PAREF

SIIC PAREF, a real estate investment company specialising in property investments and management for third parties, registered strong growth in its two strategic activities over the 2007 1st half-year.

(1) Restated 2006 sales (rent from the property dealings business reclassified as residential and commercial rent)

Rent and costs recovered increased by 69%, in line with the increase in properties owned by the Company, which proceeded with numerous acquisitions over the past few months. Over the 1st half-year, Group assets were increased by the acquisition of 12 buildings of a total value of € 36 million.

Management fees increased by 27%, in line with the sharp increase in SCPI funds managed by the Group (Pierre 48, a capitalisation SCPI, Interpierre, an office premises SCPI and Novapierre 1, a commercial premises SCPI).

Positive, constant and long-term growth of the two strategic activities

The positive business development of the Group’s two strategic businesses testify to the quality of its positioning and fundamentals. Note that Paref committed investments of € 100 million in 2006 and undertook to invest a further programme of about € 150 million in 2007. The expertise of Paref personnel and the favourable context established by the SIIC status will help implement this ambitious programme, which is now well under way following the share capital increase carried out in May, without sacrificing the profitability objective.