20140724 - Half-year results 2014

Half-year results 2014 July 24th, 2014

Future Veolia head office (Aubervilliers, 93)

2

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July 24th, 2014 Half-year results 2014

Disclaimer

3

1. Resilient results

2. Pro-active management of liabilities

3. A unique property investment company

4. Useful diversification

5. Outlook

Appendices


Contents

1. Resilient results

Future Veolia head office (Aubervilliers, 93)

5 July 24th, 2014 Half-year results 2014

Resilient results in a market that remains under pressure

1. RESILIENT RESULTS

(€m) 30/06/2013 a 30/06/2014 Change

Rental income 187 275 +47.0%

EBITDA 158 228 +44.4%

Profit on disposals 39 2 (93.9)%

Operating profit 95 90 (4.8)%

Net financial items -(54) (82) (51.0)%

Profit from other activities 16 12 (27.8)%

Net profit (Group share) 45 6 (87.4)%

EPRA Earnings from Property Investment 82 130

+58.3%

EPRA Earnings from Property Investment per share €1.58 €1.76

+11.1%

Net current cash flow b 100 147 +46.4%

Net current cash flow per share b €1.94 €1.99 +2.8%

EPRA NNNAV c 5,704 5,419 (5.0)%

EPRA NNNAV per share c €77.3 €73.2 (5.3)%

LTV c 37.5% 40.3% +2.8pt

a Restated in accordance with the application from 1 January 2014

of the new IFRS 11 standard relating to joint-venture partnerships b Adjusted for Icade Santé minority interests c Data at 31 December for 2013

6 6

187

275

+97

(10)

+1

0


Growth in rental income: +47%

Acquisition of Silic: +€89m

Other acquisitions (incl. clinics): +€8m

Asset disposals: -€10m

Indexation: +€1m (0.4% on average)

Like-for-like growth: +0.2%

Improvement in net rental rate: +3.0pt

Net rental rate: 90.6%

Effect of acquisition of Silic


Growth in rental income

Like-for-like

+0.2%

Change in the scope of consolidation

+47%

30/06/2013 Acquisitions Disposals

& restructuring

Indexing Rental

activity

30/06/2014


Positioning in phase with demand

In the most promising areas (inner Paris rim)

In resilient areas (La Défense)

Targeting major clients

Veolia

French Ministry of Justice

KPMG

Asset management teams with the ability

to tackle vacancies

Vacancy rates in line with, or below, the market average

Pro-active marketing strategy applied to former Silic parks

Alternative strategies to deal with structural vacancy

› Disposals

› Conversion to housing


Key strengths to withstand market conditions

Trends in takeup

102

32

143

191

62

180

H1 2013 H1 2014

Vacancy rate

12.0% 9.5%

17.6%

12.8%

7.5%

Sources: MBE Conseil / Immostat

La Défense &

surrounding area

Paris inner rimh

North

Paris outer rim

+87%

+97%

+26%

La Défense

& surrounding area

Paris inner rim

North

Paris outer rim

South

Market vacancy rate

Icade vacancy rate (excl. EQHO)

14.7%

8 8 July 24th, 2014 Half-year results 2014

Major contracts in 1st half 2014


Notable commercial successes

−94 leases

−67,500m² −€14m in rental income

Additions / losses

+5 years

€9m in rental income

41,400m² 28 leases

Renewals

EQHO (La Défense, 92)

40,500m²

KPMG

Tour Initiale (La Défense, 92) 5,600m²

Tarkett

Saint-Quentin Fallavier Warehouse (38) 6,500m²

Findis

Millénaire 2 (Paris, 75) 2,500m²

Agence Régionale de Santé

Européen (Evry, 91) 2,500m²

La Direccte

+€28m in rental income

+85,500m² +50 leases



Change in EPRA Earnings from Property Investment (€/share)

1.58 1.76

+0.01 +0.03 +0.09

+0.04

30/06/2013 Property Investment Operating propertydepreciation

Financial result Income tax 30/06/2014

+11.1%



1.94 1.99

+0.01

(0.16) (0.03)

+0.02

+0.10 +0.11

30/06/2013 PropertyInvestment

PropertyDevelopment

Services Inter-division Financialresult

Income tax 30/06/2014

+2.8%

a Adjusted for Icade Santé minority interests

Change in net current cash flow a

(€/share)


Change in EPRA NNNAV (€/share)


77.3

(3.7)

+0.1 +0.4 +0.1

(0.9) (0.1)

31/12/2013 Dividend 2014 Consolidatednet income

Changein unrealised gainson property assets

Changein unrealised gains

on property developmentand services

Changein fair value

of derivatives andfixed-rate debt

Other 30/06/2014

73.2


Change in yields


a Impact on appraisal value of revision of capitalisation and discount rates applied by property appraisers b Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and unbillable expenses, etc.) c Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding transfer duties of rentable space d Icade Santé share

Appraisal value (excluding transfer duties)

on a like-for-like basis

Average yield

(excluding transfer duties) c

30/06/2014 Change in H1

of which discount rate

effect a

of which business

plan effect b 30/06/2014 Change in H1

Offices, France 3,526 (1.5)% (1.2)% (0.3)% 7.1% +12bp

Business parks 4,062 (0.4)% +0.8% (1.2)% 8.0% +14bp

Total Strategic 7,588 (0.9)% (0.1)% (0.8)% 7.5% +13bp

Healthcare d 1,114 (0.4)% +0.2% (0.6)% 6.9% +4bp

Non-strategic 168 (4.2)% (0.6)% (3.6)% 10.2% +126bp

Commercial property 8,870 (0.9)% (0.1)% (0.8)% 7.5% +11bp

2. Pro-active management

of liabilities

Vert & O (Aubervilliers, 93)


Optimised debt

2. PRO-ACTIVE MANAGEMENT OF LIABILITIES

Reduction in average cost Longer average term

4.1%

3.8% 3.8% 3.8%

3.3%

30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014

3.6

4.3 4.3

4.6 4.6

30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014

Anticipated

reduction by

40-60bp

a Loan to value = (Net debt including fair value of derivatives) / (Portfolio value excluding transfer taxes + Value of Service and Development companies) b Bank covenant limit c Restated in accordance with IFRS 11 d Interest Coverage Ratio = EBITDA (operating profit adjusted

for depreciation) / Cost of net debt

LTV in line with guidance a Solid ICR d

37.0% 36.7% 36.2% 37.5% c

40.3%

30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014

4.5x

3.5x 3.3x

4.0x c

3.6x

30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014

2.0 b

52.0% b

15

591 440

546 543 378

576

124

650 787

118

H2 2014 2015 2016 2017 2018 2019 2020 2021 2022 andbeyond

DebtsOrnane


Secure and stable resources


a Excluding debt relating to equity investments and bank overdraft facilities b Debts including bank loans, finance leases, mortgage loans, bonds

and private placements

Drawn debt maturity schedule a

(€m) b

Undrawn facilities

€1,280m

Cash

€700m

Hedging ratio

93%


Increasing diversification


a Including €200m secured private placement

30/06/2014

Corporate loans

and finance leases

50.0%

2010

Mortgage

loans

12.9%

Bonds

30.0%

Private placements a

6.1%

Other liabilities

1.0%

Corporate loans

and finance leases

83.3%

Mortgage

loans

14.2%

Other liabilities

2.5%

Total debt as at 30/06/2014

€4,792m

3. A unique property

investment company

Monet (Saint-Denis, 93)


Generating recurring cash flow, secured over the long term

3. A UNIQUE PROPERTY INVESTMENT COMPANY

OFFICES LIQUID ASSETS

GENERATING SECURE REVENUE

BUSINESS PARKS ASSETS WITH

VERY SIGNIFICANT POTENTIAL FOR VALUE CREATION

CASH FLOW RECURRENT AND SECURE

OVER THE LONG TERM



Management tailored to each segment

Business parks

Substantial land

reserves providing

a reservoir of value

creation for the long

term: increase in

commercial property,

density and

diversification

Offices

Maximising asset

value through

dynamic asset

management and

medium-term asset

turnover

Healthcare

Leader in an

attractive sector

Non-strategic

Non-strategic assets

due to be sold

gradually (housing,

retail, warehouses)


A refocused portfolio


Total portfolio value at 30/06/2014

€9,044m (Group share)

Alternative

12%

Non-strategic

4%

Paris

Inner rim

22%

La Défense &

surrounding area

26% French provinces

1%

Paris

Outer rim

23% Other western

crescent

12%

Paris

16%

Strategic

84%

20

21 21 July 24th, 2014 Half-year results 2014

Warehouses, office and retail property

a shopping centre in Montpellier

land at the Portes de Paris business park

Offices, Germany

2 office buildings in Munich and Hamburg

2 parcels of land in Berlin

Residential

48 individual units sold


Active rotation of the portfolio

MILLÉNAIRE 5&6 (Paris 19e)

Acquisition of 50% of the offices owned by Klepierre

€38m acquisition in January 2014013

MILLÉNAIRE 3 (Paris 19e)

Completion of 32,000 m² expected in 2015,

fully let to the Ministry of Justice

€27m of investment in H1 2014

HEALTHCARE

Acquisition of 3 clinics from the Médipôle Sud Santé Group

for €71m

Signature of agreement with Capio to acquire a further

7 clinics

SISLEY (Saint-Denis, 93)

Completion in April 2014

€11m of investment in H1 2014

Disposals: €153m Investments: €257m

TGV stations

Existing

Proposed

Launch date

of Grand Paris Express

Airport

Before 2030

Beyond 2030

PARIS - SAINT-DENIS - AUBERVILLIERS

PARIS - LA DÉFENSE - NANTERRE

ROISSY - PARIS NORD 2

PARIS – ORLY - RUNGIS

Icade’s portfolio

in the Paris region

Business parks Offices



A key positioning in Grand Paris

22



A well-served portfolio

23

PARIS - SAINT-DENIS - AUBERVILLIERS PARIS - ORLY - RUNGIS

4. Useful diversification

Le Garance (Paris 20e)


Working with France’s major cities

4. USEFUL DIVERSIFICATION

25

Le Garance (Paris 20e)

Offices, creche and college

Space: 30,000m2

Architects: Brigitte Métra et associés

Lyon Confluence (îlot A3)

Housing, offices and retail property

Space: 26,400m²

Architects: Herzog & de Meuron /

Atelier AFAA

Les Dock’s de Strasbourg Mixed commercial and residential

development (45 eco-active homes),

restaurants, spaces dedicated to

education, art and culture

Space: Net usable floor area of 11,600m²

Architects: Georges Heint /

Anne-Sophie Kehr


Stability in profits from other activities


Property Development Services Inter-division TOTAL

(€m) 30/06/2013 a 30/06/2014 30/06/2013 30/06/2014 30/06/2013 a 30/06/2014 30/06/2013 30/06/2014

Revenues 425 465 23 21 (14) (10) 434 476

EBITDA 14 16 1 (1) (2) 0 13 15

EBITDA margin (EBITDA/revenue) 3.4% 3.5% 3.0% (5.1)% 15.0% 2.1% 3.0% 3.1%

Operating profit 25 23 0 (1) 0 (3) 25 18

Net financial items 1 2 0 0 0 0 1 2

Tax (10) (9) 0 0 0 0 (10) (9)

Net profit 16 15 0 (1) 0 (3) 16 12

Enterprise value b 484 529 37 39 n.a. n.a. 520 568


of the new IFRS 11 standard relating to joint-venture partnerships b Inclusive of enterprise value of subsidiaries accounted for

on an equity basis

27

62 establishments / €2.0bn excl. transfer taxes

9 operators-partners

In progress: +7 Capio Santé clinics



Icade Santé: controlled risks

Breakdown by operator

(% of total portfolio value)

26.9%

Médi-Partenaires

+ Médipôle Sud Santé

29.6%

Générale

de Santé

+ Ramsay

Vedici

28.7%

6 regional

groups

14.8%

a MSO: Medicine, surgery, obstetrics b FRC: Follow-up and rehabilitation care c MHE: Mental health establishment

49 MSO clinics a

13 FRC b and MHE c

7 clinics currently being acquired

(Capio)


Diversification generating dynamic

and secure cash flow

Long leases: residual maturity as at 30 June 2014 of nearly 9 years Triple net indexed rents

Net current cash flow: +12%

Attractive yields

Average yield of 6.9% a

Multiple options for financing development

Further capital increases

Partnership

Initial Public Offering


Icade Santé: a clear leader

a Annualised net rent from rented space plus potential net rent from vacant space at market rental value,

divided by appraisal value excluding transfer duties of rentable space Source: Jones Lang LaSalle Expertises

Recurrent

annualised

rental income

19 45 56

86 114

130 135

536 661

829

1,317

1,725 1,887

1,971

2008 2009 2010 2011 2012 2013 H1 2014

Portfolio

value

(€m) 30/06/2013 31/12/2013 30/06/2014

Net rental income 58.9 122.4 64.8

EBITDA 55.4 115.0 60.9

Operating profit 28.9 60.5 32.7

Net current cash flow 44.6 92.7 49.9

Asset value 1,844.9 1,886.8 1,971.4

Net debt 684.8 676.1 781.2

NAV 1,151.0 1,205.7 1,182.6

LTV 37.2% 35.9% 39.6%

5. Outlook

Nanterre Préfecture (92)

30

€435m of investment

141,000 m², of which 90% pre-let


5. OUTLOOK

A value-creating secured pipeline

269

118 49

2014 2015 2016

2014

2015

2016

BRAHMS (Colombes, 92)

8,700m²

Main tenant: Alcatel Rent: €2.6m Lease term: 9 years Yield: 8.2%

SISLEY (Saint-Denis, 93)

18,700m²

Main tenant: Siemens Rent: €6.4m Lease term: 9 years Yield: 6.8%

QUÉBEC (Rungis, 94)

12,000m² Rent: €3.4m Yield: 7.2%

MONET (Saint-Denis, 93)

20,600m²

Main tenant: SNCF Rent: €6.3m Lease term: 9 years Yield: 7.1%


32,000m²

Main tenant: Ministry

of Justice Rent: €11.6m Lease term: 12 years Yield: 7.7%

VEOLIA (Aubervilliers, 93)

45,000m²

Main tenant: Veolia Rent: €16.5m Lease term: 9 years Yield: 7.4%


An additional pipeline primed for economic recovery

5. OUTLOOK

a Total amount of works excluding land costs

6 projects in hand

186,000 m²

€680m a of investment

Project launches seeing satisfactory

pre-marketing conditions

ÎLOT E (Saint-Denis, 93)

28,300m²

Rent: €9.1m

Completion: 30 months

after launch


24,600m²

Rent: €8.7m


after launch

CAMPUS DÉFENSE (Nanterre, 92)

79,200m²

Rent: €29.1m


after launch

OTTAWA (Rungis, 94)

14,000m²

Rent: €3.9m


after launch

VANCOUVER (Rungis, 94)

7,000m²

Rent: €1.6m


after launch

VAUBAN (Rungis, 94)

33,000m²

Rent: €7.6m


after launch

32

€3.5 €4.0

€5.2 (€0.1)

+€0.3 +€0.1 +€0.2

+€0.8

(€0.1)

+€0.5

Estimated EPRAEarnings

31/12/2014

Disposalsunder

contract

Projects launchedand pre-let

Clinics(acquisitions

under contract)

Additionalsecured rents(Tour EQHO,Tour Initiale)

Secured EPRAEarnings

Rentaloptimisation

Disposal ofnon-strategic

assets

Non-committedprojects

Potential EPRAEarnings


Potential change in EPRA Earnings from Property Investment over 5 years

5. OUTLOOK

a b

a Corresponds to potential rental income from vacant space as at 30 June 2014

plus vacancy cost (recovery of expenses)

b Corresponds to the following projects: Îlot E, Millénaire 4, Québec,

Campus Défense, Vauban, Ottawa, Vancouver

€ per share


5. OUTLOOK

Priority: Energy and carbon footprints

Signature of the Pelletier Charter for

Sustainable Building and participation

in market reporting

Introduction of a methodology for monitoring

regulated green leases

and extension to certified buildings

Systematic environmental certification of

all new buildings: at least HQE Excellent

Continuing to build Icade’s expertise in

renovation of commercial property targeting

the highest levels of certification

and labelling

Reduction in consumption

in the major commercial

buildings owned by Icade

through to 2020

Reduction in greenhouse gases

linked to operational energy use

on the basis of 2011

emissions

CONTINUATION OF ENVIRONMENTAL CERTIFICATION PROCESS

88

,00

0

18

7,0

00

21

8,0

00

23

8,0

00

38

8,4

97

43

0,4

97

48

4,2

63

58

3,3

96

2009 2010 2011 2012 2013 2014e 2015e 2016e

Floor space of HQE certified

assets

(m2)

EQHO 80,000 m²

START 30,000 m²

BEAUVAISIS a

14,000 m²

and

a First BBC Rénovation certified building in Paris

and

LONG-TERM PUBLIC COMMITMENTS

2% per m2/year

18% relative to

2011

3% /year

1/4 of emissions

by 2020

STRONG MANAGEMENT ACTION TO REDUCE ENERGY & CARBON FOOTPRINTS IN THE SHORT TERM

34

5. OUTLOOK

Priority: sustainable city


Veolia Environnement HQ, is one of the five

pilot companies for the testing and

development of the proposed “Biodivercity”

label

Experimental research with Ecole Normale

Supérieure into urban green roofs

Progress plan based on 4 key challenges

relating to the CDC Energy and Ecology

Transition programme

The diversity of Icade’s residential clients

shows a very balanced view of the city.

These figures confirm its position as

a unique operator in France promoting

sustainable cities and social diversity

CONNECTED BUILDINGS

Production of a sustainability assessment

tool for urban projects looking

at planning/mobility integration

Creation of an information platform

for business park accessibility

Car-sharing and electric vehicles

in residential projects

Arbitrage of development and land projects

using a connectivity indicator

GREATER FUNCTIONAL AND SOCIAL MIXITY

COMMITMENT TO BIODIVERSITY

ECO-MOBILITE effinergie

Type of client 2013

Tax-efficient investment 21%

Social housing 25%

First-time buyers 30%

Second-time buyers 8%

Investment without tax breaks 12%

Other 4%

Total 100%

35

Maintenance of 2014 guidance of consolidation in EPRA Earnings from Property Investment per share,

thanks to:

increased marketing efforts across the entire portfolio in order to bring the financial occupancy rate above 90%

the development of major projects at business parks under secure conditions allowing for improvement in cash flow

control of operating expenses, primarily as a result of cost synergies from the merger with Silic

maintaining the LTV ratio at around 40% and further reduction in the average cost of debt by means of increased financial

disintermediation

As of 2015, Icade should see significant improvement in EPRA Earnings from Property Investment thanks

to the full letting of EQHO and the completion of secure development projects (Monet and Millénaire 3

due to be completed in 2015, Veolia in 2016)


5. OUTLOOK

Guidance

Q&A

Appendices

Les Closbilles (Cergy, 95)


Calculation of EPRA Earnings from Property Investment

APPENDICES

(€m) 30/06/2013 30/06/2014 Change

Net profit 52 16 (70)%

Profit from other activities (16) (12) (28)%

Profit from property income (a) 36 4 (89)%

Change in value of investment property and depreciation (96) (129) +35%

Gains on disposals of fixed assets 36 (4) (111)%

Tax on profits relating to disposals and impairment losses 1 0 NA

Change in fair value of financial instruments 2 (10) NA

Adjustments for affiliates (6) (3) (47)%

Minority interests (Icade Santé) 17 22 +25%

Total restatements (b) (46) (126) +174%

EPRA Earnings from Property Investment (a − b) 82 130 +58%

EPRA Earnings from Property Investment (€/share) €1.58 €1.76 +1%


EPRA Net Asset Value

APPENDICES

(Group share, in €m) 30/06/2013 31/12/2013 30/06/2014

Change over 6 months

(%)

Change over one year

(%)

EPRA NAV 4,226 5,822 5,610 (3.6)% +32.7%

EPRA NNNAV 4,079 5,703 5,419 (5.0)% +32.8%

Number of shares, fully diluted (million) 51.7 73.8 74.0

EPRA NAV per share €81.7 €78.9 €75.8 (3.9)% (7.3)%

EPRA NNNAV per share €78.9 €77.3 €73.2 (5.3)% (7.2)%


EPRA NNNAV APPENDICES

(€m)

(12) (15) (16)

2,547

4,168 3,850

1,500

1,492 1,521

44

58 64

30/06/13 31/12/13 30/06/14

Unrealised gains on property assets

net of transfer duties

Unrealised gains

on Property Development / Services

Shareholders’ equity

(+FMV of debt

and impact of dilution)

Tax on property assets

and companies

5,703 or €77.3 per share




Income statement by asset type a

APPENDICES

Strategic

assets

Alternative

assets

Non-strategic

assets

Other

(Head office costs,

intra-group items) TOTAL

(€m, share of total) June 2013 June 2014 June 2013 June 2014 June 2013 June 2014 June 2013 June 2014 June 2013 June 2014

Rental income 103 193 60 66 27 19 (3) (3) 187 275

Net rental income 90 174 59 65 18 13 (3) (2) 164 249

Rental margin 87.0% 90.0% 98.8% 98.9% 66.9% 65.9% NA NA 87.6% 90.6%

EBITDA 84 161 55 61 17 11 2 (4) 158 228

Operating profit 17 61 29 33 48 3 0 (6) 95 90


of the new IFRS 11 standard relating to joint-venture partnerships


Portfolio indicators

APPENDICES

Figures at

30 June 2014 a

Portfolio

value

excluding

transfer duties

(€m)

Rentable space

(m²)

EPRA vacancy

rate

(%)

IFRS rental

income,

annualised

(€m)

Remaining

committed

lease

term

(years)

Offices, France 3,526 592,609 14.9% b 180.3 4.6

Business parks 4,062 1,468,789 13.4% 222.3 3.1

Total Strategic 7,588 2,061,398 14.1% 402.6 3.8

Alternative a 1,114 507,867 0.0% 76.4 8.8

Non-strategic 168 320,176 4.0% 15.1 5.9

COMMERCIAL PROPERTY 8,870 2,889,440 11.9% 494.2 4.6

a Icade Santé share b Adjusted for lettings at Tour EQHO and Tour Initiale, the EPRA vacancy rate is 7.5%

for offices in France


Yield a

APPENDICES

a Annualised net rent from rented space plus potential net rent from vacant space

at market rental value, divided by appraisal value excluding transfer duties of rentable space

6.8

%

7.7

%

6.9

%

8.0

%

7.3

%

6.8

%

7.3

%

6.8

% 8.2

%

7.1

%

6.7

%

7.6

%

6.9

%

9.0

%

7.3

%

6.8

%

7.6

%

6.9

%

8.1

%

7.2

%

6.9

%

7.9

%

6.9

%

8.9

%

7.4

%

7.1

%

8.0

%

6.9

%

10

.2%

7.5

%

Offices, France Business parks Healthcare Non-strategic commercial TOTAL COMMERCIALPROPERTY

31/12/2010 31/12/2011 31/12/2012 30/06/2013 31/12/2013 30/06/2014


French commercial property market

APPENDICES

a Source: CBRE b Source: Banque de France

0

5

10

15

20

25

30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

H1 H2

15.5

10.7

0%

1%

2%

3%

4%

5%

6%

7%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H12014

Yield on "prime" Paris CBD offices

OAT TEC 10

4.00%

0.21%

1.63%

€699

€467

€294

200 €

400 €

600 €

800 €

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 2014

Prime Paris Centre West Prime La Défense Average Greater Paris

Commercial property commitments

in France by half-year period a

(€bn)

Rental values in the Paris region

between 2000 and H1 2013 a

€ / m² / year, excluding VAT and charges

Comparison of yields (at end of period) b Vacancy rates in the Paris region a

30/06/2013 30/06/2014

West Central Paris 5.6% 5.6%

South Paris 3.3% 3.9%

Northeast Paris 3.6% 4.1%

Paris average 4.5% 4.8%

La Défense 7.6% 12.1%

Western Crescent 11.5% 11.8%

Inner rim, North 10.3% 9.4%

Inner rim, East 7.5% 7.6%

Inner rim, South 7.9% 9.4%

Outer rim 5.5% 5.4%

Total Paris region 6.7% 7.0%


Residential Property Development market

APPENDICES

459 512 460 555

435

697

463 359

458 326 355

H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014

650 811

1,028 1,082 1,012 909

31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014

9.2%

13.4% 12.7%

7.8% 6.6% 6.1%

31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014

40 33

16 21 21 22

31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014

(22.4)% (10.1)%

(7.6)% +6.2%

Most residential developments have NF Logement and BBC certification

Housing reservations - Value (€m)

Backlog (€m)

Disposal rate of marketable stock Unsold homes value (€m)

Real Estate

20140724 - Half-year results 2014