GECINA - REFERENCE DOCUMENT 2017

03

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

Pursuant to IFRS 13 (see Note 3.5.3.1.2), the tables below break down, by activity sector, ranges of the main unobservable inputs (level 3) used by property appraisers:

Rental market value In €/sq.m

Offices

Yield rate

Discount rate of the DCF

Paris CBD

2.75% - 5.20% 2.50% - 7.65% 2.50% - 7.65% 3.65% - 8.25% 6.15% - 9.50% 3.65% - 9.50% 3.90% - 8.50% 2.50% - 9.50%

3.25% - 5.25% 3.00% - 8.75% 3.00% - 8.75% 3.00% - 8.10% 3.00% - 11.50% 3.00% - 11.50% 3.00% - 6.50% 3.00% - 11.50%

390 - 800 €/m2 230 - 850 €/m2 230 - 850 €/M² 110 - 540 €/m2 70 - 230 €/m2 70 - 540 €/M² 100 - 260 €/m2 70 - 850 €/M²

Paris non-CBD

PARIS

Inner ring (Paris) Outer ring (Paris) PARIS REGION Rest of France

OFFICES

Residential

Unit-by-unit sale price (in €/sq.m)

Yield rate

Paris

6,700 - 16,690€/sq.m 4,600 - 6,840€/sq.m 4,600 - 16,690€/SQ.M

2.35% - 3.75% 3.65% - 4.35% 2.35% - 4.35%

Inner ring (Paris) RESIDENTIAL

An unfavorable situation on the real estate market could of Gecina’s property portfolio (on the assumption that such have a negative impact on the valuation of Gecina’s property a downturn would affect all the different segments of portfolio as well as its operating income. For example, a Gecina’s real estate business), representing roughly downturn in the real estate market, resulting in an increase €1,862 million based on the block valuation of the assets at of 50 basis points (0.5%) in capitalization rates, could result December 31, 2017, and would have a similar unfavorable in a decrease of approximately 9.6% in the appraised value impact on Gecina’s consolidated earnings.

SENSITIVITY TO CHANGES IN THE CAPITALIZATION RATE

Impact on consolidated income (in € million)

Change in capitalization rate

Valuation of assets (in € million)

Valuation of assets (in %)

Sector

ALL SECTORS

+0.50% 17,564 +0.50% 14,282 +0.50% 2,811

-9.6% (1,862) -9.3% (1,473)

Offices

Residential

-11.1%

(349)

Hotels Other

+0.50% +0.50%

235 237

-8.9% -6.6%

(23) (17)

94 GECINA - REFERENCE DOCUMENT 2017

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