PR Newswire/Les Echos/

Owner Developer

2009: Strong earnings growth 
Robust portfolio value

               Pre-tax ordinary cash flow   +12.0%  (118.3m)
                      Dividend per share    + 8.1%  (4.65)
                          Portfolio value:  3.2bn*

               * replacement value

At their meeting of 9 February 2010, the Board of Directors approved the
financial statements for the year ended 31 December 2009.

Consolidated figures                   2008    2009      Var.
(millions)
- Rental income                       155.4    167.7    + 7.9%
- EBITDA                              140.6    149.6    + 6.9%
- Pre-tax ordinary cash flow          105.6    118.3   + 12.0%
- Net profit                           38.9     44.7   + 14.9%
(EUR per share)
- Pre-tax ordinary cash flow           6.13     6.84   + 11.6%
- Net asset value (NAV) (1)          118.59   111.76    - 5.8%

(1) Replacement value

* Substantial growth in operating and financial results, confirming a well
  adapted business model and robust fundamentals

- Silic reported 7.9% growth in rental income (4.1% on a like-for-like basis)
  thanks to its property portfolio concentrated in the core development areas 
  of Greater Paris.
- Tenant turnover was very low at 7.6% and tenant default almost non-existent 
  at 0.2% of revenue.
- The acquisition of two fully let buildings at La Défense-Nanterre-Préfecture
  (11,700 m2) and land reserves at Saint Denis Landy supplemented Silic's 
  organic growth potential, strengthening its presence in its core areas and 
  creating the beginnings of a fourth predominantly office area.
- Cash flow rose significantly driven by an active hedging policy and a sharp
  drop in the cost of finance to 4.06% from 4.77% in 2008.

* Sources of financing strengthened and a secure financial profile

- In a tighter lending market, Silic strengthened its sources of financing with
  315.5 million (245.6 million in new facilities and 70 million in renewals).
- At 31 December 2009, available resources totalled 378.0 million, including
  123.2 million already earmarked for investments in progress.
- The portfolio's loan to value ratio remained moderate at 36.6%.

* Robust portfolio value

- The market value of the investment portfolio stood at 3.2 billion (including
  transfer taxes), an increase of 2.7% over 2008. The buildings in service
  accounted for 2.7 billion of this value based on an average net yield of 
  7.1%. On a like-for-like basis, the value of the buildings in service was 
  down 4.9%, mainly due to the impact of rising yields (+ 20 bp over one year 
  and + 110 bp over two years), as the revenue effect was not material.
- NAV per share amounted to:
  > 111.76 at replacement value (-5.8% over one year);
  > 100.40 at liquidation value (-7.6% over one year).

* Dividend up 8.1%

The Board of Directors will recommend a dividend of 4.65 per share at the 
Annual General Meeting, representing an increase of 8.1% on the 2008 dividend.

* Outlook

- In a continued uncertain environment, Silic should benefit from:
  > the quality of its property portfolio and positioning of its rental
    offering;
  > its ability to pursue a long-term growth policy with controlled
    profitability and risks.
- 2010 will be in line with Silic's long-term track record of steady growth,
  with an increase in rental income and stable cash flow after the sharp rise 
  in 2009.
- In keeping with its owner/developer strategy, Silic will continue to pursue
  its policy of profitable secure development:
  > Four buildings totalling 79,000 m2, including 16,000 m2 pre-let, were under
    construction at end 2009, at Orly-Rungis, La Défense Nanterre-Préfecture 
    and Saint Denis Landy, due for completion between early 2010 and end 2011.
  > Depending on progress in letting these buildings, four projects totalling
    75,000 m2 have been earmarked for development from 2010 to 2012.
  > Silic acquired early February 2010, a fully let building (14,500 m2) at
    Nanterre- Préfecture.
* Confident in its strengths, Silic intends to maintain its policy of steady
  dividend growth in 2010.

* Governance

- The Board of Directors noted that the Chairman and Chief Executive Officer,
  Dominique Schlissinger, was due to stand down on 10 February 2010 having 
  reached the legal age limit, and that accordingly the Delegate Chief 
  Executive Officer, Philippe Lemoine, was also required to stand down.
- The Board decided to separate the functions of Chairman of the Board and 
  Chief Executive Officer as of that date, appointing:
  > François Netter, Chief Executive Officer of Groupama Immobilier, as
    Chairman of the Board of Directors;
  > Philippe Lemoine as Chief Executive Officer responsible for continuity in
    Silic's dayto-day management.

Eligible for deferred settlement (SRD)
ISIN          FR 0000050916 Euroclear 5091
Symbol        SIL
Member of the SBF 120, CAC Mid 100, CAC Mid and 
Small 190 and GPR 250 indices

Investor Relations:      Claude Revesz
                         Deputy Managing Director 
                         Tel.: +33 (0)1.41.45.79.65

Annual General Meeting 
Friday, 7 may 2010 
Salons Hoche - 9 avenue Hoche - 75008 PARIS

www.silic.fr
                      
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