Covivio : Reference Document 2021

Contents

1 ACTIVITY IN 2021 13

1.1 Strong increase of 2021 annual results growth momentum expected to continue in 2022 14

1.2 Business analysis 20

1.3 Business analysis by segment 31

1.4 Financial information and comments 55

1.5 Financial resources 62

1.7 Real estate appraisals 74

1.8 Portfolio list 77

2 RISKS AND CONTROL MECHANISMS 87

2.1 Risk factors 88

2.2 Internal control, risk management and compliance policies 101

2.3 Trends and outlook for 2022 105

3 STATEMENT OF EXTRA-FINANCIAL PERFORMANCE 2021 107

3.1 Editorial by the Chief Executive Officer: for a "Net Zero Carbon" contribution from 2030! 110

3.2 A long-term strategic vision 111

3.3 Sustainable building 130

3.4 Accelerating regional transformation 162

3.5 European human capital that creates value 179

3.6 Governance based on ethics and transparency 194

3.7 CSR performance 206

3.8 Independent third-party audit 246

4 FINANCIAL INFORMATION 253

4.1 Consolidated accounts as at 31 December 2021 255

4.2 Notes to the consolidated accounts 261

4.3 Statutory Auditors' report on the consolidated accounts 326

4.4 Individual financial statements at 31 December 2021 331

4.5 Notes to the company financial statements 334

4.6 Statutory Auditors' report on the annual financial statements 370

4.7 Extract of the 2021 statement of financial position for the year ended 31 December 2021 375

5 GENERAL MEETING AND CORPORATE GOVERNANCE 399

5.1 Agenda and text of draft Resolutions for the Combined General Meeting of 21 April 2022 400

5.2 Report of the Board of Directors on the text of the draft resolutions presented to the Combined

General Meeting of 21 April 2022 414

5.3 Report by the Board of Directors on corporate governance 423

5.4 Statutory Auditors' special report on related party agreements and regulated commitments 503

5.5 Report of the Statutory Auditors on the share capital reduction 509

• 5.6 Statutory Auditors' report on the issue of shares and/or other securities with or without a waiver

  of pre-emptive subscription rights 510

• 5.7 Statutory Auditors' report on the issue of shares or other securities reserved for the benefit of

  subscribers to a corporate savings plan 512

5.8 Statutory Auditors' report on the authorisation to grant free shares, existing or to be issued 513

5.9 Parties responsible for auditing the financial statements 514

6 INFORMATION AND MANAGEMENT 517

6.1 Company overview 518

6.2 General information about the issuer and its share capital 521

6.3 Shareholding 526

6.4 Stock market ‒ dividend 532

6.5 Administration and management 534

6.6 Information about the company and its investments 537

6.7 Major contracts 539

6.8 Person responsible for the Universal Registration Document 540

7 CONCORDANCE TABLES 543

GLOSSARY 549

2021

Universal registration document

including the Annual financial report

This Universal Registration Document in pdf format is a reproduction of the official version of the Universal Registration Document drawn up in xhtml format and available on the website of the French Financial Markets Authority (Autorité des Marchés Financiers) and the Company's website.

This Universal Registration Document was filed on 16 March 2022 with the Autorité des Marchés Financiers (AMF) in its capacity as competent authority under Regulation (EU) No. 2017/1129, without prior approval in accordance with Article 9 of the said Regulation. The Universal Registration Document may be used for the purposes of a securities public offering or the admission of securities to trading on a regulated market if it is supplemented by a note relating to securities and, if applicable, a summary and all amendments to the Universal Registration Document. The Universal Registration Document is approved by the AMF in accordance with Regulation (EU) No. 2017/1129.

Covivio

Société Anonyme with a Board of Directors with a capital of €284,174,598

18 Avenue François Mitterrand 57000 Metz

RCS Metz 364 800 060

Europe

€27 billion of portfolio (total share)

Work, travel, live in Europe for a living real estate

With a portfolio of €27 billion, Covivio expresses itself on a European scale, designs the city of tomorrow through Development and asserts its Customer Culture. As a real estate preferred player, Covivio, together with the users, is inventing variable use spaces to support businesses, hotel brands and cities as they strive to attract customers, transform themselves and perform responsibly.

To co-create and co-manage living real estate, Covivio mobilises its expertise throughout the real estate chain, mixing uses and products - office, residential, hotel - while always prioritising the needs of its customers.

This vision is reflected in an ever more focused portfolio in major European cities, where workers, travellers and residents want to be and meet. As well as by an approach that favours the reconstruction of the city within the city, in order to propose more efficient mixed-use, innovative projects that limit urban sprawl.

2 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2021

€607 million invested in 2021

Through its acquisitions, particularly in Residential in Germany, its development projects and the work carried out on its portfolio, Covivio invested €607 million in 2021, continuing its policy of constantly improving the quality of its portfolio in Europe.

96%

of the projects pipeline located in the city centres of Paris, Milan and Berlin

These are mainly programmes for office restructuring (France, Italy, Germany),

the conversion of offices into housing (France) and the development of new housing (Germany).