Ornane 2015

The following pages contain information relating to the assumption by Covivio from the completion date of the merger of Beni Stabili’s obligations under the convertible bonds issued by Beni Stabili (€200,000,000 0.875 per cent. convertible bonds due 2021) (the “Convertible Bonds") by means of a private placement to institutional investors only.

This website and the information contained herein are not intended for, and may not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America (including its territories, the "United States"), Canada, Japan or Australia, and do not constitute, and shall not be construed as, an offer to sell or a solicitation of an offer to subscribe or purchase, any Convertible Bonds or other securities of Covivio, directly or indirectly, in the United States, Canada, Japan or Australia or to, or for the account or benefit of any person in the United States, Canada, Japan or Australia, including any corporation or other entity organized under the laws of any of such jurisdictions. The Convertible Bonds or other securities of Covivio referred to on this website have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act. Covivio does not intend to register securities or conduct a public offering in the United States.

All persons residing outside of France and all persons located outside of the United States, Canada, Japan and Australia who wish to access the documents contained on this website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been obtained outside France. Covivio assumes no responsibility if there is a violation of applicable law and regulations by any person.

I therefore certify that:

(1) I am a resident of and physically present in France;

Or

(2) I am a resident of and physically present in a Member State of the European Economic Area (other than France) having implemented the Directive 2003/71/CE, and I am a qualified investor within the meaning of Directive 2003/71/CE (as amended by Directive 2010/73/EU);

I am either:

(a) a qualified investor within the meaning of the Directive 2003/71/EC (as amended),

or

(b) otherwise authorized to access this information pursuant to applicable laws or regulations;

and

(3) I am not a resident of or physically present in the United States, Canada, Japan or Australia.

I have read and understand the foregoing, and hereby make the certifications above and agree to comply with all of the above restrictions