Altarea

Earnings Release • Feb 28, 2013

www.altareacogedim.com

2012 ANNUAL RESULTS

DISCLAIMER

This presentation does not constitute an offer to sell or a solicitation of an offer to sell or exchange securities, nor does it represent a recommendation to subscribe to or sell Altarea Cogedim securities.

The distribution of this document in some countries may be restricted by law or regulation. As such, persons into whose possession this presentation may come are obliged to inform themselves of and to observe any such restrictions. To the extent permitted by applicable law, Altarea Cogedim disclaims any responsibility or liability for the violation of any such restrictions by any person.

Certain statements included in the registration document contain forward-looking statements with respect to future events, trends, plans or objectives. The information, assumptions and estimates that were used to determine these objectives are subject to change or modification due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in the aforementioned section of the registration document could have an impact on the Company's ability to achieve these objectives.

Accordingly, the Company cannot give any assurance as to whether it will achieve the objectives described, and makes no commitment or undertaking to update or otherwise revise this information.

No assurance is given as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. In case of any discrepancies between the information contained in this document and the registration document , the latter will prevail.

ALTAREA COGEDIM A GROWTH MODEL ON 3 MARKETS

RETAIL The 1st multi-channel Retail REIT	RESIDENTIAL Housing for everyone	OFFICE PROPERTY A comprehensive approach

CONTENTS

Introduction	p. 5
2012 Achievements	p. 9
Finance	p. 28
Outlook	p. 34

INTRODUCTION

REMINDER: 2009/2012 OBJECTIVES

RETAIL	Focusing on large assets
RESIDENTIAL	Enlarging Cogedim offer
OFFICE PROPERTY	Extending the business model to investment
FINANCE	Strengthening the balance sheet (liquidity & debt reduction) Annual FFO increase greater than 10%

A DIFFICULT ECONOMIC ENVIRONMENT IN 2012

RETAIL	 Decline in consumption in France (-2.9%)  Austerity policies in Italy and Spain  Sweeping changes in customer behavior
	 Strong drop in the market (-28%)
RESIDENTIAL	 A wait-and-see attitude as a result of economic
	conditions
	 Tax instability
	 Job cuts in the Paris Region
OFFICE PROPERTY	 Companies on the lookout for savings
	 The on-spec market virtually obliterated

7

STRONG GROWTH FOR 2012 RESULTS

(In € millions)	2012	2011	Change	Like-for (1) like
Sales	1,584.0	1,113.1	+42%	+13%
FFO (Group share) (2)	149.7	134.3	+11%
FFO/share after dilution (3)	€14.2	€13.1	+8.3%
(4) EPRA NAV	1,621	1,565	+3.6%
dilution (3) NAV/share after	€148.6	€153.7	-3.4%
LTV (5)	49.3%	51.2%	-190bps
(6) Dividend proposed (€/share)	€10.0	€9.0	+11.1%

• (1) Excluding Rue du Commerce, consolidated as of January 1, 2012 and whose 2012 revenue amounted to €325.1 million (+10%)
• (2) Funds From Operations (net income before changes in fair values, non cash expenses and estimated expenses)
• (3) Following creation of 732,624 shares upon payment of the 2012 dividend (i.e., 9.5% dilution)
• (4) EPRA NAV represents the market value of the equity from the perspective of long-term operations as a going concern
• (5) "Loan-to-Value" = Net debt / Restated value of assets excluding transfer duties
• (6) Proposition to be submitted to the General Shareholders' Meeting scheduled for June 10, 2013 for optional payment of the dividend in shares. New shares to be issued at a price equal to 90% of the average stock price (ex-dividend) over the 20 trading days preceding the General Meeting

2012 ACHIEVEMENTS

Toulon La Valette shopping center – Development project

RETAIL - The 1 ST MULTI-CHANNEL RETAIL REIT

PORTFOLIO: PROFOUND CHANGES OVER THE PAST 3 YEARS

• Faster portfolio turnover (1)
• Reallocation of capital to large assets (2)
• Development of partnerships & management for third parties (€4 billion in assets under management)

(In € millions, including transfer duties)	2012	2009
Controlled assets (3)	3,216	2,465	+30%
Group share	2,563	2,279	+12%
Share of minority interests	653	187	x3.5
Average asset value	€78 million	€48 million	+62%
No. of assets	41	52	-21%
Management for third parties (4)	742	351	x2.1
Total assets under management	3,958	2,817	+41%

(1) On a Group share basis, €580 million in assets have been sold since 2009 (asset turnover rate: 23% of the portfolio)

(2) On a Group share basis, €598 million have been invested in the portfolio (development, acquisitions, redevelopments)

(2) Assets in which Altarea holds shares and for which Altarea exercises operational control

(4) Assets held entirely by third parties who entrusted management to Altarea Cogedim (also includes the Group's minority interests: €59 million in 2012 and €74 million in 2009)

FRANCE (84% OF THE PORTFOLIO)(1) 2012 PERFORMANCE: A SUCCESSFUL STRATEGY

• High-potential regional shopping centers: 51% of the portfolio
• Large Retail Parks (Family Village) with strong competitiveness on their market: 26% of the portfolio
• Locations in areas with high population growth

(1) Total of € 2,677 million (including transfer duties) of which € 2,024 million for Group share and € 653 million for share of minority interests

• (2) Net consolidated rental income (IFRS)
• (3) Shopping centers equipped with the Quantaflow system
• (4) Like-for-like revenue change for shopping center tenants
• (5) Rent and expenses charged to tenants (incl. taxes) over the past 12 months (including rent reductions) / sales over the same period (incl. taxes)
• (6) (Net amount of allocations to and reversals of provisions for bad debt + Write-offs during the period) / Rent and expenses charged to tenants
• (7) Estimated rental value (ERV) of vacant lots as a percentage of total estimated rental value (excluding property being redeveloped)

CAP 3000: A NEW STEP FORWARD

PHASE 1: REMODELLING COMPLETED

2012 rental income: €30.0 million (vs. €23.0 million in 2010)

PHASE 2: LAUNCH OF THE EXTENSION

• Altablue equity increased to €409 million
• Takeover of Cap 3000 by Altarea (1)

(1) Full consolidation of CAP 3000 in the Group's consolidated financial statements with an impact on results as of 2013

(2) TSDI: Undated subordinated notes, accounted for as minority interests' equity instruments in the Group's IFRS consolidated financial statements

INTERNATIONAL (16% OF THE PORTFOLIO)(1) 2012 PERFORMANCE: RELATIVE RESILIENCE

• 83% of assets in value terms located in regions with high purchasing power (2)
• Stabilization of tenants' occupancy cost ratio
• Negative impact from the new land tax in Italy (3)

Average value	€77 million
Net rental income	€30 million
(4) Tenant revenue	-3.1%
Rent increases upon renewals / re-lettings	+1%
(5) Occupancy cost ratio	11.9%
Bad debt (6)	5.7%
(7) Financial vacancy rate	2.5%

• (1) Total of €538 million (including transfer duties)
• (2) Barcelona and Northern Italy
• (3) Imposta Municipale Unica (Municipal property tax): a land tax that entered into force in Italy on January 1, 2012
• (4) Like-for-like revenue change for shopping center tenants
• (5) Calculated as rent and expenses charged to tenants (incl. taxes) over the past 12 months (including rent reductions), in proportion to sales over the same period (incl. taxes) at 100%
• (6) Net amount of allocations to and reversals of provisions for bad debt plus any write-offs during the period as a percentage of total rent and expenses charged to tenants, at 100%
• (7) Estimated rental value (ERV) of vacant lots as a percentage of total estimated rental value

PORTFOLIO

DEVELOPMENTS

• Total value: €3.2 billion (1)
• Group share: €2.6 billion

• Capitalization rate: 6.20%

• Net investments (2): €1.4 billion

• Group share: €838 million
• Projected yield: 8.6%

2012 rental income: €13.6 million 2009 rental income: €10.8 million

Projected rental income: €18 million 80% pre-marketed 681,500 ft² (63,300 m²) GLA, Delivery Q1 2014

(1) Controlled assets, including transfer duties, France & International (2) Total budget including interest expenses and internal costs

ALTAREA IS NOW A MAJOR PLAYER IN E-COMMERCE IN FRANCE

• Takeover of a historical leader in French e-commerce (1)
• Implementation of the strategy

	Takeover of RDC completed	Significant investments
Oct. 2011	Acquisition of 28.64% of the capital of Rue du Commerce	 79 recruitments in 2012
Feb. 2012	by Altacom(2) Takeover launched	 Mobility
	with a 97% success rate	 Galerie Marchande (Marketplace)
Dec. 2012	Acquisition of founders' shares (3) in Altacom	 CRM
Jan. 2013	New organization (4)	 Interconnection of RDC & Altarea
Feb. 2013	Delisting (5)	information systems

(1) Originally an online distributor of high-tech products, Rue du Commerce is one of the top French marketplaces (Total business volume: €423 million)

(2) 80% controlled by Altarea Cogedim

(3) G. Picquart and P. Jacquemin held 20% of Altacom's equity

(4) Albert Malaquin (CEO of Altarea France) appointed Chairman of Rue Du Commerce

(5) February 26 announcement of a public repurchase offer for Rue du Commerce shares with the right to squeeze-out minority shareholders

2012: A YEAR OF GROWTH FOR RUE DU COMMERCE

• Impact of innovations (m-commerce, user-friendly site and purchasing process, etc.)
• Positive performance of high-tech products in an extremely competitive market (1)
• Good performance of the marketplace

Visitor numbers (2) (3) o/w mobile	181 million 7.8%	+17%
No. of orders o/w High-tech o/w Marketplace	2.4 million 1.3 million 1.1 million	+10%
Business volume o/w High-tech o/w Marketplace	€423 million €316 million €108 million	+10% +9% +14%
Marketplace Commissions Average rate (% of merchant revenue)	€9.4 million 8.8%	+ 25% +80 bps

• (1) The market dropped 2.3% over the first 9 months of 2012 (source: GfK)
• (2) Total number of connections to the site in 2012 (source: Médiamétrie//NetRating)
• (3) Applications and mobile site launched in November 2012 (downloaded 100,000 times in 2 months): 7.8% of traffic at December 31, 2012

INITIAL IMPLEMENTATION OF THE MULTI-CHANNEL RETAIL REIT CONCEPT

• Attracting Altarea retailers towards Rue du Commerce's Marketplace
• Geolocation-based cross-marketing (1)

(1) Depending on internet users' catchment areas (identified by their IP address), RueduCommerce.com displays geolocation-based advertising / promotional banners for shopping centers managed by Altarea. The effective click rate is much higher than generally observed standards for this type of operation

Rive Gauche – Bordeaux

HOUSING FOR EVERYONE

HOUSING FOR EVERYONE

Cogedim Club ® Arpitania, Chambéry

Atlantis Grand Ouest, Massy

TURNOVER: +74% SINCE 2009 A QUICK ADAPTATION OF THE OFFERING IN A MARKET DOWN 28% IN 2012

• Strong increase in turnover and operating income
• Development of entry-level/midscale (1) and market share maintained
• Upholding the commitment to quality (2)

	-11%	-49%	+94%
Total	477	322	62	861	-29%
Other French regions	204	150	37	391	-15%
Paris Region	274	172	25	471	-37%
Reservations, in € millions	Entry level & midscale	High end	Serviced resi dences	TOTAL

Launches Entry-level and midscale	€807 mil. 71%	-32%
Reservations	€861 mil.	-29%
Turnover	€949 mil.	+15%
Operating income	€100.6 mil. 10.6% of turn.	+17%
(3) Backlog	€1.414 bil. 18 months	-13% (24 months)
Properties for sale and (4) future offering	€4.068 bil.	+12%

(1) <€5,000/m² in the Paris Region and <€3,600/m² in other regions

(2) Location, architecture, materials, user-friendliness, service

(3) The backlog comprises revenues excluding tax from notarized sales to be recognized on a percentage-of-completion basis and individual and block reservations to be notarized

(4) Properties for sale include lots available for sale (expressed as revenue incl. tax), and the future offering is made up of programs at the development stage (through sales commitments, almost exclusively unilateral in nature) that have yet to be launched (expressed as revenue incl. tax)

Hôtel-Dieu // Intercontinental – Marseille

OFFICE PROPERTY - A COMPREHENSIVE APPROACH

A COMPREHENSIVE APPROACH

DELIVERIES

OFF-PLAN SALE AGREEMENTS (VEFA) Head office of Pomona 144,500 ft² (13,425 m²)

LAUNCHES

OFF-PLAN SALE AGREEMENTS (VEFA) Head office of Mercedes-Benz France 140,000 ft² (13,000 m²) - Delivery late 2013

INVESTMENTS

RENOVATION Boulevard Raspail 106,500 ft² (9,900 m²) - Delivery late 2014

COMPLEX REDEVELOPMENT Radisson Blu, Nantes 116,750 ft² (10,850 m²) total net floor area

PROPERTY DEVELOPMENT CONTRACTS Euromed Center, Marseille 628,000 ft² (63,000 m²) net area - Initial delivery late 2014

CONSULTING & SERVICES

DELEGATED PROJECT MANAGEMENT 17 avenue Matignon 86,500 ft² (8,050 m²) total net floor area

BACK TO PROFITS IN A DIFFICULT MARKET

• 2012 sales achievements (€248 million in signed transactions)
• Improved outlook

3 projects delivered Av. Matignon, Antony, Nantes	347,950 ft² (32,325m²)
3 projects signed Archives, Euromed, Mercedes	1,171,000 ft² (108,800 m²)
st Altafund 1 investment Raspail	106,500 ft² (9,900m²)
Sales	€118.8 mil.	+10%
Operating income	€5.1 mil. 4.4% of revenue
(1) Backlog	€177 mil.

(1) Revenues excluding VAT on notarized sales to be recognized according to the percentage-of-completion method, take-ups not yet subject to a notarized deed and fees owed by third parties on contracts signed

Development – Villeneuve-La-Garenne shopping center NF Démarche HQE® and Breeam® level "Very Good"

SUSTAINABLE DEVELOPMENT AT THE CORE OF OUR BUSINESS MODEL

2012 ANNUAL RESULTS 25

RECOGNIZED RESULTS

• Altarea Cogedim surges forward in the Novethic ranking
• Awarded the Green Star in the GRESB Ranking (1) (Global Real Estate Sustainability Benchmark)

A COMMITMENT THAT DRIVES THE SECTOR FORWARD

• Anticipate all sustainable development issues and regulations (1)
• Measure our CSR performance in all our businesses (2)
• Spreading best practices (CNCC, FSIF, FPI, PERIFEM, France GBC)

SKY, Courbevoie – Redevelopment of an office building into a residential building with BBC Rénovation and Habitat & Environnement certification, and located 250 ft (80 m) from public transportation

98%	of commercial projects certified or undergoing the environmental certification process
96%	of residential programs located less than 500 yards from a public transportation network
-10%	lower energy consumption and CO2 emissions for the portfolio between 2010 and 2012
39%	of our portfolio features green leases

Indicators verified by Ernst & Young

(1) Comfort, health, mobility, 2012 Thermal Regulation and energy renovation of the existing office park (2) First developer to implement reporting on 100% of new constructions

A STRENGTHENED BALANCE SHEET

2012 ANNUAL RESULTS 28

STRENGTHENED BALANCE SHEET

Equity	(1) €1.362 billion	+22%
o/w dividend payout in shares	+€69 million
o/w issuance of subordinated perpetual notes (TSDI)	+€109 million
o/w consolidation of Cap 3000	€159 million
LTV	49.3%	-1.9 pt
WCR	(2) €265.4 million	+24%
% of consolidated revenue in 2012	16.7%	-2.4 pt
Liquidity	€720 million	2.1 X

o/w corporate	€643 million

(1) o/w €1.024 billion on a Group share basis and €338 million on a minority share basis (2) o/w €319.5 million in operating WCR and (€53.1 million) in investment WCR

INCOME STATEMENT

(In € millions)	2012	2011
(1) "Brick-and-mortar" retail	135.0	135.4
Online retail (2)	(6.0)	-
(3) Residential	100.6	86.1
Office property (4)	5.1	0.1
Other	(2.5)	(1.7)
Operating cash flow	232.2	219.9	+6%
(5) Net borrowing costs	(71.7)	(78.7)
Income tax paid	(1.9)	(0.8)
FFO *	158.6	140.4	+13%
FFO (Group share)	149.7	134.3	+11%
Per share **	14.2	13.1	+8%
Changes in value & other non-cash items (6)	(98.4)	(46.3)
Consolidated net IFRS income	60.2	94.1

• (1) Disposals offset by the like-for-like increase in rental income, as well as by fees FFO/revenue ratio: 84% (+70 bps)
• (2) Strengthening of the Marketplace, IT, marketing and multi-channel investments (recognized as expenses)
• (3) Market share gains over the past three years FFO/revenue ratio: 10.6 % (+10 bps)
• (4) Renewed profitability as a result of operations signed in 2011 and 2012
• (5) Stable average level of indebtedness (3.52%) Increase in capitalized finance costs on construction projects (Villeneuve-la-Garenne, Nîmes)
• (6) Changes in value and other non-cash items break down as follows (in € millions):
• Change in value of Investment properties (France) 49.7
• Change in value of Investment properties (Internat) (30.1)
• Change Value of financial instruments: (78.4)
• Asset disposals: (5.4) (29.6)
• Deferred tax:
• Estimated expenses ***: (4.6)

* Funds From Operations: net income before changes in fair values, non cash expenses and estimated expenses

** Following creation of 732,624 shares upon payment of the 2012 dividend (i.e., 9.5% dilution)

*** Allowances for depreciation and non-current provisions, stock grants, pension provisions, staggering of debt issuance costs

EPRA NAV (1): €148.6 PER SHARE (2) (-3.4%)

(1) EPRA NAV: Market value of equity from the perspective of operations as a going concern EPRA NNNAV (liquidation NAV): €130.7 (-6.4%) / Going concern NAV: €138.5 (-5.9%)

• (2) Diluted number of shares, recognizing all shares subscribed in the payment of dividends in shares (732,624 shares)
• (3) Average capitalization rate in France: 6.10% in 2012 vs. 6.05% in 2011
• (4) Average capitalization rate outside France: 6.70% in 2012 vs. 6.63% in 2011
• (5) The value of Cogedim shares remains unchanged compared with 2011. The amount of gains declined in proportion to Cogedim's contribution to consolidated net income
• (6) o/w (€2.8) of deferred tax

INCREASED LIQUIDITY

• €572 million in financing signed (1)
• Initial debt securities issuance in the amount of €250 million (2)
• Refinancing of 2013 maturities and anticipation of subsequent maturities

MATURITY SCHEDULE Maturity schedule	Net debt (3)	€2.186 billion	+5%
	Term	4.3 years
	Cash and cash equivalents (4)	€720 mil.
	LTV	49.3%	-1.9 pt
Corporate available cash	ICR	3.2x	vs. 2.8x

(1) o/w €530 million in corporate financing and €42 million in mortgage financing

(2) o/w €100 million in the form of unsecured five-year bonds and €150 million through an unsecured seven-year private debt placement

(3) o/w mortgage debt 52%

(4) o/w €643 million in corporate sources of funds (cash and confirmed authorizations) and €77 million in unused loan authorizations secured against specific developments

BORROWING COSTS

• 2 issues carried out at competitive rates
• First appearance on the commercial paper market
• Restructuring of the interest rate hedging profile

2012 average cost	3.52% - 7 bps
Bond issue rate (1) €100 million at 5 years	3.65%
placement rate (2) Private €150 million at 7 years	3.97%

(1) 284-basis point mid-swap spread (2) 279-basis point mid-swap spread

PROFOUND CHANGES IN OUR MARKETS

RETAIL	RESIDENTIAL	OFFICE PROPERTY
The e-commerce revolution + Renewed attractiveness for shopping centers = Emergence of the multi channel concept	A market characterized by shortage + A major politic issue = Significant increase in volumes	A cyclical market + An inadequate office park = Business recovery

RETAIL: REINVENTING THE RETAIL REIT!

Real estate at the core of the business model

• Allocation of capital to large assets
• Primacy of operational control
• Developing the management business for third parties

A vast range of non-property services with high commercial value

• Online retail space / market place
• Targeted marketing services (CRM, geolocation, etc.)
• Other services (to come...)

THE MULTI-CHANNEL RETAIL REIT:

THE ONE-STOP SHOP FOR THE RETAIL INDUSTRY

E-COMMERCE: SEIZING THE MARKET!

Strong growth in the e-commerce market

• Quickening changes in consumer habits
• Potential for 25 to 35% of total consumption in France (1)
• All sectors concerned in the long run

Develop Rue du Commerce

• A strong starting position
• Goal > €1 billion in business volume
• Investment increases decided

ALTAREA COGEDIM: THE ONLY PROPERTY COMPANY PLAYING AS MAJOR IN THE E-COMMERCE REVOLUTION

(1) Vs. 8% in 2012 (sources: AXA, Fevad, INSEE)

RESIDENTIAL: BUILD MORE!

The housing shortage: a major issue

• National authorities want to revive construction
• Government objective: 500,000 homes / year
• including 100,000 to 150,000 open-market/intermediate homes

A future-looking market (first-time buyers, individual and institutional investors)

• Sharp increase in forecast production volumes
• Price and margin adaptations
• Cogedim: keep up with changing environment
• Objective: 6-8% of the French market

SET TO SCALE UP ONCE AGAIN

OFFICE PROPERTY: READY FOR GROWTH!

A market at a cyclical low

• 5 years of crisis have stepped up obsolescence of the office park
• Financial and operational constraints drive users and investors to restructure their property

Altarea Cogedim devoted the recent period to implementing a comprehensive approach that is now bearing fruit

• A unique profile (developer, service provider and investor)
• A historical market share of 10% in the Paris Region

THE GROUP IS TO GENERATE ONCE AGAIN LARGE PROFITS AS OF 2013

2013-2017: OUR VISION

OUR MARKETS

2013 – 2014

• Difficult economic conditions
• A period of structural transformations

2015 – 2017

Renewed growth on improved fundamentals

OUR GROUP

• Cautious commitments
• "Transformative" future-looking investments

• Organizational strengthening and redeployment

• Strong sales growth

• Improved results thanks to changes implemented

OBJECTIVES

Thanks to the fundamentals of our markets and barring an economic blow with repercussions in France

• 2017 FFO: + 50% versus 2012
• Dividend guidance equal to FFO guidance

Continued investments and transformations started in all our business lines

• 2013 FFO: slight drop expected
• 2013 dividend at least equal to the 2012 dividend (€10.0)

Reducing LTV to under 45%

2012 REVENUE: +42% +13% LIKE-FOR-LIKE (EXCLUDING IMPACT FROM RUE DU COMMERCE)

	Retail				(3)	Office
(In € millions)	"Brick-and Mortar" (1)	Online (2)		Residential		property	(4)	TOTAL
Rental revenues and GM commissions	160.4 -1%	9.4	+25%					169.8	+0%
Distribution revenues		315.7	+9%					315.7	+9% l-f-l
Percentage-of completion revenues				948.6	+15%	113.6	+11%	1,062.2	+15%
Fees	18.0 +10%			0.6	n/a	5.3	-13%	23.9	+1%
Other	12.3							12.3
Sales	190.9 +5%	325.1	+10% like for-like	949.2	+15%	118.8	+10%	1,584.0	+42%

(1) Rental revenues: shopping center openings (+€0.9 million) and rent increases (+€6.7 million) partially make up for disposals / redevelopments (-€10.7 million) Fees: increased contribution from shopping centers held in partnership, as well as shopping centers managed for third parties

(2) Distribution revenue & Galerie marchande commissions: 1 st full-year contribution from Rue du Commerce

(3) Strong growth for percentage-of-completion revenues, due to market share gains over the past three years

(4) Revenue: impact of the greater number of operations delivered or underway (Pomona, Mercedes, Massy, etc.)

2012 OPERATING CASH FLOW: +6% SIGNIFICANT CONTRIBUTION FROM RESIDENTIAL PROPERTIES (+17%)

(In € millions)	"Brick-and- Mortar"	Retail Online	Residential	Office property	TOTAL
Net rental income & Galerie marchande commissions	145.8	9.4			155.2	-0.7%
Selling margins on distribution		24.4			24.4	-9.3% l-f-l
Net property income			127.8	7.3	135.1	+29%
Net overhead expenses	(20.3)	(39.9)	(26.9)	(1.9)	(89.0)	+26% l-f-l
Share of associates	9.4		(0.3)	(0.4)	8.7
Other				(2.5)	(2.5)
Operating cash flow	(1) 135.0 -0%	(6.0)(2) n/a	(3) 100.6 +17%	(4) 5.1 (2.5) n/a	232.2	+6%

(1) Operating cash flow amounts to 84.2% of rental income

(2) Impact on investments (recruitment, marketing, CRM, IT)

(3) Operating margin (Operating cash flow / Revenue): 10.6% (+10 basis points)

(4) Net property income up 3.3 points to 6.4% and once again profitable

DIVIDEND 2012

• A dividend of € 10.0 € per share for fiscal year 2012 will be submitted to the General Shareholders' Meeting scheduled for June 10, 2013
• Representing a 8,1% yield on the basis of close of stock price on February, 26th , 2013
• Optional payment of the dividend in shares will be proposed
• On the basis of share price representing 90% of the average stock price (ex-dividend) over the 20 trading days preceding the General Meeting
• €10,0 dividend breakdown:
• €0,3 / share representing distribution of tax-exempt income
• €9,7 / share as repayment of share premiums

RETAIL: CONTROLLED PORTFOLIO FRANCE AND INTERNATIONAL

		Share of	Share of
France	Surface	Altarea	third
Controlled assets	area m²	Cogedim	parties
Toulouse Occitania	56,200	100%	-
Paris - Bercy Village	22,824	85%	15%
Gare de l'Est	5,500	100%	-
CAP 3000	64,500	33%	67%
Thiais Village	22,324	100%	-
Carré de Soie	60,800	50%	50%
Massy	18,200	100%	-
Lille - Les Tanneurs & Grand' Place	25,480	100%	-
Aix en Provence	3,729	100%	-
Nantes - Espace Océan	11,200	100%	-
Mulhouse - Porte Jeune	14,769	65%	35%
Strasbourg - L'Aubette & Aub. Tourisme	8,400	65%	35%
Strasbourg-La Vigie	16,232	59%	41%
Flins	9,700	100%	-
Toulon - Grand' Var	6,336	100%	-
Montgeron - Valdoly	5,600	100%	-
Chalon Sur Saône	4,001	100%	-
Toulon – Ollioules	3,185	100%	-
Tourcoing - Espace Saint Christophe	13,000	65%	35%
Okabé	38,615	65%	35%
Villeparisis	18,623	100%	-
Herblay - XIV Avenue	14,200	100%	-
Pierrelaye (RP)	9,750	100%	-
Gennevilliers (RP)	18,863	100%	-
Family Village Le Mans Ruaudin (RP)	23,800	100%	-
Family Village Aubergenville (RP)	38,620	100%	-
Brest - Guipavas (RP)	28,000	100%	-
Limoges (RP)	28,000	75%	25%
Other shopping centers (5)	34,170	n/a	n/a
Sub-total France	624,621

International Controlled assets	Surface area in m²	Share of Altarea Cogedim	Share of third parties
Barcelona - San Cugat	20,488	100%
Bellinzago	20,491	100%
Le Due Torri	33,680	100%
Pinerolo	8,108	100%
Rome - Casetta Mattei	15,385	100%
Ragusa	12,609	100%
Casale Montferrato	8,288	100%
Sub-total International	120,107

		millions)(2) Value (in €
	Gross rental income (in € millions) (1)	Altarea 100% Cogedim		Third parties (1)
France International	160.8 37.0	2,677 538	2,024 538	653 -
Controlled assets	197.9	3,216	2,563	653

(1) Rental value on signed leases at January 1, 2013

(2) Including transfer duties

RETAIL: MINORITY STAKES AND ASSETS MANAGED FOR THIRD PARTIES

Minority interests	Surface area in m²	Share of Altarea Cogedim	Share of third parties
Paris - Gare du Nord shops Roubaix - Espace Grand' Rue Châlons - City Hall	3,750 13,538 5,250	40% 33% 40%	60% 67% 60%
Total	22,538

Assets managed for third parties	Surface area in m²	Share of Share Altarea of third Cogedim parties
Ville du Bois	43,000	100%
Pau Quartier Libre	33,000	100%
Brest Jean Jaurès	12,800	100%
Brest - Coat ar Gueven	13,000	100%
Thionville	8,600	100%
Bordeaux - Grand' Tour	11,200	100%
Vichy	13,794	100%
Reims - Espace d'Erlon	12,000	100%
Toulouse Saint Georges	14,500	100%
Chambourcy (RP)	33,500	100%
Bordeaux - St Eulalie (RP)	13,400	100%
Toulon Grand Ciel (RP)	2,800	100%
Assets managed for third parties	211,600

			Value (in € millions)	(2)
	Gross rental income (in € millions) (1)	100%	Altarea Cogedim	Third parties (1)
Minority interests	6.8	59	22	37
Assets managed for third parties	41.8	683	-	683
Total	48.6	742	22	720

(1) Rental value on signed leases at January 1, 2013

(2) Including transfer duties

RETAIL: DEVELOPMENT PIPELINE

	Creation/		At 100%				Group share
	Redev./	GLA	Gross rental	Net invest. (1)	Yield	GLA created	Gross rental	Net invest. (1)	Yield
Center	Extension	created	income	(in € millions)		(m²)	income	(in € millions)
		(m²)	(in € millions)				(in € millions)
Family Village Le Mans 2	Creation	16,200				16,200
Family Village Aubergenville 2	Extension	10,200				10,200
Family Village Roncq	Creation	58,400				29,200
Family Village Nîmes	Creation	27,400				27,400
Retail Parks		112,200	16.8	197	8.5%	83,000	13.0	156	8.4%
Villeneuve la Garenne	Creation	63,300				31,650
La Valette du Var	Creation	38,400				38,400
Massy -X%	Redev./exten.	7,400				7,400
Cap 3000	Redev./exten.	18,800				6,300
Coeur d'Orly	Creation	123,000				30,750
Aix extension	Extension	4,800				2,400
Shopping centers - France		255,700	88.7	1,050	8.4%	116,900	42.6	513	8.3%
Ponte Parodi (Genoa)	Creation	36,900				36,900
Le Due Torri (Lombardy)	Extension	6,200				6,200
Shopping centers - International		43,100	16.2	169	9.6%	43,100	16.2	169	9.6%
Total at December 31, 2012		411,000	121.7	1,417	8.6%	242,920	71.8	838	8.6%
o/w redevelopments/ extensions		47,400	28.3	310	9.1%	32,500	16.5	193	8.5%
o/w assets creation		363,600	93.4	1,107	8.4%	210,500	55.3	645	8.6%

(1) Total budget including interest expenses and internal costs

RESIDENTIAL: RESERVATIONS AND NOTARIZED SALES

Reservations in value terms and in number of lots (1)	Notarized sales
	2012	2011
Individual reservations	€646 mil.	€843 mil.	-23%
Block reservations	€215 mil.	€362 mil.	-41%
Total in value terms	€861 mil.	€1.205 bil.	-29%
	2012	2011
Individual
reservations	2,103 lots	2,523 lots	-17%

Total in no. of lots	3,197 lots	4,197 lots	-24%
Block reservations	1,094 lots	1,674 lots	-35%
reservations	2,103 lots	2,523 lots	-17%

	Midscale	Upscale	Serviced residences	Total	% by region
Paris region	177	302	26	505	59%
PACA	78	26	-	104	12%
Rhône-Alpes	66	97	-	164	19%
Grand Ouest	46	20	20	87	10%
Total	367	446	46	860	100%
% by range	43%	52%	5%
2011 excl. Laennec				879
Change				-2%
2011 Total				1,070
Change				-20%

RESIDENTIAL: BACKLOG, PROPERTIES FOR SALE AND PROPERTY PORTFOLIO

			Backlog (1): 18 months of business
--	--	--	------------------------------------

In € millions (incl. tax)	Notarized sales to be recognized on a percentage of- completion basis	Sales reserved but not notarized	Total	% by region
Paris region	594	293	887	63%
PACA	77	76	153	11%
Rhône-Alpes	178	68	245	17%
Grand Ouest	79	49	128	9%
Total	928	486	1,414	100%
Percentage	66%	34%
2011	1,137	483	1,620
Change			-13%

Backlog (1): 18 months of business	Properties for sale and property portfolio (2)
------------------------------------	---------------------------------------------------

In € millions (incl. tax)	< 1 year	> 1 year	Total 2012	No. of months	2011
Property for sale	611		611	9	633
Property assets	1,967	1,490	3,457	48	2,988
Total pipeline	2,578	1,490	4,068(3)	57	3,621
2011	2,906	715	3,621
Change	-11%	+108%	+12%

(1) The backlog comprises revenues excluding tax from notarized sales to be recognized on a percentage-of-completion basis and individual and block reservations to be notarized

(2) Properties for sale include units available for sale (expressed as revenue incl. tax), and the future offering is made up of programs at the development stage (through sales commitments, almost exclusively unilateral in nature) that have yet to be launched (expressed as revenue incl. tax)

(3) I.e., approximately 13,550 homes

CONTACT

Eric Dumas, Chief Financial Officer edumas@altareacogedim.com tel: + 33 1 44 95 51 42

Catherine Leroy, Investor Relations cleroy@altareacogedim.com tel: + 33 1 56 26 24 87

www.altareacogedim.com