PRESS RELEASE

Paris, November 27, 2017, 7:15 a.m. INVESTOR DAY: ICADE'S STRATEGIC PLAN IMPLEMENTED FASTER THAN EXPECTED, GUIDANCE REVISED UPWARDS FOR FY 2017 NET CURRENT CASH FLOW

Icade today presents its strategic outlook for the 2017-2019 period.

Commercial Property Investment: dynamic and development pipeline
  • Continued focus on leasing activity, goals relating to the financial occupancy rate surpassed (Offices > 95% and Business Parks > 89%),

  • Accelerating volume of development projects on Icade's land bank: €1.7bn (over 300,000 sq.m) by 2018-2021, value creation expected to be around €500m, i.e. +32%1,

  • Strong asset rotation: asset disposals, potential joint ventures and continuation of the acquisition plan,

  • Integration of ANF Immobilier,

  • Significant upcoming completions: Pulse, Go Spring (2nd phase), Gambetta and Eko Active - Potential rental income per year: €26m,

  • Launch of the Origine (Offices in Nanterre - 65,000 sq.m), B007 (Offices in the Pont de Flandre business park - 8,500 sq.m), Monaco projects (hotel in Rungis) for an aggregate investment amount of €492m and new office projects (Îlots D and B32) representing an investment of €183m2,

  • New impetus for our innovative real estate solutions.

    Healthcare Property Investment: evolution and outlook
  • Pipeline of development projects for c. €250m (Yield on Cost3 of 6.7%), including 3 projects completed in 2018,

  • For 2018-2019: explore diversification into the nursing home (EHPAD) segment, portfolio values expected to rise, study of opportunities in international markets,

  • Continue expanding the property portfolio to reinforce our leadership position,

  • Extend the development pipeline,

  • Continue working towards and preparing Icade Santé's self-reliance (governance, management, debt).

    Icade Promotion: favourable market and performance ambitions
  • A favourable market: the government's housing plan is favourable (extension of both the interest-free loan scheme and the Pinel tax incentive scheme in areas with the tightest supply-demand balance), low interest rates in the medium term,

  • Continued improvement in financial performance and optimisation of financial resources (capital allocation and WCR management):

    1 Total investment in all development projects of €1.7bn (includes the fair value of the assets, cost of works, lease incentives and finance costs) and about €500m of value creation.

    2 Investment: cost of works and lease incentives,

    3 Yield on Cost = headline rents / cost of the project as approved by Icade's governance bodies. This cost includes the fair value of the asset, 1

    cost of works, carrying costs and any lease incentives. Data as at June 30, 2017.

    • For 2017: target economic revenue4 around €1.2bn, ROE5 expected to reach 12% one year ahead of schedule,

    • For 2018: targets confirmed for economic revenue of €1.3bn and a current economic operating margin6 between 6.5% and 7%. Target ROE at 15%,

    • Contribution to Group net current cash flow expected to exceed 10% for 2018.

Liability optimisation

Liability optimisation will also contribute to net current cash flow growth. Cost of debt should be reduced by 30% between 2015 and 2017e compared to a 33% increase in net debt during the same period. Objective of maintaining the loan-to-value (LTV) ratio around 40% at the end of 2019.

Overall, the plan's financial goals should be reached nearly one year ahead of schedule, especially regarding portfolio value (€11.4bn expected as early as the end of 2018).

Icade's outlook for 2017

In view of the positive impact of debt restructuring and improving operating performance, Icade anticipates:

  • 2017 net current cash flow up by around 8%, revised upwards from the "around 7%" forecast announced last July,

  • The dividend policy continues to be based on the evolution of the net current cash flow.

2017 TSR7 based on estimated NAV as of December 31, 2017 should show an increase of over 10%.

Olivier Wigniolle, CEO of Icade, declared:

"Two years after launching our strategic plan, Icade is ahead of schedule on its roadmap. The relevance of our strategic choices announced at the end of 2015 has been confirmed. Thanks to the disciplined execution of our plan, reduced cost of debt and favourable market conditions, we are increasing our net current cash flow guidance for 2017. We are also confident in the outlook for 2018".

UPCOMING EVENTS

2017 Full Year Results: Monday, February 12, 2018, before the market opens.

4 IFRS revenue adjusted from IFRS 11 including joint ventures,

5 Return on Equity: Net profit attributable to the Group/weighted average equity attributable to the Group over the period before elimination of securities and excluding profit/(loss) (FY 2017e: about €250m),

6 Current economic operating profit (IFRS current operating profit adjusted from IFRS 11 and for royalties expenses and holding company costs) / economic revenue,

7 TSR: Total Shareholder Return as defined on page 28 of the 2016 Registration Document. 2

The presentation for analysts and investors will begin on November 27 at 10:00 a.m. (Paris time) and will be available on the website:

In French: http://www.icade.fr/finance/resultats-publications/presentations-financieres

In English: http://www.icade.fr/en/finance/results-and-publications/financial-presentations

Live webcast with synchronised slides will be accessible from 10:00 a.m. (Paris time), via the following link:

In French: http://edge.media-server.com/m/go/IcadeID2017

Conference call: +33(0)1 76 77 22 26

Conference ID: Journée Investisseurs Icade Français: 9868606

In English: http://edge.media-server.com/m/go/IcadeID2017/lan/en

Conference call: UK +44(0)20 3427 1909 / US +1212 444 0412

Conference ID: Icade Investor Day English: 4902308

This press release does not constitute an offer, or an invitation to sell or exchange securities, or a recommendation to subscribe, purchase or sell Icade securities. Distribution of this press release may be restricted by legislation or regulations in certain countries. As a result, any person who comes into possession of this press release should be aware of and comply with such restrictions. To the extent permitted by applicable law, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person.

ABOUT ICADE

Building for every future

As an investor and a developer, Icade is an integrated real estate player which 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 closely involved 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 €9.9bn as of 06/30/17) and as a property developer (2016 economic revenues of €1,005m), Icade has been 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

CONTACTS

Guillaume Tessler,

Head of financial communication and investor relations

+33(0)1 41 57 71 61

guillaume.tessler@icade.fr

Charlotte Pajaud-Blanchard,

Press relations manager

+33(0)1 41 57 71 19

charlotte.pajaud-blanchard@icade.fr

3

Icade SA published this content on 27 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 November 2017 06:36:03 UTC.

Original documenthttp://www.icade.fr/en/content/download/15634/182559/version/2/file/PR-Icade+Investor+Day+27+nov.pdf

Public permalinkhttp://www.publicnow.com/view/E6097DDBA2DD136677318CB20CA8205536A66BEC