Description of the Business

1. Profile
2. Message from the Chairman of the Supervisory Board (Alain Hagelauer)
3. Message from the Chairman of the Executive Board (Bruno Keller)
4. Strategy
5. Property appraisal
6. Highlights
7. The Lyons Property Estate
8. The Marseilles Property Estate
9. Development
10. B&B
11. Sustainable development
12. Shareholder Information
13. Key Figures

Information about ANF

1. Results from operations
2. Corporate governance
3. Risks management – Risk factors and insurance
4. ANF and its shareholders
5. Sustainable development
6. Reports and information for the shareholders’ Meeting

Consolidated financial statements

Consolidated financial statements (under IFRS) for the year ended December 31, 2008

Report of the Statutory Auditors on the consolidated fi nancial statements

Statutory financial statements

Statutory financial statements for the year ended December 31, 2008

Report of the Statutory Auditors on the annual fi nancial statements

Pro forma financial Information

Other general Information

1. Person responsible for Annual Report and audit
2. Other legal information
3. Other information about the share capital and shareholders
4. Other information about corporate governance
5. Other information concerning ANF’s business and organisation
6. Contacts and fi nancial information

Introduction

• Profile
• Message from the Chairman of the Supervisory Board
• Interview with the Chairman of the Executive Committee
• 2007 highlights
• Appraised value
• Projects
• B&B
• Sustainable development
• Shareholder information
• 2007 key figures

Lyon

• ANF's properties in Lyon

Marseille

• ANF's properties in Marseille

Legal and financial information

• Investments and prospects
• Results of activities
• Corporate Governance
• Risk Management - Risk Factors and Insurance
• ANF and its shareholders
• Sustainable development
• Additional information
• Reports and information to the General Annual Assembly

Introduction

• Profile
• Message from the Chairman of the Supervisory Board
• Interview with the Chairman of the Executive Committee
• 2006 highlights
• Appraised value

Lyon

• ANF's strategy in Lyon
• ANF's properties in Lyon
  • Major potential in the commercial property portfolio
  • Retail and office space
  • Strong value creation outlook

Marseille

• ANF's strategy in Marseille
• ANF's properties in Marseille
  • A new look for Rue de la République
  • Improvements to rental properties
  • ANF's plans in the République district
  • Euroméditerrannée

Legal and financial information

• 2006 management report
• Observations of the Supervisory Board
• Chairman of the Supervisory Board's report on internal control
• Auditors' report on internal control
• Financial statements
• Accounting policies
• Additional information
• Auditors' general report
• Auditors' special report
• Powers given to the Executive Committee
• Resolutions
• Duties of corporate officers
• Information about the issuer
• Miscellaneous information

Introduction

• Profile
• Message from the Chairman of the Supervisory Board
• Questions to the Chairman of the Executive Committee
• Highlights
• Strategy
• Appraised value
• History

Marseille

• History
• ANF's strategy in Marseille
• List of properties

Lyon

• History
• ANF's strategy in Lyon
• List of properties

Legal and financial information

• 2005 management report
• Observations by the Chairman of the Supervisory Board
• Supervisory Board's report on internal control
• Auditors' report on internal control
• Financial statements
• Auditors' general report
• Auditors' special report on related-party agreements
• Auditors' special reports on the 12 May 2006 AGM
• Draft resolutions
• Duties of corporate officers
• Executive compensation
• Miscellaneous information

Contents

• Agenda
• Report by the Board of Directors
• Report by the Chairman of the Board
• Auditors' report
• Balance sheet at 31 December 2004
• Notes to the balance sheet and income statement
• Draft resolutions proposed by the Board of Directors
• Auditors