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Press release

Boulogne-Billancourt, September 22, 2006.

Icade announces the signing of several purchase agreements of part of the


mandatory convertible bonds (“MCB”) due 2010 issued in April 2004 and
November 2004 by its subsidiary Icade EMGP and commits itself to extend the
offer to the remaining MCB holders

Pursuing its integrated property developer strategy by reinforcing its control and exposure to its
subsidiary Icade EMGP and optimizing its capital structure, Icade concluded several agreements (the
« Agreements ») relating to the purchase of mandatory convertible bonds issued by Icade EMGP
respectively (i) in April 2004 (amount of the issue of €40,007,500, i.e unlisted 123,100 MCB of €325
nominal value, issued on April 30, 2004 (AMF visa n°04-219 dated March 26, 2004), the « MCB April
2004 ») and (ii) in November 2004 (amount of the issue of €49,980,000, i.e 147,000 MCB of €340
nominal value, listed on Eurolist by Euronext according to Euronext notice n°2005-298, issued on
November 30, 2004 (AMF visa n°04-856 dated October 25, 2004), the « MCB November 2004 »). The
two tranches of MCB are redeemable into shares on May 2, 2010 as 10 shares per MCB after the stock
split adjustement.

Following these Agreements, Icade will purchase on October 2, 2006 at the latest (i) through a mutual
agreement, 41,665 MCB April 2004 for a nominal amount of €13,541,125 euros (15,065 MCB
belonging to FORUM EUROPEAN REALTY INCOME L.P. and 26,600 MCB belonging to CITY NORTH
DEVELOPMENTS LTD) and (ii) through an off-market transaction, 143,694 MCB November 2004 for a
nominal 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 in
Icade 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 disposal
doesn’t constitute an exit from the Icade group as they intend to remain close to Icade considering the
possibility 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 to
benefit from the SIIC status.

Once these transactions completed, Icade will hold 122,001 MCB April 2004 and 144,049 MCB
November 2004, i.e respectively 99.11% and 97.99% of oustanding MCB. It will remain 1,099
oustanding MCB April 2004 and 2,951 outstanding MCB November 2004 after the completion of these
transactions.

Icade commits itself to extend the offer in France to all other MCB April 2004 and MCB November 2004
holders. Terms and conditions of this offer are described hereafter.

Terms and conditions of the offer to the remaining MCB holders:

The offer to the remaining MCB holders aims at extending terms and conditions of the purchase
argreements concluded with CITY NORTH DEVELOPMENTS LTD and FORUM EUROPEAN REALTY
INCOME L.P to all MCB holders.

Icade commits itself to buy in the market in France and outside the United States all MCB April 2004 or
ORA November 2004 at an acquisition price of €916.20 each, equal to the price offered to CITY
NORTH DEVELOPMENTS LTD and FORUM EUROPEAN REALTY INCOME L.P. in the above-
mentioned Agreements. Icade’s investment could amount up to €173,536,525.80. in case all holders
would dispose their MCB. Icade could increase its stake in Icade EMGP share capital to 86.16% on a
fully diluted basis.

The offer to the remaining MCB holders will start on October 6, 2006 and close on October 13, 2006
inclusive.

Icade and Icade EMGP will announce the results of the offer through a press release which should be
published on October 18, 2006.

About Icade
Icade is a leading French full-service property developer active in the housing, services, healthcare,
and public sector markets. Icade’s businesses cover the entire property development value chain:
design and development, land investment, holding, and trading, promotion, operations, and
management. By skilfully executing these different services, Icade offers solutions tailored to specific
customer needs, and helps address the overall issues facing the sector. In 2005, Icade generated
consolidated revenues of €1,179M and a gross operating profit of €201M.

Contacts :
Mathieu Carré Rémi Lemay
External Communications Manager Head of Investor Relations
Tel.: 01 46 94 41 64 Tel.: 01 46 94 42 53
mathieu.carre@icade.fr remi.lemay@icade.fr