SFL: Estimated NAV at 30 June 2006: EUR 53.3 per Share Including Transfer Costs

SFL's (PARIS:FLY) NAV including transfer costs stood at
an estimated EUR 53.3 per share at 30 June 2006, up 19.5% compared
with EUR 44.6 at 31 December 2005 and 30.6% compared with EUR 40.8 at
30 June 2005.
NAV excluding transfer costs came to an estimated EUR 49.1 per
share, compared with EUR 41.3 at 31 December 2005 and EUR 37.8 at 30
June 2005.
These amounts have been calculated on a fully-diluted basis. They
reflect independent valuations of the property portfolio and the
market value of financial instruments.
The growth in NAV is a direct result of the increase in value of
the property portfolio over the last six and twelve months.
The interim financial statements are currently being reviewed by
the auditors and will be presented to the Board for approval on 25
July. Full details of the Company's first-half revenue and earnings
will be released following the Board meeting.

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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 code: FR0000033409 - Bloomberg: FLY FP - Reuters:
FLYP PA.
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