Altarea — Investor Presentation 2012

Aug 2, 2012

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

S A L E S	€ 7 2 8 m	5 0 % +	2 3 +
( ) 1 F F O	€ 4 7 m	1 3 % +	1 7 +
P h e r s a r e	€ 6. 9 3	1 2 % +	1 7 +
( ) 2 N A V	€ 5 1, 0 9 m	( 4) 0. 7 % +
( ) 3 P h e r s a r e	€ 1 3 8. 3	( 4) -6 %
( ) 5 L O A N T O V A L U E - -	5 0. 2 %	b 1 0 0 p s -

• (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

R E S I D E N T I A L	S l h € i l l i 3 1 % 4 5 1 t t t r o n g s a e s g r o o m o n • w : + R i € i l l i i h i h l h i k 3 2 % 4 2 0 t t t t t e s e r a o n s o m o n n a g e s a n m a r e • v : - y f B k l € 1 b i l l i 2 0 h 5 t t a c o g a o n o r m o n s o r e v e n u e • ,
C S O F F I E	f A l F d i d i i i l d B l d t t t t t t, t a u n c a r r e o u s r s n v e s m e n o c a e o n o u e v a r • h t R i l i P i ' 6 d i t a s p a n a r s a r r o n s s e m e n
	C i i h f l i i t t t t t t t o n n n g e p o r o o c o n c e n r a o n s r a e g • u y f 4 4 % l i k l i k h i l i t t + e o r- e g r o w n r e n a n c o m e • -
R E T A I L	S f f C f l k R d d i h t t t • u c c e s s u a e o v e r o u e u o m m e r c e a n c r e a o n o e f i M l i- h l R i l R E I T t t t r s u c a n n e e a

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

S l k i a c e n n g l s a e s

D l i i l d i i b t t t t • e c n n g s a e s a n c o n s r u c o n s a r n a s o m e r i d i t t m a c r o e c o n o m c a n a x e n v r o n m e n f f ( S ) R d i b i l l i t t t t e u c o n o a x e n e s c e e r, e c > A d i d i d i d l i t- t t t t t t • p r o n o u n c e w a a n -s e e a u e e o e e c o n s e a s o n

i f O t p o n s o r d r e c o e r a n v y f i i f n a n c n g o n e w h i d t t o s n g a s u u y b F h r e n c y G t o e r n m e n v

F i l h i h f i l l i h 1 t t t a c n g a s r c r a o s n g s o r a g e o m o n o m e s u u u : R i i l i b f i f i i d i i d l ( t t t t t t e n g r e n a n e s m e n e n e s o r p r a e n a s a • v v v v v u x b f i b i d i h f b l d i i f ) d t t t t t e n e s c o m n e a o r a e c o n o n s o r e n a n s a n w v i i i l i t t t t n s o n a n e s o r s u v ( ) A d d i i l f i i l L i A i t t t, t o n a n a n c a m e a n s r e s a n g s a c c o n e c • v v u R l i d l d t t e e a s n g s a e -o w n e a n • C h l l i l i i h h l d i f b i l d i l d t t • a e n g n g s p e c u a v e w o n g o u n g a n

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

S S A L E	€ 4 8 5 m	4 % -
F E E S	€ 2 7 m	0 %
É C A S H F L O W O P R A T I O N N E L -	€ 1 8 m	/ n a

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

FRENCH OFFICE MARKETA MARKET IN SLOW MOTION

I t t n v e s m e n k t m a r e i F n r a n c e	( T i d € 6 b i l l i i H 1 2 0 1 2 4 % i 5 t t t r a n s a c o n s a m o n e o o n n + n c r e a s e • u ) i n o n e y e a r I d i f f i l i l i i i d d t t t t n a c e c o n o m c c m a e n e s o r s r e m a n p r e n a n • u v u , i i l i d l i t t t t p r m a r a r g e p r m e a s s e s a n o c a o n s y
T k & a e u p i d i t m m e a e l i G t s u p p y n r e a e r P i A a r s r e a	T k f i l f ( i l l i ) h 1 0 0 0 0 0 ² 1 ² t 7 5 t t t • a e u p o a p p r o x m a e y m o n m a e , , d f H 1 2 0 1 2 e n o I d i l f i l l i f ( i l l i ), 4 1 ² 3 8 ² t t m m e a e s p p o m o n m o n m • u y / d l d f f i i f d 2 6 % t n e r e e e o p e o c e s a c c o n n g o r a r o n w v u u
U ' s e r s f t e a u r e s	S / i i d i i l i f f i d l k i t t a n g s e e a s a o p p r o r p o o n g o c e s a n o r o o n g • v v w y, f i i h l t t t o r p r o p e r e s o e r r e n w w A d i d i d i d l i t- t t t t t t p r o n o u n c e w a a n -s e e a u e e o e e c o n s e a s o n •

A FULL SERVICE OFFERING SUITED TO EACH OF OUR CLIENTS

RECENT TRANSACTIONS

M d B F e r c e e s e n z r a n c e -
M i l B t t o n g n y e- r e o n n e u x -

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

C o n s m e r u d i f l l s p e n n g e b 0 9 % y

C i d b l i i h i d l i t t t t t o n s e r a e n c e r a n n e m a c r o e c o n o m c a n a c m a e • u y x H h l d i f f i j h t t t o u s e o s p u n g o c e r a n m a o r p u r c a s e s > f L b l h d i i t t e s s a v o r a e w e a e r c o n o n s • S l f f i i l h l i d k d i M e e r a o c a o a s o n e e a s n a • v y w y y A h i f i h i l l i d t t t s n e r e a s a e p e r o •

W h e n e -c o m m e r c e i d n c r e a s e b 1 9 1 % y

H h l d d l i l i l b i t o s e o a n p e r s o n a e q p m e n o n n e s a e s a r e e c o m n g • u u i i l i i f i t n c r e a s n g s g n c a n y T b l d h i i l d t t a e s a n s m a r p o n e s n c r e a s n g s e • y u f f E l i- h l i i h i i t t t m e r g e n c e o a m u c a n n e w a y o c o n s u m n g w p o s v e • , f f i h i k h i l i l t t t m p a c o e p c u p o n p y s c a p o n s o s a e C f l l i d i l d d d i i l h t t t t t o e c n g o r e r s n s o r e s o e n e a s o a o n a p u r c a s e >

⇒ 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 O R T F O L I O		( 2 ) C S P R O J E T
V l i l d i 1 0 0 % t a e a n c n g u u f d i t t r a n s e r e s u	€ 3 2 2 9 m ,	( 3 ) D l i l i t e e o p m e n p p e n e v	€ 5 5 1 4 m ,
G h r o p s a r e u	€ 2 5 3 5 m ,	G h r o p s a r e u	€ 8 5 5 m
R l i ( ) 1 0 0 % t t e n a n c o m e a	€ 2 0 0 m	P i i l l i t r o v s o n a r e n a n c o m e ( ) 1 0 0 % t a	€ 1 2 4 m
( 1 ) C i l i i t t t a p a a o n r a e z	6 2 % 5 4 b 3 1 / 1 2 / 1 1 p vs +	( 4 ) Y i l d e	8 5 %
i 4 6 h t t a s s e s a n a e w v ⇒ f i € 7 0 2 l l o m	l r a g e a e v u i o n	i i f P l d t p e n e s a n s o ⇒ h t t t e c r r e n p o r u	f 5 0 % r o f i l o o

(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 l i J 3 0 2 0 1 1 t t t e r e n a n c o m e a u n e ,	€ 4 9 M € 7
C d t e n e r s o p e n e	€ 0 1 m	0. 1 % +
( ) 1 D i l s p o s a s	€ ( ) 3 9 m	5. 2 % -
A i i i t c q u s o n s	-
( 2 ) R d l t e e e o p m e n s v	€ ( ) 0 5 m	0. 7 % -
i f i L k l k h e o r- e c a n g e -	€ 3 3 m	4. 4 % +
T l h i l i t t t o a c a n g e n n e r e n a n c o m e	€ ( ) 1 0 m	1. 3 % -
N l i J 3 0 2 0 1 2 t t t e r e n a n c o m e a n e u ,	€ M € 7 3 9

(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 D I T R I B U T I O N R E V E N U E	€ 1 2 7 7 m	2 % -
C M A R K E T P L A E R E V E N U E	€ 5 1 6 m	2 0 % +
i i M k l t a r e p a c e c o m m s s o n s	€ 4 6 m	4 3 % +
M k l i i t t a r e p a c e a v e r a g e c o m m s s o n r a e	8 9 %	2 1 0 b p s +

A LEADING SITE IN TERMS OF TRAFFIC & VISITOR NUMBERS

5 8 i l l i i i i h t t t o m o n u n q u e v s o r s p e r m o n ( ) 4 4 % 6 % 5 w o m e n m e n ,			5 5 i l l i m o n t t c u s o m e r a c c o u n s	8 7 % f i d t o p o m n i t t r e p u a o n
	S i tes		Bu ine t iv i ty s ss ac			U.V h (1 ) ont . pe r m
1	Am az on		Ge l m ha d ne ra erc n	ise ,	ke lac B C tp 2 ma r e	1 2. 3
2	C d isc t ou n		Ge l m ha d ne ra erc n	ise ,	de ls B 2 C a	8. 8
3	Pr ice M in is ter		Ge l m ha d ne ra erc n	C ise de ls B 2 a ,		8. 4
4	Fn ac		Cu l l p du d tur ts, a ro c	ire	les B C t s 2 c a	8. 2
5	La Re do te u		/ Fa h ion ho ho l s us e	d g	C ds d ire les B 2 t s oo c a ,	7. 3
6	Ca fou rre r		Ge l m ha d ne ra erc n	ise ,	de ls B C 2 a	6. 5
7	Ve iv ée te- n p r .co m		C lo h ing de ls B 2 C t a ,			6. 3
8	Co Ru du Gr e mm er ce	(2) ou p	ig ire H h- tec h, d t s c	les a	C C B 2 Ma ke tp lac B 2 r e +	5. 8
9	3 Su iss es		Fa h ion / ho ho l s us e	d g	ds d ire les B 2 C t s oo c a ,	4. 9
1 0	P ixm ia an		H ig h- h, d ire tec t s c a	les	C C B 2 Ma ke lac B 2 tp + r e	4. 9

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)

I € i l l i n m o n s	R i l t e a		( ) 3 R i d i t e s e n a	( ) 4 O f f i c e s	T O T A L
	( 1) ( 2) B i k & M O l i t r c o r a r n n e		l
R l & t e n a r e e n e s v u M k l i i t a r e p a c e c o m m s s o n s	8 0. 3 -1 %	4. 6 4 3 % +			8 4. 9 1 % +
D i i b i t t s r o n r e e n e s u v u		1 2 7. 7 -2 %			1 2 7. 7 -2 %
P f- l i t t e r c e n a g e- o c o m p e o n r e v e n u e s			4 5 0. 9 3 1 % +	4 8. 5 -4 %	4 9 9. 4 2 7 % +
F e e s	9. 0 4 8 % +		0. 3 /a n	2. 7 0 %	1 2. 0 2 8 % +
O h t e r s	4. 0				4. 0
S l a e s	9 3. 3 3 % +	1 3 2. 3 /a n	4 5 1. 2 3 1 % +	5 1. 2 -4 %	7 2 8. 1 5 0 % +

(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%)

I € i l l i n m o n s	R i l t e a		( 3 ) R i d i l t e s e n a	( 4 ) O f f i c e s	T O T A L
	( 1 ) B i k & M t r c o r a r	( 2 ) O l i n n e
N l i & t t e r e n a n c o m e M k l i i t a r e p a c e c o m m s s o n s	7 3. 9	4. 6			7 8. 5
S l l i i f d i t e n g m a r g n s o r r e c l s a e s		1 0 7.			1 7. 0
N i t t e p r o p e r y n c o m e			5 9. 1	2. 5	6 1. 6
N h d t e o v e r e a e x p e n s e s	( ) 6 7.	( ) 2 5. 8	( ) 1 3. 6	( ) 0. 3	( ) 4 3 7.
S f h i t a r e o a s s o c a e s ( R i ) t u n g s, e c.	4. 6		( ) 0. 1	( ) 0. 4	4. 1
O h t e r					( 0. ) 7 ( 0. 7 )
O i h f l t p e r a n g c a s o w	( ) 1 0. 9 7 7 % +	( 2 ) ( 4. 2 )	( 3 ) + 4 5. 4 1 5 %	( 4 ) 1. 8 /a n	1 1 3. 2 ( 0. 7 ) 8 % +

(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%

i i I € l l n m o n s	H 1 2 0 1 2	H 1 2 0 1 1
R i l t e a	6 6 7	6 6 0
/ "b ic ks d- " r i l t t o w r -a n m o r a r e a	7 0. 9	6 6. 0
/ l in i l t o o n e re a w	( ) 4. 2	-
R i d i l t e s e n a	4 5 4	3 9 5
O f f i c e s	1. 8	0 2
O h t e r s	( ) 0 7	( ) 0 6
O i h f l t p e r a n g c a s o w	1 1 3. 2	1 0 5. 2	8 % +
N f d b t t t e c o s o e	( 1 ) ( ) 3 9 1	( ) 3 8 9
I i d t n c o m e a p a x	0	( ) 0 5
F F O *	7 4. 1	6 5. 8	1 3 % +
F F O ( G h ) h r o u p s a r e p e r s a r e	€ 6. 9 3	€ 6. 1 9	1 2 % +
f I d i l t n c o m e r o m a s s e s p o s a s	( ) 1. 9	3 4
C f h i l i i t t t a n g e n v a u e o n v e s m e n p r o p e r e s	1 7 8	4 2 9
C f h i l i i t t t a n g e n a e o n e s m e n p r o p e r e s v u v	( ) 2 ( ) 3 4 5	1 7 5
D f d t e e r r e a x	( 1 3 3 )	( 6 ) 5
E i d ** t t s m a e e p e n s e s x	( ) 1 3 5	( ) 1 0 4
N l i d d I F R S i t t e c o n s o a e n c o m e	2 8. 7	1 1 2. 7

(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

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2015 OUTLOOKIN A CHALLENGING ECONOMIC ENVIRONMENT

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+ 10 % FFO GROWTH