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EFTA00237405_sub_003 - EFTA00237405_300
5-year discounted cash flow analysis assuming a blended 7.9% terminal capitalization rate. (91) The unrealized value reflects the market price of Gecina SA (EPA: GFC) common stock of €108.95/share as of September 30. 2015. Total invested capital excludes €1.2 billion of limited partner co-investment.
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