130725 - Presentation of the half-year results 2013 icade – vuk

2
Half-YearResults2013
Disclaimer
This presentation is not an offer or a request for an offer to sell
or exchange securities, or a recommendation to subscribe, buy
or sell Icade securities. Distribution of this document may be
limited in certain countries by legislation or regulations.
As a result, any person who comes into possession of this
document is required to familiarise themselves and comply with
such restrictions. To the extent permitted by the applicable
laws, Icade excludes all liability and makes no representation
regarding the violation of any such restrictions by any person
whatsoever.

3
After the initial offer, Icade owned 88% of Silic on 22 July
The offer has been re-opened until 2 August
► As announced, Silic will be consolidated within Icade's financial statements from 22 July 2013
► As a result, all figures in this publication for the period ended 30 June 2013 relate to Icade
on a stand-alone basis (without Silic)
► Silic will publish results for the first half of 2013 on 26 July 2013
Introduction

4
(1) Depending on the reopened offer's success rate
Current situation:
Icade owns 88% of Silic
as at 22 July 2013
Reopening of the offer
until 2 August 2013
CDC
HoldCo
ICADE
Other
Groupama
& Mutuals
[52-54]% (1)
SILIC
75% 25%
Other
[88-100]% (1)
Merger
Objective: completion before
end-2013
CDC
HoldCo
ICADE +
SILIC
Other
48%
Groupama
& Mutuals
75% 25%
[46-48]% (1) 52%
[0-12]% (1)
Acquisitions of Silic
Next steps
CDC
HoldCo
ICADE
Other
Groupama
& Mutuals
SILIC
75% 25%
Other
46%
12% 88%
54%
CDC remains Icade's controlling shareholder

1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfolio with demand
Strengthening the financial position
Managing risk
Adopting a clear CSR policy
2 Financial results
3 Opportunities and strengths
4 Appendices
Parc du Millénaire, Paris 19th
C o n t e n t s

6
Solid key indicators
Consolidated EBITDA: €188m LTV: 39.5%
EPRA triple net NAV: €78.9 per shareConsolidated net current cash flow: €123m
39.5% 39.8% 39.5%
June 2012 Dec 2012 June 2013
€80.8 /
share
€80.7
/ share
€78.9
/ share
€4,189m €4,190m €4,079m
June 2012 Dec 2012 June 2013
€180m €188m
June 2012 June 2013
► Consolidated net current cash flow rose by 9.3% due to firm growth in EBITDA,
particularly in Commercial Property
► Net current cash flow restated for minority share holders of Icade Santé was
stable relative to the first half of 2012 at €108m or €2.08 per share
► A solid financial position and stable LTV
► Taking into account assets covered by a promise of sale at 30 June
2013, the adjusted LTV is 38.4%
► EPRA triple-net NAV per share down 2.2% relative
to 31 December 2012, mainly due to the €3.64-per-share dividend payment
in April 2013 and the value adjustment on Tour EQHO
► Excluding EQHO, there was little change in value on like-for-like portfolio
(+0.1%)
► Total EBITDA rose by 4%, mainly due to efficient rental management, acquisitions
and a reduction in intra-group transactions between the Development and Property
Investment divisions
► EBITDA restated for minority share holders of Icade Santé fell because
of non- strategic asset disposals in 2012 and 2013 (-2%)
€113m
€123m
€108m (1) €108m (1)
Juin 2012 Juin 2013
(1) NCCF restated for minority share holders of Icade Santé

Managing risk
2 Financial results
4 Appendices
C o n t e n t s
Front Populaire metro station (extension of the 12 line) in the Parc des Portes de Paris (Saint-Denis)

8
Strengths of the Icade business model
StrengthsoftheIcadebusinessmodel
► 94% of the portfolio now consists of strategic and alternative assets
► €199m of investment in H1-2013 including €195m in strategic activities and alternative assets
► €264m of disposals involving non-strategic assets (residential, warehouses, Germany)
► Continuation of the strategy through the current combination with Silic
► Assets located in the main business districts of the Paris region, benefiting from recent or upcoming development
of public transport, strengthened by the current Silic transaction
► Recently built properties, meeting the toughest environmental standards
► Success in terms of the main rental conditions, leading to an occupancy rate of almost 96%
Appropriate financing structure
► A solid financial position and a balanced maturity schedule
► Acknowledged credit quality, allowing access to financing
► Available credit facilities making the Silic deal possible
Managing risk
► Specific approach to the development market
► Major potential for increasing rents on existing properties, including EQHO, and secure projects
► Firm grip on the pipeline, allowing major flexibility in initiating operations
► Strong CSR fundamentals, including a CSR governance policy since 2008, a plan of action and Icade's involvement in France's
sustainable building plan and the France Green Building Council
► A new CSR policy based on 4 themes, 12 commitments and 63 initiatives
► Environmental awareness policy rolled out across all sites in 2013

9
Breakdown of the portfolio by strategic sector between 2009 and H1-2013
Ongoing move to focus on commercial property
(1) 100% value - restated for minority share holders, the Healthcare business accounts for 18% of total assets
Total portfolio value: €6,746m
at 30 June 2013
2009 2013
Shopping
centres
€281m
Healthcare
€661m
Offices, France
€1,162m
Business parks
€1,289m
Offices,
Germany,
Warehouses
and
Residential
€2,411m
Alternative 16%
Strategic 42%
Non-strategic 42%
22%
20%
42%
5%
11%
Total portfolio value: €5,804m
at 31 December 2009
Alternative 34%
Strategic 60%
Non-strategic 6%
Shopping
centres
€446m
Healthcare (1)
€1,845m
Offices, France
€2,423m Business parks
€1,603m
Offices,
Germany,
Warehouses
and
Residential
€429m
24%
36%
6%
27%
7%

10
Investments and disposals
Investments: €199mDisposals: €264m (capital gains: €39m)
Active portfolio rotation policy, allowing the portfolio to be streamlined
Warehouses, office and retail property
► Disposal of 380,000 m2 of warehouses (11 logistics platforms)
and 1,700 m2 of offices on a joint-ownership basis: €152m
► Disposal in July 2013 of 2 warehouses with total space of
16,600 m²: €6m
► Contracts exchanged in June 2013 for the Factory building
in Boulogne, with total space of 13,800 m2 : €103m
Offices, Germany
► Disposal of a business park in Berlin and an office building in
Stuttgart for €50m
► Sale contracts exchanged on land located in Munich, Berlin and
Dusseldorf for €36m
Residential
► Sale of an entire development of 849 homes in Sarcelles (93)
and ongoing sales of single homes with 50 units sold in H1-
2013 for €49m
Other disposals
► April 2013: disposal of Icade Suretis, specialising in security
and remote surveillance services
► April 2013: disposal of the Property Development division's
building engineering business
► Disposal of Icade's stake in the SAS PNE refurbishment
company
Tour EQHO (La Défense)
Millénaire 3 (Paris 19th)
Healthcare
Completion of 79,200m² of usable space in July 2013
€37m of investment in H1 2013
First high-rise building with HQE® Rénovation and
BREEAM®-Very Good certification / BBC Rénovation
certification
Completion of 32,000 m² expected in 2015, fully let
to the government €14m of investment in H1 2013
HQE® and BREEAM®-Excellent certification
BBC certification
Acquisition of three clinics and one extension
managed by first-class operators, for €111m

Building 521 (Aubervilliers, 93)
Managing risk
2 Financial results
4 Appendices
C o n t e n t s

12
Nanterre
Courbevoie
Puteaux
8
12
15
19
1
2
3
4
5
6
7
9 10
11
1314
16
17
18
20
Maisons-Alfort
Villejuif
Issy-les-Moulineaux
Boulogne
Neuilly
Nanterre
St Denis
Rueil-Malmaison
>€100m€50m to €100m€0m to €50m
CourcouronnesEvry
Aubervilliers
OfficesBusiness parks
Paris 19th
Aubervilliers
St Denis
BUSINESS PARKS
La
Défense
Location of business parks and offices in the Paris region
Assets located in the main business districts of the Paris region,
benefiting from recent or upcoming transport development,
and strengthened by the combination with Silic
LeMillénaire
shoppingcentre
Aubervilliers
LeMillénaire
Paris19th
Metropolitan
Villejuif
TourPB5
LaDéfense
CrystalPark
Neuilly
TourEQHO
LaDéfense
Haussmann
Paris8th
LINK
Paris15th

13
Focus on business parks
1. North-East Paris
2. ZAC Claude Bernard
3. Gare des Mines-Fillettes
OTHER PROJECTS
M2M1
M5
M6
M4
M3
SAINT
DENIS
PARIS
An area very well served by public transport…
Stops on the 239 and 65
bus lines
M
Front Populaire station
(phase 1) opened on 15 Dec 2012
Tram line
Opened on 15 Dec 2012
12
3T
Planned tram line 8T
E
AUBERVILLIERS
Metro
Ilot E
Extension of the RER E line
(Rosa Parks station)
Due to come into service in
2015

14
1,598
2,023
4,241
4,611
1,658
2,140
4,438
4,835
Parc du Mauvin Parc des Portes de Paris Parc du Pont de Flandre Parc du Millénaire
Value at 31 December 2010 Value at 30 June 2013
152
172
295 292
160
178
309
327
Rent at 31 December 2010 Rent at 30 June 2013
Average values and rents by park
(€ / m²)
+5.8%
+4.6%
+4.9%
+3.8%
... with a significant impact on rents and values
Focus on business parks

15
Proportion of strategic portfolio
in the Paris region: 99%
Portfolio mostly consisting of offices and business parks,
located mainly in the most resilient districts within the Paris region
Total value of the commercial portfolio:
€6,547m at 30 June 2013
Take-up in the main districts within the Paris region
(thousands of m²)
196
128
74
118
36
151
71
43
152
55
146
75
41
150
32
Paris CBD
Paris other
business districts
La Défense
Western Crescent
Northern sector
H1 2011 H1 2012 H1 2013
-26%
-41%
-45%
+27%
-11%
% : average annual change
(1) Levallois, Neuilly, Boulogne-Billancourt and Issy-les-Moulineaux
(2) Saint-Denis, Saint-Ouen, Clichy, Aubervilliers and Paris 19th
(1)
(2)
Source: MBE Conseil / Immostat
11%
Western Crescent
€1,001m
Inner suburbs
€1,421m
Paris
€1,086m
La Défense
€715m
Germany
€181m
French provinces
€1,781m
22%
15%
17%
27%
3%
Outer suburbs
€362m
5%

16
Gatching the portfolio with demand
Operational indicators and main lettings
Healthy operational indicators
providing good visibility on future cash flows
Occupancy rates rising
► Financial occupancy rate of 95.9% in June 2013
(94.8% in December 2012)
► Voluntary vacancy rate maintained and short
lease terms in business parks so as to
give more flexibility in asset management terms
Financial occupancy rate
91.0%
92.5%
94.7%
93.3%
94.8%
95.9%
88.7%
91.0%
93.4%
90.8%
92.6%
94.3%
Dec-10 June 11 Dec-11 June 12 Dec 12 June 13
Commercial property Offices and business parks
Beauvaisis (Parc du Pont de Flandre,
Paris 19th)
3,350 m2 let to ARD
Remaining space to let: 8,400 m2
Factory (Boulogne, 92)
39% of space let to Paris Saint
Germain at 30 June 2013 (5,400 m2)
Building on which sale contracts have
been exchanged
Millénaire 5 (Parc du Millénaire,
Aubervilliers, 93)
76% of space let to Numergy and
Radiall at 30 June 2013 (965 m2)
Remaining space to let: 500 m²
(Icade's share)
Main lettings in the strategic portfolio
(1) Including Tour EQHO, completed in July 2013, in the indicators would give
a financial occupancy rate of 88.5% at end-June 2013
(1)

17
Operational indicators
Due to successes on the main identified rental challenges,
all buildings are now partly or fully occupied
Remaining committed lease term (years)
Stable remaining committed lease term
► Leases renewed in the first half of 2013 with
committed terms of 8 years
Rents broadly in line with
market rental values
6.2 6.0 6.2 6.0
6.4 6.3
5.2 5.2 4.9 4.7
5.0 4.8
Dec 10 June 11 Dec 11 June 12 Dec 12 June 13
Commercial property
Offices and business parks
Lease expiry schedule
(% of annualised rent)
Tenant departure risk well spread on a short-term
view
Good visibility on future net current cash flow
0%
5%
10%
15%
20%
25%
30%
2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021
Next break

Managing risk
2 Financial results
4 Appendices
Le Beauvaisis (Parc du Pont de Flandre, Paris 19th)
C o n t e n t s

19
Debt at 30 June 2013
LTV stable at below 40%, in line with management targets
Active policy of maintaining debt maturity
Managing risk through cautious interest-rate hedging and using appropriate
instruments
No covenant issues
30/06/2013 31/12/2012
LTV (Loan To Value)
(1) 39.5% to 38.4% 39.8% to 38.4%
ICR / EBITDA 3.15 3.58
Net debt (€m) €2,662m €2,725m
Average term of debt 4.3 years 4.3 years (2)
Average cost 3.84%
(average 3-month Euribor in H1-2013: 0.21%)
3.83%
(average 3-month Euribor in 2012: 0.57%)
Hedging
(average hedge term: 3.0 years)
88% 91%
(1) 38.4% adjusted for assets covered by a promise of sale
(2) After taking account of the mortgage loan on the Parc du Pont de Flandre arranged in December 2012, with funds available in January 2013
Achievingastrongerfinancialposition

20
Debt at 30 June 2013
Achievingastrongerfinancialposition
Drawn debt maturity schedule in € m (1) Debt by type
Financial structure remains solid
Debt mainly relating to assets in the Property Investment division and mainly consisting of unsecured
corporate financing
Firm grip on liquidity risk: substantial available credit facilities (€870m), equal to 26.7% of consolidated
gross debt and covering 18 months of capital and interest payments on debt
Ability to raise large amounts of financing in innovative ways (€1.5bn club deal, mortgage finance from an
insurer, private placement etc.)
31
635
462
367
578
142
57
106
480
-
100
200
300
400
500
600
700
H2 2013
(2)
2014 2015 2016 2017 2018 2019 2020 2021
and +
(1) Excluding debt relating to equity interests, bank overdrafts including repayment of the Silic intragroup loan
(2) Excluding €80m of maturing debt currently being renewed
Bank overdrafts
1.7%
Corporate
borrowings
73.1%
Mortgage
debt
17.7%
Other
0.4%
USPP
2.9%
Finance
leases
4.2%

Parc des Closbilles (Cergy, 95)
Managing risk
2 Financial results
4 Appendices
C o n t e n t s

22
Managing risk
A specific approach to the development market
Residential
► Development work only launched after a sufficient level of reservations has been achieved
► Land options: land not bought until the development can be started,
i.e. until pre-marketing can commence
► Increasing proportion of first-time buyers and institutional investors
Commercial
► Very limited exposure to speculative developments (around 13% of floorspace in projects
currently underway)
► Business levels evened out by more recurrent public-sector developments, which carry no marketing
risk
Development accounts for only around 6% of capital employed at Icade
Institutional
investors
First-time buyers
Breakdown of customers
Breakdown of investors
by tax regime in 2013
Private
investors
32.5%
17.3%
32.2% 40.8% 43.8%
28.5%
46.5%
29.5%
34.2% 36.1%
39.0% 36.2% 38.3%
25.0% 20.1%
2009 2010 2011 2012 S1 2013
LMP / LMNP
1%
Other tax relief
9%
Duflot
86%
Scellier
4%

23
Managing risk
Residential development - key indicators
Housing reservations - Value (€m)
390
230
459
512
460
555
435
697
463
359
458
H1
2008
H2
2008
H1
2009
H2
2009
H1
2010
H2
2010
H1
2011
H2
2011
H1
2012
H2
2012
H1
2013
Backlog - €m
519
650
811
1,028 1,082
1,160
0
200
400
600
800
1000
1200
1400
2008 2009 2010 2011 2012 H1 2013
Disposal rate of marketable stock
5.3%
9.2%
13.4% 12.7%
8.2%
7.1%
0%
5%
10%
15%
2008 2009 2010 2011 2012 H1 2013
Unsold homes - Value (€m)
49
40
33
16
21 22
0
10
20
30
40
50
60
2008 2009 2010 2011 2012 H1 2013
-1.5% +7.2%
+5.7%
-13.0%
Most residential developments have NF Logement and BBC certification

24
Managing risk
Commercial and public-sector development
Commercial and public-sector development revenues
(€m)
Intragroup revenues
(€m)
Commercial property development: limited exposure to “speculative” developments,
with most current developments secured by investors or tenants
► Under development: potential revenue of €281m from 307,400 m²
► Under preparation: potential revenue of €1,089m from 575,900 m²
Public-sector property development: resilient business with no rental risk
► Under development: €95m from 109,000 m²
► Under preparation: 189,200m²
 Most projects have HQE® or equivalent certification
0
50
100
150
200
June 2010 June 2011 June 2012 June 2013
PM, engineering
and other
Commercial
and retail
Public
and healthcare
178 177
156
36
24
10
3
0
5
10
15
20
25
30
35
40
June 2010 June 2011 June 2012 June 2013
Controlled exposure to market risk:
limited risk given the special characteristics of the Icade model
(1) PNE housing business transferred to Residential Development and separation of the PNE Refurbishment business
(1) (1)
168
(1)

25
Managing risk
Focus on the Pipeline 2013-2017
Investment at the cutting edge of sustainable development
Main
investments
Space
Completio
n
Total
investment (1)
Investment
H2 2013-2017
Gross
rent
Yield
Millénaire 3
HQE® / BBC /
BREEAM®-Excellent
32,000 m2 Q2 2015
€388m €330m ~ €28m 7.2%
Let to the
Ministry
of Justice with
option to buy
Veolia project
HQE®, BREEAM®-Very
Good, RT2012, BBC
45,000 m2 Q2 2016
Let to Veolia
Environnement
Clinics: extensions /
redevelopment
€90m €70m ~ €6m 7.1% Let
Total investment in secured projects €400m
(1) Total estimated investment, including duties and fees (including land charges for business park developments, financial costs relating to works and, if applicable, rent-free periods and user works).
For business parks, the gross value of land and buildings to be demolished for the construction of projects is included in the production costs for new developments
Main
investments
Space
Completio
n
Total
investment (1)
Remaining
investment
Expected
gross
rent
Yield
Millénaire 4
HQE®, BREEAM®, BBC,
RT 2012
24,800 m2 not
started
€109m €91m ~ €9m 8.1% Projects under
control and
ready to be
started (pre-
marketing
underway)
Ilot E
HQE®, BREEAM®-
Excellent, BBC, RT 2012
28,300 m2
not
started €107m €99m ~ €9m 8.1%
Total investment in projects under control €190m

26
Managing risk
Potential IFRS rent
Potential for increased IFRS rent before indexation (in €m)
Commercial Property division (before integration of Silic)
384
412
464
(5)
+12
+17
+6
+49
(15)
+18
Potential rental growth of around 20%
within 4 or 5 years
IFRS rental income
June 2013
Disposals
(contracts
exchanged)
Millénaire 3
(completion:
2015)
Veolia
project
(completion:
2016)
Clinics:
extensions /
redevelopment
Secure
rent
Potential rent
(including Tour
EQHO)
Disposals of
remaining non-
strategic assets
Other projects
identified but
not yet
commenced
(PDM4, Ilôt E)
Potential
rent

Managing risk
2 Financial results
4 Appendices
Vert & O (Aubervilliers, 93)
C o n t e n t s

28
Strong CSR fundamentals
Icade's fundamentals
► General-interest approach taken by Caisse des Dépôts, the long-
standing controlling shareholder
► A CSR governance policy since 2008, along with a plan of action
► Icade's involvement in France's sustainable building plan and the
France Green Building Council
Building270
(Aubervilliers)
Millénaire1
(Paris19th)
LeMillénaireshopping
centre(Aubervilliers)
VillasClara
Strasbourg
Achievements
► First HQE® commercial certification in 2005
► First HQE® Exploitation certification in 2009
► First HQE® Commerce certification in 2011
► First apartment block with BBC certification completed in 2011
► First HQE® Aménagement certification in 2012
► In 2012, 98% of residential floorspace service orders had BBC certification, ahead of RT
2012 coming into force on 1 January 2013
Committed staff
► Staff are increasingly taking ownership of Icade's social and environmental values in their
business activities, and employee commitment has since 2008 been measured using an annual
CSR index
► On 17 December 2012, management and unions unanimously signed an agreement covering
all Icade employees regarding the organisation of work, working hours and dialogue between
management and labour
AdoptingaclearCSRpolicy

29
4 themes, 12 commitments and 63 initiatives
Carbon-based
energy
1 Minimise energy
consumption in
commercial
buildings
2 Reduce the carbon
footprint
Buildings and
sustainable cities
3 Increase adoption
of certifications
4 Improve the
performance of
commercial
properties
5 Develop eco-
districts
6 Encourage mobility
7 Improve
management of air
quality
Corporate
motivation
8 Emphasise
environmental
values
9 Improve quality of
life at work
10 Adopt more
environmental
initiatives
Stakeholders
11 Promote
environmental
lease appendices
12 Motivate buyers
and tenants

30
Turning commitment into action
Gender equality
► Equality with the executive committee: 3 women and 3 men
► Icade committed to equal opportunities between men and women
► 5 female directors out of 15 board members
Working conditions: 14 agreements signed in 2012 including:
► Harmonising employee statuses
► Employing disabled people
► Employee incentives and profit-sharing
► Employee savings plan
► Prevention of work-related stress
► Retirement savings plan
Supporting employees affected by changes in Icade's scope:
► Support with geographical relocation and changing roles
► Offering transfers within the CDC group using the Mobil'idées system
► Training suited to new functions

31
Sample initiative
Waste management
Property investment:
► Widespread adoption of recycling
► Further progress expected with
environmental lease appendices
Property development:
► In terms of HQE® certification, Icade
always aims for a "très performant"
rating in terms of waste management
Services:
► Raising tenant awareness via an
environmental guide
► Development of environmental lease
appendices
Tour EQHO:
Management of site waste, with various types of
clearing waste (R+9 to R+40) being recycled
Staff plaster
39%
Hazardous waste (HW) including WEEE
10%
Inert waste (IW) 8%
Ordinary industrial waste (OIW) 6%
Special and clear glass 1%
Metals 16%
Clean plaster
20%

32
Strong growth in properties with environmental
certification
Low average age of portfolio assets:
assets less than 10 years old make up
66% of the portfolio (by value)
HQE® certified properties in use account
for 21%
(excluding Tour EQHO, completed in July
2013)
All Icade programmes have at least HQE®
certification (Millénaire 3 and 4, Veolia, Ilot
E, EQHO etc.)
Properties that are efficient for tenants
► Limited charges (low energy consumption
etc.)
► Optimised occupancy (flexible spaces with
extension possibilities)
216,076
298,290 298,290
358,970
428,810
2012 2013e 2014e 2015e 2016e
The result of this CSR policy can be seen in the quality of buildings
Office properties with HQE certification®
(total space in m²)

2 Financial results
4 Appendices
Hospital in Villeneuve Saint-Georges (94)
C o n t e n t s

34
Property Investment division
Income statement
Growth in rental income from the Property Investment division,
resulting from the shift towards commercial property
(1) After elimination of business-line intra-group items
Offices,
France
Business parks
Total
Strategic
Shopping centres Healthcare
Total
Alternative
Non-strategic
portfolio
TOTAL (1)
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
June
2012
June
2013
Rental income 62 58 48 49 110 107 12 13 43 60 55 72 31 22 196 201
Net rental
income
58 52 39 43 97 95 11 11 43 59 54 69 21 13 172 179
RENTAL
MARGIN
94% 90% 82% 88% 89% 89% 91% 84% 99% 99% 97% 96% 67% 61% 88% 89%
(Net rent /
rental income)
EBITDA 53 46 36 43 89 89 11 10 40 55 51 65 21 13 161 167
Operating
profit
32 0 22 19 54 19 3 3 20 29 23 32 36 46 114 97
Financialresults
€m

35
Residential Commercial TOTAL
Change
(%)
Businesses divested
(in 2013)
June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013
Revenue 320 315 143 168 463 483 +4% 9 -
EBITDA 25 11 3 12 28 23 -17% -3 -
EBITDA margin
(EBITDA/revenue)
7.8% 3.5% 2.2% 7.4% 6.1% 4.9% -1.2pts NM -
Operating profit 27 11 6 13 33 24 -27% -7 -
Property Development division
Income statement
Lower margins in the residential business
offset by an improvement in the commercial business
Financialresults
€m

36
Services division
Income statement
Structural streamlining now complete
Property
management
Advice/
appraisals
TOTAL Change
(%)
Businesses divested
(in 2012 and 2013)
June 2012 June 2013 June 2012 June 2013 June 2012 June 2013
June
2012
June
2013
Revenue 17 15 7 6 24 21 -10% 11 2
EBITDA 2 1 -1 -1 1 0 -73% 0 0
EBITDA margin
(EBITDA/revenue)
10.8% 6.6% -8.4% -11.0% 5.5% 1.6% -3.9pts 2.2% 7.7%
Operating profit 1 1 -1 -1 1 0 -80% 0 0
Financialresults
€m

37
From operating profit
to net profit (group share)
CommercialProperty
June 2012 June 2013
Change
%
Operating profit - Property Investment 114 97 -15%
Operating profit - Property Development 25 24 -6%
Operating profit - Services 0 0 NA
Icade holding company and intra-group operating
profit 14 -3 NA
Icade operating profit 154 119 -23%
Net financial items -52 -53 +4%
- Tax -18 -14 -23%
Net profit 84 52 -38%
- Minorities' share of net profit -3 -8 NA
Net profit (group share) 81 45 -45%
Financialresults
€m

38
Change in consolidated net current cash flow
Consolidated net current cash flow up 9%, mainly due to
strong performance in the Property Investment division
113.0
123.5
+6.5
-1.5 -1.1
+4.3
-1.8
+4.1
NCCF H1-2012 EBITDA Property
Investment
EBITDA Property
Development
EBITDA Services Head office costs,
intra-group items
and other
Net underlying
financial items
Underlying
corporate income
tax
NCCF H1-2013
Financialresults
€m

39
Total portfolio value
Change over the period
Continuing disposals of non-strategic assets
€m (excluding transfer duties)
(1) Buildings at their appraisal value
2,557 2,426 2,423
1,576 1,570 1,603
440 442 446
1,375 1,725 1,845
809 687 429
June 2012 December 2012 June 2013
Business parks Retail and shopping centresOffices, France
Healthcare Non-strategic portfolio
6,746
(1)
-1.5%
6,757
(1) +1.4%
6,850
(1)
Strategic
and Alternative
94%
Strategic
and Alternative
90%
Strategic
and Alternative
88%
Financialresults

40
Commercial Property portfolio value
Analysis of changes
Like-for-like fall of 0.2% in the value of the Commercial
Property portfolio
2,426 2,423
1,570 1,603
442 446
1,725 1,845
430 230
-21 -193
+76 +103
-35
+24
Dec 2012 Disposals of
strategic assets
Disposals of
non-strategic
assets
Investments Healthcare
acquisitions
Rate effect Business plan
effect
June 2013
6,593 6,547
-0.2%
like-for-like
and
+0.3%
excluding tour EQHO
Change in value on
like-for-like portfolio:
-€11m
Business parks Retail and shopping centresOffices, France
Healthcare Non-strategic portfolio (Offices, Germany and Warehouses)
Strategic
and
Alternative
93%
Strategic
and
Alternative
96%
Financialresults
€m (excluding transfer duties)

41
Commercial Property portfolio value
Like-for-like change
Stable yields from the strategic and alternative portfolios
(1) Impact on appraisal value of the revised yields and discount rates used by appraisers
(2) Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and
unbillable expenses, etc.)
(3) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraised value excluding transfer duties of rentable space
Appraisal values (excluding transfer
duties)
like-for-like
Yield
(excluding transfer
duties)(3)
30/06/13 6 months
of which
interest
rate
effect(1)
of which
business
plan
effect(2)
30/06/13 6 months
Offices, France 2,423 -1.1% -1.7% +0.6% 6.8% +8bp
Business parks 1,603 +0.6% -0.2% +0.8% 7.9% +4bp
Total Strategic 4,026 -0.4% -1.1% +0.7% 7.3% +7bp
Shopping centres 446 +0.9% +0.7% +0.2% 6.3% +6bp
Healthcare 1,845 +0.6% +0.4% +0.2% 6.9% +3bp
Total Alternative 2,291 +0.6% +0.5% +0.1% 6.8% +4bp
Non-strategic portfolio 230 -4.0% -1.2% -2.8% 10.0% -56bp
Total 6,547 -0.2% -0.6% +0.4% 7.2% - 8bp
Financialresults

42
Analysis of change in EPRA triple net NAV per share
2.2% decrease in EPRA triple net NAV per share due to the €3.64 dividend payment
and the value adjustment on Tour EQHO
80.7 78.9
-3.6
+0.9
+0.1
-0.5
+0.2
+1.2
-0.1
Dec 2012 2013 dividend Consolidated
profit
Change
in gains on
total portfolio
Change
in gains on
development
and services
companies (1)
Change
in fair
value of
derivative
instruments (2)
Other June 2013
(1) The valuation method used is based mainly on a discounted cash flow (DCF) model over the period of each company's business plan, together with a terminal value based on normalised cash flow growing
in perpetuity. Among the financial parameters used, the weighted average cost of capital was lower than that measured at end-2012: between 8.82% and 12.49% for development companies and between
7.96% and 10.40% for service companies. The enterprise value of development and service companies increased by 7.5%. After deduction of net debt, the equity value of development and service companies
comes to €418.1m versus €426.7m at 31 December 2012. Adjusted for the disposal of Arcoba, Sethri and Suretis, the value of equity was stable.
(2) Change in fair value of derivatives and fixed-rate debt
Impact
of the sale
of shares in
Icade Santé
Financialresults
€/share

Clinique de l'Union (Toulouse, 31)
2 Financial results
4 Appendices
C o n t e n t s

44
Architect: Hubert & Roy Architectes
Height: 139m
Number of floors: Ground+40;
4 basement levels
Floor space: 79,200m² gross rentable area
Car park: 1,100 spaces
Employee capacity: up to 5,922 workstations
(9.2 m² net usable space / workstation)
Opportunitiesandstrengths
Tour EQHO
A major source of cash flow for Icade
A tower transformed, a renaissance, a new product
► A new luminous facade, highly contemporary, making a real architectural statement
► Modification of access and redesign of lobbies
► Total replacement of technical equipment
► Diversification and innovation in catering
► Exceptional services
► Increased flexibility: multi-tenant potential
► Cumulative amount of work at 30/06/2013 = €307m
Strong visibility
► Standing on the La Défense ring road
► Located just off the La Défense plaza, with direct connections
to Courbevoie town centre and its shops, as well as to the shopping centres
of La Défense
Very high standards
► A breathable triple skin
► Construction work certification: a high proportion (95%) of office space with outside
view
► Excellent noise insulation
Environmental certification HQE® Rénovation and BREEAM®-Very Good certification /
BBC Rénovation energy certification
A major source of cash flow for Icade
► Impact of IBM's departure in 2009 offset by the acquisition of Compagnie
la Lucette in 2010
► Potential headline rent of around €40m
► Limited vacancy cost: maximum annual post-completion impact of €8m
(€3m in 2012, additional €5m over a full-year)

45
A sector with attractive features for investors
► Attractive yields, secured by long-term leases (12-year commitments)
► Triple net index-linked rents (606 paid by tenant)
► Appraised values show low volatility relative to other segments, with yields ranging between 6.5% and 7%
in the last four years
► No vacancies
► Assets protected by operating licences
► Solid, sustained growth in demand for healthcare properties due to socio-demographic factors (population
ageing, increasing quality of life, medical progress etc.)
► France is Europe's second-largest healthcare market, with total healthcare spending equal to 11.8% of GDP
► 16.6% of the population was aged over 65 in 2010, and 20.1% will be by 2020
► Private healthcare is cheaper for local authorities than public healthcare, and forms a crucial part of the healthcare market
Investment opportunities
► Operators' strategy is based on outsourcing property requirements in order to free up the resources needed
to invest in equipment and acquisitions
► The main operators (healthcare providers and medico-social operators) still own almost €4bn of property
Liquidity enhanced by the development of healthcare property as an asset class in its own right
► Several operators regularly carrying out transactions (property investment companies and funds)
► €425m of transactions completed in the first half of 2013, of which 40% between investors
Icade Santé
The market

46
Icade leads the French healthcare property market
► Result of a strategy adopted in 2007 aimed at diversifying
Icade's cash flows
► Part of Icade's move to focus on commercial property
€360m raised in 2012 and €110m raised in H1-2013 by
selling shares in Icade Santé to institutional investors
► The only investment vehicle of its kind in the market, allowing
the financing of growth in the portfolio
► Diluting Icade (current stake around 57%), while maintaining
the contribution from healthcare property to cash flow
► Sharing management costs
Clear investment criteria
► Focus on MSO (medicine, surgery and obstetrics), FRC
(follow-up and rehabilitation care) and MHE (mental health
establishments) facilities: good momentum in terms of
outsourcing by operators, and with a better risk/return profile
► Located in attractive and growing regions for healthcare
(Western France, Paris region)
► Priority for large facilities (over 150 beds in the MSO segment)
► Long-term viability of tenant operators:
► Rent/Revenue between 6% and 22% (in the MSO segment)
► EBITDA/Rent around 2x
► Yield at purchase between 6.6% and 8.0%
Icade Santé
A leading position
€ m 31/12/11 30/06/12 31/12/12 30/06/13
Net rental income 61.0 42.5 90.5 58.9
EBITDA 55.9 40.2 85.4 55.4
Operating profit 29.0 19.8 43.3 28.9
Net current cash flow
of which Icade share (1)
38.7
38.7
29.7
24.4
66.6
50.2
44.9
29.3
Portfolio value 1,317.0 1,374.9 1,724.5 1,844.9
Net debt 749.9 502.5 683.9 684.8
NAV 554.2 848.8 1,032.3 1,151.0
LTV 56.9% 36.5% 39.7% 37.2%
Key figures
19
45 56
86
114
127
126
536
661
829
1,317
1,725 1,845
2007 2008 2009 2010 2011 2012 30/06/13
€m
Annualised recurrent rental income
and portfolio value since 2007
After restatement for minority share holders, Icade Santé's contribution to Icade's cash flow
was up on average by 13% compared to H1-2012
(1) Including management fees

47
Icade Santé
Assets at 30 June 2013
* MSO: Medicine, surgery, obstetrics
** FRC: Follow-up and rehabilitation care
*** MHE: Mental health establishment
58 establishments - 9 partner operators
Value excluding transfer taxes €1.84bn - €127m of annual rental
income - 6.9% yield excluding transfer taxes
Average remaining lease period: 9 years 4 months
Breakdown by operator as %
of total portfolio value
Gén. de
Santé
28%
Vedici
29%
Médi-
Part.
25%
Harpin
6%
3H
5%
Clinipôle
3%
C2S /
Clinicé
2%
Ramsay
2%
One of Icade Santé's strengths in terms of counterparty risk is the diversity
of its portfolio in terms of location and operators, which dilutes risk
Nancy
Clermo
nt-
Ferran
d St Etienne
Brest
Les Sables
d’Olonne
La Roche sur Yon
Poitiers
Toulouse
Agen
Aire sur l’Adour
Pau
Orléans
Chartres
Laval
Roanne
Arras
Nantes
Villeneuve d’Ascq
Bordeaux
Saintes
Niort
Toulon
Valenciennes
Vendôme
Bergerac
Montauban
Montpellier
Angoulême
Limoges
Dunkerque
Soissons
(ESM)
Le Mans
Brive
Nancy
Clermont-
Ferrand
Trappes
Le
Chesnay
Champigny/Marne
Nogent/Marne
Le Bourget
Bry/Marne
Drancy
Charenton
Vitry/ Seine
46 MSO* clinics acquired
12 FRC** and MHE*** centres acquired
Investments in H1 2013
City Operator Type € m
Centre de Néphrologie Les Fleurs Ollioules (83) Médi-Partenaires MSO 13
Clinique de l’Union St-Jean (31) Ramsay Santé MSO + FRC 38
Hôpital Privé de la Loire St-Etienne (42) GdS MSO 58
Work on assets Miscellaneous Miscellaneous MSO 9
Total 118

48
Combination with Silic
Compelling industrial logic
Strategy focused on securing recurrent cash flow through a portfolio of offices /
business parks in the heart of Greater Paris
► Recently built properties and new developments, meeting the toughest environmental standards, located
in the main business districts of the Paris region, benefiting from recent or upcoming public transport
developments
► Properties well suited to demand, with rents mainly in the €150-400/m² range
► Solid rental base with annualised rental income of around €570m, with a positive letting trend that was
confirmed in 2012
Well managed pipeline and prospects of further value creation
► Almost 2 million m² of buildable land reserves
► Changes driven by changes in demand and disposals of mature and/or non-strategic properties
Staff with acknowledged expertise
► Staff operating across the real-estate value chain (development, design, project ownership, marketing,
administrative and technical management), with an acknowledged track record
► Workforce integration made simpler by integrated organisations and cultural similarities
Higher stockmarket profile
► Combined market capitalisation of €5bn (at current prices)
► Free float increased from €1.5bn to €2.3bn
► Higher index weightings (EPRA, MSCI, SBF etc.)
► Stable LTV
A solid track record and a clear strategy

49
Change in Icade’s profile
The business combination with Silic marks a new stage
in Icade’s growing focus on property investment and commercial property
(1) Silic figures at 31 December 2012
Icade
at 30 June 2013
Combination with
Silic Icade + Silic
combined (1)
Total portfolio (excluding transfer taxes) €6.7bn  €10.1bn
of which Offices, France and Business Parks €4.0bn 60%  €7.0bn 69%
Annualised recurrent rental income €384m  €567m
Property Investment division -
proportion of EBITDA in H1-2013
89%  92%
Property Investment division -
proportion of NAV in H1-2013
92%  95%

50
€7bn portfolio of office buildings and business parks
in the Paris region(1) Values excluding transfer duties at 30 June 2013
Business parks
24%
Offices, France
36%
Retail
and shopping
centres
7%
€6.7bn
60%
Paris
26%
Western Crescent
25%
Other
1%
€4.0bn
Paris region
99%
La Défense
18%
Inner and
outer suburbs
30%
Retail
3%
Offices
8%
Business
parks
80%
€3.4bn
88%
Paris Nord
St Denis
17%
€3.0bn
Paris region
100%
Nanterre / A86
47%
Orly-Rungis
36%
Healthcare
18%
Offices,
France
27%
Business parks
43%
Paris
15%
Western
Crescent
34%
Other
1%
La Défense
10%
Inner and
outer suburbs
40%
Icade + SilicSilic (2)Icade (1)
Non strategic
6%
Healthcare
27%
Non strategic
7%
Non-strategic
parks 9%
Retail and
shopping
centres
5%
€10.1bn
€7.0bn
70%
Paris region
99%
Combined group's assets
(2) Values excluding transfer duties at 31 December 2012

51
Half-YearResults2013Opportunitiesandstrengths
A balanced business model, based on complementary activities
A property manager/developer taking advantage of the Grand Paris transport project
to generate sustainable strong growth over the long term
Gradual refocusing via disposals of non-strategic assets and a portfolio turnover policy generating
resources to finance development and the shift towards commercial property (business parks and offices)
Breakdown
of the
combined
entity's
portfolio
An
appropriat
e strategy
for each
asset class
High-quality business
parks in the Paris region,
with significant potential
for value creation
► Orly-Rungis
► Portes de Paris
► Roissy-Paris Nord 2
► Millénaire
► Pont de Flandre
► Colombes
► Nanterre Préfecture
► Nanterre Seine
► Mauvin
Long-term development of
business parks
► Management based on a
business-park approach (clearly
defined and consistent properties)
Large land bank, providing a
source of growth
► Shift towards commercial property
and higher site density
One of the largest office
portfolios in the Paris
region, with key positions in
Paris, La Défense, the
Western Crescent and the
inner suburbs
► Crystal Park, EQHO, Villejuif, H2O
etc.
► Saint-Denis
► Immeubles Axe Seine, Nacarat
Maximising asset value
through medium-term
portfolio turnover
► Creating value by acquiring,
refurbishing and maximising the
rental potential of each asset
► Active policy of selling mature
assets
Public-sector and
healthcare facilities across
France
► Clinics and aftercare facilities
Retail
► Le Millénaire shopping centre
► Odysseum shopping centre
► Fresnes retail park -
La Cerisaie
► Mr Bricolage portfolio
Recurring cash flow, stable
and secure over the long
term
► Attractive long-term yields
► Focus on supporting tenants
► Opportunistic approach to selling
Diverse asset classes and
locations in France and
Germany
► Warehouses
► German offices
► Non-core business parks:
Villebon-Courtaboeuf,
Evry-Courcouronnes,
Cergy St Christophe and
Antony
► Residential
Non-strategic assets due to
be sold gradually
► Maximising value
before disposal
► Cash flow and disposal proceeds
financing the development of
business parks and offices
Non strategicAlternative investmentsOfficesBusiness parks

52
Creating value in business parks by converting buildings for commercial use
Source: Icade at 30/06/2013 and Silic at 31/12/2012
(1) Offices as a % of floorspace
(2) The size of the circle reflects the value of the business park excluding transfer duties (in € m)
Orly
Rungis
Nanterre
A86
Roissy
Paris Nord 2
Other
Silic parks
Parc des
Portes de Paris
Parc du Millénaire
Parc du
Pont de
Flandre
Parc du
Mauvin
-
2 000
4 000
6 000
- 20% 40% 60% 80% 100%
Valueperm²(excludingtransferduties)(€/m²)
Office share (%) (1) (2)
Illustration of value creation expertise

53
Roissy / Paris Nord
Cergy
Evry
Courcouronnes
Villebon-Courtabœuf
Orly
Rungis
Maisons-Alfort
Villejuif
Issy-les-Moulineaux
Boulogne-Billancourt
St-Denis
19
Aubervilliers
15
8
Paris
Rueil-Malmaison
Neuilly
Nanterre
Puteaux
>€100m
€50-100m
€0-50m
Business parks - Silic
Offices - Icade
Business parks - Icade
H2O (Rueil-Malmaison)
Grand Axe building
(Nanterre)
Tour EQHO (La Défense)
(Cergy) Roissy-Paris Nord 2
business park (Roissy)
La Factory (Boulogne) Charmille (Courtaboeuf) Le Garonne, Metropolitan
(Villejuif)
L'Opéra, Metropolitan (Villejuif) (Evry)
Le Millénaire (Paris 19th)
Le Millénaire shopping centre
(Aubervilliers)
Montreal building
(Orly-Rungis business park)
Paris-Saint Denis
business park (Saint Denis)
La Cerisaie (Fresnes)
Ideally located assets

54
Assets suited to demand
Modern buildings:
assets less than 10 years old make up 60%
of the portfolio (by value)
HQE® certified properties in use account
for 18%
(excluding Tour EQHO, due for completion
in 2013)
All programmes have at least HQE®
certification (Millénaire 3, Veolia, Ilot E,
EQHO, Sisley, Monet etc.)
Properties that are efficient for tenants
► Limited charges (shared charges, low energy
consumption etc.)
► Optimised occupancy rates (flexible spaces with
extension possibilities)
High-quality portfolio...
... with rents in line with
companies' expectations
84% of space
let for less
than €400/m²
0 100 200 300 400
< 200
200 - 300
300 -400
400 - 500
>500
thousands of m²
Rent (€/m2)
Space
Commercial offering in line with tenant needs
Icade parks Silic parks Icade offices Silic offices

55
Main tenants (excluding Icade Santé) Occupancy rate (1)
Tenant
% of total rental
income
1 GIE AXA FRANCE 9.3%
2 PWC 5.0%
3 CREDIT AGRICOLE SA 4.5%
4 MINISTRY OF THE INTERIOR 2.6%
5 MR BRICOLAGE GROUP 2.1%
91.0%
94.7% 94.8% 95.9%
86.0%
85.3%
87.2% 87.2% (2)
Dec 10 Dec 11 Dec 12 June 13
Icade Silic
(1) Financial occupancy rate for Icade and physical occupancy rate for Silic
(2) Silic figures at 31/12/2012
Lease expiry schedule (% of annualised rent)
0%
10%
20%
30%
40%
2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021
Icade + Silic
Next break
A stronger commercial offering

56
Orly
Maisons-Alfort
Orly
Prospects of further value creation with nearly 2 million m² of buildable land
reserves
Transactions
underway
Transactions
identified and
under control
Buildable land
reserves
Transactions underway
Paris
Nanterre
Rungis
Aubervilliers
St-Denis
Transactions identified and under control
Transactions
underway
Transactions
identified and
under control
Buildable land
reserves
Icade
Silic
68,000m²
89,700m²
121,000m²
53,100 m²
79,200m² 1,020,000 m²
900,000m²
12,000m²
La Défense
La Défense
Nanterre / Colombe
Orly - Rungis
Paris / Plaine Commune
Roissy / Paris Nord
Summary of the pipeline

57
An excellent position with respect to
the Grand Paris project
Grand Paris Express is a project to modernise and develop the Paris region's
transport system
► Around 175 of new metro lines and 57 new stations
► An investment of €30bn in several phases between now and 2030, with the first metro lines due to be operational in 2017-18
Increasing appeal of the areas where development work is taking place
► Positive impact from the roll-out of public transport infrastructure
► Undeniable advantages for the property sector: improved access to properties, increased demand from owner-occupiers and
greater traffic for retailers, generating a potential rise in rents and higher property values
► Increased value of sites due to the combination of higher density authorised by town planning authorities and greater potential
profits from development projects In addition, shift in business parks to office use
Silic and Icade are the best placed of all French property companies
to capitalise on the Grand Paris project(1)
► Icade and Silic together have the highest proportion of properties close to Grand Paris Express stations
► Exposure of Icade and Silic sites to the first line openings (Blue Line North, Red Line South and RER E West)
► Exposure of Icade and Silic sites to areas likely to benefit from transport network improvements (e.g. Villejuif L. Aragon, Parc
des Expositions)
Excellent geographic fit between Icade and Silic sites
► Icade in Northeast Paris
► Silic in Orly-Rungis, La Défense/Nanterre A86 and Roissy/Charles de Gaulle
(1) See J.P. Morgan report of 11 February 2013

58
Outlook
Realising improvements that will support future growth
in net current cash flow over the medium term
► Letting of existing properties
► Development of major projects secured in 2011 and 2012
► Firm control over the pipeline: new value-creating operations launched in line with demand
► Securing the positive contribution of the Development division
► Reduced cost of debt due to the diversification policy
Current acquisition of Silic, which will enhance cash flow
Dividend to move in line with net current cash flow
LTV to be held at around 40%

2 Financial results
4 Appendices
C o n t e n t s
Hospital in Neuilly-sur-Seine (92)

60
Commercial property commitments
in France by half-year period (1)
0
5
10
15
20
25
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
H1 H2
5,7
Yield on "prime" office properties in Paris CBD
OAT TEC 10
3-month Euribor
4.25%
0.22%
2.39%
14.5
(€bn)
French commercial property market
Appendices
(1) Source: CBRE, Richard Ellis
(2) Source: Banque de France
Comparison of yields
(at end of period) (2)
30/06
2012
30/06
2013
West Central Paris 5.4% 5.6%
South Paris 3.7% 3.3%
Northeast Paris 3.2% 3.6%
Paris average 4.5% 4.5%
La Défense 6.9% 7.6%
Western Crescent 11.0% 11.5%
Inner suburbs, North 10.9% 10.3%
Inner suburbs, East 7.6% 7.5%
Inner suburbs, South 7.1% 7.9%
Outer suburbs 5.6% 5.5%
Total Paris region 6.6% 6.7%
Vacancy rates
in the Paris region (1)
Paris region
in the Paris region between 2000 and H1 2013 (1)
€689
€460
€293
€200
€400
€600
€800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013
"Prime" West Central Paris "Prime" La Défense Average Paris region
€ / m² / year, excluding VAT and charges

61
2012 saw a sharp fall in property development activity, particularly
because of falling demand for new residential properties. Sales of
new homes continued to decline in Q1-2013, and the supply of new
homes fell sharply.
Net sales down 6.9% relative to Q1-2012
New residential offers for sale down 33.2% relative to Q1-2012
Commercial supply up 12.2% relative to Q1-2012, representing
15.1 months of sales based on the last observed quarter.
The low general level of sales, particularly regarding sales to
investors, was due to the combined effect of:
► The new Duflot regime, under which marketing of properties did not
really start until mid-February;
► Relatively low demand for new homes among first-time buyers, due to
the significant fall in support resulting from the reform to PTZ+ (0%
interest) loans in late 2011 and 2012;
► Widespread hesitancy among buyers given the worrying economic
environment, even though financing costs are at all-time lows;
► Ongoing high prices, due to higher land costs and rising construction
costs, which are being pushed upward by tougher standards and
technical regulations, even though these are no longer increasing the
quality of housing;
► Tougher lending criteria being applied to buyers.
French residential property development market
Building starts and building permits granted
(all France) (1)
(1) Sources: MEEDDAT/SESP, SOeS, FPI, CBRE, CF
(1)
(1) Commercial supply consists of housing units under construction,
in design, or completed
(number of housing units)
(by developers, developments of at least 5 units)
(number of housing units)
548
456
397
454
535 514 500
435
369
333 346
421
360 338
0
200 000
400 000
600 000
2007 2008 2009 2010 2011 2012 Apr 2013
Building permits Building starts
0
50 000
100 000
150 000
200 000
2Q002Q012Q022Q032Q042Q052Q062Q072Q082Q092Q102Q112Q121Q13
New offers of sale Sales Commercial supply
0
50 000
100 000
150 000
00 01 02 03 04 05 06 07 08 09 10 11 12
Sales to investors Sales to occupiers Total sales
(by developers, developments of at least 5 units, cumulative over 12 months)
New residential offers for sale, sales and units
under construction in France (1)
Residential sales volume (1)
Appendices

62
0 2 4 6 8 10 12
Portfolio breakdown
Value creation potential
Strategic
Healthcare: clinic portfolio created in less than
5 years, with initial lease durations of 12 years,
generating immediate and sustainable cash flow.
Shopping centres: assets developed
in partnership with the Property Development
division.
3 main principles:
- Optimisation, rotation (sale of mature assets),
- Rationalisation (sale of small or
jointly-owned assets),
- Shift to commercial property (sales of assets no
longer forming part of the core business).
Arbitrage
Alternative
Security of cash flow
(average committed duration of leases in
years)
Offices, France: a high quality portfolio,
with an average lease term of 5 years, generating
reliable cash flow.
Business parks: strong potential for organic growth
(1 million m² of land reserves), generating future
cash flow
and strong value creation.
Appendices
Icade’s strategy is to create and develop portfolios of complementary assets, with the potential to create
significant value over the medium term, in market segments where Icade already has leading positions
and where cash flow is reliable
This growth strategy has been confirmed by asset allocation choices and gradual withdrawal
from segments that do not constitute core assets, such as German office buildings, logistics platforms
and residential property
Offices,
Germany
€182m
Warehouses
€48m
Residential
€199m
Healthcare
€1,845m
Shopping
centres
€446m
Offices, France
€2,423m
Business
parks
€1,603m

63
Main features of the portfolio
(1) Including land reserves and projects in development for €733m
(2) Including €5.8 million of revenue from 4 consolidated PPP assets, which are not present in other indicators
Figures at 30 June 2013
Portfolio
value
excl.
duties(1)
(€m)
Rentable
space
(m²)
Rented
space
(m²)
Financial
occupancy
rate
(%)
IFRS rental
income,
annualised
(€m)
Remaining
committed
lease
term
(years)
Net yield
(excluding
transfer
duties)
(%)
Offices, France 2,423 305,161 290,660 96.9% 120.0(2) 5.4 6.8%
Business parks 1,603 476,904 444,281 91.5% 96.1 3.9 7.9%
Shopping centres 446 211,346 208,620 96.7% 24.7 4.6 6.3%
Healthcare 1,845 860,570 860,570 100.0% 126.7 9.4 6.9%
Non-strategic commercial 230 257,839 199,292 84.8% 16.1 6.1 10.0%
TOTAL COMMERCIAL
PROPERTY
6,547 2,111,819 2,003,423 95.9% 383.6 6.3 7.2%
Appendices

64
Pipeline 2013-2016
Summary of investment flows
€m
Total: €400m
Business parks
€330m
Healthcare
€70m
Breakdown by year and asset type Breakdown by major project
Appendices
43 51
26
S2 2013 2014 2015 2016
37 43
71 59
2013 2014 2015 2016
Millénaire 3
Clinics /
extensions
BusinessparksHealthcare
21 32 17
2013 2014 2015 2016
Veolia project
102 126 114
59
2013 2014 2015 2016

65
Parc du
Mauvin
Parc des
Portes de Paris
Parc du
Pont de Flandre
Parc du
Millénaire (inc.
Millénaire 5 & 6)
Total business
parks
Space
(offices + light industrial areas)
22,000 m2 320,800 m2 90,500 m2 75,200 m2 508,500 m2
Valuation (excl. transfer
duties)
€27m €676m €402m €322m
€1,427m
(excl. land reserves and
development)
Valuation / m2 €1,658/m² €2,140/m² €4,438/m² €4,835/m² €2,915/m²
Yield 8.6% 8.7% 7.3% 6.8% 7.9%
Average rent / m2 €160/m² €178/m² €309/m² €327/m² €223/m²
Occupancy rate 93% 92% 84% 99% 92%
Main tenants
TGI
Icade business park features
Appendices

66
Signed agreements showing the appeal of the area and supporting its appraisal value
Managing risk
Business parks: secured projects
Veolia Environnement will relocate its head
office in 2016, bringing together more than
2,000 staff
► Off-plan lease signed in January 2013
for 45,000 m² of office space (lease term: 9
years / rent: €16.5m)
► Featuring the latest environmental and energy-
performance technologies (HQE® and BREEAM®
Very Good certification)
In 2015, France's Ministry of Justice will
relocate 1,600 central government staff,
currently spread out over several sites within
Paris
► December 2011: signature of heads of
agreement with the government for a lease plus
option to buy relating to Millénaire 3 (32,000 m2)
- lease term: 12 years / rent: €11.6m
► Start of work: early 2013
► Expected completion: April 2015
► HQE® and BREEAM®-Excellent certification
BBC certification
Architect: Cabinet KPF
Appendices
Architect: Dietmar Feichtinger
M2M1
M5
M6
M4
M3
SAINT
DENIS
PARIS
AUBERVILLIERS
Shopping centre
Le Millénaire

67
Millénaire 4 Îlot E
Space: 24,800 m²
Rent: €8.8m (€350 per m² of office space)
Cost: €109m (including assistance measures and land
cost)
Estimated yield to cost: 8.1%
Completion: 24 months after launch decision
Building permit obtained and cleared
Environmental certifications: HQE®, BREEAM®, BBC,
RT 2012
Space: 28,300 m²
Rent: €8.7m (€300 per m² of office space)
Cost: €107m (including assistance measures and land
cost)
Estimated yield to cost: 8.1%
Expected completion: 30 months after launch
decision
Building permit obtained and cleared
Innovative building - wooden structure and façades
Managing risk
Business parks: projects under control
Appendices
Environmental certifications: HQE®, BREEAM®
Excellent, BBC, RT 2012

68
Consolidated NCCF(1) 113 123 +9.3%
NCCF(1) restated for
minority share holders
of Icade Santé
108 108 +0.2%
NCCF(1) restated for
minority share holders of
Icade Santé per share(2)
2.08€ 2.08€
Icade key figures
€ m 30/06/12 30/06/13 %
Revenue 683 696 +1.8%
EBITDA
180 188 +4.5%
Profit on disposals 60 39 -34.3%
Operating profit 154 119 -22.9%
Net financial items -51 -53 +3.5%
Net profit
(Group share)
81 45 -45.1%
€ m 31/12/12 30/06/13
Net debt 2,725 2,662
Appraisal value 6,850 6,746
Loan To Value (LTV) 39.8% 39.5%
EPRA
triple net NAV
4,190 4,079
EPRA
EPRA triple net NAV
per share(3)
€80.7 €78.9
(1) NCCF: Net Current Cash Flow
(2) Average fully-diluted number of shares excluding treasury shares: 51,762,193 for the first half of 2012 and 51,807,791 for the first half of 2013
(3) Fully-diluted number of shares excluding treasury shares and dilutive instruments: 51,943,243 at 31 December 2012 and 51,711,090 at 30 June 2013
Appendices

69
Rental income trends
Rental income trends between June 2009 and June 2013
(€m)
210 211
178
196 201
+1 -0 +5
-38
+3
+15
+4 +1
June 2009 Like-for-like
change
Change from
acquisitions
and
disposals
change
Change from
acquisitions
and
disposals
change
Change from
acquisitions
and
disposals
change
Change from
acquisitions
and
disposals
June 2013
+0.6%
like-for-
like
+2.4%
like-for-like
+1.6%
like-for-like
Appendices
+1.8%
like-for-like

70
€ m June 2012 June 2013 %
EBITDA 180 188 +4.5%
Net underlying financial items -51 -53 +3.5%
Corporate income tax(1) -18 -14 -22.7%
Tax on depreciation provision recognised
on customer contracts and on net change
in provisions on investment -
Property Development division
1 0 NA
3% tax on dividend payments 0 3 NA
Capital gains tax on disposals 1 -1 NA
Underlying income tax -16 -12 -26.2%
Net current cash flow 113 123 +9.3%
Analysis of net current cash flow
June 2012 – June 2013
(1) Corporate income tax results from Icade's property development and services businesses, and from its holding company activities.
Appendices

71
EPRA triple net NAV
- 13 - 14 -12
2,646 2,637 2,547
1,523 1,496 1,500
33 71 44
June 2012 Dec 2012 June 2013
4,190
Or €80.7 per share
4,189
Or €80.8 per share
€ m
-0.2%
Unrealised gains on Property Development / Services
Unrealised gains on property assets net of transfer duties
Shareholders’ equity (+ FMV of debt and impact of dilution)
Tax on property assets and companies
4,079
Or €78.9 per share-2.2%
Appendices

72
30/06/13 31/12/12
Change over
6 months
(%)
30/06/12
Change over
full year
(%)
EPRA single net NAV
group share (€m)
4,224 4,400 -4.0% 4,401 -4.0%
EPRA triple net NAV
group share (€m)
4,079 4,190 -2.6% 4,189 -2.6%
Number of shares
(fully diluted)
51,711,090 51,943,243 51,833,763
EPRA single net NAV
per share (group share in €)
81.7 84.7 -3.6% 84.9 -3.8%
EPRA triple net NAV per share
(group share in €)
78.9 80.7 -2.2% 80.8 -2.4%
EPRA Net Asset Value
Appendices

73
Yields (1)
excluding transfer duties
6.8%
7.7%
6.7%
6.9%
8.6%
7.3%
6.8%
7.6%
6.5%
6.8%
9.3%
7.2%
6.8%
7.6%
6.1%
6.8%
9.0%
7.1%
6.9%
7.8%
6.2%
6.7%
9.5%
7.2%
6.7%
7.8%
6.2%
6.9%
10.5%
7.2%
6.8%
7.9%
6.3%
6.9%
10.0%
7.2%
Offices, France Business parks Shopping centres Healthcare Non-strategic commercial Total commercial property
31/12/2010 30/06/2011 31/12/2011 30/06/2012 31/12/2012 30/06/2013
(1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value
excluding transfer duties of rentable space
Appendices

74
Revenue and EBITDA
(20) (12)
35 23
472 483
197
201
June 2012 June 2013
683 696
+2%
+2%
5%
29%
69%
3%
29%
69%
-2%-3% (7) (3)
2 1
25 23
161 167
June 2012 June 2013
180 188
+5%
+4%
-6%
89%
1%
89%
0%
-1%-4%
EBITDARevenue
Property Investment Property Development Services Other (1)
(1) Icade SA and intra-group inter-business line
14% 12%
€m
Appendices
+2%

75
Breakdown of capital employed by business line
Portfolio value excluding transfer duties
Enterprise value of development companies
Enterprise value of service companies
€40.6m
0.5%
€429.8m
5.9%
€6,849.7m
93.6%
Appendices
December 2012
€6,746.4m
93.0%
€462.9m
6.4%
€42.8m
0.6%
June 2013

76
Support functions
June 2012 June 2013
(€m) Property
Investment
Property
Developm
ent
Services
Intra-
group
Holding
company
ICADE
Property
Investme
nt
Property
Developme
nt
Services
Intra-
group
Holding
company
ICADE
Revenue 197 472 35 -22 2 683 201 483 23 -16 5 696
Operating expenses -24 -425 -27 19 -1 -458 -22 -434 -17 14 -1 -460
Support functions
recurrent expense -11 -22 - 6 - -2 -42 -11 -25 -6 - -1 -43
Support functions
expense net of net
non-recurring income
- - - - -3 -3 - -1 - - -4 -4
EBITDA 161 25 2 -3 -4 180 167 23 1 -2 - 1 188
Depreciation and
impairment
expense net of
reversals
-86 1 - 1 1 - 1 -86 -109 1 0 0 - 1 -109
Gains on disposals 39 - - 1 21 60 39 - - 1 0 39
Operating profit 114 25 0 -2 16 154 97 24 0 0 - 2 119
Appendices

130725 - Presentation of the half-year results 2013 icade – vuk

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