Bertrand Gstalder CEO...Source: SeLoger 1) excl. effects of Poliris business, deconsolidated in 2016. 2) 9M/17 figures excl. Logic-Immo. Constant roll-out of new products has been

Bertrand GstalderCEO

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Investment highlights

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French real estate market is the largest in continental Europe

SeLoger will close another strong year reconfirming its leading position

Success is fueled by high performance on demand- and supply-side

Successful merger with Logic-Immo initiated in 2018…

…increased market penetration thanks to different regional strengths

Strategic initiatives to offer innovative products such as seller leads

Source: OC&C

1) Comprising rent as well as sales transactions

Transaction Value1

France is the largest real estate market in continental Europe

In €bn, 2016 In €m, 2016

Marketing Spend Online Classifieds

In €m, 2016

257

167 799

571

287347

+54%

≈440€m

+54%

≈880€m

Germany France Germany France Germany France

+54%

▪ French real estate market with

high activity (55% more sales

transactions, 6% higher sales

prices than Germany)

▪ Consequently, transaction value

and marketing spend surpass

that of Germany

▪ Yet – online classifieds

spending only slightly higher –

suggesting structural headroom

+40%

+21%

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The real estate market in France is still buoyant and online classifieds are expected to continue to grow

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▪ ~950k transactions in resale in

2017

▪ Low loan rates: 1.52% favorizing

high demand

1) Sales of individual houses and apartments sold by the unit, excluding any

professional premises, whole multi-apartment

buildings and ancillary premises (cellars, parking spaces, fractions of common condo

property, etc.) sold separately.

Source: OC&C, Conseil Général de l’Environnement et du Développement.

Structural tailwind in French real

estate market supports…

LTM cumulated existing home sales transactions

in k, 02/2012 – 08/2018, France1

…growth in all online channels

beyond classifieds

In €m

799

22%

14%

20%

2012

781

17%

27%

21%

CAGR+3%CAGR

+1%

2020F

47%

25%

9%

19%

2016

903

Online

Offline

750

Aug 18

1,000

500Feb 12

Other Offline AdvertisingPrint Advertising

Other Online AdvertisingOnline Classifieds

35% 43%

-8%

+1%

CAGR

(16-20F)

+5%

+6%

Illustrated by key metrics in

resale

Source: SeLoger

1) excl. effects of Poliris business, deconsolidated in 2016.

2) 9M/17 figures excl. Logic-Immo.

Constant roll-out of new products has been valued

by customers

SeLoger will close another strong year reconfirming its leading position

Average monthly ARPA made with professional customers, in €

Historical revenue and EBITDA performance

Revenues and EBITDA in €m1, 2

2011 2012 2013 2014 2015 2016

8091

98106

116128

140

104

159

4353 58 62

71 76 82

6176

+9%

+9%

CAGR

2011-2017

676

594424 456496 549

615

382 406 440 483544

SeLoger excl. verticals

SeLoger incl. verticals

CAGR

+10%

5

2017

632

724

EBITDARevenues

2011 2012 2013 2014 2015 2016 20179M/18

400

800

0

660

762

628

719

9M/17

+5%

+6%

9M/189M/17

Commercial success was fueled by a superb brand recognition…

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Source: Brand awareness study - Ipsos

89%

24%

75%

15% 14%

56%

11%

Source: Brand awareness study – Ipsos ; % brand awareness of users with real estate project

SeLoger and Logic-Immo specialist brands… … with high potential in rural areas

68%

…which contributed to a strong uplift in traffic and leads across all ourverticals

▪ Resale market sustained by rental leads, while sales leads confirm market lowdecrease

▪ High performances on Luxury and New buildings thanks to dynamic demand and performing rebuild of sites and applicationend 2017

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+9%

+19%

+32%

+10%

LeadsTraffic

+2%

+44%

+33%

+13%

Source: internal analytics / end of October

% traffic & leads growth YTD

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Sources: Autobiz

Also on the professional listings side, SeLoger maintained its strongposition

995

1,276

766720

543523

972

private listings

+2%972

Average of monthly listings 9M/18 in k

SuccessfulLogic-Immo integration started

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We started the Logic-Immo integration and are forming the French Real Estate Group

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Shared offices for Paris teams

Full integration of outsourced HR/Finance/Legal

operations by the end of 2018

Add-on offers started mid September to prepare

full mixed offer by mid 2019

Mixed organizations in preparation

Common CRM and ERPs in 2019 to support

organizations

Progressive IT mutualization

The merger helps us to close gaps in previously underserved areas

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# Visits

SeLoger – Traffic SeLoger + Logic-Immo - Traffic

Low

High

The French Real Estate Group is the only 100% specialist

LeBonCoin

& AVAL

SeLoger

& Logic-Immo

PAP Bien’Ici Figaro

Immo

13.5 8.3 3.5 3.0 1.2

▪ 50m cumulated targeted visits

▪ 100% specialist in real estate

▪ Unique high performing galaxy of specializedsites on New buildings, Luxury & Commercial

Players Traffic

Source: Mediametrie millions unique visitors – Sept 2018; internal analysis.

French

Real

Estate

Group

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13

840k

840k

# of resale pro listings /

January 2018 - pre-merger

≈ 150k

≈ 50k

Estimated # of incremental

listings with Aval / Logic-Immo

aquisition

≈ 900k

≈ 1,000k

Sources: Autobiz / internal analysis

The incremental listing potential from Logic-Immo puts us first for professional listings in France

+900 customerswith an add-on

+50k listings on SeLoger orLogic-Immo

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We are commercially tapping the potential through our DUO offer

+▪ Add-on enables agentsto extend their listingspublication to the othersite

▪ Preparing the new„Full Duo“ offerin 2019

Strategic initiatives

Enhancing the pro experience

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“Seller lead” strategic initiative has already demonstrated high performance at SeLoger

≈900

SL Customers

▪ Launched at SeLoger in January 2018,

visibility and lead generation product

▪ Dedicated organization as a

new market

▪ Logic-Immo seller product on pre-sale

to be launched in January 2019

▪ SeLoger will extend to premium qualified

leads and luxury market by 2019

▪ AVIV Group strategic initiative with

synergies among assets: shared price

estimate engine with Immoweb,

based on AI

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SeLoger for pros

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Pro mobile App Property watch Live visit

Strategic initiatives

Enhancing the private user experience

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SeLoger dedicated data organization provides innovative products tosupport growth

Listings recommendation

conversion

4.8% vs 2.8%(standard listings)

10.5% vs 3.5%(alerts)

▪ AI based listings

recommendation engine

▪ More streams to come

- User personalization

- ROI monitoring for

customers

- RE local intelligence

- Search optimization

- Listing qualification

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SeLoger developed new powerful market prices intelligence features

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▪ Price heatmaps and local intelligence

▪ New AI based price estimate

Smart Lifemap Search

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Commute time X 2 addresses Draw my search

Favorites shared board

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