GROUP OVERVIEW Property portfolio as of December 31, 2017 1 Urban planning Condition of the assets We have not studied planning consents or other permits and have We have taken note of the general condition of each asset during our assumed that the assets have been built and are occupied and used in inspection. Our engagement does not include a building or structural conformity with all necessary authorizations and that any outstanding survey but we have indicated in our report, where applicable, any legal issues have been resolved. We have assumed that the layout of maintenance problems which were immediately apparent during our assets conforms to legal requirements and town planning regulations, inspection. The assets have been valued based on the information concerning among other things the structural materials, fire safety provided by the Company according to which no deleterious material and health and safety. We have also assumed that any extensions in was used in their construction. progress are being undertaken in line with town planning rules and that all necessary authorizations have been obtained. Taxation Title deeds and tenancy schedules Our valuations were performed without taking into account potential sales or legal fees or taxes which would come into effect in the case We have relied upon the tenancy schedules, summaries of additional of a transfer. The rental and market values produced are net of VAT. revenues, non recoverable charges, capital projects and the business plans which were provided to us. We have assumed, with the exception Confidentiality and disclosure of what may be mentioned in our individual asset reports, that the assets are not inhibited by any restriction which could impede a sale Finally, and in accordance with our standard practice we confirm that and that they are free from any restrictions or charges. We have not our valuation reports are confidential and are addressed solely to the read the title deeds and have taken as correct the rental, occupational Company. We accept no liability to third parties. Neither the whole and all other pertinent information that has been provided to us by reports, nor any extracts may be published in a document, declaration, the Company. memorandum or statement with any third party without our written consent as regards the form and context in which this information may appear. In signing this Summary Report, the valuation firms accept no liability for the valuations carried out by the other firms. Jean-Philippe CARMARANS Head of Valuation France Cushman & Wakefield Jean-Claude DUBOIS Chairman BNP Paribas Real Estate Valuation France Gareth SELLARS Chairman Jones Lang LaSalle Expertises Anne DIGARD President Valuation CBRE KLÉPIERRE 2017 REGISTRATION DOCUMENT 23