Investor Presentation. October 2009

Transcription

1 Investor Presentation October 2009

2 Investor Presentation October 2009 A. Diversified assets in prime locations B. High visibility on revenues C. No risk on developments D. A solid financial structure E. Conclusion Appendices 2

3 Lyons La Presqu Île: an exceptional setting ANF Assets 3 3

4 Marseilles Assets concentrated around Rue de la République ANF Assets ANF Car Park 445 spaces Dames devmt Ilot 25 devmt Fauchier project Public Car Park 800 spaces ANF Car Park 312 spaces Trinquet devmt 4

5 B&B Hotels 163 quality locations in France 11,569 rooms 5

6 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 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 6

7 Three high quality assets 71% of Marseilles and Lyons income from retail and residential Stable vacancy below 4% on city-center, except in Marseilles residential City-centre of Lyons (98,000 sq.m) 49 buildings Surface area Office 32,000 sq.m Retail 27,000 sq.m Residential 39,000 sq.m Devpmt 31,000 sq.m # of lots Occupancy rate* 96% 99% 94%** H Rents (m ) Other leases = Rents (m ) Other leases = City-centre of Marseilles (181,000 sq.m) 136 buildings Surface area Office 30,000 sq.m Retail 43,000 sq.m Residential 109,000 sq.m Devpmt 116,000 sq.m # of lots ,366 Occupancy rate* 75%*** 85% 83% H Rents (m ) Other leases = Rents (m ) Other leases = Hotel buildings 163 B&B hotels in France 2008 rents: 28.2m H rents: 15.3m 11,569 rooms An asset worth 452m excl. rights * Including technical vacancy comprising available plots with work being carried out or work planned ** Areas voluntary kept vacant in connection with TAT and Mansardes developments *** Areas voluntary kept vacant for further development or residential compensation 7

8 Investor Presentation October 2009 A. Diversified assets in prime locations B. High visibility on revenues C. No risk on developments D. A solid financial structure E. Conclusion Appendices 8

9 Rents growth in city-center at First Half 2009 Marseilles 30 Jun Jun 08 Residential 3,380 3,032 11% Retail 3,280 2,299 43% Offices 1,483 1,235 20% Other ns 8,980 7,554 19% Thousand Euros Offices 22% Other 5% Residential 31% Thousand Euros Residential Retail Offices Other Lyons 30 Jun Jun 08 1,848 1,770 4% 3,854 3,360 15% 2,274 2,103 8% ns 8,020 7,269 10% Retail 42% 9

10 Business activity st Half nd Half st Half Lyons Offices 193 /m² 7# 216 /m² 7# 231 /m² 6# Retail /m² 5# 967 /m² 5# /m² 2# Residential /m² 37# /m²* 31# /m² #23 * Out of the31 leases, 7 account for residential apartments less than 60 sq.m, rents between 13 to 17 /m² Marseilles Offices 100 /m² 3# 125 /m² 6# 168 /m² 4# Retail 550 /m² 16# 601 /m² 18# 655 /m² 10# Residential /m² 67# /m² 121# /m² 85# # : number of transactions No impact of crisis on rents value 10

11 B&B Hotels portfolio 47% of ANF revenues from 12-years-secured-fixed-indexed leases H B Rents 4,685 28,216 15,260 31,163 Agreement H B 2010 B Capex 30.5m m 5.0m 10.0m 8.80m New hotels 27.2m - 3.4m 10.2m 24.9m - Extra agreement 0-5.0m 15.8m - Acquisitions scheduled in 2009 Already done Valenciennes (3.8m ), Euralille (6.4m ) Remaining September 2009: Pleyel (6.8m ) + Arras (3.6m ) Mulhouse (4.3m ) Development extra partnership agreement 2009: Polt 34 (8.7m ), Forbin (5.6m ) => Yield 8.0% Bourges (1.5m ) => Yield 8.2% Financing secured by Natixis debt facility (+50bp) Return improved by hedging policy Initial yield 5.80% => Partnership agreement debt hedged at 4.12% 11

12 First half 2009 figures to confort budget IFRS Thousand Euros 2005 Full year 2008 First half 2009 First half 2009 FY Budget 05 09b Rents 22,847 28,631 32,260 64, % City-center 22,847 14,823 17,000 33, % B&B - 13,808 15,260 31,163 - EBITDA 10,221 19,768 25,933 Margin 45% 69% 80% City-center 10,221 6,475 11,776 Margin 45% 44% 69% B&B - 13,293 14,157 Margin - 96% 93% Cash flow 5,691 14,683 18,543 Per share

13 ..but still a lot to do Millions Developments= 33m Restructuring= 14m Vacancy reduction Reversion Secured development Short-term development Medium-term development Long-term development 2008 rent value Excluding indexing More than 110m of rents by

14 Restructuring: Lowering residential vacancy 25,000 sq.m of residential vacant in 2005 Unappealing areas due to redevelopment works In 2008, net reduction of 2,500 sq.m Mainly located in second and third part of the street Potential of 4m new rents Tronçon 1 Tronçon 2 Tronçon 3 Tronçon 5 Total Occupied 40,229 m² 12,479 m² 14,098 m² 9,877 m² 76,684 m² Vacant on market 1,851 m² 164 m² 493 m² 717 m² 3,225 m² Vacant on work 5,739 m² 2,072 m² 1,292 m² 9,102 m² Vacant à traiter 1,144 m² 13,570 m² 1,140 m² 2,857 m² 18,710 m² Total 48,963 m² 26,213 m² 17,802 m² 14,743 m² 107,721 m² Ongoing discussions with several potential tenants to lease full buildings on Tronçon 2 14

15 Restructuring: Reversion Lyons Office areas Leased 1 including those still in need of work 29,921 sq.m 7,398 sq.m 25% Retail areas 2 27,270 sq.m 132 /m² 12,246 sq.m market = approx. 200 /m² 45% Leased assets 154 /m² market = approx. 450 /m² Residential units 27,203 sq.m 8,764 sq.m 6.00 /m² 32% market = approx. 11 /m² 80,852 sq.m remaining to be renegotiated (with the Loi de 48 )* Total 84,394 sq.m 28,408 sq.m 34% Annual 10.4m in new lease potential within four to six years Marseilles Office areas Leased 1 including those still in need of work 21,046 sq.m 6,093 sq.m 29% 90 /m² market = approx. 160 /m² Retail areas 2 31,036 sq.m 16,494 sq.m 53% 159 /m² market = approx. 350 /m² Residential units 71,612 sq.m 29,857 sq.m 42% 5.00 /m² market = approx. 11 /m² Total 123,694 sq.m 52,444 sq.m 42% * Loi de 48 = 15,646 sq.m 1. Including all leased surfaces (unworked lots + lot with renewal or new lease) 2. Unweighted surfaces High potential for reversion 15

16 Restructuring: Marseilles Rue de la République 3 years ago H&M Mango Hylton C Agricole Caisse d Épargne 16

17 Restructuring: Marseilles Marketability of the Rue de la République a reality H&M Sept 07 Food 2009 Mango Aug 08 Sinéquanone Nov 07 Vert Baudet Sept 07 Planet Jog Jul 2008 Connexion Dec 08 Tps d Cerises Jul 08 Banette Jun 09 Maison Glace Jun 09 DPAM Mar 08 Hylton Oct 07 Tally Wejll Jul 08 Optic 2000 Jun 2009 Bouygues Tel Septembre 08 Le Moment Sept 08 Dubble Mar 2009 Célio Public car park 800 spaces Mar 08 C Agricole Sept 06 Jules Jun 08 Triumph Dec 08 H&M Enfants Apr 09 Olivers&Co Q4 09 Crocs Jun 09 Tutti Frutti Q Sephora Nov 07 LaPoste 2010 Orange Apr 09 Occto Jun 09 Desigual Nov 08 Puma May 08 Esprit Aug 08 SFR Q4 09 C Epargne Sept 07 Opened Signed Prospect Opening completed 17

18 Retail revenue evolution Millions Euros Variable rents Additional rents to be added to reversion potential within 2 years Fixed rents Openings and calendarization Potential 18

19 Tomorow s window for Marseilles 19

20 Investor Presentation October 2009 A. Diversified assets in prime locations B. High visibility on revenues C. No risk on developments D. A solid financial structure E. Conclusion Appendices 20

21 Marseilles, the new French metropolis Marseilles 2 nd city in France by number of inhabitants 850,000 (INSEE) 2.5 x the size of Paris City declined until 90 s Significant investments since 1995 with European Union backing Euroméditerranée development Public works (TGV, tramway, sidewalks, ) A new growth dynamic 1st Mediterranean harbor, 1st French harbor, 4th European harbor 500,000 crusaders for 2008; 1,000,000 crusaders expected for 2011 European Capital of Culture in 2013 Public budget 98m on 4 years (excl capex) Investments 570m Renovation of the city Cultural conversion of unused land-banks Rue de la République City heart of Marseilles Link between du Vieux-Port and Euroméditerranée New transport services Public installation fully renovated Public investments: Euroméditerranée and Marseilles European Capital of Culture 21

22 Marseilles - European capital of culture 2013 A major advantage for ANF European Capital of Culture: Le Silo Theatre Le Silo : 2200 places seats Jean tower New : Transcausse 40,000 m² sq. m office areas CMA tower- CGM: 43,000 sq.m ² offices + université university + loisirs leisure Icade tower : 40,000 m² office areas Euromed Center : 45,000 sq.m offices + Hotels + multiplex 16 screens + conference center - fin 2009 Le sextant Departmental archives 5,600 sq.m offices - and loan library M. Square : Q ,600m² office areas ANF Ilôt 34 : sq.m Offices m² office residential areas, hotel end of 2011 Les Docks : 356 housing + 66,000 m ² offices + restaurants Ilôts : Hospital, 45,000 m ² - end of 2012 Cœur Méditérranée : 5,000m² offices + Hotel, 200 rooms m ² com. fin 2008 Residential Opération de project logements : : Paget. ANF Desbief : 20,000 sq. m office areas or retail areas ANF Hotel Hôtel B&B: 127 rooms Q La Major Creation of relaxation areas and urban redesign end of 2012 ANF - Massabo : 3400 m² residential units Q Muceum: Museum of European and Mediterranean Civilizations European Capital of Culture: Le Mucem ANF - Parking Mazenod : 446 places - Q ANF - Immeuble 5 Joliette : 2800 sq. m of offices Q ANF - Retail Plot sq. m Q ANF - Immeuble Fauchier Hozier : 13,000 sq. m offices sq. m residential units Q million of tourists expected in

23 No risk on developments A rigorous investment strategy Control of the property Prime location Building permits obtained Pre-letting secured Financing secure No speculative projects 23

24 Ongoing new developments Trinquet Service residence 142 units Works on progress, delivery expected in September 2009, on schedule Leased to Adagio (JV Accor Pierre&Vacances) Financing secured by Calyon debt facility at Euribor + 50bp Rents = 1,1m Fauchier Offices buildings 13,000 sq.m (out of which 4,000 sq.m sold) Works on progress, delivery by end of 2010, on schedule Pre-commercialization of residential Financing secured by Calyon debt facility at Euribor + 50bp Offices Rents = 2,1m lease to city of Marseilles Forbin B&B Hotel 125 rooms Financing secured by Banque Martin Maurel at Euribor + 120bp Delivery 2010 Rents = 0,5m 24

25 Medium-term development Lyons: TAT (31,000 sq. m) Estimated lease income: 9.2m ANF property 12,350 sq.m Surface area created 3,300 sq.m Surface area acquired 7,915 sq.m ANF 23,566 sq.m Printemps 6,500 sq.m Still to acquire 900 sq.m i.e. 2.9% of the entire project Buildings occupied by Printemps Court calendar On Mary 29, 2009: report ordered by the Court on the rental value for renewal favorable to ANF Jun 2010 (at least): verdict from Court 25

26 Developments: Plot 34 project Marseilles Euroméditerranée: 26,000 sq.m Residential Office areas Offices Hotel 13,000 sq.m 4,000 sq.m Residential units 7,500 sq.m 4000 sq. m of which as accommodation for the elderly Retail areas 1,500sq.m Estimated rents = 5m Hotel 26

27 Investor Presentation October 2009 A. Diversified assets in prime locations B. High visibility on revenues C. No risk on developments D. A solid financial structure E. Conclusion Appendices 27

28 Debt and covenants as of June 30, 2009 Lyon & Marseille development = 250m facility Corporate credit Margin = Euribor + 50bp. hedged at 4.58% Cash available* = 74m B&B developments = 257m facility Mortgage Margin = Euribor + 55bp. hedged at 4.94% Cash available* = 40m IFRS Standards Covenants 30 Jun Dec 08 Interest Cover Ratio (ICR) 3.36 x 3.33 x > Covenant 2.00 x 2.00 x Headroom 40% 40% Loan To Value ratio (LTV) 28% 24% < Covenant 50% 50% Headroom 81% 107% 96% of credit lines fully hedged or fixed rate Cost of debt evolution 4.9 No refinancing until 2014 Current financial debt* Thousand Euros Jun-09 Dec-08 Dec-07 Calyon facility 175, ,350 71,000 SG Lyon debt 11,000 11,000 - Other 12,538 11,444 12,579 City-center debt 199, ,794 83,579 Natixis facility 216, , ,825 B&B leasings 7,898 9,552 10,617 Hotels debt 224, , ,442 Total debt 424, , , *As of June 30,

29 Appraisal as of Jun 30, 2009 City-center buildings Yield expansion related to global economic conditions Retail: bp Residential: +50 bp Offices: +50 bp Development: +50 bp Final capitalization rate expansion Retail: +10 to 25 bp Residential: +25 to 50 bp Offices: + 25 to 60 bp Capitalization rates (excl. rights) Band Jun 2009 Band 2008 Band Jun 2009 Band 2008 MARSEILLES LYONS Offices 6.75% 7.50% 6.65% 7.45% Offices 6.50% 7.25% 6.25% 7.20% Retail 5.75% 7.70% 5.75% 7.70% Retail 5.45% 7.00% 5.45% 6.90% Residential 4.50% 5.25% 4.00% 5.05% Residential 4.50% 4.90% 3.45% 4.65% Loi % 5.00% 2.15% 4.80% Loi % 4.65% 1.85% 4.40% B&B Hotels properties Average yield expansion of 25 to 50 bp in 6 months Average capitalization rate: 6.87% (JLL) and 6.8% (AtisReal) (as of December 31, 2008 average cap rate at 6.52 %) Rate band of 6.25% to 7.30% depending of city profile, location, and new concept transition 29

30 Appraisal as of Jun 30, 2009 (excl. Rights) A decrease of 3.5% like-for-like 1,600 1,400 1,200 1,000 Millions Euros Hotels 30% Others 2% Developments 10% Offices 8% Residential 20% Retail 30% 1,392 B&B % Excl. B&B 1,544 B&B 466 1,077-3% -4,85%* -4% 1,497 B&B 452 1, % Excl. B&B Marseille 581 Marseille 627-3,31%* Marseille Marseille 233 Lyon % 444 Marseille 275 Lyon % Marseille 409 Lyon 248 Lyon 351 Lyon +28% 450 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Jun 09-2% -2,36 %* Lyon 441 * like-for-like 30

31 Appraisal as of Jun 30, 2009 (en k ) June 30, 2009 December 31, 2008 Var Built Lyons 368, ,050-2% FAUX VRAI -100% Built Marseilles 485, ,193-5% FAUX VRAI Built 853, ,243 83% -4% FAUX VRAI Development 190, ,105 17% 2% City-center 1,044,677 1,077,348-3% Hotel properties 452, ,200-3% Average built metric value= 3,067 per sq.m ANF appraisal 1,496,963 1,543,548-3% Metric value as of June 30, Marseilles Metric value as of June 30, Lyons Tronçon 1 Other Offices 2,214 2,451 /m² Offices 1,990 2,053 /m² 2,044 2,259 /m² Retail 7,109 9,724 /m² 2,525 5,937 /m² Residential 2,351 2,674 /m² 1,359 2,259 /m² Retail Residential 9,699 12,188 /m² 2,332 2,810 /m² Metric value as of June 30, Marseilles Metric value as of June 30, Lyons Tronçon 1 Other Offices 2,085 2,144 /m² 1,912 2,265 /m² Retail 6,450 9,595 /m² 2,734 6,035 /m² Residential 2,540 2,812 /m² 1,562 2,595 /m² Offices Retail Residential 2,585 2,596 /m² 9,840 11,702 /m² 2,789 2,915 /m² 31

32 NAV evolution Decrease of 8.14% Euros Fair value impact since July 2008 Properties 9 per share Financial instruments 1 per share NAV 08 pub Adjustements* NAV 2008 Cash Flow FV properties DTL Dividend FV Swaps NAV 09 * Adjusted to reflect stock dividend payment 32

33 2009 Asset Disposal Asset disposable plan over 3 years of 92.8m (latent capital gain= 38.1m ) 2009 achievements Thousand Euros Selling Price Capital gain Available for Distribution Appraisal Dec 31, 2008 Completed 26,825 4,220 16,957 27,755 Committed 10,875 6,306 6,306 10,022 37,700 10,526 23,263 37,977 92% of completed disposal in Lyons, mainly residential Non core buildings, sold to pension funds, insurance company or social housing company Timing subject to market condition 2009 plan achieved at First Half 33

34 Investor Presentation October 2009 A. Diversified assets in prime locations B. High visibility on revenues C. No risk on developments D. A solid financial structure E. Conclusion Appendices 34

35 ANF's differentiating factors High visibility Strategy Cash flow City-center location Resilience of city-center retail areas compared with those on the outskirts Rental activity Recurrent income sources not subject to financial unpredictability Transfer of potential buyers to rental market Dynamic cities Two major regional cities where the potential for lease income increases is still significant Restructuring of properties: +47m in new lease income Diversified properties Dominated by retail areas and residential units Low representation of office areas (small surface areas, in mixed buildings to independent professions) Sustainability of cash flows 47% of ANF lease income secured by B&B (12-year firm leases until 2019 fixed and indexed) 78% of city-center lease income made up of retail areas and residential units A three-year sale program to strengthen cash flow 2009 plan already achieved No Risk on developments Investment rules Sustainability of cash flows Control of the property in Prime location Building permits obtained Secured pre-letting and financing Strong financial structure Debt Financing A very low ratio LTV ratio of 28% Financing very secure Respect for covenants No repayment due until

36 Appendices

37 First Half 2009 key figures IFRS Millions Euros months 6 months Rents % City-center % B&B % EBITDA % Appraisal ns Current cash-flow % Per share Net Result ns IFRS Millions Euros Jun 30, 2009 Dec 31, 2008 Appraisal 1,497 1,544-3% Hotels properties City-center 452 1, ,077-3% -3% NAV (per share) % Net Debt

38 2008 Rents= 59m Hotels 47% Parks Others 3% 1% Residential 17% Offices 12% Retail 20% 38

39 Simplified income statement January-December Thousand Euros % Lyons-Marseilles lease incomes 30,863 26,105 18% B&B lease incomes 28,216 4,685 NS lease incomes invoiced 59,080 30,790 92% Operating income 43,386 15, % Margin 73% 52% 41% Change in fair value 30, ,922-84% Operating income after change in fair value 73, ,902-65% Net income 69, ,792-65% Full-year impact of the B&B transaction 39

40 City center capex (excl. B&B) 100,000 95,000 90,000 85,000 80,000 75,000 Thousand Euros Dec 05 Dec 06 Dec 07 Dec 08 Jun 09 Common areas 11,257 8,879 9,471 7,037 2,442 Capex on vacant 10,569 12,632 18,425 22,290 7,014 Other Developments 2,591 5,648 17,090 43,468 21,844 Fees & diagnostics - - 3,288 - (12) Compensation & acquisitions 2,898 16,064 16,176 28,064 7,547 27,685 43,427 64, ,972 38, ,972 Negotiation 28,064 70,000 65,000 64,696 60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,685 Dev & nego 5,489 Other, 370 Other, 204 Capex 10,569 43,427 Dev & nego 21,712 Capex 12,632 Negociation 19,464 Projets 17,090 Other, 245 Capex 18,425 Developments 43,468 Other, 114 Other, 56 Common areas Common areas Common areas Capex 11,257 Common areas 8,879 9,471 7,014 7,037 Common areas 2,442 Dec 05 Dec 06 Dec 07 Dec 08 Jun 09 Capex 22,290 38,891 Negotiation 7,535 Developments 21,844 40

41 Developments Millions of Euros Specifications Budget Capital Expenditure Debt facility Type Delivery Accurued 250m Other Completed developments 28 Rép. Mixt building Livré La Mure Mixt building Livré Mazenod Mixt building Livré Joliette Mixt building Livré ACHEVES Committed developments Restucturing Tronçon 1 Mixt building na Pavillon Vacon Mixt Commerces Lyon Retail ground floor na Mansardes Residential Rép 110 / ilot 25 Retail Q New developments Trinquet Service residence Q Forbin B&B hotel 125 rooms Q Fauchier Offices & residential Q SECURED Developments Short term Rive Neuve Offices 2011 Dames Residential & retail 2011 Ilot 17 Residential & retail na Ilot 23 Residential na 13 Rabateau Offices Medium term TAT Mixt block Q Euromed 30 Offices H Euromed 34 Offices & mixt H Long term Desbief + Ilots 28 - Offices & retail Q PROJECTS TOTAL

42 Leases maturity 16,000 m² 14,000 m² 12,000 m² Marseille Bureaux Marseille Commerces Lyon Bureaux Lyon Commerces 10,000 m² 8,000 m² 6,000 m² 4,000 m² 2,000 m² < >

43 B&B Network Half-Year Performance OR H VS H ARR ext H VS H REVPAR ex T H VS H % +0.76pts % % % Evolution of occupancy: B&B vs local competition JAN 08 FEB 08 MAR 08 APR 08 MAY 08 JUN 08 JUL 08 AUG 08 SEP 08 OCT 08 NOV 08 DEC 08 JAN 09 FEB 09 MAR 09 APR 09 MAY 09 JUN 09 Competition B&B Source: MKG 43

44 B&B - Financials Actual data January June ( m) months months Variation Revenues % EBITDAR (aggregated) % margin % % + 8.1% EBITDA % margin % % +2.1% Net debt (excl. SWAP) % 44

45 Stockholding Number of shares 26,070,846 Generali 5% GCE 5% THS 5% Other 22% Eurazeo 63% Average vomume per day 1 month 3 months 6 months 17,521 11,784 6,914 45

46 Indexation Applicable at lease anniversary Retail New French index ILC: official since November 4th 2008 Calculated by INSEE (French Statistic Agency) from 3 others index : 1) French Consumer Price Consumption (CPI for 50 %) ; 2) French Construction Cost Index (CCI for 25 %) 3) Retail turnover index (ICAV pour 25 %) Option to the landlord and the tenant for either CCI or ILC Implementation at ANF New retail leases: ILC Current retail leases: Shift from CCI to ILC when rents renewed at market level Offices indexed at CCI Residential indexed at IRL CCI Evolution B&B Hotels Indexed at 5,62% as of November 1st 2008 Shift to ILC next lease anniversary Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Chnge CCI 1,497 1,562 1,594 1,523 1, % ILC % IRL % 46

47 Corporate governance Patrick Sayer (vice-président) Delphine Abellard Philippe Audouin Sébastien Bazin Jean-Luc Bret Bruno Bonnel Supervisory Board Alain Hagelauer, Président Executive Board Bruno Keller, Chairman Xavier de Lacoste Lareymondie, CEO Brigitte Perinetti Ghislaine Seguin Eric Le Gentil Alain Lemaire Philippe Monnier Jean-Pierre Richardson Henri Saint Olive Théodore Zarifi Audit Committee Philippe Audouin, Théodore Zarifi, Henri Saint Olive Remuneration and Selection Committee Patrick Sayer, Sébastien Bazin, Philippe Monnier Property Committee Patrick Sayer, Sébastien Bazin, Jean-Luc Bret, Philippe Monnier ANF headcount 53 Management 4 Property mgmt 12 Development 15 Accounting 15 Support 8 47

48 Compensation scheme historic Maximum number of share attributed 2006 Free share plan Stock Stock Bruno Keller 24, ,793 56,966 62,108 Xavier de Lacoste Lareymondie 13,246 65,887 25,534 37,105 Brigitte Perinetti 2,109 10, ,483 Ghislaine Seguin ,787 Executive Board 39, ,163 85, ,083 Staff 17,647 87,758 22,708 27,270 Total 57, , , ,353 48

49