CORPORATE GOVERNANCE REPORT Compensation and benefits of executive corporate officers 5 3 QUALITATIVE COMPONENT, CAPPED AT 50% OF FIXED ANNUAL COMPENSATION (represents 38.5% of the maximum total short-term variable compensation) Themes that triggered the setting of targets Targets Main achievements Achievement for fiscal year 2017 Achievement of the Achievement of financial > Extension of the average duration of debt beyond six After examination of the main expected synergies and synergies years (+0.2) while reducing its cost (-30 basis points) and achievements, the Supervisory search for efficiencies Target weight: 50% increase in the group’s coverage rate (+12 basis points) Board decided, on the > The liquidity level remains above two billion and allows the recommendation of the Nomination Group to cover its funding requirements for the next three and Compensation Committee, years at a lower cost (-€1 million) that the target attained was 100%, > The above achievements were facilitated by the successful corresponding to 25% completion of several financial transactions: of Jean-Michel Gault’s fixed — bonds issued on very favorable terms for the Company compensation — bond redemptions — interest-rate hedge transactions — arrangement of credit lines — arrangement of a (multi-currency) European cash pool > Restructuring of the Spanish portfolio: entry of the Maremagnum and Meridiano centers in the SOCIMI regime (equivalent of the SIIC regime) > Financial restructuring in Scandinavia and in France > Implementation of the share buyback program (9.7 million shares bought back as of 31/12/2017) > Implementation of the risk management tool in shopping centers The Company’s image Deployment of initiatives > Maintenance of the company’s A- credit rating After examination of the main to contribute to > EPRA BPR Gold Award (Best Practices Recommendations) achievements, the Supervisory developments in this area recognizing the quality of non-financial reporting Board decided, on the Target weight: 50% > Organization of the agreement covering the Group’s top recommendation of the Nomination 150 executives and Compensation Committee, > Chairman of the EPRA Audit and Reporting Committee that the target attained was 92%, corresponding to 23% of Jean-Michel Gault’s fixed compensation 2017 QUALITATIVE TOTAL (as a % of fixed salary) 48% 2017 TOTAL (quantitative + qualitative, as a % of fixed salary) 128% For fiscal year 2017, the variable compensation of Jean-Michel Gault was €512,000 . Long-term incentive In a decision dated February 2, 2017, the Supervisory Board authorized, These shares are fully subject to performance conditions, in on the recommendation of the Nomination and Compensation accordance with the rules described in section 6.1.3.3. Committee, the allocation of 30,000 shares to Jean-Michel Gault for the 2017 Plan, which was established by the Executive Board on April 18, 2017. KLÉPIERRE 2017 REGISTRATION DOCUMENT 255