PR Newswire/Les Echos/

A French limited company (SA) with share capital of EUR47,800,000
Head Office: 4, square Edouard VII - 75009 Paris, FRANCE
Paris register of companies ref. 712 048 735 Paris

Presentation of the programme to repurchase own shares approved by the Combined
General Meeting of Shareholders of 23 April 2010

Pursuant to Articles 24 1-1 to 241-6 of the General Regulations of the French
Financial Markets Authority (AMF) and Commission Regulation (EC) No 2273/2003 of
22 December 2003, which came into force on 13 October 2004, concerning the
methods of implementation of Directive 2003/6/EC of 28 January 2003, the purpose
of the present document is to describe the objectives and the terms and
conditions of the share repurchase programme approved by the General Meeting of
Shareholders of 23 April 2010.

I - SUMMARY OF THE MAIN CHARACTERISTICS OF THE OPERATION

> Issuer: Affine, a company listed on the NYSE Euronext Paris regulated market,
  ISIN FR 0000036105, included in the SBF 250 (CAC Small 90), IEIF_SIIC and EPRA
  indexes.

> Share repurchase programme:

 *  Securities concerned: Affine shares
 *  Maximum percentage of the share capital concerned: 10%
 *  Maximum unit purchase price: EUR30 excluding expenses
 *  Objectives of the programme:
   *  market making through a liquidity contract;
   *  allocation of shares to the employees;
   *  purchase for retention or remittance in exchange or as payment in
      connection with potential external growth transactions (within the limit
      of 5% of the share capital);
   *  cancellation of shares.

 *  Maximum duration of the programme: 18 months from the date of the General
    Meeting, i.e. until 23 October 2011 at the latest.

II - ASSESSMENT OF THE PREVIOUS SHARE REPURCHASE PROGRAMME

The liquidity contract signed on 21 January 2010 with Société Générale
complies with the new code of ethics of the French Association of Investment
Firms (AFEI) included as an appendix to the decision of the French Financial
Market Authority (AMF) of 22 March 2005.

>  Summary declaration table

Declaration by the issuer of transactions in own shares from 29 April 2009
to 23 April 2010

Percentage of the share capital held directly or 
indirectly at 23 April 2010                                    7.20%
Number of shares cancelled during the past 24 months              0
Number of shares in the portfolio on 23 April 2010(1)         584,321
Book value of the portfolio on 23 April 2010              EUR11,161,444.29
Market value of the portfolio on 23 April 2010 based 
on the last quoted price (EUR18.19)                         EUR10,628,798.99

(1) including 279,835 for market making, 30,810 for the free allocation of
shares and 273,676 for retention and remittance in exchange or in payment in
connection with potential external growth transactions (within the limit of 5%
of the share capital).

                                Cumulative gross flows
                                Purchases      Sales /
                                             Transfers

Number of securities              366,748      369,271

Maximum average 
due date

Average transaction 
price (EUR)                           15.54        15.61

Average exercise price (EUR)  

Total (EUR)                     5,698,661.0  5,765,642.6

                    Open positions at 23 April 2010
                Open purchases                     Open sales
         Call options       Forward     Call options       Forward sales
          bought           purchases        sold  

            -                  -              -                  -





            -                  -              -                  -

The company did not use derivative products.

III - OBJECTIVES OF THE SHARE REPURCHASE PROGRAMME AND USE OF THE SHARES
      PURCHASED

The objectives of this repurchase programme as defined in Resolutions 5 and 9 of
the General Meeting of Shareholders of 23 April 2010 are classified by
decreasing order of priority (which bears no relation to the actual order of
implementation, which will be determined according to requirements and
opportunities), and concern the following situations:

*  market making by means of a liquidity contract, in accordance with the code
  of ethics of the French Association of Investment Firms (AFEI), recognised by
  the Financial Markets Authority,

*  grants of shares to employees subject to legal provisions,

*  purchase for retention or remittance in exchange or in payment, in
   connection with potential external growth transactions (within the limit
   of 5% of the share capital)

*  cancellation of shares

The shares bought and retained by Affine shall be deprived of voting rights and
will not confer dividend rights.

The Board of Directors will inform the shareholders at the Annual General
Meeting of the purchases and transfers of shares carried out in this way, as
well as the different objectives to which the shares acquired are allocated,
and, where appropriate, reallocated, in accordance with legal requirements.

IV - LEGAL FRAMEWORK

This program is in line with the provisions of Articles 241-1 to 241-6 of the
general regulations of the French Financial Markets Authority (AMF) and EC
Regulation 2273/2003 of 22 December 2003. It was approved by the Combined
General Meeting of Shareholders (Resolutions Nos. 5 and 9) of 23 April 2010.

V - TERMS AND CONDITIONS

1) Maximum amount of the share capital that may be acquired, and maximum amount
payable by Affine

The maximum proportion of the share capital that Affine may acquire at any time
is limited to 10% of the share capital. Given that the company directly held
584,321 own shares at 23 April 2010, i.e. about 7.20% of the share capital, a
maximum of 227,035 shares may be bought back, i.e. 2.80% of the share capital,
unless the company sells or transfers the securities it already holds.

The maximum purchase price of each share is EUR30. The maximum amount of capital
that may be allocated to the share repurchase is EUR24,000,000.

In accordance with current legislation, the company undertakes not to hold,
directly or indirectly, more than 10% of the share capital

2) Repurchase procedure

The purchases, sales and transfers may be carried out using any methods
available on the market, or by mutual agreement, including transactions
concerning blocks of securities. It is stated that the resolution put to the
shareholders does not limit the proportion of the programme that can be carried
out by purchasing blocks of securities. The Board of Directors may choose to
carry out these transactions at any time, including during the public offering
of shares, within the limits allowed under stock market regulations. If
derivative products are used, the company shall make sure that it does not
increase the volatility of the security.

3) Programme duration and schedule

The share repurchase programme will end:

-  either at the end of the General Meeting called to give a ruling on the
   financial statements for the financial year which ended on 31 December 2010,
   if the programme is ended by the General Meeting with immediate effect, for
   the unused part;

-  or at the latest on 23 October 2011, at the end of the maximum period of 18
   months.

4) Financing ofthe repurchase programme

The repurchase programme will be funded by Affine's own resources.

VI - BREAKDOWN OF AFFINE'S CAPITAL

On 23 April 2010 Affine's share capital amounted to EUR47,800,000 divided into
8,113,566 shares without statement of their par value. Shares registered in the
name of the same shareholder for more than two years confer double voting
rights.

To the company's best knowledge, the breakdown of its capital at 23 April 2010
was as follows:

                       Breakdown of the capital   Breakdown of voting rights
                       Number of shares      %   Number of voting rights    %
Holdaffine,BV               2,893,857     35.7              5,787,714    53.3
Penthièvre,Holding            991,573     12.2                991,573     9.1
JDJ,Two,8L,Ariel,Lahmi        564,678      7.0                652,350     6.0
FLOAT                       3,663,458     45.1              3,437,239    31.6
TOTAL                       8,113,566    100.0             10,868,876   100.0

To the company's best knowledge, in the float, only AXA AEDIFICANDI held more
than 4% of the share capital at 23 April 2010.

This presentation and previous presentations are available on the company's
website (www.affine.fr).

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 DEIE 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
                      
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