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Press Release Boulogne-Billancourt, September 22, 2006.

Press Release Boulogne-Billancourt, September 22, 2006.

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Published by: MartineOrange on Feb 16, 2010
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Press releaseBoulogne-Billancourt, September 22, 2006.
Icade announces the signing of several purchase agreements of part of themandatory convertible bonds (“MCB”) due 2010 issued in April 2004 andNovember 2004 by its subsidiary Icade EMGP and commits itself to extend theoffer to the remaining MCB holders
Pursuing its integrated property developer strategy by reinforcing its control and exposure to itssubsidiary Icade EMGP and optimizing its capital structure, Icade concluded several agreements (the« Agreements ») relating to the purchase of mandatory convertible bonds issued by Icade EMGPrespectively (i) in April 2004 (amount of the issue of 
40,007,500, i.e unlisted 123,100 MCB of 
325nominal value, issued on April 30, 2004 (AMF visa n°04-219 dated March 26, 2004), the « MCB April2004 ») and (ii) in November 2004 (amount of the issue of 
49,980,000, i.e 147,000 MCB of 
340nominal value, listed on Eurolist by Euronext according to Euronext notice n°2005-298, issued onNovember 30, 2004 (AMF visa n°04-856 dated October 25, 2004), the « MCB November 2004 »). Thetwo tranches of MCB are redeemable into shares on May 2, 2010 as 10 shares per MCB after the stocksplit adjustement.Following these Agreements, Icade will purchase on October 2, 2006 at the latest (i) through a mutualagreement, 41,665 MCB April 2004 for a nominal amount of 
13,541,125 euros (15,065 MCBbelonging to FORUM EUROPEAN REALTY INCOME L.P. and 26,600 MCB belonging to CITY NORTHDEVELOPMENTS LTD) and (ii) through an off-market transaction, 143,694 MCB November 2004 for anominal value
48,855,960 (22,694 MCB belonging to FORUM EUROPEAN REALTY INCOME L.P.and 121.000 ORA belonging to CITY NORTH DEVELOPMENTS LTD) at an acquisition price equal to
916.20 for each MCB. Icade’s investment amounts to
169,825,915.80. Icade will increase its stake inIcade EMGP share capital from 72.04% to 85.85% on a fully diluted basis.CITY NORTH DEVELOPMENTS LTD and FORUM EUROPEAN REALTY INCOME L.P. MCB disposaldoesn’t constitute an exit from the Icade group as they intend to remain close to Icade considering thepossibility to increase their stake in the Icade share capital.Icade announces that it doesn’t intend to delist its subsidiary Icade EMGP which should continue tobenefit from the SIIC status.Once these transactions completed, Icade will hold 122,001 MCB April 2004 and 144,049 MCBNovember 2004, i.e respectively 99.11% and 97.99% of oustanding MCB. It will remain 1,099

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