Icade : Results of scrip dividend election for a portion of the 2020 final dividend

PRESS RELEASE

Paris, May 25, 2021, 8:00 a.m.

RESULTS OF SCRIP DIVIDEND ELECTION FOR A PORTION

OF THE 2020 FINAL DIVIDEND

Icade's shareholders expressed strong interest in the option to receive a portion of the final dividend for the 2020 financial year in new Icade shares: 84.95% of the rights were exercised in favour of receiving 80% of the final dividend in shares at the end of the scrip election period which ran from April 30, 2021 up to and including May 20, 2021.

It should be noted that the Combined General Meeting held on April 23, 2021 approved a gross dividend of €4.01 per share for the financial year 2020 (including the gross interim dividend of €2.01 per share paid on March 5, 2021). Shareholders also had the option of receiving 80% of the final dividend, i.e. a gross amount of €1.60 per share, in new shares.

The price of the new shares has been set at €59.20 by the Board of Directors, in accordance with the delegation granted by the General Meeting. This price is equal to 95% of the average quoted price of the share over the 20 trading days preceding the General Meeting, less the net amount of the portion of the final dividend.

This election has resulted in the creation of 1,698,804 new Icade ordinary shares (representing 2.28% of the share capital based on the share capital as of December 31, 2020), with settlement and admission to trading on Euronext Paris scheduled for May 27, 2021. These new shares will entitle their holders to dividends starting on January 1, 2021 and rank pari passu with the existing ordinary shares making up Icade's share capital as from their issue date. Following such issuance, the Company's share capital will consist of 76,234,545 shares.

The final dividend for the financial year 2020 to be paid in cash amounts to 47 million euros and will be paid on May 27, 2021.

ABOUT ICADE

DESIRABLE PLACES TO LIVE

As an office and healthcare property investment company (portfolio worth €14.7bn on a full consolidation basis as of 12/31/2020) and a developer of homes, offices and public amenities (2020 economic revenue of €825m), Icade designs, builds, manages and invests in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected, with a reduced carbon footprint. Desirable places to live and work. In collaboration with its stakeholders, Icade has made low carbon a strategic priority in order to reinvent real estate and create cities that are healthier, happier and more hospitable. Icade is a key player in Greater Paris and major French cities. It is listed as a "SIIC" on Euronext Paris and its leading shareholder is the Caisse des Dépôts group.

The text of this press release is available on the Icade website: www.icade.fr/en/

CONTACTS

Charlotte Pajaud-Blanchard,Press Relations Manager [phone] [e-mail]

Anne-Sophie Lanaute

Head of Financial Communication and Investor Relations [phone] [e-mail]