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Altarea

Investor Presentation • Aug 2, 2012

1101_ir_2012-08-02_9d9f4aad-42f8-42a3-97d1-f7a33a80e3d8.pdf

Investor Presentation

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2012 HALF-YEAR RESULTS

www.altareacogedim.com

CONTENTS

1. Introduction

2. Residential

3. Offices

4. Retail

5. Finance

6. Outlook

INTRODUCTION

Like-for-like

H1 2012 RESULTS

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  • (1) Fund From Operations: result before changes in value and estimated expenses
  • (2) NAV of ongoing business: including duties, after taxes and financial instruments, fully diluted (particularly the 732,624 shares issued as payment of the 2011 dividend)
  • (3) Fully diluted after issuing 732 624 new shares due to dividends payout in shares
  • (4) Vs. Décember 31, 2011
  • (5) Net financial debt / Asset value

ALTAREA COGEDIM OPERATES ON THE 3 MAIN PROPERTY MARKETS

RETAIL RESIDENTIAL

OFFICES

Innovation as a performance driver

The 1st Multi-channelRetail REIT

Recurring revenues & added value

H1 2012 HIGHLIGHTS

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SUSTAINABLE DEVELOPMENT INDICATORS

• Altarea Cogedim's sustainable development approach: surging position in the Novethic ranking (Caisse des Dépôts subsidiary)

RESIDENTIAL

"Homes for everyone"

RESIDENTIAL: MAIN RESULTS

⇒ Significant Sales' growth (+31%) thanks to Cogedim's market share gains over the past three years

(1) Backlog: Revenue (excl. VAT) from notarized sales recognized according to percentage of completion and reservations to be notarized

FRENCH HOUSING MARKET

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PRESERVING MARKET SHARES IN A MARKET DOWN 30% (1)

H1 2012 reservations

  • •36% drop in commercial launches, at €436 million
  • • Maintaining Cogedim market shares at around 5.5% of the French market thanks to resiliency in individual reservations
  • •Overall drop in reservations mainly due to the fall in block reservations
  • •Stable absorption rate: 19% (vs. 21% in 2011)

(1) Estimate on the basis of figures released by the French Commission for Sustainable Development

RISK CONTROL & OFFERING MANAGEMENT

€650 MILLION OF PROPERTIES FOR SALE (1) AT JUNE 30, 2012

  • ⇒Near absence of physical stock
  • ⇒Controlled risk: for 2/3 of properties for sale, land has not yet been acquired

Cautious project-by-project rules governing commitments

  • •Signature of unilateral options for land (with limited exceptions)
  • •Commercial launches shaped by strong local demand
  • • Established pre-marketing (~50%) required for sales commitment and to start construction

(1) Properties for sale include units available for sale and are expressed as revenue including VAT

OUR STRATEGY

  • •An extended product range to cover the various market segments
  • • A strategy founded on brand capital, multi-channel customer approachand innovation
  • •A substantial pipeline of €3.8 billion(1)

⇒ Strengthening our offering in the mid-range and entry-level segments (2), which accounted for 71% of reservations in H1 2012

(1) €3.8 billion = €650 million property for sale + €3.1 billion future supply (= optimized portfolio of mainly unilateral land options)(2) Including intermediate housing, affordable housingand serviced residences

"MANHATTAN" PROJECT, SAINT-OUENA "PRIX MAITRISÉS"(1) PROGRAM

  • •Marketed primarily to people living and working in Saint-Ouen
  • •186 homes at around €4,500/m² prices ("prix maîtrisés" )
  • •Located on the banks of the Seine and surrounded by landscaped grounds
  • •Quality services (architecture, common areas, terraces, etc.)

(1) Pre-agreed selling prices with local authorities, in exchange of affordable land

OFFICES

"Comprehensive expertises to serve our clients"

OFFICES: MAIN RESULTSSTABILITY IN A DIFFICULT MARKET

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⇒Maintaining a stable business level thanks to our wide range of activities

FRENCH OFFICE MARKETA MARKET IN SLOW MOTION

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A FULL SERVICE OFFERING SUITED TO EACH OF OUR CLIENTS

RECENT TRANSACTIONS

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Euromed CenterMarseille

Rue des ArchivesParis

  • Click to edit Master text styles• Head office of Mercedes-Benz in France
  • • Real estate complex featuring BBC / RT 2012 certification
  • • 140,000 ft² (13,000 m²) of office space (net)

  • • Begining of works in H1 2012 for a delivery in late 2013

  • • Property development contract for Prédica/FDR

  • • Construction of a mixed-use district covering a net area of 678,000 ft² (63,000 m²)

  • • The 1st phase of work began in June, and the first building are slated for delivery in late 2014

  • • Property development contract for GE Real Estate

  • • Renovation of a commercial property complex
  • • 2 buildings with a total surface area of 253,000 ft² (23,500 m²)

ALTAFUNDFIRST RENOVATION PROJECT (BOULEVARD RASPAIL, PARIS)

  • • Acquisition of a prime office building of 106,500 ft² (9,900 m²) for renovation

  • Construction work to bring the property up to environmental standards

  • Respect of the initial design from the 70s

  • •Future head office of a single user, in an expanding "Paris Rive Gauche" area
  • •Delivery for the end of 2014

RETAIL

"Investing in tomorrow's retail"

RETAIL: MAIN H1 RESULTS7% GROWTH OF THE OPERATING CASH FLOW

⇒A 7% growth of the operational cash flow, driven by external services for third parties

FRENCH RETAIL MARKETDECREASING CONSUMER SPENDING

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⇒ In this environment, Altarea Cogedim's levels of both physical and online visitors outperformed the markets

AN ASSET CONCENTRATION STRATEGY

⇒2015 goal: 30 to 35 assets with average value of more than €100 million

FOCUSING ON REGIONAL SHOPPING CENTERS AND LARGE RETAIL PARKS

⇒Targeted formats already accounts for approximately 75% of the portfolio

Distributed on the basis of asset value at 100%

FOCUSING ON AREAS WITH STRONG POPULATION GROWTH

⇒2/3 of the portfolio is located in areas with the strongest population growth

Distributed on the basis of asset value at 100%

FOCUSING ON ASSETS OFFERING AN ENTERTAINMENT COMPONENT (1)

⇒ 2/3 of the portfolio already entails an Entertainment component in its retail offering

(1) "Entertainment" offering takes a number of forms: movie theatres, restaurants, play areas, media centers, concert venues, bowling alleys, etc. Distributed on the basis of asset value at 100%

INCREASE IN THE AVERAGE SIZE OF ASSETS

(1) Figures at 100% (the average unit value of assets on a Group share basis is €55.1 million, up +3% compared with 2011 and +31% compared with 2009)

BERCY VILLAGE (1) THE RETAIL'S LABORATORY

  • •Opening of FNAC's multicanal flagship store, covering 43,000 ft² (4,000 m²)
  • •Arrival of 10 new retailers, 100% new concepts
  • •Outstanding cultural programing

(1) 12 million visitors per year, including 20% touristsUGC Cité Ciné Bercy, 2nd most attended movie theater in Europe

PORTFOLIO &PROJECTS AT JUNE 30, 2012TRANSFORMATION IN PROCESS

P
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(1) Net rental income on appraisal value excluding transfer duties

(2) 7 assets created + 7 assets under renovation / extension

(3) Net investment: Total budget including interest expenses and internal costs, net of disposals and initial lease fees

(4) Provisional gross rental income / Net investment

IMPROVED PERFORMANCE OF SHOPPING CENTERS

  • •Growth in revenue for shoping center tenants: +0.4% (3)
  • • Increase in occupancy cost ratio to 9.6%, in line with development of the portfolio mix (regional shopping centers with higher occupancy cost ratio (4) )
  • (1) Net amount of allocations to and reversals of provisions for bad debt + any write-offs as a percentage of total rent and expenses charged to tenants(2) Estimated rental value of vacant premises as a percentage of total estimated rental value (excluding property being redeveloped)

(3) Total retailer revenue at constant business levels

(4) Between 12% and 13% on average

NET RENTAL INCOME: +4.4% LIKE-FOR-LIKE

N
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(1) Three assets were sold in H1 for a total of €82 million: Two assets north of Bordeaux and a small asset outside of Grenoble(2) Mainly concerns the Massy shopping center, whose surfaces are gradually being vacated in preparation for future redevelopment work

RUEDUCOMMERCEINTEGRATION IN ALTAREA COGEDIM GROUP

96.5% success rate at the takeover

Carrying out the Multi-channelRetail REIT

S
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+

A LEADING SITE IN TERMS OF TRAFFIC & VISITOR NUMBERS

5
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Sources: FEVAD and Médiamétrie//Netratings

(1) Number of people having visited the site at least once during the month expressed in millions of unique visitors (Average January-May 2012)(2) Including TopAchat and Alapage

MULTI-CHANNEL RETAIL REITA UNIQUE PROJECT IN THE RETAIL WORLD

  • • A comprehensive distribution offering aimed at retailers, combining an online and offline marketplace to increase business volume

  • Example: Online "corners," based on the department store model

  • • A geolocation-based marketing & advertising at the service of shopping centers and associated retailers
  • • Taking advantage of dematerialized transactions emerging from the m-commerce revolution to generate greater business volume for the Group

⇒First realizations in 2013

FINANCIALS

"FFO growth & Balance Sheet strengthening"

HALF-YEAR RESULTSSUMMARY

(1) +23% on a like-for-like basis (excluding RueduCommerce)

(2) Fund From Operations : result before changes in value and estimated expenses

(3) +17% on a like-for-like basis (excluding RueduCommerce)

H1 2012 SALES: +50%+23% LIKE-FOR-LIKE (EXCL. IMPACT FROM RUEDUCOMMERCE)

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(1) Rental revenues: shopping center openings (+€0.1 million) and rent increases (+€3.3 million) partially make up for disposals / redevelopments (-€4.4 million)

Fees: contribution of shopping centers held in partnership, as well as shopping centers sold but which Altarea Cogedimcontinues to manage

  • (2) Distribution revenues & marketplace commissions: first RueduCommerce contribution
  • (3) Extremely strong growth for percentage-of-completion revenues, due to market share gains over the past three years
  • (4) Sales: impact of off-plan developments on programs located primarily outside of Paris (Nexans, Hôtel Dieu, etc.)

OPERATING CASH FLOW: +8%SUBSTANTIAL WEIGH OF RESIDENTIAL (+15%)

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(1)Operating revenue accounts for 88.3% of rental revenue, i.e. +650bps

(2)Impact of investments (marketing, IT, recruitment) and the seasonal nature of the business

(3)Operating margin (Operating cash flow / revenue): 10.1% (compared with 11.5% in H1 2011)

(4)Balanced despite a market at its cyclical low

FFO * GROWTH: +13%

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(1) Debt reduction (-€66 million) offset by a slight increase in the average rate [+26 bps to 3.85%)

(2) Impact of the interest rate decrease on the value of the portfolio of swaps at June 30, 2012

* Fund From Operations: result before changes in value and estimated expenses

**Allowances for depreciation and non-current provisions, stock grants, pension provisions and financial amortization

FULLY DILUTED NAV PER SHARE (1): €138.3 (-6.1%)+2.9% TAKING INTO ACCOUNT THE ACCRETIVE IMPACT RESULTING FROM PAYMENT OF THE DIVIDEND IN SHARES

  • (1) Diluted going concern NAV after financial instruments and non-SIIC taxes
  • Liquidation NAV : €144.4 (- 6.1%) / EPRA triple NAV: €131.2 (- 6.1%)
  • (2) Change in deferred tax and other non-cash items

CONSOLIDATED NET DEBT50,2% LTV, DOWN 100bps SINCE ON DECEMBER 31, 2011

  • •Available cash and cash equivalents: €516 million
  • •Average cost of debt at June 30, 2012 (including margins): 3.85% (+26bps)
  • •Average cost of hedging 2012-2015 (excl. margins): 2.50% / 3.21%

(1) Gross debt excl. property development (€2.161 billion) + Gross property development debt (€149 million) – Cash and cash equivalents (€279 million) = Net debt (€2.015 billion)

(2) Covenant de LTV = < 60%

(3) Covenant d'ICR = > x2

OUTLOOK

"Investing on promising markets"

CAPITALIZE ON OUR ADVANTAGESIN A CHALLENGING ECONOMIC ENVIRONMENT

INNOVATION AND PROACTIVITY

POWERFULL BRANDS

2015 OUTLOOKIN A CHALLENGING ECONOMIC ENVIRONMENT

R
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A
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L		 C
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P
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GUIDELINES FOR 2012

+ 10 % FFO GROWTH

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