icade sfaf 02/21/2013 va

R e s u l t s

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

A n n u a l

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

2

2012

Ann

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Disclaimer

This presentation is not an offer or a request for an offer to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be limited in certain countries by legislation or regulations.

As a result, any person who comes into possession of this document is required to familiarise themselves and comply with such restrictions. To the extent permitted by the applicable laws, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person whatsoever.

1 Strengths of the Icade business model

Optimising the asset portfolio

Matching the portfolio with demand

Strengthening the financial position

Managing risk

2 Financial results

3 Opportunities and strengths

4 Appendices

C o n t e n t s

Parc du Millénaire, Paris 19th

4

2012

Ann

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Solid key indicators

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

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

40.0% 39.5% 39.8%

Dec. 2011 June 2012 Dec. 2012

83.7 € / action

80.8 € / action

80.7 € / action

4,313 M€ 4,189 M€ 4,190 M€

Dec. 2011 June 2012 Dec. 2012

355 M€ 385 M€

Dec. 2011 Dec. 2012

4.32 € / action

4.86 € / action

223 M€ 251 M€

Dec. 2011 Dec. 2012

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

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

December 2012, the adjusted LTV was 38.4%

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

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





Managing risk

2 Financial results


4 Appendices

C o n t e n t s

Parc du Millénaire, Paris 19th

6

2012

Ann

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Strengths of the Icade business model

Streamlining assets

► 90% of the portfolio now consists of strategic and alternative assets

► Ongoing move to focus on commercial property in 2013 through the planned combination

with Silic

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

(healthcare)

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

or mature assets (residential, warehouses, Germany)


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

or upcoming development of public transport, strengthened by the combination with Silic

► Recently built properties, meeting the toughest environmental standards

► Success in terms of the main rental conditions, stabilising the occupancy rate at around 95%


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

maturity schedule and preparing for the integration of Silic

► Sound financial position

Managing risk

► Specific approach to the development market

► Major potential for increasing rents on existing properties and secure projects

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

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2012

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

Ongoing move to focus on commercial property in 2012

(1) Assuming 100% ownership

Total portfolio value: €6,850m

at 31 December 2012

2009 2012

Shopping centres

€281m

Healthcare

€661m

Offices, France

€1,162m

Business parks

€1,289m

Offices,

Germany,

Warehouses,

Residential

€2,411m

Alternative 16%

Strategic 42%

Non-strategic 42%

22%

20%

42%

5%

11%

Total portfolio value: €5,804m

at 31 December 2009

Alternative 32% Non-strategic 10%

Strategic 58%

Shopping centres

€442m

Healthcare (1)

€1,725m

Offices, France

€2,426m Business parks

€1,570m

Offices,

Germany,

Warehouses,

Residential

€687m

23%

35%

10%

25%

7%

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8

2012

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Optimising the asset portfolio Investments and disposals

Investments: €557m

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

and retail properties on a joint-ownership basis

► Disposal in December 2012 of an 8,400 m² office building

at 7-9 avenue de Messine, Paris 8th

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

logistics platforms, with total space of 380,000 m2 for €145m

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

and land for €57m

► Promise of sale on buildings in Berlin and Frankfurt

(19,400 m²) and land in Germany

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

in June 2012 for €33m

► Promise of sale signed in January 2013 for the block disposal

of 849 homes in Sarcelles (95)

Other disposals ► Disposal in March 2012 of Icade Résidences Services, a

company specialising in managing student residences, for €24.2m

► Talks underway to sell the engineering business of the

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

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

and remote surveillance services

Disposals: €350m (capital gains: €81m)

Tour EQHO (La Défense)

Le Beauvaisis (Paris 19th)

Healthcare

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Active portfolio rotation policy, allowing the portfolio to be streamlined

Completion of 79,200 m² of usable space

scheduled in mid-2013

First high-rise building with HQE® Rénovation and

BREEAM®-Very Good / BBC Rénovation Certification

Completion of 12,000 m² in early 2012, including

3,350 m² let to ARD

First Paris office building with both HQE® and BBC

Rénovation certification

Acquisition of 11 clinics (2,100 beds) managed

by top-tier operators for €310m

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

C o n t e n t s 1 Strengths of the Icade business model




Managing risk

2 Financial results


4 Appendices

10

2012

Ann

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Nanterre

Courbevoie

Puteaux

8

12

15

19

1 2

3

4

5 6

7

9 10

11

13 14

16

17 18

20

Maison-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne

Neuilly

Nanterre

St Denis

Rueil-Malmaison

>€100m €50m to €100m €0m to €50m

Courcouronnes Evry

Aubervilliers

Offices Business parks

Paris 19th

Aubervilliers

St Denis

BUSINESS PARKS

La Défense

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

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

by the combination with Silic

Le M

illé

nair

e

sh

op

pin

g c

en

tre

A

uberv

illie

rs

Le M

illé

nair

e

Paris 1

9th

M

etr

op

oli

tan

V

ille

juif

To

ur

PB

5

La D

éfe

nse

Cry

sta

l P

ark

N

euill

y

Hau

ssm

an

n

Paris 8

th

LIN

K

Paris 1

5th

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To

ur

EQ

HO

La D

éfe

nse

11

2012

Ann

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1. North-East Paris

2. ZAC Claude Bernard

3. Gare des Mines-Fillettes

OTHER PROJECTS

Yesterday

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Focus on business parks

M2 M1

M5

M6

M4 M3

SAINT

DENIS AUBERVILLIERS

PARIS

Stops on the 239 and 65 bus lines

12

2012

Ann

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Today

1. North-East Paris



OTHER PROJECTS

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M2 M1

M5

M6

M4 M3

SAINT

DENIS AUBERVILLIERS

PARIS


Front Populaire station

(phase 1) opened on 18 Dec 2012

Tram line

Opened on 15 Dec 2012

3 T

M 12 Metro station

13

2012

Ann

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Matching the portfolio with demand Focus on business parks

1. North-East Paris



OTHER PROJECTS

M2 M1

M5

M6

M4 M3

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SAINT

DENIS

PARIS

AUBERVILLIERS

Tomorrow

An area very well served by public transport…


Front Populaire station

(phase 1) opened on 15 Dec 2012

Tram line

Opened on 15 Dec 2012

M 12

3 T

Planned tram line 8 T

Extension of the RER E line

(Rosa Parks station) E

Ilot E Metro station

14

2012

Ann

ual R

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ts

1,598

2,023

4,241

4,611

1,621

2,130

4,417

4,853

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

Value at 31 December 2010 Value at 31 December 2012

152 172

295 292

162 178

308 328

Rent at 31 December 2010 Rent at 31 December 2012

Average values and rents by park (€ / m²)

+5.3%

+4.1% +5.2%

+1.4%

... with a significant impact on rents and values

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15

2012

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Proportion of strategic portfolio

in the Paris region: 99%

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

districts within the Paris region

Total value of the commercial portfolio:

€6,593m at 31 December 2012

Take-up in the main districts within the Paris region (thousands of m²)

428

247

149

246

208

397

264

117

226

219

345

260

163

261

235

Paris CBD

Paris otherbusiness districts

La Défense

Western Crescent

Northern sector

2010 2011 2012

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-6.9%

+1.7%

+3.0%

+2.0%

+4.2%

% : average annual change

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

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

(1)

(2)

Source: MBE Conseil / Immostat

11%

Western Crescent

€1,007m

Inner suburbs

€1,408m

Paris

€1,069m

La Défense

€707m

Germany

€233m

French provinces

€1,811m

22%

15%

16%

27%

4%

Outer suburbs

€358m 5%

16

2012

Ann

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Matching the portfolio with demand Asset quality

Low average age of portfolio assets:

assets less than 10 years old make up 67%

of the portfolio by value

HQE® certified properties in use account for

21% (excluding EQHO, due for completion

in 2013)

All Icade developments have at least

HQE® certification (Millénaire 3, Veolia,

Ilot E, EQHO etc.)

Properties that are efficient for tenants

► Limited charges (low energy consumption etc.)

► Optimised occupancy (flexible spaces with

extension possibilities)

216,076

298,290 298,290

358,970

428,810

2012 2013e 2014e 2015e 2016e

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Strong growth in properties with environmental certification

Office properties with HQE certification®

(total space in m²)

17

2012

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Matching the portfolio with demand Operational indicators

Healthy operational indicators providing good visibility on future cash flows

Slight rise in occupancy rates

► Financial occupancy rate of 94.8% in December

2012 (94.7% in December 2011)

► Maintenance of a voluntary vacancy rate and shorter

lease terms in business parks so as to give more

flexibility in asset management terms

Financial occupancy rate Remaining committed lease term (years)

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Higher remaining committed lease term

► Leases renewed in 2012 with committed terms of 5.6 years

Rents broadly in line with market rental values

6.2 6.0 6.2 6.0 6.4

5.2 5.2 4.9 4.7

5.0

Dec 10 June 11 Dec 11 June 12 Dec 12

Commercial Property

Offices and business parks portfolio

91.0%

92.5%

94.7%

93.3%

94.8%

88.7%

91.0%

93.4%

90.8%

92.6%

déc-10 June 11 déc-11 June 12 Dec 12

Commercial Property

Offices and business parks portfolio

18

2012

Ann

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H2O, Rueil-Malmaison

H2O building in Rueil-Malmaison fully let (5,300 m2 let to Géostock and Kia Motors)

PB5 (La Défense)

Almost all rentable space now let (18,300 m2) mainly to 2 CAC 40 companies, effective 1st January 2013

Remaining space to let: 450 m2

Immeuble 521 (Parc des Portes de Paris, Aubervilliers)

Office space let to Navaho (3,100 m2), Endemol France (6,900 m2) and CNAV (700 m2)

Remaining space to let: 2,100 m2

Immeuble 026 (Parc du Pont de Flandre, Paris 19th)

2,800 m2 of office space let to Maif


Matching the portfolio with demand Main lettings in the strategic portfolio

The main challenges identified in relation to lettings have been successfully met, and all buildings are now partly or fully occupied

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

Completed in early 2012 (12,000 m2) / 3,350 m² let to ARD


Factory (Boulogne, 92)

43% of space let in 2012, with tenants including BeinSport (4,600 m2)


Recent leases ("green leases")

20 green leases signed so far, representing 106,000 m² (including 18,900 m² let to Pierre & Vacances)

in the Parc du Pont de Flandre and to Ingenico in the Link complex (10,300 m²)

Millénaire 5 (Parc du Millénaire, Aubervilliers, 93)

39% of space let in February 2012

Remaining space to let: 1,500 m² (Icade share)





Managing risk

2 Financial results


4 Appendices

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

20

2012

Ann

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Improved funding through innovative solutions

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

schedule

► €200m mortgage loan on the Parc du Pont de Flandre

► €360m capital increase valued at NAV to finance the development of Icade Santé

LTV below 40%

Longer average debt maturity

Around €900m of undrawn facilities, covering two years of debt repayments

(capital + interest)

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Pushed Slab (Paris 13th)





Managing risk

2 Financial results


4 Appendices

22

2012

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Managing risk A specific approach to the development market

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

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

commence

► Increasing proportion of first-time buyers and institutional investors

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

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

Development accounts for only 5.9% of capital employed at Icade

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Institutional

investors

First-time buyers

Breakdown of customers Breakdown of investors

by tax regime in 2012

Private

investors

32.5% 17.3%

32.2% 40.8%

28.5% 46.5%

29.5% 34.2%

39.0% 36.2% 38.3% 25.0%

2009 2010 2011 2012

LMP / LMNP

4%

Other tax relief

6%

Scellier

90%

23

2012

Ann

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Managing risk Residential development - key indicators

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Housing reservations - Value (€m)

620

971 1 015 1 132

822

0

200

400

600

800

1000

1200

2008 2009 2010 2011 2012

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

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

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

Backlog (2) - €m

519 650

811

1 028 1 082

0

200

400

600

800

1000

1200

2008 2009 2010 2011 2012

Disposal rate of marketable stock

5.3%

9.2%

13.4% 12.7%

7.8%

0%

5%

10%

15%

2008 2009 2010 2011 2012

Unsold homes - Volume (units)

244 264

218

118 117

0

50

100

150

200

250

300

2008 2009 2010 2011 2012

-27.4% +5.2%

-0.8%

-38.6%

Most residential developments have NF Logement and BBC certification

(1) (1)

(3)

24

2012

Ann

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Managing risk Commercial and public-sector development

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

Commercial property development: limited exposure to “speculative” developments,

with most current developments secured by investors or tenants

► Under development: potential revenue of €381m from 312,500 m²

► Under preparation: potential revenue of €1,029m from 578,600 m²

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

► Under development: €124m from 111,500 m²

► Under preparation: 87,200m²

Most projects have HQE® or equivalent certification

0

100

200

300

400

2010 2011 2012

PM, engineering and other

Commercial and retail

Public and healthcare

379 364 409 73

66

14

0

10

20

30

40

50

60

70

80

2010 2011 2012

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

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

(1) (1)

25

2012

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Additional costs in 2012 incurred to strengthen the existing

structure, which will contain all new elements (housing,

offices, shops and public amenities): €7m impact on

EBITDA and €18m impact on operating profit (1)

Disposal of Icade's stake in the SAS PNE refurbishment

company to CDC

In future, Icade will concentrate on its role as residential

and commercial developer in this project

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

► 27,600 m² of offices jointly developed with BNP Paribas Immobilier

(investor for the whole development)

► 15,400 m² of business space acquired by RIVP

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

project, which will have a major impact on its region

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Managing risk

North-East Paris development

(1) Before stripping out internal margins

26

2012

Ann

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Managing risk Focus on the pipeline 2013-2017

Investment at the cutting edge of sustainable development

Total commercial property investment

(identified and committed) ~ €541m

Main investments Space Completion Total

investment (1)

Investment

2013-2017 Gross

rent

Yield

Tour EQHO

HQE® Rénovation / BBC

Rénovation

BREEAM®-Very Good

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

Work in

progress

Pre-marketing

in progress

Millénaire 3 HQE® / BBC /

BREEAM®-Excellent

32,000 m2 Q2 2015

€388m €353m ~ €28m 7.2%

Let to the

ministry

of Justice with

option to buy

Veolia project HQE®, BREEAM®-Very

Good, RT2012, BBC

45,000 m2 Q2 2016 Let to Veolia

Environnement

Clinics: extensions /

redevelopment €90m €78m ~ €6m 7.1% Let

Total €541m

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(1) Total estimated investment, including duties and fees (including land charges for business park developments, financial costs relating to works and, if applicable, rent-free periods and user work) For business parks, the gross value of land and buildings to be demolished for the construction of projects is included in the production costs for new developments

(2) After taking into account the €93m impairment provision (at end-2011, provision of €36m)

27

2012

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Architect: Hubert & Roy Architectes

Height: 139m

Number of floors: Ground+40; 4 basement

levels

Floor space: 79,200m² gross rentable area

Car park: 1,100 spaces

Employee capacity: up to 5,922 workstations

(9.2 m² net usable space / workstation)

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Managing risk

Tour EQHO

A tower transformed, a renaissance, a new product

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

► Modification of access and redesign of lobbies

► Total replacement of technical equipment

► Diversification and innovation in catering

► Exceptional services

► Increased flexibility: multi-tenant potential

Strong visibility ► Standing on the La Défense ring road

► Located just off the La Défense plaza, with direct connections

to Courbevoie town centre and its shops, as well as to the shopping centres

of La Défense

Very high standards ► A breathable triple skin

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

with outside view

► Excellent noise insulation

► Environmental certification: HQE® Rénovation, and BREEAM®-Very Good /

BBC Rénovation certification

A major source of cash flow for Icade

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

la Lucette in 2010

► Potential annual rent of around €42m

► Limited vacancy cost: maximum annual post-completion impact of €8m

(€3m in 2012, i.e. additional €5m over a full-year)

28

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M2 M1

M5

M6

M4 M3

SAINT

DENIS

PARIS

AUBERVILLIERS

Centre commercial

Le millénaire

Signed agreements showing the appeal of the area

and supporting its appraisal value

Managing risk Business parks: secured projects

Veolia Environnement will relocate its head

office in 2016, bringing together more than

2,000 staff

► Off-plan lease signed in January 2013 for

45,000 m² of office space (lease term: 9 years /

rent: €16.5m)

► Featuring the latest environmental and energy-

performance technologies (HQE® and

BREEAM®-Very Good certification)

In 2015, the ministry of Justice will bring

together 1,600 central government staff,

currently spread out over several sites

within Paris

► December 2011: signature of heads of agreement

with the government for a lease plus option to buy

relating to Millénaire 3 (32,000 m²) - lease term:

12 years / rent: €11.6m

► Start of work: early 2013

► Expected completion: April 2015

► HQE® and BREEAM®-Excellent certification

BBC certification

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Architecte : Dietmar Feichtinger Architecte : Cabinet KPF

29

2012

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Millénaire 4 Ilôt E

Space: 24,800 m²

Rent: €8.9m (€350 per m² of office space)

Cost: €117m (including incentive measures and land

cost)

Estimated yield to cost: 7.6%

Completion: 24 months after launch decision

Building permit obtained and cleared

Environmental certifications: HQE®, BREEAM®, BBC,

RT 2012

Space: 28,300 m²

Rent: €9.1m (€300 per m² of office space)

Cost: €110m (including incentive measures and land

cost)

Estimated yield to cost: 8.3%

Expected completion: 30 months after launch decision

Building permit obtained and cleared

Innovative building - wooden structure and façades

Managing risk Business parks: projects under control

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Environmental certifications: HQE®,

BREEAM®-Excellent, BBC, RT 2012

30

2012

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Managing risk Potential rent

Potential for increased rent before indexation (in €m) Commercial Property division (before integration of Silic)

382 404

463

(13)

+ 12

+ 17 + 6

+ 21

+ 42

(22)

+ 18

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

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IFRS rental income

2012

Non-strategic disposal (covered

by promise of sale)

Millénaire 3 (completion:

2015)

Veolia project

(completion: 2016)

Clinics: extensions /

redevelopment

Secure rent

Potential rent (vacancies in

buildings in use)

EQHO (completion:

2013)

Disposals of remaining non-strategic assets

Other projects identified but

not yet started (PDM4, Ilôt E)

Potential rent


2 Financial results


4 Appendices

Millénaire 3 and 4 (Paris 19th)

32

2012

Ann

ual R

esul

ts

Property Investment division Income statement

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

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

To ensure comparability, figures at 31 December 2011 have been adjusted to reflect this new classification

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

Offices,

France (1)

Business parks Total

Strategic Shopping centres Healthcare (1) Total

Alternative

Non-strategic

portfolio TOTAL (2)

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

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

Net rental

income 106 118 88 81 194 199 19 22 61 91 80 112 42 42 317 354

RENTAL

MARGIN

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

(Net rent /

rental income)

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

Operating

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

Fin

anci

al r

esul

ts

€m

33

2012

Ann

ual R

esul

ts

Residential(1) Commercial(1) PNE refurbishment (1) TOTAL (2)

Change

(%)

2011 2012 2011 2012 2011 2012 2011 2012

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

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

EBITDA margin (EBITDA/revenue)

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

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

Property Development division Income statement

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

Development

(1) Including business-line intra-group items

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

Fin

anci

al r

esul

ts

€m

34

2012

Ann

ual R

esul

ts

Services division Income statement

Structural streamlining now complete

Property management

Advice/ appraisals TOTAL Change

(%)

Businesses divested

(in 2011 and 2012) or

being divested

2011 2012 2011 2012 2011 2012 2011 2012

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

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

EBITDA margin (EBITDA/revenue)

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

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

Fin

anci

al r

esul

ts

€m

35

2012

Ann

ual R

esul

ts

From operating profit to net profit (group share)

Co

mm

erci

al P

rop

erty

2011 2012 Change

%

Operating profit - Property Investment 176 138 -21%

Operating profit - Property Development 77 52 -33%

Operating profit - Services 9 3 -64%

Icade holding company and intra-group operating profit

-24 8 NA

Icade operating profit 238 201 -16%

Net financial items -97 -102 +4%

- Tax -44 -37 -16%

Net profit 98 62 -37%

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

Net profit (group share) 93 53 -43%

Fin

anci

al r

esul

ts

€m

36

2012

Ann

ual R

esul

ts

Change in net current cash flow

Net current cash flow up 13%, mainly due to strong performance in the Property Investment division

223.5

251.4

+36.0

-10.7 -5.7

+11.7

-3.9

+0.5

NCCF 2011 EBITDA PropertyInvestment

EBITDA PropertyDevelopment

(adjusted for SASPNE)

EBITDA Services Head office costs,intra-group items

and other

Net underlyingfinancial items

Underlyingcorporate income

tax

NCCF 2012

€4.32

per share

€4.86

per share

Fin

anci

al r

esul

ts

€m

37

2012

Ann

ual R

esul

ts

Total portfolio value Change over the period

Continuing disposals of non-strategic assets

€m (excluding transfer duties)

(1) Buildings at their appraisal value

2,567 2,557 2,426

1,542 1,576 1,570

437 440 442

1,317 1,375 1,725

864 809 687

December 2011 June 2012 December 2012

Business parks Retail and shopping centres Offices, France

Healthcare Non-strategic portfolio

6,850(1)

+1.4%

6,727(1) +0.4%

6,757(1)

Strategic

and Alternative

90%

Strategic

and Alternative

88%

Strategic

and Alternative

87%

Fin

anci

al r

esul

ts

38

2012

Ann

ual R

esul

ts

Commercial Property portfolio value Analysis of changes

Like-for-like fall of 1.6% in the value of the Commercial Property portfolio

2,567 2,426

1,542 1,570

437 442

1,317 1,725

552 430

-194 -66

+214 +324

-12 -88

Dec 2011 Disposals ofstrategic assets

Disposals ofnon-strategic

assets

Investments Healthcareacquisitions

Rate effect Business planeffect

Dec 2012

6,415

6,593

-1.6% like-for-like

Change in value on

like-for-like portfolio:

- €100m

Business parks Retail and shopping centres Offices, France

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

Strategic and

Alternative

91%

Strategic and

Alternative

93% Fin

anci

al r

esul

ts

€m (excluding transfer duties)

39

2012

Ann

ual R

esul

ts

Commercial Property portfolio value Like-for-like change

Highly contrasting pattern in yields from one asset class to the next

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

(2) Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and unbillable expenses, etc.)

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

Appraisal values (excluding transfer duties)

like-for-like

Yield

(excluding transfer duties)(3)

31/12/12 First half 1 year

of which

interest

rate

effect(1)

of which

business

plan

effect(2)

31/12/12 6 months 1 year

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

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

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

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

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

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

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

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

Fin

anci

al r

esul

ts

40

2012

Ann

ual R

esul

ts

Analysis of change in EPRA triple net NAV per share

3.6% decrease in EPRA triple net NAV per share

Dec 2011 2012 dividend Consolidated

profit

Change

in gains on

total portfolio

Change

in gains on

development

and services

companies (1)

Change

in fair

value of

derivative

instruments (2)

Other Dec 2012

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

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

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

at 31 December 2011

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

Impact

of the sale

of shares in

Icade Santé

Fin

anci

al r

esul

ts

€/share

83.7

80.7

- 3.7

+ 1.0

- 0.2 - 0.6

+ 0.9

- 0.3 - 0.1

41

2012

Ann

ual R

esul

ts

Debt structure at 31 December 2012

Stable LTV relative to 31 December 2011

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

Longer average maturity of debt and lower average cost

Over 90% of debt hedged through suitable instruments

No covenant issues

31/12/12 31/12/11

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

Net debt (€m) 2,725 2,691

Average term of debt 4.3 years (2) 3.8 years

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

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

Hedging (average hedge term: 2.9 years)

91% 87%

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

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

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

Fin

anci

al r

esul

ts

42

2012

Ann

ual R

esul

ts

Drawn debt maturity schedule in €m (1)

431

635

463 364

575

129 45 43

295

0

100

200

300

400

500

600

700

2013 2014 2015 2016 2017 2018 2019 2020 2021 et+

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

Debt by type

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

and a mortgage loan secured on a business park

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

maturity schedule

Debt mainly relating to the Property Investment division

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

Firm grip on liquidity risk

Financial structure remains solid

Debt structure at 31 December 2012 F

inan

cial

res

ults

Mortgage loans 11.4%

Finance leases 4.2%

Corporate borrowings

79.4%

Bank overdrafts 2.0%

Other debt 0.2%

USPP 2.8%

Clinique du Parc (Castelnau-Le-Lez)


2 Financial results


4 Appendices

C o n t e n t s

44

2012

Ann

ual R

esul

ts

Icade Santé Maintaining growth

Other

investors

37%

Icade

63%

€m 31/12/2011 30/06/2012 31/12/2012

Net rental income 61.0 42.5 90.5

EBITDA 55.9 40.2 85.4

Operating profit 29.0 19.8 43.3

Net current cash flow 38.7 29.7 66.6

Portfolio value 1,317.0 1,374.9 1,724.5

Net debt 749.9 502.5 683.9

NAV 554.2 848.8 1,032.3

LTV 56.9% 36.5% 39.7%

Icade Santé was set up in 2007, and owned

55 healthcare facilities valued at €1.7bn

at 31/12/2012

Assets mainly consist of medicine, surgery and

obstetrics facilities, some follow-up and rehabilitation

care facilities, and psychiatric facilities

Icade Santé was wholly owned by Icade until 2011,

but a capital increase was subscribed by institutional

investors in early and late 2012 (including Crédit

Agricole Assurances, BNP Paribas Cardif and Macif)

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

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

Icade intends to retain a majority stake and

managerial control

Key figures

Icade Santé ownership structure

Opp

ortu

nitie

s an

d st

reng

ths

45

2012

Ann

ual R

esul

ts

Générale de Santé

27%

Vedici 31%

Harpin 6%

3H 5%

C2S 2%

Icade Santé Portfolio breakdown

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

Icade Santé portfolio – 31 December 2012

One of Icade Santé's advantages for investors is the diversity of its portfolio in terms of location and operators, which reduces risk

Breakdown by operator as %

of total portfolio value

44 MSO* clinics acquired

11 FRC** and MHE*** centres acquired

Nancy

Clermont-Ferrand

Brest

Les Sables d’Olonne

La Roche sur Yon

Poitiers

Toulouse / Muret

Agen

Aire sur l’Adour

Pau

St Etienne

Orléans

Chartres

Laval

Roanne

Arras

Nantes

Villeneuve d’Ascq

Bordeaux

Saintes

Niort

Toulon

Valenciennes

Vendôme

Bergerac

Montauban

Montpellier

Angoulême

Limoges

Dunkerque

Soissons (MHE)

Le Mans

Brive

Nancy

Clermont-Ferrand

Trappes

Le Chesnay

Champigny/Marne

Nogent/Marne

Le Bourget

Bry/Marne

Drancy

Charenton

Vitry/ Seine

Médi-

Partners

26%

Clinipôle

3%

Opp

ortu

nitie

s an

d st

reng

ths

46

2012

Ann

ual R

esul

ts

Combination with Silic Rationale for the transaction

Compelling industrial logic

► Creation of France’s largest property investment company in the office segment and uncontested leader in business

parks

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

► A stronger commercial offering for large customers

► Similar “investor-developer” business models

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

facilitating integration and exchange of know-how

► A pipeline well in hand and prospects of further value creation with nearly 2 million m² of buildable land reserves

A deal consistent with Icade's financial objectives

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

► Exchange ratio in line with NAVs of the two companies

► An immediately accretive transaction in cash flow terms

A more prominent presence on the stock exchange

► Unique positioning among listed issuers in the sector

► Increase in free float

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

Opp

ortu

nitie

s an

d st

reng

ths

47

2012

Ann

ual R

esul

ts

Combination with Silic Change in Icade’s profile

The business combination with Silic marks a new stage

in Icade’s growing focus on property investment and commercial

property

(1) Silic data at 30 June 2012

Icade at 31 December 2012

Combination with

Silic Icade + Silic

combined (1)

Total portfolio (excluding transfer duties) €6.8bn €10.2bn

of which Offices, France and Business Parks €4.0bn 58% €7.4bn 72%

Annualised recurrent rental income €397m €577m

Property Investment division - proportion of EBITDA in 2012

84% 88%

Property Investment division - proportion of NAV in 2012

93% 95%

Opp

ortu

nitie

s an

d st

reng

ths

48

2012

Ann

ual R

esul

ts

Combination with Silic Deal timetable

In view of the appeal, the next steps in the timetable will depend on the ruling

by the Paris Court of Appeal, expected in the first half of 2013. The offer

remains open until further notice

Formation

of a holding

company ("HoldCo")

owned by Caisse des

Dépôts ("CDC")

to which CDC

transfers its

entire equity interest

in Icade

Transfer of a 6.5%

stake in Silic to

HoldCo by Groupama

30 December

2011

Authorisation

by the French

Competition

Authority

13 February

2012

Transfer of

remaining Silic

shares held by

Groupama to

HoldCo

16 February

2012

Icade submits

a public offer

for Silic with a

commitment

from HoldCo to

tender its

entire 44%

stake in Silic to

the offer

13 March

2012

Offer approved

by the AMF

24 April

2012

AMF decision

to extend offer

period

15 May

2012

Paris Court of

Appeal hears

an application

to overturn the

AMF’s

approval of the

offer

21 March

2013

Ruling

from Paris

Court of

Appeal

End of first half

of 2013

Opp

ortu

nitie

s an

d st

reng

ths

49

2012

Ann

ual R

esul

ts

Outlook

Crystallisation of improvements ensuring ongoing medium-term net current cash

flow growth

► Letting of existing properties

► Development of major projects secured in 2011 and 2012

► Firm control over the pipeline: new value-creating operations launched in line with demand

► Securing the positive contribution of the Development division

► Reducing cost of debt due to the diversification policy

Completion of the cash flow enhancing combination with Silic

Dividend moving in line with net current cash flow

LTV to be held at around 40%

Proposed dividend of €3.64 per share

► 9% increase relative to the recurring portion of the 2012 dividend

► Yield of 5.3% based on the share price on 19 February 2013

Opp

ortu

nitie

s an

d st

reng

ths


2 Financial results


4 Appendices

51

2012

Ann

ual R

esul

ts

French commercial property market A

ppen

dice

s

(1) Source : CBRE Richard Ellis

(2) Source : Banque de France

Commercial property commitments in France

by semester (1)

Paris region

rental values between 2000 and 2012 (1)

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

31/12

2010

31/12

2011

31/12

2012

West Central Paris 5.6% 4.9% 5.2%

South Paris 5.9% 4.2% 3.6%

Northeast Paris 3.4% 3.3% 3.5%

Paris average 5.3% 4.4% 4.4%

La Défense 6.0% 7.0% 6.6%

Western Crescent 9.9% 10.4% 10.8%

Inner suburbs, North 9.1% 11.7% 10.5%

Inner suburbs, East 8.4% 7.9% 7.6%

Inner suburbs, South 8.6% 7.3% 7.8%

Outer suburbs 6.3% 6.0% 5.6%

Total Paris region 6.8% 6.6% 6.5%

Vacancy rates in the Paris region (1)

0

5

10

15

20

25

30

03 04 05 06 07 08 09 10 11 12

S1 S2

€14.5 bn

(€bn)

€771

€441

€295

200 €

400 €

600 €

800 €

03 04 05 06 07 08 09 10 11 12

« Prime » West Central Paris « Prime » La Défense Average Paris region

€ / m² / year, excluding VAT and charges

03 04 05 06 07 08 09 10 11 12

Yield on "prime" office properties in Paris CBD

OAT TEC 10

3-month Euribor

4,25 %

0,19%

2,06 %

52

2012

Ann

ual R

esul

ts

Construction activity has fallen. Between December 2011 and

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

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

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

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

► a sharp reduction in the tax benefits of rental investment

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

► a significant reduction in assistance with social home ownership due to

the PTZ+ reform in late 2011

► tougher lending criteria being applied to buyers - although interest rates

remain low (average of 3.31% in November according to Observatoire du

Crédit Logement), lending conditions remain restrictive (higher

affordability ratio required and shorter average loan term)

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

yields less attractive for investors

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

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

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

tax breaks. The Duflot act, which came into force on 1 January 2013,

has the same aim as the Scellier act, i.e. to address housing

shortages through the construction of new housing

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

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

France rose to 13 months in the third quarter of 2012

French residential property development market

Building starts and building permits granted

(all France) (1)

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

(1)

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

(number of housing units)

(by developers, developments of at least 5 units)

(number of housing units)

548 456

397 454

535 514 435

369 333 346

421 360

0

200 000

400 000

600 000

2007 2008 2009 2010 2011 2012

Building permits Building starts

0

50 000

100 000

150 000

200 000

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

New offers for sale Sales Commercial supply

0

50 000

100 000

150 000

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

Sales to investors Sales to occupiers Total sales

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

New residential offers for sale, sales and units

under construction in France*

Residential sales volume*

App

endi

ces

53

2012

Ann

ual R

esul

ts

0 2 4 6 8 10 12 14

Distribution of assets by portfolio

Value creation potential

Icade’s strategy is to create and develop portfolios of complementary assets, with the potential to create

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

and where cash flow is reliable

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

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

residential property

App

endi

ces

Security of cash flow (average committed duration

of leases in years)

Strategic

Healthcare: clinic portfolio created in less than

5 years, with initial lease durations of 12 years,

generating immediate and sustainable cash flow.

Shopping centres: assets developed in partnership

with the Property Development division.

3 main principles:

- Optimisation, rotation (sale of mature assets),

- Rationalisation (sale of medium-sized or jointly

owned assets),

- Shift to commercial property (sale of assets no

longer forming part of core business).

Arbitrage

Alternative

Offices, France: a high quality portfolio,

with average lease of 5 years,

generating reliable cash flow.

Business parks: strong potential for organic growth

(1 million m² of land reserves) future cash flow

generators and strong value creation.

Offices,

Germany €233m

Warehouses

€197m

Residential

€257m

Healthcare

€1,725m

Shopping centres

€442m Offices, France

€2,426m

Business

parks

€1,570m

54

2012

Ann

ual R

esul

ts

Main features of the portfolio

(1) Including land reserves and projects in development for €725m (2) 1 January 2012: transfer of Healthcare assets not owned by Icade Santé (mainly the Levallois building let to the ministry of the Interior) to Offices, France

Figures at 31 December 2012 (2)

Portfolio

value

excl.

duties(1) (€m)

Rentable

space (m²)

Rented

space (m²)

Financial

occupancy

rate (%)

IFRS rental

income,

annualised (€m)

Remaining

committed

lease

term (years)

Net yield

(excluding

transfer

duties) (%)

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

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

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

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

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

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

TOTAL COMMERCIAL

PROPERTY 6,593 2,436,759 2,308,478 94.8% 382.3 6.4 7.2%

App

endi

ces

55

2012

Ann

ual R

esul

ts

Pipeline 2013-2016 Summary of investment flows

57 51 26

2013 2014 2015 2016

198 149 135

59

2013 2014 2015 2016

€m

Total: €541m

Business parks

€353m

Offices

€110m

Healthcare €78m

66

23 21

2013 2014 2015 2016

46 43 71 59

2013 2014 2015 2016

Breakdown by year and asset type Breakdown by major project

Millénaire 3

Clinics

Tour EQHO

Bu

sin

ess

par

ks

Hea

lth

care

O

ffic

es

29 32 17

2013 2014 2015 2016

Veolia project

App

endi

ces

56

2012

Ann

ual R

esul

ts

Parc du

Mauvin

Parc des

Portes de Paris

Parc du

Pont de Flandre

Parc du

Millénaire (inc.

Millénaire 5 & 6)

Total business

parks

Space (offices + light industrial areas)

22,000 m2 322,500 m2 90,500 m2

75,600 m2

510,600 m2

Valuation

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

€1,419m (excl. land reserves and

development)

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

Yield 8.3% 8.7% 7.3% 6.7% 7.8%

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

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

Main tenants

TGI

Icade business parks features A

ppen

dice

s

http://www.orthez-citadine.fr/upload/adherents/Alain-Afflelou/logo_Afflelou.png

57

2012

Ann

ual R

esul

ts

Ann

exes

Cergy

Evry

Courcouronnes

Roissy / Paris Nord

Villebon-Courtabœuf

Orly

Rungis

Maisons-Alfort

Villejuif

Issy-les-Moulineaux

Boulogne-Billancourt

St-Denis

19

Aubervilliers

15

8 Paris

Rueil-Malmaison Neuilly

Nanterre

Puteaux

Location of Icade+Silic

>€100m

€50m to €100m

€0m to €50m

Business parks

Icade offices

Icade business parks

58

2012

Ann

ual R

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ts

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

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

(3) Scenario assuming 100% acceptance of the offer

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

Share exchange offer for Silic (2) (3)

(during 2013)

CDC

HoldCo Other

ICADE SILIC

56%

Other

44%

Groupama

& Caisses

44% 56%

75% 25%

CDC

HoldCo

ICADE

Other

48%

Groupama

& Caisses

52%

SILIC

100%

75% 25%

CDC will remain the

controlling shareholder

in Icade

Business combination between Icade and Silic Structure of the transaction

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59

2012

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ual R

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ts

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

Commercial portfolio of €9.9bn, 80% in the Paris region

Business parks

24%

Offices, France

37%

Other

commercial

assets

39%

€6.6bn

61%

Paris

16%

Western Crescent

15%

Other

31%

€6.6bn

69%

La Défense

11%

Inner and outer

suburbs of Paris

27%

Land reserves

6%

Business parks

(buildings

in operation)

93%

Buildings

in development

1%

€3.3bn

100%

Paris Nord St Denis

14%

€3.3bn

100%

Nanterre / A86

42%

Orly-Rungis

36%

Other Paris and suburbs

8%

Business parks

50%

Offices, France

24%

Other

commercial

assets

26%

€9.9bn

Paris

11%

Western

Crescent

24% Other

21% €9.9bn

La Défense

7%

Inner and outer suburbs of Paris

37%

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

(2) Values excluding transfer duties at 30 June 2012

Icade + Silic Silic (2) Icade (1)

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60

2012

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Icade key figures

€m 31/12/11 31/12/12 %

Revenue 1,492 1,499 +0.5%

EBITDA 355 384 8.2%

Profit on disposals 64 81 +26.7%

Operating profit 238 201 -15.6%

Net financial items -97 -102 +4.5%

Net profit (Group share)

93 53 -43.3%

Net current cash flow

NCCF per share(1)

223

€4.32

251

€4.86

+12.5%

+12.4%

€m 31/12/11 30/06/12 31/12/12

Net debt 2,691 2,667 2,725

Appraisal value 6,727 6,757 6,850

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

EPRA triple net NAV

4,313 4,189 4,190

EPRA triple net NAV per share (2)

€83.7 €80.8 €80.7

Dividend per share

of which recurring

of which non-recurring

€3.72

€3.35

€0.37

€3.64

€3.64

€0.00

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

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

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61

2012

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ual R

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Rental income trends

Rental income trends between 2009 and 2012 (€m)

419 389

362 397

+3 -33

+8 -35

+8 +27

2009 Change like-for-like

Change fromacquisitions

and disposals



and disposals



and disposals

2012

+0.8%

like-for-like

+2.0%

like-for-like

+2.1%

like-for-like

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62

2012

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ts

€m 2011 2012 %

Recurring EBITDA (1) 355 387 +8.8%

Net underlying financial items -97 -101 +4.0%

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

Tax on depreciation provision recognised on customer contracts and on net change in provisions on investment - Property Development division

0 -1 NA

Capital gains tax on disposals 9 2 NA

Exit tax 0 2 NA

Underlying income tax -35 -34 -1.4%

Net current cash flow 223 251 +12.5%

Analysis of net current cash flow 2011 - 2012

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

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

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63

2012

Ann

ual R

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EPRA triple net NAV

- 14 - 13 -14

2,720 2,646 2,637

1,505 1,523 1,496

102 33 71

Dec 2011 June 2012 Dec 2012

4,189 or €80.8 per share

4,313 or €83.7 per share

€m

-3.4%

Unrealised gains on Property Development / Services

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

Unrealised gains on property assets net of transfer duties

Tax on property assets and companies

4,190 or €80.7 per share -0.2%

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64

2012

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ts

31/12/12 30/06/12

Change over 6 months

(%) 31/12/11

Change over full year

(%)

EPRA triple net NAV

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

Number of shares

(fully diluted) 51,943,243 51,833,763 51,551,923

EPRA single net NAV

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

EPRA triple net NAV per share (group share in €)

80.7 80.8 -0.2% 83.7 -3.6%

EPRA Net Asset Value A

ppen

dice

s

65

2012

Ann

ual R

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ts

Yields (1) Excluding transfer duties

6.8

% 7.7

%

6.7

%

6.9

%

10.6

%

6.9

%

7.3

%

6.8

%

7.6

%

6.5

%

6.8

%

10.7

%

7.8

%

7.2

%

6.8

%

7.6

%

6.1

%

6.8

%

10.4

%

7.5

%

7.1

%

6.9

%

7.8

%

6.2

%

6.7

%

10.9

%

8.0

%

7.2

% .6.7%

7.8%

6.2%

6.9%

12.5%

8.3%

7.2%

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

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

(1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding transfer duties of rentable space

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66

2012

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Revenue and EBITDA

(88) (34)

110 63

1,106 1,071

364 400

2011 2012

1,492 1,499

+10%

-3%

7%

24%

74%

4%

27%

71%

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

11 5

82 69

287 323

2011 2012

355 384 +8%

+13%

-16%

81%

3%

84%

1% -3% -7%

EBITDA Revenue

Property Investment Property Development Services Other (1)

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

23% 18%

€m

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67

2012

Ann

ual R

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Breakdown of capital employed by business line

Portfolio value excluding transfer duties

Enterprise value of development companies

Enterprise value of service companies

€68.5m

1.0%

€406.7m

5.6%

€6,727.3m

93.4%

€40.6m

0.5%

€429.8m

5.9%

€6,849.7m

93.6%

App

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December 2011 December 2012

68

2012

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ual R

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G&A A

ppen

dice

s

2011 2012

(€m) Property investment

Property development

Services Intra-group Holding

company ICADE

Property investment

Property development

Services Intra-group Holding

company ICADE

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

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

Support functions recurring expense

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

Support functions expense net of non-recurring income

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

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

Depreciation and impairment expense net of reversals

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

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

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

69

2012

Ann

ual R

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ts

Breakdown of the 2012 dividend

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

► Distribution not subject to the additional 3% tax

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

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

► Distribution subject to the additional 3% tax

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

€0.24 per share from taxable non-SIIC portion of earnings

► Distribution subject to the additional 3% tax

► Distribution not subject to the 15% withholding tax

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

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

to a 15% withholding tax

A dividend of €3.64 per share for 2012

App

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icade sfaf 02/21/2013 va

Documents

icade business modeloptimising

business parks1

icade securities

asset portfolio breakdown

icade sant

commercial property

mtotal portfolio value

main business districts