ALTAREA COGEDIM at MAPIC 2012 (Stand 20.02, level 01): CONTINUED PURSUIT OF THE RESPOSITIONING STRATEGY AND MULTI-CHANNEL APPROACH

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1 PRESS RELEASE 2012, the 13 th of November ALTAREA COGEDIM at MAPIC 2012 (Stand 20.02, level 01): CONTINUED PURSUIT OF THE RESPOSITIONING STRATEGY AND MULTI-CHANNEL APPROACH Altarea Cogedim, a multi-product developer and property company specializing in shopping centers, will be present at Mapic 2012 to exhibit projects currently under development and in the marketing phase. France s third largest retail-property company, Altarea Cogedim ensures steady asset growth through developing projects internally and making opportunistic acquisitions. The Group s investment pipeline amounts to 855 million, or more than 2,670,000 ft² (248,000 m²) in development potential. Nearly 90% of pipeline projects are located in geographic areas with strong demographic growth (Paris Region, Southeast France and Northern Italy). The Group focuses on two formats that accommodate changes in consumer trends by combining retail and entertainment: large regional shopping centers and the Family Village concept. With developments, redevelopments, and arbitrage, Altarea Cogedim's strategy is evolving. The Group s goal is to build a portfolio focused on larger assets. In four years, it aims to have shopping centers with an average value of 100 million, compared to the 46 assets worth an average of 70 million it currently holds. The Group aspires to a retail-property portfolio of between 3 and 3.5 billion by Altarea Cogedim confirms a strategic position in e-commerce through the acquisition of a leading online retailer, Rue du Commerce. This acquisition will provide a vehicle to boost the Group's growth through both the development of the online activity and synergies with brick-and-mortar retail. "Visitor numbers at shopping centers are on the rise. Nonetheless, we must not lose sight of current changes in consumer behavior. The success of shopping centers relies on maintaining the fundamentals of commercial property (location, accessibility, needs of the catchment area, retailer diversity, etc.) and strengthening knowledge of the end customer. This proximity comes out in our ability to develop crosscutting methods of getting to know consumers, whether it be through their Smartphones, on the internet or in our shopping centers. Knowing our customers lets us offer them products and services in line with their needs. By strengthening our ties to Rue du Commerce, we are affirming our ambition to blend brickand-mortar and online retail. Finally, we believe in the winning synergy between retail and entertainment. After Bercy Village and Carré de Soie, we are continuing today with Villeneuve-la-Garenne and Toulon- La-Valette, an entertainment offering that includes movie theatres, food service and leisure spaces complete with new technologies " stated Gilles Boissonnet, Chairman of the Management Board of Altarea France. 8 avenue Delcassé Paris T. +33 (0) F. +33 (0)

2 "BRICK-AND-MORTAR" RETAIL Focusing on strategically located regional shopping centers Altarea Cogedim plans to adhere to its investment plan in 2012, through management that is both dynamic and risk sensitive. To carry out certain large projects, the Group has entered into co-investment agreements: Villeneuve-la-Garenne regional shopping center (opening expected in late 2013) The regional shopping center in Villeneuve-la-Garenne is completing the marketing phase for its 926,000 ft² (86,000m²) of leasable surface area, which will host domestic and international retailers. The center will be home to Carrefour hypermarket (237,000 ft² or 22,000m²), Marks & Spencer (nearly 54,000 ft² or 5,000 m²), H&M (21,500 ft² or 2,000m²), C&A (21,500 ft² or 2,000 m²), Zara, Bershka, JD Sport, Mango, Sephora, Kiko, Guess and more. In a prime Hauts-de-Seine location where Highway A86 crosses the Seine, only four kilometers from Paris, the shopping center offers unbeatable convenience for a regional market of 1,000,000 residents. Its catchment area includes one million inhabitants and extends over the départements of Hauts-de-Seine, Seine, Saint-Denis and Val-d Oise, where robust population growth is expected to reach 9% by With 170 shops and restaurants, panoramic terraces overlooking the Seine, and 3,000 free parking spaces, the shopping center will open at the end of Cap 3000 regional shopping center Saint-Laurent-du-Var Cap 3000 in Saint-Laurent-du-Var is among France's ten largest shopping centers. It hosts France's third largest Apple Store and the second largest outlet of a national pharmacy chain. Since this summer, Cap 3000 has hosted a new, 32,000-ft² (3,000m²) refurbished mall with 12 new retailers and restaurants, including Desigual (7,550 ft² or 700m²), American Vintage, Comptoir des Cotonniers, Sud Express, Massimo Dutti, G-Star, Zapa, Préférences, Starbucks, Muze (concept store) and Misaki (pearl jewelry). Promenade de Flandre regional retail space Roncq (opening expected in late 2014) Promenade de Flandre, with 646,000 ft² (60,000m²) of leasable surface area near the Belgian border, will be developed in partnership with Immochan. Promenade de Flandre is located in a designated development zone (ZAC) next to one of the busiest Auchan hypermarkets in France. Dedicated primarily to household goods, leisure products and clothing retailers, the shopping center will host five department stores, as well as medium-sized stores, shops and restaurants. The site will be easily accessible by car or bus. The outdoor mall will feature a closed-loop pedestrian pathway with food courts. On busy days, 800 parking spaces will be opened in addition to the 1,200 spaces in the main parking lot. Many services will be available, such as wi-fi and interactive terminals. Designed by Wilmotte & Associés, this regional retail space serves a catchment area of 1,880,000 inhabitants, including 1,140,000 in France and 740,000 in Belgium. 2

3 Les Hunaudières shopping center Ruaudin (Le Mans) / Phase 2 A Family Village plus a shopping center is the winning formula offered at Sud du Mans, where Altarea Cogedim is developing an indoor mall with 376,500 ft² (35,000m²) of leasable surface area. This project comes in addition to the existing Family Village of 310,000 ft² (28,830m²), for a total regional retail offering of 686,500 ft² (63,830m²) of leasable surface area. A number of retailers have already signed leases: Auchan (hypermarket), Gemo, Chaussea, Acuitis, Grand Optical, Formul, Bleu Libellule, Jean-Louis David, Shampoo and others. The mall will also feature several theme restaurants, medium-sized stores and nearly 50 shops. A new parking lot with 1,400 spaces will supplement the Family Village parking lot s 1,200 spaces. The shopping center will rebalance the northern and southern portions of the Le Mans retail market by filling gaps in food, clothing, and beauty products. This Family Village occupies an internationally known site on a major road: the Ligne Droite des Hunaudières, part of the 24 Hours of Le Mans circuit linking Le Mans and Tours. Ongoing deployment of the Family Village concept The Family Village concept developed by Altarea Cogedim at the beginning of the century provides a quality approach to edge-of-town retail. These outdoor shopping centers have a large stake in the local environment, with carefully planned architecture, quality mass-market products, events organized by the lessor and a uniform identity. They require high-quality locations and targeted catchment areas. After the stunning success of the four already opened in Limoges, Thiais, Aubergenville and Ruaudin (Le Mans), Altarea Cogedim is currently developing a Family Village in Nîmes. Costières Sud Family Village Nîmes (opening in H1 2013) With a prime location next to Nîmes s newest retail facilities - the Cap Costières Géant Casino and 72- store mall, and Carré Sud - this Family Village offers a wide range of complementary retailers on 294,000 ft² (27,320m²). The Family Village targets a regional market of 400,000 inhabitants, 210,000 of whom are less than 20 minutes away by car. The location is ideal, conveniently accessible by highways A54 (leading to Aix-en-Provence) and A9 (linking Montpellier and Avignon), and is near one of the city center s major thoroughfares. It will also be accessible by public transport. This edge-of-town retail center corresponds to the Family Village concept: an outdoor mall with a thoughtfully designed landscape and terraces. It hosts local retailers of various sizes, from 750 ft² (70m²) to 75,000 ft² (7,000m²), including Décathlon, Boulanger and Kiabi, along with mixed merchandising. Among its 21 retailers, this Family Village includes medium-sized shops that cater to all family needs: sports and leisure products, household goods and clothing. Four restaurants (eat in or take-out) and 1,250 parking spaces round out the offering. 3

4 A new shopping experience that combines retail and entertainment Since its creation, the Group has developed projects for shopping centers that combine traditional retail and entertainment concepts. By redefining the shopping experience, Altarea has sustained its original model. A backdrop for everyday life, the new shopping center provides opportunities for encounters of every kind. Shopping center Toulon-La Valette The Toulon-La Valette shopping center is a crossroads of retail and entertainment. Trendy boutiques, entertainment facilities and a California flair are among the center s many attractions. Designed by Wilmotte & Associés as an outdoor shopping center, the Toulon-La Valette site will feature 550,000 ft² (50,000 m²) of leasable surface area with a 16-screen Gaumont-Pathé multiplex, 12 medium-sized stores, 60 shops and stands, 20 theme restaurants with outdoor patios and 1,500 free parking spaces. A number of retailers have already signed leases: C&A, Chevignon, Celio (megastore), Kookaï, Jules, Beryl, Sergent Major, Foot Locker, Bose, Acuitis and others. This shopping center is part of a vast mixed-use urban renewal project over 861,000 ft² (80,000m²) that will host a 120-room hotel, 86,000 ft² (8,000m²) of office space, some 250 residences and more than 538,000 ft² (50,000m²) of leasable retail surface area. In addition, nearly 500 acres (200 hectares) will be redeveloped throughout the zone. There is no doubt of the retail potential of this area, located at the heart of one of the most vigorous retail markets in southern France. Yet another advantage is the shopping center's convenient access by several highways and a public transportation network. This shopping center serves a catchment area of 700,000 inhabitants, including 600,000 year-round residents and 100,000 summer visitors. Bercy Village Paris, 12 th arrondissement (2012) Bercy Village is celebrating its 10 th anniversary. In honor of the occasion, the leading French retail-entertainment center, located at the Cour Saint-Émilion in Paris s 12 th arrondissement, is pleased to welcome ten new retailers to mark ten years of culture and retail. In addition to Fnac, which is opening its 43,000-ft² (4,000-m²) eastern Paris flagship store in early July, the ten new retailers at Bercy Village are Factory & co, Espressamente Illy, Dammann Frères, Casa del Campo, Adam s, Eric Kayser, Nicolas, Boco, ID Kids and La Chaise Longue. In addition, Bercy Village's 2012 cultural programming is even more rich and diverse: the Denis Darzacq photo exhibition from September to December Massy Place du Grand Ouest Along with the Christian and Elizabeth de Portzamparc agencies, Altarea Cogedim has been awarded the contract for construction of the new Atlantis Grand Ouest district in Massy. This mixed-use project will develop 1,076,000 ft² (100,000m²) of leasable surface area in one of the most dynamic centers of southern Greater Paris. As the sole developer, acting as both overall project manager and minority investor, Altarea Cogedim is to build nearly 900 homes, 550 public parking spaces, a 150-room hotel, a convention center complete with a 600-seat amphitheatre managed by Eurosites, a 12- screen multiplex cinema, a pre-school and 86,000 ft² (8,000m²) of local shops and restaurants. As part of an exchange platform used for the Grand Paris project, Atlantis Grand Ouest will benefit from traffic from the TGV high-speed train line, the RER B and C regional rail lines, and in 2023 from the Grand Paris Express station. More than an urban hub, the Atlantis district will place Massy at the heart of southern Greater Paris. 4

5 Ponte Parodi Genoa, Italy (opening expected in 2015) Ponte Parodi is a major retail-entertainment project that completes the revitalization program for the historic port of Genoa (Liguria). The architectural firm Unstudio Van Berkel & Bos, winner of an international competition, developed the original concept for the renovation of this 721,000-ft² (67,000-m²) urban industrial site. Ponte Parodi, a multifunctional hub extending over 460,000 ft² (42,700 m²), will offer Genoa's inhabitants and tourists trendy shopping areas, recreational and cultural activities, a large urban fitness center with a climbing wall, an auditorium, exhibition spaces and a terminal for large cruise ships (capacity of more than 4,000 passengers). In addition, for the first time in Europe, a roof of just under 5 acres (2 hectares) will provide a landscaped area and walkway between the city and the sea. More than 15 million visitors are expected every year. Optimizing the appeal of existing sites As part of its asset-management activities, the Group continues to focus on increasing the value of existing shopping centers through refurbishment and expansion projects. These investments, carried out both on the Group's own account and for third parties, represent a gross leasable area of more than 1,884,000 ft² (175,000m²) and more than 500 long and short-term commercial leases. Overall managed rental volume comes to 40 million, while renovation expenses and property charges account for approximately 10 million. Efforts over the past four years have focused on boosting the attractiveness of existing shopping centers in order to ensure optimal returns on assets. Massy shopping center The Massy (formerly X%) shopping center is to be fully remodeled. The 71,100 ft² (6,606m²) of additional sales floors will bring the total to 667,000 ft² (25,000m²) GLA, increasing the number of shops and restaurants near the Cora hypermarket from 60 to nearly 80. Altarea Cogedim plans to create a standard-setting retail area covering nearly 753,500 ft² (70,000m²) and including Leroy Merlin and Cora. It will also feature mainstream positioning, as well as architecture by Jean-Paul Viguier. The shopping center will be located in a neighborhood undergoing refurbishment, where more than 6,000 homes will be built and where several major groups (Carrefour, Safran-Sagem, Sanofi, Alstom, Thalès, etc.) have chosen to establish their head offices. Espace Gramont - Toulouse With more than 80 shops and restaurants, this shopping center finalizes its 54,000 ft² (5,000m²) extension, bringing its retail offering to more than 479,000 ft² (44,500 m²). Since September, it has been home to some 20 new shops, including Bouygues Télécom, Devred, Companero, Body minute, Cœur de blé, Kiko, Maroquinerie Lafarge, Alain Afflelou, Adidas, The Shop, Tokami Restaurant, Fresh Burger Restaurant, Photomaton and Brandstore. In addition to these changes, the Auchan hypermarket will be expanded and a 1,200-space parking facility will be added. This site enjoys considerable advantages: it hosts the only Auchan hypermarket in the metropolitan area and is easily accessible by metro and the highway. By the end of the year, the Espace Gramont will have some 15 new shops and restaurants. Jas-de-Bouffan Aix-en-Provence This project consists of renovating and enlarging the shopping mall built nearly 30 years ago, once again making it a benchmark in its catchment area and in Aix-en-Provence, whose metropolitan area is experiencing substantial growth. The existing mall will be renovated and a 54,000-ft² (5,000m²) extension will be built by Altarea Cogedim and Immobilière Groupe Casino in a joint venture. No fewer than 25 new shops (interior decoration, leisure and fashion) will be opened in two stages, the first in September 2013 and the second in late 2014, for a total of 62 shops covering nearly 129,000 ft² (12,000m²). 5

6 ONLINE RETAIL Altarea Cogedim, the leading multi-channel property company With the growing influence of internet and mobile technology (Smartphones, tablets), Altarea Cogedim has chosen to develop a unique "click-and-mortar" model by acquiring Rue du Commerce, a leading French online retailer. Rue du Commerce will provide a vehicle to drive Group growth through the development of its own activity and through synergies with brick-and-mortar retail. With 380 million in business volume, traffic of between six million and eight million unique visitors per month, and an online catalog of two million products, Rue du Commerce is one of France's top-ten online retailers. Its business model is similar to that of a shopping center, with an average commission rate of 8.9%, which compares favorably with the cost-effectiveness ratio of brick-and-mortar shopping centers. By joining forces with Rue du Commerce, Altarea Cogedim aims to triple revenue from online retail within five years, reaching 1 billion. The Group is also adding new resources to better identify end customers, by incorporating internetrelated technologies into its shopping centers. Through new marketing approaches, the Group will be able to offer customers increasingly targeted products and services, whether online or in stores. With a controlled investment of 100 million (4% of assets), Altarea Cogedim has jumped ahead of the pack to invent an innovative multi-channel business model. Once again the Group has pioneered new approaches to retail, this time with a cutting-edge vision of consumer spaces. About Altarea Cogedim Altarea Cogedim is a leading property group. As both a commercial land owner and developer, it operates in all three classes of property assets: retail, residential and offices. It has the required know-how in each sector to design, develop, commercialize and manage made-to-measure property products. By acquiring Rue du Commerce, a leader in e-commerce in France, Altarea Cogedim became the first multi-channel property company. With operations in France, Spain and Italy, Altarea Cogedim had a shopping center portfolio of 2.5 billion. Listed on section A of NYSE Euronext Paris, Altarea currently has a market capitalization of 1.3 billion. Contacts: Nathalie Bardin Director of Communication / nbardin@altareacogedim.com Valérie Jardat Côté Jardat Agency / valerie.jardat@cote-jardat.fr 6