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1 French limited company (société anonyme) with capital of 474,454,650 euros Registered office: 14-16, rue des Capucines, Paris, France Paris trade and companies register: BOARD OF DIRECTORS' REPORT ON THE RESOLUTIONS PRESENTED FOR GECINA'S COMBINED GENERAL SHAREHOLDERS MEETING ON APRIL 21, 2016 This report presents the proposed resolutions submitted by your Board of Directors for Gecina's Combined General Shareholders' Meeting. It does not claim to be exhaustive; it is therefore essential that you carefully read the texts of the proposed resolutions before exercising your right to vote. A full copy of the proposed resolutions submitted for the General Meeting is appended to this report. The presentation of the financial position, business and earnings of Gecina and its Group for the past year, as well as the various items of information required by the legal and regulatory provisions in force are presented in the 2015 Reference Document (including the annual financial report), which you are invited to refer to on the Company's website at CORPORATE AND CONSOLIDATED ANNUAL FINANCIAL STATEMENTS (first and second resolutions) Gecina's corporate financial statements and the Group's consolidated financial statements are presented for you in the annual report for You are asked to approve Gecina's corporate financial statements (first resolution), which show a net profit of 284,496, euros, and the Group's consolidated financial statements (second resolution), which show a Group share net profit of 1,609,262,000 euros for the year ended December 31,

2 TRANSFER TO A RESERVE ACCOUNT AND APPROPRIATION OF INCOME (third and fourth resolutions) You are asked to transfer to a specific reserve account all the revaluation gains on assets sold during the year and the additional depreciation resulting from the revaluation, representing a total of 16,619, euros (third resolution). You are asked to approve the appropriation of income for the year, as presented in Section 6.1 of the Reference Document (fourth resolution), and to vote on the payment of a dividend of 5.00 euros per share, drawn from the exempt profits under the SIIC real estate investment trust system. An interim dividend for 2015 was decided on by the Board of Directors on February 24, 2016, with 2.50 euros per share, paid on March 9, As a result, the payment of a dividend for 2015 must be decided on taking into account: - The 284,496, profit for 2015, factoring in the zero balance for retained earnings, the distributable profit for the year; - The amount of reserves made available for distribution, with a total of 31,806, euros; - The amount of the interim dividend paid on March 9, The balance on the dividend, voted on by your General Meeting, will be paid on July 6, For reference, on December 15, 2015, the Board of Directors decided to set up interim dividend payments from 2016, for the payment of the 2015 dividend. These new conditions will enable you, as a Company shareholder, to benefit from regular payments, aligned more closely with the Company s financial flows. In addition, since all the dividends have been drawn against the profits exempt from corporate income tax under Article 208 C of the French general tax code, the total amount of revenues distributed under this resolution will be subject to the sliding income tax scale for individuals, in accordance with current legislation, without benefiting from the 40% tax rebate provided for under Article 158, 3-2 of the French general tax code. In accordance with Article 243 ii of the French general tax code, note that dividend payments for the last three financial years were as follows: Financial year Total dividend (not eligible for rebate under Article 158, 3-2 of general tax code) Dividend per share (not eligible for rebate under Article 158, 3-2 of general tax code) ,219, ,204, ,437,

3 Option for 2016 interim dividends to be paid in shares. Delegation of authority to the Board of Directors (fifth resolution) In accordance with Articles L , L and L et seq of the French commercial code (Code de commerce) and Article 23 of the Company s bylaws, you are invited, in the fifth resolution, after acknowledging that the capital is fully paid up and, in case the Board of Directors decides to pay out interim dividends for 2016, to offer an option for shareholders to choose to receive each of these interim dividends in cash or in new Company shares. The issue price for shares distributed as payment for interim dividends will be set by the Board of Directors. In accordance with Article L of the French commercial code, this price will as a minimum represent 90% of the average opening listed prices on Euronext Paris for the 20 stock market sessions prior to the day of the Board of Directors decision to pay out an interim dividend, less the net amount of the interim dividend and rounded up to the nearest euro cent. The shares will accrue dividends immediately, entitling their beneficiaries to any payouts decided on as from their issue date. If the amount of the interim dividend for which the option is exercised does not correspond to a whole number of shares, shareholders will receive a number of shares rounded down to the nearest whole number, in addition to a cash balance. The Board of Directors will set the timeframe during which, following its decision to release an interim dividend for payment, shareholders will be able to request payment in shares (although this period may be no longer than three months) and will set the delivery date for the shares. Lastly, you are asked to grant full powers to the Board of Directors, with an option to sub-delegate, to take the measures required to implement this resolution, particularly: Carrying out all transactions relating to or resulting from the exercising of the option; In the event of a capital increase, suspending the exercising of rights for interim dividends to be paid in shares for a maximum of three months; Allocating the costs of such a capital increase against the amount of the corresponding premium, and deducting from this amount the sums needed to take the legal reserve up to one tenth of the new capital; Recording the number of shares issued and the performance of the capital increase; Amending the Company's bylaws accordingly; And more generally, performing all legal and regulatory formalities and fulfilling all formalities required for the issue, listing and financial servicing of shares issued under this resolution. 3

4 REGULATED AGREEMENTS (sixth resolution) In accordance with Articles L and L to L of the French commercial code, you are asked to approve the statutory auditors' special report on regulated agreements and commitments. For reference, only new agreements are submitted for approval by the General Meeting. Only one new agreement was entered into in Gecina's acquisition of a portfolio of two office assets from Ivanhoé Cambridge During its meeting on June 1, 2015, the Board of Directors authorized Gecina to acquire, for a total of 1.24 billion euros, two Ivanhoé Cambridge group companies, which respectively owned: - The PSA Group s historic headquarters in Paris central business district; - The T1&B towers in La Défense, occupied by the Engie Group (formerly GDF-Suez). These two real estate assets, with highly complementary profiles, are perfectly in line with the Group s strategy to realign itself around the office market. With this acquisition, Gecina is once again confirming its leading position in the Paris Region s best office districts. With its current tenant s expected departure, the 33,600 sq.m PSA building offers a unique opportunity to carry out a major redevelopment operation, repositioning the asset in line with the highest European standards, while capitalizing on its outstanding visibility and location in Paris central business district, between Place de l'etoile and La Défense. For their part, the T1&B towers (88,600 sq.m), with leases that have been renewed for 12 years, offer secure revenues over the long term. Ideally located for current and future public transport services, they are also fully benefiting from the regeneration of the La Défense market. Lastly, these buildings, which were delivered in 2008 and are BREEAM Plus, HQE In Use and LEED Gold certified, make up one of the most iconic units in La Défense. The acquisition of this portfolio will enable Gecina to continue optimizing its financial structure by using part of its available resources and arranging new financing facilities in a still positive market environment. In accordance with the legal provisions in force and standard industry recommendations, the Board of Directors' authorization has been justified, indicating the agreement's interest for the Company, notably setting out the corresponding financial conditions. These justifications have been included in the statutory auditors' special report on regulated agreements, as presented in the 2015 Reference Document, Section 9, page 324. The Board of Directors worked with the opinions of three external experts: a real estate expert appointed by the Company (CBRE) and two independent real estate and financial experts (Cushman & Wakefield and Ernst & Young) appointed by the Board of Directors. On account of the shareholding links between Ivanhoé Cambridge and Gecina, this operation was unanimously approved by Gecina s Board of Directors, with the exception of the proposed directors from the concert formed by Ivanhoé Cambridge and Blackstone, who did not vote, in accordance with the procedure for regulated agreements and the Board of Directors bylaws. The acquisition was finalized on July 21,

5 OPINION ON THE ITEMS OF COMPENSATION DUE OR AWARDED FOR THE YEAR ENDED DECEMBER 31, 2015 TO EACH OF THE COMPANY'S EXECUTIVE OFFICERS (seventh and eighth resolutions) In line with the recommendations from the AFEP-MEDEF Code, which the Company refers to in accordance with Article L of the French commercial code, the following items of compensation due or awarded for the past year to each of the Company's executive officers are subject to the shareholders' advisory opinion: - Fixed compensation, - Annual variable compensation and, if applicable, the multi-annual variable component with the objectives helping determine this variable component, - Exceptional compensation, - Stock options, performance shares and other long-term incentives, - Appointment or severance benefits, - Supplementary pension scheme, - Attendance allowances, - Fringe benefits. 1. Opinion on the items of compensation due or awarded for the year ended December 31, 2015 to Mr Bernard Michel, Chairman of the Board of Directors (seventh resolution) You are invited to approve the items of compensation due or awarded for the year ended December 31, 2015 to Mr Bernard Michel, Chairman of the Company's Board of Directors, as described below and presented in the 2015 Reference Document, Section 5, Page 167: Elements of compensation Amounts or accounting valuation ( '000) Overview Fixed compensation 550 Annual variable compensation Mr Bernard Michel is not entitled to any variable N/A compensation Multi-annual variable Mr Bernard Michel is not entitled to any multi-annual N/A compensation variable compensation Exceptional compensation N/A Mr Bernard Michel is not entitled to any exceptional compensation Award of stock options N/A Mr Bernard Michel is not entitled to any stock options award Award of performance shares N/A Mr Bernard Michel is not entitled to any performance share award Attendance allowance N/A The management team does not receive attendance allowances in their capacity as corporate officers in Group companies Fringe benefits 8 Company car Severance pay None Mr Bernard Michel is not entitled to any severance pay Non-competition pay N/A Mr Bernard Michel is not entitled to any noncompetition pay Pension plan N/A Mr Bernard Michel does not have a supplementary pension plan with the Group 5

6 2. Opinion on the items of compensation due or awarded for the year ended December 31, 2015 to Mr Philippe Depoux, the Company's Chief Executive Officer (eighth resolution) You are invited to approve the items of compensation due or awarded for the year ended December 31, 2015 to Mr Philippe Depoux, the Company's Chief Executive Officer, as described below and presented in the 2015 Reference Document, Section 5, Page 168: Elements of compensation Amounts or accounting valuation ( '000) Fixed compensation 400 Annual variable compensation Multi-annual variable compensation Exceptional compensation 424 N/A NA Overview The target variable compensation was set at 100% of the fixed portion of the compensation, with however, a possibility of reaching a maximum of 120% of the fixed portion of the compensation in case the target quantitative or qualitative performance criteria are exceeded. The quantitative criteria represent 60% of the variable compensation and the qualitative criteria represent 40%. The qualitative performance criteria concern profitability and productivity, value creation strategy and corporate social responsibility. The achievement of quantitative performance criteria is established according to the grid described in Section of Gecina s 2015 Reference Document. Mr Philippe Depoux is not entitled to any multi-annual variable compensation Mr Philippe Depoux is not entitled to any exceptional compensation Award of stock options N/A No stock options were awarded in ,000 performance shares were granted to Mr. Philippe Depoux as part of the 2015 performance share plan set up by the Board of Directors of February 19, 2015, in accordance with the resolutions taken by the Combined General Meeting of April 18, 2013, in its 18th resolution. This award represents around 0.01% of the capital at December 31, The shares awarded to the CEO are subject to compliance with the presence condition and the achievement of the performance conditions described below: - Total Shareholder Return: performance criterion Award of performance shares 390 adopted for 75% of the awarded performance shares. Gecina s Total Shareholder Return compared over a three-year period, to the Euronext IEIF «SIIC France» gross index dividends reinvested over the same period (January 2, 2018 opening share price versus January 2, 2015 opening share price), the number of vested performance shares varying to reflect the performance rate achieved: the entirety of shares subject to this condition shall only vest if the index is outperformed by 5%; at 100% of the index, 70% of the total number 6

7 Elements of compensation Amounts or accounting valuation ( '000) Overview of shares subject to this condition will be vested; in the event of performance comprised between 99% and 85%, stepwise regression will be applied within the limit of the achievement of 25% of the total number of shares contingent on this condition; in the event of performance below 85%, none of these performance shares will be vested. - Total Return: performance criterion adopted for 25% of the awarded performance shares Total return: Triple net NAV dividends attached per share compared to a group of seven French real estate companies. The vesting of performance shares shall be contingent on exceeding the average performance of the comparison group. If this average performance is not exceeded, none of these performance shares will be vested. Attendance allowance N/A The management team does not receive attendance allowances in their capacity as corporate officers in Group companies Benefits in kind 8 Company car Severance pay None Mr Philippe Depoux, in his capacity as the CEO, will receive severance pay if forced to resign and if his departure is linked to a change of control or change in the Company s strategy. The amount of this pay and its payment (contingent on compliance with the performance conditions) are described in Section of Gecina s 2015 Reference Document. Pursuant to the provisions of Article L of the French Commercial Code, the granting of this severance pay was subject to the regulated agreements procedure and received the approval of the Shareholders General Meeting of April 23, Non-competition pay N/A Mr Philippe Depoux is not entitled to non-competition pay Pension plan N/A Mr Philippe Depoux does not have a supplementary pension plan with the Group 7

8 COMPOSITION OF THE BOARD OF DIRECTORS (ninth to twelfth resolutions) 1. Ratification of the co-opting of a Director (ninth resolution) On July 22, 2015, the Board of Directors acknowledged Mr Anthony Myers' resignation from his position as a Director and co-opted, after consulting the Governance, Appointment and Compensation Committee, Mrs Nathalie Palladitcheff to replace him for Mr Anthony Myers' remaining term of office, i.e. until the General Meeting convened to approve the financial statements for the year ending December 31, The co-opting of Mrs Nathalie Palladitcheff takes the percentage of women on the Board of Directors up from 40% to 50%. The percentage of independent Directors remains unchanged at 50%. You are invited to ratify this co-opting. Mrs Nathalie Palladitcheff s biography is appended to this report. 2. Reappointment of two Directors and appointment of Mrs Isabelle Courville as an independent Director (tenth to twelfth resolutions) The terms of office of Mr Claude Gendron, Mrs Inès Reinmann Toper and Mrs Sylvia Fonseca as Directors are due to expire at the end of the General Meeting convened to approve the financial statements for the year ended December 31, After consulting the Governance, Appointment and Compensation Committee, you are invited to reappoint Mr Claude Gendron and Mrs Inès Reinmann Toper, independent Director, for a four-year period, through to the end of the General Meeting convened to approve the financial statements for the year ending December 31, After consulting the Governance, Appointment and Compensation Committee, you are also invited to appoint Mrs Isabelle Courville as an independent Director, for a four-year period, replacing Mrs Sylvia Fonseca, through to the end of the General Meeting convened to approve the financial statements for the year ending December 31, Subject to approval by the Company's shareholders, the proportion of independent Directors and women in the Board of Directors would both remain at 50%. In addition, Mrs Isabelle Courville's appointment would further strengthen the Board of Directors' diversification in terms of international experience and nationalities. The biographies of Mr Claude Gendron, Mrs Inès Reinmann Toper and Mrs Isabelle Courville are appended to this report. 8

9 INCUMBENT AND DEPUTY STATUTORY AUDITORS (thirteenth to sixteenth resolution) 1. Reappointment of the incumbent statutory auditors (thirteenth and fourteenth resolutions) The appointments of PricewaterhouseCoopers Audit SAS and Mazars SA, the Company's incumbent statutory auditors, are due to expire at the end of the General Meeting convened to approve the financial statements for the year ended December 31, You are invited to reappoint them for a six-year period, through to the end of the General Meeting convened to approve the financial statements for the year ending December 31, Expiry of the appointments of the deputy statutory auditors, appointment of new deputy statutory auditors (fifteenth and sixteenth resolutions) The appointments of Mr Yves Nicolas and Mr Philippe Castagnac, deputy statutory auditors, are due to expire at the end of the General Meeting convened to approve the financial statements for the year ended December 31, You are invited to not renew these two appointments and to vote on the appointment of Mr Jean-Christophe Georghiou and Mr Gilles Rainaut as deputy statutory auditors for a six-year period, through to the end of the General Meeting convened to approve the financial statements for the year ending December 31, AUTHORIZATION FOR THE BOARD OF DIRECTORS TO TRADE IN THE COMPANY'S SHARES (seventeenth resolution) In accordance with Articles L et seq of the French commercial code, you are invited to renew the authorization granted to the Board of Directors, with an option to sub-delegate, to purchase the Company's shares directly or through intermediaries with a view to: - Implementing the Company s stock option schemes in accordance with Articles L et seq of the French commercial code; or - Allocating or transferring shares to executive officers and employees of the Company and related companies in connection with the profit-sharing agreement or implementing employee savings schemes under the conditions set by French law (particularly Articles L et seq of the French labor code (Code du travail); or - Awarding bonus shares in accordance with Articles L et seq of the French commercial code; or 9

10 - Awarding shares in connection with the exercising of rights associated with securities entitling holders to access the share capital further to their redemption, conversion, exchange, the presentation of a bond or warrant or by any other means; or - Canceling all or part of the securities bought back in this way; or - Allocating shares (exchanges, payments, etc.) in connection with external growth, merger, spin-off or contribution operations; or - Managing the secondary market or the liquidity of Gecina s share under a liquidity agreement with an investment service provider, in line with the compliance charter recognized by the French financial markets authority (Autorité des marchés financiers, AMF). This authorization would enable your Board of Directors to acquire Gecina shares representing up to 10% of the Company's share capital, with this percentage applying to the adjusted capital factoring in transactions coming into effect following the General Meeting. For reference, the capital comprised 63,260,620 shares at December 31, It should be noted that: - The Company may not at any time hold a number of shares representing more than 10% of its share capital; - The number of shares acquired with a view to being retained or issued again subsequently in connection with an external growth, merger, spin-off or contribution operation may not exceed 5% of the Company's share capital. The maximum purchase price would be 150 euros per share (or the equivalent of this amount on the same date in any other currency), with this price able to be adjusted in order to factor in the impact of certain operations on the value of Gecina's share. The total amount allocated for the share buyback program may not exceed 948,909,300 euros. Under this authorization, the Company may buy back shares by any means, on regulated markets, multilateral trading systems, with systematic internalizers or on an over-the-counter basis, including through bulk acquisitions or disposals (without limiting the percentage of the buyback program that may be carried out by such means), public takeover bids or public exchange offers, the use of options or other financial futures, or the distribution of shares further to the issuing of marketable securities entitling holders to access the Company s capital through the conversion, exchange, redemption or exercising of a bond or warrant, or by any other means, either directly or indirectly through an investment service provider. This authorization would be given for an 18-month period. It would not be able to be used during an offer period concerning the Company's securities. No share buyback operations were carried out in

11 AUTHORIZATION TO AWARD NEW OR EXISTING BONUS SHARES TO EMPLOYEES AND CORPORATE OFFICERS OR CERTAIN CATEGORIES OF THEM (eighteenth resolution) The various delegations relating to financial operations granted to the Board of Directors by the General Meeting were renewed at the General Shareholders' Meeting on April 24, 2015 for a 26-month period and are still valid. To take into account the new legal provisions resulting from the French Macron Act of August 6, 2015 for growth and activity, you are invited to renew, in accordance with Articles L et seq of the French commercial code, the delegation of authority for the Board of Directors to award new or existing bonus shares, on one or more occasions, to the Group's employees and executive officers, or certain categories of them. This new delegation would cancel and replace as of this day, and up to the amount of its unused portion, the delegation of the same type previously approved at the General Shareholders' Meeting on April 24, The French Macron Act has made the bonus share system more favorable for both beneficiaries and businesses, particularly as a result of the following factors: Minimum vesting period now reduced to one year (compared with two years previously), Minimum combined vesting and lock-in periods reduced to two years (compared with four years previously), Lock-in period not required if the vesting period is set for two years or longer, Adjustment and reduction of specific employer and employee contributions. The approval of this delegation authorizing your Board to award bonus shares to employees and/or executive officers would, in accordance with French law, result in shareholders expressly waiving the preferential subscription rights for beneficiaries with such issues or awards. This authorization would be given exclusively for a limited period of 26 months. In addition, your Board would only be able to exercise this option to increase the capital within strictly defined limits, above which your Board would no longer be able to increase the capital without convening a new General Shareholders' Meeting. These maximum limits are indicated in the texts for the proposed resolution. The new or existing shares awarded under this delegation may not exceed 0.5% of the share capital on the day of the Board of Directors decision to award them. In accordance with the AFEP-MEDEF Code, you are invited to set a sub-limit for bonus share awards for the Company's executive officers. They may not exceed 0.2% of the share capital on the day of the Board of Directors decision to award them. Shares will be definitively awarded to their beneficiaries at the end of a vesting period set by the Board of Directors, while noting that this period may be no less than one year and beneficiaries will be required to retain these shares for a minimum period of one year from the date on which they are definitively awarded. Notwithstanding the above, the definitive awarding of shares for beneficiaries who are disabled will not be subject to a vesting or lock-in period. Bonus share awards will be subject to performance and presence conditions to be set by the Board of Directors in accordance with standard industry recommendations. 11

12 For instance, under the authorization of the same type granted to it by the General Meeting on April 18, 2013, in its eighteenth resolution, the Board of Directors on February 19, 2015 awarded 58,120 shares subject to compliance with the presence condition and the achievement of the performance conditions presented below. The vesting period was set for three years, with a lock-in period of two years. Total Shareholder Return: performance criteria applied for 75% of the performance shares awarded Gecina s Total Shareholder Return benchmarked over a three-year period against the Euronext IEIF SIIC France gross index with dividends reinvested over the same period (January 2, 2018 opening share price versus January 2, 2015 opening share price), with the number of performance shares vested varying to reflect the performance rate achieved: o All the shares subject to this condition will only vest if this index is outperformed by 5%; o At 100% of the index, 70% of the total number of shares subject to this condition will be vested; o For performance from 99% to 85%, a stepped regression will be applied within the limit of the achievement of 25% of the total number of shares subject to this condition; o If performance is less than 85%, none of these performance shares will be vested. Total Return: performance criteria applied for 25% of the performance shares awarded Total Return: triple net NAV with dividends attached per share compared with a group of seven French real estate firms. The vesting of performance shares will be dependent on exceeding the average performance for the benchmark group. If this average performance is not exceeded, none of these performance shares will be vested. In accordance with the performance share plan regulations, beneficiaries are prohibited from using hedging instruments. Awards based on this resolution will be subject to comparable demanding performance conditions, with a minimum vesting period of three years followed by a two-year lock-in period, particularly for executive officers and Executive Committee members. In addition, executive officers will be required to retain at least 25% of the performance shares definitively awarded to them until the end of their term of office. This obligation applies until the total amount of shares held reaches, when the shares are fully vested, a threshold representing 200% of the last gross annual fixed compensation, calculated on this same date. Executive Committee members will be required to retain at least 25% of the performance shares definitively awarded to them until the end of their employment contracts. This obligation applies until the total amount of shares held reaches, when the shares are fully vested, a threshold representing 100% of the last gross annual fixed compensation, calculated on this same date. A summary table presenting the use of previous delegations is given in Section of the 2015 Reference Document (Page 180 and following). POWERS FOR FORMALITIES (nineteenth resolution) In addition, we invite you to grant the powers to perform all the formalities required under French law. 12

13 APPENDIX Biographies of Directors whose co-opting, appointment or reappointment are to be ratified by the General Meeting Mrs Nathalie Palladitcheff (ratification of co-opting) Nathalie Palladitcheff is an ESC Dijon graduate and has a postgraduate DESCF and DECF in accounting and finance. She began her career with Coopers & Lybrand Audit ( ), before joining Banque Française Commerciale Océan Indien ( ) as Director of Financial Affairs and Management Control. In 2000, she was appointed Chief Financial Officer of Société Foncière Lyonnaise, where she later became Deputy CEO. From May 2006, she was Managing Director of Dolmea Real Estate. She then joined Icade in September 2007 as a member of its Executive Committee in charge of finance, legal and IT, before also heading up the real estate services division from August In April 2015, with effect from August 3, 2015, she was appointed Executive Vice President and Chief Financial Officer of Ivanhoé Cambridge. Nathalie Palladitcheff has been a director of Silic and Qualium and a director and chairman of the audit committee at Crédit Agricole CIB. She has been honored as a Knight of the National Order of Merit. Mr Claude Gendron (reappointment) Claude Gendron is a professional lawyer. He holds the position of Executive Vice-President, Legal Affairs and Head of Litigation at Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. Claude Gendron is a member of Ivanhoé Cambridge s Executive Committee. He is in charge of all the company s legal affairs, as well as the General Secretariat. Claude Gendron has a degree in business administration from the University of Ottawa (Canada), in addition to a BA and MA in business law from the University of Montreal (Canada). Specialized in financial and real estate transactions for over 30 years, he started as a legal adviser at Banque Nationale du Canada, a leading Canadian bank (1975 to 1980). Claude Gendron then continued his career by joining the law firm Fasken Martineau, an international market leader for business law, where he was senior partner ( ), before joining Ivanhoé Cambridge. 13

14 Mrs Inès Reinmann Toper (reappointment) After studying law (post-graduate degree in property law), Inès Reinmann Toper worked for Dumez SAE and Bouygues, then continued her career with Coprim (Société Générale group), first as Development Director, then as Operational Director and lastly as Corporate Real Estate Commercial Director. From 2000 to 2004, she was the CEO of Tertial, then between 2004 and 2007 she was Director of the Icade commercial property market, President of EMGP, President of Tertial and a Board member of Icade Foncière des Pimonts. Between 2007 and 2010, she was Managing Director Continental Europe at Segro Plc, where she was also a Director. From 2010 to 2014, she was a Partner in charge of the real-estate subfund of Acxior Corporate Finance. She is a member of Edmond de Rothschild Corporate Finance s management board, in charge of real estate, and an independent director of Cofinimmo. She is also a Fellow of the Royal Institution of Chartered Surveyors. In addition, she is a member of the Club de l Immobilier Île-de-France and the Cercle des Femmes de l Immobilier. Mrs Isabelle Courville (appointment) Mrs Isabelle Courville, an engineer and lawyer, is Chair of the Board of Directors of the Laurentian Bank of Canada. Previously, she was President of Hydro-Québec Distribution. This division has 7,000 employees serving four million customers throughout Quebec. She was also President of Hydro-Québec TransEnergie, the division in charge of operating Hydro-Québec s power transmission system. Mrs Isabelle Courville was active for 20 years in the Canadian telecommunications industry. She served as President of Bell Canada's Enterprise Group and as President and Chief Executive Officer of Bell Nordiq Group. She is also a board member of Canadian Pacific Railway and Veolia Environnement. She sits on the board of the Montreal Heart Institute Foundation and the Institute of Corporate Directors. She was a member of the APEC (Asia Pacific Economic Cooperation) Business Advisory Council from 2010 to