Integrated Report

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Building the future Integrated report 2019 Our portfolio in Paris Our student and the Paris Region residences present throughout France Ofﬁ ces Coworking spaces Housing units Student residences Projects under development Our property assets capitalize on their centrality

Argenteuil Le Bourget

Saint-Denis

Colombes Saint-Ouen Overview Our property portfolio

Asnières Nanterre Fourth Largest €20.1 bn €16.5 bn Levallois-Perret 18th largest property office real estate property portfolio of office assets company in Europe company in Europe Courbevoie Pantin 19th 17th Neuilly-sur-Seine

Puteaux Largest Largest €3.4 bn €3.7 bn private residential Integrated player of residential and student of development projects 9th 10th portfolio in Paris in student housing housing units 8th

20th 2nd Bagnolet

th st 3rd 16 1 11th

4th Montreuil A strong ambition in our 4 pillars of CSR Our human and relational capital 7th

6th 12th 5th

15th Vincennes Boulogne-Billancourt Biodiversity Circular 13th economy Our relational brand serving:

14th CO2 Issy-les-Moulineaux 513 100,000 Carbon Well-being employees customers Malakoff Ville-d’Avray Montrouge Ivry-sur-Seine

Arcueil Vélizy-Villacoublay Le Plessis-Robinson Antony

– Universal Registration Document 2019 – 5 Our portfolio in Paris Our student and the Paris Region residences present throughout France Ofﬁ ces Coworking spaces Housing units Student residences Projects under development Our property assets capitalize on their centrality

Argenteuil Le Bourget

Saint-Denis

Colombes Saint-Ouen Overview Our property portfolio

Puteaux Largest Largest €3.4 bn €3.7 bn private residential Integrated player of residential and student of development projects 9th 10th portfolio in Paris in student housing housing units 8th

20th 2nd Bagnolet th st 3rd 16 1 11th

4th Montreuil A strong ambition in our 4 pillars of CSR Our human and relational capital 7th

6th 12th 5th

15th Vincennes Boulogne-Billancourt Biodiversity Circular 13th economy Our relational brand serving:

14th CO2 Issy-les-Moulineaux 513 100,000 Carbon Well-being employees customers Malakoff Ville-d’Avray Montrouge Ivry-sur-Seine

Arcueil Vélizy-Villacoublay Le Plessis-Robinson Antony

– Universal Registration Document 2019 – 53 How would Bernard Carayon. 2019 was another With YouFirst, for example, we are forging you successful year for Gecina, which is closer relationships with our end clients. Bernard Méka summarize reaping the benefits of its positioning in Naturally, this client- and service-oriented 2019? the most central areas. In fact, the culture already exists in our business lines, Carayon Brunel financial markets rewarded the continuity but we plan to further develop it, transform Chairman of the Chief and clarity of the Group’s strategy to it, and structure it. This is all based on Board of Directors Executive Officer create economic and financial value, as investing in the skills and know-how of our well as societal and environmental value. employees. Méka Brunel. In the past year, we saw our transformation accelerate and What sort of M. B. YouFirst is now tangible and we will the stabilization of the economic momentum be continuing to roll it out in 2020. YouFirst environment. Our strong results illustrate did the new has helped to propel innovation forward to this perfectly. The recognition YouFirst brand improve operational efficiency and develop demonstrated by our clients and partners, contribute new services for our clients. Notable and the quality of the projects underway to 2019? examples of this are the replacement of Crosstalk are indications that should encourage us Secondesk with YouFirst Collaborative; our to carry on. CRM, which has enabled us to better In three years, after starting out as a mere structure our relationship with our clients, rent collector, then evolving into a electronic signature of leases, electric pro-active total return asset manager, recharging points, and shared libraries in we are phasing in a new component some of our residences, etc. of the service-oriented approach with YouFirst, which is focused on our end Tell us about M. B. “UtilesEnsemble” gathers all our clients and end users. We are ready for “UtilesEnsemble”. commitments to sustainable financial and the challenges and opportunities operational performance under one roof. of tomorrow. UtilesEnsemble is our contribution to the “2019 was another “Our good results are based environment, and is centered around four successful year on the skills and know-how What is the M. B. In 2017, we decided to relaunch CSR pillars (well-being, biodiversity, for Gecina” of our employees” strategy for our residential rental business, creating circular economy, and low carbon), residential a special business unit for it. A new tangible results, and market recognition Bernard Carayon Méka Brunel assets? fundamental step was taken in 2019 with it has received the maximum rating from the announcement of the subsidiarization the Carbon Disclosure Project. Through project. What this means is that we are UtilesEnsemble, we participate in the life confirming our ambition to develop a of the city by making strong actions in residential rental offer that meets the best terms of emergency accommodation and standards in terms of CSR, innovative by safeguarding the heritage of the Paris services, and client relations. This project Region via the Fondation du Patrimoine, fulfills the aspiration of the middle classes for example. Finally, it means putting to have housing near their workplace and people first with, for example, an leisure facilities around mixed-use urban ambitious policy of professional gender centers and public transport hubs. equality for men and women. B. C. Establishing a dedicated subsidiary B.C. We need to maintain a virtuous circle that can attract third-party investors or between our economic results and this combine existing portfolios will provide positive contribution to society as a whole. Gecina with the opportunity to deepen Together with the Board of Directors, we its expertise and expand its residential will support this approach by creating portfolio. There is very high demand, a Corporate Social Responsibility which is being driven by demographic Committee. forces and societal changes. What can we B. C. The major trends in which we are How do you B. C. The credit for our outstanding expect from operating – metropolization, digitization, rely on your performance goes to the tireless 2020? climate change – are here to stay. employees commitment and professionalism Faced with these deep trends, Gecina’s to transform of Gecina’s management teams and all fundamentals are robust and will enable it Gecina? of our employees – I would like to take to capitalize on opportunities when they this opportunity to commend arise and ensure its resilience. this commitment. M. B. In 2020, we will delve deeper into our M. B. We are constantly transforming purpose. We have already started working – we have drastically changed how we with our Board of Directors and the work but we are not always aware of it. Group’s stakeholders in order to be able to As Paul Éluard said: “We live in the oblivion articulate the meaning and positive of our metamorphoses.” impact of our daily tasks in just a few simple words.

– Universal Registration Document 2019 – 7 How would Bernard Carayon. 2019 was another With YouFirst, for example, we are forging you successful year for Gecina, which is closer relationships with our end clients. Bernard Méka summarize reaping the benefits of its positioning in Naturally, this client- and service-oriented 2019? the most central areas. In fact, the culture already exists in our business lines, Carayon Brunel financial markets rewarded the continuity but we plan to further develop it, transform Chairman of the Chief and clarity of the Group’s strategy to it, and structure it. This is all based on Board of Directors Executive Officer create economic and financial value, as investing in the skills and know-how of our well as societal and environmental value. employees. Méka Brunel. In the past year, we saw our transformation accelerate and What sort of M. B. YouFirst is now tangible and we will the stabilization of the economic momentum be continuing to roll it out in 2020. YouFirst environment. Our strong results illustrate did the new has helped to propel innovation forward to this perfectly. The recognition YouFirst brand improve operational efficiency and develop demonstrated by our clients and partners, contribute new services for our clients. Notable and the quality of the projects underway to 2019? examples of this are the replacement of Crosstalk are indications that should encourage us Secondesk with YouFirst Collaborative; our to carry on. CRM, which has enabled us to better In three years, after starting out as a mere structure our relationship with our clients, rent collector, then evolving into a electronic signature of leases, electric pro-active total return asset manager, recharging points, and shared libraries in we are phasing in a new component some of our residences, etc. of the service-oriented approach with YouFirst, which is focused on our end Tell us about M. B. “UtilesEnsemble” gathers all our clients and end users. We are ready for “UtilesEnsemble”. commitments to sustainable financial and the challenges and opportunities operational performance under one roof. of tomorrow. UtilesEnsemble is our contribution to the “2019 was another “Our good results are based environment, and is centered around four successful year on the skills and know-how What is the M. B. In 2017, we decided to relaunch CSR pillars (well-being, biodiversity, for Gecina” of our employees” strategy for our residential rental business, creating circular economy, and low carbon), residential a special business unit for it. A new tangible results, and market recognition Bernard Carayon Méka Brunel assets? fundamental step was taken in 2019 with it has received the maximum rating from the announcement of the subsidiarization the Carbon Disclosure Project. Through project. What this means is that we are UtilesEnsemble, we participate in the life confirming our ambition to develop a of the city by making strong actions in residential rental offer that meets the best terms of emergency accommodation and standards in terms of CSR, innovative by safeguarding the heritage of the Paris services, and client relations. This project Region via the Fondation du Patrimoine, fulfills the aspiration of the middle classes for example. Finally, it means putting to have housing near their workplace and people first with, for example, an leisure facilities around mixed-use urban ambitious policy of professional gender centers and public transport hubs. equality for men and women. B. C. Establishing a dedicated subsidiary B.C. We need to maintain a virtuous circle that can attract third-party investors or between our economic results and this combine existing portfolios will provide positive contribution to society as a whole. Gecina with the opportunity to deepen Together with the Board of Directors, we its expertise and expand its residential will support this approach by creating portfolio. There is very high demand, a Corporate Social Responsibility which is being driven by demographic Committee. forces and societal changes. What can we B. C. The major trends in which we are How do you B. C. The credit for our outstanding expect from operating – metropolization, digitization, rely on your performance goes to the tireless 2020? climate change – are here to stay. employees commitment and professionalism Faced with these deep trends, Gecina’s to transform of Gecina’s management teams and all fundamentals are robust and will enable it Gecina? of our employees – I would like to take to capitalize on opportunities when they this opportunity to commend arise and ensure its resilience. this commitment. M. B. In 2020, we will delve deeper into our M. B. We are constantly transforming purpose. We have already started working – we have drastically changed how we with our Board of Directors and the work but we are not always aware of it. Group’s stakeholders in order to be able to As Paul Éluard said: “We live in the oblivion articulate the meaning and positive of our metamorphoses.” impact of our daily tasks in just a few simple words.

– Universal Registration Document 2019 – 75 Our choices define us. We hold and manage our property assets as a network of living spaces offering a highly diverse range of uses in the heart of the city for urban dwellers. We reinvent the relationship with our 100,000 end clients in order to offer new services and be closer to them every day. Finally, in the face of the climate emergency, we are focusing on the intelligent renovation of the current portfolio and the low-carbon design of new projects. These choices and the expertise of our teams are all advantages in helping to seize the new opportunities that arise.

IOur. strategic vision

II. OurNotre creation création of de financial valeur financière and non-financial et extra-financière value (p. { 20)p. 18 }

III. OurNos fundamentalsfondamentaux for pour sustainable une croissance growth durable (p. 30) { p. 28 }

86 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 9 Our choices define us. We hold and manage our property assets as a network of living spaces offering a highly diverse range of uses in the heart of the city for urban dwellers. We reinvent the relationship with our 100,000 end clients in order to offer new services and be closer to them every day. Finally, in the face of the climate emergency, we are focusing on the intelligent renovation of the current portfolio and the low-carbon design of new projects. These choices and the expertise of our teams are all advantages in helping to seize the new opportunities that arise.

IOur. strategic vision

II. Our creation of financial and non-financial value (p. 20)

III. Our fundamentals for sustainable growth (p. 30)

8 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 97 I. Our strategic vision

Metropolises are facing unprecedented changes. Their demographic momentum, the rapid development of new behaviors and habits among urban dwellers, as well as the rise of METRO- environmental concerns, are forcing them to reinvent POLIZATION themselves. For our teams, Concentration of highly-qualiﬁed populations, economic and cultural activities, this metamorphosis brings services, transport hubs and investment: the momentum of metropolization new responsibilities and many complements the demographic patterns. The metropolization reafﬁrms, for Paris, a global city, opportunities as well. the attraction for the centrality and the diversity of usages.

45% 90% 30% of jobs created in 2018 of inhabitants in the of national GDP in the in the Paris Region and Paris Region less than Paris Region generated 23% of total jobs 2 km from a station from 23% of jobs thanks to the Grand and only 18.2% of Paris Express the French population

Impact of metropolization on…

… the Parisian market … living spaces

Additional demand in a An increased need for Strong demand for Networking of living Powerful strengths to respond market already restricted rental offers to house proximity and mixed uses spaces around transport and marked by scarcity the middle classes near hubs their areas of work Areas becoming less to the changes Strengthening of specialized and a mixed transport hubs and heart of the city central areas through unprecedented in our environment investment

Our strengths Centrality, scarcity and the network effect of our property portfolio Largest office property Our buildings are an Capacity to develop company in Europe and average of 400 m away projects, new buildings, largest private residential from public transportation and above all circular METRO- CHANGES CLIMATE portfolio in Paris Skills and human capital economy renovations POLIZATION IN USES EMERGENCY Centrality and scarcity used to design and of the assets, which implement mixed-use { {p. p. 09 11 }} { p. 1012 } {{ p.p. 1311 }} continue to grow real estate projects and thanks to the Grand to operate them over the Paris Express long term 44 Avenue des Champs-Elysées, Paris

108 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 11 I. Our strategic vision

Impact of metropolization on…

… the Parisian market … living spaces

Our strengths Centrality, scarcity and the network effect of our property portfolio Largest office property Our buildings are an Capacity to develop company in Europe and average of 400 m away projects, new buildings, largest private residential from public transportation and above all circular METRO- CHANGES CLIMATE portfolio in Paris Skills and human capital economy renovations POLIZATION IN USES EMERGENCY Centrality and scarcity used to design and of the assets, which implement mixed-use { p. 11 } { p. 12 } { p. 13 } continue to grow real estate projects and thanks to the Grand to operate them over the Paris Express long term 44 Avenue des Champs-Elysées, Paris

10 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 119 I. Our strategic vision

CHANGES CLIMATE IN USES EMERGENCY The digital revolution has blurred the boundaries between our professional and Real estate is the sector that emits the second most CO2, after transportation. personal lives. Our habits are changing at an unprecedented speed. We are more We can no longer avoid the vital need to limit our environmental impact, which has mobile, more ﬂexible and more demanding about our well-being at work. The more become for our clients an essential criterion in their choice of living spaces. digitized the economy becomes, the more important the need for connections and human relations. Living spaces must adapt rapidly to these changes. Our answer? Taking ever increasing action on the issue and innovating constantly to seize new opportunities.

68% 1/3 2.9 25% 84% 2050 of employees equipped jobs could change years is the lifespan of an of CO2 emissions of French people believe year targeted for with smartphones report dramatically over employee’s technical skill in France come that the value of a real achieving carbon using them for work the next 15 to 20 years today, compared to from real estate estate asset will depend neutrality in France during their free time 22 years in 1970 on its energy performance in the near future

Impact Impact of the changes in uses on… of the climate emergency on…

… the Parisian market … living spaces … the Parisian market … living spaces

New modes of Need to transform A new consumption of Well-being at work Strengthening the construction methods A strong expectation Changes in behavior transportation, new the city and living spaces space by companies: and the work-life balance commitments and and lifestyles to climate from our clients to among our clients, and a possibilities of work, to introduce new services activities that require of central importance to regulations of the City change to make the city improve our need for tools to reduce consumption and less sq.m, but an companies in order to of Paris in the fight resilient environmental energy consumption in entertainment Increasing social increased need for attract and retain the best against climate change, performance and to buildings while increasing demand and political will collaboration and sharing talent the preservation of Expansion of major preserve health and their comfort Development of for a more open and spaces. biodiversity and the renewable energy biodiversity co-working, within inclusive city promotion of the circular infrastructures in the the heart of Paris economy central zones: district (Bourse, Réaumur, heating and cooling transport hubs, etc.) Need to adapt developed by the City neighborhoods, of Paris

Our strengths Our strengths High quality in relations and services, Pioneers of sustainable innovation

adapted to the changing needs -35.7% CO2/sq.m since Global Real Estate Partnerships for 2008 Sustainability Benchmark sustainable innovation: Our relational brand, Our networked A process of innovation Nine projects supported Centrality (prevention of investment in the Paris YouFirst, to develop a buildings (Étoile, Monceau to change our value offer by our internal carbon fund urban sprawl) and Fonds Vert fund, long-term high-quality Courcelles, etc.) to pool (occupants’ well-being, Recognition of our CSR renovation rather than partnerships with relationship with our spaces and services enhancement of spaces, performance: Maximum demolition and Paris&Co and Wilco clients and to create personalization of rating by the Carbon reconstruction to Employees mobilized services with high added services) Disclosure Project and minimize emissions and improvement tools value for them MSCI, 92/100 on the from construction put at their disposal L1ve - 75 avenue Citylights and Tour Horizons, de la Grande Armée, Paris Boulogne-Billancourt

1012 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 13 I. Our strategic vision

Impact Impact of the changes in uses on… of the climate emergency on…

… the Parisian market … living spaces … the Parisian market … living spaces

Our strengths Our strengths High quality in relations and services, Pioneers of sustainable innovation adapted to the changing needs -35.7% CO2/sq.m since Global Real Estate Partnerships for 2008 Sustainability Benchmark sustainable innovation: Our relational brand, Our networked A process of innovation Nine projects supported Centrality (prevention of investment in the Paris YouFirst, to develop a buildings (Étoile, Monceau to change our value offer by our internal carbon fund urban sprawl) and Fonds Vert fund, long-term high-quality Courcelles, etc.) to pool (occupants’ well-being, Recognition of our CSR renovation rather than partnerships with relationship with our spaces and services enhancement of spaces, performance: Maximum demolition and Paris&Co and Wilco clients and to create personalization of rating by the Carbon reconstruction to Employees mobilized services with high added services) Disclosure Project and minimize emissions and improvement tools value for them MSCI, 92/100 on the from construction put at their disposal L1ve - 75 avenue Citylights and Tour Horizons, de la Grande Armée, Paris Boulogne-Billancourt

12 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 1311 I. Our strategic vision

Ofﬁce shortages in the central zones Growing appetite for residential assets

The Paris Region’s office real estate market trends were The trends are also favorable for us in the residential once again marked by a solid performance in terms of markets given the structural supply deficit in the housing rental transactions, in a context of strong supply-side supply, particularly in Paris, where the available supply shortfall, particularly in the heart of Paris. While the does not meet the rental demand in the heart of the city, volume of rental transactions is declining in comparison close to places of work and leisure. to 2018, it is still slightly above the long-term average, In an environment where the interest rates have been while immediate supply is close to an all-time low, consistently low, residential sales are widely exceeding particularly in Paris, where it represents a stock of only the “Peak” levels of 1999-2007, up nearly 11% over one year 372,000 sq.m, corresponding to just five months of at the end of October 2019. After growing by 3.1% in the lettings at current rates. For Paris City, the vacancy rate Paris Region in 2018, average real estate prices at the end is still around 2%, stable compared with end-2018 and of September 2019 had increased by 3.6% over 12 months, Campus Rose de Cherbourg, La Défense close to an all-time low. reflecting strong market momentum, caused by both private individuals but also by institutional investors, whose appetite for the sector is increasing. The trend is The market Market rents on the rise in the center particularly pronounced in Paris City, where the average and West of Paris price now exceeds €10,000/sq.m at the end of September 2019, up by 6.1% over 12 months. This upward As a result, rents are trending up. Cushman & Wakefield trend is expected to continue in 2020, unless there is a is favorable point out that the trend in new or restructured offices in reversal in household economic confidence or a almost all areas was favorable (and especially +5% in deterioration in the conditions for granting credit. Paris City and +8% in the Western Crescent). The upward in our preferred trend in secondary rents is also significant (+5% on average), particularly in the most central areas that we favor, notably in Paris City (+11% over one year) and the areas Western Crescent (+3%), whereas the trends are stable in the inner rim and in the outer rim where we have little Centrality, scarcity: the trends involvement. in the Parisian commercial and There is a supply-side shortfall in Paris, because Paris residential market remain favorable accounts for 40% of take-up, but just 14% of immediate Offices Residential this year in the most central areas supply, with this ratio reversed for the Paris Region’s At the end of 2019, we manage an At the end of 2019, we manage of the Paris Region, where we have other sectors. The shortage in terms of immediate office and retail portfolio of nearly a housing portfolio of nearly chosen to concentrate the main supply for Paris is therefore supporting pre-lettings 1,600,000 sq.m, including more than 445,000 sq.m of which more than part of our property portfolio. upstream from deliveries, as well as reversion potential, 1,400,000 sq.m in operation. 430,000 sq.m is in operation which is growing, especially in the heart of Paris. We note that this momentum in the market is currently enabling us to observe a potential rental increase of around 10% between the rents in our portfolio and the 63% 34% 77% market rents observed in the most central areas of the (in value) in the Paris Region, (in value) Paris Region, particularly in Paris City (with reversion in Paris City of which 31% are in in Paris City potential). the Western Crescent and La Défense

21% 3% 1% in the Paris Properties with ﬂ oor space in the other regions in the other regions Region of more than 10,000 sq.m and abroad representing 68% of our portfolio in operation Student residences At the end of 2019, we manage 18 student residences, 10 of which Properties with less 16 % are in the Paris Region and 8 in than 5,000 sq.m of of the portfolio the rest of France, i.e. nearly ﬂ oor space now comprises account for only 16 % properties of our property between 5,000 3 Avenue Octave Gréard, Paris portfolio and 10,000 sq.m 3,200 beds

1412 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 15 I. Our strategic vision

Ofﬁce shortages in the central zones Growing appetite for residential assets

14 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 1513 I. Our strategic vision

A fast-changing model Acquire Transform

Seize investment opportunities Respond to new habits with high potential with responsible buildings

By seizing investment observed in both Urban real estate users obsolete and Yesterday opportunities with high the office and housing look for a desirable central environmentally low- potential for value segments: the desire location, environmentally performing buildings. creation, we want to for centrality. friendly, that delivers These responsible, flexible Collecting strengthen our presence Thanks to the know-how well-being and economic and sustainable buildings in the most central areas of our teams, performance. With the generate well-being and rents of the Paris Region and we can identify largest pipeline of office productivity for their capture new opportunities and seize these acquisition projects in the heart of occupants. Thus, in the Our strategy in for value extraction. opportunities under Paris and with ambitious face of the challenges of We are thus supporting conditions that meet housing unit projects, metropolization and a fundamental trend our requirements. we conduct the climate issues, we are the service of transformation of existing supporting the transition buildings, which are of the city towards a intended to replace sustainable modernity. sustainable Since the end of 2014 €328 m of acquisitions in 2019 performance Collecting A total pipeline of around rents €3.7 bn and 15 projects delivered in 2018 To support the development of the heart and 2019 of the city, we rely on the recognized Managing expertise of our teams and on four assets central pillars of value creation. We do not only strive to optimize proactively the performance of our investments, in particular the total return on our capital. We strive to create societal Active manager of our property assets. and environmental value. A total return approach centered around four value-creation pillars for sustainable urban modernity Support Sell (Acquire, Transform, Support, Sell)

Placing the user at Continually reinventing the heart of our attention our property portfolio

The user, and with them Sustainable innovation To optimize the allocation This demand for portfolio the new habits in urban is a key driver for us. of our capital, and to rotation injects a Building the future real estate, is at the heart It allows us to support strengthen the beneﬁcial momentum of our model. Through the our clients in the city of positioning of our property into our strategy: it deployment of our tomorrow and responding assets in the most central requires us to constantly Collecting YouFirst relational brand, to their emerging areas, we are particularly reinvent our property we are focusing on the expectations, all while active in the market portfolio. rents quality of the relationship promoting the CSR and for the disposal of mature with our clients, the operational performance or non-strategic assets. networking of our of our property portfolio. Managing property portfolio, assets and the development of proactively high value-added services. €1.2 bn of assets disposed or under preliminary Developing agreements in 2019 €20 bn services of property assets (a value increase of 7% on a like-for-like basis in one year)

1416 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 17 I. Our strategic vision

A fast-changing model Acquire Transform

Seize investment opportunities Respond to new habits with high potential with responsible buildings

Placing the user at Continually reinventing the heart of our attention our property portfolio

16 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 1715 I. Our strategic vision

Trends

METRO- CHANGES CLIMATE POLIZATION IN USES EMERGENCY

Our resources Our strategy Our value creation Building

the living Human Economic

513 employees on an FTE basis (1) Recurrent net income Integrated expertise per share of €5.95, spaces of up +0.3% EPRA NAV per share of €175.8, up +8.8% tomorrow Intellectual Transform Support €673.5 million of gross Expertise in property rents dedicated management Environmental to our clients Portfolio –35.7% CO2/sq.m since €20.1 billion in property assets 2008 More than 2.1 million sq.m The equivalent of 37% of Our business our surface area is LEADING PRIVATE vegetated Acquire LEADING OWNER OF OFFICE Sell model RESIDENTIAL LESSOR SPACE IN EUROPE 416 tons of CO2 avoided Economic IN PARIS through reuse €7.2 billion of debt LTV(2) including duties of 34.0% €228 million of capex Societal 65% of Gecina office buildings contributing to Societal SERVING the productivity of their 72% of office surface area 100,000 occupants awarded HQE Operations Centrality, CLIENTS Around 3,500 indirect scarcity, jobs generated by certification Integrated network effect Gecina’s business 176,000 sq.m of surface area expertise awarded or acquiring of real-estate the WELL label assets Over 200,000 sq.m of surface Customer area awarded or acquiring the BiodiverCity® label lifetime value Launch of the CRM with training for 160 employees to Environmental A key player A relational enhance our relationship 1/3 of estimated office capex in terms of CSR brand with clients to improve CSR performance of assets Nine projects supported by our internal carbon fund

(1) Full-time equivalent. (2) Loan to Value. Our strengths

1816 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 19 I. Our strategic vision

Trends

METRO- CHANGES CLIMATE POLIZATION IN USES EMERGENCY

Our resources Our strategy Our value creation Building the living Human Economic

(1) Full-time equivalent. (2) Loan to Value. Our strengths

18 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 1917 As an integrated player, we know how to create economic, societal and environmental value at each stage of our skills chain. We constantly improve the design and performance of our property portfolio. By renovating and transforming the existing assets and by designing latest-generation projects, we continually strengthen the quality and density of our network of locations and services, in order to better meet the needs of our clients and of the city and its inhabitants.

I. OurNotre strategic vision stratégique vision { p. 08 { p. } 06 }

II.Our creation of ﬁ nancial and non-ﬁ nancial value

III. OurNos fundamentalsfondamentaux for pour sustainable une croissance growth durable { p. 30 }{ p. 28 }

2018 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 21 As an integrated player, we know how to create economic, societal and environmental value at each stage of our skills chain. We constantly improve the design and performance of our property portfolio. By renovating and transforming the existing assets and by designing latest-generation projects, we continually strengthen the quality and density of our network of locations and services, in order to better meet the needs of our clients and of the city and its inhabitants.

I. Our strategic vision { p. 08 }

II.Our creation of ﬁ nancial and non-ﬁ nancial value

III. Our fundamentals for sustainable growth { p. 30 }

20 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 2119 II. Our creation of ﬁnancial and non-ﬁnancial value

Economic value Societal value Expected yield on the Creation of a range of We acquire We transform estimated investment services that facilitate in the pipeline of 5.5%, well-being with the compared to the 3.2% deployment of the to create to create weighted premium rate YouFirst brand, and the at the end of 2019 Well and WiredScore Bancelles - 153 rue de Courcelles, Paris Additional rental potential certifications value value of €130 to €140 million Through our objective of from the pipeline reducing our CO2 committed or to be emissions by 60% by committed (vs. rents 2030, we are contributing We are strengthening In the densely inhabited city, at the end of 2019) to and going beyond the our network of buildings Economic value Societal value transforming existing 26% of committed pre-let aims of the City of Paris, in the heart of Paris with €8.2 billion of Acquisitions on land buildings is a powerful lever projects which is targeting a 50% assets that have significant acquisitions made since under sustainable for accelerating the energy 250,000 sq.m delivered reduction potential for sustainable 2015, of which transformation, such as transition and responding to in 2018 and 2019, Transformation of offices refurbishment. €328 million in 2019 the Porte Maillot to Étoile new habits. 82,000 sq.m in 2020 into housing units being 72% located in locations axis and 2021 evaluatued, and strategic for the Group Withdrawal from the development of new (Paris and Western market of energy- Environmental value housing units in dense Crescent) inefficient buildings for An average of 67 kWhEF/ areas affected by a €193 million of value- the purposes of sq.m/year for our shortfall in rental housing enhancements following responsible development projects, i.e. (65,000 sq.m) valuations of assets transformation 3 times less than the Carré Michelet, the first acquired since 2015 Strengthening our average consumption of building to reach the €3.7 bn 7 of 13 assets acquired network of buildings to in projects committed, an office in France highest level of well- since 2015 have create a full range of to be committed or likely Six certifications and being according to the undergone, are services across labels targeted: HQE “Intangible Value and undergoing or will the territory Green Building – Excellent Well-Being of Occupants” undergo restructuring to $20 million invested or Exceptional, LEED Gold evaluation create value in the Fifth Wall fund, 5,5% or Platinum, BiodiverCity, Temporary urban dedicated to real estate of estimated yield on costs BBCA Renovation, Well planning actions: Environmental value technologies, and and WiredScore 150 emergency housing €8.2 bn Assets with significant €5 million in the Paris Restructuring rather than places made available to of acquisitions since 2015, potential for responsible Fonds Vert fund, demolishing and families and women of which €328 million transformation dedicated to sustainable €780 m reconstructing from being discharged from in 2019 Assets in the most cities of value creation on assets scratch in order to limit maternity wards in a delivered in 2018 central areas in order to Studying investment the environmental impact property in Paris awaiting and 2019 limit greenhouse gas opportunities in the of the construction restructuring in emissions associated residential segment Reuse of 83 tons of partnership with the 52% with commuting and in order to create an materials in development non-profit organization of acquisitions since 2015 (excl. Eurosic) have been, urban sprawl extensive residential 67 projects, both in progress France Horizon are or will be the subject of offering for the Parisian kWhEF/sq.m/year and delivered over the a value-creation operation middle classes for projects on average year, i.e. the equivalent of 416 tons of CO2 avoided

Building swaps to acquire high-potential assets Bancelles, an iconic project in the Paris CBD

We have developed expertise asset accumulation. Thus, in 2019 the heart of Paris, in exchange for a For a total investment of environmental responsibility: it is auditorium, restaurant, gym, in conducting asset swaps we acquired for €306 million mature Parisian building. €377 million and with an expected pursuing a goal of carbon concierge, modular spaces, parks, with institutional partners. excluding duties a 34,000 sq.m proﬁtability (yield on cost) of 5-6%, neutrality by relying on the etc. In return for the sale of mature building in the heart of Neuilly, the Bancelles project offers production of renewable energies assets with high rental visibility and on the strategic axis that connects signiﬁcant potential for value and aims to achieve 5 labels low value creation, we acquire the central business district to creation in a very dynamic (WiredScore, LEED Platinum, assets with high potential for future La Défense. environment at the heart of the BiodiverCity, Well, HQE Green value creation. These transactions We have also since then secured Parisian CBD. After restructuring, Building – Excellent or are facilitated by the depth and size a new operation allowing us to 34,000 sq.m its space is expected to increase Exceptional). Finally, opening onto of our portfolio and by our strategy, become the majority holder in a for €306 million by 45%. The project has great the city, it will offer services that excluding duties which focuses on the total return to high-potential premium asset in ambition in terms of promote the well-being of users:

2022 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 23 II. Our creation of ﬁnancial and non-ﬁnancial value

Building swaps to acquire high-potential assets Bancelles, an iconic project in the Paris CBD

22 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 2321 II. Our creation of ﬁnancial and non-ﬁnancial value

Economic value Nine decarbonization 1,910,000 sq.m. of projects supported by We support buildings in use, offices the internal carbon fund We sell or housing units €200 million of Societal value to create investments identified More than 5% of our to create to improve the quality of Parisian property assets our buildings in could eventually be value operation, and to capture dedicated to flex offices, value Le Building - 37 rue du Louvre, Paris potential for reversion on i.e. more than the residential segment 40,000 sq.m, in order to €59 million of increase the economic As a long-standing player, we manage maintenance capex in performance of the Our choice of disposals is as impactful the living and working spaces that 2019 to maintain and assets as our acquisition strategy. It allow us we design and build over the long-term. improve our office 65% of our office surface to strengthen our presence in our Economic value Environmental value This is a tremendous opportunity buildings appeal areas contribute more to preferred areas, meet the needs of €1.2 billion in disposals Planned sale of assets on for us to create value. the productivity of their centrality and contribute to the city’s made in 2019 or under which the environmental Environmental value occupants than a energy transition. preliminary agreements value has already been –35.7% greenhouse gas standard building with an average premium optimized (17 kgCO2/ emissions, that is –3.6% 73% of the major works on the latest valuations of sq.m/year on average per year between 2008 contracts with our around 12% compared to 21.7 kgCO2/ and 2019 suppliers incorporate With an average sq.m/year for office The equivalent of 37% of CSR criteria deprivation rate of buildings) the surface area of the €5.5 bn around 3.6%, reuse of These disposals allow us plots of our property of disposals made since 2015 or currently capital through the to strengthen our €673.5 m assets is vegetated at under preliminary agreements pipeline (with an presence in the most of gross rental income in 2019 in-ground equivalent of which €1.2 billion in 2019 expected yield of 5.5%) densely populated and (+2.4% on a like-for-like basis) and all sites with green Contribution to best-served areas, which space have a biodiversity strengthening the helps to limit greenhouse profile completed robustness of the Group’s gas emissions from €366 m balance sheet with an commuting routes and 1,910,000 sq.m. of premiums on valuations, LTV now at 36% excluding to avoid urban sprawl of buildings in use of which €128 million in 2019 duties (compared to 42.4% at the end of 2017) Societal value Thanks to the disposal of Contribution to energy non-strategic assets, we renovation through the 100,000 73% have strengthened the disposal of buildings that clients of disposals realized in 2019 exposure of our office are high performing in outside Paris portfolio in the most terms of CSR to players central areas: from 55% who do not have our (€3.5 billion) in the heart know-how in responsible 72% of Paris at the end of 2014, transformation of the office surface area is HQE 17 kg CO2 Operation or BREEAM in Use certified, /sq.m/year for assets sold to 63% (€10.3 billion) at whereas 9% of all Parisian office surface (vs. 21.7 kgCO2/sq.m on average the end of 2019 areas are certified 16 rue des Capucines, Paris within our portfolio)

We are accelerating the development of the residential sector Managing our property assets in a dynamic and responsible manner

We will devote more than HQE – Exceptional, BBC Effinergie project, we affirm our ambition to Disposals of mature assets with value creation thanks to a gas emissions by 24% and increased €300 million to create value by Renovation, an EPC level B in strengthen this operational and high rental visibility and low value restructuring, completed in 2004, the contribution of the building densifying and renovating our energy and C in greenhouse gases financial performance momentum creation through exchanging assets and the asset management work to biodiversity. residential property assets. We aim and BiodiverCity. by positioning ourselves to be able with institutional partners allow us of our teams. for the highest market standards to We also want to help strengthen to seize potential growth and value to acquire assets with high This operation is expressed improve the comfort, services and the rental supply of housing units creation opportunities in the potential for future value creation. as a premium on the latest the living environment of our aimed at the middle classes, which residential sector. In 2019, for €238 million excluding valuations, accretive on clients, thus capturing the potential is now insufficient in the most duties, we disposed of two “core” the Group’s NAV. Furthermore, for rental reversion. The energy densely populated areas, buildings which offered solid rental the improvement work on the most optimization potential should allow particularly in the Paris Region. visibility, but from which we had significant building involved in us to obtain the labels NF Habitat Through our subsidiarization already captured the potential the exchange reduced greenhouse

2422 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 25 II. Our creation of ﬁnancial and non-ﬁnancial value

We are accelerating the development of the residential sector Managing our property assets in a dynamic and responsible manner

24 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 2523 24 26 –

II.

Our answers Our shared expectations Our creation of financial and non-financial value non-financial and financial of creation Our

– U Expectations stakeholders met 470 investors than More 2019 in share per €5.60 of Dividend AFEP-MEDEF the with Compliance = 12.2% (TPR) return Total portfolio (TSR) return Total shareholder Financial and stock-market corporate with Compliance in 2019 Code = 46.1% performance transparency principles governance and ﬁnancial strategy Implementation of the ﬁnancial niversal Registration Document 2019 Our interactions with them them with interactions Our with our our with are underpinning our our are underpinning and lenders to our stakeholders. to stakeholders. our

shared strategic choices. Investors We are listening We are listening

use mixed are buildings our of 44% in units housing 6,000 Around Conﬁ rmation of the development Local presence of brands and city tolerant socially and Culturally targeting the middle classes middle the targeting and the Paris Region Paris City of the residential business companies residentialaffordable rental offer and high-quality classes, to middle accessible city, Inclusive Citizens Investors (dividends) Public authorities (Foundation endowment) organizations, NGOs and Influencers, localcommunities, non-profit Employees (employee expenses) Peers, competitors professional and associations(acquisitions) Suppliers (operating development and expenses) Peers, competitors professional and associations(disposals) Clients (rents recharges and to tenants) Lenders (financial expenses) Lenders (financial 0.5 Outgoing flows (inbillioneuros) Incoming flows (inbillioneuros)

41.1 102.2 106.1 327.5 364.2 Around 3,500 indirect jobs 3,500 indirect Around and taxes levies, €102.2 million CO of –36% jobs local of Creation and taxes levies, of Payment contributions paid contributions contributions renewal to urban and territory, the of appeal to the heritage, of preservation to the transition, to the energy Contribution Public authorities Public 405.1 2 /sq.m since 2008 since /sq.m 819.3 892.5

Our answers Our shared expectations Our answers Our shared expectations

into individual bonuses into individual incentive and schemes 16% proﬁ to allocated t-sharing/ expenses employee total of 18% Index Equality on the Professional Gender 92/100 employee per training of hours 35 Residence YouFirst for 70% Campus; YouFirst for from outgoing clients rate80% of recommendations and targeted offers results brand of use users, 100,000 for brand relational YouFirst ofthe our satisfaction clients reﬂ rate vacancy Low ecting Attractive compensation Attractive professional gender equality and work at Well-being employability skills, Professional development by city the of heart the in units housing Quality relations customer of continuity and service customer of Quality innovation services, available CSR, centrality, high-quality comfort, assets: real-estate the of Quality Employees Clients communities, non-profit non-profit communities, organizations, and NGOs organizations,

Gecina’s societal commitments Gecina’s societal together brings which label, Launch of the UtilesEnsemble accommodation emergency for proposed 150 units partners local with 2008 since Foundation Corporate the on spent €2.7 million reporting our fi nancial and non-fi nancial of quality the for award gold EPRA neutral remaining or buying recommend analysts of 87% to analysts according players CSR advanced most the of One outlook) stable (A3 Moody’s and outlook) stable (A– &Poor’s Standard footprint environmental the of Reduction impacts societal of Development impacts local of Optimization Approachability of management information of financial and non-financial and comparabilityExhaustiveness transparency and balance financial for Respect Influencers, local local Influencers, Rating agencies and analysts Wall in Fifth the Investment real European the of Co-founder FSIF the of member Active

innovation in real estate real in innovation on focused fund Ventures CSR and to innovation dedicated think tank companies’ estate Foundation Palladio the of and association process purchasing the responsible forSupport suppliers vis-à-vis receipt of invoice upon 35 days of deadline Payment Generalization of calls for tenders projects of partnership Co-construction relationship Compensation and balanced process selection the and Clarity of speciﬁcations practices best of exchangebenchmarks, sectoral of Application sector the of proﬁle the up building and Participation in public debates disposals and acquisitions for Opportunities

– Peers, competitors competitors Peers, U and professional niversal Registration Document 2019 – associations Suppliers 27 26 –

II.

Our answers Our shared expectations Our creation of financial and non-financial value non-financial and financial of creation Our

shared strategic choices. Investors We are listening We are listening

Our answers Our shared expectations Our answers Our shared expectations

70% for YouFirst Residence YouFirst for 70% Campus; YouFirst for from outgoing clients rate80% of recommendations and targeted offers results brand of use users, 100,000 for brand relational YouFirst ofthe our satisfaction clients reﬂ rate vacancy Low ecting into individual bonuses into individual incentive and schemes 16% proﬁ to allocated t-sharing/ expenses employee total of 18% Index Equality on the Professional Gender 92/100 employee per training of hours 35 Attractive compensation Attractive professional gender equality and work at Well-being employability skills, Professional development by city the of heart the in units housing Quality relations customer of continuity and service customer of Quality innovation services, available CSR, centrality, high-quality comfort, assets: real-estate the of Quality Employees Clients communities, non-profit non-profit communities, organizations, and NGOs organizations,

innovation in real estate real in innovation on focused fund Ventures CSR and to innovation dedicated think tank companies’ estate Foundation Palladio the of and association process purchasing the responsible forSupport suppliers vis-à-vis receipt of invoice upon 35 days of deadline Payment Generalization of calls for tenders of best practices best of exchangebenchmarks, sectoral of Application sector the of proﬁle the up building and Participation in public debates disposals and acquisitions for Opportunities projects of partnership Co-construction relationship Compensation and balanced process selection the and Clarity of speciﬁcations

– Peers, competitors competitors Peers, U U and professional niversal Registration Document 2019 – niversal Registration Document 2019 – associations Suppliers

2725 II. Our creation of ﬁnancial and non-ﬁnancial value

People remain Our participation the core element in the life of the city of our values Life in the city

Wage and professional Provision of a building in equality: closing of wage transition for emergency th gaps, a role for women accommodation (Paris 14 within the executive Arrondissement)

bodies (Board of Directors, Rounding-up on salary to Executive Committee), etc. fund non-proﬁt organizations

of workspaces and digital Founding member of the tools, etc. “un immeuble, une œuvre” program Acting Wage equality: €0.5 million Reﬂection on the city and 92/100 Professional habits

coherently Equality Index Strengthening of our think Grand Prix de la Mixité tank dedicated to innovation (Grand Equality Prize) and CSR with the arrival of Our responsibility for & Jury Trophy of the Castellum (i.e. seven European the environment, the attention Forum Immo Parité real estate members) we pay to our employees, and (Equality in Real Estate Support for the University our involvement in the life of the Forum) Life in the city of the City of Tomorrow city are all facets of the same Disability: 9.3% of the Stakeholders, (Palladio Foundation) social and societal commitment. workforce (6% legal urbanism Gecina will formalize its purpose threshold) Support for the Fondation in 2020 with Solidarity Day involving du Patrimoine with all employees in €5 million (over 3 years) to conjunction with partner the program “Plus jamais associations ça !” to preserve the heritage of the Paris Region under threat

Our Environmental commitment

Four pillars: low carbon, biodiversity, circular economy, well-being –35.7% in CO2/sq.m since Environment A foundation 2008 to act Green loans: €910 million, i.e., 20% of With the creation of a single the bank debt corporate foundation, the action Climate Collage & Partner of the Fondation Gecina (Gecina of the International Foundation) is clariﬁ ed. A new area Weather and Climate of action, of housing for all, is added Forum (IWCF) to the three other areas, which are Financial and disability, environment and GRESB: 92/100 and preservation of heritage. Carbon Disclosure operational Project “A-List” Endowment of the Foundation Internal carbon fund: performance (€1 million/year) 9 projects supported

2826 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 29 II. Our creation of ﬁnancial and non-ﬁnancial value

People remain Our participation the core element in the life of the city of our values Life in the city

Wage and professional Provision of a building in equality: closing of wage transition for emergency th gaps, a role for women accommodation (Paris 14 within the executive Arrondissement) bodies (Board of Directors, Rounding-up on salary to Executive Committee), etc. fund non-proﬁt organizations

Disability: recruitment, Partnership between the support, and retention Fondation du Patrimoine and People, the Gecina Foundation in in employment employees Diversity (diversity order to secure endangered charters, LGBT) heritage sites in the Paris Complete transformation Region of workspaces and digital Founding member of the tools, etc. “un immeuble, une œuvre” program Acting Wage equality: €0.5 million Reﬂection on the city and 92/100 Professional habits coherently Equality Index Strengthening of our think Grand Prix de la Mixité tank dedicated to innovation (Grand Equality Prize) and CSR with the arrival of Our responsibility for & Jury Trophy of the Castellum (i.e. seven European the environment, the attention Forum Immo Parité real estate members) we pay to our employees, and (Equality in Real Estate Support for the University our involvement in the life of the Forum) Life in the city of the City of Tomorrow city are all facets of the same Disability: 9.3% of the Stakeholders, (Palladio Foundation) social and societal commitment. workforce (6% legal urbanism Gecina will formalize its purpose threshold) Support for the Fondation in 2020 with Solidarity Day involving du Patrimoine with all employees in €5 million (over 3 years) to conjunction with partner the program “Plus jamais associations ça !” to preserve the heritage of the Paris Region under threat

Our Environmental commitment

28 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 2927 Our ability to project ourselves forward over time is I. Our strategic vision { p. 0806 } based on a solid foundation. We are a collective force that draws its energy from having a clear mission, II. Our creation of financial and non-financial value { p. 2018 }} driven forwards by men and women from a range of different backgrounds. Closely involved in the development of the company’s strategy, our governance is united around a common project and a shared vision of the future.

III.Our fundamentals for sustainable growth

3028 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 31 Our ability to project ourselves forward over time is I. Our strategic vision { p. 08 } based on a solid foundation. We are a collective force that draws its energy from having a clear mission, II. Our creation of financial and non-financial value { p. 20 } driven forwards by men and women from a range of different backgrounds. Closely involved in the development of the company’s strategy, our governance is united around a common project and a shared vision of the future.

III.Our fundamentals for sustainable growth

30 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 3129 III. Our fundamentals for sustainable growth

In 2019, we conducted an audit of the Human Resources Department involving some 50 employees and committed to a significant transformation of our Human Resources policy around three objectives: supporting our employees, developing a common culture around our strategic plan and safeguarding Gecina’s growth and positioning. With this new policy, we aim to meet the highest standards of our internal clients’ expectations and market practices. The new organization of our L1ve - 75 avenue de la Grande Armée, Paris 16 rue des Capucines, Paris operational departments, set up in 2018, also goes Our collective in the direction of better responsiveness since each portfolio now benefits of the skills key to the real estate For a culture Promote diversity business, which are Asset management, Property of accountability within teams strength management and Technical Management. In addition, we have strengthened our skills in several In October 2018, we launched a management training For many years, we have been committed to a voluntary areas: purchasing, with the creation of a dedicated program called “PEPS” (Share, Train, Progress, Realize), approach to professional equality and to diversity, which dedicated management; marketing, in connection with the aimed at all individuals managing at least one involves all employees. We received a score of 92/100 deployment of the YouFirst brand and services, employee, including the Executive Committee. for the first year that the index of professional equality including in their digital dimension; technology, These employees have been engaged in the training between women and men was implemented, to supporting to improve the technical quality of our buildings; for eight days over the last 18 months, particularly and we maintain our first place in the Ethics & Board Audit & Risks; Research & Innovation; and, finally, in the context of co-development workshops. ranking for the feminization of the governing bodies. Human Resources. The principles of the PEPS training are now being This year for the first time, a partnership with a Priority our mission deployed to all employees, who are trained using Education Network (Réseau d’éducation prioritaire) We know that our human the same methods in order to develop accountability school was developed in order to educate the students resources are a key factor and a common culture. of a 9th grade class (14-15 years of age) about in guaranteeing a high level the real estate business and the requirements of performance to our clients. Anticipate our needs of the professional world. We are also pursuing In a rapidly changing context, and attract the best our active policy for the employment and professional the development of our talents 80% 408 30 inclusion of people with disabilities. The promotion is therefore an essential pillar Within the context of the transformation of our business satisfaction employees employees of diversity and equal opportunities is indeed a major of the transformation of our lines and the expectations of our clients, we need to rate for the trained through promoted focus of our social policy. In 2019, the employment rate company and the changes of identify exactly what skills we have today and what skills PEPS training PEPS of people with disabilities at Gecina was significantly our business. we will need to mobilize tomorrow. In order to define program higher than the legal rate: at 9.3%. dynamic reporting standards covering all our business lines and to better organize the recruitment, retention and development of our talents to offer a quality service to both our external and internal clients, we launched 92/100 9.3% a project with almost 200 people in the Company. on the index of of employees with Furthermore, we are continuing to invest decisively professional equality reported disabilities in the development of the employability of between women and men our employees in order to support the implementation of the YouFirst brand and services and the new Strengthening employee-management associated tools and processes. In addition, a new relations integration program was unveiled in September 2019: over a period of one month, it alternates sharing of Employee-management relations have undergone technical knowledge and common values and a process of renewal with the implementation of developing the well-being of our employees. the CEC (Company Economic Committee) in April 2019. Following this implementation, all staff representatives received training. Employee-management relations are now shared with all managers, which allows relations to 80% 28 96.3% improve in quality and efficiency in a context where it is of directors jobs created over of employees an indispensable lever for the management of change. covered by the year, of which attend at least the succession 27 have one training plan completed their course during probation period the year 49.8% 22 participation in meetings of employee professional elections as representative bodies in part of the implementation 2019 (CE/DP/CHSCT/CSE) of the new Company and Economic Committee (CEC)

3032 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 33 III. Our fundamentals for sustainable growth

32 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 3331 III. Our fundamentals for sustainable growth

The objective of diversifying its structure, particularly in Committed terms of qualiﬁcations and professional experience, was further strengthened at the beginning of 2020 with the Board appointment of an Observer, Mr. Jérôme Brunel, whose Bernard Carayon skills, in particular in terms of Governance, CSR and Chairman Méka Brunel Public Affairs, represent a strong addition to the existing of the Board of Directors Chief Executive Ofﬁcer skills of the Gecina Board of Directors. of Directors In 2019, the directorships of Ms. Dominique Dudan and the company Predica, represented by By bringing together recognized, varied Mr. Jean-Jacques Duchamp, were also renewed. and complementary skills, the Board of Directors works effectively, thanks to the regular attendance of its members, to develop the Group’s strategy, which is directed towards the future and is focused on the client. Jérôme Brunel Laurence Jean-Jacques Dominique Sylvain Fortier Areas of expertise of the Directors Observer Danon Arnaud Duchamp Dudan Permanent Independent Permanent Independent representative of Administration and Management 10 director representative director Ivanhoé Cambridge International experience 10 of Predica, Director Inc., Director Real estate 8 Finance and Accounting 8 Banking and Insurance 6 10 Risks and Audit 5 directors Human Resources 4 CSR 4 New and Digital technologies 4 60% Law 3 of independent directors Gabrielle Gauthey Claude Gendron Jacques-Yves Inès Reinmann Independent Director Nicol Toper director Independent Independent 50% director director breakdown between men and women

Number of corporate Number of shares offices held in listed End of Membership held in the companies Start of present Years of Board Board meeting of one or more Directors Age Gender Nationality Company outside Gecina Independent term term membership attendance rate Committees Average seniority Bernard Carayon, Chairman 70 M French 200 0 Yes 2018 2022 OGM 2 100% 6 years Méka Brunel, CEO 63 W French 28,425 1 2014 2022 OGM 6 100%

Laurence Danon Arnaud 63 W French 203 3 Yes 2017 2021 OGM 3 100% Term of office

Predica 9,986,026 65 M French 2 2002 2023 OGM 17 100% Represented by Jean-Jacques Duchamp (Predica) 4 years Dominique Dudan 65 W French 85 2 Yes 2015 2023 OGM 4 100%

Ivanhoé Cambridge Inc. 11,575,623 (Ivanhoé 54 M Canadian 0 2016 2021 OGM 3 86% Average age Represented by Sylvain Fortier Cambridge concert) Gabrielle Gauthey 57 W French 40 0 Yes 2018 2022 OGM 2 100% 63 years Claude Gendron 67 M Canadian 40 0 2014 2020 OGM 5 100%

Jacques-Yves Nicol 69 M French 45 0 Yes 2010 2022 OGM 9 100%

Inès Reinmann Toper 62 W French 46 1 Yes 2012 2020 OGM 7 100%

H : homme. F : femme.

3432 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 35 III. Our fundamentals for sustainable growth

Laurence Danon Arnaud 63 W French 203 3 Yes 2017 2021 OGM 3 100% Term of office

Predica 9,986,026 65 M French 2 2002 2023 OGM 17 100% Represented by Jean-Jacques Duchamp (Predica) 4 years Dominique Dudan 65 W French 85 2 Yes 2015 2023 OGM 4 100%

Jacques-Yves Nicol 69 M French 45 0 Yes 2010 2022 OGM 9 100%

Inès Reinmann Toper 62 W French 46 1 Yes 2012 2020 OGM 7 100%

H : homme. F : femme.

34 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 3533 III. Our fundamentals for sustainable growth

Specialized Committees Strengthening with varied skillsets

The committees play a supporting role as advisers to the Board of Directors. our team

By signiﬁcantly reorganizing the Executive Committee over the past few years, we have strengthened Gecina’s capacity to adapt in order to respond to challenges and capitalize Strategic Audit Governance, Appointment on future opportunities. Méka Brunel Committees and Investment Committee and Risk Committee and Compensation Committee Chief Executive Ofﬁcer

Structure 4 members, 6 members, 3 members, 1 of whom is 4 of whom are 2 of whom are an independent director: independent directors: independent directors:

Ivanhoé Cambridge Inc., Ms. Gabrielle Gauthey* Ms. Inès Reinmann Toper* Mr. Sylvain Fortier (Chairwoman) (Chairwoman) (Chairman) Ms. Laurence Danon Ms. Laurence Danon Ms. Méka Brunel Arnaud* Arnaud* Mr. Bernard Carayon* Ms. Dominique Dudan* Mr. Claude Gendron

Predica, Mr. Claude Gendron Valérie Britay Sabine Desnault Nicolas Dutreuil Christine Harné Julien Landfried Mr. Jean-Jacques Duchamp Predica, Executive Director Executive Director Deputy CEO Executive Director Executive Director Mr. Jean-Jacques Duchamp Ofﬁces R&D, Innovation in charge of Finance Human Resources Communications Ms. Inès Reinmann Toper* and CSR and Public Affairs

Number of meetings 6 5 5 in 2019

Overall attendance 96% 93% 100% rate

Main duties The Committee advises The Committee monitors The Committee examines Franck Lirzin Cyril Romain Veber Frédéric Vern the Board of Directors and the Company’s financial the terms and conditions Executive Director Mescheriakoff Executive Director General Counsel makes recommendations information, oversees of director and corporate Residential Executive Director Investments & relating to the determination the proper functioning officer compensation. Risks and Internal Developments and implementation of and effectiveness of It plays a role in the renewal Audit Company strategy proposed the internal control and risk of directorships, the selection by the Chief Executive management systems and of new directors and the Officer, as well as to major any significant off-balance appointment of executive projects and investments sheet commitments. corporate officers. It reviews and their impact on the It monitors the assessment the functioning of the Board accounts. It ensures that of the quality of service of Directors and its the major financial provided to tenants. Committees and makes indicators remain balanced proposals to improve and monitors the Company’s corporate governance. performance in terms of societal and environmental Gender 40% 35% responsibility. of women of women in the top 10% on the Executive Committee of positions with greatest parity responsibility * Independent Directors. For further information about the functioning, structure and work undertaken by the Board of Directors on the Board of Directors and its Committees in 2019, please refer to Chapter 4

3436 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 37 III. Our fundamentals for sustainable growth

Specialized Committees Strengthening with varied skillsets

The committees play a supporting role as advisers to the Board of Directors. our team

Structure 4 members, 6 members, 3 members, 1 of whom is 4 of whom are 2 of whom are an independent director: independent directors: independent directors:

Number of meetings 6 5 5 in 2019

Overall attendance 96% 93% 100% rate

36 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 3735 III. Our fundamentals for sustainable growth

A holistic approach Our main accomplishments in 2019 to risk management Concrete actions that will continue in 2020: In 2019, the Executive Management, under the guidance of the Chairman of the Board of Directors, continued to 1. Assumption of duties NAV, Recurrent Net analysis of market trends, conduct a shared review reinforce the holistic approach to risk management. by an Executive Director Income) pegged to and a detailed analysis of of investment dossiers This is indeed a key element in achieving the objectives of Risk and Internal Audit, the main exogenous assets held, taking into with all departments, in set by the Board of Directors and in keeping with member of the Executive parameters related to account risk factors the presence of the the predefined risk profile, which takes into account Committee as of January 1, the real estate market depending on the possible members of the Executive the Company’s long-term strategy and values. 2019. that could affect them, scenarios. Committee. At the strategic level, property portfolio turnover further including interest rate, strengthened our specialization in scarcity and central 2. Carrying out a risk margin and liquidity risks. 6. Prior risk and sensitivity 7. Continuous zones less exposed to risks of vacancy and declines in mapping exercise, analysis is carried out by optimization of processes the rental market and contributed to our deleveraging. integrating strategic risks 4. Update of the multi- the Risk Management and and strengthening of The risk management approach of this strategy was and action plans. year audit plan. Compliance Department internal controls. established with the active inclusion of the Audit, Risk The risk mapping was and reported at twice Management and Compliance Department in budget presented in the Executive 5. As part of the Group’s monthly meetings of the 8. Continuation of the reviews and in the committees making key decisions Committee, the Audit and dynamic asset-portfolio Development, Investment prevention of corruption Our risk about changes in the property portfolio (investments, Risk Committee and management, the and divestment, (development of risk developments, financing and commercialization). the Board of Directors. integration, twice a year, Financing, and mapping specifically on The involvement of the operational and functional of a risk assessment in Commercialization (DIFC) this topic) and awareness- management departments working with the Risk Management 3. Analyses for the main the budget review process Committee. This raising activities around and Compliance Department has made it possible to Group indicators (LTV, ICR, provides an in-depth Committee aims to ethics. integrate risk management into all activities, especially approach via our digital transformation. The system in place allows controls to be identified, analyzed and implemented with the involvement of all the departments. This work is shared with the Executive Management, as well as Our strategy is secured through the Chairman, the Audit and Risk Committee and our robust management of the Board of Directors, thereby enabling them to be financial and non-financial risks involved upstream of decision-making. and our identification of opportunities in an environment that is however still uncertain from a macroeconomic and geopolitical perspective, compounded by the latest uncertainty linked to the effects of the coronavirus for 2020. Matrix High of the principal risk factors

The following matrix sets out the Group’s principal risk factors and for each of them, gives the likelihood Legal dispute in Spain of their occurrence, along with the Real estate market and rates estimated extent of the negative impact on the Group, account taken of the risk control systems set up Corporate communication by the company and presented in and e-reputation Construction/development operations chapter 2. Human resources issues The strengthening of risk control Conduct of the transformation strategy systems and the risk management culture driven by the Executive Corruption

Management has helped to contain Estimated extent of the risk negative impact Legislative, regulatory Eco-design Cybersecurity a number of trends that are and political risk and eco-operation structurally on the up, and to signiﬁcantly reduce some risks that are no longer included in the matrix of principal risk factors. Low

Low Likelihood of occurrence High 16 rue des Capucines, Paris

3836 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 39 III. Our fundamentals for sustainable growth

Low Likelihood of occurrence High 16 rue des Capucines, Paris

38 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 3937 III. Our fundamentals for sustainable growth

Ratings Performance over 4 years Gecina vs. SBF 120, SIIC France and EPRA: comparative performance in terms of total shareholder return (TSR) over 4 years (base = 100) Standard & Poor’s: MSCI: AAA A– / stable outlook (in the top 10%) Gecina Moody’s: Sustainalytics: 70% A3 / stable outlook 88/100 (3rd in the sector) GRESB: 92/100 CDP: A-list Our stock 60%

50% market SIIC France SBF 120 40% performance, Data sheet 30% ISIN Code: Main indices: Nominal FR0010040865 • CAC Next 20, value: our fi nancial and • Mnemonic: GFC • SBF 120, €7.50 20% • Bloomberg Code: • Euronext 100, GFC FP • Cac Large 60 Capitalization 10% Epra non-fi nancial • Reuters Code: • FTSE4Good, at 12/31/2019: GFCP.PA • DJSI Europe €12.195 billion Exchange: & World, 0% Euronext Paris • STOXX Global ESG Number of shares ratings – Compartment A Leaders, at 12/31/2019: (Large Caps) • ASPI Eurozone, 76,410,260 –10% • PEA: Non-eligible • EPRA, Source: Thomson Reuters Eikon, stock market price at December 31, 2019. • SRD: Eligible • GPR 250, –20% • ICB sector • IEIF REITS, classification: ICB • Euronext Vigeo Eiris J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Industrial & Office REITs 8671 2016 2017 2018 2019

Among the various value-creation measurement offered by Gecina shares (+71.5%) has outperformed indicators, Gecina selected total returns for that of the SBF 120 (+45.8%) and the Euronext IEIF SIIC Change in the share price and volume shareholders, also known as Total Shareholder Return France index (+45.6%). of securities traded over 3 years (TSR). This measurement indicator includes both At December 31, 2019 and over a period of 10 years, the valuation of the security and income received the Total Shareholder Return (TSR) was +240% for

+ high in the form of dividends excluding taxes, on the basis Gecina shares compared with +131% for the SBF120 Average of the share value at December 31, 2019. For example, index dividends reinvested. in € + low since January 1, 2016, the total shareholder return 159.1 161.9 161.5 159.4 154.4 153.9 148.0 147.0 150.2 145.2 153.0 144.9 150.0 141.7 3,500 140.4 144.2 139.4 144.2 145.2 140.3 136.1 135.3 137.2 137.2 151.6 131.0 133.7 137.4 153.0 143 144.5 135.0 135.8 129.6 132.7 139.0 142.0 129.5 141.8 131.5 149.8 3,000 124.2 126.7 137.3 143.3 137.2 120.2 141.1 141.0 128.5 134.1 137.9 137.3 132.3 127.0 126.7 128.0 136.5 129.4 127.5 Dividends have grown 127.1 119.8 122.0 126.6 121.9 127.2 2,500 111.3 125.8 115.4 110.6 112.8 €5.60 continuously since 2013 115.2 €5.50 As regards the payment of dividends to shareholders, 2,000 Gecina conducts an attractive long-term policy. €5.30 Payment is regular and, on average, up +3.9% 1,500 €5.20 annually since 2013. In respect of 2019, a cash dividend of €5.60 per share will be proposed to the General Meeting of April 23, 1,000 €5.00 2020. For the 2019 dividend, an interim cash dividend 500 Monthly of €2.80 will be paid on March 6, 2020, followed by Thousands volumes the balance – also in cash – of €2.80 on July 3, 2020. €4.65 0 €4.60 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

2017 2018 2019 €4.40

In 2019, Gecina shares increased by +41.2%, compared January 2 and December 31, 2019 on Euronext Paris with a rise of +25.2% for the SBF 120 index and a rise for was 28,214,361 (27,567,035 in 2018), with an average daily the sector indices EPRA Europe and IEIF SIIC France volume of 110,645 shares (108,106 in 2018). Over this of +24.7% and +28.2% respectively. period, the share price reached a high of €161.50 and The total number of Gecina shares traded between a low of €110.60. 2013 2014 2015 2016 2017 2018 2019 2020

4038 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 41 III. Our fundamentals for sustainable growth

2017 2018 2019 €4.40

40 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 4139 III. Our fundamentals for sustainable growth

Property holding appraisal Breakdown of rental revenues Geographic breakdown Our fi nancial and by business by business of rental revenues 39% 17% 81% 55% 1% Paris Residential O f fi c e s 19% Paris non-fi nancial fi gures Other Region Residential

(in € million) Change (%) 12/31/2019 12/31/2018 6% Gross rental income +1.8% 673.5 661.7 82% Other regions Offices +1.5% 548.2 540.0 O f ﬁ c e s and foreign countries Paris CBD & 5-6-7 – Offices +0.5% 141.0 140.3 Paris CBD & 5-6-7 – Retail +1.4% 36.8 36.3 Net recurring income – EPRA NNNAV Schedule of authorized Paris other +20.9% 112.8 93.2 Group share (€ million) (€) financing (including unused credit lines and excluding Western Crescent – La Défense +11.3% 182.7 164.1 commercial paper) (€ million) Other Paris Region –12.5% 53.7 61.4 437.2 438.2 172.3 160.5 152.9 Other French regions/International –52.6% 21.1 44.6 363.5 6,019 Traditional residential +0.7% 105.7 104.9 Student residences +16.7% 19.7 16.8 RECURRENT NET INCOME (GROUP SHARE)(1) +0.2% 438.2 437.2 Value in block of property holding(2) +4.0% 20,051 19 270 1,337 1,155 Office +5.8% 16,485 15,575 952 459 Paris CBD & 5-6-7 – Offices +9.1% 5,508 5,050 52

Paris CBD & 5-6-7 – Retail +7.7% 1,632 1,515 Dec. 2017 Dec. 2018 Dec. 2019 Dec. 2017 Dec. 2018 Dec. 2019 2020 2021 2022 2023 2024 >5 years Paris other +12.4% 3,182 2,830 LTV ratio Western Crescent – La Défense +4.7% 4,917 4,696 Other Paris Region –23.9% 741 973 8,331 Other French regions/International –1.2% 505 511 7,402 7,208 4,819 5,174 Residential +4.2% 3,431 3,291 45.7% 5,017 44.3% 4,429 4,717 42.6% 4,246 42.4% 3,881 36.4% Hotels & financial lease –66.5% 135 404 39.7% 38.7% 3,582 38.4% 36.7% 36.0% NET YIELD ON PROPERTY HOLDING(3) – bp .% .% 29.4% Net debt (€ million)(1) Data per share (in € million) Change (%) 12/31/2019 12/31/2018 LTV excluding duties (%) Recurrent net income (Group share) +0.3% 5.95 5.93

EPRA diluted NAV(4) +8.8% 175.8 161.6 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. (1) Excluding fair value related to Eurosic’s debt, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 €7,246 million including these items. EPRA NNNAV(4) +7.4% 172.3 160.5

(5 Net dividend +1.8% 5.60 5.50 GHG emissions linked to buildings in operation Surface areas with HQE Operations/BREEAM in

(in kgCO2 per sq.m) Use − Office certification Number of shares Change (%) 12/31/2019 12/31/2018 50 47.0 Comprising the share capital +0.2% 76,410,260 76,266,750 903,037 829,281 1,171,826 1,349,562 45 Excluding treasury shares –0.9% 73,451,222 74,126,324 40 34.9 34.4 34.4 Diluted number of shares excluding treasury shares –1.0% 73,656,339 74,375,424 35 32.5 80% 79% 30 72% 30 75% Average number of shares excluding treasury shares –0.1% 73,644,338 73,709,602 32 25 22.1 22.7 (1) EBITDA restated for net financial expenses, recurring tax, non-controlling interests, net income from equity-accounted investments and some 21.7 22 58% extraordinary expenses. (2) See Note 1.3 Appraisal of property holdings. (3) Like-for-like basis 2019. (4) See Note 1.5 Net Asset Value. 20 19 (5) Dividend 2019 submitted for approval by General Meeting 2020. 15 14.8 14 10 Non-financial performance Change (%) 12/31/2019 12/31/2018 5 0 Low Carbon: % reduction in CO emissions/sq.m since 2008 –6.30% –36% –32% 2 2008 2017 2018 2019 2020 2030 target target 0% Circular economy: accumulated tons of CO2 avoided 2008 2017 2018 2019 2020 thanks to the reuse of materials at our developments 46.50% 416 284 Offices with specific uses of occupants Surface areas certifiable with HQE Operations (2008–2019 methodology) % of surface area with HQE Operations certification Well-being: surface area (in sq.m) of certified buildings Residential with specific uses of occupants and Breeam in use or in the process of obtaining WELL certification 4.40% 176,706 169,303 (2008–2019 methodology) 2020 target Offices (new methodology)(1) Biodiversity: surface area (in sq.m) of certified buildings Residential (new methodology)(1) or in the process of obtaining BiodiverCity® certification 20.90% 202,075 167,171 (1) In order to align the calculation of CO emissions with market practices, and in accordance with the CSR auditor’s recommendations, Certifications in operations: % of office surface area awarded HQE 2 a new methodology for calculating greenhouse gas emissions is being implemented. This uses an average emission factor per energy in accordance Exploitation or BREEAM In Use certification 24.10% 72% 58% with the Location Based method and takes into account the emissions avoided through the purchase of electricity of guaranteed renewable origin.

4042 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 43 III. Our fundamentals for sustainable growth

(5 Net dividend +1.8% 5.60 5.50 GHG emissions linked to buildings in operation Surface areas with HQE Operations/BREEAM in

42 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 4341 III. Our fundamentals for sustainable growth

Consolidated balance sheet Assets Balance sheet (in € million) 12/31/2019 12/31/2018 Non-current assets 19,244.7 18,669.5 and income statement Investment properties 17,662.3 16,604.0 Buildings under reconstruction 1,055.1 1,508.1

Operating properties 86.0 66.9

Other tangible fixed assets 14.6 16.2

Goodwill 196.1 207.7

Intangible fixed assets 7.0 6.6

Financial receivables on finance leases 121.6 175.1

Financial fixed assets 25.8 27.2

Equity-accounted investments 51.4 48.4

Non-current derivatives 22.8 7.4

Deferred tax assets 1.9 1.9

Current assets 1,210.1 1,039.5

Properties for sale 928.8 649.8

Inventories 35.7 49.1

Trade receivables 77.4 110.7 Financial Statements Other receivables 111.2 175.0 Prepaid charges 19.2 23.1

Cash and cash equivalents 37.8 31.7 Simpliﬁed income and recurrent income statement TOTAL ASSETS ,. ,.

(in € million) Change (%) 12/31/2019 12/31/2018

Gross rental income +1.8% 673.5 661.7 Liabilities Net rental income +1.9% 618.8 606.9 (in € million) 12/31/2019 12/31/2018 Operating margin for other business -24.1% 9.6 12.7 Share capital 12,726.6 11,751.2 Services and other income +55.6% 5.4 3.5 Capital 573.1 572.0 Overheads +4.0% (90.4) (86.9) Additional paid-in capital 3,281.9 3,273.3 EBITDA +1.4% 543.5 536.1 Consolidated reserves 7,329.0 6,871.5 Net financial expenses +5.1% (98.5) (93.7) Consolidated net income 1 515.3 1,005.0 Recurrent gross income +0.6% 445.0 442.4 Shareholders’ equity (owners of the parent) 12,699.2 11,721.8 Recurrent net income from associates -0.8% 1.5 1.5 Non-controlling interests 27.4 29.4 Recurrent minority interests +1.1% (1.7) (1.7) Non-current liabilities 5,487.7 5,425.4 Recurrent tax +31.8% (6.6) (5.0) Non-current financial debt 5,398.6 5,382.7 RECURRENT NET INCOME (GROUP SHARE)(1) +.% . . Non-current lease obligations 50.5 0.0 Income from the disposal of assets N/A 102.3 (11.5) Non-current derivatives 1.3 3.8 Change in value of properties +77.5% 1,004.3 565.8 Deferred tax liabilities 1.7 5.8 Real estate margin -104.1% 0.4 (9.5) Non-current provisions 35.7 33.1 Depreciation & impairment -12.3% (16.5) (18.9) Current liabilities 2,240.5 2,532.4 Non-recurring elements -61.0% 23.0 59.0 Current financial debt 1,884.9 2,103.9 Change in value of derivatives and debts +78.7% (26.1) (14.6) Current derivatives 0.6 0.7 Premium and costs paid on the repurchased bonds N/A (15.9) 0.0 Security deposits 80.5 81.0 Impacts of the business combination N/A 0.0 (0.7) Trade payables 153.0 207.3 Other N/A 5.7 (2.0) Current tax and social security liabilities 49.0 72.7 CONSOLIDATED NET INCOME (GROUP SHARE) +.% , . ,. Other payables 72.6 66.8 (1) EBITDA restated for net financial expenses. recurring tax non-controlling interests income from equity-accounted investments and some extraordinary TOTAL LIABILITIES ,. ,. expenses (agreement with CaixaBank costs related to carving out the residential business and the costs of reimbursing mortgage loans).

4442 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 45 III. Our fundamentals for sustainable growth

Operating properties 86.0 66.9

Other tangible fixed assets 14.6 16.2

Goodwill 196.1 207.7

Intangible fixed assets 7.0 6.6

Financial receivables on finance leases 121.6 175.1

Financial fixed assets 25.8 27.2

Equity-accounted investments 51.4 48.4

Non-current derivatives 22.8 7.4

Deferred tax assets 1.9 1.9

Current assets 1,210.1 1,039.5

Properties for sale 928.8 649.8

Inventories 35.7 49.1

Trade receivables 77.4 110.7 Financial Statements Other receivables 111.2 175.0 Prepaid charges 19.2 23.1

Cash and cash equivalents 37.8 31.7 Simpliﬁed income and recurrent income statement TOTAL ASSETS ,. ,.

(in € million) Change (%) 12/31/2019 12/31/2018

44 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 4543 III. Our fundamentals for sustainable growth

2019 Launch of the subsidiarization 2012 “Newside” is the first building project of our residential to obtain triple certification portfolio. (HQE™, LEED® and BREEAM®). Launch and roll out of Disposal of the logistics YouFirst, the customer property portfolio. relationship brand. The “96-104” building in Neuilly-sur-Seine is the fi rst 2018 Bernard Carayon is building to obtain the BBC appointed Chairman, (low-energy building) label. replacing Bernard Michel. Sale of assets in the 2011 Bernard Michel is appointed as provinces from the Eurosic Chairman and Chief Executive portfolio. Officer. First responsible credit Inclusion in the STOXX Global Vendredi Solidaire agreements indexed to ESG Leaders index. non-fi nancial performance. Our 2010 Bernard Michel is appointed 2017 Méka Brunel is appointed as Chairman to replace Joaquín Chief Executive Officer. Rivero. history Acquisition of Eurosic. Inclusion in the FTSE4Good and Gecina is the leading office DJSI indices. real estate company in For 60 years, we have been Europe in the GRESB ranking 2009 Christophe Clamageran anticipating and supporting and the second largest in the appointed as Chief Executive The “Cristallin” building in urban change for the benefit world in DJSI’s. Officer. Boulogne is the fi rst HQE™ of cities and their inhabitants. Recognition of climate Launch of a mandatory public Construction certifi ed targets by the SBT. offer on Gecimed through building. which Gecina obtains 98.5% of 2016 Gecina files a public offer the share capital. 2003 Gecina adopts the status of a tender for Foncière de Paris, Definitive waiving of Société d’Investissement competing with the offer the Separation Agreement. Immobilier Cotée (SIIC) (Listed initiated by Eurosic. Eurosic The “Mercure” building is Real Estate Investment Trust). acquires Foncière de Paris. the fi rst HQE™ Operations Gecina absorbs Simco. Disposal of the healthcare certifi ed building. Creation of the Risk portfolio. Management and Sustainable 2008 Launch of the Corporate Development Function. 2015 Acquisition of the T1&B Foundation. towers and the historic head Launch of “Campuséa”, 2002 Acquisition of Simco, a real office of the PSA Group, on the student residences brand. estate company, which had Avenue de la Grande-Armée, previously acquired from Ivanhoé Cambridge. 2007 Signing of a Separation Compagnie Immobilière de Gecina is the fi rst real estate Agreement among La Plaine Monceau (founded company to be Metrovacesa shareholders. in 1878) and Société des ISO 50001-certifi ed by Afnor. On completion of the first Immeubles de France phase of this Separation (founded in 1879). 2014 Ivanhoé Cambridge and Agreement, Metrovacesa holds Blackstone, acting in only a 27% stake in Gecina, 1999 Gecina absorbs Sefi meg concert, acquire a 22.98% Mr. Rivero 16% and Mr. Soler 15%. (which holds Fourmi stake in Gecina. Creation of an energy/carbon Immobilière founded in 1879) Disposal of the Beaugrenelle mapping of all the property followed by Immobilière shopping center. assets. Batibail. Sale by Metrovacesa of all its shares (26.74%) 2006 Public tender offer on Sofco, 1998 GFC absorbs UIF and acquires to institutional investors, which becomes Gecimed, Foncière Vendôme. GFC including Blackstone and purchase of 28 clinics from becomes Gecina. and Ivanhoé Cambridge, Générale de Santé. Crédit Agricole Assurances 1997 GFC acquires Foncina. and Norges Bank. 2005 After a public tender offer, Metrovacesa holds 68.54% of 1991 GFC absorbs GFII. 2013 Philippe Depoux is Gecina’s share capital. appointed CEO. Joaquín Rivero is appointed 1963 Listing of GFC on the Paris Disposal of the hotels Chairman of Gecina at the Stock Market. property portfolio. General Meeting. First investments in new types 1959 Foundation of Groupement of assets, hotel properties pour le Financement and logistics. de la Construction (GFC). Gecina’s 60 years at Collège des Bernardins

4446 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 47 III. Our fundamentals for sustainable growth

46 – – Universal Registration Document 2019 – Universal Registration Document 2019 – 4745 PHOTO CREDITS Arthur Minot, Audoin Desforges, Bechu et associés, Didier Boy De La Tour Photographe, Eric Laignel, Florian Beaupère, Jacques Pineau, Javier Callejas Sevilla, L’autre Image, Luc Perenom, RSI et Dominique Perrault Architecture, Thierry Lewenberg Sturm, Thomas Laisné, Vincent Rackelboom, Gecina Photo Library

PHOTO CAPTIONS p.3. From left to right: 2020 Convention at Musée des Arts Forains / 16 rue des Capucines, Paris / Ibox - 5/9 rue Van Gogh, Paris. p.8-9. From left to right: YouFirst Collaborative - 159 Avenue Charles de Gaulle, Neuilly-sur-Seine / 16 rue des Capucines, Paris / Le Cristallin, Boulogne-sur-Seine. / YouFirst Collaborative - 159 Avenue Charles de Gaulle, Neuilly-sur-Seine. p.20-21. From left to right: 101, avenue des Champs-Élysées, Paris / 16 rue des Capucines, Paris / 16 rue des Capucines, Paris. p.30-31. From left to right: Tour T1 & B, La Défense / 16 rue des Capucines, Paris / 16 rue des Capucines, Paris /16 rue des Capucines, Paris

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Conception and realisation:

16, rue des Capucines 75084 Paris Cedex 02 Tél. : +33 (1) 40 40 50 50 gecina.fr