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Rating and activity

The rating agency Standard & Poor’s has given Klépierre the following ratings

Long term Short term

Rating

A- (negative outlook)

A2

Since

April 2014

June 2001

The key objective of Klépierre’s financing policy is to ensure that the Group always has the financial resources needed to fund its development.

Accordingly, Klépierre strives to maintain a balanced financial structure that is framed by the following ratios:

12/31/2019 Contractual limit

Loan to Value

37.3%

< or = 60%

EBITDA/Net interest expense

8,0

or = 2.0

Klépierre also diversifies its sources of financing using: bank lending in various formats (syndicated, bilateral loans, etc.); the bond market; commercial paper to meet short-term financing needs.

Bond issues

The bond market enables Klépierre to diversify the sources and maturities of its financing.

EUROBOND ISSUES LISTED ON THE PARIS STOCK EXCHANGE (EMTN)

Due date Issue date Currency Outstanding nominal Coupon ISIN Code Prospectus

03/14/2021

03/14/2011

EUR

564,400,000

4.75%

FR0011019397

01 02 03 04 05 06

05/25/2022

05/25/2020

EUR

100,000,000

1.10%

FR0013514213

01

04/17/2023

04/17/2015

EUR

750,000,000

1.00%

FR0012674661

01

11/06/2024

01/28/2015, 11/06/2014

EUR

630,000,000

1.75%

FR0012477206

01 02 03

10/22/2025

10/22/2015

EUR

255,000,000

2.125%

FR0013030038

01 02

02/19/2026

02/19/2016

EUR

500,000,000

1.875%

FR0013121753

01

02/16/2027

02/16/2017, 02/27/2017

EUR

600,000,000

1.375%

FR0013238045

01 02

05/21/2027

05/21/2012

EUR

50,000,000

4.23%

FR0011255280

01

05/12/2029

05/12/2020

EUR

600,000,000

2.00%

FR0013512233

01

07/01/2030

07/01/2019

EUR

600,000,000

0.625%

FR0013430741

01

09/29/2031

09/27/2016, 09/29/2016

EUR

600,000,000

1.250%

FR0013203825

01

12/13/2032

12/11/2017

EUR

700,000,000

1.625%

FR0013300605

01 02 03

CORIO EUROBOND ISSUES

Due date Issue date Currency Outstanding nominal Coupon ISIN Code Prospectus

10/08/2020

10/08/2010, 03/08/2010

EUR

250,000,000

5.448%

XS0531584984

01

26/02/2021

28/02/2013, 21/02/2013

EUR

298,811,000

3.250%

XS0896119384

01 02

13/12/2022

13/12/2012, 06/12/2012

EUR

85,000,000

3.516%

XS0864386825

01

Commercial Papers (NEU CP)

Klépierre has a Negotiable European Commercial Paper (NEU CP) program of EUR 1,500 million, entirely covered by unused credit lines allowing immediate refinancing in case of difficulties issuance.

The program is rated A-2 by the rating agency Standard & Poor’s. It boasts a European label STEP
(Short-Term European Paper. For more information, see www.stepmarket.org).

Detailed features of the program can be found in the financial documentation : NEU CP.pdf

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