PR Newswire/Les Echos/

Paris, 8 March 2010, 06:00 p.m.

                     2009 Consolidated Income Statement

                       STRONG GROWTH IN CURRENT PROFIT

Net rents: EUR62.8m (-1.1%) 
Current profit: EUR16.7m (+89.4%) 
Net profit: -EUR2.7m (vs. -EUR37.3m) 
Operating cash flow: EUR74.1m (+55.3%) 
Value of property portfolio (transfer taxes included): EUR1,089m (-4.9% on a
like-for-like basis) 
Net asset value (excluding transfer taxes): EUR29.7 per share

Affine's Board of Directors, meeting on 5 March 2010, approved the audited
financial statements for the fiscal year 2009.

Within a difficult economic situation, Affine continued its strategy of yield
oriented property company, and privileged its strategy of refocusing through
targeted disposals and investments.

1) STRONG GROWTH IN CONSOLIDATED CURRENT PROFIT (+89%)

Despite continuing growth in rents (+5.1%), rental revenues were slightly lower
(-1.1%) due to highest marketing fees. The Group also continued to record
reductions in the contribution from lease financing activities (EUR3.8m vs.
EUR5.9m) and posted a near-zero margin for development transactions (vs. EUR2.2m
in 2008). Consequently, operating margin was down 7.6%. The financial vacancy
rate (excluding Banimmo and buildings under renovation) was 7.9% as at 31
December 2009, up from year-end 2008 (6.0%), reflecting the Group's expectations
given the current economic conditions.

Current profit was nevertheless EUR16.7m, a strong increase (+89.4%). This gain
was attributable to the marked improvement in financial income (+12.1%), which
was driven by the fall in interest rates beginning in the summer of 2008 and a
reduction in debt levels, a significant drop in operating expenses (-4.8%), and
repayment of a tax carry-back (EUR5.1m).

An aggressive policy of property disposals (EUR163m, of which EUR117m for
Banimmo) resulted in the recognition of capital gains that were 3.6 times
greater than the prior year, bringing current income after disposals to
EUR41.5m, up 163.0%.

Despite the additional negative impact of the change in fair value of buildings
(-EUR43.7m) and financial instruments (-EUR7.6m), net profit accordingly
improved strongly (-EUR2.7m versus -EUR37.3m in 2008).

2) SIGNIFICANT INCREASE IN OPERATING CASH FLOW (+55%)

Strengthened by this strong improvement in current profit, the Group's cash flow
(excluding the cost of debt and income taxes) rose 8.6% to EUR54.3m. The strong
improvement in WCR(EUR18.0m vs. -EUR1.4m), primarily attributable to the
disposal of the Azuqueca platform (EUR14.5m), resulted in a marked increase in
operating cash flow (+55.3%) to EUR74.1m.

3) MODEST DECLINE IN THE VALUE OF THE PROPERTY PORTFOLIO (-4.9%)

The fair value of the property portfolio was EUR1.089 billion (transfer taxes
included), down slightly (-4.6%) compared to year-end 2008, resulting primarily
from the change in fair value on a like-for-like basis (-4.9%) in the first
half. The significant disposals were to a large extent offset by EUR130.8m in
investments: new transactions (centrally located retail premises in Arcachon,
Nîmes and Paris) and capex on buildings in the portfolio.

As a result, Net Asset Value (excluding transfer taxes), after deducting
quasi-equity, fell EUR39.5m (-14.1%) compared to year-end 2008, and reached an
amount of EUR241.1m at yearend 2009, or EUR29.7 per share. Despite a 25%
increase in 2009, Affine shares (at EUR16.25) were still priced at a 45.3%
discount as at 31 December. Transfer taxes included, NAV per share was
EUR35.9.

4) ROBUST FINANCIAL STRUCTURE

As at 31 December 2009, the Group's net financial debt was EUR693m (versus
EUR754m at yearend 2008) and represented 1.7 times equity. For rental property
activities in the strict sense of the word, the LTV ratio (net bank debt/market
value of the buildings, transfer taxes included, excluding acquisitions in
anticipation of completion and including companies accounted for by the equity
method) was 58.1% (versus 56.6% at year-end 2008), due to the decline in value
of the buildings and despite the significant reduction in financial debt.

This debt is well controlled due to:

  * access to bank financing at a satisfactory cost. Over EUR150m in new credits
    were instituted during the year, to finance new investments and refinance
    assets in the portfolio;
 
  * an average cost over the year of 3.8% in 2009 (hedging costs included);

  * the Group's variable rate debt being almost completely hedged against rate
    risk;

  * an average debt maturity of 6.3 years (excluding Banimmo).

Finally, no loan was subject to mandatory partial or total early repayment as at
31 December due to a failure to comply with the financial ratios that were
required to be reported at that date.

5) DIVIDEND INCREASED BY 20%

Given the Group's strong results, it will be proposed to the Annual General
Meeting of 23 April 2010 that a total dividend of EUR1.2 per share be paid (i.e.
a total de EUR9.7m) for the 2009 fiscal year, of which an interim payment of
EUR0.3 was already paid in November 2009, versus EUR1.0 for the prior year. This
dividend sets the return on an Affine share to 7.4% based on the share price as
at 31 December 2009.

6) OUTLOOK

The commercial real estate market seems to have reached its final stage in terms
of decline of transaction volumes and increase in capitalisation rates, which
proved to be particularly high given the inflation and interest rates, prompting
a recovery for the better locations. However, the economic crisis may continue
to negatively impact the financial situation of tenants.

Given these conditions, the Group will continue its strategy focused on
improving the quality and profitability of its portfolio, continuing to dispose
of non-strategic assets, and making targeted acquisitions of buildings or
portfolios offering relative high returns; the effects of these measures will
largely be seen in the 2011 financial statements.

7) CALENDAR

* 23 April 2010: Annual General Meeting
* 14 May 2010: 1st quarter revenues
* 17 May 2010: Payment of the balance of the dividend (EUR0.90)
* 10 September 2010: Results for the first half of 2010

CONSOLIDATED INCOME STATEMENT

(EURm)(1)                                       2007(5)(6)  2008(5)(6)  2009(6)
Investment properties                           57.0         63.5       62.8
Lease finance                                    7.8          5.9        3.8
Property development                            10.5          2.2        0.0
Miscellaneous                                    2.1          1.1        0.6
Operating margin (2)                            77.6         72.9       67.3
Financial income (3)                           (29.1)       (35.5)     (31.2)
Operating expenses and miscellaneous           (31.0)       (25.7)     (24.5)
Corporate income tax                            (4.2)        (2.8)       5.1
Current profit                                  13.3          8.8       16.7
Net capital gains on disposals                  28.9          7.0       24.8
Current income after disposals                  42.2         15.8       41.5
Change in fair value of properties              27.8        (46.9)     (43.7)
Change in fair value of financial instruments    1.8        (12.6)      (7.6)
Miscellaneous (4)                               11.5         (0.4)       0.2
Deferred tax net of Exit Tax                     8.3          6.8        6.9
Net income (loss)                               91.6        (37.3)      (2.7)
Of which Group share                            78.2        (37.5)      (5.7)

(1) Based on IFRS statements in a business presentation.
(2) Excluding change in fair value.
(3) Excluding profit from dilution and change in fair value.
(4) Share of companies consolidated using the equity method, change in goodwill,
net profit from activities that have been discontinued or are being sold, in
2007 dilution profit related to the Banimmo IPO, and in 2009 a capital gain of
EUR9.0m on the sale of Altaréa shares.
(5) Profit from Abcd was included until the date it was removed from the scope
of consolidation in 2008 and totalled EUR0.17m.
(6) To more clearly reflect the components of net profit and its changes, BFI's
contribution only appears under the heading "After- tax profit from businesses
that have been discontinued or are being sold", i.e. "Miscellaneous" in this
presentation.

Auditing of the consolidated financial statements has been completed. The
certification report is under process.

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, acts as an investor (offices, warehouses, retail space)
  throughout France; it is also a credit institution due to its leasing
  activities. Affine shares are included in the SBF 250 (CAC Small 90),
  SIIC IEIF and EPRA indexes. As at 31 December 2009, its market capitalisation
  was approximately EUR132 million and its property portfolio was valued at
  EUR630 million, transfer taxes included.

- Banimmo, a Belgian real estate company listed on NYSE Euronext Brussels and
  Paris, is owned by Affine (50%) and the company's management (28.8%). It is
  primarily engaged in repositioning and renovating buildings in Belgium, France
  and Luxembourg. As at 31 December 2009, its market capitalisation was about
  EUR172 million and its assets were estimated at EUR340 million including
  transfer taxes, with rental properties representing EUR240 million.

- AffiParis, a French REIT (SIIC) listed on NYSE Euronext Paris, specialises in
  commercial property in Paris. As at 31 December 2009, its market
  capitalisation was EUR23 million and the value of its assets was EUR219
  million including transfer taxes.

The Group also has various subsidiaries, including Concerto Développement,
which specialises in logistics engineering.

CONTACTS 

CITIGATE DEWE ROGERSON: Agnès Villeret
Tel. + 33(0)1 53 32 78 95 - agnes.villeret@citigate.fr

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

Frank Lutz - Manager, Financial Communications and Investor Relations 
Tel. + 33(0)1 44 90 43 53 - frank.lutz@affine.fr 

      A French "société anonyme" with share capital of EUR47,800,000 -
            Registered office: 4 square Edouard VII, 75009 PARIS 
     Tel.: 01 44 90 43 00 - Fax: 01 44 90 01 48 - Email: info@affine.fr 
      712 048 735 RCS Paris - intra-community VAT number FR92712048735
                      
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