First half results presentation. October 2006

First half results presentation

October 2006

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

- Stakeholder outlook

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

- Stakeholder outlook

Mines de la Lucette is a dynamic property company focusing on offices and warehousing

_{8 offices and 18 warehouses}

The portfolio value is worth more than €1.6bn and has a total surface area of 666,000 sqm

_{Include top-quality tenants : PWC, Casino, L’Oréal,}

Bloomberg...

Two-step growth strategy:

_{Acquire high quality assets with secure long-term cash flow}
Speed up growth through transactions taking full advantage of

the office rental market cycle and outsourcing of industrial assets

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

- Stakeholder outlook

Building the foundations

March 2006: acquisition of a portfolio of five prime office buildings from the KanAm investment fund

April 2006: acquisition of thirteen logistics platforms from Casino

May 2006: acquisition of a warehouse as part of an asset outsourcing transaction

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

- Stakeholder outlook

Assets at 30 June 2006

Offices Warehouses Hotels & other

€295m 18%

€1,338m 82%

Paris IDF Province

Breakdown of assets value

Portfolio valuation by CBRE and Catella

The total portfolio is valued at €1,633m (including Transfer Taxes (TT)) and the target mix has already been achieved:

70 / 80% prime offices
20 / 30% industrial assets

9

Assets at 30 June 2006

Offices Warehouses Hotels & other

512 000 sqm 77% 33 000 sqm 5% 121 000 sqm 18%

Offices Warehouses Hotels & other

Portfolio breakdown by annualised rental income

at 30 June 2006

Portfolio breakdown by total surface area

Total annualised rental income at 30 June 2006:

€85.5m

Total surface area at 30 June 2006:

Value-creating acquisitions

Assessed value inc TT

Offices Warehouses Hotels & other

* For consistency, transfer taxes of 6.2% have been deducted from values including TT

11

Prime offices rented to international tenants

Crystal Park 39,900sqm PWC Neuilly 7/9 Messine 8,500sqm AXA Paris 8th 5/7 Scribe 7,600sqm Bloomberg Paris 8th Tour Scor 30,200sqm Scor La Défense River Plaza 26,700sqm L’Oréal Asnières Rating: A+ Rating: AA-Rating: BBB+

Secure office rental income

Office rental income maturity schedule by year at 30 June 2006

€0m €10m €20m €30m €40m €50m €60m €70m 2006 2008 2010 2012 2014 2016

By lease termination date By next break option date

60.5m

13

Rents are at market levels

The average rent is currently €525 per sqm, in line with market rents

Paris office rents are in a recovery phase thanks to increasing demand and a moderate vacancy rate

Financial occupancy rate

99.80% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 30/06/2006

Source Jones Lang LaSalle Q2-2006

Rental growth slowing Rents falling Rental growth accelerating Rents bottoming out Moscow

Stockholm, Copenhagen, Helsinki, Barcelona, Lyon

Prague, Amsterdam, Lisbon, Frankfurt Munich

Dublin, Paris

Vienna ,Geneva ,Luxembourg, Athens, Brussels, Warsaw ,Edinburgh

Düsseldorf, Milan, Rome Berlin Oslo, Madrid

London City

Zurich Hamburg, Budapest

London West End

Rental growth slowing Rents falling Rental growth accelerating Rents bottoming out Moscow

Stockholm, Copenhagen, Helsinki, Barcelona, Lyon

Prague, Amsterdam, Lisbon, Frankfurt Munich

Dublin, Paris

Vienna ,Geneva ,Luxembourg, Athens, Brussels, Warsaw ,Edinburgh

Düsseldorf, Milan, Rome Berlin Oslo, Madrid

London City

Zurich Hamburg, Budapest

Paris Lyon Marseille Bordeaux Moreuil (53,000sqm) Chilly-Mazarin (18,800sqm) Auxerre (30,600sqm) Toulon (21,000sqm) Cholet (6,900sqm) Montmorillon (35,200sqm) Besançon (73,700sqm) Béziers (5,600sqm) Grigny (30,900sqm) Chambéry (18,900sqm)

A geographically diversified warehouse portfolio

Limoges 46,200sqm Dijon 24,000sqm

Aix (I,II et III) 77,300sqm

Cold Dry Cold / dry

Andrézieux 70,200sqm

A total of 512,000m² in 18 warehouses rented to Casino, Transalliance and La Poste

15

Recurring revenue and top quality tenants

Warehouse rental income maturities by year at 30 June 2006

€0m €4m €8m €12m €16m €20m 2006 2008 2010 2012 2014 2016 2018 2020

By lease termination date By next break option date

Financial occupancy rate

98,30% 0,00% 20,00% 40,00% 60,00% 80,00% 100,00% 30/06/2006

Warehouse leases are secured until 2014

The current average rent suggests about 5%

revaluation potential.

Current rents and assessed rents (€/m²)

38 €/m² 40 €/m² 0 10 20 30 40

Average current rent Average assessed rent

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

- Stakeholder outlook

17

Earnings are growing strongly

€ '000 1st half 2006 reported Impact of capital increase 1st half 2006 pro forma 1st half 2005 restated Rental income 24 284 - 24 284 1 613 Charges (283) - (283) (133)

Net rental income 24 001 - 24 001 1 480

Asset management expense (499) - (499) (57)

Overhead expense (1 585) - (1 585) (631)

Development expense (516) - (516) (57)

Other income and expense 208 - 208 (13)

Income from other activities and asset disposals 257 - 257 161

Net value adjustments 17 461 - 17 461 312

Net profit from operations 39 327 - 39 327 1 195

Finance income (expense) (18 588) 3 612* (14 976) (735)

Profit before tax 20 739 3 612 24 351 460

Income tax (21) - (21) 2 017

Total net consolidated profit 20 718 3 612 24 330 2 478

Minority interest - - - -

Net profit 20 718 3 612 24 330 2 478

Average number of shares 3 464 317 6 667 209 10 131 526 1 549 503

Earnings per share (euros) 5,98 - 2,40 1,60

Earnings are growing strongly (cont)

Recurring cash flow has a 3% sensitivity to a 1% change in rental income

RECURRING CASH FLOW

€ '000 Per share (€) € '000 Per share (€)

GROUP NET PROFIT 20 717 €5,98 2 478 €1,60

Depreciation charges 119 33

Provisions (309) (3)

Development costs on projects not completed 420 -

Other income (loss) (248) -

Income (loss) on disposal of investment properties (7) (161) Net property value adjustments (17 461) (312) Deferred and current income tax 21 (2 017) Average number of shares 3 464 317 1 549 503

Recurring cash flow 3 252 €0,94 18 €0,01 Interest on shareholder loan* 3 612 -

Recurring cash flow adjusted for capital increase 6 864 €0,68 - -

* Shareholder loan incorporated in share capital in July 2006

€ '000

19

The balance sheet has been rebalanced

FIRST HALF CONSOLIDATED BALANCE SHEET

€m 30/06/2006 reported Impact of

capital increase

30/06/2006

pro forma 31/12/2005 restated

ASSETS

Investment properties 1 538 1 538 124

Other non-current assets 3 3

Current assets 56 56 5

Cash and restricted cash 32 25 56 6

Total assets 1 628 25 1 653 134

LIABILITIES

Share capital 82 205 287 23

Issue premium 38 123 161 3

Net profit and reserves 27 4 31 7

Total equity 147 332 479 33

Shareholder loan 303 (303) - 9

Medium and long-term debt 1 093 1 093 80

Deposits and guarantees received 16 16 3

Other financial liabilities 9 9 0

Deferred tax liabilities 1 1

Total non-current liabilities 1 422 (303) 1 119 92

Total current liabilities 59 (4) 55 10

Debt is not exposed to interest rate risk

The ratio of net debt to asset value ex TT* is 69.1%

The average debt maturity is 5.4 years

The average cost of debt is 4.4%

Debt matur ity schedule at 30 June 2006

16,67% 0,32% 83,41% 0,32% 0,31% 0,31% -1,33% -200 0 200 400 600 800 1000

0-1 y ear 1-2 y ears 2-3 y ears 3-4 y ears 4-5 y ears 5-6 y ears 6 y ears & +

Variable rate debt €25m

2%

Fixed rate debt €1,052m

98%

21 - €5.3 + €1.8 + €0.7 - €0.3 + €7.8 + €3.7 20 € 22 € 24 € 26 € 28 € 30 € 32 € Casin o ca pita l incr ease Cash Flo w H 1 06 Deb t at m arke t valu e Asse t rev aluati on €328 m ca pita l incr ease at € 24 Tran sfer T axes

Net asset value is rising

Res tate d liq uida tion NAV at 3 0/6/ 06 Liqu idat ion NAV at 3 1/12 /05 Liqu idat ion NAV at 3 0/6/ 06 Res tate d re plac emen t N AV a t 30/ 6/06 €21.3 €31.4 €26.1 €29.8

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

23

Second step of the strategy

Our three value creation levers are based on:

_{Increase of prime office rents level}

Mines de la Lucette’s ability to manage/restructure office assets and portfolios with high revaluation potential

_{Make use of SIIC 3 tax status to acquire assets offering attractive}

yield

This strategy is now possible thanks to acquisitions in the first half generating secure cash flow

The main aspect is a search for:

Office buildings to restructure and property development operations in the Paris region, Lyon and Marseille

Acquisition of the Colisée building

A multi-tenant building well located for the growing need for space in the area; the building has had no vacancies since it was delivered in 1998

Economic advantage of attractive charges (€42 per m²) since it is not a high-rise building

Acquired at an attractive yield:

_{Thanks to control of rental risk (part of the leases come}

to term in 2007); the current average rent is €430 per m²

With excellent timing for re-letting given expectations of a recovery in market rents

Anticipating an increase of rents level

was acquired on 21 July

The Colisée is a recent well-situated office building at La Défense, with a total surface area of 25,000m²

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These two office buildings offer about 4,000 m² in total surface area

A purchase commitment was signed on 27 September for

the acquisition of two buildings in Neuilly-sur-Seine

An office portfolio which will be rented to its current owner until October 2007

_{Exposure to rental market recovery over the next 12 to}

18 months

An office portfolio in an excellent location on Avenue Charles de Gaulle in Neuilly

Redevelopment potential in a prime environment

Annual rental income: €1.8m

Acquisition price: €27m inc TT

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The portfolio consists of 8 assets in the Paris Region with a total surface area of 73,000m²

Acquisition of an office portfolio on 29 September

31% financial vacancy rate on acquisition, mainly in two buildings

_{Reduction of financial vacancy rate to 3% over 18}

months, which should take net rental income to €14.3m (+55%)

_{Capex budgeted at €5m over the next 24 months}

Charenton 10,743m² Nanterre 5,634m²

Strong revenue growth potential

Annual rental income on acquisition: €9.2m

Acquisition price : €173m inc TT Potential annual rental income in 2008: €14.3m

- Mines de la Lucette Group

- First step of the strategy

- Assets at 30 June 2006

- Consolidated financial statements at 30

June 2006

- Second step of the strategy

Stakeholder outlook

Writing of a liquidity contract making the stocks continuously listed since September 14th

Payment of dividends from 2007 (yield of about 4%)