Icade : Universal Registration Document - 2020

BUILDING DESIRABLE CITIESTO LIVE AND WORK

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CONTENTS

1. / OVERVIEW OF THE GROUP AND STRATEGY

1. 2020: Icade's response to the health and economic crisis
2. Share performance and shareholding structure
3. Strategy
4. Key indicators
5. 2020 Overview and 2021 Outlook

5	5. / CORPORATE GOVERNANCE REPORT	147
6	1.	Report framework and reference code	148
2.	Governance	149
9	3.	Remuneration and benefits	177
4.	for corporate officers
10	Additional information	187
12	5.	Statutory Auditors' special report
13		on regulated related	192
	party agreements

2. / PERFORMANCE OF THE GROUP'S

BUSINESS ACTIVITIES

1. Group
2. Property Investment Divisions
3. Property Development Division
4. Other information

3. / CORPORATE SOCIAL RESPONSIBILITY

1. CSR strategy and organisation
2. Low-carbontransition and preservation of resources
3. Occupants' well-being, support for new habits and lifestyles and a strong local footprint
4. Employee skills development, workplace well-being and diversity
5. CSR commitments for 2019-2022 and progress made in 2020
6. Summary tables and CSR indicators
7. CSR risks and opportunities and related performance indicators
8. Summary of reporting scopes and methods
9. Non-financialperformance statement, Global Reporting Initiative and EPRA Correspondence Tables
10. Independent third-party body report on the non-financial performance statement

4. / RISK FACTORS

1. Risk management and control
2. Internal control and risk management procedures
3. Insurance and disputes

	6. / FINANCIAL STATEMENTS
19	1.	AS OF DECEMBER 31, 2020	193
20	Consolidated financial statements	194
31	2.	Statutory Auditors' report
51		on the consolidated	254
59	3.	financial statements
	Annual financial statements	258
61	4.	Statutory Auditors' report
	on the annual financial statements	286
62
7.
72	/ PROPERTY PORTFOLIO
	AND PROPERTY VALUATION REPORT	291
	1.
87	Office Property Investment	292
2.	Division's portfolio
97	Healthcare Property Investment	297
3.	Division's portfolio
104	Independent property valuers'	302
	condensed report
108	8. / CAPITAL, SHARES
118
1.	AND DISTRIBUTION POLICY	305
122	Information on the issuer	306
2.	and its capital
	The Company's shares	313
	3.	Employee shareholding	315
127	4.	Appropriation of profits	322
		and dividend distribution policy
131	9. / ADDITIONAL INFORMATION	325
	1.	Documents on display	326
135	2.	Schedule of financial publications
136	3.	and events	326
	Persons responsible	327
144	4.	Correspondence tables	328
145

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R E G I S T R A T I O N D O C U M E N T

Including the annual financial report

The universal registration document was filed on March 25, 2021

with the French Financial Markets Authority (AMF) as competent authority under

Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The universal registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if accompanied

by an offering circular and, where applicable, a summary and any amendments to the universal

registration document. These documents, taken together, are approved by the AMF

in accordance with Regulation (EU) 2017/1129.

Pursuant to Article 28 of Regulation (EC) No. 809/2004, the following information is incorporated by reference in this universal registration document:

The consolidated financial statements as of December 31, 2018 and our Statutory Auditors' reports on these financial statements

are shown on pages 185 to 237, and 238, respectively,

of the registration document filed with the AMF on March 29, 2019.

The consolidated financial statements as of December 31, 2019 and our Statutory Auditors' reports on these financial statements

are shown on pages 190 to 247, and 248, respectively,

of the universal registration document filed with the AMF on April 2, 2020.

This is a translation into English of the universal registration document of the Company

issued in French and it is available on the website of the Issuer.

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MESSAGES FROM FRÉDÉRIC THOMAS AND OLIVIER WIGNIOLLE

"OUR PURPOSE: A POWERFUL TOOL FOR GROWTH AND RESILIENCE"

Frédéric Thomas

Chairman of the Board

of Directors

It is in times of crisis that we discover what sustains us, what allows us to resist and move forward despite the obstacles.

In 2020, we adopted our Purpose and it has guided Icade's teams. It has helped us stay the course in a very turbulent environment.

Our Purpose was approved by our General Meeting last April with over 99% of the votes and we have included it in the preamble of our Articles of Association.

In a year of extreme upheaval, Icade's teams were fully mobilised and able to adapt and react quickly to get through the crisis, resulting in a limited impact on our business.

We will integrate our Purpose in concrete operational ways into each of our business lines and with our stakeholders to prepare for the future and continue to grow. It is the strength and expansion of our three business lines, together with the skills and commitment of the men and women in the Company, that make and will make the difference.

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"A ROADMAP ADJUSTED FOR THE TIMES, STRATEGIC PRIORITIES REAFFIRMED"

Olivier Wigniolle

Chief Executive Officer

It is a source of collective pride for all Icade employees that we were able to brave the shock of the health and economic crisis and get through 2020 relatively unscathed, despite the uncertainties and difficulties. We have continued to carry out our goals, to invest, to build, to complete our construction projects,

to best serve our tenants and to meet our customers' expectations. We have of course taken

all the necessary measures to protect our employees. We have also done our best to help our tenants get through the crisis that has affected the French economy.

Thanks to the adaptability, energy and tenacity of all of Icade's employees, we stood firm and resilient in a highly challenging 2020. Icade is fundamentally strong. Our three business lines have held up well and the strength of our model has enabled us to weather the crisis. Nevertheless, our business has been somewhat adversely affected, not least because our customers, suppliers and partners have been directly impacted.

Faced with a changed environment as a result of the crisis, we are continuing with our medium-term plan while adapting it to seize new opportunities.

Icade's teams have shown imagination, tenacity and creativity in furthering our growth. As such, many projects were worked on in 2020 despite the circumstances. During the year, we also defined an even more ambitious carbon footprint strategy called "Low carbon by Icade". We are convinced that our commitment to the climate is an opportunity not to be missed for growth. Integrating our Purpose into our day-to-day operations is a source of motivation for our teams and a real challenge to be taken up over the coming years. I am confident in our collective ability to achieve this.

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