Klépierre, Retail Only 2015 FULL-YEAR EARNINGS

Klépierre, Retail Only® 2015 FULL-YEAR EARNINGS KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016 DISCLAIMER This document was prepared by Klé...
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Klépierre, Retail Only®

2015 FULL-YEAR EARNINGS KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

DISCLAIMER This document was prepared by Klépierre solely for use of presenting the Klépierre 2015 full year earnings published on February 9, 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 — 2015 FULL-YEAR EARNINGS — February 9, 2016

2

TABLE OF CONTENTS

01

02

2015 HIGHLIGHTS

2015 OPERATING PERFORMANCE

03

04

2015 FINANCIAL PERFORMANCE

RETAIL PORTFOLIO STRATEGY

05 OUTLOOK

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

3

2015 HIGHLIGHTS

01

Meridiano (Tenerife, Spain) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

4

2015 FULL-YEAR EARNINGS HIGHLIGHTS

+3.4% Shopping center net rental income like-for-like(1) increase, 300 bps outperformance vs. indexation

€2.16 Net current cash flow per share, up 4.2% vs. year end 2014

+4.4% Retailer sales like-for-like(2) increase

€34.7 EPRA NAV, 8.0% increase vs December 31, 2014 EPRA NNNAV of €33.2, +12.2%

(1) Like-for-like pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2014, and foreign exchange impacts. (2) Retailer sales performance for 2015 compared to 2014 assumes that the Corio and Plenilunio acquisitions occurred on January 1, 2014. 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 — 2015 FULL-YEAR EARNINGS — February 9, 2016

5

SUCCESSFUL INTEGRATION OF CORIO LEADING TO HIGHER AND FASTER SYNERGIES Expected costs synergies delivery schedule (€M, P&L impact before tax) (1)

G&A costs synergies

Financial costs synergies

67 60 32 32

34 19

28

35

2016e

2017e

15 2015 Successful and rapid integration of teams and assets

Faster than expected delivery (full impact in 2017)

Higher than expected

(1) General & Administrative.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

6

SWIFT DISPOSALS (C. €900M) ACROSS EUROPE €910M of disposals(1), following €2.5Bn disposed in 2014

Disposal of 16 convenience shopping centers with lower growth profile

Major transformation of Klépierre portfolio’s profile in the Netherlands

The Netherlands  Disposal of 9 shopping centers for a total consideration of €770M, average size of 26,300 sq.m. France-Belgium  Disposal of 36 standalone retail units Eastern Europe  Disposal of 5 shopping centers in Hungary, average size of 10,900 sq.m.  Disposal of 1 shopping center in Poland (30,520 sq.m.) Southern Europe  Disposal of 1 shopping center in Spain (10,400 sq.m.) Sweden  Disposal of 1 storage unit, office (13,500 sq.m.)

 All disposals completed at or above appraisal value (1) Values including duties.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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SEIZING THE BEST ACQUISITION OPPORTUNITIES

Plenilunio (investment of €375M, footfall of 11M): consolidating Klépierre’s leading position in Madrid

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Oslo City (investment of €336M, footfall of 10M): located in Oslo’s main transportation hub, a strategic first entry for international retailers

8

2015 OPERATING PERFORMANCE

02

Centrum Galerie (Dresden, Germany) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

9

CONSISTENT OPERATIONAL INITIATIVES TO KEEP RETAIL MOVING FORWARD Gradual deployment over the last 3 years

 Anticipate trends to accelerate re-tenanting Regeneration of tenant mix and expansion of leading anchors  Original Clubstore® concept Seeks to improve shopper experience with a holistic customer-centric approach  Let’s Play® Promotes distinctive marketing & mall animation notably through digital innovation  Good choices® Cost efficiency and improvement of social and environmental footprint

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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YEAR-ON-YEAR OPERATING KPI IMPROVEMENTS (1/2)

Retailer sales like-for-like(1)

Net Rental Income like-for-like(1) growth above indexation (bps)

Reversion rate (on renewals and relets) (1)

300

11.6%

4.4% 10.4% 250 3.8%

240

230

7.6%

2.6%

7.7%

2.3%

110

0.0% FY 2013

FY 2014

H1 2015

FY 2015

FY 2013

H1 2014

FY 2014

H1 2015

FY 2015

FY 2013

H1 2014

FY 2014

H1 2015

FY 2015

(1) H1 2015 and 2015 include former Corio assets.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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YEAR-ON-YEAR OPERATING KPI IMPROVEMENTS (2/2)

Bad debt allowance(1)

Operating costs and environmental performance

EPRA vacancy rates(1)

-13%

4.4%

2.3%

Energy consumption (kWh/visit(2))

3.8%

1.9%

76% Waste enhanced (+11% vs 2013)

3.5% 1.7%

1.7%

1.7%

€10.4M

3.2%

Cumulative energy savings(2)

3.0%

-13% FY 2013

H1 2014

FY 2014

H1 2015

FY 2015

FY 2013

H1 2014

FY 2014

H1 2015

FY 2015

Green House Gaz (GHG) emission on portfolio(2)

(1) H1 2015 and 2015 include former Corio assets. H1 2015 vacancy rate includes Boulevard Berlin and Centrum Galerie, which restructurings have been finalized in H2 2015. (2) Like-for-like change pro forma vs. 2013.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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RETAILER SALES AT HISTORICALLY HIGH LEVEL CONFIRM KLEPIERRE’S STRATEGY 2015 like-for-like(2) change in retailer sales Retailer sales up 4.4% in Klépierre malls, outperforming national indices in most countries

3.0% SCANDINAVIA

January through November 2015, retailer sales outperformed the national indices(1) by

14.8% GERMANY



200 bps in France



560 bps in Italy

2.0%



420 bps in Spain

FRANCE BELGIUM

Performance in Germany driven by Centrum Galerie (Dresden) and Boulevard Berlin

7.3% CEE AND TURKEY

7.0% IBERIA

5.8% ITALY

(1) (2)

In France, the CNCC index was up +0.4% over the first 11 months (in November, index down 5.9%). In Italy, the retail index ISTAT was up +1.0%. In Spain, the retail sales index from the INE (Instituto National de Estatistica) was up 3.3%. Retailer sales performance for 2015 compared to 2014 assumes that the Corio and Plenilunio acquisitions occurred on January 1, 2014. 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. Retailer sales excluding extensions are up 3.8%.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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STRONG NET RENTAL INCOME LIKE-FOR-LIKE GROWTH Shopping centers: 3.4% likefor-like NRI growth, outperforming indexation by 300 bps NRI Change (LfL(1))

Accelerated growth during H2 in Italy, Scandinavia and Iberia

Average impact of index-linked rental adjustments

2015 vs. 2014 France-Belgium

3.0%

-0.2%

Italy

3.3%

0.1%

Scandinavia

4.8%

1.2%

Iberia

4.2%

0.0%

CEE and Turkey

4.4%

1.0%

Netherlands

-0.8%

1.0%

Germany

0.0%

0.0%

Shopping centers

3.4%

0.4%

80% of rental income contributed by France, Italy, Scandinavia and Iberia

% of shopping center net rental income

Italy 18%

France-Belgium 37%

Germany 4% Netherlands 7% CEE & Turkey 10%

Scandinavia 15% Iberia 9%

Life-for-like rental income growth vindicates asset selection and re-tenanting strategy (1) Like-for-like pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes contribution from acquisitions, new centers, extensions, spaces under restructuring and disposals completed since January 2014, and foreign exchange impacts.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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DYNAMIC LEASING ACTIVITY

Group reversion(1) at 11.6% (vs +7.7% in 2014)

€28M worth of additional annual MGR recorded in 2015

Reversion(1) by region  



1,862 leases signed in 2015, translating into €28M of additional Minimum Guaranteed Rents Includes 1,530 leases renewed or relet, accounting for €12.5M worth of additional annual Minimum Guaranteed Rents, or a 11.6% reversion rate 332 lettings of vacant spaces for more than 12 months, accounting for €15.5M worth of additional annual MGR

France-Belgium

16.2%

Italy

9.5%

Scandinavia

5.8%

Iberia

8.9%

CEE and Turkey

15.9%

Netherlands

7.5%

Germany

2.7%

TOTAL

11.6%

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

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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VACANCY IMPROVEMENT UNDER WAY

Vacancy rate reduced by 60 bps vs H1 2015 at 3.8%

Revenue synergies will be captured through vacancy reduction in acquired Corio assets

EPRA vacancy rate by region

Corio acquired assets: vacancy rate 1H15

France-Belgium

3.0%

Italy

2.1%

Scandinavia

4.5%

Iberia

6.3%

CEE and Turkey

5.2%

Netherlands

3.3%

Germany

8.0%

2015

-370 bps 15,6%

-40 bps

11,9%

-20 bps -60 bps

9,1% 8,7%

-230 bps

8,6%

8,2% 8,0% 6,4%

5,6%

6,7%

6,1%

-20 bps 3,3%

2,2% 2,0%

TOTAL

3.8% France

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Italy

Iberia

Netherlands

Germany

Turkey

Total

16

CONTINUOUS EXPANSION OF LEADING ANCHORS Priority to accelerate retailers’ expansion and refresh the retail offer in our leading centers

Porta di Roma (Italy) Extension of 3,300 sq.m.

Val d’Europe (France, extension of 3,300 sq.m.) Meridiano (Spain; 2,100 sq.m.) La Romanina (Italy; 2,700 sq.m.) Hoog Catharijne (Netherlands; 3,500 sq.m.) Besançon (France; 2,800 sq.m.) Saint-Jacques (France; 3,200 sq.m.)

Créteil Soleil (France)

Plenilunio (Spain; 1,700 sq.m.)

Additional space to create the largest store (11,240 sq.m.) in France, French headquarters moved to Créteil Soleil

Grand’Place (France; 2,200 sq.m.)

Créteil Soleil (France; 3,240 sq.m.) Val d’Europe (France) Extension of 2,700 sq.m.

Besançon (France; 1,580 sq.m.) Grand Sud (France; 820 sq.m.)

LPP, a total of 6,000 sq.m.

Corvin Plaza (Hungary; 4,200 sq.m.) Duna (Hungary; 1,800 sq.m.)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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UNCOMPROMISING REGENERATION OF TENANT MIX Nailloux Outlet Village (Toulouse, France; 1,500 sq.m.)

Val d’Europe (Paris)

Cholet Marques Avenues (Cholet, France; 1,200 sq.m.)

Les Passages (France)

Boulevard Berlin (Berlin, Germany)

Porta di Roma (Rome, Italy)

Alexandrium (Rotterdam, Netherlands)

Les Passages (Boulogne, France)

Nave de Vero (Venice, Italy)

Meridiano (Tenerife, Spain)

Emporia (Malmö, Sweden)

Fields (Copenhagen, Denmark)

Boulevard Berlin (Berlin, Germany)

Les Passages (Paris, France)

Mondeville (Caen, France)

Val d’Europe (Paris, France)

Emporia (Malmö, Sweden) Field’s (Copenhagen, Denmark)

Gulskogen (Norway) Kupolen (Sweden) Alexandrium (Rotterdam, Netherlands)

Gulskogen (Drammen, Norway)

Merignac (Bordeaux, France)

Les Passages (Paris, France) Nový Smìchov’s (Prague, Czech Rep.)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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PASSAGES: +25% ANNUALIZED GROSS RENTS VS 2012



Clubstore® implementation in 2013



More than 26% of new stores in 3 years, 15 new retailers



+25% of annualized minimum guaranteed rents vs 2012 level



Good Choices®: Energy consumption down 26% in 2 years

Footfall: 6.1M

The implementation of the Clubstore® in 2013 transformed this well-established city center into a vibrant, modern, chic and cozy mall

Alice Delice Celio Club Exki Kiko Kusmi Tea

Lollipops Mango Massimo Dutti Rituals Superdry

Swarovski The Kase Undiz Zara

Boulogne, France

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

19

CRÉTEIL SOLEIL: +2 MILLION IN ANNUAL FOOTFALL SINCE JUNE 2014



Largest Zara in France and soon the largest Primark in Continental Europe



Renovation to Clubstore® standard planned



10,000 sq.m. extension planned



In 2015: Retailer sales up 8%; reversion rate: +15% on average



Good Choices®: Energy consumption down 14% Footfall: 20.1M

The arrival of Primark in this leading regional mall in 2014 was a first step toward rejuvenating the mix and developing a fashion mall Paris, France

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Amorino Burger King Calzedonia Desigual Footlocker H&M

IdKids JD Sports Kiko Levi’s Mango Primark

Pull&Bear Swarovski Undiz Via Piano Zara

20

MERIDIANO: 2015 NET RENTS UP MORE THAN 25% VS 2013



Clubstore® implementation in 2015 with a hype food court, sky bar lounges and leisure area



Regeneration of anchors



2015 net rents 27% over 2013 level



Footfall up 26% in 2014



Good Choices®: energy consumption

down 16% in 2 years. 100% electricity from renewable sources Footfall: 8.1M

Active asset management since 2013 to strengthen the center in the Canary Islands. Has become the place to meet on the island

Bershka Calzedonia Guess H&M Intimissimi

Kiko Levi’s Mango Massimo Dutti Oysho

Primark Pull & Bear Stradivarius Zara

Tenerife, Spain

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

21

EMPORIA: RETAILER SALES AND NET RENTS UP MORE THAN 10% IN 2015



Originally designed as Clubstore® in 2012



Sales up 10.4% in 2015



Footfall up 7% in 2015



Shopping center valuation up 13% in 2015

 Good Choices®: A spectacular 27,000 sq.m. green roof. Footfall: 6.7M

Opened in November 2012 in a unique location, quickly established itself as the most well-known and preferred shopping center in Southern Sweden

Apple Boss Denim&Supply Desigual Footlocker

H&M Hamley’s Hollister Illums Bolighus Mango

Pandora Sand Tiger of Sweden Victoria’s Secret Zara

Malmö, Sweden

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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FIELD’S: SUSTAINED OUTPERFORMANCE IN RENTAL AND VALUE GROWTH



Clubstore® implementation started in 2015 with the cinema and a food offer regeneration (gourmet chef )



Net rents like-for-like growth of 8% in 2015



Shopping center value up 16% since year-end 2013



Good Choices®: energy consumption down 21% in 2 years Footfall: 7.8M

The #1 shopping and entertainment center in Copenhagen. Extended in 2015, continues its historical growth and remains a state-of-the-art retail and entertainment destination

Babysam Desigual Footlocker H&M H&M Home

JD Sports Levis Store Nike Shop Superdry The Body Shop

The North Face Tiger of Sweden Toy’R’Us Victoria’s Secret Zara

Copenhagen, Denmark

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

23

PORTA DI ROMA: 10% VALUE INCREASE IN 2015 FOR THE # 1 SHOPPING CENTER IN ITALY

The #1 shopping center in Italy. 130,000 sq.m. of unparalleled fashion offer



Refurbishment to Clubstore® in progress for delivery in 2016



Expansion of anchors



In 2015: total reversion rate of +29% on 21 leasing operations signed



Footfall and retailer sales up above 5%



Shopping center valuation up 10%



Good Choices®: energy consumption down 12% in 2 years. 100% of electricity from renewable sources Footfall: 18.3M

Alcott Apple AWLab Bershka Calzedonia

Footlocker H&M Intimissimi Kiko MAC Cosmetics

Pandora Pull&Bear Swarovski The Body Shop Zara

Rome, Italy

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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CAMPANIA: RETAILER SALES AND FOOTFALL INCREASED MORE THAN 10% IN 2015

#1 regional mall in Naples hosting a flagship Zara (3,500 sq.m.), Apple, H&M and fully equipped entertainment venue



Active retenanting



Sales growth above country’s average in 2015: Total reversion rate of +12% on 15 leasing operations signed; retailer sales up almost 15%; shopping center valuation up 11%



Let’s Play®: unique fully equiped entertainment venue (Piazza Campania)



Good Choices®: 93% of waste enhanced and 57% of waste recycled Footfall: 12.5M

Adidas Alcott Apple Bershka Calzedonia

Footlocker Guess H&M Hollister Mondo Convenienza

Pandora Stradivarius Tiger Zara

Naples, Italy

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

25

NOVY SMICHOV: +20% REVERSION ON TOTAL RENTS CAPTURED SINCE 2013



Clubstore® implemented in 2012



57% of total leases relet or renewed since



Significant reversion level continues: 52% reversion on MGR for units relet in 2015



41% value increase since since end of 2012



Good Choices®: BREEAM in Use rated “Excellent” in 2015 Footfall: 20M

A premium asset in Prague, more than 20 million visitors a year, actively re-tenanted following the Clubstore® refurbishment in 2012

Armani Calzedonia Desigual Estee Lauder

Jeff de Bruges Kiehl’s Kusmi tea MAC

Starbucks Swarovski The Body Shop Tommy Hilfiger

Prague, Czech Republic

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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LET’S PLAY® – BOOSTING FOOTFALL, SALES & LOYALTY XXL DAYS IN FRANCE (27&28 NOV. 2015)



40 shopping centers in France-Belgium participating in the XXL Days (3 days)



A very appealing commercial offer: 85% of retailers took part, with discount up to 70%

ACHIEVEMENTS 

Traffic: event created 500 bps of additional traffic growth these days compared to average national trend(1)



Sales up 12% in a challenging backdrop: Paris region (+8%) and Province (+16%). €17M of additional retailer sales generated in 3 days



83% of retailers wish to repeat this event

(1) +0.3% vs -4.6%

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

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2015 FINANCIAL PERFORMANCE Brunn’s Galleri (Aarhus, Denmark) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

03 28

NET RENTAL INCOME UP 3.2% LIKE-FOR-LIKE PRO FORMA (TOTAL SHARE) (€M)

o/w Carmila: -€37.9M Wereldhave: -€17.6M

1,101.3 +18.8 -76.2 745.2

12/31/2014 Net rental income (reported)

12/31/2014 Net rental income (pro forma(1))

Total share, €M

Disposals

+29.6

1,073.5

1,068.0 -5.5

o/w Plenilunio (Spain): €14M

Acquisition/ Developments

+3.2%

Reversion & indexation

12/31/2015 Net rental income current basis excl. Forex

Forex

12/31/2015 Net rental income

12/31/2015

12/31/2014 (pro forma(1))

12/31/2014 (reported)

Total gross rents

1,195.7

1,239.8

822.7

o/w shopping centers

1,161.1

1,199.2

782.0

Total net rental income

1,068.0

1,101.3

745.2

o/w shopping centers

1,035.0

1,062.9

706.9

(1) Pro forma: includes Corio as if the Corio acquisition had occurred on January 1, 2014. Excludes the impact of asset sales, other acquisitions, extensions and foreign exchange impacts.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

29

NET CURRENT CASH FLOW UP 4.2%: €2.16 PER SHARE €M, total share

12/31/2015

12/31/2014

Change

Shopping centers net rental income

1,035.0

706.9

46.5%

Total net rental income

1,068.0

745.2

43.3%

Operating cash-flow

966.6

685.6

41.0%

Net current cash flow

782.5

520.4

50.4%

Net current cash flow

663.1

406.5

63.1%

Net current cash flow per share (€)

2.16

2.07

4.2%

306,803,561

195,912,339

€M, total share

€M, group share

Average number of shares excl. treasury shares(1)

Net current cash flow growth driven by:  Solid underlying growth  Operating improvement  Significant decrease in net cost of debt (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 — 2015 FULL-YEAR EARNINGS — February 9, 2016

30

CONTINUOUS IMPROVEMENT OF FINANCIAL PROFILE Stabilized leverage

Lower cost of indebtedness

Net debt of €8,857M 39% LTV  A- (stable) rating

Cost of debt ≤ 2.5% (-50 bps) Interest Cover Ratio: 4.5X (+100 bps)

LTV & Net current cash flow evolution

Cost of debt & ICR evolution

Net current cash flow per share

49%

LTV

47% 47%

ICR

2,2

Cost of debt

2,16

46%

45%

4.5X

2,15 Disposal in Netherlands 44%

44% 2,07

43%

2,1 2,07

3.6X 4.0%

2.8X

42% 2,05

3.5%

41% 1,99

1,99

39%

38%

39%

3.0X

2

3.0%

1,96

37%

Impact of Plenilunio’s acquisition

35%

1,95 60% of former Corio’s debts already refinanced (Bonds, US Private Placements repurchased and Revolving Credit Facilities) Exceptional refinancing conditions with, for instance, a new 8Y benchmark bond issue for €750M at 1% coupon in April 2015

Repayment

Bonds

New financings

-358

Revolving Credit Facilities US Private Placements

Amend & extend

1,177

1,600

-934

DEBT REDEEMED

NEW FINANCINGS

Weighted Average Maturity 7Y AVERAGE YIELD: 1.7%

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

32

SOLID BALANCE SHEET Total €8.8Bn debt sources of financing remain diversified in accordance with asset profile

Debt Maturity Schedule (% of authorized debt) Drawn

Bonds 66%

Undrawn

23%

Mortgage loans 17%

15%

12%

10%

9%

8%

6%

2016

2017

2018

9%

2% 2019

2020

2021

2022

Commercial paper 15% Others 2%

2023

2024

Liquidity remains high Over €2.5Bn with an average duration of indebtness of 5.5 years Debt in fixed-rate position stood at 81%(1) with defined targets and is composed of:  69% of fixed-rate debt  15% of fixed payer swaps, 16% of caps Limited FX exposure  80% of debt position in euros (1) 77% at end 2015, 81% afther the hedging of the new €350M Dutch term loan.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

33

SHOPPING CENTER PORTFOLIO VALUE UP 5.0% ON A LIKE-FOR-LIKE PRO FORMA BASIS TOTAL SHARE (2)

GROUP SHARE (2)

D 12-month like12/31/2015

12/31/2014

12/31/2015

12/31/2014

for-like (1) pro forma

France-Belgium

8,403

6,539

7,002

5,253

3.8%

Italy

3,606

1,514

3,560

1,466

7.7%

Scandinavia

3,955

3,413

2,219

1,915

7.9%

Iberia

1,785

746

1,747

717

8.4%

CEE & Turkey

1,736

1,095

1,708

1,091

1.1%

Netherlands

1,139

0

1,139

0

1.3%

Germany

1,068

0

1,014

0

1.8%

TOTAL SHOPPING CENTERS

21,693

13,308

18,390

10,443

5.0%

434

513

434

513

-1.8%

22,127

13,821

18,824

10,956

4.8%

1,858

1,476

1,590

1,345

€M, excluding duties

Other activities TOTAL of which Equity accounted Investees

Average yield of the shopping center portfolio (12/31/2015): 5.7% excluding duties (-40 bps compression over 12 months) (1) Like-for-like profoma: Assuming that the Corio acquisition has occurred on January 1, 2014. 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 — 2015 FULL-YEAR EARNINGS — February 9, 2016

34

EPRA NAV OF €34.7, UP 8.0% OVER 12 MONTHS In euros per share

12/31/2014

06/30/2015

12/31/2015

Change (12 months)

EPRA NAV

32.1

32.0

34.7

8.0%

EPRA NNNAV

29.6

30.9

33.2

12.2%

12-month change in EPRA NNNAV per share

+3.0 32.8 -0.3

+2.2 29.6

12/31/2014

+0.4

33.2

Change of FV of financial instruments

12/31/2015

-0.4

-1.3(2)

Cash flow

Dividend

LfL asset revaluation

Transaction costs Forex and others and purchase price adjustments

12/31/2015

196,104,723(1)

311,457,530(1)

(1) Number of shares end of period (excl. treasury shares) (2) A €0.91 interim dividend per share was paid up by Klépierre on January 12, 2015 (199,470,340 shares) followed by a €0.69 final dividend per share paid up on April 21, 2015 (314,356,063 shares)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

35

PROPOSED 2015 DIVIDEND: €1.70 PER SHARE Dividend (in euros per share) evolution

1.70(2) Non-SIIC

SIIC

1.60 1.55 1.20

1.50 1.45 0.93 0.97

1.37 0.50

0.62 0.48

0.13

2011

2012

2013

2014

2015

74%

79%

77%

79%

81%

PAYOUT(1)

Proposed dividend: €1.70(2) per share (29% SIIC): to be paid on April 26, 2016 (ex-date: April 22, 2016) (1) Dividend per share x number of shares (including treasury shares) / Net current cash flow (2) Submitted to a vote of the shareholders at their April 19, 2016 general meeting

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

36

RETAIL PORTFOLIO STRATEGY

04

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

37

OUR SHOPPING CENTER PLATFORM: COMPETITIVE ADVANTAGES TO GENERATE FUTURE GROWTH Key success factors Focus on demographics Being positioned in the most dynamic territories (Platform extended with 2 acquisitions)

Location Optimal connections to transport infrastructures

Investing on existing properties Clubstore® Let’s Play® Good Choices®

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

38

CLUBSTORE®: REVITALIZING OUR MALLS

Investing to renovate properties and upgrade the customer path and appeal to retailers

Clubstore® concept Deployment: 8 already implemented in 2 years, 8 ongoing deployments, 6 projects

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Relevant impact on Key Performance Indicators with strong boost on footfall and reversion

39

VALUE CREATION THROUGH TECHNOLOGY Mature & Profitable

Digital ad screen: 23 shopping centers equipped in France (more than 300 screens) and ongoing international deployment

Well-established and ongoing deployment

The digital ecosystem: gradual roll-out of dedicated and upgraded websites for shopping centers (75 in 2015, 100 in 2016e)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Test & Learn

Pushing digital to the mall: test & learn logic for web-to-store innovations (IBeacon, Fidzup)

40

GOOD CHOICES®: FOR RELEVANT, TRANSPARENT AND EFFICIENT SUSTAINABLE PRACTICES MEETING ENVIRONMENTAL & SOCIETAL CHALLENGES FIGHTING CLIMATE CHANGE

CLEAR RECOGNITION OF OUR LEADERSHIP ON SUSTAINABILITY MATTERS CERTIFICATIONS ALL OVER EUROPE

-12%

77

in Green House Gaz emissions vs. 2013(1)

Centers certified in 13 countries  64% portfolio in value

>50% Electricity from renewable sources

BEST IN CLASS RATINGS DEVELOPPING ACCESSIBILITY

#2 Retail global player - listed

+4%

#1

visits by public transportation vs. 2013

Retail global player – non listed (through Steen & Strøm)

Only real estate player included in the Euronext Low Carbon Europe 100 (1) Like-for-like change pro forma vs. 2013.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

41

HOOG CATHARIJNE – THE RETAIL SPOT IN THE NETHERLANDS (UTRECHT) – 2017-18

A prime location connecting the Central Station (90M passengers) and the historic city center

40-year track record as an excellent spot for retailers (H&M recently doubled its size with a 3,500 sq.m. store)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

An ambitious development scheme to unleash the full potential of the site (GLA of 98,000 sq.m., Footfall of 39M)

42

VAL D’EUROPE: CAPITALIZING ON AN EXISTING SUCCESS (FRANCE, PARIS REGION) – H1 2017

An iconic destination in the east of Paris, a strategic stronghold for Klépierre

The fastest growing shopping center in France with net rents CAGR of 7% since 2000

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

The 17,000 sq.m. extension has already attracted iconic brands (Primark, H&M, Nike…)

43

PRADO: AN ICONIC AND UPSCALE CENTER FOR MARSEILLE (FRANCE) – H2 2017

Located in the most affluent area with perfect connection to public transportation

Iconic open air architecture featuring impressive shop facades and high quality terraces

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

A 23,000 sq.m. retail assets: 53 retail units anchored by Galeries Lafayette (9,400 sq.m.)

44

CRETEIL SOLEIL – REJUVENATING A STRONG RETAIL MAGNET (FRANCE, PARIS REGION) – H2 2018

A unique retail platform in Eastern Paris attracting more than 20 million visitors a year (one of the 3 largest shopping center in France)

The 10,200 sq.m. extension from subway entrance to the heart of the center will show off high quality architecture for new retail, restaurants and cinema extension

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Extension should be launched together with a renovation plan

45

L’ESPLANADE – LEADERSHIP CONSOLIDATION (BELGIUM, BRUSSELS REGION) – H2 2020

Located in the heart of Louvain, South of Brussels: most affluent region in Belgium (average annual income 14.5% above national average)

Large catchment area of 1.3 million within 30 minutes: high demographic growth (+7.4% forecasted until 2020)

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Existing site is 54,700 sq.m. GLA. Extension of 20,000 sq.m. and +50 stores will position L’Esplanade as the dominant site in South Brussels

46

ØKERN SENTERET – A UNIQUE RETAIL SCHEME IN OSLO (NORWAY) – H2 2020

A dominant retail hub in one of Oslo’s most buoyant new districts (excellent access via public transportation)

The center is part of a large mixed-used development with offices, hotel, leisure and residential architecture

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

55,000 sq.m. regional shopping destination featuring 150 stores

47

GRENOBLE GRAND PLACE – THE EXTENSION OF A SUCCESSFUL REGIONAL MALL (FRANCE, GRENOBLE) – H2 2018

Grand Place is the dominant regional retail site very well connected by car, 2 tramway stations and bus

The 94,000 sq.m. GLA center / 13 M footfall will be extended by 15,000 sq.m.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

Retail offer consists of 1 major anchor, 1 MSU, 14 shops and 10 restaurants

48

DEVELOPMENT PIPELINE Investing in existing platform to capitalize on successes, with ambitious extension-renovations

Higher visibility on returns of promising extension projects

Focus on investments in existing portfolio Pipeline breakdown by status

Committed and controlled pipeline breakdown by type (% value) Controlled projects €1.3Bn

Committed projects €0.7Bn

New developments 21% Extensions 79%

Average expected Yield 7.1%

€3.6Bn

Identified projects €1.6Bn

Others 6% The Netherlands 27%

France-Belgium 48%

Scandinavia 18%

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

49

OUTLOOK

05

Emporia (Malmö, Sweden) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

50

2016 GUIDANCE

€2.23 – €2.25 NET CURRENT CASH FLOW PER SHARE

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

per share

51

AGENDA

April 19, 2016 General meeting of shareholders

April 22, 2016 Dividend ex-date

April 26, 2016 Dividend payment

April 28, 2016 2016 1st quarter revenues(1)

(1) Press release after market close

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

52

APPENDICES Nave de Vero (Venice, Italy) KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

53

DEVELOPMENT PIPELINE Klépierre equity interest

Development project

Country

City

Type

Centre Bourse(2)

France

Marseille

extension-refurbishment

Val d'Europe

France

Paris region

extension

55.0%

Hoog Catharijne Phase 2

The Netherlands

Utrecht

extension-refurbishment

100.0%

Other projects (incl. Prado) TOTAL COMMITTED PROJECTS

50.0%

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

Floor area (sq.m.)

Expected opening date

14

5,448

H2 2016

94

53

17,000

H1 2017

288

140

42,100

2016-2018

267

59

61,051

668

265

125,599

18

Créteil Soleil - Phase 1

France

Paris region

extension-refurbishment

80.0%

76

3

10,200

H2 2018

Bègles Rives d'Arcins

France

Bordeaux

extension

52.0%

24

4

11,500

2017-2020

Grand Portet

France

Toulouse region

extension-refurbishment

83.0%

65

8

8,000

H2 2019

Grand Littoral extension

France

Marseille

extension

100.0%

30

0

12,000

H1 2019

Grenoble Grand Place

France

Grenoble

extension

100.0%

39

0

15,600

H2 2018

Montpellier Odysseum

France

Montpellier

extension

100.0%

31

6

8,400

H2 2018

Allum

Sweden

Allum

redevelopment

56.1%

75

5

20,000

H2 2019

Gran Reno

Italy

Bologna

extension

100.0%

122

1

15,900

H1 2019

L'esplanade

Belgium

Brussels region

extension

100.0%

131

16

20,650

H2 2020

Hoog Catharijne Phase 3

The Netherlands

Utrecht

extension-refurbishment

100.0%

187

32

23,700

H1 2019

Vitrolles

France

Marseille region

extension

83.0%

80

0

18,050

2018-2020

Viva

Denmark

Odense

new development

56.1%

175

39

48,500

H2 2020

Givors

France

Lyon region

extension

83.0%

80

8

16,000

H2 2020

Arcades

France

Paris region

extension

53.6%

91

0

18,000

H2 2020

Norway

Oslo

redevelopment

28.1%

89

4

54,468

H2 2020

52

12

33,289

TOTAL CONTROLLED PROJECTS

1,347

138

334,257

TOTAL IDENTIFIED PROJECTS

1,561

24

277,400

TOTAL

3,576

427

737,256

Økernsenteret

(3)

Other projects

(1) Estimated cost price before financial costs. (2) 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. (3) 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 — 2015 FULL-YEAR EARNINGS — February 9, 2016

54

2015 OPERATING HIGHLIGHTS RETAILER SALES

NET RENTAL INCOME

LEASING ACTIVITY

Change LfL proforma(1) incl. extensions

Change LfL proforma(1) excl. extensions

2015 Current (€M)

Change LfL proforma(2)

Reversion (%)

OCR (%)

EPRA Vacancy rate (%)

+2.0%

+2.0%

378.3

+3.0%

16.2%

12.5%

3.0%

France

+2.1%

+2.1%

364.3

+2.9%

3.1%

Belgium

+1.7%

+1.7%

14.0

+7.3%

0.5%

Italy

+5.8%

+5.3%

184.9

+3.3%

9.5%

11.2%

2.1%

Scandinavia

+3.0%

+2.2%

156.6

+4.8%

5.8%

11.0%

4.5%

Norway

-0.8%

-0.8%

51.1

+3.5%

2.8%

Sweden

+7.9%

+5.7%

60.8

+4.4%

3.7%

Denmark

+3.7%

+3.7%

44.7

+7.0%

8.3%

N/A

N/A

76.0

-0.8%

7.5%

NA

3.3%

+7.0%

+7.0%

90.6

+4.2%

8.9%

13.7%

6.3%

Spain

+7.0%

+7.0%

72.3

+4.1%

5.3%

Portugal

+7.1%

+7.1%

18.3

+4.7%

9.7%

Germany

+14.8%

+1.4%

42.4

+0.0%

2.7%

12.6%

8.0%

CEE and Turkey

+7.3%

+7.3%

106.1

+4.4%

15.9%

12.6%

5.2%

-1.9%

-1.9%

32.9

+2.8%

1.8%

Hungary

+11.5%

+11.5%

17.9

+5.8%

8.0%

Czech Republic

+7.6%

+7.6%

23.9

+3.6%

1.1%

Turkey

+15.3%

+15.3%

29.6

+3.4%

8.6%

+4.4%

+3.8%

1,035.0

+3.4%

France-Belgium

Netherlands Iberia

Poland

TOTAL SHOPPING CENTERS

11.6%

12.0%

3.8%

(1) Retailer sales performance for 2015 compared to 2014 assumes that the Corio acquisition occurred on January 1, 2014. Like-for-like excludes the impact of asset sales and other acquisitions. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre. (2) Like-for-like proforma: assumes that the Corio acquisition occurred on January 1, 2014. Excludes the impact of other asset sales, acquisitions, extensions and the foreign exchange impacts.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

55

PROFIT & LOSS (€M) €M

TOTAL SHARE

GROUP SHARE

12/31/2015

12/31/2014

12/31/2015

12/31/2014

Gross rental income

1,208.4

833.0

1,040.6

671.2

Rental & building expenses

-140.3

-87.8

-118.4

-66.9

NET RENTAL INCOME

1,068.0

745.2

922.2

604.3

Management, administrative and related income

86.8

70.8

80.0

68.9

Other operating revenue

13.9

15.8

11.6

13.0

Survey & research costs

-2.8

-4.0

-2.8

-4.0

Payroll expenses

-149.2

-109.1

-138.9

-97.6

Other general expenses

-77.4

-47.6

-72.1

-43.8

Depreciations and impairment allowance on investment property Depreciations and impairment allowance on intangible assets and property, plant and equipment Provisions

-444.2

-384.9

-386.9

-312.7

-17.1

-12.4

-15.4

-10.4

-0.3

-3.6

0.2

-3.2

14.1

846.9

12.3

704.8

Goodwill depreciation

-704.5

0.0

-704.5

0.0

OPERATING INCOME

-212.8

1,117.0

-294.3

919.3

Financial income

161.2

99.5

155.9

93.4

Financial expenses

-378.2

-369.0

-352.5

-331.0

Net cost of debt

-217.0

-269.5

-196.6

-237.6

Change in the fair value of financial instruments

-30.6

-17.3

-30.5

-17.5

Share in earnings of equity method investees

19.1

8.3

15.5

4.1

-441.3

838.5

-505.9

668.3

3.6

-30.4

6.1

-28.2

-437.7

808.1

-499.8

640.0

Proceeds of sales

PROFIT BEFORE TAXES Corporate income tax NET INCOME

Excluding the non-recurring accounting technical impact of the 704.5 million euro impairment and write-off of Corio’s goodwill (please refer to section “Scope of consolidation” of the business activity report), the consolidated net income group share would have been a profit of 204.7 million euros.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

56

CORIO BUSINESS COMBINATION 

Corio transaction has been treated in consolidated financials statements in accordance with IFRS3 – Business combination. The total consideration given is equal to the market value of Klépierre shares issued in exchange of Corio shares (or 100,776,951 shares x 1,14 x 37,185 euros).



As of December 31, 2015, the group finalized the purchase price accounting. In addition, a part of Corio’s goodwill was allocated to the Netherlands sold assets for €110 M and was consequently withdrawn. The residual gross goodwill amount stand at €1,253 M and was impaired by € 595 M following impairment test performed at year-end. In millions of euros

December 31, 2015

Total consideration

A

4,272

Restated Corio Equity

B

2,909

Equity Corio as of December 31, 2014

3,492

Net Results (January 1st to January 8th January 2015)

-31

PPA adjustments

-552

Goodwill

=A-B

Goodwill write-off following Netherlands assets sale Goodwill (gross amount)

1,363 -110

=A-B

1,253

Goodwill impairment

-595

Residual Goodwill

658

Optimization in deferred taxes €265M

Corio portfolio value increase €218M

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

€658M

-€705M impact on P&L

Value of management activities €175M

57

CASH FLOW STATEMENT (€M) TOTAL SHARE

GROUP SHARE

12/31/2015

12/31/2014

12/31/2015

12/31/2014

GROSS RENTAL INCOME

1,208.4

833.0

1,040.6

671.2

Rental & building expenses

-140.3

-87.8

-118.4

-66.9

NET RENTAL INCOME

1,068.0

745.2

922.2

604.3

Management and other income

100.7

86.5

91.6

75.8

G&A expenses

-229.4

-160.7

-213.8

-145.4

22.7

9.9

22.9

8.8

-217.0

-269.5

-196.6

-237.6

Restatement financial allowance & financial restructuring

3.3

82.0

4.9

78.8

Share in earnings of equity method investees

62.4

38.9

56.8

31.4

Current tax expenses

-32.8

-16.5

-29.5

-14.1

4.5

4.6

4.5

4.6

782.5

520.4

663.1

406.5

Restatement payroll and deferred expenses

-4.2

-8.8

Restatement amortization allowances and provisions for contingencies and losses

-15.2

-12.6

0.0

-0.9

643.6

384.3

NET CURRENT CASH FLOW PER SHARE

2.16

2.07

EPRA EARNINGS PER SHARE

2.10

1.96

306,803,561

195,912,339

Restatement payroll and deferred expenses Net cost of debt

Restatement acquisition costs and portfolio restructuring NET CURRENT CASH FLOW

Other restatements related to tax EPRA EARNINGS Per share

Average number of shares excluding treasury shares

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

58

VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, EXCL. DUTIES) 12/31/2015

% of total portfolio

12/31/2014

12-month change Current

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

France

8,032

36.3%

6,216

+29.2%

+3.7%

Belgium

371

1.7%

323

+14.9%

+15.8%

France-Belgium

8,403

38.0%

6,539

+28.5%

+4.2%

Italy

3,606

16.3%

1,514

+138.1%

+7.7%

Norway

1,510

6.8%

1,179

+28.0%

+9.5%

Sweden

1,389

6.3%

1,214

+14.4%

+11.6%

Denmark

1,057

4.8%

1,020

+3.6%

+1.6%

Scandinavia

3,955

17.9%

3,413

+15.9%

+7.9%

Netherlands

1,139

5.1%

-

-

+1.3%

Spain

1,461

6.6%

495

+194.9%

+9.4%

324

1.5%

251

+29.2%

+4.2%

Iberia

1,785

8.1%

746

+139.3%

+8.2%

Germany

1,068

4.8%

-

-

+1.9%

Poland

439

2.0%

434

+1.2%

+3.8%

Hungary

216

1.0%

265

-18.5%

-13.7%

Czech Republic

424

1.9%

358

+18.6%

+19.0%

Turkey

617

2.8%

-

-

-4.8%

CEE and Turkey

1,736

7.8%

1,095

+58.5%

+1.1%

Total shopping centers

21,693

98.0%

13,308

+63.0%

+5.3%

434

2.0%

513

-15.4%

-1.8%

22,127

100.0%

13,821

+60.1%

+5.1%

Portugal

Other activities TOTAL

1. Assuming that the Corio acquisition has occurred on January 1, 2014. Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

59

VALUATION OF THE PORTFOLIO (€M, GROUP SHARE, EXCL. DUTIES) 12/31/2015

% of total portfolio

12/31/2014

12-month change Current

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

France

6,631

35.2%

4,930

+34.5%

+3.3%

Belgium

371

2.0%

323

+14.9%

+15.8%

France-Belgium

7,002

37.2%

5,253

+33.3%

+3.8%

Italy

3,560

18.9%

1,466

+142.8%

+7.7%

Norway

847

4.5%

662

+28.0%

+9.5%

Sweden

779

4.1%

681

+14.4%

+11.6%

Denmark

593

3.1%

572

+3.6%

+1.6%

Scandinavia

2,219

11.8%

1,915

+15.9%

+7.9%

Netherlands

1,139

6.1%

-

-

+1.3%

Spain

1,423

7.6%

466

+205.0%

+9.7%

324

1.7%

251

+29.2%

+4.5%

Iberia

1,747

9.3%

717

+143.5%

+8.4%

Germany

1,014

5.4%

-

-

+1.8%

Poland

439

2.3%

434

+1.2%

+3.8%

Hungary

216

1.1%

265

-18.5%

-13.7%

Czech Republic

424

2.3%

358

+18.6%

+19.0%

Turkey

593

3.2%

-

-

-5.3%

CEE and Turkey

1,708

9.1%

1,091

+56.5%

+1.1%

Total shopping centers

18,390

97.7%

10,443

+76.1%

+5.0%

434

2.3%

513

-15.4%

-1.8%

18,824

100.0%

10,956

+71.8%

+4.8%

Portugal

Other activities TOTAL

1. Assuming that the Corio acquisition has occurred on January 1, 2014. Excludes the impact of new centers opened, acquisitions, asset sales completed since January 1, 2014, extension capex and foreign exchange impacts.

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

60

VALUATION OF THE PORTFOLIO (€M, TOTAL SHARE, INCL. DUTIES) 12/31/2015

% of total portfolio

12/31/2014

France

8,397

37.1%

6,508

Belgium

371

1.6%

323

France-Belgium

8,769

38.8%

6,831

Italy

3,646

16.1%

1,523

Norway

1,510

6.7%

1,179

Sweden

1,389

6.1%

1,214

Denmark

1,057

4.7%

1,020

Scandinavia

3,955

17.5%

3,413

Netherlands

1,169

5.2%

-

Spain

1,469

6.5%

504

324

1.4%

251

Iberia

1,793

7.9%

755

Germany

1,068

4.7%

-

Poland

439

1.9%

434

Hungary

220

1.0%

269

Czech Republic

424

1.9%

358

Turkey

633

2.8%

-

CEE and Turkey

1,755

7.8%

1,099

Total shopping centers

22,154

98.0%

13,621

464

2.0%

548

22,618

100.0%

14,169

Portugal

Other activities TOTAL KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

61

PORTFOLIO VALUATION BRIDGE (GROUP SHARE) 40 bps yield compression over 12 months on overall portfolio

Like-for-Like value increase of 4.8%

10 bps change in the net initial yield has a €300M impact on the property value

Portfolio valuation bridge

+929

17,902

+782

18,823

+1

18,824

12/31/2015 Exc. Forex

Forex

12/31/2015

-790 6,946

+4.8%

10,956

12/31/2014 Pro forma

Disposals

Acquisitions / development

KLEPIERRE — 2015 FULL-YEAR EARNINGS — February 9, 2016

like-for-like portfolio

62