2008 ANNUAL REPORT Part 1 : Corporate

Transcription

1 2008 ANNUAL REPORT Part 1 : Corporate investing, developing, adding value, investing, developing, adding value, investing, developing, adding value, investing, developing, adding value, investing, developing, adding value...

2 CONTENTS Icade in brief 1 Message from the Chairman and Chief Executive Officer 2 Key asset-related figures key figures 6 Executive Committee and management committees 8 Governance 10 SUSTAINABLE DEVELOPMENT 12 A policy of sustainable property products 14 Icade Awards 17 Human relations: people at the heart of sustainable development 18 BUSINESSES 20 PROPERTY INVESTMENT 22 Offices 24 Shopping Centres and Shops 25 Business Parks 26 Public and Healthcare Amenities 28 Housing 29 PROPERTY DEVELOPMENT 30 PROPERTY SERVICES 33 INVENTORY NTOR OF ASSETS 42 ORGANISATIONAL 54 STRUCTURE 54

3 Icade 2008 Annual report Icade in brief Icade in brief STRATEGY To continue arbitrage operations on: housing, in the framework of the expansion of services in property investment; mature offices, particularly in Germany, with a view to refocusing on the domestic market in accordance with the SIIC statute; services, within the framework of the organisation of the Group, by disposing of activities which do not provide synergies with the rest of the Group. To pursue the selective and opportunist commercial investments in a non-stabilised market by strengthening the Commercial Property Investment Division which provides better yields and cash flows. Furthermore, Icade shall examine its reinvestment policy according to the disposal of housing units. CARBON AUDIT A first for a property company A Carbon Audit, covering all of the Property Investment, Property Development and Property Services businesses. Its objective: to reduce CO 2 emissions by 10% in 3 years 1,599M Turnover (+8%) 447M Operating profit (+34%) 313M Net income (Group share) excluding exit tax in 2007) (+18%) 206M Net current cash flow ( 8%) SUSTAINABLE DEVELOPMENT Icade s commitment covers 4 priorities Definition of 6 exemplary projects Development of a sustainable development label A company that is sustainable in its daily activities Sustainable financial engineering 6,952M Portfolio value of property assets as at 31 st December 2008 (+12%) Liquidation revalued net asset value per share ( 6%) 35% Loan to Value PROPERTY INVESTMENT PROPERTY DEVELOPMENT PROPERTY SERVICES PROPERTY INVESTMENT PROPERTY DEVELOPMENT PROPERTY SERVICES 1

4 The year 2008 will be remembered for the reorganisation by business and the continuation of Icade s strategy to increase its focus on property investment. Serge Grzybowski, Chairman and Chief Executive Officer of Icade. After its flotation in 2006, and the extension of the SIIC regime in 2007, the year 2008 will be remembered for the reorganisation by business and the continuation of Icade s strategy to increase its focus on property investment. It is also characterised by the first test of the developer REIT model, chosen to refocus the company on its founding business and by the shock wave of the financial crisis which is shaking the foundations of the entire property sector. Icade, a resilient model This first life-size test is enabling us to check the relevance of our model and the legitimacy of our strategy which puts the emphasis on commercial assets. As a property investment company, Icade is first and foremost a long-term investor. Our portfolio is varied (Offices, Business Parks, Shopping Centres, Public and Healthcare Amenities and Housing) with various levels of maturity: the disposal of a residential asset at the peak of its cycle thus allows us to allocate resources to new secure investments. Our moderate rate of indebtedness contributes to the good health of our balance sheet and to the consolidation of our leeway: today Icade seems to be one of the best-equipped property investment companies to face the uncertainties of tomorrow. A developer by vocation, Icade also incarnates, in the eyes of a market racked by doubt, a dynamic player and specifier, able to carry out appropriate arbitrage operations to control and boost its development activities, and an expert in creating tailor-made solutions. With consolidated durability and a capacity to produce, the developer REIT model has all the necessary assets to adapt and act.

5 Icade 2008 Annual report Message from the Chairman and Chief Executive Officer Icade arbitrates, invests and distributes A listed property investment company (SIIC), in 2008 Icade continued to carry out arbitrage operations on mature assets, particularly in the residential sector, for the benefit of commercial acquisitions selected for their security and potential cash flow. More precisely, 5,164 housing units were sold for an accrued value of 299 million: 300 of these assets were sold individually, the others were sold in blocks, after invitations to tender launched with social housing establishments. At the same time, the Commercial Property Investment business disposed of an office building in Paris (rue de Mogador) for 51 million. This inflow of liquidity allowed us to make acquisitions in accordance with our selective investment policy, namely 13 new clinics, bringing the capacity of our healthcare assets to 3,200 beds. It also enabled us to commit to several large-scale projects: in particular the creation and leasing of the new head office of LCL in Villejuif ( 280 million of investment, 60,000 m²) and the development initiative under public-private partnership (PPP) of the future cité sanitaire in Saint-Nazaire (93,000 m²). The pace of disposals should accelerate during These mainly concern the housing portfolio and, depending on opportunities, some commercial assets, particularly in Germany, as well as service activities. Icade is of course intent on reinvesting following an opportunist and prudent strategy, resolutely focused on commercial assets. This policy is accompanied by a constant concern to ensure a moderate level of debt. In this way, debt accounts for 35% of the value of assets as at end Icade, a major player in urban development Let s bring the city to life! The ambition behind Icade s motto could appear pompous; the diversity of our spheres of activity in all of the major fields of urban property development makes it credible and legitimate! In fact, Icade closely participates in all the metabolic functions of the city: the world of work, served by some 900,000 m² of offices, business parks, and head offices, which provide modern and high-performance work conditions for over 50,000 professionals; teaching and education, through schools established in our business parks, PPP initiatives with universities and the development of our portfolio of student residences; retail, strengthened by new shopping centre and customer catchment area programmes in which we are a stakeholder; healthcare, in which professionals work or will work from the Institut de la vision (institute of sight), the future cité sanitaire in Saint-Nazaire, hospitals which we are building and many clinics which we have acquired; housing, through the 35,000 intermediate housing units which we hold as at 31 st December 2008 and through the various residential programmes which we are building; quality of life, the watchword for all our teams of promoters, dedicated to respecting the environment, to creating HQE projects, to obtaining relevant certification, to enhancing parks and more generally-speaking, to the current and future well-being of users of the city. Thus positioned as an urban development player, backed by a strong balance sheet, following an active arbitrage policy and remaining selective in its investments, Icade is moving forward, proving the strength of its model. 3

6 Key asset-related figures At 31 st December 2008, Icade s property assets were valued at 6.9 billion, i.e. up 12% compared to the end of Like-for-like, the value of assets grew by 2.4%. The revalued net asset value in liquidation value represented 4.9 billion, i.e per share. This was down 6% compared to 31 st December Portfolio value of property assets at 31 st December 2008 (in M ) Offices 1,423 6,952 2,935 Business Parks Amenities Shopping Centres 1,654 Housing units* Appraisal value and floor space Value excluding charges at 31/12/2008 in M (1) Change in values like-for-like in 2008 (2) Average survey value per m 2 in (3) Commercial Offices France Germany Business Parks Amenities Shopping Centres 4,017 1,654 1, , % 11.1% 11.9% 8.5% 9.1% +0.9% +5.2% 2,605 3,419 4,217 1,958 2,716 2, (4) Housing units* 2, % 1,317 (5) TOTAL 6, % 4 (1) Out of total assets, including property reserves and development projects. (2) After neutralising investments and disposals for the year. (3) Appraisal value of rentable floor space divided by the number of rentable square meters. (4) Only clinics. (5) Excluding residences for the elderly, shops and projects under development. * Excluding impact of a portfolio discount in the event of the disposal of the entire Residential Property Investment business.

7 Changes to the portfolio value (in M ) Investments net of disposals of property investment companies (in M ) ,503 1, ,650 2, ,423 1, ,017 2,935 Offices Business Parks Amenities Shopping Centres Housing units Commercial Property Investments Housing Property Investments Disposals billion of Commercial Property assets Number of m 2 4O7,210 Offices 2.9 billion of Residential Property assets 2,281,442 3,586, , , ,976 Business Parks Amenities Shopping Centres Housing units 5

8 2008 key figures 2008 results were characterised by an 8% increase in consolidated turnover to 1,599 million and by an 18% increase in the Group s share of net income (excluding exit tax in 2007) to 313 million. Consolidated EBITDA and operating income were 335 million and 447 million, up 15% and 34% respectively. Consolidated data Data relating to the Property Investment Business Consolidated turnover (in M ) 1,482 1,599 Net current cash flow* (in M ) Net rent (in M ) % % Commercial Housing % Net income (Group share) excluding exit tax in 2007) (in M ) EBITDA (in M ) Operating income (in M ) % +15% 443 Commercial Housing % * EBITDA +/- financial profit/loss income tax restated to take account of the impact of the extension of the SIIC regime (exit tax and cancellation of opening deferred taxation of the property investment company) and normative tax (33.33%) on the income from disposals of non-siic entities and impairment movements.

9 Icade 2008 Annual report Key figures Debt: key figures Net financial debt amounts to 2,459 million versus 1,575 million in In 2008, the average cost of financing came to 4.8% after hedging compared to 4.47% in The average life span of Icade s bank debt stood at 5.4 years at 31 st December 2008, against 6 years at 31 st December The portion of the debt at over 5 years is 51% compared to 58 % at 31 st December xxx Loan to Value of 35% compared to 25% at 31 st December Gross financial debt at 31 st December % 16% Property Investment Property Development 3,144 M Property Services 83% Icade s shareholding structure at 31 st December % 37.51% 61.58% Caisse des Dépôts Float (of which 0.82% for the FCPE*) Self-held * Company Mutual Fund. Value for shareholders (in ) 31/12/ /12/2008 Replacement NAV/share Liquidation NAV/share Number of shares (in millions) Owing to the obligations imposed by the SIIC regime, the Caisse des Dépôts will have to reduce its holding to less than 60% of Icade s share capital before 1 st January

10 Executive Committee The seven members of Icade s Executive Committee all have the experience, professionalism and skills required for Icade s expansion. Serge Grzybowski Chairman and Chief Executive Officer of Icade Marianne de Battisti Responsible for communications, marketing and international business development Antoine Fayet Responsible for the Property Investment Division Management committees The Origination Committee 8 The Executive Committee The Executive Committee meets every week to address matters relating to Icade s finances, organisation, customers and staff. It also systematically reviews ongoing projects. The Coordination Committee The Coordination Committee meets to discuss the Company s strategy and policies, the expansion of operational activities, acquisitions and disposals of business and intra-group transactions. From amongst the property development projects put forward by Icade, the Origination Committee is responsible for identifying those which are earmarked for delivery to the Property Investment Business and for participating in the Group s investment activity. Composed of representatives of the Property Development and Property Investment Businesses, and of the Finance Division, it introduces all the measures required to organise and optimise the steering of these transactions within the Company. The Origination Committee meets once or twice a month or as often as necessary.

11 Icade 2008 Annual report Committees Hervé Manet Responsible for the Property Development Division Nathalie Palladitcheff Responsible for finance, legal affairs and IT systems Guy Parisot Responsible for human relations Maurice Sissoko Responsible for the Property Services Division The Risks, Rates, Cash Flow and Financing Committee The Commitments Committee The Commitments Committee is responsible for examining all of Icade s investment or disinvestment commitments, recognised either on or off the balance sheet, and providing its opinion on them. It meets twice a month and whenever circumstances so dictate. The Human Resources Committee The Human Resources Committee meets every fortnight. It is responsible for examining the Human Resources Division s major spheres of responsibility and their progress as regards mobility, training, recruitment, payroll policy, labour relations, collective bargaining, compliance with labour legislation and legal regulations, the implementation and monitoring of procedures. The Risks, Rates, Cash Flow and Financing Committee is responsible for studying the Company s refinancing and rate-risk hedging policy and relations with banks and financial market players, and deciding upon them. It is also responsible for monitoring assets/liabilities management and for the allocation of the Company s resources and market risks in the event of investments (loans, rates, etc.). It also monitors macro economic indicators and market factors influencing Icade s business sector as well as the financial activity indicators of Icade s cash and debt sectors. It meets once a month. 9

12 Governance 15 directors, 6 of whom are independent. Serge Grzybowski Chairman and Chief Executive Officer of Icade Augustin de Romanet Caisse des Dépôts, represented by Augustin de Romanet, Managing Director of the CDC Edmond Alphandéry Chairman of the Board of Directors of CNP Assurances Marc-Antoine Autheman Managing Partner of Imperator Conseil and independent director Olivier Bailly Adviser of the CDC Executive Committee Michel Berthezène Christian Bouvier Independent director Philippe Braidy Director responsible for local and regional development, CDC Jacques Calvet Independent director Benoît Faure-Jarrosson Financial analyst and independent director 10 Jérôme Gallot Chairman of CDC Entreprises Thierry Gaubert Deputy Chairman to the Secretary General of the CNCE Thomas Francis Gleeson Independent director Christian Peene Independent director Alain Quinet Director of finance and strategy of the CDC Group

13 Icade 2008 Annual report Governance The Board of Directors The Board of Directors decides on the directions of Icade s business activity and ensures that such are implemented. Subject to the powers expressly reserved for Shareholders Meetings and within the limit of the corporate purpose, it addresses all questions relating to the due and proper functioning of Icade and settles matters concerning it through its discussions. The Board of Directors meets at least twice a year and whenever such is dictated in the corporate interest. Icade s Board of Directors met eight times during Board of Directors Committees In order to provide it with support with its work, the Board of Directors created three specialist Committees. The Committees have a consultative role and carry out their work under the responsibility of the Board of Directors in the fields within their remit. The Committees are composed of between three and five people, chosen by the Board of Directors from amongst its members; for the Audit, Risk Management and Sustainable Development Committee, two thirds of the members must be independent directors. Members are appointed in a personal capacity and may not have themselves represented. The Strategy and Investment Committee Missions The Strategy and Investment Committee aims to examine any investment or disinvestment project by the Company greater than 50 million (including Property Development projects) and any external growth or shareholding disposal operation greater than 30 million. It examines the policy of development by internal growth and the policies of the Group considered as strategic by the Board of Directors. Composition The members of the Strategy and Investment Committee are Serge Grzybowski (Chairman), Michel Berthezène, Christian Peene (independent director) and Alain Quinet (since 24 th July 2008). The Audit, Risk Management and Sustainable Development Committee Missions The Audit, Risk Management and Sustainable Development Committee is responsible for ensuring the accuracy and truthfulness of Icade s annual and consolidated financial statements and the quality of internal audit and of the information provided to share holders and to the markets. It assess major risks and ensures compliance with the individual and collective values on which Icade bases its operations, and the rules of conduct which all its staff must apply. Amongst these values are Icade s specific responsibilities as regards protecting and improving the environment and sustainable development. Composition The members of the Audit, Risk Management and Sustainable Development Committee are Jacques Calvet (Chairman of the Committee and independent director), Marc-Antoine Autheman (independent director) and Benoît Faure-Jarrosson (independent director). The Appointments and Remuneration Committee Missions The Appointments and Remuneration Committee is responsible for assessing applications for the appointment of corporate officers and for making suggestions as regards their remuneration. It is involved in establishing the Company s employee profit-sharing policy and for making suggestions on resolutions to grant subscription and/or purchase options for the Company s shares to all or some of the employees and on the allotment of shares free-of-charge. Composition The members of the Appointments and Remuneration Committee are Edmond Alphandéry (Chairman), Christian Bouvier (independent director), Jérôme Gallot and Serge Grzybowski. 11

14 Icade electrically-powered river shuttle Paris (75) Building 270 First HQE-certified office building in France, Aubervilliers (93) Icade organises the second edition of the Sustainable Development Awards Icade, winner of the 12 th Grand Prix de l environnement Over 250,000 m 2 of HQE-certified commercial operations 15% of Icade s housing is heated using renewable energy Icade has carried out its Carbon Audit and will reduce its CO 2 emissions by 10% in three years Ecological nautical park Île de Monsieur, Sèvres (92)

15 Icade 2008 Annual report Sustainable development Sustainable development

16 A policy of sustainable property products Icade has positioned sustainable development at the heart of its strategy. This can be seen by products and services which increasingly respect the environment, by a strengthened involvement of employees and by partnerships with recognised organisations. 14 In 2008, Icade confirmed its commitment to sustainable development by its products and services. HQE projects becoming more widespread, an increase in the share of renewable energies and the Carbon Audit are just a few examples of this initiative. In its Property Investment activity, Icade: already operates 4 HQE-certified commercial buildings in the Paris region amongst the 18 HQE buildings in existence in France; implements geothermal energy with the heating company CPCU in its commercial business park in Aubervilliers; heats 15% of its housing with geothermal energy, with 30% of its electricity consumption coming from renewable energies thanks to the purchase of green EDF certificates; has carried out a complete environmental audit of its housing units (energy performance diagnosis, carbon, etc.) to be able to implement a renovation strategy in accordance with the Grenelle law. In Commercial Property Development, Icade confirms its lead with HQE (high environmental quality) projects with currently: over 250,000 m² of HQE-certified operations distributed over 25 buildings delivered, in progress or committed, between 2005 and 2008; in Aubervilliers, Icade is building one of the first HQEcertified shopping centres. In Residential Property Development: 147 habitat et environnement certified housing units and 460 HPE or THPE (high or very high energy performance) units were delivered in More than 20% of coming production is also undergoing habitat et environnement certification; the first low-energy consumption housing units were launched at the beginning of 2009 and will be delivered in the third quarter of Icade is putting in place a range of property services aiming to develop environmental performance: production of a carbon and energy audit for the property sector. With the association Fondaterra, Icade is carrying out a carbon and energy mapping project covering all French universities; provision of HQE (AMO) assistance to the developer services overall cost studies for public and private developers; development of a PPE (environmental progress plan) initiative 51% which proposes property, works and services diagnostics to property managers and owners. It has already been rolled out on five major property developments including the Montparnasse Tower; assistance for the implementation of HQE exploitation certification according to the reference of the certification organisation Certivéa, (Millénaire 1 and Building 270).

17 Icade 2008 Annual report Sustainable development Breakdown of emissions related to grey energy and operating energy Commercial Property Investment: breakdown of classes for the energy performance diagnosis (DPE) Annual emissions in kg of CO 2 equivalent per useable m 2 Percentage of buildings in Commercial Property Investment in this class of DPE Residential Property Investment: breakdown of classes for the energy performance diagnosis (DPE) Annual emissions in kg of CO 2 equivalent per useable m 2 Percentage of buildings in Residential Property Investment in this class of DPE 4% = 5 A 1% = 5 A 2% 6 to 10 B 9% 6 to 10 B 3% 11 to 20 C 19% 11 to 20 C 9% 51% 45% Emissions related to energy for operations Emissions related to grey energy Other emissions 21 to to to to to 145 D E F G H 25% 32% 11% 1% 1% 21 to to to 80 > to 80 D E F G 32% 45% 9% 0% > 145 I 1% Control of greenhouse gas emissions and energy performance For 2007, Icade carried out the first Carbon Audit, covering all of the activities of a property company (Property Investment, Property Development, Property Services and support activities). Icade s carbon emissions can be broken down as follows: total generated by construction: 468 kg CO 2 equivalent/m² for Residential and 716 kg CO 2 equivalent/m² for Commercial; annual average generated by operation: 35 kg CO 2 equivalent/m² for Residential and 34 kg CO 2 equivalent/m² for Commercial. The greenhouse gases generated during the construction of a building (grey energy) represent, on average, fourteen to twenty-one years of operation of this building. These emissions can be broken down as follows: 51% for grey energy, corresponding to greenhouse gas emissions caused by the creation of materials used for constructing buildings; 45% are related to the energy consumption in the operation of Property Investment buildings, including the energy consumption of the tenants; 4% for other impacts, such as employees transport, sub contracted services, office supplies. Furthermore, Icade assessed that its Property Service activities (assistance to the developer, property management) allow it to influence emissions by some 500,000 tonnes of CO 2 equivalent. The Carbon Audit also allowed Icade to assess the carbon performance of assets held in relation to the climate scale of the energy performance diagnosis (DPE). These results show a satisfactory carbon ranking whilst identifying areas of progress. Icade will update its Carbon Audit, with the aim of reducing greenhouse gas emissions by 10% in three years (from 2007 to 2010). 15

18 FOCUS ON... Building 270 Le clos Saint-Michel Le Daurat Aubervilliers (93) First certified private commercial building NF bâtiments tertiaires-démarche HQE 9,400 m 2 Architects: Brenac & Gonzalez Icade: Investor and development support HQE-certified construction Pilot operation HQE exploitation certification Chevilly-Larue (94) Creation of an area enhancing the historical dimension of the site 260 housing units, shops, medical establishment Architect: RVA / V. Gadan Icade: developer-contractor Winner of the 2 nd Icade Sustainable Development Awards category Build and manage a sustainable town Toulouse-Blagnac (31) Office building 17,000 m 2 over 5 floors 640 parking spaces Architects: Brenac & Gonzalez / Martinie Icade: developer HQE-certified construction, labelled very high energy performance (THPE) 16 Icade, a company that is sustainable in its daily activities In 2008, Icade involved and mobilised its employees in the sustainable development initiative: it is amongst the first French companies to experiment, with the help of Ademe, with a car-sharing service; it has consulted its employees on their expectations and their awareness in terms of sustainable development. This survey will be conducted every year; during sustainable development week, it supervised several workshops (organic meals, bio diversity and property, photovoltaics, integration of local jobs, energy policy, corporate concierge services, electric bicycles); it has carried out sustainable development information and awareness: training for over 300 employees, Icade sustainable development meetings once per month; it has launches a page on its intranet dedicated to sustainable development and car-sharing.

19 Icade 2008 Annual report Sustainable development Icade is developing its sectoral commitments and its partnerships: partnership with Ademe in the framework of the environmental initiative with business parks; Second consecutive year of participation in the Carbon Disclosure Project; support to the Saint-Denis s engage pour la planète initiative in May 2008; contribution to the Plaine-Commune Salon de la Science science fair, with the CNRS (national centre of scientific research); hosting the annual meeting of Avere (association for electric vehicles) on 19 th June 2008; participation in the development of the international association Sustainable Building Alliance; active contribution in the development of new environmental certifications with Certivéa, including HQE Exploitation and HQE centres commerciaux ; in partnership with the City of Paris, Icade was the winner of the 12 th Grand Prix de l Environnement environment awards for its 100% electric river shuttles, which transport over 100,000 travellers each year; in the framework of the construction of the HQE shopping centre in Aubervilliers, Icade supported local employment by signing an agreement with Plaine- Commune and the City of Paris; with its support to the Fondation Abbé Pierre and its Pierre pour tous initiative, Icade promotes access to home-ownership with controlled prices. Icade s commitment to sustainable property After having been the first developer to deliver an HQE commercial building in 2005, Icade is continuing its commitment to sustainable property and presented an action plan on 23 rd October 2008 during the second ceremony of the Icade Sustainable Development Awards. Carrying out exemplary property projects Between now and 2011, exemplary sustainable development construction, renovation and operation projects will be carried out with the aim of accommodating the 2020 environmental standards and controlling costs. The sustainable development label From 2009, Icade s buildings (new and in operation) will gradually bear a simple and transparent, multicriteria (carbon, health, energy, transport) sustainable development label. This label, created together with independent stakeholders, will be a source of progress, allowing Icade to display the improvement in the quality of its operations. A company that is sustainable in its daily activities With the desire to set standards internally, Icade is offering its employees a set of green actions in the company from January 2009: controlling paper printouts, organic menus in the canteen, restricting carbon emissions of cars used by the Company, etc. These actions will be added to each half-year with the aim of creating new, sustainable working habits. Sustainable financial innovation The financing of sustainable property projects is a priority to find solutions which will make them accessible. Icade is already working on innovative financial engineering formulae for sustainable projects based on energy saving certificates, overall costs and Green Value. ICADE 2008 SUSTAINABLE DEVELOPMENT AWARDS On 23 rd October 2008, Icade held its 2 nd Sustainable Development Awards to showcase remarkable products and services proposed by its employees. Ecologically tolerable, economically possible and socially equitable: the three characteristics of sustainable property were key at this second edition. Between the competition opening online in May, and closing on 13 th September, 64 application files were submitted. Assessed on criteria covering environmental performance, economic impact, societal commitment, audacity and reproducibility, they are submitted to a jury chaired by Erik Orsenna of the Académie française. Besides the three awards in the different categories of the competition (Construct and build a sustainable town, Encourage our clients, tenants and partners to follow a responsible approach, and Acting on a daily basis) the jury also gave a special jury s prize and a commitment prize (rewarding the annual work of a whole team). Finally, the innovation of this edition, an Employees award was given, thanks to online votes of Icade s employees. 17

20 Human relations: people at the heart of sustainable development An ambitious training policy 18 Mobility: a key tool in career development By carrying out regular career reviews, the human relations departments are able to identify potential, improve expertise, develop skills and support employees in their professional development. Giving priority to internal candidates (on comparable skills) is one of Icade s commitments in its human relations policy, thus allowing it to fill 35% of vacant positions in The training policy, by increasing skills, participates in the improvement of the Company s performance, and hence to its economic efficiency, and to the enriching of the responsibilities of the teams; by creating openings on the environment it develops the teams innovation skills. Icade supports employees who benefit from internal mobility, thus allowing them to maintain and develop the necessary skills for their position and to develop their professional career. Each employee is informed about all the training courses available. The Human Resources Department strives to trace significant training actions in which an employee has participated, and thus is able to develop its professional training. In 2008, total training expenses represented almost 4% of the payroll. Icade asserts that training has a beneficial effect on the performance of the Company and its employees and that it contributes to the development of collective and individual skills. 3,550 employees at 31/12/2008 Headcount by business at 31/12/2008 1, ,516 International Services Property Investment Property Development

21 Icade 2008 Annual report Sustainable development AN IMPROVED POLICY TO FAVOUR THE I NTEGRATION OF DISABLED EMPLOYEES Harmonised social protection With a view to providing its employees with improved protection in terms of healthcare and welfare costs, Icade has worked on harmonising the various existing schemes. By pooling risks, it now offers identical services to all its employees. Agreements for healthcare insurance and welfare schemes were signed by all the trade union representatives within the Company. A collective employee profit-sharing agreement After the employee share agreement for all employees, in 2008 Icade pursued its policy to involve employees in the Company s performance. A collective agreement was thereby implemented, based on Icade s profits. After a concerted initiative with management and employees and a quantitative and qualitative diagnosis carried out by a consultancy specialised in disabled workers, an agreement was signed by Icade with AGEFIPH for a period of two years. This agreement is accompanied by the creation of the position of Head of integration for disabled employees. The main paths of development are a support plan, cooperation to be developed with the relevant, protected sector, and internal communication and training initiatives to increase awareness on disabled workers. 19

22 Property Development Property Investment Shopping Centres Property Services Property Investment Offices Property Investment Business Parks Property Investment Housing Property Investment Amenities

23 Icade 2008 Annual report Businesses Businesses Property Investment 22 Offices 24 Shopping Centres and Shops 25 Business Parks 26 Public and Healthcare Amenities 28 Housing 29 Property Development 30 Property Services 33

24 Property Investment Refocusing the business on the Commercial Property Investment Division Reduction of the weighting of the Residential Property Investment Division by value extraction The Property Investment Business is organised in two main divisions, Commercial Property Investment (Offices, Shopping Centres, Business Parks, Shops and Public Healthcare Amenities) and Residential Property Investment. As at 31 st December 2008, the Property Investment Business had recorded turnover of 409 million net rent: 312 M Commercial Property Division Icade has office assets in France (263,290 rentable m 2 as at 31 st December 2008) essentially in Paris, in the central business district, in la Défense, in Boulogne-Billancourt and in Issy-les-Moulineaux. In all, its office assets in France were estimated at 1,288 million as at 31 st December Icade is developing two shopping centres in France, in its business park in Aubervilliers and in Montpellier. On 1 st January 2008, it became the owner of 95% of the share capital of the company Immobilière Mr. Bricolage, which owns 35 shops. The appraisal value of these portfolios is 206 million as at 31 st December Residential Property Commercial Property 22 Icade has an office portfolio in Germany. Estimated at 366 million as at 31 ft December 2008 with 143,920 m 2 of floor space, it is composed of eight commercial property complexes acquired from Daimler and 76 ha of property reserves, in particular in Munich, Berlin and Düsseldorf. Icade owns and is developing a major business park to the north of Paris of over 76 ha, of which 448,547 m 2 is rentable as at 31 st December 2008, and which should provide significant future expansion. This asset, which was valued at 1,423 million as at 31 st December 2008, is composed of offices, business premises, warehouses and audiovisual production studios. Finally, Icade s public and healthcare amenities portfolio, which is experiencing significant growth, with a 31 st December 2008 appraisal value of 734 million for a total floor space of 286,625 m 2, is essentially composed of an office block located in Levallois-Perret, leased to the Ministry of Interior, and 19 clinics in provincial France. Residential Property Division As a housing property investor, Icade has assets, estimated at 2,935 million as at 31 st December 2008, representing approximately 35,651 intermediate housing units in the Paris region representing 2,281,442 m 2. These housing units in the Paris region are rented-out under common law leases (91%) and subsidised leases (9%). Some references 6,952 million Assets valued at 31 st December ,281,442 m 2 of housing units in France 1,304,586 m 2 Assets in commercial floor space

25 Icade 2008 Annual report Businesses PIPELINE COMMERCIAL PROPERTY INVESTMENT Offices Delivery Surface Investment Expected (in m 2 ) (in M ) gross yield Villejuif , % Works Rueil , % Works Descartes to be determined 77, % E&Y building , % Rendement Shopping brut Centres attendu Delivery Surface Investment Expected (in m 2 ) (in M ) gross yield Aubervilliers , % Mr. Bricolage % Odysseum , % Business Parks Delivery Surface Investment Expected (in m 2 ) (in M ) gross yield Buildings 287 and , % Other, of which CapEx 34 Public and Healthcare Amenities Delivery Surface Investment Expected (in m 2 ) (in M ) gross yield Of which works Vedici, Harpin % and Générale de Santé PPP Nancy (average) % RESIDENTIAL PROPERTY INVESTMENT Number Investment Expected of homes (in M ) gross yield Off-plan sales (1) 1, % CapEx 165 (1) The housing units sold off-plan could be transferred in the event of the disposal of the Residential Property Investment Division investment plan (in billion) Total investments by the Property Investment Division: billion (1) Housing units Offices Business Parks (1) Estimated value of property investments Shopping Centres Amenities An identified and committed investment plan (2) Icade has established a plan of identified investments of 1.3 billion, of which 0.2 billion in CapEx. These investments, both in the Paris region and the rest of the country, have a controlled and limited marketing risk and generated an expected average gross yield (excluding CapEx) of 6.8%. (2) The Group s main investments are predominantly financed by bank debt. These investments do not include any property acquisitions from third parties for which the management bodies have taken firm commitments. 23

26 Offices A reserve of capital gains and development potential In a more difficult market and financing context, Icade is carrying out a policy of investments, giving priority to projects developed internally, whilst carrying out arbitrage operations on some of its mature assets. 24 Icade s office assets in France are essentially composed of buildings in the Paris region: Paris, Rueil-Malmaison, la Défense, Issy-les-Moulineaux, etc. Predominantly located in high-demand areas, the offices owned by Icade boast a financial occupancy rate of nearly 99%. Icade s investments in office property in France essentially concerned the acquisition of the Metropolitan complex in Villejuif (60,000 m²), developed by its Property Development Business, the future operational head office of LCL, as well as the renovation of the building located in Rueil-Malmaison (22,500 m²). In the framework of its arbitrage programme for mature assets, Icade sold the building situated at rue de Mogador in Paris to Foncière Masséna (5,000 m²). In Germany, after having acquired a significant portfolio of assets and land reserves located in the major German business centres, on city-airport transport links or in urban development zones with good potential, Icade pursued its policy of enhancing the value of these assets. In addition, Icade intends to sell an office building of a very considerable size; the sale should be made in The financial occupancy rate stands at 83%. Le Metropolitan 2008 HIGHLIGHT Villejuif (94) 4 HQE buildings 60,000 m 2 in total Architects: H. Godet and F. Leclercq Icade: investor and developer Some references France Paris region Rest of France Total Rentable floor space 172,468 m 2 90,822 m 2 263,290 m 2 Appraisal value excluding charges 1,202 M 86 M 1,288 M Germany Rentable floor space 143,920 m 2 Property reserves 76 ha Appraisal value excluding charges 366 M 1,654 million Portfolio value (-5%) 6.7% Expected average gross yield 0.4 billion Amount of identified and committed investments

27 Shopping Centres and Shops A product-line with current cash flow under development Icade 2008 Annual report Businesses A longstanding partner of local government agencies, Icade has acquired a real knowledge of brand names and their marketing needs in terms of sales areas. Constantly keeping abreast of changes in consumer trends, the economic and commercial imperatives of the brands, and changes in legal and environmental standards has enabled the Shopping Centre teams to manage these investments with the greatest efficiency. Icade s shopping centre history entered a new dimension with the launch of works for the Millénaire at the Porte d Aubervilliers outside of Paris, and with the delivery, scheduled for the end of 2009, of the Odysseum shopping centre in Montpellier. By becoming the owner of 95% of the share capital of Mr. Bricolage, on 1 st January 2008, Icade confirmed its desire to acquire assets that generate recurrent income and which are less affected by general fluctuations in the property market HIGHLIGHTS Some references 206 million Portfolio value Odysseum Montpellier (34) 45,000 m² of commercial floor space Architects: Design international / DGLa Icade: investor, promoter, marketer and manager of the commercial division, property manager Le Millénaire shopping centre Aubervilliers (93) 58,000 m² of shops, 3 office buildings, 2,800 parking spaces Architect: A. Grumbach Icade: investor, developer and marketer Pilot operation HQE commerces certification Offices labelled very high energy performance (THPE) 6.9% Expected average gross yield 0.2 billion Amount of investments

28 Business Parks Capitalising on original know-how Icade is the owner of business parks of a total surface area of 76 ha, ideally situated to the north of Paris. Backed by this exceptional portfolio of assets, it is striving to develop it, by staggering constructability to ensure that it remains attractive. Some references Overall Offices Business premises/ warehouses 26 Originally made up of warehouses, Icade s built assets were renovated in the style of 19 th century architecture to provide offices and business premises in an area of Paris which is undergoing expansion, for a rentable floor space of 474,775 m². Located between the boulevard périphérique (Paris inner ring road) and the A1 motorway in the Plaine-Commune area, with direct access to Roissy - Charles-de-Gaulle airport and Paris Nord TGV train station, this newgeneration business district is already home to some 300 companies, including France s largest tele-visual platform with 25 recording studios. Renowned companies in fashion and textiles, events management and leisure are also tenants of our business parks, bringing together over 10,000 jobs. The extension of the no. 12 line of the Paris metro in 2012 with the future station Proudhon-Gardinoux in the heart of the business park will further enhance this site, in particular in the framework of the Condorcet Paris-Aubervilliers Campus project, called to become one of the leading European platforms of teaching and research in human and social sciences. The site will later be served by a tramway, the Tram Y, which will facilitate relations from the north to the east of Paris, as well as with the northern suburbs. Icade did not await the arrival of these new urban means of transport to install its head office in the first of the two buildings that it holds on the Millénaire park, and was joined in 2008 by the Nokia research and development team, which took a lease for 2,500 m² in the Millénaire 2 building. Surface area 76 ha Financial occupancy rate 85.3% Rentable floor space 474,775 m 2 Average rent 275/m 2 140/m 2 1,423 million Portfolio value (-5%) 7.3% Expected average gross yield 0.1 billion Amount of investments

29 Icade 2008 Annual report Businesses An attractive site with close access to Paris Zoom Parc Pont de Flandre Parc de Mauvin Parc des Portes de Paris Millénaire shopping centre Parc du Millénaire (Icade s head office) Condorcet university campus (2011) Bus stops (lines 239 and 65) Metro station Proudhon-Gardinoux (extension of line 12 in 2012) Tramway (line T3 end 2012 and line Y under study) Electric river shuttle 27

30 Public and Healthcare Amenities Search for secure and steady cash flow Thanks to its recognised position in the world of healthcare, Icade, backed by its local network and expertise, is developing its role as investor in this sphere. Some references Clinics Public property 2008 HIGHLIGHT 551 million Appraisal value excluding charges 183 million Appraisal value excluding rights 3,200 Beds 19 Clinics 286,625 m 2 Rentable floor space 28 In 2008, Icade stepped up the pace of its acquisitions of healthcare establishments, favouring long-term partnerships with renowned operators, such as the groups Générale de Santé, 3H, Vedici, C2S and Harpin. The rents from these acquisitions allow Icade to benefit from recurrent income, uncorrelated from normal property cycles. Indeed, these new acquisitions, which guarantee immediate cash flows indexed on the long term, form part of Icade s investment strategy for the healthcare sphere and give it full nationwide coverage. They allow a smoothing in the cash flow profile of the Commercial Property Investment Business that holds the projects under development. As part of its presence on public contracts, Icade aims to invest in externalised assets of the State, to lease them to users such as ministries, hospital complexes, local government agencies, via investments in the project companies holding public-private partnership contracts. Armand Brillard private hospital Nogent-sur-Marne (94) Icade : investor Acquisition of 13 clinics in 2008

31 Housing Icade 2008 Annual report Businesses Extracting capital gains Icade, the principal lessor in the Paris region of intermediate housing, has actively pursued a considerable arbitrage programme since In 2008, Icade disposed of 5,164 housing units, with the result that it is ahead of schedule for the period Icade s residential assets can be characterised by intermediate rental housing comprising 35,651 apartments as at 31 st December 2008, mostly built before 1965 and mainly located in the inner suburbs of Paris. These housing units have been refurbished in accordance with safety and home improvement standards. Available at an average rent of 7.41 per square metre, excluding vacancy, these high-quality apartments are intended for a population whose income is too high for social housing but not high enough for private rental housing. The property asset base also includes several shops, offices and residences, representing a small portion of the rent recognised during To best add value to these now mature assets, Icade s Board of Directors authorised its Chairman and Chief Executive Officer to explore the disposal of all of the Residential Property Investment Division, more particularly to social housing bodies. Outside the traditional competitive economic universe, these bodies benefit from loan facilities related to the reserves from the Livret A savings accounts and wish to increase the size of their asset base, particularly in the Paris region. By addressing these bodies for this block sale, Icade is ensuring the durability of an asset base of quasi-social housing HIGHLIGHT Some references Built surface area 2.1 million m 2 Number of housing 35,651 Financial occupancy rate 96% Block sales 4,864 Average price 964/m 2 Individual sales 300 Average price 1,996/m 2 2,935 million Portfolio value (+19%) 299 million of intermediate housing units sold in block and individually 29

32 Property Development The strategy of Developer REIT, combined with initiatives implemented and Icade s expertise, contributes to its control of the Property Development division From offices to housing, shopping centres to healthcare amenities, Icade develops programmes for the Property Investment business but also for external investors. The Property Development division recorded turnover of 1,142 million, up 14%. In coherence with the organisation of Icade s businesses, the Property Development division was restructured during 2008 to provide its clients with a multiple offering, whilst benefiting from a single contact partner. By pooling Commercial, Shopping centre, Housing, and Public and Healthcare Amenities activities, as well as engineering and planning under a single banner, Icade s Property Development division is able to seize all the local development opportunities. Turnover of the Property Development division at 31/12/08 (in M) Residential Property Development In a difficult economic environment, Icade generated turnover of 604 million in 2008 in its residential business. To confront the deep and rapid crisis of residential property development, Icade has implemented a parallel strategy of block selling to institutional clients, allowing the sale of 840 housing units Housing Commercial and Public Inter business

33 Icade 2008 Annual report Businesses Icade has also implemented a cautious policy to manage its production by limiting unsold properties and immediately reducing new construction start-ups. At 31 st December 2008, the number of housing reservations and lots stood at 3,380 million units, representing a 31% fall in the amount. At 31 st December 2008, its order book stood at 519 million and its controlled property investment portfolio at 1,842 million. Besides its activity as developer of collective housing in towns and cities, Icade also develops student residences, housing establishments for dependent elderly persons (EHPAD) and serviced residences. Commercial, Public and Healthcare Property Development Turnover from Commercial, Public and Healthcare Amenities Development business rose to 548 million at 31 st December 2008, an increase of 51% compared to 31 st December 2007, reflecting the sound performance of commercial business. Commercial Property Development Icade is a specialist in developing head offices, tall buildings and restructuring office buildings and bringing them into compliance with new standards. Its longstanding experience with local government agencies, its knowledge of commercial brands and their needs has also allowed it to become a key reference in the development of shopping centres. This activity represents a growth engine for the Property Development division with limited speculative operations and major projects in conjunction with the Property Investment business. The main cash flowgenerating projects for Commercial Property Investment will be delivered during the period (office buildings in Villejuif, shopping centres in Aubervilliers and Montpellier, restructuring the Esso building in Rueil-Malmaison, etc.). At the end of December 2008, the current project portfolio amounted to 209,000 m². Public and Healthcare Property Development Whether for the construction of administrative or public establishments (teaching, cultural centres, police stations, etc.) or healthcare establishments (hospitals, private clinics, EHPAD, etc.), Icade is renowned nationally for its professionalism. This division is increasingly geared towards the implementation of development initiatives under Public- Private Partnerships (PPP), with very limited risk and a real growth opportunity for the Property Development division. With 24 Public-Private Partnerships having been won, Icade is one of the leaders of this market due to its strong local involvement and proven expertise. Under the delegated project ownership and projectdeveloper assistance contracts, it supports its public and private clients in constructing their complex property programmes. At 31 st December 2008, its current projects represented 89,900 m². Property-project engineering Beyond its property development and project-developer assistance, Icade also carries out general contractor missions and construction economics missions. Optimisation of the design and use of buildings, controlling costs and lead times, advice in investment choices, delivery and servicing of the site, etc., the teams are available for their clients. Development It is important, both for Icade and the public and private owners, to secure and enhance land reserves. Icade has technical, legal and economic expertise, allowing it to intervene in the direct acquisition and development of land, in the operational steering of major urban operations and in the upstream consulting on feasibility studies, for example. 31

34 2008 HIGHLIGHTS Cité sanitaire Saint-Nazaire (44) Pooling the hospital and clinics on one single site 93,000 m 2 Architect: Groupe 6 Icade: developer under a Public-Private Partnership, investor (with CDC, Dexia, Barclays), project manager, facilities manager Les Jardins Ronsard L Haÿ-les-Roses (94) 51 housing units Architect: Cabinet 3A IDF Icade: investor and developer ZAC Claude Bernard Paris 19 e Programme of 3 buildings Total floor space: 40,000 m 2 Architects: Agence ECDM / Agence J. Ferrier / Agence Sauerbruch Hutton. Icade: co-developer Some references 32 Commercial, Public and Healthcare Property Development Commercial Projects under way: 209,000 m 2 for potential turnover of 212 million Projects being set up: 386,000 m 2 for potential turnover of 784 million Public and Healthcare Projects under way: 271,300 m 2 Projects being set up: 89,900 m 2 Backlog: 519 million ( 23%) Property portfolio: 1,842 million ( 21%) Reservation withdrawal rate: 36% (in Q4) on average Disposal rate: 5.4% Residential Property Development Average sale price of apartments: (operations launched in 2008): 3,154/m 2 Number of reservations: 3,380 housing units and lots ( 31% in amount) Number of notarised sales: 3,839 housing units and lots ( 20% in amount)

35 Property Services Enhancing the assets of key investors and refocusing on high added-value businesses for the Property Investment division Icade 2008 Annual report Businesses In 2008, Icade decided to significantly restructure its Property Services division, by refocusing activities dedicated to institutional investors on property management, management of student residences and consulting. Turnover of the Property Services division at 31/12/08 (in M) 1 A customer-orientated diversified offer With turnover of 204 million at 31 st December 2008, Icade is capitalising on this original strength: supported by a top-tier property investment company, to offer a range of services in France and abroad. This diversity allows Icade s Property Services division to support its clients in every stage of their operations, from design to property management, in both the residential and commercial spheres. The Property Services division plays a direct part in Icade s strategy to expand services in property investment by restructuring around three key businesses A key player in property management in France: by deciding to pool of its rental management activities for large institutional clients within a single structure, Icade Property Management, Icade has become a leader in property management in France. Thus, Icade Property Management offers the full range of property management services, however complex, from the legal, administrative and financial management of these properties to their renovation, or even their sale or leasing. An emerging player on the serviced residences market: Icade manages, operates and markets unfurnished and furnished housing units in serviced residences for students and employees on secondment. In France, with seven new residences delivered in 2008, Icade remains a top-tier player in this field with 54 residences established across the country and over 7,000 beds under management, specially designed to meet the needs of its clients. In Spain, with 22 university residences, corresponding to 6,000 beds, Icade is a major player in the management of university residences. A reference in property consulting and expertise: Icade s Property Services division benefits from the Housing Commercial Intra-group business expertise of multi-disciplinary engineers and consultants, allowing it to offer consulting services covering all of the property sector: supporting the client for complex operations and set-ups, such as the outsourcing of its assets, asset arbitrage operations, strategic consulting or property expertise; carrying out more complex transactions for institutional clients, for housing and offices; 33

36 Some references 3 businesses in a refocused structure 18 million 2008 turnover Property Management 23 million 2008 turnover Consulting and expertise 34 million 2008 turnover Serviced residences and by arbitrating within its non-strategic activities In the aim of clarifying its Property Services strategy, Icade has decided to get backing for its two main activities: ZOOM SUR 34 ensuring the safety and security of clients commercial and residential assets to secure their value through consulting, steering operation or the installation of video-surveillance cameras; implementing best practices in terms of assistance and consulting in property engineering for all operations, in particular with a view to optimising the energy performance of the assets; proposing sophisticated and robust information systems in property management, allowing the owner to manage the performance of his assets throughout the year. In facilities management, Icade has refocused on its core business (operation and steering of multitechnical and multi-service maintenance). However, as this activity cannot be developed within Icade, it has been decided to get backing, during the first half of 2009, from a key reference in facilities management. Property management for individuals: Icade offers a large range of housing services in France and in Spain. In France, as property management for individuals does not benefit from the synergies expected within a commercial property investment company, Icade has decided to get backing for this activity from a specialist external structure. Tour Montparnasse property complex Paris 15 e Floor space: 300,000 m 2 Icade: property manager

37 Portfolio as at 31 st December 2008

38 SUSTAINABLE DEVELOPMENT Electrically-powered river shuttle First of its kind in France, shuttle purchased and chartered by Icade to serve the parc du Millénaire Special jury s prize for Icade s 2007 sustainable development awards Grand prix 2008 of the 12 th Grand Prix de l environnement environment awards Les Terrasses Garonne, Toulouse (31) 57 R+7 housing units Architects: J.-P. Ribes Cabinet Arua Icade: developer 2007 silver medal Categories Regional grand prix and Natural quality of life Parc nautique of l île de Monsieur, Sèvres (92) 7.6 ha, creation of a nautical base and a landscaped park Architect: 2AD Architecture Icade: developer Park and buildings designed and constructed according to an environmental initiative PROPERTY INVESTMENT Offices H 2 0 building, Rueil-Malmaison (92) Tour Descartes, Courbevoie (92) Metropolitan, Villejuif (94) 36 2, rue des Martinets 22,000 m 2 Icade: investor 72,000 m 2 Icade: investor and property manager Seine building Head office of the bank LCL 14,200 m 2 Architect: H. Godet Icade: investor and promoter HQE-certified construction

39 Hospital complex, Alès-en-Cévennes (30) Construction of a hospital complex 33,000 m 2 Architect : P.Tourre-RTV Icade: operations manager Pilot operation certification HQE établissements de santé Les Villas Clara, Strasbourg (67) Building comprising 16 units Low-consumption programme Architect: Atrium concept Icade: developer Project nominated in Icade s 2008 sustainable development awards École nationale supérieure des officiers sapeurspompiers (ENSOSP), Aix-en-Provence (13) Training and administrative centre and technical platform 30,000 m 2 (new construction and renovation) 450 pupils Architect: SCAU / Atelier 9 / CCD Icade: developer s agent Project nominated in Icade s 2008 sustainable development awards Munich Allach (Germany) 59,000 m 2 Users: TSystem-MTU-Atena Icade: investor Offices labelled Very high energy performance (THPE) 114, avenue des Champs-Élysées, Paris (75) 6,000 m 2 Icade: investor Ernst & Young, Munich (Germany) 19,600 m 2 Architect: GHU-PSP Icade: investor 37

40 PROPERTY INVESTMENT Business Parks PROPERTY INVESTMENT Shopping Centres Mr. Bricolage Icade: investor and property manager Odysseum, Montpellier (34) 45,000 m 2 of retail surface Architects: Design International DGLa Icade: investor, promoter, marketing and manager of the retail division, property manager Le Millénaire shopping centre, Aubervilliers (93) 58,000 m 2 of shops, 3 office buildings, 2,800 parking spaces Architect: A. Grumbach Icade: investor, promoter and marketing Pilot operation HQE commerces certification Offices labelled Very high energy performance (THPE) Millénaire 1 and 2, Paris 19 (75) Building 025, parc du Pont-de-Flandre, Paris 19 (75) Building 270, Aubervilliers (93) 38 30,000 m 2 and 28,800 m 2 Architect: Arte Charpentier Icade: investor and developer Millénaire 1: head office of Icade HQE-certified construction Pilot operation HQE Exploitation certification 12,500 m 2 Icade: investor This XIX th century building houses the head office of Club Med 9,400 m 2 First private commercial building to be certified NF bâtiments tertiaires démarche HQE Architects: Brenac & Gonzales Icade: investor and developer HQE-certified construction Pilot operation HQE exploitation certification

41 Polyclinique de l Atlantique, Saint-Herblain (44) 269 beds Icade: investor, project manager, property manager Armand Brillard private hospital, Nogent-sur-Marne (94) 200 beds Icade: investor, property manager 84, rue de Villiers, Levallois-Perret (92) 30,000 m 2 User: Ministry of Interior Icade: investor PROPERTY INVESTMENT Housing PROPERTY INVESTMENT Amenities Fontenay-aux-Roses (92) Icade: investor Les Gibets, Rueil-Malmaison (92) Icade: investor Créteil (94) Icade: investor 39

42 PROPERTY DEVELOPMENT Retail Park Costières Park, Nîmes (30) Colombe Parc, Toulouse-Colomiers (31) Le Carat, Lyon Part-Dieu (69) 27,000 m 2 Architects: Crégut-Duport Icade: co-developer 8,600 m 2 2 twin, independent buildings Architect: J.F. Martinie Investor: UBS Global Real Estate Icade: developer 14,000 m 2 Architect: Brunet-Saunier Investor: Generali Immobilier User: Egis Icade: developer HQE-certified construction 40 CHU university hospital centre, Nancy (54) 27,000 m 2 Construction of a medical building Architect: M. Beauvais Icade: investor, promoter under a PPP, project manager ZAC du Port Bureaux Aquena programme, Choisy-le-Roi (94) Two office buildings (Libeccio surface 10,000 m 2 and Zéphir surface 19,000 m 2 ) Architects: Agence Valode and Pistre/Agence Ferrier Icade: promoter Construction certified HQE and labelled Very high energy performance (THPE) Résidence de l Hippodrome, Valenciennes (59) Number of housing units: 138 Architect: Olivier Parent

43 SERVICES Icade: property adviser Serviced residence Le Kaelis, Montpellier (34) 92 housing units Icade: operator Serviced residence Les Lauréades, Saint-Ouen (93) 120 housing units Icade: operator Building 264, Parc des Portes de Paris, Aubervilliers (93) Icade: property manager, developer s agent for carrying out the Carbon Audit, investor Tour Maine-Montparnasse property complex, Paris 300,000 m 2 Icade: property manager Residential building Icade : transaction 41

44 Inventory of assets at 31 st December 2008 SHOPPING CENTRES 206 M 135,976 m 2 OFFICES 1,654 M 407,210 m 2 HOUSING 2,935 M 2,281,442 m 2 BUSINESS PARKS 1,423 M 474,775 m 2 GLOBAL ASSETS 6,952 M 3,586,028 m 2 AMENITIES 734 M 286,625 m 2 42

45 Geographic breakdown of the asset base by asset type at 31 st December 2008 (in millions of euros) Housing (1) Offices (2) Business Shopping Amenities (5) TOTAL % Parks (3) Centres (4) Paris region % % by value 99.8% 72.7% 100.0% 30.1% 51.2% of which Paris (75) ,164 of which Seine-et-Marne (77) of which Yvelines (78) of which Essonne (91) of which Hauts-de-Seine (92) ,730 of which Seine-Saint-Denis (93) ,359 of which Val-de-Marne (94) of which Val-d Oise (95) Rest of France % % by value 0.2% 5.2% 0.0% 69.9% 48.8% International % % by value 22.1% TOTAL 2,935 1,654 1, ,952 Icade 2008 Annual report Inventory of assets % of assets by value 42.2% 23.8% 20.5% 3.0% 10.5% 100.0% In surface area (m²) * Housing (1) Offices (2) Business Shopping Amenities (5) TOTAL % Parks (3) Centres (4) Paris region 2,263, , ,775 2,470 87,210 3,000, % % by surface area 99.2% 42.4% 100.0% 1.8% 30.4% of which Paris (75) 29,338 38, ,628 2, ,973 of which Seine-et-Marne (77) of which Yvelines (78) 97,460 34, ,320 of which Essonne (91) 220,377 9, ,043 of which Hauts-de-Seine (92) 520, ,526 28, ,786 of which Seine-Saint-Denis (93) 515, ,147 24, ,632 of which Val-de-Marne (94) 491,610 14, ,169 of which Val-d Oise (95) 389, ,471 Rest of France 17,454 90, , , , % % by surface area 0.8% 22.3% 98.2% 69.6% International 143, , % % by surface area 35.3% TOTAL 2,281, , , , ,625 3,586,028 % of assets by surface area 63.6% 11.4% 13.2% 3.8% 8.0% 100.0% * Rentable surface in m² as at 31 st December (1) Housing units and other property assets previously held by the former Icade Patrimoine, including housing units held for sale and housing units under promises of sale as at 31 st December (2) Property assets in the asset base of the former Icade Foncière des Pimonts (not including the Odysseum shopping centre and Mr. Bricolage shops), SIIC Invest and Icade REIT. (3) Business parks of the former Icade Emgp, not including the Aubervilliers shopping centre. (4) Shopping centres, composed of Mr. Bricolage shops and Aubervilliers and Odysseum shopping centres under development at 31 st December (5) Property assets of the former Icade Foncière Publique. 43

46 Offices division at 31 st December 2008 Town Dpt Surface No. Car Date of Date of % Main m² parks acquisition construction or Consolidation tenants (Rentable) (*) renovation Paris region 172,468 3, , avenue de Friedland Paris , % Deutsche Bank 114, avenue des Champs-Élysées Paris , % Shearman & Sterling 1 SFC (Weston) 29-33, avenue des Champs-Élysées Paris , % Pizza Pinot Aeroflot 69, boulevard Haussmann Paris , % UBS Hoche Courcelles 65, rue de Courcelles Paris % ABN AMRO 14, rue Magellan Paris % Iris conseil santé Heinzel Sales Fce Sub-total Paris CBD 34, , rue des Innocents / Place Joachim du Bellay Paris % Bd du Jean Quartier de l Horloge 36, rue Rambuteau Paris , % Cie de restaurants et de cafétérias 7, rue Armand Moisant Paris , % CF Ingéniérie BNP Tour Montparnasse avenue du Maine Paris % Western / Roussev Sub-total Paris ex-cbd 4, ème étage de la Grande Arche Paris La Défense 92 1, % HQ Global Services Tour Descartes 2, avenue Gambetta Courbevoie 92 75,162 1, % IBM Tour Initiale 1, terrasse Bellini Puteaux 92 11, % RTE Nexitis Tour Arago 5, rue Bellini Puteaux 92 2, % Stralfors CNH France Touax Tour Areva 1, place de la Coupole Paris La Défense 92 2, % Areva Sub-total Paris La Défense 92,246 1, , avenue Morizet Boulogne-Billancourt 92 4, % Omnicom 27, rue Camille Desmoulins Issy-les-Moulineaux 92 9, % Coca-Cola Madrid 185, avenue du général de Gaulle Neuilly 92 2, % Deloitte Touche Sub-total West Quadrant 16, ZAC des Guipons 10, avenue de Paris Villejuif 94 14, % LCL 11-13, rue Félix Martin Épinay-sur-Seine % Mairie d Épinay ZA de l Orme Pomponne Ris-Orangis 91 9, % AOIP SDV LI 15/21, Avenue de la Victoire Meaux % Kiloutou Sub-total rest of Paris region 25, (*) Date of entry of the asset or entity into Icade s scope of consolidation. 44

47 Offices division at 31 st December 2008 (contd) Icade 2008 Annual report Inventory of assets Town Dpt Surface No. Car Date of Date of % Main m² parks acquisition construction or Consolidation tenants (Rentable) (*) renovation REST OF FRANCE 90, , avenue de la République Lille La Madeleine 59 3, % Spie Batignolles Safig Champion 27, avenue de Paris Reims 51 2, % Champion Le Triangle Avenue Jules Mihau Montpellier 34 2, % Douglas Sauramps ZA de Saint Martoy Portet sur Garonne % Dekra Veritas Zone commerciale de Plan Campagne Les Pennes Mirabeau % Dekra Veritas 6, avenue des Bates Dreux % Kiloutou La Chambière Saint-Denis-lès-Bourg % Kiloutou ZAC de Sennecé-lès-Mâcon Macon 71 27, % Logidis ZI de la Madeleine RN 154 Evreux % Kiloutou 45, rue René Goscinny Angoulême % Maison du monde 20, rue de la Huchette Bressuire % Maison du monde 44-46, avenue de la République Charleville-Mézières % Maison du monde 7, rue des Boulangers Colmar % Maison du monde 8, avenue Pierre Guéguin Concarneau % Maison du monde 13, rue Carnot / 14, rue Saint-Thomas La Flèche % Maison du monde 11/13, rue Philibert Laguiche Mâcon % Maison du monde 1, rue Hallebarde Orléans % Maison du monde avenue Pierre et Marie Curie Rognac 13 5, % Geodis Logistics Euromatic 6, rue Saint Francois Quimper % Maison du monde Centre d affaires «Alma city» 3, rue du Bosphore Rennes % Jardin d idées La Vigie 20, quai du commandant Malbert Brest % IPC Zone Eurofret Terrain Strasbourg 67 4, % Messageries Seegmuller 3, rue des Sauzettes ZAC Plein Sud Aubière % Maison du monde ZI de Chesnes Tharabie Saint-Quentin-Fallavier 38 19, % Millitzer Easydis ZI la Palun Marignane 13 13, % Somefor 56, rue de Bourgogne Fontaine les Dijon 21 1, % Icade G3A Cogiciel SCET 2, rue Jean Artus Bordeaux 33 1, % Coligny Icade G3A INTERNATIONAL 143,920 2,443 Munich-Allach Dachauer Strasse 665 Munich 59,139 1, / % T Systems MTU Atena MAN Turlenstrasse 2 Stuttgart 14, and % vacant Goldsteinstrasse 2 Frankfurt 7, % Ville de Francfort Frankenallee 139/149 Frankfurt 10, % Opel Economic Center Süderstrasse 30 Hamburg 10, / % American Express Axa Heidenkamsweg Hamburg 9, % ATOS Hohenzollerndamm 150 Berlin 11, % Deutsche Post AG Hohenzollerndamm 151 Berlin 10, % Schwarz Film EuroArts Arena Synchron Charlottenstrasse / Kochstrasse Berlin 11, % MDK Victoria GRAND TOTAL (according to scope of consolidation) 407,210 5,799 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 45

48 Business Parks division at 31 st December 2008 Paris 19 e 133,628 1,951 Town Dpt Surface No. of car Date of % Main m² parks acquisition Consolidation tenants (Rentable) (*) Parc du Pont de Flandre Paris 19 e 75 75,220 1, % Club Méditerranée Pierre & Vacances Parc du Millénaire Paris 19 e 75 58, % Icade Oddo & Cie Seine-Saint-Denis (93) 341,147 1,093 Parc des Portes de Paris ,200 1,093 Saint-Denis Saint Denis 93 68, % Euro Media Télévision Clareton Batigautier LEM Aubervilliers 93 10, % GPG Win s & co Aubervilliers Gardinoux Aubervilliers , % Arc en Ciel Euro Media Télévision Parc Pilier Sud Aubervilliers 93 25, % L.E.M. 888 Interxion France Parc CFI Aubervilliers 93 62, % Rhodia services Rhodia Recherches Parc du Quartier du Canal Aubervilliers 93 10, % Locaber Parc le Mauvin Aubervilliers 93 21, % Ville de Paris L.E.M. 888 GRAND TOTAL 474,775 3,044 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 46

49 Shopping Centre division at 31 st December 2008 Icade 2008 Annual report Inventory of assets Town Dpt Surface No. of car Date of % Main m² parks acquisition Consolidation tenants (Rentable) (*) 15, rue de la Croix Blanche Autun 71 2, % Mr. Bricolage 55, avenue de la Division Leclerc Avranches 50 4, % Mr. Bricolage ZAC des Mazaud Brive la Gaillarde 19 5, % Mr. Bricolage Centre Commercial Carrefour Route de Rennes Condé sur Sarthe 61 3, s 100% Mr. Bricolage 77, rue de Domfront Flers 61 3, / % Mr. Bricolage Rue Alexandre Guillon Guéret 23 5, % Mr. Bricolage Zone Commerciale du Parc La Ferté Macé 61 1, % Mr. Bricolage Centre Commercial Hyper U Avenue de la Maine Les Herbiers 85 3, s 100% Mr. Bricolage 91, rue de Longwy Longwy 54 3, s 100% Mr. Bricolage Route de Montargis Noyers 45 1, % Mr. Bricolage Espace Commercial Les Latteux Migennes 89 3, / % Mr. Bricolage ZAC de Chateaugay Domerat 03 5, % Mr. Bricolage 34, rue de Reuilly 28, rue du Colonel Rozanoff Paris 12 e 75 2, % Mr. Bricolage Centre Commercial La Tuilerie Sablé sur Sarthe 72 4, s 100% Mr. Bricolage Espace commercial de la Gaillard Saint Clément 89 4, / % Mr. Bricolage Avenue de l Egalité ZA d Hellieule 2 Saint-Dié 88 4, % Mr. Bricolage 115, Route Nationale Saint-Gervais La Forêt 41 5, s/ % Mr. Bricolage ZA La Chesnais St-Jouan des Guérets 35 5, % Mr. Bricolage 1118, Avenue de Paris Saint-Lô 50 3, % Mr. Bricolage Espace Saumur Soleil St Lambert des Levées Saumur 49 4, s/ % Mr. Bricolage Centre Commercial 15, rue d Anet Saussay 28 2, s 100% Mr. Bricolage 12, route de Pau Tarbes 65 2, % Mr. Bricolage Centre commercial Carrefour Route du Plan Trans en Provence 83 1, % Mr. Bricolage ZAC de Merlemont, Les Terres de Merlemont Allonne 60 11, and Fall 100% Mr. Bricolage ZI Les Clairions Avenue Haussmann Auxerre 89 4, s 100% Mr. Bricolage Rue Giret Quartier des Isle Vienne 38 3, /92/97/ % Mr. Bricolage rue René Cassin Pithiviers 45 4, /98 100% Mr. Bricolage Allée Maxenu Pierry 51 3, and Fall 100% Mr. Bricolage ZI route de Rennes St Méen le Grand 35 1, / % Mr. Bricolage 191, av du Gal de Gaulle Libourne 33 3, % Mr. Bricolage 540, av Leon Blum Ambrieu en Bugey 01 6, % Mr. Bricolage ZA le Pinier St Léger de la Martinière 79 1, % Mr. Bricolage 24, rue Georges Chaulet Dax 40 4, % Mr. Bricolage 55, route d Aigre BP 94 Ruffec 16 2, % Mr. Bricolage Forum de Picardie Fayet 02 2, % Mr. Bricolage Route 66 / Odyséum Montpellier % Route 66 GRAND TOTAL (according to scope of consolidation) 135,976 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 47

50 Amenities division at 31 st December 2008 Amenities 32,080 Town Dpt Surface Date of Acquisition or % Main m² acquisition construction Consolidation tenants (Rentable) (*) date 84, rue de Villiers Levallois 92 28, % Ministère de l Intérieur 50, rue Paul Louis Courrier Périgueux 24 3, % D.D.A.S.S. Crèche Toulouse Blagnac Blagnac % L imagin R Clinics 254,545 Clinique Esquirol Saint-Hilaire 1, rue du doteur Delmas Agen 47 33, s and 80 s 100% Clinique Esquiol St Hilaire Clinique Marzet 42, boulevard Alsace Lorraine Pau 64 13, à % Polyclinique Marzet Clinique Les Chênes rue Chantemerle, lieudit «Capit» Aire-sur-l Adour 40 9, % Polyclinique les chênes Clinique St- François 2, rue Rolland Buthier Mainvilliers 28 11, / % Clinique saint francois Clinique de l Archette rue Jacques Monod Olivet 45 15, % Clinique de l archette Polyclinique de l Atlantique rue Claude Bernard St Herblain 44 32, / % Polyclinique de l atlantique Maison de convalescence Roz Arvor 2, rue du Fort Nantes 44 4, / % Centre Roz Arvor Clinique Saint Charles 11, bd René Levesque La Roche / Yon 85 17, / % Clinique saint Charles Polyclinique du Maine 4, av des Francais libres Laval 53 10, / % Polyclinique du Maine Clinique de convalescence Centre Vendée 5, rue de la Grotte Les Essarts 85 1, % Clinique de convalescence centre Vendée Clinique de l Occitanie 20 av Bernard IV Muret 31 12, % Clinique Occitanie Centre Médico-Chirurgical de Parly II 21 rue Moxouris Le Chesnay 78 18, / % Centre médico chirurgical de Parly II Hôpital Privé de l Ouest Parisien 14 avenue Castiglione (GDS) Trappes 78 16, / % Hôpital Privé de l Ouest Parisien Hôpital Privé Paul d Egine 4 avenue Marx Dormoy Champigny 94 12, / % Hôpital Privé Paul d Egine Hôpital Privé Armand Brillard 3-5 avenue Watteau Nogent 94 11, / % Hôpital Privé Armand Brillard Polyclinique de Poitiers 1, rue de la Providence Poitiers 86 19, / % Polyclinique de Poitiers Clinique Saint-Charles 3, rue de la Providence Poitiers 86 4, / % Clinique Saint Charles Poitiers Clinique du Parc 9 bis rue Piot St Priest en Jarez 42 10, % Clinique du Parc St Etienne GRAND TOTAL 286,625 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 48

51 Residential division at 31 st December 2008 Icade 2008 Annual report Inventory of assets Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date OPERATIONAL ASSETS (*) 1,986, ,761 3,246 Meuniers Paris 75 5, % 92 0 Porte de Vincennes 12 e Paris 75 8, % Porte de Vincennes 20 e Paris 75 10, % Rue Bisson Paris 75 3, % 49 0 Sub-total 75 27, Porte St Antoine Le Chesnay 78 4, % Beauregard Poissy 78 68, % 1,310 Résidence des 2 Forêts St Germain 78 1, % 32 Sub-total 78 75, , Les Buissons Boussy 91 19, % Danton Draveil 91 13, % Domaine de Villiers Draveil 91 25, % Chopin Épinay sous Sénart 91 24, % Hameau Villaine Massy 91 17, % Jean Macé Massy 91 5, % 84 0 Pavillon Champart Massy % 1 1 Saint Marc (Massy) Massy 91 44, % Saint Hubert Ste Geneviève 91 27, % Aulnaies (Verrières) Verrières le Buisson 91 8, % Sub-total , , Les Courtilles Asnières 92 32, % 606 La Fontaine Bagneux 92 54, % 991 La Madeleine Bagneux 92 20, % 415 Pierre Plate Bagneux 92 26, % 503 Prunier Hardy Bagneux 92 17, % 217 Rond Point des Martyrs Bagneux 92 27, % 551 Briaude Chatenay Malabry 92 13, % Les Vaux Germains Chatenay Malabry 92 18, % 305 Pavillon Voltaire Chatenay Malabry % 12 Fort de Vanves (Châtillon) Chatillon 92 31, % Sorbiers Clamart 92 2, % La Roue Fontenay 92 10, % 212 Les Champarts Fontenay 92 4, % 93 Saint Prix Fontenay 92 10, % 178 Scarron Fontenay 92 24, % 402 Sorrieres Fontenay Fontenay 92 21, % 306 Val Content Fontenay 92 14, % 197 Val Content PLI Fontenay 92 2, % 37 Fort de Vanves (Malakoff) Malakoff 92 16, % , rue de Lattre de Tassigny Rueil Malmaison 92 2, % 44 Bons Raisins Rueil Malmaison 92 6, % Château Masséna Rueil Malmaison 92 18, % 350 Gibets Rueil Malmaison 92 13, % 242 (*) Including housing units to be sold in blocks or under promises of sale as at 31 st December

52 50 Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date Godardes Rueil Malmaison 92 15, % Les Hauts de Buzenval Rueil Malmaison 92 6, % 88 Taratres Rueil Malmaison 92 20, % 388 Bas Coudrais Sceaux 92 40, % 695 Le Mail Villeneuve la Garenne 92 2, % 42 Sub-total , , Descartes Blanc Mesnil 93 21, % 343 Pont de Pierre Bobigny 93 26, % 482 Stade de Bondy Bondy 93 31, % 595 Gros Buisson Épinay sous Seine 93 27, % 501 Orgemont Épinay sous Seine , % 2, Chemin vert Gagny 93 16, % 286 Jean Moulin Gagny 93 17, % Clos des Français Montreuil 93 33, % Paul Doumer Montreuil 93 2, % La Piazza Noisy 93 11, % 150 Bois Perrier Rosny 93 70, % 1,259 La Boissière Rosny 93 15, % 210 Les 6 Routes Saint Denis 93 41, % 649 Grande Lafayette Tremblay 93 20, % 328 Petite Lafayette Tremblay 93 6, % 102 Sub-total , , Anatole France Chevilly Larue 94 10, % 200 Saussaie Chevilly Larue 94 39, % 589 Cheret (Créteil) Créteil 94 6, % 110 Cochets Créteil 94 7, % 110 Créteil 2 Créteil 94 3, % 50 Créteil 3 Créteil 94 38, % 681 Créteil 4 Créteil 94 31, % 549 Créteil Créteil 94 74, % 1,303 Claude Bernard Fontenay 94 21, % 318 Les terrasses du Bellay Fresnes 94 2, % 41 Val de Bièvre Fresnes 94 12, % 221 Vallée aux Renards (Fresnes) Fresnes 94 7, % 124 Jardins de Ronsard L Hay les Roses 94 2, % 51 Vallée aux Renards (Hay) L Hay les Roses 94 36, % 659 Pont de Maisons Alfort Maisons Alfort 94 35, % 621 Château de Sucy Sucy 94 40, % 642 Pré Tourillon Sucy 94 12, % 212 Lozaits Villejuif 94 43, % 830 St Exupéry Villejuif 94 1, % Friches Vitry 94 1, % Greuze Vitry 94 4, % Sub-total , ,

53 Icade 2008 Annual report Inventory of assets Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date Les Chênes Ermont 95 33, % 548 Orme St Edme Franconville 95 8, % 138 La Fauconnière Gonesse 95 27, % 537 CIRS Sarcelles , % 2,577 2,167 Lully Sarcelles 95 2, % 40 Les flanades Sarcelles 95 22, % 248 Tour Guyenne Sarcelles 95 5, % 62 Puits La Marlière Villiers le Bel 95 53, % Sub-total , ,024 2,192 ASSETS FOR UNITARY SALE 116, ,876 0 Porte de Vincennes vente Paris % 10 Sub-total Gémeaux Les Mureaux % 6 Romarins (Montigny) Montigny le Bretonneux % 2 Sorrières Montigny le Bretonneux 78 4, % 76 6 à 16 rue de Montaigne Poissy 78 2, % Montaigne Poissy 78 2, % Maladrerie Poissy 78 2, % 58 Castillan Poissy % 3 Corniche Poissy % 7 Foucauld Poissy % 2 Montaigne Poissy % 2 Tour Côte Poissy % 5 Square Cocteau (Trappes) Trappes 78 1, % 18 Mermoz Versailles % 1 Sub-total 78 14, Bonnard Draveil 91 1, % Bruant Draveil 91 1, % d Orbay Draveil 91 1, % 30 Cordeliers Draveil % 3 La Prairie Draveil % 1 1 rue Weber Épinay sous Sénart 91 2, % 29 11, rue du Petit Pont Épinay sous Sénart 91 1, % 26 Colombe Épinay sous Sénart % 5 5 France Épinay sous Sénart 91 2, % Mogador Massy 91 1, % rue de Lisbonne Massy 91 2, % 38 2bis Herriot Massy 91 3, % 49 4 Herriot Massy 91 3, % 47 Blum Massy % 3 Blum II Massy 91 1, % 15 Saint Marc vente (Massy) Massy % 6 Thorez Massy % 4 51

54 52 Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date Toulouse Lautrec (Massy) Massy % 17 1 à 5 rue Julian Grimaud Ste Geneviève 91 1, % 26 Sub-total 91 26, Clos de Rome Asnières % 3 Eluard Bagneux % 2 Galilée Bagneux % 7 Jacques Prévert Bagneux % 4 Vaux Germains Vente Chatenay % 4 Coppée (Châtillon) Chatillon % 3 Pierre Loti (Châtillon) Chatillon % 2 La Roue vente Fontenay % 13 Arthur Rimbaud Rueil % 8 Gibets II Rueil % 16 Voltaire Rueil % 7 3 place André Malraux Villeneuve la Garenne 92 4, % Malraux Villeneuve la Garenne 92 10, % 149 Sub-total 92 18, Courbet Blanc Mesnil % 3 Pont de Pierre Bobigny 93 3, % 68 Pasteur Bondy % 5 Dumas Gagny % 12 Jannin/Bouin Gagny 93 6, % 98 Jean Bouin Gagny 93 1, % 17 Moulin vente Gagny % 2 Moulin vente II Gagny 93 1, % 22 10/14 Couperin Rosny 93 1, % /112 Alsace Rosny 93 1, % Couperin Rosny 93 2, % Franck Rosny 93 1, % De la Lande Rosny 93 1, % 30 Couperin Rosny % 1 Herodia Rosny % 9 Sicopar Sevran % 3 1 Ampère Tremblay % 9 5 Ampère Tremblay % 1 7 Ampère Tremblay % 1 Sub-total 93 25, Cachan I Cachan % 3 Cachan II Cachan % 10 1/3 Arcos Créteil % 15 1/5 Timons Créteil 94 1, % 21 8/12 Vildrac Créteil 94 3, % 45 Mermoz Créteil % 3 Plumerette Créteil % 6

55 Icade 2008 Annual report Inventory of assets Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date Roussel Créteil 94 2, % 41 Savignat Créteil % 5 Col Rivière (Fresnes) Fresnes % 8 Peintres (Hay) L Hay les Roses % 6 Poétes (Hay) L Hay les Roses % 8 Château de Sucy vente Sucy % 1 Cytises Sucy 94 1, % rue Léon Moussinac Villejuif 94 1, % 23 Karl Marx Villejuif 94 2, % 46 Rembrandt Villejuif % 6 Rodin Villejuif % 7 Parc Leblanc Villeneuve le Roi % 4 Sub-total 94 17, Cergy Pissaro Cergy % 3 Hauts de Cergy Cergy % 10 Justice Cergy 95 9, % 145 Van Gogh Ermont % 2 Orme St Edme vente Franconville % 9 Plaine Menucourt % 1 EV 341 Sarcelles % 9 Ste Honorine Taverny % 5 Lalo Villiers le Bel % 2 Pompon Villiers le Bel % 1 Varagne Villiers le Bel % 1 Sub-total 95 12, SCI Grande terre des Vignes Venissieux 69 1, % 17 Sub-total rest of France 1, TOTAL HOUSING UNITS 2,102,949 35,636 3,246 Other assets Commercial property 135, % 14 (1) Residences, retirement homes and others 43, % GRAND TOTAL 2,281,442 35,650 3,246 (1) Housing units connected to commercial property. 53

56 Icade simplified organisation chart as at 31/12/2008 PROPERTY INVESTMENT PROPERTY DEVELOPMENT SERVICES Housing Property Investment Housing Property Development Property Management SCI / SA 100% Icade Commerces SASU 100% Icade Promotion Logement SASU 100% Opéra Construction SASU 100% Icade Ellul SASU 100% Icade Administration de Biens SASU 100% Icade Eurostudiomes SASU 100% Icade Transactions SASU Commercial Property Investment SCI / SA / SNC / SAS / SCS 100% Icade Santé SASU 100% Icade REIT BV 95% Icade Bricolage SAS 90% SIICInvest SA Commercial Property Development 100% Icade Tertial Régions SASU 100% Icade Tertial SASU Health and Public Property Development 100% Icade G3A SASU 100% Icade Setrhi-Sétaé SASU Property and Facilities Management 100% Icade Property Management SASU 100% Icade Eurogem SASU 100% Icade Italia SPA 100% Inmobiliaria de la Caisse des Dépôts España SASU 100% I-Porta SAS 100% Icade Suretis SASU 100% Icade Gestec-RS SAS Engineering 100% Icade Arcoba SASU Development Operations Consultancy 100% Icade Conseil SASU 100% Icade Expertise SASU % Icade Foncier Développement SNC