GROUP OVERVIEW Background 1 1.4 Background Klépierre inception > 2014: Klépierre focuses on its best-performing shopping centers: sale of 126 retail galleries in France, in Spain and in Italy in April, five > 1990: Klépierre was formed from the demerger of Locabail- shopping centers in Sweden in July, and the remaining assets of Immobilier and its portfolio of operating leases. Since then, its Paris office portfolio during the first half. In all, nearly €3 billion Klépierre has owned, managed and developed shopping centers in non-core assets were sold in 2013 and 2014. As a result of the in France and Continental Europe. improvement of the Company’s profile, its financial structure > 1998: First international acquisition (Italy) and strengthening continued to strengthen, which led Standard & Poor’s to raise of the Company’s position resulting from the merger of its 51% Klépierre’s credit rating to A, placing it among the world’s top four shareholder, Compagnie Bancaire Group, with Paribas. rated real estate companies. In October 2014, Klépierre launched a public exchange offer for 100% of the ordinary shares of Corio, > 2000: Signature of an agreement with Carrefour to acquire a Dutch real estate company specialized in shopping centers, in 160 retail galleries adjoining its hypermarkets accompanied by order to create the leading pure player in shopping centers in property management and development partnerships. Continental Europe, with a unique platform of assets located in > 2002: Klépierre strengthens its position in Italy by acquiring regions offering the greatest potential in terms of economic and 11 retail galleries in partnership with Finim and concluding demographic growth. The proposed exchange ratio values Corio an agreement with Finiper to acquire a 40% stake in IGC in at €7.2 billion. This transaction was welcomed by the shareholders conjunction with a partnership for the joint development of new of both groups: 93.6% of Corio shareholders tendered their shares centers. in the public exchange offer that closed in January 2015. This acquisition was followed by the cross-border merger of Klépierre and Corio on March 31, 2015. The value of the property portfolio Growth with the option for SIIC of the new group was over €21 billion. Following this share-based transaction, Klépierre had three main shareholders: Simon Property status in 2003, a major acquisition Group with 18%, BNP Paribas and APG with 13.5% each. with Steen & Strøm > 2015: Acquisition of two top-tier assets for €720 million: Plenilunio, > 2003: Acquisition of 28 shopping centers in France, Spain, Italy, a dominant shopping center in Madrid and Oslo City, a leading Greece and Portugal and its first investment in the Czech Republic shopping center located in the heart of Norway’s capital. Klépierre (Nový Smíchov, Prague); option of the tax status available to continued to sell off non-core assets including, for example, a French REITs (sociétés d’investissement immobilier cotées or SIIC). portfolio of nine convenience shopping centers in the Netherlands for €730 million. BNP Paribas, Klépierre’s historic shareholder, sells > 2004-2006: Continued development of shopping centers, off its remaining shares on the market. As a result, Klépierre’s free- acquisitions in Hungary, Poland and first investment in Belgium. float exceeded 65% and, in December 2015, Klépierre joined the > 2008: A major historic acquisition by Klépierre with the support CAC 40, the main index of the Paris stock exchange. of its majority shareholder BNP Paribas: 56.1% of Steen & Strøm > 2016: Klépierre continues to ride on the waves of success after (shopping center real estate company with operations in Norway, the integration of Corio and synergies at various levels through Sweden and Denmark) in partnership with the Netherlands-based investments in its pipeline of development projects (in France: APG Pension Fund (43.9%). Val d’Europe in the Paris region, Prado in Marseille and in the > 2011: Ongoing development including among other things the Netherlands with Hoog Catharijne) with a focus on extensions opening of the Millénaire (Paris region) and the acquisition of offering more visibility. Through the disposal of close to Roques (Toulouse, France). €600 million in assets, Klépierre keeps on improving the average quality of its portfolio. > 2017: saw two emblematic openings of extension projects of Since 2012: 100% retail real estate strategy Klepierre. In April, 17 years after its establishment, Val d’Europe and creation of the leading European pure was extended over another 17,000 m², welcoming 30 new brands, including Primark, Uniqlo, Nike and NYX. In addition, the first play shopping center specialist phase of Hoog Catharijne redevelopment’s opening has confirmed > 2012-2013: Consolidation of the strategy as a pure player in its leading position as the most visited shopping center in the shopping centers in Continental Europe: disposal program of Netherlands (with 26 million visitors in 2017, up 10,5%). In May, mature assets and start of divestment from the office property Klépierre reinforced its position in Spain with the acquisition of segment for nearly €1.3 billion, and delivery of landmark Nueva Condomina, the leading shopping center in Murcia region. development projects including Saint-Lazare Paris (France) and At the same time, Klepierre disposed a total of €263 million assets, Emporia (Malmö, Sweden). Early 2012: Simon Property Group, mostly in Scandinavia, Spain and France. an American group and a world leader in the shopping center industry, acquires a 28% equity stake in Klépierre. BNP Paribas becomes the second largest shareholder with a 22% equity stake. KLÉPIERRE 2017 REGISTRATION DOCUMENT 11