GECINA - REFERENCE DOCUMENT 2017

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PRESENTATION OF THE GROUP A strategy focused on performance

VALUE CREATION MODEL

P r o t e c t a n d e n s u r e l o n g - t e r m v a l u a t i o n

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Build and redevelop Extract value from our property portfolio through the pipeline

Invest Identify, analyze and take positions in relation to opportunities for value creation

CREATE VALUATION

Arbitrate Mature or non-strategic assets 4

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Operate, innovate, improve

Assets at the service of clients to manage CSR issues

D e v e l o p h u m a n c a p i t a l

FOUR STRATEGIC PILLARS MAIN ACHIEVEMENTS IN 2017

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Invest Capitalize on opportunities for accretive investment with a total-return objective Build and redevelop Extract value from our own portfolio via an ambitious pipeline and proactive rental management

Consolidation of the Eurosic portfolio (1,240,000 sq.m, €6.2 billion) and two ■ property acquisitions (€142 million) LTV ratio of 42.4% at the end of December 2017, continued ability to invest on ■ favorable terms €5.2 billion pipeline representing 621,700 sq.m and an average yield at delivery ■ of 6%, of which €2.8 billion are already committed 35% of pipeline pre-leased (44% for buildings delivered in 2018) ■ 100% of surface areas delivered certified with a high level of certification* ■ €1,003 million of expenses, including €257 million to public works suppliers* ■ Tightly managed delivery schedules and construction costs ■ ■ resulting in a reduction of more than €700,000 of tenant charges* 81% of the Group’s office surface area optimizes users’ productivity* ■ Set new medium-term non-financial objectives, including Eurosic (notably ■ productivity, greening and carbon) Strong rise in CSR ratings (GRESB, DJSI, etc.), Science Based Target initiative ■ (SBTi)-recognized climate trajectory Client recommendation rate: 82% for offices (2016), 92% for traditional ■ residential and 62% for student residences* Launch of Secondesk, co-working spaces ■ Partnership with WiredScore for Connectivity Qualification certification of the ■ assets under development Launch of an innovation and CSR think tank with five European real estate ■ companies specializing in offices Yield rate on buildings sold: 2.6% ■ €571 million of completed or secured sales out of a total disposal program of a ■ minima €1.2 billion and that can be raised to €2.2 billion 13% premium on average over the last appraisals ■ VALUE CREATION MARKERS 2,430,000 sq.m under operation ■ Occupancy rate of 95.4% ■ - 2.5% in energy consumption and -7% in emissions of CO 2

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Operate, innovate, improve Develop innovative, remarkable and responsible buildings with an array of services

/sq.m/yr in one year

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Arbitrate Capture value by divesting non-strategic or mature assets

EPRA NNNAV (1) up +19% over the year. ■ 25% outperformance by Gecina compared to the gross Euronext IEIF "SIIC France" index, dividends reinvested for three straight years. ■ 26% outperformance by Gecina NNNAV per share with dividends reinvested compared to a panel of six peer companies for three ■ straight years (from 12/31/2014 to 06/30/2017). Data excluding Eurosic. * Post adjustment of preferential subscription rights distribution linked to the share capital increase of August 2017 (adjustment factor of 0.97391), according (1) to IAS 33

14 GECINA - REFERENCE DOCUMENT 2017

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