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Altarea

Investor Presentation • Jul 29, 2011

1101_iss_2011-07-29_1ceab8e3-a697-40f0-bc71-290edbd91d3a.pdf

Investor Presentation

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ALTAREA COGEDIM: A MAJOR OPERATOR IN THE REAL ESTATE MARKET WITH POSITIONS IN THE THREE MAIN SEGMENTS

A financial model that combines recurring income and value added

Rental income generated by retail property

Development company's value added

FOLLOWING OUR ROADMAP: OVERVIEW OF STRATEGIC GOALS

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H1 PERFORMANCE IN LINE WITH ROADMAP

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KEY INDICATORS – H1 2011

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(1) Recurring operating profit after interest expense and income tax(2)Diluted going-concern NAV after financial instruments and non-SIIC tax regime (3)Change in recurring net profit vs. H1-2010, change in NAV and LTV vs. 31 December 2010

OPERATING PROFIT - RESIDENTIAL

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Results reflect business recovery in 2009(1)

(1) It takes 18 to 24 months on average from the time the contract is signed (the reservation) until revenue is recognised as construction progresses

MARKET TRENDS(1)

Significant slowdown in Q1 (new housing reservations down 24%)…

  • oSupply shortage after an exceptional Q4-2010
  • oScellier investments: -34%
  • oMarket figures for 2011 revised downward (less than 100,000 units)

… owing to downturn in business climate…

  • oRising interest rates
  • oHigh prices
  • oBuyer solvency under pressure

… but some encouraging sings as from in Q2

  • oInterest rates stabilised
  • o Popularity of PTZ+ zero-interest loan: 200,000th contract signed in July (with ~ 25% for new housing)
  • oPersistent appeal of real estate

(1)Federation of Property Developers – 11 May 2011

BUSINESS ACTIVITY IN H1-2011

New housing reservations Business activity

€m incl. tax

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  • Continued market share gains

  • Clear visibility over 2 years due tobacklog

(1)Value based on Q1 figures (national figures for Q2 not available as of publication date)

(2) 97.8% of the portfolio consists of unilateral options on property

BREAKDOWN OF SALES IN H1

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In a climate of relatively weaker market demand, Cogedim maintained its positions owing to its historical fundamentals

PRODUCT QUALITY IS QUINTESSENTIAL

  • Location and architectural elegance
  • Close attention paid to quality in every detail: materials, comfort, decor
  • Quality control and customer satisfaction
  • A benchmark in eco-performance of buildings(1)

Chaville - Mon Jardin, La Forêt

(1)Ranked No. 1 of the eight largest French property developers by the 2011 Novethic survey on buildings' eco-performance

NEW PRODUCT LAUNCHES IN H1

Private communities

Secure residential compounds on landscaped grounds offering premium services and shared facilities (pools, playgrounds, golf driving ranges, etc.)

Cogedim Club

Urban communities near transportation facilities offering services geared to active seniors who rent (Cogedim manages the properties for investors)

Viry, Le Parc

– 150 residential units Arcachon, Patio Plaisance – 69 residential units

BUILDING A STRONGER POSITION IN THE GRAND SUD: URBAT PROJECT (EXCLUSIVE NEGOTIATIONS SUBJECT TO CONTINGENCIES)

  • Regional developer established in regions with high population growth (1)
  • 2010 business volume: €185m
  • Increased geographical coverage for Cogedim, complementary ranges

Cogedim is No. 1 in value in the greater Paris and Lyon areas and plans to become one of the top three in every region where the Group plans to establish operations

(1) Estimated population growth over 10 years: Toulouse: +13.8%, Montpellier, Perpignan, Toulon and Nîmes: +7.8% (vs. average for mainland France: +4.6%) (Source: BIPE)

RESIDENTIAL SEGMENT: 2011 TARGETS

  • Increase in market share
  • Meeting prudential criteria for investment commitments
  • Revenue target: €800m–€850m
  • Net property income margin in the double digits

STRATEGIC OUTLOOK - 2011-2015

  • Cogedim's brand equity underpins strategy to expand customer base
  • Human and financial resources allocated to continue creating theproducts of the future
  • Room to round out national coverage
  • Staff with a proven ability to adapt

Over the long term, Cogedim holds potential for sustaining a market share of ~6% in value terms (i.e. €1.2bn-€1.5bn)

OPERATING PROFIT

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A
  • Change in mix during the first half (more income from buildings, less from fees on delegated project management)
  • Results reflect lack of market recovery since inception of the crisis

THE OFFICE PROPERTY MARKET (1)

Investments stable at €4.4bn…

oInvestor interest in "core" assets and in the most liquid sectors

oBanks are wary: the market is dominated by equity investors

… in a "wait-and-see" market

oTake-up in Greater Paris area stable over the past year (1.1 million sqm )

oUsers want to save money: pooling space, seeking lower rents

oAvailable supply stable for more than one year: 3.7 million sqm

oFew entirely speculative projects, decisions postponed

TRANSACTIONS COMPLETED IN H1-2011

€88m invested in a slack market

Lyon – Nexans – Ambre and Opale

Off-plan sales: €45.4m including tax12,300 sqm net floor area, BBC certifiedCompletion scheduled for Q2 2013

La Défense – Tour Chartis

Delegated project manager (renovation)30,000 sqm net floor area Completion scheduled for Q4 2013

COMPLETIONS IN H1 2011

131,600 sqm completed in H1

La Défense – Tour First

87,600 sqm net floor area of office space Very High Energy Efficiency rating Tallest skyscraper in La Défense (231m) Redevelopment for AXA / Beacon

Largest HQE project in Europe Grand prix national de l'ingénierie MIPIM Award 2011

ALTAFUND: EQUITY TO CAPITALISE ON THE RECOVERY

  • Initial closing: €350m in equity raised in Q1(1)
  • €125m of additional commitments secured in Q2(1)
  • Group contribution: 20%, capped at €100m
  • Ultimate goal: ~ €600m (investment capacity > €1bn after leverage)
  • Target: Greater Paris Area, projects with high environmental value added
  • Altarea Cogedim Entreprise: operating partner, asset manager, project manager

Adjusting the model to capture more value

(1) Insurance companies, pension funds, European, Asia Pacific sovereign funds

OFFICE PROPERTY: 2011 TARGETS

Completion of 39,730 sqm of hotels and offices in Greater Paris Area

Green One - 5,175 sqm - Paris 18

Suite Novotel - 6 140 sqm -

Issy les Moulineaux Crédit Agricole Alpes Provence – 21,800 sqm – Aix

  • Closing on Altafund finalised
  • Initial investments in office property fund
  • Revenue: €80m-€90m

2011-2015 OUTLOOK

  • Capitalising on the Group's technological expertise in property assets with high environmental value added
  • Strong contribution to earnings as from 2014-2015
  • Risk profile: under control

Altarea Cogedim Entreprise: 5%-10% market share

OPERATING PROFIT

€
S
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1
1
1		 2
0
0
H
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C
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  • Net rental income stable
  • Increased take-up of development costs

MARKET TRENDS

Consumer spending patterns undergoing sea change

  • oSmall increase (%) in absolute value(1)
  • oBuild-up of e-commerce, increased price sensitivity
  • oA multi-faceted consumer (premium/discount, rational/impulsive, want/need)

Retail merchants' response

Constant adjustment needed to offer the right solution to fit every situation

TENANT REVENUES

Retailer revenues (same-store basis, 2006 = base 100 )

Revenue growth, H1-2011

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l
l
R
i
F
i
V
i
t
e
a
p
a
r
s
a
n
a
m
y
a
g
e
s		 3.
7
%
+		 3.
0
%
+
h
S
i
t
o
p
p
n
g
c
e
n
r
e
s		 %
1.
7
+		 0.
3
%
+
l
T
t
o
a		 %
2.
4
+		 %
1.
1
+
i
d
C
N
C
C
n
e
x		 0.
3
%
+		 0.
6
%
-

FAMILY VILLAGE RETAIL PARKS: A WINNING FORMAT

Family Village - Le Mans

  • Large properties: GLA of up to 60,000 sqm
  • Non-food retailers with mass market position, in city outskirts
  • Simple yet studied architecture with entertainment/leisure component
  • Organised in the same way as a shopping centre
  • Cost of property & logistics 60%-70% lower(1)
  • Retailers' return on investment: €2,000- €4,000 per sqm
  • Highly price-competitive

Format closely in tune with retailer and consumer expectations

GROWTH IN RENTAL INCOME

€
m		 h
C
a
n
g
e
l
i
N
H
1
2
0
1
1
t
t
e
r
e
n
a
n
c
o
m
e		 7
4
7
h
d
S
i
t
o
p
p
n
g
c
e
n
r
e
s
o
p
e
n
e		 0
5
+		 6
%
7
l
i
D
s
p
o
s
a
s		 (
)
8
3		 (
)
%
1
1
1
A
i
i
i
t
c
q
u
s
o
n
s		 4
0
+		 5
4
%
d
l
R
t
e
e
v
e
o
p
m
e
n
s		 (
)
0
8		 (
)
1
1
%
k
f
l
k
h
i
i
L
e-
o
r-
e
c
a
n
g
e		 0
2
+		 %
0
3
l
h
i
l
i
T
t
t
t
o
a
c
a
n
g
e
n
n
e
r
e
n
a
n
c
o
m
e		 0
2
+		 0
3
%
l
i
i
N
H
1
2
0
1
1
t
t
e
r
e
n
a
n
c
o
m
e
n		 4
9
7
  • Full-year effect: shopping centre openings and acquisitions offset asset disposals
  • Rents stable on an unchanged consolidation basis

PROPERTY ASSETS: €2.65BN INCL. TRANSFER DUTIES

(1) On a like-for-like basis

OUTLOOK FOR 2011-2015: DEVELOPMENT PROJECTS:(1)

d (
2)
m		 (
)
in
€m
co
m
e		 (
)
In
€m
tm
t
ve
s
en		 l
d
Y
ie
n 9,
8
0
0
1
io
ns
n		 1
1,
6
0
0
io
t
n		 5
4,
4
0
0
io
t
n		 3
7,
8
0
0
io
t
n		 2
1,
3
0
0
io
t
n		 2
9,
0
0
0
1
7
3
9
0
0		 2
4.		 2
8		 8.
7
%
io
t
n		 3
2,
9
0
0
io
ns
n		 4,
9
0
0
b
hm
is
t
en		 6,
7
0
0
is
hm
t
en		 0
io
t
n		 3
0,
0
0
7
b
hm
is
t
en		 5,
0
0
0
io
ns
n		 2,
4
0
0
8
2,
6
0
0		 3
5.		 3
9		 9.
%
1
io
t
n		 1
6,
9
0
0
io
t
n		 3
5,
5
0
0
5
2,
4
0
0		 1
6.		 1
7		 %
9.
4
io
t
ea
te
ea
ea
ea
ea
ea
te
b
ea
r
te
ea
ea		 8
9
3		 7
6
3
T
O
T
A
L		 j
1
5
ts
p
ro
ec		 3
0
8,
9
0
0		 7
7.
1		 8
5
6		 9.
0
%
-- ----------------------- ------------------------------------ ----------------------------- -------------- ------------- --------------
  • Priority to Retail parks in Family Village format and to large shopping centres
  • 92% of investments are in the Greater Paris Area, in greater south France and in northern Italy

(1) Under construction or for which land has been purchased or is under contract, with partial or full authorisations (figures for Group share). This pipeline does not include projects that are currently in negotiation or in an advanced research stage.

(2)Budget including interest expense and internal costs

DEVELOPMENTS: REGIONAL SHOPPING CENTRE

Villeneuve la Garenne 4km north-west of Paris86,000 sqm net floor area 150 storesLocated near major roads Investments of €234m for 100%; Altarea: 50%Opening scheduled at end-2013Letting > 50%

Launch of construction

DEVELOPMENTS: FAMILY VILLAGES

Investments: €94m

Les Hunaudières - south-east of Le Mans (63,000 sqm after extension)

34,000 sqm extension

Opening scheduled in 2013

Nîmes Costière - south of Nîmes

Creation (28,500 sqm) Opening scheduled in early 2013

Approved projects

OUTLOOK FOR 2011

  • Continuing capital rotation strategy (reduction in number of assets)
  • Investment focused on large shopping centres and retail parks
  • Operating organisation: allocation of additional resources (extensions, developments)

2011 – 2015: SIGNIFICANT EVOLUTION OF THE PORTFOLIO

RECURRING NET PROFIT

/
€
I
F
R
S
m		 H
1
2
0
1
1		 H
1
2
0
1
0		 %
h
S
i
t
o
p
p
n
g
c
e
n
r
e
s		 6
4
1		 6
6
9
d
l
d
l
R
i
i
t
t
t
e
s
e
n
a
p
r
o
p
e
r
y
e
v
e
o
p
m
e
n		 3
8
5		 1
8
7
f
f
d
l
O
i
t
t
c
e
p
r
o
p
e
r
y
e
v
e
o
p
m
e
n		 (
)
0
1		 4
4
f
i
i
i
R
t
t
e
c
r
r
n
g
o
p
e
r
a
n
g
p
r
o
u		 1
0
2
6		 9
0
0		 1
4
%
+
f
d
b
C
t
t
t
o
s
o
n
e
e		 (
)
3
8
5		 (
)
3
4
8
h
O
t
e
r		 2
3		 4
1
f
i
i
R
t
t
e
c
u
r
r
n
g
n
e
p
r
o		 6
6
4		 5
9
3		 %
1
2
+
h
l
d
h
C
i
i
t
a
n
g
e
n
v
a
u
e
a
n
o
e
r
n
o
n
-r
e
c
u
r
r
n
g
i
n
c
o
m
e		 4
7
2		 (
)
3
4
5
f
i
N
t
t
e
p
r
o		 1
1
3
6		 2
4
8
/
*
h
(
h
)
R
N
P
€
p
e
r
s
a
r
e
s
a
r
e		 6
2
9		 5
5
7		 %
1
3
+

NAV PER SHARE: UP 5.3%(1)

(1) Diluted going-concern NAV after financial instruments and non-SIIC tax regime EPRA NAV: €141.9 (+ 3.1%) / EPRA triple NAV: €138.6 (+ 5.4%)

CONSOLIDATED NET DEBT

Net debt at 30 June 2011: €2,071m

Maturity schedule (excluding property development)

LTV ICR ICRCovenant ≤ 65% ≥ 2x June 2011 51.9% June 2011 51.9% 2.8x December 2010 53.2% 2.7x Consolidated Covenants / corporate debt

2011 GUIDANCE CONFIRMED

  • Property development (Residential/Office property): Revenue target > €900m
  • Retail property segment: consolidation of rental income
  • Annual growth in recurring net income: well above 10%
  • LTV target: 50% / 52%

A UNIQUE BUSINESS MODEL

Three different markets, three complementary cycles

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