GECINA - REFERENCE DOCUMENT 2017

ADDITIONAL INFORMATION

Statutory Auditors

9.2.2

STATUTORY AUDITORS’ REPORTS

Statutory Auditors’ report on the consolidated financial statements

9.2.2.1

For the year ended December 31, 2017

financial statements, as well as how we addressed those risks. These matters were addressed as part of our audit of the consolidated financial statements as a whole, and therefore contributed to the opinion we formed as expressed above. We do not provide a separate opinion on specific items of the consolidated financial statements. Valuation of investment properties (Notes 3.5.3.1.1, 3.5.3.1.2 et 3.5.3.1.3 to the consolidated financial statements) Description of risk At December 31, 2017, investment properties amounted to €15,407 million in the consolidated balance sheet, representing 77% of the Group's assets. Investment properties are recognized at fair value in Gecina's consolidated financial statements, as provided for in IAS 40. This is the value taken into account for determining key indicators of the Group's performance and financial position, such as Net Asset Value and the Loan-to-Value ratio. With this in mind, management has implemented a procedure for property appraisals, which are performed by independent appraisers to measure the fair value of the assets. Measuring the fair value of a property asset is a complex process of estimation, as described in the notes to the consolidated financial statements. It requires judgment in order to determine the appropriate assumptions, yield and discount rates, market rental values, cost estimates for work to be carried out (assets under development), and any advantages (e.g., rent-free periods) to be granted to certain tenants. Given the significant amount of these assets, the degree of judgment involved in management's determination of the main assumptions used, and the sensitivity of the properties' fair value to these assumptions, we deemed the valuation of investment properties to be a key audit matter. obtaining the engagement letters of property appraisers ■ and assessing their competency and their independence with respect to the Group; familiarizing ourselves with the procedure implemented ■ by management for working with property appraisers; obtaining the property appraisal reports and critically ■ assessing the appraisal methods used, the market parameters applied (yield rate, discount rate, market rental values) and the asset-specific assumptions, in particular the cost estimates for work to be carried out on assets under development; testing, on a sample basis, the data used (reconciliation ■ of appraiser data with construction budgets and rental situations); How our audit addressed this risk Our work consisted in:

This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking readers. This report includes information specifically required by European regulations or French law, such as information about the appointment of Statutory Auditors. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

To the Shareholders of Gecina,

Opinion In compliance with the engagement entrusted to us by your General Meeting, we have audited the accompanying consolidated financial statements of Gecina for the year ended December 31, 2017. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2017 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. The audit opinion expressed above is consistent with our report to the Audit Committee. We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Responsibilities of the Statutory Auditors relating to the audit of the consolidated financial statements section of our report. Independence We conducted our audit engagement in compliance with the independence rules applicable to us for the period from January 1, 2017 to the date of our report and in particular we did not provide any non-audit services prohibited by article 5(1) of Regulation (EU) No 537/2014 or the French Code of Ethics ( Code de déontologie ) for Statutory Auditors. In accordance with the requirements of articles L.823-9 and R.823-7 of the French Commercial Code ( Code de commerce ) relating to the justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated Justification of assessments – Key audit matters Basis for opinion Audit framework

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GECINA - REFERENCE DOCUMENT 2017