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INVESTORS PRESENTATION September, 2015

Millénaire 1 and 2 (Paris 19th)

2

This document has been prepared by Icade solely for use for general investor presentations. Icade takes no responsibility for the use of these materials by any person for any other

purposes.

This document does not constitute or form part of, nor should it be construed as, any solicitation, offer or invitation to purchase or subscribe for any Notes and neither it nor any part of it shall

form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or

particular needs of any recipient. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary,

and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in Icade’s securities) based upon your own judgment and advice

from such advisers as you deem necessary and not upon any view expressed in this document.

The information contained in this document has not been independently verified. Prospective investors are invited to refer to documents available on the Company’s website (www.icade.fr),

for information regarding Icade. No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy,

completeness or correctness of the information or opinions contained herein. All information in this presentation is subject to verification, correction, completion and change without notice. In

giving this presentation, none of Icade, nor any of its affiliates, advisers or representatives undertakes any obligation to provide the recipient with access to any additional information or to

update this presentation or to correct any inaccuracies in any such information. None of Icade, nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in

negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This presentation may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that

such statements are based on reasonable expectations and assumptions on the date of publication of this release, they are by their nature subject to risks and uncertainties which could

cause actual performance to differ from those indicated or implied in such statements. These risks and uncertainties include without limitation the risk factors that are described in the annual

report registered in France with the French Autorité des marchés financiers (the “AMF”). Investors and holders of shares of the Company may obtain copy of such annual report on the

website of the AMF (www.amf-france.org) or directly on the Company’s website (www.icade.fr). The Company does not have the obligation and undertakes no obligation to update or revise

any of the forward-looking statements.

This document is an advertisement and not a prospectus for the purposes of applicable measures implementing Directive 2003/71/EC, as amended (the “Prospectus Directive”).

The distribution of this document in certain countries may constitute a breach of applicable laws. In particular, this document may not be published, forwarded or distributed in the United

States, Canada, Australia or Japan.

DISCLAIMER

September 2015 Investors Presentation

http://www.amf-france.org/







3

Standard & Poor's Financial Services LLC (S&P) does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any

errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES,

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statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes, and

should not be relied on as investment advice.

DISCLAIMER


4

1. Company snapshot

2. Business profile

3. Financial profile

4. Investor Case

Appendices

CONTENTS


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1. COMPANY SNAPSHOT

Tour EQHO (La Défense, 92)

6 1. COMPANY SNAPSHOT

NEW CORPORATE GOVERNANCE STRUCTURE AND A RENEWED MANAGEMENT TEAM


André MARTINEZ Chairman of the Board of Directors

Olivier WIGNIOLLE Chief Executive Officer

Victoire AUBRY Finance, legal

and IT

Françoise DELETTRE Healthcare Property Investment

division

Hervé MANET Property Development division

Jean BENSAÏD Services division

Marianne de BATTISTI Key accounts, Corporate relations

and Communications

Denis BURCKEL Audit, Risk Management and Sustainable Development

Permanent guest of the Executive Committee

Corinne LEMOINE Human Resources

Expected Portfolio Management

Emmanuelle BABOULIN Commercial Property Investment

division

Sabine BAÏETTO-BEYSSON Greater Paris and Development

7

One of the largest property portfolios in Europe

Over 430 assets, for a total value of €9.0bn (excl. duties, group share)

Rental income: €556m (as of 31 December 2014)

A portfolio comprising mostly offices and business parks located in the Paris region (83%)

Listed on Euronext Paris (SBF 120) - €4.7bn market capitalisation (as of 31st August, 2015)

Strong and recurrent rental revenues

A leading player in the most liquid and resilient office market in the Eurozone

No asset nor tenant concentration

A leading position in healthcare through Icade Santé, strengthened with the acquisition of Vitalia portfolio (total investment of €651m)

Value creation with the sale of Millénaire 3 (H1 2015)

The third largest property developer in France

Market share of 5.6% in the French residential property development market in 2014

2014 EBITDA: €63m (proportional consolidation) vs. €466m for property investment

Caisse des Dépôts (CDC, AA rated) is the main shareholder of Icade

CDC is directly involved in the definition of Icade’s strategy and is supportive of the way it is implemented

Stake in Icade considered as strategic (interest for “Grand Paris” initiative and relutive cash flows)

A conservative financial policy

Strong balance sheet with a LTV set in the c.40% range and an EBITDA ICR consistently above 3x

1. COMPANY SNAPSHOT

ICADE AT A GLANCE


Current shareholding

structure

CDC

HoldCo Other

Groupama

& Caisses

48%

75% 25%

52%

8 1. COMPANY SNAPSHOT

Merger of 5 existing property investment

companies (Icade, Icade Patrimoine,

Icade EMGP, Icade Foncière des Pimonts,

Icade Foncière Publique) into 1 single

entity, renamed Icade

Adoption of the SIIC regime

STRONG TRACK RECORD IN MAJOR GROWTH AND TRANSFORMATIONAL TRANSACTIONS


2007

2008

2009 2010

Late 2011

Late 2013

Implementation of the strategy of focusing on the commercial property market: Announcement of plan to sell the residential portfolio

Selling of mature assets

Commercial acquisitions selected for security and cash flow growth potential

Launch of Icade Santé

Merger with SIICInvest

Continuing focus on commercial property: Sale of 39,000 residential properties for €2bn and other non-strategic assets

Acquisition of €1.5bn of commercial property assets thanks to the merger with CLL

Further building up of the portfolio of clinics

Announcement of proposed merger

with Silic

Effective merger of Icade/Silic Land reserves x2

Portfolio +66% (sqm)

Annualised rental income +58%

2015 Acquisition of Vitalia

portfolio by Icade Santé

9

FIRST HALF YEAR KEY FIGURES

Investors Presentation

2.79%

Cost of debt

(-28 bp)

38.2%

LTV

(+130 bp)

€ 72.4 EPRA triple net NAV per share (Group share fully diluted in €)

(-3.7%)

€ 1.74 EPRA Earnings from property investment per share

(+6.2%)

€ 1.95 Group NCCF per share

(+4.3%)

August 2015

September 2015 1. COMPANY SNAPSHOT

10

ROISSY - PARIS NORD 2

155,332 m2

PARIS - SAINT-DENIS - AUBERVILLIERS

596,407 m2

PARIS - ORLY – RUNGIS

402,330 m2

WEST PARIS

577,451 m2

Icade’s portfolio in the Paris region

Business parks

Offices

Launch of Grand Paris Express

18

11, 15

15, 16, 17

14


Key positioning in Greater Paris

1. COMPANY SNAPSHOT

11

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2. BUSINESS PROFILE

PNE (Paris 19th)

12 September 2015

A WELL DIVERSIFIED BUSINESS AND LEADER IN EACH SEGMENT

OFFICES & BUSINESS PARKS

ONE OF THE LARGEST PROPERTY PORTFOLIO IN EUROPE

LIQUID ASSETS GENERATING SECURE REVENUE

HIGH QUALITY TENANT SIGNATURES

ASSETS WITH VERY SIGNIFICANT POTENTIAL FOR VALUE CREATION

2. BUSINESS PROFILE Investors Presentation

HEALTHCARE

MARKET LEADER IN FFRANCE

15% OF THE GROUP’S PORTFOLIO VALUE

CONSOLIDATION OF ICADE SANTÉ’S MARKET LEADING POSITION

ALTERNATIVE ASSETS DELIVERING VERY STABLE CASH FLOWS

PROPERTY DEVELOPMENT

THE THIRD LARGEST PROPERTY DEVELOPER IN FRANCE

A CAUTIOUS DEVELOPMENT POLICY

WELL-KNOWN EXPERTISE IN DEVELOPMENT PROJECTS IN HOUSING AND

COMMERCIAL SEGMENTS

13

A REFOCUSED AND ENLARGED PORTFOLIO


Strategic

and alternative

98%

Strategic

and alternative

48% (a)

As of 31 December 2006 As of 30 June 2015

Total portfolio value

€4,388m (Group share)


€8,971m (b) (Group share)

(a) Adjusted according to 2014 classification (b) With Icade Santé at 56.5%

As of 30 June 2013

(before integration of Silic)

Strategic

and alternative

89% (a)


€6,049m (b) (Group share)

2. BUSINESS PROFILE

14

Investment market takes a break Lack of major transactions relative to H1 2014 (no contract

signings worth € 200m or more in Q2 2015)

Catch-up expected in the second half of the year (significant

number of preliminary sales agreements and negotiations

in progress or at closing stage)

Low take-up Few contracts signed for spaces of more than 5,000 m²

(-52%)

Inner Paris has held up (+7%) but other areas

(La Défense, Western Crescent, inner and outer suburbs)

have seen a drop in take-up

2. BUSINESS PROFILE

OFFICES AND BUSINESS PARKS MARKET FRAGILE FIRST HALF OF THE YEAR

Development of the investment market in France

Development of take-up in the Paris region

(€ bn)

(in millions of m²)

Sources: CBRE / Immostat

-40%

vs. H1 2014

-22 %

vs. H1 2014

0,0

0,5

1,0

1,5

2,0

2,5

3,0

2010 2011 2012 2013 2014 2015

H1 H2

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015H1 H2

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Investors Presentation September 2015

15 2. BUSINESS PROFILE September 2015

HIGH QUALITY PROPERTIES

Tour EQHO (La Défense, 92)

3,720 m² to U.B.A.F.

Le Millénaire shopping centre (Aubervilliers, 93)

1,475 m² (Group share) to Carrefour

Monet (Saint-Denis, 93)

20,700 m² to SNCF with a firm 9-year lease completed in June 2015 representing total investment of € 104m with a

yield of 6.1%

Millénaire 3 (Paris 19th)

32,000 m² sold to France Domaine on behalf of the French Ministry of Justice following the exercise of its option to buy at the time of completion in March 2015

Capital gain on disposal before tax of € 48.8m

Additions / disposals in the 1st half of

2015

Additions

134,519 m²

Stable rental income

Change in the scope of

consolidation

-0.3%

Losses

83,660 m²


Leases signed with established names

Completions well received

16

OPEN (CAMILLE DESMOULINS)

(Issy-les-Moulineaux, 92) 9,100 m²

Rent: € 3.9m Completion: June 2016

MAJOR DEVELOPMENTS

September 2015 2. BUSINESS PROFILE

VEOLIA (Aubervilliers, 93)

45,000 m² Tenant: Veolia

Lease term: 9 years Rent: € 16.5m Yield a: 8.2% Completion:

July 2016

MILLÉNAIRE 4 (Paris 19th)

23,000 m²

Rent: € 8.7m

Yield a: 8.0%

Completion:

October 2016

Letting in progress

CAMPUS LA DÉFENSE

(Nanterre, 92)

79,200 m² Rent: €29.1m

Completion: 36 months after launch

POP UP (ÎLOT E)

(Saint-Denis, 93)

28,300 m² Rent: € 8.9m


Not

committed

Not

committed

OTTAWA (Rungis, 94)

13,600 m² Rent: € 3.9m


Not

committed

a Rent relative to cost of project as approved by Icade’s governance bodies

Icade’s portfolio in the Paris region

Business parks

Offices

Launch of Grand Paris Express

18

11, 15

15, 16, 17

14

Letting in progress


17 2. BUSINESS PROFILE

A DIVERSIFIED AND HIGH-QUALITY TENANT BASE

Top 10 of tenants (a), represents about 35% of total rents while

the largest tenant is AXA at 8.5%

Tenant portfolio geared towards well-rated corporates or

public entities

Diversification by industry is also broad, which further

protects revenues and occupier demand:

Healthcare

Banking and insurance

Services

Public sector

Energy and electricity

Electric equipment

Consulting

Beverage

Media and telecommunications

…

Main tenants

% of

total

rents

Average

maturity of

the leases

1 GIE AXA FRANCE 8.5% 6 years

2 PWC 5.6% 5.6 years

3 CREDIT AGRICOLE SA 5.3% 1.9 years

4 KPMG SA 4.1% 9.3 years

5 MINISTÈRE DE

L'INTÉRIEUR 3.0% 9.7 years

6 THALES (A) 2.1% 1.2 years

7 RTE 2.0% 3.5 years

8 PIERRE ET VACANCES 1.6% 5.9 years

9 SNCF 1.5% 9.0 years

10 GROUPE RHODIA 1.5% 2.5 years


(a) Figures as of 30/06/2015 excluding Icade Santé (A) Lease renewed for nine years in July 2015

18

Coûts de la vacance annualisés

Loyers potentiels annualisés sur surface vacante

Loyers faciaux annualisés

FURTHER REDUCTION IN VACANCY RATE

September 2015 2. BUSINESS PROFILE

Figures show group share

Potential optimisation = annualised potential rents for vacant space + annualised vacancy costs

€ 29m

€ 226m € 190m

€ 17m € 11m

€ 42m

Improvement in the occupancy rate Financial vacancy rate: potential to be fulfilled

Offices

13.1%

Business parks

15.7%

86.7%

87.9%

84.6%

87.7%

31 décembre 2014 30 juin 2015

Taux d'occupation physique

Taux d'occupation financier

Potential optimisation

€ 99m 20%

of annualised rental income

Annualised vacancy costs

Potential annualised rental income from vacant space

Annualised headline rents

Physical occupancy rate

Financial occupancy rate

31 December 2014 30 June 2015


19

6.9% 7,1% 6.9% 6.8% 6.9% 6.9% 6.8% 6.7%

19 45

56

86

114

130 158

162

536

661 829

1,317

1,725

1,887 2,351 2,434

2008 2009 2010 2011 2012 2013 2014 S12015

Diversification generating dynamic and secure

cash flow

Long leases: residual maturity as at 30 June 2015

of 8.4 years

Triple net indexed rents

Net rents up 22.1% vs. H1 2014

Attractive yields

Average yield of 6.7% excluding transfer duties a

Higher portfolio valuation

Like-for-like increase in portfolio value: +0.7%

2. BUSINESS PROFILE September 2015

HEALTHCARE MARKET ICADE SANTÉ: MARKET LEADER IN FRANCE

Solid portfolio still growing (€ m)

Annualised

recurrent

rental income b

Portfolio

value b

Yield

a Annualised net rent from rented space plus potential net rent

from vacant space at market rental value, divided by appraisal value

excluding transfer duties of rentable space

b Portfolio value and annualised recurrent rental income at 100%


H1

2015

20

A major acquisition

Total investment: € 651m

A portfolio of 17 clinics

A portfolio of medical, surgical and obstetric facilities

covering all of France

Yield in line with the existing portfolio

Immediate yield (including transfer duties) of 6.4%

Acquisition expected to be finalised in Q4 2015

Right of first refusal for a further 5 clinics

Representing a total of € 242m


ACQUISITION OF VITALIA PORTFOLIO FROM VEDICI

Breakdown by operator (post-acquisition) (% of total portfolio value)

42.4%

Vedici

9.6%

Regional groups

19.3%

Médipôle Partenaires

+ Médipôle Sud Santé

20.1%

Générale de Santé

+ Ramsay

8.6%

Capio

90 clinics,

portfolio worth over € 3,1bn

pro forma


21 2. BUSINESS PROFILE Investors Presentation

PROPERTY DEVELOPMENT A PROFITABLE DIVERSIFICATION Property Development EBITDA and margin

(proportional consolidation)

(€m)

A well-known expertise in development projects in

the housing segment (a 5.6% market share) and in

the commercial segment:

Panorama T6, Balard T1, Balard T2 (offices)

Espace Ocean, Quetigny Cap Vert (retail)

Montpellier TGV station (train station)

A cash-flow booster in buoyant years which

remains profitable even in bearish ones

Limited use of capital

Little exposure to speculative development

Contribution to NNNAV: 5%

Share of total gross debt: 1%

September 2015

22

Positive impact of the Pinel Act Sharp upturn in reservations by individual investors

Continuing low interest rates

2.11% during H1 2015

(average loan rate excluding insurance)

Limited activity by institutional investors Block sales expected to pick up in H2 2015

Consumer confidence remains weak The proportion and number of first-time buyers

is lower than in H1 2014


REBOUND IN RESIDENTIAL PROPERTY DEVELOPMENT

563

0

100

200

300

400

500

600

T113

T213

T313

T413

T114

T214

T314

T414

T115

T215

+70% increase in reservations

by individual investors

compared with H1 2014 for Icade

Source: Crédit Logement

(Number of homes)

In Q1 2015, sales to individual investors for the market

as a whole increased by 59.4% (source: FPI)

Net reservations of new homes

and building lots


Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Q2

15

23 2. BUSINESS PROFILE

STRENGTHS OF RESIDENTIAL PROPERTY DEVELOPMENT


Reservations (1,748 units)

up 15.2% in a market

showing first signs of recovery

MARKET SHARE

MAINTAINED

First-time buyers: 37.4%

Individual investors: 52.9%

Institutional investors: 9.7%

Average price incl. tax per habitable m²:

+10.6% relative to H1 2014

DIVERSIFIED CLIENT

BASE

BENEFICIAL CLIENT MIX

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3. FINANCIAL PROFILE

Paris Nord 2 (Villepinte, 93)

25

3.4x

3.5x

4.0x

4.0x

3.4x

4.7x

31/12/2013 30/06/2014 31/12/2014 30/06/2015

ICR EBO ICR "bancaire"

37,5%

40,3%

36,9%

31/12/2013 30/06/2014 31/12/2014 30/06/2015

LIABILITIES UNDER CONTROL

Investors Presentation 3. FINANCIAL PROFILE

Reduction in average cost of debt Slight contraction in the average term of debt

Definitions:

EBITDA ICR: Interest Coverage Ratio by EBITDA = EBITDA / Cost of net debt

“Bank” interest Coverage Ratio = EBITDA (operating profit adjusted for depreciation) / Cost of net debt a Bank covenant limit

LTV ratio under control “Bank” ICR impacted by impairment losses

52.0% a

40%

4,6 4,6 4,7

31/12/2013 30/06/2014 31/12/2014 30/06/2015

4.3

38.2%

2.7x 2x a

3.9x

EBITDA ICR “Bank” ICR

3,8% 3,3%

3,1%

31/12/2013 30/06/2014 31/12/2014 30/06/2015

2.8%

September 2015

26

SECURE AND STABLE RESOURCES


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

and private placements (c) Including €225m of commercial papers in 2015 and €55m in 2016

Drawn debt maturity schedule as at 30th June 2015 (a)

618 604 548

383

581

129

653

75

343 396

45

H2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 and+

Debts Ornane

(c)

(b)

(c)

Undrawn facilities

€1,370m

Cash

€353m

Hedging ratio

92%

3. FINANCIAL PROFILE

27

Good access to sources of financing Increase in use of commercial papers

from € 203m to €280m

Balance sheet structure strengthened

by increase in available credit facilities to € 1.37bn

Management paying attention to interest rate

risk Taking out longer hedging at record low interest rates

Reduction in strike rates for a portfolio of options

Suitable hedging rate of 91.9% maintained

3. FINANCIAL PROFILE September 2015 Investors Presentation

MARKET CONDITIONS FAVOURING OPTIMISATION OF LIABILITIES Diversification of sources of financing

Mortgage loans and CBI

19.2%

Bonds

30.8%

Private placements

6.7%

Other liabilities

0.9%

Corporate loans

36.1%

Commercial papers

6.4%

€ 4,395m

Total debt

as at 30/06/2015

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4. INVESTOR CASE

Pop-up (Saint-Denis, 93)

29

A ROCK-SOLID SIGNATURE

September 2015 Investors Presentation 4. INVESTOR CASE

High quality assets

Leading player in the most liquid and resilient office market in the Eurozone

Large and diversified portfolio meeting tenants’ needs

Experienced asset management teams

Indisputable market position in the Grand Paris

Unparalleled land reserves

Profitable diversification in healthcare assets

Strong and resilient cash flows

Highly diversified asset and tenant base

Good average lease life

Active, yet cautious asset rotation policy

Controlled development pipeline and investment policy

Stable and long-standing position in property development with Icade Promotion

Conservative financial profile

Strong balance sheet with a LTV set in the c.40% range and an EBITDA ICR consistently above 3x

Strong liquidity profile stemming from high credit standing and proven access to financing

Supportive shareholding structure

30

FOCUS ON RATING


“Business Risk: Strong Our view of Icade's "strong" business profile is underpinned by the company's large and diversified portfolio of income-

producing assets, worth €9 billion as of June 30, 2015. Offices in the Paris region account for 83% of the total portfolio value

(half office, half business parks) and health care assets about 15%. We also view positively the company's main exposure to

low-risk real estate investment activity, with long-term leases averaging 4.9 years as of June 30, 2015, providing somewhat

high revenue predictability compared with that of other industries. Further supporting revenue stability is Icade's moderate

asset rotation and prudent approach to its development activities.(…)

Financial Risk: Intermediate Our assessment of Icade's financial risk profile as "intermediate" mainly stems from its high interest coverage metrics relative

to that of most peers we rate in the investment-grade category ('BBB-' or higher). This is because Icade enjoys a moderate

cost of debt (2.8% as of June 30, 2015), while maintaining an adequate average debt term of more than four years. As a

result, we calculate the company's average EBITDA interest coverage ratio at about 3.5x (3.6x as of Dec. 31, 2014). We

estimate that, stripping out the share of less predictable income from development activities, Icade's interest coverage ratio

would be 30-40 basis points (bps) lower, but still consistent with that of other REITs that we rate in our "intermediate" financial

category(…)

Outlook: Stable Standard & Poor's Ratings Services' outlook on French real estate investment company Icade S.A. is stable. This reflects our

belief that the company's strong asset management and cautious development strategy should allow it to withstand uncertain

economic prospects for France's office and residential property markets in 2015-2016. We also believe that Icade's debt-

repayment capacity should remain immune to pressures on revenue growth from negative rental reversion over the next 24

months.

Our base-case scenario anticipates that Icade should be able to maintain an EBITDA interest coverage ratio of about 3.5x,

with more than 85% of its EBITDA generated by income-producing assets, and a debt-to-debt and equity (fair value adjusted)

ratio consistently at or less than 45% “ (S&P 20-Aug-2015)

Icade is rated BBB+ with a Stable outlook by Standard &Poor’s. The rating has been renewed the 20th of August 2015. It reflects a “Strong”

Business risk profile combined with an “Intermediate “ Financial Risk Profile.

Corporate

Credit Rating BBB+ / Stable / A-2

Business Risk Strong

Country risk: Low

Industry risk: Low

Competitive position: Strong

Financial Risk Intemediate

Cash flow / Leverage: Intermediate

Liquidity Adequate

Source: Extract from S&P Full Analysis report published on August 20th, 2015

Ratings Score Snapshot

31

INDICATIVE TERMSHEET


Issuer: Icade

Issue rating: BBB+ (stable)

Issue size: €500m (no grow)

Maturity: 7 years

Denomination: 100k

Listing: Euronext Paris

Type: Senior unsecured

Documentation: Standalone / Change of Control / Make Whole / Clean-Up Call / 3 month par call

Governing law: French law

Joint bookrunners: BNP Paribas / CACIB / HSBC / NATIXIS / SG CIB

32

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APPENDICES

Panorama T6 (Paris 13th)

33

INCREASE IN EPRA EARNINGS FROM PROPERTY INVESTMENT (€ PER SHARE)


+0.10

30/06/2014 Property investment

30/06/2015 Net depreciation

and impairment

Savings in net financial

items

Corporate income tax

1.63 +0.03

-0.01

-0.02

1.74

APPENDICES

34 September 2015 APPENDICES

Commercial property commitments in France

by half-year perioda

31/12/2014 30/06/2015

West Central Paris 5.6% 5.3%

South Paris 3.9% 3.6%

Northeast Paris 4.1% 5.4%

PARIS AVERAGE 4.8% 4.8%

La Défense 12.1% 11.8%

Western Crescent 11.8% 12.3%

Inner suburbs, North 9.4% 8.1%

Inner suburbs, East 7.6% 6.5%

Inner suburbs, South 9.4% 9.6%

Outer suburbs 5.4% 5.8%

TOTAL PARIS REGION 7.0% 7.2%

(€ bn)

a Source: CBRE b Source: Banque de France

Rental values

in the Paris region between 2003 and H1 2015 a

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

3.65%

1.20%

-0.01%

(€ / m² / year, excluding VAT and charges)

€ 688

€ 429

€ 296

0

5

10

15

20

25

30

H1 H2

0%1%2%3%4%5%6%7%

Prime yield for Paris CBD offices TEC 10 OAT bond yield

3-month Euribor

200 €

400 €

600 €

800 €

Prime Central West Paris Prime La Défense Average Paris Region

€ 800

€ 600

€ 400

€ 200


35

YIELD (A)

September 2015

(a) Annualised net rent from rented space plus potential net rent

from vacant space at market rental value, divided by

appraisal value excluding transfer duties of rentable space

6.8

%

7.3

%

6.8

%

8.2

%

7.1

%

6.7

%

7.6

%

6.9

% 9

.0%

7.3

%

6.8

%

7.6

%

6.9

%

8.1

%

7.2

%

6.9

%

7.9

%

6.9

% 8

.9%

7.4

%

7.1

%

8.0

%

6.9

%

10

.2%

7.5

%

7.1

%

7.9

%

6.8

%

11.4

%

7.4

%

6.6

%

8.0

%

6.7

%

11

.1%

7.2

%

31/12/2011 31/12/2012 30/06/2013 31/12/2013 30/06/2014 31/12/2014 30/06/2015

Offices, France Healthcare Non-strategic commercial

TOTAL COMMERCIAL INVESTMENT PROPERTY Offices, France

Investors Presentation APPENDICES

36

NON-UNIFORM DECLINE IN YIELDS

September 2015

+2.3%

+3.0%

+1.0%

+3.6%

-3.4%

-2.3%

-4.8%

-2.1%

TOTAL

Healthcare

Business parks

Offices, France

7.4%

6.8%

7.9%

7.1%

7.2%

6.7%

8.0%

6.6%

Market effect a Interest rate effect b 30/06/2015 31/12/2014

a 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.)

b Impact of revised yields and discount rates applied by appraisers to appraisal value

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

Annual change in value on like-for-like portfolio Implied yields (excl. transfer duties) c


37

INCOME STATEMENT BY DIVISION

PROPERTY INVESTMENT PROPERTY

DEVELOPMENT SERVICES INTER-DIVISION TOTAL

(€ m) 30/06/14 a 30/06/15 30/06/14 a 30/06/15 30/06/14 30/06/15 30/06/14 a 30/06/15 30/06/14 30/06/15

Revenues 282.1 279.2 465.5 422.7 20.6 20.3 (10.3) (7.9) 757.9 714.4

EBITDA 219.4 227.7 16.3 14.1 (1.1) (0.1) (0.2) 0.4 234.4 242.2

EBITDA margin (EBITDA/revenue) 77.8% 81.6% 3.5% 3.3% (5.1)% (0.5)% 2.1% (5.1)% 30.9% 33.9%

Operating profit 81.0 25.0 22.8 13.9 (1.3) (6.1) (2.9) 1.1 99.6 34.0

Net financial items (81.8) (62.5) 2.0 0.2 - - - - (79.9) (62.3)

Tax (4.3) (31.8) (9.1) (6.3) 0.5 0.0 - - (13.0) (38.1)

Share of non-controlling

interests 9.3 11.4 0.9 0.6 - - - - 10.2 12.0

Net profit (Group share) (14.4) (80.7) 14.6 7.2 (0.9) (6.0) (2.9) 1.1 (3.5) (78.4)

a Restated in accordance with interpretation IFRIC 21

Investors Presentation APPENDICES September 2015

38

RESILIENT DIVERSIFICATION IN RESIDENTIAL DEVELOPMENT

September 2015

Housing reservations - Value (€m)

Backlog (€m)

Disposal rate of marketable stock Unsold homes - Value (€m)

460

555

435

697

463

359

458

326 355 433 405

S12010

S22010

S12011

S22011

S12012

S22012

S12013

S22013

S12014

S22014

S12015

811

1,028 1,082 1,012

826 856

31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 30/06/2015

13.4% 12.7%

7.8% 6.6%

7.7% 6.8%

31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 30/06/2015

33

16 21 21

25

52 a

31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 30/06/2015


39 APPENDICES

COMMERCIAL PROPERTY DEVELOPMENT: FAVOURABLE ORDER BACKLOG

Martigues

Maritima 5,040 m²

Revenues: € 12m

Lyon 7

Poste Immo Girondins 14,130 m²

Revenues: € 59m

Lille

Ekla Business Euralille Lot 10.7

Offices 16,413 m²

Revenues: € 42m

Montpellier

TGV station 8,354 m²

Revenues: € 70m

Clichy

Batignolles N4 10,655 m²

Revenues: € 85m

Lyon

Sky 56 31,471 m²

Revenues: € 67m

Transactions registered or currently under preliminary

sales agreement

Amounts excl. taxes - Icade share

BACKLOG COMMERCIAL PROPERTY

DEVELOPMENT

€ 653M

+60%

vs.

31 December 2014


40 APPENDICES

CSR ENVIRONMENTAL CERTIFICATIONS

All new properties have at least HQE® Construction certification since and 2005 HQE® Exploitation certification

since 2009 (or even double BREEAM® certification)

76% of Icade parks were ISO 14001 certified in 2014 with a target of 100% in 2016

9

88

187 218 238

388 411

463

532

310

409

463

521

HQE certified properties (thousands of m2)

2005 2009 2010 2011 2012 2013 2014 2015e

Building 270 Aubervilliers, 93

Millénaire 1 Paris 19th

Grand Axe 2 Nanterre, 92

Millénaire 5&6 Aubervilliers, 93

Le Millénaire

shopping centre Aubervilliers, 93

Tour EQHO La Défense, 92

Le Sisley St Denis, 93


Under construction

In service

2016e


Veolia

Aubervilliers, 93

HQE®

BREEAM®

August 2015


41 APPENDICES

CSR EXAMPLES AND URBAN AND SOCIAL CHANGES

Personal services

• Property investment oCar pooling (100% electric vehicles) in use at 1/4 commercial and office parks

o31% of sites offer concierge services and 9% offer fitness facilities

• Property development oCar pooling (100% electric vehicles) and mobility in housing and nursing homes

Employment

Social innovation Le Hub Icade brings together all Icade employees around 17 social issues (offices, housing, the city of tomorrow, health, business)

Favouring local employment and an inclusive labour market:

• Commitment to achieving 96,600 hours of professional training on the PNE

development project in Paris

• 75% of this target was achieved as at 30 September 2014

August 2015


42 APPENDICES

CONTACTS

Victoire Aubry Member of the executive committee, in charge of finance, legal matters and IT

+33 (0)1 41 57 70 12

[email protected]

Jean-Philippe Carrascosa Head of financing and cash management

+33 (0)1 41 57 71 96

[email protected]

August 2015


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