GECINA - REFERENCE DOCUMENT 2017

COMMENTS ON THE FISCAL YEAR Appraisal of property holdings

Residential properties in operation Gecina + Eurosic on a like-for-like basis combined

Appraisal valuation (block) (In € million)

Valuation/sq.m (In euros)

Gross capitalization rate

Net capitalization rate

Paris Region Other regions

2,610

6,211 3,155 6,053

4.07% 7.29% 4.15%

3.40% 5.54% 3.46%

72

TOTAL

2,682

02

The Group’s residential properties in operation on a capitalization is 3.46% and the average metric valuation is like-for-like basis combined are located 97.3% in the Paris €6,053/sq.m. Region, of which 74.2% is in Paris. The average rate of net

2.3.3

CONDENSED REPORT OF PROPERTY APPRAISERS

General background to the appraisal engagement

BNP Paribas Real Estate; ■ Euroflemming Expertise; ■ Catella Valuation Advisors; ■ Christie & Co; ■ to obtain the updated value of its portfolio of real estate assets, broken down as follows:

General background The Gecina group consulted the property appraisers: CB Richard Ellis Valuation; ■

Cushman & Wakefield; ■ Crédit Foncier Expertise; ■

Valuation at 12/31/2017

Nb Assets

In €'000

CBRE Valuation

81 76 74 48 31 32

6,869,860 5,774,790 3,381,260 1,282,900

Cushman & Wakefield

Crédit Foncier Immobilier Expertise

BNP Paribas Real Estate Euroflemming Expertise Catella Valuation Advisors

839,261 728,980 175,040 302,465 296,075

Christie & Co

8 5

Other independent appraisers Gecina Internal Valuation

57

19,650,631

TOTAL

417

Mission (see detailed report, “Mission summary table”) All the concerned real estate assets have been inspected by the appraisal teams over the last five years, including 127 assets in 2016 and 102 assets in 2017. To carry out this appraisal, no technical, legal, environmental, administrative, or other audit was required. The valuation was based on the documents provided by the principal, namely: leases; ■ descriptive sections of purchase deeds; ■ details of receipts; ■ details about the tax regime and certain charges. ■

In accordance with Gecina’s instructions, the property appraisers drafted appraisal reports and determined the requested fair values, the objective valuation as at December 31, 2017. No conflict of interest was recognized. This engagement accounts for less than 5% of the annual revenue of each real estate appraiser. The fees of property appraisers are determined on the basis of a lump sum per asset examined and never on the basis of an amount proportional to the value of the building. It was conducted in response to AMF recommendations on the presentation of valuation items, and the property holding risks of listed companies, published on February 8, 2010.

45

GECINA - REFERENCE DOCUMENT 2017