Vitura — Earnings Release 2012

Feb 15, 2013

Paris, February 15, 2013 – 8:00 a.m. Regulated Information

C e g e r e a l – A n n u a l R e s u l t s

2012: New Momentum

Improved indicators:

• IFRS rental income: €38.6m (up 11.8%)
• Portfolio occupancy rate: 83% (up 18%)
• Portfolio value: €865m excluding transfer costs (up 1.3%)
• EPRA NNNAV: €35.7/share (up 4.4%)
• Dividend: €0.65 per share (to be recommended at the June 26 AGM) + extra dividend¹

2012 Business Performance:

• New leases signed on 22,200 sq.m. in Arcs de Seine
• €400m in refinancing arranged
• Borrowing costs cut by some 20%
• Go Green program launched

Outlook:

• New green lease signed with Crédit Foncier on 31,900 sq.m. in Rives de Bercy
• Recurring income per share expected to rise by around 30%
• Increase in the dividend, with normal level expected to be reached by 2014

Cegereal's Board of Directors met on February 14 to approve the audited consolidated financial statements for the year ended December 31, 2012.

Raphaël Tréguier, Cegereal's Chief Executive Officer, said:

"As expected, 2012 was a busy year for Cegereal on both the financial and business fronts. The Company reaped all the benefits of the preparatory work carried out in 2011, which enabled it to meet its core objectives of marketing Arcs de Seine, one of the outstanding office buildings in the Western Paris suburbs, and refinancing its bank debt in full. In light of these developments, Cegereal plans to significantly increase the payout to shareholders by raising the dividend in each of the next two years."

Cegereal sets the standard in the ownership and management of modern, very large office properties let over the long-term to first-class companies looking for facilities that offer high value added amenities. Listed on NYSE Euronext since 2006, in compartment B, its market capitalization as of February 12, 2013 totaled €286 million.

¹ The Board also intends to propose paying an extra dividend for 2012, to be approved at a later Shareholders' Meeting

BUSINESS REVIEW

• Significant improvement in the rental situation across the entire portfolio

Arcs de Seine: 22,200 sq.m. let under new leases and leases on additional space

In line with its roadmap, Cegereal pursued its assertive strategy to remarket the renovated Arcs de Seine building.

Leases were signed with first-class tenants on a total of 22,200 square meters, lifting the property's occupancy rate to 63% at December 31, 2012 from 12% at the previous year-end:

• Canal Plus leased 10,450 square meters in 2012 for its D8, D17 and i>télé channels.
• Hewlett Packard leased 5,200 square meters to house its Paris region marketing teams.
• Huawei Technologies signed a lease on 3,750 square meters.
• An additional 2,800 square meters were leased to Boursorama. A tenant in the building for the last ten years, the company needed extra space and decided to lease the entire first floor of building A.

Visits are being organized of the 16,000 square meters of offices that have yet to be let and discussions are in progress with several potential tenants.

Rives de Bercy: lease on 31,900 sq.m. with Crédit Foncier renewed for 9 years

Crédit Foncier's signature in January of this year (ahead of schedule) of a new 9-year "green" lease extends its tenancy by seven years, attesting to the bank's satisfaction since it moved in back in 2003.

This triple net lease sets a new standard by including stringent undertakings by the owner and the tenant to meet certain environmental targets. It is a practical demonstration of Cegereal's commitment to improving environmental performance embodied in the Go Green project.

Europlaza: delivery of the inter-company restaurant, ongoing improvements and signature of a new lease

During last summer, the Europlaza inter-company restaurant was refurbished in a project led by the Citti architecture firm that aimed to enhance the restaurant's appeal and improve the dining experience.

The next step is to refurbish the shared meeting rooms. This project will be carried out in stages as the rooms are heavily in demand, with completion scheduled for the end of the year.

As of December 31, 2012, the property's occupancy rate stood at 92%, with Yxime's decision to lease 1,295 square meters as from April 1 offsetting the departure of SPSS.

• Launch of the Go Green program

As part of the strategy to enhance and lock in the value of the portfolio, audits have been performed on all of the properties with a view to having their environmental performance certified.

The Arcs de Seine property was awarded HQE Exploitation certification by Certivéa on June 21 and preliminary technical audits were performed at Europlaza and Rives de Bercy in the latter part of the year. The results of these preliminary audits were promising and in-depth audits are now in progress in order to draw up detailed specifications of the upgrade work required.

• A portfolio totaling over 130,000 sq.m., with an appraisal value of €865 million excluding transfer costs

The marketing programs and the measures to preserve the properties' value over the long term have helped to lock in their appraisal values. At December 31, 2012, the portfolio's total appraisal value was estimated at €865 million excluding transfer costs (€919 million including transfer costs), an increase of 1.3% compared with the year-earlier value.

The weighted average remaining life of the leases, as calculated at January 1, 2013 (and taking into account the new lease signed with Crédit Foncier in January 2013), was 7.8 years. This was significantly longer than the 5.8 years at the beginning of 2012, reflecting the many new leases signed during the year.

The portfolio's overall occupancy rate was 83% at December 31, 2012, up sharply from 65% at the end of 2011.

IFRS FINANCIALS (consolidated)

• Improvement in the main indicators
• IFRS rental income up 11.8% to €38.6 million
• Operating income 2.2x at €37.6 million
• Net income sharply higher at €16.9 million

In 2012, rental income calculated in accordance with IFRS totaled €38.63 million, up 11.8% compared with 2011. Expense recoveries and penalties received from tenants – reported under "Income from other services" – amounted to €8.77 million, an increase of 19.9% that reflected the arrival of new tenants, mainly in the Arcs de Seine building.

Increased occupancy naturally drove up building-related costs, which amounted to €16.38 million.

Operating income (before net financial expense) sharply increased to €37.56 million in 2012 from €16.91 million in 2011. Fair value adjustments for the year to investment property represented a positive €9.38 million, illustrating the assets' quality.

Cash flows from operations were negatively impacted by non-recurring debt refinancing costs in the amount of €9.38 million. They stood at €4.02 million versus €8.38 million in 2011.

Net income was nonetheless sharply higher in 2012, at €16.86 million compared with €0.24 million the previous year. EPRA earnings (which exclude fair value adjustments to investment property) came in at €7.48 million.

• A robust financial position, with €400 million in financing arranged at a sharply lower interest rate

In July 2012, Cegereal refinanced its debt falling due in March 2013, ending 2012 with a loan-tovalue ratio of 46.2% in line with its objective of less than 50%.

The original €400 million loan was replaced by a new 5-year facility for the same amount obtained from a pool of four banks.

The base rate (0.90%) was set in October 2012, allowing Cegereal to benefit from historically low rates. Including the spread, the actual rate is 3.15% plus an additional 0.25% applicable while the portfolio's overall occupancy rate is less than 90%.

This new fixed rate is considerably less than the 4.15% paid on the original facility.

In addition, the hard covenants are unchanged:

• LTV capped at 70%

• Interest cover of at least 1.5x.

Cegereal now has no bank debt falling due until August 2017.

• EPRA NNNAV up 4.4% at €35.7 per share

The Company's EPRA NNNAV excluding transfer costs rose by €19.41 million in 2012 to €476.28 million at the year-end, representing €35.7 per share versus €34.2 at end-2011. The increase corresponds to earnings per share (+€0.4), fair value adjustments to investment property (+€0.8), fair value adjustments to debt (+€0.4) and other impacts (-€0.2).

• 2012 dividend : €0.65 per share + extra dividend

At the Annual Shareholders' Meeting on June 26, the Board will recommend paying a dividend of €0.65 per share. The dividend will be payable from July 18, 2013.

The Board also intends to propose paying an extra dividend for 2012, to be approved at a later Shareholders' Meeting.

• Outlook

In 2013, Cegereal expects:

• recurring income per share to rise by around 30%,
• a gradual increase in the dividend with the aim of reaching a normal level in 2014. The Board of Directors also intends to pay a dividend per share of €1.50 for 2013.

The annual results presentation can be viewed on the Company's new website: www.cegereal.com

Investor Calendar

• May 16, 2013 First quarter revenue
• June 26, 2013 Annual Shareholders' Meeting
• July 18, 2013 : Dividend payment
• July 25, 2013 First half results
• November 14, 2013 Third quarter revenue

About Cegereal (NYSE Euronext Paris – Compartment B - CGR)

Cegereal is a REIT-style property company ("SIIC") that invests in very large prime office properties. Its portfolio currently comprises three office buildings located in the inner suburbs of Paris. The portfolio's appraisal value, as estimated by independent valuers BNPP Real Estate as of December 31, 2012, was €865 million excluding transfer costs.

www.cegereal.com

alienor.miens@citigate.fr raphael.treguier@cegereal.com

Media relations Investor relations

Aliénor Miens / + 33 1 53 32 84 77 / Raphaël Tréguier / +33 1 42 25 76 36 /

APPENDICES

IFRS Income Statement (consolidated)

in thousands of euros, except per share data

	2012	2011
Rental income	38 633	34 555
Income from other services	8 773	7 315
Building-related costs	(16 382)	(13 418)
Net rental income	31 024	28 452
Sale of buildings
Administrative costs	(2 845)	(3 993)
Other operating expenses		1
Other operating income
Increase in fair value of investment property	9 685	2 500
Decrease in fair value of investment property	(300)	(10 048)
Total change in fair value of investment property	9 385	(7 548)
Net operating income	37 564	16 912
Financial income	113	181
Financial expenses	(20 816)	(16 856)
Net financial expense	(20 704)	(16 675)
Corporate income tax
CONSOLIDATED NET INCOME	16 860	238
of which attributable to owners of the Company	16 860	238
of which attributable to non-controlling interests
Other comprehensive income
	16 860	238
TOTAL COMPREHENSIVE INCOME of which attributable to owners of the Company	16 860	238
of which attributable to non-controlling interests

IFRS Balance Sheet (consolidated)

in thousands of euros

	31-Dec-12	31-Dec-11
Non-current assets
Investment property	865 400	854 200
Non-current loans and receivables	14 401	9 068
Total non-current assets	879 802	863 268
Current assets
Trade accounts receivable	12 024	6 295
Other operating receivables	1 899	4 575
Prepaid expenses	41	2 167
Total receivables	13 965	13 038
Cash and cash equivalents	20 921	16 963
Total cash and cash equivalents	20 921	16 963
Total current assets	34 886	30 001
TOTAL ASSETS	914 688	893 269
	31-Dec-12	31-Dec-11
Shareholders' equity
Share capital Legal reserve and additional paid-in capital	160 470 40 157	160 470 49 333
Consolidated reserves and retained earnings	275 910	266 429
Net attributable income	16 860	238
Total shareholders' equity	493 397	476 471
Non-current liabilities
Non-current borrowings	394 690	398 217
Other non-current borrowings and debt	2 672	1 426
Non-current corporate income tax liability
Total non-current liabilities	397 362	399 643
Current liabilities
Current borrowings	1 776
Trade accounts payable	3 101	2 028
Corporate income tax liability
Other operating liabilities	5 438	4 848
Prepaid revenue	13 614	10 281
Total current liabilities	23 928	17 157
Total liabilities	421 290	416 799
TOTAL EQUITY AND LIABILITIES	914 688	893 269

IFRS Statement of Cash Flows (consolidated)

in thousands of euros	2012	2011
OPERATING ACTIVITIES
Consolidated net income	16 860	238
Elimination of items related to the valuation of buildings:
property Indemnity received from lessees for the replacement of components Elimination of other income/expense items with no	(9 385)	7 548
cash impact: Adjustments for loans at amortized cost	823	592
Cash flows from operations before tax and changes in working capital requirements	8 299	8 378
Other changes in working capital requirements	(525)	(1 056)
Change in working capital requirements	(525)	(1 056)
Net cash flows from operating activities	7 774	7 322
INVESTING ACTIVITIES
Acquisition of fixed assets Net decrease in amounts due to fixed asset suppliers	(1 815) (741)	(1 048)
Net cash flows used in investing activities	(2 556)	(1 048)
FINANCING ACTIVITIES
Increase in share capital
Change in bank debt Refinancing transaction costs	1 108 (5 458)
Net increase in current borrowings Net increase in other non-current borrowings and	1 776
debt	1 247
and debt		(479)
Purchases and sales of treasury shares	66	316
Dividends paid		(14 692)
Net cash flows used in financing activities	(1 262)	(14 855)
Change in cash and cash equivalents	3 957	(8 582)
Cash and cash equivalents at beginning of year*	16 963	25 544
CASH AND CASH EQUIVALENTS AT END OF YEAR	20 921	16 963

French GAAP Income Statement

in euros

	France	Exports	2012	2011
			Total	Total
Sales of goods for resale
Sales of manufactured products
Sales of services				20 784 100
NET REVENUE	-	-	-	20 784 100
Change in finished goods and in-progress
inventory
In-house production
Operating subsidies
Reversal of depreciation and amortization charges, provisions for impairment and			66 710	24 012
Other revenue			4 66 714	1 20 808 112
Total operating revenue
Purchases of goods
Change in inventories of goods held for resale
Purchases of raw materials and other supplies
Change in inventories (raw materials and other supplies)
Other purchases and external charges			1 108 900	6 487 837
Taxes, duties and other levies Wages and salaries			46 947 237 072	2 364 813 246 753
Social security charges			106 901	101 528
Fixed assets: depreciation and amortization				12 776 876
Fixed assets: provisions for impairment
Current assets: provisions for impairment
Loss and contingency provisions
Other expenses			68 003	69 223
Total operating expenses			1 567 822	22 047 031
OPERATING LOSS			(1 501 108)	(1 238 918)
Allocated income or transferred loss
Loss incurred or transferred income
Financial income from controlled entities
Income from other securities and receivables
Other interest income			37 776	181 371
Reversal of provisions for impairment, other provisions and expense transfers			238 298	15 258
Foreign exchange gains				23
Net income on sale of short-term investment securities Total financial income			276 074	196 652
Depreciation, amortization, provisions for impairment and other provisions			59 673	180 850
Interest expenses Foreign exchange losses			37 831	8 041 560
Net expenses on sales of short-term investment securities
Total financial expenses			97 504	8 222 410
NET FINANCIAL INCOME/(EXPENSE)			178 570	(8 025 758)
RECURRING LOSS BEFORE TAX			(1 322 538)	(9 264 676)

in euros

	2012	2011
Non-recurring income on management transactions
Non-recurring income on capital transactions		50 594
Reversal of provisions for impairment, other provisions and expense transfers
Total non-recurring income	-	50 594
Non-recurring expenses on management transactions Non-recurring expenses on capital transactions	117 438	73 153
Depreciation, amortization and provisions for impairment
Total non-recurring expenses	117 438	73 153
NET NON-RECURRING EXPENSE	(117 438)	(22 558)
Employee profit sharing Corporate income tax
TOTAL INCOME	342 788	21 055 359
TOTAL EXPENSES	1 782 764	30 342 594
NET LOSS	(1 439 977)	(9 287 236)

French GAAP Balance Sheet

in euros
ASSETS	Gross amount	Depr., amort. & prov.	31-Dec-12	31-Dec-11
Uncalled subscribed capital
Intangible fixed assets
Start-up costs
Research and development costs
Licenses, patents and similar concessions
Goodwill
Other intangible fixed assets
Advances/down payments on intangible assets
Property, plant and equipment
Land
Buildings
Plant, machinery and equipment
Other property, plant and equipment
Property, plant and equipment in progress
Advances and down payments
Financial fixed assets
Receivables from controlled entities	349 301 810		349 301 810	349 301 810
Other long-term investments
Loans Other financial fixed assets	562 896		562 896	501 710
FIXED ASSETS	349 864 706	-	349 864 706	349 803 520
Inventories and work in progress
Raw materials and other supplies
Manufactured products in progress
Services in progress
Semi-finished and finished goods
Goods held for resale
Advances/down payments on orders
Receivables
Trade accounts receivable	22 344	18 683	3 661	3 661
Other receivables	209 388		209 388	5 707 674
Subscribed capital, called up but not paid
Short-term investment securities
Cash and cash equivalents	1 985 094		1 985 094
CURRENT ASSETS	2 216 826	18 683	2 198 143	5 711 336
Prepaid expenses	19 520		19 520	24 651
Adjustment accounts
TOTAL ASSETS	352 101 052	18 683	352 082 369	355 539 505

in euros
EQUITY AND LIABILITIES	déc. 31, 2012	déc. 31, 2011
Capital
Share capital (including paid-up capital: 160,470,000)	160 470 000	160 470 000
Additional paid-in capital	24 110 276	33 285 900
Revaluation reserve	152 341 864	152 341 864
Reserves
Legal reserve	16 047 000	16 047 000
Statutory or contractual reserves
Regulated reserves
Other reserves	8 423	8 423
Income
Retained earnings		111 611
Net loss for the year	(1 439 977)	(9 287 235)
Investment subsidies
Regulated provisions
	351 537 587	352 977 563
SHAREHOLDERS' EQUITY
Income from the issue of equity instruments
Contingent advances
OTHER EQUITY
Contingency provisions
Loss provisions
LOSS AND CONTINGENCY PROVISIONS
Non-current borrowings and debt
Convertible bonds
Other bonds
Bank borrowings
Miscellaneous borrowings and debt
Trade accounts payable and other current liabilities
Advances/down payments received on orders in progress
Trade accounts payable	448 245	664 623
Tax and social liabilities	79 423	1 720 395
Amounts owed to fixed asset suppliers
Other liabilities	17 114	176 923
Prepaid revenue
LIABILITIES	544 782	2 561 941
Adjustment accounts
TOTAL EQUITY AND LIABILITIES	352 082 369	355 539 505

French GAAP Statement of Cash Flows

in thousands of euros

	2012	2011
SOURCES
Funds from/(used in) operations	(1 619)	3 655
Available cash flow	(1 619)	3 655
Increase in shareholders' equity and current account balance
Decrease in fixed assets (property, plant and equipment)		735 078
Decrease in fixed assets (financial assets)	117
Increase in debt (bank borrowings)
Increase in other debt (security deposits received from lessees)
Total sources of funds	(1 502)	738 734
USES
Dividends paid		14 692
Increase in fixed assets (financial assets)		349 302
Decrease in debt (security deposits paid back to lessees)		1 905
Decrease in debt (bank borrowings)		398 892
Total uses of funds	-	764 790
Net change in working capital	(1 502)	(26 057)

	2012		2012	2011
CHANGE IN OPERATING WORKING CAPITAL	Uses	Sources
Change in operating receivables
Trade accounts receivable				6 247
Other receivables		5 498	5 498	10 214
Adjustment accounts and prepaid expenses		5	5	2 024
Change in operating payables
Trade accounts payable	216		(216)	(2 952)
Tax and social liabilities (excluding exit tax)	1 641		(1 641)	5
Other operating payables	160		(160)	(783)
Adjustment accounts and prepaid revenue				(9 907)
Net change in operating working capital	2 017	5 503	3 487	4 847
CHANGE IN NON-OPERATING WORKING CAPITAL
Change in other receivables
Due to shareholders
Change in other payables
Amounts owed to fixed asset suppliers				(4 334)
Tax and social liabilities (exit tax)
Net change in non-operating working capital	-	-	-	(4 334)
Increase or decrease in working capital	2 017	5 503	3 487	513
Change in cash on hand		1 985	1 985	(25 544)
Net change in cash and cash equivalents	-	1 985	1 985	(25 544)
Net change in working capital	2 017	3 518	(1 502)	(26 057)