Icade, project in common achieved by the commercial property investment and property development divisions:office, residential and retail developments in Toulouse.

PRESS RELEASE

Icade has signed a framework agreement with Latécoère for the company's historical site in Toulouse. The development programme includes Latécoère's new headquarters scheduled for completion in 2019 (off-plan lease signed for more than 11,000 sq.m), and other office and service-sector buildings. The whole programme covers a total floor area of 70,000 sq.m including 35,000 sq.m of residential and retail.

Icade Commercial Property Investment will keep the assets in its portfolio. Icade Promotion will carry out as well, in the long run, the residential part of the programme.

This site intended to be a new innovative and responsible district is excellently located next to a metro station, which is only a few stations away from the Matabiau high-speed train station and from the city center of Toulouse.

The operation is subject to satisfaction of customary conditions precedent including the obtaining of administrative authorizations to construct.

This important project, which brings together the Property Development and Commercial Property Investment divisions on office, residential and retail developments, in a major French city, is a living example of the synergies that can be leveraged between Icade's different divisions.

This complementarity between the Commercial Property Investment and Property Development divisions is one of the main axes of Icade's strategic plan.

ABOUT ICADE

As an investor and a developer, Icade is an integrated real estate player and designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social responsibility and innovation at the core of its strategy, Icade is working closely with stakeholders and users in the cities

- local authorities and communities, companies and employees, institutions and associations… As a commercial

and healthcare property investor (portfolio value of €9.7bn as of 12/31/16) and a property developer (2016 revenues of €1,005m), Icade is able to reinvent the real estate business and foster the emergence of tomorrow's greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities. Icade is listed on Euronext Paris as a French Listed Real Estate Investment Company (SIIC). Its leading shareholder is the Caisse des Dépôts Group.

The text of this press release is available on the Icade website: www.icade.fr