BUSINESS FOR THE YEAR Business overview 2 3 FOREIGN EXCHANGE IMPACT ON LIKE-FOR-LIKE NRI OVER THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2017 NRI like-for-like change Forex impact on NRI At constant forex At current forex like-for-like change Norway 4.3% 3.9% -40 bps Sweden 4.7% 2.9% -180 bps Denmark 4.7% 4.8% 10 bps Scandinavia 4.6% 3.8% -70 bps Poland -1.9% -1.7% 25 bps Hungary 14.7% 14.7% -10 bps Czech Republic 12.9% 13.5% 60 bps Turkey* -6.9% -4.9% 200 bps CEE and Turkey 3.1% 4.0% 90 bps TOTAL 3.3% 3.3% 0 BPS * Figures for Turkey do not reflect the depreciation of the Turkish Lira as rents in Klépierre malls are denominated in EUR and USD. They consequently reflect the EUR/USD exchange rate change. 2.1.5 Contribution of assets consolidated under the equity method The net rental income contribution of assets consolidated under > Norway: Økernsenteret (Oslo), Metro Senter (Oslo region), the equity method to Klépierre’s consolidated financial statement Nordbyen (Larvik); amounted to €65.7 million in 2017. These assets are: > Portugal: Aqua Portimão (Portimão); > France: Espace Coty (Le Havre), Le Millénaire (Paris), Les Passages > Turkey: Akmerkez (Istanbul). (Paris), Mayol (Toulon); > Italy: Porta di Roma (Rome), Il Corti Venete (Verona), Il Leone The tables below present the contributions of each country to gross (Lonato), Il Destriero (Vittuone), Città Fiera (Udine region); and net rental income, net current cash flow, and net income. These contributions include investments in jointly-controlled companies and investments in companies under significant influence. 3 CONTRIBUTION OF ASSETS CONSOLIDATED UNDER THE EQUITY METHOD GROSS RENTAL INCOME – TOTAL SHARE NET RENTAL INCOME – TOTAL SHARE In €m 12/31/2017 12/31/2016 In €m 12/31/2017 12/31/2016 France 21.9 24.4 France 15.9 19.2 Italy 39.6 39.0 Italy 34.1 33.2 Norway* 7.9 13.3 Norway* 6.4 11.2 Iberia 3.1 3.0 Iberia 2.7 2.6 Turkey 9.9 15.8 Turkey 6.5 10.8 TOTAL 82.5 95.5 TOTAL 65.7 76.9 * In order to obtain Group share interests for Norway, data must be multiplied by * In order to obtain Group share interests for Norway, data must be multiplied by 56.1%. 56.1%. NET CURRENT CASH FLOW – TOTAL SHARE NET INCOME – TOTAL SHARE In €m 12/31/2017 12/31/2016 In €m 12/31/2017 12/31/2016 France 13.1 15.9 France 2.5 8.2 Italy 25.4 23.4 Italy 56.8 44.7 Norway* 6.4 11.3 Norway* 22.5 11.1 Iberia 0.3 0.2 Iberia 3.1 1.1 Turkey 6.3 10.2 Turkey -10.6 24.4 TOTAL 51.5 61.0 TOTAL 74.4 89.5 * In order to obtain Group share interests for Norway, data must be multiplied by * In order to obtain Group share interests for Norway, data must be multiplied by 56.1%. 56.1%. KLÉPIERRE 2017 REGISTRATION DOCUMENT 45