GECINA - REFERENCE DOCUMENT 2017

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COMMENTS ON THE FISCAL YEAR

BUSINESS REVIEW 2.1

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BUSINESS AND EARNINGS OF MAIN COMPANIES 2.4 47 Gecina 2.4.1 47 Business and earnings of the main subsidiaries 2.4.2 49 Related party transactions 2.4.3 49 TRIPLE NET ASSET VALUE 2.5 50 EPRA NNNAV (Triple Net Asset Value – block) 50 STRATEGY AND OUTLOOK 2.6 51 Residential portfolio: a core strategic focus for Gecina 51 Model further strengthened, making it possible to look ahead to 2018 with confidence 51

A strategy that is effectively focused on its 2.1.1 consumer-clients in its office and coworking properties, as well as residential and student residences 28 Improvement in rental income, in line with the Group’s 2.1.2 forecasts 28 Occupancy rate stable and still high 2.1.3 30 Recurrent net income (Group share) higher than 2.1.4 Gecina’s initial expectations 31 Portfolio rotation accelerated 2.1.5 32 Lettings ramped up since the start of the year 2.1.6 32 Outlook for value creation further strengthened with 2.1.7 Eurosic, with the total pipeline up +40% to €5.2billion 33 FINANCIAL RESOURCES 2.2 35 Debt structure at December 31, 2017 2.2.1 35 Liquidity 2.2.2 36 Debt repayment schedule 2.2.3 37 Average cost of debt 2.2.4 37 Credit rating 2.2.5 38 Management of interest rate risk hedge 2.2.6 38 Financial structure and banking covenants 2.2.7 39 Guarantees given 2.2.8 39 Early repayment in the event of a change of control 2.2.9 39 APPRAISAL OF PROPERTY HOLDINGS 2.3 40 Buildings in the office property holdings 2.3.1 43 Buildings in the residential property portfolio 2.3.2 44 Condensed report of property appraisers 2.3.3 45

POST-BALANCE SHEET EVENTS 2.7

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EPRA REPORTING AT DECEMBER 31, 2017 2.8

52 52 52 53 53 53 54

EPRA Earnings 2.8.1

EPRA NAV and EPRA NNNAV 2.8.2

EPRA Net Initial Yield and EPRA “topped-up” Net 2.8.3 Initial Yield

EPRA vacancy rate 2.8.4 EPRA cost ratios 2.8.5 Capital Expenditure 2.8.6

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GECINA - REFERENCE DOCUMENT 2017