Appointments at SFL - Societe Fonciere Lyonnaise

The Board of Directors of SFL (Paris:FLY), chaired by Luis Manuel
Portillo Munoz, has appointed Philippe Depoux as Managing Director, as
proposed by Yves Mansion, director and Chief Executive Officer.
Philippe Depoux replaces Alec Emmott who will continue to act as an
Advisor to the Company.

Nicolas Reynaud, Chief Financial Officer and Secretary to the
Board, has been appointed Deputy Managing Director, with the same
responsibilities as previously.

These appointments confirm the Colonial Group's commitment to
supporting the current senior management team, which is continuing to
expand SFL's business under Yves Mansion's leadership.

Philippe Depoux, 45, joined SFL as Deputy Managing Director in
November 2005 after spending five years with Axa Reim as Director,
Group Investments - Europe.

A graduate of the Sup de Co Rouen business school, he began his
career in 1986 with Banque La Henin. In 1998, he joined Mitsubishi
Bank where he was tasked with setting up a Property department. He
moved to the Property Division of GAN in 1990, with responsibility for
property purchases and sales. In 1999, he was appointed Managing
Director of Immobiliere Finama.

Alec Emmott, 60, is a graduate of Cambridge University and a
member of the Royal Institution of Chartered Surveyors (RICS). He
moved to France in 1973, after working in South Africa, the United
States and the United Kingdom.

In 1995, he was appointed Senior Management Advisor at Commercial
Union and Advisor to the Chairman of Societe Fonciere Lyonnaise,
becoming Managing Director of the Company in June 1997.

He is also a director of IPD France, Institut de l'Epargne
Immobiliere et Fonciere (IEIF), Federation des Societes Immobiliere et
Fonciere (FSIF), Crownstone Properties and EAVF (European Asset Value
Fund).

Nicolas Reynaud, 45, has spent his entire career in finance,
working in the property sector. In 1988, he joined Sophia where he
remained until 2005, rising to the position of Deputy Managing
Director and Chief Financial Officer.

With an exceptional portfolio of properties valued at some EUR 3.7
billion net of transfer costs, essentially located in the Paris
Central Business District, SFL is a preferred vehicle for investors
wishing to invest in the Paris office and retail property market. As
the leading player in this market, the Group is firmly focused on
pro-actively managing high-quality property assets. SFL has elected to
be taxed as an SIIC since 2003.

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