1 Key financial figures 1.1 2009 overview 1.2 Icade & CLL combined portfolio 2 Asset management perspectivesp 3 2.1 Teams know-how & track record 2.2 Outlook Assets overview 2
1 Key financial figures 1.1 2009 overview 1.2 Icade & CLL combined portfolio 3
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 31.12.09) 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
Reported key figures - Icade and CLL Income statement Icade stand alone Historical cost method CLL* Fair value method m 2008 2009 % m 2008 2009 % Revenues (of which: rental income) 1,599 407 1,506 419-5.8% +2.9% Rental income 106 96-9.4% Gross operating profit 335 302-9.8% Profit on disposals 296 533 +80.0% Operating profit 447 665 +48.9% Profit on disposals -3-24 Operating profit -173-201 Net financial income -65-64 -1.5% 15% Net financial income -99-100 +1.1% Net income after minority interests 313 527 +68.6% Net income after minority interests -238-264 Recurring net income 33 27-15.9% Recurring net cash flow 206 184-10.8% Recurring net income per share 1.3 1.0-18.2% Recurring net cash flow per share 4.2 3.8-10.9% * Key figures reported on 5 march 2010 data for information only, before harmonisation of accounting methods 5
Reported key figures - Icade and CLL Balance sheet Icade stand alone CLL* m 31.12.2008 30.06.2009 31.12.2009 m 31.12.2008 30.06.2009 31.12.2009 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 660 353 264 Liquidation NAV per share 101.6 86.9 84.5 Liquidation NAV per share 25.3 13.6 10.1 * Key figures reported on 5 march 2010 data for information only, before harmonisation of accounting methods 6
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 H2 2010 On completing disposals of residential property under the memorandum of understanding with social housing organisations on 13 November 2009 To be paid in Q4 2010 7
Three-phase value creation strategy Short term (2010) Maintain the strategy in place for the last two years Medium term (2010-2014) 2014) Long term (2014-2020) 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
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 2010 16 and 17 February 26 March to 19 April 2010 6 May 2010 12 May 2010 26 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
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
1 Key financial figures 1.1 2009 overview 1.2 Icade & CLL combined portfolio 11
CLL assets complement those of Icade Icade St Denis Epinay Offices / Business parks CLL Offices Development La Défense 18 Aubervilliers Nanterre Neuilly 16 17 8 7 9 10 2 1 3 4 19 11 20 Meaux Boulogne 15 6 5 12 Issy 14 13 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
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
Combined tenant base All commercial properties Rank Occupant Current rent * at 31.12.09 ( m) 1 PriceWaterhouseCoopers 21.6 7% 2 GENERALE DE SANTE 19.2 6% 3 EASYDIS CASINO 18.3 6% 4 VEDICI 15.55 5% 5 SCOR 12.9 4% 6 MINISTERE DE L'INTERIEUR 11.5 4% 7 ICADE 10.1 3% 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 129.1 42% 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 2010 16
2 Asset management perspectives 2.1 Teams know-how & track record 2.2 Outlook 17
In house expertise across all asset classes A dynamic workforce of 67 professionals 18
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 60 875 6.5 16 107 Crystal Park NRI MM 31 29 Firm Period yr 7.2 10.5 Secured NRI MM 222 300 + 77 CLL 82 879 75 7.5 18 131 Total 143 755 7.0 34 237 237 MM of new secured NRI have been signed by Icade & CLL asset management teams representing: c. 145 000 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 19 18 Firm Period yr 5.7 9.1 Secured NRI MM 111 166 + 55 NRI MM 1 8 Firm Period yr 0.7 7.2 Secured NRI MM 1 57 + 56 Area sqm Additional Firm Period yr NRI MM Secured NRI MM Icade 106 579 5.2 26 136 Parc Pont de Flandre NRI MM 23 22 Firm Period yr 1.9 4.8 Secured NRI MM 44 106 + 62 CLL 525 548 37 3.7 64 238 Total 632 127 4.1 90 373 (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. 630 000 sqm in area 90 MM per annum over an additional 4.1 years * Secured NRI = NRI * Firm Period 19
Acquisitions & disposals track record 2005 2006 2007 2008 2009 Healthcare Portfolio 316 000 sqm / 4 000 lits Acquisition ns Icade CLL Portfolio 73 000 sqm Cap Breton Moreuil Maisons-Alfort Torcy Portfolio 113 000 sqm Crystal Park Scor Messine River Plaza 5/7 Scribe Colisée 25 000 sqm St-Ouen Evry 3 Fontanots 72 000 sqm H 2 O 21 700 sqm Atrium 11 000 sqm Descartes * 79 000 sqm 95% Immobilière Mr Bricolage 136 000 sqm (36 assets) 31 Av. des Champs Elysées 2 000 sqm 1 200 MM 3 000 MM 1 800 MM Casino 13 warehouses 416 000 sqm Longvic 24 000 sqm Firmenich 4 000 sqm Pont Neuf 9 500 sqm Ic cade Jade 21 800 sqm 31/33 rue de Mogador 5 000 sqm 3/5 Av. de Friedland 10 100 sqm 500 MM Disposals 2 rue du 4 Septembre 4 300 sqm River Plaza 17 500 sqm 5/7 Scribe 8 000 sqm 114 Av. des Champs Elysées 6 200 sqm Radisson 8 000 sqm 31 Peupliers 1 000 sqm 1 050 MM CLL Seilh 11 500 sqm Fief 2 000 sqm Moreuil 52 000 sqm Torcy 3 000 sqm 550 MM Renaissance Charenton Clichy Saint-Ouen 11 000 sqm 10 000 sqm 17 500 sqm 19 000 sqm * Acquisition of the remaining 2/3 of Descartes tower More than 4Bn of transactions completed over the past 5 years 20
Development & refurbishment track record Delivered / Completed Under Development / Refurbishment Developme ent Icade CLL L Millénaire 1 & 2 58 300 sqm PSLO 14 300 sqm Clichy 17 500 sqm Bât 521 18 100 sqm Villejuif VJ1 14 300 sqm Link 10 000 sqm Odysseum 12 600 sqm Villejuif VJ2-3-4 4+I1 58 200 sqm Yield: 7.0% La Factory 14 000 sqm Yield: 6.4% Millénaire Shopping Center ** 30 800 sqm Yield: 7.0% Millénaire 5&6** 8 500 sqm Yield: 7.0% Mistral 7 106 sqm Yield: NR 850 MM 1 200 MM (270 000 sqm) 350 MM Refu urbishment * Ic cade CLL Eutrepôt Eurofret 28 000 sqm H 2 O 23 700 sqm St-Quentin- Fallavier 40 000 sqm Charenton Dieumegard 10 000 sqm 5 700 sqm Tour Descartes 79 000 sqm Yield: 6.5% Healthcare Portfolio Extension Yield: 7.1% 470 MM 500 MM (160 000 sqm) 30 MM Limoges 62 236 sqm Firmenich 3 550 sqm More than 1.7Bn of project managed over the past 5 years * Selected Refurbishment > 5 MM ** Group share 21
Case studies Casino Portfolio 114 Champs Elysées Villejuif Sale and Lease Back Optimisation Asset Management Play Synergies within Icade Development (MM ) 25 20 15 10 5 0 7.0 NRI vs. Firm Lease Duration 60 6.0 5.7 8.3 2006 2007 2008 2009 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 8 6 4 2 0 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 60 000 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
2 Asset management perspectives 2.1 Teams know-how & track record 2.2 Outlook 23
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
Potential Future Rental Upsides 2010 2011 Assets Location Area sqm Rent psm Annual Rent MM H2O Rueil-Malmaison 14 300 340 360 c. 5 Link Paris 15 10 000 490 520 c. 5 7 Messine Paris CBD 2 200 620 660 c. 2 Factory Boulogne 14 000 440 480 c. 6 Tolbiac Villejuif 10 000 270 290 c. 3 Total Offices 50 500 c. 21 Bâtiment 521 Aubervilliers 15 000 130 160 c. 2 Pont de Flandre (028) Paris 19 12 000 330 370 c. 4 Millénaire 5&6 Aubervilliers 8 500 280 320 c. 3 Total Business Park 35 500 c. 9 TOTAL 86 000 c. 30 30 MM lease-up potential from new or renovated building 25
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 2012 + Tour Scor CLL C From Villejuif to Ivry, a development portfolio with net usable floor area of around 300,000 m² for completion between 2011 1 and 2020, supported by the automatic metro project The 7 development areas of the Grand Paris plan 2 3 4 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
3 Assets overview 27
Property Tour Agenda Tour Descartes Crystal Park Icade Offices / Business Parks CLL Offices Developments La Défense 18 17 Neuilly Scor 19 9 8 2 1 16 3 7 Boulogne 20 11 4 6 5 15 14 Factory 10 12 13 Atrium 28
Property Tour Speakers Thomas Guyot Julien Beraud Jérôme Klein Janick Dupessey Nicolas Nectoux Caroline Delgado Over 60 years of cumulated experience 29
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
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
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 1983. Renovated in 2002 Investment of 8MM by the tenant during the lease period (2003-2012) All expenses borne by the tenant Opportunity of redevelopment at tenant departure Standard Floorplate : 1,400 sqm 32
Descartes Tower Speakers: Janick Dupessey, Nicolas Nectoux Location: 2, avenue Gambetta, Courbevoie, La Défense Acquisition date: June 2007 (100%) Built in 1989. 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 : Q1 2010 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
Crystal Park Speakers: Thomas Guyot, Jérôme Klein Location: 61-6363 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