Information Meeting - Nexity

Information MeetingJanuary 2007

DisclaimerThe information contained in this document has not been independently verified. No representation or warrantyexpressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness orcorrectness of the information or opinions contained herein. None of Nexity, its affiliates, its advisors orrepresentatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use ofthis document or its contents or otherwise arising in connection with this document.This document is not an offer to sell or the solicitation of an offer to purchase or subscribe for any shares and nopart of it shall form the basis of or be relied upon in connection with any contract or commitment or whatsoever.The information, assumptions and estimates that were used to determine these objectives are subject to change ormodification due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of therisks described in chapter 4 and 10.4 in the Reference Document, registered with the AMF, number R.06-049 on May4, 2006, (hereafter referred to as the “Reference Document”) could have an impact on the company’s ability toachieve these objectives. Attaining the company’s objectives also assumes the success of the strategies as set forthin chapter 6.1.2 in the Reference Document. Accordingly, the company cannot give any assurance as to whether itwill achieve the objectives described, and makes no commitment or undertaking to update or otherwise revise thisinformation.DisclaimerInformation Meeting 2

Index1. Strategy & Outlook2. Financials3. Activity by division4. Conclusion5. AppendicesIndexInformation Meeting 3

Strategy & Outlook

Fully-integrated real estate operatorCycleLong termUrban regenerationSynergiesLandoriginationResidentialCommercialMedium termNew marketsNew productsProduction&MarketingShort termFranchisesSynergiesServicesServices&DistributionStrategy & OutlookInformation Meeting 5

Investments into new sources of growth New markets (2) Retail parks• 5 employees Franchise• 7 employees Villes & Projets• 9 employees International• 10 employees New products (2) Managed residences (student, senior...)• 4 employees Asset Management• 17 employees€8mDevelopment costs (1) (€m)€15mManagedresidencesRetail parksFranchisesVilles &ProjetsAssetmanagementInternational(1) Selling, General & Administrative(2) Effective at June 30, 2006Strategy & Outlook2005 2006e+€7m vs. 2005Information Meeting 6

Grow market share in residentialMarket share*7.6% * 10% *H1 2006 2010* In number of unit reservedStrategy & Outlook Information Meeting 7

Multiple growth drivers2005 EBIT 2010 EBITVilles & Projets10 -15%ResidentialCommercial (1) ~10%13% * 40-45%Franchises& Services~10%ResidentialInternational ~10%* based on 2005 Group EBIT excl. Eurobarajas(1) excl. Villes & ProjetsStrategy & OutlookInformation Meeting 8

Solid fundamentals of new homes marketReservations, commercial offer and price of new homesPrice per m² at 9M-06Number of reservations 9M-06Commercial offer 9M-06€3,09293,7106.9 months130 0003 2002 950Number ofunits110 00090 00070 0002 7002 4502 2001 950EUR per m²50 0001 7001 45030 00085 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06e*1 200Source: Ministère de l’Equipement in 9M-06* Estimation of reservations 2006 Michel Mouillart & commercial offer in 9M-06Strategy & OutlookInformation Meeting 9

Offer adapted to first-time homebuyersReservations (number of units)Average price and area (€k & m²)1,7531,965+29.1%2,53669.9 m²213.569.5 m²-2.1%209.067.0 m²23%* 22%*24%*Total188.4200420052006200420052006Average area* As % of total number reservationsStrategy & OutlookReservations byfirst-time buyersAverage home price forfirst-time buyersInformation Meeting 10

Attractive commercial investment marketParis prime office risk premium (bp)24,08,0%20,06,0%16,0Transactions(€bn)12,08,0240 pb4,0%2,0%4,00,01997 1998 1999 2000 2001 2002 2003 2004 2005 20060,0%Total investment (€bn)10 year deflated French bondsParis prime office net yieldNew investmentsSource: CBREStrategy & OutlookInformation Meeting Commercial Real Estate11

Recovery confirmed in commercialParis region office supply/demand equilibrium4,0Square meters(millions)3,02,01,00,01997 1998 1999 2000 2001 2002 2003 2004 2005 2006Source: CBRE, construction starts for 2006eare the sum of H1-06 and H2-05Strategy & OutlookStart ofconstructionGross take-upImmediateavailable supply (m²)Information Meeting 12

Villes & Projets: c.1 million m² potentialUrban regeneration land potentialSaint-Ouen -37,000 m²Boulogne -26,400 m²-63,400 m² 25,000 m² Joué-les Tours 222,000 m² Lyon 40,000 m² La Baule+287,000 m²734,500 m² (1) 958,100 m² (1)51%60%51%49%40%49%Nantes - Le Tripode45,000 m² (1)49%CommercializedprojectsNewprojects51%2005 2006(1) Approx.Villes & ProjetsResidentialreal estateCommercialreal estateJoué-les-Tours25,000 m² (1)Information Meeting 13

Services: strong potential of synergiesLand originationAdditional distribution networknexity100%Cross-selling platform for Services Property Management for privateinvestors Brokerage of financial productsHighly profitable low capitalintensive business 2006 aggregate revenues of €32m70%880 agencies*880 agencies*60%525 agencies*525 agencies* H1-06 operating profit of €4m1,405 agencies*~70,000 transactions*(+12%)(+6%)* As at Dec. 31, 2006Strategy & OutlookInformation Meeting 14

Significant land potential (2)Potential activity for residential division (units)Number of years2.7 years2.7 years 2.6 yearsof activity (1) 2005 2006+11.6%35,88528,29618,41632,16721,62124,2169,88010,54611,6692004(1) Based on reservations over last12 months(2) Excl. land in "Villes & Projets" non commercializedStrategy & OutlookPlots of landNew HomesInformation Meeting 15

Accelerated increase in backlogBacklog – Orders book (€m)Backlog in monthsof revenues16.2 mths+1.4 mths+1.5 mths17.6 mths+27.8%19.1 mths2,9572,3135881,8393885052,3691,4511,8082004Residentialbacklog2005 2006CommercialbacklogStrategy & OutlookInformation Meeting 16

Excellent commercial activity in 2006 Markets with solid fundamentals Developments in all divisions Record commercial activity in all divisions Sustained growth of backlog: +27.8% (€3.0bn)ConclusionInformation Meeting 17

New guidance for 2007Revenue growth 2007: between 13% and 15% Medium term: 7-10% p.a. on averageOverall operating margin 2006: close to 14% 2007: over 13% 10-11% normalized margin over the longer termGearing Less than 100% over the longer termDividend policy Payout of 30% of consolidated net profitStrategy & OutlookInformation Meeting 18

Financials

Strong continued growth in 2006Revenues (€m)Reported1,363+15.8%1,57865+17.6%1,85595336852402441,0371,2691,424Revenues on a l-f-l basis (1)and excl. Eurobarajas20041,341 +14.2%2005 20061,532+20,1%1,839(1) incl. SAGGEL in 2004 andexcluding Century 21 Franceand Guy Hoquet in H2 2006FinancialsResidentialreal estateCommercialreal estateServices& othersInformation Meeting 20

Profitable growth continues in H1-06Operating margin (%)Operating profit (€m)12.3%11.4%15.3%13.8%15.6%Residential14.1%GroupExcl. Eurobarajas693462989+15.8%1131992 96H1 2004H1 2005H1 2006H1 2004-3-2H1 2005 H1 2006Excl.EurobarajasResidentialreal estateCommercialreal estateServices& othersFinancialsInformation Meeting 21

Excellent H1 resultsReportedExcl. Eurobarajas& non-recurring items (1)€mH1 2005H1 2006H1 2005H1 2006% changeRevenues757806711806+13.5%Operating profitOperating margin129ns11314.1%9813.8%11314.1%+15.8%+30 pbFinancial income (expense)(6)1(6)(5)-Taxes(43)(37)(32)(35)(9.4%)Net profit80736073+23.0%Non-recurring profit (1)Minority interests0(6)-(1)-(6)-(1)--Net profit group share74765472+32.6%In euros per shareEarnings per share2.492.351.832.23+23.2%(1) Results from sale of non-current assetsFinancialsInformation Meeting 22

Financial flexibilityFinancial structure (€m)AssetsLiabilitiesGoodwillOther assetsNet WCRAssets28071303Liabilities424601704576539651060348Total shareholders’equityProvisionsNet debtDec. 31, 2005June 30, 2006In %2005 H1 2006Gearing (1) 40%68%(1) Net debt / shareholders’ equity incl. minority interestsFinancialsInformation Meeting 23

WCR: reflects growth in activityWorking Capital Requirement (€m)30339617914%*of revenues18%*of revenues23%*of revenuesH1 2005 2005H1 2006* As % of revenues from residential divisionFinancialsResidentialreal estateCommercialreal estateServices& othersInformation Meeting 24

ResidentialReal Estate

Leadership reinforced in 9M 2006New homes at 9M 2006 (1) Nexity market shares at 9M 2006(in number of reservations)Paris region14,669WestNorth East17,38211,5567.4%6.8%*17.2%16.0%*6.9%5.3%*South WestSouth EastRhône Alpes16,58033,5743.1%3.5%*5.6%5.1%** Market share in 9M 2005France 93,761Nexity 6,959(1) Source: Ministère de l'équipementResidential Real EstateMarket share in 9M 20067.4% vs. 7.2%Information Meeting 26

Record commercial activity in 2006Volume in number of units reserved (units)Average price per product (1)(€k incl. VAT)+15.8%+6.1%10,3187,70812,0939,04613,99910,5537318219676 762082,6103,047 3,446200420052006200420052006New homes Plots of land(1) Excl. sales to institutional investorsResidential Real Estate Information Meeting 27

Upswing in primary residence buyersBreakdown of customers by type+17.7%10,553Average profile for first-time buyers7,7084%45%9,0468%40%+29.0%12%45%Budget €209,000 (-2%)Area 67 m² (-4%)Price/m² €3,121 (+2%)Average profile for private investors51%52%43%Budget €170,200 (+5%)Area 53 m² (-4%)Price/m² €3,198 (+9%)2004 2005 2006PrivateinvestorsPrimary residencebuyerso/w first-timebuyersInstitutionalinvestorsResidential Real EstateInformation Meeting 28

Solvency of households preservedImpact of rise in interest rateFinancial dataNexity primary residence customerNet purchase price (1) €247,400 (3) Mortgage lengthNet annual disposable income €41,000 (3)Loan to value 80%25 yrsEffect on affordability4.25% 4.50% 5.00% 5.50%Affordability ratio (2) 31.8% 32.6% 34.3% 36.0%Monthly payment (€)1,084 1,112 1,170 1,230Effect on new home prices4.25%4.50%5.00%5.50%Price upside potentialwith affordability ratio of 35%+10%+7%+2%-3%(1) Incl. stamp duty of about 2.5% of sales price(2) Mortgage annuity/annual net income(3) As at December 31, 2006Residential Real EstateInformation Meeting 29

Residential programs for first-time buyersLyon, 9 ème arrondissement“Génération 9 Côté Colline”Start of commercialization: May 2006Total number of lots: 29Price/m²: €3,000Saint Denis (Paris region)“Grand Canal” – Rue Brise EchalasStart of commercialization: June 2006Total number of lots: 45Price/m²: €2,850Residential Real EstateInformation Meeting 30

Innovative marketing approach: “one-shot”"One-Shot" commercial launch• Program: 172 units• Delivery: 1 st quarter 2009• Start of commercialization: June 2006• Type of units: from studio to six-room penthouse• Average price: €4,000 to €4,500 / m²Residential Real EstateInformation Meeting 31

CommercialReal Estate

Strong growth in commercial backlogBacklog breakdown (€m)+16.5%€ 588mOffices€ 505m15%14219%6710%5%521Logistics parks363 66%20052006Number of programs 20 2385%"Tour Granite"(La Défense)Offices: 69,000 m²Nexity-EntreprisesParis region Regions InternationalCommercial Real EstateInformation Meeting 33

International: targeted presence in EuropeNexity Portugal – Lisbon Offices Retail facilities &residential under studyNexity Belgium - Brussels Offices, hotels Residential underway(130 units) Retail facilitiesunder studyNexity Italy - MilanNexity Spain - Madrid Offices Offices in Barcelonaunder study Logistics Offices under studyPegaso Park - MadridOffices: 19,300 m²Commercial Real EstateInformation Meeting 34

Services& Franchises

Expansion of network in FranceProperty management: densification of the regional network Existing network of 6 towns Objective: operations in 10+ towns in FranceReal estate franchises: creation of the leading French network Market share of circa 11% (70,000 transactions) National coverage: 1,404 agencies at end of 2006Creation of Nexity Franchises: cross-selling real estate relatedservicesServices & FranchisesInformation Meeting 36

Services: regional expansionLille Reorganization in 2 business lines:• Institutional• IndividualNantesParis &Paris regionStrasbourg46.629.75.0m16.9ExistingBordeauxLyonUnder studyServices & FranchisesToulouseMarseilleCannesRentalmanagementResidential(thousands units)Co-ownerproperty management2006Commercial(m²)Information Meeting 37

"Villes & Projets"

Boulogne: Record 1 st commercial launch1 st commercial launch (1) (1) Nexity is co-developer of this project with a share of 61% for the residential part 6 buildings on offer totaling 374apartments63% of apartments reserved inone weekendAverage selling price of398,100 EUR for 65 m²Nexity share of the overall projectNew homes: 3,900 unitso/w 33% of social housing (1) Commercial: 20,000 m²Villes & ProjetsInformation Meeting 39

Portfolio of 626.000 m² in Paris regionErmont Eaubonne: 82,000* m²St-Ouen: 206,000* m² (1)Pré-St-Gervais:16,000* m²Gennevilliers: 130,000* m² (1)* approx.(1) excl. area commercializedVersailles: 55,000* m²Boulogne: 137,000* m² (1)AppendicesInformation Meeting 40

Conclusion

New guidance for 2007Revenue growth 2007: between 13% and 15% Medium term: 7-10% p.a. on averageOverall operating margin 2006: close to 14% 2007: over 13% 10-11% normalized margin over the longer termGearing Less than 100% over the longer termDividend policy Payout of 30% of consolidated net profitConclusionInformation Meeting 42

The City of TomorrowExtensivereal estate expertiseto mapTHE CITY OF TOMORROWConclusionInformation Meeting 43

Appendices

Leadership of Nexityin a highly fragmented marketApprox. 800 developers o/w almost 400 members of FNPCTop 10 real estate developers (2005 reservations in €m)NexityResidentialCommercialBouygues ImmobilierKaufman & BroadMeunierIcadeSogepromVinci ImmobilierCogedimEiffage Immobilier123456789NexityBouyguesKaufman BMeunierIcadePromogimAkerysEiffageSogepromMeunierVinci ImmoSogepromNexityIcadeBouyguesCogedimMarignanSefri CimePierre & Vacances10CogedimOgic0 500 1000 1500 2000 2500Source: Le Lettre du Patrimoine Immobilier - June 2006AppendicesResidentialreservationsCommercialreservationsInformation Meeting 45

Favorable demographic factorsHigh birth rateBirth rate(per 1,000)12.610.412.810.4Longer life expectancyLife expectancy at birth (years)77.7 79.4Increasing number ofsingle-parent householdsAverage number ofindividuals per household2.572.412.271995 20021994 2003 (e)1990 1999 2010 (e)Growth in the number ofhouseholds in France(millions)Source: INSEE, EurostatAppendices21.523.8 25.41990 1999 2004CAGR +1.2%Approx. 300,000 newhouseholds per year between1999 and 2004FranceEurope(euro zone)Information Meeting 46

Residential: strong structural demandConstruction starts and new home requirementsEstimated requirements of new homesNumber of housingunits (thousands)3000-300Construction startsCumulative shortfall of 550,000 new homes (1)-6001996 1997 1998 1999 2000 2001 2002 2003 2004 2005Source: INSEE, FNPC(1) Over 1990-2005AppendicesInformation Meeting 47

Market growth driven by private investorsBreakdown of reservations by type of customerNumber of reservations(units)125 000100 00075 00050 00025 00049% 53% 59% 52% 32% 37% 41% 52% 55% 57%51% 47% 41% 48% 68% 63% 59% 48% 45% 43% 50%50%01996 1997 1998 1999 2000 2001 2002 2003 2004 2005 10YRSPérissol 01/1996 to 08/1999De Robien avgQuilès-MéhaignerieBesson 01/1999 to 04/2003BORLOO (Q4-06)Source: FNPCAppendicesPrivateinvestorsPrimary residencebuyersInformation Meeting 48

Borloo: tailored to market requirementsExample: 3-room housing unit in Paris region (Zone A)Investment €174,250 incl. acquisition costsMarket rent €700 excl. charges/mth, €13.5/m²Gross yield 4.8%Marginal tax rate 30%Loan to value 100%20yr fixed rate mortgage 4.25% (1)Market rentsEffective amortizationTax reductionRobien(old scheme)€13.506%Borloo(new scheme)€13.5030%+24ptsAverage monthly instalment over 20 years€388€323 (€65)Internal rate of return (IRR) (2) 6.9%8.8% +1.9pt56%65%Difference-+9pts(1) Source: Meilleurtaux.com (15/09/06)(2) Sale price equivalent to purchase priceAppendicesInformation Meeting 49

Strategy in line with migration trendsNet migrations from 1999 to 2004* Strong migration to South-West regions of France in the last 5 years.110107703062 62 54 49 4733 28 25 23 22-238-10-50-90+334-3 -10 -11 -20 -21 -28 -31 -35-47-57-68Languedoc-RoussillonAquitaineMidi-PyrénéesCorsePACABretagnePoitou-CharentesAuvergnePays de la LoireLimousinRhône-AlpesCentreBasse-NormandieAlsaceBourgogneFranche-ComtéLorraineHaute NormandiePicardieNord-Pas-de-CalaisChampagne-ArdenneIle-de-France*Gain or loss of inhabitant every year for 10,000 inhabitantsAppendicesInformation Meeting 50

High-density territorial coverageCoverage of France at Dec 31, 2005Present in 40 townsvia 63 offices20 new towns since 20002 new towns in 2005High migration zonesBrestLorientBayonneDinanRennes2RouenCaenChartresLille4Paris regionOrléansNantesToursPoitiersAmiensDijonLyonMetzNancyMulhouseStrasbourgAnnecyClermont ValenceGrenobleFerrandBordeauxAvignonNîmesNiceMontpellierToulouseMarseille AntibesFréjusPerpignanHyèresAppendicesInformation Meeting 51

Affordability ratio (1) maintainedAffordability ratio (1) for households in FranceAverageaffordability ratio (1)28.8%29.2%29.6% 29.7%30.4%Breakdown by tranche (%)200120022003200420050-20%19%18%18%18%18%20%-30%37%37%37%36%34%30%-35%24%23%23%23%24%35% and more20%22%23%23%24%Source: Secrétariat général de la Commission bancaire (1) Monthly payment /net disposable incomeAppendices Information Meeting 52

Very low office vacancy rate in Paris regionOffice vacancy rate in Europe (%)London West End4.10%Paris region5.20%London City7.50%Madrid8.20%Brussels10.40%Frankfurt14.60%Amsterdam20.10%4% 8% 12% 16% 20%H1 2005 H1 2006Source: CBREAppendices Information Meeting 53

Strict risk managementLow capital-intensive business model Purchase of land with conditions precedent to obtaining building permits Residential: minimum of 30% pre-sales before start of construction Commercial: 100% pre-sales before start of construction (1)Strict financial discipline Net margin before tax > 8.0% (2) Project IRR > 15.0% Phasing of housing operations: average of 30 units per phaseSpread of expertise and responsibilities Decentralization of operational responsibilities at a local level Centralization of transversal functions and Engagement Committee Reinforcement of control/follow-through stages of project(1) Less than 1% of surfaces delivered between 2002 and 2005(2) Based on price at time of the option purchaseAppendicesInformation Meeting 54

Shareholding structureFree-float71%9%Caisse des Dépôtset Consignations20%Management& employees32,338,567 shares** As at 31 December 2006AppendicesInformation Meeting 55