PR Newswire/Les Echos/

BUSINESS ACTIVITY AND RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2010

The Board of Directors met on 22 July 2010 to review CFI's business activity and
to approve the Company's financial statements and the consolidated financial
statements for the half year ended 30 June 2010.

In a property market that showed some signs of improvement, which mainly
benefited core investors, the first half of 2010 featured the acquisition on 28
June of a new UGC cinema property, the Bordeaux city-centre UGC multiplex,
purchased through the subsidiary SCI Bordeaux Image. This cinema complex, with
18 screens and 2,784 seats, sold more than one million tickets in 2009.

This EUR10.9 million investment, including acquisition costs, was financed by a
EUR8 million, five-year floating-rate bank loan granted by OSEO, together with
equity contributions from the shareholders of SCI Bordeaux Image, amounting to
EUR1 .6 million for CFI (55%) and EUR1 .3 million for UGC (45%).
This transaction is a positive addition to the existing portfolio of twelve UGC
cinema complexes acquired in 2009 and will create value in two ways: (i) through
a new investor-type lease which was signed with UGC Ciné Cité for a fixed term
of 12 years; and (ii) from end-December 2010, the Company will own the entire
property outright, following the early exercise of the purchase option included
in the finance lease contract currently in effect regarding a portion of the
property.

Rental income in the first half of 2010 amounted to EUR6.5 million, benefiting
from the impact of the 2% contractual rent indexation applied on 1 January 2010.

Operating profit on ordinary activities came to EUR6.2 million.

Based on the appraisal value of the portfolio measured by CB Richard Ellis,
which totalled EUR216 million net of costs and taxes, including EUR13.7 million
for the UGC Bordeaux cinema property, the increase in fair value boosted
consolidated profit by EUR3.3 million. On a like-for-like basis, the appraisal
value of the portfolio held steady compared to the 31 December 2009 figure.

After deducting finance costs of EUR2.6 million, the consolidated financial
statements showed a net profit of EUR6.9 million, of which EUR3.5 million was
attributable to the equity holders of the parent, equating to EUR4.13 per
share.

At 30 June 2010, liquidation Net Asset Value attributable to the equity holders
of the parent came to EUR55.7 million, or EUR65.35 per share.

Key consolidated figures (in thousands of euros, unless otherwise stated)

                                     30 June 2010   30 June 2009
                                     (6 months)    (4.5 months(1))
Net rental income                       6,545         4,925
Change in fair value                    3,282        49,236
Operating profit on
ordinary activities                     6,192         3,973
Net profit                              6,880        51,012
Of which:
- Minority interests
  (2)                                   3,359        24,335
- Attributable to the
  equity holders of
  the parent                            3,521        26,677

  Earnings per share (EUR)               4.13         31.25

Of which, net
operating profit
attributable to the
equity holders of the
parent                                  1,745         1,125 (3)
Ordinary earnings per
share (EUR)                              2.05          1.32 (3)

Net Asset Value
attributable to the
equity holders of the
parent                                 55,697        53,447

NAV per share (EUR)                     65.35         62.62

(1) From 13 February to 30 June.
(2) Arising from the financing structure of the acquisition, in 2009, of the
cinema property portfolio, based mainly on the issuance by CFI-Image of EUR25.5
million in bonds redeemable in shares ('ORAs').
(3) Restated to reflect the same basis as to 30 June 2010.

Outlook

In a market that is showing some signs of improvement, but is characterised by
patience, the Company will continue seeking out new investment opportunities
that meet its value creation objectives.

                Investor Relations: contact@cfi-france.com
                          Tel: +33 (0)1 40 07 81 03
                              www.cfi-france.com 

   72, rue du Faubourg Saint-Honoré 75008 Paris / Tél. 01 40 07 81 03 /
                  Fax. 01 40 07 85 12 / www.cfifrance.com

  Société Anonyme au capital de 25 625 720 euros / 542 033 295 R.C.S Paris /
                             FR 45 542 033 295
                      
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