2017 FULL-YEAR EARNINGS — FEBRUARY 8, 2018 SHOPPING CENTER PORTFOLIO VALUE +4.0% LFL IN 2017 Shopping centers valuation1 Shopping centers valuation % of the 12-month 2017 2 (in €m) portfolio LfL change EPRANIY France-Belgium 9,188 39% 3.0% 4.2% EPRANet Initial Yield of Italy 3,940 17% 6.8% 5.4% 4.8%, down 10 bps over 1 year Scandinavia 3,892 17% 4.3% 4.4% Iberia 2,259 10% 8.5% 5.0% CEE & Turkey 1,741 7% 3.7% 6.5% Italy and Spain account for The Netherlands 1,330 6% 3.2% 5.1% 47% of the growth Germany 1,066 5% -5.1% 4.6% TOTAL 23,415 100% 4.0% 4.8% 1 Excluding transfer taxes, including assets accounted under the equity method. 2For Scandinavia and Turkey change is indicated on a constant portfolio and forex basis. 50