GECINA - REFERENCE DOCUMENT 2017

PRESENTATION OF THE GROUP A strategy focused on performance

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A STRATEGY FOCUSED ON PERFORMANCE 1.2

THE HEART OF THE CITY OF TOMORROW: FIRST OPERATIONAL VALUE-CREATION LEVER One aim: to increase Gecina's leadership in urban centers in the Paris Region

areas of the Paris Region. In this respect, the Eurosic acquisition further emphasized Gecina’s presence at the heart of its favorite areas. At the end of 2017, 56% of the office portfolio by valuation was located in Paris City, primarily in the CBD and the 7 th arrondissement. The Group also has nearly €3.2 billion in residential real estate assets consisting primarily of traditional housing units in the city of Paris, but also of student residences. These real estate assets strengthen Gecina’s urban and Parisian orientation and its ability to extract potential valuation from property assets concentrated in areas driven by centrality and scarcity. A new organizational structure centered around the ■ operational business lines and serving the tenant clients and users. A responsible innovation approach responding to new ■ client usages and to societal needs. Regular progress in terms of energy consumption, ■ greenhouse gas emissions and the level of occupant productivity contributing to the appreciation of the property portfolio and the management of customers’ operating expenses. Integrated project management to support the ■ transformation of obsolete assets into prime assets. A community of more than 100,000 users of Gecina ■ assets.

Gecina has increased its exposure to offices in the Paris Region over the past years, notably in areas driven by centrality and scarcity, via active rotation of its portfolio. At the end of 2017, the weight of the office property portfolio reached 80% of total real estate assets (€15.8 billion at the end of 2017) whereas the figure was only 52% at the end of 2006. Gecina’s increased specialization in offices is combined with the refocusing of its real estate assets in the most central Gecina’s strengths at the service of value creation: 4 th largest real estate company in Europe with a ■ property portfolio worth €19.6 billion and the largest in the office segment with €15.8 billion in assets. A specialist in offices (80%) and residential (16%) in the ■ central areas of the Paris Region – Paris and the Western Crescent. Potential for growth and value creation enhanced by the ■ acquisition of Eurosic with a pipeline worth €5.2 billion. A healthy and flexible balance sheet hailed by the rating ■ agencies (BBB +/Positive outlook by Standard & Poor’s and A3/Negative outlook by Moody’s), to finance the Group’s ambitions.

FOUR STRATEGIC PILLARS Gecina’s strategy is built around 4 strategic levers intended to increase its leadership and its ability to capture new opportunities for the future. 1/ Capitalizing on accretive investment opportunities with an overall return target. 2/ Extracting valuation from its own portfolio via an ambitious pipeline and proactive rental management.

3/ Developing “new generation” buildings rich in services that meet the needs of client-users, generate well-being and productivity, are integrated into the city, and use sustainable innovation to minimize their environmental impact. 4/ Capturing valuation via disposals of non-strategic and/or mature assets in a buoyant market

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GECINA - REFERENCE DOCUMENT 2017