GECINA - REFERENCE DOCUMENT 2017

COMMENTS ON THE FISCAL YEAR Business and earnings of main companies

Invoices issued and not paid as of the close of the financial year ended

31 to 60 days

61 to 90 days

91 days and more

Total (1 day and more)

Amounts including all taxes (In millions of euros) (A) LATE PAYMENT TRANCHES Number of invoices concerned Amount of invoices concerned Percentage of revenue of the financial year

0 days 1 to 30 days

14,839 15,399

2,231

4,045

918

8,204

02

0.6%

1.1%

0.2%

2.2%

4.1%

(B) INVOICES EXCLUDED FROM (A) RELATING TO PAYABLES AND DEBT DISPUTED OR NOT ENTERED Number of invoices

2.4.2 Geciter

BUSINESS AND EARNINGS OF THE MAIN SUBSIDIARIES

for the year were a profit of €167.2 million, compared with €73.5 million in 2016 due to the €219 million increase in exceptional items following the sale of the investment interests including those of diversification companies of the Group. Foncière de Paris This subsidiary, 99.90% owned by Eurosic, holds 62 office buildings with a block value, excluding duties, of €1.6 billion at December 31, 2017 (excluding buildings held by its subsidiaries). The total amount of rents invoiced for 2017 was €47.6 million, compared with €56.8 million in 2016 due to buildings sold or placed under construction in 2017. The amount of financial leases (legacy activity) totaled €31.6 million compared with €37.0 million in 2016. The net earnings of the period are a loss of €33 thousand, taking into account an exceptional result of -€25.5 million linked to the purging of the reciprocal positions between Eurosic and Foncière de Paris (loss on the buyback of OSRA, capital gain on the disposal of Eurosic shares), versus earnings of €0.5 million in 2016. In 2017, for the 2016 financial year, Foncière de Paris distributed €24.4 million that is €2.40 per share. Management’s teams and the property personnel, who are employees of the property companies. They re-invoice their subsidiaries for services and operating resources. All the Group’s financing requirements are organized by Gecina, with the exception of some financing specific to certain assets held by Eurosic and Foncière de Paris prior to their integration in the Group and some financing specific to the assets held by the subsidiaries. Cash pooling agreements and loan agreements of associates and shareholders provide for optimized management of cash flow based on the various subsidiaries’ excess funds and cash requirements between the different branches.

This subsidiary, wholly owned by Gecina, owns 28 office buildings with a block value, excluding duties, of €1.8 billion as at December 31, 2017. The total amount of rents invoiced in 2017 was €48.1 million, compared with €53.3 million in 2016 due to buildings sold or under construction in 2017. Net earnings for the year were a profit of €19 million, compared to €139.5 million in 2016 due to the €119.5 million increase in exceptional items (following the sale of the Achille Perreti, Bourse and Vinci buildings for a total price of €167.7 million in 2016). In 2017, for the financial year 2016, Geciter distributed a dividend of €600 per share i.e. €104.9 million. Eurosic This subsidiary entered the Group during the year, and is 99.70% owned by Gecina at December 31, 2017, the balance is composed of treasury shares. Eurosic holds 36 assets, with a block value of €1.1 billion at December 31, 2017. The amount of rental income totaled €27.9 million compared with €34.8 million in 2016. This decrease originates from the effect of disposals realized in 2016 and 2017. Net earnings

2.4.3

RELATED PARTY TRANSACTIONS

Transactions between Gecina group

2.4.3.1

and its shareholders As at December 31, 2017, Gecina had no material transaction with the company’s major shareholders, other than those described in Note 3.5.9.3 to the Consolidated financial statements.

Transactions between Group

2.4.3.2

companies

The Group structure is highly centralized. Gecina and Eurosic are direct employers of most of the administrative staff, with the exception of Locare’s sales teams, the Gecina

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GECINA - REFERENCE DOCUMENT 2017