PR Newswire/Les Echos/

Paris, 15 May 2009, 5:45 p.m.

Quarterly information as at 31 March 2009

REVENUES SIGNIFICANTLY UP

1) CONSOLIDATED REVENUE (THREE MONTHS)

BREAICDOWN                   01/01/2009       01/01/2008       Change
EUR millions                      to               to              %
                             31/03/2009       30/03/2008
Investment properties           21.2             18.6          +13.9%
Lease finance                    6.4              6.7           -3.7%
Property development            14.8              2.4         +520.7%
Business centres                 2.5              2.5           -3.7%
Other                            0.7              0.9          -25.5%

Total consolidated revenue      45.5             31.1          +46.2%

Group revenue stood at EUR45.5 million, significantly up over the first three
months of 2008. 

Investment properties

The revenues of the three property companies (Affine, AffiParis, Banimmo) surged
by a robust 13.9% to reach EUR21.2 million in the first quarter of 2009,
compared to the same period in 2008.

After the significant economic downturn that marked the end of 2008, the group
decided to focus, in the first quarter of 2009, on tenants with leases expiring
in the short term.

This strategy paid off as three significant leases were renewed for slightly
more than EUR1.6 million of rent. Several renegotiations are also under way.

Twenty-five new leases were signed, representing total rent of EUR880,000.

However, the group recorded the departure of seven tenants who represented a
total annual rent of EUR550,000.

In January 2009, Affine took delivery of a 10,500 m2 logistics platform
developed by Concerto Développement and located in Vilvorde in the outskirts of
Brussels. Affine is currently looking for tenants for this platform.

At the end of January 2009, the French army documentation organisation,
Établissement de Diffusion, dFImpression et dFArchives du Commissariat de
lFArmée de Terre (EDIACAT) received 32,000 m2 of storage space in a logistics
unit of the Molina site in Saint-Etienne, detained and restructured by Affine.

Lastly, Affine acquired an uncompleted 2,760 m2 shopping complex under an
off-plan sales agreement (Vente en l'État Future d'Achèvement - VEFA) in the
city centre of Arcachon, together with 1,425 m2 of shops and self-catering
hotels under a real estate development contract. The delivery of the complex is
scheduled for spring 2010.

Finance lease

Affine's finance lease business recorded the exercise of one option in the first
quarter of 2009.

Revenues continued to fall due to the amortisation of portfolio transactions and
the low production of potential new deals.

Property development

The sharp rise in revenue is due to the finalised disposal of a logistics
platform in Spain, in March (EUR14.5 million).

Partner of MGPA in the Logiffine joint venture, Concerto Développement signed
two leases representing a surface area of approximately 24,000 m2 split between
the logistics sites of Hem (59) and Montéléger (26), in France.

As part of the development of the Portes de Chambord business park in Mer (41),
central France, Concerto Développement launched the first construction phase
with a 62,000 m2 building which will be delivered to But International in
September 2009. A 15,000 m2 project is under construction in Ferrières in the
Paris region for delivery to an agri-food group in the second half of 2010.

Business centres

In a generally more depressed context where customers have become more demanding
in terms of conditions, the BFI activity reported stable performance with
revenues at EUR2.5 million.

2) SIGNIFICANT EVENTS

None

3) FINANCIAL POSITION AS AT 31 MARCH 2009

There were no significant changes in the Group's financial structure compared to
31 December 2008. The Group secured its current cash, without using the credit
facilities at its disposal, and no significant loan will mature in 2009 and
2010.

In February, Affine arranged for a EUR15.4 million refinancing on a portfolio of
five property assets.

In March, an EUR8 million financing was obtained from a regional bank for the
Arcachon project.

Regarding Banimmo, it consolidated in February the two tranches of the
syndicated credit line totalling EUR210 million it already has, with a maturity
split between 2011 and 2012.

4) OUTLOOK

Affine group has prepared an asset divestment plan (EUR50 to 100 million) that
will boost the resources required by the group to return to a dynamic investment
policy as soon as the crisis is over. The group is continuing its priority
changes, while adopting a prudent financial management policy: swift refocus on
property activities, improving the return on buildings, strengthening relations
with tenants and costs control.
About the Affine Group:

The Affine group is structured around three property companies:

- Affine, a property company with French REIT (SIIC) status listed on NYSE
  Euronext Paris, operates as an investor (offices, warehouses, stores)
  throughout France and in neighbouring countries. It is also a credit
  institution in respect of its financial leasing business. The Affine share is
  included in the SBF 250 (CAC Small 90), SIIC IEIF and EPRA indices.

- Banimmo, a Belgian property company listed on NYSE Euronext Brussels and
  Paris, is majority controlled by Affine (50%) and the company's management
  (27%). It is specifically involved in renovating and repositioning buildings
  in Belgium, France and Luxembourg.

- AffiParis is a French REIT (SIIC) listed on NYSE Euronext Paris, and
  specialised in commercial property in Paris.

The group also has subsidiaries specialised in logistics engineering (Concerto
Développement and Concerto Développement Ibérica), retail investment
(Capucine Investissements), property development (Promaffine) and business
centres (BFI).

CONTACTS 

CITIGATE DEWE ROGERSON: Nicolas Castex - Agnès Villeret
Tel. + 33 (0) 1 53 32 78 88/95 - 
nicolas.castex@citigate.fr or agnes.villeret@citigate.fr

AFFINE: Maryse Aulagnon - Alain Chaussard
Tel. + 33 (0) 1 44 90 43 10 - info@affine.fr

Frank Lutz - Financial Communication Manager 
Tel: + 33 (0) 1 44 90 43 53 - frank.lutz@affine.fr 

A French société anonyme with share capital of EUR47,800,000 4 
square Edouard VII, 75009 PARIS
Tel: 01 44 90 43 00 - Fax: 01 44 90 48 00 - E-mail: info@affine.fr
712 048 735 RCS Paris - Intracommunity VAT no. FR92712048735
                      
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