September 2020 INVESTOR PRESENTATION DESIGNING, BUILDING, MANAGING - PowerPoint PPT Presentation

007 BUILDING – Pont de Flandre business park (Paris, 19 th district) September 2020 INVESTOR PRESENTATION DESIGNING, BUILDING, MANAGING AND INVESTING in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected with a reduced carbon footprint. Desirable places to live and work. This is our ambition. This is our goal. This is our Purpose.

DISCLAIMER This presentation is not an offer or an invitation to sell or exchange securities, or a recommendation to subscribe, buy or sell Icade securities. Distribution of this document may be restricted in certain countries by legislation or regulations. As a result, any person who comes into possession of this document should familiarise themselves and comply with such restrictions. To the extent permitted by applicable law, Icade excludes all liability and makes no representation regarding the violation of any such restrictions by any person. I 2 INVESTOR PRESENTATION - SEPTEMBER 2020

TABLE OF CONTENTS 1. ICADE AT A GLANCE 2. IMPACT FY OF THE COVID-19: ESTIMATED AT END OF JULY 3. H1 - HIGHLIGHTS 4. H1 - FINANCIAL RESULTS 5. GUIDANCE & CONCLUSION APPENDICES INVESTOR PRESENTATION - SEPTEMBER 2020 I 3

1. ATHLETES VILLAGE Saint-Ouen, Seine-Saint-Denis ICADE AT A GLANCE I 4 I 4 INVESTOR PRESENTATION - SEPTEMBER 2020

ICADE AT A GLANCE ONE OF THE LEADING FRENCH LISTED REITS Property portfolio as of 06/30/2020 € 14.4 bn ( 100% , excl. duties) OFFICE INVESTMENT: Icade, the leading real estate player € 11.6 bn (G roup share , excl. duties) in Greater Paris  Portfolio as of 06/30/2020: € 9.1 bn ( 100 % basis) Healthcare  Average net initial yield (1) : 5.8% Investment 26 %  Development pipeline: € 2.2 bn (c. 365,000 sq.m); land bank : 877,000 sq.m  Situated mainly in the Paris region, close to the main Greater Paris stations Office Investment EKO ACTIVE, QUAI 8.2 ÎLOT BC 74 % Marseille, Bouches-du-Rhône HEALTHCARE INVESTMENT: Icade, the leading player in France  Dedicated subsidiary 58.3 % owned by Icade, the remaining (41.7%) held by Icade shareholding structure minority shareholders, all French life insurance companies as of 06/30/2020 (in %)  French and international portfolio as of 06/30/2020: €5.3bn ( 100 % b asis) Free float (3)  Average net initial yield (1) : 5.7% 41.77 % Caisse des Dépôts  159 healthcare facilities (90% short and medium-term care facilities) incl. 39.26 % ICAMAP and other  132 healthcare facilities in France LE PARC POLYCLINIC (extension works) entities acting in concert Caen, Calvados 4.93%  27 long-term care facilities in Europe (Italy and Germany) Crédit Agricole PROPERTY DEVELOPMENT: a leading property developer Assurances Group in France, a key player in low-carbon construction 18.97 %  Limited exposure (less than 10 % of Group equity (2) )  A full-service developer (offices, residential, etc.) with extensive national coverage ( 21 local offices) Rating S&P for Icade & Icade Santé : BBB+ CONEX Lille, Nord (1) Group share, excl. duties - Annualised net rental income from leased space plus potential net rental income from vacant space at estimated rental value, divided by the appraised value of leasable space excluding duties I 5 (2) Property Development equity attributable to the Group (before elimination of investments in subsidiaries / consolidated equity attributable to the Group) (3) Including 0.81% of treasury shares and 0.25% for Icade’s “FCPE” employee -shareholding fund

1 ICADE AT A GLANCE H1 2020 KEY INDICATORS -5 bps PROPERTY INVESTMENT +4.7 % PROPERTY DEVELOPMENT -22.7 % LIABILITIES GROUP INDICATORS € 320.9 m € 300.4 m 1.49 % +1.2 % € 92.2 per share vs. € 306.4 m as of 06/30/2019 vs. € 388.5 m as of 06/30/2019 vs. 1.54 % as of 12/31/2019 NET RENTAL INCOME PROPERTY DEVELOPMENT REVENUE AVERAGE COST OF DEBT vs. € 91.1 per share as of 12/31/2019 FROM PROPERTY INVESTMENT € 6.8 bn +3.1 % -0.4 year N/A EPRA NDV/EPRA NNNAV (2) € 2.30 per share - € 11.9 m 6.0 years vs. € 2.23 per share as of 06/30/2019 vs. € 13.8 m as of 06/30/2019 vs. 6.4 years as of 12/31/2019 € 170.0 m NCCF (GROUP SHARE) -7.8 % AVERAGE DEBT MATURITY ADJUSTED EPRA EARNINGS FROM PROPERTY INVESTMENT € 2.18 per share +11.0 % +130 bps +0.5 % on a reported basis vs. € 2.36 per share as of 06/30/2019 € 161.3 m € 11.6 bn (1) (Group share) € 1.4 bn 39.3 % GROUP NCCF vs. € 11.5 bn as of 12/31/2019 vs. € 1.3 bn as of 12/31/2019 vs. 38.0 % as of 12/31/2019 PROPERTY INVESTMENT PORTFOLIO PROPERTY DEVELOPMENT BACKLOG LTV RATIO (VALUE INCL. DUTIES) stable 92.5 % • Limited impact of the crisis on H1 • EPRA earnings from Property Investment on the rise vs. 92.6 % as of 12/31/2019 • EPRA NAV up OFFICE INVESTMENT FINANCIAL OCCUPANCY RATE (1) Icade share, excl. duties. Portfolio value on a 100% basis: €14.4bn as of 06/30/2020 vs. €14.3bn as of 12/31/2019 I 6 (2) See definitions of EPRA NAV on slide 35 INVESTOR PRESENTATION - SEPTEMBER 2020

1 ICADE AT A GLANCE ROBUST LIABILITY INDICATORS AND IMPROVED LIQUIDITY POSITION • LTV incl. duties at 39.3% Increased liquidity with RCF up to € 2.1 bn • Well above the lowest covenant set at 52% (20% of the Gross Debt) + € 750 m (net change + € 370 m ), for an average term • • Solid ICR and Net Debt/EBITDA of 6 years multiples, Icade well positioned in the • More than 3.5 years of equity or interest market: • No credit line drawdown on H1 ICR: 5.2x ; Net debt / Ebitda: 11.5x • • Average debt maturity at 6 years Standard & Poor’s has confirmed the BBB+ (Stable) rating of Icade in July 2020 • Average cost of debt: 1.49% down 5 bps vs. Dec 2019 • Strong financial structure • Confirmed confidence from banks and rating agencies in the group business model I 7 INVESTOR PRESENTATION - SEPTEMBER 2020

CONEX – Lille, Nord 2. Focus on the Covid-19 crisis I 8 I 8 INVESTOR PRESENTATION - SEPTEMBER 2020

2 FOCUS ON THE COVID-19 CRISIS COVID-19 IMPACT ON 2020 NCCF AND NET PROFIT ATTRIBUTABLE TO THE GROUP: ESTIMATED AT END OF JULY 2020 impact [- € 6 m ; - € 4 m ] Leasing activity (1) NET CURRENT CASH FLOW Office Investment [- € 9 m ; - € 7 m ] Impact of postponed completions/acquisitions (2) Healthcare [- € 4 m ; - € 3 m ] (3) Delayed investments/acquisitions Investment [- € 36 m ; - € 31 m ] , 90 % pushed back to 2021 • Volume impact: [ - € 30 m ; - € 27 m ] Development Slower revenue recognition (POC method) • Impact of trade discounts: [ - € 6 m ; - € 4 m ] Inefficiency costs, unconditional rent waivers NON-CURRENT ITEMS c. - € 50 m (small businesses), cost of exceptional risk (NET PROFIT ATTRIBUTABLE TO THE GROUP) (incl. depreciation) • Total impact on 2020 NCCF estimated to date: between - € 45 m and - € 55 m , incl. c. 80 % pushed back, i.e. to be recognised in 2021 • Impact of Covid-19-related items on IFRS net profit attributable to the Group: c. - € 50 m (1) Impact of conditional support measures, postponed lettings, and impact of index-linked rent reviews (2) Including the lower proportion of capex relative to total costs I 9 (3) Impact on a Group share basis INVESTOR PRESENTATION - SEPTEMBER 2020

2 FOCUS ON THE COVID-19 CRISIS ICADE’S STRENGTHS TO COPE WITH COVID CRISIS HEALTHCARE INVESTMENT PROPERTY DEVELOPMENT OFFICE INVESTMENT A dynamic and accretive growth Residential fundamentals remain A solid tenant base and an sound • 41% of the NCCF as at June 2020 attractive rents offer • A resilient and non cyclical asset • 74% of GRI coming from large class • companies (1) (CAC 40/SBF 120) and 92% of revenues from the residential activity government agencies • Strong partnership culture with best in class operators • Q2 rent collection rate: 92% (2) • Low-carbon solutions that meet Growing contribution to the NCCF government expectations • Strategic positioning in the Greater 41 40 Paris area, attractive rents 35 • Leading indicators on a positive 30 30 trend ( backlog: +10%; total 28 27 A double less expensive offer 25 revenue potential: +11%) Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 940 on average vs. Paris CBD (3) 950 30 850 % of NCCF 750 27 26 580  Market rebound expected in 650 540 25 550 23 430 2021 450 21 300 20 350 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 250 Outer Ring Inner Ring Western La Défense Paris CBD % of property portfolio (4) Crescent A solid tenant portfolio, increasing contribution of Healthcare (1) Among them: headquarters of Axa, BNP Paribas, Veolia… (2) As at end of July  Icade well positioned to get through the crisis (3) Prime rents : €/ sq.m/year excl. taxes and service charges in Q2 2020 vs. Q2 2019 I 10 INVESTOR PRESENTATION - SEPTEMBER 2020 (4) Group share

ORIGINE Nanterre, Hauts-de-Seine 3. H1 Highlights I 11 INVESTOR PRESENTATION - SEPTEMBER 2020