2020 Half-Year Results

July 31, 2020

DISCLAIMER

Strictly Confidential 2

This document and any information contained herein should not be copied and circulated in whole or in part.

Due to its simplification, this document is partial and thus it can be subjective. Information set forth herein does not purport to be complete and is subject to change without notice. PAREF disclaims any and all liability relating to a decision based on or reliance on this document.

This document does not consider the recipient’s objectives, financial situation or needs. This document shall not be deemed to constitute investment advice and/or tax, accounting, regulatory, legal or other advice and it should not be relied upon as the basis for a decision enter into a transaction or as the basis of an investment decision.

Analysis and conclusions express the views of PAREF and may be subject to change without notice.

All information, analysis and conclusions herein present PAREF current knowledge and market estimation at the time of its production.

Information regarding the background and experience of PAREF are provided for information purpose only. Such persons may not necessarily continue to be employed by PAREF.

The data are presented for illustrative purposes only and such data could vary significantly from the final results.

Some statements and analysis in this document and some examples provided are based upon or derived from hypothetical performance of models developed by PAREF. Such valuations may vary from valuations performed by other parties for similar types of investments. PAREF disclaims any responsibility for the accuracy of the models or estimates used in the analysis.

Any pictures, plans, drawings, diagrams or schedules set forth in this document are provided for information purposes only.

PAREF makes no representation or warranty of any nature nor is responsible or liable in any way with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty in or omission from, this information.

2019 PAREF– All rights reserved

H1-2020 HIGHLIGHTS

H1-2020 HIGHLIGHTS

4

Recurring Net Result

€3.65 / share

+9%

Disposal of 4 assets

on PAREF REIT

LTV26%

AuM

€2.3 Bn

+7%

Launch of 2

new SCPI funds

EPRA NAV NTA€128.2 / share

+15% over 1 year

OVERVIEW OF PAREF GROUP TO DATE

Strictly Confidential 5

Germany • €0.7bn• >50 Assets

Italy• €0.4bn• 1 Asset

France• €1.2bn• > 1 000 Assets

Presence in 4 countriesPAREF Gestion 2nd

MarketGermany

PIM Suisse Zurich

FRANCE: CORE MARKETParis

PIM ItalyMilan

1217

1476

16581567

2173

€2.3 Bn

2015 2016 2017 2018 2019 H1-2020

Asset under management

+15% CAGR

€ Mn

ACCELERATE VALUE CREATION BY RESHAPING PAREF REIT PORTFOLIO

6

STRATEGY OVERVIEW

• Focus on office/mix-used assets

• Located in prime location (mainly Grand Paris region) now representing 87% of total portfolio

• With core+/value add strategy

• Proactive management through leasing, redevelopments, asset rotation of non-core and mature assets

PAREF

REIT

4 disposals

Delivery expected Q3-2021

€4.7 MnIn line with last appraisal

The GO - 6,000 sqm – Breeam/HQE(Levallois – Grand Paris)

Works on-going onThe Go project

Main leasing on Gaia office

1 floor leased to Demos with a new 9-Y firm lease on 1,750 sqm

Occupancy rate increased to 64%

127

185 184

Dec 2018 Dec 2019 June 2020

FOCUS PORTFOLIO ON LARGER ASSETS WITH STABLE INCOME

7

20 assets

16 assets

€ Mn

€11.6 Mn

Continuing increase in average asset size

82.8%

86.2%

87.5%

Dec 2018 Dec 2019 June 2020

Financial occupancy rate increased by +1.3pts(1)

(1) Including 50% of Gaïa office (Nanterre. La Defense area). Financial occupancy rate stands at 91% excluding 50% stake in Gaïa office

Average gross yield

6.7%

Average lease term

4.6 Y

Portfolio in Paris/Grand

Paris87%

12 assets€6.4 Mn

€15.6 Mn

185 184

-4.8

-

+2.1+2.2

Portfolio as atDec 2019

Disposals Acquisition Capitalised expenses Changes in fair value Portfolio as atJune 2020

CREATE VALUE ON A LIKE-FOR-LIKE BASIS

8

A +2.4% like-for-like change in fair value(1)

(1) Including 50% of Gaïa office (Nanterre. La Defense area)(2) Valuation of disposed assets as at December 31, 2018(3) Valuation of acquired assets as at December 31, 2019

€ Mn(2) (3)

REPOSITION PAREF GESTION(1) AS AN INNOVATIVE AND GLOBAL PLAYER

9

STRATEGY OVERVIEW

• Create and distribute innovative products

• Capture market opportunities across Europe

• Ensure long-term and secured returns for investors

• Focus on client satisfaction

PAREF

Gestion

111

160

236

267

86

Dec 2016 Dec 2017 Dec 2018 Dec 2019 June 2020

Gross subscription evolution

(1) PAREF GESTION is a 100% subsidiary of PAREF

• negative Covid-19 impact oninvestors’ appetite for SCPI funds

September 2019

January 2020

September 2020

WHILE KEEPING A PRUDENT MANAGEMENT AND INVESTMENT STRATEGY TO DELIVER HEALTHY RETURNS FOR INVESTORS

10

Fund name Nature StrategyAUM (€ Mn)

as at Dec 31, 2019

AUM (€ Mn)as at

June 30, 2020%

SCPI

Novapierre Allemagne Open-end fund Retail 543 604 11%

Novapierre Résidentiel Open-end fund Residential 286 295 3%

Novapierre 1 Open-end fund Retail 254 254 0%

Interpierre France Open-end fund Offices/industrial 154 176 15%

Novapierre Allemagne 2 Open-end fund Retail 70 118 68%

Capiforce Pierre Closed-end fund Diversified 62 68 9%

Atlantique Pierre 1 Closed-end fund Diversified 57 56 -1%

Cifocoma 2 Closed-end fund Retail 25 25 2%

Cifocoma 1 Closed-end fund Retail 25 25 0%

Novapierre Italie Open-end fund Tourism 3 3 26%

Sub-total SCPI 1,477 1,624 10%

OPCI/AIF

Vivapierre Leisure 92 92 0%

OPPCI dedicated to hotels Hotels - - -

Others Offices 42 43 0%

Sub-total OPCI/AIF 134 135 0%

Total PAREF GESTION 1 611 1 758 9%

More than €120 Mn of investments completed in H1-2020 including mainly:• Novapierre Allemagne 2 acquired new assets for a total amount of €54 Mn• Novapierre Allemagne acquired new assets for a total amount of €44 Mn• Interpierre France finalized the acquisition of office/industrial assets for a total amount of €17 Mn

• Acquisition in August 2019 of a real estate managementplatform based in Milan (Italy).“PIM Italy” is the assetand project manager for an international institutionalinvestor regarding the redevelopment of an historicalbuilding developing 55,000 sqm and located in Milancity center.

PAREF IM(1): OFFER AN INTEGRATED REAL ESTATE PLATFORM TO INVESTORS

Covering the entire value chain, PAREF InvestmentManagement is managing real estate assets on behalfof PAREF and PAREF Gestion

11

PAREF

IM

STRATEGY OVERVIEW

• Offer a full set of real estate services with dedicated experts

• With global presence in Europe

• Expand base of institutional clients

• Focus on client satisfaction

FULL ABILITY TO ACT FOR LARGE

INSTITUTIONAL INVESTORS

(1) Created end 2018, “PIM” is a 100% subsidiary of PAREF

Initially present only in France, PIM rapidly developedinternationally in 2019:

• New office in Zurich (Switzerland) in January 2019

FINANCIAL RESULTS

STRONG PERFORMANCE IN H1-2020: MAIN KPIs

13

in €Mn

35.3

40.3

3.8 3.4 4.5

12 17.7 13

Revenues(1)

21.0

17.615.7

11.8

13.5

4.9 4.8 5.3

4.13.1 1.9

Net Result

14761658 1585

21732328

AuM

in €Mn in €Mn

-16.5% vs H1-2019 +10% recurring vs H1-2019

(-8.7% total net result)

+7.1% vs 2019

Fees

Rents

77.386.2 95.7

99.1

118.3

2016 2017 2018 2019 2020

NNNAV

+9.6% vs 2019

in €

(1) Revenues = Gross rental income + Management fees + Subscription fees

ASSETS UNDER MANAGEMENT IN EXCESS OF €2.3 Bn

14

PAREF GROUP : €2.3 Bn of AuMIn k€ 2018 2019 H1-2020 Evolution en %

Assets owned by PAREF 111 070 167 450 166 300 -1%

Participations owned by PAREF 27 217 29 322 30 735 4%

Total PAREF 138 287 196 772 197 035 0.1%

SCPI

- Novapierre Allemagne 471 263 543 273 603 808 11%

- Novapierre Résidentiel 280 317 285 639 294 651 3%

- Novapierre 1 161 245 254 027 254 467 0%

- Interpierre France 105 034 153 559 175 918 15%

- Novapierre Allemagne 2 - 70 047 117 798 68%

- Capiforce Pierre 58 607 61 879 67 680 9%

- Atlantique Pierre 1 60 206 57 051 56 238 -1%

- Cifocoma 1 24 014 24 558 24 565 0%

- Cifocoma 2 24 996 24 801 25 183 2%

- Novapierre Italie - 2 620 3 311 26%

Sub-total SCPI 1 185 682 1 477456 1 623 618 10%

OPCI

- Vivapierre 94 230 91 780 91 740 0%

- OPPCI spécialisé hôtels 141 910 - - %

Sub-total OPPCI 236 140 91 780 91 740 0%

Third party management 35 300 417 380 426 710 2%

Total managed by PAREF Gestion & PAREF InvestmentManagement

1 457 122 1 986 616 2 339 103 18%

Retreatments -9 977 -10 762 -11 390 6%

TOTAL GENERAL 1 585 499 2 172 626 2 327 714 7.1%

A +7.1% increase in AuM mainly due to new subscriptions of €86 Mn

PAREF GROUP

€2.3 Bn of AuM

A ROBUST FINANCIAL STRUCTURE

15

(1) LTV: consolidated net debt divided by market value (excluding transfer taxes). The LTV including participation in Gaïa office is at 30%. Bank loan covenant at 50%(2) ICR: financial expenses (including interest on swaps and undrawn credit lines but excluding penalty on fixed debt repayment) divided by EBITDA. Bank loan covenant at 2.5x(3) Average cost of drawn debt over 2019

3.6-year debt

maturity in average

LTV(1)

26%ICR(2)

9.5x

4.5%

4.2%

3.6%

2.2%

1.7 %

2016 2017 2018 2019 2020

Cost of debt(3)

Full effect of the Group refinancing in February 2019

Conservative risk management policy with 100% of drawn debtcovered by hedging instruments (swaps)

Average cost of debt(3)

1.7%

GROWTH TRANSLATED INTO STRONG NNNAV INCREASE

16

PAREF GROUP EPRA NAV

31/12/2018 31/12/2019 30/06/2020 Evolution in %

Consolidated equity 124.8 132.5 137.7 3.6%

Fair value of financial instruments 0.5 0.4 0.9

Revaluation of intangible and operating assets (PAREF GESTION) 19.5 24.5 42.5 74%

Other 0 0 0

EPRA NAV (in €M) 144.8 157.4 180.6 +14.8%

EPRA NAV / per share (in €) 100.3 109.0 119.7 +9.8%

Fair value of financial instruments -0.5 -0.4 -0.9

Fair value of debt -0.6 -0.3 0.0

Deferred capital gain taxes -0.5 -0.7 -1.3

EPRA NNNAV (in M€) 143.1 155.9 178.5 +14.5%

EPRA NNNAV / per share (in €) 99.1 108.0 118.3 +9.6%

Deferred capital gain taxes 0.5 0.7 1.3

Estimated transfer taxes 9.2 12.8 12.8

Going concern NAV (in M€) 152.9 169.4 192.6 +13.7%

Going concern NAV / per share (in €) 105.9 117.3 127.6 +8.7%

Computations for 2019 based on 1 443 779 corresponding to 1 444 838 shares outstanding minus 1 059 treasury shares (1 509 136 for June 2020)

• Strong increase in EPRA NNNAV of c. €23 Mn. representing +15% vs. 31/12/2019 mainly due to:▪ Positive results in H1-2020 (€7.2 Mn) net from dividend distribution paid in 2020 for the 2019 fiscal year (partially paid in shares)▪ Increase in PAREF Gestion shares valuation for €18 Mn. The valuation has been performed for the 1st time by an external appraiser

(Accuracy)▪ Increase in valuation of financial instruments and debt for €0.1 Mn

EPRA NAV NDV€119.1/share

EPRA NAV NTA€128.2/share

EPRA NAV NRV€128.2/share

KEY DRIVERS FOR FURTHER GROWTHAccelerate PAREF expansion

17

• Continue deploying capital in Core+/Value Add properties in gateway cities• Finalize Levallois project and initiate other identified redevelopments• Dispose remaining non-core assets• Continue dynamic management of existing assets

• Enter in partnership with institutional investors • Institutionalization, digitalization and internationalization• Seize opportunities in both mature and emerging markets• Increase visibility across Europe

• Broaden fund management in Europe• Accelerate active management of existing funds• Create new funds in new regions and new sectors: happiness (hospitality), health (nursing

homes, hospitals…)…

PAREFREIT

PAREFGestion

PAREFIM

+ 33 (0)1 40 29 86 86153, bd Haussmann 75008 Paris info@paref.com