PR Newswire/Les Echos/

First half 2010: Increase of portfolio value and Consolidation of activity

Rental income              EUR86.0   (up 2.6%)

Portfolio value:           EUR3.3bn  (up 4.7%)

Net Asset Value per share  EUR110.7* (up 0.6%)

* Replacement value

The Board of Directors reviewed activity and results for the first half of 2010
at their meeting of 27 July 2010. The auditors have performed a limited review
of the interim financial statements and business review.

Consolidated data in EURm           H1-10    H1-09     Var. %
Rental income                        86.0    83.7     + 2.6
EBITDA                               77.3    74.6     + 3.6
Current cash flow                    59.0    60.7     - 2.7
  o/w recurring cash flow (1)        59.0    58.8     + 0.3
Net profit                           22.9    25.2     - 9.1

Per share data in EUR
Current cash flow                    3.41    3.52     - 3.1
Net Asset Value (2)                110.71  110.02     + 0.6

(1) Excluding exceptionnel item of EUR1.9m in H1-2009
(2) Replacement value

Consolidation of operating results and good financial results

* Commercial activity in the first half with lettings totalling 56,500 m2,
  higher than 2009 as a whole (46,200 million2);

* Rental income up 2.6% despite a negative indexation effect;

* Continued steady growth in average rent on the let portfolio, reaching 183
  per m2 versus 181 at 31 December 2009 and an attractive rental offering in
  line with companies expectations. There were no rent renegotiations during
  the first half. The quality and diversity of the tenant base is borne out
  by the lack of tenant default and property management remains highly effective
  with the EBITDA margin (EBITDA/rental and fee income) rising to 87.0%;

* The average financing cost is 4.09% and the cost of debt is secured by an
  active hedging policy. The average remaining maturity of existing credit
  facilities is 4.25 years with a gradual refinancing profile;

* With an LTV of 40% and ICR of 3.1x, Silic has additional borrowing capacity
  to finance its developments and seize any investment opportunities;

* Cash flow remains stable excluding the non-recurring items in 2009, reaching
  59.0 million at 30 June 2010.

Continued sustained investment to prepare for the future

Silic continues to invest with 147.2 million devoted to property development in
the first half. The acquisition of a fully-let 14,500 m2 office building at
Nanterre-Préfecture is in line with the development plan, which continues
according to the objectives. Apart from refurbishments, maintenance and
adaptation of existing buildings, the plan comprises:

 o A 17,000 m2 office building at Nanterre-Préfecture due for completion in
   September 2010 and fully pre-let;
 o A 25,000 m2 office building at Nanterre-Seine due for completion in the
   third quarter of 2010;
 o A 15,000 m2 office building at Orly-Rungis due for completion in early 2011; 
 o A 23,000 m2 office building at Saint Denis due for completion at end 2011;
 o Major redevelopment of a retail park at Fresnes with more than 50,000 m2 of
   retail space, due for completion in two stages.

The total cost of these developments is covered by confirmed credit facilities.

Portfolio value up 4.7% to 3.3 billion

Yields have begun to ease and rental values remain buoyant against a background
of downward indexation, resulting in a 4.7% increase in the portfolio's
appraisal value to 3,333.3 million. The portfolio in service accounted for 2,8
15.8 million with an average yield of 7.0%.

Replacement NAV stood at 1 10.71 per share at 30 June 2010, versus 1 10.02 per
share one year earlier. Liquidation NAV (excluding transfer taxes and the impact
of changes in the fair value of derivative financial instruments) stood at 96.13
per share versus 99.27 per share at 30 June 2009.

Outlook

After strong growth in 2009 results, Silic has consolidated its activity and
results in the first half of 2010 despite a continued difficult economic
environment.

Leveraging its major strengths - diversified offering, high quality portfolio,
prudent strategy and shareholder confidence - Silic intends to continue its
development plan and confirms its forecast of growth in rental income and stable
recurring cash flow in 2010 barring exceptional circumstances.

Eligible for deferred settlement (SRD)
ISIN      FR 0000050916 Euroclear 5091
Symbol    SIL
Member of the SBF 120, CAC Mid 100, CAC Mid and Small 190 and GPR 250 indices

Investor Relations:  Bruno Meyer
                     Deputy Managing Director 
                     Tel.: +33 (0)1.41.45.79.65

www.silic.fr
                      
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