Key financial figures. Assets overview

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2 1 Key financial figures overview 1.2 Icade & CLL combined portfolio 2 Asset management perspectivesp Teams know-how & track record 2.2 Outlook Assets overview 2

3 1 Key financial figures overview 1.2 Icade & CLL combined portfolio 3

4 2009 key achievements Under challenging economic conditions: Disposal of residential portfolio ( 2bn): 4% yield Disposal of offices buildings 114 avenue des Champs-Elysées and 3-5 avenue de Friedland, Paris ( 170m) Acquisition of Compagnie la Lucette (CLL) at the bottom of the commercial property cycle ( 1.5bn of assets, mainly offices in the Paris region's fastest-growing districts): implied yield of 8% (discount of 5% on liquidation NAV at ) Restructuring: disposal of property management and facility management activities (combined revenue of 100m, around 1,000 employees) and merger with SIICInvest Cautious approach to residential development The asset portfolio now consists mainly of offices and business parks (after the sale of residential properties), giving good visibility on cash flow and an improved risk/return profile 4

5 Reported key figures - Icade and CLL Income statement Icade stand alone Historical cost method CLL* Fair value method m % m % Revenues (of which: rental income) 1, , % +2.9% Rental income % Gross operating profit % Profit on disposals % Operating profit % Profit on disposals Operating profit Net financial income % 15% Net financial income % Net income after minority interests % Net income after minority interests Recurring net income % Recurring net cash flow % Recurring net income per share % Recurring net cash flow per share % * Key figures reported on 5 march 2010 data for information only, before harmonisation of accounting methods 5

6 Reported key figures - Icade and CLL Balance sheet Icade stand alone CLL* m m Net debt 2,459 2,718 2,075 Net debt 1,050 1,052 1,154 Appraised value (excluding transfer duties) 6,952 6,424 5,804 Appraised value (excluding transfer duties) 1,790 1,535 1,473 Loan to Value (LTV) 35.4% 42.3% 35.8% Loan to Value (LTV) 63.1% 69.3% 78.3% Liquidation NAV 4,954 4,237 4,130 Liquidation NAV Liquidation NAV per share Liquidation NAV per share * Key figures reported on 5 march 2010 data for information only, before harmonisation of accounting methods 6

7 Dividends Required payout with respect to 2009: 102m Dividend of 3.25 per share* ( 167.8m) payed in April 2010, representing 87% of net cash flow (77% in 2008) Dividend maintained despite fall in net cash flow, passing on disposal proceeds to shareholders Special dividend of at least 4 proposed to the Board Board in H On completing disposals of residential property under the memorandum of understanding with social housing organisations on 13 November 2009 To be paid in Q

8 Three-phase value creation strategy Short term (2010) Maintain the strategy in place for the last two years Medium term ( ) 2014) Long term ( ) 2020) Pipeline Business parks Intention to increase immediate, secure cash flow from commercial property and create value by investing at the bottom of the cycle Continue to focus on commercial property and integrate CLL Disposal of residential property in progress, allowing pro-active dividend id d distribution ib ti Sale of mature and/or non-core assets, particularly in Germany Keep the LTV ratio under control (no debt issues), and maintain room for manoeuvre to carry out transactions that enhance cash flow Intention to increase future cash flow and create medium-term value by using in-house commercial property development expertise Pipeline of almost 1bn of identified and committed investments mainly prelet Upturn in the development market Focus on core assets Long-term value creation through an exceptional landbank located to the North of Paris (80 ha) Development can be phased over time to fit with investors/tenants demand Exceptional location close to 3 of the 7 Grand Paris clusters : Pleyel (audiovisual and digital production cluster), La Défense (financial cluster), Villejuif- Evry (biotechnologies cluster) 8

9 CLL : an 100% Icade subsidiary soon 24 December Completion of Icade's purchase of a 35% stake in CLL 2009 Icade AGM: transfer of a further 60% stake and MSREF's subscription of Icade's reserved capital increase and 17 February 26 March to 19 April May May July 2010 Alternative simplified public offer for the remaining shares involving a cash/shares option and a cash option Settlement of the public offer: Icade owns 99.23% of CLL and will confirm to the AMF over the coming days its wish to implement a squeeze-out Release of consolidated turnover as of 31 March 2010 Publication of the first set of Icade + CLL consolidated accounts 9

10 Executive committee Serge Grzybowski Chairman and Chief Executive Officer of Icade Marianne de Battisti Antoine Fayet Thomas Guyot H é Hervé Manet N th li Nathalie Palladitcheff Guy Parisot M i Maurice Sissoko Head of communications, marketing and international Head of residential property division, Senior advisor on the Grand Paris project Head of commercial property division, CEO of CLL Head of property p development division Head of finance, g and IT legal Head of human resources Head of services 10

11 1 Key financial figures overview 1.2 Icade & CLL combined portfolio 11

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14 CLL assets complement those of Icade Icade St Denis Epinay Offices / Business parks CLL Offices Development La Défense 18 Aubervilliers Nanterre Neuilly Meaux Boulogne Issy Maison Alfort Villejuif Ris Orangis Evry The good fit between CLL's portfolio and Icade's makes the combined unit a leading player in commercial property in the Paris region 14

15 Lease expiry schedule All commercial properties Icade + CLL All properties Lease expiry Secured rent An exceptional average firm lease duration of c. 6 years providing Icade with secured cash flows 15

16 Combined tenant base All commercial properties Rank Occupant Current rent * at ( m) 1 PriceWaterhouseCoopers % 2 GENERALE DE SANTE % 3 EASYDIS CASINO % 4 VEDICI % 5 SCOR % 6 MINISTERE DE L'INTERIEUR % 7 ICADE % 8 GROUPE MR BRICOLAGE 8.3 3% 9 MINEFI 6.7 2% 10 GROUPE RHODIA 6.6 2% 11 GMG (T-Systems) 6.6 2% 12 HARPIN 5.4 2% 13 3H 5.3 2% 14 GROUPE AXA 4.7 2% 15 CREDIT AGRICOLE SA 4.4 1% 16 GROUPE EUROMEDIA 4.3 1% 17 GROUPE PIERRE ET VACANCES 3.9 1% 18 TGI 3.7 1% 19 COCA COLA 3.6 1% 20 RTE 3.5 1% Remainder % CLL tenants 305m A highly diverse set of leases and well-known tenants % Total curr rent rent = 1 76 m or 58% Total curr rent rent = 1 57m or 51% Total curr rent rent = 131m or 43% * Excluding properties marketed in early

17 2 Asset management perspectives 2.1 Teams know-how & track record 2.2 Outlook 17

18 In house expertise across all asset classes A dynamic workforce of 67 professionals 18

19 1 1 4 Asset management achievements Proven Asset Management Achievements Selected Examples New Leases signed over the last 18 months All asset classes Key Asset Management Plays Before 1 After Area sqm Firm Period yr NRI MM Secured NRI MM Icade Crystal Park NRI MM Firm Period yr Secured NRI MM CLL Total MM of new secured NRI have been signed by Icade & CLL asset management teams representing: c sqm in area 34 MM per annum over 7.0 years Renegotiations of existing leases (L18M) All asset classes Casino Millénaire 2 2 NRI MM Firm Period yr Secured NRI MM NRI MM 1 8 Firm Period yr Secured NRI MM Area sqm Additional Firm Period yr NRI MM Secured NRI MM Icade Parc Pont de Flandre NRI MM Firm Period yr Secured NRI MM CLL Total (1) Before major renegotiations (2) Millénaire 2 Occupancy Rate from 9% to 100% An additional 373 MM of existing leases have been re-secured representing: c sqm in area 90 MM per annum over an additional 4.1 years * Secured NRI = NRI * Firm Period 19

20 Acquisitions & disposals track record Healthcare Portfolio sqm / lits Acquisition ns Icade CLL Portfolio sqm Cap Breton Moreuil Maisons-Alfort Torcy Portfolio sqm Crystal Park Scor Messine River Plaza 5/7 Scribe Colisée sqm St-Ouen Evry 3 Fontanots sqm H 2 O sqm Atrium sqm Descartes * sqm 95% Immobilière Mr Bricolage sqm (36 assets) 31 Av. des Champs Elysées sqm MM MM MM Casino 13 warehouses sqm Longvic sqm Firmenich sqm Pont Neuf sqm Ic cade Jade sqm 31/33 rue de Mogador sqm 3/5 Av. de Friedland sqm 500 MM Disposals 2 rue du 4 Septembre sqm River Plaza sqm 5/7 Scribe sqm 114 Av. des Champs Elysées sqm Radisson sqm 31 Peupliers sqm MM CLL Seilh sqm Fief sqm Moreuil sqm Torcy sqm 550 MM Renaissance Charenton Clichy Saint-Ouen sqm sqm sqm sqm * Acquisition of the remaining 2/3 of Descartes tower More than 4Bn of transactions completed over the past 5 years 20

21 Development & refurbishment track record Delivered / Completed Under Development / Refurbishment Developme ent Icade CLL L Millénaire 1 & sqm PSLO sqm Clichy sqm Bât sqm Villejuif VJ sqm Link sqm Odysseum sqm Villejuif VJ I sqm Yield: 7.0% La Factory sqm Yield: 6.4% Millénaire Shopping Center ** sqm Yield: 7.0% Millénaire 5&6** sqm Yield: 7.0% Mistral sqm Yield: NR 850 MM MM ( sqm) 350 MM Refu urbishment * Ic cade CLL Eutrepôt Eurofret sqm H 2 O sqm St-Quentin- Fallavier sqm Charenton Dieumegard sqm sqm Tour Descartes sqm Yield: 6.5% Healthcare Portfolio Extension Yield: 7.1% 470 MM 500 MM ( sqm) 30 MM Limoges sqm Firmenich sqm More than 1.7Bn of project managed over the past 5 years * Selected Refurbishment > 5 MM ** Group share 21

22 Case studies Casino Portfolio 114 Champs Elysées Villejuif Sale and Lease Back Optimisation Asset Management Play Synergies within Icade Development (MM ) NRI vs. Firm Lease Duration NRI Key Aspects: Firm Period (yr) 10 Constant dialogue with Casino allowed for innovative lease structure Extensions financed to follow Casino s operational developments Extensive capex program to maintain assets quality Following active asset management work, building in very good condition, fully rented with limited additional upside. Complete renovation of the building between 2006 and 2007 Renegotiation of Sherman lease in 2006 and that for Catimini - IKKS in 2007 A strong market interest 34 investors visited the asset 10 letters of interests received A price in line with objectives and setting a benchmark to the market disposal price of 90 MM yield below 5%, 50 bps lower than CBD benchmark First operation highlighting Icade s role as an integrated developer / owner. Land acquired and program launched thanks to Icade Promotion good interaction with local authorities Program then sold to Icade Foncière, who successfully played its role by entirely pre-letting the sqm premises to LCL with favorable metrics in terms of : rent lettable area exit strategy Partnership with Icade Promotion to develop the 5 buildings 22

23 2 Asset management perspectives 2.1 Teams know-how & track record 2.2 Outlook 23

24 Asset management strategic outlook Objective 1: Asset Management and Lease-up 86,000 sqm to be leased in 2010/2011 All new or renovated building with last generation environmentally friendly specs Objective 2: Disposal of Non Strategic Assets Co-owned small office assets Warehouses Objective 3: Value Creation through Investments and Developments Opportunistic yield-accretive acquisitions in commercial real estate Phase 2 of the EMGP Master Planning: development of a consistent Business Park Objective 4: Gross to Net Optimisation New organisation Lease up focus on triple net leases 24

25 Potential Future Rental Upsides Assets Location Area sqm Rent psm Annual Rent MM H2O Rueil-Malmaison c. 5 Link Paris c. 5 7 Messine Paris CBD c. 2 Factory Boulogne c. 6 Tolbiac Villejuif c. 3 Total Offices c. 21 Bâtiment 521 Aubervilliers c. 2 Pont de Flandre (028) Paris c. 4 Millénaire 5&6 Aubervilliers c. 3 Total Business Park c. 9 TOTAL c MM lease-up potential from new or renovated building 25

26 Icade, player of the Grand Paris plan A Business parks: excellent location close to the Pleyel international audiovisual and digital production cluster B Tour Descartes: major 260m renovation to be completed in late Tour Scor CLL C From Villejuif to Ivry, a development portfolio with net usable floor area of around 300,000 m² for completion between and 2020, supported by the automatic metro project The 7 development areas of the Grand Paris plan LA DÉFENSE PLEYEL LE BOURGET DESCARTES 5 ROISSY-CDG 6 VILLEJUIF-ÉVRY 7 PLATEAU DE SACLAY 130km of automatic metro lines (latest route plan dated September 2009) Other possible route for the automatic metro line Planned TGV route to connect existing high-speed lines 26

27 3 Assets overview 27

28 Property Tour Agenda Tour Descartes Crystal Park Icade Offices / Business Parks CLL Offices Developments La Défense Neuilly Scor Boulogne Factory Atrium 28

29 Property Tour Speakers Thomas Guyot Julien Beraud Jérôme Klein Janick Dupessey Nicolas Nectoux Caroline Delgado Over 60 years of cumulated experience 29

30 Atrium Speakers: Thomas Guyot, Jérôme Klein Location: 5, 5 place des Vins de France, France Paris XII Acquisition date: April 2007 Area: 11,000 sqm Parking space: 171 units Tenant: MINEFI (Ministère de l Economie et des Fi Finances) ) Main characteristics: Built in 1998 Easily accessible through public transportation Central Atrium Parking directly connected with the building Class A specs (2.65 m floor-to-ceiling height, suspended ceiling and raised floor ) Standard Floorplate : 1,400 sqm 30

31 Boulogne Speakers: Thomas Guyot, Jérôme Klein Location: Ilot A3, ZAC Séguin Rives de Seine Acquisition date: July 2008 Area: 14,000 sqm Parking space: 250 units (cars) + 40 units (motorbikes) Expected delivery date: October 2010 Architect: Josep Lluis MATEO Main characteristics: At the entrance of Trapeze that will be totally and progressively transformed by prestigious architects from an industrial area to a green, dynamic and mixed urban environment High visibility thanks to a 50 m frontage HQE certification Partially double heights on the ground level lobby and facilities area Restaurant, multi use room Type A specs (2.70 m floor-to-ceiling height, suspended ceiling and raised floor ) Standard Floorplate : 1,950 sqm 31

32 Scor Tower Speakers: Thomas Guyot, Jérôme Klein Location: 1, avenue Charles de Gaulle, Puteaux, La Défense Acquisition date: April 2006 Area: 30,000 sqm Parking space: 276 units Tenant: Scor Main characteristics: Fully let to Scor Building at the heart of la Défense business district, on the fringe of La Défense main plaza with immediate access to public transports and to shopping center Built in Renovated in 2002 Investment of 8MM by the tenant during the lease period ( ) All expenses borne by the tenant Opportunity of redevelopment at tenant departure Standard Floorplate : 1,400 sqm 32

33 Descartes Tower Speakers: Janick Dupessey, Nicolas Nectoux Location: 2, avenue Gambetta, Courbevoie, La Défense Acquisition date: June 2007 (100%) Built in IBM sole tenant left the tower end of December 2009 as expected Area: 79,000 sqm Parking space: 1,150 units Main characteristics of the renovation in progress Complete renovation of offices, lobbies and restaurant Start of work : Q Completion end 2012 Investment amount 260m Works will increase the tower's occupation capacity Increased ceiling height and natural light benefit from state of the art ceiling cooling system and highly performing double skin new facade HQE and BREEAM environmental certification Standard Floorplate : 1,780 sqm 33

34 Crystal Park Speakers: Thomas Guyot, Jérôme Klein Location: rue de Villiers, Neuilly-sur-Seine Acquisition date: April 2006 Area: 39,900 sqm Parking space: 719 units Main Tenants: PriceWaterhouseCoopers, Amgen, IFF Main characteristics: Developed in 2003 by Whitehall/CGI, Eiffage and Valode et Pistre Trophy asset with an exclusive 3 hectares park and separate building for other services such as staff restaurant, VIP club and meeting rooms High quality tenants and long term leases (PWC, IFF) Campus like atmosphere Non high rise building Standard Floorplate : 6,100 sqm 34