2016 1 ST HALF RESULTS SFAF MEETING, 28 TH SEPTEMBER 2016 The low cost retail park specialist The low cost retail park specialist
Disclaimer This document was prepared by Patrimoine & Commerce for the sole purpose of presenting its first half results on 28 September 2016. This document may not be copied or circulated, in whole or in part, without the Company’s prior approval. Patrimoine & Commerce cannot be held liable if this document is used by any person who does not belong to the Company. This document contains no quantified results forecasts. The Company makes no undertaking and provides no guarantee with regard to the achievement of its targets or of any goals announced as part of its business plans. Although the Company believes that its targets are reasonable, investors are reminded that the achievement of these targets is subject to risks and uncertainties, including those described in the section entitled “Risk factors” in the annual Registration Document. The low cost retail park specialist The low cost retail park specialist 2
CONTENTS 1. Patrimoine & Commerce, A dynamic half year 2. Patrimoine & Commerce, The successful project of a value-oriented SIIC The low cost retail park specialist The low cost retail park specialist 3
Key figures as at 30 June 2016 m² €m 383 000 20.5 surface area rental income (1) 100% of assets +24% vs June 2015 €m 662 44.5% LTV (3) total asset value (2) +30 M€ vs Dec. 2015 € 23.7 7.4% Capitalization NAV (5) rate (4) (1) Gross rental income (2) Excluding taxes (incl. group share of Cherbourg and Studio Prod) (3) Adjusted for security deposits and hedging instruments (4) Annualized rental income + ERV of vacant spaces / value not including transfer taxes (5) Triple net EPRA/share The low cost retail park specialist 4
Highlights of the 1 st half of 2016 � Acquisitions / projects totaling more than 26 000 m² > Provins (77) - retail park measuring 3 240 m² > Loches (37) - retail park measuring 6 228 m² > Lempdes - Clermont-Ferrand (63) - retail park measuring 6 800 m² > Champniers - Angoulême (16) - retail park measuring 10 100 m² � Disposal of an office asset in Chasseneuil-du-Poitou (86) � Refinancing for €9.5m > Arcinvest in April 2016 – Arçonnay asset (72) � 96% of SIIC assets > SIIC status for the asset located at Place des Fêtes à Paris (75) The low cost retail park specialist The low cost retail park specialist 5
Champniers retail park - Angoulême (16) Surface area: 10 100 m² The low cost retail park specialist The low cost retail park specialist 6
1. 2016 1 ST HALF RESULTS A DYNAMIC HALF YEAR The low cost retail park specialist The low cost retail park specialist 7
Funds From Operations growth of: +25.7% 6 months 6 months Variation Variation In €m 30/06/16 30/06/15 in M€ % Gross rental income 20.5 16.6 +3.9 +23.7% Net rental income 19.6 15.9 +3.7 +23.2% (2.1) Operating expenses (1.7) (0.4) +24.0% Normative EBITDA (1) 17.5 14.2 +3.3 +23.1% Non-SIIC assets current tax - (0.1) +0.1 -100.0% Net cost of debt (4.9) (4.1) (0.8) +20.1% Funds From Operations (FFO) 12.6 10.0 +2.6 +25.7% FFO / action 1.02 € 0.82 € +0.21 € +25.2% Note: (1) EBITDA does not include development business (reclassified as other income and expenses) The low cost retail park specialist The low cost retail park specialist 8
Income statement (cont’d) 6 months 6 months Variation Variation In €m 30/06/16 30/06/15 in M€ % Funds From Operations (FFO) 12.6 10.0 +2.6 +25.7% Change in FV of properties 1.1 0.7 +0.4 n.a. Change in FV of financial instruments (2.7) 2.1 (4.8) n.a. Equity method investees (excluding 0.2 0.1 +0.1 n.a. change in FV) Other income and expenses 0.2 0.1 +0.1 n.a. Net income 11.4 13.0 (1.6) -12.4% (1.3) Minority interests (0.5) (0.8) n.a. Net income, group share 10.1 12.5 (2.4) -19.2% The low cost retail park specialist The low cost retail park specialist 9
Strong growth in gross rental income +23.7% In €m 4.3 0.1 (0.4) 20.5 16.6 Gross rental Indexing, Turnover Acquisitions Gross rental income renegotiations, and deliveries income 30 June 2015 and other 30 June 2016 The low cost retail park specialist 10
Revenue resilience 113 €/m² 96% 2% Average rent, Occupancy Turnover retail parks rate 262 €/m² 2% 74% ILC Average rent, Unpaid/late 23% ICC Shopping malls payments and centers Lease expiration dates (end of lease) €6m €4m €2m 2021 Automatic 2016 2017 2018 2019 2020 2022 2023 2024 2025 >2026 renewal The low cost retail park specialist The low cost retail park specialist 11
Very good performance indicators 89% 95% Reinvoicing Net rental income rate (1) / Rental income 89% 64% 11% EBITDA / FFO / G&A Net rental Net rental income income (1) Restatement of Croix St Jacques/Ville du Bois The low cost retail park specialist The low cost retail park specialist 12
Solid financial structure In €m 718 718 Equity (group share) 292 Stable NAV €23.7 (interest only strip) Portfolio’s appraisal value 636 €662m 24 Minority interests incl . group share of ownership in assets owned by entities consolidated using the equity method 337 Financial debt Treasury 32 Other 65 Other 50 Assets Liabilities June 2016 June 2016 The low cost retail park specialist The low cost retail park specialist 13
Dynamic investment strategy 1.4 29.5 In €m (0.7) 636.0 606.0 Portfolio’s Acquisitions Fair value Disposals Portfolio’s appraisal value and deliveries (result) appraisal value 1 January 2016 30 June 2016 The low cost retail park specialist The low cost retail park specialist 14
LTV in line with objectives LTV in % Net debt in €m 283 300 65% 262 250 222 214 55% 199 200 46.4% 46.1% 44.5% 43.2% 150 45% 39.0% 100 35% 50 25% 0 Dec. Dec. Dec. Dec. June 2012 2013 2014 2015 2016 The low cost retail park specialist The low cost retail park specialist 15
Pro-active debt management 3.53X 3.46X 93% 3.44X Hedged 3.32X 3.6% 3.6% 3.4% 3.2% 5.8 years Average maturity Dec. June Dec. June 2014 2015 2015 2016 ICR ratio Average interest rate The low cost retail park specialist The low cost retail park specialist 16
Successful stock dividend payment +59% in 4 years Dividend Yield € / share € 1.00 % of FFO 1.00 € 0.85 0.90 60% € 0.80 60% 0.80 50% 53% 0.70 € 0.63 0.60 Stock dividend 40% subscribed 0.50 40% +70% 0.40 30% 0.30 28% 0.20 20% 0.10 10% 2012 2013 2014 2015 The low cost retail park specialist The low cost retail park specialist 17
2. PATRIMOINE & COMMERCE THE SUCCESSFUL PROJECT OF A VALUE SIIC The low cost retail park specialist The low cost retail park specialist 18
Market profile of an institutional SIIC Stock price Shareholders Base 100 since 31 Dec. 2012 as of 13 July 2016 €300m market cap. 180 Float Duval Family Patrimoine & Commerce 23.2% +62% 24.4% 160 +41% 140 Robbe Family 6.3% IEIF SIIC France Predica 120 19,8% Vergely Family 12.9% 100 Suravenir BPVF 4.1% 9.2% 80 2013 2014 2015 2016 The low cost retail park specialist The low cost retail park specialist 19
Governance compliant with MiddleNext Code Supervisory Board 15 members, including 11 independent Chairman: M. Louis-Victor Investment Committee Audit Committee Compensation Committee 1 independent member / 3 3 independent members / 4 4 independent members / 5 Chairman: M. Louis-Victor M. de Fresnoye (Suravenir) Chairman: M. Ranjard NB: Predica – considered non-independent – has two members on the supervisory board and one on each sub-committee The low cost retail park specialist The low cost retail park specialist 20
A player with critical mass 96% > 77 assets SIIC assets > 383 000 m² > €662m assets value (group share) > 4 regional offices Assets in m€ CAGR 24% 662 632 489 164 2009 2012 2015 S1 2016 The low cost retail park specialist The low cost retail park specialist 21
Strengthening territorial coverage Lexy (54) Mulhouse (68) Champagne-au-Mont-d’Or (69) Cergy (95) Buchelay (78) Saint Priest (69) Plérin (22) Salon-de-Provence (13) Poitiers (86) Rivesaltes (66) Cognac (16) Soyaux (16) Limoges (87) A pipeline worth €214m In M€ 80 Committed pipeline Identified pipeline 60 40 20 2016 2017 2018 2019 The low cost retail park specialist The low cost retail park specialist 22
Attractive nationwide retailers 90% TOP 15 retailers Breakdown in rents Nationwide 38% of total rents brands by type of retailer Food Services 8% 6% Leisure & Beauty & Culture Health 17% 9% Household goods Personal 28% products 33% The low cost retail park specialist The low cost retail park specialist 23
Institutionalization of financing 6 to 79% €350m €300m 18% 19% 21% €250m 12% €200m 61% 57% €150m 50% 44% €100m 6% 19% €50m 94% 81% 44% 29% 23% 21% 0 Dec. June Dec. Dec. Dec. June 2009 2011 2012 2014 2015 2016 Bonds Financial lease Mortgage loans The low cost retail park specialist The low cost retail park specialist 24
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