Financial information for the 1st quarter of 2020

FIRST QUARTER 2020 FINANCIAL INFORMATION

Consolidated turnover

The consolidated turnover of the PAREF Group amounted to € 10.3 million for the 1^er quarter 2020. It consists of:

-Gross rental income up by 20% thanks to the acquisition of floors in the Franklin Tower, offset by the disposals made in 2019 and the impact of the The Go restructuring project;

-Management fees up 31% due to the increase in assets under management of funds managed on behalf of third parties and in particular income from the PIM Italy platform acquired in 3^th quarter 2019;

-Subscription fees down by 21% resulting from a marked slowdown in collection in the context of Covid-19.

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