PR Newswire/Les Echos/ 20 February 2008 Full Year Results After its first 6 months, Foncière Europe Logistique has put together a €1.4 billion portfolio and implemented an active value-creation policy NAV TDI per share: €7.4 - Recurring cash flow per share: €0.40 Foncière Europe Logistique, a listed SIIC specialising in the long-term ownership of logistics properties and light industrial premises created in May 2007, has put together since July 2007, a portfolio valued at over 1.4 billion euros, 90% of which is located in France and the remaining 10% in Germany. On the basis of a six-month financial period, Foncière Europe Logistique has published a consolidated net result of over €53 million. Net asset value ITD stands at €7.4 per share and the current recurring cash flow per share is €0.40. 2007 BUSINESS REVIEW Foncière des Régions, GE Real Estate and Morgan Stanley joined together to establishing the first French real estate company specialising in logistics and light industrial premises through asset contributions remunerated in Foncière Europe Logistique shares. As of 31 December 2007, the company has a portfolio of 49 assets valued at €1.4 billion and generating annual rental income of €97 million. 41 of these assets are located in France while the remaining eight are in Germany. Foncière Europe Logistique aims to invest across the entire value-chain from warehouses to light industrial assets. Taking the lead on the logistics market Profitable existing portfolio and prime locations As of 31 December, the logistics assets comprised 44 warehouses totalling 1.3 million square metres valued at €911 million (excluding transfer duties), and generating €62 million in annual rental income. In value terms, 86% of these assets are located in France and the remaining 16% in the main logistics clusters in western Germany. The client portfolio includes a diversity of over 80 different tenants, the top 10 accounting for one third of the rental income . 1 Strong organic growth factors The logistics portfolio of Foncière Europe Logistique includes 73% of Class A assets. Most of these properties return market-value rents. The growth potential largely lies in increasing the occupancy rate that stood at 92% on 31 December and for which the goal is over 95%. The remaining 27% of the assets is largely comprised of buildings in urban and outer-urban areas. These assets have high potential for further enhancement. It is possible to raise the rents by reallocating premise usage: light industrial activities or distribution facilities in particular. The perfect illustration of this is Lyon Corbas, a former logistics warehouse that was demolished and redeveloped as a modern, 15,000 sqm distribution facility. Development focused on quality and yield: €240 million worth of projects in the pipeline with a minimum expected yield of 8% Foncière Europe Logistique has a number of controlled operations in the pipeline totalling some 400,000 sqm scheduled for delivery over the coming four years and that will enter the NAV along the delivery schedule. In 2008, an initial unit of around 80,000 sqm will be delivered at the Dunkirk and Bollene sites, and at the Chalon and Lyon Corbas sites bolstering strategic points along the North- South axis. The financing of this pipeline is already secured. A leading position for light industrial premises in the Paris region Light industrial premises are offered through a series of five sites, three of which are within Paris (Cap 18, Cap 19 and Dorian); the remaining two sites are in the inner north suburb of the Paris region (Pantin and Garonor-Aulnay). With a total surface area of almost 611,000 sqm, Foncière Europe Logistique is the leading light industrial premises provider in the Paris region and has a client portfolio of more than 500 tenants. At the end of December, these assets were valued at more than €507 million and they generate a gross rental income of €35 million. There is potential for further development at the Pantin and Garonor sites. An extension to the existing building is possible for 60.000sqm in Pantin. The main asset of Garonor is the Aulnay-sous-Bois site (188 acres) at the A1-A3 motorway junction, just 2 miles from Roissy-Charles de Gaulle Airport. In addition to its excellent position, it also has high potential for value creation . 2 SOLID SHAREHOLDER STRUCTURE As of 31 December, it included Foncière des Régions (59.9%), Morgan Stanley (18. 7%), GE Real Estate France through its subsidiary Sophia (12.5%) and Cardif Assurance Vie (7. 5%). Foncière Europe Logistique has therefore clearly positioned itself as a potential structure for institutional investors seeking to outsource their logistics assets while retaining indirect exposure to the sector. 2007 FINANCIAL REVIEW These initial results are related to a period of less than six months: 31/12/2007 Rental income (€m) 38.3 Current cash flow (€m) 12.2 Current cash flow per share (€)* 0.40 Consolidated net result (€m) 53.3 *Calculated on the average number of shares in 2007 The company's net debt was €825 million at 31 December 2007 at an average rate of 5.21%, and banking margin of between 70 and 75bps. The ratio of net debt to the appraised value of assets is 58%. The debt is 89% covered for the coming seven years, 67% of which at a fixed rate . The NAV ITD is €7.4 per share. The triple net NAV is €6.5 per share. Dividend The Supervisory Board will put to the Ordinary Annual Meeting of Shareholders called for on 14 April 2008, the payment of a dividend of €0.11 per share representing €10m in value and 80% of the company's current recurring cash flow. OUTLOOK Foncière Europe Logistique is committed to continuing its growth policy in France and Germany through active partnerships with the end-users, developers and institutional investors. The current pipeline of operations is already financed and the first deliveries will be made throughout the current financial year. The company intends basing its asset disposal schedule on predicted annual turnover of between 5 and 10%. The guideline for 2008 is a cash flow up by around 10% and a distribution policy of about 80% of the cash flow . 3 About Foncière Europe Logistique Foncière Europe Logistique, owned at 59.9% by Foncière des Régions, is the first listed SIIC specialising in the long-term ownership of logistics properties and light industrial premises. As of December 2007 its portfolio is valued at over 1.4 billion euros and is located in France and Germany. The company's growth strategy focuses on establishing partnerships with end- users, institutional investors and real estate developers. The company is managed by Marc Henrion. Foncière Europe Logistique is listed on Euronext Paris, Eurolist C compartment (FR0000064305 - FEL) Contacts: Nicolas Ruggieri, Chief Financial Officer Tel. +33 (0)1 58 97 51 12 Fax +33 (0)1 58 97 52 01 - nicolas.ruggieri@gfr.fr Public relations: Benjamin Perret, Euro RSCG C&O Tel. +33 (0)1 58 47 95 39 - benjamin.perret@eurorscg.fr www.fonciere-europe-logistique. fr 4 ? 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