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2020 ANNUAL RESULTS

February 18

^th

, 2021

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DISCLAIMER

Strictly Confidential 2

This document is solely for the use of the recipient who has received it directly from PAREF for information and discussion purposes only. It is to be treated strictly confidential. Furthermore, this document and any information contained herein should not be copied and circulated in whole or in part.

Due to its simplification, this document is partial and thus it can be subjective. Information set forth herein does not purport to be complete and is subject to change without notice. PAREF disclaims any and all liability relating to a decision based on or reliance on this document.

This document does not consider the recipient’s objectives, financial situation or needs. This document shall not be deemed to constitute investment advice and/or tax, accounting, regulatory, legal or other advice and it should not be relied upon as the basis for a decision to enter into a transaction or as the basis of an investment decision.

Analysis and conclusions express the views of PAREF and may be subject to change without notice.

All information, analysis and conclusions herein present PAREF current knowledge and market estimation at the time of its production.

Information regarding the background and experience of PAREF are provided for information purpose only. Such persons may not necessarily continue to be employed by PAREF.

The data are presented for illustrative purposes only and such data could vary significantly from the final results.

Some statements and analysis in this document and some examples provided are based upon or derived from hypothetical performance of models developed by PAREF. Such valuations may vary from valuations performed by other parties for similar types of investments. PAREF disclaims any responsibility for the accuracy of the models or estimates used in the analysis.

Any pictures, plans, drawings, diagrams or schedules set forth in this document are provided for information purposes only.

PAREF makes no representation or warranty of any nature nor is responsible or liable in any way with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty in or omission from, this information.

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2020

HIGHLIGHTS

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AN UNPRECEDENTED CRISIS AND EXPECTED RECOVERY

4 Strictly Confidential

ECONOMIC DOWNTURN IN EUROPE…

LOCKDOWN AND TRAVEL RESTRICTIONS

2020 GDP Growth 2021 GDP Growth Forecast

-7.4% +4.1%

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VACCINATION IS KEY TOWARDS RECOVERY

…VACCINATION PACE NOT SUPPORTING A QUICK RETURN INTO ‘OLD LIFE’

LOCAL PRESENCE IS KEY

Slow pace of national vaccination campaigns in EU

Covid-19 vaccine doses administered per 100 people, 2021.02.12

Importance to have strong local teams

International travels continue to be impacted by Covid

(Source: Our World in Data)

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2020 HIGHLIGHTS

+11%

2020 Net Recurring Result vs 2019

4.9 ^Years

Average firm lease term (vs 4.8 Years in Dec 31, 2019)

25%

LTV

1.6%

Cost of drawn debt

€2.4bn

AuM (+9% vs Dec 31, 2019)

95%

Rent Collection in 2020 for PAREF owned portfolio

STRONG

Operating Performance

DISCIPLINED Operating Profile

ROBUST

Financial Structure

+2.9%

like-for-like gross rental income growth

6.8x

ICR

€125.1 ^/share

EPRA Net Reinstatement Value (+6% vs Dec 31, 2019)

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STRATEGY

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A 3-PILLAR STRATEGY TO ACCELERATE GROWTH

Direct Investments Listed REIT

(Euronext PARIS –SIIC tax regime)

Management for retail investors Portfolio Management Company

AIFM certified Management for

institutional investors Operating Company

7 countries

Present in France, Germany, Italy, Switzerland, Poland, Hungary, Czech Republic

>21,000

Investors

€2.4bn

Assets Under Management

1,500

assets

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AN EXPANDING EUROPEAN FOOTPRINT

1 476

1 658

1 567

2 173

€2.4bn

2016 2017 2018 2019 2020

Assets under Management

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OPERATIONS

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A PROVEN RESILIENCE IN THE CONTEXT OF A GLOBAL HEALTH CRISIS

ACCELERATION OF ASSET ROTATION, TRANSFORMATION OF OBSOLETE OFFICES & NEW ACTIVITIES

5 disposals, 4 new leases / renewals for 2,500 sqm and 1 redevelopment project

€5.4mNDP in line with appraisals despite

Covid-19

1 new fund in 3 new countries:

Interpierre Europe Centrale launched in September

€178m of investments

€151mof new subscriptions despite Covid-19, incl. €4.2m for CEE

The Medelan Flagship Project Ongoing Construction

1st Lease signed with Horto, 55+ active discussions in leasing

pipeline

Property valuation increase by >€7m The GO - 6,000 sqm –

Breeam/HQE (Levallois –Grand Paris)

Upgrade IT systems to improve operational efficiency

New property management, Accounting and investors toolsimprove

operational efficiency Online digital subsription tool facilitates 3rd-party fundraising

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FOCUS ON PAREF REIT PORTFOLIO A portfolio reshaped…

Focused on core+/value add assets, reshaping portfolio on office/mix-used assets located in prime location (mainly Grand Paris region)

Value creation through active management, redevelopment and asset rotation Main achievements :

o 5 assets disposals in line with last appraisals despite Covid-19 o 95% rent collection

o +27% net rental income vs 2019

o Value creation on directly owned assets of 2.7% since 2019, incl. launch of Levallois building redevelopment

o Asset portfolio⁽¹⁾ stands at €184m (+2.6% on a like-for-like basis)

REIT listed on Euronext Paris – SIIC regime

6.2%

⁽²⁾

AVERAGE GROSS YIELD

4.9 y

AVERAGE OUTSTANDING LEASE TERM

83.8 %

⁽³⁾

FINANCIAL OCCUPANCY RATE

… Portfolio repositioning around Paris region

(1) Including 50% of Gaïa office

(2) Excluding 50% of Gaïa office (Nanterre. La Defense area)

(3) Excluding 50% of Gaïa office (Nanterre. La Defense area). The financial occupancy rate stands at 81.1% including 50% of Le Gaïa

Average asset size almost tripled…

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PAREF REIT

…towards landmark properties

Ongoing heavy refurbishment program to transform the property into a grade A office building with creation of additional surfaces

Located in Levallois-Perret (Grand Paris), in front of the So Ouest shopping center

Delivery expected in 2022

Disposals of non-core assets

To concentrate on larger assets in prime locations like the 6 floors in Franklin Tower (yield >

6.5%)

Tour Franklin –6 floors

30, rue Victor Hugo, Levallois 6400 m² April 2014

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PAREF GESTION

A European Asset Management Company with a 30-year Track Record

Interpierre Europe Centrale was launched in September. It is the first SCPI to invest in the resilient Central European markets.

Investments of €178m, notably:

o €54m for Novapierre Allemagne 2 following the creation of the fund in September 2019,

o €44m for Novapierre Allemagne by acquiring a retail asset portfolio o €39m for Interpierre France, and

o €34m for Novapierre Résidentiel.

In the meantime, PAREF Gestion has closed disposals for about €15m

5 countries

Present in France, Germany, Hungary, Poland & Czech Republic

€1.8bn

Assets Under Management

11

Funds

RETAIL OFFICE MIXED-USE RESIDENTIAL TOURISM

AuM up 11% to €1.8bn thanks to quality assets and management

A well-mixed and qualified offer of funds

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Type Funds Strategy AUM(€ m) Dec 31, 2019

AUM(€ m)

Dec 31, 2020 Evolution in %

SCPI

Novapierre Allemagne Retail 543 616 +13%

Novapierre Résidentiel Residential 286 329 +15%

Novapierre 1 Retail 254 252 -1%

Interpierre France Office/Logistics 154 184 +20%

Novapierre Allemagne 2 Retail 70 158 +125%

Capiforce Pierre ^(*) Diversified 62 - -100%

Atlantique Pierre 1 Diversified 57 57 -1%

Cifocoma 2 Retail 25 25 +1%

Cifocoma 1 Retail 25 24 -1%

Interpierre Europe Centrale Office/Logistics - 4 n.a.

Novapierre Italie Tourism 3 4 +34%

Sub-total SCPI 1,477 1,652 +12%

OPPCI/AIF Vivapierre Hotel resorts 92 86 -6%

Other AIF Office 24 25 +3%

Sub-total OPPCI/AIF 116 111 -4%

Total 1,593 1,764 +11%

Repositioned as an Innovative Player

Keeping Prudent Management and Investment Strategy

Increased AuM by 11%...

*Management mandate terminated on December 31, 2020

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Funds Strategy 2019 net return 2020 net return Evolution in bps

Novapierre Allemagne Retail 4.45% 4.51% +0.06

Novapierre Résidentiel Residential 1.90%* 2.04%* +0.14

Novapierre 1 Retail 4.21% 3.70% -0.51

Interpierre France Office/Logistics 5.00% 4.71% -0.29

Novapierre Allemagne 2 Retail n.a. 1.60% n.a.

Repositioned as an Innovative Player

Keeping Prudent Management and Investment Strategy

SCPI still delivering healthy returns to Investors

* Capitalization SCPI

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PAREF INVESTMENT MANAGEMENT A partner of choice

Offers a full set of real estate services covering the entire value chain.

Dedicated experts managing real estate assets on behalf of PAREF and PAREF Gestion, as well as 3^rd party institutional investors

Pan-European expertise with the full ability to act for large institutional investors, permitting to keep The Medelan Project on track and within budget

3 countries

Present in France, Italy and Switzerland

€0.6bn

Assets under Management

13

Assets

Value creation translating into an AuM increase by

7% thanks to pro active asset management

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GLA

> 40,000 sqm

Delivery Q1 2022

Letting In progress

18

✓ Open 24/7

✓ Sustainable technologies

✓ Photovoltaic system

✓ Energy efficiency

✓ Ample natural light

✓ Inner gardens

✓ Panoramic terraces

✓ Private underground park

PAREF INVESTMENT MANAGEMENT

The Medelan unveils Paref ESG strategy

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2020

FINANCIAL RESULTS

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STRONG KPIs

20

in €m 15.3

17.2

19.9 20.7 21.4

2016 2017 2018 2019 2020

Net Revenues

⁽¹⁾

8.4

8.3

11.8

7.2 8.0 2

6,2

0,2

2016 2017 2018 2019 2020

Net Result

1476

1658 1585 2173

2372

2016 2017 2018 2019 2020

AuM

+3.5% vs 2019 Recurring net result: +11% vs 2019 Net result: -40% vs 2019

+9% vs 2019 Fees 10.4

Rents

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86.2

95.7 99.1

108 115.5

2016 2017 2018 2019 2020

NNNAV / share

⁽⁴⁾

+7% vs 2019

in €

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(1) Net Revenues = Net rental income + Management fees + Subscription fees–rétro-commissions

(2) Exceptional result of c. €2m on Interpierre in 2016 (result on dilution/share disposals leading to a modification in the consolidation method) (3) Mainly due to exceptional costs (Fosunacquisition cost for €1.7m and financial penalty on Pantinfinancing €1.1m)

(4) Triple net asset value in previously used EPRA metrics. According to new metrics, EPRA Net Reinstatement value stands at 125.1€/share, +6% vs. 2019 at 117.9€/share

13.4

8.2

Recurring

Strictly Confidential

Non rec.

in €m in €m

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ASSETS UNDER MANAGEMENT: +9%

PAREF GROUP

€2.4bn of AUM

like-for-like thanks to

+12%

quality assets

Prudent investment and quality management

delivering healthy performance

Ink€ Dec 31, 2019 Dec 31, 2020 Evolution in %

1–Management for owned assets

PAREF owned assets 167,450 166,550 -1%

PAREF participations 29,322 29,728 1%

Total Asset of PAREF 196,772 196,278 -0.3%

2 – Management for retail and institutional third parties

Novapierre Allemagne 543,273 616,247 13%

Novapierre Résidentiel 285,639 329,021 15%

Novapierre 1 254,027 251,653 -1%

Interpierre France 153,559 184,132 20%

Novapierre Allemagne 2 70,047 157,546 125%

Capiforce Pierre⁽¹⁾ 61,879 - -100%

Atlantique Pierre 1 57,051 56,644 -1%

Cifocoma 2 24,801 25,007 1%

Cifocoma 1 24,558 24,329 -1%

Interpierre Europe Centrale 4,153 n.a.

Novapierre Italie 2,620 3,504 34%

Vivapierre 91,780 86,400 -6%

Other assets managed on behalf of third parties⁽²⁾ 417,380 448,360 7%

Total Assets under Management for third parties 1,986,614 2,186,996 10%

Adjustments⁽³⁾ -10,762 -10,942 2%

3–TOTAL Asset under Management 2,172,624 2,372,332 9%

(1) Management mandate terminated on December 31, 2020, following the decision of the Shareholders’ General meeting in October 2020 (2) Including Foncière Sélection Régions and The Medelan asset managed by PAREF Investment Italy

(3) Part of PAREF portfolio is managed by PAREF Gestion through OPPCI (Vivapierre)

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C os t of d e

bt coût moyen de la dette dirée

## ##

4.50%

4.20%

3.60%

2.20%

1.60%

2016 2017 2018 2019 2020

Cost of debt

A ROBUST FINANCIAL STRUCTURE

Strictly Confidential 22 (1) LTV: cons olidated net debt divided by market va lue (excluding transfer taxes). The LTV including participation in Gaïa office is at 30%. Bank l oan covenant a t 50%

(2) ICR: fi nancial expenses (including interest on s waps a nd undrawn credit lines but excluding penalty on fixed debt repayment) divided by EBITDA. Bank loan covenant at 2.5x (3) Avera ge cost of drawn debt

3.1-year debt maturity in average

LTV⁽¹⁾ 25%

ICR⁽²⁾ 6.8x

Average cost of debt

⁽³⁾

Full effect of the Group refinancing in February 2019

Conservative risk management policy with 100% of drawn debt covered by hedging instruments (swaps)

€42m of liquidity : cash of €7m and €35m available via a committed credit line

Average cost of debt⁽³⁾ 1.6%

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STRONG GROWTH REFLECTED IN EPRA NRV: +11%

23 (1) PAREF Gestion valuation was performed by a qualified external expert for the first time on June 30, 2020.

EPRA NRV evolution

EPRA NRV (Net Reinstatement Value)

In k€ Dec 31, 2019 Dec 31, 2020 Evolution in %

IFRS Equity attributable to shareholders 132,459 137,805 4%

Include / Exclude :

Hybrid instruments - - -

Diluted NAV 132,459 137,805 4%

Include :

Revaluation of investment properties (if IAS 40 cost option is used) - - -

Revaluation of investment property under construction (IPUC) (if IAS 40 cost

option is used) - - -

Revaluation of other non-current investments (PAREF Gestion)⁽¹⁾ 24,484 37,105 52%

Revaluation of tenant leases held as finance leases - - -

Revaluation of trading properties - - -

Diluted NAV at Fair Value 156,943 174,910 11%

Exclude :

Differed tax in relation to fair value gains of IP - - n.a.

Fair value of financial instruments 407 944 132%

Goodwill as a result of deferred tax - - -

Goodwill as per the IFRS balance sheet n.a. n.a.

Intangibles as per the IFRS balance sheet n.a. n.a.

Include :

Fair value of debt n.a. n.a.

Revaluation of intangible to fair value - - -

Real estate transfer tax 12,819 12,736 -1%

NAV 170 169 188,590 +11%

Fully diluted number of shares 1,443,779 1,507,460

NAV per share 117.9 125.1 6%

170,2

188,6

1,9 12,6

0,6 8,0

0,9

Dec-19 Dividend paid in cash

Valuation of PAREF Gestion

LFL asset revaluation

recurring results

Other Dec-20

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PROPOSED DIVIDEND

The additional liquidity buffer will allow us to deliver on our investment strategy when opportunities arise.

The proposed dividend amounts to €2.30 per share in cash for 2020 fiscal year to be paid in 2021 for a total amount of €3.5m

▪ Corresponding to 43% of recurring net results (€5.40 per share)

▪ Respecting the minimum distribution obligation of SIIC tax regime

We have opted for a moderate dividend distribution because of persisting Covid-19

uncertainties and following recommendations by the French Government.

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FURTHER GROWTH

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BEST PRACTICES Promote ESG

ESG

• It is precisely because we are aware of the potential environmental problems generated by our activity that we are moving towards a more sustainable economy

• This is why we incorporate an ESG approach into all our daily activities to promote the well-being of our customers and employees

• Environment (certifications, labels, Green leases, tertiary decree energy consumption reduction, …)

• Social (Gender equality, affordability, human, happiness, …)

• Governance (ethic, knowledge, …)

Tour Franklin “Classique” Levallois “Trèsperformant” The Medelan

LEED Platinum, WELL, WIRED

PAREF compliant

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BEST PRACTICES Promote Digital

DIGITAL

• As experienced real estate professionals with a portfolio of over 21,000 clients and 1,550 tenants, we are optimizing experience thanks to innovation and digital transformation.

• Enabling innovative technologies across the organization: anticipate market trends and meet our clients needs with digitalized subscription tools and login portal

• Build a culture of digital innovation: empowering our employees to work in new ways, adopting agile principles and upgrading day-to-day digital tools with workflow and docflow processes

• Innovate by constantly reassessing our tools and the way we work to better meet client satisfaction

Digitalized subscriptions Login Portal

Rent Property Management

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KEY DRIVERS FOR FURTHER GROWTH Accelerate PAREF Expansion

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• Continue deploying capital in Core+/Value Add properties in gateway cities

• Finalize Levallois project and initiate other identified redevelopments

• Dispose remaining non-core assets

• Continue dynamic management of existing assets

• Enter in partnerships with institutional investors

• Institutionalization, digitalization and internationalization

• Seize opportunities in both mature and emerging markets

• M&A activities for platform acquisitions

• Broaden fund management in Europe

• Accelerate active management of existing funds

• Strong focus on residential asset class through notably Novapierre Residentiel

• Create new funds in new regions and new sectors, in particular leisure (hospitality) and healthcare (nursing homes, hospitals)

PAREF REIT

PAREF

Gestion

PAREF IM

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Q&A

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Q&A

Management Team

Anne SCHWARTZ PAREF Gestion CEO

23 years of experience in Real Estate, including real estate development and fund management. Former Head of separate account CEME at AXA IM, Deputy General Manager of AXA REIM SGP, member of the executive committee of 'AXA IM Real Assets and responsible for managing various portfolios on behalf of third parties.

She joined PAREF in June 2019 as CEO of PAREF Gestion to lead the Regulated Funds business.

Anne Schwartz is a graduate of ESLSCA and holds a master in real estate, construction economics and real estate activities from the University of Paris-Est Créteil.

Antoine CASTRO Group CEO

22 years of experience in real estate management and management within international companies, such as: Fosun Hive Holding, Quantum Global Real Estate, Morgan Stanley Real Estate and Archon Group (Goldman Sachs subsidiary).

He joined PAREF Group in 2017 as Chief Executive Officer to inject new dynamism and develop the Group in Europe.

Antoine Castro holds a degree in Finance from the University of Paris I Panthéon-Sorbonne and in Corporate Finance from the University of Evry Val d’Essonne.

Magali VOLET Group CFO

More than 20 years’ experience in real estate management of international teams and projects, covering Finance, Accounting, Controlling, Legal, IT and HR, previously as General Secretary and CFO within SNCF, as well as Head of Separate Accounts & Club Deal Operations, Financial Development Director and Fund Financial Manager at AEW Europe.

She joined PAREF Group in August 2020 as Group CFO.

Magali Volet holds a master degree from EDHEC, an MSc in Real Estate Economics and Finance from the London School of Economics and is both RICS and AMF qualified.

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+ 33 (0)1 40 29 86 86

153, bd Haussmann 75008 Paris info@paref.com

PDF (2,68 Mo)

2020 ANNUAL RESULTS

February 18

, 2021

DISCLAIMER

2020

HIGHLIGHTS

AN UNPRECEDENTED CRISIS AND EXPECTED RECOVERY

VACCINATION IS KEY TOWARDS RECOVERY

2020 HIGHLIGHTS

+11%

4.9 Years

25%

1.6%

€2.4bn

95%

+2.9%

6.8x

€125.1 /share

STRATEGY

A 3-PILLAR STRATEGY TO ACCELERATE GROWTH

7 countries

>21,000

€2.4bn

1,500

AN EXPANDING EUROPEAN FOOTPRINT

Assets under Management

OPERATIONS

A PROVEN RESILIENCE IN THE CONTEXT OF A GLOBAL HEALTH CRISIS

FOCUS ON PAREF REIT PORTFOLIO A portfolio reshaped…

REIT listed on Euronext Paris – SIIC regime

6.2%

4.9 y

83.8 %

… Portfolio repositioning around Paris region

Average asset size almost tripled…

PAREF REIT

…towards landmark properties

PAREF GESTION

A European Asset Management Company with a 30-year Track Record

5 countries

€1.8bn

11

AuM up 11% to €1.8bn thanks to quality assets and management

A well-mixed and qualified offer of funds

Repositioned as an Innovative Player

Keeping Prudent Management and Investment Strategy

Increased AuM by 11%...

Repositioned as an Innovative Player

Keeping Prudent Management and Investment Strategy

SCPI still delivering healthy returns to Investors

PAREF INVESTMENT MANAGEMENT A partner of choice

3 countries

€0.6bn

13

Value creation translating into an AuM increase by

7% thanks to pro active asset management

GLA

> 40,000 sqm

Delivery Q1 2022

Letting In progress

✓ Open 24/7

✓ Sustainable technologies

✓ Photovoltaic system

✓ Energy efficiency

✓ Ample natural light

✓ Inner gardens

✓ Panoramic terraces

✓ Private underground park

PAREF INVESTMENT MANAGEMENT

The Medelan unveils Paref ESG strategy

2020

FINANCIAL RESULTS

STRONG KPIs

Net Revenues

Net Result

AuM

NNNAV / share

ASSETS UNDER MANAGEMENT: +9%

PAREF GROUP

4.9 ^Years

€125.1 ^/share