GECINA - REFERENCE DOCUMENT 2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

The table below shows the financial information of the regrouped entity for the period ended December 31, 2017, as if the transaction had occurred on January 1, 2017. This financial information was prepared for the sole purpose of illustrating the effect that the acquisition of Eurosic would have on the consolidated income statement of the Gecina group for the fiscal year ended December 31, 2017, as if the operation had taken effect at January 1, 2017. By its very nature, the information describes a hypothetical situation and is not necessarily representative of the financial situation or the performances that would have been recorded if the transaction or the event had occurred at a date prior to the real date of occurrence.

The accounting principles applied for the preparation of this information are identical to those of the consolidated financial statements of Gecina at December 31, 2017, as described in these notes. It has been prepared on the basis of the audited consolidated financial statements of the Gecina group at December 31, 2017, and from the consolidated income statement of the Eurosic group at December 31, 2017. The accounting principles applied by Eurosic do not present any significant differences to the accounting principles used by Gecina.

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2017 pro forma Gecina Group

In €’000

Gross rental income

696,927 (152,500) 104,506

Expenses not billed to tenants

Other services and fees NET RENTAL INCOME

648,933 13,345

CURRENT OPERATING INCOME FROM FINANCIAL LEASES CURRENT OPERATING INCOME FROM HOTEL ACTIVITY

(951) 2,980 1,695

REAL ESTATE MARGIN

Services and other income (net)

Overheads

(81,625) 584,377 38,873

EBITDA

Gains or losses on disposals Change in value of properties

1,955,126 (5,598) (1,792) (28,155) 2,542,831 554,430

Amortization

Net impairments and provisions Impact of the business combination

OPERATING INCOME

CURRENT OPERATING INCOME

The operating synergies taken into account to prepare the pro forma financial statements presented below were estimated at €23 million for 2017.

Foreign currency translation

3.5.2.5

items and at the average exchange rate over the period of the income statement. Exchange differentials recognized in the balance sheet at the beginning of the period and on earnings for the year are recorded on a separate line under

The Group’s operating currency is the euro. Transactions conducted by subsidiaries located outside the Eurozone are translated at the closing exchange rate for balance sheet

shareholders’ equity.

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GECINA - REFERENCE DOCUMENT 2017