2008 ANNUAL REPORT Part 1 : Corporate

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...

CONTENTS Icade in brief 1 Message from the Chairman and Chief Executive Officer 2 Key asset-related figures 4 2008 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

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%) 101.6 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

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.

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 2009. 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 2008. 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

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 2007. 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. 101.6 per share. This was down 6% compared to 31 st December 2007. Portfolio value of property assets at 31 st December 2008 (in M ) 734 206 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 1,288 366 1,423 734 206 8.8% 11.1% 11.9% 8.5% 9.1% +0.9% +5.2% 2,605 3,419 4,217 1,958 2,716 2,146 731 (4) Housing units* 2,935 +19.3% 1,317 (5) TOTAL 6,952 +2.4% 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.

Changes to the portfolio value (in M ) Investments net of disposals of property investment companies (in M ) 100 95 706 622 308 1,503 1,749 90 3,650 2,582 734 1,423 1,654 206 4,017 2,935 Offices Business Parks Amenities Shopping Centres Housing units 717 806 Commercial Property Investments Housing Property Investments Disposals 173 361 2007 2008 2007 2008 4.0 billion of Commercial Property assets Number of m 2 4O7,210 Offices 2.9 billion of Residential Property assets 2,281,442 3,586,028 474,775 286,625 135,976 Business Parks Amenities Shopping Centres Housing units 5

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 ) 115 +8% 224 206 8% 111 197 Commercial Housing 144 255 312 + 22% 2007 2008 2007 2008 2007 2008 Net income (Group share) excluding exit tax in 2007) (in M ) EBITDA (in M ) Operating income (in M ) 329 266 313 291 335 198 +18% +15% 443 Commercial Housing 84 282 114 + 57% 2007 2008 2007 2008 2007 2008 6 * 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.

Icade 2008 Annual report Key figures Debt: key figures Net financial debt amounts to 2,459 million versus 1,575 million in 2007. In 2008, the average cost of financing came to 4.8% after hedging compared to 4.47% in 2007. 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 2007. The portion of the debt at over 5 years is 51% compared to 58 % at 31 st December 2007. xxx Loan to Value of 35% compared to 25% at 31 st December 2007. Gross financial debt at 31 st December 2008 1% 16% Property Investment Property Development 3,144 M Property Services 83% Icade s shareholding structure at 31 st December 2008 0.91% 37.51% 61.58% Caisse des Dépôts Float (of which 0.82% for the FCPE*) Self-held * Company Mutual Fund. Value for shareholders (in ) 31/12/2007 31/12/2008 Replacement NAV/share 116.4 109.8 Liquidation NAV/share 108.4 101.6 Number of shares (in millions) 49.0 48.8 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 2010. 7

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.

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

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

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 2008. 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

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)

Icade 2008 Annual report Sustainable development Sustainable development

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 2008. 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 2010. 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).

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 35 36 to 55 56 to 80 81 to 110 111 to 145 D E F G H 25% 32% 11% 1% 1% 21 to 35 36 to 55 56 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

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.

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

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 2008. 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 1,013 811 210 1,516 International Services Property Investment Property Development

Icade 2008 Annual report Sustainable development 1 499 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

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

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

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. 2008 net rent: 312 M 197 115 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 2008. 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 2008. 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 2008 2,281,442 m 2 of housing units in France 1,304,586 m 2 Assets in commercial floor space

Icade 2008 Annual report Businesses 2009-2013 PIPELINE COMMERCIAL PROPERTY INVESTMENT Offices Delivery Surface Investment Expected (in m 2 ) 2009-2013 (in M ) gross yield Villejuif 2009-2011 60,000 198 6.7% Works Rueil 2009 22,000 23 6.0% Works Descartes to be determined 77,000 97 6.6% E&Y building 2010 20,000 35 6.9% Rendement Shopping brut Centres attendu Delivery Surface Investment Expected (in m 2 ) 2009-2013 (in M ) gross yield Aubervilliers 2011 58,000 131 7.1% Mr. Bricolage 31 8.0% Odysseum 2009 45,000 43 6.2% Business Parks Delivery Surface Investment Expected (in m 2 ) 2009-2013 (in M ) gross yield Buildings 287 and 028 2010 25,000 83 6.5% Other, of which CapEx 34 Public and Healthcare Amenities Delivery Surface Investment Expected (in m 2 ) 2009-2013 (in M ) gross yield Of which works Vedici, Harpin 123 7.2% and Générale de Santé PPP Nancy (average) 54 6.6% RESIDENTIAL PROPERTY INVESTMENT Number Investment Expected of homes 2009-2013 (in M ) gross yield Off-plan sales (1) 1,300 194 6.2% CapEx 165 (1) The housing units sold off-plan could be transferred in the event of the disposal of the Residential Property Investment Division. 2009-2013 investment plan (in billion) Total investments by the Property Investment Division: 1 1.3 billion (1) Housing units 0.4 0.4 Offices 0.2 0.2 Business Parks (1) Estimated value of property investments. 0 0.1 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

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 31-33 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 2009. 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 2009-2013

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. 2008 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 2009-2013 25

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 2009-2013

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

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

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 2007. In 2008, Icade disposed of 5,164 housing units, with the result that it is ahead of schedule for the period 2009-2013. 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 2008. 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. 2008 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

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) 10 30 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. 548 1 142 604 Housing Commercial and Public Inter business

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 2010-2012 (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

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)

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 106 204 99 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

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

Portfolio as at 31 st December 2008

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

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

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

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

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

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

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

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 2.930 1.203 1.423 62 375 5.993 86.2% % by value 99.8% 72.7% 100.0% 30.1% 51.2% of which Paris (75) 80 397 680 7 1,164 of which Seine-et-Marne (77) 10 1 11 of which Yvelines (78) 130 126 257 of which Essonne (91) 312 6 318 of which Hauts-de-Seine (92) 884 672 174 1,730 of which Seine-Saint-Denis (93) 560 1 743 55 1,359 of which Val-de-Marne (94) 611 126 75 812 of which Val-d Oise (95) 343 343 Rest of France 5 86 0 144 358 593 8.5% % by value 0.2% 5.2% 0.0% 69.9% 48.8% International 0 366 0 0 0 366 5.3% % by value 22.1% TOTAL 2,935 1,654 1,423 206 734 6,952 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 2,263,988 172,468 474,775 2,470 87,210 3,000,911 83.7% % by surface area 99.2% 42.4% 100.0% 1.8% 30.4% of which Paris (75) 29,338 38,537 133,628 2,470 203,973 of which Seine-et-Marne (77) 517 517 of which Yvelines (78) 97,460 34,860 132,320 of which Essonne (91) 220,377 9,666 230,043 of which Hauts-de-Seine (92) 520,160 108,526 28,100 656,786 of which Seine-Saint-Denis (93) 515,572 913 341,147 24,250 857,632 of which Val-de-Marne (94) 491,610 14,309 530,169 of which Val-d Oise (95) 389,471 389,471 Rest of France 17,454 90,822 133,506 199,415 441,197 12.3% % by surface area 0.8% 22.3% 98.2% 69.6% International 143,920 143,920 4.0% % by surface area 35.3% TOTAL 2,281,442 407,210 474,775 135,976 286,625 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 2008. (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 2008. (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 2008. (5) Property assets of the former Icade Foncière Publique. 43

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 3,076 3-5, avenue de Friedland Paris 8 75 10,130 190 2004 1991 100% Deutsche Bank 114, avenue des Champs-Élysées Paris 8 75 6,183 122 2004 1993 100% Shearman & Sterling 1 SFC (Weston) 29-33, avenue des Champs-Élysées Paris 8 75 9,139 2004 1950 100% Pizza Pinot Aeroflot 69, boulevard Haussmann Paris 8 75 7,205 184 2004 1990 100% UBS Hoche Courcelles 65, rue de Courcelles Paris 8 75 950 20 2007 1975 100% ABN AMRO 14, rue Magellan Paris 8 75 830 9 1960 1960 100% Iris conseil santé Heinzel Sales Fce Sub-total Paris CBD 34,437 525 2, rue des Innocents / Place Joachim du Bellay Paris 1 75 136 2007 1985 100% Bd du Jean Quartier de l Horloge 36, rue Rambuteau Paris 3 75 1,486 2 2007 1977 100% Cie de restaurants et de cafétérias 7, rue Armand Moisant Paris 15 75 1,681 5 2007 1968 100% CF Ingéniérie BNP Tour Montparnasse 33-36 avenue du Maine Paris 15 75 797 6 2007 1972 100% Western / Roussev Sub-total Paris ex-cbd 4,100 13 15ème étage de la Grande Arche Paris La Défense 92 1,285 5 2004 1989 100% HQ Global Services Tour Descartes 2, avenue Gambetta Courbevoie 92 75,162 1,200 2004-2007 1985 100% IBM Tour Initiale 1, terrasse Bellini Puteaux 92 11,265 149 2004 2003 33% RTE Nexitis Tour Arago 5, rue Bellini Puteaux 92 2,440 44 2007 1967 100% Stralfors CNH France Touax Tour Areva 1, place de la Coupole Paris La Défense 92 2,094 7 2007 1974 100% Areva Sub-total Paris La Défense 92,246 1,405 11-15, avenue Morizet Boulogne-Billancourt 92 4,982 131 2004 2000 100% Omnicom 27, rue Camille Desmoulins Issy-les-Moulineaux 92 9,185 214 2004 1999 100% Coca-Cola Madrid 185, avenue du général de Gaulle Neuilly 92 2,113 49 2007 1976 100% Deloitte Touche Sub-total West Quadrant 16,280 844 ZAC des Guipons 10, avenue de Paris Villejuif 94 14,309 250 2008 2008 100% LCL 11-13, rue Félix Martin Épinay-sur-Seine 93 913 39 1957 1982 100% Mairie d Épinay ZA de l Orme Pomponne Ris-Orangis 91 9,666 0 2007 2000 100% AOIP SDV LI 15/21, Avenue de la Victoire Meaux 77 517 0 2007 2005 100% Kiloutou Sub-total rest of Paris region 25,405 289 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 44

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 90,822 280 250, avenue de la République Lille La Madeleine 59 3,692 83 2007 1968 100% Spie Batignolles Safig Champion 27, avenue de Paris Reims 51 2,226 128 2007 2003 100% Champion Le Triangle Avenue Jules Mihau Montpellier 34 2,708 2007 1975 100% Douglas Sauramps ZA de Saint Martoy Portet sur Garonne 31 765 44 2007 1990 100% Dekra Veritas Zone commerciale de Plan Campagne Les Pennes Mirabeau 13 870 23 2007 1991 100% Dekra Veritas 6, avenue des Bates Dreux 28 477 2007 100% Kiloutou La Chambière Saint-Denis-lès-Bourg 01 526 2007 2006 100% Kiloutou ZAC de Sennecé-lès-Mâcon Macon 71 27,850 2007 2007 100% Logidis ZI de la Madeleine RN 154 Evreux 27 750 2007 100% Kiloutou 45, rue René Goscinny Angoulême 16 379 2007 100% Maison du monde 20, rue de la Huchette Bressuire 79 150 2007 100% Maison du monde 44-46, avenue de la République Charleville-Mézières 08 378 2007 100% Maison du monde 7, rue des Boulangers Colmar 68 405 2007 100% Maison du monde 8, avenue Pierre Guéguin Concarneau 29 208 2007 100% Maison du monde 13, rue Carnot / 14, rue Saint-Thomas La Flèche 72 400 2007 100% Maison du monde 11/13, rue Philibert Laguiche Mâcon 71 981 2007 100% Maison du monde 1, rue Hallebarde Orléans 45 524 2007 100% Maison du monde avenue Pierre et Marie Curie Rognac 13 5,209 2007 100% Geodis Logistics Euromatic 6, rue Saint Francois Quimper 29 430 2007 100% Maison du monde Centre d affaires «Alma city» 3, rue du Bosphore Rennes 35 107 2007 100% Jardin d idées La Vigie 20, quai du commandant Malbert Brest 29 408 2 2007 100% IPC Zone Eurofret Terrain Strasbourg 67 4,830 2008 2008 100% Messageries Seegmuller 3, rue des Sauzettes ZAC Plein Sud Aubière 63 826 2007 100% Maison du monde ZI de Chesnes Tharabie Saint-Quentin-Fallavier 38 19,140 2007 100% Millitzer Easydis ZI la Palun Marignane 13 13,606 2007 100% Somefor 56, rue de Bourgogne Fontaine les Dijon 21 1,576 1976 1976-1982 100% Icade G3A Cogiciel SCET 2, rue Jean Artus Bordeaux 33 1,401 1978 1978 100% Coligny Icade G3A INTERNATIONAL 143,920 2,443 Munich-Allach Dachauer Strasse 665 Munich 59,139 1,733 2006 2003/2004 100% T Systems MTU Atena MAN Turlenstrasse 2 Stuttgart 14,246 247 2006 1958 and 1980 100% vacant Goldsteinstrasse 2 Frankfurt 7,508 120 2006 1958 100% Ville de Francfort Frankenallee 139/149 Frankfurt 10,410 80 2006 1980 100% Opel Economic Center Süderstrasse 30 Hamburg 10,328 89 2006 2002/2003 100% American Express Axa Heidenkamsweg Hamburg 9,476 108 2006 2000 100% ATOS Hohenzollerndamm 150 Berlin 11,145 61 2006 2000 100% Deutsche Post AG Hohenzollerndamm 151 Berlin 10,480 2006 2000 100% Schwarz Film EuroArts Arena Synchron Charlottenstrasse / Kochstrasse Berlin 11,188 5 2006 2000 100% 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

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 1,099 2002 100% Club Méditerranée Pierre & Vacances Parc du Millénaire Paris 19 e 75 58,408 852 2002 100% Icade Oddo & Cie Seine-Saint-Denis (93) 341,147 1,093 Parc des Portes de Paris 93 221,200 1,093 Saint-Denis Saint Denis 93 68,118 250 2002 100% Euro Media Télévision Clareton Batigautier LEM Aubervilliers 93 10,319 0 2002 100% GPG Win s & co Aubervilliers Gardinoux Aubervilliers 93 142,763 843 2002 100% Arc en Ciel Euro Media Télévision Parc Pilier Sud Aubervilliers 93 25,141 0 2002 100% L.E.M. 888 Interxion France Parc CFI Aubervilliers 93 62,063 0 2002 100% Rhodia services Rhodia Recherches Parc du Quartier du Canal Aubervilliers 93 10,827 0 2002 100% Locaber Parc le Mauvin Aubervilliers 93 21,916 0 2002 100% 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

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 2,795 2008 1999 100% Mr. Bricolage 55, avenue de la Division Leclerc Avranches 50 4,199 2008 2001 100% Mr. Bricolage ZAC des Mazaud Brive la Gaillarde 19 5,536 2008 1999 100% Mr. Bricolage Centre Commercial Carrefour Route de Rennes Condé sur Sarthe 61 3,773 2008 90 s 100% Mr. Bricolage 77, rue de Domfront Flers 61 3,276 2008 1984/2002 100% Mr. Bricolage Rue Alexandre Guillon Guéret 23 5,414 2008 2003 100% Mr. Bricolage Zone Commerciale du Parc La Ferté Macé 61 1,611 2008 1991 100% Mr. Bricolage Centre Commercial Hyper U Avenue de la Maine Les Herbiers 85 3,493 2008 90 s 100% Mr. Bricolage 91, rue de Longwy Longwy 54 3,500 2008 90 s 100% Mr. Bricolage Route de Montargis Noyers 45 1,881 2008 1989 100% Mr. Bricolage Espace Commercial Les Latteux Migennes 89 3,743 2008 1993/1998 100% Mr. Bricolage ZAC de Chateaugay Domerat 03 5,695 2008 2002 100% Mr. Bricolage 34, rue de Reuilly 28, rue du Colonel Rozanoff Paris 12 e 75 2,470 2008 100% Mr. Bricolage Centre Commercial La Tuilerie Sablé sur Sarthe 72 4,248 2008 90 s 100% Mr. Bricolage Espace commercial de la Gaillard Saint Clément 89 4,474 2008 1992/2000 100% Mr. Bricolage Avenue de l Egalité ZA d Hellieule 2 Saint-Dié 88 4,884 2008 2002 100% Mr. Bricolage 115, Route Nationale Saint-Gervais La Forêt 41 5,406 2008 70 s/1988 100% Mr. Bricolage ZA La Chesnais St-Jouan des Guérets 35 5,453 2008 2000 100% Mr. Bricolage 1118, Avenue de Paris Saint-Lô 50 3,553 2008 2001 100% Mr. Bricolage Espace Saumur Soleil St Lambert des Levées Saumur 49 4,846 2008 90 s/2001 100% Mr. Bricolage Centre Commercial 15, rue d Anet Saussay 28 2,687 2008 80 s 100% Mr. Bricolage 12, route de Pau Tarbes 65 2,385 2008 1989 100% Mr. Bricolage Centre commercial Carrefour Route du Plan Trans en Provence 83 1,407 2008 1993 100% Mr. Bricolage ZAC de Merlemont, Les Terres de Merlemont Allonne 60 11,033 2008 2000 and Fall 100% Mr. Bricolage ZI Les Clairions Avenue Haussmann Auxerre 89 4,502 2008 80 s 100% Mr. Bricolage Rue Giret Quartier des Isle Vienne 38 3,582 2008 1987/92/97/2001 100% Mr. Bricolage rue René Cassin Pithiviers 45 4,358 2008 1996/98 100% Mr. Bricolage Allée Maxenu Pierry 51 3,361 2008 2000 and Fall 100% Mr. Bricolage ZI route de Rennes St Méen le Grand 35 1,810 2008 1979/2002 100% Mr. Bricolage 191, av du Gal de Gaulle Libourne 33 3,002 2008 1987 100% Mr. Bricolage 540, av Leon Blum Ambrieu en Bugey 01 6,452 2008 1984 100% Mr. Bricolage ZA le Pinier St Léger de la Martinière 79 1,876 2008 2007 100% Mr. Bricolage 24, rue Georges Chaulet Dax 40 4,257 2008 100% Mr. Bricolage 55, route d Aigre BP 94 Ruffec 16 2,152 2008 100% Mr. Bricolage Forum de Picardie Fayet 02 2,579 2008 100% Mr. Bricolage Route 66 / Odyséum Montpellier 34 283 2008 100% 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

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 28,100 2006 2006 100% Ministère de l Intérieur 50, rue Paul Louis Courrier Périgueux 24 3,012 2007 2007 100% D.D.A.S.S. Crèche Toulouse Blagnac Blagnac 31 968 2008 2008 100% L imagin R Clinics 254,545 Clinique Esquirol Saint-Hilaire 1, rue du doteur Delmas Agen 47 33,414 2007 70 s and 80 s 100% Clinique Esquiol St Hilaire Clinique Marzet 42, boulevard Alsace Lorraine Pau 64 13,026 2007 1973 à 1999 100% Polyclinique Marzet Clinique Les Chênes rue Chantemerle, lieudit «Capit» Aire-sur-l Adour 40 9,284 2007 1977-78 100% Polyclinique les chênes Clinique St- François 2, rue Rolland Buthier Mainvilliers 28 11,055 2007 1998/2000 100% Clinique saint francois Clinique de l Archette rue Jacques Monod Olivet 45 15,404 2007 2000 100% Clinique de l archette Polyclinique de l Atlantique rue Claude Bernard St Herblain 44 32,506 2008 1993/2002 100% Polyclinique de l atlantique Maison de convalescence Roz Arvor 2, rue du Fort Nantes 44 4,124 2008 1989/1996 100% Centre Roz Arvor Clinique Saint Charles 11, bd René Levesque La Roche / Yon 85 17,773 2008 1988/2004 100% Clinique saint Charles Polyclinique du Maine 4, av des Francais libres Laval 53 10,261 2008 1987/1994 100% Polyclinique du Maine Clinique de convalescence Centre Vendée 5, rue de la Grotte Les Essarts 85 1,916 2008 1987-1988 100% Clinique de convalescence centre Vendée Clinique de l Occitanie 20 av Bernard IV Muret 31 12,707 2008 1973 100% Clinique Occitanie Centre Médico-Chirurgical de Parly II 21 rue Moxouris Le Chesnay 78 18,500 2008 1971/1997 100% Centre médico chirurgical de Parly II Hôpital Privé de l Ouest Parisien 14 avenue Castiglione (GDS) Trappes 78 16,360 2008 1975/2000 100% Hôpital Privé de l Ouest Parisien Hôpital Privé Paul d Egine 4 avenue Marx Dormoy Champigny 94 12,800 2008 2001/2007 100% Hôpital Privé Paul d Egine Hôpital Privé Armand Brillard 3-5 avenue Watteau Nogent 94 11,450 2008 2003/2006 100% Hôpital Privé Armand Brillard Polyclinique de Poitiers 1, rue de la Providence Poitiers 86 19,378 2008 1990/2004 100% Polyclinique de Poitiers Clinique Saint-Charles 3, rue de la Providence Poitiers 86 4,110 2008 1990/2004 100% Clinique Saint Charles Poitiers Clinique du Parc 9 bis rue Piot St Priest en Jarez 42 10,477 2008 100% Clinique du Parc St Etienne GRAND TOTAL 286,625 (*) Date of entry of the asset or entity into Icade s scope of consolidation. 48

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 (*) 1,986,150 429 33,761 3,246 Meuniers Paris 75 5,419 0 1977 100% 92 0 Porte de Vincennes 12 e Paris 75 8,268 0 1957 100% 159 0 Porte de Vincennes 20 e Paris 75 10,502 0 1957 100% 200 0 Rue Bisson Paris 75 3,425 39 1988 100% 49 0 Sub-total 75 27,614 39 500 Porte St Antoine Le Chesnay 78 4,796 69 1985 100% 68 68 Beauregard Poissy 78 68,372 69 1954 100% 1,310 Résidence des 2 Forêts St Germain 78 1,898 0 1969 100% 32 Sub-total 78 75,066 138 1,410 68 Les Buissons Boussy 91 19,281 0 1967 100% 297 0 Danton Draveil 91 13,685 0 1957 100% 230 48 Domaine de Villiers Draveil 91 25,562 0 1957 100% 401 0 Chopin Épinay sous Sénart 91 24,715 0 1967 100% 348 0 Hameau Villaine Massy 91 17,312 0 1968 100% 244 0 Jean Macé Massy 91 5,685 0 1968 100% 84 0 Pavillon Champart Massy 91 45 0 1968 100% 1 1 Saint Marc (Massy) Massy 91 44,101 0 1960 100% 724 0 Saint Hubert Ste Geneviève 91 27,534 0 1954 100% 409 0 Aulnaies (Verrières) Verrières le Buisson 91 8,138 0 1954 100% 100 0 Sub-total 91 186,058 0 2,838 49 Les Courtilles Asnières 92 32,595 0 1958 100% 606 La Fontaine Bagneux 92 54,352 0 1959 100% 991 La Madeleine Bagneux 92 20,632 0 1959 100% 415 Pierre Plate Bagneux 92 26,447 0 1959 100% 503 Prunier Hardy Bagneux 92 17,123 0 1954 100% 217 Rond Point des Martyrs Bagneux 92 27,807 0 1954 100% 551 Briaude Chatenay Malabry 92 13,301 0 1959 100% 244 2 Les Vaux Germains Chatenay Malabry 92 18,970 0 1959 100% 305 Pavillon Voltaire Chatenay Malabry 92 935 0 100% 12 Fort de Vanves (Châtillon) Chatillon 92 31,146 0 1956 100% 566 154 Sorbiers Clamart 92 2,265 0 1988 100% 25 25 La Roue Fontenay 92 10,917 0 1958 100% 212 Les Champarts Fontenay 92 4,856 0 1961 100% 93 Saint Prix Fontenay 92 10,608 0 1954 100% 178 Scarron Fontenay 92 24,825 0 1964 100% 402 Sorrieres Fontenay Fontenay 92 21,760 0 1972 100% 306 Val Content Fontenay 92 14,108 0 1959 100% 197 Val Content PLI Fontenay 92 2,393 0 1995 100% 37 Fort de Vanves (Malakoff) Malakoff 92 16,644 0 1956 100% 313 15-19, rue de Lattre de Tassigny Rueil Malmaison 92 2,216 57 100% 44 Bons Raisins Rueil Malmaison 92 6,804 0 1956 100% 114 30 Château Masséna Rueil Malmaison 92 18,825 0 1956 100% 350 Gibets Rueil Malmaison 92 13,253 0 1957 100% 242 (*) Including housing units to be sold in blocks or under promises of sale as at 31 st December 2008. 49

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 15,861 0 1955 100% 298 180 Les Hauts de Buzenval Rueil Malmaison 92 6,904 0 1975 100% 88 Taratres Rueil Malmaison 92 20,759 0 1959 100% 388 Bas Coudrais Sceaux 92 40,046 0 1954 100% 695 Le Mail Villeneuve la Garenne 92 2,926 0 1980 100% 42 Sub-total 92 479,278 57 8,434 391 Descartes Blanc Mesnil 93 21,000 0 1955 100% 343 Pont de Pierre Bobigny 93 26,268 0 1957 100% 482 Stade de Bondy Bondy 93 31,294 0 1955 100% 595 Gros Buisson Épinay sous Seine 93 27,614 0 1957 100% 501 Orgemont Épinay sous Seine 93 124,845 0 1957 100% 2,285 354 Chemin vert Gagny 93 16,666 0 1963 100% 286 Jean Moulin Gagny 93 17,195 0 1957 100% 334 40 Clos des Français Montreuil 93 33,031 0 1957 100% 581 13 Paul Doumer Montreuil 93 2,095 0 1957 100% 30 30 La Piazza Noisy 93 11,127 0 1980 100% 150 Bois Perrier Rosny 93 70,142 0 1960 100% 1,259 La Boissière Rosny 93 15,330 0 1973 100% 210 Les 6 Routes Saint Denis 93 41,307 0 1962 100% 649 Grande Lafayette Tremblay 93 20,983 0 1967 100% 328 Petite Lafayette Tremblay 93 6,999 0 1967 100% 102 Sub-total 93 465,896 0 8,135 437 Anatole France Chevilly Larue 94 10,965 0 1956 100% 200 Saussaie Chevilly Larue 94 39,117 0 1954 100% 589 Cheret (Créteil) Créteil 94 6,200 0 1956 100% 110 Cochets Créteil 94 7,450 0 1967 100% 110 Créteil 2 Créteil 94 3,070 0 1954 100% 50 Créteil 3 Créteil 94 38,134 0 1958 100% 681 Créteil 4 Créteil 94 31,491 0 1961 100% 549 Créteil 5-6-7 Créteil 94 74,228 0 1964 100% 1,303 Claude Bernard Fontenay 94 21,598 0 1970 100% 318 Les terrasses du Bellay Fresnes 94 2,335 0 2008 100% 41 Val de Bièvre Fresnes 94 12,196 0 1954 100% 221 Vallée aux Renards (Fresnes) Fresnes 94 7,421 0 1957 100% 124 Jardins de Ronsard L Hay les Roses 94 2,886 0 2008 100% 51 Vallée aux Renards (Hay) L Hay les Roses 94 36,351 0 1954 100% 659 Pont de Maisons Alfort Maisons Alfort 94 35,468 0 1956 100% 621 Château de Sucy Sucy 94 40,460 0 1954 100% 642 Pré Tourillon Sucy 94 12,839 0 1965 100% 212 Lozaits Villejuif 94 43,731 0 1954 100% 830 St Exupéry Villejuif 94 1,608 0 1958 100% 36 36 Friches Vitry 94 1,752 0 1983 100% 21 52 Greuze Vitry 94 4,387 0 1983 100% 52 21 Sub-total 94 433,687 0 7,420 109

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 33,987 0 1954 100% 548 Orme St Edme Franconville 95 8,112 0 1967 100% 138 La Fauconnière Gonesse 95 27,886 0 1954 100% 537 CIRS Sarcelles 95 164,166 0 1963 100% 2,577 2,167 Lully Sarcelles 95 2,494 0 1960 100% 40 Les flanades Sarcelles 95 22,318 1963 100% 248 Tour Guyenne Sarcelles 95 5,596 1963 100% 62 Puits La Marlière Villiers le Bel 95 53,992 0 1965 100% 874 25 Sub-total 95 318,551 0 5,024 2,192 ASSETS FOR UNITARY SALE 116,799 96 1,876 0 Porte de Vincennes vente Paris 75 584 0 1968 100% 10 Sub-total 75 584 10 0 Gémeaux Les Mureaux 78 429 0 1977 100% 6 Romarins (Montigny) Montigny le Bretonneux 78 114 0 1977 100% 2 Sorrières Montigny le Bretonneux 78 4,528 0 1979 100% 76 6 à 16 rue de Montaigne Poissy 78 2,235 0 1954 100% 55 6-16 Montaigne Poissy 78 2,007 23 1954 100% 43 78-88 Maladrerie Poissy 78 2,726 0 1954 100% 58 Castillan Poissy 78 141 0 1958 100% 3 Corniche Poissy 78 329 0 1954 100% 7 Foucauld Poissy 78 96 0 1954 100% 2 Montaigne Poissy 78 136 0 1954 100% 2 Tour Côte Poissy 78 394 0 1958 100% 5 Square Cocteau (Trappes) Trappes 78 1,363 25 1974 100% 18 Mermoz Versailles 78 64 0 1976 100% 1 Sub-total 78 14,562 48 278 0 1-5 Bonnard Draveil 91 1,611 0 1957 100% 27 1-5 Bruant Draveil 91 1,529 0 1957 100% 26 2-6 d Orbay Draveil 91 1,785 0 1957 100% 30 Cordeliers Draveil 91 165 0 1957 100% 3 La Prairie Draveil 91 70 0 1957 100% 1 1 rue Weber Épinay sous Sénart 91 2,142 0 1967 100% 29 11, rue du Petit Pont Épinay sous Sénart 91 1,941 0 1967 100% 26 Colombe Épinay sous Sénart 91 336 0 1967 100% 5 5 France Épinay sous Sénart 91 2,042 0 1967 100% 28 12-16 Mogador Massy 91 1,306 0 1968 100% 25 2-8 rue de Lisbonne Massy 91 2,263 0 1968 100% 38 2bis Herriot Massy 91 3,494 0 1968 100% 49 4 Herriot Massy 91 3,356 0 1968 100% 47 Blum Massy 91 185 0 1968 100% 3 Blum II Massy 91 1,084 0 1968 100% 15 Saint Marc vente (Massy) Massy 91 429 0 1960 100% 6 Thorez Massy 91 308 0 1968 100% 4 51

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 91 893 0 1960 100% 17 1 à 5 rue Julian Grimaud Ste Geneviève 91 1,950 0 1954 100% 26 Sub-total 91 26,889 0 405 0 Clos de Rome Asnières 92 189 0 1958 100% 3 Eluard Bagneux 92 173 0 1972 100% 2 Galilée Bagneux 92 420 0 1959 100% 7 Jacques Prévert Bagneux 92 230 0 1960 100% 4 Vaux Germains Vente Chatenay 92 256 0 1959 100% 4 Coppée (Châtillon) Chatillon 92 142 0 1983 100% 3 Pierre Loti (Châtillon) Chatillon 92 144 0 1956 100% 2 La Roue vente Fontenay 92 668 0 1958 100% 13 Arthur Rimbaud Rueil 92 460 0 1957 100% 8 Gibets II Rueil 92 774 0 1957 100% 16 Voltaire Rueil 92 416 0 1956 100% 7 3 place André Malraux Villeneuve la Garenne 92 4,270 0 1980 100% 66 9-10 Malraux Villeneuve la Garenne 92 10,103 0 1980 100% 149 Sub-total 92 18,245 0 284 0 Courbet Blanc Mesnil 93 184 0 1965 100% 3 Pont de Pierre Bobigny 93 3,775 0 1957 100% 68 Pasteur Bondy 93 298 0 1955 100% 5 Dumas Gagny 93 791 0 1959 100% 12 Jannin/Bouin Gagny 93 6,907 0 1959 100% 98 Jean Bouin Gagny 93 1,142 0 1959 100% 17 Moulin vente Gagny 93 100 0 1957 100% 2 Moulin vente II Gagny 93 1,036 0 1957 100% 22 10/14 Couperin Rosny 93 1,878 0 1960 100% 35 108/112 Alsace Rosny 93 1,896 0 1960 100% 34 2-4 Couperin Rosny 93 2,384 0 1960 100% 40 2-4 Franck Rosny 93 1,562 0 1975 100% 28 6-8 De la Lande Rosny 93 1,660 0 1976 100% 30 Couperin Rosny 93 55 0 1983 100% 1 Herodia Rosny 93 529 0 1960 100% 9 Sicopar Sevran 93 177 0 1974 100% 3 1 Ampère Tremblay 93 621 0 1967 100% 9 5 Ampère Tremblay 93 48 0 1967 100% 1 7 Ampère Tremblay 93 71 0 1967 100% 1 Sub-total 93 25,114 0 418 0 Cachan I Cachan 94 163 0 1957 100% 3 Cachan II Cachan 94 632 0 1957 100% 10 1/3 Arcos Créteil 94 789 0 1958 100% 15 1/5 Timons Créteil 94 1,047 0 1958 100% 21 8/12 Vildrac Créteil 94 3,133 0 1958 100% 45 Mermoz Créteil 94 168 0 1961 100% 3 Plumerette Créteil 94 316 0 1961 100% 6

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 2,791 0 1961 100% 41 Savignat Créteil 94 184 0 1961 100% 5 Col Rivière (Fresnes) Fresnes 94 418 0 1957 100% 8 Peintres (Hay) L Hay les Roses 94 382 0 1957 100% 6 Poétes (Hay) L Hay les Roses 94 544 0 1957 100% 8 Château de Sucy vente Sucy 94 57 0 1954 100% 1 Cytises Sucy 94 1,026 0 1965 100% 17 10-16 rue Léon Moussinac Villejuif 94 1,456 0 1954 100% 23 Karl Marx Villejuif 94 2,815 0 1954 100% 46 Rembrandt Villejuif 94 451 0 1957 100% 6 Rodin Villejuif 94 496 0 1957 100% 7 Parc Leblanc Villeneuve le Roi 94 246 0 1957 100% 4 Sub-total 94 17,114 0 275 0 Cergy Pissaro Cergy 95 207 0 1983 100% 3 Hauts de Cergy Cergy 95 795 0 1983 100% 10 Justice Cergy 95 9,826 0 1983 100% 145 Van Gogh Ermont 95 136 0 1961 100% 2 Orme St Edme vente Franconville 95 540 0 1967 100% 9 Plaine Menucourt 95 65 0 1976 100% 1 EV 341 Sarcelles 95 746 0 1982 100% 9 Ste Honorine Taverny 95 337 0 1975 100% 5 Lalo Villiers le Bel 95 108 0 1965 100% 2 Pompon Villiers le Bel 95 60 0 1965 100% 1 Varagne Villiers le Bel 95 40 0 1958 100% 1 Sub-total 95 12,860 188 0 SCI Grande terre des Vignes Venissieux 69 1,431 0 1966 100% 17 Sub-total rest of France 1,431 17 0 TOTAL HOUSING UNITS 2,102,949 35,636 3,246 Other assets Commercial property 135,027 100% 14 (1) Residences, retirement homes and others 43,466 100% GRAND TOTAL 2,281,442 35,650 3,246 (1) Housing units connected to commercial property. 53

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 54 100% Icade Foncier Développement SNC