Altarea — Investor Presentation 2011

Mar 6, 2012

2011 ANNUAL RESULTS

www.altareacogedim.com

INDEX

• 1. Introduction – Alain Taravella
• 2. Residential – Christian de Gournay
• 3. Office – Stéphane Theuriau
• 4. Retail – Gilles Boissonnet RueduCommerce – Gauthier Picquart
• 5. Finance – Eric Dumas
• 6. Outlook – Alain Taravella

INTRODUCTION

Alain Taravella

ALTAREA COGEDIM IS ACTIVE IN ALL THREE MAJOR PROPERTY MARKETS

RETAIL RESIDENTIAL OFFICE

Innovation: the key driver

The first Multi-Channel Property Company

Recurrence and Added-Value

ALTAREA COGEDIM : AN ENTREPRENEURIAL PROJECT

INNOVATION AS A KEY DRIVER

New products / concepts A method, an approach

TECHNOLOGY

BRANDS

At the forefront of the Internet (e-commerce) green revolution

Cogedim / RueduCommerce / Family Village…

LONG TERM PARTNERSHIPS

Predica / ABP / CDC French banks

THE SKILLS OF THE 1,100 GROUP ASSOCIATES

Multi-specialty / Multi-product / Multi-channel Profit-sharing (compensation and employee shareholding) Pride in belonging

STRATEGY ROLL-OUT & ENHANCED COMPETITIVE EDGE

RESIDENTIAL

• Market share gain: €1.2 Billion (tax included) in reservations, 5.5% of the French market in value
• Enlarged product range and geographic presence
• Backlog: €1.6 Billion (excl. tax), i.e. 24 months' revenues

OFFICE

• Delivery of 7 office buildings for 170,000 sqm
• Closing of the Office Fund, with €600 Million in equity

RETAIL

• Continued asset concentration on large retail parks and regional shopping centres (average asset size: +12%, to €68 Million)
• Acquisition of RueduCommerce and launch of the first multi-channel property company with online revenues of €384 Million

ENVIRONMENTAL PERFORMANCE

• A sustainable development approach rewarded by a high ranking in Novethic barometer

2011 RESULTS

PER SHARE, IN €

	2011	Var. 2010
Funds from Operations (1)	€13.1	+ 12%
NAV (going-concern)	€147.2	+ 6%
Loan-to-value (2)	51.2%	- 200bp
(3) Proposed Dividend	€9.0	+ 12.5%

(1) Results before changes in fair value and non cash expenses

(2) Net financial borrowing / Value of assets

(3) Proposed to the General Meeting of Shareholders scheduled May 25, 2012, with an option of payment in shares

New shares to be issued at a discount of 10% to average price for 20 trading days preceding the GM

RESIDENTIAL

Christian de Gournay

NOUVELLE VAGUE, AN EXCEPTIONAL DEVELOPMENT

• On the banks of the Seine, on quai Henri IV, in the 4th arrondissement of Paris
• Designed by Berlin-based architects Finn Geipel Lin agency
• 73 residential units, €16,000 /sqm
• Delivery projected 3rd quarter 2014

COGEDIM IN 2011: KEY FIGURES

In € Millions	2011	2010	Change
REVENUES (excl. tax)	822	577	+42%
OPERATING MARGIN (1)	10.5%	9.1%	+140bps
(excl. tax) (2) BACKLOG	1,620	1,395	+16%

Backlog = 2 years' revenues excl. tax

(1) Operating cash flow / Revenues

(2) The backlog comprises revenues excl. tax from notarised sales to be recognised on a percentage-of-completion basis and individual and block reservations to be notarised

CONTINUED GAINS IN MARKET SHARE

Domestic market share by value

Cogedim Reservations (€ Million tax incl.)

• Domestic market estimated at €22 Billion (1) in 2011, down 9% in value
• Ile-de-France (Paris Region, 62% of sales by value)
• « End users » (37% of sales)
• Institutional buyers (30% of sales)
• Premium (53% of sales)

OUR ANALYSIS OF THE MARKET

-	+
Uncertainty Factors	Fundamentals
> Election year > Recession > Consumer confidence > Access to credit	> Structural gap in new housing vs. rise in number of households > Political will to build more > Weak commercial offer > Individual aversion to financial risk
Down	Value Preservation
> Pure tax-driven products > Low purchase-power buyers > Lesser-quality sites > Areas with low population density	> Favorable to premium > Wealth preservation buying in premium and middle market > Continued efficient support for housing > First-timers (zero interest loans+) > Mid-level Scellier incentive scheme > Furnished lessor tax regime

OUR STRATEGY

• A wider range to cover the many markets

• Marketing based on:

• Brand capital

• Multi-channel client approach

• Innovation

COGEDIM, THE PREMIUM LEADER

Cours Dillon – Toulouse €4,800 /sqm

L'Elégante – Cannes €8,900 /sqm

Rive Lémania – Divonne €6,000 /sqm

COGEDIM, A MAJOR NEW PLAYER IN THE MID-MARKET

Lofoten – Cergy €3,700 /sqm

Terres d'Ocre – Martigues €3,200 /sqm

Emalia – Montreuil €4,300 /sqm

NEW ENTRY-LEVEL DEVELOPMENTS

Bruges Grand Darnal – Bordeaux €1,850 /sqm - Delivery 2011 to SNI

Rillieux Village – Greater Lyon €2,680 /sqm - Delivery 2011

Miramas (Provence) Breaking ground 2012

A BRAND-BASED STRATEGY

• The leading brand in the French market
• Constant search for quality at every price point

• Choice locations

• Elegant architecture

• Lasting materials

• Quality execution

• Personalizing real-estate products

• Decoration of common areas: 100% unique

• Apartment lay-outs: 100% quality

A STRATEGY BASED ON A MULTI-CHANNEL CUSTOMER APPROACH

PHYSICAL CHANNEL ONLINE CHANNEL

Cogedim.com iPad Application

Extranet Cogedim-partenaires.com

• 10 affiliates
• Marketing / sales: 160 staff
• 4 simultaneous sales channels

• Sales office / on-site sales force

• Sales force targeting individual investors

• Referrals managers

• Sales force targeting institutions

• Phone reception / mail / email

• 2 websites (+ applications) Cogedim.com & Cogedim-investissement.com
• 1 extranet site for referrals partners Cogedim-partenaires.com

Multiplying managed contacts

AN INNOVATION-BASED STRATEGY (1/3)

• Office to Residential

Example: "Sky" in Courbevoie (€8,700 /sqm)

Before

After

AN INNOVATION-BASED STRATEGY (2/3)

• The "Cogedim Club" Senior Residences

• 3 residences launched in 2011

• 10 launched planned for 2012

Jardin d'Aragon – Villejuif €6,300 /sqm

Cour des Lys – Sèvres €7,800 /sqm (Office to residential)

Arcachon €7,300 /sqm

AN INNOVATION-BASED STRATEGY (3/3)

• New Districts

Example: Massy Grand Ouest (91)

OUTLOOK FOR 2012: CONTINUED MARKET SHARE GROWTH

• Sales Potential = 3 years' reservations (€3,620 Million tax incl.) (1)
• Position in markets where fundamentals are still intact

« END USERS' » MARKET	INVESTMENT	INSTITUTIONAL INVESTORS
• The premium markets are still vibrant	• Wealth management driven	• New development potential for the rental
• Attractive locations in high-density areas and in all product range	• Service Residences under non-professional furnished lessor tax régime	market
	• Mid-level Scellier tax incentive rental products

(1) Sales Offer: €633 Million (or 6 months' 2011 sales)

Future Offer: €2,988 Million (or 30 months' 2011 sales)

OFFICE

Stéphane Theuriau

FIRST: SHOWCASING ALTAREA COGEDIM'S KNOW-HOW IN OFFICE PRODUCTS

• 87,000 sqm 231 meters high (tallest office tower in France), delivered in Feb 11
• Largest HQE-certified project in France
• MIPIM Award 2011, Pierre d'Or 2011, Grand Prix SIMI 2011, French National Engineering Prize 2009
• 74% rented in delivery year (Ernst&Young, Euler Hermes)

ALTAREA COGEDIM OFFICE IN 2011: SALIENT FIGURES

	2011	2010
DELIVERIES SQM	170,000	71,000
TAKE UP € MILLIONS	131	332
BACKLOG € MILLIONS	163	194

DELIVERED IN 2011: 170,000 SQM IN 7 PROJECTS

• La Défense
• 87,000 sqm

• HQE, THPE

• Suresnes

• 39,000 sqm

• HQE

• Paris 18th

• 5,000 sqm
• HQE, BBC

TAKE UP 2011: €131 MILLION

• Off-plan 25,000 sqm
• HQE, BBC

Nexans, Lyon Chartis, La Défense AXA Suresnes

• Management mandate
• 19,000 sqm

• HQE, BREEAM, RT 2012

• Management mandate

• 30,000 sqm
• HQE

RECENTLY CLOSED

• Forward lease (12 years) 19,000 sqm
• HQE, BBC, BREEAM Excellent

Mercedes Benz France Rue des Archives, Paris

• Development contract 22,000 sqm for GE REAL ESTATE

OUR ANALYSIS OF THE MARKET

Rental Market

-	+
Down Cycle	Opportunities
> Decline in effective placed demand > Decline in real rents > Users seeking savings	> New offers drying up > "Low cost" story > Exceptional buildings

• Growing volumes in "Core" product

• Very few speculative projects

• Credit tightening

• Very few new funds raised

The Developer as Keystone Observation

• Need for more equity

• Few investors can commit to large development operations

Investor Market

A COMPLETE SERVICES OFFERING, ADAPTED TO THE NEEDS OF EACH OF OUR CLIENTS

LARGE EQUITY INVESTMENT CAPACITY

• AltaFund, a €600 Million investment vehicle (initial objective €500 Million), yields €1.2 Billion investment potential.
• Investor base comprised of French institutions and overseas sovereign wealth funds contribution of Altarea Cogedim Group €100 Million (16.7%)
• Managed by Altarea Cogedim Entreprise, Operating Partner
• Pipeline under evaluation > €500 Million
• An evolution of the model in order to capture additional value in a market likely to reconnect with growth

UNDER PRE-MARKETING PHASE

Cœur de Quartier Nanterre

• 22,500 sqm
• HQE, BBC, BREEAM Excellent
• Housing, retail

Cœur d'Orly

• 70,000 sqm
• HQE, BBC
• Retail

Asnières Edge Antony TR 2

• 22,000 sqm • HQE, BBC

• 17,000 sqm
• HQE, BBC
• Housing

New projects with no rental risk

RETAIL GILLES BOISSONNET

VILLENEUVE-LA-GARENNE, A MAJOR OPERATION

• 63,000 sqm GLA (Carrefour + 160 retail units)
• Major additional leisure center under consideration
• Over 60% pre-sold 2 years before opening

OUR ANALYSIS OF THE MARKET

Stable overall household consumer spending

Accelerated consumer spending on the Internet

Development of a new generation of nomadic

consumers (who switch from one channel to the other, from premium to discount)

Leisure Development (multiplexes, restaurants,…)

CHANGES IN CONSUMER HABITS

Family Village / Retail Park

Large regional centers

Leisure, a transversal component

Areas with strong potential

REMINDER OF STRATEGIC PLAN

SNAP-SHOT OF ASSETS AND PROJECTS AT 2011 YEAR-END

ASSETS		PROJECTS
In € Millions		In € Millions
Value (Duty Included) 100%	3,310	Net Investments (2)	1,414
Company's share	2,618	Company's share	815
Rents	200	Rents projected	126
Capitalization rate (1)	6.15%	Yield (3)	8.9%
	-14bp

(1) Net rental yield over appraisal value net of stamp duty

(2) Total budget including carrying interest paid and internal costs, minus sales and entry fees

(3) Gross anticipated rents / net investment

A CAPITAL ROTATION STRATEGY

DISPOSALS LAUNCHES

• 3 small city-center assets

Thionville Reims Vichy (1)

• 2 retail parks (Crèches, Majes)
• Liquid, well located, stabilized assets (average size € 32 Million)
• Group-managed

€ 121.2 Million (2) in disposals, before duty (8% more than value on June 30) 2011 CAPEX: € 127 M (3)

(1) Sale in early 2012 (2) Group share (€132 Million for 100%)

• Villeneuve La Garenne regional center

63,400 sqm

• Nîmes Costières Family Village

27,500 sqm

(3) Change in non-current assets net of changes in payables to suppliers of non-current assets , group share (€150 M for 100%)

INCREASE OF AVERAGE ASSET SIZE

(1) Figures at 100% the average unit value of assets under shared ownership is €53.4 Million, up by 10%)

FOCUS ON LARGE RETAIL PARKS AND LARGE SHOPPING CENTERS

FOCUS ON DYNAMIC GEOGRAPHICAL AREAS

IMPROVED SHOPPING CENTER PERFORMANCE / STRONG RETAIL ACTIVITY

• 245 leases signed (4) of which 154 on existing assets and 91 on assets under development
• Existing assets:

• Tenants rotation: 11%

• Representing an average +13% increase in rents on re-lettings/renewals

⁽¹⁾ Cumulated revenues of retailers, like-for-like square metres (base 100 in 2009)

⁽²⁾ Net amount of charges to and reversals of provisions for doubtful receivables plus any write-offs in the period as a percentage of total rent and expenses charged to tenants

⁽³⁾ Estimated rental value (ERV) of vacant units as a percentage of total estimated rental value of the portfolio including ERV and excluding property under redevelopment

⁽⁴⁾ Figures for France. International: 71 leases signed (14% tenants rotation)

DEVELOPMENT

The project portfolio is equivalent to 60% of current asset base

• Pipeline has 400,000 GLA sqm (1)

• 7 new projects

• 8 extensions and/or restructurings

Authorisation process: significant achievements in 2011

• 110,000 sqm authorized in 2011 (1)

• 3 new projects (Nîmes, Le Mans, Roncq)

• 2 restructurings / extensions (Toulouse and Massy)

Strong discipline to commitment stage

• Pre-sales > 50%
• Partnerships / large projects
• Financed before launch
• Commitments under control (only 16% of the pipeline underway)

(1) For 100%

ILLUSTRATING OUR DEVELOPMENT

Nîmes Family Village Le Mans Roncq

• Strengthened presence in South-East France
• A Retail Park in a regional hub
• Sold > 50%

• Opens March 2013

• Phase 2 of the Group's 1st Family Village, opened in 2007

• New Auchan hypermarket
• Evaluating enhancement with Leisure

• Total Phase 1 + Phase 2 (without Leisure): 60,000 sqm

• On the Belgian border

• Regional hub
• Near 2nd largest Auchan hypermarket (revs > €300 Million)
• Area 60,000 sqm
• 50/50 partnership with Immochan

ILLUSTRATING OUR DEVELOPMENT

Regional Shopping Centers

Villeneuve La Garenne

Toulon La Valette Ponte Parodi, Genoa

• New regional shopping center in Hauts de Seine (Carrefour + 160 retail units)
• Evaluating large add-on Leisure center

• Over 60% pre-sold 2 years before opening

• In one of the largest consumer markets in the South of France

• Open-air shopping center (architect: Wilmotte)

• Evaluating large add-on Leisure center

• A showcase 67,000 m² project

• Integrated in the Genoa ancient port requalification project
• A major shopping and leisure center, with a cruise terminal for large ships (over 4,000 passengers)

ILLUSTRATING OUR DEVELOPMENT

Extensions / Refurbishments

CAP 3000 Massy Toulouse

• Restructuring 3,000 sqm with 12 new brands

• Preparation of a large-scale extension marrying Retail and Leisure (waterfront site)

• Regional scale site near 2nd largest CORA hypermarket in France

• Restructuring and extension of mall to 26,000 sqm with over 100 retail units

• Execution of Phase 2 of the Gramont shopping center extension, with over 80 retail units

• The site will potentially generate revenues of up to €400 M postextension

Gauthier Picquart

RUEDUCOMMERCE: SUCCESSFUL TENDER OFFER AND INTEGRATION INTO GROUP ALTAREA COGEDIM

Integration process underway

• Integration of legal, financial and reporting completed
• Respective teams now take into account operational issues affecting each other
• Task forces established within Executive Committees of RDC and Altarea Cogedim (Retail AND Residential)
• Allocation of extra financial and human resources

Group know-how in operating and cultural integration applied

E-COMMERCE: A VERY FAST-GROWING MARKET

Only 1% of sites perform 100,000 transactions per year

More and more cybercustomers who are buying more and more

Segments	Internet Penetration	Annual growth (1)
Fashion / apparel	8%	14%
Electronics	11%	8%
Media	11%	17%
Home / Garden / DIY	6%	25%
Appliances	10%	13%
Beauty / Health	14%	12%
Sports & Leisure	5%	15%
Automotive / Motorcycle	3%	47%
Toys	6%	12%
(1) towards 2015

Sources: GFK, FEVAD, FEDA, IFM, Sageret, Accuracy

En 2015, web-based commerce will account for 10 to 25% of the market, depending on the segment

RUEDUCOMMERCE: A LEADING SITE FOR AUDIENCE AND TRAFFIC OF VISITORS

	6 to 8 Million of unique visitors per month (women 44%, men 56%)	5.5 Million client accounts	87% awareness
	Sites	Activité	U.V. / mo. (1)
1	Le Bon Coin	General Merchandise, petites annonces B/C	14.6
2	Amazon	General Merchandise, marketplace B/C	13.3
3	Cdiscount	General Merchandise, deals B/C	10.4
4	PriceMinister	General Merchandise, deals B/C	9.3
5	Ebay	General Merchandise, marketplace B/C	9.0
6	Fnac	Media, direct sales B/C	8.9
7	Groupon	General Merchandise, deals B/C	8.6
8	La Redoute	Fashion / home, direct sales B/C	8.5
9	Rue du Commerce (2)	Electronics, direct sales B/C + General Merchandise, marketplace	B/C 6.9
10	3 Suisses	Mode / maison, direct sales B/C	6.5
11	Pixmania	Electronics, direct sales B/C + General merchandise, marketplace B/C	6.2
12	Venteprivée.com	Apparel, deals B/C	6.1
13	Carrefour	General Merchandise, direct sales B/C	6.0
14	Sarenza	Fashion, marketplace B/C	5.6
15	Darty	Appliances, Electronics, direct sales B/C	5.0

Sources: FEVAD and Médiamétrie/Netratings – Excluding specialized and non competitive websites (voyages-sncf.com)

(1) January 2012, number of individuals who have visited the site at least once that month, in Millions of unique visitors (2) Includes TopAchat and Alapage

« LA GALERIE »: A SUCCESSFUL MODEL

• 2 Million products
• 658 merchant partners
• 932,000 orders
• €138 tax incl. average order
• +39% turnover in 2011
• Average commission rate: 8%

RUEDUCOMMERCE ADVANTAGES FOR ALTAREA COGEDIM

• A mass media which delivers access to 1 French person out of 10 each month (6 to 8 million single, differentiated visitors per month in buying mode)

• One of the largest French webmerchants (revenues generated: €384 M)

• 5.5 Million client accounts, geographically located with customer history

• "One brand - one name" with high brand awareness and vast multi-channel access potential

• Very high-growth online mall, model highly similar to bricks-and-mortar shopping center

• Teams and technology highly complementary to those of Altarea Cogedim

ALTAREA COGEDIM – RUEDUCOMMERCE: MUTUALLY ENHANCING, SOURCES OF INNOVATION

For the Retail Property Co	 Technological leverage to deliver high value-added innovations to benefit brands and final customer
For RueduCommerce	 Resources for a new stage in its developement (target turnover over €1 Billion)
For Cogedim	 Significant strengthening of its multi-channel distribution system, cross-channel sales potential

For the Group: Change of culture at every level

FINANCE

Eric Dumas

2011 RESULTS: SUMMARY

In € Millions	2011	2010	Change
REVENUES	1,113.0	863.5	+29%
OPERATING CASH FLOW	220.0	197.8	+11%
FUNDS FROM OPERATIONS (FFO)	140.4	122.5	+15%
NET IFRS EARNINGS AFTER CHANGES IN FAIR VALUE	94.0	150.2	-37%

REVENUES: +29%

In € Millions	Retail (1)	Residential (2)	Office (3)	2011
Rental income	162.1 -1%			162.1
Revenues by percentage of completion		821.5 +42%	102.0 +56%	923.5	+44%
Fees	16.5 +21%	1.0 n/a	6.1 -43%	23.6	-15%
Misc.	3.8			3.8
Revenues	182.4 +0.4%	822.5 +42%	108.1 +43%	1,113.0	+29%

• (1) - Rental income: properties deliveries and acquisitions (+€11.5 Million) plus rent increase (+ €0.7 Million), balanced disposals and restructurings (- €14.6 Million)
• - Fees: Contribution of Cap 3000 and shopping centers sold and kept under management
• (1) Revenues by cost-of-completion method show strong growth (from €577 Million in 2010 to €821 Million in 2011), thanks to gains in market share over the last three years
• (2) - Revenues: Impact of off-plan sales on projects delivered in 2011 (Green One, Crédit Agricole Aix…)
• - Fees: Order book not replenished with market in down cycle

OPERATING CASH FLOW: +11%

In € Millions	Retail (1)		Residential	(2)	Office (3)			2011
Net rents	148.8	-2%						148.8
Net margins			101.7	+72%	3.1	-47%		104.8
Net overhead	(21.5)		(15.7)		(1.7)			(38.9)
Share in associated companies (Rungis…)	8.2		0.1		(1.3)			7.0
Other							(1.7)	(1.7)
Operating Cash Flow	135.4	-3%	86.1	+64%	0.1	n/a	(1.7)	220.0	+11%

(1) Rents: net to gross ratio = 91.8% (vs. 92.5% in 2010)

• (2) Operating margin rate (1): 10.5% (vs. 9.1% in 2010)

• Impact of the program mix on revenues under percentage-of-completion method (2009 and 2010 sales)

• (3) Office: net result at break-even despite significant drop in fees, in a down-cycle market

FUNDS FROM OPERATIONS: +14.6%

FFO per share	€13.1	€11.7	+12.4%
FFO Group share	134.3	119.8	+12.1%
FUNDS FROM OPERATIONS (FFO)	140.4	122.5	+14.6%
Corporate income tax paid	(0.8)	(0.5)	(2)
Net cost of debt	(78.7)	(74.8)	(1)
Operating cash flow	220.0	197.8
In € Millions	2011	2010

• (1) Slight increase in average debt level Average interest rate stable at 3.6%
• (1) Real-estate property trusts are exempt from corporate income tax (SIIC régime). The property development business benefited from tax loss carry-forwards to offset its 2011 net taxable income.

NET EARNINGS BEFORE FINANCIAL INSTRUMENTS: +8.3% (-37.4% AFTER FI)

In € Millions	2011	2010
Funds from operations	140.4	122.5
Income/loss from asset sales	6.3	37.8	(1)
Var. in appraised value of investment properties	70.0	48.7	(2)
Transaction costs*	(13.3)	-
Deferred taxation	(8.8)	(13.2)
Estimated expenses **	(13.8)	(26.7)
Net consolidated earnings before change in value of financial instruments	174.4	161.0	+8.3%
Var. in value of financial instruments	(80.4)	(10.8)	(3)
Net consolidated IFRS earnings	94.0	150.2	-37.4%

(1) The price of assets sold in 2011 were on average 8% higher than the values appraised as of June 30, 2011

(2) Like-for-like asset values increased by 4.1%

(3) Impact of the fall in interest rates on the value of the swaps portfolio as of December 31, 2011

* Uncapitalized transaction fees (AltaFund, RueduCommerce, Urbat)

** Amortization, depreciation, free shares

NAV PER SHARE: €147.2 (1) (+5.7%)

Dec 2010 Dec 2011

(1) Diluted going-concern NAV net of financial instruments and non-SIIC taxation EPRA NAV: €153.7 (+ 12%) / EPRA triple NAV: €139.7 (+ 6%)

CONSOLIDATED NET BORROWING

• Cash and cash equivalent: €348 M
• Average 2011 financing cost (including margins): 3.6%
• Average 2012-2015 hedging cost (excluding margins): 3.05% / 39% 2011: 2.82%
• Average debt maturity: 4.7 years

Gross debt excl. development (€2,202 M) + Develoment gross debt (€163 M) – Cash (€263 M) – IFRS adjustments (€21 M) = Net debt (€2,081 M)

OUTLOOK

Alain Taravella

DURABLE PERFORMANCE

2012-2013: 2-YEAR OPERATING OUTLOOK FOR ALTAREA COGEDIM

	RETAIL	RESIDENTIAL	OFFICE
OUR MARKETS	 Stable consumer spending	 Markets changes	 Selective recovery of office market (low cost, green)
OPERATING OBJECTIVES	 Revenue growth like-for-like (re position / re-market)  Major gains in business volumes at RueduCommerce	 Gain market share (broader range and geography)  Very significant jump in revenues thanks to backlog (2 years' revs)	 st 1 investments by AltaFund  Strong increase in service provider and development businesses

Prepare further medium-term earnings growth with Altarea Cogedim Group's full range of businesses

KEY VARIABLES FOR 2012 RESULTS

	-	+
OPERATIONS	• Rents consolidating in Shopping Centers	• Strong earnings increase in Residential and 1st profits from Office
FINANCE	• Increase in financing costs	• Borrowing down
INVESTING FOR THE FUTURE	• Spending for the future « Outlook 2014 » (Organization, marketing)	• Continued growth of results on mid term

GUIDELINES FOR 2012

+ 10% FFO and Dividend Growth

With LTV ± 50%