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Financial report 2015 With retail facilities in 57 01 07 metropolitan areas spanning Business for the year Corporate financial p. 01 —29 statements at 16 countries, and privileged December 31, 2015 p. 200 — 225 access to 150 million 02 consumers, Klépierre is Property portfolio as of December 31, 2015 08 Continental Europe’s p. 30 — 41 Information on specialist in shopping the Company and the capital center properties. 03 p. 226 — 249 Main risk factors Its property portfolio was p. 42 — 51 09 valued at 22 billion euros as of General Meeting December 31, 2015. For leading 04 p. 250 — 263 Corporate governance retailers, Klépierre offers an p. 52 — 91 unrivaled platform of 10 Additional shopping centers, which 05 information draws more than 1.2 billion Environmental, p. 264 — 273 societal and social visitors each year. information p. 92 — 131 11 Glossary p. 274 — 279 06 Consolidated fi nancial statements as of December 31, 2015 p. 132 —199 Opposite Grand Littoral, Marseille (France) Below and below right Nave de Vero, Venise (Italy) Cover Passages, Paris region (France) 1. Business for the year Above Nave de Vero, Venise (Italy) 1. Business for the year 1.1. 1.2. 1.3. Shopping center Business activity Investments, operational business by region developments overview p. 05 and disposals p. 02 p. 12 1.4. 1.5. 1.6. Consolidated earnings Parent company earnings Property and cash-fl ow and distribution portfolio valuation p. 15 p. 17 p. 18 1.7. 1.8. 1.9. EPRA key performance Financial Outlook indicators policy p. 28 p. 21 p. 26 1.10. 1.11. Events subsequent Other to the accounting information cut-off date p. 28 p. 28 01 1. Business for the year 1.1. Shopping center operational business overview 1.1.1. Economic environment 1.1.2. Change in retailer sales According to the OECD(1), the economic outlook has generally Retailer sales(3) in Klépierre shopping malls rose by 4.4% through- improved in Europe since the beginning of 2015. In the Eurozone, out the year 2015 compared to 2014. Excluding extensions and GDP growth should finally reach 1.5% in 2015 (versus 1.4% forecast new centers opened(4), activity maintained a certain momentum last May), and is projected to continue this pace into 2016 and (+3.8%), as private consumption has generally shown positive 2017 on the back of sustained monetary stimulus, a broadly neu- trends since the beginning of 2015. Performance is mainly driven tral fiscal stance, cheaper oil prices, and lower unemployment by Iberia, CEE and Turkey – both posting retailer sales growth levels. In this context, inflation should edge up to just under 1.5% rates above 7% – Italy (+5.8%) and, to a lesser extent, Scandinavia percent by the end of 2017. These positive trends are expected in (+3.0%). Retailer sales in France were up by 2.1%. most countries where Klépierre operates, except in part of Norway. In Spain, the robust economic recovery should also continue into Year-on-year retail sales change through December 2015 2016 and 2017, though at a gradually slowing pace. Like-for-like (2) Like-for-like excluding According to the IMF – which revised downwards its growth extensions forecasts in January 2016 – a number of factors will weigh on the France 2.1% 2.1% global economic outlook: a generalized slowdown in emerging Belgium 1.7% 1.7% market economies, China’s rebalancing, lower commodity prices, and the gradual exit from extraordinarily accommodative mon- France-Belgium 2.0% 2.0% etary conditions in the United States. Italy 5.8% 5.3% Norway -0.8% -0.8% Expected GDP changes - OECD (November 2015) Sweden 7.9% 5.7% Denmark 3.7% 3.7% 2016E 2017E Scandinavia 3.0% 2.2% Spain 7.0% 7.0% France 1.3% 1.6% France-Belgium Portugal 7.1% 7.1% Belgium 1.5% 1.6% Iberia 7.0% 7.0% Italy 1.4% 1.4% Poland -1.9% -1.9% Norway 1.1% 1.9% Hungary 11.5% 11.5% Scandinavia Sweden 3.1% 3.0% Czech Republic 7.6% 7.6% Denmark 1.8% 1.9% Turkey 15.3% 15.3% Spain 2.7% 2.5% Iberia CEE and Turkey 7.3% 7.3% Portugal 1.6% 1.5% Netherlands N/A N/A Poland 3.4% 3.5% Germany 14.8% 1.4% Hungary 2.4% 3.1% CEE and Turkey SHOPPING CENTERS 4.4% 3.8% Czech Rep. 2.3% 2.4% Turkey 3.4% 4.1% Netherlands 2.5% 2.7% Germany 1.8% 2.0% 1.1.3. Gross rental income In million euros Change Shopping center gross rental income total share amounted 12/31/2015 12/31/2014 (total share) current to 1,173.8 million euros for the full year 2015, compared with France-Belgium 418.7 364.7 14.8% 792.4 million euros for 2014. This 48.1% increase primarily Italy 201.1 102.2 96.7% reflects the acquisition of Corio combined with the disposals Scandinavia 177.0 182.7 -3.1% completed since January 1, 2014. Iberia 107.2 59.8 79.4% CEE and Turkey 119.3 83.0 43.6% Netherlands 94.1 - - Germany 56.5 - - TOTAL 1,173.8 792.4 48.1% SHOPPING CENTERS (1) OECD (November 2015). (2) World Economic Outlook Update, January 2016. (3) Retailer sales performance has been restated, i.e., assuming that the Corio and the Plenilunio acquisitions occurred on January 1, 2014. Change excludes the impact of asset sales, acquisitions and new centers opened since January 1, 2014. Retailer sales from the Dutch portfolio are not included in these numbers as retailers do not report sales to Klépierre. (4) Romagna Shopping Valley in Italy, Centrum Galerie and Boulevard Berlin in Germany, Galleria Boulevard in Sweden, Passages Pasteur in France (opened in November 2015) and Nave de Vero in Italy (opened in April 2014). 02 Klépierre, 2015 fi nancial report 1.1.4. Net rental income Shopping center breakdown in net rental income by region Period ended December 31, 2015 (total share) 01. 02. 01. France-Belgium 36.6 % 03. 02. Italy 17.9 % 03. Scandinavia 15.1 % 07. 04. Iberia 8.8 % 04. 05. CEE and Turkey 10.3 % 06. 06. Netherlands 7.3 % 05. 07. Germany 4.1 % In million euros Change like-for-like Index-linked 12/31/2015 12/31/2014 Change current (total share) pro forma rental adjustments France-Belgium 378.3 330.8 14.4% 3.0% -0.2% Italy 184.9 91.6 101.9% 3.3% 0.1% Scandinavia 156.6 162.1 -3.4% 4.8% 1.2% Iberia 90.6 50.7 78.9% 4.2% 0.0% CEE and Turkey 106.1 71.8 47.7% 4.4% 1.0% Netherlands 76.0 - NA -0.8% 1.0% Germany 42.4 - NA 0.0% 0.0% TOTAL SHOPPING CENTERS 1,035.0706.9 46.4% 3.4% 0.4% Shopping center net rental income amounted to 1,035.0 million Foreign exchange impact on like-for-like pro forma net rental euros, up 328.1 million euros compared to 2014 and including: income over 12 months — 360.6 million euros in additional net rental income from former Corio assets(1) consolidated since January 1, 2015 and the contribution Constant Current of Plenilunio (Madrid), acquired in March 2015; forex forex — a 53.0 million euro decrease due to asset disposals(2), in particular Norway 3.5% -3.4% 126 retail galleries sold to Carmila in April 2014; Sweden 4.4% 1.5% — a 25.4 million euro increase reflecting net rental income growth on Denmark 7.0% 7.0% a like-for-like basis; Scandinavia 4.8% 1.3% — a 4.9 million euro decrease linked to foreign exchange rate impacts. Poland 2.8% 3.9% Hungary 5.8% 6.2% (3) On a like-for-like basis and pro forma Corio , shopping center Czech Republic 3.6% 4.3% net rental income was up by 3.4%, a 300 basis point outperformance Turkey 3.4% 5.5% over index-linked rental adjustments (+0.4%). All regions except CEE and Turkey 4.4% 5.6% for Germany and the Netherlands posted growth rates above 3.0%. SHOPPING CENTERS 3.4% 2.9% 1.1.5. Contribution of assets consolidated under the equity method The assets consolidated under the equity method are: — Norway: Oslo City (Oslo), Økernsenteret (Oslo), Metro Senter (Oslo — France: Espace Coty (Le Havre), Le Millénaire (Paris), Passages region), Nordbyen (Larvik) and Åsane Storsenter (Bergen); (Paris), Maisonément (Paris region), Centre Mayol (Toulon); — Portugal: Aqua Portimão (Portimão) ; — Italy: Porta di Roma (Rome), Il Corti Venete (Verona), Il Leone di — Turkey: Akmerkez (Istanbul). Lonato (Lonato), Il Destriero (Vittuone), Udine (Città Fiera); (1) Including a 28.4 million euro contribution from the portfolio of 9 convenience shopping centers sold to Wereldhave on August 26, 2015. (2) For more information on disposals completed in 2015, please refer to the section “Investments, development and disposals” of this report. (3) Assuming Corio had been fully consolidated as of January 1, 2014 but excluding the contribution from new spaces (acquisitions, new centers and extensions), spaces under restructuring, disposals completed since January 2014, and foreign exchange impacts. 03 1. Business for the year The tables below present the contributions in terms of revenues, cash-flows and net results split by countries. These contributions gather investments in jointly-controlled companies and investments in companies under significant influence. Gross rental income Cash-flow In million euros (total share) 12/31/2015 12/31/2014 In million euros (total share) 12/31/2015 12/31/2014 France 25.6 22.5 France 17.4 14.4 Italy 37.6 12.3 Italy 21.9 9.2 Norway (*) 14.6 16.5 Norway (*) 12.8 16.6 Iberia 2.7 2.5 Iberia -2.4 -1.3 Turkey 16.5 0.0 Turkey 12.6 0.0 Total EAIs 97.1 53.9 Total EAIs 62.4 38.9 Net rental income Net result In million euros (total share) 12/31/2015 12/31/2014 In million euros (total share) 12/31/2015 12/31/2014 France 19.7 17.1 France -13.1 -2.8 Italy 32.7 10.9 Italy 15.1 3.5 Norway (*) 12.8 13.9 Norway (*) 7.1 8.9 Iberia 2.0 2.2 Iberia -0.1 -1.4 Turkey 12.7 0.0 Turkey 10.0 0.0 Total EAIs 80.0 44.0 Total EAIs 19.1 8.3 The main balance sheet items can be broken down as follows: 2015 2014 Equity method Appraisals ** External Loans and securities in Appraisals Net External Equity method Total share Internal Debt (duties excluded) Net debt advances Balance sheet at (duties excluded) debt securities at FV Fair Value France 431 -10 -81 362 387 -3 -99 279 Italy 582 -42 -186 311 188 -36 0 136 Norway (*) 582 10 0 584 281 5 0 270 Iberia 39 0 -62 -23 37 0 -61 -21 Turkey216602220000 Total EAIs 1,849 -34 -330 1,456 894 -35 -160 664 (*) To get groups share interets all Norwegian data have to be multiply at 56,1% (**) Property value as calculated by experts 1.1.6.
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