GECINA - REFERENCE DOCUMENT 2017

BOARD OF DIRECTORS’ REPORT ON CORPORATE GOVERNANCE

Governance

SYLVAIN FORTIER, Permanent representative of Ivanhoé Cambridge Inc. - Director

OFFICES HELD AT DECEMBER 31, 2017 President, Residential, Hotels and Real Estate ■ Investment Funds, Ivanhoé Cambridge Inc. Chairman of the Board of Directors ■ of Otéra Capital Director of Théâtre du Nouveau Monde ■ (non-profit organization)

OFFICES AND FUNCTIONS EXERCISED DURING THE PAST FIVE YEARS AND TERMINATED Executive Vice President and Head ■ of Investments – Ivanhoé Cambridge Inc. Executive Vice President, Residential, Hotels ■ and Real Estate Investment Funds - Ivanhoé Cambridge Inc.

Executive Vice President, Residential ■ and Hotels – Ivanhoé Cambridge Inc.

Chairman of the Strategic and Investment Committee

AGE: 52 years old NATIONALITY: Canadian FIRST APPOINTMENT: Board Meeting of 04/21/2016 (coopted) OFFICE EXPIRY DATE: GM 2021 DOMICILED: 80, rue Deauville S. Candiac (QC) J5R 6X7 Canada NUMBER OF SHARES HELD BY IVANHOÉ CAMBRIDGE INC.: 40

ATTENDANCE RATE AT BOARD MEETINGS: 100% ATTENDANCE RATE AT STRATEGIC AND INVESTMENT COMMITTEE MEETINGS: 100%

BRIEF RESUME Sylvain Fortier serves, as of January 1, 2018, as Strategic Advisor to the Chief Executive Officer, after having served as President, Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge, a real estate subsidiary of the Caisse de Dépôt et Placement du Québec, one of the largest institutional fund managers in Canada. He was responsible for a residential portfolio valued at CAD 12 billion and a hotel portfolio currently consists of almost 4,000 rooms in Canada and the United States, as well as the company’s acquisitions of real estate funds which combined represent over CAD 5 billion in invested capital worldwide. Mr. Fortier is also Chairman of the Board of Directors of Otéra Capital, a mortgage lender valued at CAD 11 billion. Sylvain Fortier has almost 30 years of global experience in the investment and financing of real estate. He began his career at London Life, before joining Standard Life. After moving to the Caisse de Dépôt et Placement du Québec and its real estate divisions, he held a number of senior management positions both in Canada and the United States. In 2010, he was appointed Vice President, Strategic Advisory and went on to hold several strategic positions in this field, leading to the role as President, Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge and afterward to his current role. Sylvain Fortier graduated from McGill University (Montreal, Canada) with a Bachelor’s degree in commerce, specializing in finance and real estate. He is a member of the PREA and the National Multifamily Housing Council (NMHC) and is a Director of Théâtre du Nouveau Monde (Montreal).

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NUMBER OF SHARES HELD BY IVANHOÉ CAMBRIDGE CONCERT PARTY: 14,803,793

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GECINA - REFERENCE DOCUMENT 2017