H1 2016 -Earnings - GecinaH1 2016 -Earnings July 22, 2016 Philippe Depoux CEO Nicolas Dutreuil CFO...

H1 2016 - EarningsJuly 22, 2016

Philippe DepouxPhilippe DepouxPhilippe DepouxPhilippe DepouxCEO

Nicolas DutreuilNicolas DutreuilNicolas DutreuilNicolas DutreuilCFO

ContentsContentsContentsContents

1/ Market views: Confidence for the future in central locations1/ Market views: Confidence for the future in central locations1/ Market views: Confidence for the future in central locations1/ Market views: Confidence for the future in central locations

2/ Strategic update2/ Strategic update2/ Strategic update2/ Strategic update

3333/ Main achievements in / Main achievements in / Main achievements in / Main achievements in H1H1H1H1----2016201620162016

4/ A 4/ A 4/ A 4/ A naturalnaturalnaturalnatural partnershippartnershippartnershippartnership withwithwithwith Foncière de Paris, sharing Foncière de Paris, sharing Foncière de Paris, sharing Foncière de Paris, sharing viewsviewsviewsviews on on on on CentralityCentralityCentralityCentrality & & & & ScarcityScarcityScarcityScarcity

5/ 5/ 5/ 5/ Financial achievementsFinancial achievementsFinancial achievementsFinancial achievements

6666/ / / / AppendicesAppendicesAppendicesAppendices

2

CLIQUEZ POUR MODIFIER LE STYLE DU TITRE

Market views:confidence for the future in central locations

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 H1

2012

H1

2013

2013 H1

2014

2014 H1

2015

2015 H1

2016

Outer rim Inner rim Western Crescent La Défense Paris others Paris CBD

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Ta

ke

-up

(in

mil

lio

n s

q.m

)

Q4

Q3

Q2

Q1

4

Paris office markets recovering in key locationsParis office markets recovering in key locationsParis office markets recovering in key locationsParis office markets recovering in key locations

Contrasting trends, with encouraging improvements in Paris CityContrasting trends, with encouraging improvements in Paris CityContrasting trends, with encouraging improvements in Paris CityContrasting trends, with encouraging improvements in Paris City

TakeTakeTakeTake----up recovering in Paris Region…up recovering in Paris Region…up recovering in Paris Region…up recovering in Paris Region… … largely driven by central locations and particularly Paris City… largely driven by central locations and particularly Paris City… largely driven by central locations and particularly Paris City… largely driven by central locations and particularly Paris City

Source: ImmostatSource: CBRE, Immostat

+20%+20%+20%+20% 83%83%83%83%

17%17%17%17%

5


Strong dynamics in Strong dynamics in Strong dynamics in Strong dynamics in Gecina’sGecina’sGecina’sGecina’s key marketskey marketskey marketskey markets

-11%

-22%

+9%

+1%

-7%

37%

54%

6%

1%

Western Crescent

+ La Défense

Paris City Inner rim Outer rim Paris Region

average

var. immediate supply H1-2016 vs H1-2015 % of Gecina's office portfolio

… where immediate supply is decreasing as well… where immediate supply is decreasing as well… where immediate supply is decreasing as well… where immediate supply is decreasing as wellStrong recovery in takeStrong recovery in takeStrong recovery in takeStrong recovery in take----up driven by up driven by up driven by up driven by Gecina’sGecina’sGecina’sGecina’s key markets…key markets…key markets…key markets…

Source: Gecina, Immostat

+45%

+25%

-14%

-19%

+20%

37%

54%

6%

1%

Western Crescent

+ La Défense

Paris City Inner rim Outer rim Paris Region

average

var. take-up H1-2016 vs H1-2015 % of Gecina's office portfolio

91% of Gecina’s office portfolio 91% of Gecina’s office portfolio

Source: Gecina, Immostat

0%

10%

20%

30%

40%

50%

60%

Paris City Western Crescent + LaDéfense

Inner rim & Outer rim

% of total take up

% of immediate supply

+3%

+5%

-1%

0%

-2%

+4%

-3%

+1%

-1%

+1%

Paris CBD

extended

La Défense Western

Crescent

Inner rim Outer rim

New/redeveloped

Second hand

Source: Gecina, Immostat, Cushman & Wakefield, BNPPRE

6


Undersupply situation in Paris City… not in the peripheries… Undersupply situation in Paris City… not in the peripheries… Undersupply situation in Paris City… not in the peripheries… Undersupply situation in Paris City… not in the peripheries…

UUUUndersupplyndersupplyndersupplyndersupplywith 3.8% vacancy rate((((54% 54% 54% 54% of of of of Gecina'sGecina'sGecina'sGecina's offices)offices)offices)offices)

OversupplyOversupplyOversupplyOversupplywith ~10% vacancy rate(7% of (7% of (7% of (7% of Gecina'sGecina'sGecina'sGecina's offices)offices)offices)offices)

� Paris City (54% of Paris City (54% of Paris City (54% of Paris City (54% of Gecina’sGecina’sGecina’sGecina’s offices portfolio):offices portfolio):offices portfolio):offices portfolio):� 49% of total take-up� 17% of total immediate supply� Take-up > lt average� Immediate supply < lt average� Vacancy rate decreased below lt average at 3.8%

� Inner & Outer Rim (7% of Inner & Outer Rim (7% of Inner & Outer Rim (7% of Inner & Outer Rim (7% of Gecina’sGecina’sGecina’sGecina’s offices portfolio)offices portfolio)offices portfolio)offices portfolio)� 17% of total take-up� 48% of total immediate supply� Take-up < lt average� Immediate supply > lt average� Vacancy rates increased or stabilized above lt average

Market rents change since endMarket rents change since endMarket rents change since endMarket rents change since end----2014201420142014

Source: CBRE

Vacancy rate decreased below long term average in Paris cityVacancy rate decreased below long term average in Paris cityVacancy rate decreased below long term average in Paris cityVacancy rate decreased below long term average in Paris city

0

2

4

6

8

10

12

14

ParisCenterWest

ParisSouth

ParisNorth East

LaDéfense

WesternCrescent

Inner Rim Outer Rim AverageParis

RegionAverage (2006-2015) H1 2016

In %

Max

Min

= =Trend H1-15/ H1-16

Real estate market trends fit with Gecina’s total return approachReal estate market trends fit with Gecina’s total return approachReal estate market trends fit with Gecina’s total return approachReal estate market trends fit with Gecina’s total return approach

7

Positive market trends reinforce Gecina’s real estate convictions:

“Centrality, Scarcity & Value Creation”

� Gecina’s core genetic features include the principles of centrality and scarcity

‒ Protecting capital and creating value over the long term

‒ Focusing on risk-return ratio

‒ Opportunistic and selective investments in the most central sectors (primarily Paris City and Southern Loop)

� The best value creation opportunities come from central assets to be redeveloped

‒ 55 Amsterdam, Sunflower/Van Gogh Tower, PSA’s current headquarters, Guersant 32/34, etc…

� Confidence in the rental recovery underway on premium office markets in central areas

� Chasing yields is a value trap . Investing in peripheral areas or risky diversifications weakens capital protection

‒ Opportunity to create value for shareholders by selling certain se condary assets under excellent conditions

‒ Sale of the healthcare portfolio 16% above appraisal values

� Redevelopments & restructuring operations with proactive rental management in Redevelopments & restructuring operations with proactive rental management in Redevelopments & restructuring operations with proactive rental management in Redevelopments & restructuring operations with proactive rental management in

central locations, disposals and “off market” acquisitionscentral locations, disposals and “off market” acquisitionscentral locations, disposals and “off market” acquisitionscentral locations, disposals and “off market” acquisitions


Strategic update

Harnessing value creationHarnessing value creationHarnessing value creationHarnessing value creation

9

Achievements in 2016 Achievements in 2016 Achievements in 2016 Achievements in 2016 (so far…)

77% of Gecina’s portfolio now made up of offices77% of Gecina’s portfolio now made up of offices77% of Gecina’s portfolio now made up of offices77% of Gecina’s portfolio now made up of offices

Pro forma Healthcare portfolio disposal (63% at end-2014)

91% of 91% of 91% of 91% of Gecina’sGecina’sGecina’sGecina’s offices in Paris City, La offices in Paris City, La offices in Paris City, La offices in Paris City, La DéfenseDéfenseDéfenseDéfense & Western Crescent& Western Crescent& Western Crescent& Western Crescent

More than More than More than More than €€€€274m274m274m274m of new investments of new investments of new investments of new investments Achieved or secured since early 2016 in key locations for offices

- Committed pipeline raised Committed pipeline raised Committed pipeline raised Committed pipeline raised to €1.1bn(2 deliveries in H1-2016 in Boulogne-Billancourt

3 new committed projects in Paris CBD, Levallois, and Issy-les-Moulineaux)

- Controlled pipeline Controlled pipeline Controlled pipeline Controlled pipeline to €2.5bn(not yet including the operation secured in July-16)

€€€€440m440m440m440m of disposals (excl. healthcare)of disposals (excl. healthcare)of disposals (excl. healthcare)of disposals (excl. healthcare)Achieved or secured in H1 2016

(o.w. €327m finalized with 13% premium versus appraisals)

Average cost of debt down Average cost of debt down Average cost of debt down Average cost of debt down ----90bp in 12 months 90bp in 12 months 90bp in 12 months 90bp in 12 months

Increasing our pricing powerIncreasing our pricing powerIncreasing our pricing powerIncreasing our pricing power“Well” labeled projects (Amsterdam 55, Sunflower)

First “Bepos” building in Gecina’s portfolio (Be Issy) etc…

��

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+

Harnessing value creation through…

Acquisitions Disposals

Development pipeline

New offices generation

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€101.2

€128.6

€7.2

End-2014 H1-2016

Dividends paid in 2015 & 2016 NNNAV

€440m€910m €1,104m

€558m

€1,243m €1,043m€710m

€1,308m €1,437m

4%

7%

9%10%

17%18%

17%

27%

31%

€m

€500m

€1 000m

€1 500m

€2 000m

€2 500m

€3 000m

€3 500m

€4 000m

End-2014 End-2015 H1 2016

Controlled & uncertain (2020-2024) Controlled & certain (2018-2020)

Commited (2017-2018) Commited in % of total portfolio

Committed and Controlled & Certain in % of total portfolio Total Pipeline in % of total portfolio

2012 2013 2014 H1-2015 H1-2016

Value creation from investments, restructurations and acquisitions

Value creation (capital gains) from disposals (net of transaction fees)

Value creation on asset on operation on lfl basis

10

A strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performances

…while …while …while …while increasing increasing increasing increasing the secured value the secured value the secured value the secured value creation creation creation creation potential …potential …potential …potential ……thanks to disposals, acquisitions/developments, and …thanks to disposals, acquisitions/developments, and …thanks to disposals, acquisitions/developments, and …thanks to disposals, acquisitions/developments, and supportive market trends on supportive market trends on supportive market trends on supportive market trends on Gecina’sGecina’sGecina’sGecina’s locations …locations …locations …locations …

Strong return since endStrong return since endStrong return since endStrong return since end----2014 (total return per share)2014 (total return per share)2014 (total return per share)2014 (total return per share) …with NNNAV up +25% in 12 months (+5% in 6 months) ...…with NNNAV up +25% in 12 months (+5% in 6 months) ...…with NNNAV up +25% in 12 months (+5% in 6 months) ...…with NNNAV up +25% in 12 months (+5% in 6 months) ...


+34%+34%+34%+34%(End-2014 / H1-2016)

++++€€€€367m 367m 367m 367m ++++€€€€450m 450m 450m 450m of new

committed projects

€101.2 €102.5

€122.7

€128.6

€103.9 €103.9

€124.9

€132.2

€110.0 €111.1

€131.5

€138.6

€112.8 €112.5

€132.9

€142.2

2014 H1-2015 2015 H1 2016

EPRA NNNAV EPRA NAV EPRA NNNAV (unit value) EPRA NAV (unit value)

----€€€€258m 258m 258m 258m of deliveries

11

A strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performancesA strategy put in place in 2015 already delivering solid performances

… with a refocus on offices in central locations (91% of office assets in Paris City, La … with a refocus on offices in central locations (91% of office assets in Paris City, La … with a refocus on offices in central locations (91% of office assets in Paris City, La … with a refocus on offices in central locations (91% of office assets in Paris City, La DDDDéfenseéfenseéfenseéfense or in the Western Crescent)or in the Western Crescent)or in the Western Crescent)or in the Western Crescent)

Performances supported by an efficient liability’s management … offering flexibility and fire power…Performances supported by an efficient liability’s management … offering flexibility and fire power…Performances supported by an efficient liability’s management … offering flexibility and fire power…Performances supported by an efficient liability’s management … offering flexibility and fire power…


3.9%3.5%

2.2%

1.6%

4.1 years

4.7 years

5.0 years

5.7 years

5.2 years

4,0 years

4,2 years

4,4 years

4,6 years

4,8 years

5,0 years

5,2 years

5,4 years

5,6 years

5,8 years

1,00%

1,50%

2,00%

2,50%

3,00%

3,50%

4,00%

4,50%

2011 2012 2013 2014 2015 H1 2016

average cost of drawn debt

Debt maturity (years), taking into account unused credit lines

2.6x

3.2x

2.6x

3.0x

3.9x

5.1x

41.7%

45.7%

42.6%

38.7%

36.1%

25,0%

30,0%

35,0%

40,0%

45,0%

50,0%

1,x

1,5x

2,x

2,5x

3,x

3,5x

4,x

4,5x

5,x

5,5x

6,x

2008 2009 2010 2011 2012 2013 2014 2015 H1 2016

ICR LTV

€5 665m€6 047m

€8 102m €8 251m€817m

€742m

€790m€815m

63%64%

69%

77%*

30%

40%

50%

60%

70%

80%

90%

€3 500m

€4 500m

€5 500m

€6 500m

€7 500m

€8 500m

€9 500m

FY 2014 H1-2015 End-2015 H1-2016

Offices in other locations in €m

Offices in Paris city, La défense & Western Crescent (in €m)

Offices in % of total portfolio

Paris City

54%

Souther Loop

(Western

Crescent)

12%

Neuilly Levallois

(Western

Crescent)

8%

Other Western

Crescent

6%

La Défense

11%

Inner Rim

6%

Outer Rim

1%

Lyon

2%

* Proforma healthcare disposal

12

Key figures for H1 2016 and guidanceKey figures for H1 2016 and guidanceKey figures for H1 2016 and guidanceKey figures for H1 2016 and guidance

€€€€mmmm H1H1H1H1----2015201520152015 H1H1H1H1----2016201620162016 % change% change% change% change FY 2016 GuidanceFY 2016 GuidanceFY 2016 GuidanceFY 2016 Guidance

Gross rentals 276.2 298.8+8.2%

(-0.2% like-for-like)

EBITDA 227.2 247.3 +8.8%

EBITDA margin 82.3% 82.7%

Net Financial expenses -56.3 -47.0 -16.5%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ----Group shareGroup shareGroup shareGroup share

169.0169.0169.0169.0 198.0198.0198.0198.0 ++++17.217.217.217.2%%%%+5% underlying growth+5% underlying growth+5% underlying growth+5% underlying growth

excluding the impact of Healthcare disposal

LTV36.8%

(34.8% incl.duties)36.1%*

(34.2% incl duties)-73bp

(-69bp incl.duties)

Cost of drawn debt 2.3% (2.9% all in) 1.6% (2.0% all in) -70bp decrease in 2016 vs. 2015

Disposals €181m€440m** excl. Healthcare secured

(o.w. €327m finalized)

Investments €260m >€274m** of new investments

NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA) €€€€102.5102.5102.5102.5 €€€€128.6128.6128.6128.6++++25.4%25.4%25.4%25.4%

(+4.8% in 6 months)

* 29% proforma of healthcare disposal** since January 1, 2016


Main achievements in H1-2016

Harnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunities

14

Harnessing value creation through…Harnessing value creation through…Harnessing value creation through…Harnessing value creation through…

Capitalizing on opportunities for investment

AcquisitionsAcquisitionsAcquisitionsAcquisitionsDisposals



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34 34 34 34 GuersantGuersantGuersantGuersant (Paris City 17(Paris City 17(Paris City 17(Paris City 17thththth district)district)district)district)((((CBD Fringe)CBD Fringe)CBD Fringe)CBD Fringe)Seller: Seller: Seller: Seller: AvivaAcquisition price:Acquisition price:Acquisition price:Acquisition price: €50mIIIImmediate rents (annualized): mmediate rents (annualized): mmediate rents (annualized): mmediate rents (annualized): €2.8 m With a 90% occupancy rateTotal Surface:Total Surface:Total Surface:Total Surface: 6,000 sq.mRER: RER: RER: RER: RER E + RER CTramway: Tramway: Tramway: Tramway: T3

Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Secured in July 2016Secured in July 2016Secured in July 2016Secured in July 2016SellerSellerSellerSeller: French institutionnalAcquisition price: Acquisition price: Acquisition price: Acquisition price: €63.8mMetro: Metro: Metro: Metro: L2, 3, 9, 12, 13, 14RER: RER: RER: RER: RER ETrain: Train: Train: Train: L, J (saint Lazare)Expected yield on costExpected yield on costExpected yield on costExpected yield on cost > 6.2%

15

Value added (mid term)Value added (mid term)Value added (mid term)Value added (mid term)Cash flow (short term)Cash flow (short term)Cash flow (short term)Cash flow (short term)

� Light redevelopment planned after tenant’s departure expected in 2017

� Potential synergiesPotential synergiesPotential synergiesPotential synergies with Gecina’sadjacent building under

redevelopment for a combined asset of c.20,000 sq.m

Value addedValue addedValue addedValue added� Asset to be vacated in year end

� Redevelopment plan afterwards with delivery expected in 2019

NNNAV & CF NNNAV & CF NNNAV & CF NNNAV & CF accretive accretive accretive accretive ––––short/mid short/mid short/mid short/mid

termtermtermterm(delivery dates in 2018 and

2019)

Be Issy (IssyBe Issy (IssyBe Issy (IssyBe Issy (Issy----lesleslesles----Moulineaux)Moulineaux)Moulineaux)Moulineaux)Seller: Seller: Seller: Seller: PRD OfficesTotal investment: Total investment: Total investment: Total investment: €160m (forward sale)Expected net yield:Expected net yield:Expected net yield:Expected net yield: >6,6%Total surface: Total surface: Total surface: Total surface: 25,000 sq.mMetro: Metro: Metro: Metro: L12 & L15 (delivery 2022), RERRERRERRER: RER CTramway : Tramway : Tramway : Tramway : T2

Acquisition in VEFA Acquisition in VEFA Acquisition in VEFA Acquisition in VEFA (forward sale)(forward sale)(forward sale)(forward sale)

� Delivery date H2-2018

€€€€274m274m274m274m of new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locations


€€€€274m274m274m274m of new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locationsof new investment secured in 2016 so far, in Paris region’s most central office locations

34 34 34 34 GuersantGuersantGuersantGuersant (Paris City 17(Paris City 17(Paris City 17(Paris City 17thththth district)district)district)district)MetroMetroMetroMetro: M1 + M3RER: RER: RER: RER: RER C + RER ETramway: Tramway: Tramway: Tramway: T3

16

Be Be Be Be IssyIssyIssyIssy ((((IssyIssyIssyIssy----lesleslesles----MoulineauxMoulineauxMoulineauxMoulineaux))))MetroMetroMetroMetro: M12 + M15RER:RER:RER:RER: RER CTramway: Tramway: Tramway: Tramway: T2

Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Rue de Madrid (Paris CBD)Secured in July 2016Secured in July 2016Secured in July 2016Secured in July 2016MetroMetroMetroMetro: : : : L2, 3, 9, 12, 13, 14RER: RER: RER: RER: RER ETrainTrainTrainTrain: : : : L, J (saint Lazare)

La Défense

Focus on Be IssyFocus on Be IssyFocus on Be IssyFocus on Be Issy

Off-plan Total investment: €160m Total space: ~25,000 sq.mDelivery date: H2 2018Expected yield on cost > 6.6%Potential exit yield: <5.0%

Core locationCore locationCore locationCore location: outstanding access to existing public transport infrastructures (T2 tram service, Metro Line 12 and RER C), which will be further strengthened with the delivery of the new Grand Paris Express Metro Line 15 by 2022, located very close to the asset (~150m).

WellWellWellWell----established office market established office market established office market established office market close to Paris City: - Boucle Sud is the second largest business area outside Paris

after La Défense- Take-up has recovered strongly in 2015 (+92%), still increasing

in 2016- Will benefit from improving access to transport facilities with

the delivery of a new “Metro” line (15) in 2022, located at the asset’s entrance.

Efficient assets in line with higher standardsEfficient assets in line with higher standardsEfficient assets in line with higher standardsEfficient assets in line with higher standards- HQE Exceptional - BREEAM Excellent certification, - One of the first buildings to be awarded the BEPOS positive

energy building label and WELL certification for user wellness

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through investment opportunitiesinvestment opportunitiesinvestment opportunitiesinvestment opportunities

17

Focus on 34 Focus on 34 Focus on 34 Focus on 34 GuersantGuersantGuersantGuersant

Acquisition price: €50m Total space: ~6,000 sq.mOccupancy rate: 90%Main tenant: CBREImmediate rents annualized: €2,8mSeller: Aviva

Core location Core location Core location Core location in Paris City, close to the Paris CBD area, where supply of new/redeveloped offices will remain scarce in the years ahead

WellWellWellWell----established office market established office market established office market established office market : - Assets located in the 17th district of Paris, in the immediate fringe of the Paris

CBD- Vacancy rate down below 4%- Immediate supply down -22% in Paris City- Second hand assets rents increasing and incentives declining- Paris City gathers 49% of total take-up in H1-2016 but only 17% of immediate

supply

Potential synergies with the adjacent building owned by Potential synergies with the adjacent building owned by Potential synergies with the adjacent building owned by Potential synergies with the adjacent building owned by GecinaGecinaGecinaGecina- The asset is adjacent to another building that is already owned by Gecina at

32 rue Guersant, which is under redevelopment since the end of 2015, with delivery expected for 2018.

- Floors and ceilings are aligned. The two assets could represent a combined complex with almost 20,000 sq.m of space, which is rare at the heart of Paris, while potentially offering significant operational synergies.


18181818

34 34 34 34 GuersantGuersantGuersantGuersant

32 32 32 32 GuersantGuersantGuersantGuersant

Focus on “Rue de Madrid” Focus on “Rue de Madrid” Focus on “Rue de Madrid” Focus on “Rue de Madrid” –––– secured in July 2016secured in July 2016secured in July 2016secured in July 2016

Acquisition price: €63.8m Total surface: ~10,000 sq.mTo be fully vacated by year endExpected yield on cost at delivery of ~6.2%

Core location Core location Core location Core location in the heart of Paris CBD (Saint-Lazare / St Augustin), exceptional access to transport facilities network (6 metro lines, 2 train lines connected to La Défense and the Western surbubs, and 1 RER connected to Eastern surburbs and to be extended towards Western office and residential districts of the Paris Region, + buses)

WellWellWellWell----established office market offering promising perspectivesestablished office market offering promising perspectivesestablished office market offering promising perspectivesestablished office market offering promising perspectives: - Immediate supply down -25% in Paris CBD largely below long term average- Vacancy rate still decreasing in H1 to 3,7%, very close to the 10 years minimum level- Market rents have started to recover in 2016, and incentives have started to decline- Paris City gathers 49% of total take-up in H1-2016 but only 17% of immediate supply

Important value creation potential securedImportant value creation potential securedImportant value creation potential securedImportant value creation potential secured- The asset should be vacant in 2017- A restructuration plan is expected to be engaged afterwards, targeting a delivery in 2019- Indicative yield on cost expected at this stage should be in the area of 6.2%... - … while prime yields in Paris CBD are today at 3.00%-3.25%.


19

Harnessing value creation through disposalsHarnessing value creation through disposalsHarnessing value creation through disposalsHarnessing value creation through disposals

20


Selling non-core and mature assets in a buoyant market

Acquisitions DisposalsDisposalsDisposalsDisposals



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€€€€440m* of disposals achieved or secured440m* of disposals achieved or secured440m* of disposals achieved or secured440m* of disposals achieved or secured €€€€327m finalized with significant premium vs. appraisals327m finalized with significant premium vs. appraisals327m finalized with significant premium vs. appraisals327m finalized with significant premium vs. appraisals

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through disposalsdisposalsdisposalsdisposals

21

€65m€2m

€260m

€53m

€21m

€40m Residential units sold in H1

Residential (block)

Offices assets sold in H1

Offices "almost secured" **

Residential disposals

"almost secured"**

Residential under

preliminary agreement

* This figures include the disposal of the asset located in Paris rue de la Bourse, secured the 7th of July. This is also excluding the Healthcare portfolio, which disposals plan had been finalized the 1st of July, but at a price that was already taken as reference in FY-2015 appraisals.** Disposals are considered as “almost secured” when preliminary agreement is under preparation at end H1-2016

+33%

+9%

+13%

Residential (unit-by-unit) Offices GROUP TOTAL

RueilRueilRueilRueil MalmaisonMalmaisonMalmaisonMalmaison - Vinci SuresnesSuresnesSuresnesSuresnes ---- Marcel Dassault Neuilly Neuilly Neuilly Neuilly ---- Peretti

€€€€327m327m327m327m finalized in H1 (excluding healthcare portfolio), with 13% premium to appraisals and 4.7% exit yield in averagefinalized in H1 (excluding healthcare portfolio), with 13% premium to appraisals and 4.7% exit yield in averagefinalized in H1 (excluding healthcare portfolio), with 13% premium to appraisals and 4.7% exit yield in averagefinalized in H1 (excluding healthcare portfolio), with 13% premium to appraisals and 4.7% exit yield in average

Residential portfolio Residential portfolio Residential portfolio Residential portfolio ---- by units

0

20

40

60

80

100

120

in €m

Sales secured* - Other

portfolio for sales by units

Sales achieved - Other

portfolio for sales by units

Sales secured* - The

"Hopper portfolio"

Sales achieved - The

"Hopper portfolio"

The "Hopper"

portfolio

16%

Other portfolio

for unit-based

sales*

6%

Other

traditional

residential

76%

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through disposalsdisposalsdisposalsdisposals

Focus on residential sales process Focus on residential sales process Focus on residential sales process Focus on residential sales process ---- launched in 2015 launched in 2015 launched in 2015 launched in 2015 ---- based on vacant units: “Hopper plan”based on vacant units: “Hopper plan”based on vacant units: “Hopper plan”based on vacant units: “Hopper plan”

22% of our residential portfolio set aside exclusively for unit 22% of our residential portfolio set aside exclusively for unit 22% of our residential portfolio set aside exclusively for unit 22% of our residential portfolio set aside exclusively for unit sales, representing around sales, representing around sales, representing around sales, representing around €€€€525m 525m 525m 525m (at end-2015)

22

Higher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for sale

~~~~€€€€525m525m525m525mBlock value Block value Block value Block value endendendend----2015201520152015

Significant valuation upside to be capturedSignificant valuation upside to be capturedSignificant valuation upside to be capturedSignificant valuation upside to be captured

* Secured = preliminary agreement signed or under preparation as of June 30, 2016* Unit-based sales program launched before 2015

in €/sq.m

Premium appraisalsPremium appraisalsPremium appraisalsPremium appraisals+33.+33.+33.+33.4444%%%%

Premium Premium Premium Premium appraisalsappraisalsappraisalsappraisals+33.3%+33.3%+33.3%+33.3%

33.4% premium vs. 33.4% premium vs. 33.4% premium vs. 33.4% premium vs. appraisalsappraisalsappraisalsappraisals

€€€€119m of residential disposals achieved or secured* 119m of residential disposals achieved or secured* 119m of residential disposals achieved or secured* 119m of residential disposals achieved or secured* in H1, in H1, in H1, in H1, Of which Of which Of which Of which €€€€88886m through the new “Hopper” process6m through the new “Hopper” process6m through the new “Hopper” process6m through the new “Hopper” process

13.7%15.0% 15.1% 15.6%

14.7%

20.8%20.0%

2012 2013 2014 2015 H1 2016

Tenant's turnover ratio on Residential portfolio

Tenant's turnover ratio on "Hopper" portfolio

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 S1

2016

Paris residential - Notaries

Paris residential (block value) Gecina

Paris residential (unit) Gecina

28%

24%

46%

Harnessing value creation through our pipelineHarnessing value creation through our pipelineHarnessing value creation through our pipelineHarnessing value creation through our pipeline

23


Extracting value reserves within our portfolio


Development Development Development Development pipelinepipelinepipelinepipeline


��

��

Paris CBD

35%

Paris City

excl. CBD

39%

Western

Crescent

15%

Lyon

5%

Outer Rim

6%

Other

regions

0%

Committed

(2017-2018)

31%

Controlled &

"certain"

(2018-2020)

29%

Controlled

& "likely"

(2020-2024)

34%

Greenfield

6%60% is committed

or certain

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

H2

2011

H1

2012

H2

2012

H1

2013

H2

2013

H1

2014

H2

2014

H1

2015

H2

2015

H1

2016

Weighted average prime yield (CBRE)

Average yield on cost (Gecina)

Theoretical value

creation spread

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through our pipelineour pipelineour pipelineour pipeline

Development pipelines up significantly (see details in appendices)Development pipelines up significantly (see details in appendices)Development pipelines up significantly (see details in appendices)Development pipelines up significantly (see details in appendices)

24

… with new projects offsetting deliveries… with new projects offsetting deliveries… with new projects offsetting deliveries… with new projects offsetting deliveriesGecina’sGecina’sGecina’sGecina’s pipeline grew again in H1 …pipeline grew again in H1 …pipeline grew again in H1 …pipeline grew again in H1 …

74% of Gecina’s total pipeline

located in Paris City

Gecina’s pipeline dominantly in prime locationsprime locationsprime locationsprime locations, offering good visibilitygood visibilitygood visibilitygood visibility, and historically high theoretical value creation high theoretical value creation high theoretical value creation high theoretical value creation spread

€440m€910m €1,104m

€558m

€1,243m €1,043m€710m

€1,308m €1,437m

4%

7%

9%10%

17%18%

17%

27%

31%

€m

€500m

€1 000m

€1 500m

€2 000m

€2 500m

€3 000m

€3 500m

€4 000m

End-2014 End-2015 H1 2016

Controlled & uncertain (2020-2024) Controlled & certain (2018-2020)

Commited (2017-2018) Commited in % of total portfolio

Committed and Controlled & Certain in % of total portfolio Total Pipeline in % of total portfolio

� 2 important projects being delivered in H12 important projects being delivered in H12 important projects being delivered in H12 important projects being delivered in H1----2016 for 2016 for 2016 for 2016 for €€€€258m258m258m258m� “City 2” in Boulogne-Billancourt – Fully let� “Cristallin” in Boulogne-Billancourt

� 3 new projects in the committed pipeline for 3 new projects in the committed pipeline for 3 new projects in the committed pipeline for 3 new projects in the committed pipeline for €€€€450m450m450m450m� “Octant Sextant” in Levallois with a 7.2% yield on cost

expected, to be delivered in 2018� “20 Ville l’Evêque” (Paris CBD) with a 5.4% yield on cost,

to be delivered in 2018� “Be Issy” (Issy-les-Moulineaux) to be delivered in 2018


Gecina’sGecina’sGecina’sGecina’s pipeline to deliver value in a short, mid and long runpipeline to deliver value in a short, mid and long runpipeline to deliver value in a short, mid and long runpipeline to deliver value in a short, mid and long run

25

€621m

€482m

H1 2016

Committed - to be invested

Committed - alreadyinvested

Paris

42%

Western

Crescent

40%

Lyon

17%

Other

1%

€776m

€267m

H1 2016

Controlled & certain - to beinvested

Controlled & certain -already invested Paris

93%

Western

Crescent

7%

€582m

€855m

H1 2016

Controlled & likely - to beinvested

Controlled & likely - alreadyinvested Paris

86%

Other

14%

CommittedCommittedCommittedCommitted Pipeline: Pipeline: Pipeline: Pipeline: €€€€1.1bn1.1bn1.1bn1.1bn

Short Short Short Short termtermtermterm((((DeliveriesDeliveriesDeliveriesDeliveries in in in in 2017201720172017----2018)2018)2018)2018)

Expected Yield on cost: 6.7%6.7%6.7%6.7%

Expected exit yield:::: 4.6%4.6%4.6%4.6%

ControlledControlledControlledControlled & & & & Certain:Certain:Certain:Certain: €€€€1.0bn1.0bn1.0bn1.0bn

MidMidMidMid TermTermTermTerm((((DeliveriesDeliveriesDeliveriesDeliveries in 2018in 2018in 2018in 2018----2020)2020)2020)2020)


Expected exit yield: 4.1%4.1%4.1%4.1%

ControlledControlledControlledControlled & & & & LikelyLikelyLikelyLikely: : : : €€€€1.4bn1.4bn1.4bn1.4bn

Long Long Long Long termtermtermterm(Deliveries in 2020(Deliveries in 2020(Deliveries in 2020(Deliveries in 2020----2024)2024)2024)2024)


Expected exit yield: : : : 4.9%4.9%4.9%4.9%

Focus on Octant SextantFocus on Octant SextantFocus on Octant SextantFocus on Octant Sextant

Total investment: €221mStill to be invested: €126mTotal space: ~37,500 sq.mDelivery date: Q1-2018

Expected yield on cost: 7.2% Potential exit yield: <5.0%

Core locationCore locationCore locationCore location: “Neuilly & Levallois” area is included in the Western Crescent, and comprises office assets in urban and mixed used areas located between Paris 16th and 17th districts and La Défense. Along with the Boucle Sud, this area benefits from the most attractive access to transport facilities outside Paris City, with Metro lines directly connected to Paris City. The current stock of offices is rather significant with around 1.4 m of sq.m.


26

Focus on 20 Focus on 20 Focus on 20 Focus on 20 VVVVille ille ille ille l’Evêquel’Evêquel’Evêquel’Evêque

Total investment: €69mTotal space: ~6,400 sq.mDelivery date: Q1 2018

Expected yield on cost: ~5.4%Potential exit yield: <4%

WellWellWellWell----established office market offering promising established office market offering promising established office market offering promising established office market offering promising perspectivesperspectivesperspectivesperspectives: - Immediate supply down -25% in Paris CBD largely below

long term average- Vacancy rate still decreasing in H1 to 3,7%, very close to

the 10-year minimum level- Market rents have started to recover in 2016, and

incentives have started to decline- Paris City gathers 49% of total take-up in H1-2016 but

only 17% of immediate supply

Labels and certificates: Labels and certificates: Labels and certificates: Labels and certificates: HQE operation, HQE renovation, BBC


27

2016201620162016----2018201820182018

Harnessing value creation through innovationHarnessing value creation through innovationHarnessing value creation through innovationHarnessing value creation through innovation

28


Promoting “outstanding” buildings



New offices New offices New offices New offices generationgenerationgenerationgeneration

��

��

…certified, high-quality portfolio, offering pricing power…

� According to research on some of Gecina’s assets,these benefitsbenefitsbenefitsbenefits providedprovidedprovidedprovided by “responsible” and“efficient” assets could represent upupupup totototo 50505050%%%% ofofofofrentalrentalrentalrental expensesexpensesexpensesexpenses…

� …increasing productivity, reducing absenteeism,presenteeism, serendipity, etc.

� …potentially improvingimprovingimprovingimproving profitabilityprofitabilityprofitabilityprofitability for tenants…

� …providing pricingpricingpricingpricing powerpowerpowerpower for Gecina

Highly certified responsible buildings….Highly certified responsible buildings….Highly certified responsible buildings….Highly certified responsible buildings…. …major savings for tenants and pricing power for Gecina…major savings for tenants and pricing power for Gecina…major savings for tenants and pricing power for Gecina…major savings for tenants and pricing power for Gecina

Energy cost

savings

Productivity gains

Average cost per employee: breakdown per type of expense

+

PromotingPromotingPromotingPromoting outstandingoutstandingoutstandingoutstanding buildingsbuildingsbuildingsbuildings

29

L’innovation au services de la L’innovation au services de la L’innovation au services de la L’innovation au services de la création de création de création de création de valeurvaleurvaleurvaleur

Promoting Outstanding offices of tomorrow in core locat ions

1.1.1.1. ““““GecinaGecinaGecinaGecina thirdthirdthirdthird places network” places network” places network” places network” Creation of flexible spaces within Gecina’s portfolio at key Parisian locations, including co-working spaces, meeting rooms, concierge services & cafes

2.2.2.2. “ “ “ “ GecinaGecinaGecinaGecina ShowcaseShowcaseShowcaseShowcase” ” ” ” Gecina’s headquarters will see its ground floors and certain departments transformed over the coming months. A way to test innovations, but also to demonstrate Gecina’s “know-how” to our tenants and prospects.

3.3.3.3. “ “ “ “ SharedSharedSharedShared Parking”Parking”Parking”Parking”Gecina is reorganizing the management of its parking facilities, aiming to maximize occupancy ratios for this part of its portfolio. � Partnership finalized with INDIGO.

4.4.4.4. ““““Popup coPopup coPopup coPopup co----working”working”working”working”Gecina is welcoming startup incubators in 2 of its assets in Paris and Neuilly. � BAP (Bureaux à Partager) in Neuilly� Paris & Co in Paris-Gare de Lyon (Tour Gamma)

5.5.5.5. “ “ “ “ GecinaGecinaGecinaGecina services”services”services”services”Providing services for our tenants with a “B2B2C” approach. Concierge services will be deployed within our portfolio, also through Apps to be developed

Reinforce our leadership on CSR criteria

1.1.1.1. CertificationCertificationCertificationCertification80% of office properties with HQE operation certification in 2016

2.2.2.2. EnergyEnergyEnergyEnergy performanceperformanceperformanceperformanceCut primary energy use in office properties by -40% at constant climate by 2020 compared to 2008 (-33% à fin 2015)

3.3.3.3. GHG GHG GHG GHG emissionsemissionsemissionsemissions and and and and climateclimateclimateclimate changechangechangechangeGHG emissions in office properties to be reduced by 40% at constant climate between 2016 and 2020 compared with 2008

4.4.4.4. BiodiversityBiodiversityBiodiversityBiodiversityImprove the biotope area factor for all properties in 2016

5.5.5.5. WellWellWellWell beingbeingbeingbeing, , , , comfortcomfortcomfortcomfort, , , , productivityproductivityproductivityproductivity… new … new … new … new pathspathspathspaths for value for value for value for value creationcreationcreationcreation

Non financial ratings improved regularly these past year s

Leadership on CSR criteria

5 identifiedaxis for

innovation

PromotingPromotingPromotingPromoting outstandingoutstandingoutstandingoutstanding buildingsbuildingsbuildingsbuildings

30

18,794 sq.m23,382 sq.m

28,715 sq.m

78,283 sq.m

24,336 sq.m

73,804 sq.m

22,368 sq.m

157,736 sq.m

€341 €345 €317 €322 €464 €358 €371 €462

€0

€100 000

€200 000

€300 000

€400 000

€500 000

€600 000

€700 000

€800 000

0sq m

20 000sq m

40 000sq m

60 000sq m

80 000sq m

100 000sq m

120 000sq m

140 000sq m

160 000sq m

180 000sq m

2016 2017 2018 2019 2020 2021 2022 > 2022

52,480 sq.m

76,935 sq.m

91,103 sq.m

81,270 sq.m

7,098 sq.m11,171 sq.m

11,496 sq.m11,635 sq.m

€373 €575 €585 €543€490 €441 €689 €576

€0

€100 000

€200 000

€300 000

€400 000

€500 000

€600 000

€700 000

€800 000

0sq m

10 000sq m

20 000sq m

30 000sq m

40 000sq m

50 000sq m

60 000sq m

70 000sq m

80 000sq m

90 000sq m

100 000sq m

2016 2017 2018 2019 2020 2021 2022 > 2022

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

2006 2009 2010 2011 2012 2013 2014 2015 H1 -2016

CBD (Gecina) CBD (market)

Western Crescent (Gecina) Western Crescent (market)

Gecina's total portfolio Paris Region average

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through rental managementrental managementrental managementrental management

Rental challenges Rental challenges Rental challenges Rental challenges under control, under control, under control, under control, while some departures may feed Gecina’s committed future pipelinewhile some departures may feed Gecina’s committed future pipelinewhile some departures may feed Gecina’s committed future pipelinewhile some departures may feed Gecina’s committed future pipeline

Analysis of office breakAnalysis of office breakAnalysis of office breakAnalysis of office break----up options in Parisup options in Parisup options in Parisup options in Paris

(By area and average yearly rent)

31

Efficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areas

Analysis of Analysis of Analysis of Analysis of office breakoffice breakoffice breakoffice break----up options in up options in up options in up options in Paris Region (excl. Paris Region (excl. Paris Region (excl. Paris Region (excl. PPPParis)aris)aris)aris)

(By area and average yearly rent)

Of which

6,000 sq.m

still at risk

Of which

10,828 sq.m

still at risk

Tenant departures in Paris

may feed redevelopment

pipeline, or bring positive

rental reversion

Almost no challenging

situations in 2016-2017

5.7%5.7%5.7%5.7%4.6%4.6%4.6%4.6%

2.0%2.0%2.0%2.0%

RentalRentalRentalRentalManagementManagementManagementManagement

AssetAssetAssetAsset LocationLocationLocationLocationCompletion or Completion or Completion or Completion or

vacatingvacatingvacatingvacating Vacant space (sq.m)Vacant space (sq.m)Vacant space (sq.m)Vacant space (sq.m)Annualized impact on office Annualized impact on office Annualized impact on office Annualized impact on office

vacancy ratevacancy ratevacancy ratevacancy rateAnnualized impact on Group Annualized impact on Group Annualized impact on Group Annualized impact on Group

vacancy ratevacancy ratevacancy ratevacancy rateCristallin Boulogne Jan. 2016 12,000 1.3% 1.0%Docks en Seine Saint-Ouen Dec. 2013 9,370 0.9% 0.6%Crystalys Velizy Sept. 2015 8,760 0.5% 0.4%Pointe Metro 2 Gennevilliers Dec. 2012 3,040 0.2% 0.2%TOTALTOTALTOTALTOTAL 33,170 33,170 33,170 33,170 2.92.92.92.9%%%% 2.22.22.22.2%%%%

0

10

20

30

40

50

60

70

80

90

100

2016 2017 2018 2019 2020 2021 2022 > 2022

€m

Break-up options other areas

Break-up options Western Crescent

Break-up options rest of Paris

Break-up options Paris CBD

Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through rental managementrental managementrental managementrental management

Rental challenges under control and good visibility for 2016 and 2017Rental challenges under control and good visibility for 2016 and 2017Rental challenges under control and good visibility for 2016 and 2017Rental challenges under control and good visibility for 2016 and 2017

Upcoming Upcoming Upcoming Upcoming breakbreakbreakbreak----up options, up options, up options, up options, mostly in wellmostly in wellmostly in wellmostly in well----balanced areasbalanced areasbalanced areasbalanced areas

32

Main vacant office surfaceMain vacant office surfaceMain vacant office surfaceMain vacant office surface

Rental management policyRental management policyRental management policyRental management policy

� Rental management tailored to current market conditions

� Pragmatic for the Inner Rim

� More aggressive for Inner Paris

� Keeping the occupancy rate at current standard (>95%), excluding strategic vacancies

Docks en Seine – Saint-Ouen

Pointe Metro 2

– Gennevilliers

75%84%

85%

Upcoming break-up options in 2016-2018

mostly located in areas where market rents

should be recovering

Crystalys - Velizy

RentalRentalRentalRentalManagementManagementManagementManagement


A natural partnership with Foncière de Paris, sharing views on Centrality & Scarcity

34

Combination with Combination with Combination with Combination with FoncièreFoncièreFoncièreFoncière de Paris: ticking the boxesde Paris: ticking the boxesde Paris: ticking the boxesde Paris: ticking the boxes

Prime office portfolio in Paris comprising several iconic assets

Exposure to attractive areas of Paris (6 th, 7th, 9th, 10th districts in Paris)

Mix of core and value added assets

Upside potential through attractive development pip eline

Attractive financial terms in line with Gecina’s me trics:— 5% net yield, representing attractive deal economics relative to the market

— Implied price of €7,300 per sqm for the office property portfolio

— Significantly accretive from day 1 on the net recurring results per share

�

�

�

�

�

Gecina’s Strategic PillarsFoncière de

Paris’ fit

A value A value A value A value creativecreativecreativecreative transaction for all transaction for all transaction for all transaction for all shareholdersshareholdersshareholdersshareholders

35

Further rent, operational and financial optimization, which will benefit to all shareholders

Identification of operational and financial synergiesoperational and financial synergiesoperational and financial synergiesoperational and financial synergies

Maintain of BBB+ rating BBB+ rating BBB+ rating BBB+ rating allowing particularly attractive financing conditions

Strong and flexible balance sheet Strong and flexible balance sheet Strong and flexible balance sheet Strong and flexible balance sheet for asset and portfolio development enhancing

Paris prime office portfolio gathering iconic assetsiconic assetsiconic assetsiconic assets

Enhancement of geographical network and densityEnhancement of geographical network and densityEnhancement of geographical network and densityEnhancement of geographical network and density: exposure to attractive areas in Paris (CBD, 6th, 7th, 9th and 10th arrondissements)

Pooling of rental bases and opening to new prospectsPooling of rental bases and opening to new prospectsPooling of rental bases and opening to new prospectsPooling of rental bases and opening to new prospects

Diversification of the asset risk thanks to an increasing number of assets, localizations and sizes

Accelerated implementation of the knowknowknowknow----how on obsolete buildings repositioninghow on obsolete buildings repositioninghow on obsolete buildings repositioninghow on obsolete buildings repositioning

Privileged relationship with public authorities and influent interlocutors at the City of Paris, a key player

A unique combined development pipelineA unique combined development pipelineA unique combined development pipelineA unique combined development pipeline

— On-going (Penthemont, Montmorency, Cristallin, 55 Amsterdam, Van Gogh) or future (Pereire, Grande Armée - PSA) projects

— Pipeline composed of iconic assets, which contributes to renewing Paris town planning while respecting its history

The residential portfolio has a strong value creation potential The residential portfolio has a strong value creation potential The residential portfolio has a strong value creation potential The residential portfolio has a strong value creation potential thanks to unit by unit disposals showing high premiums over appraisal values

An undisputed leader of An undisputed leader of An undisputed leader of An undisputed leader of Paris urban office market Paris urban office market Paris urban office market Paris urban office market with a combined with a combined with a combined with a combined €€€€ 11 11 11 11 bnbnbnbn

office portfoliooffice portfoliooffice portfoliooffice portfolio

A strong value creation A strong value creation A strong value creation A strong value creation potential through an potential through an potential through an potential through an

important development important development important development important development pipeline and pipeline and pipeline and pipeline and

diversification assetsdiversification assetsdiversification assetsdiversification assets

A common vision, shared A common vision, shared A common vision, shared A common vision, shared values and corporate values and corporate values and corporate values and corporate

cultureculturecultureculture

Outstandingly favorable Outstandingly favorable Outstandingly favorable Outstandingly favorable financial perspectivesfinancial perspectivesfinancial perspectivesfinancial perspectives

1111

2222

3333

4444

Un leadership renforcé sur le marché du bureauUn leadership renforcé sur le marché du bureauUn leadership renforcé sur le marché du bureauUn leadership renforcé sur le marché du bureauUne combinaison idéale dans les zones stratégiques de ParisUne combinaison idéale dans les zones stratégiques de ParisUne combinaison idéale dans les zones stratégiques de ParisUne combinaison idéale dans les zones stratégiques de ParisA A A A strengtheningstrengtheningstrengtheningstrengthening leadershipleadershipleadershipleadership on key areas of Paris office on key areas of Paris office on key areas of Paris office on key areas of Paris office marketsmarketsmarketsmarkets

Gecina and Foncière de Paris share core real estate convictions

36

SignificantSignificantSignificantSignificant premium on all branches vs Eurosic premium on all branches vs Eurosic premium on all branches vs Eurosic premium on all branches vs Eurosic offerofferofferoffer ((((basedbasedbasedbased on 2015 on 2015 on 2015 on 2015 yearyearyearyear----end end end end NNNAVsNNNAVsNNNAVsNNNAVs))))

A A A A recognizedrecognizedrecognizedrecognized superiorsuperiorsuperiorsuperior offerofferofferoffer

In OSRAIn OSRAIn OSRAIn OSRA

++++8%8%8%8%

In cashIn cashIn cashIn cash

+10%+10%+10%+10%

In In In In sharessharessharesshares

+12%+12%+12%+12%

37

Foncière de Paris’ Supervisory Board, with its voting members unanimously concluding that Gecina’soffer is financially superior to Eurosic’s offer, and that it is in the best interests of Foncière de Paris, its shareholders and its employees

Several shareholders have already expressed their intention to tender their securities for Gecina’s offer

Assurances Mutuelles le Conservateur (holding 5.48% of Foncière de Paris’ capital) which have changed its initial commitment,

Zürich Versicherungs-Gesellschaft (holding 2.71% of Foncière de Paris’ capital)

This confirms that the undertakings to tender securities for Eurosic’s initial offer can still be withdrawn, in accordance with stock market regulations

Gecina’s offer for Foncière de Paris has been judged to be superior to the rival offer and in the best interests of Foncière de Paris, its shareholders and its employees by the members of its supervisory board, who are not affected by any conflicts of interests.

A A A A recognizedrecognizedrecognizedrecognized superiorsuperiorsuperiorsuperior offerofferofferoffer

38

A favourable evolution of Foncière de Paris NNNAV in H1 2016

Gecina’s offer reflects a valuation exercise on an asset by asset basis of Foncière de

Paris portfolio

Foncière de Paris NAV increase in H1 2016 reflects

the strong value creation momentum of its portfolio and confirms the valuation

externalised by Gecina’s offer

Premium Premium Premium Premium offered by offered by offered by offered by Gecina’sGecina’sGecina’sGecina’soffer offer offer offer

31-Dec-2015 30-Jun-2016

EPRA NNNAV NAV rights included

+18.7% +12.7%

€133.1 /share

€126.4 /share

€148.8 /share

€138.1 /share

+8.6% +0.8%

�Note : NAV adjusted for the detachment of the 2015 dividend for figures as of 31-Dec-2015.

39

Combination with Combination with Combination with Combination with FoncièreFoncièreFoncièreFoncière de Paris: indicative calendarde Paris: indicative calendarde Paris: indicative calendarde Paris: indicative calendar

21 june 2016

13 july 2016

27 july 2016

28 july / [9 sept. 2016]

[22 sept. 2016]

[29 sept. 2016]

Filing of Gecina’s offer document with the AMF

Clearance of Gecina’s offer by the AMF

Gecina EGM

Opening / Closing of Gecina’s offer

Gecina’s offer results

Offer settlement

Indicative calendar


Financial achievements

€122.7

€€€€118,8 118,8 118,8 118,8 120,1 €

123,3 €

128,9 €

€€€€128.6 128.6 128.6 128.6

-€2.50

-€1.4

+€0.5 +€0.9

+€3.2

+€5.6

- €0.4

110,0 €

115,0 €

120,0 €

125,0 €

130,0 €

135,0 €

NNNAV end-2015

Interim dividendpaid

Mark to marketof debt and

financialinstruments

NNNAV H1-2016 Proforma

Capital gainsfrom disposal

Revaluationfrom assets

acquired andassets under

developpementin H1 2016

Recurring EPS Revaluationfrom assets

under operationon lfl basis

other NNNAV H1-2016

41

Seeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trends

Gecina’s main strategic achievement contributes to NNNAV growth (+25.5% in 12 months, +4.8% in 6 months)Gecina’s main strategic achievement contributes to NNNAV growth (+25.5% in 12 months, +4.8% in 6 months)Gecina’s main strategic achievement contributes to NNNAV growth (+25.5% in 12 months, +4.8% in 6 months)Gecina’s main strategic achievement contributes to NNNAV growth (+25.5% in 12 months, +4.8% in 6 months)

++++€€€€4444.6 per share .6 per share .6 per share .6 per share

----€€€€3.9 /share3.9 /share3.9 /share3.9 /share

++++€€€€9.8/share9.8/share9.8/share9.8/shareof value creation

H1 2016 H1 2016 H1 2016 H1 2016 earnings: earnings: earnings: earnings: NNNAV growth componentsNNNAV growth componentsNNNAV growth componentsNNNAV growth components

H1-2016 EPRA NNNAV: €128.6

H1-2016 EPRA NAV: €132.2

EPRA NNNAV (unit value): €138.6

EPRA NAV (unit value): €142.2

In € per share

++++9.59.59.59.5%%%%

H1H1H1H1----2016 earnings: appraisal values2016 earnings: appraisal values2016 earnings: appraisal values2016 earnings: appraisal values

42

PPPPortfolio value: Offices up +12.0% in 12 months, +ortfolio value: Offices up +12.0% in 12 months, +ortfolio value: Offices up +12.0% in 12 months, +ortfolio value: Offices up +12.0% in 12 months, +2222.9% in 6 months.9% in 6 months.9% in 6 months.9% in 6 months

Net yield by division and offices by area (Dec. 2015 vs. Jun. 2016)Net yield by division and offices by area (Dec. 2015 vs. Jun. 2016)Net yield by division and offices by area (Dec. 2015 vs. Jun. 2016)Net yield by division and offices by area (Dec. 2015 vs. Jun. 2016)

Breakdown by segmentBreakdown by segmentBreakdown by segmentBreakdown by segment AppraisedAppraisedAppraisedAppraised ValuesValuesValuesValues Net capitalisation ratesNet capitalisation ratesNet capitalisation ratesNet capitalisation rates Change on comparable basisChange on comparable basisChange on comparable basisChange on comparable basis AverageAverageAverageAverage value per value per value per value per sqsqsqsq m*m*m*m*

In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 30, 30, 30, 2016201620162016 DecDecDecDec. . . . 31, 31, 31, 31, 2015201520152015 June 30, 2016 Dec. 31, 2015June 2016 vs. Dec.

2015June 2016 vs. June

2015June 30, 2016

OfficesOfficesOfficesOffices 9,0669,0669,0669,066 8,8928,8928,8928,892 4.764.764.764.76%%%% 4.944.944.944.94%%%% +3.3+3.3+3.3+3.3%%%% +15,6+15,6+15,6+15,6%%%% 8,5598,5598,5598,559

Paris CityParis CityParis CityParis City 4,9374,9374,9374,937 4,7104,7104,7104,710 4.27%4.27%4.27%4.27% 4.50%4.50%4.50%4.50% +4.5%+4.5%+4.5%+4.5% +19.3%+19.3%+19.3%+19.3% 11,87111,87111,87111,871

Paris CBD 3,836 3,675 3.87% 4.05% +4.5% +20.9% 14,641

Paris CBD - Offices 2,627 2,576 4.35% 4.49% +2.0% +14.2% 11,082

Paris CBD - retail 1,209 1,098 2.84% 3.04% +10.0% +35.1% 41,939

Paris excl. CBD 1,101 1,036 6.25% 6.71% +4.9% +13.0% 6,178

Western Western Western Western crescentcrescentcrescentcrescent ---- La DéfenseLa DéfenseLa DéfenseLa Défense 3,3143,3143,3143,314 3,3923,3923,3923,392 5.185.185.185.18%%%% 5.285.285.285.28%%%% +2.0+2.0+2.0+2.0%%%% +13.0+13.0+13.0+13.0%%%% 7,0607,0607,0607,060

Other 815 790 6.27% 6.32% +0.5% +2.2% 4,086

Residential (block)Residential (block)Residential (block)Residential (block) 2,6662,6662,6662,666 2,6672,6672,6672,667 4.454.454.454.45%%%% 4.454.454.454.45%%%% +1.3+1.3+1.3+1.3%%%% +1.7+1.7+1.7+1.7%%%% 4,7244,7244,7244,724

HealthcareHealthcareHealthcareHealthcare 1,3091,3091,3091,309 1,3161,3161,3161,316 n.an.an.an.a.... n.an.an.an.a.... n.an.an.an.a.... n.an.an.an.a.... n.an.an.an.a....

Group TotalGroup TotalGroup TotalGroup Total 13,04113,04113,04113,041 12,87512,87512,87512,875 4.70%** 4.83%** 2.9%**2.9%**2.9%**2.9%** +12.0%**+12.0%**+12.0%**+12.0%**

Group Total Unit value 13,772 13,531 +3.6% +12.5%

* Average value per sq.m of offices, restated for parking estimated values** Excluding healthcare portfolio

4,9%

4,5%

3,0%

6,7%

5,3%

6,3%

4,4%

4,8%4,8%

4,4%

2,8%

6,2%

5,2%

6,3%

4,5%

4,7%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

5,0%

5,5%

6,0%

6,5%

7,0%

Offices (all) Paris CBD - Offices Paris CBD - retail Paris excl. CBD Western crescent - LaDéfense

Other Residential Group

+1%

-0,1%

0,8%

+2%+3%

+2%

+9%

+6%

+17%

+13%

0,7%

+3%

0%

+11%

+6%

2012 2013 2014 H1-2015 H1-2016

Value creation on assets on operation (on lfl basis)

Value creation through disposals (capital gains)

Value creation on assets under development and through

acquisitions

H1H1H1H1----2016 earnings: Asset Value Return2016 earnings: Asset Value Return2016 earnings: Asset Value Return2016 earnings: Asset Value Return

43

AVR (Asset Value Return) AVR (Asset Value Return) AVR (Asset Value Return) AVR (Asset Value Return) –––– an inan inan inan in----house measurement of value creation house measurement of value creation house measurement of value creation house measurement of value creation

Value creation per asset type in Value creation per asset type in Value creation per asset type in Value creation per asset type in €€€€m m m m (Assets in operation, Assets sold, Assets under redevelopment or recently acquired)

Real estate value creation by asset type (in %)Real estate value creation by asset type (in %)Real estate value creation by asset type (in %)Real estate value creation by asset type (in %)

2012 2013 2014 H1-2015 H1-2016

Value creation from investments, restructurations and acquisitions

Value creation (capital gains) from disposals (net of transaction fees)

Value creation on asset on operation

++++€€€€367m 367m 367m 367m

95

100

105

110

115

120

125

130

2011 2012 2013 2014 H1-2015 2015 H1-2016

Gecina - AVR (Asset value return)

IPD - France Offices (Capital return)

169.0

198.0

+38.8

-17.2-0.9

+9.3

-1.0

120,0

130,0

140,0

150,0

160,0

170,0

180,0

190,0

200,0

210,0

220,0

Recurrent netincome H1 2015

Gross rents fromInvestments

Gross rents lossfrom disposals in

2015 & 2016

Change inOverheads costs

and other income

Change in netfinancial expenses

Other components(lfl rental growth,

rental margin,taxes & minorities)

Recurrent netincome H1 2016

44

Seeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trendsSeeing the benefits of our strategy with supportive market trends

H1H1H1H1----2016 earnings: recurrent net income2016 earnings: recurrent net income2016 earnings: recurrent net income2016 earnings: recurrent net income

Portfolio rotation Portfolio rotation Portfolio rotation Portfolio rotation effect: +effect: +effect: +effect: +€€€€21.6m21.6m21.6m21.6m

Internal management: Internal management: Internal management: Internal management: ++++€€€€8.4m8.4m8.4m8.4m

In €m

H1H1H1H1----2016 earnings: rental income2016 earnings: rental income2016 earnings: rental income2016 earnings: rental income

Décompos

45

Office Office Office Office rental rental rental rental income by locationincome by locationincome by locationincome by locationRental margin & rental income breakdownRental margin & rental income breakdownRental margin & rental income breakdownRental margin & rental income breakdown

Still high occupancy rates and rental marginsStill high occupancy rates and rental marginsStill high occupancy rates and rental marginsStill high occupancy rates and rental margins

Rental income Rental income Rental income Rental income by division, rental margins, by division, rental margins, by division, rental margins, by division, rental margins, occupancy rates and annualized rentsoccupancy rates and annualized rentsoccupancy rates and annualized rentsoccupancy rates and annualized rents

Gross Gross Gross Gross rentsrentsrentsrents Change (%)Change (%)Change (%)Change (%) RentalRentalRentalRental MarginMarginMarginMargin OccupancyOccupancyOccupancyOccupancy raterateraterate AnnualizedAnnualizedAnnualizedAnnualized rentsrentsrentsrents

in in in in €€€€mmmmJune 30, June 30, June 30, June 30,

2015201520152015JuneJuneJuneJune 30, 30, 30, 30,

2016201620162016 CurrentCurrentCurrentCurrent ComparableComparableComparableComparableJuneJuneJuneJune 30, 30, 30, 30,




2016201620162016 As of As of As of As of junejunejunejune 30, 201630, 201630, 201630, 2016

OfficesOfficesOfficesOffices 172.1 194.9 +13.3% -0.4% 94.1% 95.1% 95.3% 95.4% 353

Traditional residentialTraditional residentialTraditional residentialTraditional residential 61.6 57.5 -6.6% +0.2% 83.5% 82.9% 97.8% 97.1% 114

Student residencesStudent residencesStudent residencesStudent residences 5.3 7.0 +32.7% +0.7% 73.8% 75.1% 90.6% 88.7% 14

HealthcareHealthcareHealthcareHealthcare 36.9 39.4 +6.8% n.a. 99.1% 99.0% 100.0% 100.0% -

Other Other Other Other 0.3 0.0 -100.0% n.a. n.a. n.a. n.a. n.a. -

Group Total Group Total Group Total Group Total 276.2276.2276.2276.2 298.8298.8298.8298.8 ++++8.28.28.28.2%%%% ----0.20.20.20.2%%%% 91.991.991.991.9%%%% 92.992.992.992.9%%%% 96.396.396.396.3%%%% 96.296.296.296.2%%%% 481481481481

54% 56% 61% 65%76.9%

82.7%

70,0%

72,0%

74,0%

76,0%

78,0%

80,0%

82,0%

84,0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 S1 2015S1 2016

% residential rents % office rents

% other segments EBITDA margin

Gross Gross Gross Gross rentalrentalrentalrental incomeincomeincomeincome ----OfficesOfficesOfficesOffices JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 JuneJuneJuneJune 30, 201630, 201630, 201630, 2016

Change (%)

In million eurosCurrent

basisComparable

basis

Offices Offices Offices Offices 172.1172.1172.1172.1 194.9194.9194.9194.9 +13.3+13.3+13.3+13.3%%%% ----0.40.40.40.4%%%%

Paris City 91.9 94.9 +3.3% +0.6%

Paris CBD - Offices 46.1 53.3 +15.7%

Paris CBD - Retail units 17.1 18.4 +7.3%

Paris excl. CBD 28.7 23.2 -19.2%

Western Crescent +La Défense 58.6 82.2 +40.3% +0.5%

Other 21.6 17.8 -17.6% -6.5%

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

H2 2016 2017 2018 2019 2020 2021 2022

Fixed rate debt + swaps Cap

- - -

650

-

500

-

1 300

25 78

310

60

24

343

35

17

1

414

150

291

864

340

400

2016 2017 2018 2019 2020 2021 2022 > 2022

Corporate (undrawn) Secured financing Bonds 46

LTV & ICRLTV & ICRLTV & ICRLTV & ICR

Hedging policy (June 30, 2016)Hedging policy (June 30, 2016)Hedging policy (June 30, 2016)Hedging policy (June 30, 2016)Schedule of available financing (in Schedule of available financing (in Schedule of available financing (in Schedule of available financing (in €€€€ bn)bn)bn)bn)

Significant improvement in Gecina’s financial structureSignificant improvement in Gecina’s financial structureSignificant improvement in Gecina’s financial structureSignificant improvement in Gecina’s financial structure

Harnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial management

Average maturity of hedging: 6.6 years

Average maturity at june 30, 2016:

5.2 years5.2 years5.2 years5.2 years

Average cost of debt & drawn debts average maturityAverage cost of debt & drawn debts average maturityAverage cost of debt & drawn debts average maturityAverage cost of debt & drawn debts average maturity

Average cost of debt in H1-2016

2.0% all in2.0% all in2.0% all in2.0% all in

41.7%

45.7%

42.6%

38.7%

36.1%

2.6x

3.2x

2.6x

3.0x

3.9x

5.1x

25,0%

30,0%

35,0%

40,0%

45,0%

50,0%

1,x

1,5x

2,x

2,5x

3,x

3,5x

4,x

4,5x

5,x

5,5x

6,x

2008 2009 2010 2011 2012 2013 2014 2015 H1 2016

LTV ICR

3.9%3.5%

2.2%

1.6%

4.1 years

4.7 years

5.0 years

5.7 years

5.2 years

4,0 years

4,2 years

4,4 years

4,6 years

4,8 years

5,0 years

5,2 years

5,4 years

5,6 years

5,8 years

1,00%

1,50%

2,00%

2,50%

3,00%

3,50%

4,00%

4,50%

2011 2012 2013 2014 2015 H1 2016

average cost of drawn debt

Debt maturity (years), taking into account unused credit lines

Q&AQ&AQ&AQ&A

“to be continued…”“to be continued…”“to be continued…”“to be continued…”

47


Appendices

H1H1H1H1----2016 2016 2016 2016 ---- P&LP&LP&LP&L

All the figures presented in this document exclude any impact for IFRS 5 relating to the recognition of discontinued operations and operations held for sale, applied to the healthcare portfolio, for which a sales process was underway at year-end 2015. This standard, which requires a specific presentation of the financial statements and isolates all the balance sheet and income statement items for discontinued operations, is not applied to the data presented below in order to improve legibility.

49

Without IFRIC 21 and IFRS 5Without IFRIC 21 and IFRS 5Without IFRIC 21 and IFRS 5Without IFRIC 21 and IFRS 5 With IFRIC 21 et IFRS 5 With IFRIC 21 et IFRS 5 With IFRIC 21 et IFRS 5 With IFRIC 21 et IFRS 5

In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 JuneJuneJuneJune 30, 201630, 201630, 201630, 2016 Change (%)Change (%)Change (%)Change (%) June 30, 2015June 30, 2015June 30, 2015June 30, 2015 June 30, 2016June 30, 2016June 30, 2016June 30, 2016 Change (%)Change (%)Change (%)Change (%)

Gross rental income 276.2 298.8 +8.2% 239.3 259.5 +8.4%

Expenses non billed to tenants (22.4) (21.2) -5.2% (28.4) (27.7) -2.2%

Net rental incomeNet rental incomeNet rental incomeNet rental income 253.8253.8253.8253.8 277.6277.6277.6277.6 +9.4%+9.4%+9.4%+9.4% 211.0211.0211.0211.0 231.7231.7231.7231.7 +9.9%+9.9%+9.9%+9.9%

Services and other income (net) 3.8 1.0 -74.0% 3.2 0.9 -71.7%

Salaries and management costs (30.4) (31.3) +3.1% (30.3) (31.4) +3.7%

EBITDAEBITDAEBITDAEBITDA 227.2227.2227.2227.2 247.3247.3247.3247.3 +8.8%+8.8%+8.8%+8.8% 183.9183.9183.9183.9 201.3201.3201.3201.3 +9.4%+9.4%+9.4%+9.4%

Gains from disposals 19.9 30.9 ns 19.9 30.9 ns

Change in fair value of properties 185.2 336.4 ns 186.6 337.3 ns

Depreciation (2.5) (2.4) -3.3% (2.5) (2.4) -3.3%

Net impairments and provisions 1.6 1.5 ns 1.7 1.5 ns

Operating incomeOperating incomeOperating incomeOperating income 431.4431.4431.4431.4 613.7613.7613.7613.7 +42.2%+42.2%+42.2%+42.2% 389.6389.6389.6389.6 568.5568.5568.5568.5 +45.9%+45.9%+45.9%+45.9%

Net financial expenses (56.3) (47.0) -16.5% (56.0) (46.2) -17.5%

Financial impairment and depreciation (4.5) 0.0 (4.5) 0.0

Change in value of financial instruments and debt (45.0) (36.4) -19.1% (44.8) (36.5) -18.4%

Net income from equity affiliates 0.0 0.1 ns 0.0 0.1 ns

PrePrePrePre----tax incometax incometax incometax income 325.6325.6325.6325.6 530.3530.3530.3530.3 +62.9%+62.9%+62.9%+62.9% 284.3284.3284.3284.3 485.8485.8485.8485.8 +70.9%+70.9%+70.9%+70.9%

Recurrent tax (1.9) (1.9) +1.6% (1.7) (1.7) -1.1%

Non-current tax (0.2) 0.0 ns (0.2) 0.0 ns

Net income from continuing operationsNet income from continuing operationsNet income from continuing operationsNet income from continuing operations 282.5282.5282.5282.5 484.1484.1484.1484.1 +71.4%+71.4%+71.4%+71.4%

Net income from discontinued operations 34.3 36.9 +7.6%

Consolidated net incomeConsolidated net incomeConsolidated net incomeConsolidated net income 323.5323.5323.5323.5 528.4528.4528.4528.4 +63.3%+63.3%+63.3%+63.3% 316.8316.8316.8316.8 521.1521.1521.1521.1 +64.5%+64.5%+64.5%+64.5%

Minority interests 8.6 1.4 -83.7% 8.6 1.4 -83.7%

Net income Net income Net income Net income –––– Group share Group share Group share Group share 314.9314.9314.9314.9 526.9526.9526.9526.9 +67.3%+67.3%+67.3%+67.3% 308.2308.2308.2308.2 519.6519.6519.6519.6 +68.6%+68.6%+68.6%+68.6%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- total sharetotal sharetotal sharetotal share 169.0169.0169.0169.0 198.4198.4198.4198.4 +17.3%+17.3%+17.3%+17.3%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- Group shareGroup shareGroup shareGroup share 169.0169.0169.0169.0 198.0198.0198.0198.0 +17.2%+17.2%+17.2%+17.2%

Average number of shares over the period 61,783,218 62,713,386 +1.5%

Recurrent net income per share (undiluted) Recurrent net income per share (undiluted) Recurrent net income per share (undiluted) Recurrent net income per share (undiluted) ---- Group ShareGroup ShareGroup ShareGroup Share €€€€2.74 2.74 2.74 2.74 €€€€3.163.163.163.16 ++++15.415.415.415.4%%%%

H1H1H1H1----2016 2016 2016 2016 ---- Balance sheetBalance sheetBalance sheetBalance sheet

50

ASSETSASSETSASSETSASSETS JuneJuneJuneJune 30.30.30.30. DecDecDecDec. . . . 31.31.31.31. LIABILITIESLIABILITIESLIABILITIESLIABILITIES JuneJuneJuneJune 30.30.30.30. DecDecDecDec. . . . 31.31.31.31.

In million euros 2016201620162016 2015201520152015 In million euros 2016201620162016 2015201520152015

NonNonNonNon----current assetscurrent assetscurrent assetscurrent assets 11,260.911,260.911,260.911,260.9 11,049.111,049.111,049.111,049.1 Capital and reservesCapital and reservesCapital and reservesCapital and reserves 7,978.07,978.07,978.07,978.0 7,751.47,751.47,751.47,751.4

Investment properties 10,635.8 10,188.3 Share capital 474.5 474.5

Buildings under refurbishment 539.2 766.6 Additional paid-in capital 1,897.2 1,897.1

Buildings in operation 61.5 61.9 Consolidated reserves 5,069.7 3,755.0

Other tangible fixed assets 7.0 7.2 Consolidated net profit 519.6 1,609.3

Intangible fixed assets 5.3 5.6Capital and reserves attributable to owners of Capital and reserves attributable to owners of Capital and reserves attributable to owners of Capital and reserves attributable to owners of the parentthe parentthe parentthe parent 7,961.07,961.07,961.07,961.0 7,735.87,735.87,735.87,735.8

Long-term financial investments 6.8 6.8 Non-controlling interests 17.0 15.6

Share in equity-accounted companies 3.4 3.6

Non-current financial instruments 2.0 9.2 NonNonNonNon----current liabilitiescurrent liabilitiescurrent liabilitiescurrent liabilities 3,527.23,527.23,527.23,527.2 3,564.23,564.23,564.23,564.2

Deferred tax assets 0.0 0.0 Non-current financial debt 3,431.4 3,501.4

Non-current financial instruments 68.5 35.2

Current assetsCurrent assetsCurrent assetsCurrent assets 2,067.62,067.62,067.62,067.6 2,186.32,186.32,186.32,186.3 Deferred tax liabilities 0.0 0.0

Properties for sale 1,788.6 1,842.7 Non-current provisions 27.3 27.6

Inventories 0.0 0.0Non-current taxes due & other employee-related liabilities 0.0 0.0

Trade receivables and related 111.6 82.5

Other receivables 126.7 91.1 Current liabilitiesCurrent liabilitiesCurrent liabilitiesCurrent liabilities 1,823.31,823.31,823.31,823.3 1,919.91,919.91,919.91,919.9

Prepaid expenses 25.8 23.6 Current financial debt 1,318.0 1,362.3

Current financial instruments 4.1 0.0 Current financial instruments 0.0 0.8

Cash & Cash equivalents 10.8 146.4 Security deposits 54.1 54.2

Trade payables and related 167.5 383.6

Current taxes due & other employee-related liabilities 87.2 37.8

Other current liabilities 196.4 81.2

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 13,328.513,328.513,328.513,328.5 13,235.413,235.413,235.413,235.4 TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 13,328.513,328.513,328.513,328.5 13,235.413,235.413,235.413,235.4

Excluding the application of IFRS 5

H1H1H1H1----2016 2016 2016 2016 ---- Net Asset ValueNet Asset ValueNet Asset ValueNet Asset Value

51

June 30, 2015June 30, 2015June 30, 2015June 30, 2015 Dec. 31, 2015Dec. 31, 2015Dec. 31, 2015Dec. 31, 2015 June 30, 2016June 30, 2016June 30, 2016June 30, 2016

In million eurosAmount / no. of

shares € / share Amount / no. of shares € / shareAmount / no. of

shares € / share

Fully diluted number of shares 63,423,273 63,327,690 63,370,944

Shareholders' equity under IFRSShareholders' equity under IFRSShareholders' equity under IFRSShareholders' equity under IFRS 6,428 7,736 7,961

+Amounts owed to shareholders 157.1

+ impact of exercising stock options 71.9 57.5 35.2

Diluted NAVDiluted NAVDiluted NAVDiluted NAV 6,5006,5006,5006,500 €€€€102.5102.5102.5102.5 7,7937,7937,7937,793 €€€€123.1123.1123.1123.1 8,1538,1538,1538,153 €€€€128.7128.7128.7128.7

+ Fair value reporting of properties, if amortized cost option is adopted

51.6 86.6 87.9

- Increase in transfer duties 0.0 (72.9) 0.0

+ Transfer duties adjustment 20.0 74.3 71.4

- Fair value of financial instruments 20.4 26.8 62.5

- Deferred tax due to the effects of entry into the SIIC system

0.0 1.8 0.0

= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV 6,5926,5926,5926,592 €€€€103.9103.9103.9103.9 7,9107,9107,9107,910 €€€€124.9124.9124.9124.9 8,3758,3758,3758,375 €€€€132.2132.2132.2132.2

+ Fair value of financial instruments (20.4) (26.8) (62.5)

+ Fair value of liabilities (70.2) (113.4) (165.2)

+ Deferred tax due to the effects of entry into the SIIC system

0.0 (1.8) 0.0

= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV 6,5016,5016,5016,501 €€€€102.5102.5102.5102.5 7,7687,7687,7687,768 €€€€122.7122.7122.7122.7 8,1478,1478,1478,147 €€€€128.6128.6128.6128.6

Gecina’sGecina’sGecina’sGecina’s projects pipeline in details in H1projects pipeline in details in H1projects pipeline in details in H1projects pipeline in details in H1----2016201620162016

(1) Controlled & Certain projects: projects identified by Gecina's Asset Management teams and fully controlled by Gecina, with tenants' departure is certain or very likely

(2) Total investments on committed pipeline = value retained at the date of the project launched + total capex. Total investment on controlled pipeline = last appraisal values + total capex expected

(3) Including current value of the lands and of the existing buildings when redevelopments

(4) part of revaluation gains (178 m€) have been already accounted so far through appraisals at end June 2016

(5) including PSA-Grande Armée

(6) Controlled & likely projects: projects identified by Gecina's Asset Management teams and fully controlled by Gecina, with tenant's departure uncertain on redevelopment projects, or pre-letting required on Greenfield projects

52

DeliveryDeliveryDeliveryDelivery Let t ableLet t ableLet t ableLet t able Tota lTota lTota lTota l AlreadyAlreadyAlreadyAlready To beTo beTo beTo be Est . Yie ldEst . Yie ldEst . Yie ldEst . Yie ld Exit y ie ld Exit y ie ld Exit y ie ld Exit y ie ld % % % %

ProjectProjectProjectProject dat edat edat edat e areaareaareaarea Invest mentInvest mentInvest mentInvest ment invest edinvest edinvest edinvest ed investedinvestedinvestedinvested on coston coston coston cost

(sq.m)(sq.m)(sq.m)(sq.m) (€m) (2)(€m) (2)(€m) (2)(€m) (2) (€m) (3)(€m) (3)(€m) (3)(€m) (3) (€m)(€m)(€m)(€m) (net )(net )(net )(net ) (est )(est )(est )(est ) ownershipownershipownershipownership

Committed Paris - 55 Amsterdam Paris CBD Q1-17 12 300 100 80 21 7,5% 100%

Lyon - Gerland Lyon Q2-17 20 300 52 30 22 8,4% 60%

Levallois - Octant Sextant Western Crescent Q1-18 37 500 221 162 58 7,2% 100%

20 Ville l'Evêque Paris CBD Q1-18 6 400 69 58 11 5,4% 100%

Paris - Guersant Paris excl. CBD Q3-18 14 100 127 89 37 6,1% 100%

Lyon Part Dieu - Sky 56 Lyon Q3-18 30 700 133 31 102 7,0% 100%

Paris - Tour Van Gogh Paris excl. CBD Q3-18 19 400 164 99 65 5,8% 100%

Issy les Moulineaux - Be Issy Western Crescent Q3-18 25 000 160 57 103 6,6% 100%

Total offices 165 700 1 025 606 418 6,7% 4,6%

Marseille - Mazenod Other regions Q2-17 3 700 14 7 8 6,2% 100%

Puteaux Valmy - Skylights Western Crescent Q2-17 4 000 21 6 15 6,2% 100%

Puteaux - Rose de Cherbourg Western Crescent Q2-18 7 400 43 3 41 6,8% 100%

Total residential 15 100 79 15 64 6,5% 5,0%

TOTAL Commit tedTOTAL Commit tedTOTAL Commit tedTOTAL Commit ted 180 800180 800180 800180 800 1 1041 1041 1041 104 621 (4)621 (4)621 (4)621 (4) 482482482482 6,7%6,7%6,7%6,7% 4,6%4,6%4,6%4,6%

Controlled & Certain (1) TOTAL Cont ro lled & Certa in (5)TOTAL Cont ro lled & Certa in (5)TOTAL Cont ro lled & Certa in (5)TOTAL Cont ro lled & Certa in (5) 2018-20202018-20202018-20202018-2020 85 50085 50085 50085 500 1 0431 0431 0431 043 776776776776 267267267267 5,1%5,1%5,1%5,1% 4,1%4,1%4,1%4,1% 100%100%100%100%

Controlled & likely (6) Redevelopments "likely" 2020-2024 124 400 1 214 559 655 6,7% 4,6% 100%

Greenfields 2017-2023 75 000 223 23 200 8,6% 6,1% 100%

TOTAL Cont ro lled & Like lyTOTAL Cont ro lled & Like lyTOTAL Cont ro lled & Like lyTOTAL Cont ro lled & Like ly 199 400199 400199 400199 400 1 4371 4371 4371 437 582582582582 855855855855 7,0%7,0%7,0%7,0% 4,8%4,8%4,8%4,8%

Tota l P ipelineTota l P ipelineTota l P ipelineTota l P ipeline TOTAL P IPELINETOTAL P IPELINETOTAL P IPELINETOTAL P IPELINE 380 200380 200380 200380 200 3 5843 5843 5843 584 1 9791 9791 9791 979 1 6041 6041 6041 604 6,3%6,3%6,3%6,3% 4,5%4,5%4,5%4,5%

Financial ratios and covenantsFinancial ratios and covenantsFinancial ratios and covenantsFinancial ratios and covenants

53

Standard & Poor’s: Standard & Poor’s: Standard & Poor’s: Standard & Poor’s: BBB+/ outlook stable

Moody’s: Moody’s: Moody’s: Moody’s: Baa1 / outlook stable

RatiosRatiosRatiosRatios CovenantCovenantCovenantCovenant June 30, 2016June 30, 2016June 30, 2016June 30, 2016

Loan to value ratio (block, excluding duties) < 55% 36.1%

EBITDA / net financial expenses > 2.0x 5.1x

Secured debt/block value (excluding duties) < 25% 6.8%

Portfolio value (block, excluding duties, €m) > 6,000 - 8,000 13,136

H1H1H1H1----2015201520152015 FY 2015FY 2015FY 2015FY 2015 H1 2016 H1 2016 H1 2016 H1 2016 Change in 12 Change in 12 Change in 12 Change in 12 monthsmonthsmonthsmonths

LTV (excluding duties) 36.8% 36.4% 36.1% -73bp

LTV (including duties) 34.8% 34.7% 34.2% -69bp

Net financial debt 3,930 4,717 4,739 +€809m

ICR 3.9x 3.9x 5.1x +1.2x

Secured debt ratio 10.2% 7.7% 6.8% -343bp

Average cost of drawn debt 2.3% (2.9% all in)2.2%

(2.7% all in)1.6%

(2.0% all in)-70bp

(-90bp all in)

Average length of debt 6.6 years 5.7 years 5.2 years -1.4 years

Available liquidity 2,497 1,743 1,070

Diversification portfoliosDiversification portfoliosDiversification portfoliosDiversification portfolios

54

Offices

65%

Traditional

residential

19%

Student

accommodation

3%

Healthcare

13%

� Asset value: €€€€2.43bn 2.43bn 2.43bn 2.43bn

� Gross rents in H 2016: €57.5m, -6.6% yoy, +0.2% lfl

� Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate (97.1%), long-term visibility for cash flow

� Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: block value assumed for appraisal value, unit-based valuations is 24% higher, and average Paris market values (Chambre des Notaires de Paris) is 46% higher

� €119m of residential disposals achieved or secured in H1 2016 by vacant units, 33% above their latest appraisal values on average

� Asset value: €€€€234m 234m 234m 234m

� 15 assets in operation with 2,400 beds today, 15 assets in operation with 2,400 beds today, 15 assets in operation with 2,400 beds today, 15 assets in operation with 2,400 beds today, targeting 6,000 beds over medium term

� Gross rents in H1 2016: €7m, +0.7% lfl, +32.7% yoy thanks to deliveries in H2-2015

� 3333 ongoing projects in Marseille and Puteaux ongoing projects in Marseille and Puteaux ongoing projects in Marseille and Puteaux ongoing projects in Marseille and Puteaux (investments for around €79m with yield on cost of around 6.5%)

Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio (Gross rents)

Student accommodation portfolio Student accommodation portfolio Student accommodation portfolio Student accommodation portfolio (Gross rents)

Offices

65%

Traditional

residential

19%

Student

accommodation

3%

Healthcare

13%

Residential portfolio breakdown by GeographyResidential portfolio breakdown by GeographyResidential portfolio breakdown by GeographyResidential portfolio breakdown by Geography

Residential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by region Residential asset locationsResidential asset locationsResidential asset locationsResidential asset locations

55

Paris

73%

Paris Region

24%

Other

3%

Number of shares and shareholding structureNumber of shares and shareholding structureNumber of shares and shareholding structureNumber of shares and shareholding structure

Ivanhoé Cambridge

23.0%

Crédit Agricole Assurances

- Predica

13.3%

Norges Bank

9.7%

Other resident

institutional shareholders

5.8%

Individual shareholders

4.2%

Non-resident shareholders

43.3%

Treasury shares

0.7%

Shareholding structure at June Shareholding structure at June Shareholding structure at June Shareholding structure at June 30, 201630, 201630, 201630, 2016

Number of sharesNumber of sharesNumber of sharesNumber of shares

56

June 30, 2016June 30, 2016June 30, 2016June 30, 2016 Dec 31, 2015Dec 31, 2015Dec 31, 2015Dec 31, 2015 June 30, 2015June 30, 2015June 30, 2015June 30, 2015

Number of shares issued 63,262,222 63,260,620 63,163,312

Stock options 537,906 687,617 920,302

Treasury stock -429,184 -620,547 -660,341

Diluted number of shares 63,370,944 63,327,690 63,423,273

Average number of shares 62,713,386 62,216,325 61,783,218

Diluted average number of shares 63,251,292 62,903,942 62,703,520

Appendices

57

This document does not constitute an offer to sell or a solicitation of an offer to buy GECINA securities and has notbeen independently verified.

If you would like to obtain further information concerning GECINA, please refer to the public documents filed withthe French securities regulator (Autorité des Marchés Financiers, AMF), which are also available on our internet site.

This document may contain certain forward-looking statements. Although the Company believes that suchstatements are based on reasonable assumptions on the date on which this document was published, they are bytheir very nature subject to various risks and uncertainties which may result in differences. However, GECINAassumes no obligation and makes no commitment to update or revise such statements.

DisclaimerDisclaimerDisclaimerDisclaimer

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