Vitura

Earnings Release • Jul 22, 2016

Paris, July 22, 2016 – 8:30 a.m. Regulated information

C e g e r e a l F i r s t - h a l f 2 0 1 6

RENTAL INCOME UP 11.1%

Strong operating activity – EPRA earnings up 64%

BforBank expanded its premises in the Europlaza tower by signing a lease on June 1, 2016 for a "garden floor" covering 2,200 sq.m.

Boursorama will gradually move from its offices at Arcs de Seine to its You building in Boulogne this summer. Marketing of the soon-to-be-vacant premises (approximately 10,000 sq.m) is already under way.

The occupancy rate for the Company's assets was up compared with first-half 2015, at 94.6%.

IFRS revenue for first-half 2016 stood at €35 million, up 16.1% compared with the prior-year period.

EPRA earnings for the six months ended June 30, 2016 increased significantly to €14 million from €8.4 million for the year-earlier period, thanks mainly to higher rental income and €4 million in indemnities received.

Total Share Return 17.3% over the last 12 months

The portfolio was valued at €967 million excluding transfer duties (€1,040 million including transfer duties) as of June 30, 2016, versus €942 million as of December, 2015 and €902 million as of June 30, 2015. This resulted in a reduction in the loan-to-value (LTV) ratio to 41%.

EPRA NNNAV excluding transfer duties stood at €40.0 per share, compared with €39.2 per share as of December 31, 2015. The increase over the first half year reflected higher recurring income (positive impact of €0.60 per share), benefits granted to lessees (positive impact of €0.20 per share), changes in the properties' appraisal values (positive impact of €1.90 per share) and changes in the fair value of bank debt (positive impact of €0.20 per share), partly offset by dividend distributions (impact of €2.00 per share).

The Total Share Return for the last 12 months is 17.3%, with a NAV growth of 11.8% and a distribution ratio on NAV of 5.5%

in millions of euros	First-half 2016	First-half 2015	Change
IFRS revenue	35.0	30.1	+16.1%
IFRS rental income Portfolio occupancy rate: 94.6%	24.4	21.9	+11.1%
IFRS operating income	40.5	40.4	+0.3%
IFRS net income	32.6	32.1	+1.5%
EPRA earnings	14.0	8.4	+64.4%
EPRA NNNAV per share excluding transfer duties (in €)	40.0	35.8	+11.8%

Outlook

The Company should soon face an important milestone with the global refinancing of its portfolio and a first growth transaction.

Investor Calendar

• October 26, 2016 Third-quarter 2016 revenue

For more information, please contact:

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

Media relations Investor relations

Aliénor Miens / +33 (0)1 53 32 84 77 Raphaël Tréguier / +33 (0)1 42 25 76 36

About Cegereal

Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio's appraisal value is estimated at €1,040 million as of June 30, 2016 (replacement value).

To date, Cegereal is the first French property company with a fully certified portfolio from an environmental point of view (HQE and BREEAM "Very Good") and benefits from the Green Star rating in the international benchmark GRESB.

Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €488 million on July 21, 2016.

www.cegereal.com.

Interim Financial Statements (IFRS)

Six-month period ended June 30, 2016

Excerpts from the interim financial report approved by the Board of Directors on July 21, 2016.

The Statutory Auditors have performed a review of the interim financial statements.

Consolidated Statement of Comprehensive Income (IFRS) for the six months ended June 30, 2016

in thousands of euros, except per share data

	June 30, 2016	Dec. 31, 2015	June 30, 2015
	6 months	12 months	6 months
Rental income	24,354	44,310	21,926
Income from other services	10,597	11,349	8,169
Building-related costs	(11,396)	(17,156)	(11,427)
Net rental income	23,555	38,504	18,668
Sale of building
Administrative costs	(1,849)	(4,976)	(2,038)
Depreciation, amortization and provisions for impairment	(4)
Other operating expenses	(741)	(5)	(0)
Other operating income	8	65
Increase in fair value of investment property	37,561	62,736	23,736
Decrease in fair value of investment property	(18,030)
Total change in fair value of investment property	19,531	62,736	23,736

Net operating income	40,500	96,323	40,366
Financial income	0	15
Financial expenses	(7,074)	(14,719)	(7,555)
Net financial expense	(7,074)	(14,705)	(7,555)
Corporate income tax	(802)	(662)	(662)

CONSOLIDATED NET INCOME	32,623	80,957	32,149
of which attributable to owners of the Company	32,623	80,957
of which attributable to non-controlling interests	0	0

Other comprehensive income

TOTAL COMPREHENSIVE INCOME	32,623	80,957	32,149
of which attributable to owners of the Company	32,623	80,957	32,149
of which attributable to non-controlling interests	0	0	0
Basic and diluted earnings per share (in euros)	2.44	6.06	2.41

Consolidated Balance Sheet (IFRS) at June 30, 2016

in thousands of euros

Non-current assets
Property, plant and equipment 66 61	61
Investment property 967,300 942,000	902,000
Non-current loans and receivables 26,416 28,928	30,346
Total non-current assets 993,781 970,989	932,407
Current assets
Trade accounts receivable 11,823 13,132	12,945
Other operating receivables 7,039 6,899	5,562
Prepaid expenses 193 96	200
Total receivables 19,054 20,127	18,706
Cash and cash equivalents 26,346 8,723	24,072
Total cash and cash equivalents 26,346 8,723	24,072
Total current assets 45,400 28,850	42,778
TOTAL ASSETS 1,039,182 999,839 975,185
Shareholders' equity
Share capital 160,470 160,470	160,470
Legal reserve and additional paid-in capital 21,436 21,436	21,436
Consolidated reserves and retained earnings 359,663 305,447	305,202
Net attributable income 32,623 80,957	32,149
Total shareholders' equity 574,192 568,309	519,257
Non-current liabilities
Non-current borrowings 403,254 402,664	402,442
Other non-current borrowings and debt 4,058 3,951	4,061
Non-current corporate income tax liability
Total non-current liabilities 407,312 406,615	406,503
Current liabilities
Current borrowings 1,591 1,626	1,794
Trade accounts payable 2,525 3,150	3,106
Corporate income tax liability 802	660
Other liabilities 37,968 4,573	30,722
Other financial liabilities 750
Prepaid revenue 14,041 15,566	13,143
Total current liabilities 57,678 24,915	49,424
Total liabilities 464,990 431,530 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,039,182 999,839 975,185	455,927

Consolidated Statement of Cash Flows for the six months ended June 30, 2016

in thousands of euros
	June 30, 2016	Dec. 31, 2015	June 30, 2015
OPERATING ACTIVITIES
Consolidated net income	32,623	80,957	32,149
Elimination of items related to the valuation of buildings:
Fair value adjustments to investment property	(19,531)	(62,736)	(23,736)
Indemnity received from lessees for the replacement of
components
Elimination of other income/expense items with no cash impact:
Depreciation of property, plant and equipment (excluding
investment property)	4	5
Fair value of financial instruments (share subscription warrants)	741
Adjustments for loans at amortized cost	590	775	554
Cash flows from operations before tax and changes in working capital requirements	14,427	19,001	8,967
Change in amounts due to owners	26,746	0	22,065
Other changes in working capital requirements	6,574	(2,975)	(1,916)
Change in working capital requirements	33,320	(2,975)	20,149
Net cash flows from operating activities	47,747	16,026	29,116
INVESTING ACTIVITIES
Acquisition of fixed assets	(5,777)	(8,331)	(7,325)
Disposal of fixed assets
Net decrease in amounts due to fixed asset suppliers	2,314	(384)	837
Net cash flows used in investing activities	(3,464)	(8,715)	(6,488)
FINANCING ACTIVITIES
Increase in share capital
Change in bank debt
Issue of financial instruments (share subscription warrants)	9
Refinancing transaction costs
Net increase in current borrowings	(35)	(90)	78
Net increase in other non-current borrowings and debt	107	(215)	(105)
Net decrease in other non-current borrowings and debt
Purchases and sales of treasury shares	5	252	38
Dividends paid	(26,746)	(22,034)	(22,065)
Net cash flows used in financing activities	(26,660)	(22,087)	(22,054)
Change in cash and cash equivalents	17,623	(14,776)	573
Cash and cash equivalents at beginning of the period*	8,723	23,499	23,499
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	26,346	8,723	24,072