Paris, 14 May 2009

Predica has taken note of the decision handed down today by the Paris commercial court, which enforces prevailing legal provisions in order to restrict the voting rights that Rivero and Soler are entitled to exercise at the forthcoming annual general meeting of Gecina on 15 June.

The decision should make it easier to reorganise the corporate governance of Gecina, while protecting its corporate interests, thereby restoring the confidence of the company's shareholders and employees and that of the market.