GECINA - REFERENCE DOCUMENT 2017

COMMENTS ON THE FISCAL YEAR Appraisal of property holdings

The 2017 change in the balance sheet fair value according to the Group’s accounting standards is as follows:

Δ Gecina + Eurosic combined scope (2) 12/31/2017 vs 06/30/2017

Δ Gecina (1) like-for-like 12/31/2017 vs 12/31/2016

Δ Gecina (1) like-for-like 12/31/2017 vs 06/30/2017

Δ current basis

Block value

12/31/2017 vs 12/31/2016

12/31/2017 vs 06/30/2017

12/31/2017 06/30/2017* 12/31/2016*

In € million OFFICES Paris City

02

15,752 8,816 6,202

10,294 5,738 4,373

9,526 +65.4% +53.0% +7.7% +2.4% +2.4% 5,217 +69.0% +53.6% +10.1% +2.7% +3.0% 4,000 +55.1% +41.8% +10.3% +2.9% +3.1%

Paris CBD & 5-6-7 ■

Paris CBD & 5-6-7 - ■ Offices Paris CBD & 5-6-7 - Retail

4,772

2,960

2,702 +76.6% +61.2% +10.5% +4.0% +4.0%

1,430 2,614

1,412 1,365

1,298 +10.2% +1.2% +10.1% +1.1% +1.1% 1,218 +114.7% +91.5% +8.9% +2.2% +2.4%

Paris Other ■

Western Crescent - La Défense Paris Region Other Regions/Foreign OTHER ACTIVITIES HOTELS & FINANCIAL LEASE TOTAL APPRAISED BLOCK VALUE TOTAL APPRAISED UNIT VALUE RESIDENTIAL

4,551 1,130 1,256 3,160

3,567

3,399 +33.9% +27.6% +6.1% +2.3% +2.2% 617 +83.2% +79.0% -0.4% +0.2% +0.1% 293 +328.1% +250.6% +0.6% +0.0% +1.9% 2,644 +19.5% +0.2% +26.8% +3.1% +3.1%

631 358

3,153

254

0

0

N.A.

N.A.

N.A.

N.A.

+3.0%

482

0

0

N.A.

N.A.

N.A.

N.A.

N.A.

19,648 13,447 12,171 +61.4% +46.1% +11.8% +2.6% +2.6%

20,101 13,807 12,788 +57.2% +45.6% +9.8% +3.2% +3.0%

including the head office at fair value * Like-for-like basis 2017. (1) Combined scope = Gecina 2017 like-for-like +6-month Eurosic like-for-like. (2) The property portfolio had a block value of €19,648 million, corresponding to a drop of €7,477 million in 2017. The main items are the following: Eurosic portfolio valued at €5,686 million as of ■ December 31, 2017, including €3,943 million of integrated assets within the constant scope of Eurosic for the second half of the year and €965 million of assets under development; a like-for-like Gecina structure representing ■ €10,808 million, an increase of €1,138 million (or +11.8%) including €32 million of costs and capex completed during the year; €137 million increase in value for Gecina projects ■ delivered over the year, with the delivery of 55 Amsterdam in the Paris 8 th arrondissement and the Grande Halle in Lyon for €24 million of investments over the year;

€161 million in acquisitions excluding Eurosic, including ■ €142 million of investment; €413 million increase in value for properties under ■ development before 2017 (including 69-81 Avenue de la Grande Armée in Paris 16 th arrondissement and the Octant/Sextant in Levallois-Perret) representing an investment of €196 million in 2017; €8 million increase in valuation for land reserves; ■ €131 million in assets sold in block; ■ €397 million of assets under unit-by-unit sale as at ■ December 31, 2017 out of which €200 million of units were sold in 2017. Net capitalization rates excluding duties for the year dipped by 43 basis points like-for-like and 25 basis points between combined perimeter at year-end 2017 and like-for-like at year-end 2016.

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GECINA - REFERENCE DOCUMENT 2017