SILIC : Annual results press release

2 0 1 1 A N N U A L R E S U LT S

SILIC OWNER AND DEVELOPER

income

€175 m

per share

€118.22

value

€ 3.5 bn

At its meeting of 8 February 2012, Silic's Board of Directors approved the financial statements for 2011.
The proposed appropriation of net profit for the year will be determined when the proposed resolutions are approved at a Board meeting scheduled for 12 March 2012.
These financial statements have been audited and the audit reports are currently being prepared.

Consolidated figures 2011 2010 %

€ millions Rental income 175.3 172.3 1.7% EBITDA 157.0 156.6 0.3%Pre-tax ordinary cash flow 109.6 118.5 -7.5%

€ per share

Pre-tax ordinary cash flow 6.3 6.8 Net assue value 118.2 117.0 1.0%

• Debt totalled €1,372.1 million at the end of 2011, leaving
€150.0 million in available resources. The loan to value ratio
(LTV) stood at 39.1%.

A good commercial performance in an uncertain, volatile economic environment

• Commercial activity remained buoyant during the year with
130 lettings totalling 93,500 m². Tenant turnover was extremely low at 6.5% and physical occupancy of the existing portfolio therefore improved by 23,500 m².
• Further lettings of buildings completed during 2011 were achieved towards the year end. At Orly-Rungis, the 15,000 m²
Montréal building was let on a twelve-year firm lease from June 2012. At Saint-Denis, occupancy of Cézanne will rise to more than 70% by May 2012 following the Société du Grand Paris and Lufthansa lettings, coupled with the firm commitment of a new first-class tenant.

Activity indicators in line with expectations

• Recent commercial successes did not have any material impact on 2011 revenues.
• Rental income rose by 1.7% compared with 2010, to
€175.3 million, mainly due to the contribution of Grand Axe 2 let to AXA. The carrying costs of newly completed buildings put pressure on pre-tax ordinary cash flow, which came to
€109.6 million compared with €118.5 million in 2010. EBITDA
remained stable at €157.0 million.

Development, our long-term growth driver, continued in line with lettings

• Investments for the year totalled €93.9 million, mainly on completing the new projects at Orly-Rungis and Saint-Denis, as well as the Fresnes retail park extension, which was completed during the first half. 4 Place Rio de Janeiro in Paris was sold in December for €39.1 million, slightly above its last appraisal value.
• The development programme continued in line with our prudent principles, with the start of a new 22,000 m² building at Saint Denis towards the year end and continued studies on the next projects at Orly-Rungis, Nanterre-Préfecture and Nanterre-Seine.

Appraisal value of €3.5 billion

• Buildings in service, which now account for 94% of the total portfolio value, were valued at an average net yield of
6.7%, down just 4 basis points compared with 2010.
• Medium and long-term development potential, which is estimated at 1,141,000 m² in the predominately office areas, is only partly included in the valuation.
The Mozart project at Nanterre-Préfecture has not been valued.
• On this basis, replacement net asset value stood at €118.22 per share, an increase of 1.0% over one year. The EPRA triple net NAV, which includes the market value of interest-rate hedging instruments and the net share-settled bonds (Ornane), came to €100.30 per share.

Change of main shareholder

• At its meeting of 3 January 2012, Silic's Board of Directors formally acknowledged Groupama's acceptance of the firm offer made by Caisse des Dépôts et Consignations and Icade with a view to merging Silic and Icade via a share exchange. The Board also duly noted the completion on 30 December
2011 of the first stage of the merger, being Groupama's contribution of 6.5% of Silic's share capital to a holding company controlled by CDC, to which CDC had previously contributed its interest in Icade.
• Groupama's remaining 37.5% interest in Silic will be transferred to the holding company during the first quarter of
2012 once authorisation has been obtained from the Competition Authority. Icade will then make a public offer for Silic's shares.
• The Board of Directors has appointed the firm Bellot Mullenbach & Associés as independent expert to review the terms of the public offer. It has also created a special ad hoc committee comprised of independent directors free of any conflicts of interest to monitor the expert's work.

Outlook for 2012

In a continued uncertain economic climate in 2012, Silic will gradually begin to benefit from recent re-lettings and lettings of new buildings and expects to return to a long-term trend of cash flow growth.

INVESTOR RELATIONS Bruno Meyer Tel. : [phone]

ISIN FR0000050916 Euroclear 5091 Symbol SIL

SBF 120, CAC Mid 60, CAC Mid and Small, Eligible for deferred settlement (SRD)

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All the published documents is available on www.silic.fr