Outlook

Compagnie la Lucette achieved strong growth in its development projects portfolio in 2007. The pipeline, which totalled some €180 million at 31 December 2006, stood at €380 million at 31 December 2007, with building permits obtained for more than €160 million in development projects. Comprised of office building projects in Paris and the Paris area, with a combined lettable area of 60,000 sqm, the pipeline will fuel rental income and recurring net profit growth in the 2009-2010 period, when the properties are expected to be delivered.

Going forward, Compagnie la Lucette plans to intensify its asset management efforts in the areas of lease-up and property trading. Some €300 million to €400 million in non-strategic or mature assets are expected to be sold. The group's cash position, which is expected to total €220 million at 31 March 2008, in addition to the cash generated by its property disposal strategy, will enable Compagnie la Lucette to seize investment opportunities in Paris area office buildings or improve its
payout to shareholders.

On a like-for-like basis (excluding new business), Compagnie la Lucette is targeting over 30% growth in recurring net profit per share on the horizon 2010.