Klépierre - 2016 Notice of Meeting

Klépierre in 2015

A year of major strategic moves

Solidoperatingperformances

Successful integration of Corio with cost synergies exceeding initial target On January 8, 2015, Corio’s 7 billion euro portfolio was integrated with and into Klépierre’s, adding a large number of irreplaceable shopping centers to Klépierre’s property portfolio and enhancing its coverage of Europe’s most dynamic cities to bring its total value to 22.1 billion euros (excluding duties). The integration was rapidly carried out and led to the delivery of 34 million euros in cost synergies in 2015 (19 million euros in financing synergies and 15 million euros in general and administration cost synergies), expected to reach 67 million euros in 2017.

Retailer sales: +4.4% over full-year 2015 Like-for-like (1) retailer saleswere strong inKlépierre shopping centers and rose by 4.4% in 2015 compared to 2014 (+3.8% like-for-like excluding extensions). Retailer sales outperformed national indices in most countries. In France-Belgium , retailer sales grew by 2%, mainly driven by sound performances from retailers that have reformatted and refurbished their stores, further re-tenanting campaigns, and the introductionof category-killer brands to each segment of the tenant mix. French malls outperformed the national sales index (CNCC) by 200 bps over the first 11 months of the year.

Klépierre shopping centers offer access to circa 150million customers in themost dynamic retail consumption areas. Leading centers in Continental Europe

13 • Emporia Malmö,Sweden 14 • La Gavia Madrid,Spain 15 • Plenilunio Madrid,Spain 16 • Nový Smìchov Prague, CzechRepublic 17 • Hoog Catharijne Utrecht,TheNetherlands 18 • Boulevard Berlin Berlin,Germany

07 • L’esplanade Brusselsregion, Belgium 08 • Porta di Roma Rome,Italy 09 • Le Gru Turin,Italy 10 • Campania Naples,Italy 11 • Field’s Copenhagen, Denmark 12 • Bruun’s Galleri Århus,Denmark

01 • Créteil Soleil Parisregion,France 02 • Val d’Europe Parisregion,France 03 • St.Lazare Paris Paris,France 04 • Grand Littoral Marseille,France 05 • Blagnac Toulouse,France 06 • Rives d’Arcins Bordeaux,France

(1) Retailersalesperformancehasbeenrestated, i.e.,assumingthattheCorioandthePlenilunioacquisitionsoccurredonJanuary1,2014.Changeexcludesthe impactofassetsales,acquisitionsandnewcentersopenedsinceJanuary1,2014.Retailersales fromtheDutchportfolioarenot included inthesenumbersasretailersdonotreportsalestoKlépierre.

KLÉPIERRE – NOTICE OF MEETING – GENERAL MEETING OF APRIL 19, 2016 3