BUSINESS FOR THE YEAR 2Portfolio valuation 2.6.2 Valuation 2.6.2.1 Property portfolio valuation (1) Excluding transfer taxes , the value of the property portfolio as of Group-Share basis). On a Total-Share basis (excluding transfer taxes), December 31, 2017 was €23,770 million on a Total-Share basis and shopping centers accounted for 98.5% of the portfolio and other retail (2) (3) €20,259 million on a Group-Share basis . Including transfer taxes, this properties for 1.5% . value was €24,419 million on a Total-Share basis (€20,822 million on a 3 VALUATION OF THE PROPERTY PORTFOLIO (ON A TOTAL-SHARE BASIS, EXCLUDING TRANSFER TAXES) In % of total Change over 6 months Change over 12 months In €m 12/31/2017 portfolio 06/30/2017 Current LfL* 12/31/2016 Current LfL* France 8,757 36.8% 8,566 2.2% 1.3% 8,420 4.0% 2.6% Belgium 432 1.8% 403 7.2% 7.4% 385 12.1% 11.2% France-Belgium 9,188 38.7% 8,969 2.4% 1.6% 8,805 4.4% 3.0% Italy 3,940 16.6% 3,847 2.4% 2.6% 3,707 6.3% 6.8% Norway 1,459 6.1% 1,461 -0.1% 2.2% 1,595 -8.5% 4.5% Sweden 1,295 5.4% 1,292 0.2% 3.4% 1,316 -1.6% 4.8% Denmark 1,138 4.8% 1,111 2.4% 2.4% 1,097 3.7% 3.6% Scandinavia 3,892 16.4% 3,864 0.7% 2.7% 4,008 -2.9% 4.3% Spain 1,870 7.9% 1,779 5.1% 3.9% 1,485 25.9% 7.8% Portugal 389 1.6% 366 6.2% 5.4% 346 12.3% 11.4% Iberia 2,259 9.5% 2,145 5.3% 4.2% 1,831 23.4% 8.5% Poland 403 1.7% 416 -2.9% -3.1% 423 -4.8% -5.2% Hungary 248 1.0% 243 2.2% 5.6% 227 9.4% 12.9% Czech Republic 622 2.6% 559 11.4% 6.2% 509 22.3% 16.6% Turkey 440 1.8% 512 -14.1% -2.1% 563 -21.9% -5.2% Others 27 0.1% 36 -24.0% -13.7% 36 -23.3% -15.0% CEE and Turkey 1,741 7.3% 1,765 -1.4% 1.2% 1,757 -1.0% 3.7% Netherlands 1,330 5.6% 1,280 3.9% 2.9% 1,234 7.8% 3.2% Germany 1,066 4.5% 1,062 0.3% -1.5% 1,074 -0.8% -5.1% Total shopping centers 23,415 98.5% 22,933 2.1% 2.1% 22,418 4.4% 4.0% Total other retail properties 355 1.5% 362 -1.8% -1.5% 399 -10.9% -2.5% TOTAL PORTFOLIO 23,770 100.0% 23,295 2.0% 2.0% 22,817 4.2% 3.9% * Like-for-like change. For Scandinavia and Turkey, change is indicated on a constant forex basis. Central European assets are valued in euros. (1) Please refer to the “EPRA Net Asset Value and Triple Net Asset Value” section of this document for transfer tax calculation methodology. (2) As of December 31, 2017, assets consolidated under the equity method were valued at €1,389 million (€1,310 million on a Group-Share basis), compared to €1,425 million as of December 31, 2016. These assets include: Espace Coty (Le Havre), Le Millénaire (Paris), Passages (Paris), Centre Mayol (Toulon), Porta di Roma (Rome), Il Corti Venete (Verona), Il Leone di Lonato (Lonato), Il Destriero (Vittuone), Udine (Città Fiera), Økernsenteret (Oslo), Metro Senter (Oslo region), Nordbyen (Larvik), Aqua Portimão (Portimão) and Akmerkez (Istanbul). (3) This segment refers to standalone retail units located in France and mostly in the vicinity of retail destinations. 60 KLÉPIERRE 2017 REGISTRATION DOCUMENT