Présentation Powerpoint

CANOPY - H L E P R É - SAINT - GERVAIS

Not only a new building… but also an emblematic and attractive asset with strong fundamentals and a real charm

Large efficient floorplates New generation building completed at end of 2018 Majestic indoor street illuminated by a beautiful of over 2 000 sq. m A charming and stylish architecture : in line with international standards 10m high glass roof a beautiful red brick neo industrial character

Divisible building benefiting from 2 addresses, Offices with excellent levels of natural daylight Opened style floors 2 access and 2 lobbies and connected to outdoor terraces allowing communication and team work

Double environmental certification Good occupancy ratio Attractive floor to ceiling height for optimal and rationalized energy consumption 10-year guarantee of 1 desk/11 sq. m net lettable area of 2.8 m on the GF and 2.7 m on the upper floors

In the heart of the emerging Northeast district

More than 270,000 sq. m recently developed or to be developed in the area

1 Marché portugais project : 7,000 sqm

2 Cité universelle : 15,000 sqm of offices 1 3 ZAC Porte des Lilas : 80,000 sqm of offices completed between 2009 and 2019 8 6 4 5 4 Grandes Serres : 70,000 sqm 2 5 ZAC du Port : 20,000 sqm of offices, 45,300 sqm of housing 7 6 Irrigo : 16,000 sqm of offices 3 7 Uptown project / Médecins PARIS du monde : 12,000 sqm

8 Ilôt fertile : 8,000 sqm

Pantin/Pré-Saint-Gervais : …but also an established location for luxury, banking and communication groups Not only an emerging office market…

PANTIN (LUMINEM) BNP CHANE 82,000ZAC sqm PARIBAS CCMSA HQ GALERIE L PAPYRU TotalÉCOCITÉ area Hermès SECURITIE THADDAEU S BETC + Chanel + Cartier S S ROPAC ELIS HQ SERVICES HQ ARENE CHANE CHANEL HERMÈS (Cité des métiers) HERMÈ L 30,000 sq. m 27,000 sq. m S ZAC de l’Horloge ZAC DE L’HORLOGE Moving in : 2012 Moving in : 2013 HERMÈ S BÉRIM Coming from : Neuilly Coming from : Paris/Pantin ESMO BANQUE D DE FRANCE BUREAU COP VERITAS WWF LEGRAND COPIN (VISALTO) (INNOVAL HQ PANTIN) E HQ CITÉ TECHNOLOGIQUE RECTORAT BIOCITECH DE PARIS PADDOCK CANOPY-H PARIS (22 biotech companies) (Shoping centre) (YVOIRE) EST ENSEMBLE th PARIS 19 HERMÈS + CARTIER HQ LE PRÉ-SAINT- GERVAIS

BNP PARIBAS SECURITIES BETC 50,000 sq. m 16,000 sq. m Moving in : 2009 Moving in : 2016 Coming from : Paris 9th Coming from : Paris 10th 5

Not only an efficient access to major business and transport hubs …but also an improving public transport network around Canopy of the Greater Paris Region…

To Roissy St-Denis CDG aiport HOCHE Stade de France Pablo Picasso

Gare du Nord 9 MIN Transport time from Hoche PARIS République metro station to the main Western business hubs 14 MIN St-Lazare

Tomorrow Saint-Lazare hub Today CBD (2022 onwards) République 16 MIN Châtelet Stade de France To Saint-Lazare 16 minutes 16 minutes Porte de Montreuil 18 MIN Bastille Gare Gare de Gare de Lyon To Porte Maillot 36 minutes 20 minutes d’Austerlitz Lyon Montparnasse 24 MIN To La Défense 32 minutes 24 minutes Gare Montparnasse Place d’Italie 28 MIN To Nanterre 34 minutes 26 minutes La Défense 35 MIN To Orly airport Roissy CDG airport 38 MIN 6

COMPARABLE LETTING TRANSACTIONS IN PANTIN – SINCE 2005 Rent/ Date Building Address Area State Tenant Lease sq. m 7 RUE DU 30/07/2015 STEP UP 5,829 sq. m €315 New BNP PARIBAS 6 yr. firm 1 DEBARCADERE A very competitive and sustainable rent level compared to 1 RUE DE L’ANCIEN Due for 16/12/2013 MAGASINS GENERAUX 15,612 sq. m €300 BETC 3/6/9 yr. 2 CANAL completion brand new buildings in the area 7 RUE DU Due for 01/04/2013 STEP UP 7,000 sq. m €330 BNP PARIBAS 9 yr. firm 1 DEBARCADERE completion 90-92 AV. DU Due for CITE REGIONALE DE 02/05/2012 LE VIVALDI 5,785 sq. m €300 9 yr. firm 3 GENERAL LECLERC completion L’ENVIRONNEMENT 9 RUE DU Due for BNP PARIBAS 25/06/2005 LES GRANDS MOULINS 50,000 sq. m €280 6 yr. firm 4 DEBARCADERE completion SECURITIES 84,226 sq. m €286*

th COMPARABLE LETTING TRANSACTIONS IN PARIS 18/19/20 – SINCE 2017

Arrondiss- Rent/ Date Building Address Area State Tenant Lease €315/ ement sq. m 11 RUE DE th EDC PARIS €350/ Ongoing LE BRABANT - BAT 014 19 6,615 sq. m €350 Renovated 9 yr. firm 330 1 CAMBRAI BUSINESS SCHOOL 370 €300 PARC DU PONT DE 11 RUE DE th 30/11/2018 19 1,745 sq. m €357 State of use UBER FRANCE 9 yr. firm 1 FLANDRES - BATIMENT 28 CAMBRAI 1 LE BEAUVAISIS - 11 RUE DE th 1 19/11/2018 19 1,745 sq. m €370 State of use ACTION FRANCE Other 3 1 BATIMENT 028 CAMBRAI 5 €300 31 RUE PAUL th Due for €280 4 12/09/2018 EASTWAY 20 1,404 sq. m €345 ESTIAM 6 yr. firm 2 2 MEURICE completion

€360 98 AVENUE th Due for 17/07/2018 GAMBETTA VILLAGE 20 15,409 sq. m €450 PUBLICIS GROUPE 9 yr. firm 3 GAMBETTA completion

84 QUAI DE LA th 18/09/2017 19 1,500 sq. m €330 State of use BASIC FIT 9 yr. firm 4 LOIRE €330 €360 4 49-63 RUE MEDIA th Due for 18/05/2017 TEMPO GASTON 19 3,533 sq. m €360 PARTICIPATIONS 12 yr. firm 5 completion 6 TESSIER PARIS 8 BOULEVARD th 28/02/2017 VISALTO 19 1,126 sq. m €360 New CDK GLOBAL 6 yr. firm 6 D'INDOCHINE

€345 PONT DE FLANDRE 11 RUE DE th Due for PARIS 13/02/2017 19 8,490 sq. m €370 URSSAF 9 yr. firm 1 (EX L'ARTOIS ) CAMBRAI completion

41,567 sq. m €393* 1 2 2 €370

th €390 COMPARABLE OFFICE SUPPLY IN PARIS 18/19/20 Transacted €450 Arrondiss Building Address -ement Total area Divisible area Rent/sq. m State rent/sqm th 1 VIEW 33-65 RUE PAUL MEURICE 20 21,740 sq. m 8,961 sq. m €390 Due for completion 3 3 th Asking rent €350 2 EASTWAY 19 RUE PAUL MEURICE 20 4,037 sq. m 251 sq. m €370 New th 3 44-46 RUE ALPHONSE PENAUD 20 2,752 sq. m 2,752 sq. m €350 Redeveloped

*Average weighted rent 7

Not only a competitive rent… but also a very good balance : best rental value/proximity to Paris

Saint Saint- Denis Aubervillier Ouen €330 s Clichy €370 €290 Pantin €400 La Levallois €320 Défense €530 €590 Neuilly €660 CANOPY- Suresnes HBagnolet €350 €250 Montreuil Paris €330

Saint-Cloud Vincennes €300 €350 Boulogne- Billancourt €500 Issy-les - Charenton-le- Moulineaux Pont Malakoff €470 Montrouge Ivry sur Seine €280 €310 Gentilly €380 Le Kremlin- €300 €360 Bicêtre €280

Not only a first-class tenant… but also one of the most performing listed companies

€5 966 M 966 €5 €5 549 M 549 €5

€5 202 M 202 €5 + 8% €4 841 M 841 €4 + 7% + 7% Hermès stock price vs LVMH, basis 100 on 30/01/2009 M 119 €4 + 18% 800 M 755 €3 + 10% 700 664 653

600 M 355 €1

€1 221 M 221 €1

€1 100 M 100 €1

€973 M €973

€859 M €859 €790 M €790 500 + + + + + 9% 11% 11% 13% 13% 400 2013 2014 2015 2016 2017 2018

Turnover Net income 300

200 100 #7th +20% 16/20 0 Market capitalization Average annual stock Credit default score of the CAC 40 index price growth since by Intuiz on 14/02/2019 1993 (very high notation) (with €57.94 Bn) LVMH Hermès

Not only a good place at the edge of Paris… but also a strategic location for Hermès Group…

Hermès HQ PANTIN

PARIS

HERMÈS CAMPUS PARIS 50,000 sqm

Hermès’ offices/production area/showroom PRÉ ST Hermès’ warehouses/storage GERVAI

…and a continuing expansion during the last 27 years for Hermès in Pantin/Pré-Saint-Gervais

PARIS 400 meters

CITE DES METIERS HERMES (27,000 sq. m) 2 1 : Original Hermès buidling (in 1992) 2 : New buildings completed in 2013

ZAC du Centre-Ville (2007-2018) 2 • 30,000 sq. m of housing (390 housing units) 1 • 2,150 m² of retail • 27,000 sq.m for Hermès Cité des Métiers expansion 2 • A public parking below ground level, a public square and a 3,500 sq. m public garden (Jardin Mongolfier) Other new Public space buildings 11

Le Pré-Saint-Gervais benefits from Paris and Pantin’s office market and developments

PRD / JC DECAUX – Pantin : 21,000 sq.m of offices - 2020

BUSSO – Pré-St-Gervais: 7,000 sq. m (public concertation)

NEW DANCE & MUSIC Lots 5 et 6 - ZAC du Port - Pantin ACADEMY – Le Pré-Saint- : Gervais: 89 housing units - S1 2019 800 sq.m - 2020

GRANDES SERRES – Pantin : 70,000 sq.m of offices, a hotel, a fitness club, restaurants… Planned delivery : 2021

Challenge : Le Pré-Saint-Gervais, a little-known city Answer : a nice “bobo” image and a “live work play” environment…

Dance and music academy Centre National de danse

Studios des Lilas TV set (600 sq. m) La Guinguette des Grandes Serres

Le Pouilly-Reuilly : François Miterrand’s favorite Dock B, a new trendy bar/restaurant restaurant (1,200 sq. m)

Chez Martine ESMOD (3,500 sq. m) « Le Pré en bulles »

Thaddaeus Ropac’s contemporary art gallery (5,000 sq. Salaisons – Busso m) To be developed

Challenge : Le Pré-Saint-Gervais, a little-known city …confirmed by figures Answer : a gentrification of the area…

Faced with increasingly high prices in the capital, many Parisian households have fallen back on Average income tax in Le-Pré-Saint-Gervais/Pantin neighboring cities, resulting in a surge in real estate prices, especially in cities bordering Paris like Le Pré-Saint-Gervais or Pantin : €3,500 €3,300 €3,100 Average sale price of a new/renovated flat in Le Pré-Saint-Gervais and Pantin since 2004 (€/sq. m) €2,900 €2,700 €6,500 €2,500 €2,300 €6,000 €2,100 €1,900 €5,500 €1,700 €5,000 €1,500 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 €4,500 +134% since Pré-Saint-Gervais Pantin Source : Ministry of Economy 2004 €4,000 Number of inhabitants in Le-Pré-Saint-Gervais €3,500 +156% since 19,000 2004 €3,000 18,000 17,000 €2,500 16,000 €2,000 15,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 14,000 Le Pré-Saint-Gervais Pantin 13,000 Source : L’argus du logement 1982 1990 1999 2006 2011 2016

14 Source : INSEE

Selection of investment comparables in the 1st ring and Paris 18/19/20th

4.30% 4.02% 4.25%

Le Pégase (Q2 2018) Le Cap Lendit (Q4 2017) 20-32 rue de Bellevue (Q1 2019) 4,621 sq. m - Clichy 11,907 sq. m - Saint-Denis 4,271 sq. m - Paris 19th Covivio -> STAM Primonial -> La Française 3.77% SCI C. Bellevue -> La Française ~4.4% €36.3 M (€7,850/sq. m) €88.3 M (€7,420/sq. m) €31.7 M (€7,400/sq. m) 100% let – Single tenant 100% let – Multi tenant 100% let – Single tenant 5.5 year WALB 6 year firm lease (SNCF) 12 year WALB State : state of use State : redeveloped State : new Dock en Seine (Q1 2018) Gaumont 3 (ongoing) 16,154 sq. m – Saint-Ouen 17,000 sq. m – Montreuil Gecina -> BNP REIM AG2R -> BNP 4.0% 4.10% ~€127M (~€7,860/sq. m) 4.30% ~€100 M (~€5,900/sq. m) 100% let – Multi tenant 100% let – Single tenant 6 year WALB State : state of use State : new

Le Villeneuve (Q3 2017) Le Coruscant (Q2 2017) Le Visalto (Q1 2017) 14,576 sq. m - Clichy 14,778 sq. m - Saint-Denis 7,025 sq. m - Paris 19th Real IS -> Primonial Gecina -> Amundi BNP Promotion -> BNP REIM ~€110M (~€7,550/sq. m) €109.1M (€7,380/sq. m) €66.1 M (€9,400/sq. m) 100% let – Single tenant 100% let – Single tenant 100% let – Multi tenant 6 year firm lease (SNCF Fret) 7.75 year WALB State : new State : state of use State : new

• NIY for comparable products range from 3.77% to 4.40% • Gross price/sq.m range from €6,000 to €8,000/sq. m

Hermès : not only a historical tenant in the area… but also a significant expansion over the years

1992 2008 2010 2013

Hermès leather workshops set up in Hermès perpetuates its presence in the Hermès continues its growth in the area Hermès continues its expansion in Pantin Pantin area by extending to Le Pré-Saint-Gervais and moves administrative services and human resources Cramped in its historic premises rue du Hermès let 4,700 sq. m of the Yvoire « Le Petit h » opens : it is an arts workshop Faubourg-Saint-Honoré in Paris, Hermès building, completed in 2007 and located in mixing artists and in-house craftsmen. Hermès “Cité des Métiers” is born: after a opens a 12,000 sq. m branch in Pantin, Le Pré-Saint-Gervais. Unused raw materials are transformed : silk, few years of works, from 2010 to 2013, the rue Auger, a discrete street easy to access leather, porcelain, crystal… In-house impressive real estate complex made of via metro line 5, only a few minutes away artisans create works that are gathered in glass and brick is completed. Nearly 1,000 from the heart of Paris. “Le Petit h”, an appreciated arts showcase. employees moved in the 28,000 sq. m real estate complex. A gigantic 18m high glass Hermès moved its leather workshops to a Step by step, Hermès trades and talents are cathedral hall immediately brings you into post-industrial location redesigned by Rena mixed up : designers, saddlers, the world of luxury, know-how and Dumas, keeping the same mix of leatherworkers, seamstresses, joiners, sophistication. offices/workshops as the Paris HQ. Space goldsmiths, with the know-how and genius of rapidly became insufficient and Hermès great artists. The luxury brand also invested €7m in the bought surrounding lands with the idea development of the district. to create its “Cité des Métiers” real estate complex.

Hermès : not only a historical tenant in the area… but also a significant expansion over the years

2015 2018

Inauguration of « Podium Hermès » (also Hermès confirms its strategic known as Espace Jean-Louis Dumas) in development in the area with Canopy Pantin As proof of the company's unshakable fervor At the beginning of 2015, Hermès opened for the sector, Hermès let the smart and its 8,000 sq. m showroom called “Podium trendy Canopy building (6,539 sq.m), Hermès”. It is tailor-made for bi-annual testifying once again its great confidence in presentations of collections to store the territory. managers around the world.

The building also comprise a gym dedicated to employees, a "leather school" and a nursery.

Annual take-up in Le Pré-St-Gervais/Pantin/Bobigny

(sqm) 45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

,0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

< 1 000 m² 1 000 - 2 000 m² 2 000 - 5 000 m² > 5 000 m²

Le Pré-St-Gervais/Pantin/Bobigny outperforms its market in terms of immediate supply/vacancy rate

Immediate office supply in the 1st ring North (macro location) Immediate office supply in Le-Pré-Saint-Gervais/Pantin/Bobigny (micro location)

(sqm) (sqm) 400,000 14% 45,000 8%

12.2% 40,000 7% 350,000 12% 6.4% 35,000 300,000 6% 10% 30,000 250,000 5% 8% 25,000 200,000 4% 6% 20,000 150,000 3% 15,000 4% 100,000 2% 10,000 2% 50,000 5,000 1%

,0 0% ,0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Immediate supply Vacancy rate OffreImmediate immédiatesupply TauxVacancy de vacancerate

The coming T Zen line 3 will act as a catalyst for the urban renewal of the territory

T Zen line 3 is a €200m state-owned public transport project that will strengthen the existing Key points offer by 2022. T Zen line 3 will pass by metro station Hoche, 5 minutes away from Canopy-H, and will contribute to the economic development of the territory. • Planned delivery : end of 2022 • 10 km long, from Paris 19th (Porte de pantin) to Pavillons-sous-Bois • Highly connected to other public transports (Metro 5 and 15 + tram T1/T3b/T4/T11) • High frequency (1 T Zen every 6 minutes) • 42,000 users expected daily • Pacified and less noisy environment

CANOPY-H

Built lines Project lines T Zen 3 T Zen 3 stations