1. 1 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

2. 2 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

3. 3 OUR 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 dEpargne, Calyon, Chambre de Commerce et dIndustrie de Paris, Chambre de Commerce et dIndustrie de Versailles Val dOise / Yvelines, Chambre Régionale de Commerce et dIndustrie Paris-Ile-de-France, Colas S.A., Colony Capital Europe, Comexpo Paris, Commissariat à lEnergie 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 lAménagement 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 lIle-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 …

4. 4 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 Source: Ernst & Young European Investment Monitor 2006 - Greater Paris Investment Agency Market share evolution for the 5 leading European metropolitan areas since 2001

5. 5 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

6. 6 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 PARIS A DENSE AND EFFICIENT TRANSPORTATION NETWORK

7. 7 GREATER PARIS HIGH 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

8. 8 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

9. 9 GREATER 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.

10. 10 Paris: largest stock market in Euroland Market capitalisation with more than 1,6 trillion euros Paris is Europes leading stock exchange: with a turnover of 1,800 billion euros, Paris ranks 1 st for the total volume of transactions. GREATER PARIS A MAJOR FINANCIAL MARKET IN THE HEART OF EUROLAND

11. 11 14 French companies are world leaders among 50 sectors SAINT-GOBAIN BOUYGUES VIVENDI UNIVERSAL LAFARGE VINCI Food and Drug Stores CARREFOUR INSURANCE: GROUPAMA AXA LAGARDERE GROUPE LOREAL RAILROADS SNCF UTILITIES ELECTRICITE DE FRANCE AIR FRANCE- KLM Group PERNOD RICARD Wine & Spirits Building materials, Glass Engineering, Construction Entertainment Household and personal products PUBLISHING PRINTING Airlines

12. 12 Why invest in Eurozone financial markets? Outperformance over all investment horizons

13. 13 Why invest via French asset managers? Paris, the Boston of Europe

14. 14 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 PARIS WORLD CAPITAL FOR CONVENTIONS, TRADE FAIRS AND TOURISM

15. 15 GREATER PARIS DIVERSIFIED & COMPETITIVE BUSINESS REAL ESTATE Europes 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

16. 16 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 : contact@europinvest-paris.com