GECINA - REFERENCE DOCUMENT 2017

02

COMMENTS ON THE FISCAL YEAR EPRA reporting at December 31, 2017

EPRA REPORTING AT DECEMBER 31, 2017 2.8 Gecina applies the EPRA (1) best practices recommendations regarding the indicators listed hereafter. Gecina has been a member of EPRA, the European Public Real Estate Association, since its creation in 1999. The EPRA best practice recommendations include, in particular, key performance indicators to make the financial statements of real estate companies listed in Europe more transparent and more comparable across Europe.

Gecina reports on all the EPRA indicators defined by the “Best Practices Recommendations” available on the EPRA website. Moreover, EPRA defined recommendations related to corporate social responsibility (CSR), called “Sustainable Best Practices Recommendations”. Gecina publishes all these indicators on its website (www.gecina.fr, CSR section).

12/31/2016

See Note

12/31/2017

EPRA Earnings (€ million) EPRA Earnings per share EPRA NAV (€ million) EPRA NNNAV (€ million) EPRA Net Initial Yield

362.6 €5.43

337.9 €5.23* 8,484.9 8,376.5 3.86% 4.11%

2.8.1 2.8.1

11,257.4 11,233.2

2.5 2.5

3.69% 4.05%

2.8.3 2.8.3 2.8.4 2.8.5 2.8.5

EPRA “Topped-up” Net Initial Yield

EPRA Vacancy Rate

4.6%

4.1%

EPRA Cost Ratio (including direct vacancy costs) EPRA Cost Ratio (excluding direct vacancy costs)

21.3% 20.4%

20.9% 19.9%

EPRA Property related capex (€ million) 2.8.6 Post adjustment of preferential subscription rights distribution linked to the share capital increase of August 2017 (adjustment factor of 0.97391), * according to IAS 33 466 403

2.8.1

EPRA EARNINGS

The table below indicates the transition between the net recurring income disclosed by Gecina and the EPRA Earnings:

12/31/2016

12/31/2017

In € thousand

Net recurring income (Group share) (1)

363,463 (1,795)

347,431 (9,559)

- Depreciations, net impairments and provisions + Recurring income from equity-accounted investments

981

61

EPRA EARNINGS

362,649

337,933

EPRA EARNINGS PER SHARE €5.23 (2) EBITDA less net financial expenses and recurring tax, and some expenses of an exceptional nature (see Note 2.1.4 “Recurrent net income”). (1) Post adjustment of preferential subscription rights distribution linked to the share capital increase of August 2017 (adjustment factor of 0.97391), (2) according to IAS 33 €5.43

2.8.2

EPRA NAV AND EPRA NNNAV

The calculation for the EPRA NNNAV is explained in section 2.5 “Triple Net Asset Value”.

12/31/2016 €127.40* €130.33*

12/31/2017

In €/share

diluted NAV EPRA NAV

€149.65 €153.26 €152.93

EPRA NNNAV €128.67* Post adjustment of preferential subscription rights distribution linked to the share capital increase of August 2017 (adjustment factor of 0.97391), * according to IAS 33

European Public real Estate Association (1)

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