Klépierre - 2016 Notice of Meeting

Governance

Composition of the Supervisory Board

If the General Meeting of Shareholders adopts the 5 th , 6 th , 7 th and 8 th resolutions, the Supervisory Boardwill comprise the following ten members following theMeeting:

Themembers of the Supervisory Board of Klépierre have various areas of expertise that enhance the quality of the Board’s discussions on the decisions that it is required tomake.

David SIMON Chairman

Béatrice de CLERMONT- TONNERRE ●

Jeroen DROST

Steven FIVEL

Stanley SHASHOUA

John CARRAFIELL ●

Catherine SIMONI ●

Bertrand de FEYDEAU ● Vice Chairman

Florence VON ERB ●

Rose-Marie VAN LERBERGHE ●

Independentmembers

●

Gender balance on the Board Independence of the Board

If the General Meeting of Shareholders adopts the 5th, 6th, 7th and 8th resolutions, the Supervisory Boardwill comprise 60% independent members following theMeeting.

If the General Meeting of Shareholders adopts the 5 th , 6 th , 7 th and 8 th resolutions, the Supervisory Board will comprise 40% women following the Meeting, in compliance with the recommendations of the AFEP-MEDEF Code and the legal requirements regarding the balanced representation of men andwomen on Boards.

60%

40%

60% Independent Members

KLÉPIERRE – NOTICE OF MEETING – GENERAL MEETING OF APRIL 19, 2016 7