GECINA - REFERENCE DOCUMENT 2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

3.5.2

GENERAL PRINCIPLES OF CONSOLIDATION

Reporting standards 3.5.2.1 The consolidated financial statements of Gecina and its subsidiaries (“the Group”) are prepared in accordance with IFRS as adopted by the European Union on the balance sheet date. The official standards and interpretations potentially applicable after the closing date (particularly IFRS 15 “Revenue from contracts with customers”, IFRS 16 “Leases” and IFRS 9 “Financial instruments”) were not applied early and should not have a significant impact on the financial statements. The preparation of financial statements, in accordance with IFRS, requires the adoption of certain decisive accounting estimates. The Group is also required to exercise its judgment on the application of accounting principles. The

areas with the most important issues in terms of judgment or complexity or those for which the assumptions and estimates are material in relation to the Consolidated financial statements are presented in Note 3.5.3.16. Gecina applies the Ethical Code for French Real Estate Investment Trusts (SIIC) as established by the Fédération des Sociétés Immobilières et Foncières. 3.5.2.2 All companies in which the Group holds direct or indirect exclusive control and companies in which Gecina exercises a notable or joint influence are included in the scope of consolidation. The first group of companies is fully consolidated and the second group is consolidated using the equity method. Consolidation methods

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Scope of consolidation 3.5.2.3 At December 31, 2017, the scope of consolidation included the companies listed below.

Method of consolidation

12/31/2016 % interest

12/31/2017 % interest

Companies

SIREN

Parent company

Gecina

592 014 476 380 045 773 382 482 065 444 465 298 307 961 490 501 705 909 808 685 291 332 867 001 477 893 366 529 783 649 751 103 961 799 089 982 810 066 126 812 746 188 423 101 674 432 028 868 399 311 331 538 796 772 428 583 611 444 465 017 479 765 874 328 921 432 751 139 163 419 355 854 572 085 736 382 515 211 530 843 663 792 846 123 431 957 356 751 037 631 809 671 035

100.00% 100.00% 100.00% 100.00% 75.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 60.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

100,00%

5, rue Montmartre 55, rue d’Amsterdam

FC 100,00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 100.00% FC 75.00% FC 60.00%

SCI Anthos

SCI Beaugrenelle

Campuséa

Campuséa Management

Capucines

Colvel Windsor

GEC 10 GEC 16 GEC 18 GEC 21 GEC 22 GEC 7

Gecina Management

Geciter

Grande Halle de Gerland

Haris

Haris Investycje

Khapa

Le Pyramidion Courbevoie

Locare

Marbeuf

Michelet-Levallois

Sadia

Saint Augustin Marsollier

Saulnier Square SCI Le France

SCI Avenir Danton Défense SCI Avenir Grande Armée

SCI Lyon Sky 56

Société des Immeubles de France (Espagne)

Société Hôtel d’Albe

542 091 806 572 055 796

Société Immobilière et Commerciale de Banville

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GECINA - REFERENCE DOCUMENT 2017