BUSINESS FOR THE YEAR 2Investments, development, and disposals 3 DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2017 (ON A TOTAL-SHARE BASIS) Floor Expected Klépierre Estimated Cost Targeted area opening equity (a) to date yield on cost Development projects Country Location Type (in sq.m.) (in €m) (in €m) (b) date interest cost Hoog Catharijne Phases 2 & 3 The Netherlands Utrecht Ext.-refurb. 76,271 2017-2019 100.0% 438 276 6.4% Créteil Soleil – Phase 1 France Paris region Ext.-refurb. 11,147 2019-2020 80.0% 134 3 5.7% Other projects (incl. Prado) 29,444 188 160 6.5% Total committed projects 116,862 761 438 6.3% Gran Reno Italy Bologna Extension 16,360 H2 2020 100.0% 129 15 Bègles Rives d’Arcins H2 ‘18- (TFE included) France Bordeaux Extension 25,080 H2 ‘20 52.0% 31 6 Grand Littoral France Marseille Redevelopment 12,000 H2 2020 100.0% 30 0 (c) Italy Lombardy Extension 15,000 H2 2020 50.0% 30 0 Lonato Barcelone MareMagnum 1 Spain Barcelone Extension 8,000 H2 2021 100.0% 45 0 Brussels L’esplanade Belgium region Extension 19,475 H1 2021 100.0% 131 18 Grenoble Grand’Place France Grenoble Extension 16,040 H2 2021 100.0% 55 0 Val d’Europe France Paris region Extension 10,620 H2 2021 55.0% 48 0 Toulouse Grand Portet France region Ext.-refurb. 8,000 H2 2021 83.0% 64 8 Turin Le Gru Italy Turin Extension 12,000 H2 2021 100.0% 80 0 Montpellier Odysseum France Montpellier Ext.-refurb. 11,750 H1 2022 100.0% 36 1 (c) Norway Oslo Redevelopment 53,220 H2 2022 28.1% 86 6 Økernsenteret Viva Denmark Odense New development 48,500 H2 2022 56.1% 186 24 Total controlled projects 256,970 955 77 Total identified projects 236,500 1,372 14 TOTAL 610,332 3,088 529 (a) Estimated cost as of December 31, 2017 including fitting-out (when applicable) and excluding step-up rents (when applicable), internal development fees, and financial costs. (b) Targeted yield on cost as of December 31, 2017, based on targeted NRI with full occupancy and excluding all lease incentives (when applicable), divided by the estimated cost price as defined above. (c) Assets consolidated under the equity method. For these projects, the estimated cost and cost to date are reported for Klépierre’s share of equity. Floor areas are the total area of the projects. 2.4.3.2 Hoog Catharijne’s redevelopment 2.4.3.4 Créteil Soleil’s extension and refurbishment Work is advancing according to plan at Hoog Catharijne (Utrecht, Works for the extension of Créteil Soleil (Paris) have started in January The Netherlands). The new entrance linking the center to Utrecht’s 2018. Target completion date is in Q4 2019. central station, hosting 88 million passengers per annum, will be The 11,500-sq.m. extension is located at the main entrance of the completed in March 2018. At this date, a new 3,500 sq.m. food pavilion shopping center, which welcomes 35% of the 20.3 million footfall. located on the new city square linking the center and the station will Spread over three floors, it will create an outstanding connection open, hosting brands such as Vapiano, Wagamama, Exki, Five Guys, between the subway station and the heart of the center. The program and Illy Café, together with 10,500 sq.m. of retail space, adding new consists of creating 18 new retail premises, 15 restaurants, and six iconic retailers to the mall’s offer, such as JD Sports, Douglas, and Lush. additional screens to the existing 12-screen cinema, growing the The redevelopment of the North Mile is now 98% let (signed or in capacity to 3,650 seats. The shopping experience will be greatly advanced negotiations). improved, together with a perfect synergy between the food court Since the opening of the North Mile in April 2017, the center’s footfall and the cinema. has increased by 10.5% to reach 26.5 million. This extension will be complemented by a full refurbishment, due to start in Q4 2018. In particular, the Destination Food® concept will be 2.4.3.3 Prado’s new scheme implemented, combining the existing food offer with the one added by the extension, bringing the total to 35 restaurants set in a welcoming Work is progressing well at the Prado project (Marseille, France). While and exciting new environment. the center and the surrounding public space are being finalized, future tenants have initiated their fit-out. 89% of the leasable space is now signed or in advanced negotiations. In addition to Galeries Lafayette and Zara, a unique gourmet food concept of 2,300 sq.m. developed by the Auchan group will anchor the center. Repetto, Lush, Kusmi Tea, Izac, Sweet Pants, Comptoir des Cotonniers, Jacadi, Figaret and Lacoste will complement the mall’s offer. Prado is scheduled to open in April 2018. 56 KLÉPIERRE 2017 REGISTRATION DOCUMENT