2
Half-YearResults2013
Disclaimer
This presentation is not an offer or a request for an offer to sell
or exchange securiti...
3
Half-YearResults2013
After the initial offer, Icade owned 88% of Silic on 22 July
The offer has been re-opened until 2 A...
4
Half-YearResults2013
(1) Depending on the reopened offer's success rate
Current situation:
Icade owns 88% of Silic
as at...
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfolio with demand
Strengthening th...
6
Half-YearResults2013
Solid key indicators
Consolidated EBITDA: €188m LTV: 39.5%
EPRA triple net NAV: €78.9 per shareCons...
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfolio with demand
Strengthening th...
8
Half-YearResults2013
Strengths of the Icade business model
StrengthsoftheIcadebusinessmodel
Optimising the asset portfol...
9
Half-YearResults2013
Optimising the asset portfolio
Breakdown of the portfolio by strategic sector between 2009 and H1-2...
10
Half-YearResults2013
Optimising the asset portfolio
Investments and disposals
Investments: €199mDisposals: €264m (capit...
Building 521 (Aubervilliers, 93)
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portf...
12
Half-YearResults2013
Nanterre
Courbevoie
Puteaux
8
12
15
19
1
2
3
4
5
6
7
9 10
11
1314
16
17
18
20
Maisons-Alfort
Ville...
13
Half-YearResults2013
Matching the portfolio with demand
Focus on business parks
1. North-East Paris
2. ZAC Claude Berna...
14
Half-YearResults2013
1,598
2,023
4,241
4,611
1,658
2,140
4,438
4,835
Parc du Mauvin Parc des Portes de Paris Parc du Po...
15
Half-YearResults2013
Matching the portfolio with demand
Proportion of strategic portfolio
in the Paris region: 99%
Port...
16
Half-YearResults2013
Gatching the portfolio with demand
Operational indicators and main lettings
Healthy operational in...
17
Half-YearResults2013
Matching the portfolio with demand
Operational indicators
Due to successes on the main identified ...
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfolio with demand
Strengthening th...
19
Half-YearResults2013
Debt at 30 June 2013
LTV stable at below 40%, in line with management targets
Active policy of mai...
20
Half-YearResults2013
Debt at 30 June 2013
Achievingastrongerfinancialposition
Drawn debt maturity schedule in € m (1) D...
Parc des Closbilles (Cergy, 95)
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfo...
22
Half-YearResults2013
Managing risk
A specific approach to the development market
Residential
► Development work only la...
23
Half-YearResults2013
Managing risk
Residential development - key indicators
StrengthsoftheIcadebusinessmodel
Housing re...
24
Half-YearResults2013
Managing risk
Commercial and public-sector development
Commercial and public-sector development re...
25
Half-YearResults2013
Managing risk
Focus on the Pipeline 2013-2017
Investment at the cutting edge of sustainable develo...
26
Half-YearResults2013
Managing risk
Potential IFRS rent
Potential for increased IFRS rent before indexation (in €m)
Comm...
1 Strengths of the Icade business model
Optimising the asset portfolio
Matching the portfolio with demand
Strengthening th...
28
Half-YearResults2013
Strong CSR fundamentals
Icade's fundamentals
► General-interest approach taken by Caisse des Dépôt...
29
Half-YearResults2013
Adopting a clear CSR policy
4 themes, 12 commitments and 63 initiatives
AdoptingaclearCSRpolicy
Ca...
30
Half-YearResults2013
Turning commitment into action
AdoptingaclearCSRpolicy
Gender equality
► Equality with the executi...
31
Half-YearResults2013
Sample initiative
Waste management
AdoptingaclearCSRpolicy
Property investment:
► Widespread adopt...
32
Half-YearResults2013
Strong growth in properties with environmental
certification
Low average age of portfolio assets:
...
1 Strengths of the Icade business model
2 Financial results
3 Opportunities and strengths
4 Appendices
Hospital in Villene...
34
Half-YearResults2013
Property Investment division
Income statement
Growth in rental income from the Property Investment...
35
Half-YearResults2013
Residential Commercial TOTAL
Change
(%)
Businesses divested
(in 2013)
June 2012 June 2013 June 201...
36
Half-YearResults2013
Services division
Income statement
Structural streamlining now complete
Property
management
Advice...
37
Half-YearResults2013
From operating profit
to net profit (group share)
CommercialProperty
June 2012 June 2013
Change
%
...
38
Half-YearResults2013
Change in consolidated net current cash flow
Consolidated net current cash flow up 9%, mainly due ...
39
Half-YearResults2013
Total portfolio value
Change over the period
Continuing disposals of non-strategic assets
€m (excl...
40
Half-YearResults2013
Commercial Property portfolio value
Analysis of changes
Like-for-like fall of 0.2% in the value of...
41
Half-YearResults2013
Commercial Property portfolio value
Like-for-like change
Stable yields from the strategic and alte...
42
Half-YearResults2013
Analysis of change in EPRA triple net NAV per share
2.2% decrease in EPRA triple net NAV per share...
Clinique de l'Union (Toulouse, 31)
1 Strengths of the Icade business model
2 Financial results
3 Opportunities and strengt...
44
Half-YearResults2013
Architect: Hubert & Roy Architectes
Height: 139m
Number of floors: Ground+40;
4 basement levels
Fl...
45
Half-YearResults2013
A sector with attractive features for investors
► Attractive yields, secured by long-term leases (...
46
Half-YearResults2013
Icade leads the French healthcare property market
► Result of a strategy adopted in 2007 aimed at ...
47
Half-YearResults2013
Icade Santé
Assets at 30 June 2013
* MSO: Medicine, surgery, obstetrics
** FRC: Follow-up and reha...
48
Half-YearResults2013
Combination with Silic
Compelling industrial logic
Strategy focused on securing recurrent cash flo...
49
Half-YearResults2013
Combination with Silic
Change in Icade’s profile
The business combination with Silic marks a new s...
50
Half-YearResults2013
€7bn portfolio of office buildings and business parks
in the Paris region(1) Values excluding tran...
51
Half-YearResults2013Opportunitiesandstrengths
Combination with Silic
A balanced business model, based on complementary ...
52
Half-YearResults2013Opportunitiesandstrengths
Creating value in business parks by converting buildings for commercial u...
53
Half-YearResults2013Opportunitiesandstrengths
Roissy / Paris Nord
Cergy
Evry
Courcouronnes
Villebon-Courtabœuf
Orly
Run...
54
Half-YearResults2013Opportunitiesandstrengths
Combination with Silic
Assets suited to demand
Modern buildings:
assets l...
55
Half-YearResults2013Opportunitiesandstrengths
Main tenants (excluding Icade Santé) Occupancy rate (1)
Tenant
% of total...
56
Half-YearResults2013Opportunitiesandstrengths
Orly
Maisons-Alfort
Orly
Prospects of further value creation with nearly ...
57
Half-YearResults2013Opportunitiesandstrengths
An excellent position with respect to
the Grand Paris project
Grand Paris...
58
Half-YearResults2013
Outlook
Realising improvements that will support future growth
in net current cash flow over the m...
1 Strengths of the Icade business model
2 Financial results
3 Opportunities and strengths
4 Appendices
C o n t e n t s
Hos...
60
Half-YearResults2013
Commercial property commitments
in France by half-year period (1)
0
5
10
15
20
25
30
2003 2004 200...
61
Half-YearResults2013
2012 saw a sharp fall in property development activity, particularly
because of falling demand for...
62
Half-YearResults2013
0 2 4 6 8 10 12
Portfolio breakdown
Value creation potential
Strategic
Healthcare: clinic portfoli...
63
Half-YearResults2013
Main features of the portfolio
(1) Including land reserves and projects in development for €733m
(...
64
Half-YearResults2013
Pipeline 2013-2016
Summary of investment flows
€m
Total: €400m
Business parks
€330m
Healthcare
€70...
65
Half-YearResults2013
Parc du
Mauvin
Parc des
Portes de Paris
Parc du
Pont de Flandre
Parc du
Millénaire (inc.
Millénair...
66
Half-YearResults2013
Signed agreements showing the appeal of the area and supporting its appraisal value
Managing risk
...
67
Half-YearResults2013
Millénaire 4 Îlot E
Space: 24,800 m²
Rent: €8.8m (€350 per m² of office space)
Cost: €109m (includ...
68
Half-YearResults2013
Consolidated NCCF(1) 113 123 +9.3%
NCCF(1) restated for
minority share holders
of Icade Santé
108 ...
69
Half-YearResults2013
Rental income trends
Rental income trends between June 2009 and June 2013
(€m)
210 211
178
196 201...
70
Half-YearResults2013
€ m June 2012 June 2013 %
EBITDA 180 188 +4.5%
Net underlying financial items -51 -53 +3.5%
Corpor...
71
Half-YearResults2013
EPRA triple net NAV
- 13 - 14 -12
2,646 2,637 2,547
1,523 1,496 1,500
33 71 44
June 2012 Dec 2012 ...
72
Half-YearResults2013
30/06/13 31/12/12
Change over
6 months
(%)
30/06/12
Change over
full year
(%)
EPRA single net NAV
...
73
Half-YearResults2013
Yields (1)
excluding transfer duties
6.8%
7.7%
6.7%
6.9%
8.6%
7.3%
6.8%
7.6%
6.5%
6.8%
9.3%
7.2%
6...
74
Half-YearResults2013
Revenue and EBITDA
(20) (12)
35 23
472 483
197
201
June 2012 June 2013
683 696
+2%
+2%
5%
29%
69%
...
75
Half-YearResults2013
Breakdown of capital employed by business line
Portfolio value excluding transfer duties
Enterpris...
76
Half-YearResults2013
Support functions
June 2012 June 2013
(€m) Property
Investment
Property
Developm
ent
Services
Intr...
130725 - Presentation of the half-year results 2013 icade – vuk
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130725 - Presentation of the half-year results 2013 icade – vuk

  1. 1. 2 Half-YearResults2013 Disclaimer This presentation is not an offer or a request for an offer to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be limited in certain countries by legislation or regulations. As a result, any person who comes into possession of this document is required to familiarise themselves and comply with such restrictions. To the extent permitted by the applicable laws, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person whatsoever.
  2. 2. 3 Half-YearResults2013 After the initial offer, Icade owned 88% of Silic on 22 July The offer has been re-opened until 2 August ► As announced, Silic will be consolidated within Icade's financial statements from 22 July 2013 ► As a result, all figures in this publication for the period ended 30 June 2013 relate to Icade on a stand-alone basis (without Silic) ► Silic will publish results for the first half of 2013 on 26 July 2013 Introduction
  3. 3. 4 Half-YearResults2013 (1) Depending on the reopened offer's success rate Current situation: Icade owns 88% of Silic as at 22 July 2013 Reopening of the offer until 2 August 2013 CDC HoldCo ICADE Other Groupama & Mutuals [52-54]% (1) SILIC 75% 25% Other [88-100]% (1) Merger Objective: completion before end-2013 CDC HoldCo ICADE + SILIC Other 48% Groupama & Mutuals 75% 25% [46-48]% (1) 52% [0-12]% (1) Acquisitions of Silic Next steps CDC HoldCo ICADE Other Groupama & Mutuals SILIC 75% 25% Other 46% 12% 88% 54% CDC remains Icade's controlling shareholder
  4. 4. 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices Parc du Millénaire, Paris 19th C o n t e n t s
  5. 5. 6 Half-YearResults2013 Solid key indicators Consolidated EBITDA: €188m LTV: 39.5% EPRA triple net NAV: €78.9 per shareConsolidated net current cash flow: €123m 39.5% 39.8% 39.5% June 2012 Dec 2012 June 2013 €80.8 / share €80.7 / share €78.9 / share €4,189m €4,190m €4,079m June 2012 Dec 2012 June 2013 €180m €188m June 2012 June 2013 ► Consolidated net current cash flow rose by 9.3% due to firm growth in EBITDA, particularly in Commercial Property ► Net current cash flow restated for minority share holders of Icade Santé was stable relative to the first half of 2012 at €108m or €2.08 per share ► A solid financial position and stable LTV ► Taking into account assets covered by a promise of sale at 30 June 2013, the adjusted LTV is 38.4% ► EPRA triple-net NAV per share down 2.2% relative to 31 December 2012, mainly due to the €3.64-per-share dividend payment in April 2013 and the value adjustment on Tour EQHO ► Excluding EQHO, there was little change in value on like-for-like portfolio (+0.1%) ► Total EBITDA rose by 4%, mainly due to efficient rental management, acquisitions and a reduction in intra-group transactions between the Development and Property Investment divisions ► EBITDA restated for minority share holders of Icade Santé fell because of non- strategic asset disposals in 2012 and 2013 (-2%) €113m €123m €108m (1) €108m (1) Juin 2012 Juin 2013 (1) NCCF restated for minority share holders of Icade Santé
  6. 6. 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices C o n t e n t s Front Populaire metro station (extension of the 12 line) in the Parc des Portes de Paris (Saint-Denis)
  7. 7. 8 Half-YearResults2013 Strengths of the Icade business model StrengthsoftheIcadebusinessmodel Optimising the asset portfolio ► 94% of the portfolio now consists of strategic and alternative assets ► €199m of investment in H1-2013 including €195m in strategic activities and alternative assets ► €264m of disposals involving non-strategic assets (residential, warehouses, Germany) ► Continuation of the strategy through the current combination with Silic Matching the portfolio with demand ► Assets located in the main business districts of the Paris region, benefiting from recent or upcoming development of public transport, strengthened by the current Silic transaction ► Recently built properties, meeting the toughest environmental standards ► Success in terms of the main rental conditions, leading to an occupancy rate of almost 96% Appropriate financing structure ► A solid financial position and a balanced maturity schedule ► Acknowledged credit quality, allowing access to financing ► Available credit facilities making the Silic deal possible Managing risk ► Specific approach to the development market ► Major potential for increasing rents on existing properties, including EQHO, and secure projects ► Firm grip on the pipeline, allowing major flexibility in initiating operations Adopting a clear CSR policy ► Strong CSR fundamentals, including a CSR governance policy since 2008, a plan of action and Icade's involvement in France's sustainable building plan and the France Green Building Council ► A new CSR policy based on 4 themes, 12 commitments and 63 initiatives ► Environmental awareness policy rolled out across all sites in 2013
  8. 8. 9 Half-YearResults2013 Optimising the asset portfolio Breakdown of the portfolio by strategic sector between 2009 and H1-2013 Ongoing move to focus on commercial property (1) 100% value - restated for minority share holders, the Healthcare business accounts for 18% of total assets Total portfolio value: €6,746m at 30 June 2013 2009 2013 Shopping centres €281m Healthcare €661m Offices, France €1,162m Business parks €1,289m Offices, Germany, Warehouses and Residential €2,411m Alternative 16% Strategic 42% Non-strategic 42% 22% 20% 42% 5% 11% Total portfolio value: €5,804m at 31 December 2009 Alternative 34% Strategic 60% Non-strategic 6% Shopping centres €446m Healthcare (1) €1,845m Offices, France €2,423m Business parks €1,603m Offices, Germany, Warehouses and Residential €429m 24% 36% 6% 27% 7% StrengthsoftheIcadebusinessmodel
  9. 9. 10 Half-YearResults2013 Optimising the asset portfolio Investments and disposals Investments: €199mDisposals: €264m (capital gains: €39m) StrengthsoftheIcadebusinessmodel Active portfolio rotation policy, allowing the portfolio to be streamlined Warehouses, office and retail property ► Disposal of 380,000 m2 of warehouses (11 logistics platforms) and 1,700 m2 of offices on a joint-ownership basis: €152m ► Disposal in July 2013 of 2 warehouses with total space of 16,600 m²: €6m ► Contracts exchanged in June 2013 for the Factory building in Boulogne, with total space of 13,800 m2 : €103m Offices, Germany ► Disposal of a business park in Berlin and an office building in Stuttgart for €50m ► Sale contracts exchanged on land located in Munich, Berlin and Dusseldorf for €36m Residential ► Sale of an entire development of 849 homes in Sarcelles (93) and ongoing sales of single homes with 50 units sold in H1- 2013 for €49m Other disposals ► April 2013: disposal of Icade Suretis, specialising in security and remote surveillance services ► April 2013: disposal of the Property Development division's building engineering business ► Disposal of Icade's stake in the SAS PNE refurbishment company Tour EQHO (La Défense) Millénaire 3 (Paris 19th) Healthcare Completion of 79,200m² of usable space in July 2013 €37m of investment in H1 2013 First high-rise building with HQE® Rénovation and BREEAM®-Very Good certification / BBC Rénovation certification Completion of 32,000 m² expected in 2015, fully let to the government €14m of investment in H1 2013 HQE® and BREEAM®-Excellent certification BBC certification Acquisition of three clinics and one extension managed by first-class operators, for €111m
  10. 10. Building 521 (Aubervilliers, 93) 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices C o n t e n t s
  11. 11. 12 Half-YearResults2013 Nanterre Courbevoie Puteaux 8 12 15 19 1 2 3 4 5 6 7 9 10 11 1314 16 17 18 20 Maisons-Alfort Villejuif Issy-les-Moulineaux Boulogne Neuilly Nanterre St Denis Rueil-Malmaison >€100m€50m to €100m€0m to €50m CourcouronnesEvry Aubervilliers OfficesBusiness parks Paris 19th Aubervilliers St Denis BUSINESS PARKS La Défense Matching the portfolio with demand Location of business parks and offices in the Paris region Assets located in the main business districts of the Paris region, benefiting from recent or upcoming transport development, and strengthened by the combination with Silic LeMillénaire shoppingcentre Aubervilliers LeMillénaire Paris19th Metropolitan Villejuif TourPB5 LaDéfense CrystalPark Neuilly TourEQHO LaDéfense Haussmann Paris8th LINK Paris15th StrengthsoftheIcadebusinessmodel
  12. 12. 13 Half-YearResults2013 Matching the portfolio with demand Focus on business parks 1. North-East Paris 2. ZAC Claude Bernard 3. Gare des Mines-Fillettes OTHER PROJECTS M2M1 M5 M6 M4 M3 StrengthsoftheIcadebusinessmodel SAINT DENIS PARIS An area very well served by public transport… Stops on the 239 and 65 bus lines M Front Populaire station (phase 1) opened on 15 Dec 2012 Tram line Opened on 15 Dec 2012 12 3T Planned tram line 8T E AUBERVILLIERS Metro Ilot E Extension of the RER E line (Rosa Parks station) Due to come into service in 2015
  13. 13. 14 Half-YearResults2013 1,598 2,023 4,241 4,611 1,658 2,140 4,438 4,835 Parc du Mauvin Parc des Portes de Paris Parc du Pont de Flandre Parc du Millénaire Value at 31 December 2010 Value at 30 June 2013 152 172 295 292 160 178 309 327 Rent at 31 December 2010 Rent at 30 June 2013 Average values and rents by park (€ / m²) +5.8% +4.6% +4.9% +3.8% ... with a significant impact on rents and values Matching the portfolio with demand Focus on business parks StrengthsoftheIcadebusinessmodel
  14. 14. 15 Half-YearResults2013 Matching the portfolio with demand Proportion of strategic portfolio in the Paris region: 99% Portfolio mostly consisting of offices and business parks, located mainly in the most resilient districts within the Paris region Total value of the commercial portfolio: €6,547m at 30 June 2013 Take-up in the main districts within the Paris region (thousands of m²) 196 128 74 118 36 151 71 43 152 55 146 75 41 150 32 Paris CBD Paris other business districts La Défense Western Crescent Northern sector H1 2011 H1 2012 H1 2013 StrengthsoftheIcadebusinessmodel -26% -41% -45% +27% -11% % : average annual change (1) Levallois, Neuilly, Boulogne-Billancourt and Issy-les-Moulineaux (2) Saint-Denis, Saint-Ouen, Clichy, Aubervilliers and Paris 19th (1) (2) Source: MBE Conseil / Immostat 11% Western Crescent €1,001m Inner suburbs €1,421m Paris €1,086m La Défense €715m Germany €181m French provinces €1,781m 22% 15% 17% 27% 3% Outer suburbs €362m 5%
  15. 15. 16 Half-YearResults2013 Gatching the portfolio with demand Operational indicators and main lettings Healthy operational indicators providing good visibility on future cash flows Occupancy rates rising ► Financial occupancy rate of 95.9% in June 2013 (94.8% in December 2012) ► Voluntary vacancy rate maintained and short lease terms in business parks so as to give more flexibility in asset management terms Financial occupancy rate StrengthsoftheIcadebusinessmodel 91.0% 92.5% 94.7% 93.3% 94.8% 95.9% 88.7% 91.0% 93.4% 90.8% 92.6% 94.3% Dec-10 June 11 Dec-11 June 12 Dec 12 June 13 Commercial property Offices and business parks Beauvaisis (Parc du Pont de Flandre, Paris 19th) 3,350 m2 let to ARD Remaining space to let: 8,400 m2 Factory (Boulogne, 92) 39% of space let to Paris Saint Germain at 30 June 2013 (5,400 m2) Building on which sale contracts have been exchanged Millénaire 5 (Parc du Millénaire, Aubervilliers, 93) 76% of space let to Numergy and Radiall at 30 June 2013 (965 m2) Remaining space to let: 500 m² (Icade's share) Main lettings in the strategic portfolio (1) Including Tour EQHO, completed in July 2013, in the indicators would give a financial occupancy rate of 88.5% at end-June 2013 (1)
  16. 16. 17 Half-YearResults2013 Matching the portfolio with demand Operational indicators Due to successes on the main identified rental challenges, all buildings are now partly or fully occupied StrengthsoftheIcadebusinessmodel Remaining committed lease term (years) Stable remaining committed lease term ► Leases renewed in the first half of 2013 with committed terms of 8 years Rents broadly in line with market rental values 6.2 6.0 6.2 6.0 6.4 6.3 5.2 5.2 4.9 4.7 5.0 4.8 Dec 10 June 11 Dec 11 June 12 Dec 12 June 13 Commercial property Offices and business parks Lease expiry schedule (% of annualised rent) Tenant departure risk well spread on a short-term view Good visibility on future net current cash flow 0% 5% 10% 15% 20% 25% 30% 2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021 Next break
  17. 17. 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices Le Beauvaisis (Parc du Pont de Flandre, Paris 19th) C o n t e n t s
  18. 18. 19 Half-YearResults2013 Debt at 30 June 2013 LTV stable at below 40%, in line with management targets Active policy of maintaining debt maturity Managing risk through cautious interest-rate hedging and using appropriate instruments No covenant issues 30/06/2013 31/12/2012 LTV (Loan To Value) (1) 39.5% to 38.4% 39.8% to 38.4% ICR / EBITDA 3.15 3.58 Net debt (€m) €2,662m €2,725m Average term of debt 4.3 years 4.3 years (2) Average cost 3.84% (average 3-month Euribor in H1-2013: 0.21%) 3.83% (average 3-month Euribor in 2012: 0.57%) Hedging (average hedge term: 3.0 years) 88% 91% (1) 38.4% adjusted for assets covered by a promise of sale (2) After taking account of the mortgage loan on the Parc du Pont de Flandre arranged in December 2012, with funds available in January 2013 Achievingastrongerfinancialposition
  19. 19. 20 Half-YearResults2013 Debt at 30 June 2013 Achievingastrongerfinancialposition Drawn debt maturity schedule in € m (1) Debt by type Financial structure remains solid Debt mainly relating to assets in the Property Investment division and mainly consisting of unsecured corporate financing Firm grip on liquidity risk: substantial available credit facilities (€870m), equal to 26.7% of consolidated gross debt and covering 18 months of capital and interest payments on debt Ability to raise large amounts of financing in innovative ways (€1.5bn club deal, mortgage finance from an insurer, private placement etc.) 31 635 462 367 578 142 57 106 480 - 100 200 300 400 500 600 700 H2 2013 (2) 2014 2015 2016 2017 2018 2019 2020 2021 and + (1) Excluding debt relating to equity interests, bank overdrafts including repayment of the Silic intragroup loan (2) Excluding €80m of maturing debt currently being renewed Bank overdrafts 1.7% Corporate borrowings 73.1% Mortgage debt 17.7% Other 0.4% USPP 2.9% Finance leases 4.2%
  20. 20. Parc des Closbilles (Cergy, 95) 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices C o n t e n t s
  21. 21. 22 Half-YearResults2013 Managing risk A specific approach to the development market Residential ► Development work only launched after a sufficient level of reservations has been achieved ► Land options: land not bought until the development can be started, i.e. until pre-marketing can commence ► Increasing proportion of first-time buyers and institutional investors Commercial ► Very limited exposure to speculative developments (around 13% of floorspace in projects currently underway) ► Business levels evened out by more recurrent public-sector developments, which carry no marketing risk Development accounts for only around 6% of capital employed at Icade StrengthsoftheIcadebusinessmodel Institutional investors First-time buyers Breakdown of customers Breakdown of investors by tax regime in 2013 Private investors 32.5% 17.3% 32.2% 40.8% 43.8% 28.5% 46.5% 29.5% 34.2% 36.1% 39.0% 36.2% 38.3% 25.0% 20.1% 2009 2010 2011 2012 S1 2013 LMP / LMNP 1% Other tax relief 9% Duflot 86% Scellier 4%
  22. 22. 23 Half-YearResults2013 Managing risk Residential development - key indicators StrengthsoftheIcadebusinessmodel Housing reservations - Value (€m) 390 230 459 512 460 555 435 697 463 359 458 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 Backlog - €m 519 650 811 1,028 1,082 1,160 0 200 400 600 800 1000 1200 1400 2008 2009 2010 2011 2012 H1 2013 Disposal rate of marketable stock 5.3% 9.2% 13.4% 12.7% 8.2% 7.1% 0% 5% 10% 15% 2008 2009 2010 2011 2012 H1 2013 Unsold homes - Value (€m) 49 40 33 16 21 22 0 10 20 30 40 50 60 2008 2009 2010 2011 2012 H1 2013 -1.5% +7.2% +5.7% -13.0% Most residential developments have NF Logement and BBC certification
  23. 23. 24 Half-YearResults2013 Managing risk Commercial and public-sector development Commercial and public-sector development revenues (€m) Intragroup revenues (€m) Commercial property development: limited exposure to “speculative” developments, with most current developments secured by investors or tenants ► Under development: potential revenue of €281m from 307,400 m² ► Under preparation: potential revenue of €1,089m from 575,900 m² Public-sector property development: resilient business with no rental risk ► Under development: €95m from 109,000 m² ► Under preparation: 189,200m²  Most projects have HQE® or equivalent certification 0 50 100 150 200 June 2010 June 2011 June 2012 June 2013 PM, engineering and other Commercial and retail Public and healthcare 178 177 156 36 24 10 3 0 5 10 15 20 25 30 35 40 June 2010 June 2011 June 2012 June 2013 Controlled exposure to market risk: limited risk given the special characteristics of the Icade model StrengthsoftheIcadebusinessmodel (1) PNE housing business transferred to Residential Development and separation of the PNE Refurbishment business (1) (1) 168 (1)
  24. 24. 25 Half-YearResults2013 Managing risk Focus on the Pipeline 2013-2017 Investment at the cutting edge of sustainable development StrengthsoftheIcadebusinessmodel Investment at the cutting edge of sustainable development Main investments Space Completio n Total investment (1) Investment H2 2013-2017 Gross rent Yield Millénaire 3 HQE® / BBC / BREEAM®-Excellent 32,000 m2 Q2 2015 €388m €330m ~ €28m 7.2% Let to the Ministry of Justice with option to buy Veolia project HQE®, BREEAM®-Very Good, RT2012, BBC 45,000 m2 Q2 2016 Let to Veolia Environnement Clinics: extensions / redevelopment €90m €70m ~ €6m 7.1% Let Total investment in secured projects €400m (1) Total estimated investment, including duties and fees (including land charges for business park developments, financial costs relating to works and, if applicable, rent-free periods and user works). For business parks, the gross value of land and buildings to be demolished for the construction of projects is included in the production costs for new developments Main investments Space Completio n Total investment (1) Remaining investment Expected gross rent Yield Millénaire 4 HQE®, BREEAM®, BBC, RT 2012 24,800 m2 not started €109m €91m ~ €9m 8.1% Projects under control and ready to be started (pre- marketing underway) Ilot E HQE®, BREEAM®- Excellent, BBC, RT 2012 28,300 m2 not started €107m €99m ~ €9m 8.1% Total investment in projects under control €190m Investment at the cutting edge of sustainable development
  25. 25. 26 Half-YearResults2013 Managing risk Potential IFRS rent Potential for increased IFRS rent before indexation (in €m) Commercial Property division (before integration of Silic) 384 412 464 (5) +12 +17 +6 +49 (15) +18 Potential rental growth of around 20% within 4 or 5 years StrengthsoftheIcadebusinessmodel IFRS rental income June 2013 Disposals (contracts exchanged) Millénaire 3 (completion: 2015) Veolia project (completion: 2016) Clinics: extensions / redevelopment Secure rent Potential rent (including Tour EQHO) Disposals of remaining non- strategic assets Other projects identified but not yet commenced (PDM4, Ilôt E) Potential rent
  26. 26. 1 Strengths of the Icade business model Optimising the asset portfolio Matching the portfolio with demand Strengthening the financial position Managing risk Adopting a clear CSR policy 2 Financial results 3 Opportunities and strengths 4 Appendices Vert & O (Aubervilliers, 93) C o n t e n t s
  27. 27. 28 Half-YearResults2013 Strong CSR fundamentals Icade's fundamentals ► General-interest approach taken by Caisse des Dépôts, the long- standing controlling shareholder ► A CSR governance policy since 2008, along with a plan of action ► Icade's involvement in France's sustainable building plan and the France Green Building Council Building270 (Aubervilliers) Millénaire1 (Paris19th) LeMillénaireshopping centre(Aubervilliers) VillasClara Strasbourg Achievements ► First HQE® commercial certification in 2005 ► First HQE® Exploitation certification in 2009 ► First HQE® Commerce certification in 2011 ► First apartment block with BBC certification completed in 2011 ► First HQE® Aménagement certification in 2012 ► In 2012, 98% of residential floorspace service orders had BBC certification, ahead of RT 2012 coming into force on 1 January 2013 Committed staff ► Staff are increasingly taking ownership of Icade's social and environmental values in their business activities, and employee commitment has since 2008 been measured using an annual CSR index ► On 17 December 2012, management and unions unanimously signed an agreement covering all Icade employees regarding the organisation of work, working hours and dialogue between management and labour AdoptingaclearCSRpolicy
  28. 28. 29 Half-YearResults2013 Adopting a clear CSR policy 4 themes, 12 commitments and 63 initiatives AdoptingaclearCSRpolicy Carbon-based energy 1 Minimise energy consumption in commercial buildings 2 Reduce the carbon footprint Buildings and sustainable cities 3 Increase adoption of certifications 4 Improve the performance of commercial properties 5 Develop eco- districts 6 Encourage mobility 7 Improve management of air quality Corporate motivation 8 Emphasise environmental values 9 Improve quality of life at work 10 Adopt more environmental initiatives Stakeholders 11 Promote environmental lease appendices 12 Motivate buyers and tenants
  29. 29. 30 Half-YearResults2013 Turning commitment into action AdoptingaclearCSRpolicy Gender equality ► Equality with the executive committee: 3 women and 3 men ► Icade committed to equal opportunities between men and women ► 5 female directors out of 15 board members Working conditions: 14 agreements signed in 2012 including: ► Harmonising employee statuses ► Employing disabled people ► Employee incentives and profit-sharing ► Employee savings plan ► Prevention of work-related stress ► Retirement savings plan Supporting employees affected by changes in Icade's scope: ► Support with geographical relocation and changing roles ► Offering transfers within the CDC group using the Mobil'idées system ► Training suited to new functions
  30. 30. 31 Half-YearResults2013 Sample initiative Waste management AdoptingaclearCSRpolicy Property investment: ► Widespread adoption of recycling ► Further progress expected with environmental lease appendices Property development: ► In terms of HQE® certification, Icade always aims for a "très performant" rating in terms of waste management Services: ► Raising tenant awareness via an environmental guide ► Development of environmental lease appendices Tour EQHO: Management of site waste, with various types of clearing waste (R+9 to R+40) being recycled Staff plaster 39% Hazardous waste (HW) including WEEE 10% Inert waste (IW) 8% Ordinary industrial waste (OIW) 6% Special and clear glass 1% Metals 16% Clean plaster 20%
  31. 31. 32 Half-YearResults2013 Strong growth in properties with environmental certification Low average age of portfolio assets: assets less than 10 years old make up 66% of the portfolio (by value) HQE® certified properties in use account for 21% (excluding Tour EQHO, completed in July 2013) All Icade programmes have at least HQE® certification (Millénaire 3 and 4, Veolia, Ilot E, EQHO etc.) Properties that are efficient for tenants ► Limited charges (low energy consumption etc.) ► Optimised occupancy (flexible spaces with extension possibilities) 216,076 298,290 298,290 358,970 428,810 2012 2013e 2014e 2015e 2016e The result of this CSR policy can be seen in the quality of buildings Office properties with HQE certification® (total space in m²) AdoptingaclearCSRpolicy
  32. 32. 1 Strengths of the Icade business model 2 Financial results 3 Opportunities and strengths 4 Appendices Hospital in Villeneuve Saint-Georges (94) C o n t e n t s
  33. 33. 34 Half-YearResults2013 Property Investment division Income statement Growth in rental income from the Property Investment division, resulting from the shift towards commercial property (1) After elimination of business-line intra-group items Offices, France Business parks Total Strategic Shopping centres Healthcare Total Alternative Non-strategic portfolio TOTAL (1) June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 Rental income 62 58 48 49 110 107 12 13 43 60 55 72 31 22 196 201 Net rental income 58 52 39 43 97 95 11 11 43 59 54 69 21 13 172 179 RENTAL MARGIN 94% 90% 82% 88% 89% 89% 91% 84% 99% 99% 97% 96% 67% 61% 88% 89% (Net rent / rental income) EBITDA 53 46 36 43 89 89 11 10 40 55 51 65 21 13 161 167 Operating profit 32 0 22 19 54 19 3 3 20 29 23 32 36 46 114 97 Financialresults €m
  34. 34. 35 Half-YearResults2013 Residential Commercial TOTAL Change (%) Businesses divested (in 2013) June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 Revenue 320 315 143 168 463 483 +4% 9 - EBITDA 25 11 3 12 28 23 -17% -3 - EBITDA margin (EBITDA/revenue) 7.8% 3.5% 2.2% 7.4% 6.1% 4.9% -1.2pts NM - Operating profit 27 11 6 13 33 24 -27% -7 - Property Development division Income statement Lower margins in the residential business offset by an improvement in the commercial business Financialresults €m
  35. 35. 36 Half-YearResults2013 Services division Income statement Structural streamlining now complete Property management Advice/ appraisals TOTAL Change (%) Businesses divested (in 2012 and 2013) June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 Revenue 17 15 7 6 24 21 -10% 11 2 EBITDA 2 1 -1 -1 1 0 -73% 0 0 EBITDA margin (EBITDA/revenue) 10.8% 6.6% -8.4% -11.0% 5.5% 1.6% -3.9pts 2.2% 7.7% Operating profit 1 1 -1 -1 1 0 -80% 0 0 Financialresults €m
  36. 36. 37 Half-YearResults2013 From operating profit to net profit (group share) CommercialProperty June 2012 June 2013 Change % Operating profit - Property Investment 114 97 -15% Operating profit - Property Development 25 24 -6% Operating profit - Services 0 0 NA Icade holding company and intra-group operating profit 14 -3 NA Icade operating profit 154 119 -23% Net financial items -52 -53 +4% - Tax -18 -14 -23% Net profit 84 52 -38% - Minorities' share of net profit -3 -8 NA Net profit (group share) 81 45 -45% Financialresults €m
  37. 37. 38 Half-YearResults2013 Change in consolidated net current cash flow Consolidated net current cash flow up 9%, mainly due to strong performance in the Property Investment division 113.0 123.5 +6.5 -1.5 -1.1 +4.3 -1.8 +4.1 NCCF H1-2012 EBITDA Property Investment EBITDA Property Development EBITDA Services Head office costs, intra-group items and other Net underlying financial items Underlying corporate income tax NCCF H1-2013 Financialresults €m
  38. 38. 39 Half-YearResults2013 Total portfolio value Change over the period Continuing disposals of non-strategic assets €m (excluding transfer duties) (1) Buildings at their appraisal value 2,557 2,426 2,423 1,576 1,570 1,603 440 442 446 1,375 1,725 1,845 809 687 429 June 2012 December 2012 June 2013 Business parks Retail and shopping centresOffices, France Healthcare Non-strategic portfolio 6,746 (1) -1.5% 6,757 (1) +1.4% 6,850 (1) Strategic and Alternative 94% Strategic and Alternative 90% Strategic and Alternative 88% Financialresults
  39. 39. 40 Half-YearResults2013 Commercial Property portfolio value Analysis of changes Like-for-like fall of 0.2% in the value of the Commercial Property portfolio 2,426 2,423 1,570 1,603 442 446 1,725 1,845 430 230 -21 -193 +76 +103 -35 +24 Dec 2012 Disposals of strategic assets Disposals of non-strategic assets Investments Healthcare acquisitions Rate effect Business plan effect June 2013 6,593 6,547 -0.2% like-for-like and +0.3% excluding tour EQHO Change in value on like-for-like portfolio: -€11m Business parks Retail and shopping centresOffices, France Healthcare Non-strategic portfolio (Offices, Germany and Warehouses) Strategic and Alternative 93% Strategic and Alternative 96% Financialresults €m (excluding transfer duties)
  40. 40. 41 Half-YearResults2013 Commercial Property portfolio value Like-for-like change Stable yields from the strategic and alternative portfolios (1) Impact on appraisal value of the revised yields and discount rates used by appraisers (2) Impact on appraisal value of revised assumptions in building business plans (e.g. rent index, lease renegotiation, adjustment of market rental value, change in vacancy rate, change in construction plans and unbillable expenses, etc.) (3) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraised value excluding transfer duties of rentable space Appraisal values (excluding transfer duties) like-for-like Yield (excluding transfer duties)(3) 30/06/13 6 months of which interest rate effect(1) of which business plan effect(2) 30/06/13 6 months Offices, France 2,423 -1.1% -1.7% +0.6% 6.8% +8bp Business parks 1,603 +0.6% -0.2% +0.8% 7.9% +4bp Total Strategic 4,026 -0.4% -1.1% +0.7% 7.3% +7bp Shopping centres 446 +0.9% +0.7% +0.2% 6.3% +6bp Healthcare 1,845 +0.6% +0.4% +0.2% 6.9% +3bp Total Alternative 2,291 +0.6% +0.5% +0.1% 6.8% +4bp Non-strategic portfolio 230 -4.0% -1.2% -2.8% 10.0% -56bp Total 6,547 -0.2% -0.6% +0.4% 7.2% - 8bp Financialresults
  41. 41. 42 Half-YearResults2013 Analysis of change in EPRA triple net NAV per share 2.2% decrease in EPRA triple net NAV per share due to the €3.64 dividend payment and the value adjustment on Tour EQHO 80.7 78.9 -3.6 +0.9 +0.1 -0.5 +0.2 +1.2 -0.1 Dec 2012 2013 dividend Consolidated profit Change in gains on total portfolio Change in gains on development and services companies (1) Change in fair value of derivative instruments (2) Other June 2013 (1) The valuation method used is based mainly on a discounted cash flow (DCF) model over the period of each company's business plan, together with a terminal value based on normalised cash flow growing in perpetuity. Among the financial parameters used, the weighted average cost of capital was lower than that measured at end-2012: between 8.82% and 12.49% for development companies and between 7.96% and 10.40% for service companies. The enterprise value of development and service companies increased by 7.5%. After deduction of net debt, the equity value of development and service companies comes to €418.1m versus €426.7m at 31 December 2012. Adjusted for the disposal of Arcoba, Sethri and Suretis, the value of equity was stable. (2) Change in fair value of derivatives and fixed-rate debt Impact of the sale of shares in Icade Santé Financialresults €/share
  42. 42. Clinique de l'Union (Toulouse, 31) 1 Strengths of the Icade business model 2 Financial results 3 Opportunities and strengths 4 Appendices C o n t e n t s
  43. 43. 44 Half-YearResults2013 Architect: Hubert & Roy Architectes Height: 139m Number of floors: Ground+40; 4 basement levels Floor space: 79,200m² gross rentable area Car park: 1,100 spaces Employee capacity: up to 5,922 workstations (9.2 m² net usable space / workstation) Opportunitiesandstrengths Tour EQHO A major source of cash flow for Icade A tower transformed, a renaissance, a new product ► A new luminous facade, highly contemporary, making a real architectural statement ► Modification of access and redesign of lobbies ► Total replacement of technical equipment ► Diversification and innovation in catering ► Exceptional services ► Increased flexibility: multi-tenant potential ► Cumulative amount of work at 30/06/2013 = €307m Strong visibility ► Standing on the La Défense ring road ► Located just off the La Défense plaza, with direct connections to Courbevoie town centre and its shops, as well as to the shopping centres of La Défense Very high standards ► A breathable triple skin ► Construction work certification: a high proportion (95%) of office space with outside view ► Excellent noise insulation Environmental certification HQE® Rénovation and BREEAM®-Very Good certification / BBC Rénovation energy certification A major source of cash flow for Icade ► Impact of IBM's departure in 2009 offset by the acquisition of Compagnie la Lucette in 2010 ► Potential headline rent of around €40m ► Limited vacancy cost: maximum annual post-completion impact of €8m (€3m in 2012, additional €5m over a full-year)
  44. 44. 45 Half-YearResults2013 A sector with attractive features for investors ► Attractive yields, secured by long-term leases (12-year commitments) ► Triple net index-linked rents (606 paid by tenant) ► Appraised values show low volatility relative to other segments, with yields ranging between 6.5% and 7% in the last four years ► No vacancies ► Assets protected by operating licences ► Solid, sustained growth in demand for healthcare properties due to socio-demographic factors (population ageing, increasing quality of life, medical progress etc.) ► France is Europe's second-largest healthcare market, with total healthcare spending equal to 11.8% of GDP ► 16.6% of the population was aged over 65 in 2010, and 20.1% will be by 2020 ► Private healthcare is cheaper for local authorities than public healthcare, and forms a crucial part of the healthcare market Investment opportunities ► Operators' strategy is based on outsourcing property requirements in order to free up the resources needed to invest in equipment and acquisitions ► The main operators (healthcare providers and medico-social operators) still own almost €4bn of property Liquidity enhanced by the development of healthcare property as an asset class in its own right ► Several operators regularly carrying out transactions (property investment companies and funds) ► €425m of transactions completed in the first half of 2013, of which 40% between investors Opportunitiesandstrengths Icade Santé The market
  45. 45. 46 Half-YearResults2013 Icade leads the French healthcare property market ► Result of a strategy adopted in 2007 aimed at diversifying Icade's cash flows ► Part of Icade's move to focus on commercial property €360m raised in 2012 and €110m raised in H1-2013 by selling shares in Icade Santé to institutional investors ► The only investment vehicle of its kind in the market, allowing the financing of growth in the portfolio ► Diluting Icade (current stake around 57%), while maintaining the contribution from healthcare property to cash flow ► Sharing management costs Clear investment criteria ► Focus on MSO (medicine, surgery and obstetrics), FRC (follow-up and rehabilitation care) and MHE (mental health establishments) facilities: good momentum in terms of outsourcing by operators, and with a better risk/return profile ► Located in attractive and growing regions for healthcare (Western France, Paris region) ► Priority for large facilities (over 150 beds in the MSO segment) ► Long-term viability of tenant operators: ► Rent/Revenue between 6% and 22% (in the MSO segment) ► EBITDA/Rent around 2x ► Yield at purchase between 6.6% and 8.0% Opportunitiesandstrengths Icade Santé A leading position € m 31/12/11 30/06/12 31/12/12 30/06/13 Net rental income 61.0 42.5 90.5 58.9 EBITDA 55.9 40.2 85.4 55.4 Operating profit 29.0 19.8 43.3 28.9 Net current cash flow of which Icade share (1) 38.7 38.7 29.7 24.4 66.6 50.2 44.9 29.3 Portfolio value 1,317.0 1,374.9 1,724.5 1,844.9 Net debt 749.9 502.5 683.9 684.8 NAV 554.2 848.8 1,032.3 1,151.0 LTV 56.9% 36.5% 39.7% 37.2% Key figures 19 45 56 86 114 127 126 536 661 829 1,317 1,725 1,845 2007 2008 2009 2010 2011 2012 30/06/13 €m Annualised recurrent rental income and portfolio value since 2007 After restatement for minority share holders, Icade Santé's contribution to Icade's cash flow was up on average by 13% compared to H1-2012 (1) Including management fees
  46. 46. 47 Half-YearResults2013 Icade Santé Assets at 30 June 2013 * MSO: Medicine, surgery, obstetrics ** FRC: Follow-up and rehabilitation care *** MHE: Mental health establishment 58 establishments - 9 partner operators Value excluding transfer taxes €1.84bn - €127m of annual rental income - 6.9% yield excluding transfer taxes Average remaining lease period: 9 years 4 months Breakdown by operator as % of total portfolio value Opportunitiesandstrengths Gén. de Santé 28% Vedici 29% Médi- Part. 25% Harpin 6% 3H 5% Clinipôle 3% C2S / Clinicé 2% Ramsay 2% One of Icade Santé's strengths in terms of counterparty risk is the diversity of its portfolio in terms of location and operators, which dilutes risk Nancy Clermo nt- Ferran d St Etienne Brest Les Sables d’Olonne La Roche sur Yon Poitiers Toulouse Agen Aire sur l’Adour Pau Orléans Chartres Laval Roanne Arras Nantes Villeneuve d’Ascq Bordeaux Saintes Niort Toulon Valenciennes Vendôme Bergerac Montauban Montpellier Angoulême Limoges Dunkerque Soissons (ESM) Le Mans Brive Nancy Clermont- Ferrand Trappes Le Chesnay Champigny/Marne Nogent/Marne Le Bourget Bry/Marne Drancy Charenton Vitry/ Seine 46 MSO* clinics acquired 12 FRC** and MHE*** centres acquired Investments in H1 2013 City Operator Type € m Centre de Néphrologie Les Fleurs Ollioules (83) Médi-Partenaires MSO 13 Clinique de l’Union St-Jean (31) Ramsay Santé MSO + FRC 38 Hôpital Privé de la Loire St-Etienne (42) GdS MSO 58 Work on assets Miscellaneous Miscellaneous MSO 9 Total 118
  47. 47. 48 Half-YearResults2013 Combination with Silic Compelling industrial logic Strategy focused on securing recurrent cash flow through a portfolio of offices / business parks in the heart of Greater Paris ► Recently built properties and new developments, meeting the toughest environmental standards, located in the main business districts of the Paris region, benefiting from recent or upcoming public transport developments ► Properties well suited to demand, with rents mainly in the €150-400/m² range ► Solid rental base with annualised rental income of around €570m, with a positive letting trend that was confirmed in 2012 Well managed pipeline and prospects of further value creation ► Almost 2 million m² of buildable land reserves ► Changes driven by changes in demand and disposals of mature and/or non-strategic properties Staff with acknowledged expertise ► Staff operating across the real-estate value chain (development, design, project ownership, marketing, administrative and technical management), with an acknowledged track record ► Workforce integration made simpler by integrated organisations and cultural similarities Higher stockmarket profile ► Combined market capitalisation of €5bn (at current prices) ► Free float increased from €1.5bn to €2.3bn ► Higher index weightings (EPRA, MSCI, SBF etc.) ► Stable LTV Opportunitiesandstrengths A solid track record and a clear strategy
  48. 48. 49 Half-YearResults2013 Combination with Silic Change in Icade’s profile The business combination with Silic marks a new stage in Icade’s growing focus on property investment and commercial property (1) Silic figures at 31 December 2012 Icade at 30 June 2013 Combination with Silic Icade + Silic combined (1) Total portfolio (excluding transfer taxes) €6.7bn  €10.1bn of which Offices, France and Business Parks €4.0bn 60%  €7.0bn 69% Annualised recurrent rental income €384m  €567m Property Investment division - proportion of EBITDA in H1-2013 89%  92% Property Investment division - proportion of NAV in H1-2013 92%  95% Opportunitiesandstrengths
  49. 49. 50 Half-YearResults2013 €7bn portfolio of office buildings and business parks in the Paris region(1) Values excluding transfer duties at 30 June 2013 Business parks 24% Offices, France 36% Retail and shopping centres 7% €6.7bn 60% Paris 26% Western Crescent 25% Other 1% €4.0bn Paris region 99% La Défense 18% Inner and outer suburbs 30% Retail 3% Offices 8% Business parks 80% €3.4bn 88% Paris Nord St Denis 17% €3.0bn Paris region 100% Nanterre / A86 47% Orly-Rungis 36% Healthcare 18% Offices, France 27% Business parks 43% Paris 15% Western Crescent 34% Other 1% La Défense 10% Inner and outer suburbs 40% Icade + SilicSilic (2)Icade (1) Non strategic 6% Healthcare 27% Non strategic 7% Non-strategic parks 9% Retail and shopping centres 5% €10.1bn €7.0bn 70% Paris region 99% Opportunitiesandstrengths Combination with Silic Combined group's assets (2) Values excluding transfer duties at 31 December 2012
  50. 50. 51 Half-YearResults2013Opportunitiesandstrengths Combination with Silic A balanced business model, based on complementary activities A property manager/developer taking advantage of the Grand Paris transport project to generate sustainable strong growth over the long term Gradual refocusing via disposals of non-strategic assets and a portfolio turnover policy generating resources to finance development and the shift towards commercial property (business parks and offices) Breakdown of the combined entity's portfolio An appropriat e strategy for each asset class High-quality business parks in the Paris region, with significant potential for value creation ► Orly-Rungis ► Portes de Paris ► Roissy-Paris Nord 2 ► Millénaire ► Pont de Flandre ► Colombes ► Nanterre Préfecture ► Nanterre Seine ► Mauvin Long-term development of business parks ► Management based on a business-park approach (clearly defined and consistent properties) Large land bank, providing a source of growth ► Shift towards commercial property and higher site density One of the largest office portfolios in the Paris region, with key positions in Paris, La Défense, the Western Crescent and the inner suburbs ► Crystal Park, EQHO, Villejuif, H2O etc. ► Saint-Denis ► Immeubles Axe Seine, Nacarat Maximising asset value through medium-term portfolio turnover ► Creating value by acquiring, refurbishing and maximising the rental potential of each asset ► Active policy of selling mature assets Public-sector and healthcare facilities across France ► Clinics and aftercare facilities Retail ► Le Millénaire shopping centre ► Odysseum shopping centre ► Fresnes retail park - La Cerisaie ► Mr Bricolage portfolio Recurring cash flow, stable and secure over the long term ► Attractive long-term yields ► Focus on supporting tenants ► Opportunistic approach to selling Diverse asset classes and locations in France and Germany ► Warehouses ► German offices ► Non-core business parks: Villebon-Courtaboeuf, Evry-Courcouronnes, Cergy St Christophe and Antony ► Residential Non-strategic assets due to be sold gradually ► Maximising value before disposal ► Cash flow and disposal proceeds financing the development of business parks and offices Non strategicAlternative investmentsOfficesBusiness parks
  51. 51. 52 Half-YearResults2013Opportunitiesandstrengths Creating value in business parks by converting buildings for commercial use Source: Icade at 30/06/2013 and Silic at 31/12/2012 (1) Offices as a % of floorspace (2) The size of the circle reflects the value of the business park excluding transfer duties (in € m) Orly Rungis Nanterre A86 Roissy Paris Nord 2 Other Silic parks Parc des Portes de Paris Parc du Millénaire Parc du Pont de Flandre Parc du Mauvin - 2 000 4 000 6 000 - 20% 40% 60% 80% 100% Valueperm²(excludingtransferduties)(€/m²) Office share (%) (1) (2) Combination with Silic Illustration of value creation expertise
  52. 52. 53 Half-YearResults2013Opportunitiesandstrengths Roissy / Paris Nord Cergy Evry Courcouronnes Villebon-Courtabœuf Orly Rungis Maisons-Alfort Villejuif Issy-les-Moulineaux Boulogne-Billancourt St-Denis 19 Aubervilliers 15 8 Paris Rueil-Malmaison Neuilly Nanterre Puteaux >€100m €50-100m €0-50m Business parks - Silic Offices - Icade Business parks - Icade H2O (Rueil-Malmaison) Grand Axe building (Nanterre) Tour EQHO (La Défense) (Cergy) Roissy-Paris Nord 2 business park (Roissy) La Factory (Boulogne) Charmille (Courtaboeuf) Le Garonne, Metropolitan (Villejuif) L'Opéra, Metropolitan (Villejuif) (Evry) Le Millénaire (Paris 19th) Le Millénaire shopping centre (Aubervilliers) Montreal building (Orly-Rungis business park) Paris-Saint Denis business park (Saint Denis) La Cerisaie (Fresnes) Combination with Silic Ideally located assets
  53. 53. 54 Half-YearResults2013Opportunitiesandstrengths Combination with Silic Assets suited to demand Modern buildings: assets less than 10 years old make up 60% of the portfolio (by value) HQE® certified properties in use account for 18% (excluding Tour EQHO, due for completion in 2013) All programmes have at least HQE® certification (Millénaire 3, Veolia, Ilot E, EQHO, Sisley, Monet etc.) Properties that are efficient for tenants ► Limited charges (shared charges, low energy consumption etc.) ► Optimised occupancy rates (flexible spaces with extension possibilities) High-quality portfolio... ... with rents in line with companies' expectations 84% of space let for less than €400/m² 0 100 200 300 400 < 200 200 - 300 300 -400 400 - 500 >500 thousands of m² Rent (€/m2) Space Commercial offering in line with tenant needs Icade parks Silic parks Icade offices Silic offices
  54. 54. 55 Half-YearResults2013Opportunitiesandstrengths Main tenants (excluding Icade Santé) Occupancy rate (1) Tenant % of total rental income 1 GIE AXA FRANCE 9.3% 2 PWC 5.0% 3 CREDIT AGRICOLE SA 4.5% 4 MINISTRY OF THE INTERIOR 2.6% 5 MR BRICOLAGE GROUP 2.1% 91.0% 94.7% 94.8% 95.9% 86.0% 85.3% 87.2% 87.2% (2) Dec 10 Dec 11 Dec 12 June 13 Icade Silic (1) Financial occupancy rate for Icade and physical occupancy rate for Silic (2) Silic figures at 31/12/2012 Lease expiry schedule (% of annualised rent) 0% 10% 20% 30% 40% 2013 2014 2015 2016 2017 2018 2019 2020 2021 >2021 Icade + Silic Next break Combination with Silic A stronger commercial offering
  55. 55. 56 Half-YearResults2013Opportunitiesandstrengths Orly Maisons-Alfort Orly Prospects of further value creation with nearly 2 million m² of buildable land reserves Transactions underway Transactions identified and under control Buildable land reserves Transactions underway Paris Nanterre Rungis Aubervilliers St-Denis Transactions identified and under control Transactions underway Transactions identified and under control Buildable land reserves Icade Silic 68,000m² 89,700m² 121,000m² 53,100 m² 79,200m² 1,020,000 m² 900,000m² 12,000m² La Défense La Défense Nanterre / Colombe Orly - Rungis Paris / Plaine Commune Roissy / Paris Nord Combination with Silic Summary of the pipeline
  56. 56. 57 Half-YearResults2013Opportunitiesandstrengths An excellent position with respect to the Grand Paris project Grand Paris Express is a project to modernise and develop the Paris region's transport system ► Around 175 of new metro lines and 57 new stations ► An investment of €30bn in several phases between now and 2030, with the first metro lines due to be operational in 2017-18 Increasing appeal of the areas where development work is taking place ► Positive impact from the roll-out of public transport infrastructure ► Undeniable advantages for the property sector: improved access to properties, increased demand from owner-occupiers and greater traffic for retailers, generating a potential rise in rents and higher property values ► Increased value of sites due to the combination of higher density authorised by town planning authorities and greater potential profits from development projects In addition, shift in business parks to office use Silic and Icade are the best placed of all French property companies to capitalise on the Grand Paris project(1) ► Icade and Silic together have the highest proportion of properties close to Grand Paris Express stations ► Exposure of Icade and Silic sites to the first line openings (Blue Line North, Red Line South and RER E West) ► Exposure of Icade and Silic sites to areas likely to benefit from transport network improvements (e.g. Villejuif L. Aragon, Parc des Expositions) Excellent geographic fit between Icade and Silic sites ► Icade in Northeast Paris ► Silic in Orly-Rungis, La Défense/Nanterre A86 and Roissy/Charles de Gaulle (1) See J.P. Morgan report of 11 February 2013
  57. 57. 58 Half-YearResults2013 Outlook Realising improvements that will support future growth in net current cash flow over the medium term ► Letting of existing properties ► Development of major projects secured in 2011 and 2012 ► Firm control over the pipeline: new value-creating operations launched in line with demand ► Securing the positive contribution of the Development division ► Reduced cost of debt due to the diversification policy Current acquisition of Silic, which will enhance cash flow Dividend to move in line with net current cash flow LTV to be held at around 40% Opportunitiesandstrengths
  58. 58. 1 Strengths of the Icade business model 2 Financial results 3 Opportunities and strengths 4 Appendices C o n t e n t s Hospital in Neuilly-sur-Seine (92)
  59. 59. 60 Half-YearResults2013 Commercial property commitments in France by half-year period (1) 0 5 10 15 20 25 30 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 H2 5,7 Yield on "prime" office properties in Paris CBD OAT TEC 10 3-month Euribor 4.25% 0.22% 2.39% 14.5 (€bn) French commercial property market Appendices (1) Source: CBRE, Richard Ellis (2) Source: Banque de France Comparison of yields (at end of period) (2) 30/06 2012 30/06 2013 West Central Paris 5.4% 5.6% South Paris 3.7% 3.3% Northeast Paris 3.2% 3.6% Paris average 4.5% 4.5% La Défense 6.9% 7.6% Western Crescent 11.0% 11.5% Inner suburbs, North 10.9% 10.3% Inner suburbs, East 7.6% 7.5% Inner suburbs, South 7.1% 7.9% Outer suburbs 5.6% 5.5% Total Paris region 6.6% 6.7% Vacancy rates in the Paris region (1) Paris region in the Paris region between 2000 and H1 2013 (1) €689 €460 €293 €200 €400 €600 €800 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013 "Prime" West Central Paris "Prime" La Défense Average Paris region € / m² / year, excluding VAT and charges
  60. 60. 61 Half-YearResults2013 2012 saw a sharp fall in property development activity, particularly because of falling demand for new residential properties. Sales of new homes continued to decline in Q1-2013, and the supply of new homes fell sharply. Net sales down 6.9% relative to Q1-2012 New residential offers for sale down 33.2% relative to Q1-2012 Commercial supply up 12.2% relative to Q1-2012, representing 15.1 months of sales based on the last observed quarter. The low general level of sales, particularly regarding sales to investors, was due to the combined effect of: ► The new Duflot regime, under which marketing of properties did not really start until mid-February; ► Relatively low demand for new homes among first-time buyers, due to the significant fall in support resulting from the reform to PTZ+ (0% interest) loans in late 2011 and 2012; ► Widespread hesitancy among buyers given the worrying economic environment, even though financing costs are at all-time lows; ► Ongoing high prices, due to higher land costs and rising construction costs, which are being pushed upward by tougher standards and technical regulations, even though these are no longer increasing the quality of housing; ► Tougher lending criteria being applied to buyers. French residential property development market Building starts and building permits granted (all France) (1) (1) Sources: MEEDDAT/SESP, SOeS, FPI, CBRE, CF (1) (1) Commercial supply consists of housing units under construction, in design, or completed (number of housing units) (by developers, developments of at least 5 units) (number of housing units) 548 456 397 454 535 514 500 435 369 333 346 421 360 338 0 200 000 400 000 600 000 2007 2008 2009 2010 2011 2012 Apr 2013 Building permits Building starts 0 50 000 100 000 150 000 200 000 2Q002Q012Q022Q032Q042Q052Q062Q072Q082Q092Q102Q112Q121Q13 New offers of sale Sales Commercial supply 0 50 000 100 000 150 000 00 01 02 03 04 05 06 07 08 09 10 11 12 Sales to investors Sales to occupiers Total sales (by developers, developments of at least 5 units, cumulative over 12 months) New residential offers for sale, sales and units under construction in France (1) Residential sales volume (1) Appendices
  61. 61. 62 Half-YearResults2013 0 2 4 6 8 10 12 Portfolio breakdown Value creation potential Strategic Healthcare: clinic portfolio created in less than 5 years, with initial lease durations of 12 years, generating immediate and sustainable cash flow. Shopping centres: assets developed in partnership with the Property Development division. 3 main principles: - Optimisation, rotation (sale of mature assets), - Rationalisation (sale of small or jointly-owned assets), - Shift to commercial property (sales of assets no longer forming part of the core business). Arbitrage Alternative Security of cash flow (average committed duration of leases in years) Offices, France: a high quality portfolio, with an average lease term of 5 years, generating reliable cash flow. Business parks: strong potential for organic growth (1 million m² of land reserves), generating future cash flow and strong value creation. Appendices Icade’s strategy is to create and develop portfolios of complementary assets, with the potential to create significant value over the medium term, in market segments where Icade already has leading positions and where cash flow is reliable This growth strategy has been confirmed by asset allocation choices and gradual withdrawal from segments that do not constitute core assets, such as German office buildings, logistics platforms and residential property Offices, Germany €182m Warehouses €48m Residential €199m Healthcare €1,845m Shopping centres €446m Offices, France €2,423m Business parks €1,603m
  62. 62. 63 Half-YearResults2013 Main features of the portfolio (1) Including land reserves and projects in development for €733m (2) Including €5.8 million of revenue from 4 consolidated PPP assets, which are not present in other indicators Figures at 30 June 2013 Portfolio value excl. duties(1) (€m) Rentable space (m²) Rented space (m²) Financial occupancy rate (%) IFRS rental income, annualised (€m) Remaining committed lease term (years) Net yield (excluding transfer duties) (%) Offices, France 2,423 305,161 290,660 96.9% 120.0(2) 5.4 6.8% Business parks 1,603 476,904 444,281 91.5% 96.1 3.9 7.9% Shopping centres 446 211,346 208,620 96.7% 24.7 4.6 6.3% Healthcare 1,845 860,570 860,570 100.0% 126.7 9.4 6.9% Non-strategic commercial 230 257,839 199,292 84.8% 16.1 6.1 10.0% TOTAL COMMERCIAL PROPERTY 6,547 2,111,819 2,003,423 95.9% 383.6 6.3 7.2% Appendices
  63. 63. 64 Half-YearResults2013 Pipeline 2013-2016 Summary of investment flows €m Total: €400m Business parks €330m Healthcare €70m Breakdown by year and asset type Breakdown by major project Appendices 43 51 26 S2 2013 2014 2015 2016 37 43 71 59 2013 2014 2015 2016 Millénaire 3 Clinics / extensions BusinessparksHealthcare 21 32 17 2013 2014 2015 2016 Veolia project 102 126 114 59 2013 2014 2015 2016
  64. 64. 65 Half-YearResults2013 Parc du Mauvin Parc des Portes de Paris Parc du Pont de Flandre Parc du Millénaire (inc. Millénaire 5 & 6) Total business parks Space (offices + light industrial areas) 22,000 m2 320,800 m2 90,500 m2 75,200 m2 508,500 m2 Valuation (excl. transfer duties) €27m €676m €402m €322m €1,427m (excl. land reserves and development) Valuation / m2 €1,658/m² €2,140/m² €4,438/m² €4,835/m² €2,915/m² Yield 8.6% 8.7% 7.3% 6.8% 7.9% Average rent / m2 €160/m² €178/m² €309/m² €327/m² €223/m² Occupancy rate 93% 92% 84% 99% 92% Main tenants TGI Icade business park features Appendices
  65. 65. 66 Half-YearResults2013 Signed agreements showing the appeal of the area and supporting its appraisal value Managing risk Business parks: secured projects Veolia Environnement will relocate its head office in 2016, bringing together more than 2,000 staff ► Off-plan lease signed in January 2013 for 45,000 m² of office space (lease term: 9 years / rent: €16.5m) ► Featuring the latest environmental and energy- performance technologies (HQE® and BREEAM® Very Good certification) In 2015, France's Ministry of Justice will relocate 1,600 central government staff, currently spread out over several sites within Paris ► December 2011: signature of heads of agreement with the government for a lease plus option to buy relating to Millénaire 3 (32,000 m2) - lease term: 12 years / rent: €11.6m ► Start of work: early 2013 ► Expected completion: April 2015 ► HQE® and BREEAM®-Excellent certification BBC certification Architect: Cabinet KPF Appendices Architect: Dietmar Feichtinger M2M1 M5 M6 M4 M3 SAINT DENIS PARIS AUBERVILLIERS Shopping centre Le Millénaire
  66. 66. 67 Half-YearResults2013 Millénaire 4 Îlot E Space: 24,800 m² Rent: €8.8m (€350 per m² of office space) Cost: €109m (including assistance measures and land cost) Estimated yield to cost: 8.1% Completion: 24 months after launch decision Building permit obtained and cleared Environmental certifications: HQE®, BREEAM®, BBC, RT 2012 Space: 28,300 m² Rent: €8.7m (€300 per m² of office space) Cost: €107m (including assistance measures and land cost) Estimated yield to cost: 8.1% Expected completion: 30 months after launch decision Building permit obtained and cleared Innovative building - wooden structure and façades Managing risk Business parks: projects under control Appendices Environmental certifications: HQE®, BREEAM® Excellent, BBC, RT 2012
  67. 67. 68 Half-YearResults2013 Consolidated NCCF(1) 113 123 +9.3% NCCF(1) restated for minority share holders of Icade Santé 108 108 +0.2% NCCF(1) restated for minority share holders of Icade Santé per share(2) 2.08€ 2.08€ Icade key figures € m 30/06/12 30/06/13 % Revenue 683 696 +1.8% EBITDA 180 188 +4.5% Profit on disposals 60 39 -34.3% Operating profit 154 119 -22.9% Net financial items -51 -53 +3.5% Net profit (Group share) 81 45 -45.1% € m 31/12/12 30/06/13 Net debt 2,725 2,662 Appraisal value 6,850 6,746 Loan To Value (LTV) 39.8% 39.5% EPRA triple net NAV 4,190 4,079 EPRA EPRA triple net NAV per share(3) €80.7 €78.9 (1) NCCF: Net Current Cash Flow (2) Average fully-diluted number of shares excluding treasury shares: 51,762,193 for the first half of 2012 and 51,807,791 for the first half of 2013 (3) Fully-diluted number of shares excluding treasury shares and dilutive instruments: 51,943,243 at 31 December 2012 and 51,711,090 at 30 June 2013 Appendices
  68. 68. 69 Half-YearResults2013 Rental income trends Rental income trends between June 2009 and June 2013 (€m) 210 211 178 196 201 +1 -0 +5 -38 +3 +15 +4 +1 June 2009 Like-for-like change Change from acquisitions and disposals June 2010 Like-for-like change Change from acquisitions and disposals June 2011 Like-for-like change Change from acquisitions and disposals June 2012 Like-for-like change Change from acquisitions and disposals June 2013 +0.6% like-for- like +2.4% like-for-like +1.6% like-for-like Appendices +1.8% like-for-like
  69. 69. 70 Half-YearResults2013 € m June 2012 June 2013 % EBITDA 180 188 +4.5% Net underlying financial items -51 -53 +3.5% Corporate income tax(1) -18 -14 -22.7% Tax on depreciation provision recognised on customer contracts and on net change in provisions on investment - Property Development division 1 0 NA 3% tax on dividend payments 0 3 NA Capital gains tax on disposals 1 -1 NA Underlying income tax -16 -12 -26.2% Net current cash flow 113 123 +9.3% Analysis of net current cash flow June 2012 – June 2013 (1) Corporate income tax results from Icade's property development and services businesses, and from its holding company activities. Appendices
  70. 70. 71 Half-YearResults2013 EPRA triple net NAV - 13 - 14 -12 2,646 2,637 2,547 1,523 1,496 1,500 33 71 44 June 2012 Dec 2012 June 2013 4,190 Or €80.7 per share 4,189 Or €80.8 per share € m -0.2% Unrealised gains on Property Development / Services Unrealised gains on property assets net of transfer duties Shareholders’ equity (+ FMV of debt and impact of dilution) Tax on property assets and companies 4,079 Or €78.9 per share-2.2% Appendices
  71. 71. 72 Half-YearResults2013 30/06/13 31/12/12 Change over 6 months (%) 30/06/12 Change over full year (%) EPRA single net NAV group share (€m) 4,224 4,400 -4.0% 4,401 -4.0% EPRA triple net NAV group share (€m) 4,079 4,190 -2.6% 4,189 -2.6% Number of shares (fully diluted) 51,711,090 51,943,243 51,833,763 EPRA single net NAV per share (group share in €) 81.7 84.7 -3.6% 84.9 -3.8% EPRA triple net NAV per share (group share in €) 78.9 80.7 -2.2% 80.8 -2.4% EPRA Net Asset Value Appendices
  72. 72. 73 Half-YearResults2013 Yields (1) excluding transfer duties 6.8% 7.7% 6.7% 6.9% 8.6% 7.3% 6.8% 7.6% 6.5% 6.8% 9.3% 7.2% 6.8% 7.6% 6.1% 6.8% 9.0% 7.1% 6.9% 7.8% 6.2% 6.7% 9.5% 7.2% 6.7% 7.8% 6.2% 6.9% 10.5% 7.2% 6.8% 7.9% 6.3% 6.9% 10.0% 7.2% Offices, France Business parks Shopping centres Healthcare Non-strategic commercial Total commercial property 31/12/2010 30/06/2011 31/12/2011 30/06/2012 31/12/2012 30/06/2013 (1) Annualised net rent from rented space plus potential net rent from vacant space at market rental value, divided by appraisal value excluding transfer duties of rentable space Appendices
  73. 73. 74 Half-YearResults2013 Revenue and EBITDA (20) (12) 35 23 472 483 197 201 June 2012 June 2013 683 696 +2% +2% 5% 29% 69% 3% 29% 69% -2%-3% (7) (3) 2 1 25 23 161 167 June 2012 June 2013 180 188 +5% +4% -6% 89% 1% 89% 0% -1%-4% EBITDARevenue Property Investment Property Development Services Other (1) (1) Icade SA and intra-group inter-business line 14% 12% €m Appendices +2%
  74. 74. 75 Half-YearResults2013 Breakdown of capital employed by business line Portfolio value excluding transfer duties Enterprise value of development companies Enterprise value of service companies €40.6m 0.5% €429.8m 5.9% €6,849.7m 93.6% Appendices December 2012 €6,746.4m 93.0% €462.9m 6.4% €42.8m 0.6% June 2013
  75. 75. 76 Half-YearResults2013 Support functions June 2012 June 2013 (€m) Property Investment Property Developm ent Services Intra- group Holding company ICADE Property Investme nt Property Developme nt Services Intra- group Holding company ICADE Revenue 197 472 35 -22 2 683 201 483 23 -16 5 696 Operating expenses -24 -425 -27 19 -1 -458 -22 -434 -17 14 -1 -460 Support functions recurrent expense -11 -22 - 6 - -2 -42 -11 -25 -6 - -1 -43 Support functions expense net of net non-recurring income - - - - -3 -3 - -1 - - -4 -4 EBITDA 161 25 2 -3 -4 180 167 23 1 -2 - 1 188 Depreciation and impairment expense net of reversals -86 1 - 1 1 - 1 -86 -109 1 0 0 - 1 -109 Gains on disposals 39 - - 1 21 60 39 - - 1 0 39 Operating profit 114 25 0 -2 16 154 97 24 0 0 - 2 119 Appendices
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