Icade — Share Issue/Capital Change 2009

Aug 28, 2009

Not for distribution in the United States of America, Canada, Japan or Australia

Press Release Paris, August 28, 2009

Successful disposal of Icade shares completed by Caisse des Dépôts

Icade announces the success in the placement by Caisse des Dépôts of 1,400,000 shares of its Icade, representing about 2.85% of share capital and 2.87% of voting rights. Pursuant to this transaction, Caisse des Dépôts holds 28,895,228 Icade shares, accounting for 58.74% of share capital and 59.25% of voting rights from respectively 61.58% and 62.12% previously.

This transaction will allow Icade to comply with the SIIC 5 regulation relative to the shareholder structure coming into force in 1 st January 2010. Thereby, Icade will broaden its free float and improve the stock liquidity. The difference between 59.25% and the threshold of 60% is justified by a safety margin to allow compliance at any time with the 60% limit. Liquidity market transactions may indeed make the effective rate of stake fluctuate slightly.

The share disposal was carried out through an accelerated bookbuilding with institutional investors at a price of 65 euros per share. This private placement was led by Société Générale Corporate & Investment Banking.

Caisse des Dépôts is committed not to transfer any shares of Icade for a period ending 180 days after the date of completion of this transaction.

Caisse des Dépôts also confirms its commitment to keep durably this stake level.

Contacts:

Nathalie Palladitcheff Member of the Executive Board, responsible for finance +33 (0)1 41 57 70 12 nathalie.palladitcheff@icade.fr

Rémi Lemay Financial and External Communication Manager +33 (0)1 41 57 71 05 remi.lemay@icade.fr

No copies of this press release shall be distributed, directly or indirectly, in or into the United States, Canada, Australia or Japan.

This announcement and the information it contains, do not constitute an offer to sell or a solicitation of an offer to purchase securities in France, in the United-States or in any other country.

Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The ordinary shares of Icade have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and la Caisse des Dépôts does not intend to make any public offering of any ordinary shares of Icade in the United States.

The communication of this press release is not being made, and this press release has not been

Not for distribution in the United States of America, Canada, Japan or Australia approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. Accordingly, in the United Kingdom, this press release is directed only at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"), (ii) "high net worth entities", "unincorporated associations" and other persons to whom it may otherwise be lawfully communicated under Article 49(2)(a) to (d) of the Financial Promotion Order.

Any investment decision to buy shares in Icade must be made solely on the basis of publicly available information regarding Icade. Such information is not the responsibility of SociÇtÇ GÇnÇrale or la Caisse des DÇpÉts and has not been independently verified by SociÇtÇ GÇnÇrale or la Caisse des DÇpÉts.

SociÇtÇ GÇnÇrale is authorised to provide investment and banking services by the ComitÇ des Etablissements de CrÇdit et des Entreprises d'Investissement. SociÇtÇ GÇnÇrale is acting for la Caisse des DÇpÉts and no one else in connection with the placing and will not be responsible to anyone other than la Caisse des DÇpÉts for providing the protections afforded to clients of SociÇtÇ GÇnÇrale nor for providing advice in connection with the placing.

Release, publication or distribution of this press release is forbidden in any country where it would violate applicable laws or regulations.