Altarea — Audit Report / Information 2015

Mar 11, 2016

2015 ANNUAL RESULTS

Building up French metropolises

CONTENTS

INTRODUCTION / 3

BUILDING UP FRENCH METROPOLISES / 11

RETAIL REIT / 17

PROPERTY DEVELOPMENT / 27

FINANCIAL RESULTS / 45

OUTLOOK / 58

APPENDICES / 64

INTRODUCTION

INTRODUCTION Key Highlights

STRATEGY	PROPERTY DEVELOPMENT	RETAIL REIT	RESULTS
Refocusing on real estate	Change in dimension	Two-fold increase to come	Robust growth
Disposal	€2.0 Bn	Potential to increase gross rents from €200 M (2) to €400 M (at 100%)	FFO: €161 M (+28%) (4)
Acquisition	in take-ups (+49%) (1)	~€600 M potential value creation (3) in Group share	Creation of real estate value: €293 million (+18%) (5)

• (1) Housing Reservations and Office property backlog (excluding Pitch Promotion)
• (2) €201 M of current rents + €199 M in development (amounts at 100%). €304 M in Group share.
• (3) Difference between the potential value including transfer duties of the projects on delivery (triple net rents capitalized at 5.5%), not discounted, and net investment on development project. Value in Group share.
• (4) Net profit excluding changes in value, calculated costs, transaction fees and changes in deferred tax, and excluding activities held for sale (IFRS 5), in Group share. Up 28%, and up 11% like-for-like (with impact of Rue du Commerce restated in 2014).
• (5) Change in going-concern NAV, excluding impact of the 2015 dividend and discontinued activities

INTRODUCTION Acquisition of Pitch Promotion

PITCH PROMOTION AGGREGATE PRO FORMA TAKE-UPS €347 million in take-ups Residential: 1,021 units in share Office property: €111 million Enterprise value: €180 M 7x EBIT Partial payment in Altarea shares (1) Growth driver in market shares Altarea Cogedim + Pitch Promotion: 7% of the Residential market (2) 1,980 M€ (+49%) 347 M€ 2,327 M€ Altarea Cogedim Pitch Promotion AC + Pitch Bouygues Nexity 2,450 2,769

(1) 190,000 Altarea shares, i.e., approximately 1.5% of share capital.

(2) Total residential take-up, compared to the private development market estimated at 102,000 units (up +17% in Q3 2015 applied to the market of 86,800 in 2014 - source Sustainable Development Commission).

INTRODUCTION An innovation spirit

ALTAFUTURE	INNOVATION CULTURE
A dedicated and multidisciplinary team 7 persons	Commitment of top managers Learning Expedition Cycle (Executive Committee, Retail, Office, Residential)
An Open Innovation approach with incubators	Mobilization of the staff Internal collaborative platform dedicated to innovation (Trends, Innovations, Benchmarks, Startups…)

Events to stimulate creativity

Conferences, Workshops, International innovation exhibitions (Consumer Electronic Show, Big Retail Show …)

A scientific advisory board (Economists, Philosopher, Sociologist,…)

INTRODUCTION

Customer knowledge & relationship Digital Factory, CRM and digitalization of the customer process

Innovation at the heart of business transformation

DIGITAL PILOT PROJECTS Marketing Use of the latest immersive technologies Comfort & well-being WELL certification: Richelieu - Paris 2 Pont d'Issy – Issy-les-Moulineaux Tours Pascal – La Défense Conception & Construction Digital Model (BIM) for 100% of new office projects Mobility & Connected devices Car-sharing and connected letter boxes Potential project - Clichy OCULUS RIFT 3D MODELING

Prefabrication & Low carbon construction Domaine de Guillemont – Canejan

INTRODUCTION Virtuous and committed model

OUTPERFORM REGULATION	GO FURTHER IN CSR PERFORMANCE	RECOGNIZED CSR APPROACH
Energy consumption: (1) -33,5% 2020 Objective / - 40% Objectives of the Energy Transition Law: -25 % by 2020 and -60 % by 2050	st 1 retail REIT 100% certified (2) 100% of the portfolio certified Breeam In-Use	99% for transparency A- for performance
CO emissions: 2 -36,5% (1) 2020 Objective / - 50%	96% of new projects (3) Less than 500m from a public transport network	Property investment: 18th / 688 worldwide rd Development: 3 / 304 worldwide

(1) Between 2010 et 2015 on the existing portfolio, at constant scope and constant climate.

(2) 100% of the managed portfolio is certified BREEAM In-Use.

(3) New residential, office, retail and hotel projects.

INTRODUCTION

A different spirit: 100% employee shareholders

GROUP'S EMPLOYEES	A UNIQUE COMBINATION	SHARING VALUE
1000 employees	Attract the best	Regular distributions of shares
200 hires planned in 2016 Rapid growth	Keep the best Managed wages policy	Macron's law benefits 0.8% to 1% of capital distributed per year for the next three years
Entrepreneurship for growth

INTRODUCTION Key Highlights

FFO (1) (in Group share)	NAV
result (FFO) reported (2) Recurring €161.2 million (+27.8%)	Creation of real-estate value (4) +€293 million
FFO / share (3) €12.95 (+ 23.8%)	NAV / share (5) €137.3 (+ 5.8%)

• (1) Fund from operations: Net profit excluding changes in value, calculated costs, transaction fees and changes in differed tax, and excluding activities held for sales (IFRS 5), in Group share.
• (2) +10,6% like-for-like (i.e. after restatement of Rue du Commerce impact in 2014, reclassified in « activities in the process of being sold ».
• (3) +7,2% like-for-like basis (with impact of Rue du Commerce restated in 2014).
• (4) Change in on-going NAV, excluding impact of the 2014 dividend paid in 2015 and discontinued activities (Rue du Commerce).
• (5) Going-concern NAV: market value of equity in the perspective of continuing operations.

2015 ANNUAL RESULTS

Territories with exceptional fundamentals, a unique operating method

FRENCH METROPOLISES(1)		THE GROUP'S ORIGINAL APPROACH
Concentration	9.5% of territory 36% of the population 71% of GDP	Focus on 11 targets based on demographic criteria (targeted territories: +740,000 inhabitants in 5 years (1))
€ Wealth	Average income 15% above the national average	Systematic multi-product approach
Demographics	Sharp increase(2)	Developer Investor Asset manager

(1) Aggregate data in the 11 French metropolis in which the Group operates (Source: INSEE).

(2) Between 2008 and 2013 +740,000 people data in the 11 French metropolis in which the Group operates (Source: INSEE). Over 30 years, French metropolis have gained more than 9 million inhabitants.

Unrivaled multi-product expertise

PIPELINE (1)	Surface area (2)	Potential value (3)
Shopping centers	553,100 m²	€3.6 Bn
Convenience stores	100,300 m²	€0.3 Bn
Offices	531,000 m²	€2.2 Bn
Residential units	1,503,000 m²	€5.9 Bn
TOTAL	2.7 million m²	€12.0 Bn	Reinforcement in progress Strategic areas

(1) Only the retail projects are intended to be retained in the Group's assets.

(2) Retail property: m² GLA / Residential units: Net floor area / Offices: Gross floor area or leasable surface area.

(3) Shopping centers: rents 100% capitalized at 5.5% / Valuation of convenience stores: €2,500/m² / Residential value: properties for sale + future offering (i.e excluding projects under construction) / Office value: Off-plan sales/CPI Share of signed amounts, MOD: Share of capitalized fees, Altafund: 100% cost price.

2015 ANNUAL RESULTS

Retail, the entry key to French metropolis

CONVENIENCE STORES (1)

High expectations from local authorities

A product that is generally neglected by developers

Untapped source of value

Altarea Cogedim: A unique position 60 projects // 100,300 m² // €314 M

(1) Convenience stores cover several categories, from 500-m² building ground floors to small shopping centers of 5,000 m² to 7,000 m²

Mixed-used urban projects

MAJOR MIXED-USE PROJECTS WON IN 2015

Global projects Capacity to build cities within cities

Building a real estate project

as well as new central areas through retail and leisure

Specific organization Mixed-use Project Department

Mixed-use projects	m²	# units	m² non residential
Bezons City center	66,000	700	18,700
Strasbourg Fischer	33,000	430	5,000
Hospices Civils Lyon	16,000	250	3,500
Toulouse Montaudran	75,000	600	27,350
Gif-sur-Yvette (1)	19,000	300	5,300
TOTAL including Convenience stores	209,000	2,280	59,850 ~ 45,000

(1) Group share only, i.e. 25% of 1,200 residential units built in co-development with Vinci and Eiffage, and 100% retail.

Focus: creating cities within cities

BEZONS – CITY CENTER

New 66,000 m² neighbourhood

700 subsidized and social rental housing 20,000 m² retail space 17,000 m² green space 600 parking spots

Our vision about shopping centers in France (excluding convenience stores)

LOCATION, SIZE	PRODUCT
French metropolises High average retail density, but very different	Large regional centers Cap 3000
if we geographically target development	Travel retail Gare Montparnasse
Minimum size per project This threshold varies depending on products (footfall, number of m², investments)	Retail parks (Family Village ®) Marques Avenues® A13

Good performance on a refocused portfolio

A REFOCUSED PORTFOLIO (€Bn)	GOOD PERFORMANCE OF KEY OPERATIONAL INDICATORS
	Tenants' revenue	+1.5%
Portfolio of €3,8 Bn	Change in net rents	+2.6% (+1.3% like-for-like)
	Occupancy cost ratio	9.9%
€201 M in rent (1)	Bad debt	1.9%
39 assets	Financial vacancy	2.9%
Average value of €98 M	Signed leases	215
	Average uplift	20%

(1) Property value including transfer duties and gross rents at 100% as of 1st January 2016, respectively €2.6 billion and €152 million in Group share.

Asset management: 2015 highlights

Qwartz Successful launch (1) 100% controlled (2) €400 million

Italy portfolio Four small-sized assets €122 million

Marques Avenue® A 13 1 st wooden shopping center

Jas de Bouffan, Aix-en-Provence

(1) On December 31, 2015, Qwartz posted a 10% increase in attendance and 9% increase in rental revenue, after restating the opening effect.

(2) Qwartz was developed under and was held until now in a 50/50 joint venture with Orion.

DEVELOPMENT: THE LEADING RETAIL REIT IN FRANCE Connected retail: Qwartz & La Digital Factory

A SUCCESFUL OPENING YEAR

7 million visitors (1)

280 M€ tenants' revenue

2015 : +10% footfall +9% Merchant revenue (2)

Digital Factory (3) : 220,000 customer journeys retraced / month

Targeted CRM Program

70% of repeated visits within 30 days after 1st visit

(1) And 600,000 visitors/month.

(2) After retreatment of opening effect.

(3) Qwartz is the first center to feature Digital Factory functionalities., which is a unique tool to collect and process customer data.

L'Avenue⁸³ , Toulon-La Valette

L'AVENUE⁸³ , TOULON-LA VALETTE : OPENING ON APRIL 13, 2016

51,000 m² shopping and leisure center

12 medium-sized outlets (Primark, Nike Store etc.) One Pathé movie theater with 16 screens 60 shops and kiosks

Included in a mixed-use development project (housing, hotels, offices)

In the largest retail area in the Var region

100% leased

DEVELOPMENT: THE LEADING RETAIL REIT IN FRANCE Paris-Austerlitz Train Station

4 TH PARIS STATION DEVELOPED BY THE GROUP

Shopping center in a new neighborhood under completion

A destination site

with 30,000 m² of retail space open throughout the week

A green and relaxing link

in the extension of the Jardin des Plantes, between historical Paris and New Paris

Promenade de Flandres, Roncq (Lille metropolitan area)

CONSTRUCTION LAUNCHED BEGINNING OF 2016

Retail park of 60,000 m²

Reinforcement of a leading retail hub of the Lille metropolitan area 2km from Belgium

More than 60% pre-let

Construction launched beginning of 2016 Delivery in H2 2017

The main untapped source of value for the Group

(1) Projected gross rents in retail development pipeline

DEVELOPMENT: THE LEADING RETAIL REIT IN FRANCE Potential to double the REIT portfolio

(1) Current gross rents of property portfolio assets. €152 M in Group share.

(2) Projected gross rents of property portfolio assets and projected gross rents of retail development pipeline, not updated and excluding potential divestments, at 100%. €304 M in Group share.

(3) Difference between the potential value including transfer duties of the projects on delivery (triple net rents capitalized at 5.5%), not updated, and net investment on development project. Value in Group share.

PROPERTY DEVELOPMENT

Very sharp increase in results

(1) This margin includes all of the Group's operating costs billed to the Development division, for an amount equivalent to around 100 margin points.

RESIDENTIAL Our values

MARKET	PRODUCTS & SERVICES	CUSTOMER	COGEDIM STORE Bercy Village
A deep market Shortage situation and under production Needs very unevenly distributed on the territory Stabilized prices	Proximity to public transport The consistency of our product lines with the qualitative DNA of COGEDIM Neighbourhood services and attention to details	Incorporate the multiplicity of customer profiles Offer rental management assistance to customer/investors Rethink the customer process and improve satisfaction rate

RESIDENTIAL Strengthen the brand value

RESIDENTIAL Paving the way of a growth cycle!

RESIDENTIAL

Growth sales (1): +33% (i.e. twice the domestic market (2))

(1) In number of units. Domestic market 102,000 units: housing market up 17% in 2015 (86,900 units. Source: Ministry of Sustainable Development).

(2) In units.

(3) Serviced residences, renovation etc.

RESIDENTIAL 2007-2015: Change in scale

RESIDENTIAL UNITS (€ M) AND GROWTH(1)

(1) Excluding Pitch Promotion (which sold 1,021 units for €236 M in 2015).

RESIDENTIAL Strategy

TARGETING BUOYANT MARKETS

Core market Entry-level and midscale

Strong impact of interest-free scheme and the Pinel Act

High-end

Serviced residences

Cogedim retiree residences Club ®…

Institutional investors

Specific offering, mixed-use urban projects

Market niches

H&P historical monuments, stripping...

RESIDENTIAL Development strategy

TARGETING NEW TERRITORIES ILE-DE-FRANCE COVERAGE (1)

Grand Paris 2 nd and 3rd rings

Lyon 2 nd Lyon-based agency

Atlantic coast and Grand Ouest

North "Paris-Metropole" Leading developer

Grand Paris Area (2) Not in the Top 10 In the Top 3 within 3 years

(1) Ranking of sales in value for traditional collective properties (Source : CAPEM).

(2) Without "Paris-Metropole". NB : sales in the "Paris-Metropole" area are equal to the sum of the sales in the rest of Ile-de-France.

RESIDENTIAL Focus

EXALTIS, PARIS Porte d'Auteuil

High-end air-conditioned apartments

Outstanding views and terraces (from 12,000 to €20,000/m², excluding parking space)

Designed by renowned professionals

Finn Geipel and Anne Demians for the architecture Sara Lavoine for interior decoration

200 units

Subsidized housing, Retiree residence, Executive residence

Commercial success

Launched mid-November, 75% sold

RESIDENTIAL Focus

21ST DISTRICT, PANTIN

First project combining New & Refurbishment (Histoire & Patrimoine)

Refurbishment of the former Marchal plant Remarkable volumes, double ceiling height lofts (€4,700/m² excluding parking space)

Premium quality mixed-used project

130 rent-to-own units including 6 individual houses 44 refurbished homes 82 social housing units + 37 in intermediate rental 1 industrial unit and 3 retail outlets

Commercial success

launched in 2015, nearly 100% sold

RESIDENTIAL "New generation" projects

INSPIRATION PROGRAM – "Quartier de la Création" in Nantes
New uses	• Ceiling height of 2.70 m • Private rooftop sun rooms • Residential units for shared living • Mutability of residential units
Shared services	• Shared bicycles, repair workshops & storage areas • Fitness area • Shared terraces and gardens • Concierge services
Connected residences	• Smart connected lobbies • Digital instructions • Single smart phone application (residents + neighbourhood social network)

OFFICES Our values

MARKET	LOCATIONS	NEXT GENERATION OFFICES
Sharp increase in the rental market (2.2 million of m² leased in 2015) Abundant liquidity core locations (rare) Compression of capitalization rates	Assets requiring reconstruction often have the best locations City of Paris, West Crescent & La Défense	Outward looking Iconic architecture Flexibility New uses Image of the company Creative restructuring

OFFICES An outstanding year!

COMMERCIAL SUCESS STORIES OPERATIONAL SUCCESS STORIES

Sales: €567 M for 11 transactions, including the Austerlitz disposal (15,000 m²)

Purchase of the Pascal Towers 69,000 m², La Défense

Final building permit	2 projects	82,000 m²
Construction start	7 projects	98,000 m²
Deliveries	8 projects	70,000 m²

OFFICES Outstanding growth, driven by Altafund

OPERATING INCOME AND RESULT		ALTAFUND
(1) Development margin	€18.2 M	Discretionary fund with €650 million in equity
(2) Service fees	€20.2 M	(Group share 18/30%)
(3) Investor capital gain	€8.5 M	1 project delivered (Boulevard Raspail) 1 project sold (Austerlitz SEMAPA) 3 projects under construction
Total income	€46.7 M	(4) Altafund I: quick liquidation planned
Operating income	€30.4 M +70%	Altafund II: in investment stage Altafund III: in fund raising stage

(1) Off-plan sale, CPI.

(2) MOD, asset management, promote.

(3) Share of AltaFund capital gain and partnerships.

(4) Monetization planned in 2016 (pro forma IRR forecasted >30%)

OFFICES Focus: creative restructuring

PASCAL TOWERS, LA DEFENSE (92)

Extensive reconstruction of the Pascal Towers (9,000 m²)

on behalf of Altafund and Goldman Sachs

Selection of an internationally-renowned architect, Dominique Perrault

Creation of new surface areas Capacity increased to receive 5,000 people

Change of the architectural images of façades, and adaptation of towers to environmental requirements

OFFICES Focus: Next generation office

KOSMO – NEUILLY-SUR-SEINE

Outstanding location

190-192 avenue Charles-de-Gaulle in Neuilly-sur-Seine In front of La Défense

Exemplary renovation

A campus way of life

25,000 m² of offices 3,000 m² of terraces and gardens 400 parking spots Business center and several restaurants

Altafund operation

FINANCIAL RESULTS

2015 FINANCIAL RESULTS

Growth in all business lines

RECORD YEAR	LONG TERM REPROFILING OF BALANCE SHEET	SHARPLY INCREASING FINANCIAL INDICATORS
Historic year for retail	€2,2 billion of funding	FFO (2) : €161,2 M (+28%)
LTV (1) : 44,5%	Excellent long-term visibility	NAV: +€293 million of real estate value creation (3)

• (1) Loan-to-Value (LTV) = Net debt/Restated value of assets including transfer taxes.
• (2) Funds from operations (Net profit excluding changes in value, calculated costs, transaction fees and changes in deferred tax, and excluding activities held for sale (IFRS 5), in Group share). Up 27,8%, and up 7,2% like-for-like (with impact of Rue du Commerce restated in 2014).
• (3) Change in going-concern NAV, excluding impact of the 2015 dividend and discontinued activities.

PROPERTY PORTFOLIO VALUE

Increase driven by retail

CHANGE IN DEBT, IN € M

LONG-TERM RE-PROFILING OF DEBT

An exceptional year

EXTENSION DEBT'S DURATION EXTENSION HEDGE'S DURATION

€2.2 Bn in financing/refinancing set up (1)

including mortgage: €1.5 Bn (21 assets) including corporate: €0.7 Bn

Duration of arranged financing: 7.5 years

Average spread: 129 bps

Average duration of hedge: 7.8 years Average rate of hedge: 1.0% (2.10% in 2014)

(1) Including financing signed and firm commitments received early 2016.

DEBT STRUCTURE Long-term visibility

(1) Including commissions and CNU, i.e., 1.85% on the drawn-down debt only.

REPORTED FFO

Sharp increase: +28% (+11% like-for-like)

FFO (1) (IN GROUP SHARE) (€M)

€126.1 M 19,6 Disposal Rue du Commerce	+28% 145.7	15,5 Real estate activities +11%	€161.2 M	Development Commercial landowner Services and Commercial Development Others Consolidated FFO	€70.5 M €113.9 M (€19.7) M (€3.5) M €161.2 M	+59.1% +1.7% x 1.8 n.a. +10.6%
2014			2015	Net result, Group share	€108.4 M	-5,2%

(1) Funds from operations (Net profit excluding changes in value, calculated costs, transaction fees and changes in deferred tax, and excluding activities held for sale (IFRS 5), in Group share).

(2) Cf. hereinafter.

FFO DEVELOPMENT Sharp increase

FFO DEVELOPMENT, ATTRIBUTABLE TO GROUP SHAREHOLDERS (€M)

FFO COMMERCIAL LANDOWNER

Portfolio rotation

FFO COMMERCIAL LANDOWNER, ATTRIBUTABLE TO GROUP SHAREHOLDERS (€M)

FFO SERVICES AND RETAIL DEVELOPMENT

Investments essentially geared towards the pipeline (1)

FFO SERVICES AND RETAIL (M€)

(1) €600 M of value creation in the long-run (non updated figures, in Group share).

(2) Developments, deliveries, launches (Cap 3000, Qwartz, Aix and Aubergenville extensions, Train stations tenders, convenience shops.

NAV Creation of real estate value: +€293 million

GOING-CONCERN NAV (€M)

(1) Net non-controlling interests

(2) Cogedim and Altafund.

(3) Including deferred tax, calculated charges, transaction fees

2015 ANNUAL RESULTS

KPIS PER SHARE Slight dilution (full year effect)

FFO / SHARE (1)		NAV / SHARE
€12.95 /share (+23.8%)		€137.3 /share (+5.8%)
Including real estate results	€13.99 /share	Including real estate value creation	€23.5 /share
		Including dividend	€-10.0 /share
dilution (2) Including	€–1.04 /share	Including Rue du Commerce	€-5.8 /share

(1) Funds From Operations or operating cash flow from operations, Group share. Up 23,8% per share, and up 7,2% like-for-like (with impact of Rue du Commerce restated in 2014).

(2) Dividend paid in shares, full year impact in 2015

2016 DIVIDEND (FOR 2015) Up +10%

2016 DIVIDEND (for the 2015 fiscal year): €11 / share

2016 dividend: €11.00 / share

Subject to the AGM approval on April 15, 2016

Taxation

€10.55 of reimbursement of contributions €0.45 of revenue distribution (of which €0.25 of tax-exempt income)

Option of conversion into shares

Based on a 10% discount on the average share price of the last 20 opening days prior to the AGM, minus the dividend

(1) Tex-exemplt / non-taxable in France.

OUTLOOK

ECONOMIC ENVIRONMENT OUR STRATEGY

Low interest rates

Zero inflation

Macro-economic and political risks

Accelerate in property development with a reinforced risk control policy A fast and efficient marketing strategy

Develop on prime locations Continue disposals

Long-term financing at a low and secured interest rate

2015 ANNUAL RESULTS

OUTLOOK

TARGETS (1)

The leader of complex urban projects

10,000 residential units

([ ≥ €500 M of annual orders

Doubling the REIT business (€600 M of value creation in share)

FFO: 50% Development and 50% REIT REIT: > 80 to 85% of the balance sheet

(1) In a constant political and economic environment.

OUTLOOK 2016 guidance & Mid term outlook

2016 GUIDANCE	MID TERM OUTLOOK
FFO Group share: +15 to +20%	FFO Group share: +5 to +10% /year
Good visibility Development Backlog Retail Deliveries (Toulon / Macdonald) Secured debt cost	Growth drivers Until 2018: development > 2018: retail REIT (pipeline)

FINANCE THE GROWTH OVER THE LONG TERM

LTV target ~40%

2017 and 2018 dividend: minimum €11/share

Dividend in shares in 2017-2018 or Capital increase from €200 M to €300 M

OUTLOOK

ALTAREA COGEDIM

Unique growth potential over the long term

Innovation and risk managment

Value creation and sustainable development

ANALYTICAL STATEMENT OF INCOME

	12/31/2015			12/31/2014 (1)
In €M	Funds From Operations (FFO)		Changes in value, estimated expenses and transaction costs	TOTAL	Funds From Operations (FFO)	Changes in value, estimated expenses and transaction costs	TOTAL
Shopping centers	195.9	4%	10.7	206.6	188.6	3.6	192.2
Residential	883.1	17%	–	883.1	755.3	–	755.3
Offices	128.5	94%	–	128.5	66.2	–	66.2
REVENUE	1,207.5	19.5%	10.7	1,218.2	1,010.1	3.6	1,013.7
Shopping centers	155.5	(3.9)%	111.4	266.9	161.7	104.5	266.2
Residential	52.3	28.7%	(5.0)	47.4	40.7	(7.0)	33.7
Offices	30.4	70.4%	(1.1)	29.4	17.8	1.4	19.3
Others	(3.5)	n/a	(0.7)	(4.2)	0.6	(2.8)	(2.2)
OPERATING INCOME	234.7	6.3%	104.7	339.4	220.8	96.2	317.0
Cost of net debt	(31.9)	(4.8)%	(5.4)	(37.4)	(33.6)	(5.0)	(38.6)
Discounting of debt and receivables	–	-	(0.2)	(0.2)	–	(5.9)	(5.9)
Change in value and income from disposal of financial instruments	–	-	(40.5)	(40.5)	–	(72.8)	(72.8)
Proceeds from the disposal of investments	–	-	(0.1)	(0.1)	–	0.0	0.0
Corporate income tax	(0.9)	(27)%	(3.9)	(4.8)	(1.3)	86.3	85.0
NET RESULTS FROM CONTINUING OPERATIONS	201.8	8.5%	54.7	256.5	186.0	98.8	284.8
Net Results From Continuing Operations, Group share	161.2	10.6%	19.5	180.7	145.7	(6.6)	139.2
Average number of shares after dilution (million)	12.442				12.055
FFO (GROUP SHARE) PER SHARE	12.95€	23.8%			10.46€
(1) Adjusted for the impact of the application of the IFRIC Interpretation 21 – Levies.

BALANCE SHEET (1/2)

In €M	12/31/2015	12/31/2014
NON-CURRENT ASSETS	4,498.0	3,940.5
Intangible assets	202.1	244.7
o/w Goodwill	128.7	128.7
o/w Brands	66.6	96.8
o/w Other intangible assets	6.7	19.2
Property, plant and equipment	6.2	10.6
Investment properties	3,759.6	3,163.6
o/w Investment properties in operation at fair value	3,453.6	2,974.4
o/w Investment properties under development and under construction at cost	306.0	189.2
Securities and investments in equity affiliates and non-consolidated interests	361.0	362.0
Loans and receivables (non-current)	42.9	43.3
Deferred tax assets	126.2	116.4
CURRENT ASSETS	1,634.9	1,406.4
Net inventories and work in progress	711.5	617.9
Trade and other receivables	475.0	392.5
Income tax credit	6.0	6.3
Loans and receivables (current)	29.2	15.2
Derivative financial instruments	20.0	15.9
Cash and cash equivalents	266.0	358.0
Non-current assets held for sale	127.2	0.7
TOTAL ACTIF	6,132.9	5,347.0

BALANCE SHEET (2/2)

In € M	12/31/2015	12/31/2014
EQUITY	2,250.9	2,169.9
Equity attributable to Altarea SCA shareholders	1 230.3	1,250.1
Share capital	191.2	191.2
Other paid -in capital	396.6	518.7
Reserves	534.0	425.9
Income associated with Altarea SCA shareholders	108.4	114.3
Equity attributable to non -controlling interests of subsidiaries	1 020.6	919.8
Reserves associated with non -controlling interests of subsidiaries	749.8	579.1
Other equity components, subordinated perpetual Notes	195.1	195.1
Income associated with non -controlling interests of subsidiaries	75.8	145.6
NON -CURRENT LIABILITIES	2,416.2	1,850.0
Non -current borrowings and financial liabilities	2,366.4	1,795.1
o/w Participating loans and advances from associates	63.6	50.8
o/w Bond issuances	477.8	477.2
o/w Borrowings from lending establishments	1,825.0	1,267.1
Long -term provisions	17.4	21.3
Deposits and security interests received	29.8	26.2
Deferred tax liability	2.5	7.4
CURRENT LIABILITIES	1,465.8	1,327.0
Current borrowings and financial debt (less than one year)	450.6	448.3
o/w Bond issuances	4.4	4.3
o/w Borrowings from credit institutions (excluding overdrafts)	335.1	326.5
o/w Treasury notes	60.5	53.0
o/w Bank overdrafts	4.9	2.1
o/w Group shareholders and partners	45.8	62.3
Derivative financial instruments	37.3	102.7
Accounts payable and other operating liabilities	837.7	757.4
Tax due	9.5	18.7
Liabilities of the activity in the process of being sold	130.7	0.0
TOTAL PASSIF	6,132.9	5,347.0

NET ASSET VALUE

GROUP NAV		12/31/2015				12/31/2014
	In €M	Change	€/action	Ch./sh.	In €M	€/action
Consolidated equity, Group share	1,230.3		98.3		1,249.5	99.9
Other unrealized capital gains	381.4				276.8
Restatement of financial instruments	20.8				87.8
Deferred tax on the balance sheet for non-SIIC assets (international assets)	20.1				22.4
EPRA NAV	1,652.5	1.0%	132.1	1.0 %	1,636.5	130.8
Market value of financial instruments	(20.8)				(87.8)
Fixed-rate market value of debt	(19.4)				(13.1)
Effective tax for unrealized capital gains on non-SIIC assets *	(18.2)				(17.6)
Optimization of transfer taxes *	66.4				55.6
Partners' share **	(15.8)				(14.9)
EPRA NNNAV (NAV liquidation)	1,644.7	5.5%	131.4	5.5%	1,558.6	124.6
Estimated transfer taxes and selling fees	75.4				65.9
Partners' share **	(0.7)				(0.6)
DILUTED GOING-CONCERN NAV	1,718.4	5.8%	137.3	5.8%	1,623.9	129.8

* Varies according to the type of disposal, i.e. sale of asset or sale of securities.

** Maximum dilution of 120,000 shares.

*** Number of diluted shares:	12,513,433	12,512,638
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