1 New Trends in the European Real Estate Markets: Focus on Greater Paris Opportunities Thierry JACQUILLAT Chairman of the Greater Paris Investment Agency.

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“New Trends in the European Real Estate Markets:

Focus on Greater Paris Opportunities”

Thierry JACQUILLAT

Chairman of the Greater Paris Investment Agency

Stockholm, March 29, 2007

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OUR AMBITION :

To highlight Greater Paris as the Business Capital of Europe

OUR MISSIONS :

• To promote the assets of Greater Paris to foreign investors

• To bolster the attractiveness of Greater Paris by lobbying political and economic decision-makers

GREATER PARIS INVESTMENT AGENCY

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OUR MEMBERSOUR MEMBERS Accor, Aéroports de Paris, Air France, Altran Technologies, Atis Real, Bal du Moulin

Rouge, Bank Audi Saradar France, BNP Paribas, Cabinet Diot, Cabinet Fidal International, Cailliau Dedouit & Associés, Caisse des Dépôts et Consignations – Ile-de-France, Caisse Nationale des Caisses d’Epargne, Calyon, Chambre de Commerce et d’Industrie de Paris, Chambre de Commerce et d’Industrie de Versailles Val d’Oise / Yvelines, Chambre Régionale de Commerce et d’Industrie Paris-Ile-de-France, Colas S.A., Colony Capital Europe, Comexpo Paris, Commissariat à l’Energie Atomique de Fontenay-aux-Roses, Communauté d'Agglomération du Plateau de Saclay (CAPS), Crédit Industriel et Commercial, Cushman & Wakefield France, Deloitte et Touche, EDF, Marne - La Vallée Epamarne / Epafrance, Etablissement Public pour l’Aménagement de la Défense (EPAD), Euro Disney Associés - SCA, Euronext, Fédération Nationale des Travaux Publics, Fédération Régionale des Travaux Publics Ile de France, FNAIM de Paris et l’Ile-de-France, France - Amériques, France Télécom, Freyssinet SAS, Galeries Lafayette, Gaz de France, GIE Ernst & Young, Gide Loyrette Nouel, GMC Services, Havas, HSBC-CCF, Icade EMGP, JCDecaux s.a., Jones Lang LaSalle France, JP Morgan Chase Bank, Klépierre, KPMG, La Poste, Londez Conseil, LVMH Moët Hennessy, McKinsey & Company Inc, MEDEF Ile-de-France, MEDEF Paris, Parc des Expositions de Paris Nord - Villepinte, Paris Expo Porte de Versailles, Paris Sélect, Pernod Ricard, Port Autonome de Paris, RATP, Seine et Marne Développement, SEMAPA, SFR, SILIC, SNCF, Société des Constructions Electriques de la Seine, Société Générale, Suez, Systra, Total, Unibail Holding, Véolia …

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According to the study realised by the Greater Paris Investment Agency and Ernst & Young on the Foreign Direct Invesmtents in the 15 main European metropolitan areas, Greater Paris attracted, in 2005, 194 FDI versus 177 for Greater London and 64 for Catalonia.

Greater Paris shows strong and continuous growth during the period 2001-2005.

GREATER PARIS THE MOST ATTRACTIVE CAPITAL OF EUROPE

0%

5%

10%

15%

20%

25%

30%

2001 2002 2003 2004 2005

Greater London

Greater Paris

Catalonia

Stockholm

Moscow

Source: Ernst & Young European Investment Monitor 2006 - Greater Paris Investment Agency

Market share evolution for the 5 leading European metropolitan areas since 2001

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Highest GDP (481 billion euros) among European metropoles

Ahead states such as Denmark or Belgium

1st location in Europe for the top 500 worldwide companies, 2nd worldwide after Tokyo

An access to more than 300 million consumers within 500 km of Paris

GREATER PARIS THE EUROPEAN STRATEGIC CENTER FOR

BUSINESS

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1st airport hub in continental Europe:• 80 million passengers /year • 6th worldwide•Connect 530 cities in 135 countries

1st leading urban transport network • 12,000 km of roads and 700km of motorways

Best international rail links• At the hub of the French and European high speed train network.• Link major European cities in less than 4 hours

GREATER PARISA DENSE AND EFFICIENT

TRANSPORTATION NETWORK

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GREATER PARISHIGH QUALITY EMPLOYMENT

1st employment area in Europe: 5,6 million employees

25% are executives

1st for GDP per capita among European Capitals with 40,000 €

724 000 foreign workers

100 nationalities

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1st European location for Internal R&D Expenditure - 13.4 billion euros per year - 3 % of the region's GDP - 6% of the European expenditure

Highest concentration of researchers in Europe :- 70,000 researchers- 5th highest concentration in the world- 13.1 researchers to every 1000 operational personnel, as opposed to 4.7 in the Silicon Valley

GREATER PARIS EUROPEAN LEADER IN R&D

9GREATER PARIS 3 world leading clusters

SYSTEM@TIC• 200 industrial, academic and institutional organisations • Target markets: Telecom, Security & Defence, Automotive & Transportation, System Design and & Development Tools.

MEDICEN• 50% of France's academic life science research (9 universities, more than half the country's high-tech life science companies, over 50 pharmaceutical firms and more than 40 hospitals•Target markets : neuroscience, oncology, infectious disease, molecular and cellular medicine, medical imaging and drug sciences.

CAP DIGITAL• 200 companies, 30 universities, engineering schools and institutes and 50 research laboratories•Target markets: audiovisual, new media, the digital life, e-Education, video games and knowledge engineering.

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Paris: largest stock market in Euroland

Market capitalisation with more than 1,6 trillion euros

Paris is Europe’s leading stock exchange: with a turnover of 1,800 billion euros, Paris ranks 1st for the total volume of transactions.

GREATER PARISA MAJOR FINANCIAL MARKET IN THE HEART OF EUROLAND

1114 French companies are world leaders

among 50 sectors

SAINT-GOBAIN

BOUYGUES

VIVENDI UNIVERSALLAFARGE

VINCI

Food and Drug Stores

CARREFOUR

INSURANCE:

GROUPAMA

AXA

LAGARDERE GROUPE

L’OREAL

RAILROADS

SNCFUTILITIES

ELECTRICITE DE FRANCE

AIR FRANCE-KLM Group

PERNOD RICARD

Wine & Spirits

Building materials, Glass

Engineering, Construction

Entertainment

Household and personal products

PUBLISHING PRINTING

Airlines

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Why invest in Eurozone financial markets?

Outperformance over all investment horizons

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Why invest via French asset managers?

Paris, the “Boston” of Europe

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The world capital for conventions and trade fairs with more than 2,000 business events each year

The world capital for tourism with

44 million tourists / year

2 500 hotels

Exceptional living conditions

GREATER PARISWORLD CAPITAL FOR CONVENTIONS, TRADE FAIRS

AND TOURISM

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GREATER PARIS

DIVERSIFIED & COMPETITIVE BUSINESS REAL ESTATE

Europe’s largest office market: 48 million sq. m. 2nd largest in the world (before New York and after Tokyo)

Paris top-of-the-line products two times less expensive than London

Available office space : 3 million square meters

Record investment in 2006: more than €20 billion

Prestigious buildings owned by the French State available on the market

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www.europinvest-paris.com

Contact :

7, rue Balzac – 75008 Paris

Tel : + 33 1 55 65 74 80

Fax: + 33 1 55 65 74 87

Email : [email protected]