GECINA - REFERENCE DOCUMENT 2017

BOARD OF DIRECTORS’ REPORT ON CORPORATE GOVERNANCE

Governance

ISABELLE COURVILLE, Independent Director

OFFICES HELD AT DECEMBER 31, 2017 Director and non-executive Chair of the Board ■ of Laurentian Bank of Canada (1)

OFFICES AND FUNCTIONS EXERCISED DURING THE PAST FIVE YEARS AND TERMINATED Chairman of Hydro-Québec Distribution ■ Chairman of Hydro-Québec TransEnergie ■ Member of the Board of Directors of Groupe ■ TVA Inc. (1) and member of the Compensation Committee

Director of Canadian Pacific Railway (1) ■ Director of Veolia Environnement (1) ■ Director of SNC-Lavalin (1) ■

Member of the Audit and Risk Committee

AGE: 55 years old NATIONALITY: Canadian

ATTENDANCE RATE AT BOARD MEETINGS: 100% ATTENDANCE RATE AT AUDIT AND RISK COMMITTEE MEETINGS: 86%

BRIEF RESUME Isabelle Courville, an engineer and lawyer by training, is a Corporate Director. She is non-executive Chair of the Board of Directors of Laurentian Bank of Canada. Prior to this, Isabelle Courville was Chairman of Hydro-Quebec Distribution and of Hydro-Quebec TransEnergie. Isabelle Courville was active for 20 years in the Canadian telecommunications industry, in particular as Chairwoman of Bell Canada’s Enterprise group and as Chairwoman and Chief Executive Officer of Bell Nordiq group. She also serves on the Board of Directors of Canadian Pacific Railway, SNC-Lavalin and Veolia Environnement. She is a member of the Board of Directors of Igopp (Institute for Governance of Private and Public Organizations) and of the Institute of Corporate Directors in Canada.

FIRST APPOINTMENT: GM of 04/21/2016 OFFICE EXPIRY DATE:

GM 2020 DOMICILED:

258, Willowtree, Rosemère Quebec - J7A 2E3 Canada NUMBER OF SHARES HELD: 40

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Listed company. (1)

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GECINA - REFERENCE DOCUMENT 2017