GECINA - REFERENCE DOCUMENT 2017

02

COMMENTS ON THE FISCAL YEAR Financial resources

Debt by type

BREAKDOWN OF GROSS NOMINAL DEBT

BREAKDOWN OF AUTHORIZED FINANCING (INCLUDING €3,760 MILLION OF UNUSED CREDIT LINES AT 12/31/2017)

7 %

20 %

Mortgage loans

Short term ressources

Mortgage loans 8 %

48 %

Bonds 60 %

Long term bonds

Corporate bank loans 45 %

Corporate bank loans 11 %

€1,648 million of bank loans, of which €700 million of ■ mortgage financing and €948 million of corporate financing; €1,714 million of short-term resources, of which ■ €1,414 million in commercial papers and €300 million in short-term private EMTN placements covered by confirmed medium- and long-term credit lines.

The Group’s sources of financing are diversified, and long-term bonds make up 60% of the Group’s nominal debt and 48% of the Group’s authorized financings. At December 31, 2017, Gecina’s gross nominal debt comprised: €5,065 million of bonds issued under the EMTN (Euro ■ Medium Term Notes) program; 2.2.2 As at December 31, 2017, Gecina had €3,882 million available liquidity, of which €3,760 million in unused credit lines and €122 million in cash, easily covering all credit maturities for the next two years. Net of the short-term resource hedge, liquidity amounts to €2,168 million. Financing or refinancing transactions completed during the financial year amounted to €3.3 billion with an average maturity of 8.9 years and include: four bond issues for a total of €2.2 billion at 10.1 years of ■ average maturity and an average coupon of 1.3% (average margin of 64 bp); the signing of €1.1 billion of bilateral credit lines with an ■ average maturity of 6.5 years. In addition, Gecina repaid €1.6 million of financing, including: the repayment of almost €0.9 billion of bank loans ■ (mortgages and corporate loans) with an average maturity of less than three years; the buy back of the 2019, 2021 and 2023 bond issue ■ (with coupons between 1.75% and 4.75%) for a total amount of €0.3 billion in September 2017; LIQUIDITY

the early termination of €0.4 billion of credit lines with an ■ average maturity of 2.1 years. Gecina updated its EMTN program with the AMF in March 2017 and its commercial papers program with the Banque de France in May 2017 and increased the two ceilings to €8 billion and €1.5 billion, respectively. In 2017, Gecina also had short-term resources in the form of commercial papers and private EMTN placements with short maturities. As of December 31, 2017, the Group’s short-term resources amounted to €1,714 million, compared with €355 million at the end of 2016. The average outstanding amount in 2017 was €964 million, compared with €1,094 million in 2016. Lastly, Gecina’s loan repayments due in the next two years are easily hedged by €3,882 million in liquidity (unused credit lines and cash). Significantly reduced following the two operations of bond redemptions in September 2016 and 2017 and the refinancing work prior to the maturities, the amortization and debt maturities of the 2018 and 2019 financial years amounted toabout €730 million excluding short-term resources.

36 GECINA - REFERENCE DOCUMENT 2017

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