PR Newswire/Les Echos/
 
                                                            1H2008 Results


ACTIVITY
  ? Sustained investment activity by the property companies (Affine, Banimmo,
     AffiParis): €117m (€88.9m for the 1H2007), of which €105m in rental property;
  ? Significant increase in rental income: up 10.6% to €70.0m on a yearly basis (€63.3m
     in 2007) and stable occupancy rate (94.5% excluding Banimmo);
  ? Broader property assets portofolio: 127 buildings, appraisal value, including transfer
     tax, amounts to €1,120m at the end of June (€996m at end of June 2007);
  ? Increase in service revenues: Concerto Développement (€19.1m versus €2.5m for
     1H2007), Promaffine (€1.1m versus €0.9m), BFI (€4.2m versus €3.6m);
  ? Active financing policy: €122m in new or renewed bank loans;
  ? 8% drop in replacement NAV (excluding ?TSDI? perpetual subordinated bonds and
     ?ORA? mandatory convertible bonds): €379m at the end of June 2008 (€412m at end
     of 2007), due to a slight decrease (€17.8m) in the appraised value of the assets and a
     drop in the value of Affine's stake in Altarea.

RESULTS
  ? Operating margin up 0.6% to €38.1m (in comparison with the 1H2007);
  ? Significant decrease in capital gains on disposals which come only from sales of
    equity interests, as the Group did not make any significant sales of buildings (€16.9m
    in capital gains in the 1H2007);
  ? Consequently, operating profit is down to €8.8m (€19.0m for the 1H2007);
  ? Negative impact of the change in the the buildings fair value: -€17.8m (i.e. 1.9% of
    the value of the assets) compared with an increase of €20.8m for the 1H2007);
  ? Increase in the operating cash flow: €29.0m (€22.4m for 1H2007);
  ? 1.6% increase in Affine's corporate net profit to €20.1m.

AFFINE STOCK PERFORMANCE
  ? 14.7% drop in share price, in line with the French SIIC index;
  ? 40% increase in the liquidity of the stock in comparison with 2007;
  ? Discount to replacement NAV (€46.7 per share) of 30% as of end of June 2008;.
  ? Payment of interim dividend of €0.45 per share next November;
OUTLOOK

         Despite the magnitude of the financial crisis and its consequences on the property
         market, recurring operating profit for 2008 should remain close to that achieved in
         2007. However, a more restrictive property disposal policy will significantly reduce
         capital gains and therefore operating profit. This change will not affect Affine's
         dividend policy.

                                         1H2007          Year        1H2008
Consolidated results (€ m)
                                        (restated)       2007
Operating margin                                 37.9         86.5         38.1
Financial income (loss)                        (13.9)       (31.6)       (16.2)
Operating and misc. expenses                   (20.0)       (39.8)       (18.1)
Corporate tax                                   (1.9)        (4.2)        (0.5)
Recurring operating profit                        2.1         11.0          3.2
Capital gains on disposals                       16.9         29.7          5.6
Operating profit                                 19.0         40.7          8.8
Change in fair value of buildings                20.8         27.8       (17.8)
Dilution profit                                  12.5         12.5            -
Miscellaneous, non-operational                    1.7          2.3          2.7
Deferred tax                                      9.5          8.3        (1.1)
Net accounting income (loss)                     63.5         91.6        (7.4)
Of which Group share                             49.8         78.2        (9.9)

                         
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