2014 Presentationof 5 March 2015 AFFINE 2014 KEY TAKEAWAYS . - PowerPoint PPT Presentation

FULL-YEAR RESULTS 2014 Presentationof 5 March 2015

AFFINE 2014 KEY TAKEAWAYS . STABLE EPRA EARNINGS (+) 8.6% increase in gross rental income (+) Cost of debt down to 3.0% (-) Negative contribution from Banimmo . CHANGE IN PORTFOLIO Increase in average lease term to 5.1 years €31.0m in acquisitions, improvements and developments €27.9m from disposals Occupancy rate above 90% . ENHANCED CLARITY Disposal of Concerto European Developer Full consolidation of the Bordeaux shopping complex . EPRA NAV PER SHARE OF €23.0 (-) Net earnings of -€11.0m due to fair value adjustments (€27.6m) (-) Distribution in 2014 (€8.1m) . DIVIDEND OF €1.0 PER SHARE (*) (*) Will be submitted to the vote of the General Meeting of 30 April 2015 2014 FULL-YEAR RESULTS 2

INVESTMENTS AND DISPOSALS 2014 FULL-YEAR RESULTS 3

INVESTMENTS AND DISPOSALS €31M OF INVESTMENTS AND €28M OF DISPOSALS €8m: Acquisition €23m: Development& Refurbishment Lyon - Tangram Troyes Toulouse Sant Feliu Devanlay Paris - Réaumur ILS €28m: Disposals Evry: €10.4m Paris - Réaumur: Chevigny St Sauveur: Orléans: €11.0m €2.6m €1.4m 2014 FULL-YEAR RESULTS 4

INVESTMENTS AND DISPOSALS TOULOUSE – LES AMARANTES 1 . 2,900 sqm of offices 4 floors (Ground -1 to G+2) 84 parking lots, 64 of which underground 80% let to 3 tenants : Pôle Emploi La Mutuelle Générale GreenFlex . Located in the heart of the new Borderougedistrict Major urban development area Closed to The newly-built Les Maourines shopping centre (Carrefour + 60 stores) Toulouse Blagnac international airport (15 min) Excellent public transportation links Metro line B for quick access to the city centre 8 bus services covering a large part of the city 1 intermodal station 3 bicycle stands . Contract signed in November 2014 for Les Amarantes 2 : 2,900 sqm of offices Let at 88% to Dalkia 2014 FULL-YEAR RESULTS 5

INVESTMENTS AND DISPOSALS LYON PART DIEU – TANGRAM . Refurbishment of 5,700 sqm offices space 2 buildings and parking lot for 121 cars Located on Boulevard des Tchécoslovaques on the extension of the Boulevard Vivier Merle, between the La Part-Dieu and Gerland districts Easy and improved service and enhanced attractiveness 2 métro stations, numerous bus routes Tram under progress Completion by Q3 2015 and a well advanced marketing Gare TGV 2,750 sqm let to ISCOM with a 9-year fixed term lease La Part-Dieu 2,950 sqm under marketing Building 2014 FULL-YEAR RESULTS 6

INVESTMENTS AND DISPOSALS RÉAUMUR, A PARTIAL RECONVERSION . 1,656 sqm totally refurbished 741 sqm of offices 606 sqm turned into residential 309 sqm of retails . Nearby the Marais district Located at 100 m of the Arts et Métiers metro station . Works €5m . Disposals achieved 606 sqm of resitendial 229 sqm of offices 2014 FULL-YEAR RESULTS 7

INVESTMENTS AND DISPOSALS DEVELOPMENT . Concerto EuropeanDeveloper Delivery of a 19,000 sqm logistics platform in the Aube logistics park in Troyes for Devanlay Delivery of a 10,700 sqm logistics platform in Sant Feliu (Spain) Development of a 43,500 sqm logistics platform in the Aube logistics park in Troyes for the group of Petit Bateau Building permit for the areas of Cambrai (54,000 sqm) Mer (72,000 sqm) Honfleur (117,000 sqm) . Disposal of Concerto EuropeanDeveloper, end of December, to Kaufman & Broad through a partnership2014-18 2014 FULL-YEAR RESULTS 8

PERFORMANCE OF THE PORTFOLIO 2014 FULL-YEAR RESULTS 9

PERFORMANCE OF THE PORTFOLIO 4.5% DECREASE OF THE PORTFOLIO VALUE . Change in fair value excluding TT (€m) 594 (28) 575 +8 +3 (25) +15 +8 31/12/13 Disposal Capital gain Like-for-like Capex Dev. Acq. 31/12/14 . Breakdown of the 4.5% decrease in fair value on a like-for-like basis Market rent effect (ERV): -2.3% Cap rate effect: +0.4% Miscellaneous: -2.6% (works, reversion, transfer taxes change …) 2014 FULL-YEAR RESULTS 10

PERFORMANCE OF THE PORTFOLIO HEADLINE RENTS: -3.7% LIKE-FOR-LIKE . Change in headline rents annualized (€m) 46.2 (0.7) (2.1) 43.4 (1.6) 1.6 31/12/2013 Refurbishment Disposal Like-for-like Acquisition 31/12/2014 Total headline rents change: -6.1% 2014 FULL-YEAR RESULTS 11

PERFORMANCE OF THE PORTFOLIO OCCUPANCY RATE ABOVE 90% . Financial occupancy rates (EPRA) Total 90.2% 94.0% Offices 90.5% 92.2% 90.9% 90.2% Retail 83.9% 89.0% 87.8% Warehouses and 87.7% 94.3% industrials Métropole du Grand Paris 96.5% Other Ile-de-France 87.6% 2008 2009 2010 2011 2012 2013 2014 French Regions 88.2% Impact Impact JdQ Baudry +0.8 pt -1.2 pt 2014 FULL-YEAR RESULTS 12

PERFORMANCE OF THE PORTFOLIO LEASE AVERAGE DURATION 5.1 YEARS (VS 4.8) . Schedule in rents (€m) according to lease duration 50 40 30 20 10 0 31/12/14 31/12/15 31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 End of lease Fixed term Average time up to next break option: 2.8 years Average time up to lease expiry: 5.1 years 20 new leases (36,300 sqm ; €1.7m) 35 renegociated leases (41,400 sqm ; €4.9m) 13 terminated leases (8,800 sqm ; €1.4m) 2014 FULL-YEAR RESULTS 13

PERFORMANCE OF THE PORTFOLIO PORTFOLIO YIELD . Return by asset type Portfolio Headline Potential Split in value yield yield Offices 52.6% 6.9% 7.6% Retail 21.7% 6.7% 8.0% Warehouses & Industrials 25.6% 8.7% 9.2% Total 100.0% 7.3% 8.1% . Return by location Portfolio Headline Potential Split in value yield yield Métropole du Grand Paris 26.9% 6.6% 6.8% Other Ile-de-France 14.0% 8.3% 9.3% French Regions 57.8% 7.4% 8.4% Total 100.0% 7.3% 8.1% 2014 FULL-YEAR RESULTS 14

SUBSIDIARIES More details on BANIMMO www.banimmo.be . Repositionning property company Portfolio: 20 buildings; Gross rental income: €9.0m; value: €335m. . Key events Acquisition of a plot of land allowing the development of 15,000 sqm offices in Namur (Belgium). Development by Banimmo of 8,000 sqm of offices for BNP Paribas Fortis in Charleroi (Belgium) Disposal by Banimmo of 6,500 sqm of offices (€23.2m) under construction close to Brussels (Belgium) and which will be let to the Marsh & McLennan group Disposal of Bagatelle 5,300 sqm shopping mall in Suresnes (€27m) Acquisition of 4,710 sqm shopping mall in Pantin . 2014 Results Operating result: €10.5m vs €7.2m Net current result: €3.2m vs -€4.2m Significant negative accounting adjustments on the City Mall participation (-€8.4m) Net current result: -€9.3m vs -€13.8m 2014 FULL-YEAR RESULTS 15

CONSOLIDATED ACCOUNTS 2014 FULL-YEAR RESULTS 16

CONSOLIDATED ACCOUNTS CONSOLIDATED EARNINGS (€m) 31/12/12 31/12/13 31/12/14 Gross rental income 46.4 40.2 43.7 Net rental income 41.3 34.8 39.2 Other income 4.3 1.9 1.3 Corporate expenses (10.9) (10.0) (10.1) Current EBITDA 34.6 26.7 30.3 Current operating profit 34.5 26.5 30.2 Other income and expenses (0.1) 0.7 (0.5) Net financial cost (16.9) (11.5) (10.9) Taxes (0.1) (0.5) (0.5) Associates 2.5 1.9 (1.9) Miscellaneous 0.3 (0.1) 0.1 Net current profit 20.2 17.0 16.5 Value adjustments of properties & profit on disposals (15.1) (21.8) (21.1) Fair value adjustments of hedging instr. (1.5) 4.0 (2.3) Adjustements for associates 0.9 (7.2) (3.4) Others 0.4 (0.9) (0.6) Net non-current profit – group share (15.4) (25.8) (27.4) Net profit – group share 4.7 (8.8) (11.0) EPRA Earnings (Net current profit – group share) 20.1 17.0 16.5 2014 FULL-YEAR RESULTS 17

CONSOLIDATED ACCOUNTS NET ASSET VALUE CHANGE 31/12/12 (€m) 31/12/13 31/12/14 Shareholders’ equity (before allocation) 351.4 326.2 303.5 PSL adjustment (73.2) (73.2) (73.2) Fair value adjustments to hedging instr. 12.6 7.2 9.9 Net deferred tax (2.1) (4.1) (4.3) EPRA NAV (excluding transfer tax) 288.8 256.0 236.0 EPRA NAV (including transfer tax) 324.0 290.5 272.5 EPRA NAV (excluding transfer tax) per share (€) 28.2 25.0 23.0 (M€) Excluding PSL (TSDI) 256.0 (8.1) Based on the Net Asset Value (25.3) 236.0 +16.6 (0.9) of Banimmo (€5.33 per (2.3) share) Others: interest on 31/12/2013 Dividends paid FV properties FV FI EPRA earnings Others 31/12/2014 convertibles and PSL Convertibles, etc €25.0 €23.0 NAV per share after dilution per share per share fromconvertibles 2014 FULL-YEAR RESULTS 18

FINANCING 2014 FULL-YEAR RESULTS 19

FINANCING A CONTROLLED LTV FOR A RESUMPTION OF INVESTMENTS . LTV of 49.3% (€m) 881 900 120% 821 803 800 699 682 100% 668 700 600 80% 484 Value 500 423 407 60% 55.0% Loan 51.5% 400 327 330 310 46.8% 49.3% 50.8% 300 40% LTV 45.5% 200 20% 100 0 0% 2009 2010 2011 2012 2013 2014 Stability of the net debt Interest rate risk hedged Implementation of €15m of new swaps and €60m of new caps in June 2014 FULL-YEAR RESULTS 20

FINANCING FINANCING AT FAVOURABLE CONDITIONS . Average financing cost of 1.9%, or 3.0% hedging included (vs 1.9% & 3.4%) . Banks relationshipdiversified 6 main banks Average duration of the debt: 5.2 years Financing asset by asset with mortgages Amortizable over middle term . Financing in 2014 Mortgage loan: Arcachon (€11m) Bagnolet (€5m) Lyon Dauphiné (€6m) Réaumur (€5m) Toulouse (€6m) Development credit: Concerto financing (€4m drawn) . Refinancing of the 2015 debt service underway 2014 FULL-YEAR RESULTS 21