Q1 2016 results: Gross rent of €9.9m, +19.8 % progress

PC - CA T1 2016 - 2016 04 20_14h30 ENG vMGU

Q1 2016 RESULTS GROSS RENT OF €9.9M, +19.8 % PROGRESS

April 20th, 2016

Press release - 20 April 2016

During the first quarter of 2016, the total gross rental income of the operating property portfolio amounted to €9.9m, up +19.8% compared to the same period last year.

in €m - 3 months	Q1 2016	Q1 2015	Variation	%
Like-for-like	8.1	8.2	(0.1)	-1.7%
Recent acquisitions	1.8	0.0	+1.8	N/A
Sold or on-going refurbished assets	0.0	0.0	(0.0)	N/A
Total gross rental income	9.9	8.2	+1.6	+19.8%

This strong increase can be explained by:

• The acquisitions of the previous year in L'Isle Adam (Val-d'Oise), Ville-du-Bois (Essonne), Mulhouse (Haut-Rhin) and Perpignan (Pyrénées-Orientales);

• The rental income from projects delivered in 2015: Epagny (Haute-Savoie), La Rochelle Puilboreau (Charente-Maritime) and Ecully (Rhône);

• The rental income from projects recently delivered: Salon-de-Provence (Bouches- du-Rhône), the 1st part of Cognac (Charente), and Champniers (Charente);

• The acquisitions of the 1st quarter of 2016: Clermont-Ferrand Lempdes (Puy-de- Dôme), Loches (Indre-et-Loire), and Provins (Seine-et-Marne).

The like-for-like light decrease is mostly due to 5 tenants leaving among several assets of the portfolio. Three cells are under commercialization and lease signatures should take place before the end of the semester.

Last acquisitions and deliveries

During the 1st quarter of 2016, Patrimoine & Commerce purchased three assets located in Clermont-Ferrand Lempdes (Puy-de-Dôme), Loches (Indre-et-Loire) and Provins (Seine-et- Marne), for over 17 000 m². These assets are fully occupied and rented to Décathlon, Orchestra, Intersport, Gémo, Générale d'Optique and Fly.

Loches

Press Release

Finally, the Champniers (Charente) retail park, for around 22 000 m², was delivered in March 2016. This asset is fully rented to, among others, Chausséa, Maisons du monde, Stokomani and Gémo.

The global investment of those assets came to €16.8m, and will produce a €1.2m global rent.

Outlook

Eric Duval, founder and managing director of Patrimoine & Commerce declared: "The strong performance of the first quarter of 2016 reflect the dynamic growth of Patrimoine

& Commerce. In accordance to our pipeline, we are continuing our development which is based on a proactive management and acquisition of low cost retail parks in France. Considering this quarter and the solid financial structure, we are confident in Patrimoine & Commerce's ability to continue its development."

------------------------

About Patrimoine & Commerce

Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 375,000 m². The assets are mainly located in retail parks near mid-sized towns throughout France.

Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.

Patrimoine & Commerce is listed on NYSE Euronext Paris. ISIN code: FR0011027135 - Tag Code: PAT

For further information, go to: www.patrimoine-commerce.com

For information, contact:

PATRIMOINE & COMMERCE KEIMA COMMUNICATION

Eric DUVAL Managing Director

Tel: +33 1 46 99 47 61

Investor Relations Emmanuel DOVERGNE Tel: +33 1 56 43 44 63

emmanuel.dovergne@keima.fr

2/2