Development of property projects is an integral part of ANF’s strategy for creating shareholder value. Nearly 136,000 m² of new projects, representing about €358 million of investment (before financial expense, and not including projects already delivered or the partnership with B&B), will be delivered by 2014. These projects will ensure that value continues to be created in the medium and long term.

ANF has invested in the construction of a 446 space car park on 13 levels. This car park is located only a few paces from Place de la Joliette and has met strong demand for parking spaces from companies and inhabitants in the area. Delivery was completed in the third quarter of 2007. Total investment excluding land amounted to €9 million.

This office and retail building is situated on the Place de la Joliette, and demonstrates ANF’s expertise in its renovation strategy. This is a mixed-use building, with 2,638 m² of offices and 530 m² of shops, which was delivered in the fourth quarter of 2007. Total investment excluding land amounted to €6 million.

13 other projects are currently in progress and, for the most part, have already been secured by leases contracted with future tenants.

ANF is restructuring a central plot with about 10,000 m² of space. Office and apartment space is being optimised and ground floor space is being redeployed, making it possible to create shops in this in-demand sector. The project will be delivered in stages from 2008 to 2010. Total investment could be of the order of €21 million.

ANF has brought together a number of commercial sites that are currently vacant and will develop a single plot of 3,500 m². This complex is situated in the immediate vicinity of Place de la Joliette and will be available in 2009. ANF will also renovate the offices and apartments. Total investment in the project is about €22 million, excluding land.

ANF is building a tourist residence in the centre of the Euroméditerranée district, which will contribute to the area’s renovation. It is already rented to Pierre & Vacances and will contain 142 tourist units, 20 housing units and 141 underground parking spaces on three levels. Delivery will be in the third quarter of 2009. Total investment is estimated at about €15 million, excluding land.

The Rive Neuve project, situated at Vieux-Port de Marseilles, is aimed at renovating about 3,200 m² of offices and shops (of which 442 m² already exist) for a total investment of about €7 million, excluding land.

ANF will build a social housing building with about 2,700 m² of total space, which is expected to be delivered in the fourth quarter of 2009. Rents will be set in accordance with applicable social housing provisions. The project could be sold.

In this district near Boulevard du Prado, ANF will build an office building with about 2,500 m² of total space, and 850 m² of studios, to be delivered in the second quarter of 2010. Estimated investment is €6 million.

On the Boulevard des Dames, ANF will renovate an Haussmann-style block of 10,000 m² of shops and apartments, to be delivered in the first quarter of 2010. Total investment in the project amounts to €24 million, excluding land.

This new office and apartment programme, situated close to the Place de la Joliette, will meet companies’ desires to install themselves in the heart of the business district, as well as demand from new inhabitants working in the area. The project has 19,500 m² of net floor space and consists of 13,000 m² of jointly-developed offices and 6,500 m² of apartments, plus a 305 space car park. Delivery is scheduled for the second quarter of 2010. Part of the office programme could be sold. Total investment is about €19 million.

Close to the Place de la Joliette, ANF will build a 127 room hotel to be delivered in the fourth quarter of 2010. The hotel will be operated by the B&B chain, which is number three in economy hotels in France. Total investment in the project is about €5 million, excluding land.

ANF has studied with a developer the possibility of a programme for its land suited to development of this sector. This study has led to a solution making it possible to merge the Ambroise Paré and Paul Desbief hospitals to create a new hospital in the centre of Euroméditerranée. ANF will support this major initiative by exchanging land on which the new 45,000 m² hospital complex will be built for the land currently occupied by the Desbief hospital.

a) Continuing its policy of actively investing in Marseilles, on the land next to the new Desbief hospital ANF will develop a programme of about 26,000 m² of apartments, offices and shops. ANF will also build an office building with about 5,000 m² of net floor space in the area.

b) When the current site of the Desbief hospital is vacated, ANF will then develop a mixed-use programme of about 22,500 m².

Total investment is estimated at €142 million.

Studies are under way for the restructuring of a more than 31,000 m² complex. This could help upgrade Place de la République and attract new store chains. The project is likely to spread over the next three or four years and represent an investment of about €90 million.

ANF has identified about 4,000 m² of mansards which require major renovation before being rented. This renovation should make it possible to create about 60 apartments for delivery between 2008 and 2010. The work is being carried out in close liaison with the department architect, particularly when it comes to restoration of façades and roofs. These spaces did not previously generate income. The first renovated apartments will be delivered in 2008. Total investment is expected to be about €7 million, excluding land.