2016 H1 EARNINGS Klépierre, Retail Only®

July 26, 2016

DISCLAIMER This document was prepared by Klépierre solely for use of presenting the Klépierre 2016 half year earnings published on July 26, 2016. This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any person. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance may be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the Company nor its shareholders, its advisors, its representatives or any other person shall be held liable for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. In the event of any discrepancies between the information contained in this document and the public documents, the latter shall prevail. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

2

TABLE OF CONTENTS

1

2

2016 H1 HIGHLIGHTS

OPERATING PERFORMANCE

3

4

FINANCIAL PERFORMANCE AND PORTFOLIO VALUATION

DEVELOPMENT PIPELINE

5 OUTLOOK

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

3

2016 H1 HIGHLIGHTS

1 Nave de Vero (Venice, Italy)

2016 H1 EARNINGS – A SOLID SET OF OPERATING RESULTS

+2.8% Shopping center net rental income like-for-like(1) increase, 250 bps outperformance vs. indexation

260 bps EPRA Cost Ratio(3) reduction vs. June 30, 2015

+2.6% Retailer sales like-for-like(2) increase

+11.2% Average reversion rate on renewals and relets vs. 10.4% in H1 2015

(1) Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2015, and foreign exchange impacts. (2) Retailer sales performance for 2016 compared to 2015 assumes that the Plenilunio acquisition occurred on January 1, 2015. Like-for-like excludes the impact of asset sales. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre. (3) EPRA Cost Ratio including vacancy costs stands at 18.1% as of June 30, 2016 vs. 20.7% as of June 30, 2015

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

5

ON TRACK TO OUTPERFORM THE NET CURRENT CASH FLOW FULL-YEAR GUIDANCE

€1.16 Net current cash flow per share, up 8.6% vs. H1 2015

€34.8 EPRA NAV, +8.7% vs. June 30, 2015 EPRA NNNAV of €32.9, +6.7%

At least

€2.25 NET CURRENT CASH FLOW PER SHARE 2016 FY UPDATED GUIDANCE Above initial target of €2.23-€2.25

2.2% Net cost of debt, down 30 bps vs. December 2015

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

6

OPERATING PERFORMANCE

2 Centrum Galerie (Dresden, Germany)

ROBUST RETAILER SALES IN PORTFOLIO: UP 2.6% 2016 H1 like-for-like(1) change in retailer sales

Retailer sales up 2.4% excluding extensions,

+3.1%

limited impact in H1 2016

SCANDINAVIA

+2.1%

Strong growth level evidencing enhanced

GERMANY

portfolio quality and a well balanced

+6.8%

+0.9%

geographical footprint

CEE AND TURKEY

FRANCE

France: outperforming the domestic index(2) over 5 months

+2.4% IBERIA

+3.1% ITALY

(1)

(2)

Retailer sales performance for 2016 compared to 2015 assumes that the Plenilunio acquisitions occurred on January 1, 2015. Like-for-like excludes the impact of asset sales. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre.. In France, the CNCC index was down by 0.3% over the first 5 months.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

8

NET RENTAL INCOME UP 2.8% OUTPERFORMING INDEXATION BY 250 bps Solid performance also reflects positive reversion level captured last year and improvement in occupancy

NRI Change (LfL(1)) H1 2016 vs. H1 2015

Indexation (2)

France-Belgium

+2.5%

-0.1%

Italy

+2.4%

+0.2%

Scandinavia

+4.0%

+1.4%

Iberia

+5.1%

+0.1%

CEE and Turkey

+4.2%

+0.7%

Netherlands

-6.7%

+0.6%

Germany

-0.9%

0.0%

SHOPPING CENTERS

+2.8%

+0.3%

% of shopping center net rental income

Italy 17.6%

France-Belgium 36.6%

Germany 3.8% Netherlands 4.2%

CEE & Turkey 10.5%

Scandinavia 17.6% Iberia 9.7%

81% of net rental income contributed by France, Italy, Scandinavia and Iberia (1) Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2015, and foreign exchange impacts. (2) Average impact of index-linked rental adjustments

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

9

NEW LEASES DELIVERING POSITIVE REVERSION IN ALL REGIONS Average group reversion(1) of 11.2% (vs. 10.4% in H1 2015)

Reversion(1) by region 

893 leases signed in H1 2016



Leases renewed or relet, accounting for €6.6 M worth of additional annual Minimum Guaranteed Rents, or an 11.2% reversion rate

France-Belgium

12.1%

Italy

13.5%

Scandinavia

9.1%

Iberia

16.0%

CEE and Turkey

9.0%

Netherlands

NS

Germany

NS

TOTAL

11.2%

(1) Reversion calculated on Minimum Guaranteed Rents for renewed and relet spaces.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

10

SOLID OPERATING KEY PERFORMANCE INDICATORS Very low late payment rate, stabilized at pre-acquisition of Corio level

Late payment rate(1)

Group vacancy 40 bps down vs. last year

EPRA vacancy rate(1)

2.3%

4.2%

3.8% 1.8%

H1 2015

H1 2016

H1 2015

H1 2016

(1) Data including former Corio assets. H1 2015 vacancy rate includes Boulevard Berlin and Centrum Galerie, which restructurings have been finalized in H2 2015.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

11

KLEPIERRE EUROPEAN PLATFORM HOSTS THE BEST INTERNATIONAL BRANDS

8 STORES

81 STORES

134 STORES

105 STORES

101 STORES

89 STORES

215 STORES

70 STORES

77 STORES

50 STORES

26 STORES

8 STORES

99 STORES

78 STORES

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

65 STORES

12

AND THEIR EXPANSION ON OUR PLATFORM CONTINUES Porta di Roma (Italy) Extension of 3,300 sq.m.

Anatolium (Turkey) – 1st store in Bursa Meridiano (Spain) – 1st store in the Canary Islands

Principe Pio

Porta di Roma Blagnac (France; 950 sq.m.) 1st Uniqlo store in South-West France

Massimo Dutti

Zara Home

Porta di Roma

Espaço Guimarães Corvin (Hungary; 1,830 sq.m.) First Decathlon in a shopping center in Hungary

Oysho

Stradivarius

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

13

SIGNIFICANT LEASES SIGNED IN MALLS FROM THE EX-CORIO PORTFOLIO Porta di Roma (Italy) Zara Home

Zara

Oysho

Nyx

AW Lab

Pepe Jeans

Kusmi Tea

Le Coq Sportif

L’Oréal

Stradivarius

Calzedonia

Tezenis

Jack & Jones

Triumph

Nailloux Outlet Village (Toulouse, France) Galeries Lafayette Outlet

Espaço Guimarães (Portugal) Sephora

Intimissimi

Centrum Galerie (Dresden, Germany) Vero Moda

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

14

CAPITALIZING ON GROWTH TRENDS IN THE BEAUTY & HEALTH SEGMENT Porta di Roma (Italy) Campania (Italy) La Romanina (Italy) Plenilunio (1st in a SC in Spain) Nový Smìchov (1st in a SC in Czech Rep)

Nový Smìchov (Czech Republic) Novodvorská Plaza (Czech Republic) Plzeň Plaza (Czech Republic)

La Gavia (Spain) Torp (Sweden)

Torp (Sweden) Maremagnum (Spain)

Parque Nascente (Portugal) Espaço Guimarães (Portugal)

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

Nový Smìchov (Czech Republic)

15

DIGITALIZING OUR ECOSYSTEM SOCIO DEMO DATA

CONSUMPTION HABITS….

GEOLOCATION

BEACON DETECTION

SOCIAL MEDIA DATA ATTITUDINAL, SHARE GRAPH …

WEB & MOBILE MEDIA NAVIGATION

PURCHASING AND PAYMENT BEHAVIOURS

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

16

KLEPIERRE ID: TESTING AND LEARNING

A CHALLENGE FOR START-UPS ON 3 DIMENSIONS TO ENRICH OUR DIGITAL ECOSYSTEM Data catching

Phygital services

Mobile to store traffic

An attractive challenge….More than 40 start-up replies received KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

17

KLEPIERRE ID: 3 START-UPS SELECTED

Data catching & Mobile to store

Phygital services

A cloud-based platform to improve knowledge of behavior and product research for customers connected to our social networks

Indoor mobile communication solution to better track the path of customers present in our malls, through ultrasound technology(1)

Equip our centers’ applications with ergonomic and personalized mapping

•

•

•

•

Optimize social media engagement Generate qualified drive to store traffic for retailers

•

Local-based interactions: push targeted offers and services through the visitors’ mobile app At the right time and location

•

Enrich the customer experience Push content from retailers that is linked to or on the customer’s path

(1) Wider coverage than i-beacons and uses the existing infrastructure (audio system or instore radio), no hardware needed

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

18

KLEPIERRE ID: NEXT STEPS

Plug and play solutions that will be tested in Klépierre malls in the next 6 months with the aim of deploying them if successful Opportunities for these start-ups to connect with our retailers An exclusive and differentiated approach to R&D, enriched with a premium technology partner

Will incubate these start-ups in its “Azure” program

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

19

FINANCIAL PERFORMANCE & PORTFOLIO VALUATION

3 Oslo City (Oslo, Norway)

SHOPPING CENTER NET RENTAL INCOME UP 2.8% LIKE-FOR-LIKE (TOTAL SHARE) (€M) o/w Dutch portfolio: -20.8

525.2

+23.1

+12.8

537.3

535.3 -1.8

-24.0 o/w Oslo City (Norway): +8.0 Plenilunio (Spain): +5.2 Markthal (Netherlands): +1.5

06/30/2015 Net rental income

Disposals

Total share, €M

Acquisition/ Developments

+2.7%

Reversion & indexation

06/30/2016 Net rental income current basis excl. forex

06/30/2016

06/30/2015

Total gross rents

594.3

603.8

o/w shopping centers

578.5

585.8

Total net rental income

535.3

525.2

o/w shopping centers

520.0

508.0

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

Forex

06/30/2016 Net rental income

21

NET CURRENT CASH FLOW PER SHARE UP 8.6%: €1.16 PER SHARE €M, total share

06/30/2016

06/30/2015

Change

Shopping centers net rental income

520.0

508.0

+2.4%

Total net rental income

535.3

525.2

+1.9%

Operating cash-flow

501.8

484.9

+3.5%

Net current cash flow

427.2

390.0

+9.5%

Net current cash flow

361.6

329.6

+9.7%

Net current cash flow per share (€)

1.16

1.07

+8.6%

311,719,983

308,661,324

€M, total share

€M, group share

Average number of shares excl. treasury shares(1)

Net current cash flow growth driven by:  Net rental income growth  Operating cost synergies from Corio acquisition: Payroll & G&A  Financing synergies (1) Average number of shares, excluding treasury shares. Further to the Corio acquisition, the average number of shares takes into account the creation of 96 589 672 new shares on January 8, 2015, 10 976 874 new shares on January 15, 2015 and 7 319 177 new shares in March 2015.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

22

SIGNIFICANT COST BASE REDUCTION THANKS TO SYNERGIES DELIVERY EPRA Cost Ratio(1)

Payroll and general expenses (total share) at year-end 2015 included €15 M of synergies

CORIO INTEGRATION

20.7% 19.4%

20.4%

19.5% 18.1%

18.2%

17.5%

17.7% 18.0%

• €13 M of synergies related to Corio integration

18.3%

16.5% 15.9%

FY 2013 H1 2014 FY 2014 H1 2015 FY 2015 H1 2016 Including vacancy costs

2016 target: €19 M decrease in payroll and general expenses which can be split into:

Excluding vacancy costs

• €6 M others (disposals in the Netherlands, Steen & Strøm restructuring…)

= €28 M of Corio cumulated of G&A synergies over 2 years

(1) Data including former Corio assets since H1 2015.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

23

CONTINUOUS IMPROVEMENT OF FINANCIAL PROFILE Further reduction in cost of debt

Strong discipline to keep LTV below 40% Net debt of €9,064 M 39.1% LTV A- (stable) rating

Cost of debt at 2.2% (-30 bps vs. YE 2015) Interest Cover Ratio: 5.1X (+60 bps) Hedging ratio 78% (duration : 4.6 Y)

Liquidity remains high: Over €2.3 Bn Average duration of indebtedness of 5.2 years Cost of debt & ICR evolution

LTV & Net current cash flow evolution

49%

Net current cash flow per share

LTV

47%

47%

(1)

5.1X

4.5X

2,2

44%

2,15

42%

1.96

39%

38%

1.99

39%

2,05

3.5% 3.0%

2

2.5% 2.2%

Impact of Plenilunio’s acquisition

37%

3.0X

2,1

2.07

2.07

41%

3.6X

2.16

43%

1.99

Cost of debt

Disposal in Netherlands 44%

39%

ICR

2,3 2,25

46%

45%

> 2.25

1,95

35%

1,9 2010

2011

2012

2013

2014

H1 2015

2015

H1 2016

2013

2014

2015

H1 2016

(1) 2016 Full-year guidance

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

24

FURTHER COST OF DEBT IMPROVEMENT TO COME FROM ONGOING LOW INTEREST RATE ENVIRONMENT Potential for refinancing at a lower cost

Recent refinancing transactions completed

Drawn debt maturity schedule

o/w c. €1 Bn H1 2016  Average cost: 1.5%  Average maturity: 8.2 years

- €600 M: 4.75% - €499 M: 3.25%

€615 M 4.0% €220 M 3.1%

€291 M 4.625%

€500 M 2.75%

€750 M 1%

€300 M: 4.625% €250 M: 5.448%

€630 M 1.75%

€500 M 1.875% €255 M 2.125%

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Assuming current market conditions, the cost of debt should decline below 2.0% by 2017, while the duration will be extended KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

25

SHOPPING CENTER PORTFOLIO VALUE UP 4.4% OVER 12 MONTHS ON A LIKE-FOR-LIKE BASIS TOTAL SHARE (2)

GROUP SHARE (2)

06/30/2016

06/30/2015

06/30/2016

06/30/2015

D 12-month like-for-like(1)

France-Belgium

8,558

8,180

7,102

6,842

+3.5%

Italy

3,603

3,504

3,561

3,456

+4.3%

Scandinavia

4,182

3,512

2,346

1,970

+11.1%

Iberia

1,806

1,711

1,767

1,674

+4.4%

CEE & Turkey

1,762

1,675

1,735

1,648

+3.1%

Netherlands

1,181

1,810

1,181

1,810

-1.2%

Germany

1,092

1,082

1,037

1,028

+2.7%

TOTAL SHOPPING CENTERS

22,184

21,474

18,730

18,429

+4.4%

431

472

431

472

-0.5%

22,615

21,946

19,101

18,901

+4.2%

1,571

1,515

1,433

1,386

€M, excluding duties

Other activities TOTAL of which Equity accounted Investees

Average EPRA Net Initial Yield of the shopping center portfolio (06/30/2016): 5.0% (-40 bps compression over 12 months) (1) Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts. (2) Excluding duties, including development and shopping centers accounted under equity accounted investees.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

26

EPRA NAV OF €34.8: +€2.8 / +8.7% OVER 12 MONTHS In euros per share

06/30/2015

12/31/2015

06/30/2016

Change (12 months)

EPRA NAV

32.0

34.7

34.8

+8.7%

EPRA NNNAV

30.9

33.2

32.9

+6.7%

12-month change in EPRA NAV per share (in euros per share)

+2.2

+2.3

34.8

LfL asset revaluation

06/30/2016

32.0 -1.7

06/30/2015

Cash-flow

311,192,385(1)

Dividend

311,773,309(1)

(1) Number of shares end of period (excl. treasury shares)

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

27

DEVELOPMENT PIPELINE

4 Prado project (Marseille, France)

A €3.3 BN PIPELINE FOCUSED ON EXTENSIONSREFURBISHMENT OF LEADING MALLS Extension-refurbishments offer the best risk/reward equation for both Klépierre and retailers PRIORITY GIVEN TO ENLARGING LEADING REGIONAL MALLS to generate further growth

 Major retailers are rightsizing their stores and concentrating on prime locations  Timing of extension in Klépierre’s hands; can be coupled with large scale re-tenanting campaigns

 High visibility on future rental income

Committed and controlled pipeline breakdown(1) (% value)

Extensions 86%

New developments 14%

France-Belgium 48%

Scandinavia 7% The Netherlands 28% Italy 14%

(1) Committed and controlled pipeline correspond to 1.8 billion euros of projects.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

Others 3%

29

KLEPIERRE WILL DELIVER 3 LANDMARK PROJECTS €46 M(1) in full year net rental income expected Val d’Europe (Paris region, France)

Prado (Marseille, France)

Hoog Catharijne (Utrecht, Netherlands)

Expanding France’s fastest growing shopping mall to welcome international brands

An iconic and upscale center in the most affluent district of France’s third largest city

A large redevelopment project for the country’s number 1 retail hub

23,000 sq.m. 53 stores Anchored by Galeries Lafayette

62,000 sq.m. mall on completion Enhanced connection with Utrecht Central station

+17,000 sq.m.  100,000 sq.m. 21 new stores and 4 mid-sized units o/w which Primark

(1) Total share basis

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

30

VAL D’EUROPE EXTENSION − JULY 2016

Estimated cost

€94 M Opening

H1 2017 Key figures

16.5 million visitors 83,000 sq.m. before extension 140 shops Ile-de-France (Paris) GDP per capita(1) €49,000 Population(2) 12.0 M Demo. growth 2015-2040 +14.5%

European Union €27,500 508.1 M +3.0%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

31

VAL D’EUROPE EXTENSION − H1 2017

Strong appetite from international retailers willing to join the Val d’Europe success story 75% pre-let rate (Primark, Nike, Rituals, Kusmi Tea, Alice Délice, Lola Jones, Sabon, Havaianas, What For, Lipault, Pylones…) 17,000 sq.m. extension will be coupled with refurbishment of the existing gallery KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

32

PRADO NEW SHOPPING CENTER: JULY 2016

Estimated cost

€153 M Opening

H2 2017 Floor area

23,000 sq.m.

Provence-Alpes-Côte d’Azur (Marseille) GDP per capita(1) €28,000 Population(2) 5.0 M Demo. growth 2015-2040 +5.8%

European Union €27,500 508.1 M +3.0%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

33

PRADO: H2 2017

State-of-the art architecture for this mall, which will host an upscale fashion offer Will be anchored by a Galeries Lafayette department store. Negotiations at an advanced stage with junior anchors KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

34

HOOG CATHARIJNE A LARGE REDEVELOPMENT PROJECT View of the City Square on completion

Estimated cost

€464 M Opening

2017-2019 Key figures 26 million visitors 62,000 sq.m. 197 shops

08/2016

Q2  Q4 2017

Parking opening (1,200 slots)

North Mile opening (phase 2)

2019 South Mile opening Completion of refurbishment of historic part not involved in phase 2

Randstad (Utrecht) GDP per capita(1) €42,400 Population(2) 8.0 M Demo. growth 2015-2040 +11.2%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat. Population figure for Randstad

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

35

Q4 2017: PHASE 2 (LEVEL 0 + LEVEL 1) OPENING OF NORTH MILE CORRIDOR Creation of a straight-line corridor - a powerful connection - between

LEVEL1 Utrecht Centraal

Utrecht Centraal station and the main square and Utrecht historic city center



Q2 : first part (East Catharijnesingel)



Q4: full connection with main gate to Utrecht Centraal

Catharijnesingel

Style room

Phase 2 redevelopment

NORTH MILE

Two-stages openings in 2017:

Concert hall Tivoli Vredenburg

2 x

Existing Hoog Catharijne to be renovated Work in progress

Route Connection to LEVEL 0

Under construction (phase 3)

Already opened

Historic City Center KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

36

NORTH MILE PHASE 2 LEVEL 1 (CURRENT STATUS) Current status: the North Mile with Style Room on the left

Leasing status: strong retailer appetite with 15% of projected rents signed and 45% under advanced negotiations for phase 2

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

37

Q1 2019 PHASE 3: OPENING OF SOUTH MILE Double straight-line connection

LEVEL1 Utrecht Centraal

between Utrecht Centraal and Utrecht historic city center

New spaces created

Refurbishment of existing stores

City square

NORTH MILE

Catharijnesingel

SOUTH MILE

Phase 3 development

Style room

Concert hall Tivoli Vredenburg

Existing Hoog Catharijne

2x

Route Connection to LEVEL 0

Already opened

Historic City Center KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

38

CRETEIL SOLEIL (PARIS REGION): EXTENSION OF MAIN GATE CONNECTING TO METRO

Estimated cost

€64 M Opening

H2 2018 Key figures 20.1 million visitors 123,500 sq.m. 221 shops

Strengthen the main entrance of the shopping mall that welcomes close to 1/3 of shoppers

Ile-de-France (Paris) GDP per capita(1) €49,000 Population(2) 12.0 M Demo. growth 2015-2040 +14.5%

European Union €27,500 508.1 M +3.0%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

39

CRETEIL SOLEIL: BUILDING ON THE SUCCESS OF A LEADING MALL IN GRAND PARIS 13,450 sq.m. extension project 

€64 M investment planned / Refurbishment project to be launched

Créteil Soleil

Prefecture City Hall

Shopping center today Museum of Arts

Extension project

MAIN GATE (23)

Cinema

2 floors extension  Will enhance the connection with metro line 8, linking the mall with Paris city center (5 million passengers used Créteil Préfecture metro station in 2015(1))  Will connect cinemas to a renovated and upgraded food court (1) Source: RATP

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

40

L’ESPLANADE: EXTENSION OF THE LEADING MALL IN SOUTHERN BRUSSELS

Estimated cost

€131 M Opening

H2 2020 Key figures 7.6 million visitors 55,800 sq.m. 132 shops

Addition of 50 stores and restaurants + 4 mid-sized units over 19,500 sq.m.

Walloon Brabant (Brussels) GDP per capita(1) €35,300 Population(2) 1.1 M Demo. growth 2015-2040 +21.7%

European Union €27,500 508.1 M +3.0%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

41

OKERNSENTERET: A 55,000 SQ.M. REGIONAL SHOPPING DESTINATION (150 STORES) FOR OSLO

Estimated cost

€326 M(1) Opening

H2 2020

Part of a 163,000 sq.m. urban development area including residential, office, hotel and leisure schemes

GDP per capita(2) Population(3) Demo. growth 2015-2040

Oslo €51,800 1.2 M +55.8%

European Union €27,500 508.1 M +3.0%

(1) Klépierre share (28.1%; 91 €M) (2) GDP in PPS. Source: Eurostat, 2013 (3) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

42

GRAND PLACE EXTENSION: THE TOP RETAIL SPOT FOR GRENOBLE REGION

Estimated cost

€39 M Opening

H1 2019

Key figures 13 million visitors

94,000 sq.m. 130 shops

Clubstore® implementation Addition of large units and junior anchors over 15,600 sq.m.

Rhône-Alpes (Lyon) GDP per capita(1) €29,100 Population(2) 6.5 M Demo. growth 2015-2040 +20.9%

European Union €27,500 508.1 M +3.0%

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

43

TWO LARGE PROJECTS FOR TWO LEADING CENTERS IN ITALY PORTA DI ROMA (ROME) Italy’s #1 shopping center +12,000 sq.m.   

Food court enlargement and retail extension €90 M investment planned Completion: 2020-2022

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

LE GRU (TURIN) Piedmont’s leading mall +12,000 sq.m.   

Extension-refurbishment of the 1st floor €80 M investment planned Completion: 2020-2022

Key figures

Key figures

18.3 million visitors

11.3 million visitors

92,400 sq.m.

78,500 sq.m.

240 shops

156 shops

44

OUTLOOK

5 Val d’Europe (Paris region, France)

3 PILLARS BOOSTING CASH FLOW GROWTH

Operations H1 2016 NRI

Capital allocation

growth: +2.8%

€156 M

Like-for-Like growth(1) H1 2016 Reversion:

KLÉPIERRE CASH FLOW GROWTH

+11.2%

Disposals

€3.3 Bn

On renewal and relet

€19 M FY decrease in payroll and G&A

Development pipeline

Cost base reduction

Economic environment in H1 2016 Inflation

Consumption trend

+0.3% indexation

+2.6% retailer sales

Interest rates

2.2% cost of debt

(1) Shopping centers

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

46

FY 2016 GUIDANCE REVISED UPWARD New guidance 2016 NCCF per share: at least €2.25 above €2.23-2.25 initial range 47.2% 45.8%

At least 43.6%

43.6%

2.25 2.16 2.07

2.07 LTV at current level or below

39.2% 1.99

1.99

2011

2012

37.6%

1.96

2010

2013

2014

Net current cash flow per share (€)

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

2015

2016

e

LTV

47

AGENDA

October 26, 2016 2016 3rd quarter revenues(1)

(1) Press release after market close

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

48

APPENDICES

Plenilunio (Madrid, Spain)

DEVELOPMENT PIPELINE Development project

Country

City

Type

Val d'Europe

France

Paris region

extension

Hoog Catharijne Phases 2 & 3

The Netherlands

Utrecht

extension-refurbishment

Klépierre equity interest 55,0% 100,0%

Estimated Cost to date cost(1) (€M) (€M)

Floor area (sq.m.)

Expected opening date H1 2017 2017-2019

Other projects (incl. Prado)

94 464 194

68 178 83

17 000 61 982 35 621

TOTAL COMMITTED PROJECTS

752

330

114,603

Créteil Soleil - Phase 1

France

Paris region

extension-refurbishment

80,0%

64

3

13 450

Bègles Rives d'Arcins

France

Bordeaux

extension

52,0%

37

5

25 080

Grand Portet Grand Littoral Grenoble Grand Place Odysseum Gran Reno L'esplanade Vitrolles Val d'Europe Lonato(2) Le Gru Maremagnum Økernsenteret(2) Other projects

France France France France Italy Belgium France France Italy Italy Spain Norway

Toulouse region Marseille Grenoble Montpellier Bologna Brussels region Marseille region Paris region Lombardy Turin Barcelona Oslo

extension-refurbishment extension extension extension extension extension extension extension extension extension extension redevelopment

83,0% 100,0% 100,0% 100,0% 100,0% 100,0% 83,0% 55,0% 50,0% 100,0% 100,0% 28,1%

65 30 39 27 121 131 80 51 30 80 45 91 5

8 1 16 5 -

8 000 12 000 15 630 9 140 15 900 19 475 18 050 10 620 15 000 12 000 8 000 53 220 2 520

897

37

238,085

TOTAL IDENTIFIED PROJECTS

1,690

44

308,660

TOTAL

3,339

411

661,348

TOTAL CONTROLLED PROJECTS

H2 2018 H2 2017-H2 2020 H2 2021 H1 2019 H1 2019 H2 2019 H1 2020 H2 2020 H2 2019 H2 2020 H2 2020 H2 2021 H2 2020 H2 2020

(1) Estimated cost price before financial costs. (2) Asset consolidated under equity method. For this project estimated cost and cost to date are reported for Klépierre share of equity. Floor area is the total area of the project.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

50

2016 H1 OPERATING HIGHLIGHTS RETAILER SALES

NET RENTAL INCOME

LEASING ACTIVITY

Change LfL (1)

Change LfL (1) excl. extensions

H1 2016 Current (€M)

Change LfL (2)

Reversion (%)

OCR (%)

EPRA Vacancy rate (%)

0,8%

0,8%

190,2

+2,5%

12,1%

12,4%

3,3%

France

0,9%

0,9%

182,9

+2,3%

3,4%

Belgium

-0,1%

-0,1%

+8,0%

0,9%

Italy

3,1%

3,1%

7,3 91,6

+2,4%

13,5%

11,1%

1,6%

Scandinavia

3,1%

2,8%

91,3

+4,0%

9,1%

11,6%

4,5%

Norway

2,0%

2,0%

32,2

+1,9%

3,8%

Sweden

4,0%

3,1%

31,5

+4,8%

4,1%

Denmark

4,2%

4,2%

27,5

+5,3%

6,2%

NA

NA

22,0

-6,7%

NS

NA

6,7%

2,4%

2,4%

50,2

+5,1%

16,0%

13,8%

6,2%

Spain

2,0%

1,9%

40,5

+5,0%

4,9%

Portugal

3,7%

3,7%

9,7

+5,5%

10,0%

Germany

2,1%

-0,2%

20,0

-0,9%

NS

12,5%

6,4%

CEE and Turkey

6,8%

6,8%

54,7

+4,2%

9,0%

12,1%

5,1%

Poland

2,8%

2,8%

15,9

+2,1%

1,7%

Hungary

11,1%

11,1%

9,4

+10.6%

6,6%

Czech Republic

6,6%

6,6%

12,9

+8,5%

0,9%

Turkey

10,7%

10,7%

15,1

-4,1%

7,5%

2,6%

2,4%

520,0

+2,8%

France-Belgium

Netherlands Iberia

TOTAL SHOPPING CENTERS

11,2%

12,0%

3,8%

(1) Retailer sales performance for 2016 compared to 2015 assumes that the Plenilunio acquisition occurred on January 1, 2015. Like-for-like excludes the impact of asset sales. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

51

PROFIT & LOSS (€M) TOTAL SHARE €M

GROUP SHARE

06/30/2016

06/30/2015

06/30/2016

06/30/2015

Gross rental income

603.9

609.2

519.9

521.1

Rental & building expenses

-68.6

-84.1

-60.1

-72.4

NET RENTAL INCOME

535.3

525.2

459.8

448.7

Management, administrative and related income

43.8

45.2

41.4

41.3

Other operating revenue

6.1

8.8

5.2

7.4

Survey & research costs

-0.2

-0.8

-0.2

-0.8

Payroll expenses

-66.2

-83.6

-62.6

-76.6

Other general expenses

-29.7

-38.8

-28.0

-36.1

EBITDA

489.1

456,0

415.6

383,9

Depreciations and impairment allowance on investment property

-266.9

-234.4

-228.8

-204.9

Provisions

1.6

0.6

1.6

0.9

Proceeds of sales

7.3

1.2

7.3

2.4

OPERATING INCOME

231.2

223.4

195.8

182.3

Financial income

61.6

81.4

57.9

78.4

Financial expenses

-146.1

-193.3

-132.8

-180.2

Net cost of debt

-84.5

-111.9

-74.9

-101.8

Change in the fair value of financial instruments

-7.0

-3.6

-7.0

-3.5

Share in earnings of equity method investees

8.8

3.5

5.9

1.5

PROFIT BEFORE TAXES

148.5

111.4

119.8

78.5

Corporate income tax

-26.9

-19.9

-21.9

-15.9

NET INCOME

121.6

91.5

97.9

62.6

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

52

CASH FLOW STATEMENT (€M) TOTAL SHARE

GROUP SHARE

06/30/2016

06/30/2015

06/30/2016

06/30/2015

GROSS RENTAL INCOME

603.9

609.2

519.9

521.1

Rental & building expenses

-68.6

-84.1

-60.1

-72.4

NET RENTAL INCOME

535.3

525.2

459.8

448.7

Management and other income

49.9

53.9

46.6

48.7

G&A expenses

-96.1

-123.1

-90.8

-113.5

Restatement payroll and deferred expenses

5.7

17.0

5.5

16.6

Restatement IFRIC 21 H2 impact

7.0

9.5

7.0

9.5

-

2.3

-

2.3

Net cost of debt

-84.5

-111.9

-74.9

-101.8

Restatement financial allowance & financial restructuring

-7.6

3.7

-7.6

7.0

Share in earnings of equity method investees

31.3

26.9

28.4

23.7

Current tax expenses

-13.8

-13.4

-12.3

-11.7

NET CURRENT CASH FLOW

427.2

390.2

361.6

329.6

Restatement payroll and deferred expenses

-5.5

-4.4

Restatement amortization allowances and provisions for contingencies and losses

-5.0

-6.5

351.2

318.7

NET CURRENT CASH FLOW PER SHARE

1.16

1.07

EPRA EARNINGS PER SHARE

1.13

1.03

311.719.983

308.661.324

Restatement acquisition costs and portfolio restructuring

EPRA EARNINGS Per share

Average number of shares excluding treasury shares

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

53

VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, EXCL. DUTIES) 06/30/2016

% of total portfolio

06/30/2015

12-month change Current

12-month change Like-for-like(1)

France

8 181

36,2%

7 814

4,7%

4,0%

Belgium

377

1,7%

366

2,9%

3,2%

France-Belgium

8 558

37,8%

8 180

4,6%

4,0%

Italy

3 603

15,9%

3 504

2,8%

4,2%

Norway

1 650

7,3%

1 209

36,5%

10,5%

Sweden

1 430

6,3%

1 279

11,8%

15,0%

Denmark

1 103

4,9%

1 024

7,7%

7,0%

Scandinavia

4 183

18,5%

3 512

19,1%

11,1%

Spain

1 470

6,5%

1 400

5,0%

3,4%

336

1,5%

311

8,1%

8,2%

Iberia

1 806

8,0%

1 711

5,6%

4,5%

Poland

437

1,9%

428

2,2%

4,4%

Hungary

222

1,0%

227

-1,9%

2,2%

Czech Republic

463

2,0%

388

19,5%

19,4%

Turkey

603

2,7%

584

3,1%

-7,5%

CEE & Turkey

1 762

7,8%

1 675

5,1%

3,0%

Netherlands

1 181

5,2%

1 810

-34,8%

-1,2%

Germany

1 092

4,8%

1 082

1,0%

2,7%

TOTAL SHOPPING CENTERS

22 184

98,1%

21 474

3,3%

4,9%

431

1,9%

472

-8,6%

-0,5%

22 615

100,0%

21 946

3,1%

4,8%

Portugal

Other activities TOTAL

1. Excludes the impact of new centers opened, acquisitions, asset sales completed since July 1, 2015, extension capex and foreign exchange impacts.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

54

VALUATION OF THE PORTFOLIO (€M, GROUP SHARE, EXCL. DUTIES) 06/30/2016

% of total portfolio

06/30/2015

12-month change Current

12-month change Like-for-like(1)

France

6 725

35,1%

6 476

3,8%

3,5%

Belgium

377

2,0%

366

2,9%

3,2%

France-Belgium

7 102

37,1%

6 842

3,8%

3,5%

Italy

3 561

18,6%

3 456

3,0%

4,3%

Norway

925

4,8%

678

36,5%

10,5%

Sweden

802

4,2%

717

11,8%

15,0%

Denmark

619

3,2%

575

7,7%

7,0%

Scandinavia

2 346

12,2%

1 970

19,1%

11,1%

Spain

1 431

7,5%

1 363

5,0%

3,3%

336

1,8%

311

8,1%

8,2%

Iberia

1 767

9,2%

1 674

5,6%

4,4%

Poland

437

2,3%

428

2,2%

4,4%

Hungary

222

1,2%

227

-1,9%

2,2%

Czech Republic

463

2,4%

388

19,5%

19,4%

Turkey

579

3,0%

561

3,2%

-7,8%

CEE & Turkey

1 735

9,1%

1 648

5,2%

3,1%

Netherlands

1 181

6,2%

1 810

-34,8%

-1,2%

Germany

1 037

5,4%

1 028

1,0%

2,7%

TOTAL SHOPPING CENTERS

18 730

97,7%

18 429

1,6%

4,4%

431

2,3%

472

-8,6%

-0,5%

19 161

100,0%

18 901

1,4%

4,2%

Portugal

Other activities TOTAL

1. Excludes the impact of new centers opened, acquisitions, asset sales completed since July 1, 2015 extension capex and foreign exchange impacts.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

55

SHOPPING CENTER PORTFOLIO VALUE UP 2.0% OVER 6 MONTHS ON A LIKE-FOR-LIKE BASIS TOTAL SHARE (2)

GROUP SHARE (2)

06/30/2016

12/31/2015

06/30/2016

12/31/2015

D 6-month like-for-like(1)

France-Belgium

8,558

8,403

7,102

7,002

+1.7%

Italy

3,603

3,606

3,561

3,560

+1.3%

Scandinavia

4,183

3,955

2,346

2,219

+5.7%

Iberia

1,806

1,785

1,767

1,747

+1.3%

CEE & Turkey

1,762

1,736

1,735

1,708

+1.5%

Netherlands

1,181

1,139

1,181

1,139

-1.7%

Germany

1,092

1,068

1,037

1,014

+2.9%

TOTAL SHOPPING CENTERS

22,184

21,693

18,730

18,390

+2.0%

431

434

431

434

-0.5%

22,615

22,127

19,161

18,824

+1.9%

1,571

1,858

1,433

1,590

€M, excluding duties

Other activities TOTAL of which Equity accounted Investees

(1) Excludes the impact of new centers opened, acquisitions, asset sales completed since July 1, 2015, extension capex and foreign exchange impacts. (2) Excluding duties, including development and shopping centers accounted under equity accounted investees.

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

56

SHOPPING CENTER VALUATION (GROUP SHARE – EXCLUDING DUTIES – IN €M) 18,779

+711

18,429

-49

+464

-792

06/30/2015

18,730

Disposals

-33

Duties

KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

+4.4% LFL

Acquisitions / Developments

Like-for-Like Portfolio

06/30/2016 excl. forex

Forex

06/30/2016

57

VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, INCL. DUTIES) 06/30/2015

% of total portfolio

06/30/2015

France

8 554

36,9%

8 155

Belgium

377

1,6%

366

France-Belgium

8 931

38,6%

8 521

Italy

3 670

15,9%

3 512

Norway

1 650

7,1%

1 209

Sweden

1 430

6,2%

1 279

Denmark

1 103

4,8%

1 024

Scandinavia

4 183

18,1%

3 512

Spain

1 491

6,4%

1 407

336

1,5%

311

Iberia

1 827

7,9%

1 718

Poland

438

1,9%

428

Hungary

226

1,0%

230

Czech Republic

463

2,0%

388

Turkey

615

2,7%

584

CEE & Turkey

1 778

7,7%

1 679

Netherlands

1 211

5,2%

1 919

Germany

1 092

4,7%

1 082

TOTAL SHOPPING CENTERS

22 693

98,0%

21 943

460

2,0%

504

23 153

100,0%

22 447

Portugal

Other activities TOTAL KLEPIERRE — 2016 H1 EARNINGS — July 26, 2016

58

THANK YOU

Emporia (Malmö, Sweden)

Klépierre, Retail Only®