Icade : 3rd Quarter 2013 Business Activity: Turnover Up

  Icade : 3rd Quarter 2013 Business Activity: Turnover Up

   *First quarterly results since the incorporation of Silic on 22 July 2013
  *13.2% increase in rental income based on the current scope
                         (+1.4% on a like-for-like basis)
  *8% increase in residential property development turnover, despite a
                                 sluggish market
  *Optimisation of financing through a 800 million euro bond issue with an
    all-in coupon rate of 2.8%

Business Wire

PARIS -- October 24, 2013

Regulatory News :

Icade (Paris:ICAD) :

COMBINATION WITH SILIC

Publication by the AMF of the results of Icade’s public offer for Silic means
that, following payment-delivery of the re-opened offer, Icade owns
16,365,684Silic shares, representing 93.26% of Silic’s share capital and
voting rights, as well as 99,520 ORNANE convertible bonds issued by Silic.

As a result, Icade now includes Silic in its consolidated financial statements
from 22 July 2013.

On 15 October 2013, the Boards of Directors of Icade and Silic approved the
merger of Silic by Icade. The merger parity was identical to that of the
public offer, i.e. five Icade shares for four Silic shares.

OPERATIONAL ACTIVITY

Consolidated turnover as at 30 September 2013 stood at 1,102 million euros, up
9% compared with 30 September 2012. This represents an increase of 7% on a
like-for-like basis.

PROPERTY INVESTMENT DIVISION

  *The Commercial Property Investment Division’s turnover increased by 15% as
    a result of incorporation of Silic’s rental income into Icade’s
    consolidation scope since 22 July 2013, completed acquisitions and
    deliveries of assets and also marketing operations carried out in 2012 and
    2013;
  *The EQHO tower was delivered in July 2013 and continues to be actively
    marketed;
  *Icade Santé acquired the Saint-Louis clinic in Poissy from the Vedici
    Group for 18 million euros at the start of October 2013;
  *Also, as part of its policy to rotate its strategic assets, the sale of
    the La Factory building in Boulogne-Billancourt to a leading investor was
    completed in August 2013, for 103million euros;

PROPERTY DEVELOPMENT DIVISION

  *Despite a sluggish market, confirmed by a reduction in the number of
    reservations during the current financial year (-10%), the residential
    property development business saw an 8% increase in turnover due to the
    launch of new large-scale developments during the period (Paris 19
    MacDonald – 1,125 lots);
  *The increase in turnover for the commercial property development business
    (+12% compared with the 3^rd quarter of 2012) reflects the increase in the
    number of new developments launched in 2012 (North-East Paris offices, ZAC
    de Rungis Paris 13, ^ etc.);
  *The property development business's backlog (1,083 million euros) was
    stable compared with 31 December 2012 while there was a decrease of 40%
    decrease in the commercial property development business's backlog (304
    million euros) following the launch in 2012 of developments marketed in
    the 2^ndhalf of 2011.

SERVICES DIVISION

  *Given the continued low level of transactions over the quarter, services
    turnover decreased by 1.2% on a like-for-like basis. The business
    disposals carried out in 2012 and early 2013 have led to an overall fall
    of 25% in the services division's turnover.

FINANCING STRATEGY

Icade pursued its policy of optimising its financial structure with the aim of
diversifying funding sources, extending the average term and reducing the
average cost of debt.

In September 2013, for instance, having obtained a BBB+ (outlook stable)
rating from Standard & Poor’s, Icade placed two loans which have been vastly
over-subscribed by high-standing European investors and which perfectly suited
the Group's debt curve: one for 500million euros over 5 years 4 months with a
100bp spread over the reference rate, and the other for 300million euros over
10 years with a 135bp spread, with an overall coupon rate of approximately
2.8%.

CONSOLIDATED TURNOVER

As at 30 September 2013, Icade’s consolidated turnover increased by 8.5% to
1,102.3 million euros, compared with 1,015.7 million euros as at 30 September
2012. This represents an increase of 7.5% on a like-for-like basis.

(in millions of      30/09/2013  30/09/2012  Change  Change on a
euros)                                                   like-for-like basis
Property investment  335.4       296.3       39.1    4.2
Development           752.0        700.0        52.1     66.4
Services              34.8         46.5         (11.7)   (0.5)
Other (*)            (19.9)      (27.1)      7.2     5.9
Total revenues       1,102.3     1,015.7     86.6    76.0

(*) The “Other” activities consist of what Icade Group calls its “head office”
charges and eliminations of Icade’s intra-group operations.

PROPERTY INVESTMENT DIVISION

1. Turnover and rental income

The turnover of the Property Investment Division was 335.4 million euros as at
30 September 2013, up by 13.2% compared with 30 September 2012.

Revenue                                                         Change on a
                 30/09/2013  30/09/2012  Change  Change    like-for-like
(in millions of                                      (%)        basis (%)
euros)
Offices in       98.7        95.2        3.4     3.6%      0.1%
France (*)
Business Parks   97.3        71.1        26.2    36.9%     4.9%
(*)
Strategic
assets           196.0       166.3       29.6    17.8%     2.2%
portfolio
Shops and
shopping          19.4         18.8         0.5      2.9%       2.9%
centres
Healthcare       91.4        66.0        25.5    38.6%     3.3%
Alternative
assets           110.8       84.8        26.0    30.7%     3.2%
portfolio
                                                      
Non-strategic
assets           29.4        45.6        (16.2)  (35.5)%   (3.6)%
portfolio
Investment
intra-group      (0.8)       (0.4)       (0.4)            
businesses
Property
Investment       335.4       296.3       39.1    13.2%     1.4%
Division

(*) including revenue from Silic from 22 July 2013

Rental income is up 4.2 million euros on a like-for-like basis compared with
30 September 2012.

Rental Income                Acquisitions/   Disposals/                 Rental
(in millions   30/09/2012  deliveries     restructuring  Indexing  business  30/09/2013
of euros)
Offices in     94.4        12.3           (9.1)          1.7       (0.7)     98.7
France (*)
Business       71.1        23.4           (0.6)          2.4       (0.5)     95.8
Parks (*)
Strategic
assets         165.5       35.8           (9.7)          4.2       (1.2)     194.5
portfolio
Shops and
shopping        18.8                                         0.7        (0.1)      19.4
centres
Healthcare     66.0        23.3                         2.1       0.1       91.4
Alternative
assets         84.8        23.3                         2.8       0.0       110.8
portfolio
                                                                       
Non-strategic
assets         45.1                      (14.4)         0.2       (1.5)     29.4
portfolio
Investment
intra-group                                                    (0.1)     (0.1)
businesses
Property
Investment     295.3       59.1           (24.1)         7.1       (2.8)     334.6
Division -
Rental Income
Other          1.0                                              (0.2)     0.8
Revenues
Property
Investment     296.3       59.1           (24.1)         7.1       (3.0)     335.4
Division -
Revenue

(*) including rental revenue from Silic (included in the scope from 22 July
2013)

Acquisitions and deliveries of assets generated an additional 59.1 million
euros in income compared with September 2012. This can basically be broken
down as follows:

  *Silic’s rental revenues were posted in the
    "Acquisitions/deliveries"category. They cover the period from 22 July
    2013 to 30September 2013. They represent 23.4 million euros in the
    Business Parks segment and 11.8 million euros in the Offices
    Francesector;
  *Investments made by Icade Santé, which has acquired 15 new clinics since
    June 2012, generating 20.3 million euros in additional revenue during the
    first three quarters of 2013. Similarly, the work to extend existing
    clinics created 3 million euros in additional rent at the end of
    September.

Disposals and restructuring caused a rental loss of 24.1 million euros. These
mainly relate to non-strategic disposals (logistics platforms, housing units
and Germany) while the loss of rents resulted from the disposal of the
building in Avenue de Messine at the end of 2012.

Rental business (renting, re-rentals, renewals and departures) generated a
fall of 2.8 million euros in income, mainly explained by the following
factors:

  *a 1.2 million euro fall in revenue from strategic and alternative assets,
    mainly resulting from the departure of the tenant Scor at the end of 2012
    from the PB5 tower in La Défense. Almost 40% of surface areas are
    currently off the market for refurbishment. The remainder were re-let
    during the period.
  *a 1.5 million euro fall in revenue from non-strategic assets due to
    departing tenants and lease renewals.

2. Rental business

              Leasable     Leased                   Index-linked      Fixed
              surface      surface      Financial   IFRS rental       lease
Classes of   area        area        occupancy  income (in       residual
assets                                  rate        millions of       duration
              (m^2)        (m^2)                    euros)            (years)
                                                                      ^(b)
Offices in   541,085     449,585     82.6%      176.3.^(a)       4.3
France
Business     1,441,769   1,249,686   88.2%      215.6            3.0
Parks
Retail and
Shopping     211,374     208,205     96.5%      24.6             4.5
centres
Shopping      53,510       50,341       94.1%       14.6              2.1
centres
Mr.
Bricolage    157,864     157,864     100.0%     10.0             8.1
stores
Healthcare   860,569     860,569     100.0%     127.3            9.1
Warehouses   165,458     117,045     67.7%      4.3              1.4
Offices in   75,962      68,898      93.8%      11.2             7.8
Germany
COMMERCIAL
PROPERTY     3,296,216   2,953,988   89.0%      559.2            5.0
INVESTMENT

(a) Including 5.8 million euros in revenue from four PPPs that are
consolidated but are not included in the other indicators.
(b) All of the rents collected for the term of the lease.

The financial occupancy rate was 89.0% at 30 September 2013, down almost 7
points compared with 30 June 2013 due to:

  *delivery at the start of July of the Eqho tower (79,000 m²)
  *incorporation of Silic’s assets into management indicators from 22 July
    2013. Like Icade, Silic reserves the right to maintain deliberate
    vacancies in its Business Parks in order to allow a degree of flexibility
    in terms of asset management.

New signings

Since the start of 2013, Icade signed 56 new leases, relating to nearly
34,800m^2 (including 20,500m² of strategic assets) and representing 7.8
million euros in annualised rents.

The main signatures in the 3^rd quarter of 2013 were:

  *29% of the vacant surface areas in the Le Beauvaisis building in the Parc
    du Pont de Flandre to Euro Cargo Bail (3,550 m^2 – start date 1 January
    2014);
  *a unit in the Saint Quentin Fallavier warehouse to Merkancia (start date
    23 September 2013) and a further unit to LDLC (start date 1 June 2013);
  *839 m^2 in the Cézanne building in Saint Denis to Systra (start date 15
    September 2013).

Renewals

Icade has continued with its rental policy of offering its key tenants renewal
of their leases in order to secure sustained cash flows. This led to the
signing of 12 leases relating to 23,900 m² and the securing of almost 3.0
million euros for an average fixed term of eight years.

Tenant departures

As at 30 September 2013, departures corresponded to 61 leases (32,100 m²) and
a 4.3 million euros loss in annualised rent.

In terms of strategic assets, departures amounted to 47 leases for 19,100 m²
in surface area and 2.8million euros in loss of rent.

Lease expirations by business

As at 30 September 2013, the average fixed lease term is 5.0 years, compared
with 6.4 years at 31December 2012, due to incorporation of Silic’s assets
into Icade’s consolidation scope.

3. Investments

Icade has continued to add value to its assets in order to increase the
generation of cash flows. Investments amounted to 246.5 million euros  in the
first nine months of the year.

                        Asset          Asset            Construction   Renovation/
Assets         Total  acquisitions  refurbishments  extensions    major
                                                                       maintenance
Offices in     67.1                 39.4            23.3          4.5
France
Business       53.7                2.8             35.9          15.0
Parks
Strategic
assets         120.8               42.1            59.2          19.4
portfolio
Shops and
Shopping        1.4                                                    1.4
centres
Healthcare     119.6  110.6                        8.1           0.9
Alternative
assets         121.0  110.6                        8.1           2.3
portfolio
                                                             
Non-strategic
assets         4.7                                             4.7
portfolio
                                                             
Property
Investment     246.5  110.6         42.1            67.3          26.4
Division

Asset restructuring: mainly concerned offices, with restructuring work on the
EQHO tower (32.7million euros) and the PB5 tower (6.6 million euros). The
EQHO tower was delivered at the start of July 2013.

Constructions & extensions of assets: Investments primarily concerned:

  *offices for 23.3 million euros, comprising construction expenses for Silic
    office buildings, including 19.4 million euros for the "Sisley" building
    in Saint Denis and 3.4 million euros in studies relating to the Campus
    project in La Défense;
  *business parks for 35.9 million euros, including construction expenses for
    Le Millénaire 3 (22.9 million euros), the Veolia headquarters (7.9 million
    euros) and construction of Silic’s buildings (1.5 million euros for Le
    Brahms building and 2.5 million euros for Le Quebec);
  *Icade Santé’s constructions accounted for 8.1 million euros, with the
    extension of the Hôpital Privé Paul Egine (5.8 million euros), the
    Clinique de l’Occitanie (1 million euros) and the Clinique François
    Chenieux (0.9 million euros). This work is the result of the owner’s
    contractual obligations and will lead to a rent supplement on delivery.

Asset acquisitions:

  *Healthcare: Since the start of 2013, Icade Santé has acquired three
    clinics and an extension for 110.6 million euros. The Clinique de l’Union
    was acquired for 33.8 million euros, the Hôpital Privé de la Loire for
    58.4 million euros, the Polyclinique des Fleurs for 12.6 million euros and
    the extension of the Le Maquisat centre for 4.5 million euros.

Furthermore, at the start of October 2013, Icade Santé acquired the Clinique
Saint-Louis in Poissy for 18 million euros.

Renovations and Major Maintenance: mainly refer to the expenses of renovation
work on Business Parks and accompanying measures (leaseholder work).

4. Arbitrage

Disposals carried out in the 3^rd quarter of 2013 represented 134.4 million
euros,bringing the total for disposals in 2013 to 398 million euros.

These included:

  *the sale in August 2013 of the La Factory building in Boulogne-Billancourt
    with a surface area of 13,800 m² for 103.0 million euros;
  *the sale in July 2013 of the Ris-Orangis warehouse, with a surface area of
    9,600 m^2 environ for 4.6 million euros;
  *the sale in July 2013 of a warehouse in Cholet with a surface area of
    approximately 6,900m² for 1.0 million euros;
  *the sale in September 2013 of a plot of land in Munich with a surface area
    of 7,000 m² for 19.3 million euros;
  *the sale of 55 individual housing units for 6.1 million euros. The
    Residential Property Division's assets stand at 3,292 lots as at 30
    September 2013.

PROPERTY DEVELOPMENT DIVISION

The Property Development division achieved a turnover of 752.0 million euros
as at 30 September 2013, up 7.4% compared with 30 September 2012. This
represents an increase of 9.5% on a like-for-like basis.

Revenue
                30/09/2013  30/09/2012 after  Reclassifications  30/09/2012  Change
(in millions                  reclassification   (**)                published    (%)
of euros)
Residential
Property        491.4       454.4             0.0                454.4       8.1%
Development
Commercial
Property         260.7        232.2              (19.5)              251.7        12.3%
Development
PNE              0.0          0.0                (12.7)              12.7         0.0%
Development
Inter-business   0.0          (1.0)              17.8                (18.8)       N/A
Development
Businesses      0.0         14.4              14.4               0.0         N/A
Sold
Revenue (*)     752.0       700.0             0.0                700.0       7.4%

(*) Revenue based on progress, after inclusion of the commercial progress and
work progress of each operation.
(**) Transfer in 2013 of the businesses sold (Icade Arcoba, Icade Sethri,
Icade Gestec and SAS PNE) to the "Businesses Sold” row following the sale of
these entities in the 1^st half of 2013.

1. Residential Property Development

Main indicators (in millions of euros)  30/09/2013  30/09/2012  Change in %
Reservations                                                   
. in numbers (housing units and lots)    2,608        3,378        (22.8)%
. in value (millions of euros)           571.0        631.3        (9.6)%
Closed sales
. in numbers (housing units and lots)    2,233        1,817        22.9%
. in value (millions of euros)           490.5        381.5        28.6%
Unsold properties
. in numbers (housing units and lots)    55           58           (5.2)%
. in value (millions of euros)           11.5         10.8         6.5%
Withdrawal rate                          25.9%        17.2%        50.1%
Disposal rate                            6.5%         7.3%         (10.8)%
Property portfolio
. in numbers (housing units and lots)    6,598        6,857        (3.8)%
. in projected value                    1,457       1,525       (4.5)%

Leading management indicators as at 30 September 2013 confirm the slowdown in
the residential real-estate market.

Despite the record fall in interest rates, buyers remain reticent to purchase
for the following reasons:

  *the effect of excessive government announcements (particularly tax
    reforms);
  *perceived difficulty accessing bank loans;
  *economic uncertainty and tax rises.

Despite this context, turnover from the residential property development
business stood at 491.4million euros as at 30September 2013, up 8.1%
compared with 30 September 2012, thereby confirming the forecast for 2013.

As at 30 September 2013, reservations stood at 2,608 lots (855 of which,
approximately 33%, were reserved in block by institutional investors) for
turnover of 571 million euros, compared with 3,378 lots for 631.3 million
euros as at 30 September 2012, representing a 22.8% decrease in the number of
lots and a 9.6% decrease in amount.

Institutional investors represent 35.5% of total reservations in 2013 compared
with 40.8% as at 31December 2012. The diversity of its customer portfolio
allows Icade to be less dependent on tax schemes reserved for private
investors.

The level of unsold stock remains low at 55 lots for 11.5 million euros
compared with 58 lots as at 30 September 2012, representing 10.8 million
euros.

The backlog for the residential property business is down 4.9% compared with
30 September 2012 and stood at 1,082.6 million euros at 30 September 2013.
This represents almost stable compared with 31 December 2012.

2. Commercial property development (offices, shopping centres and
public/healthcare)

Turnover from the commercial property development business (offices, shopping
centres and public-healthcare) amounts to 260.7 million euros as at 30
September 2013, i.e. a rise of 12.3% compared with 30 September 2012.

This increase in business can be explained by the increase in the number of
new office construction developments launched in 2012:

In the Ile-de-France region,

  *the Paris North East (PNE) project’s offices for BNP-PARIBAS;
  *the "Le Garance" project in Paris 20^th for RATP;
  *the “Sisley” project in Saint-Denis for SILIC;
  *the "ZAC de Rungis" in Paris 13^th for Banque Populaire Rives de Paris.

In the regions,

  *in Lyon Nexans, "Opale" for ARKEA;
  *in Lille, the "250 Avenue de la République" building for SCPI NOTAPIERRE-
    UNIFO;
  *in Nantes, "Viviani" for the City of Nantes and the Loire-Atlantique
    General Council;
  *in Orléans, "Îlot Calvin" for Société Immobilière Lemeunier Lelièvre/CDC;
  *in Toulon, “AGPM” for SCP AGPM;

As at 30 September 2013, the following projects were delivered:

  *in Guyancourt, “Le Start” for SAS Coligny;
  *in Lyon Nexans, "Ambre" for ARKEA;
  *In Bordeaux, "Prélude"for UFG.

This sharp increase in the commercial offices businessoffsets a reduction in
the "Public amenities and Healthcare" business linked to the delivery at the
end of 2012 and since 1 January 2013 of:

  *the Dijon Mutualité residential home for the elderly (Côte-d'Or) for
    Mutualité Française;
  *the Lahonce services centre (Pyrénées-Atlantiques) for Caisse d’Epargne;
  *the Centre Paroissial and accommodation in Veigne (Indre-et-Loire) for the
    Association Diocésaine Val Touraine Habitat;
  *a school in Monnaie (Indre-et-Loire) for the JCLTcharity;
  *housing units in Chevilly-Larue (Val-de-Marne) for AMUNDI;
  *a residence for APSA in Poitiers (Vienne);
  *the MuCEM Conservation Centre in Marseilles (Bouches-du-Rhône) as a PPP;
  *planned delivery at the end of 2013 of the project to renovate the Zoo de
    Vincennes in Paris 12^th as a PPP.

The main “Public amenities and Healthcare” projects agreed in 2013 are:

  *Saint-Nazaire (9,934 m² physical medicine and rehabilitation centre);
  *Beaumont-Hague (Manche) (2,703 m² residential home for the elderly);
  *Saint-Jean Plats de Corts (4,792 m² residential home for the elderly).

The commercial property development backlog decreased 45.7% compared with 30
September 2012, to stand at 304.1 million euros compared with 559.6 million
euros as at 30 September 2012. This reduction is mainly due to:

  *the delivery in the first nine months of the year of commercial offices
    developments and the increase in the number of new developments
    contributing to an increase in turnover;
  *For Public amenities and Healthcare, the delivery of a large number of
    developments.

Compared with 31 December 2012, the commercial property development backlog
has fallen 39.7%.

As at 30 September 2013, Icade’s project portfolio in the commercial property
and shops sector covered 825,815 m², consisting of 268,021 m² for projects
underway and 557,794 m² for projects at the initial development stage.

As at 30 September 2013, Icade's project portfolio in the “Public amenities
and Healthcare” development sector consisted of 283,443 m², with 99,298 m² of
projects underway (including 10,000 m² as PPP) and 184,145 m² of projects at
the initial development stage.

SERVICES DIVISION

Revenue (in millions of euros)         30/09/2013  30/09/2012  Change
Property Management                    23.1        24.9        (6.9)%
Consultancy and solutions               9.9          8.9          12.2%
O/w Icade Solutions Immobilière (ISI)   8.1          6.4          27.1%
O/w Others                              1.8          2.5          (26.2)%
Intra-business services                 (0.2)        (0.3)        (32.8)%
Businesses sold                        1.9         13.1        (85.3)%
Revenue                                34.8        46.5        (25.2)%

Revenues from the Services Division reached 34.8 million euros as at 30
September 2013 compared with 46.5 million euros as at 30 September 2012. This
change is mainly related to the effects of change in the scope. In fact, the
sales in 2012 of the subsidiary specialising in the management of student
residences, Icade Résidences Services, and in 2013 of the subsidiary
specialising in the management of security and remote surveillanceservices,
Suretis, has led to a loss in turnover of 11.2 million euros.

On a like-for-like basis, the revenue represents 32.9 million euros as at 30
September 2013, down 1.6% compared with 30 September 2013 (33.4 million
euros).

INTRA-GROUP ELIMINATIONS

Intra-group eliminations amounted to 28.5 million euros as at 30 September
2013, compared with 31.0 million euros as at 30 September 2012.

As at 30 September 2013, 9.0 million euros related to projects carried out by
the Property Development division for the Property Investment division
(compared with 12.2 million euros at 30September 2012). These mainly related
to the construction of the Millénaire 3, Veolia and Sisley project in
Saint-Denis.

FINANCING STRATEGY

During the summer of 2013, in tandem with the successful PEO for Silic, Icade
undertook a rating process and obtained a BBB+ (outlook stable) rating from
Standard & Poor’s, which was made public on 9 September, 2013.

Icade enjoyed particularly advantageous conditions for its inaugural market
bond issue, which involved placing two loans, for 5 years and 4 months and for
10 years. These vastly over-subscribed issues received a very positive
reception among investors, particularly reflected in the margins obtained.

The two issues were completed under the following conditions:

  *first loan of 500 million euros, over 5 years and 4 months with a 100bp
    spread over the reference rate (coupon rate 2.25%).
  *second loan of 300 million euros, over 10 years with a 135bp spread
    (coupon rate 3.375%).

This bond market fund-raising allows the Group to fulfil several objectives:
continued diversification of its funding sources, extension of the average
term and reduction in the average cost of its debt.

Furthermore, Icade confirms a healthy and liquid situation in terms of
liabilities and as at30September 2013 has non-drawn backup lines of 1,120
million euros.

COMBINATION WITH SILIC

Following its public offer for Silic, Icade owns 16,365,684Silic shares
representing 93.26% of Silic’s share capital and voting rights, as well as
99,520 ORNANE convertible bonds issued by Silic

As a result, Icade has included Silic fully in its consolidated financial
statements since 22 July 2013.

On 15 October 2013, the Boards of Directors of Icade and Silic approved the
merger of Silic by Icade.

This merger is part of a strategy to simplify the group’s structure and the
way in which its property assets are owned as well as to optimise the Icade
group’s operating costs, particularly by rationalising costs associated with
Silic’s status as a listed company.

The merger parity was identical to that of the public offer, i.e. five Icade
shares for four Silic shares. In accordance with applicable regulations, there
will be no exchange of the Silic shares owned by Icade and no exchange of the
treasury stock owned by Silic which will be automatically cancelled on the
merger completion date.

It is stipulated that subject to fulfilment of the pre-conditions contained in
the merger agreement (as amended), the merger will come into force from a
legal, accounting and tax perspective on 31December 2013 at midnight.

Completion of the merger will be subject in particular to a ruling by the AMF
(French financial markets authority) that there is no obligation to file a
public buyout offer for the Silic shares. The merger will also be subject to
approval by the Icade and Silic extraordinary shareholder meetings to be held
on 20December2013.

Finally, holders of Silic ORNANE convertible bonds will also be consulted
regarding the merger, in accordance with the applicable regulations and under
the conditions set out in the merger agreement (as amended).

UPCOMING EVENTS

2013 annual results: 19 February 2014 after markets close.

ABOUT ICADE

A listed real estate investment company and subsidiary of the Caisse des
Dépôts, Icade is a major player in Greater Paris and regional development
capable of providing comprehensive, sustainable and innovative solutions that
are tailored to customer needs and the challenges of tomorrow’s cities. In
2012, Icade posted consolidated revenue of 1,499.3 million euros and had net
current cash flow of 251.4 million euros. As at 30 June 2013, its EPRA triple
net asset value was 4,079.5 million euros or 78.9 euros per share.

This press release does not constitute an offer, or a solicitation of an offer
to sell or exchange any shares or a recommendation to subscribe, buy or sell
any Icade shares. The distribution of this press release may be limited in
certain countries by legislation or regulations. Therefore persons who come
into possession of this press release are required to obtain information about
these restrictions and respect them. To the fullest extent permitted by the
applicable law, Icade disclaims any responsibility or liability for the
violation of any such restrictions by any person.

Contact:

Icade
Nathalie Palladitcheff, +33 (0)1 41 57 72 60
Member of the executive committee, responsible for finance, legal matters and
IT, and for the property services division
nathalie.palladitcheff@icade.fr
or
Julien Goubault, +33 (0) 1 41 57 71 50
Deputy Chief Financial Officer, responsible for financing, corporate and
investor relations
julien.goubault@icade.fr
 
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