GECINA - REFERENCE DOCUMENT 2017

Méka Brunel Chief Executive Officer

“ We are moving increasingly toward a redesign of living spaces, which can be seen in a wave of unprecedented innovations. ”

living and working spaces, which can be seen in a wave of unprecedented innovations. This wave affects both residential real estate and commercial real estate indiscriminately. It defines a continuum of experiences and expectations of individuals who need to find the tools, services and the high level of well-being and connectivity they want in both their homes and their offices. The work of our residential and commercial assets and our in-depth knowledge of these markets and the subtle changes in our customers’ needs will enable us to increase our value extraction capacity in the future. We are establishing a position where we operate a network of offices, coworking spaces (with our Secondesk brand name), housing units and student residences. The idea behind our strategy is to create this consistency of the offer for our current and future clients. WE MUST INNOVATE AND THINK OUTSIDE THE BOX, IN A RESPONSIBLE WAY Priority has been given to innovation and CSR, with the establishment of a think tank with five other large European real estate companies (alstria, COIMA RES, Colonial, Gecina, Great Portland Estates and NSI) to discuss our best practices and our clients’ evolving expectations in our respective markets. The complementarity of the real estate companies in the think tank offers a pan-European dimension with in-

poised to capitalize on our strategic uniqueness, which is characterized by our complementary assets and their exceptional quality. The map of the real estate assets of the “new Gecina” in Paris was the matrix for this transaction. Eurosic bolsters our presence in the most central areas of Greater Paris, and it increases Gecina's growth and value creation potential with a portfolio of projects under development worth €5.2 billion. As regards real estate assets turnover, this transaction will also improve our outlook, with a plan of disposals that is currently under way and will range from €1.2 billion to €2.2 billion. Investors have adhered to our strategy, as evidenced by the success of the bond issues and the capital increase, as well as a stock market performance with a dividend up nearly 25% in one year, outperforming all the French general and real estate indices. HOUSING REPOSITIONED AT THE HEART OF GECINA'S STRATEGY Our decision to relaunch our residential business, with the creation of a dedicated business unit, has also been well received. Our fundamental belief is that this is an industrial activity with high profitability and which allows Gecina to be at the forefront of the transformation of lifestyles and work. In this realm too, centrality is key to performance. We are indeed moving increasingly toward a redesign of

depth expertise in the German, Italian, Spanish, French, British and Dutch markets. This flexible organization paves the way for strategic exchanges and partnerships. Gecina has also accelerated its digitalization in order to improve the productivity of its operations, the quality of the client experience and its ability to deploy new technology investment in Gecina’s teams and their capacities for autonomy and initiative. The challenge here too is to have a continuum— a continuity between the experience of our employees in their personal life and in the Company. The transformation of the Company's head office, which started in 2018, is part of this effort to align the Company's work YouFirst excellence program, which puts the relationship with our clients, our investors, our stakeholders (including government authorities) and our employees at the center of our transformation. The program reflects a mind-set focused on constantly innovating for the benefit of the Company’s various audiences and with the aim of ever-higher profitability. solutions and services within its customer base. This project is inseparable from a significant system and its core business. Finally, we started to roll out the

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GECINA - REFERENCE DOCUMENT 2017