PAREF

SIIC PAREF, a real-estate company specialising in property investments andmanagement on behalf of third parties, announces 9-month revenue of € 8million at 30 September 2006 . This is a 6% increase over the same period of2005.

2006 3rd quarter revenue amounted to € 2.58 million, a year-on-year increaseof 5%.

Revenue may be analysed by activity as follows:

The strong growth in residential rental income was essentially dueto the increase in the Company's portfolio of buildings held in the formof usufructs. Excluding the recognition in the 2005 first half-year of € 1,103million compensation paid by a tenant leaving before the end of the lease, commercialrental incomeincreased by 61% over 9 months.

The decrease in revenue from the property dealing activity resulted from thesale of the Boulevard Beaumarchais building, which is nearing completion (almost70 % of floor area already sold). Management fees increased by 5%over the first 9 months of the 2006 financial year, thanks to the high levelof activity of SCPI (real-estate investment trusts) managed by Paref's subsidiarySopargem, (Pierre 48, Novapierre 1, Interpierre ) .

Excluding the above mentioned non-recurring items, 2006 first 9 month consolidatedrevenue was up 22.8%.

PAREF operates in four complementaryareas: commercial investment, housing investment, property trading and managementon behalf of third parties.
PAREF has elected for SIIC (listedreal estate company) status for the 2006 financial year.

A liquidity contract on the company's securities,complying with the new charter of professional ethics drawn up by the AFEI(French Association of Investment Firms) and approved by the AMF (French stockmarket regulator) on 22 March 2005, was signed with the company Banque PrivéeFideuram Wargny.

Eurolist C by Euronext Paris
ISINCode: FR00110263202 - Ticker: PAR
For further information, please visit the PAREF Group website : http://www.PAREF.com