GECINA - REFERENCE DOCUMENT 2017

ADDITIONAL INFORMATION

Statutory Auditors

Statutory Auditors’ report on the annual financial statements

9.2.2.2

These matters were addressed as part of our audit of the 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 financial statements. Measurement and risk of impairment of tangible fixed assets (Note 4.3.3.1.3 to the financial statements) Description of risk At December 31, 2017, tangible fixed assets amounted to €3,573 million, or 29% of the Company’s assets. They mainly comprise real estate properties, held in order to collect rents and increase the value of the asset. Property assets are recognized at cost less accumulated depreciation and any impairment losses, the latter of which are calculated based on fair value. 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. Appraising a property asset requires estimation and judgment from management, in order to determine the appropriate assumptions, yield and discount rates, market rental values, cost estimates for work to be carried out (especially for assets under development) and any advantages (e.g., rent-free periods) to be granted to certain tenants. Given the significant amount represented by these assets in the financial statements, the risk of impairment, the degree of judgment involved in management’s determination of the main assumptions used, and the high sensitivity of the fair value of the assets to these assumptions, we deemed this issue to be a key audit matter obtaining the engagement letters of the property ■ appraisers and assessing their competency and their independence with respect to the Company; 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); conducting interviews with management and the property ■ appraisers to discuss the reasons behind their appraisal of the overall property portfolio and the appraised values of the assets; reconciling the appraised values with the fair value of the ■ assets; verifying the impairment losses recorded, in accordance ■ with accounting policies; assessing the appropriateness of the disclosures ■ provided in the notes to the financial statements. How our audit addressed this risk Our work consisted in:

For the year ended December 31, 2017

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 financial statements of Gecina for the year ended December 31, 2017. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at December 31, 2017 and of the results of its operations for the year then ended in accordance with French accounting principles. Without qualifying our opinion, we draw your attention to Note 4.3.3.7 of the financial statements, which describes the change of accounting policy due to the application of ANC Regulation 2015-05 of July 2, 2015 on forward financial instruments and hedging operations. 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 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. Justification of assessments – Key audit matters 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 financial statements, as well as how we addressed those risks. Basis for opinion Audit framework

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GECINA - REFERENCE DOCUMENT 2017