BUSINESS FOR THE YEAR 2Consolidated earnings and cash flow 2.3.2 Change in net current cash flow 3 NET CURRENT CASH FLOW & EPRA EARNINGS In €m 12/31/2017 12/31/2016 Change Total share Rental income 1,236.0 1,214.0 1.8% Rental & building expenses -130.4 -130.6 -0.2% Net rental income 1,105.6 1,083.4 2.1% Management and other income 96.1 104.8 -8.3% G&A expenses -189.5 -197.6 -4.1% EBITDA 1,012.2 990.6 2.2% Adjustments to calculate operating cash flow exclude: Employee benefits, stock-options expenses and non-current operating expenses 14.4 8.3 Operating cash flow 1,026.7 998.8 2.8% Net cost of debt -169.8 -197.7 -14.1% Adjustments to calculate net current cash flow before taxes exclude: Corio’s debt mark to market amortization -34.4 -38.5 Financial instruments close-out costs 48.5 54.6 Net current cash flow before taxes 871.0 817.3 6.6% Share in equity method investees 51.5 61.0 Current tax expenses -29.2 -26.6 Net current cash flow (total share) 893.4 851.6 4.9% Group share Net current cash flow (Group share) 760.6 721.1 5.5% Adjustments to calculate EPRA Earnings add back: Employee benefits, stock-options expenses and non-current operating expenses -13.8 -7.9 Amortization allowances and provisions for contingencies and losses -14.4 -18.8 EPRA earnings 732.4 694.4 5.5% Per share (a) 306,084,849 311,736,861 Number of shares Net current cash flow (in €) 2.48 2.31 7.4% EPRA earnings (in €) 2.39 2.23 7.4% (a) Average number of shares, excluding treasury shares. On a Group-Share basis, net current cash flow for the year 2017 of general and administrative expenses (savings of €6.5 million; amounted to €760.6 million, a 5.5% increase (or €39.5 million) +€0.02 per share), the further reduction in the cost of debt (savings compared to 2016. of €25.9 million; +€0.08 per share), the accretive impact of the share On a per-share basis, net current cash flow rose by 7.4% to €2.48 buyback program (+€0.05 per share), and other factors (-€15.1 million; from €2.31 one year earlier. This excellent performance reflects the -€0.05 per share; including higher tax and a lower contribution from solid NRI growth (+€22 million; +€0.07 per share), the streamlining associates). 54 KLÉPIERRE 2017 REGISTRATION DOCUMENT