First half2008 results

12 september2008 LIABILITY LIMITATION

Declaration of Forward-Looking Statements (Safe Harbor)

This presentation includes forward-looking statements (drawn up in accordance with the provisions of the Private Securities Litigation Reform Act of 1995). Intrinsically, these statements contain an element of risk and uncertainty. These forward-looking statements are part of the opinion formed by the company on future events and are basedon the information currently available. Therefore, the company cannot guarantee their accuracy or exhaustiveness. Moreover, the actual results can differ tangibly from the company‘s projections, due to a certain number of uncertain matters, which for the most part arenot known to the company. For more information on these items and other key factors that are liable to change the actual results of the company compared to expectations and projections, please consult the reports filed by the company with the Autorité des Marchés Financiers (French Financial Markets Regulatory Authority).

12 septembre 2008 œ 2 First half2008

Introduction

MRM Asset portfolio

Value creationprogrammes

Consolidatedfinancialstatements

Outlook Introduction H1 2008 highlights (figures as of 30.06.2008, variations from 31.12.2007)

° Continuation ofthestrategyimplementedin 2007

° SIIC status from 1 January2008

° Increasein thevalue(1) oftheportfolio: ⁄507m (+6.3% )

° Progress on value creationprogrammes

° Robust business activity: ° Gross rentalrevenue: ⁄13.6m ° Net income: ⁄6.5m, or ⁄1.86 per share(2)

° Increasein Net Asset Value: ° Liquidation NAV: ⁄24.5 per share(2) (+ 8.3% ) ° Replacement NAV: ⁄33.2 per share(2) (+ 14.1 % )

(1) appraisal value excluding transfer taxes (2) on the basis of 3,501,977 shares as of 30 June 2008, restated for treasury shares 12 september2008 œ 5 H1 2008 marketcontext

° Credit crunchimpact: ° Decreasein transaction volumes in H1 2008: • France: ⁄7.1 billion, -50% in 1 year, backto 2004-05 levels • Ile-de-France: ⁄4.7 billion (⁄10.9 billionin H1 2007) ° No «megadeals» ° Change in yields different from an asset categoryto another: ° Lowerincreasefor retailassets (0 to +25 bps) thanfor offices (+25 to +75 bps) ° Higherincreasefor grade B andC assets ° Increasein office rent partiallyoffsettingrisingyields: ° Favorable ICC(1) indexation: +3.7% over6 months; +8.1% over12 months ° Furtherincreasein office rentin Ile-de-Francein H1 2008: • Prime rent: +4.5% (from ⁄739 to ⁄772/sqm) • «New» averagerent: +1.2% (from ⁄327 to ⁄331/sqm) nd • «2 hand» averagerent: +1.2% (from ⁄240 to ⁄243/sqm) ° Significant decreasein new development projects limitingriskfor over-supply in themedium term: ° Delay or cancellationofnew schemes as a consequenceofa lowerdemand: H1 2008 take-uptotalling1,175,000 sqm (-19% vs H1 2007 andH1 2006)

A market environment that makes selectiveinvestment andasset enhancement allthemore relevant

(1) French cost of construction index 12 september2008 œ 6 Methodology for investment sourcing

° Tworesearchplatforms at MRM‘s disposal: CBREandCBRE Investors

° A pro-activeprocess ofidentifyinginvestment opportunities:

Phase I Phase II Phase III Phase IV Macro Cities submarket Asset type Asset economics(1) selection selection selection

Demographics Quality of available Quality Off-market deals Tertiary employment properties Size Consumption trends Supply/Demand Occupancy level Capital market trends Construction pipeline Attractiveness

Focus on off-market deals: targetingassets to beenhanced in attractive locations and/or specialsituations (SIIC)

(1) Macro economicdata : source Experian 12 september2008 œ 7 An illustration ofPhase II analysis

Office realestate(at mid2008)

4 AMSTERDAM 3 FRANKFURT e t a r y c n a c a

v Western Crescent NorthernInner Rim e t a i La Défense dec2007 Outer Rim d

e LONDON mid2008 EasternInner Rim m

m GREATER PARIS I Paris CBD NorthEastern SouthernParis Paris 1 2

Stock increase/ Net absorption(1)

1 Low completions due in theperiodandlow immediatevacancyrate 2 Low immediatevacancyrate but highlevelofcompletions due in theperiod 3 Marketsaturatedwithimmediatelyavailablespaceandcompletions due in theperiod 4 Significantavailablesupplyandfew completions in theperiod

(1) completions due in thenext24 months / net absorption overthelast24 months 12 september2008 œ 8 MRM Asset portfolio A mixedandbalancedassetportfolio (figures as of 30.06.2008, variations from 31.12.2007)

° Appraisalvalue(1) : ⁄506.9m (+6.3% ) ° Up4.4% excludingacquisitions

° 60% offices / 40% retail

° 64% stabilised/ 36% value-added

Portfolio breakdown Stabilised Stabilised in value offices retail 41% 23%

Retail value-added opportunities 17% Offices value-added opportunities 19%

A well-balancedmixofrecurringrevenues andvalue-addedopportunities

(1) excludingtransfertaxes - appraisals performedby Catella(offices) andSavills (retail) 12 september2008 œ 10 Stabilisedoffices (figures as of 30.06.2008, variations from 31.12.2007)

Appraisalvalue(1) ⁄ in million +2.9% ° Stable appraisal value excl. acquisition: 200.9 206.8 H1 acquisition - Higheryields 200.3 Excl. H1 acquisition Cergy-Pontoise building - upcomingvacation -0.3% + Rentindexation New leases ° Acquisition:

122.0200707 0260.200808 ° Rue de la Bourse, Paris 2nd district, price(1) ⁄6m

Lease break up timeline ° Increasein rents: as % of stabilised office rents (2) Break up = termination possible without penalty ° Net annualisedrent : ⁄13.8m (+5.4 % ) ° Net yield: 6.7% (vs 6.5%)

70 ° Securedrevenue: 60 ° Occupancyrate: 97% 50 (3) 40 ° 49% ofrents securedbeyond3 years 30 20 10 0 Impact of higher yields offset H2 2008 2009 2010 2011 and + by increase in rents

(1) excl. transfer taxes (2) excl. taxes, charges, rent-free periods and improvements (3) to mid-2011, firm leases or leases with early termination penalties 12 september2008 œ 11 Offices value-addedopportunities (figures as of 30.06.2008, variations from 31.12.2007)

Appraisalvalue(1) ⁄ in million ° Value creationin H1:

+⁄9.4m - Higheryields (+ 11.1% ) + Significantprogress in enhancement 85.7 95.1 H1 CAPEX programmes Excl. H1 CAPEX

122.0200707 0260.200808 ° CAPEX over theperiod: ⁄8m ° Mainly, «Le Charlebourg» atLa Garenne- Colombes and«Cap Cergy» Scheduled delivery of office space atCergy-Pontoise over 5,000 sqm in sqm ° Enhancement programmes: 30, 000 25, 000 ° 3-year CAPEX (mid2008-mid 2011): ⁄44.4m 20, 000 ° Net annualisedrent: 15, 000 (2) 10, 000 • current : ⁄2.3m 5, 000 • forecast(3): ⁄12.0m 0 HH22 2008 2009 2010 H1 2011 Value creation and forecast of (1) excl. transfer taxes (2) excl. taxes, charges, free rent a substantial increase in revenue periods and improvements and charges on buildings undergoing restructuring (3) after enhancement, excl. indexation 12 september2008 œ 12 Offices: H1 2008 highlights

° Letting: ° Signature of10 leases (4 new leases and6 renewals) representing a net annualised rental income of ⁄1.3m(1) ° Enhancement programmes: «Cap Cergy» «Charlebourg» Cergy-Pontoise, 7,100 sqm La Garenne-Colombes, 10,700 sqm

° Completionofworks ° Completion of stripping ° Letting strategy under work consideration: rental, with ° Planning permission adjacent building vacated in application filed in H1 February 2009(2), of a total (granted since) surface area of 13,500 sqm

° Acquisition: ° April 2008: 1 office building, Paris 2nd district, rue de la Bourse, 1,100 sqm for ⁄6m (excl. transfertaxes)

(1) excl. taxes, charges, rent-free periods and improvements (2) notice given by the tenant of a 6,400 sqm building at Cergy-Pontoisefor end of the three-year lease period 12 september2008 œ 13 Stabilisedretailassets (figures as of 30.06.2008, variations from 31.12.2007) Appraisalvalue(1) ⁄ in million ° Slight increasein appraisalvalue + 3.7% excl. acquisition: 112.7 116.9 H1 acquisitions - Unevenincreasein yields Excl. + Rentindexation 114.1 H1 acquisitions + 1.2 % New leases Intensive management of«Sud Canal» centre in Montigny 122.2000077 062.0200808 ° Acquisitions: Two Gamm Vertgarden centres for ⁄3.1m(1) ° Increasein rents: Breakdown of stabilised retail asset portfolio (2) by region (in value) ° Net annualisedrent : ⁄7.8m (+3.4 % ) ° Yieldstable at6.7% Paris 10 % ° Securedrevenue: ° Occupancy rate: 98% ° Number of tenants: 97 ° Proportion of national chains: 76% of rental income ° 10 tenants = 38% of rental income Regions 55 % Paris region (Bricorama, BessonChaussures, Cultura, ED, Epicerie (excl. Paris) Globe, Gamm Vert, Go Sport, Haworth, Interiors, King 35 % Jouets)

Resilient retail portfolio (1) excl. transfer taxes (2) excl. taxes, charges, free rent periods and improvements 12 september2008 œ 14 Retailvalue-addedopportunities (figures as of 30.06.2008, variations from 31.12.2007)

Appraisalvalue(1) ⁄ in million

+ ⁄10.5m ° Value creationin H1: (+ 13.5% ) 88.1 ° Significant progress with enhancement 77.6 H1 CAPEX programmes, particularly with the Excl. «Marques Avenue A6» shopping centre H1 CAPEX in Corbeil-Essonnes

122.0200707 062.0200808 ° CAPEX over theperiod: ⁄3.6m ° Two main projects: «Marques Avenue A6»

Scheduled delivery of retail space shopping centre in Corbeil-Essonnes in sqm and «Les Halles duBeffroi» in Amiens

2255,0 00000 2200,0 00000 ° Enhancement programmes: 1155,0 00000 1100,0 00000 ° 3-year CAPEX (mid2008-mid 2011): ⁄34.9m (2) 55,0 00000 ° Net annualisedrent : 0 • current: ⁄2.2m H2 2008 2009 2010 H1 2011 • forecast(3): ⁄8.0m

Value-creating enhancement programmes and significant 1) excl. transfer taxes (2) excl. taxes, charges, free rent periods and improvements and charges on buildings potential in rental income growth undergoing restructuring (3) after enhancement, excl. indexation 12 september2008 œ 15 Retail: H1 2008 highlights

° Letting: ° Letting of the «Marques Avenue A6» shopping centre in Corbeil-Essonnes: leases signed for 54 shops ° 3 new leases signed for a net annualised rent(1) of ⁄0.2m

° Enhancement programmes: «Les Halles du Beffroi» «Marques Avenue A6» Amiens Corbeil-Essonnes 7,500 sqm shopping centre 13,650 sqm(2) shopping centre

° Start of ° Continuation of work renovation ° Well-advancedletting work programme ° Completion ° Opening: 22 October 2008 Q4 2008

° Acquisitions: ° TwoGamm Vert gardencentres in Lamotte-Beuvron andRomorantin, witha total surface area of4,800 sqm, acquiredin May 2008 for ⁄3.1m (excl. transfertaxes)

(1) excl. taxes, charges, rent-free periods and improvements (2) total surface area including the Pizza Hut restaurant building acquired in July 2008 12 september2008 œ 16 Recentacquisitions andcurrentprojects

° ClayeSouilly (77) ° Under purchaseagreement ° Kiabistore ° 2,000 sqm area ° Acquisition price: ⁄3.9m (excl. transfertaxes)

° Development partnershipwithAgralys: ° ⁄20m (excl. transfertaxes) over5 years ° OperatedunderGamm Vert brand ° 1stsignatures plannedfor end2008/beginning2009

° July 2008: acquisition of5 restaurant buildings ° OperatedunderPizza Hutbrand ° Total area of2,300 sqm ° Plaisir, Maurepas, Lognes, La Queue-en-Brie, Corbeil-Essonnes ° Acquisition price: ⁄8.2m (excl. transfertaxes)

12 september2008 œ 17 Portfolio summaryas of30.06.2008

Office Retail Total value-added value-added stabilised stabilised opportunities opportunities

Area 48,725 sqm 59,506 sqm 73,479 sqm 31,936 sqm 213,646 sqm

Appraisalvalue ⁄206.8m ⁄95.1m ⁄116.9m ⁄88.1m ⁄506.9m

Occupancyrate 97% 28% 98% 49% 71%

(1) Net annualisedrent ⁄13.8m ⁄2.3m ⁄7.8m ⁄2.2m ⁄26.1m

Yield 6.7% N/A 6.7% N/A N/A

3-year CAPEX(2) ⁄3.7m ⁄44.4m ⁄0.5m ⁄34.9m ⁄83.4m

Forecast net rent(1)(3) ⁄13.9m ⁄12.0m ⁄8.1m ⁄8.0m ⁄42.9m

(1) as of1 July 2008, excl. freerentperiods, improvements andexpenses on building currently underupgradingprocess (2 ) forecastinvestmentfor 01.07.2008 - 30.06.2011 period(3) after completionofenhancementprogrammes, excl. indexation 12 september2008 œ 18 Increasein value oftheassetportfolio

° Breakdownoftheincreasein value(1) oftheportfolio duringH1 2008 Gross appreciation ⁄ in million = ⁄ 8.7 million

0.7 8.0 9.1 12.2 Transfer taxes Net andacquisition appreciation 506.9 Acquisitions CAPEX 476.9 costs

Portfolio Portfolio as of31 December 2007 as of30 June2008

Appreciationdrivenby rent indexation, robust rentalmarket andprogress in value enhancement programmes

(1) Appraisals performedby Catella(offices) andSavills (retail) - value excludingtransfertaxes 12 september2008 œ 19 Value enhancement programmes «Marques Avenue A6» shopping centre

° Corbeil-Essonnes (91): ° A prime location, 30 km South of Paris, in the heart of a 60,000 sqm retail park at the intersection of the A6 and the Francilienne Paris 30km motorway, direct access ° Gross LettableArea: 13,650 sqm and1,300 car parking spaces ° 60 stores - 4 restaurants - area 11,500 sqm ° Enhancement strategy: ° Restructuring of the former Art de Vivre centre as an ouletcentre and establishment of the first Marques Avenue centre in the South of Paris region (in partnership with Concepts&Distribution)

° 2007: administrative authorisations and conclusion of eviction agreements with tenants in-place

° Early 2008: vacation of premises and pre-letting

° 2008: works carried out, reorganisation of the floor layout and interior walkways, new facades and redevelopment of the car park

° 22 October 2008: opening to the public

12 september2008 œ 21 «Marques Avenue A6» shopping centre

Before restructuring After restructuring

12 september2008 œ 22 «Marques Avenue A6» shopping centre

Former «Art de Vivre» «Marques Avenue A6» s é i c o s s a

& z e u g a S

: n g i s e D -

M I T R E

: t c e t i h c r A

12 september2008 œ 23 «Le Charlebourg» office building

° La Garenne-Colombes (92) Boulevard National ° A location that is a natural extension to La Défense ° 15 floors, 10,489 sqm ° Car park: ° 170 spaces underground, 135 above-ground ° Value-added strategy: ° Repositioning and letting to a single tenant ° Creation of a 16th floor management/reception suite Overhaul of the floor plan and grids Optimisation of the budget for charges ° Works: asbestos removal, change of the façade, complete restructuring, air conditioning, landscaping of the surroundings

12 september2008 œ 24 «Le Charlebourg» office building

Before After Y R O

s e u q c a J - n a e J

: t c e t i h c r A

12 september2008 œ 25 «Le Charlebourg» office building

Project

Main entrance Typical floor

12 september2008 œ 26 H1 2008 Consolidatedfinancialstatements Consolidatedbalance sheet

SimplifiedIFRS Balance Sheet ⁄ in million 30.06.2008 31.12.2007

Investmentproperties 506.9 476.9 Currentreceivables/assets 22.8 19.2 Cash 15.3 21.7 Total assets 545.0 517.8 Equity 85.3 79.1 Issuedbonds 54.0 54.0 Bankloans 370.3 350.0 Otherdebts/liabilities 35.4 34.8 Total equityandliabilities 545.0 517.8

12 september2008 œ 28 ConsolidatedIncomeStatement

SimplifiedIFRS IncomeStatement H1 2008 2007 ⁄ in million published(1)

Total gross rentalrevenues 13.6 7.3 . ofwhichRetail 5.3 3.3 . ofwhichOffices 8.3 4.0 Propertyexpenses (1.4) (0.7) Net rentalrevenues 12.2 6.6 Operatingincomeandexpenses (3.8) (4.6) Current operatingincome 8.4 1.9 Change in thefairvalue ofinvestmentproperties 8.0 8.0 Operating income 16.4 9.9 Net financialincome (9.9) (6.5) Othernon operating incomeandexpenses 0.0 8.4(2) Net incomebeforetax 6.5 11.8 Taxes 0.0 (0.4) Consolidatednet income 6.5 11.4

Net earnings per share(⁄) 1.86 3.25

(1) Including4 months ofMRM‘s new activityas a realestateinvestmentcompany, as from 01.09.2007 (2) Non recurringincomeof⁄8.4 million as a resultofthemergerandcontributions operatedin 2007 12 september2008 œ 29 Net AssetValue

In euro per share(1) Replacement NAV

+ 14.1 % 33.2 29.1

23.6 22.4 + 8.3 %

Liquidation NAV 24.5 22.6 19.3 18.4

30.06.2007(2) 01.09.2007 31.12.2007 30.06.2008

(1) on thebasis ofthenumberofshares issuedattheendoftheperiodminus treasuryshares (2) pro forma accounts as of30.06.2007 12 september2008 œ 30 Debt (figures as of30.06.2008)

° Issuedbonds: ⁄54m ° 5% fixedrate

Bankloanschedule(3) ° Bankdebt: ⁄370.3m As a percentageoftotal bankloan (⁄350m as of 31.12.2007) ° Averagemargin: 104.5 bps(1) (105 bps as of31.12.2007) (2) 50 ° LTV stable at73% ° Debt hedged by caps 40 ° Rates ranging from 3.7% to 5.5% 30 ° New credit lines

20 ° April2008: ⁄30m (Saar LB) Financing of the acquisition of a building in Rue de la 10 Bourse, Paris, and refinancing of an existing credit line

0 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr and+ ° SincetheendofH1 (July 2008): ⁄29.8m (ING RealEstate) Refinancingofseveralexistingcreditlines and financingofCAPEX programmes

° Cash andcash equivalents: +⁄15.3m

(1) excl. impact of set-up costs (2) (3) LTV: bank debt / asset value excl. transfer taxes as from 30.06.2008 12 september2008 œ 31 Outlook Outlook

° 2008: operationofrefurbishedshopping centres willstart ° «Marques Avenue A6» in Corbeil-Essonnes ° «Les Halles duBeffroi» in Amiens

° Good visibility on 3-year growth in rental income from the existing asset portfolio (mid-2008 œ mid-2011): ° Forecast net annualised rent after enhancement programmes: 1.6 x current net annualised rent

° Continuation of MRM's strategy: ° Asset enhancement and targeted acquisitions ° Implementation of a selective dispositionprogramme

° Ongoing reflection on the possibility of increasing equity: ° Assessment of appropriate options given current market conditions ° Increase in equity would enable the company to accelerate its strategy and reduce its debt-to-equity ratio.

12 september2008 œ 33 Appendix MRM AssetPortfolio StabilisedOffices As of30.06.2008 1 Nanterre (92) - 10,176 sqm, 325-345 avenue Georges Clémenceau 2 Clichy La Garenne (92) - 6,224 sqm, 7 rue Charles Paradinas 3 Levallois (92) - 4,472 sqm, 3-5 rue Maurice Ravel 4 Cergy-Pontoise (95) - 6,365 sqm, 6 rue des Chauffours 5 4 5 Paris 12 - 2,871 sqm, 43 rue de la Brêcheaux Loups 1 6 Boulogne (92) - 2,877 sqm, 3,3bis, 8, 8bis, 10bis, rue Escudier 3 2 7 Paris 9 - 2,494 sqm, 5 rue Cadet 1 5 3 7 4 10 7 11 9 5 8 Paris 14 - 1,712 sqm, 13 rue Niepce 6 8 1 9 Rueil-Malmaison (92) - 4,531 sqm, 45-53 avenue Paul Doumer 2 2 10 Puteaux (92) - 5,889 sqm, 3-5 quai de Dion Bouton 6

11 Paris 2 - 1,114 sqm, 12 rue de la Bourse 1 Offices value-addedopportunities 1 Vélizy-Villacoublay (78) - 10,556 sqm, 16-18 avenue Morane Saulnier Ile-de -FFrraannccee 2 Rungis (94) - 8,686 sqm, 3-5 rue du Pont des halles 3 La Garenne-Colombes «Charlebourg» (92) - 10,672 sqm, 71 boulevard National 4 Rueil-Malmaison (92) - 3,989 sqm, 147 avenue Paul Doumer 5 Cergy-Pontoise «Cap Cergy» (95) - 7,086 sqm, 4 rue des Chauffours 6 Les Ulis (91) - 10,728 sqm, 12 avenue de l'Océanie, ZA Courtaboeuf, 7 Montreuil (93) - 7,789 sqm, Croix de Chavaux, 14-20 boulevard de Chanzy Stabilised Retail 1 Box Portfolio - 13,432 sqm, multiple (notin themap) 2 Montigny-le-Bretonneux «Sud Canal» (78) - 11,660 sqm, 24/26 place E. Marcel, 41 bd Vauban 2 3 Mulhouse«Passage de la Réunion» (68) - 6,017 sqm, 25 place de la Réunion 6 7 4 Allonnes (72) - 9,001 sqm, ZAC du Vivier, route de la Berardière 5 Paris 8 - 1,794 sqm, 164/166 rue du FbgSt Honoré 4 3 6 Chambly (60) - 5,260 sqm, ZAC les portes de l'Oise, rue Henri Becquerel 8 7 Reims (51) - 2,550 sqm, 2 rue de l‘Étape 3 4 8 Gamm Vert Portfolio - 23,765 sqm, multiple Retailvalue-addedopportunities 1 Corbeil-Essonnes «Marques Avenue A6» (91) - 13,200 sqm, rue des Granges 2 Amiens «Les Halles du Beffroi» (80) - 7,452 sqm, place Maurice Vast 3 Tours «Galerie du Palais» (37) - 6,562 sqm, 19 place Jean Jaures 4 Besançon «Centre commercial Ecole-Valentin» (25) - 4,722 sqm, 6 rue Chatillon

Retailunder purchaseagreement (as of30.06.2008) 1 ClayeSouilly (77) - 2,000 sqm, rue Jean Monet 2 Pizza Hut Portfolio - 2,290 sqm, multiple (notin themap) - acquisition finalisedon 07/2008 12 september2008 œ 35