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2016-07-22

Cegereal, the French Core Office REIT: Rental income up 11.1%

Paris, July 22, 2016 - 8:30 a.m.

Regulated information

Cegereal

First-half 2016

RENTAL INCOME UP 11.1%

* Strong operating activity - EPRA earnings up 64%

BforBank expanded its premises in the Europlaza tower by signing a lease on
June 1, 2016 for a "garden floor" covering 2,200 sq.m.

Boursorama will gradually move from its offices at Arcs de Seine to its You
building in Boulogne this summer. Marketing of the soon-to-be-vacant premises
(approximately 10,000 sq.m) is already under way.

The occupancy rate for the Company's assets was up compared with first-half
2015, at 94.6%.

IFRS revenue for first-half 2016 stood at €35 million, up 16.1% compared with
the prior-year period.

EPRA earnings for the six months ended June 30, 2016 increased significantly
to €14 million from €8.4 million for the year-earlier period, thanks mainly
to higher rental income and €4 million in indemnities received.

* Total Share Return 17.3% over the last 12 months

The portfolio was valued at €967 million excluding transfer duties (€1,040
million including transfer duties) as of June 30, 2016, versus €942 million
as of December, 2015 and €902 million as of June 30, 2015. This resulted in a
reduction in the loan-to-value (LTV) ratio to 41%.

EPRA NNNAV excluding transfer duties stood at €40.0 per share, compared with
€39.2 per share as of December 31, 2015. The increase over the first half
year reflected higher recurring income (positive impact of €0.60 per share),
benefits granted to lessees (positive impact of €0.20 per share), changes in
the properties' appraisal values (positive impact of €1.90 per share) and
changes in the fair value of bank debt (positive impact of €0.20 per share),
partly offset by dividend distributions (impact of €2.00 per share).

The Total Share Return for the last 12 months is 17.3%, with a NAV growth of
11.8% and a distribution ratio on NAV of 5.5%

---------------------------------------------------------------------------------
| in millions of euros First-half 2016 First-half 2015 Change |
| IFRS revenue 35.0 30.1 +16.1% |
| IFRS rental income 24.4 21.9 +11.1% |
| |
| |
|Portfolio occupancy rate: 94.6% |
| IFRS operating income 40.5 40.4 +0.3% |
| IFRS net income 32.6 32.1 +1.5% |
| EPRA earnings 14.0 8.4 +64.4% |
| EPRA NNNAV per share excluding transfer duties 40.0 35.8 +11.8% |
| |
|(in €) |
---------------------------------------------------------------------------------

* Outlook

The Company should soon face an important milestone with the global
refinancing of its portfolio and a first growth transaction.

Investor Calendar

* October 26, 2016 Third-quarter 2016 revenue

For more information, please contact:

-------------------------------------------------------------------------------
| Media relations Investor relations |
| |
|Aliénor Miens / +33 (0)1 53 32 84 77 Raphaël Tréguier / +33 (0)1 42 25 76 36 |
|alienor.miens@citigate.fr raphael.treguier@cegereal.com |
-------------------------------------------------------------------------------

About Cegereal

Created in 2006, Cegereal is a commercial property company that invests in
prime office properties in Greater Paris. The portfolio's appraisal value is
estimated at €1,040 million as of June 30, 2016 (replacement value).
To date, Cegereal is the first French property company with a fully certified
portfolio from an environmental point of view (HQE and BREEAM "Very Good")
and benefits from the Green Star rating in the international benchmark GRESB.
Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B
(ISIN: FR0010309096). The Company had a market capitalization of €488 million
on July 21, 2016.
www.cegereal.com.
Interim Financial Statements

(IFRS)

Six-month period ended June 30, 2016

Excerpts from the interim financial report

approved by the Board of Directors on July 21, 2016.

The Statutory Auditors have performed a review

of the interim financial statements.

Consolidated Statement of Comprehensive Income (IFRS) for the six months ended
June 30, 2016

---------------------------------------------------------------------------------------------------------
| in thousands of euros, except per share data |
| June 30, 2016 Dec. 31, 2015 June 30, 2015 |
| 6 months 12 months 6 months |
| |
| Rental income 24,354 44,310 21,926 |
| Income from other services 10,597 11,349 8,169 |
| Building-related costs (11,396) (17,156) (11,427) |
| Net rental income 23,555 38,504 18,668 |
| |
| Sale of building |
| Administrative costs (1,849) (4,976) (2,038) |
| Depreciation, amortization and provisions for impairment (4) |
| Other operating expenses (741) (5) (0) |
| Other operating income 8 65 |
| |
| Increase in fair value of investment property 37,561 62,736 23,736 |
| Decrease in fair value of investment property (18,030) |
| Total change in fair value of investment property 19,531 62,736 23,736 |
| |
| Net operating income 40,500 96,323 40,366 |
| |
| Financial income 0 15 |
| Financial expenses (7,074) (14,719) (7,555) |
| Net financial expense (7,074) (14,705) (7,555) |
| |
| Corporate income tax (802) (662) (662) |
| |
| CONSOLIDATED NET INCOME 32,623 80,957 32,149 |
| of which attributable to owners of the Company 32,623 80,957 |
| of which attributable to non-controlling interests 0 0 |
| |
| Other comprehensive income |
| |
| TOTAL COMPREHENSIVE INCOME 32,623 80,957 32,149 |
| of which attributable to owners of the Company 32,623 80,957 32,149 |
| of which attributable to non-controlling interests 0 0 0 |
| |
| Basic and diluted earnings per share (in euros) 2.44 6.06 2.41 |
---------------------------------------------------------------------------------------------------------

Consolidated Balance Sheet (IFRS) at June 30, 2016

---------------------------------------------------------------------------------------------
| in thousands of euros |
| June 30, 2016 Dec. 31, 2015 June 30, 2015 |
| |
| Non-current assets |
| |
| Property, plant and equipment 66 61 61 |
| Investment property 967,300 942,000 902,000 |
| Non-current loans and receivables 26,416 28,928 30,346 |
| Total non-current assets 993,781 970,989 932,407 |
| |
| Current assets |
| |
| Trade accounts receivable 11,823 13,132 12,945 |
| Other operating receivables 7,039 6,899 5,562 |
| Prepaid expenses 193 96 200 |
| Total receivables 19,054 20,127 18,706 |
| |
| Cash and cash equivalents 26,346 8,723 24,072 |
| Total cash and cash equivalents 26,346 8,723 24,072 ...

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