PR Newswire/Les Echos/ Not for distribution in the United States of America, Canada, Japan or Australia PRESS RELEASE Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV successfully complete the Secondary Offering of 9.1 % of ALTAREA share capital Paris, November 26, 2009 - Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV, announce the success of the placement of 928,479 shares in ALTAREA, a company active in the real estate sector and listed on the compartment A of Euronext Paris, i.e. a placement representing around 9.1% of the share capital and of the voting rights of the company. After completion of this offering, the sellers no longer hold any ALTAREA shares. The offering was carried out through a private placement to institutional investors. The shares were placed at a price of EUR 100 per share. The offering was completed by Kempen & Co and Société Générale Corporate & Investment Banking acting as Joint Bookrunners and Société Générale Corporate & Investment Banking acting as Sole Global Coordinator. No copy of this press release shall be distributed, directly or indirectly, in or into the United States, Canada, Australia or Japan. This announ cement does not constitute an offer to sell or a solicitation of an offer to purchase securities in France, in the United- States or in any other jurisdiction. The securities referred to herein may not be and will not be offered or sold to the public in France except to qualified investors ("investisseurs qualifiés"), acting for their own account, as defined in, and in accordance with Articles L. 411-2 and D. 411-1 to D. 411-3 of the French Monetary and Financial Code. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The ordinary shares of ALTAREA have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and ALTAREA does not intend to register or to make any public offering of any ordinary shares of ALTAREA in the United States. With respect to the member states of the European Economic Area which have implemented the Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003 (the "Prospectus Directive"), no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any relevant member state. As a result, the securities may not and will not be offered in any relevant member state except in accordance with the exemptions set forth in Article 3(2) of the Prospectus Directive, if they have been implemented in that relevant member state, or under any other circumstances which do not require the publication by ALTAREA of a prospectus pursuant to Article 3 of the Prospectus Directive and/or to applicable regulations of that relevant member state. The communication of this press release is not being made, and this press release has not been approved by, an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. In the United Kingdom, this press release is only being distributed to, and is only directed at, persons that are "qualified investors" within the meaning of Article 2(1)(e)(i), (ii) or (iii) of the Prospectus Directive and that also (i) are "investment pro fessionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc. ") of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). In the United Kingdom, this press release is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this press release relates is available only to relevant persons and will be engaged in only with relevant persons. Any investment decision to buy shares in ALTAREA must be made solely on the basis of publicly available information regarding ALTAREA. Such information is neither the responsibility of Kempen & Co or Société Générale nor the responsibility of Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV and has not been independently verified by neither Kempen & Co or Société Générale nor Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV. Société Générale is authorised to provide investment and banking services by the Comité des Etablissements de Crédit et des Entreprises d'Investissement. Kempen & Co and Société Générale are acting for Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV and no one else in connection with the Offering and will not be responsible to anyone other than Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV for providing the protections afforded to clients of Kempen & Co or Société Générale nor for pro viding advice in connection with the placing. Release, publication or distribution of this press release is forbidden in any country where it would violate applicable laws or regulations. Consequently, people physically present in these countries and where this press release is disseminated, published or distributed must keep themselves informed and comply with the applicable laws and regulations. 438810v2 The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. 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