2011 Annual Results. February 17th 2012 Paris

Transcription

1 2011 Annual Results February 17th 2012 Paris 1

2 Disclaimer This document has been prepared by ANF Immobilier SA ( ANF Immobilier ) solely for the use of presentations made to investorsor analysts. ANF Immobilier makes no representations or warranties that the information contained herein is accurate, correct or complete. The information set out herein is provided as of the date of the presentation and ANF Immobilier is under no obligation to keep current the information contained in this presentation. However, this information is subject to completion and/or revision and ANF Immobilier has the right to change the content hereof, in its sole discretion, at any time without prior notice. This document may contain information regarding current or future transactions as well as pro forma information to show ANF Immobilier as it would be after said transactions have been completed. These forward-looking statements are provided for information purposes only and are not guarantees of future performance. No information provided on this document constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities or services of ANF Immobilier or any other issuer in any jurisdiction whatsoever. Feb

3 2011 Highlights 2011 Gross Rental Income = 83.6M, of which Recurring GRI= 75.7M +11.9% on a like-for-like basis +22.3% in city-center portfolio New acquisitions in Lyon and Bordeaux 44.2M committed investments, 13.4M already invested in 2011 Improved profitability EBITDA= 69.6M, +23%; margin= 83% Recurring EBITDA= 61.7M, +9% Cash flow= 51.8M, +33% ; +12% recurring Cost of debt = 4.30% (vs. 4.38%) Divestments: 41.5M in ,000 sqm residential disposal in progress Printemps lease renewed Rent x6: 2.4M (vs. 0.4M) 7.8M in retroactive rent Appraisal= 1,650M ; +7% like-for-like NAV = 42.2 per share (excl. FV of fin. inst.) vs at Dec Launch of eight sustainable development projects Construction projects, water, paper consumption, electricity, waste, etc. 3

4 H Figures, Strategy Strength Demonstration M 2011 Change * Consolidated Accounts (IFRS) like-for- FY Reported like FY FY Gross Rental Income % B&B % 0.8% City-center % 22.3% Recurring GRI % 11.9% EBITDA % % margin 83.2% % 80% Recurring EBITDA % % margin 81.5% % 79.5% Cash Flow % Recurring cash flow % RCF per share % Average # of shares Capex Change in fair value (incl KG on disp) Net Income M Reported Reported Reported 30/06/ /12/ /12/2010 Real Estate portfolio 1,650 1,573 1,505 B&B City-center 1,137 1,081 1,028 Net Debt NAV per share (1) Triple Net NAV (1) LTV 29.2% 29.2% 28.1% 1. Adjusted for 1-for-20 bonus share issue in

5 Balanced Asset Mix Able to Seize Growth in Attractive Locations 2011 Recurring Rents = 75.7M 44% of fixed-indexed-long term rents from B&B Hotels portfolio 56% of growth rents 7.8M exceptional rent Retroactive rent paid by Printemps on renewal litigation Gross Rental Income = 83.6M Strong demand in Lyon city-center leads to record high prime rent Retail lew leases signed at 2,650/sqm Offices lew leases signed at 260/sqm B&B % City-center Recurring Rents = 42M +22% like-for-like Retail 20.4M +28% Lyon 11.8M +40% Marseille 8.6M +14% Residential 10.0M +8% Lyon 3.1M +14% Marseille 7.1M+6% City-center % 23% 48% Significant progress into Marseille rental values Retail new leases signed at 800/sqm Offices lew leases signed at 220/sqm Offices 10.1M +28% Lyon 4.4M+3% Marseille 5.6M+58% 24% 5

6 Solid Valuation Appraisal = 1,650M 7% Value Growth like-for-like Appraisal = 1,650M +6.7% l-f-l Limited cap rate compression on the Citycenter portfolio: bps Stable cap rate on hotels portfolio : average cap rate = 6.57% (vs. 6.58%) ,657 1,392 B&B 460 Marseille 581 1,543 1,504 B&B 466 B&B 474 Marseille 627 Marseille 613 1,573 B&B 492 Marseille 646 1,607 B&B 499 Marseille Acquisitions 13 B&B 513 Marseille 673 New acquisitions committed for 44.2M 13M achieved in 2011 Disposal of 41.5M ,368 Marseille 233 Lyon 135,444 Marseille 275 Lyon 169 Marseille 409 Lyon 248 Lyon 351 Lyon 450 DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 JU 11 DEC 11 Lyon 417 Lyon 435 Lyon 453 Lyon 451 (en k ) 31/12/ /06/2011 Change Lyon % Marseille % City-center properties % Undergoing Development % City-center Portfolio % B&B Hotel Porperties % New Acquisitions 13 - na ANF Immobilier % Before disposals République Archers Undergoing Development, no change in perimeter Restructuring: TAT, Plot 20 Dames, Pavillon Vacon, Rive Neuve New construction: Rabatau, Plot 34, Desbief Fauchier, Forbin and Plot 25 as city-center properties 6

7 Strong Financing structure One of the Lowest Geared Company in Sector Loan-to-Value= 29% Net financial debt= 482.3M (as 31/12/11) Cash & equivalent= 37.7M (as 31/12/11) Conservative strategy Financing balanced between available types of debt Sources of debt mixed of local and global banks Debt sources breakdown ( M) Leasing 4 Gross Debt 520.0M 164M available financing (as 31/12/11) 6 credit facilities available from 4 different banks (average maturity= 5.5 years) 2012 & 2013 investment program financing secured No refinancing until 2014 Cost of debt= 4.30% (vs 4.38% in 2011) Careful hedging policy 95% of existing drawn credit lines fully hedged by plain vanilla swaps 160.0M pre-hedged to benefit from low rates until 2018 at 2.4% Unsecured (corporate) 268 Secured (mortgage) 251 Outlook Current pipeline financed with debt Internal discipline not to exceed 35% LTV (covenant= 50%) 7

8 Net Asset Value = 42.2/share (excluding fair value of hedging instruments NAV Dec 10 Dividend NAV Dec 10 post div Cash Flow FV Properties NAV Dec 11 (per share) 31/12/10 30/06/11 31/12/11 Chg 12 m Net Asset Value % 3 Net Asset Value % 8

9 Enlarged Free Float Drives Significant More Stock Liquidity Free float of ANF increased to 34% from 26% ( 61M) ANF Immobilier shareholding structure Liquidity increase: 2x more at December (vs. same period) Average volume since 2012= 8,425 shares per day EPRA Liquidity rule matched since February 2011 inclusion in EPRA Index expected for March 2012 CEPAC + BPCE 5% CNP Generali 5% 5% Free float 34% Volume moving average over same period (2011 & 2010) 20,000 Eurazeo 51% Number of shares 27,774,794 18,000 16,000 14, mth Average Volume 2x more 12,000 10,000 8,000 6,000 4,000 2, mth Average Volume - 9

10 Significant Increase in Distribution Proposed Dividend per share= 1.69 Yield above 6%* Pay-out 100% of recurring cash-flow 33% of exceptional CAGR +7% Distribution= 46.5M, above SIIC requirements ( 16.7M) Requirements from rental activity= 11.9M Requirement from disposal= 4.8M 2012 Distribution +10% * Based on average share price at 31/12/

11 Strong Results Lead to Improved Guidance FY 2012 Rents= 78M +8% on city-center portfolio FY 2016 Rents Target = 124M +10% on average pa Capex funding until 2016 ( thou.) Development - 189,881 Portfolio - 56,992 Acquisition - 117,000 Disposal 148,702 TOTAL - 215, Recurring Rents Vacancy Reversion Index Developement Acquisitions Disposal 2016 Target 11

12 Marseille Residential Vacancy Reduction, a Value Creation Catalyst Vacancy evolution in 2011 Vacancy as Target Vacancy as 31/12/2010 Rentals Disposals Total 31/12/2011 Segment 1 6,079-1,500-1,000-2,500 8,920 Segment 2 13,489-1,700-1,600-3,300 11,767 Segment 3 5,039-3,000-3,000 6,313 Segment 5 6, ,000-2,000 5,506 Total vacancy 30,656-6,200-4,600-10,800 32,506 Segment 1: launch of segmented sales of plots 3 and 6 postponed due to the economy; switch to block sale Segment 1: increase due mainly to professional transfers Segment 2: change in strategy for plot 17, due to the success of the rental model Segment 3: leasing postponed for plot 25 and deliberate vacancy for plot 23 as future sales are planned Base assumptions New rent per month= 12/sqm Technical vacancy= 11% Does not include sale and disposal as merged with arbitrage Segment 5: Pavillon-Vacon sales are in progress; 931 m² remaining for sale, of which 437 m² already secured 4.1M new rents potential for medium term Full year run rate potential at a target rent of 12/sqm per month Excluding technical vacancy and disposal 12

13 Plot 17 Creation of 4,995 sqm. Student Furnished Apartments Plot 17 refurbishment: Creation of student furnished apartments Tranche 1 (2010): From family apartments (29) to students apartments (80) Tranche 2 (2011): Follow-on with demand - objective 80 units 53 units undergoing (1,638sqm) 27 units (1,138sqm) currently occupied to be refurbished when vacant Tranche 2 In 2011 Objective Gross Rental Income* out of Residential All-in Capex Private & common areas, facade 619,000 20/sqm 4.5M 811,000 20/sqm 6,7M Yield-on-cost 11% 12% * Includes retail GRI Tranche 3 (2012): 61 apartments (1,164 sqm.) to be delivered by June

14 City-center Portfolio: Significant Potential for Reversion Additional 13.1M Annual Rental Income in the Near Term + 9.2M Rental Upside on leases maturing before 2013 Retail most significant upside Includes heavy renovation such Plot 20, Mansardes Summary of ANF s rental projection Areas /sqm Upside Total ( m) Retail 29, Lyon 10, Marseille 18, Offices 20, Lyon 7, Marseille 13, Residential 30, Lyon 9, Marseille 20, M Additional rents New retail leases in Marseille ( 1.1M) Furnished apartment & offices in Lyon ( 1.3M) & Marseille ( 1.5M) Marseille market evidence Offices 180/sqm 180/sqm Retail 450/sqm Lyon market evidence Offices M 260/sqm Retail ING 2,500/sqm 14

15 Indexation, 11.1M over 5 years Index assumptions Between 2.00% and 2.50% ILAT ICC Spread 2009 Q1 2.70% 0.40% Q2 1.07% -4.10% Q3-0.73% -5.77% Q4-1.26% -1.05% Q1-0.96% 0.33% Q2-0.08% 1.27% Q3 0.98% 1.20% Q4 1.55% 1.73% Q1 1.96% 3.05% Q2 2.32% 5.01% Q3 2.78% 6.84% source INSEE IRL (%) ICC (%) ILC (%) 2008 Q , /// 2008 Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q IRL ICC ILC T T T T T T T T T T T T T T T T

16 Development 5 identified value added development in Lyon and Marseille ANF s land properties ( ) Total amount of capex to spent around 147Mm for estimated rents of 15.7M Development starts with secured costs, financing & tenant TAT (Lyon) Plot 34 (Marseille) Rabatau (Marseille) Desbief (Marseille) Montolieu (Marseille) Works on progress Rents TAT Plot 34 Rabateau Desbief Montolieu 16

17 Marseille European Capital of Culture 2013 A major advantage for ANF Immobilier E C I G B J F A H ANF Immobilier developments A. Trinquet F. Dames B. Fauchier G. Plot 25 C. Forbin H. Pavillon Vacon D. Rive Neuve I. Desbief E. Plot 34 J. Montolieu D 17

18 Development to be launched in 2013: Targeted Yield Above 8% New building Restructuring Desbief Offices 20,000sqm 30 months' work (start S2 2013) Investment = 60M Rents = 5.3M TAT Restructuring a full plot, 31,000sqm 30 months' work Printemps dispute Start of work? Investment = 78M Rents = 7.5M Desbief TAT 18

19 Sale & Disposal Program Sale & Disposal since 2006 ( M) Ongoing disposal plan of 45,000sqm residential in Marseille & Lyon Launch in 2011 for 4 years Already 30% achieved ( thou) Sale price French GAAP Capital gain Available to Distribution IFRS Total Lyon 23,947 Total Marseille 19,264 Total 43,211 9,562 22,066 2, Areas (sqm) Appraisal ( thou) Sale Price ( thou) ,000-16, ,821-18, ,987 63,323 66, ,935 31,855 34, ,420 39,093 43,015 88, ,109 Guidance of a minimum 30M disposal for Disposal should amount 148.7M Estimated rents sold= 6.8m 19

20 New Investment to Recycle Capital at Better Yield A 100M pipeline of new investments with an expected return of 7% Focus on French domestic market, in regional major cities Selection criteria Infrastructure & communications Proactive local development policy Density of the economic Demography 20

21 New Acquisition Lyon MilkWay Office building = 4,366 sqm Renovation of an existing building (former Candia HQ) Delivery in December parking garages Financing conditions Gross Price = 16.8M excl. tax Rents: minimum 220/m² excl. tax (excl. parking) Forward purchase agreement Developer : DCB Internatial 50% of total price paid in December

22 Bordeaux Demographic growth 7.6% in six years (1999/2005) Population: 235,878 (2006) Bordeaux metropolitan area (27 towns): population of 714,727 One third of the population is younger than 25 Surface area: 4,455 hectares Bordeaux metropolitan area: 55,188 hectares Airport: 2,500,000 travellers annually Railway: 4 millions travellers annually; 15 trains a day in each direction Bordeaux/Paris TGV Atlantique: 35 daily connections on the European network => In 2016: Bordeaux 2 hours from Paris via TGV high-speed train Economic sectors: Industry: 150,000 employees in the region (4 th largest in France) Office jobs: in the Aquitaine region Research: 14 grandes écoles (elite universities), 4 universities, 2 technical universities, 70,000 students, 200 laboratories and an estimated 5000 researchers Motorway: A10 (Bordeaux-Paris), A62 (Bordeaux-Toulouse), A63 (Bordeaux- Bayonne), A89 (Bordeaux-Clermont-Lyon), 90,000 tonnes of road freight annually About 100,000 sqm of office transactions annually 22

23 New acquisitions Bordeaux Le Nautilus Bassin à Flot (wet dock) 12,800 sqmof office building Fully rented to C Discount (99.6% Casino subsidiary) 51 parking lots Financial terms Price = 27.4M ( 2,140/sqm) Rent: /sqm, excl. tax (excl. parking) Turn Key Contract Developer: Eiffage Atlantique Delivery Tranche 1 : Sept 2012 Tranche 2 : Sept

24 New Investments alongside B&B New capex investments of 8M in 2012, with rents at 7% yield ( 0.6M) providing 9M value (yield spreads, valuation at 6.57%, the average yield on B&B assets) ANF Immobilier plans major construction work (room, bathroom, lobby renovations) at 22 wellperforming hotels able to bear an increase in rent (occupancy cost ratio) with a view to lease renewal in 2019 Five new hotels in progress for a total amount of 22.2M Saint Etienne 4.8M (7.1%) ; Lyon 3.7M (7.0%) ; Toulouse 6.0M (7.0%) ; Perpignan 3.6M (7.2%) ; Marseille airport 4.1M (6.9%) 24

25 ANF Immobilier: Five Core Stength Performance on Delivery Innovative Asset Management Secured Pipeline of Investment Opportunistic Asset Rotation Solid Financial Structure 25

26 Appendices 26

27 168 B&B Hotels 12,124 rooms 27

28 City-Center Portfolio Key Indicators Lyon Portfolio key indicators as at 31 December 2011 Offices Retail Residential Total Develop. Surface Areas 26,000 sqm 30,000 sqm 32,000 sqm 88,000 sqm 4,200 Number of Units Occupancy* 97.9% 99.7% 95.3% 97.5% 2011 Rents ( M ) Others = Out of 7.829M of non recurring rents from Printemps Marseille Portfolio key indicators as at 31 December 2011 Offices Retail Residential Total Develop. Surface Areas 40,000 sqm 43,500 sqm 101,000 sqm 184,500 sqm 50,000 sqm Number of Units Occupancy* 97.5% 97.1% 64.0% 75.7% 2011 Rents ( M) Others =

29 Rhône-Alpes Region Population of 6.2 million 3 major cities: Lyon, Grenoble, Saint Etienne France s first host region for international businesses (after Paris) European hub connection (airports, high speed train TGV) Greater Lyon, an expanding agglomeration 29

30 Lyon, France 2nd Capital 6 th highest regional GDP in Europe 790,000 jobs (75% services) 135,000 companies with global headquarter (Sanofi, Renault Truck, SEB) City dynamic toward real-estate 2 nd French retail market High average income 2,398 per month 30

31 Lyon, France 2nd Capital Rue de la République 31

32 Lyon: Intense Business Activity Prime retail rent to 2,600/sqm near Place Bellecour Latest market rent evidence Retail : 2,200 2,600/sqm Offices : /sqm Residential: 11 13/sqm (month) Latest market rent evidence Retail : 600 1,000/sqm Offices : /sqm Residential: 11 13/sqm (month) ANF Immobilier Assets 32

33 Restructuring Lyon: TAT (31,000 sqm) Estimated lease income: 7M Suggested project Buildings occupied by Printemps 33

34 Printemps Litigation A Major Step in a Long Run Value Creation Development Printemps lease - 0.4M - expired in June 2006 Printemps occupied 10,000sqm on Lyon, Place de la République Court to fix the renewal rents as both parties unable to find an agreement 9.1M one-off paid by Printemps Type Rents Amount 7.8M 0.9M Overdue rents from June 2006 to December 2010 Non recuring Jan 2011 Jun 2011 Rents Interest 0.4M Interest for the overdue period New rent fixed at 2.4M value June 2006 Court followed experts values at 450/sqm for weighted retail area No appeal by Printemps 9.1M 34

35 PACA Region Population of 4.5 million 4 major cities : Nice, Toulon, Marseille, Avignon Urbanized region Highly connected (airports, high speed train TGV, harbor) 3rd largest economic region in France Premier world tourist destination with 34 million visitors per annum 35

36 Marseille, the New French Metropolis French 2 nd city with population of 870,000 Largest port in the Mediterranean Extensive city regeneration Exceptional location and weather Intense tourist activity European capital of culture in 2013 Average income 2,116 per month 36

37 Marseille on the Move Towards 2013! Marseilles Provence: 2 nd French metropolis 2 million inhabitants 850,000 in Marseille Positive net balance since ,000 jobs unemployment stable at 11% 155,000 establishments, including 700 foreign companies Exceptional accessibility The leading French port: 2 million passengers, 96 million tons of freight International airport: 7 million passengers, 51% international) serving 76 cities 26 countries High-speed train link (TGV) - 3 hours to Paris: 22 millions passengers a year Brussels in 3 hours, London 7 hours Major motorway intersection: 3 hours to Lyon, 5 hours to Milan or Barcelona Industry, innovation, services: a wealth of expertise Aeronautical: world leader for helicopter manufacture Micro-electronics: leading area in France and in southern Europe Telecom: French telecoms hub Multimedia: leading media pole in Southern Europe Chemistry-petro-chemistry: 30% of French refinery capacity Food-processing: biggest industrial employer in France Logistics - transport: multi-model hub in France: air-railsea-river-road 37

38 Euroméditerranée Public organization supported by the European Union 3 dimensions Urban planning Real estate development Economic development Building a metropolitan center Enhance the attractiveness of the Marseille region Support the local economy with value-added services 38

39 ANF Immobilier at the heart of Euroméditerranée Euroméditerranée: a structuring business district 7 billion public and private investments 2nd financial services centre in France Biggest number of telecom infrastructures in Southern Europe A reference site for international trade Around Rue de la République Vieux-Port to be half pedestrian in 2013 Development of the Intercontinental Hôtel Dieu Renovation of the Centre Bourse shopping centre B 2012: World Water Forum 180 countries represented 2013: European Capital of Culture 1 billion invested in around forty projects 10 million visitors expected 6 million currently 2016: Soccer European cup Project involving the Vélodrome stadium around 100,000sqm, offices, retail outlets and residential units 2.5 billion of public and private investments 39

40 Marseille, the New French Metropolis Rue de la République 40

41 Marseille: Intense Business Activity New retailers show attractiveness ANF Immobilier Assets Latest market rent evidence Retail : /sqm Offices : /sqm Residential : 11 13/sqm (month) Dames Mazenod Plot 25 Forbin Public Car Park 800 spaces Fauchier Desbief Trinquet Malaval Segment 1 Segment 2 Segment 3 41

42 History Before 2002 In 2002 In 2004 In 2005 SCHP and partners SCHP & partners SCHP & partners SCHP & partners Rue Impériale de Lyon Sté Immobilière Marseillaise Rue Impériale Eurazeo Real estate Eurazeo Eurazeo Subsidiary Subsidiary Eurazeo Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary ANF Immobilier Subsidiary Subsidiary Subsidiary The companies Rue Impériale de Lyon and Société Immobilière Marseillaise were holding companies for the investment companies Eurafrance and Gaz&Eaux Income from investments was much greater than that from real estate which was then used as capital gains provision After restructuring its capital, Eurazeo inherited real estate assets from its parent companies and decided to manage them through a dedicated subsidiary, ANF Immobilier 42

43 Summarized Financial Statements ( m) % growth 2009 Gross rental income % 65.1 B&B City-center Recurring gross rental income % 65.1 Net operating expenses % -5.1 Administrative expenses % -8.2 EBITDA % 51.8 Recurring EBITDA % 51.8 Financial expenses % Cash flow % 35.6 Recurring cash flow % 35.6 Change in fair value Other items Net income Interest cover ratio Cash flow per share ( ) % 1.34 Recurring cash flow per share ( ) % 1.34 Average number of shares (million)* /12/ /12/2010 % growth 31/12/2009 Real estate portfolio 1,650 1, % 1,505 B&B City-center 1,137 1,081 1,028 Net financial debt % -422 Other items NAV 1,158 1, % 1,061 Fair value hedge % -30 Deferred taxes NNNAV 1,119 1, % 1,031 Capex Loan to value ratio (%) NAV per share ( ) % 38.9 NNNAV per share ( ) % 37.8 Period end number of shares (million)* * adjusted for bonus shares * Number of shares adjusted for bonus issue of 1 share for every 20 held in

44 Yield Applied to ANF Immobilier Portfolio valuation as December Fourchette Dec 2011 Fourchette Juin 2011 Fourchette Dec 2010 Fourchette Dec 2009 Fourchette Dec 2008 MARSEILLE Bureaux 6.6% 8.0% 6.6% 7.7% 6.6% 7.7% 7.20% 8.00% 6.65% 7.45% Commerces 5.8% 7.9% 5.8% 7.8% 5.8% 7.8% 6.00% 8.00% 5.75% 7.70% Habitation 4.4% 5.6% 4.5% 5.4% 4.5% 5.5% 4.80% 5.60% 4.00% 5.05% Loi % 5.0% 2.4% 5.2% 2.4% 5.2% 2.40% 5.30% 2.15% 4.80% Fourchette Dec 2011 Fourchette Juin 2011 Fourchette Dec 2010 Fourchette Dec 2009 Fourchette Dec 2008 LYON Bureaux 6.4% 7.2% 6.6% 7.2% 6.6% 7.2% 6.90% 7.70% 6.25% 7.20% Commerces 5.3% 6.1% 5.3% 6.1% 5.4% 6.4% 5.75% 6.40% 5.45% 6.90% Habitation 4.2% 4.6% 4.5% 4.9% 4.5% 4.9% 4.80% 5.20% 4.00% 4.65% Loi % 4.5% 2.4% 4.7% 2.4% 4.7% 2.40% 4.95% 2.15% 4.40% 44

45 Appraisal Value at December ,800 1,600 1,400 1,200 1,000 Change Like-for-like % % % 1,392 B&B % Hors B&B 1,543 +1,5% 1,504 B&B 466 B&B 474-2% +3,8% +5,4 % 1573 B&B ,4 % +1,4 % 1,607 B&B ,8 % + 1,4%* + 2,8%* + 2,7% 1650 Acquisitions* 13 B&B % Hors B&B Marseille 581 Marseille 627 Marseille 613 Marseille %* Marseille %* Marseille Marseille 233 Lyon % 444 Marseille 275 Lyon % Marseille 409 Lyon 248 Lyon 351 Lyon % + 4,2% + 4% -0,4 % DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 JU 11 DEC 11 Lyon 417 Lyon ,3%* Lyon ,6%* Lyon 451 *Like-for-like change Acquisitions : MilkyWay in Lyon & Nautilus Bordeaux 45

46 Stock price /share Volumes ANF EPRA Volume 100,000 90,000 80,000 70,000 60,000 50, SBF 250 CAC 40 40,000 30,000 20,000 10,000 - Source: Bloomberg as of Jan 20,

47 ANF Immobilier, Social Responsibility Corporate Social Responsibility Integrated into ANF Immobilier Practices Sustainable development in the development pipeline ANF Immobilier among first companies to be granted BBC label (low consumption building) in renovation New developments at High Quality Environment standards Process of evaluating day-to-day change for all employees in regards of sustainable developments A transparent company governance Company with Executive board and Supervisory board Board committees (audit, properties, compensation) Full Registration Document filled since 2007 Ethic code signed by all employees A motivating and ambitious HR policy Profit sharing agreement for all employees Shareholder and senior staff interest aligned Broaden social aids Supplementary retirement plan for all employees Community involvement with non-for-profit organizations to help young form difficult suburbs 47

48 Compensation Scheme Historic 2007 Stock Maximum number of share attributed 2008 Stock Stock Stock Stock Bruno Keller 56,966 62,108 80,000 84,283 85,269 Xavier de Lacoste Lareymondie 25,534 37,105 38,500 40,632 41,107 Brigitte Perinetti 2,834 3,483 4, Ghislaine Seguin - 4,787 8,500 9,060 9,166 Executive Board 85, , , , ,542 Staff 22,708 27,270 27,500 32,945 33,330 Total 108, , , , ,872 Strike price & quantity not adjusted 48

49 Corporate Governance Half of Supervisory Board Independant Patrick Sayer (vice-président) Philippe Audouin Sébastien Bazin* Bruno Bonnell* (1) Jean-Luc Bret Fabrice de Gaudemar Supervisory Board (12) Alain Lemaire*, President Executive Board (3) Bruno Keller, Chairman Xavier de Lacoste Lareymondie, COO Ghislaine Seguin Eric Le Gentil* Philippe Monnier* Jean-Pierre Richardson Isabelle Xoual* Théodore Zarifi Audit Committee Philippe Audouin, Théodore Zarifi, Eric Le Gentil* Remuneration and Selection Committee Philippe Monnier*, Sébastien Bazin*, Isabelle Xoual* Property Committee Patrick Sayer, Sébastien Bazin*, Jean-Luc Bret, Philippe Monnier* Headcount ANF Immobilier 56 Management 3 Property mgmt 20 Development 12 Accounting 13 Support 8 * Independent (1) Mr Bonnell should be replaced at next AGM by Ms Sabine Roux de Bézieux 49

50 About ANF Immobilier ANF Immobilier owns and manages a real-estate portfolio of 1.7 billion euros in the city centres of Lyon and Marseilles as well as a portfolio of 168 hotel properties in France, all operated by the B&B chain It is a real estate company with SIIC status, targeting residential and third party property rentals with significant operations in Lyon and Marseille city centres Listed on Eurolist B of NYSE EuronextParis, ANF Immobilier is part of the Eurazeo group. Financial Calendar 2011 Q3 Revenue November 10, FY Results March 15, Q1 Revenue May 10, H1 Results August 28, 2012 Investor Relations Contact ANF Immobilier 32, rue de Monceau Paris - FRANCE investorrelations@anf-immobilier.com Research on ANF Immobilier Exane: Valerie Guezi HSBC: Stéphanie Dossmann Invest Securities: Benoit Faure-Jarrosson, Paul Arkwright Tradition Securites: Laetitia d'eprémesnil Kepler: Samuel Henry-Diesbach Aurel BGC: Julien Guez ANF shares ISIN code: FR Bloomberg/Reuters: ANF FP, ACNF.PA Listed on Euronext Eurolist B Index: CAC Mid & Small, IEIF SIIC France 27,774,794 shares in circulation Statutory threshold declarations 1% 50

51 51