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7/29/2019 Icade Sfaf 21fev13 Va Web

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R e s u l t s

2 1 F e b r u a r y 2 0 1 3

A n n u a l

The T3 tram line arrives at Parc du Pont de Flandre (Paris 19 th)


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2

2012AnnualResults

Disclaimer

This presentation is not an offer or a request for an offer to sellor exchange securities, or a recommendation to subscribe, buyor sell Icade securities. Distribution of this document may be

limited in certain countries by legislation or regulations.

As a result, any person who comes into possession of thisdocument is required to familiarise themselves and comply withsuch restrictions.To the extent permitted by the applicablelaws, Icade excludes all liability and makes no representationregarding the violation of any such restrictions by any person

whatsoever.


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1 Strengths of the Icade business model

Optimising the asset portfolioMatching the portfolio with demand

Strengthening the financial position

Managing risk

2 Financial results

3 Opportunities and strengths

4 Appendices

C o n t e n t s

Parc du Millnaire, Paris 19th


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4

2

012AnnualResults

Solid key indicators

Significant improvement in EBITDA (+8%) LTV under control

Reduction in NAV in 2012 (-3%)Strong growth in net current cash flow (+13%)

40.0% 39.5% 39.8%

Dec. 2011 June 2012 Dec. 2012

83.7/ action

80.8/ action

80.7/ action

4,313 M 4,189 M 4,190 M

Dec. 2011 June 2012 Dec. 2012

355 M 385 M

Dec. 2011 Dec. 2012

4.32 / action

4.86/ action

223 M 251 M

Dec. 2011 Dec. 2012

Net current cash flow rose by 12.5% due to firm growth in EBITDA, particularlyin Commercial Property

A solid financial position Taking into account assets covered by a promise of sale at 31

December 2012, the adjusted LTV was 38.4%

EPRA triple-net NAV was down 2.8% relative to 31 December 2011,because of lower asset values in Commercial Property (due in particular tothe value adjustment relating to tour EQHO) and the lower mark-to-marketvalue of hedging instruments

EBITDA rose by 8%, mainly due to efficient rental management, acquisitions anda reduction in intra-group transactions between the Development and PropertyInvestment divisions


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Managing risk

2 Financial results


4 Appendices

C o n t e n t s

Parc du Millnaire, Paris 19th


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2

012AnnualResults

Strengths of the Icade business model

Streamlining assets

90% of the portfolio now consists ofstrategic and alternative assets

Ongoing move to focus on commercial property in 2013 through the planned combinationwith Silic

547m of investment in 2012 in strategic activities (offices, business parks) and alternative activities

(healthcare)

350m of disposals, either completed or covered by a promise of sale, involving non-strategic

or mature assets (residential, warehouses, Germany)

Matching the portfolio with demand

Assets located in the main business districts of the Paris region, benefiting from recent

or upcoming development ofpublic transport, strengthened by the combination with Silic

Recently built properties, meeting the toughest environmental standards

Success in terms of the main rental conditions, stabilising the occupancy rateat around 95%


New financing (club deal, mortgage, fundraising for Icade Sant) resulting in a more even debt

maturity schedule and preparing for the integration of Silic

Sound financial position

Managing risk

Specific approach to the development market

Major potential for increasing rents on existing properties and secure projects

Firm grip on the pipeline, allowing major flexibility in initiating operations

Strengthsofthe

Icadebusinessmodel


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2

012AnnualResults

Optimising the asset portfolioBreakdown of the portfolio by strategic sector between 2009 and 2012

Ongoing move to focus on commercial property in 2012(1)Assuming 100% ownership

Total portfolio value:6,850m

at 31 December 2012

2009 2012

Shoppingcentres

281m

Healthcare

661m

Offices, France

1,162m

Business parks

1,289m

Offices,

Germany,

Warehouses,

Residential

2,411m

Alternative 16%

Strategic 42%

Non-strategic 42%

22%

20%

42%

5%

11%

Total portfolio value:5,804m

at 31 December 2009

Alternative 32%Non-strategic 10%

Strategic 58%

Shoppingcentres

442mHealthcare (1)

1,725m

Offices, France

2,426m

Business parks

1,570m

Offices,

Germany,

Warehouses,

Residential

687m

23%

35%

10%

25%

7%Strengthsofthe

Icadebusinessmodel


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2

012AnnualResults

Optimising the asset portfolioInvestments and disposals

Investments:557m

Warehouses, offices and retail property Disposal of 36,400 m2 of warehouses and 7,300 m2 of offices

and retail properties on a joint-ownership basis

Disposal in December 2012 of an 8,400 m office building

at 7-9 avenue de Messine, Paris 8 th

Promise of sale signed in January 2013 for a portfolio of 11

logistics platforms, with total space of 380,000 m2 for145m

Offices, Germany Disposal of two office buildings in Berlin and Hamburg

and land for57m Promise of sale on buildings in Berlin and Frankfurt

(19,400 m) and land in Germany

Residential Sale of an entire development of 495 homes in Epinay-sur-Seine

in June 2012 for33m

Promise of sale signed in January 2013 for the block disposal

of 849 homes in Sarcelles (95)

Other disposals Disposal in March 2012 of Icade Rsidences Services, a

company specialising in managing student residences, for24.2m

Talks underway to sell the engineering business of the

Development division in the first quarter of 2013 (Arcoba, Gestec,

Setrhi-Stae) and to sell Suretis, which specialises in security

and remote surveillance services

Disposals: 350m (capital gains:81m)

Tour EQHO (La Dfense)

Le Beauvaisis (Paris 19th)

Healthcare

Strengthsofthe

Icadebusinessmodel

Active portfolio rotation policy, allowing the portfolio to be streamlined

Completion of 79,200 m of usable space

scheduled in mid-2013

First high-rise building with HQERnovation and

BREEAM-Very Good / BBC Rnovation Certification

Completion of 12,000 m in early 2012, including

3,350 m let to ARD

First Paris office building with both HQEand BBC

Rnovationcertification

Acquisition of 11 clinics (2,100 beds) managed

by top-tier operators for310m

Front Pop laire metro station (e tension of the 12 line) in the Parc des Portes de Paris (Saint Denis)


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Front Populaire metro station (extension of the 12 line) in the Parc des Portes de Paris (Saint-Denis)

C o n t e n t s1 Strengths of the Icade business model



Managing risk

2 Financial results


4 Appendices

h h f l h d d


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2

012AnnualResults

Nanterre

Courbevoie

Puteaux

8

12

15

19

12

3

4

56

7

9 10

11

1314

16

1718

20

Maison-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne

Neuilly

Nanterre

St Denis

Rueil-Malmaison

>100m50m to100m0m to50m

CourcouronnesEvry

Aubervilliers

OfficesBusiness parks

Paris 19th

Aubervilliers

St Denis

BUSINESS PARKS

LaDfense

Matching the portfolio with demandLocation of business parks and offices in the Paris region

Assets located in the main business districts of the Paris region, benefitingfrom recent or upcoming transport developments, strengthened

by the combination with Silic

Le

Mi

llna

ire

shoppingcen

tre

Aube

rvilliers

Le

Millna

ire

Paris19th

Me

tropo

litan

Villejuif

Tour

PB5

LaDfense

Crys

talPark

Neuilly

Haussmann

Paris8th

L

INK

Paris15th

Strengthsofthe

Icadebusinessmodel T

our

EQHO

LaD

fense

h h f l h d d


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2

012AnnualResults 1. North-East Paris

2. ZAC Claude Bernard

3. Gare des Mines-Fillettes

OTHER PROJECTS

Yesterday

Strengthsofthe

Icadebusinessmodel

Matching the portfolio with demandFocus on business parks

M2M1

M5

M6

M4M3

SAINT

DENIS AUBERVILLIERS

PARIS

Stops on the 239 and 65 bus lines

M t hi th tf li ith d d


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2

012AnnualResults

Today

1. North-East Paris



OTHER PROJECTS

Strengthsofthe

Icadebusinessmodel


M2M1

M5

M6

M4M3

SAINT

DENIS AUBERVILLIERS

PARIS


Front Populaire station

(phase 1) opened on 18 Dec 2012

Tram line

Opened on 15 Dec 2012

3T

M 12Metro station

M t hi th tf li ith d d


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13

2012AnnualResults


1. North-East Paris



OTHER PROJECTS

M2M1

M5

M6

M4M3

Strengthsofthe

Icadebusinessmodel

SAINT

DENIS

PARIS

AUBERVILLIERS

Tomorrow

An area very well served by public transport


Front Populaire station

(phase 1) opened on 15 Dec 2012

Tram line

Opened on 15 Dec 2012

M 12

3T

Planned tram line 8T

Extension of the RER E line

(Rosa Parks station)E

Ilot EMetro station

M t hing the po tfolio ith dem nd


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14

2012AnnualResults

1,598

2,023

4,241

4,611

1,621

2,130

4,417

4,853

Parc du Mauvin Parc des Portes de Paris Parc du Pont de Flandre Parc du Millnaire

Value at 31 December 2010 Value at 31 December 2012

152172

295 292

162178

308328

Rent at 31 December 2010 Rent at 31 December 2012

Average values and rents by park( / m)

+5.3%

+4.1%+5.2%

+1.4%

... with a significant impact on rents and values

Strengthsofthe

Icadebusinessmodel



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15

2012AnnualResults


Proportion of strategic portfolio

in the Paris region: 99%

Portfolio mostly consisting of officesand business parks, located mainly in the most dynamic

districts within the Paris region

Total value of the commercial portfolio:

6,593m at 31 December 2012Take-up in the main districts within the Paris region

(thousands of m)

428

247

149

246

208

397

264

117

226

219

345

260

163

261

235

Paris CBD

Paris otherbusiness districts

La Dfense

Western Crescent

Northern sector

2010 2011 2012

Strengthsofthe

Icadebusinessmodel

-6.9%

+1.7%

+3.0%

+2.0%

+4.2%

% : average annual change

(1) Levallois, Neuilly, Boulogne-Billancourt and Issy-les-Moulineaux

(2) Saint-Denis, Saint-Ouen, Clichy, Aubervilliers and Paris 19th

(1)

(2)

Source:MBE Conseil / Immostat

11%

Western Crescent

1,007m

Inner suburbs

1,408m

Paris

1,069m

La Dfense707m

Germany

233m

French provinces

1,811m

22%

15%

16%

27%

4%

Outer suburbs

358m5%



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16

2012AnnualResults

Matching the portfolio with demandAsset quality

Low average age of portfolio assets:assets less than 10 years old make up 67%

of the portfolio by value

HQE certified properties in use account for

21% (excluding EQHO, due for completion

in 2013)

All Icade developments have at least

HQE certification (Millnaire 3, Veolia,

Ilot E, EQHO etc.)

Properties that are efficient for tenants

Limited charges (low energy consumption etc.)

Optimised occupancy (flexible spaces with

extension possibilities)

216,076

298,290 298,290

358,970

428,810

2012 2013e 2014e 2015e 2016e

Strengthsofthe

Icadebusinessmodel

Strong growth in properties with environmental certification

Office properties with HQE certification

(total space in m)



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17

2012AnnualResults

Matching the portfolio with demandOperational indicators

Healthy operational indicators

providing good visibility on future cash flows

Slight rise in occupancy rates

Financial occupancy rate of 94.8% in December2012 (94.7% in December 2011)

Maintenance of a voluntary vacancy rate and shorter

lease terms in business parks so as to give more

flexibility in asset management terms

Financial occupancy rate Remaining committed lease term (years)

Strengthsofthe

Icadebusinessmodel

Higher remaining committed lease term

Leases renewed in 2012 with committed termsof 5.6 years

Rents broadly in line withmarket rentalvalues

6.2 6.0 6.2 6.06.4

5.2 5.24.9 4.7

5.0

Dec 10 June 11 Dec 11 June 12 Dec 12

Commercial Property

Offices and business parks portfolio

91.0%

92.5%

94.7%

93.3%

94.8%

88.7%

91.0%

93.4%

90.8%

92.6%

dc-10 June 11 dc-11 June 12 Dec 12

Commercial Property

Offices and business parks portfolio


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Le Beauvaisis (Parc du Pont de Flandre, Paris 19 th)


19/69




Managing risk

2 Financial results


4 Appendices

St th i th fi i l iti


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20

2012AnnualResults


Improved funding through innovative solutions

1.5bn club deal to prepare for the integration of Silic, resulting in a smoother maturity

schedule

200m mortgage loan on the Parc du Pont de Flandre

360m capital increase valued at NAV to finance the development of Icade Sant

LTV below 40%

Longer average debt maturity

Around900m of undrawn facilities, covering two years of debt repayments

(capital + interest)

Strengthsofthe

Icadebusinessmodel

Pushed Slab (Paris 13th)


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Optimising the asset portfolio



Managing risk

2 Financial results


4 Appendices

Managing risk


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22

2012AnnualResults

Ma ag g sA specific approach to the development market

Residential Development work only launched after a sufficient level of reservations has been achieved

Land options: land not bought until the development can be started, i.e. until pre-marketing can

commence

Increasing proportion of first-time buyers and institutional investors

Commercial Very limited exposure to speculative developments (around 13% of space under development)

Business levels evened out by more recurrent public-sector developments, which carry no marketing risk

Development accounts for only 5.9% of capital employed at Icade

Strengthsofthe

Icadebusinessmodel

Institutional

investors

First-time buyers

Breakdown of customersBreakdown of investors

by tax regime in 2012

Private

investors

32.5%17.3%

32.2% 40.8%

28.5%46.5%

29.5%34.2%

39.0% 36.2% 38.3%25.0%

2009 2010 2011 2012

LMP / LMNP

4%

Other tax relief

6%

Scellier

90%

Managing risk


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23

2012AnnualResults

g gResidential development - key indicators

Strengthsofthe

Icadebusinessmodel

Housing reservations - Value (m)

620

971 1 0151 132

822

0

200

400

600

800

1000

1200

2008 2009 2010 2011 2012

(1) Excluding PNE housing, the change between 2011 and 2012 was -14% by value

(2) Figures take account of the re-inclusion of housing units in the PNE project

(3) Value of unsold homes at 31 December 2012: 21m

Backlog (2)- m

519650

811

1 028 1 082

0

200

400

600

800

1000

1200

2008 2009 2010 2011 2012

Disposal rate of marketable stock

5.3%

9.2%

13.4% 12.7%

7.8%

0%

5%

10%

15%

2008 2009 2010 2011 2012

Unsold homes -Volume (units)

244264

218

118 117

0

50

100

150

200

250

300

2008 2009 2010 2011 2012

-27.4% +5.2%

-0.8%

-38.6%

Most residential developments have NF Logement and BBC certification

(1) (1)

(3)

Managing risk


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24

2012AnnualResults

g gCommercial and public-sector development

Commercial and public-sector development revenues (m) Intragroup revenues (m)

Commercial property development: limited exposure to speculative developments,

with most current developments secured by investors or tenants

Under development: potential revenue of 381m from 312,500 m

Under preparation: potential revenue of 1,029m from 578,600 m

Public-sector property development: resilient business with no rental risk

Under development: 124m from 111,500 m

Under preparation: 87,200m

Most projects have HQE or equivalent certification

0

100

200

300

400

2010 2011 2012

PM, engineeringand other

Commercialand retail

Publicand healthcare

379 364409 73

66

14

0

10

20

30

40

50

60

70

80

2010 2011 2012

Controlled exposure to market risk:limited risk given the special characteristics of the Icade model

Strengthsofthe

Icadebusinessmodel

(1) PNE housing business transferred to Residential Development and separation of the PNE Refurbishment business

(1) (1)

Managing risk


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25

2012AnnualResults

Additional costs in 2012 incurred to strengthen the existing

structure, which will contain all new elements (housing,

offices, shops and public amenities):7m impact onEBITDA and18m impact on operating profit (1)

Disposal of Icade's stake in the SAS PNE refurbishment

company to CDC

In future, Icade will concentrate on its role as residentialand commercial developer in this project

907 homes built by Icade, with 80% reserved to date

27,600 m of offices jointly developed with BNP Paribas Immobilier

(investor for the whole development)

15,400 m of business space acquired by RIVP

Refurbishment risk related to the PNE project has now been isolated.In future, Icade will concentrate on the development part of this very large

project, which will have a major impact on its region

Strengthsofthe

Icadebusinessmodel

g gNorth-East Paris development

(1) Before stripping out internal margins

Managing risk


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26

2012AnnualResults

g gFocus on the pipeline 2013-2017

Investment at the cutting edge of sustainable development

Total commercial property investment

(identified and committed) ~541m

Main investments Space CompletionTotal

investment (1)Investment

2013-2017Gross

rent

Yield

Tour EQHOHQE Rnovation / BBC

Rnovation

BREEAM-Very Good

79,200 m2 Q2 2013 746m 110m ~42m 6.5%(2)

Work in

progress

Pre-marketing

in progress

Millnaire 3

HQE

/ BBC /BREEAM-Excellent 32,000 m2

Q2 2015

388m 353m ~28m 7.2%

Let to the

ministry

of Justice withoption to buy

Veolia projectHQE, BREEAM-Very

Good, RT2012, BBC

45,000 m2 Q2 2016Let to Veolia

Environnement

Clinics: extensions /

redevelopment90m 78m ~6m 7.1% Let

Total 541m

Strengthsofthe

Icadebusinessmodel

(1) Total estimated investment, including duties and fees (including land charges for business park developments, financial costs relating to works and, if applicable, rent-free periods and user work)

For business parks, the gross value of land and buildings to be demolished for t he construction of projects is included in th e production costs for new developments

(2) After taking into account the 93m impairment provision (at end-2011, provision of36m)

Managing risk


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27

2012AnnualResults

Architect: Hubert & Roy Architectes

Height: 139m

Number of floors: Ground+40; 4 basement

levels

Floor space: 79,200m gross rentable area

Car park: 1,100 spaces

Employee capacity: up to 5,922 workstations

(9.2 m net usable space / workstation)

StrengthsoftheIcadebusinessmodel

Tour EQHO

A tower transformed, a renaissance, a new product

A new luminous facade, highly contemporary, making a real architectural statement

Modification of access and redesign of lobbies

Total replacement of technical equipment

Diversification and innovation in catering

Exceptional services

Increased flexibility: multi-tenant potential

Strong visibility

Standing on the La Dfense ring road

Located just off the La Dfense plaza, with direct connections

to Courbevoie town centre and its shops, as well as to the shopping centresof La Dfense

Very high standards

A breathable triple skin

Construction work certification: a high proportion (95%) of office space

with outside view

Excellent noise insulation

Environmental certification: HQE Rnovation, and BREEAM-Very Good /BBC Rnovation certification

A major source of cash flow for Icade

Impact of IBM's departure in 2009 offset by the arrival of Compagnie

la Lucette in 2010

Potential annual rent of around42m

Limited vacancy cost: maximum annual post-completion impact of8m

(3m in 2012, i.e. additional5m over a full-year)

Managing riskB i k d j t


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28

2012AnnualResults

M2M1

M5

M6

M4M3

SAINTDENIS

PARIS

AUBERVILLIERS

Centre commercialLe millnaire

Signed agreements showing the appeal of the area

and supporting its appraisal value

Business parks: secured projects

Veolia Environnement will relocate its head

office in 2016, bringing together more than

2,000 staff

Off-plan lease signed in January 2013 for

45,000 m of office space (lease term: 9 years /

rent:16.5m)

Featuring the latest environmental and energy-performance technologies (HQE and

BREEAM-Very Good certification)

In 2015, the ministry of Justice will bring

together 1,600 central government staff,

currently spread out over several sites

within Paris

December 2011: signature of heads of agreement

with the government for a lease plus option to buy

relating to Millnaire 3 (32,000 m) - lease term:12 years / rent: 11.6m

Start of work: early 2013

Expected completion: April 2015

HQE and BREEAM-Excellent certification

BBC certification


Architecte : Dietmar Feichtinger Architecte : Cabinet KPF

Managing riskB i k j t d t l


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29

2012AnnualResults

Millnaire 4 Ilt E

Space: 24,800 m

Rent:8.9m (350 per m of office space)

Cost:117m (including incentive measures and land

cost)

Estimated yield to cost: 7.6%Completion: 24 months after launch decision

Building permit obtained and cleared

Environmental certifications: HQE, BREEAM, BBC,

RT 2012

Space: 28,300 m

Rent:9.1m (300 per m of office space)

Cost:110m (including incentive measures and land

cost)

Estimated yield to cost: 8.3%Expected completion: 30 months after launch decision

Building permit obtained and cleared

Innovative building - wooden structure and faades

Business parks: projects under control


Environmental certifications: HQE,

BREEAM-Excellent, BBC, RT 2012

Managing riskPotential rent


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30

2012AnnualResults

Potential rent

Potential for increased rent before indexation (inm)Commercial Property division (before integration of Silic)

382404

463

(13)

+ 12

+ 17+ 6

+ 21

+ 42

(22)

+ 18

Potential rental growth of around 20% within 4 or 5 years


IFRS rentalincome

2012

Non-strategicdisposal(covered

by promiseof sale)

Millnaire 3(completion:

2015)

Veoliaproject

(completion:2016)

Clinics:extensions /

redevelopment

Securerent

Potential rent(vacancies in

buildings in use)

EQHO(completion:

2013)

Disposals ofremaining non-strategic assets

Other projectsidentified but

not yet started(PDM4, Ilt E)

Potentialrent

Millnaire 3 and 4 (Paris 19th)


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2 Financial results


4 Appendices

Property Investment divisionIncome statement


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32

2012AnnualResults

Income statement

Substantial growth in rental income from the Property Investment division,resulting from the shift towards commercial property

(1) 1 January 2012: transfer of Healthcare assets not owned by Icade Sant (mainly the Levallois building let to the ministry of the Interior) to Offices, France

To ensure comparability, figures at 31 December 2011 have been adjusted to reflect this new classification(2) After elimination of business-line intra-group items

Offices,

France(1)

Business parksTotal

Strategic

Shopping centres Healthcare(1) Total

Alternative

Non-strategic

portfolioTOTAL (2)

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

Rental income 118 127 96 95 214 221 22 25 62 91 84 116 64 59 362 397

Net rental

income106 118 88 81 194 199 19 22 61 91 80 112 42 42 317 354

RENTALMARGIN

90% 93% 91% 86% 91% 90% 85% 87% 99% 99% 95% 96% 66% 72% 88% 89%

(Net rent /rental income)

EBITDA 96 107 82 73 179 180 17 20 56 85 73 106 36 38 288 323

Operating

profit

50 16 44 40 94 56 5 6 29 43 34 49 48 33 176 138

Financialresults

m

Property Development divisionIncome statement


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33

2012AnnualResults

Residential(1) Commercial(1)PNE refurbishment

(1) TOTAL(2)

Change

(%)

2011 2012 2011 2012 2011 2012 2011 2012

Revenue 741 670 364 409 10 16 1,106 1,071 -3%

EBITDA 56 52 25 20 1 -7 82 69 -16%

EBITDA margin(EBITDA/revenue)

7.5% 7.7% 6.9% 4.8% 11.0% -45.4% 7.4% 6.4% -1 pt

Operating profit 51 46 30 21 -4 -18 77 52 -33%

Income statement

Limited decrease in revenue in the Property Development division despitetough operating conditions, and resilient margins, particularly in Residential

Development

(1) Including business-line intra-group items(2) After elimination of business-line intra-group items

Financialresults

m

Services divisionIncome statement


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34

2012AnnualResults

Income statement

Structural streamlining now complete

Propertymanagement

Advice/appraisals

TOTAL Change

(%)

Businesses divested

(in 2011 and 2012) or

being divested

2011 2012 2011 2012 2011 2012 2011 2012

Revenue 34 33 18 15 52 48 -7% 58 15

EBITDA 4 4 3 2 7 5 -19% 4 0

EBITDA margin(EBITDA/revenue)

10.7% 10.7% 16.2% 11.5% 12.5% 11.0% -1.5 pts 7.6% -0.6%

Operating profit 3 3 2 1 6 4 -30% 4 -1

Financialresults

m

From operating profitto net profit (group share)


35/69

35

2012AnnualResults

to net profit (group share)

CommercialProperty

2011 2012Change

%

Operating profit - Property Investment 176 138 -21%

Operating profit - Property Development 77 52 -33%

Operating profit - Services 9 3 -64%

Icade holding company and intra-group operatingprofit -24 8 NA

Icade operating profit 238 201 -16%

Net financial items -97 -102 +4%

- Tax -44 -37 -16%

Net profit 98 62 -37%

- Minorities' share of net profit -5 -9 +78%

Net profit (group share) 93 53 -43%

Financialresults

m

Changein net current cash flow


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36

2012AnnualResults

Net current cash flow up 13%, mainly due to strong performance

in the Property Investment division

223.5

251.4

+36.0

-10.7-5.7

+11.7

-3.9

+0.5

NCCF 2011 EBITDA PropertyInvestment

EBITDA PropertyDevelopment

(adjusted for SASPNE)

EBITDA Services Head office costs,intra-group items

and other

Net underlyingfinancial items

Underlyingcorporate income

tax

NCCF 2012

4.32per share

4.86

per share

Fina

ncialresults

m

Total portfolio valueChange over the period


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37

2012AnnualResults

Change over the period

Continuing disposals of non-strategic assets

m (excluding transfer duties)

(1) Buildings at their appraisal value

2,567 2,557 2,426

1,542 1,576 1,570

437 440 442

1,317 1,375 1,725

864 809687

December 2011 June 2012 December 2012

Business parks Retail and shopping centresOffices, France

Healthcare Non-strategic portfolio

6,850(1)

+1.4%

6,727(1) +0.4%

6,757(1)

Strategic

and Alternative

90%

Strategic

and Alternative

88%

Strategic

and Alternative

87%Fina

ncialresults

Commercial Property portfolio valueAnalysis of changes


38/69

38

2012AnnualResults

y g

Like-for-like fall of 1.6% in the valueof theCommercial Property portfolio

2,567 2,426

1,542 1,570

437 442

1,317 1,725

552430

-194 -66

+214+324

-12 -88

Dec 2011 Disposals of

strategic assets

Disposals of

non-strategicassets

Investments Healthcare

acquisitions

Rate effect Business plan

effect

Dec 2012

6,415 6,593

-1.6%like-for-like

Change in value on

like-for-like portfolio:

-100m

Business parks Retail and shopping centresOffices, France

Healthcare Non-strategic portfolio (Offices, Germany and Warehouses)

Strategic and

Alternative91%

Strategic and

Alternative93%F

ina

ncialresults

m (excluding transfer duties)

Commercial Property portfolio valueLike-for-like change


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39

2012AnnualResults

g

Highly contrasting pattern in yields fromone asset class to the next

(1) Impact on appraisal value of the revised yields and discount rates used by appraisers

(2) 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.)(3) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraised value excluding transfer duties of rentable space

Appraisal values (excluding transfer duties)like-for-like Yield(excluding transfer duties)(3)

31/12/12 First half 1 year

of which

interest

rate

effect(1)

of which

business

plan

effect(2)

31/12/12 6 months 1 year

Offices, France 2,426 +0.3% -2.2% +0.8% -3.0% 6.7% -13bp -6bp

Business parks 1,570 +0.3% -1.5% +0.3% -1.8% 7.8% +7bp +24bp

Total Strategic 3,996 +0.3% -1.9% +0.6% -2.5% 7.2% -3bp +8bp

Shopping centres 442 +0.7% +0.6% -0.2% +0.9% 6.2% +2bp +7bp

Healthcare 1,725 +2.5% +2.6% +0.3% +2.3% 6.9% +20bp +8bp

Total Alternative 2,167 +2.0% +2.1% +0.2% +1.9% 6.7% +18bp +11bp

Non-strategic portfolio 430 -4.1% -12.8% -8.0% -4.8% 10.5% +103bp +153bp

Total 6,593 +0.4% -1.6% -0.2% -1.4% 7.2% +4bp +12bp

Fina

ncialresults

Analysis of change in EPRA triple net NAV per share


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40

2012AnnualResults

3.6% decrease in EPRA triple net NAV per share

Dec 2011 2012 dividend Consolidated

profitChange

in gains on

total portfolio

Change

in gains on

developmentand services

companies (1)

Change

in fair

value ofderivative

instruments (2)

Other Dec 2012

(1) The valuation method used is based mainly on a discounted cash flow (DCF) model over the period of each company's business plan, together with a terminal value based on normalised cash flow growing in perpetuity.

Among the financial parameters used, the weighted average cost of capital, up relative to the valuation at end-2011, was between 8.95% and 13.06% for development companies and between 8.35% and 10.89%

for service companies. The enterprise value of development and service companies decreased by 1%.After deduction of net debt, the equity value of development and service companies comes to 426.7m versus 426.6m

at 31 December 2011

(2) Change in fair value of derivatives and fixed-rate debt

Impact

of the sale

of shares inIcade Sant

Fina

ncialresults

/share

83.7

80.7

- 3.7

+ 1.0

- 0.2- 0.6

+ 0.9

- 0.3 - 0.1

Debt structure at 31 December 2012


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41

2012AnnualResults

Stable LTV relative to 31 December 2011

An ICR of 3.52x operating profit (excl. depreciation) and 3.58x EBITDA

Longer average maturity of debt and lower average cost

Over 90% of debt hedged through suitable instruments

No covenant issues

31/12/12 31/12/11

LTV (Loan To Value) 39.8% / 38.4% (1) 40.0% / 36.3% (3)

Net debt (m) 2,725 2,691

Average term of debt 4.3 years (2) 3.8 years

Average cost 3.83%(average 3-month Euribor in 2012: 0.57%)

4.08%(average 3-month Euribor in 2011: 1.39%)

Hedging(average hedge term: 2.9 years)

91% 87%

(1) 38.4% adjusted for assets being sold (covered by promise of sale)

(2) After taking account of the mortgage loan on the Parc du Pont de Flandre arranged in December 2012, with funds available in January 2013

(3) 36.3% adjusted for the Icade Sant capital increase in early 2012

Fina

ncialresults

Debt structure at 31 December 2012


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42

2012AnnualResults

Drawn debt maturity schedule inm (1)

431

635

463364

575

12945 43

295

0

100

200

300

400

500

600

700

2013 2014 2015 2016 2017 2018 2019 2020 2021 et+

(1) Excluding debt relating to equity interests, bank overdrafts including repayment of the Silic intragroup loan

Debt by type

1.75bn of financing arranged in 2012 through innovative solutions such as a forward-start loan

and a mortgage loan secured on a business park

Purpose: anticipate financing requirements, diversify financing sources and ensure a more even

maturity schedule

Debt mainly relating to the Property Investment division

Increase in available facilities (895m), equivalent to 26.4% of gross debt

Firm grip on liquidity risk

Financial structure remains solid

Fina

ncialresults

Mortgage loans 11.4%

Finance leases 4.2%

Corporate borrowings79.4%

Bank overdrafts 2.0%

Other debt 0.2%

USPP 2.8%

Clinique du Parc (Castelnau-Le-Lez)


43/69


2 Financial results


4 Appendices

C o n t e n t s

Icade SantMaintaining growth


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44

2012AnnualResults

Other

investors

37%

Icade

63%

m 31/12/2011 30/06/2012 31/12/2012

Net rental income 61.0 42.5 90.5

EBITDA 55.9 40.2 85.4

Operating profit 29.0 19.8 43.3

Net current cash flow 38.7 29.7 66.6

Portfolio value 1,317.0 1,374.9 1,724.5

Net debt 749.9 502.5 683.9

NAV 554.2 848.8 1,032.3

LTV 56.9% 36.5% 39.7%

Icade Sant was set up in 2007, and owned

55 healthcare facilities valued at1.7bnat 31/12/2012

Assets mainly consist of medicine, surgery and

obstetrics facilities, some follow-up and rehabilitation

care facilities, and psychiatric facilities

Icade Sant was wholly owned by Icade until 2011,

but a capital increase was subscribed by institutional

investors in early and late 2012 (including Crdit

Agricole Assurances, BNP Paribas Cardif and Macif)

to finance its growth - this took Icade's stake down

to 63% at 31/12/2012 (average stake in 2012: 72%)

Icade intends to retain a majority stake and

managerial control

Key figures

Icade Sant ownership structure

Opportunitiesandstrengths

Icade SantPortfolio breakdown


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45

2012AnnualResults

Gnralede Sant

27%

Vedici31%

Harpin6%

3H5%

C2S2%

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

Icade Sant portfolio 31 December 2012

One of Icade Sant's advantages for investorsis the diversity of its portfolioin terms of locationand operators, which reduces risk

Breakdown by operator as %

of total portfolio value

44 MSO* clinics acquired

11 FRC** and MHE*** centres acquired

Nancy

Clermo

nt-

Ferrand

Brest

Les Sables

dOlonne

La Roche sur Yon

Poitiers

Toulouse /

Muret

Agen

Aire sur lAdour

Pau

St Etienne

Orlans

Chartres

Laval

Roanne

Arras

Nantes

Villeneuve dAscq

Bordeaux

Saintes

Niort

Toulon

Valenciennes

Vendme

Bergerac

Montauban

Montpellier

Angoulme

Limoges

Dunkerque

Soissons

(MHE)

Le Mans

Brive

Nancy

Clermont-

Ferrand

Trappes

Le Chesnay

Champigny/Marne

Nogent/Marne

Le Bourget

Bry/Marne

Drancy

Charenton

Vitry/ Seine

Mdi-Partners

26%

Cliniple

3%


Combination with SilicRationale for the transaction


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46

2012AnnualResults

Compelling industrial logic

Creation of Frances largest property investment company in the office segment and uncontested leader in business

parks

A player to be reckoned with in Grand Paris, with geographically complementary sites

A stronger commercial offering for large customers

Similar investor-developer business models

A good fit between the two management teams as well as similar corporate cultures,

facilitating integration and exchange of know-how

A pipeline well in hand and prospects of further value creation with nearly 2 million m of buildable land reserves

A deal consistent with Icade's financial objectives

A transaction in securities that preserves the financial structure of the combined entity

Exchange ratio in line with NAVs of the two companies

An immediately accretive transaction in cash flow terms

A more prominent presence on the stock exchange

Unique positioning among listed issuers in the sector

Increase in free float

Backing of two major shareholders that invest for the long term, with CDC remaining the controlling shareholder


Combination with SilicChange in Icades profile


47/69

47

2012AnnualResults The business combination with Silic marks a new stage

in Icades growing focus on property investment and commercial

property

(1) Silic data at 30 June 2012

Icadeat 31 December 2012

Combination with

SilicIcade + Silic

combined (1)

Total portfolio (excluding transfer duties) 6.8bn 10.2bnof which Offices, France and Business Parks 4.0bn 58% 7.4bn 72%Annualised recurrent rental income 397m 577mProperty Investment division - proportionof EBITDA in 2012

84% 88%Property Investment division - proportionof NAV in 2012

93% 95%Opportun

itiesandstrengths

Combination with SilicDeal timetable


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48

2012AnnualResults

In view of the appeal, the next steps in the timetable will depend on the rulingby theParis Court of Appeal, expected in the first half of 2013.The offer

remains open until further notice

Formationof a holding

company ("HoldCo")

owned by Caisse des

Dpts ("CDC")

to which CDC

transfers its

entire equity interest

in Icade

Transfer of a 6.5%

stake in Silic to

HoldCo by Groupama

30 December

2011

Authorisation

by the French

Competition

Authority

13 February

2012

Transfer ofremaining Silic

shares held by

Groupama to

HoldCo

16 February

2012

Icade submits

a public offerfor Silic with a

commitment

from HoldCo to

tender its

entire 44%

stake in Silic to

the offer

13 March

2012

Offer approved

by the AMF

24 April

2012

AMF decisionto extend offer

period

15 May

2012

Paris Court ofAppeal hears

an application

to overturn the

AMFs

approval of the

offer

21 March

2013

Rulingfrom Paris

Court of

Appeal

End of first half

of 2013

Opportun

itiesandstrengths


49/69


50/69

C o n t e n t s


2 Financial results


4 Appendices

French commercial property market


51/69

51

2012AnnualResults

Appendices

(1) Source : CBRE Richard Ellis

(2) Source : Banque de France

Commercial property commitments in France

by semester(1)Paris region

rental values between 2000 and 2012 (1)

Comparison of yields (at end of period) (2)

31/12

2010

31/12

2011

31/12

2012

West Central Paris 5.6% 4.9% 5.2%

South Paris 5.9% 4.2% 3.6%

Northeast Paris 3.4% 3.3% 3.5%

Paris average 5.3% 4.4% 4.4%

La Dfense 6.0% 7.0% 6.6%

Western Crescent 9.9% 10.4% 10.8%

Inner suburbs, North 9.1% 11.7% 10.5%

Inner suburbs, East 8.4% 7.9% 7.6%

Inner suburbs, South 8.6% 7.3% 7.8%

Outer suburbs 6.3% 6.0% 5.6%

Total Paris region 6.8% 6.6% 6.5%

Vacancy rates in the Paris region (1)

0

5

10

15

20

25

30

03 04 05 06 07 08 09 10 11 12

S1 S2

14.5 bn

(bn)

771

441

295

200

400

600

800

03 04 05 06 07 08 09 10 11 12

Prime West Central Paris Prime La Dfense Average Paris region

/ m / year, excluding VAT and charges

03 04 05 06 07 08 09 10 11 12

Yield on "prime" office properties in Paris CBD

OAT TEC 10

3-month Euribor

4,25 %

0,19%

2,06 %

French residential property development market


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52

2012AnnualResults

Construction activity has fallen. Between December 2011 and

November 2012, new housing starts totalled 360,000, down 11.3%

The 62,600 units sold and reserved in the first nine months of the year

show a 16% fall in activity relative to the same period of 2011

The decline in volumes is due to the combined effect of:

a sharp reduction in the tax benefits of rental investment

a wait-and-see stance among consumers given economic uncertainties

a significant reduction in assistance with social home ownership due to

the PTZ+ reform in late 2011

tougher lending criteria being applied to buyers - although interest rates

remain low (average of 3.31% in November according to Observatoire duCrdit Logement), lending conditions remain restrictive (higher

affordability ratio required and shorter average loan term)

ongoing pressure on prices and likely levelling-off of rents making rental

yields less attractive for investors

The end of the Scellier regime in 2013, replaced by the Duflot regime,

should lead to a shift in focus towards social housing with capped

rents and probably lower yields, in return for substantial but capped

tax breaks. The Duflot act, which came into force on 1 January 2013,has the same aim as the Scellier act, i.e. to address housing

shortages through the construction of new housing

Due to the increase in commercial supply and lower sales, the

average disposal rate (ratio of inventory to sales) for continental

France rose to 13 months in the third quarter of 2012

Building starts and building permits granted

(all France) (1)

(1) Source:MEEDDAT/SESP, SOeS, FPI, CBRE, CF

(1)

(1) Commercial supply consists of housing units under construction, in design, or completed

(number of housing units)

(by developers, developments of at least 5 units)

(number of housing units)

548456

397 454

535 514

435 369333 346

421 360

0

200 000

400 000

600 000

2007 2008 2009 2010 2011 2012

Building permits Building starts

0

50 000

100 000

150 000

200 000

2T00 2T01 2T02 2T03 2T04 2T05 2T06 2T07 2T08 2T09 2T10 2T11 2T12

New offers for sale Sales Commercial supply

0

50 000

100 000

150 000

00 01 02 03 04 05 06 07 08 09 10 11 12(p)

Sales to investors Sales to occupiers Total sales

(by developers, developments of at least 5 units, cumulative over 12 months)

New residential offers for sale, sales and units

under construction in France*

Residential sales volume*

Appendices

Distribution of assets by portfolio


53/69

53

2012AnnualResults

0 2 4 6 8 10 12 14

Value creation potential

Icades strategy is to create and develop portfolios of complementary assets, with the potential to create

significant value over the medium term, in market segments where Icade already has leading positions

and where cash flow is reliable

This growth strategy has been confirmed by asset allocation choices and gradual withdrawal from

segments that do not constitute core assets, such as German office buildings, logistics platforms and

residential property

Appendices

Security of cash flow

(average committed durationof leases in years)

Strategic

Healthcare: clinic portfolio created in less than

5 years, with initial lease durations of 12 years,

generating immediate and sustainable cash flow.

Shopping centres: assets developed in partnership

with the Property Development division.

3 main principles:

- Optimisation, rotation (sale of mature assets),

- Rationalisation (sale of medium-sized or jointly

owned assets),

- Shift to commercial property (sale of assets no

longer forming part of core business).

Arbitrage

Alternative

Offices, France: a high quality portfolio,

with average lease of 5 years,

generating reliable cash flow.

Business parks: strong potential for organic growth(1 million m of land reserves) future cash flow

generatorsand strong value creation.

Offices,

Germany233m

Warehouses

197m

Residential257m

Healthcare

1,725m

Shoppingcentres

442mOffices, France2,426m

Business

parks

1,570m

Main features of the portfolio


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54

2012AnnualResults

(1) Including land reserves and projects in development for725m

(2) 1 January 2012: transfer of Healthcare assets not owned by Icade Sant (mainly the Levallois building let to the ministry of the Interior) to Offices, France

Figures at 31 December 2012(2)

Portfolio

value

excl.duties(1)

(m)

Rentablespace

(m)

Rentedspace

(m)

Financial

occupancyrate(%)

IFRS rental

income,annualised

(m)

Remaining

committed

leaseterm

(years)

Net yield

(excluding

transferduties)

(%)

Offices, France 2,426 308,249 287,292 94.0% 111.6 5.6 6.7%

Business parks 1,570 475,378 439,384 91.0% 96.3 4.2 7.8%

Shopping centres 442 211,346 209,287 97.2% 24.3 4.7 6.2%

Healthcare 1,725 780,327 780,327 100.0% 115.5 9.6 6.9%

Warehouses 197 561,987 507,230 90.4% 21.7 4.8 12.5%

Offices, Germany 233 99,473 84,958 90.1% 12.9 7.5 8.3%

TOTAL COMMERCIAL

PROPERTY6,593 2,436,759 2,308,478 94.8% 382.3 6.4 7.2%

Appendices

Pipeline 2013-2016Summary of investment flows


55/69

55

2012AnnualResults

5751 26

2013 2014 2015 2016

198149 135

59

2013 2014 2015 2016

m

Total:541m

Business parks353m

Offices

110m

Healthcare78m

66

23 21

2013 2014 2015 2016

46 4371 59

2013 2014 2015 2016

Breakdown by year and asset type Breakdown by major project

Millnaire 3

Clinics

Tour EQHO

Businessparks

Healthcare

Offices

29 32 17

2013 2014 2015 2016

Veolia project

Appendices

Icade business parks features


56/69

56

2012AnnualResults

Parc du

Mauvin

Parc des

Portes de Paris

Parc du

Pont de Flandre

Parc du

Millnaire (inc.

Millnaire 5 & 6)

Total business

parks

Space(offices + light industrial areas) 22,000 m2 322,500 m2 90,500 m2 75,600 m2 510,600 m2

Valuation

(excl. transfer duties)26m 669m 400m 324m

1,419m(excl. land reserves and

development)

Valuation / m2 1,621/m 2,130/m 4,417/m 4,853/m 2,911/m

Yield 8.3% 8.7% 7.3% 6.7% 7.8%

Average rent / m2 162/m 178/m 308/m 328/m 223/m

Occupancy rate 92% 92% 86% 97% 91%

Main tenants

TGI

Appendices

C

Location of Icade+Silic
http://www.orthez-citadine.fr/upload/adherents/Alain-Afflelou/logo_Afflelou.png


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57

2012AnnualResults

Annexes

Cergy

Evry

Courcouronnes

Roissy / Paris Nord

Villebon-Courtabuf

Orly

Rungis

Maisons-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne-Billancourt

St-Denis

19

Aubervilliers

15

8 Paris

Rueil-MalmaisonNeuilly

Nanterre

Puteaux

>100m

50m to100m

0m to50m

Business parks

Icade offices

Icade business parks

Business combination between Icade and SilicStructure of the transaction


58/69

58

2012AnnualResults

(1) Based on undiluted number of shares excluding treasury shares of 17.4m Silic shares and 51.6m Icade shares (estimates ass at 31/12/2011)

(2) Based on diluted number of shares excluding treasury shares of 73.5m Icade shares after the transaction

(3) Scenario assuming 100% acceptance of the offer

Completion of transfers to Holdco (1)(end-February 2012)

Share exchange offer for Silic (2) (3)

(during 2013)

CDC

HoldCo Other

ICADE SILIC

56%

Other

44%

Groupama

& Caisses

44%56%

75% 25%

CDC

HoldCo

ICADE

Other

48%

Groupama

& Caisses

52%

SILIC

100%

75% 25%

CDC will remain the

controlling shareholder

in Icade

Appendices

Combination between Icade and SilicCombined entity's commercial portfolio at 31 December 2012


59/69

59

2012AnnualResults

Commercial portfolio of9.9bn,80% in the Paris region

Business parks

24%

Offices, France

37%

Other

commercial

assets39%

6.6bn

61%

Paris

16%

Western Crescent

15%

Other31%

6.6bn

69%

La Dfense

11%

Inner and outer

suburbs of Paris

27%

Land reserves

6%

Business parks

(buildings

in operation)

93%

Buildings

in development

1%

3.3bn

100%

Paris Nord St Denis

14%

3.3bn

100%

Nanterre / A86

42%

Orly-Rungis

36%

Other Paris and suburbs

8%

Business parks

50%

Offices, France24%

Other

commercial

assets

26%

9.9bn

Paris

11%

Western

Crescent

24%Other

21% 9.9bn

La Dfense

7%

Inner and outer suburbs of Paris

37%

(1) Values excluding transfer duties at 31 December 2012, excluding residential

(2) Values excluding transfer duties at 30 June 2012

Icade + SilicSilic (2)Icade (1)

Appendices

Icade key figures


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60

2012AnnualResults

m 31/12/11 31/12/12 %

Revenue 1,492 1,499 +0.5%

EBITDA 355 384 8.2%

Profit on disposals 64 81 +26.7%

Operating profit 238 201 -15.6%

Net financial items -97 -102 +4.5%

Net profit(Group share)

93 53 -43.3%

Net current cash flow

NCCF per share(1)

223

4.32

251

4.86

+12.5%

+12.4%

m 31/12/11 30/06/12 31/12/12

Net debt 2,691 2,667 2,725

Appraisal value 6,727 6,757 6,850

Loan To Value (LTV) 40.0% 39.5% 39.8%

EPRAtriple net NAV

4,313 4,189 4,190

EPRA triple net NAV pershare (2)

83.7 80.8 80.7

Dividend per share

of which recurring

of which non-recurring

3.72

3.35

0.37

3.64

3.64

0.00

(1) Average fully-diluted number of shares excluding treasury shares: 51,695,635 for 2011 and 51,795,086 for 2012

(2) Fully-diluted number of shares excluding treasury shares and dilutive instruments: 51,551,923 at 31 December 2011, 51,833,763 at 30 June 2012 and 51,943,243 at 31 December 2012.

Appendices

Rental income trends

Rental income trends between 2009 and 2012


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61

2012AnnualResults

Rental income trends between 2009 and 2012(m)

419389

362397

+3-33

+8-35

+8+27

2009 Change like-for-like

Change fromacquisitions

and disposals



and disposals



and disposals

2012

+0.8%like-for-like +2.0%like-for-like +2.1%like-for-like

Appendices

Analysis of net current cash flow2011 - 2012


62/69

62

2012AnnualResults

m 2011 2012 %

Recurring EBITDA (1) 355 387 +8.8%

Net underlying financial items -97 -101 +4.0%

Corporate income tax (2) -44 -37 -15.7%

Tax on depreciation provision recognisedon customer contracts and on net changein provisions on investment -Property Development division

0 -1 NA

Capital gains tax on disposals 9 2 NA

Exit tax 0 2 NA

Underlying income tax -35 -34 -1.4%

Net current cash flow 223 251 +12.5%

(1) Adjusted for SAS PNE's EBITDA, which is treated as non-recurring (after elimination of internal margins generated within the Property Development division)

(2) Corporate income tax results from Icade's property development and services businesses and from its holding company activities.

Appendices

EPRA triple net NAV


63/69

63

2012AnnualResults

- 14 - 13 -14

2,720 2,646 2,637

1,505 1,523 1,496

102 33 71

Dec 2011 June 2012 Dec 2012

4,189or80.8 per share

4,313

or83.7 per share

m

-3.4%

Unrealised gains on Property Development / Services

Shareholders equity (+ FMV of debt and impact of dilution)

Unrealised gains on property assets net of transfer duties

Tax on property assets and companies

4,190or80.7 per share-0.2%

Appendices

EPRA Net Asset Value


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64

2012AnnualResults

31/12/12 30/06/12

Change over6 months

(%) 31/12/11

Change overfull year

(%)

EPRA triple net NAV

group share (m)4,190 4,189 - 4,313 -2.8%

Number of shares(fully diluted)

51,943,243 51,833,763 51,551,923

EPRA single net NAV

per share(group share in)84.7 84.9 -0.2% 87.5 -3.1%

EPRA triple net NAV per share(group share in)

80.7 80.8 -0.2% 83.7 -3.6%

Appendices

Yields (1)Excluding transfer duties


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65

2012AnnualResults

6.8%

7.7

%

6.7%

6.9

%

10.6

%

6.9%

7.

3%

6.8%

7.6

%

6.5

%

6.8%

10.7

%

7.8

%

7.2%

6.8%

7.6

%

6.1

%

6.8%

10.4

%

7

.5%

7.1

%

6.9

%

7.8

%

6.2

%

6.7%

10.9

%

8.0

%

7.2%.6.7%

7.8%

6.2%

6.9%

12.5%

8.3%

7.2%

Offices France Business parks Shopping centres Healthcare Warehouses Offices Germany Total commercialproperty

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

(1) 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

Appendices

Revenue and EBITDA


66/69

66

2012AnnualResults

(88)(34)

110 63

1,1061,071

364 400

2011 2012

1,492 1,499

+10%

-3%

7%

24%

74%

4%

27%

71%

-2%-6% (24) (13)11 5

82 69

287 323

2011 2012

355 384+8%

+13%

-16%

81%

3%

84%

1%-3%-7%

EBITDARevenue

Property Investment Property Development Services Other(1)

(1) Icade SA and intra-group inter-business line

23% 18%

m

Appendices

Breakdown of capital employed by business line


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67

2012AnnualResults Portfolio value excluding transfer duties

Enterprise value of development companies

Enterprise value of service companies

68.5m

1.0%

406.7m

5.6%

6,727.3m

93.4%

40.6m

0.5%

429.8m

5.9%

6,849.7m

93.6%

Appendices

December 2011 December 2012

G&A


68/69

68

2012AnnualResults

Appendices

2011 2012

(m) Propertyinvestment

Property

development

Services Intra-groupHolding

company

ICADEProperty

investment

Property

development

Services Intra-groupHolding

company

ICADE

Revenues 364 1 106 110 -89 0 1,492 400 1,071 63 -40 6 1,499

Operating expense -55 -979 -84 68 - -1,051 -58 -957 -44 33 -2 -1,027

Support functionsrecurring expense

-22 -45 -16 - -2 -85 -19 -45 -14 - -5 -83

Support functionsexpense net of non-recurring income

1 -1 - - -1 -1 0 - - - -5 -5

EBITDA 288 82 10 -21 -4 355 323 69 5 -7 -6 384

Depreciation andimpairment expensenet of reversals

-164 -13 -1 1 -4 -181 -245 -17 -2 2 -3 -264

Gains on disposals 52 8 - 3 - 64 59 - - 1 21 81

Net operating income 176 77 9 -17 -7 238 138 52 3 -4 12 201

Breakdown of the 2012 dividend


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69

2012AnnualResults

1.96 per share from the tax-exempt SIIC portion of earnings, corresponding to distribution obligations

Distribution not subject to the additional 3% tax

Distribution subject to the 15% withholding tax when paid to a French or foreign mutual fund

1.44 per share from the tax-exempt SIIC portion of earnings, in addition to distribution obligations

Distribution subject to the additional 3% tax

Distribution subject to the 15% withholding tax when paid to a French or foreign mutual fund

0.24 per share from taxable non-SIIC portion of earnings

Distribution subject to the additional 3% tax

Distribution not subject to the 15% withholding tax

The 30% withholding tax previously applied to dividends paid to foreign mutual funds no longer applies

However, distributions to French or foreign CIUs from the tax-exempt portion of earnings are subject

to a 15% withholding tax

A dividend of3.64 per share for 2012

Appendices

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