The SFL Portfolio at 30 June 2006

According to a valuation by independent experts CBRE and
Jones Lang Lasalle, the market value of SFL's (PARIS:FLY)
(ISIN:FR0000033409) property portfolio totalled EUR 2.977 billion
excluding transfer costs at 30 June 2006, an increase of 13.8% over
the market value at 31 December 2005. Including transfer costs, the
market value of the portfolio at 30 June amounted to EUR3 149 million,
against EUR 2.761 billion at 31 December 2005.
Based on constant scope of consolidation, excluding refurbishment
project underway, the value of the portfolio was up by 13.4% since 31
December and by 20.2% since 30 June 2005.
The valuation, which attests to the excellent quality of SFL's
property assets, reflects the combined impact of lower yields and the
increase in market rents during the first half, at a time of very high
transaction volumes in the Paris investment market.

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Profile: With an exceptional portfolio of properties valued at nearly
EUR 3 billion excluding 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.

Societe Fonciere Lyonnaise is listed in the Eurolist Compartment A of
Euronext Paris. ISIN: FR0000033409 - Bloomberg: FLY FP - Reuters: FLYP
PA.
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