presentation earnings h1 2015 v4 - gecina · 2019-04-05 · 1.1/ paris region office markets in...

H1 2015 - earningsParis, July 23, 2015

Philippe Philippe Philippe Philippe DepouxDepouxDepouxDepouxCEO

Nicolas Nicolas Nicolas Nicolas DutreuilDutreuilDutreuilDutreuilCFO

ContentsContentsContentsContents

1/ Market views and 1/ Market views and 1/ Market views and 1/ Market views and Gecina’sGecina’sGecina’sGecina’s performance in H1performance in H1performance in H1performance in H1----2015201520152015

1.1/ Paris Region office markets in H1-2015

1.2/ Solid performance for Gecina

1.3/ Key figures for H1-2015 and guidance

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

2.2/ Strategic Roadmap and Achievements in 2015

2.3/ Improving risk profile and value creation potential

3/ Main achievements in H13/ Main achievements in H13/ Main achievements in H13/ Main achievements in H1----2015201520152015

3.1/ Harnessing value creation through investment opportunities

3.2/ Harnessing value creation through disposals

3.3/ Harnessing value creation through our pipeline

3.4/ Harnessing value creation through rental management

3.5/ Harnessing value creation through financial management

3/ H13/ H13/ H13/ H1----2015 earnings2015 earnings2015 earnings2015 earnings

3.1/ Rental Income

3.2/ Recurrent Net Cash flow

3.3/ Appraisal Value, AVR & NNNAV

4/ Appendices4/ Appendices4/ Appendices4/ Appendices

4.1/ Diversification portfolios

4.2/ P&L

4.3/ Balance Sheet

4.4/ NNNAV

4.5/ Pipeline details

4.6/ Offices and Residential breakdowns

4.7/ Healthcare assets locations and lease maturities

4.6/ Number of shares and shareholding structure 2

CLIQUEZ POUR MODIFIER LE STYLE DU TITRE

Market views and Gecina’sperformance

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

-5%

-22%

-60%

-50%

-40%

-30%

-20%

-10%

0%

+10%

+20%

ParisParisParisParis BoucleBoucleBoucleBoucleSud*Sud*Sud*Sud*

BoucleBoucleBoucleBoucleNordNordNordNord

PeriPeriPeriPeriDéfenseDéfenseDéfenseDéfense

LaLaLaLaDéfenseDéfenseDéfenseDéfense

Inner rimInner rimInner rimInner rim Outer rimOuter rimOuter rimOuter rim TotalTotalTotalTotalParisParisParisParis

regionregionregionregion

* Boucle Sud mostly includes Boulogne

0

1

2

3

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Ta

ke

up

(in

mil

lio

ns

sq.m

)

Q4 Q3 Q2 Q1

0

5

10

15

20

25

30

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Q1 Q2 Q3 Q4

4

Paris Region office markets in H1Paris Region office markets in H1Paris Region office markets in H1Paris Region office markets in H1----2015201520152015

Contrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris City

… while take… while take… while take… while take----up is weakening in Paris Region…up is weakening in Paris Region…up is weakening in Paris Region…up is weakening in Paris Region…Investment market still strong in H1Investment market still strong in H1Investment market still strong in H1Investment market still strong in H1----2015…2015…2015…2015…

… where rents are starting to recover slightly… where rents are starting to recover slightly… where rents are starting to recover slightly… where rents are starting to recover slightly… but not in key areas for … but not in key areas for … but not in key areas for … but not in key areas for GecinaGecinaGecinaGecina…………

Source: CBRE, BNPPRE, ImmostatSource: CBRE, Immostat

Source: BNPP RE Source: DTZ

----22% 22% 22% 22% in H1

55% of 55% of 55% of 55% of Gecina’sGecina’sGecina’sGecina’s office portfoliooffice portfoliooffice portfoliooffice portfolio

+4%

-1%

-4%

0% 0%

-15%

-10%

-5%

0%

+5%

+10%

+15%

+20%

+25%

Paris Western

Crescent

La Défense Inner rim Outer rim

prime rents

first hand

second hand

Take-up growth iforH1-2015 vs. H1-2014 Rental growth for H1-2015 vs. H1-2014 (headline rents)

Western Crescent

14% of 14% of 14% of 14% of Gecina’sGecina’sGecina’sGecina’s

office office office office portfolioportfolioportfolioportfolio

2,5%

3,0%

3,5%

4,0%

4,5%

32%

34%

36%

38%

40%

42%

44%

2011 2012 2013 2014 H1 2015

LTV Average cost of debt

-80 000

-40 000

0

40 000

80 000

120 000

160 000

200 000

2012 2013 2014 H1-2015

Value creation from investments, restructurations and acquisitions

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

Value creation on asset on operation (net of capex)

165.6

159.3

169.0

H1 2014 Beaugrenelle H1 2014 proforma H1 2015

5

Solid performance for Solid performance for Solid performance for Solid performance for GecinaGecinaGecinaGecina

… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income

… with further reduction in average cost of debt…… with further reduction in average cost of debt…… with further reduction in average cost of debt…… with further reduction in average cost of debt…

Source: CBRE, Gecina


Gecina’sGecina’sGecina’sGecina’s vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…

Value creation starting to materialize*Value creation starting to materialize*Value creation starting to materialize*Value creation starting to materialize*

Source: Gecina

* Excluding the impact of Beaugrenelle’s disposal in H1 2014.Source: Gecina

• Cost of debt including undrawn credit lines : 2.9%. Cost of drawn debt : 2.3%

in m€

2.9%*2.9%*2.9%*2.9%*

Underlying growth +6.1%*+6.1%*+6.1%*+6.1%*

+2.1% as published

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%CBD (Gecina) CBD (market)

Western Crescent (Gecina) Western Crescent (market)

Gecina's total office portfolio Paris Region average

4.7%

in K€

* Calculation based on appraisal values changes net of capex and potential fees and duties

Key figures for H1Key figures for H1Key figures for H1Key figures for H1----2015 and guidance2015 and guidance2015 and guidance2015 and guidance

6

€€€€mmmm H1H1H1H1----2014201420142014 H1H1H1H1----2015201520152015 % change% change% change% change FY 2015 GuidanceFY 2015 GuidanceFY 2015 GuidanceFY 2015 Guidance

Gross rentals 293.9 276.2-6.0%

(-1.1% like-for-like) ~-1% like-for-like on offices

EBITDA 244.1 227.2 -6.9%

EBITDA margin 83.0% 82.3%

Net Financial expenses -75.4 -56.3 -25.3%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- Group shareGroup shareGroup shareGroup share 165.6165.6165.6165.6 169.0169.0169.0169.0+2.1%+2.1%+2.1%+2.1%

(+6.1% underlying growth)

BetweenBetweenBetweenBetween++++6% and +96% and +96% and +96% and +9%%%% (1)

LTV (excluding duties)38.0%

(35.9% incl. duties)36.8%

(34.8% incl. duties) -120bp < 40%

Cost of drawn debt 3.1% (3.7% all in) 2.3% (2.9% all in) -80bp < 3.0% all in

Disposals 560181

(€225m already secured) ~800 m€

Investments 195260

(€1.7bn secured)

NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA) 97.897.897.897.8 102.5102.5102.5102.5 +4.8+4.8+4.8+4.8%%%%

(1) Depending on the timeline for completing the rest of the €800m sales program


Strategic update

One One One One rationale: leading rationale: leading rationale: leading rationale: leading the the the the Paris office marketParis office marketParis office marketParis office market

- Promising outlook for office real estate in the Paris Region

- > 80% of Gecina’s portfolio dedicated to offices in a mid term

One One One One priority: harnessing value creation potentialpriority: harnessing value creation potentialpriority: harnessing value creation potentialpriority: harnessing value creation potential

Active portfolio rotation strategy, with a “total return” focus and 4 strategic pillars

1- Capitalizing on opportunities for investment

2- Extracting value reserves within our portfolio

3- Selling non-core and mature assets in a buoyant market

4- Promoting “outstanding” buildings

+ Optimizing financial, operational and rental management

Strategic updateStrategic updateStrategic updateStrategic update

8

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Strategic roadmap Achievements in H1-2015

68% of 68% of 68% of 68% of Gecina’sGecina’sGecina’sGecina’s portfolio made up of offices portfolio made up of offices portfolio made up of offices portfolio made up of offices (vs. 63% at end 2014)

€€€€1.7bn of new 1.7bn of new 1.7bn of new 1.7bn of new investmentsinvestmentsinvestmentsinvestmentssecured so far in 2015 in key locations for offices

Total pipeline Total pipeline Total pipeline Total pipeline raisedraisedraisedraised to to to to €€€€2.8bn 2.8bn 2.8bn 2.8bn from €1.7bn at end-2014

€€€€225m of 225m of 225m of 225m of disposalsdisposalsdisposalsdisposals achievedachievedachievedachieved or or or or securedsecuredsecuredsecured in H1in H1in H1in H1(17% premium versus appraisals on average)

… more to come…

AverageAverageAverageAverage costcostcostcost of of of of debtdebtdebtdebt down down down down ----70bp in H1 70bp in H1 70bp in H1 70bp in H1 to 2.9% (all in)

AverageAverageAverageAverage debtdebtdebtdebt maturitymaturitymaturitymaturity up +1.6 up +1.6 up +1.6 up +1.6 yearsyearsyearsyearsfrom 5.0 to 6.6 years

First building in France First building in France First building in France First building in France withwithwithwith the «the «the «the « WellWellWellWell » label » label » label » label Curently under construction in Paris city (55 Amsterdam)

��

��

��

��

+

4,3%

6,4%

16,5%

23,3%

0,0%

5,0%

10,0%

15,0%

20,0%

0

500

1 000

1 500

2 000

2 500

3 000

End-2014 H1-2015

Controlled Committed

Committed pipeline as% of total portfolio Total pipeline as % of total portfolio

9

Improving risk profile and growing value creation potentialImproving risk profile and growing value creation potentialImproving risk profile and growing value creation potentialImproving risk profile and growing value creation potential

Combined with capital gains achieved on disposalsCombined with capital gains achieved on disposalsCombined with capital gains achieved on disposalsCombined with capital gains achieved on disposals… while increasing value creation potential*… while increasing value creation potential*… while increasing value creation potential*… while increasing value creation potential*

Source: Gecina

Improving risk profile and value creation potentialImproving risk profile and value creation potentialImproving risk profile and value creation potentialImproving risk profile and value creation potential

Average lease maturity on offices extended …Average lease maturity on offices extended …Average lease maturity on offices extended …Average lease maturity on offices extended … … as well as average debt maturity…… as well as average debt maturity…… as well as average debt maturity…… as well as average debt maturity…

Source: Gecina

Source: Gecina, * including T1&B, Grande Armée (PSA) and Tour Van Gogh

+ 14 + 14 + 14 + 14 monthsmonthsmonthsmonths+12 +12 +12 +12 monthsmonthsmonthsmonths includingincludingincludingincludinghealthcarehealthcarehealthcarehealthcare

+ 1.6 + 1.6 + 1.6 + 1.6 yearsyearsyearsyears

5.0 5.0 5.0 5.0 yearsyearsyearsyearsDec 31, 2014

6.6 6.6 6.6 6.6 yearsyearsyearsyearsJune 30, 2015

3.5 3.5 3.5 3.5 yearsyearsyearsyearsDec 31, 2014

4.0 years includingHealthcare

4.7 4.7 4.7 4.7 yearsyearsyearsyears****June 30, 2015

5.0 years includingHealthcare

2%

9%

6%

17%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

2012 2013 2014 H1-2015

Source: Gecina

* Including PSA, T1&B and City2

in m€


Main achievements in H1-2015

0%

4%

8%

12%

16%

20%

2015 2016 2017 2018 2019 2020-2022

T1 &B + PSA

City 2

Sky 56,

PSA departure,

Tour Van Gogh*

PSA - Post re-developpment

Sky 56

Tour Van Gogh

City 2

PSA

T1&B

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

€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new investments secured in of new investments secured in of new investments secured in of new investments secured in 2015 so far2015 so far2015 so far2015 so far

€€€€1.7 1.7 1.7 1.7 bnbnbnbn* new investments secured* new investments secured* new investments secured* new investments securedChange in asset Change in asset Change in asset Change in asset rotation (Group share)rotation (Group share)rotation (Group share)rotation (Group share)

Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)

ImmediateImmediateImmediateImmediate net net net net economiceconomiceconomiceconomicyieldyieldyieldyield:::: 5%5%5%5%

AverageAverageAverageAverage yieldyieldyieldyield on on on on costcostcostcost > 6.3%> 6.3%> 6.3%> 6.3%

>€100mRentalincome

(*) Including Tour Van Gogh, with preliminary agreement signed in the early July 2015

(*) preliminary agreement signed in the early July 2015 11

312 781 860

426 580 277 260

€€€€1.7bn1.7bn1.7bn1.7bn

-756-482

-926-1 303

-846-613 -181 -225

3,0%

6,7%7,3%

3,9%

5,4%

2,7% 2,4%

14,4%

-25,0%

-20,0%

-15,0%

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

-1500

-1000

-500

0

500

1000

1500

2000

2009 2010 2011 2012 2013 2014 H1 2015 H1 2015pro forma

Investments Disposals Investments in % of GAV

Proforma: including new investments and disposals secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh


€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new of new of new of new investments investments investments investments secured in 2015 so farsecured in 2015 so farsecured in 2015 so farsecured in 2015 so far

City 2 City 2 City 2 City 2 –––– Boulogne Boulogne Boulogne Boulogne BillancourtBillancourtBillancourtBillancourt

T1&B T1&B T1&B T1&B + + + + PSA/EmotionPSA/EmotionPSA/EmotionPSA/Emotion

Sky 56 Sky 56 Sky 56 Sky 56 –––– Lyon Part Lyon Part Lyon Part Lyon Part DieuDieuDieuDieu Tour Van Gogh* Tour Van Gogh* Tour Van Gogh* Tour Van Gogh* –––– Paris / Paris / Paris / Paris / GareGareGareGare de Lyonde Lyonde Lyonde Lyon

Total Investment: €188mTotal surface: ~29 000 sq.mDelivery : April 2016 (lease start)Tenant: Solocal, 10 year firm lease

Total Investment: €136mTotal surface: ~31 000 sq.mDelivery date: 2018Tenant: 25% pre-let

Total investment (incl. Redevelopment): €150m Total surface: ~19 000 sq.mDelivery date: 2018

Average net yield on cost: ~6.5%

Acquisition price: €1.24 bnImmediate economic net yield (no incentives): ~5%

T1&BT1&BT1&BT1&BTotal surface: ~89 000 sq.mTenant: Engie (ex-GDF-Suez), 12 year firm lease

Grande Armée (PSA)Grande Armée (PSA)Grande Armée (PSA)Grande Armée (PSA)Total surface: ~34 000 sq.m

Tenant: PSA GroupRedevelopment project delivery: 2019/2021

Expected yield on cost: > 6%

(*) preliminary agreement signed in July 2015 12


€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxT1 & B (La T1 & B (La T1 & B (La T1 & B (La DéfenseDéfenseDéfenseDéfense))))MetroMetroMetroMetro: M1 + M15 + M18RER: RER: RER: RER: RER A + RER ETramway: Tramway: Tramway: Tramway: T2Train: Train: Train: Train: J/L/U

Grande Grande Grande Grande ArméeArméeArméeArmée (PSA)(PSA)(PSA)(PSA)(Paris CBD)(Paris CBD)(Paris CBD)(Paris CBD)MetroMetroMetroMetro: M1 RER: RER: RER: RER: RER E + RER CTramway: Tramway: Tramway: Tramway: T3

Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*MetroMetroMetroMetro: M1 + M14RER: RER: RER: RER: RER A + RER DTrain: Train: Train: Train: R

City 2 (Boulogne)City 2 (Boulogne)City 2 (Boulogne)City 2 (Boulogne)MetroMetroMetroMetro: M9 + M15Tramway: Tramway: Tramway: Tramway: T2

(*) preliminary agreement signed in the early July 2015 13

+27%

+13%

+17%

>+30%

Residential (unit-by-unit) - sold

Offices GROUP TOTAL Residential (unit-by-unit) - secured in H1

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

Disposals achieved in H1Disposals achieved in H1Disposals achieved in H1Disposals achieved in H1----2015: 2015: 2015: 2015: €€€€181m and 181m and 181m and 181m and €€€€44m under preliminary engagement 44m under preliminary engagement 44m under preliminary engagement 44m under preliminary engagement

Premium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsBy asset typeBy asset typeBy asset typeBy asset type

14

Exit yield3.1% / 4.4%*3.1% / 4.4%*3.1% / 4.4%*3.1% / 4.4%*

Exit yield5.7%5.7%5.7%5.7%

Exit yield5555.3%.3%.3%.3%

Average exit Average exit Average exit Average exit yieldyieldyieldyield5.3%5.3%5.3%5.3%

BMW building in Madrid BMW building in Madrid BMW building in Madrid BMW building in Madrid (January 2015)

- Sales price €41m

- 18% above appraisal value

Residential sales (units)Residential sales (units)Residential sales (units)Residential sales (units)

- Sales price €53m in H1

- €29m under preliminary agreement

- 27% above last appraisal value

“Le Mazagran” in “Le Mazagran” in “Le Mazagran” in “Le Mazagran” in GentillyGentillyGentillyGentilly (June 2015)

- Sales price €78m (excluding duties)


MercureMercureMercureMercure 2222

- Sales price €8m (excluding duties)


Main disposal achievementsMain disposal achievementsMain disposal achievementsMain disposal achievements

€53m

128m

€15m

€20m

€29m

Residential units sold in H1

Office assets sold in H1

Other assets under preliminary

agreement

Residential disposals "almost

secured"*

Residential by units under

preliminary agreement

* Preliminary agreement in preparation as of June 30,2015

* Exit yield would be around 3.1%, excluding ground floor retail spaces sold in H1

… more to come…… more to come…… more to come…… more to come…

0

20

40

60

80

100

in €m

Sales secured* - Other

portfolio for sales by units

Sales achieved - Other

portfolio for sales by units

Sales secured* - The "Hopper

portfolio"

Sales achieved - The "Hopper

portfolio"

The "Hopper"

portfolio

18%

Other portfolio

for unit-based

sales*

7%

Other traditional

residential

75%

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

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

€€€€102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, €€€€57 m through the new “Hopper” process57 m through the new “Hopper” process57 m through the new “Hopper” process57 m through the new “Hopper” process

24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit sales, representing around sales, representing around sales, representing around sales, representing around €€€€617m 617m 617m 617m (at end 2014)

15

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

Premium vs 2014 Premium vs 2014 Premium vs 2014 Premium vs 2014 appraisalsappraisalsappraisalsappraisals~+30%~+30%~+30%~+30%

~~~~€€€€617m617m617m617m

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

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1

2015

Paris residential - Notaries

Paris residential (block value) Gecina

Paris residential (unit) Gecina

13.7%15.0% 15.1%

14.0%

20.2%

0%

5%

10%

15%

20%

25%

2012 2013 2014 H1-2015

Tenant turnover ratio on Residential portfolio

Tenant turnover ratio on "Hopper" portfolio

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

in €/sq m

4,00%

5,00%

6,00%

7,00%

8,00%

9,00%

S2

20

11

S1

20

12

S2

20

12

S1

20

13

S2

20

13

S1

20

14

S2

20

14

S1

20

15

Average yield on cost (Gecina - Committed pipeline Offices)

Weighted average prime yield (CBRE)

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

Total pipeline* now closer to Total pipeline* now closer to Total pipeline* now closer to Total pipeline* now closer to €€€€2.8 2.8 2.8 2.8 bnbnbnbn versus versus versus versus €€€€1.7 1.7 1.7 1.7 bnbnbnbn at endat endat endat end----2014 (see details in the appendices)2014 (see details in the appendices)2014 (see details in the appendices)2014 (see details in the appendices)

16

Yield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldPipeline* change as % of total portfolio valuePipeline* change as % of total portfolio valuePipeline* change as % of total portfolio valuePipeline* change as % of total portfolio value

Western

Crescent

26%

Paris CBD

37%

Paris excl. CBD

18%

Lyon

7%

Inner rim

1%

Outer rim

7%

Other regions

4%

55% of Gecina’stotal pipeline

locatedin Paris city

€€€€2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City

offices

91%

Student

housing

6%

Healthcare

3%

* Including new investments secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh

Theoreticalvalue

creationspread

City 2, Sky 56

Grande Armée (PSA), Tour Van Gogh,

etc…

440762

1 268

2 024

4,3%

6,4%

16,5%

23,3%

0,0%

5,0%

10,0%

15,0%

20,0%

0

500

1 000

1 500

2 000

2 500

3 000

End-2014 H1-2015Controlled Committed

Committed pipeline as% of total portfolio Total pipeline as % of total portfolio

€440m

€762m

2014 H1-2015

++++€€€€322m322m322m322m

ProjectProjectProjectProject De live ry De live ry De live ry De live ry

datedatedatedate

Lettable Le ttable Le ttable Le ttable

a rea a rea a rea a rea

( s q.m.)( s q.m.)( s q.m.)( s q.m.)

Tota l Tota l Tota l Tota l

Inves tment Inves tment Inves tment Inves tment

(€m) (1)(€m) (1)(€m) (1)(€m) (1)

Already Already Already Already

inves ted inves ted inves ted inves ted

(€m) (1)(€m) (1)(€m) (1)(€m) (1)

To be To be To be To be


(€m)(€m)(€m)(€m)

Es t. y ie ld Es t. y ie ld Es t. y ie ld Es t. y ie ld

on cos t on cos t on cos t on cos t

(net)(net)(net)(net)

exit y ie ld exit y ie ld exit y ie ld exit y ie ld

a t de live ry a t de live ry a t de live ry a t de live ry

(exp.)(exp.)(exp.)(exp.)

Committed Total offices & commercial 2016-2018 103 365 547 133 414 7,1% 5,5%

Total student housing 2015-2018 27 751 132 60 73 6,6% 5,3%

Total Healthcare 2 015 32 541 82 81 2 6,7% 6,5%

Tota l committedTota l committedTota l committedTota l committed 163 657163 657163 657163 657 762762762762 273273273273 488488488488 7,0%7,0%7,0%7,0% 5,6%5,6%5,6%5,6%

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


Committed pipeline closer to Committed pipeline closer to Committed pipeline closer to Committed pipeline closer to €€€€762m versus 762m versus 762m versus 762m versus €€€€440 at end440 at end440 at end440 at end----2014201420142014

Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed pipeline pipeline pipeline pipeline at at at at end end end end H1H1H1H1----2015)2015)2015)2015)

17

Committed pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segment

€€€€762m of projects to be delivered between H2762m of projects to be delivered between H2762m of projects to be delivered between H2762m of projects to be delivered between H2----2015 and 20182015 and 20182015 and 20182015 and 2018

Controlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project type

* Including Sky56 and City 2

Western

Crescent

42%

Paris

15%

Lyon

25%

Inner rim

2%

Outer rim

2%Other

regions

14%

Offices

72%

Student

housing

17%

Healthcare

11%

Western

Crescent

19%

Paris CBD

47%

Paris excl.

CBD

25%

Outer rim

9%


Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to €€€€2.0 2.0 2.0 2.0 bnbnbnbn versus versus versus versus €€€€1.3 1.3 1.3 1.3 bnbnbnbn at endat endat endat end----2014201420142014

Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Controlled pipeline identified Controlled pipeline identified Controlled pipeline identified Controlled pipeline identified at end H1at end H1at end H1at end H1----2015)2015)2015)2015)

18

Controlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segment

72% of Gecina’scontrolled pipeline located in Paris city

€€€€2bn2bn2bn2bn of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017----2023202320232023

Controlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project type

Greenfield

18%

Redevelopment -

Tenant's

departure

certain or likely

50%

Redevelopment -

Tenant's

departure

uncertain

32%50% of Gecina’s

controlled pipeline focused on

redevelopmentprojects with tenants departure certain or

likely

€1,268m

€2,012m

2014 H1-2015*

++++€€€€744m744m744m744m

* Including Grande Armée PSA, and Tour Van Gogh

ProjectProjectProjectProject De livery De livery De livery De livery

datedatedatedate

Lettable Lettable Lettable Lettable

area area area area

( s q.m.)( s q.m.)( s q.m.)( s q.m.)


Inve s tment Inve s tment Inve s tment Inve s tment

(€m) (2)(€m) (2)(€m) (2)(€m) (2)



(€m) (2)(€m) (2)(€m) (2)(€m) (2)



(€m)(€m)(€m)(€m)




exit y ie ld exit y ie ld exit y ie ld exit y ie ld

at de livery at de livery at de livery at de livery

(exp. )(exp. )(exp. )(exp. )

Controlled (1) Greenfield (3) Pre-letting required (5) 2017-2021 91 954 358 7 351 7,7% 5,8%

Redevelopments (4)

Tenant's departure certain

or likely 2019-2022 122 238 1 008 763 236 6,8% 5,3%

Redevelopments

Tenant's departure

uncertain 2020-2023 66 167 647 460 187 6,3% 4,9%

Tota l non committedTota l non committedTota l non committedTota l non committed 280 359280 359280 359280 359 2 0122 0122 0122 012 1 2301 2301 2301 230 774774774774 6,8%6,8%6,8%6,8% 5,3%5,3%5,3%5,3%

(1) Controlled projects: potential projects identified by Gecina’s Asset Management teams and fully controlled by Gecina.

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

(3) including Tour Van Gogh w ith preliminary agreement signed in July 2015

(4) including PSA current headquarters, closing date in July 2015

(5) except for Tour Van Gogh

29 693sq m

104 500sq m

40 825sq m

87 153sq m

40 557sq m

4 745sq m 3 861sq m

12 868sq m

€506 €548 €546 €602 €554

€487 €521 €603

2015 2016 2017 2018 2019 2020 2021 > 2022

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

Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016

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

(By area and average yearly rent)

19

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

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

(By area and average yearly rent)

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 H1-2015

CBD (Gecina) CBD (market)

Western Crescent (Gecina) Western Crescent (market)

Gecina's total office portfolio Paris Region average

1.8%

4.7%

7.8%

2015e trends for organic rentalgrowth on offices:

~-1%given limited negative reversion

in line with budget

Of which

7,441 sq.m

still at risk

20 173sq m

75 440sq m

33 909sq m

76 434sq m

51 097sq m

17 705sq m

88 467sq m

70 899sq m

€345 €300 €330 €324 €369 €523 €345 €411

2015 2016 2017 2018 2019 2020 2021 > 2022

Of which

14,637 sq.m

still at risk

0

10

20

30

40

50

60

70

80

90

100

2015 2016 2017 2018 2019 2020 2021 > 2021

€m

Break-up options other areas

Break-up options Western Crescent

Break-up options rest of Paris

Break-up options Paris CBD

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

Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016

Upcoming breakUpcoming breakUpcoming breakUpcoming break----up options, mostly in wellup options, mostly in wellup options, mostly in wellup options, mostly in well----balanced areasbalanced areasbalanced areasbalanced areas

20

Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015

� In H1-2015 Gecina let nearly 66,000 sq.m of offices, factoring new lettings, relettings, renegotiations and renewals

� Representing €21m of annualized economic rents

� Average residual lease maturity (next break): 4.2 years*, vs. 4.0 years at end 2014

� Average residual lease maturity (end of lease): 5.5 years, vs. 5.4 years at end 2014

H1H1H1H1----2015 achievements and lease maturity2015 achievements and lease maturity2015 achievements and lease maturity2015 achievements and lease maturity

Rental management policyRental management policyRental management policyRental management policy

� Rental management tailored to current market conditions

� Pragmatic for the Inner Rim

� More aggressive for Inner Paris

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

AssetAssetAssetAsset LocationLocationLocationLocationCompletion or Completion or Completion or Completion or

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

office vacancy rateoffice vacancy rateoffice vacancy rateoffice vacancy rateAnnualized impact on Annualized impact on Annualized impact on Annualized impact on Group vacancy rateGroup vacancy rateGroup vacancy rateGroup vacancy rate

Docks en Seine Saint-Ouen Dec. 2013 9,370 0.9% 0.6%

Pointe Metro 2 Gennevilliers Dec. 2012 13,300 1.1% 0.7%

Docks en Seine – Saint-Ouen

Pointe Metro 2

– Gennevilliers

* Excluding T1 & B, Grande Armée-PSA, City 273%

67%

FY 2014FY 2014FY 2014FY 2014 H1H1H1H1----2015201520152015 ChangeChangeChangeChange

LTV (excluding duties) 36.7% 36.8% +10bp

LTV (including duties) 34.7% 34.8% +10bp

Net financial debt 3,881 3,930 +€49m

ICR 3.2x 3.9x + 0.7x

Secured debt ratio 11.2% 10.2% -100bp

Average cost of drawn debt3.0%

(3.6% all in)2.3%

(2.9% all in)-70bp

(-70bp all in)

Average length of debt* 5.0 years 6.6 years +1.6 years

Available liquidity 1,813 2,497 (1) +€684m

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

21

- NewNewNewNew bondbondbondbond issuesissuesissuesissues in January 2015 (€500m at 1.5%, 10-yearmaturity) and June 2015 (€500m at 2.0%, 9-year maturity)

- Proactive management of the hedging portfolio- €€€€1111....3333bnbnbnbn financingsfinancingsfinancingsfinancings concludedconcludedconcludedconcluded orororor renegotiatedrenegotiatedrenegotiatedrenegotiated inininin HHHH1111----2015201520152015

- New bilateral facilities for €1bn- Renegotiation for €300m

- In addition with the operation achieved in 2014, this ledaverageaverageaverageaverage costcostcostcost ofofofof debtdebtdebtdebt downdowndowndown bybybyby ----70707070bpbpbpbp to 2.9% (all in), andraised averageaverageaverageaverage maturitymaturitymaturitymaturity bybybyby ++++1111....6666 yearsyearsyearsyears.

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

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

RatiosRatiosRatiosRatios CovenantCovenantCovenantCovenant JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015

Loan to value ratio (block, excluding duties) < 55% 36.8%

EBITDA / net financial expenses > 2.0x 3.9x

Secured debt/block value (excluding duties) < 25% 10.2%

Portfolio value (block, excluding duties, €m) > 6,000 – 8,000 10,677

(1) €1.5bn post closing of the acquisition of the T1 & B towers and the Grande Armée-PSA building

-

820

- -

650

-

500

300

48

96

101

392

109

24

343

53548

203

570120

90

510

100

0

200

400

600

800

1000

1200

2015 2016 2017 2018 2019 2020 2021 > 2021

Corporate (undrawn) Secured financing Bonds and convertible

2,5%

2,7%

2,9%

3,1%

3,3%

3,5%

3,7%

3,9%

4,1%

4,3%

30%

32%

34%

36%

38%

40%

42%

44%

46%

48%

2008 2009 2010 2011 2012 2013 2014 H1 2015

LTV Average cost of debt

22

Average cost of debt and LTVAverage cost of debt and LTVAverage cost of debt and LTVAverage cost of debt and LTVBreakdown of financial resources portfolioBreakdown of financial resources portfolioBreakdown of financial resources portfolioBreakdown of financial resources portfolio

Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014

Significant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturity

2.9% 2.9% 2.9% 2.9% all inall inall inall in

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

-

500

- -

650

-

500

1 300

29

94

99389

60

24

343

53

1

1

534150

291

864

340

200

0

400

800

1200

1600

2000

2015 2016 2017 2018 2019 2020 2021 > 2021

Corporate (undrawn) Secured financing Bonds and convertible

Average maturityat end 2014:

5.0 5.0 5.0 5.0 yearsyearsyearsyears

Average maturityat Jun 30, 2015:

6.6 6.6 6.6 6.6 yearsyearsyearsyears

29%34%

39% 41%46%

29%24% 19% 18%

15%

6% 4% 3% 3% 2%

16%12%

11% 5%9%

21%26% 29%

33%29%

2011 2012 2013 2014 June 2015

Corporate loans - unused Corporate loans - used or commercial paper cover

Leasing Mortgage loans

Bonds


H1-2015 earnings

293.9

276.2

-2.7

+4.9

-3.3

-16.7

H1 2014 Like-for-likechange

Invest. &completions

Assetrestruct.

Disposals(non strategicand mature

assets)

H1 2015

ow. -€12.8m fromBeaugrenelle

H1H1H1H1----2015 earnings: rental income2015 earnings: rental income2015 earnings: rental income2015 earnings: rental income

Décompos

24

Office Office Office Office rental rental rental rental income by locationincome by locationincome by locationincome by locationGross rents bridge H1Gross rents bridge H1Gross rents bridge H1Gross rents bridge H1----2014/ H12014/ H12014/ H12014/ H1----2015: 2015: 2015: 2015: ----€€€€17.8m17.8m17.8m17.8m

High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation

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

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

in in in in €€€€ mnmnmnmnJune 30, June 30, June 30, June 30,

2014201420142014June 30, June 30, June 30, June 30,

2015201520152015 CurrentCurrentCurrentCurrent ComparableComparableComparableComparableJune 30, June 30, June 30, June 30,

2014201420142014JuneJuneJuneJune 30, 30, 30, 30,



2015201520152015As of As of As of As of June June June June 30, 30, 30, 30,

2015201520152015

Offices Offices Offices Offices 175.8 172.1 -2.1% -1.7% 94.7% 94.1% 95.4% 95.3% 329

BeaugrenelleBeaugrenelleBeaugrenelleBeaugrenelle 12.8 0.0 n.a. n.a. 84.8% n.a. n.a. n.a. -

Traditional residentialTraditional residentialTraditional residentialTraditional residential 63.3 61.6 -2.7% -0.1% 84.5% 83.5% 97.8% 97.8% 117

Student residencesStudent residencesStudent residencesStudent residences 4.6 5.3 +15.0% +0.1% 70.4% 73.8% 94.1% 90.6% 11

HealthcareHealthcareHealthcareHealthcare 37.1 36.9 -0.7% +0.6% 99.4% 99.1% 100.0% 100.0% 74

OtherOtherOtherOther 0.4 0.3 -9.3% n.a. n.a. n.a. n.a. n.a. -

Group Total Group Total Group Total Group Total 293.9293.9293.9293.9 276.2276.2276.2276.2 ----6.06.06.06.0%%%% ----1.11.11.11.1%%%% 92.492.492.492.4%%%% 91.991.991.991.9%%%% 96.596.596.596.5%%%% 96.3%96.3%96.3%96.3% 531531531531

Gross Gross Gross Gross rentalrentalrentalrental incomeincomeincomeincome ----OfficesOfficesOfficesOfficesIn million euros

JuneJuneJuneJune 30, 30, 30, 30, 2014201420142014

JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015

Change (%)

Currentbasis

Comparable basis

OfficesOfficesOfficesOffices 175.8175.8175.8175.8 172.1172.1172.1172.1 ----2.12.12.12.1%%%% ----1.71.71.71.7%%%%

Paris CBD - Offices 47.0 46.1 -1.9% -2.0%

Paris CBD - Retail units 17.8 17.1 -3.5% -3.5%

Paris excl. CBD25.4 28.7 +12.7% +3.8%

Western Crescent - La Défense 62.1 58.6 -5.6% -3.7%

Other 23.5 21.6 -8.1% +0.1%

FY 2015e trend for organic rental growth on offices ~-1%

* excluding T1&B and Grande Armée (PSA)

165.6

169.0

-17.8 -0.1

+1.0

+19.1+1.3

120,0

130,0

140,0

150,0

160,0

170,0

180,0

Recurrent netincome H1 2014

Change in grossrents

Change in rentalmargin

Change inoverheads costs

and other income

Change in netfinancial expenses

Change in minorityinterests and tax

Recurrent netincome H1 2015

H1H1H1H1----2015 recurrent net cash flow2015 recurrent net cash flow2015 recurrent net cash flow2015 recurrent net cash flow

25

� Effective control over salaries and

management costs

� Net financial expenses excl. capitalized interest

are down -25.3% with an average cost of debt of

around 2.9% (all in) in H1

�

�

�

� Driven primarily by the disposal of

Beaugrenelle in 2014

Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1----2014 / H12014 / H12014 / H12014 / H1----2015) : +2.1% 2015) : +2.1% 2015) : +2.1% 2015) : +2.1%

SSSSolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impacts

H1H1H1H1----2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV

26

H1 H1 H1 H1 –––– 2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)

Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. June June June June 2015)2015)2015)2015)

Breakdown by segmentBreakdown by segmentBreakdown by segmentBreakdown by segment Block valueBlock valueBlock valueBlock valueNet Net Net Net capitalizationcapitalizationcapitalizationcapitalization rates rates rates rates

(excl.duties)Change on comparable basisChange on comparable basisChange on comparable basisChange on comparable basis

AverageAverageAverageAverage value value value value in € per sq.m

In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015 DecDecDecDec. . . . 31, 31, 31, 31, 2014201420142014 June 30, 2015 Dec. 31, 2014June 2015

vs. Dec. 2014June 2015

vs. June 2014June 30, 2015

OfficesOfficesOfficesOffices 6,7886,7886,7886,788 6,4826,4826,4826,482 5.865.865.865.86%%%% 6.016.016.016.01%%%% +3.2+3.2+3.2+3.2%%%% 5.05.05.05.0%%%% 7,7037,7037,7037,703

Paris CBD 2,846 2,697 4.71% 4.98% +5.7% +11.0% 13,598

Paris CBD - Offices 1,918 1,803 5.26% 5.61% +6.6% +9.4% 10,734

Paris CBD - Retail 928 894 3.60% 3.74% +3.8% +14.3% 33,758

Paris excl. CBD 860 838 7.42% 7.51% +1.9% +1.0% 5,952

Western Crescent - La Défense 2,341 2,130 6.58% 6.60% +1.4% +0.3% 6,123

Other 742 817 6.51% 6.57% +0.7% +1.3% 4,651

Residential (block)Residential (block)Residential (block)Residential (block) 2,7222,7222,7222,722 2,7502,7502,7502,750 4.434.434.434.43%%%% 4.484.484.484.48%%%% ----0.10.10.10.1%%%% ----0.10.10.10.1%%%% 4,6254,6254,6254,625

HealthcareHealthcareHealthcareHealthcare 1,1191,1191,1191,119 1,1061,1061,1061,106 7.017.017.017.01%%%% 6.966.966.966.96%%%% ----0.20.20.20.2%%%% +0.5+0.5+0.5+0.5%%%% 1,9851,9851,9851,985

LogisticsLogisticsLogisticsLogistics 4444 4444 nananana nananana nananana nananana nananana

Group TotalGroup TotalGroup TotalGroup Total 10,63310,63310,63310,633 10,34110,34110,34110,341 5.675.675.675.67%%%% 5.785.785.785.78%%%% +2.1+2.1+2.1+2.1%%%% +3.3+3.3+3.3+3.3%%%%

Group Total Unit value 11,223 10,913 +2.1% +3.2%

6.0%

5.6%

3.7%

7.5%

6.6%6.6%

4.5%

7.0%

5.8%5.9%

5.3%

3.6%

7.4%

6.6% 6.5%

4.4%

7.0%

5.7%

3,0%

3,5%

4,0%

4,5%

5,0%

5,5%

6,0%

6,5%

7,0%

7,5%

8,0%

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

Other Residential Healthcare Group

-80 000

-40 000

0

40 000

80 000

120 000

160 000

200 000

2012 2013 2014 H1-2015

Value creation from investments, restructurations and acquisitions

(net of related expenses for studies etc…)Value creation (capital gains) from disposals (net of transaction fees)

Value creation on asset on operation (net of capex)

H1H1H1H1----2015 earnings: Asset Value Return2015 earnings: Asset Value Return2015 earnings: Asset Value Return2015 earnings: Asset Value Return

27

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

+1.2%

-0.1%

+0.8%

+2.1%+2.0%

+8.8%

+5.6%

+16.8%

+2.0%

+5.5%

+3.7%

+18.6%

-5%

0%

5%

10%

15%

20%

2012 2013 2014 H1-2015

Value creation on assets on operation (on lfl basis)

Value creation through disposals (capital gains)

Value creation on assets under development and through acquisitions

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

Real estate value creation by asset typeReal estate value creation by asset typeReal estate value creation by asset typeReal estate value creation by asset type

96

97

98

99

100

101

102

103

104

2011 2012 2013 2014 H1-2015

Gecina - AVR (Asset value return)

IPD - France Offices (Capital return)

++++€€€€205m 205m 205m 205m

101.2

96.6

102.6 102.5

(4.65)

+2.74

+3.31

(0.13)

NNNAV end-2014 Dividend NNAV end-2014proforma

Recurrent income Val. adjust. assets NNAV H1-2015before non real

estate ajustments

Val. adjust.derivatives & fixed-

rated debt, and other

NNNAV end-June2015

H1H1H1H1----2015 earnings: appraisal 2015 earnings: appraisal 2015 earnings: appraisal 2015 earnings: appraisal vvvvalues & NNNAValues & NNNAValues & NNNAValues & NNNAV

28

NAV: real estate NAV: real estate NAV: real estate NAV: real estate value value value value creation around creation around creation around creation around €€€€6 per share in 6 months6 per share in 6 months6 per share in 6 months6 per share in 6 months

NNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 year

+6.3%Real estate value

creation

€97.8

€101.2 €102.5

€100.6

€103.9 €103.9

€106.8

€110.0 €110.8

H1-2014 2014 H1 2015

EPRA NNNAV EPRA NAV EPRA NNNAV (unit value)

EPRA NNNAV : +1.3% in 6 months

+4.8% in 1 year

Q&AQ&AQ&AQ&A

““““GecinaGecinaGecinaGecina is well is well is well is well positioned to build its positioned to build its positioned to build its positioned to build its

future”future”future”future”

29


Appendices

Diversification portfoliosDiversification portfoliosDiversification portfoliosDiversification portfolios

31

Offices

64%

Traditional

residential

24%

Student

accommodation

2%

Healthcare

10%

Offices

64%

Traditional

residential

24%

Student

accommodation

2%

Healthcare

10%

Offices

64%

Traditional

residential

24%

Student

accommodation

2%

Healthcare

10%

� Asset value : €€€€1.1bn1.1bn1.1bn1.1bn, 73 assets, with 8,300 beds

� 2nd largest player in Europe

� Gross rents in H1-2015: €36.9m, +0.6% lfl, -0.7% yoy

� Annualized rents €74m, rental margin structurally close to 100% rental margin structurally close to 100% rental margin structurally close to 100% rental margin structurally close to 100% (99.1% in H1-2015)

� 57% Medicine, Surgery, Obstetrics, 32% Nursing Homes, 5% Psychiatry, 5% Follow-up Care, 1% Other

� LongLongLongLong----term leases,term leases,term leases,term leases, residual average maturity (firm): 6.6 years, 7.0% net rental yield7.0% net rental yield7.0% net rental yield7.0% net rental yield

� Asset value : €€€€2.50bn 2.50bn 2.50bn 2.50bn

� Gross rents in H1-2015: €61.6m, -0.1% lfl, -2.7% yoy

� Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate (97.8%), long-term visibility for cash flow

� Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: block value assumed for appraisal value, c.21% below unit-based valuations, and 48% below Paris average Paris market values (Chambre des Notaires de Paris)

� €53m of residential assets were sold in H1-2015, 27% above their last appraisal values

� New approach for unitNew approach for unitNew approach for unitNew approach for unit----based residential based residential based residential based residential sales since early 2015sales since early 2015sales since early 2015sales since early 2015, in line with natural tenant turnover, covering 18% of the total residential portfolio, targeting capital gains of over 35% versus block appraisal values

� Asset value : €€€€217m 217m 217m 217m

� 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, targeting 6,000 beds over medium term

� Gross rents in H1-2015: €5.3m, +0.1% lfl, +15.0% yoy

� 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds (investments for around €132m with yield on cost of around 6.6%)

Healthcare portfolioHealthcare portfolioHealthcare portfolioHealthcare portfolio

Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio

Student accommodation portfolioStudent accommodation portfolioStudent accommodation portfolioStudent accommodation portfolio

P&LP&LP&LP&L

32

Without IFRIC 21Without IFRIC 21Without IFRIC 21Without IFRIC 21 WithWithWithWith IFRIC 21IFRIC 21IFRIC 21IFRIC 21

In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Change (%)Change (%)Change (%)Change (%) JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Change (%)Change (%)Change (%)Change (%)

Gross rental income 293.9 276.2 -6.0% 293.9 276.2 -6.0%

Expenses non billed to tenants (22.2) (22.4) +0.7% (29.4) (28.7) -2.6%

Net rental incomeNet rental incomeNet rental incomeNet rental income 271.7271.7271.7271.7 253.8253.8253.8253.8 ----6.66.66.66.6%%%% 264.5264.5264.5264.5 247.5247.5247.5247.5 ----6.46.46.46.4%%%%

Services and other income (net) 4.2 3.8 -9.0% 4.2 3.8 -9.0%

Overheads (31.8) (30.4) -4.4% (32.3) (30.9) -4.5%

EBITDA EBITDA EBITDA EBITDA 244.1244.1244.1244.1 227.2227.2227.2227.2 ----6.96.96.96.9%%%% 236.4236.4236.4236.4 220.4220.4220.4220.4 ----6.76.76.76.7%%%%

Gains from disposals 6.6 19.9 +202.2% 6.6 19.9 +202.2%

Change in fair value of properties (54.1) 185.2 ns (54.1) 185.2 ns

Depreciation (2.5) (2.5) -2.5% (2.5) (2.5) -2.5%

Net impairments and provisions 0.2 1.6 ns 0.2 1.6 ns

Operating incomeOperating incomeOperating incomeOperating income 194.2194.2194.2194.2 431.4431.4431.4431.4 ++++122.1122.1122.1122.1%%%% 186.5186.5186.5186.5 424.6424.6424.6424.6 ++++127.7127.7127.7127.7%%%%

Net financial expenses (75.4) (56.3) -25.3% (75.4) (56.3) -25.3%

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

Change in value of financial instruments and debt (62.1) (45.0) -27.5% (62.1) (45.0) -27.5%

PrePrePrePre----tax incometax incometax incometax income 56.756.756.756.7 325.6325.6325.6325.6 ++++473.9473.9473.9473.9%%%% 49.049.049.049.0 318.8318.8318.8318.8 ++++550.2550.2550.2550.2%%%%

Recurrent tax (1.7) (1.9) +7.6% (1.7) (1.9) +7.6%

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

Non-recurrent minority interests 0.9 (8.6) ns 0.8 (8.6) ns

Recurrent minority interests (1.4) (0.0) ns (1.3) (0.0) ns

Consolidated net income (Group share)Consolidated net income (Group share)Consolidated net income (Group share)Consolidated net income (Group share) 54.554.554.554.5 314.9314.9314.9314.9 ++++478.3478.3478.3478.3%%%% 46.846.846.846.8 308.2308.2308.2308.2 ++++559.0559.0559.0559.0%%%%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- total sharetotal sharetotal sharetotal share 167.0167.0167.0167.0 169.0169.0169.0169.0 ++++1.21.21.21.2%%%% 159.3159.3159.3159.3 162.3162.3162.3162.3 ++++1.91.91.91.9%%%%

Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- Group shareGroup shareGroup shareGroup share 165.6165.6165.6165.6 169.0169.0169.0169.0 ++++2.12.12.12.1%%%% 157.9157.9157.9157.9 162.3162.3162.3162.3 ++++2.82.82.82.8%%%%

Average number of shares over the period 61,155,258 61,783,218 +1.0% 61,155,258 61,783,218 +1.0%

Undiluted recurrent net income per share Undiluted recurrent net income per share Undiluted recurrent net income per share Undiluted recurrent net income per share ---- Group ShareGroup ShareGroup ShareGroup Share 2.712.712.712.71 2.742.742.742.74 ++++1.11.11.11.1%%%% 2.582.582.582.58 2.632.632.632.63 ++++1.71.71.71.7%%%%

ASSETSASSETSASSETSASSETS June 30,June 30,June 30,June 30, Dec. 31,Dec. 31,Dec. 31,Dec. 31, LIABILITIESLIABILITIESLIABILITIESLIABILITIES June 30,June 30,June 30,June 30, Dec. 31,Dec. 31,Dec. 31,Dec. 31,

In million euros 2015201520152015 2014201420142014 In million euros 2015201520152015 2014201420142014

NonNonNonNon----currentcurrentcurrentcurrent assetsassetsassetsassets 10,074.410,074.410,074.410,074.4 10,201.410,201.410,201.410,201.4 Capital and reservesCapital and reservesCapital and reservesCapital and reserves 6,443.76,443.76,443.76,443.7 6,280.06,280.06,280.06,280.0

Investment properties 9,450.2 9,827.2 Share capital 473.7 473.3

Buildings under refurbishment 533.0 276.0 Additional paid-in capital 1,895.6 1,890.7

Buildings in operation 62.2 62.7 Consolidated reserves 3,750.2 3,624.0

Other tangible fixed assets 5.9 5.5 Consolidated net profit 308.2 281.6

Intangible fixed assets 3.6 3.3Capital and reserves attributable to Capital and reserves attributable to Capital and reserves attributable to Capital and reserves attributable to owners of the parentowners of the parentowners of the parentowners of the parent 6,427.76,427.76,427.76,427.7 6,269.76,269.76,269.76,269.7

Long-term financial investments 6.8 11.8 Non-controlling interests 16.1 10.4

Share in equity-accounted companies 3.5 3.5

Non-current financial instruments 8.8 11.0 NonNonNonNon----current liabilitiescurrent liabilitiescurrent liabilitiescurrent liabilities 3,578.03,578.03,578.03,578.0 3,614.73,614.73,614.73,614.7

Deferred tax assets 0.4 0.4 Non-current financial debt 3,520.7 3,501.1

Non-current financial instruments 29.2 84.6

Current assetsCurrent assetsCurrent assetsCurrent assets 1,576.71,576.71,576.71,576.7 344.8344.8344.8344.8 Deferred tax liabilities 2.1 2.1

Properties for sale 581.0 169.1 Non-current provisions 26.0 26.8

Inventories 6.7 6.4

Trade receivables and related 113.5 84.8 CurrentCurrentCurrentCurrent liabilitiesliabilitiesliabilitiesliabilities 1,629.41,629.41,629.41,629.4 651.5651.5651.5651.5

Other receivables 133.5 48.6 Current financial debt 1,126.1 393.5

Prepaid expenses 25.5 22.6 Security deposits 55.5 58.6

Cash & Cash equivalents 716.6 13.3 Trade payables and related 329.2 109.6Current taxes due & other employee-related liabilities 63.2 36.9

Other current liabilities 55.4 53.0

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 11,651.111,651.111,651.111,651.1 10,546.210,546.210,546.210,546.2 TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 11,651.111,651.111,651.111,651.1 10,546.210,546.210,546.210,546.2

Balance SheetBalance SheetBalance SheetBalance Sheet

33

NNNAVNNNAVNNNAVNNNAV

34

JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 DecDecDecDec. 31, 2014. 31, 2014. 31, 2014. 31, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015

In million eurosAmount / no.

of shares € / shareAmount / no.

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

Fully diluted number of shares 61,947,641 61,967,103 63,423,273

Shareholders' equity under IFRS 6,035 6,269 6,428

+ impact of exercising stock options 54.1 49.7 71.9

Diluted NAVDiluted NAVDiluted NAVDiluted NAV 6,0896,0896,0896,089 €€€€98.3098.3098.3098.30 6,3186,3186,3186,318 €€€€101.97 101.97 101.97 101.97 6,5006,5006,5006,500 €€€€102.48 102.48 102.48 102.48

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

37.7 44.5 51.6

+ Optimization of transfer duties 20.0

- Fair value of financial instruments 105.5 73.6 20.4

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

0.0 3.4

= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV 6,2336,2336,2336,233 €€€€100.6 100.6 100.6 100.6 6,4406,4406,4406,440 €€€€103.9 103.9 103.9 103.9 6,5926,5926,5926,592 €€€€103.9 103.9 103.9 103.9 + Fair value of financial instruments

(105.5) (73.6) (20.4)

+ Fair value of liabilities(65.6) (93.5) (70.2)

+ Deferred tax due to the effects of entry into the SIIC system (3.4)

= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV 6,0616,0616,0616,061 €€€€97.8 97.8 97.8 97.8 6,2696,2696,2696,269 €€€€101.2 101.2 101.2 101.2 6,5016,5016,5016,501 €€€€102.5 102.5 102.5 102.5

Pipeline in detailsPipeline in detailsPipeline in detailsPipeline in details

Total pipeline in detailsTotal pipeline in detailsTotal pipeline in detailsTotal pipeline in details

35

Gecina’sGecina’sGecina’sGecina’s pipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Gogh

ProjectProjectProjectProject De live ry De live ry De live ry De live ry

datedatedatedate

Lettable Lettable Lettable Lettable

a rea area area area

(s q.m.)( s q.m.)( s q.m.)( s q.m.)


Inves tment Inves tment Inves tment Inves tment

(€m) (2)(€m) (2)(€m) (2)(€m) (2)



(€m) (2)(€m) (2)(€m) (2)(€m) (2)



(€m)(€m)(€m)(€m)




Exit y ie ld Exit y ie ld Exit y ie ld Exit y ie ld

a t de l ive ry a t de l ive ry a t de l ive ry a t de l ive ry

(exp. )(exp. )(exp. )(exp. )

% % % %

owners hipowners hipowners hipowners hip

Committed Boulogne - Cristallin Hauts de Seine (92) Q1-16 11 462 68 59 9 7,6% 5,8% 100%

Boulogne - City 2 (6) Hauts de Seine (92) H1-16 28 500 188 0 188 7,0% 5,8% 100%

Paris - 55 Amsterdam Paris Q1-17 12 362 102 63 39 6,7% 5,2% 100%

Lyon - Gerland Rhône (69) Q2-2017 20 341 53 12 41 8,3% 6,3% 60%

Lyon Part-Dieu - Sky 56 Rhône (69) 2018 30 700 136 0 136 7,0% 5,0% 100%

Total offices & commercial 103 365 547 133 414 7,1% 5,5%

Bagnolet Philia Seine St Denis (93) Q3-15 4 126 19 19 0 6,9% 5,25% 100%

Bordeaux Blanqui Gironde Q3-15 3 377 12 11 1 6,7% 5,50% 100%

Lançon Paris 13 Q3-15 1 465 11 11 1 5,9% 4,80% 100%

Palaiseau Saclay Essonne (91) Q3-15 3 002 11 10 1 6,6% 5,50% 100%

Puteaux Rose de Cherbourg Hauts de Seine (92) Q2-18 8 102 43 1 42 7,0% 5,25% 100%

Marseille Mazenod Bouches du Rhônes (13) Q2-17 3 742 15 4 11 6,2% 5,50% 100%

Puteaux Valmy Hauts de Seine (92) Q3-17 3 937 21 4 17 6,3% 5,25% 100%

Total residential 27 751 132 60 73 6,6% 5,3%

Clinique Bayonne Pyrénées Atlantiques (64) Q3-15 27 744 69 68 1 6,6% 100%

Clinique Orange Vaucluse (84) Q3-15 4 797 13 12 1 6,9% 80%

Total Healthcare 32 541 82 81 2 6,7% 6,5%

Tota l committedTota l committedTota l committedTota l committed 163 657163 657163 657163 657 762762762762 273273273273 488488488488 7,0%7,0%7,0%7,0% 5,6%5,6%5,6%5,6%

Controlled (1) Greenfield (3) Pre-letting required (5) 2017-2021 91 954 358 7 351 7,7% 5,8% 100%

Redevelopments (4)

Tenant's departure certain

or likely 2019-2022 122 238 1 008 763 236 6,8% 5,3% 100%

Redevelopments Tenant's departure uncertain 2020-2023 66 167 647 460 187 6,3% 4,9% 100%

Tota l non committedTota l non committedTota l non committedTota l non committed 280 359280 359280 359280 359 2 0122 0122 0122 012 1 2301 2301 2301 230 774774774774 6,8%6,8%6,8%6,8% 5,3%5,3%5,3%5,3% 100%100%100%100%

(1) Controlled projects: potential projects identified by Gecina’s Asset Management teams and fully controlled by Gecina.

(2) Including current value of plots and existing buildings for redevelopments

(3) including Tour Van Gogh w ith preliminary agreement signed in July 2015

(4) including PSA's current headquarters, closing date in July 2015

(5) Except for Tour Van Gogh

(6) Book value of €169m retained as of June 30, 2015

36

Further step forward, Further step forward, Further step forward, Further step forward, strengthening strengthening strengthening strengthening our leadership on our leadership on our leadership on our leadership on the Paris the Paris the Paris the Paris Region’s urban office marketsRegion’s urban office marketsRegion’s urban office marketsRegion’s urban office markets


Source: Gecina

H1H1H1H1----2015 2015 2015 2015 Proforma*

MidMidMidMid----term targetterm targetterm targetterm target2014201420142014

68%

Offices

Residential

Healthcare

* Including new investments secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh

63%63%63%63%

>80%>80%>80%>80%

Office and Residential portfolio breakdownsOffice and Residential portfolio breakdownsOffice and Residential portfolio breakdownsOffice and Residential portfolio breakdowns

Office portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sector Office asset locationsOffice asset locationsOffice asset locationsOffice asset locations

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

37

Paris

73%

Paris Region

24%

Other

3%

34%

16%14%

10%

6%

5%

4%3%

3%2%2%

Services

Luxury & retail

Industry

Public sector

Telecoms

Banks & financials

Information &

communication technologiesInsurance

Other

Real estate

Commuication - TV

HealthcareHealthcareHealthcareHealthcare

Healthcare lease expiry (Healthcare lease expiry (Healthcare lease expiry (Healthcare lease expiry (€€€€m)m)m)m) Diversification asset locationsDiversification asset locationsDiversification asset locationsDiversification asset locations

Breakdown of annualized rental income by Breakdown of annualized rental income by Breakdown of annualized rental income by Breakdown of annualized rental income by tenant tenant tenant tenant typetypetypetype

0

5

10

15

20

25

30

35

40

45

2015 2016 2017 2018 2019 2020 2021 > 2021

€m

Medicine,

surgery,

obstetrics

57%

Psychiatry

5%

Follow-up

care and

rehabilitation

5%

Nursing homes

33%

38

JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Dec 31, 2014Dec 31, 2014Dec 31, 2014Dec 31, 2014 June 30, 2014June 30, 2014June 30, 2014June 30, 2014

Number of shares issued 63,163,312 63,104,820 63,025,766

Stock options 920,302 649,442 752,846

Treasury stock -660,341 -1,787,159 -1,830,971

Diluted number of shares 63,423,273 61,967,103 61,947,641

Average number of shares 61,783,218 61,260,603 61,155,258

Diluted average number of shares 62,703,520 61,910,045 61,908,104

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

Gevrey investissement(Blackstone & Ivanhoé

Cambridge)

29,8%

Crédit Agricole Assurances

- Predica

13,3%

Norges Bank

9,7%Other resident

institutional shareholders

3,7%

Individual shareholders

4,3%

Non-resident shareholders

38,1%

Treasury shares

1,0%

Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015

Number of sharesNumber of sharesNumber of sharesNumber of shares

39

Financial diaryFinancial diaryFinancial diaryFinancial diary

October 21October 21October 21October 21 ThirdThirdThirdThird----quarter businessquarter businessquarter businessquarter business

40

Appendices

41

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

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

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

DisclaimerDisclaimerDisclaimerDisclaimer

presentation earnings h1 2015 v4 - gecina · 2019-04-05 · 1.1/ paris region office markets in...

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