FINANCIAL STATEMENTS Consolidated financial statements as of December 31, 2017 3 Components of net obligation (five-year comparison of actuarial liabilities) In €m 2017 2016 2015 2014 2013 Surplus of obligations over the assets of financed schemes Gross discounted value of obligations fully or partially financed by assets 11.1 11.3 14.3 19.2 16.6 Fair value of the schemes’ assets -0.2 -0.1 -0.1 -5.8 -5.9 Discounted value of non-financed obligations 11.0 11.2 14.1 13.4 10.7 Costs not yet recognized in accordance with the provisions of IAS 19 Cost of past services 1.2 1.1 1.2 Net actuarial losses or gains -1.4 -0.3 -1.8 Acquisition/Disposal -0.1 -0.6 -2.1 Matured rights -0.2 -0.4 -0.3 0.7 0.7 NET OBLIGATION RECOGNIZED IN THE BALANCE SHEET FOR DEFINED BENEFIT PLANS 10.4 11.1 11.1 14.1 11.5 Change in net obligation In €m 12/31/2017 Net obligation at the beginning of the period 11.0 Retirement expense recognized in income of the period 1.2 Contributions paid by Klépierre recognized in income of the period Acquisition/Disposal -0.1 Benefits paid to recipients of non-financed benefits unfunded -0.2 Actuarial gains or losses, and other rights modifications -1.4 Currency effects NET OBLIGATION AT THE END OF THE PERIOD 10.4 Components of retirement expenses In €m 12/31/2017 Cost of services rendered during the year 1.0 Financial cost 0.1 Forecasted yield of the scheme’s assets Amortization of actuarial gains and losses Amortization of past services Effects of reduction or liquidation of the scheme Currency effect TOTAL RECOGNIZED IN “PAYROLL EXPENSES” 1.2 Main actuarial assumptions used for balance sheet calculations 12/31/2017 12/31/2016 Discount rate 1.45% 1.29% Forecasted yield rate of the scheme’s assets 1.45% 1.29% Forecasted yield rate of redemption rights NA NA FUTURE SALARY INCREASE RATE 0,50%-2,25% 0,50%-2,25% The discount rate for the euro zone is taken from the yield on AA bonds (iBoxx index) with a 10-years maturity. The effect of the actuarial gain or loss variation for -€1.4 million is explained by the change in turnover and the evolution of the discount rate over the period, and is booked in equity. KLÉPIERRE 2017 REGISTRATION DOCUMENT 117