ALTAREA (ex IMAFFINE)

TAKEOVER OF ALTAREA ON 24.12.2004

Société Anonyme ([public limited company) with share capital of 88,042,928 euros, divided into 5,761,504 shares

Financial year end: 31 December

Corporate object: Listed property investment company (SIIC)

DISTRIBUTION AS AT 21 July 2005 (last increase in share capital)
  Shares % of capital Voting rights % of voting rights
SAS ALTAFI 338 415 (1) 5,87 676 830 6,41
M. Alain TARAVELLA 3 188 878 55,35 6 377 756 60,41
M. Gautier TARAVELLA 3 157 0,055 6 314 0,06
M. Matthieu TARAVELLA 3 157 0,055 6 314 0,06
SUB-TOTAL 3 533 607 61,33 7 067 214 66,94
M. Jacques NICOLET 526 680 (2) 9,14 1 053 360 9,98
SAS JN INVESTISSEMENTS 41 503 0,72 83 006 0,79
SUB-TOTAL 568 183 9,86 1 136 366 10,77
MSRESS II VALMUR T BV 843 689 14,64 1 687 378 15,98
MSRESS II VALMUR TE BV 192 192 3,34 384 384 3,64
SUB-TOTAL 1 035 881 17,98 2 071 762 19,62
GRAND TOTAL 5 137 671 89,17 10 275 342 97,32
Treasury shares (3) 345 484 6,00 0 0
Investment trust + public (4) 278 349 4 ,83 282 765 2,68
TOTAL 5 761 504 100 10 558 107 100

(1) including 96,250 shares pledged to OBC by way of security for a loan of 2,500,000 euros - maturity 31.12.2008
(2) shares pledged to OBC
(3) Capable of variation. There are 4 loans of 10 shares each to ALTAREA GESTION , ALTAREA PARTICIPATIONS, Alain Taravella and Jacques Nicolet
(4) including AFFINE which has less than 5% of the capital and voting rights, does not have a director and thus counts as a member of the public. Including the "ALTAREA Shares" investment trust.

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