2017 FULL-YEAR EARNINGS — FEBRUARY 8, 2018 NET RENTAL INCOME +3.3% LIKE-FOR-LIKE, OUTPERFORMING INDEXATION BY 260 BPS Net Rental Income like-for-like1growth NRIlike-for-like growth1 3.5% 2017 vs. 2016 3.4% 3.3% France-Belgium 2.5% 3.1% Italy 2.9% +3.0% Scandinavia 4.6% Iberia 6.8% CEE and Turkey 3.1% The Netherlands 2.1% Germany 0.1% Total shopping centers 3.3% 2014 2015 2016 2017 1 Like-for-like excludes the contribution of new spaces (acquisitions, new centers, and extensions), spaces being restructured, disposals completed since January 2016, and foreign exchange impacts. 27