GECINA - REFERENCE DOCUMENT 2017

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COMMENTS ON THE FISCAL YEAR Appraisal of property holdings

Performance conditions This appraisal was conducted on the basis of documents and information sent by Gecina, in particular rental statements sent out in October, all presumed genuine and representing all the information and documents held by or known to the principal and likely to have an impact on the fair value of the property. The appraisal procedures and assessments were made in accordance with: the recommendations of the Barthès de Ruyter report on ■ assessing the property portfolio of publicly-listed companies, published in February 2000; the charter of Professional Real Estate Appraisers; ■ the “European Valuation Standards”, published by ■ TEGoVA (The European Group of Valuers’ Associations); the “Appraisal and Valuation Manual” of the Royal ■ Institution of Chartered Surveyors (RICS); the “International Valuation Standards” of the ■ International Valuation Standard Committee. The following methods were used to estimate the fair value of assets: comparison method; ■

“Developer’s balance sheet” method (only applied to ■ buildings under construction). The valuation method is summarized in Note 3.5.3.1.1 to the Consolidated financial statements. This valuation applies subject to market stability and absence of significant changes in the buildings between the date of the appraisals discussed in this report and the value date. With respect to properties and rights in rem covered by a financial lease, the appraisers exclusively valued the properties and the underlying rights in rem and not the assignment value of the financial lease. Similarly, the appraisers did not take account of any specific financing methods that may have been used by property owners. Others Fair values are stated exclusive of costs and duties. All appraisers have declared that they were independent and held no stake in Gecina; each appraiser has certified the fair values of the properties measured thereby without assuming liability for appraisals performed by any of the other appraisers and has agreed that this summary report be included in Gecina’s Reference Document.

revenue method; ■ cash flow method; ■

Catella Valuation Advisors

Cushman & Wakefield

Crédit Foncier Expertise

BNP Paribas Real Estate

Euroflemming Expertise

CBRE Valuation

Christie & Co

46 GECINA - REFERENCE DOCUMENT 2017

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