INCLUDING THE ANNUAL FINANCIAL REPORT Universal Registration Document 2021

1 Group overview 3 Chairman’s Message 4 Klépierre in figures 6 History of the Group 8 Economic environment 10 Vision 12 Strategy 14 Panorama 16 Typical Klépierre mall 20 Retail First® 22 Let’s Play® 24 Clubstore® 26 Act for Good® 28 Leadership widely recognized by external stakeholders 29 CSR 30 Financial discipline 32 Business model 34 Key outcomes 36 2 Business of the year 39 2.1 Business overview 40 2.2 Business activity by region 44 2.3 Net current cash flow 49 2.4 Investments, developments and disposals 51 2.5 Parent company earnings and dividend 54 2.6 Portfolio valuation 55 2.7 Financing policy 59 2.8 EPRA performance indicators 62 2.9 Events subsequent to the accounting cut-off date 67 2.10 Outlook 67 3 Sustainable development 69 3.1 Act for Good® 70 3.2 Act for the Planet 79 3.3 Act for Territories 93 3.4 Act for People 99 3.5 Summary of performance against long-term commitments, methodology and concordance tables 111 4 Financial statements 127 4.1 Consolidated financial statements for the year ended December 31, 2021 128 4.2 Statutory auditors’ report on the consolidated financial statements 191 4.3 Company financial statements for the year ended December 31, 2021 195 4.4 Statutory auditors’ report on the financial statements 218 4.5 Report of the Supervisory Board to the annual combined General Meeting to be held on April 26, 2022 222 4.6 Other information 222 5 Risk and Control 225 5.1 Key risk factors 226 5.2 Risk management and internal control 240 6 Supervisory Board’s report on corporate governance 249 6.1 Oversight and management of the Company 251 6.2 Compensation of corporate officers 275 7 Share capital and shareholding, General Meeting, and share buyback program 307 7.1 Share capital and shareholding 308 7.2 General Meeting of Shareholders 321 7.3 Description of the treasury share buyback program 336 8 Additional information 339 8.1 General information 340 8.2 Documents available 341 8.3 Statement by the person responsible for the Universal Registration Document, which serves as the annual financial report 341 8.4 Persons responsible for the statutory audit and the financial information 342 8.5 Property portfolio as of December 31, 2021 343 8.6 Simplified organization chart as of December 31, 2021 348 8.7 Information about the shares 349 8.8 Cross-reference tables 350 9 Glossary 355 CONTENTS READ THE ON LINE VERSION OF THE UNIVERSAL REGISTRATION DOCUMENT ON KLEPIERRE’S WEBSITE WWW.KLEPIERRE.COM
This Universal Registration Document was filed on March 30, 2022 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of said regulation. This is a translation into English of the Universal Registration Document of the Company issued in French. The universal registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if supplemented by a securities note and, if applicable, a summary and any amendments to the universal registration document. The whole document is approved by the AMF in accordance with Regulation (EU) 2017/1129. This Universal Registration Document is available on Klépierre’s website, www.klepierre.com and on the website of the AMF, www. amf-france.org. INCLUDING THE ANNUAL FINANCIAL REPORT Universal Registration Document 2021
2 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT Group overview 1
KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 3 Let’s Play® 24 Clubstore® 26 Act for Good® 28 Leadership widely recognized by external stakeholders 29 CSR 30 Financial discipline 32 Business model 34 Key outcomes 36 Chairman’s Message 4 Klépierre in figures 6 History of the Group 8 Economic environment 10 Vision 12 Strategy 14 Panorama 16 Typical Klépierre mall 20 Retail First® 22 1 Group overview
“Klépierre remains the European leader in shopping malls with a portfolio of more than 100 prime centers.” Jean-Marc JESTIN CHAIRMAN OF THE EXECUTIVE BOARD 4 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Chairman’s Message 1

2021 was a challenging year, marked in particular by the equivalent of 2.5 months of store closures in our shopping centers. Despite these challenges, we demonstrated great resilience and posted solid results in 2021 with 10.6% growth in net current cash flow per share, exceeding the target we announced in October 2021. Since stores reopened in June 2021 and through December 2021, all of our operational indicators have neared or exceeded pre-pandemic levels, as evidenced by the recovery of our leasing activity, the improvement in our occupancy rate and the uptick in our merchants’ revenues. During the year, we also successfully sold nearly €880 million in non-strategic retail properties and significantly reduced our debt by more than €1 billion. I am very grateful to all Klépierre teams for their tremendous commitment at every stage of this crisis. In a fast changing environment, they ensured that we could keep providing retailers with an unrivaled platform of leading malls to support them as they grow their business. We successfully adapted to the restrictions imposed by the health crisis, while continuing to offer a fun, enjoyable shopping experience in a safe, secure environment. Our operational excellence and our development, lease and asset management expertise are increasingly informed by a deep commitment to sustainable development, which ensures that Klépierre makes a positive contribution to the environment, to its host communities and to people. Non-financial rating agencies have praised Klépierre’s international leadership, awarding it excellent ratings for its CSR strategy. Backed by our strategic refocusing on assets located in fast growing metropolitan areas and by our innovative vision for shopping centers, we act to bring physical retail to a whole new level. Klépierre remains the European leader in shopping malls with a portfolio of more than 100 prime centers that attract hundreds of millions of visitors every year. Today, we are facing the war in Ukraine. We immediately responded by allocating our resources to collecting food and basic necessities to help our Ukrainian neighbors. I would like to commend the extraordinary dedication of our teams, and know that I can rely on the strength of our Group to face this new challenge with determination. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 5 GROUP OVERVIEW Chairman’s Message 1
KLÉPIERRE, THE EUROPEAN LEADER IN SHOPPING MALLS 6 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Klépierre in figures 1
The size of the circle is proportionate to the value of Klépierre’s portfolio in each region. +€3bn >€1bn >€500m >€100m 4.3m sq.m. rentable floor area 3,700 retailers €1.1bn in revenue €21bn total portfolio value 12 COUNTRIES in continental Europe 1,100 employees 10,300 leases 100+ LEADING SHOPPING MALLS IN CONTINENTAL EUROPE KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 7 GROUP OVERVIEW Klépierre in figures 1
Key dates in Klépierre’s history 8 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW History of the Group 1
Klépierre is created. 1990 Acquisition of Steen & Strøm, Scandinavia’s leading shopping center owner and manager. 2008 Pan-European agreement with Carrefour to acquire 160 shopping malls. 2000 Disposal of 126 malls adjoining Carrefour hypermarkets. 2014 Opening of the Créteil Soleil extension to the east of Paris, two years after the Val d’Europe extension was completed. 2019 Merger with Compagnie Foncière. Portfolio value triples. 1998 Simon Property Group, global leader in the shopping center industry, acquires a 28.7% stake in Klépierre. 2012 Acquisition of a portfolio of shopping centers in Poland and the Czech Republic. 2005 Merger with Corio in the Netherlands and acquisition of two shopping centers, Oslo City, in Norway and Plenilunio, in Spain. The new Group’s portfolio value increases from €14 billion to more than €21 billion. 2015 Sale of assets in Norway, France and Germany. 2021 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 9 GROUP OVERVIEW History of the Group 1

Retail, a highly fragmented industry largely dominated by brick-and-mortar stores The retail industry is largely dominated by physical stores, which account for 84% of retail sales in continental Europe, compared with 16% for online sales (chart #1). In a constantly shifting environment, online sales have risen sharply in Europe in recent years, by 10% to 18% depending on the country, with a penetration rate varying widely from one country to the next (chart #2). Nevertheless, Klépierre has successfully driven continuous growth in recent years. This performance has been led by the Group’s strategic focus on the shopping center segment, whose strong consumer appeal and highly modular features make it the clear preference of major international retail chains when they decide to open new stores (chart #3). Today, Klépierre is one of the few shopping mall companies with critical mass in continental Europe (chart #4). 16% Online sales 60% City-center stores 19% Shopping centers 5% Other Source: PwC Strategy& study on shopping malls in Continental Europe; Klépierre estimates. SEGMENTATION OF THE RETAIL INDUSTRY IN 2021 chart #1 15.8% 4.8% European average 5.9% 21.9% Germany 5.4% 14.6% France 6.0% 15.2% Sweden 5.7% 23.9% Netherlands Spain 2.0% 10.9% Poland 2.0% 12.4% Italy 1.5% 9.2% 2021 2012 Source: Centre for Retail Research. PENETRATION RATE OF ONLINE SALES BY COUNTRY chart #2 10 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Economic environment 1

THE COMPETITIVE ADVANTAGES OF SHOPPING MALLS chart #3 Source: Company disclosures. URW: non-US portfolio, proportional value of the portfolio. Hammerson: proportional value of the portfolio. Carmila: Group share. Deutsche Euroshop: data as of September 30, 2021. Eurocommercial: proportional value of the portfolio. VALUE OF THE EUROPEAN RETAIL PROPERTY PORTFOLIO OF THE MAIN LISTED RETAIL REITS AT YEAR-END 2021 (in billions of euros, total share, including transfer taxes) chart #4 35.1 6.4 6.2 4.7 4.6 4.3 4.0 3.1 1.9 20.7 URW Klépierre Hammerson Carmila Altarea Cogedim Citycon Deutsche Euroshop Eurocommercial Mercialys Wereldhave H I G H C O N C E N T R A T IO N O F R E T A IL B R A N D S/ V ISI T O R S O P T I M I Z E D R E T A I L M I X C O M P R E H E N S I V E , A D J U S T A B L E T O D E M A N D M O D U L A R S T O R E F O R M A T S E A S Y R E S T O C K IN G A N D L O G IS TI C S C U S T O M E R E X P E R I E N C E A C C E S S I B I L I T Y A N D A M B ITI O U S C O M M IT M E N T T O COMPETITIVE ADVANTAGES OF SHOPPING MALLS S U S T A I N A B ILI T Y KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 11 GROUP OVERVIEW Economic environment 1
In today’s fast transforming retail landscape, our baseline – Shop. Meet. Connect.® – expresses our identity and informs our vision of a shopping center. SHOP. MEET. CONNECT. ® “Shopping malls are open, living environments where all types of communities, both physical and digital, come together to meet and connect.” JEAN-MARC JESTIN CHAIRMAN OF THE EXECUTIVE BOARD 12 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Vision 1
MEET. Because our centers are lifestyle environments where people meet and interact, and not just an e-tailer webpage. Customers come here to enjoy an experience full of excitement and fun. Because Klépierre deeply believes that physical retail will continue to expand, led by an appealing and constantly refreshed offering. SHOP. CONNECT. Because our shopping centers offer a unique service that blends the physical and the digital into a single universe. Connected to the city and its residents, they are seamlessly integrated into the omnichannel retailer platforms and offer visitors an array of digital services. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 13 GROUP OVERVIEW Vision 1
Over the past ten years the Group has refocused its operations on markets sought-after by retailers and on top-tier assets located in the most vibrant cities in Europe. Our unmatched operational expertise enables us to support customers as they grow their business and to regularly refresh the retail mix in our malls, which is a core driver of the promised visitor experience. This customer-centric approach is designed to make shopping fun and to offer shoppers unrivaled excitement and emotion. Lastly, being the European leader in shopping centers is both a source of pride and a great responsibility, which is why we are engaged in a multitude of daily initiatives that help to positively address today’s environmental and social challenges. A vision and a strategy aligned with the changing world of retail 14 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Strategy 1

OFFERING VISITORS THE FINEST CUSTOMER EXPERIENCE To enhance the shopping experience in its malls, Klépierre is strengthening its marketing initiatives and paying careful attention to each center’s architecture and interior design. This approach is embodied by two concepts: Let’s Play® and Clubstore®. In addition, to respond more effectively to environmental, societal and social challenges, in late 2017, Klépierre deployed the Act for Good® CSR program, aimed at ensuring that its operations make a positive contribution in addressing today’s pressing issues. EMBRACING THE RETAIL TRANSFORMATION 3 REFRESHING THE RETAIL MIX AND SUPPORTING RETAILER GROWTH Leveraging its operational expertise and special relationship with the world’s leading retail chains, the Group is constantly modernizing the retail mix in its centers and agilely responding to retailers’ business development needs by offering them opportunities to expand in their latest formats. CONTINUING TO INVEST IN PRIME CENTERS IN THE HEART OF EUROPE’S LARGEST CITIES Over the years, the Group has developed a unique portfolio of leading shopping centers in the most affluent, densely populated and fastest growing catchment areas in Europe. Its selection of assets is also aligned with the positioning and expansion plans of the leading national and international retailer chains, giving it a decisive competitive advantage in responding to the retail transformation. 1 2 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 15 GROUP OVERVIEW Strategy 1
A PORTFOLIO OF LEADING SHOPPING CENTERS IN CONTINENTAL EUROPE’S MAJOR CITIES In order to incorporate a “phygital” dimension into their value creation model, retail chains are deploying omnichannel strategies aimed at forging an ecosystem out of their brick-and-mortar stores and digital offerings. As a result, retailers are becoming increasingly discerning in selecting their store locations. In recent years, Klépierre has kept pace with this trend by refocusing on destinations sought after by retailers. Val d’Europe Paris – France Créteil Soleil Paris – France Porta di Roma Rome – Italy Field’s Copenhagen – Denmark 16 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Panorama 1
Portfolio value is highly concentrated in the leading European cities Campania Naples – Italy Novy Smichov Prague – Czech Republic Blagnac Toulouse France Shopville Le Gru Turin – Italy Emporia Malmö Sweden Oslo City Oslo Norway 72% OF OUR PORTFOLIO IS CONCENTRATED ON REGIONAL CITIES WITH POPULATIONS OF MORE THAN 1 MILLION PEOPLE KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 17 GROUP OVERVIEW Panorama 1
Plenilunio Madrid – Spain Bruun’s Aarhus – Denmark Belle Épine Paris – France Saint-Lazare Paris – France Nueva Condomina Murcia – Spain Rives d’Arcins Bordeaux – France The top 20 and the top 50 Group assets represent 54% AND 82% OF TOTAL PORTFOLIO VALUE, RESPECTIVELY La Gavia Madrid – Spain Les Passages Paris – France 18 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Panorama 1
THE AVERAGE VALUE OF A CENTER HAS TRIPLED SINCE 2012 Since 2012, the Group has disposed of more than 150 assets, for total proceeds of €7.3 billion, and acquired/developed assets in an aggregate amount of €6.8 billion. These transactions have tripled the average value of a Klépierre shopping center. Odysseum Montpellier – France L’Esplanade Louvain-La-Neuve – Belgium Hoog Catharijne Utrecht – Netherlands Jaude Clermont-Ferrand – France KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 19 GROUP OVERVIEW Panorama 1
66,000 sq.m. TOTAL SALES AREA 120+ STORES FASHION 32 % CULTURE, GIFTS & LEISURE Sporting goods, toys & gifts, jewelry, telephones, cultural products and tobacco 11 % HOUSEHOLD GOODS Household products, DIY and gardening 10 % HEALTH & BEAUTY Perfumery & beauty, optics, pharmacy, hair & body, and medical centers 6 % Average key figures for Klépierre’s top 50 assets representing 82% of total portfolio value. Shopping center merchandising mix (in % of total GLA) A Klépierre mall 20 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

12 M (1) VISITORS A YEAR € 366 M AVERAGE VALUE 13 % (2) OCCUPANCY COST RATIO 94 % OF WASTE RECOVERED 97 % OF SERVICES SOURCED FROM LOCAL PROVIDERS 80 kWh/sq.m. ENERGY INTENSITY HYPERMARKET/ SUPERMARKET 24 % OTHER Movie theaters, gyms, department stores and other 9 % FOOD & BEVERAGE 8 % Unlike high-street stores, shopping malls are managed by a single, specialized operator that takes care to ensure both the consistency and the variety of the retail mix. In this way, the Group designs and manages its shopping centers so that they always offer the right merchandise and experience for each catchment area and resonate with the latest shopping trends. At Klépierre, a shopping mall is not just about shopping; it is a comprehensive, high quality, experiential environment where people can enjoy dining, entertainment, self-care and even sports. (1) Figure presented at 12/31/2019. As the 2021 data have been affected by numerous mall closures, they are not representative of Klépierre’s typical assets. (2) Occupancy cost ratio. OCR represents the ratio of collected rents to retailer sales (including closure periods). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 21 GROUP OVERVIEW Typical Klépierre mall 1
To attract visitors, our malls have to offer a comprehensive retail mix that resonates fully with shopper expectations. To do so, the Group leverages its unmatched platform of shopping centers, which has enabled it to forge close relationships and long-term partnerships with most leading and prestigious international retail chains. From pop-ups to small boutiques to flagships, Klépierre supports retailers as they grow their business and offers them just the right size format for their positioning. The diversity of these opportunities and the emphasis on exclusive brands means that we can devise an entirely modern and attractive retail offering. RETAIL FIRST® focused on the offering 22 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Retail First® 1
51 40 126 54 155 86 71 41 12 51 47 41 43 105 58 48 211 74 76 NUMBER OF STORES PER RETAIL BRAND as of December 31, 2021 An unrivaled selection with international brands KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 23 GROUP OVERVIEW Retail First® 1

LET’S PLAY® the exciting side of physical shopping For customers, our shopping centers are more than a place to shop; they are lifestyle environments where you can meet up, have fun and share great experiences with family and friends. Klépierre has responded to this expectation with Let’s Play®, a marketing program designed to transform every trip to the mall into an exciting game, as seen in our latest campaign. This approach, which offers shoppers the enhanced emotional appeal and just plain fun that online shopping lacks, is structured around three core vectors: events, the phygital experience and social media. NEW CAMPAIGN LAUNCHED IN 2021 KEY FIGURES FOR THE LAUNCH OF THE NEW LOYALTY PROGRAM SHOPPING CENTER LOYALTY PROGRAM LAUNCHED IN SEPTEMBER 2021 200,000+ DOWNLOADS OF THE APP SINCE SEPTEMBER 2021 25 SHOPPING CENTERS ALREADY INVOLVED SOCIAL MEDIA Playful, immersive shopper activities to foster closer ties and create communities around the shopping center. PHYGITAL Synergies between physical and digital retailing with promotional deals announced on social media, click & collect, information services, etc. EVENTS AND RETAILTAINMENT Cultural exhibitions, concerts, sports competitions, blockbuster events by global entertainment giants (Nickelodeon, Marvel Disney, etc.). 24 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 1 GROUP OVERVIEW Let’s Play®
EVENTS 2. 3. 1. 1. Shopville Le Gru Turin Italy 2. Novy Smichov Prague Czech Republic 3. La Gavia Madrid Spain 1. Odysseum Montpellier France 2. Shopville Le Gru Turin Italy 3. Aqua Portimão Portimão Portugal LOYALTY PROGRAM 2. 3. 2. 1. 3. A digital loyalty program offering its members: • exclusive offers from retailers and partner brands; • invitations to events; • exclusive complimentary services; • the chance to take part in prize draws. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 25 GROUP OVERVIEW Let’s Play® 1

With its careful attention to making visitors feel welcome, Klépierre has designed a seamless, personalized, constantly enhanced customer journey. The journey is built around 16 critical points in the customer experience, from digital access through websites and apps to center greeters, from amenities to ambient sounds and scents, from the parking lot to the storefronts. All of these aspects help to nurture an increasingly smooth, simple, personal experience in a shopping center whose architecture and interior design exude comfort and well-being. This is how Clubstore® expresses hospitality the Klépierre way. Applied across the portfolio, these standards are constantly being enhanced by integrating best practices and the increasingly granular knowledge of our visitors derived from regular satisfaction surveys. Knowing our visitors plays a critical role in enhancing the shopping experience in Klépierre malls. The more than 18-point increase in the Net Promoter Score (NPS) from 2017 to 2021 attests to the real-world improvements deployed for visitors over the period. The indicator enables us to measure shopper satisfaction and the likelihood that a visitor will recommend a shopping center to friends and family. PARKING & SIGNAGE MULTISENSORY EXPERIENCE acoustics and aromatic design ENTRANCES AND FAÇADES iconic façades GUEST SERVICES signage, assistants, guest services desk, helmet checkroom, etc. LOOK & FEEL design and ergonomics DESTINATION RESTAURANTS LOUNGE AREAS design, connected spaces with charging stations, etc. GETTING THERE opening hours, online information about the mall, etc. CLUBSTORE® hospitality the Klépierre way 26 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Clubstore® 1
EVENTS versatile, hybrid event spaces POP-UP STORES versatile, hybrid event spaces KIDS’ ENTERTAINMENT children’s play area, services WOW EFFECT iconic, sharable features: lighting, touch screens, design aspects RESTROOMS access, cleanliness, etc. ENVIRONMENTALLY FRIENDLY lighting HIGH-QUALITY WINDOW DISPLAYS windows of all heights, signage, etc. CUSTOMER E-SERVICES AND MESSAGES KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 27

ACT FOR GOOD® Launched in 2017 and co-designed with external stakeholders, Act for Good® seeks to amplify operational excellence while addressing environmental, societal and social challenges. It is based on objectives for 2022 and ambitions for 2030, organized around three main pillars (1) : Located in the heart of cities and communities, our malls should contribute to environmental stewardship, to the development of their host regions and to the well-being of their visitors and employees. This, in essence, is our approach to sustainable development. (1) Our commitments for 2022 and outcomes in 2021 are described in detail in chapter 3 “Sustainable Development”. ACT FOR THE PLANET Ensure that Klépierre has a positive impact on the environment. ACT FOR PEOPLE Build every initiative around people to create value for everyone. ACT FOR TERRITORIES Broaden and deepen our shopping centers’ local roots and contribute to the development of our host communities. 28 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Act for Good® 1
LEADERSHIP WIDELY RECOGNIZED BY EXTERNAL STAKEHOLDERS Klépierre is regularly honored by the leading non-financial rating agencies and international organizations for its commitments and outcomes. #1 EUROPE RETAIL LEADER #1 GLOBAL RETAIL LISTED LEADER #1 EUROPE LISTED LEADER FIVE-STAR RATING CLIMATE CHANGE STRATEGY CERTIFIED WITH THE HIGHLIGHT TARGET CLASSIFICATION (BELOW 1.5°C) Klépierre is one of 30 REITs in Europe to have been approved at this level. 2021 GOLD AWARD For the 10 th year in a row Integration of Klépierre shares into the EURONEXT CAC40 ESG INDEX 2021 LEADERSHIP A List Climate RATED AAA For the 1 st year AAA AA A BBB BB B CCC 2017 2018 2019 2020 2021 A A AA AA AAA KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 29 GROUP OVERVIEW Leadership widely recognized by external stakeholders 1

Industry analyses show that mall shopping represents a virtuous purchasing channel from an environmental and socioeconomic perspective (1) , especially when compared to online shopping with home delivery. Consumers tend to optimize their journey to the mall by purchasing non-food items and often include other activities such as errands, commutes, workouts, entertainment, etc., all of which helps mitigate the environmental impact. As leisure venues and social hubs with deep local roots, shopping malls also contribute strongly to the development and revitalization of local economies and communities. USE OF RESOURCES PROTECTION OF BIODIVERSITY LOCAL DEVELOPMENT “Mall shopping is more virtuous than online shopping with home delivery in most cases.” (1) Source: EY and CNCC (Centre National des Centres Commerciaux) comparative study on the environmental impact of purchasing behaviors in France (Évaluation comparée de l’impact environnemental et social de plusieurs parcours d’achat). (2) Based on an average basket of 4 non-food products in France. jobs created per €m in revenue cardboard packaging consumed plastic consumed impact on soil use to communities through local taxation environmental pollution +20% 10x less (2) 1.5x less (2) 10x less (2) Greater contribution 4.2x less (2) Mall shopping, a virtuous channel 30 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW CSR 1

MORE THAN 80% OF OUR PORTFOLIO IS INNER-CITY OR REGIONAL SHOPPING CENTERS More virtuous when 9+ products purchased ALWAYS MORE VIRTUOUS than online shopping with home delivery More virtuous when 4+ products purchased Super regional shopping centers (1) Inner-city (3) Regional shopping centers (2) (1) Based on a maximum 20-kilometer one-way trip using an internal combustion engine vehicle. (2) Based on a maximum 5-kilometer one-way trip using an internal combustion engine vehicle. (3) Based on a maximum 1-kilometer one-way trip using soft mobility (walking, cycling, public transport, etc.). (4) Source: EY and CNCC (Centre National des Centres Commerciaux) comparative study on the environmental impact of purchasing behaviors in France (Étude comparée de l’impact environnemental et social de plusieurs parcours d’achat). In France, consumers purchase an average of during their mall trips, with the environmental footprint of travel by internal combustion engine vehicle lower in most cases than that caused by carbon emissions from shopping online with home delivery. 6.3 non-food items (4) CARBON EMISSIONS KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 31 GROUP OVERVIEW CSR 1

We believe that long-term performance depends on the judicious use of borrowings. This financial discipline is materialized in: • very robust financial indicators and BBB+ rating (stable outlook), renewed by Standard & Poor’s in November 2021 (chart #2); • optimal access to capital markets over the past three years and abundant liquidity covering all refinancing needs until the end of 2024; and • a sharp decline in debt (by more than €1 billion), thanks to strong cash flow and asset disposals that have funded both dividend payments and capital expenditure (charts #3 and #4). No long-term performance without financial discipline SOURCES AND USES OF FUNDS: A SHARP DECLINE IN DEBT chart #3 (1) Including change in working capital, non-recurring costs, restructuring of net debt and currency effect. (2) Including dividends paid to Klépierre shareholders and to partners in joint ventures. SOURCES USES €38m Other (1) €1,048m Reduction in debt €391m Dividend distribution (2) €847m Disposals €720m Net current cash flow €108m Development capital expenditure €58m Capex (Like-for-like) 32 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Financial discipline 1
22.3% Simon Property Group 6.2% APG 71.5% Other shareholders (free float including treasury shares) A REFERENCE SHAREHOLDER THAT IS THE GLOBAL LEADER IN THE SHOPPING CENTER INDUSTRY (as of December 31, 2021) chart #1 8.3x 8.8x BBB+ (stable outlook) INTEREST COVERAGE RATIO S&P RATING NET DEBT TO EBITDA MAIN COVENANTS (as of December 31, 2021) chart #2 NET DEBT AND DEBT-TO-EQUITY RATIO (LTV) (2018-2021) chart #4 Net debt (in €m) LTV 8,875 36.3% 2018 37.3% 8,830 2019 41.4% 9,054 2020 38.7% 8,006 2021 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 33 GROUP OVERVIEW Financial discipline 1
34 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Business model 1 Resources TRENDS Growing urbanization in Europe Shifting consumer practices, with the rise in online shopping, short channels and sustainable shopping FINANCIAL • €20.7bn in assets • €8.0bn in net debt • €6.0bn in market capitalization BUSINESS AND CORPORATE • 3,700 retailers HUMAN AND INTELLECTUAL • 1,100 employees • 33% women in the top 100 management positions NATURAL • 78.9 kWh/sq.m in annual energy use • 2.3m cu.m. in water consumption • 95% of electricity from renewable sources INFRASTRUCTURE & TECHNOLOGY • 100% of assets accessible via public transport • More than 10 partnerships with start-ups at Group level • 190 TB of data (excluding backups) OPERATING 100+ leading malls in Europe Business model

KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 35 GROUP OVERVIEW Business model 1 Value creation Liquidity of the retail real estate investment market Increasingly competitive job market Rising importance of environmental issues Stakeholders FINANCIAL • €720m in net current cash flow • €285m distributed to shareholders in respect of fiscal year 2020 • €115m in financial interests BUSINESS AND CORPORATE • 1,570 new leases • For every Klépierre job created, 2.2 jobs are created in the local economy • 100% of centers having donated space to a local initiative • Net Promoter Score up 18 points versus 2017 • €87m in local taxes HUMAN AND INTELLECTUAL • 31% internal promotion • 100% of employees with access to training • 100% of young graduates have been given the opportunity to receive personalized career guidance NATURAL • 87% reduction in carbon intensity versus 2013 • 45% reduction in energy intensity versus 2013 • 100% of shopping centers environmentally certified • 98% of recovered waste Visitors Retailers Investors Public organizations Employees Suppliers Local communities ACQUIRING AND SELLING €20.7bn in portfolio value at 12/31/21 DEVELOPING AND REFURBISHING €1.5bn pipeline of extension and renovation projects

INCOME STATEMENT 2017 2018 2019 2020 2021 Gross rental income (in millions of euros) 1,236.0 1,252.2 1,242.3 1,062.4 1,006.4 Net rental income (in millions of euros) 1,105.6 1,119.0 1,130.6 846.2 879.5 EBITDA (in millions of euros) 1,012.2 1,025.7 1,053.2 797.2 806.8 Cost of debt (in millions of euros) (169.8) (151.6) (122.2) (108.6) (115.3) Net current cash flow (Group share, in millions of euros) 760.6 793.7 830.3 586.9 622.3 Net current cash flow per share (in euros) 2.48 2.65 2.82 2.05 2.18 Dividend per share (in euros) 1.96 2.10 2.20 1.00 1.70 (1) OPERATING INDICATORS Reversion 12.9% 11.1% 8.2% 4.5% 0.9% Occupancy cost ratio 12.2% 12.3% 12.4% 13.2% 12.6% EPRA vacancy rate 3.2% 3.2% 3.0% 4.8% 5.3% Bad debt rate (2) 1.5% 1.7% 1.6% 16.0% 13.3% Change in retailer sales (like-for-like) 2.1% 0.9% 1.8% -11.0% 10.1% TOTAL PORTFOLIO VALUE Portfolio (total share) (in millions of euros, including transfer taxes) 24,419 24,440 23,673 21,859 20,713 EPRA net initial yield 4.9% 4.9% 5.0% 5.3% 5.2% EPRA NTA per share (in euros) N/A N/A 36.90 31.40 31.20 FINANCIAL INDICATORS Net debt (in millions of euros) 8,979 8,875 8,830 9,054 8,006 Cost of debt 1.8% 1.6% 1.5% 1.2% 1.2% Interest coverage ratio 6.3x 7.0x 8.0x 7.3x 8.3x Loan-to-value (LTV) 36.8% 36.3% 37.3% 41.4% 38.7% Net debt to EBITDA 8.6x 8.3x 8.0x 10.8x 8.8x FINANCIAL PERFORMANCE PORTFOLIO VALUE BY COUNTRY (in % of the total at December 31, 2021) 41% France 19% Italy 15% Scandinavia 10% Iberia 9% Netherlands and Germany 5% Central Europe 1% Other countries (1) Submitted to a vote of the shareholders at their April 26, 2022 Meeting. For more information, see chapter 2 “Business of the year”. (2) Bad debt rate corresponds to: 1 - expected collection rate. 36 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW Key outcomes 1

(1) For more information on the scope of reporting and content of these indicators, please refer to chapter 3 “Sustainable Development” below. (2) Change versus the 2013 baseline. ACT FOR THE PLANET 2018 2019 2020 2021 Reduction in energy consumption for common and serviced areas (2) -17% -29% -43% -45% Percentage of electricity coming from renewable sources in the total consumption of electricity of common and serviced areas 73% 93% 93% 95% Percentage of recovered waste 90% 93% 96% 98% Percentage of centers that have a sustainable development certification (by value) 74% 100% 100% 100% ACT FOR TERRITORIES Percentage of centers that have contributed to local employment (by value) 48% 85% 95% 100% Percentage of centers that have made space available for a local initiative (by value) 76% 97% 98% 100% Percentage of centers that have supported a citizen’s initiative organized by a retailer in the center (by value) 53% 79% 98% 98% ACT FOR PEOPLE Increase in the Group’s Net Promoter Score (NPS) versus 2017 +2 pts +10 pts +8 pts +18 pts Rate of access to training for Group employees 92% 98% 100% 100% Percentage of centers that have promoted health and well-being (by value) 56% 89% 99% 100% NON-FINANCIAL (1) PERFORMANCE ENERGY INTENSITY IN COMMON AND SERVICED AREAS (in kWh/sq.m., reported scope) DIRECT GREENHOUSE GAS EMISSIONS INTENSITY (Scopes 1 & 2) (in kgCO2/sq.m., market-based, reported scope) PERCENTAGE OF EMPLOYEES ATTENDING AT LEAST ONE TRAINING SESSION DURING THE YEAR (reported scope) PERCENTAGE OF CENTERS WITH A SUSTAINABLE DEVELOPMENT CERTIFICATION (in % of value, reported scope) 75% 74% 100% 100% 100% 118 101 81 79 121 21 14 9 5 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 4 100% 100% 98% 92% 90% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 37 GROUP OVERVIEW Key outcomes 1
2 Business of the year 38 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

2.1 BUSINESS OVERVIEW 40 2.1.1 Economic environment 40 2.1.2 Operating context 41 2.1.3 Retailer sales and footfall 41 2.1.4 Rent collection 42 2.1.5 Net rental income 42 2.1.6 Leasing update 43 2.1.7 Lease expiration schedule 44 2.2 BUSINESS ACTIVITY BY REGION 44 2.2.1 France (34.6% of net rental income) 44 2.2.2 Italy (20.6% of net rental income) 45 2.2.3 Scandinavia (16.1% of net rental income) 46 2.2.4 Iberia (12.3% of net rental income) 46 2.2.5 Netherlands & Germany (9.2% of net rental income) 47 2.2.6 Central Europe (5.9% of net rental income) 48 2.2.7 Other countries (1.2% of net rental income) 48 2.3 NET CURRENT CASH FLOW 49 2.3.1 Contribution of equity-accounted companies 50 2.4 INVESTMENTS, DEVELOPMENTS AND DISPOSALS 51 2.4.1 Investment market 51 2.4.2 Capital expenditure 51 2.4.3 Development pipeline 52 2.4.4 Disposals 53 2.5 PARENT COMPANY EARNINGS AND DIVIDEND 54 2.5.1 Summary earnings statement for the parent company, Klépierre SA 54 2.5.2 Dividend 54 2.6 PORTFOLIO VALUATION 55 2.6.1 Property portfolio valuation 55 2.6.2 Management service activities 59 2.7 FINANCING POLICY 59 2.7.1 Financial resources 59 2.7.2 Interest rate hedging 61 2.7.3 Cost of debt 61 2.7.4 Credit ratings and covenants 61 2.8 EPRA PERFORMANCE INDICATORS 62 2.8.1 EPRA Earnings 62 2.8.2 EPRA Net Asset Value metrics 63 2.8.3 EPRA Net Initial Yield 65 2.8.4 EPRA Vacancy Rate 65 2.8.5 EPRA Cost Ratio 66 2.8.6 EPRA Capital Expenditure 66 2.9 EVENTS SUBSEQUENT TO THE ACCOUNTING CUT-OFF DATE 67 2.10 OUTLOOK 67 2 Business of the year KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 39

2.1 BUSINESS OVERVIEW 2.1.1 Economic environment 2021 was characterized by additional pandemic waves with the reimposition of severe and lengthy restrictions across various countries at different periods, predominantly during the first half of the year. Nonetheless, the easing of restrictions following the vaccine rollout spurred a solid rebound with eurozone GDP growth projected at 5.2% in 2021 and 4.3% in 2022. Growth was supported by strong consumption, with households using excess savings and higher investments supported by national and European recovery plans. As a result, unemployment is expected to decrease to 7.7% in 2021 and to sink at pre-pandemic levels by 2022 before falling even further in 2023. In parallel, the rapid business resumption gave rise to supply chain bottlenecks and higher energy prices, pushing inflation up to 2.4% in 2021 and 2.7% in 2022. This sharp increase in inflation is expected to translate into wage increases, which will ultimately lead to an increase in private consumption. The ECB’s favorable financing conditions for public and private borrowers, coupled with exceptional fiscal measures in most countries, served as shock absorbers during the crisis. On top of these schemes, many European countries provided companies with financial support and subsidies. Germany, for example, is providing assistance to small and medium-sized companies in the Mittelstand, the backbone of its economy, while France has introduced a “fixed costs” support plan to backstop the Fonds de solidarité, and Denmark has expanded its business support budget. Furthermore, continental Europe faced multiple new waves of the Covid-19 pandemic during the year. Significant increases in case numbers and hospitalizations prompted governments to reintroduce lockdowns and restrictions principally in the first half of 2021, which hampered Klépierre’s activities, disrupted retail operations and inconvenienced shoppers. However, the vaccination rollout is progressing well and more than 70% of the European population had received at least one shot by the year end. A booster got underway in late summer and is in the process of being rolled out across the entire population of Europe. In addition, as the latest variants, – especially Omicron – are perceived by the European health authorities as being less severe than their predecessors, restrictions have been eased across Europe. After two years of significant disruption caused by the pandemic, Klépierre’s operations proved to be extremely resilient. 2021 AND 2022 MACROECONOMIC FORECASTS BY GEOGRAPHY Geography Real GDP growth rate Unemployment rate Inflation rate 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E EUROZONE −6.5% 5.2% 4.3% 7.9% 7.7% 7.2% 0.3% 2.4% 2.7% France −8.0% 6.8% 4.2% 8.1% 7.8% 7.6% 0.5% 2.1% 2.3% Italy −9.0% 6.3% 4.6% 9.3% 9.6% 8.9% −0.1% 1.8% 2.2% Scandinavia Norway −0.7% 4.1% 4.6% 4.4% 4.9% 3.9% 1.3% 3.4% 2.0% Sweden −2.9% 4.3% 3.4% 8.3% 8.8% 7.6% 0.5% 2.0% 2.6% Denmark −2.7% 4.7% 2.4% 5.6% 4.9% 4.2% 0.4% 1.8% 2.6% Iberia Spain −10.8% 4.5% 5.5% 15.5% 15.0% 14.2% −0.3% 2.9% 3.2% Portugal −8.4% 4.8% 5.8% 7.0% 6.9% 6.7% −0.1% 0.8% 1.7% Netherlands & Germany Netherlands −3.8% 4.3% 3.2% 3.8% 3.4% 3.5% 1.1% 2.4% 3.1% Germany −4.9% 2.9% 4.1% 3.9% 3.6% 3.2% 0.4% 3.1% 2.8% Central Europe Czech Republic −5.8% 2.5% 3.0% 2.5% 2.9% 2.6% 3.2% 3.8% 6.1% Poland −2.5% 5.3% 5.2% 3.2% 2.6% 3.4% 3.4% 4.8% 6.2% Source: OECD Economic Outlook, December 2021. 40 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Business overview 2

2.1.2 Operating context Over 2021, continental Europe faced multiple waves of Covid-19, translating into 2.5 months of full closure of the Group’s portfolio versus 2.1 months in 2020. 2021 has been a tale of two halves: • Over the first half of the year, Europe faced several fresh pandemic waves as the number of cases surged, prompting governments to reintroduce restrictions. Klépierre’s activities were impacted and the Group experienced the equivalent of 2.5 months of full closure for the portfolio – longer than last year when malls were closed for 1.6 months on average during the first half of 2020. Depending on the intensity of the wave, governments opted for full or partial lockdowns with varying restrictions. • Over the second half of the year, with the resurgence in new cases due to the spread of the delta variant in the summer, additional though less restrictive measures were enforced. Klépierre did not face any store closures across the board except in the Netherlands from December 19, 2021 to January 14, 2022. Nevertheless, many other restrictions were introduced that had a measurable impact on footfall and retailer sales. In some countries, including France, governments restricted access to shopping malls larger than 20,000 sq.m to vaccination certificate holders (from August 9 until the end of September). This measure was gradually lifted as the incidence rate declined below 200 cases per 100,000 inhabitants. In mid-December, new measures were implemented in some countries such as the Netherlands, Germany (with the “2G” and “3G” strategy governing entry to stores), and the Czech Republic with working from home encouraged and non-essential stores closing earlier than usual at 5 p.m. Vaccination certificate checks at restaurants, leisure activities and public events were reintroduced in some European countries (Norway, Denmark, Germany, Italy). By way of comparison, over the second half of 2020, Klépierre experienced 0.5 months of closure. CLOSURE PERIOD DURATION IN MONTHS (weighted by rents and charges) In months Average closure period in 2021 Average closure period in 2020 France 2.9 2.5 Italy 2.5 2.6 Scandinavia 1.5 0.5 Iberia 0.7 2.1 Netherlands & Germany 4.4 1.1 Central Europe 2.1 2.3 Other countries 0.0 0.7 TOTAL 2.5 2.1 As of February 15, 2022, there were no current store closure mandates, although some restrictions remained in force in many countries in which Klépierre operates, such as work-from-home recommendations and health certificate checks on entry to certain venues including restaurants, leisure venues, and movie theaters. 2.1.3 Retailer sales and footfall In 2021, retailer sales were up 10% compared to 2020. However, as operations were significantly affected by store closures, the following comments on retailer sales only focus on the open periods in 2021 (i.e., June to December) compared to 2019, i.e., the last 7-month undisturbed period. Since reopening, from June to December 2021, retailer sales rebounded strongly, reaching 95% of the 2019 pre-Covid business levels. Footfall also benefited from the business restart, albeit at a slower pace, coming out at 80% of 2019 levels on average and continuing to be hindered by the remaining restrictions in certain countries. The performance was weaker in the Group’s few malls located in business districts or dependent on tourist traffic or commuters. The omicron variant, which gave rise to historically high contamination levels, weighed on footfall towards the end of the year. Nevertheless, in what remained a challenging environment, the overall performance underscores the strength of the business resumption, notably fueled by high transformation rates and average basket sizes. CHANGE IN RETAILER SALES (by region) Country Change in retailer sales (a) Share (in total reported retailer sales) Full-year 2021 vs. Full-year 2020 June-December 2021 vs. June-December 2019 France +2% −5% 36% Italy +23% −6% 26% Scandinavia +1% −2% 15% Iberia +28% −13% 10% Netherlands & Germany −3% -9% (b) 6% Central Europe +15% −7% 4% Other countries n.s. n.s. 3% TOTAL +10% −5% 100% (a) Change is on a same-store basis, excluding the impact of asset sales and acquisitions. (b) Restated for restricted trading in the Netherlands in December. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 41 BUSINESS OF THE YEAR Business overview 2

By geographic region, Scandinavia and France posted the strongest performances over the last seven months of 2021 at 98% and 95% of 2019 levels, respectively. Similarly, Italian and Central European retailers experienced a fairly robust resumption with sales reaching 94% and 93% of pre-Covid levels, respectively. Despite an undeniable improvement, the recovery tended to be slower in Iberia (87% of 2019 levels), due to the dearth of tourists. CHANGE IN RETAILER SALES (by segment) Change in retailer sales (a) Share (in total reported retailer sales) Full-year 2021 vs. Full-year 2020 June-December 2021 vs. June-December 2019 Fashion +16% −5% 38% Culture, Gifts & Leisure +7% −1% 20% Health & Beauty +5% −5% 14% Food & Beverage +11% −16% 9% Household Equipment +9% +3% 13% Other +1% −15% 7% TOTAL +10% −5% 100% (a) Change is on a same-store basis, excluding the impact of asset sales and acquisitions. By segment, household equipment led the pack and exceeded pre-Covid levels (up 3% compared to June-December 2019), followed by culture, gifts & leisure (99% of 2019 level), both posting a sustained recovery. Fashion posted a sharp rebound mainly during June to October in which it recorded sales at 95% of pre-Covid levels, with a comparable performance at health & beauty. Meanwhile, food & beverage remained below 2019 levels (down 16% between June and December), mainly due to the restrictions still in place for restaurants. 2.1.4 Rent collection As during the government-mandated lockdowns in 2020, Klépierre’s teams worked closely with tenants during the year to provide them with the necessary flexibility, notably by adapting payment deadlines and granting partial rent waivers to ease their cash positions. While Klépierre’s management is of the view that rents remain contractually due during closure periods, it engaged negotiations with retailers to offer rent abatements, where appropriate, in exchange for lease extensions. In 2021, €1,355 million in rents and service charges were invoiced at Group level. As of February 7, 2022, before rent abatements and provisions for credit losses, Klépierre had collected €1,161 million, corresponding to 85.7% of invoiced rents and charges. The Group expects to ultimately achieve a collection rate of at least 86.7%. The balance of uncollected amounts (13.3%) breaks down as (i) rent abatements (7.5% − i.e., the equivalent of 0.9 months for 2.5 months of closure), (ii) provisions for bankrupt and insolvent tenants (3%), and (iii) additional provisions for credit losses booked pending the final outcome of the negotiations with retailers (2.8%), that will ultimately translate into either rent abatements or cash collection. By way of comparison, the ultimate collection rate for rents and service charges invoiced in 2020 (as of December 31, 2021) was 86.7%. The balance of uncollected amounts (13.3%) broke down as rent abatements (10.0% – i.e., the equivalent of 1.2 months for 2.1 months of closure) and provisions for credit losses (3.3%). 2.1.5 Net rental income Net rental income amounted to €879.5 million in 2021, up 3.9% compared to 2020 and 6.9% on a like-for-like basis after the impacts of asset disposals and foreign exchange. The change in net rental income stemmed mainly from the decrease in abatements and in provisions for credit losses. RECONCILIATION BETWEEN INVOICED RENTS AND CHARGES AND NET RENTAL INCOME (on a total share basis) In millions of euros 12/31/2021 12/31/2020 Invoiced rents and Charges 1,354.6 1,381.8 Charges (244.0) (241.9) Rent abatements (cash) (a) (104.8) (116.0) Straight line-amortization of rent abatements (a) 10.1 24.3 Other (9.5) 14.2 GROSS RENTAL INCOME 1,006.4 1,062.4 Rental and building expenses (126.9) (216.2) NET RENTAL INCOME 879.5 846.2 (a) In connection with Covid-19. 42 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Business overview 2

NET RENTAL INCOME (on a total share basis) In millions of euros 2021 2020 Reported change Change excl. disposals and forex France 298.7 308.7 −3.2% +0.6% Italy 177.8 128.3 +38.5% +38.5% Scandinavia 139.4 148.5 −6.1% −1.4% Iberia 106.1 95.5 +11.1% +11.2% Netherlands & Germany 79.5 89.9 −11.6% −11.5% Central Europe 51.1 54.2 −5.7% −5.7% Other countries 10.8 9.1 +17.7% +42.1% TOTAL SHOPPING CENTERS 863.4 834.3 +3.5% +6.3% Other retail properties 16.1 11.9 +35.3% +58.0% TOTAL 879.5 846.2 +3.9% +6.9% BREAKDOWN OF SHOPPING CENTER NRI BY REGION FOR THE YEAR ENDED DECEMBER 31, 2021 (on a total share basis) 35% France 16% Scandinavia 12% Iberia 21% Italy 1% Other countries 6% Central Europe 9% Netherlands & Germany 2.1.6 Leasing update Leasing activity bounced back in 2021, with 1,570 leases signed, up 65% compared to 2020 and in line with pre-Covid levels in absolute terms. In what remains a challenging environment, reversion on the 1,240 renewals and re-lettings was positive at 0.9%, demonstrating the attractiveness of Klépierre’s malls and its sustainable rents and charges. One of the main objectives of the year was to optimize occupancy, with Klépierre capitalizing on the upturn in retailer demand, supported by its strong relationship with emblematic retailers and local players. The Group’s relentless leasing efforts led to occupancy remaining high at 94.7% (marginally below the pre-Covid level of 97%), which represents an improvement of 50 basis points compared to June 30, 2021. Leasing highlights included deals in the most dynamic segments such as sports, health & beauty or innovative retail. The leasing flow was dense with sneaker retailers Courir (8 deals), Snipes (5 leases), Foot Locker (5 leases), Sidestep (3 deals), Skechers (3 deals) and JD Sports (3 deals) while French street fashion retail chain FootKorner (8 deals) continued to expand and Adidas, Hummel and Intersport joined Klépierre’s malls. Several beauty retailers such as Sephora, Rituals and Kiko also expanded their presence. Among innovative banners, the digital native optician Mister Spex, the value-for-money specialists Normal, Action, Pepco and Dealz opened new stores and high-tech brands Hubside, Samsung, LG and Xiaomi continued to expand in Europe. Klépierre also seized opportunities with best-in-class fashion retailers, leveraging its relationships with its key accounts, notably Inditex, Calzedonia Group, Mango and H&M. In addition, the Group signed an important deal with United Colors of Benetton for four new stores in Italian shopping centers (Shopville Le Gru, Milanofiori, Globo and Grandemilia) while Tommy Hilfiger, Calvin Klein and Guess unveiled new flagships during the year. The Group also further broadened its food & beverage offering with the rollout of its Destination Food® concept, signing with international chains such as T.G.I. Fridays, KFC, Dunkin’ Donuts and Poke House, as well as with dynamic local brands. Klépierre also signed deals with premium food brands such as Pierre Hermé over the year. Lastly, still prioritizing the rejuvenation of its retail offering, Klépierre has developed a new contract model built around partnerships and shared investments through joint ventures designed to give innovative retail players access to its shopping centers. The first partners to open stores and restaurants in Klépierre malls using this innovative approach include anti-waste grocery brand NOUS anti-gaspi, Lobsta, Von Dutch (Advanced Retail), Pataugas and Gémo Kids. Based on tailored agreements, this strategy is enabling Klépierre to explore new territories and welcome new players, boosting the appeal and competitive edge of its centers. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 43 BUSINESS OF THE YEAR Business overview 2

KEY PERFORMANCE INDICATORS Geography Renewed and re-let leases (in millions of euros) Reversion (in %) Reversion (in millions of euros) OCR (a) Occupancy rate France 59.0 +4.4% 1.9 12.6% 94.3% Italy 47.9 +0.1% 0.0 10.9% 96.7% Scandinavia 18.7 −3.2% (0.5) 12.3% 92.9% Iberia 11.7 +9.7% 0.9 14.2% 93.8% Netherlands (b) & Germany 9.3 −12.3% (1.1) 14.9% 94.9% Central Europe 12.0 +2.6% 0.3 15.8% 96.3% Other countries 2.7 −13.1% (0.3) 16.3% 92.1% TOTAL 161.3 +0.9% 1.3 12.6% 94.7% All assets (including equity-accounted companies) are presented on a 100% share basis. (a) Occupancy cost ratio. Due to the unprecedented situation, OCR represents the ratio of collected rents to retailer sales (including closure periods). (b) Occupancy cost ratio is only calculated for Germany as only a few Dutch retailers report their sales to Klépierre. 2.1.7 Lease expiration schedule SHOPPING CENTER LEASE EXPIRATION SCHEDULE (as a percentage of minimum guaranteed rents) Geography ≤ 2021 2022 2023 2024 2025 2026 2027 2028 2029+ Total WALT (b) France 14.5% 7.2% 10.4% 6.9% 6.7% 8.5% 9.0% 10.0% 26.7% 100.0% 4.8 Italy 11.0% 9.8% 13.3% 11.3% 11.6% 11.3% 6.5% 7.7% 17.4% 100.0% 4.3 Scandinavia (a) 13.6% 18.0% 17.2% 16.7% 15.2% 8.1% 1.7% 1.8% 7.6% 100.0% 3.0 Iberia 0.8% 7.5% 11.0% 13.1% 7.2% 11.0% 9.5% 7.4% 32.5% 100.0% 5.6 Netherlands & Germany 2.5% 6.4% 6.9% 6.3% 2.8% 4.9% 7.0% 13.7% 49.5% 100.0% 6.7 Central Europe 3.9% 18.2% 17.8% 12.7% 9.5% 17.2% 6.3% 4.4% 10.1% 100.0% 3.8 Other countries 1.7% 26.4% 14.3% 7.2% 20.2% 14.9% 4.8% 0.9% 9.6% 100.0% 3.5 TOTAL 10.5% 9.5% 11.9% 9.7% 8.6% 9.6% 7.5% 8.4% 24.3% 100.0% 4.7 (a) Under Danish law, lease contracts are open-ended. (b) Weighted average lease term (in number of years). 2.2 BUSINESS ACTIVITY BY REGION 2.2.1 France (34.6% of net rental income) NRI AND OCCUPANCY RATE IN FRANCE In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 FRANCE 78.6% 298.7 308.7 94.3% 94.9% After the macroeconomic destabilization during 2020, from mid-March to mid-May in 2021, the Group was once again affected by restrictions including curfews and regional and national lockdowns. Following the high take-up of the vaccination campaign – in part thanks to Klépierre’s active contribution through various initiatives in its malls – and the decrease in Covid-19 cases over the spring, the authorities eased health restrictions over the summer, and French GDP is projected to rebound by 6.8% in 2021. Given this context, domestic demand increased strongly, with inflation expected to reach 2.1%, and unemployment decreased to 7.8% in 2021. Since the start of the Covid-19 outbreak, the authorities have taken extensive measures – from support for small firms to substantial recovery plans. These support packages are likely to shrink as the recovery gains traction. Provided that the spread of further variants remains under control, GDP growth is projected to remain high in 2022 at 4.2%, and at 2.1% in 2023. The French government implemented a support package for retailers to cover rents and charges of shops ordered to close between February and May 2021, not covered by other financial aid measures, to lessen the burden of the fixed-cost structure of their businesses. This subsidy is expected to be disbursed to retailers in 2022. 44 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Business activity by region 2

Restrictions were lifted from May 19, 2021 and all Klépierre’s malls reopened. Notwithstanding the enforcement of visitor limits in some centers and the health pass over the summer, France has experienced a rapid recovery. From June to December 2021, retailer sales reached 95% of their 2019 level, slightly higher than the Group average, supporting the improvement in collection rates over the year. By segment (1) , household equipment outpaced 2019 by 1% while culture, gifts & leisure was in line with pre-Covid levels. Fashion and health & beauty also performed well at 96% of their 2019 levels. Conversely, food & beverage, still held back by health restrictions, registered lower sales. Over 2021, net rental income came out at €298.7 million, a €10.0 million decrease mainly explained by an increase in vacancy (up 60 basis points), with higher rent abatements offset by stronger collection rates for 2020 rents (at 83%, higher than the 80% initially expected collection rate) leading to a reversal of provisions for credit losses. As of February 7, 2022, rent collection rate stood at 78.6%. (1) Change in retailer sales from June to December 2021 compared to June to December 2019, on a same-store basis. Leasing activity was strong in 2021, with 511 leases signed in France, outpacing pre-Covid levels (up 13% compared to 2019) and translating into a 4.4% positive reversion. Over the period, the Group consolidated its long-standing partnerships with key accounts such as Inditex which unveiled its full offering at Jaude (Clermont-Ferrand) with new Zara, Pull & Bear and Stradivarius stores in their latest format. Sport retailers continued to expand as demonstrated by four deals with FootKorner and three each with Foot Locker and Snipes. Klépierre also continued to ride the wave of innovative banners’ success with the opening of stores with Danish retailer Normal and value retailer Action. Lastly, in the vein of the renovation initiated in 2019, the transformation of Blagnac, the leading retail destination in the Toulouse area, continued with the signing of more than 24 deals during the year, including with banners such as Calzedonia and Lego. Its positioning will be further strengthened with the extension of Zara over more than 3,200 sq.m slated to open in 2022 and offering an entirely novel experience for shoppers. 2.2.2 Italy (20.6% of net rental income) NRI AND OCCUPANCY RATE IN ITALY In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 ITALY 91.4% 177.8 128.3 96.7% 97.6% In 2021, the Italian government opted for more targeted measures to contain the pandemic. These included the closure of malls and other comparable spaces at weekends and bank holidays (including the day before), coupled with the closure of malls during the week in regions considered at high risk, especially during the first half of the year. However, after a massive vaccination campaign and a sharp decline in Covid cases, these restrictions eased from mid-May, enabling a gradual return to normal. Tourism also rebounded, although tourist levels remained below those recorded in 2019. Against this backdrop, fiscal policy remained supportive and GDP is set to rebound by 6.3% in 2021, while inflation is expected to reach 1.8%, fueled mainly by energy price increases. The recovery of the job market is likely to take more time, and unemployment is forecast to remain high at 9.6% in 2021. Despite this encouraging recovery, the omicron outbreak led authorities to introduce a vaccination pass that came into effect in early December and that could weigh on business in 2022. After the partial lockdown that hindered performance until mid-May, Klépierre’s Italian malls posted a sharp recovery as restrictions were lifted. Over the last seven months of 2021, retailer sales reached 94% of their 2019 level and were up 23% year on year. By segment (1) , household equipment and culture, gifts & leisure were back to pre-Covid levels, while fashion recovered steadily to hit 95% of 2019 levels. Conversely, food & beverage, movie theaters and entertainment venues remained significantly impacted by health restrictions, recording sales representing 71% of 2019 levels and bringing down the overall performance. Net rental income in Italy amounted to €177.8 million, a €49.5 million increase compared to 2020 largely explained by higher than expected rent collection in 2020 (at 86%, significantly higher than the 75% initially projected) leading to a reversal of provisions for credit losses relating to 2020 rents. As of February 7, 2022, rent collection rate stood at 91.4%. In 2021, 401 leases were signed in Italy, up 9% in volume terms compared to 2019 while occupancy remained high at 96.7%, demonstrating the attractiveness of Klépierre’s Italian platform for retailers. The main leasing operations included the unveiling of two Snipes stores at Campania (Naples) and Romagna (Bologna), a Guess flagship at Nave de Vero (Venice), the opening of a new Calvin Klein store at Assago Milanofiori (Milan) and of a Levi’s boutique at Il Leone di Lonato (Lonato). Over the period, the Group also leveraged its partnerships with emblematic banners, as illustrated by the opening of four United Colors of Benetton stores (Shopville Le Gru, Milanofiori, Globo and Grandemilia) and three deals with Tommy Hilfiger (Campania, Nave de Vero and Le Vele Millennium). Lastly, an 800 sq.m Bershka store opened at Porta di Roma in December, featuring a brand-new concept showcasing high technology and services for shoppers. The Group also continued to strengthen the tenant mix of this iconic Roman mall by wrapping up deals with Adidas and Swatch. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 45 BUSINESS OF THE YEAR Business activity by region 2

2.2.3 Scandinavia (16.1% of net rental income) NRI AND OCCUPANCY RATE IN SCANDINAVIA In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 SCANDINAVIA 94.9% 139.4 148.5 92.9% 93.1% (1) Change in retailer sales from June to December 2021 compared to June to December 2019, on a same-store basis. Overall, the impact of the Covid-19 pandemic was felt less keenly in Scandinavia than in other regions. After localized restrictions in Norway over the first half of the year, especially in Oslo, social distancing recommendations in Sweden and a full lockdown in Denmark until mid-April 2021, the Scandinavia economies reopened and posted robust rebounds, supported by high vaccination rates, resilient household confidence and public support measures. Against this backdrop, GDP growth is expected to range between 4.1% to 4.7% in 2021 thanks to supportive monetary and fiscal policies, as well as higher oil prices, especially in Norway. The shorter closure periods compared to the rest of the portfolio and generally lighter-touch restrictions provided a platform for a sustained recovery over June to December 2021, with retailer sales bouncing back to 98% of 2019 levels. The performance was led by Norway, where sales were up 3%, while Denmark was in line with pre-Covid levels and Sweden lagged behind at 93% of 2019 levels. By segment (1) , household equipment, culture, gifts & leisure and health & beauty were notable outperformers, with retailer sales up 4%, 2.3% and 2.1% over the period compared to 2019, respectively. Food & beverage remained impacted by health restrictions, except in Norway where it posted sales 12% higher than 2019 levels. Notwithstanding high collection rates, net rental income was down €9.1 million year on year at €139.4 million, mainly due to the disposal of five Norwegian assets, tempered slightly by a positive forex impact. As of February 7, 2022, rent collection rate stood at 94.9%. On the leasing front, the Group signed 205 renewals/re-leasings/re- lettings, ensuring a broadly stable occupancy rate at 92.9%. Additionally, Metro (Lørenskog, Norway) is set to welcome Gigaboks in the first quarter of 2022, a brand-new bulk discount concept launched by Norway’s leading grocer, NorgesGruppen. In Denmark, Field’s (Copenhagen) welcomed Danish retailer Hummel which will also be joining Brunn’s Galleri (Aarhus) in July. Lastly, the Group finalized a deal with XXL in Kupolen (Borlänge, Sweden) for a store slated to open in the second half of 2022, while Emporia continued to attract innovative banners such as digital native optician Mister Spex, and iconic motoring brand MG, now focused on new energy vehicles, which has elected to open its first store in the foremost retail destination in Malmö. 2.2.4 Iberia (12.3% of net rental income) NRI AND OCCUPANCY RATE IN IBERIA In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 IBERIA 90.8% 106.1 95.5 93.8% 94.1% In Spain, GDP is expected to grow by 4.5% in 2021, accelerating to 5.5% in 2022. The recovery of private consumption is expected to be stronger in the coming months and become the main driver of growth in 2022, fueled by pent-up demand and boosted by the €70 billion in Next Generation EU funds earmarked for Spain. High vaccination coverage (80% of the total population was fully vaccinated by mid-November) and the fall in cases is set to drive consumer confidence. Spanish GDP is expected to recover to pre-Covid levels by the third quarter of 2023, slightly later than other European countries, mainly due to an only gradual return to normal for international tourism. In Portugal, GDP rebounded more strongly than expected in the second and third quarters of 2021, mainly driven by private consumption, while most restrictive sanitary measures have been lifted progressively. Domestic demand, supported by favorable fiscal policy (including buffers regarding negative effects in rising energy prices), is set to enable GDP to overpass pre-Covid level mid-2022 thanks to a 5.8% growth in 2022 (after a 4.8% growth in 2021). Retailer sales in Klépierre’s Iberian malls remained at 87% of 2019 level, over the last seven months of 2021, showing a more gradual improvement than in other regions. This trend mainly stems from the high proportion of malls that rely on tourism and located close to transport hubs in Barcelona and Madrid, which continued to dampen overall footfall and sales performance. Nevertheless, by segment (1) , Portugal recovered faster than Spain with culture, gifts & leisure on a par with 2019 levels. Food & beverage, household equipment, fashion and health & beauty remained below pre-Covid levels by double-digit margins. Net rental income came to €106.1 million, and was positively impacted by higher collection rates for 2021 and 2020 rents (up 150 basis points versus the initially expected collection rate, giving rise to a reversal of provisions), partly offset by the negative impact of the increase in the vacancy rate (up 30 basis points), especially in Spain. As of February 7, 2022, rent collection rate stood at 90.8%. 46 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Business activity by region 2

On the leasing side, the Group signed 133 leases in Iberia, a comparable level to 2019 in absolute terms when restated for disposals made over the last two years. The vigorous leasing performance translated into the highest regional reversion rate, at a positive 10%. The sports segment continued its growing momentum, notably through new partnerships with Base and Decimas – two local Spanish sports retailers – which opened four new stores, while Sidestep, a Foot Locker brand, unveiled its new concept at Plenilunio (Madrid) and La Gavia (Madrid). Meanwhile, sneaker retailer Snipes rounded out the offering at Parque Nascente (Porto) where high-tech retailer Xiaomi inaugurated its first store in the Klépierre’s Portuguese portfolio. Two deals were signed with (1) Change in retailer sales from June to December 2021 compared to June to December 2019, on a same-store basis. Restated for disturbed periods in the Netherlands in December. fast-expanding banner Hubside to open its maiden stores in the Group’s Iberian malls, while value retailers Pepco and Dealz continued to expand with forthcoming openings at Nueva Condomina (Murcia). In the health & beauty segment, Rituals opened a brand-new relocated store at La Gavia while Primor (one of Spain’s leading cosmetics stores) completed its expansion initiated in 2020 in Klépierre’s Portuguese portfolio with the opening of a store at Parque Nascente. Lastly, Poke House unveiled three new restaurants in Madrid at La Gavia, Plenilunio and Principe Pio, and Taco Bell opened restaurants at Principe Pio, Meridiano and Aqua Portimão as part of Klépierre’s Destination Food® strategy. 2.2.5 Netherlands & Germany (9.2% of net rental income) NRI AND OCCUPANCY RATE IN THE NETHERLANDS AND GERMANY In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 NETHERLANDS & GERMANY 85.5% 79.5 89.9 94.9% 95.2% After the prolonged second wave and restrictions enforced until April 2021, the Dutch economy is projected to grow robustly in 2021 with GDP up 4.3% and 3.2% in 2022. As a result of strong domestic demand and a jump in energy prices, inflation is projected to remain high at 2.4% in 2021 and 3.1% in 2022. Nevertheless, on the back of rising cases and hospitalizations, stricter measures were reintroduced from mid-December 2021 to mid-January 2022, notably including the closure of non-essential stores, generating downside economic risks. German GDP is projected to expand by 2.9% in 2021 and 4.1% in 2022. During the first half, the authorities enforced stringent measures to combat the virus before easing restrictions from early June. A supportive monetary policy turbocharged the restart even though the relatively low vaccination rate forced the government to pass the “2G” law, limiting access from November to certain activities to people who were vaccinated or otherwise recovered from Covid-19. In parallel, supply bottlenecks are expected to translate into price increases with inflation projected at 3.1% in 2021 and 2.8% in 2022. In 2021, retailer sales were squeezed by the 4.4-month closure period. The gradual reopening from June translated into a relatively softer recovery compared to the rest of the Group, with retailer sales coming out at 91% (1) of their 2019 level over the last seven months of the year. The overall performance was hampered by malls with significant exposure to the food & beverage offering and those located close to transport hubs, while the curfew and lockdown enforced in December also negatively impacted the Dutch performance. On a segment basis (1) , culture, gifts & leisure and household equipment were back to pre-Covid levels while food & beverage, health & beauty and fashion were hardest hit by the health situation. In 2021, net rental income amounted to €79.5 million, down 12% year on year, mainly due to longer closure periods in both countries (4.4 months in 2021 versus 1.1 months in 2020) as well as a higher vacancy rate (up 30 basis points). As of February 7, 2022, rent collection rate stood at 85.5%. On the leasing side, Klépierre managed to finalize several significant deals in 2021. At Hoog Catharijne (Utrecht), the iconic shopping center’s offering is set to be enhanced by the first Skechers store in the Group’s Dutch portfolio in March, and by an entirely new H&M Home in the second half of 2022. These newcomers will complement the opening of the Asian supermarket Amazing Oriental (1,200 sq.m.), the unveiling of an Intertoys flagship and the 2021 upgrading of Rituals to a premium store format. Meanwhile, leasing was dynamic in Germany, especially at Centrum Galerie (Dresden), with the opening of a Scotch & Soda store and a deal with digital native optician Mister Spex. In July, at Forum Duisburg, multi-brand fashion retailer Sinn Leffers joined the mall over a 3,000 sq.m. unit while home decoration specialist Depot strengthened the household equipment offering. Over the period, several deals were also signed across the region in the food & beverage segment with KFC, T.G.I. Fridays and fast-growing Dutch concept De Beren. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 47 BUSINESS OF THE YEAR Business activity by region 2

2.2.6 Central Europe (5.9% of net rental income) NRI AND OCCUPANCY RATE IN CENTRAL EUROPE In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 CENTRAL EUROPE 87.8% 51.1 54.2 96.3% 96.6% (1) Change in retailer sales from June to December 2021 compared to June to December 2019, on a same-store basis. The Central European countries (Czech Republic and Poland) faced a tough beginning of 2021 with restrictions and low level of vaccination (less than 60% at year-end). Measures were progressively eased, however, and the economy restarted in both countries thanks to sustained recourse to savings and the disbursement of EU funds, mainly in Poland where GDP surpassed the pre-pandemic level with 5.3% growth slated for 2021. Nonetheless, in the Czech Republic, the end of supportive monetary policies in June 2021 put pressure on the national economy, with GDP expected to grow by 2.5% in 2021. Both economies are projected to bounce back during 2022, especially in the second half, on the back of widespread vaccination and boosted by excess household savings. The Czech Republic and Poland are expected to post GDP growth of 3.0% and 5.2%, respectively, in 2022. Retailer sales (1) in Central Europe were slightly below the Group average over the last seven months of 2021 at 93% of their 2019 level, due in particular to the performance of malls located close to transport hubs or large business districts, and the restrictions enforced in the Czech Republic on the food & beverage segment towards the end of the year. On a segment basis (1) , household equipment performed close to pre-Covid levels in the region, and was up 22% compared to 2020 in the Czech Republic. Culture, gifts & leisure also posted a fairly robust performance (97% of the 2019 level between June and December 2021) while food & beverage continued to suffer. Against this backdrop, net rental income in the Central Europe region amounted to €51.1 million, down €3.1 million, mainly due to slightly higher vacancy rates (up 30 basis points). As of February 7, 2022, rent collection rate stood at 87.8%. In 2021, leasing activity was strong in Central Europe, with 119 leases signed, outpacing pre-Covid levels and generating 3% positive reversion. Highlights for the period included enriching the fashion offering at Nový Smíchov (Prague) with the opening of Mango and Tezenis stores, as well as the unveiling of a brand new 2,000 sq.m. Reserved store. Electronic cigarette vendor IQOS also joined the mall while Rituals chose to enlarge its existing boutique in March 2022, shifting the retail mix at Prague’s leading retail destination further upmarket. Lastly, the Group signed a deal for the enlargement of a Sephora store and the opening of the first Rituals boutique in Klépierre’s Polish malls at Sadyba Best Mall (Warsaw). 2.2.7 Other countries (1.2% of net rental income) NRI AND OCCUPANCY RATE IN OTHER COUNTRIES In millions of euros Collection rate Reported portfolio NRI Occupancy rate Actual 12/31/2021 12/31/2020 12/31/2021 12/31/2020 OTHER COUNTRIES 77.3% 10.8 9.1 92.1% 91.9% This segment mainly includes assets located in Turkey. Retailer sales (1) largely exceeded pre-Covid levels, on the back of high inflation (18.7%), with double-digit growth over the last seven months of 2021 compared to the same period in 2019 in local currency. By segment (1) , Household Equipment and Fashion were the best performers. Recovery in the Food & Beverage segment was more sluggish due to the progressive easing of health restrictions. In light of the above, net rental income amounted to €10.8 million, impacted by lower rent abatements compared to 2020. As of February 7, 2022, rent collection rate stood at 77.3%. 48 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Business activity by region 2

2.3 NET CURRENT CASH FLOW NET CURRENT CASH FLOW AND EPRA EARNINGS 12/31/2021 12/31/2020 Change Total share (in millions of euros) Gross rental income 1,006.4 1,062.4 −5.3% Rental and building expenses (126.9) (216.2) −41.3% Net rental income 879.5 846.2 +3.9% Management and other income 74.5 89.2 −16.4% General and administrative expenses (147.2) (138.2) +6.5% EBITDA 806.8 797.2 +1.2% Adjustments to calculate operating cash flow: • Depreciation charge for right-of-use assets (a) (8.4) (8.5) • Employee benefits, stock option expense and non-current operating expenses/income 3.3 (7.2) • IFRIC 21 impact - - Operating cash flow 801.7 781.5 +2.6% Cost of net debt (115.3) (108.6) +6.2% Adjustments to calculate net current cash flow before taxes: • Amortization of Corio debt mark-to-market (2.8) (16.9) • Financial instrument close-out costs 2.6 5.2 Current cash flow before taxes 686.1 661.3 +3.7% Share in earnings of equity-accounted companies 49.6 35.9 +37.9% Current tax expense (16.7) (7.4) +125.6% Net current cash flow 718.9 689.9 +4.2% Group share Net current cash flow 622.3 586.9 +6.0% Add-back adjustments to calculate EPRA Earnings: • Employee benefits, stock option expense and non-recurring operating expenses /income (3.3) 7.3 • Depreciation, amortization and provisions for contingencies and losses (8.5) (10.5) EPRA Earnings 610.4 583.7 +4.6% Average number of shares (b) 285,860,024 286,072,515 −0.1% Per share (in euros) NET CURRENT CASH FLOW − IFRS 2.18 2.05 +6.1% IFRS 16 straight-line amortization 0.00 (0.08) NET CURRENT CASH FLOW − ADJUSTED 2.18 1.97 +10.6% EPRA EARNINGS 2.14 2.04 +4.7% (a) Right-of-use assets and lease liabilities related to head office and vehicle leases as per IFRS 16. (b) Excluding treasury shares. • Net rental income came out at €879.5 million in 2021, up 3.9% year on year, including €104.8 million in rent abatements and €22.1 million net provisions, vs. €116.0 million and €123.4 million in 2020, respectively. Factoring in the impact of the asset disposals, net rental income is up 6.9% on a like-for-like basis. • Operating cash flow amounted to €801.7 million, up €20.2 million (up 2.6%) year on year. In 2021, management and other income decreased by €14.7 million (down 16.4%) mainly due to lower development fees. General and administrative expenses increased slightly by €9.0 million (up 6.5%) compared to 2020, although operating costs were still down a hefty 13% on 2019. • The cost of net debt came out at €115.3 million on a total share basis, down 3.9%. The cost of debt was stable at 1.2% (see section 2.7.3 “Cost of debt”). • Current tax expense amounted to €16.7 million on a total share basis, a €9.3 million increase compared to 2020. Excluding the positive one-off impact of the reversal of provisions in Germany in 2020, current tax expense was broadly stable (down €0.4 million). In view of the above factors, net current cash flow per share reached €2.18 (up 10.6%) compared to €1.97 in 2020 excluding IFRS 16 straight-lining, or €2.05 including IFRS 16 straight-lining. Regarding the straight-lining of IFRS 16 abatements, the impact in 2021 is neutral: the straight-lining of abatements granted in 2020 is offset by the ones granted in 2021. See section 2.8.1 for the reconciliation of net current cash flow to EPRA Earnings and net income. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 49 BUSINESS OF THE YEAR Net current cash flow 2

2.3.1 Contribution of equity-accounted companies (1) Equity-accounted companies include investments in jointly controlled companies and companies in which the Group exercises significant influence. The contribution of equity-accounted companies (1) to net current cash flow amounted to €49.6 million for the twelve months ended December 31, 2021. The Group’s equity-accounted investments are listed below: • France: Les Passages (Boulogne; 50% equity interest), Espace Coty (Le Havre; 50% equity interest), Mayol (Toulon; 40% equity interest), Le Millénaire (Paris region; 50% equity interest), and Belle Épine (Paris region; 10% equity interest); • Italy: Porta di Roma (Rome; 50% equity interest), Il Leone (Lonato; 50% equity interest), Il Corti Venete (Verona; 50% equity interest), Il Destriero (Milan; 50% equity interest) and Città Fiera (Udine; 49% equity interest); • Norway: Økernsenteret (Oslo; 50% equity interest), Metro Senter (Oslo; 50% equity interest) and Nordbyen (Larvik; 50% equity interest) sold on July 8, 2021; • Portugal: Aqua Portimão (Portimão; 50% equity interest); and • Turkey: Akmerkez (Istanbul; 45.9% equity interest). The following tables present the contributions of these assets by country to gross and net rental income, EBITDA, net current cash flow, and net income. CONTRIBUTION OF EQUITY-ACCOUNTED COMPANIES GROSS RENTAL INCOME In millions of euros 12/31/2021 12/31/2020 France 21.4 22.5 Italy 34.9 34.6 Norway (a) 6.4 7.0 Portugal 2.9 2.3 Turkey 5.1 4.8 TOTAL 70.6 71.1 (a) To determine the Group’s share for Norway, data must be multiplied by 56.1%. NET RENTAL INCOME In millions of euros 12/31/2021 12/31/2020 France 15.8 14.4 Italy 33.3 22.4 Norway (a) 5.2 5.7 Portugal 2.4 2.0 Turkey 3.9 3.6 TOTAL 60.6 48.1 (a) To determine the Group’s share for Norway, data must be multiplied by 56.1%. EBITDA In millions of euros 12/31/2021 12/31/2020 France 15.7 14.2 Italy 33.1 22.2 Norway (a) 5.2 5.7 Portugal 2.4 2.0 Turkey 3.6 3.2 TOTAL 59.9 47.2 (a) To determine the Group’s share for Norway, data must be multiplied by 56.1% NET CURRENT CASH FLOW In millions of euros 12/31/2021 12/31/2020 France 13.0 11.6 Italy 27.5 15.3 Norway (a) 5.2 5.7 Portugal (0.3) (0.6) Turkey 4.2 3.9 TOTAL 49.6 35.9 (a) To determine the Group’s share for Norway, data must be multiplied by 56.1%. NET INCOME (b) In millions of euros 12/31/2021 12/31/2020 France (8.8) (32.3) Italy 79.0 (16.3) Norway (a) 4.5 (0.5) Portugal (0.3) (5.7) Turkey 9.9 2.5 TOTAL 84.3 (52.3) (a) To determine the Group’s share for Norway, data must be multiplied by 56.1%. (b) Net income includes non-cash and non-recurring items, including changes in the fair value of investment properties. 50 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Net current cash flow 2

2.4 INVESTMENTS, DEVELOPMENTS AND DISPOSALS 2.4.1 Investment market (1) Weighted average of third-quarter 2020 – third-quarter 2021 transaction volumes with mall prime yields (Source: CBRE). Over the twelve months ending September 2021, retail property investment volumes decreased by 8% to €30 billion compared to the same year-ago period. This slowdown is mostly explained by a sluggish first half of the year (down 16% versus first-half 2020), while transaction volumes picked up in the third quarter (up 12% versus third quarter 2020). By geographic area, Scandinavian investment volumes doubled thanks to renewed interest from institutional investors for retail assets, available bank financing and the lesser impact of the Covid crisis on retailers. German investment volumes were broadly stable, mostly thanks to transactions for retail parks and supermarkets. Lastly, France and Spain registered lower volumes year on year, against a high comparison basis that was boosted by large transactions. Against this backdrop, European prime yields increased by 40 basis points, reflecting mostly risk-free rate expansion and recent UK transactions. Excluding the UK, the yield on European prime shopping centers increased by 15 basis points to 5.2% (1) . After a strong third quarter, the recovery of the investment market appears sustained. While in late 2021 and early 2022, prime shopping center transactions only concerned Scandinavia, Germany and Poland, more prime assets are currently being marketed, suggesting a further recovery in the investment market supported by high spreads between retail and other real estate asset classes. EUROPEAN RETAIL TRANSACTIONS FROM THIRD-QUARTER 2020 TO THIRD-QUARTER 2021 11% France 28% Germany 4% Iberia 25% UK 2% Italy 11% Scandinavia 6% Netherlands 13% Other 2.4.2 Capital expenditure Since the outbreak of the pandemic, the Group has maintained its conservative approach to development and focused on its main committed projects: • The extension and refurbishment of Gran Reno in Bologna (Italy), slated to open in the second quarter of 2022; • The refurbishment and extension of Grand Place in Grenoble (France), scheduled for completion at the end of 2023; • The refurbishment of Créteil Soleil in the Paris region (France), scheduled for completion in the first half of 2022; and • The completion of the redevelopment of Hoog Catharijne in Utrecht (Netherlands). Overall, €101.3 million was allocated to the development pipeline. On the standing portfolio (excluding investments in extensions), €65.3 million was expensed (compared to €81.5 million in 2020; see section 2.8.6). Overall, total capital expenditure in 2021 amounted to €169.6 million (including €0.3 million in acquisitions and €2.6 million in capitalized interest), 6.5% below the 2020 level (€181.3 million), (see section 2.8.6 for more details). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 51 BUSINESS OF THE YEAR Investments, developments and disposals 2

2.4.3 Development pipeline (1) Projects that are under construction or for which the Klépierre Executive Board has taken the decision to start work. (2) Projects under advanced review, for which Klépierre has control over the land (acquisition made or under offer, contingent on obtaining the necessary clearance and permits). As of December 31, 2021, the Group’s pipeline included the four main committed development projects (1) (Gran Reno, Grand Place, Créteil Soleil and Hoog Catharijne), representing €0.5 billion worth of investments, of which €290 million has already been cashed out, with an average expected yield of 6.7%. Controlled development projects (2) represented €1.0 billion worth of potential investments. Development projects also include alternative mixed-use opportunities representing €1.3 billion in potential investments. On a Group share basis, the total pipeline represented €1.2 billion, of which €0.4 billion committed and €0.8 billion controlled. In 2021, the Group focused its development investments on its main geographies (France, Italy and the Netherlands). Accordingly, over the period, €101.3 million was spent on the pipeline. DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2021 (on a total share basis) Development projects Country Location Type Floor area (in sq.m.) Expected opening date Klépierre equity interest Estimated cost (a) (in €m) Cost to date (in €m) Targeted yield on cost (b) Gran Reno Italy Bologna Ext. − refurb. 24,876 2022 100.0% 143 97 Grand Place France Grenoble Ext. − refurb. 16,200 2021-2023 100.0% 70 20 Créteil Soleil France Paris region Ext. − refurb. 11,400 2019-2022 80.0% 139 135 Hoog Catharijne Phase 3 Netherlands Utrecht Ext. − refurb. 7,512 2024 100.0% 27 5 Other projects 34,875 72 33 Total committed projects 94,863 451 290 6.7% Le Gru (c) Italy Turin Ext. − refurb. 24,316 2022-2024 100.0% 120 12 Maremagnum Spain Barcelona Ext. − refurb. 13,640 2023-2025 100.0% 60 1 Odysseum (c) France Montpellier Ext. − redev. 15,300 2023-2026 100.0% 52 8 Porta di Roma (d) Italy Rome Extension 4,880 2025 50.0% 14 0 Val d’Europe France Paris region Extension 9,000 2026 55.0% 61 1 Blagnac France Toulouse region Ext. − refurb. 3,520 2024 53.6% 12 1 Grand Ouest France Écully Ext. − refurb. 4,300 2024 83.0% 23 0 L’Esplanade Belgium Brussels region Extension 19,475 2026 100.0% 131 15 Økernsenteret (e) Norway Oslo Redevelopment 64,650 2026 56.1% 154 49 Viva Denmark Odense New dev. 28,200 2026 56.1% 117 29 Alexandrium Netherlands Rotterdam Extension 7,000 2027 100.0% 44 1 La Gavia Spain Madrid region Extension 15,000 2025 100.0% 39 3 Rives d’Arcins France Bordeaux region Extension 2,180 2024 52.0% 9 0 Mondeville France Caen Extension 4,000 2024 100.0% 9 0 Le Vele & Millenium Italy Cagliari Extension 7,500 2025 100.0% 50 0 Parque Nascente Portugal Porto Extension 16,000 2024 100.0% 41 0 Other projects 15,600 69 1 Total controlled projects 254,561 1,005 123 TOTAL 349,424 1,457 413 (a) Estimated cost as of December 31, 2021, including any fitting-out costs and excluding any step-up rents, internal development fees and finance costs. (b) Targeted yield on cost as of December 31, 2021, based on targeted NRI with full occupancy and excluding any lease incentives, divided by the estimated cost price as defined above. (c) Including restructured surfaces: Le Gru for 15,670 sq.m and Odysseum for 9,200 sq.m. (d) Equity-accounted companies. Estimated costs and costs to date are reported proportionately for Klépierre’s share of equity. Floor areas correspond to the total surface area of the projects. (e) Including the foreign exchange impact on estimated costs and costs to date. 2.4.3.1 Extension and refurbishment of Gran Reno (Bologna, Italy) The extension works of this major regional mall in Bologna started in April 2019 and are due to completion in the second quarter of 2022. Besides the refurbishment works completed since September 2021, the 16,700 sq.m extension will offer visitors a completely new shopping experience. As of today, as a percentage of projected net rental income, 99% of the new extension is already let (77%) or under advanced negotiation (22%). Attractive new brands such as Zara, Bershka, Pull & Bear, Stradivarius, H&M, Tommy Hilfiger, Nike, New Balance, Napapijri, JD Sports, Snipes, Lush and Signor Vino will be added to the mix, together with Klépierre’s Destination Food® concept directly linked to an indoor and outdoor events area on the mall’s rooftop. Simultaneously, Klépierre is also continuing to transform the first floor to host Primark, with the opening scheduled for July 2022. 52 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Investments, developments and disposals 2

2.4.3.2 Extension and refurbishment of Grand Place (Grenoble, France) In the leading retail destination in Grenoble, the construction of the 16,200 sq.m extension started in July. This project will completely remodel the mall with best-in-class up-to-date design and customer- oriented standards. Pre-leasing is progressing well, with 82% of the projected net rental income signed (56%) or under advanced negotiations (27%). This new development will host the first Primark store in the region. As part of Klépierre’s Destination Food® strategy, 14 new restaurants including KFC, Poke House and Black & White, will open with indoor and outdoor terraces offering customers a great dining experience. In parallel, refurbishment works at the existing center are ongoing with a delivery scheduled in March 2022. 2.4.3.3 Extension and refurbishment of Créteil Soleil (Paris region, France) The refurbishment works at Créteil Soleil, one of Klépierre’s major historical malls, are almost complete. On top of the 11,400-sq.m extension inaugurated in November 2019, the transformation work will provide the 21 million annual visitors with a completely overhauled shopping experience and will further strengthen this leading mall’s dominant position in the South of Paris. 2.4.3.4 New Primark stores in Italy and France In 2020, Klépierre launched restructuring operations for the purpose of hosting new Primark stores, notably in Italy at Le Gru (Turin) and Campania (Naples) for openings in the second half of 2022 and in Nave de Vero (Venice) in first-quarter 2023 and in France at Centre Deux (Saint-Étienne), slated to open in the second half of 2022. ALTERNATIVE MIXED-USE DEVELOPMENT OPPORTUNITIES AS OF DECEMBER 31, 2021 (on a total share basis) Development projects Country Location Type Floor area (in sq.m.) Expected opening date Klépierre equity interest Estimated cost (a) (in €m) Cost to date (in €m) Økernsenteret (a) Norway Oslo Mixed use 102,500 2025-2027 56.1% 385 48 Viva Denmark Odense Mixed use 90,100 2024 56.1% 332 29 Blagnac France Toulouse region Mixed use 111,987 2025-2030 53.6% 215 10 L’Esplanade Belgium Brussels region Mixed use 22,000 2026 100.0% 75 15 Nancy France Nancy Mixed use 30,800 2025-2028 35.0% 49 9 Field’s Denmark Copenhagen Mixed use 67,500 2026 56.1% 209 42 Val d’Europe France Paris region Mixed use 15,000 2026 55.0% 54 0 TOTAL 439,887 1,318 153 (a) Including the foreign exchange impact on estimated costs and costs to date. To capture the benefits of the urbanization megatrend and rising demand in new sectors, mainly residential, a selection of projects is under study to create mixed-use developments that would replace certain retail projects already listed in the “Controlled” section of the development pipeline. This alternative development plan aims at transforming the potential of building rights in Økernsenteret (Oslo, Norway), Viva (Odense, Denmark), Blagnac (Toulouse, France), L’Esplanade (Brussels, Belgium), Nancy (France), Field’s (Copenhagen, Denmark) and Val d’Europe (France). With a timespan of between three and seven years, these projects may be developed with local partners or, alternatively, sold upon approval of the re-zoning plans. 2.4.4 Disposals DISPOSALS COMPLETED SINCE JANUARY 1, 2021 Assets (City, Country) Floor area (in sq.m.) Sale price (a) (in millions of euros) Date Vinterbro Senter (Ås, Norway) 41,070 07/08/2021 Amanda (Haugesund, Norway) 14,590 07/08/2021 Nerstranda (Tromsø, Norway) 11,662 07/08/2021 Farmandstredet (Tønsberg, Norway) 37,881 07/08/2021 Nordbyen (Larvik, Norway) 15,916 07/08/2021 Bègles (Bordeaux, France) 43,671 12/16/2021 Boulevard Berlin (Berlin, Germany) 71,129 12/17/2021 Shopping centers 235,919 779.7 Other retail properties N/A 93.9 TOTAL DISPOSALS N/A 873.6 (a) Excluding transfer taxes, total share. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 53 BUSINESS OF THE YEAR Investments, developments and disposals 2

Since January 1, 2021, the Group has completed disposals totaling €874 million (1) , including the sale of: • Seven shopping centers: five in Norway (Vinterbro Senter in Ås, Amanda in Haugesund, Nerstranda in Tromsø, Farmandstredet in Tønsberg and Nordbyen in Larvik), one in Germany (Boulevard Berlin in Berlin) and one in Slovakia (Danubia in Bratislava); • A retail park of 22 retail units in Bordeaux in France, close to Bègles Rives d’Arcins; and • Other retail properties throughout France, Scandinavia and the Netherlands. (1) Total share, excluding transfer taxes. In the context of the Group’s portfolio streamlining, these transactions constitute positive signs of the rebound in the investment market and prove investors’ appetite for the shopping center asset class. They also illustrate Klépierre’s ability to leverage its pan-European presence to manage high value creation through capital recycling. Overall, assets were sold in line with appraised values (−0.4%) for a blended EPRA Net Initial Yield of 5.4%. As of December 31, 2021, considering sales under promissory agreements, total Group disposals amounted to €891 million. 2.5 PARENT COMPANY EARNINGS AND DIVIDEND 2.5.1 Summary earnings statement for the parent company, Klépierre SA EARNINGS STATEMENT FOR KLÉPIERRE SA In millions of euros 2021 2020 Operating income 31.8 36.3 Operating expenses (46.8) (47.1) Net operating income (expense) (15.0) (10.8) Share of income from joint operations 76.0 68.4 Net financial expense (11.5) (221.1) Net income (loss) from ordinary operations before tax 49.5 (163.5) Net non-recurring income (expense) 9.0 (7.9) Income tax benefit 1.6 1.2 NET INCOME (LOSS) 60.2 (170.1) Klépierre SA recorded net income of €60.2 million in 2021, versus a net loss of €170.1 million in 2020. The €230.3 million increase was attributable to the combined effect of: • A €209.6 million improvement in net financial expense, mainly due to lower impairments of equity investments compared to the prior year and an increase in dividends from equity investments and premium distributions received; • A positive €16.9 million in change in non-recurring items, mainly reflecting gains on disposals of equity investments and losses on disposals of treasury shares. 2.5.2 Dividend 2.5.2.1 Distribution in respect of 2021 KLÉPIERRE SA NET DISTRIBUTABLE INCOME In millions of euros 2021 Net income 60.2 Retained earnings (accumulated losses) (147.1) NET DISTRIBUTABLE INCOME (86.9) In 2021, Klépierre’s net distributable income was a negative €86.9 million (2021 net profit of €60.2 million plus negative retained earnings of €147.1 million). Accordingly, from a legal standpoint, Klépierre is not able to pay a “dividend” per se, and the distribution in respect of 2021 will be deducted from available equity premiums. The Supervisory Board will recommend that the shareholders, at the Annual General Meeting to be held on April 26, 2022, approve a distribution in respect of fiscal year 2021 of €1.70 per share, representing 78% of the net current cash flow on a Group share basis. 54 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Parent company earnings and dividend 2

2.5.2.2 SIIC distribution obligations (1) Investments in equity-accounted assets are included based on the fair value of the equity owned by the Group in the companies holding the assets, taking into account receivables and facilities granted by the Group. (2) Other projects (Viva, Økern and Louvain) are carried at cost. Under the regulations applicable to French real estate investment trusts (sociétés d’investissement immobilier cotées – SIIC), Klépierre’s mandatory distribution is determined based on annual net income for tax purposes, of which Klépierre must distribute 95% of earnings from SIIC sector rental properties, 100% of profits received from SIIC sector subsidiaries and 70% of real estate capital gains arising in France. However, the aggregate amount of these distribution obligations may not exceed the net distributable income of Klépierre SA, corresponding to annual net income for accounting purposes, as recorded in the statutory financial statements of the holding company under French GAAP, plus retained earnings. As set out in section 2.5.2.1, in 2021 the net distributable income of Klépierre SA was negative, preventing Klépierre from fulfilling the distribution obligation. In application of SIIC distribution requirements, the mandatory distribution for 2021 was €160.7 million. Therefore, this amount will be added to the obligation that was not satisfied in 2020 (€170.2 million) and deferred until the next year the Company records positive net distributable income. 2.6 PORTFOLIO VALUATION 2.6.1 Property portfolio valuation 2.6.1.1 Property portfolio valuation methodology 2.6.1.1.1 Scope of the portfolio as appraised by external appraisers As of December 31, 2021, 99% of the value of Klépierre’s property portfolio, or €20,508 million (including transfer taxes, on a total share basis) (1) , was estimated by external appraisers in accordance with the methodology described below. The remainder of the portfolio was valued as follows: • Projects under development, carried at cost (2) ; and • Other non-appraised assets consisting mainly of assets held for sale are valued at the agreed transaction price, land is valued at cost, and other development projects are measured internally at fair value. BREAKDOWN OF THE PROPERTY PORTFOLIO BY TYPE OF VALUATION (on a total share basis) Type of asset Value (in millions of euros) Externally-appraised assets 20,508 Acquisitions 0 Investment property at cost 78 Other internally-appraised assets (land, assets held for sale, etc.) 127 TOTAL PORTFOLIO 20,713 2.6.1.1.2 Methodology used by external appraisers At December 31 and June 30 of each year, Klépierre updates the fair market value of its properties using valuations provided by independent appraisers. Further to a tender process, Klépierre selected BNP Paribas Real Estate, CBRE, Cushman & Wakefield and Jones Lang LaSalle as appraisers. BREAKDOWN BY APPRAISER OF THE APPRAISED PROPERTY PORTFOLIO AS OF DECEMBER 31, 2021 Appraiser Countries covered Share of total portfolio (in %) Cushman & Wakefield • France, Norway, Sweden, Denmark, Belgium and Poland 43% CBRE • France, Spain, Italy, Netherlands, Czech Republic and Portugal 37% Jones Lang LaSalle • Italy, Turkey and Greece 17% BNP Paribas Real Estate • Germany and France (other retail properties) 4% TOTAL 100% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 55 BUSINESS OF THE YEAR Portfolio valuation 2

All appraisers appointed by Klépierre comply with the professional standards applicable in France (Charte de l’Expertise en Évaluation Immobilière), the recommendations of the AMF dated February 8, 2010, and RICS (Royal Institution of Chartered Surveyors) standards. To calculate the value of each asset, appraisers use the discounted cash flow (DCF) method over a 10-year period. Klépierre provides them with all relevant information pertaining to rents in place (detailed rent rolls, footfall, retailer sales, occupancy cost ratios, etc.), which they use to make their assessment of projected rental revenue in addition to their own leasing assumptions (estimated rental values, vacancy, incentives, etc.). They also make their own estimates of future capital expenditure and non-recoverable operating expenses, including management costs. The terminal value is calculated based on the net rental income for the tenth year (indexed one year), capitalized by an exit yield. Lastly, appraisers apply a discount rate to the future cash flows, combining the country risk-free rate, the liquidity premium related to the local investment market and an asset-specific risk premium reflecting the location, quality, size and technical specificities of the asset considered. The value obtained by the DCF method is then benchmarked using metrics such as EPRA Net Initial Yield (NIY) for comparable property, value per square meter, and recent market transactions. A detailed report on the property valuation campaign is examined by the Audit Committee. As of December 31, 2021, experts removed the “material uncertainty clause” they had included in their reports since June 30, 2020 for all countries in which Klépierre has operations. The valuer’s disclaimer now states that property markets are functioning properly. However, considering the still uncertain health environment, appraisers highlight “the importance of the valuation date”. 2.6.1.2 Valuation 2.6.1.2.1 Change in appraisers’ assumptions Over the past six months, appraisers made the following changes to their assumptions: • In an investment market that is both, reopening progressively but still exposed to an uncertain health crisis outcome, discount rates up by 10 basis points and exit rates were flat, translating into a 0.7% negative market effect; • On the back of inflation, indexation was revised upwards while estimated rental values remained in line with the latest appraisal campaign, notably supported by numerous leasing transactions. Both metrics, combined with an improving health environment, ultimately resulted in a 1.3% cash flow effect. ASSUMPTIONS USED BY APPRAISERS FOR DETERMINING THE SHOPPING CENTER PORTFOLIO VALUATION AS OF DECEMBER 31, 2021 (a) Geography Discount rate (b) Exit rate (c) NRI CAGR (d) France 6.2% 5.1% 2.5% Italy 7.2% 6.0% 2.1% Scandinavia 6.9% 4.9% 2.5% Iberia 7.7% 6.1% 2.6% Netherlands & Germany 5.9% 5.2% 2.3% Central Europe 6.8% 6.7% 0.2% Other countries 15.5% 8.8% 7.5% TOTAL 6.8% 5.5% 2.4% (a) Discount and exit rates weighted by shopping center appraised value (including transfer taxes, Group share). (b) Rate used to calculate the net present value of future cash flows to be generated by the asset. (c) Rate used to capitalize net rental income at the end of the DCF period and calculate the terminal value of the asset. (d) Compound annual growth rate (CAGR) of net rental income as estimated by the appraiser over a 10-year period. LIKE-FOR-LIKE 6-MONTH CHANGE IN SHOPPING CENTER PORTFOLIO VALUATION: MARKET AND CASH FLOW EFFECTS (a) Geography LFL change Market effect Cash flow effect France −0.2% −0.9% +0.7% Italy +0.9% −1.4% +2.2% Scandinavia +1.3% −0.4% +1.7% Iberia +1.6% −0.2% +1.8% Netherlands & Germany −0.5% −0.2% −0.4% Central Europe +1.1% −0.2% +1.3% Other countries +13.9% 0.0% +13.9% TOTAL SHOPPING CENTERS +0.6% −0.7% +1.3% (a) Figures may not add up due to rounding. Overall, the shopping center portfolio valuation was broadly flat on a like-for-like basis (up 0.6%) compared to the previous six months (down 1.8%). 56 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Portfolio valuation 2

2.6.1.2.2 Property portfolio valuation (1) EPRA Net Initial Yield is calculated as the annualized rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the market value of the property (including transfer taxes). (2) Group share for the shopping center portfolio appraised (i.e., excluding retail parks and movie theaters). (3) Excluding offices, retail parks, and retail boxes attached to shopping centers. 12-MONTH PORTFOLIO VALUATION RECONCILIATION (on a total share basis, including transfer taxes) In millions of euros Portfolio at 12/31/2020 21,859 Disposals (946) Acquisitions/developments 117 Like-for-like change (278) Forex (39) PORTFOLIO AT 12/31/2021 20,713 Including transfer taxes, the value of the portfolio stood at €20,713 million on a total share basis as of December 31, 2021, down 5.2% or €1,146 million on a reported basis compared to December 31, 2020. This decrease reflects: • A €946 million negative impact from disposals completed in France, in Scandinavia and in Germany; • A €117 million positive impact from acquisitions and developments; • A €278 million like-for-like valuation decrease (down 1.3%); and • A €39 million negative foreign exchange impact in Turkey and Scandinavia. VALUATION OF THE PROPERTY PORTFOLIO (a) (on a total share basis, including transfer taxes) In millions of euros 12/31/2021 % of total portfolio Change over 6 months Change over 12 months 06/30/2021 Reported LfL (b) 12/31/2020 Reported LfL (b) France 8,240 39.8% 8,345 −1.3% −0.2% 8,535 −3.5% −2.4% Italy 4,003 19.3% 3,945 +1.5% +0.9% 3,930 +1.8% −0.7% Scandinavia 3,132 15.1% 3,536 −11.4% +1.3% 3,641 −14.0% −0.9% Iberia 2,133 10.3% 2,103 +1.4% +1.6% 2,125 +0.4% +0.5% Netherlands & Germany 1,895 9.1% 2,179 −13.0% −0.5% 2,199 −13.8% −1.9% Central Europe 960 4.6% 950 +1.1% +1.1% 966 −0.6% −0.6% Other countries 156 0.8% 199 −21.9% +13.9% 227 −31.5% +13.2% TOTAL SHOPPING CENTERS 20,518 99.1% 21,257 -3.5% +0.6% 21,623 -5.1% -1.3% TOTAL OTHER RETAIL PROPERTIES 195 0.9% 213 -8.8% -3.2% 236 -17.5% -4.5% TOTAL PORTFOLIO 20,713 100.0% 21,471 -3.5% +0.5% 21,859 -5.2% -1.3% (a) Investments in equity-accounted assets are included based on the fair value of the equity owned by the Group in the companies holding the assets, taking into account receivables and facilities granted by the Group (€1,284 million as of December 31, 2021; total share, including transfer taxes). The corresponding gross asset value of these assets stands at €1,295 million. (b) Like-for-like change. For Scandinavia and Turkey, change is indicated on a constant currency basis. Central European assets are valued in euros. Overall, as of December 31, 2021, the average EPRA NIY (1) for the shopping center portfolio (2) stood at 5.2%, down 10 basis points compared to December 31, 2020. CHANGE IN EPRA NET INITIAL YIELD OF THE SHOPPING CENTER PORTFOLIO (3) (on a Group share basis, including transfer taxes) Country 12/31/2021 06/30/2021 12/31/2020 France 4.6% 4.8% 4.8% Italy 5.8% 5.8% 5.8% Scandinavia 4.5% 5.1% 4.9% Iberia 5.8% 6.0% 6.0% Netherlands & Germany 4.8% 5.2% 5.2% Central Europe 6.4% 6.5% 6.4% Other countries 7.4% 10.2% 9.3% TOTAL SHOPPING CENTERS 5.2% 5.4% 5.3% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 57 BUSINESS OF THE YEAR Portfolio valuation 2

2.6.1.2.3 Other information related to December 31, 2021 valuation VALUATION RECONCILIATION WITH THE STATEMENT OF FINANCIAL POSITION (on a total share basis) In millions of euros Investment property at fair value as per statement of financial position 18,729 Right-of-use asset relating to ground leases (353) Investment property at cost (a) 78 Fair value of property held for sale 16 Leasehold and lease incentives 43 Transfer taxes 946 Klépierre’s equity interest in assets accounted for under the equity method (incl. receivables) 1,254 TOTAL PORTFOLIO 20,713 (a) Including IPUC (investment property under construction). SHOPPING CENTER PORTFOLIO VALUATION: SENSITIVITY TO CHANGES IN THE DISCOUNT RATE AND EXIT RATE (on a total share basis, including transfer taxes) The tables below present the change in the valuation of the shopping center portfolio using different discount and exit rate assumptions than those used by the appraisers. Geography Discount rate variance −100 bps −50 bps −25 bps +25 bps +50 bps +100 bps France +7.2% +3.4% +1.6% −2.0% −3.8% −7.1% Italy +7.6% +3.7% +1.8% −1.8% −3.5% −6.9% Scandinavia +7.6% +3.8% +1.9% −1.7% −3.5% −6.8% Iberia +7.5% +3.7% +1.8% −1.8% −3.5% −6.8% Netherlands & Germany +10.2% +5.0% +2.4% −2.4% −4.7% −9.1% Central Europe +7.2% +3.5% +1.7% −1.7% −3.4% −6.6% Other countries +6.2% +3.0% +1.5% −1.5% −3.0% −5.7% TOTAL SHOPPING CENTERS +7.7% +3.7% +1.8% −1.9% −3.7% −7.2% Geography Exit rate variance −100 bps −50 bps −25 bps +25 bps +50 bps +100 bps France +15.2% +6.5% +3.0% −3.2% −5.7% −10.3% Italy +12.0% +5.4% +2.6% −2.4% −4.6% −8.4% Scandinavia +16.5% +7.3% +3.4% −3.1% −5.9% −10.7% Iberia +11.6% +5.3% +2.5% −2.3% −4.4% −8.2% Netherlands & Germany +18.0% +8.0% +3.8% −3.4% −6.5% −11.9% Central Europe +11.1% +5.0% +2.4% −2.2% −4.3% −7.9% Other countries +5.5% +2.6% +1.3% −1.2% −2.3% −4.4% TOTAL SHOPPING CENTERS +14.4% +6.3% +3.0% −2.9% −5.4% −9.8% VALUATION OF THE PROPERTY PORTFOLIO (a) (on a Group share basis, including transfer taxes) In millions of euros 12/31/2021 % of total portfolio Change over 6 months Change over 12 months 06/30/2021 Reported LfL (b) 12/31/2020 Reported LfL (b) France 6,640 37.6% 6,725 −1.3% −0.4% 6,878 −3.5% −2.6% Italy 3,979 22.5% 3,920 +1.5% +0.9% 3,905 +1.9% −0.7% Scandinavia 1,757 9.9% 1,984 −11.4% +1.3% 2,043 −14.0% −0.9% Iberia 2,133 12.1% 2,103 +1.4% +1.6% 2,125 +0.4% +0.5% Netherlands & Germany 1,865 10.6% 2,123 −12.1% −0.5% 2,155 −13.5% −1.9% Central Europe 960 5.4% 950 +1.1% +1.1% 966 −0.6% −0.6% Other countries 148 0.8% 188 −21.4% +14.6% 215 −31.4% +13.2% TOTAL SHOPPING CENTERS 17,481 98.9% 17,994 −2.8% +0.5% 18,286 -4.4% −1.3% TOTAL OTHER RETAIL PROPERTIES 195 1.1% 213 −8.8% −3.2% 236 −17.5% −4.5% TOTAL PORTFOLIO 17,676 100.0% 18,207 −2.9% +0.4% 18,522 −4.6% −1.4% (a) Investments in equity-accounted assets are included based on the fair value of the equity owned by the Group in the companies holding the assets, taking into account receivables and facilities granted by the Group (€1,218 million as of December 31, 2021; Group share, including transfer taxes). The corresponding gross asset value of these assets stands at €1,231 million. (b) Like-for-like change. For Scandinavia and Turkey, change is indicated on a constant currency basis. Central European assets are valued in euros. 58 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Portfolio valuation 2

2.6.2 Management service activities Klépierre’s real estate management service activities include leasing, property and facility management, asset management, development and investment advisory services provided to property companies, most of which are owned by the Group. These activities are valued once a year by Accuracy (as of end- December), an independent external consultant, using a DCF method based on a sum-of-the-parts approach for each country in which Klépierre operates. The DCF approach is based on a business plan comprising projected future cash flows (fees charged to property companies, net of payroll costs and other general and administrative expenses), including a terminal value calculated with a normative expected cash flow. In all countries, future cash flows are discounted at a rate ranging from 6.9% to 7.9% (depending on the country) based on the weighted average cost of capital of comparable listed companies managing third-party real estate investments. The fair market value of the Klépierre Group management service activities as of December 31, 2021 stood at €318.2 million on a total share basis (€316.8 million, Group share) compared to €331.2 million as of December 31, 2020 (€327.6 million, Group share), mainly reflecting the disposal of assets in Norway and Germany (see section 2.4.4 “Disposals”). 2.7 FINANCING POLICY Klépierre’s financing policy aims to ensure balance sheet stability, continuous access to financial resources, a strong liquidity position and very competitive cost of capital. Thanks to a strong cash-flow generation, an active asset rotation policy and a selective approach to investments, Klépierre managed to reduce its net debt in 2021 by more than €1 billion, bringing it down below its pre-pandemic level to €8 billion. The Group’s liquidity position is strong and covers all refinancing needs until the end of 2024. With a 7-year average debt maturity and a low cost of funding, the Group operates with one of the most solid balance sheets in the industry and remains committed to operating with conservative leverage metrics. 2.7.1 Financial resources 2.7.1.1 Change in net debt As of December 31, 2021, consolidated net debt totaled €8,006 million compared to €9,054 million at the end of 2020, down €1,048 million versus year-earlier figure. The main movements during the year were as follows: • Cash inflows from operations and other items (foreign exchange, changes in working capital), amounting to €758 million; • Cash outflows in respect of distributions for €391 million, including the €1.00 per share 2020 distribution to shareholders (€285 million) and distributions to non-controlling interests (€106 million); • Cash outflows in respect of capital expenditure for €166 million (see section 2.8.6 “EPRA capital expenditure”); and • Cash inflows from disposals of €847 million. 2.7.1.2 Debt ratios As of December 31, 2021, the Loan-to-Value (LTV) ratio stood at 38.7%, a 270 basis-point decrease compared to December 31, 2020. LOAN-TO-VALUE CALCULATION AS OF DECEMBER 31, 2021 (as per covenant definitions, on a total share basis) In millions of euros 12/31/2021 12/31/2020 Current financial liabilities 1,893 2,382 Bank facilities 16 9 Non-current financial liabilities 6,815 7,244 Revaluation due to fair value hedge and cross currency swap 0 (31) Fair value adjustment of debt (a) (2) (5) Gross financial liabilities excluding fair value hedge 8,722 9,600 Cash and cash equivalents (b) (716) (546) Net debt 8,006 9,054 Property portfolio value (incl. transfer taxes) 20,713 21,859 LOAN-TO-VALUE RATIO 38.7% 41.4% (a) Corresponds to the outstanding amount of the market value adjustment for Corio’s debt recognized at the acquisition date. (b) Including cash managed for principals. Due to the improved operating conditions over the second half of the year and lower debt, Klépierre was able to restore the net debt to EBITDA ratio, which stood at 8.8x as of December 31, 2021 compared to 10.8x at end 2020. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 59 BUSINESS OF THE YEAR Financing policy 2

NET DEBT TO EBITDA 8.7x 9.2x 8.6x 8.3x 8.0x 10.8x 8.8x 2017 2021 2016 2015 2018 2020 2019 (1) The liquidity position represents the total financial resources available to a company. This indicator is therefore equal to the sum of cash at hand at the end of the period, committed and unused revolving credit facilities (net of commercial paper) and uncommitted credit facilities. (2) On a total-share basis, including transfer taxes, the Czech Republic represented 3.1% of the total Klépierre portfolio, Poland 1.5% and Turkey 0.7%. 2.7.1.3 Available resources At the end of December 2021, Klépierre’s liquidity position (1) stood at €2.8 billion. It mainly comprises €1.8 billion in unused committed revolving credit facilities (net of commercial paper), €0.4 billion in uncommitted credit facilities and €0.6 billion in cash and equivalents. The current liquidity position remains strong and covers all of the Group’s refinancing needs for the next two years. In January 2022, Klépierre launched a tender offer on two of its shortest public bonds maturing in April 2023 (€750 million bearing a 1% coupon) and November 2024 (€630 million bearing a 1.75% coupon). This transaction is aimed at reducing the excess cash position. At the end of the offer, €297 million worth of notes were tendered, €226 million in April 2023 and €71 million in November 2024. The notes were repurchased and canceled on January 18, 2022. 2.7.1.4 Debt structure As of December 31, 2021, the share of financing sourced from capital markets in total debt stood at 92%, enabling Klépierre to benefit from excellent financing conditions. Secured debt accounted for 8% of total debt, the bulk of which concerned borrowing raised in Scandinavia. The Group’s average debt maturity stood at 7.0 years at end-December 2021. Klépierre’s debt exposure to foreign currencies is adjusted to mirror that of its assets – except for the Czech Republic, Poland and Turkey. Considering the limited exposure of the Group’s portfolio to these countries (2) and the high cost of currency hedging, especially over long durations, the Group has decided not to hedge these positions. DEBT MATURITY SCHEDULE AS OF DECEMBER 31, 2021 (% of authorized debt) 217 100 965 200 736 550 281 1,106 1,339 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ Drawn Undrawn (in millions of euros) (in millions of euros) 625 676 26 636 626 1,226 725 230 FINANCING BREAKDOWN BY TYPE OF RESOURCE AS OF DECEMBER 31, 2021 (utilizations, total share) 74% Bonds 18% Commercial paper 8% Mortgage loans and finance leases FINANCING BREAKDOWN BY CURRENCY AS OF DECEMBER 31, 2021 (utilizations, total share) 89% EUR 3% NOK 4% DKK 4% SEK 60 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR Financing policy 2

2.7.2 Interest rate hedging (1) The interest coverage ratio (as per banking covenant definition) represents the ratio of consolidated EBITDA presented in the statement of comprehensive income adjusted for the share in earnings of equity-accounted companies and the change in value of investment properties of equity-accounted companies (€910.7 million), to net interest expenses (€109.8 million) calculated as of cost of net debt less net deferral of upfront payments on swaps plus amortization of the fair value of debt less other non-recurring financial expenses. In 2021, Klépierre strengthened its hedging profile by rolling over €400 million in maturing caps and switching €600 million of its short- term debt from fixed to variable but capped debt. The Group also lengthened its hedging duration by subscribing €247 million equivalent of payer forward-start swaps denominated in NOK, SEK & DKK. As of December 31, 2021, the proportion of fixed-rate debt (including hedging instruments) was 91%, while its average maturity remained close to five years (4.7 years). Accordingly, taking into consideration the upcoming repayment schedule, the sensitivity of the Group’s cost of debt to interest rate fluctuations should remain low in the coming years. Based on the interest rate yield curve as of December 31, 2021, the Group’s annual cash-cost-at-risk stood at €1.5 million on a Group share basis. In other words, the annual loss resulting from short-term interest rate movements would be less than €1.5 million 99% of the time. This calculation does not factor in any assumptions regarding changes in credit spreads. 2.7.3 Cost of debt The Group’s average cost of debt remained stable at 1.2% throughout 2021. Very low interest rates combined with the upswing in EBITDA during the second half of the year, brought the interest coverage ratio (ICR) back above the pre-pandemic level, peaking at 8.3x for full year 2021. BREAKDOWN OF COST OF DEBT In millions of euros 12/31/2021 12/31/2020 Cost of net debt (as per IFRS consolidated statement of comprehensive income) 115.3 108.6 Non-recurring items 1.8 (0.2) Non-cash impact 3.7 13.3 Interest on advances to associates 9.8 10.3 Liquidity cost (7.6) (5.7) Interest expense on lease liabilities (a) (12.9) (8.2) Cost of debt (used for cost of debt calculations) 110.1 118.2 Average gross debt 8,947.8 9,616.0 COST OF DEBT (in %) 1.2% 1.2% (a) As per IFRS 16. INTEREST COVERAGE RATIO AND COST OF DEBT (1) 5.2x 6.3x 7.0x 8.0x 7.3x 8.3x 2016 2019 2021 2020 2017 2018 ICR Cost of debt 1.6% 1.5% 1.2% 1.2% 2.1% 1.8% 2.7.4 Credit ratings and covenants Standard & Poor’s currently assigns Klépierre and Steen & Strøm a long-term BBB+ rating (A2 short-term rating) with a stable outlook. COVENANTS APPLICABLE TO KLÉPIERRE SA FINANCING Financing Ratios/covenants Limit (a) 12/31/2021 06/30/2021 12/31/2020 Syndicated and bilateral loans Net debt/Portfolio value (“Loan to Value”) ≤ 60% 38.7% 42.6% 41.4% EBITDA/Net interest expense (b) ≥ 2.0x 8.3x 6.5x 7.3x Secured debt/Portfolio value (c) ≤ 20% 0.6% 0.6% 0.6% Portfolio value (d) ≥ €10bn €17.7bn €18.2bn €18.5bn Bond issues Secured debt/Revalued Net Asset Value (c) ≤ 50% 0.8% 0.9% 0.9% (a) Covenants are based on the syndicated revolving credit facility put in place in December 2020. (b) Excluding the impact of liability management operations (non-recurring items). (c) Excluding Steen & Strøm. (d) Group share, including transfer taxes. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 61 BUSINESS OF THE YEAR Financing policy 2

2.8 EPRA PERFORMANCE INDICATORS The following performance indicators have been prepared in accordance with the EPRA (European Public Real Estate Association) Best Practices Recommendations published in October 2019 and as set out in the guide available on its website (www.epra.com). These updated guidelines aim to reflect the significant shift in the listed real estate sector, from long-term passive asset owners into highly active asset managers and capital allocators. EPRA SUMMARY TABLE (a) 12/31/2021 06/30/2021 12/31/2020 See section EPRA Earnings (in millions of euros) 610.4 202.1 583.7 2.8.1 EPRA Earnings per share (in euros) 2.14 0.71 2.04 2.8.1 EPRA NRV (in millions of euros) 10,033 9,654 10,184 2.8.2.2 EPRA NRV per share (in euros) 35.10 33.80 35.70 2.8.2.2 EPRA NTA (in millions of euros) 8,912 8,489 8,957 2.8.2.2 EPRA NTA per share (in euros) 31.20 29.70 31.40 2.8.2.2 EPRA NDV (in millions of euros) 7,741 7,261 7,300 2.8.2.2 EPRA NDV per share (in euros) 27.10 25.40 25.60 2.8.2.2 EPRA Net Initial Yield Shopping centers 5.2% 5.4% 5.3% 2.8.3 EPRA “Topped-up” Net Initial Yield Shopping centers 5.4% 5.7% 5.6% 2.8.3 EPRA Vacancy Rate 5.3% 5.8% 4.8% 2.8.4 EPRA Cost Ratio (including direct vacancy costs) 19.9% 34.4% 26.1% 2.8.5 EPRA Cost Ratio (excluding direct vacancy costs) 17.5% 31.4% 24.3% 2.8.5 (a) Per-share figures rounded to the nearest 10 cents. 2.8.1 EPRA Earnings EPRA Earnings is a measure of the underlying operating performance of an investment property company excluding fair value gains, investment property disposals, and limited other items considered as non-core activities for an investment property company. EPRA EARNINGS Group share (in millions of euros) 12/31/2021 12/31/2020 Net income as per IFRS consolidated statement of comprehensive income 544.7 (785.7) Adjustments to calculate EPRA Earnings: (i) Changes in value of investment properties, development properties held for investment and other interests 402.5 1,575.9 (ii) Profit or losses on disposal of investment properties, development properties held for investment and other interests (8.8) (3.5) (iii) Profit or losses on sales of trading properties including impairment charges in respect of trading properties - - (iv) Tax on profits or losses on disposals - - (v) Negative goodwill/goodwill impairment 104.8 16.8 (vi) Changes in fair value of financial instruments and associated close-out costs 0.2 18.3 (vii) Acquisition costs on share deals and non-controlling joint venture interests - - (viii) Deferred tax in respect of EPRA adjustments (a) (329.8) (78.7) (ix) Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation) (34.7) 88.2 (x) Non-controlling interests in respect of the above (68.5) (247.5) EPRA EARNINGS 610.4 583.7 Company-specific adjustments to calculate net current cash flow: • Employee benefits, stock option expense and non-current operating expenses 3.3 (7.3) • Depreciation, amortization and provisions for contingencies and losses 8.5 10.5 NET CURRENT CASH FLOW 622.3 586.9 Average number of shares (b) 285,860,024 286,072,515 Per share (in euros) EPRA EARNINGS 2.14 2.04 NET CURRENT CASH FLOW 2.18 2.05 (a) In 2021, this item includes €361.3 million in deferred tax and -€31.5 million in non-current taxes. (b) Excluding treasury shares. 62 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR EPRA performance indicators 2

2.8.2 EPRA Net Asset Value metrics Net Asset Value metrics are key performance indicators designed to provide stakeholders with relevant information on the fair value of the assets and liabilities of real estate companies. Measures of net asset value include: EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets Value (NTA) and EPRA Net Disposal Value (NDV). As recommended by EPRA, these new standards were applied with effect from the 2020 interim consolidated financial statements. For more detailed explanations of EPRA adjustments and requirements, please refer to the EPRA Best Practices Recommendations. 2.8.2.1 Application by Klépierre EPRA Net Reinstatement Value (NRV) aims to highlight the value of net assets on a long-term basis and to represent the value required to rebuild the entity, assuming that no selling of assets takes place. Consequently, deferred taxes as per IFRS and real estate transfer taxes (RETT) are added back. Intangible assets may be added if they are not already recognized in the IFRS statement of financial position and when their fair value can be reliably determined. EPRA Net Tangible Assets value (NTA) reflects tangible assets only and assumes that companies buy and sell some of their assets, thereby crystallizing certain levels of unavoidable deferred tax liability and RETT. Based on the new EPRA methodology, the portfolio is broken down into three types: (i) Assets that the Company does not plan to sell in the long run: 100% of deferred taxes as per IFRS are added back in addition to 50% of RETT optimization; (ii) Assets that may be sold in share deals: 50% of deferred taxes as per IFRS and RETT optimization are added back; and (iii) Assets that may be sold through asset deals: 50% of deferred taxes as per IFRS are added back, but there is no restatement for RETT. TREATMENT OF DEFERRED TAXES AND RETT IN EPRA NET TANGIBLE ASSETS Fair value As % of total portfolio % of deferred tax excluded Portfolio subject to deferred tax and intention is to hold and not to sell in the long run 11,518 65% 100% Portfolio subject to partial deferred tax and to tax structuring 3,969 22% 43% Other portfolio 2,189 12% 50% TOTAL PORTFOLIO 17,676 By definition, EPRA NTA aims at valuing solely tangible assets and therefore, as regards Klépierre, does not incorporate the fair value of management services companies (unlike the former EPRA NAV and NNNAV indicators). This wholly integrated service management business collects fees not only from tenants and third parties but also from real estate companies, while the latter are deducted from rental income in the appraiser’s discounted cash flow model. The fair value of these businesses is only included in the calculation of EPRA NRV. Lastly, EPRA Net Disposal Value aims to represent the shareholders’ value under an orderly sale of the business, where RETT, deferred taxes, financial instruments and certain other adjustments are calculated to the full extent of their liability, while discarding completely any RETT or tax optimization. Intangible assets are also excluded from this methodology. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 63 BUSINESS OF THE YEAR EPRA performance indicators 2

2.8.2.2 Calculation of EPRA Net Asset Value EPRA NET ASSET VALUES AS OF DECEMBER 31, 2021 Group share (in millions of euros) EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 8,405 8,405 8,405 Amounts owed to shareholders 0 0 0 Include/exclude: i) Hybrid instruments 0 0 0 Diluted NAV 8,405 8,405 8,405 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) 0 0 0 ii.b) Revaluation of IPUC (if IAS 40 cost option is used) 0 0 0 ii.c) Revaluation of other non-current investments 0 0 0 iii) Revaluation of tenant leases held as finance leases 0 0 0 iv) Revaluation of trading properties 0 0 0 Diluted NAV at fair value 8,405 8,405 8,405 Exclude: v) Deferred tax in relation to fair value gains of IP 990 807 0 vi) Fair value of financial instruments 0 0 0 vii) Goodwill as a result of deferred tax (266) (266) (266) viii) Goodwill as per IFRS statement of financial position (222) (222) (222) Include: ix) Fair value of fixed-rate debt 0 0 (175) x) Revaluation of intangible assets to fair value 299 0 0 xi) Real estate transfer tax 828 190 0 NAV 10,034 8,913 7,741 Fully diluted number of shares 285,930,803 285,930,803 285,930,803 NAV PER SHARE (in euros) 35.10 31.20 27.10 EPRA NET ASSET VALUES AS OF DECEMBER 31, 2020 Group share (in millions of euros) EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 8,182 8,182 8,182 Amounts owed to shareholders 0 0 0 Include/exclude: i) Hybrid instruments 0 0 0 Diluted NAV 8,182 8,182 8,182 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) 0 0 0 ii.b) Revaluation of IPUC (if IAS 40 cost option is used) 0 0 0 ii.c) Revaluation of other non-current investments 0 0 0 iii) Revaluation of tenant leases held as finance leases 0 0 0 iv) Revaluation of trading properties 0 0 0 Diluted NAV at fair value 8,182 8,182 8,182 Exclude: v) Deferred tax in relation to fair value gains of IP 1,438 1,216 0 vi) Fair value of financial instruments 9 9 0 vii) Goodwill as a result of deferred tax (358) (358) (358) viii) Goodwill as per IFRS statement of financial position (233) (233) (233) Include: ix) Fair value of fixed-rate debt 0 0 (291) x) Revaluation of intangible assets to fair value 300 0 0 xi) Real estate transfer tax 847 141 0 NAV 10,184 8,957 7,300 Fully diluted number of shares 285,469,856 285,469,856 285,469,856 NAV PER SHARE (in euros) 35.70 31.40 25.60 64 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR EPRA performance indicators 2

EPRA NTA – 12-MONTH RECONCILIATION PER SHARE (a) In euros per share EPRA NTA AT 12/31/2020 31.40 Cash flow 2.18 Like-for-like asset revaluation (0.84) Dividend (1.00) Forex and other (0.54) EPRA NTA AT 12/31/2021 31.20 (a) EPRA NTA per share figures are rounded to the nearest 10 cents. EPRA NTA per share amounted to €31.20 at the end of December 2021, versus €31.40 one year earlier (1) . This slight decrease reflects the generation of net current cash flow (€2.18 per share), which was partly offset by a decrease in the value of the like-for-like portfolio (€0.84 per share) and the distribution payment (€1.00 per share). Foreign exchange and other items had a negative impact of €0.54 per share. 2.8.3 EPRA Net Initial Yield (1) EPRA NTA per share figures are rounded to the nearest 10 cents. EPRA Net Initial Yield (NIY) is calculated as annualized rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the gross market value of the property. EPRA “Topped-up” NIY is calculated by making an adjustment to EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent-free periods and step-up rents). See section 2.6.1.2 “Valuation” for the geographical breakdown of EPRA NIY. EPRA NET INITIAL YIELDS In millions of euros Shopping centers Other retail properties Total Investment property − Wholly owned 16,263 195 16,457 Investment property − Share of joint ventures/funds 1,218 0 1,218 Total portfolio 17,481 195 17,676 Less: Developments, land and other (147) 0 (147) Completed property portfolio valuation (B) 17,334 195 17,528 Annualized cash passing rental income 1,006 16 1,022 Property outgoings (110) (1) (111) Annualized net rents (A) 896 15 911 Notional rent expiration of rent free periods or other lease incentives 39 0 39 Topped-up net annualized rent (C) 935 15 950 EPRA NET INITIAL YIELD (A/B) 5.2% 7.5% 5.2% EPRA “TOPPED-UP” NET INITIAL YIELD (C/B) 5.4% 7.7% 5.4% 2.8.4 EPRA Vacancy Rate The EPRA Vacancy Rate is calculated by dividing the market rents of vacant spaces by the market rents of the total space of the whole property portfolio (including vacant spaces), excluding properties that are under development and strategic vacancies. EPRA VACANCY RATE (a) In thousands of euros Estimated rental value of vacant space (A) Total estimated rental value (B) EPRA Vacancy Rate (A/B) France 28,788 504,902 5.7% Italy 9,589 288,225 3.3% Scandinavia 10,158 142,584 7.1% Iberia 8,910 142,652 6.2% Netherlands & Germany 4,907 95,890 5.1% Central Europe 2,227 60,221 3.7% Other countries 2,057 26,163 7.9% TOTAL 66,637 1,260,637 5.3% (a) Scope: all shopping centers, including those accounted for under the equity method, which are included based on a 100% share. The estimated rental values of leased and vacant spaces as of December 31, 2021, are based on internal assumptions. Shopping centers (or portions thereof) under restructuring that are excluded from the scope are as follows: Økern (Oslo, Norway). Strategic vacancies are also excluded. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 65 BUSINESS OF THE YEAR EPRA performance indicators 2

2.8.5 EPRA Cost Ratio The purpose of the EPRA Cost Ratio is to reflect the relevant overhead and operating costs of the business. It is calculated by expressing the sum of property expenses (net of service charge recoveries and third-party asset management fees) and administrative expenses as a percentage of gross rental income. EPRA COST RATIO In millions of euros 12/31/2021 12/31/2020 Administrative and operating expenses (a) (206.8) (297.6) Net service charge costs (a) (78.4) (68.7) Net management fees (a) 65.1 68.4 Other net operating income intended to cover overhead expenses (a) 9.4 20.7 Share of joint venture expenses (b) (10.1) (23.1) Exclude (if part of the above): Service charge costs recovered through rents but not separately invoiced 9.6 8.5 EPRA Costs (including vacancy costs) (A) (211.1) (291.8) Direct vacancy costs (26.2) (20.7) EPRA Costs (excluding vacancy costs) (B) (184.9) (271.0) Gross rental income less ground rents (a) 999.3 1,054.4 Less: service fee/cost component of gross rental income (9.6) (8.5) Add: share of joint ventures (gross rental income less ground rents) (b) 69.7 70.0 Gross rental income (C) 1,059.3 1,115.9 EPRA COST RATIO (INCLUDING DIRECT VACANCY COSTS) (A/C) 19.9% 26.1% EPRA COST RATIO (EXCLUDING DIRECT VACANCY COSTS) (B/C) 17.5% 24.3% (a) As per the IFRS consolidated statements of comprehensive income. (b) For more information, see section 2.3.1 “Contribution of equity-accounted investments.” Due to the impact of the lockdowns (rent abatements and provisions for credit losses), the EPRA cost ratio was adversely affected compared to pre-pandemic years. Nevertheless, over one year, the decrease is mainly attributable to the reduction in provisions for credit losses. 2.8.6 EPRA Capital Expenditure Investments in 2021 are presented in section 2.4 “Investments, developments and disposals”. This section presents Klépierre’s capital expenditure based on EPRA financial reporting guidelines, taking into account the latest EPRA Best Practices Recommendations as updated in October 2019. EPRA CAPITAL EXPENDITURE In millions of euros 12/31/2021 12/31/2020 Group (excl. Joint Ventures) Joint Ventures (proportionate share) Total Group Total Group Acquisitions 0.3 - 0.3 0.1 Development 99.3 2.0 101.3 96.3 Investment properties 63.7 1.6 65.3 81.5 Incremental lettable space - - - - No incremental lettable space 49.4 1.5 50.9 63.3 Tenant incentives 8.6 0.1 8.7 11.9 Other material non-allocated types of expenditure 5.8 0.0 5.8 6.4 Capitalized interest 2.6 0.0 2.6 3.4 Total CAPEX 165.9 3.6 169.6 181.3 Conversion from accrual to cash basis (4.0) - (4.0) 31.7 TOTAL CAPEX ON CASH BASIS 162.0 3.6 165.6 213.0 66 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT BUSINESS OF THE YEAR EPRA performance indicators 2

2.8.6.1 Developments (1) This section was not included in the management report as approved by the Executive Board on February 15, 2022. (2) Excluding the impact of amortizing Covid-19 rent concessions. Development capital expenditure includes investments related to new constructions and extensions of existing assets. In 2021, these investments amounted to €101.3 million, mainly relating to the extension of Gran Reno (Bologna, Italy), the Hoog Catharijne redevelopment (Utrecht, Netherlands), and the Créteil Soleil (Paris region, France) and Grand Place (Grenoble, France) projects. 2.8.6.2 Investment properties Capital expenditure on the operational investment property portfolio mainly comprises investments to maintain or enhance standing assets without creating additional leasing space and leasing incentives granted to tenants. In 2021, these investments totaled €65.3 million, breaking down as follows: • €50.9 million: technical maintenance and refurbishment of common areas. Most of this expenditure is re-invoiced to tenants; • €8.7 million: leasing incentives (including fit-out and eviction costs) paid to new tenants when releasing or to support store transformation by existing tenants when lease is renewed; and • €5.8 million: hard and soft construction costs incurred in connection with leasing actions designed to split or merge stores and/or to comply with Group’s technical standards. 2.8.6.3 Capitalized interest Capitalized interest amounted to €2.6 million in 2021. 2.9 EVENTS SUBSEQUENT TO THE ACCOUNTING CUT-OFF DATE (1) On February 24, 2022, the Russian Federation invaded Ukraine, immediately throwing commodity and financial markets into turmoil. As at the date of this document, it is too early to measure the full extent of the impact of the geopolitical crisis, although it will undoubtedly hamper global growth. For more information on potential consequences of this event for Klépierre, see section 5.1.2.1 “Macro and exogenous risks” of this Universal Registration Document. 2.10 OUTLOOK Since June 2021, the operating environment has improved with footfall, retailer sales and collection rates rebounding close to pre-pandemic levels. Assuming that the business resumption is not impacted in 2022 by further Covid-related disruptions on our clients’ operations, in 2022 the Group expects to generate net current cash flow per share (2) of between €2.30 and €2.35, representing growth of 9.5% to 11.9%, on the €2.10 per share recorded in 2021, restated for the impact of disposals in 2021 (−€0.08). The main drivers are: • Tenants sales at least at the level recorded since reopening in June 2021; • Higher collection rates; • Lower rent abatements; • Higher variable income; • Improved occupancy through sustained leasing activity; • Partly offset by the disposals executed in 2021. The guidance does not include the potential impact of any disposals in 2022. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 67 BUSINESS OF THE YEAR Outlook 2
3 Sustainable development 68 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

3.1 ACT FOR GOOD® 70 3.1.1 Governing responsibly 73 3.1.2 Managing key trends, risks, and opportunities 74 3.2 ACT FOR THE PLANET 79 3.2.1 Act for a low-carbon future 80 3.2.2 Contribute to a circular economy and resource conservation 87 3.2.3 Develop a fully certified portfolio 89 3.2.4 Innovate towards sustainable mobility 91 3.3 ACT FOR TERRITORIES 93 3.3.1 Promote local employment in the communities 94 3.3.2 Participate in the local economy 95 3.3.3 Pursue corporate citizenship 96 3.3.4 Involve local actors in development projects 97 3.4 ACT FOR PEOPLE 99 3.4.1 Increase visitors’ satisfaction 100 3.4.2 Promote health, safety and well-being 101 3.4.3 Offer Group employees a positive experience 104 3.4.4 Champion ethics in the local communities 108 3.4.5 Be socially conscious 110 3.5 SUMMARY OF PERFORMANCE AGAINST LONG-TERM COMMITMENTS, METHODOLOGY AND CONCORDANCE TABLES 111 3.5.1 Summary performance against 2022 Act for Good® commitments 111 3.5.2 Management system and tools 112 3.5.3 Industry initiatives and charters supported by Klépierre 114 3.5.4 Methodological note 114 3.5.5 Materiality analysis 118 3.5.6 Reporting on EU taxonomy 118 3.5.7 Cross-reference tables (GRI,TCFD,SASB) 119 3.5.8 Independent third party’s report on consolidated non-financial statement 123 3 Sustainable development KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 69

3.1 ACT FOR GOOD® ACT FOR PEOPLE Put people at the heart of actions to create value for all ACT FOR TERRITORIES Contribute to our centers’ territorial integration and to the development of local communities with which we are involved ACT FOR THE PLANET Ensure that Klépierre has a positive impact on the environment Klépierre recognizes that its environmental and societal impacts are constantly evolving and that its relationship with the resources it relies on is fundamental to delivering sustainable financial returns, as well as ensuring a positive impact on its stakeholders and the planet. Act for Good® encompasses Klépierre’s ambitious corporate social responsibility program, guiding its approach to delivering value for the national and international brands occupying its properties, the millions of consumers visiting its shopping centers, its shareholders and lenders, employees, and local communities. Through robust commitments and leading initiatives, Klépierre acts for good across the following three focus areas: 70 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Good® 3
Reduction in energy intensity vs 2013 (reported scope) of centers are working exclusively with local service providers for daily operation (reported scope) of employees concerned by work-life measures beyond legal requirement (reported scope) Reduction in greenhouse gas emissions vs 2020 (like-for-like, market-based, scope 1 & 2) Centers contributing to local employment (reported scope) Increase in the Net promoter score vs 2017 (reported scope) Shopping centers with a sustainable certification (reported scope) Centers making space available for a local initiative (reported scope) Staff access to training (reported scope) -45% -20% 100% 100% 100% +18 pts 98% 100% 100% ACT FOR TERRITORIES ACT FOR THE PLANET ACT FOR PEOPLE 2021 performance highlights KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 71 SUSTAINABLE DEVELOPMENT Act for Good® 3

Participation in external initiatives and benchmarks In order to track and assess its performance against peers and wider sustainability leaders, and report transparently to its stakeholders, Klépierre takes part in the following: GRESB is the world’s leading environmental, social and governance benchmark for real estate and infrastructure. Klépierre is recognised as a Global Retail Sector Leader in shopping malls and was ranked first in the “Global Retail Listed”, “Retail Listed” and “Europe Listed” categories. In 2021, the Group maintained its five-star rating and achieved a score of 97. 97 out of 100 CDP is a global system that scores companies from A to D on their environmental impact and supports them to track and benchmark their progress against industry peers. Of the more than 13,000 companies who disclosed their data in 2021, Klépierre was one of only 12 real estate companies among the 200 businesses included in CDP’s prestigious climate “A list”. A MSCI measures company’s resilience to long-term material environmental, social and governance risks. The ESG ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC). In 2021, Klépierre’s rating was upgraded from AA to the highest score possible: AAA. AAA Klépierre received a “Gold” award from EPRA, which promotes, develops, and represents the European public real estate sector. EPRA actively participates in the debate on sustainability practices through different initiatives, including the development of Sustainability BPR (Best Practices Recommendations) and guidance for European listed real estate companies. Gold To promote consistent and transparent reporting and ensure it is aligned with the latest climate science, Klépierre has embedded the following external initiatives into its targets and processes: Klépierre’s low-carbon strategy has been approved at the highest possible level by the Science Based Targets initiative (SBTi), well below 1.5°C, positioning Klépierre as the leading European real estate company in the fight against climate change. The Task Force on Climate-related Financial Disclosures (TCFD) is a framework developed to support companies’ disclosure of their climate-related risks and opportunities. Klépierre has been responding to the TCFD framework since 2020. Since 2020, Klépierre has published its sustainability data in line with the Real Estate Sustainability Accounting Standards defined by SASB (Sustainability Accounting Standards Board). 72 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Good® 3

3.1.1 Governing responsibly Klépierre’s sustainability strategy is embedded in the Group’s management and governance structure, all areas of the business and all countries in which it operates, as well as the various external initiatives in which it participates. The strategy is supported by dedicated tools to track sustainability performance and managed through the governance structure set out below: SUPERVISORY BOARD EXECUTIVE BOARD SUPPORT FUNCTIONS DEVELOPMENT OPERATIONS STAFF SUSTAINABLE DEVELOPMENT COMMITTEE HUMAN RESOURCES DEPARTMENT ENGINEERING & SUSTAINABILITY DEPARTMENT Reports to the Supervisory Board and reviews the Group’s sustainability processes and performance, including those to do with climate risks and opportunities. CSR COMMITTEE Animated by Klépierre’s Secretary General, the Committee supports the Executive Board in implementing the sustainability strategy by setting targets, approving action plans and reporting results. The Committee includes all other members of the Corporate Management Team, as well as members of the CSR team representing Group-level departments. The Board’s objectives reflect its responsibility for implementing Act for Good® commitments. GENERAL SECRETARY Responsible for CSR within the Corporate Management Team and animates the CSR Committee. Responsible for technical engineering in centers, operational investments, and sustainable development, and distributing environmental and societal policy across its portfolio. Three members of staff are dedicated to sustainability matters Oversees the HR strategy, including talent management, skills development, and performance challenges in line with the Group’s values and social commitments. Two members of staff are dedicated to the implementation and continuous improvement of HR aspects of the Group’s CSR policy. Responsible overall for Klépierre’s sustainability performance Key Act for Good® commitments are incorporated within the performance share allocation criteria for the Group’s principal managers. Country managers, company heads, country technical directors and officers at regional and shopping center levels are responsible for implementing the Group’s sustainability goals and policies, in line with local context, across the dozen markets. Each country determines its annual action plan, in terms of investment and management, for all technical and sustainable development issues shaping its performance level. These annual action plans include setting tailored targets for individual assets in collaboration with the Corporate Engineering & Sustainability Department. They are supported by best practices guides which help define the appropriate actions a country can take, based on initiatives already implemented across the Group under each Act for Good® pillar. The action plans are then discussed at an annual meeting that brings together the entire European network, before being presented to the Group’s Chief Operating Officer. This sustainability governance framework is supported by a network of 30 delegates who cover all Klépierre subsidiaries, carry out local actions and report on best practices. The delegates engage with the head office teams including the Engineering & Sustainability Department via regular monthly meetings which increases information sharing within the business and builds robust cross-functional teams. Klépierre also embeds the Act for Good® strategy in all company communications, so all employees can ensure this is present in the day-to-day running of the business. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 73 SUSTAINABLE DEVELOPMENT Act for Good® 3

CO-CONSTRUCTION WITH STAKEHOLDERS Klépierre developed the Act for Good® strategy following a comprehensive, multi-stakeholder materiality review in 2017. A panel including retailers, investors, human resources and CSR experts, scientists, non-governmental organizations, and public authorities assessed various issues based on their materiality to Klépierre and ranked the top ten in terms of risks and opportunities. The panel then helped to develop a strategy that would: meet the expectations of Klépierre’s stakeholders; see a positive correlation between sustainability and performance; focus on key impact areas; reflect the Group’s operating content and feel meaningful for employees. Climate change Sustainable assets Health and well-being Local value creation Four key themes emerged, which underpin the Act for Good® strategy: The risks identified in the 2017 materiality assessment are reviewed annually for accuracy by the CSR Committee, drawing on internal and external research. For more information on Klépierre’s stakeholders, see the business model in chapter 1 of Klépierre’s 2021 Universal Registration Document. The materiality matrix in section 3.5.5 presents the initial CSR risks and opportunities analysis. 3.1.2 Managing key trends, risks, and opportunities 3.1.2.1 Understanding the environment in which Klépierre operates Klépierre’s business model is affected by several macro-trends, as laid out here. To continue creating value for its stakeholders, it is essential that Klépierre responds to these trends and effectively manages the resulting risks and opportunities to build the retail of the future. The past year marked a period of accelerated commitments and action surrounding climate change, spanning industries and countries with climate resilience and the transition to net zero taking center stage in the lead up to the 26 th United Nations Climate Change conference (COP26). With building operations responsible for 28% of annual global greenhouse gas emissions (a) , and rising supply chain disruptions due to resource scarcity, Klépierre has a responsibility to mitigate its negative impact on the environment and embed resilience throughout its value chain and operations. At the same time, increased consumer awareness on environmental issues and pressure from stakeholders in the form of rising standards and legislation, industry initiatives and investor requirements are pushing the private sector towards a more responsible approach to environmental, social and governance issues. As the Covid-19 recovery lingers and we continue to shape a new normal, Klépierre must manage a heightened focus on health and well-being and increased socio-economic equality. The pandemic revealed the value of shopping centers as community hubs and their importance for providing essential goods and services to local communities. As urbanisation continues, shopping centers like Klépierre’s have a unique opportunity to be at the heart of community cohesion, support the shift to a more equal society through employment opportunities and local procurement, and embed health and well-being and place-making into assets’ design and services. The pandemic also accelerated trends such as the shift to new modes of consumption including e-commerce and click and collect services. These are largely enabled by technological innovation which plays an increasing role in providing people with planet-friendly solutions such as touchless experiences and consumer apps. Lastly, companies are operating in a competitive market when it comes to attracting and retaining talent, and will need to adapt and evolve on key issues such as diversity and inclusion and well-being to meet the changing needs of today’s workforce. (a) https://www.worldgbc.org/embodied-carbon. 3.1.2.2 Building resilience by managing key risks and opportunities Social, environmental and governance risks affecting Klépierre’s business model and core activities, in line with the trends identified above, are reviewed on an annual basis as part of the Group’s overall risk assessment (described in detail in chapter 5). In 2021, 11 material risks were identified at Group level: five relate to environmental, social and governance issues including health, safety and security, compliance, climate change, stakeholders, and human resources. The following graphic outlines Klépierre’s key non-financial risks, their importance to stakeholders and the gross risk they present to Klépierre before considering the mitigation measures the Group has put in place. It also details Klépierre’s management approach and the key performance indicators used to track its progress. 74 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Good® 3

CLIMATE CHANGE (see section 3.2.1) NATURAL RESOURCES AND CIRCULAR ECONOMY (see section 3.2.2) KEY: Act for a low carbon future Decreasing Stable Increasing Develop a 100%-certified assets portfolio Contribute to a circular economy Innovate for a sustainable mobility Associated risks Risk level Change in risk level Stakeholders Management approach Key performance indicators Closure or deterioration of centers due to weather events MODERATE › Visitors › Tenants › Providers › Shareholders › Investors • Analysis of the portfolio’s exposure to physical risks (asset by asset) • Structure audits every five years with associated Capex plan (monthly review) • • Approval of the climate strategy by the Support to tenants Science-Based Targets initiative (SBTi) Reduction in the carbon intensity of assets Number of assets with a net-zero balance sheet Regulatory tightening in building energy requirements efficiency MODERATE › Tenants › Public authorities • BREEAM In-Use certification of the entire portfolio • Participation in specialized industry bodies • Support to tenants through engagement and shared best practices • Piloting monthly internal digital tool for steering and monitoring deployed for all assets • Increased use of renewable energy • Analysis of the portfolio’s exposure to transition risks (asset by asset) • Energy saving approach Percentage of assets certified BREEAM In-Use Proportion of electricity consumption from renewable sources Reduction in energy consumption in common areas Increase/tension on the price of energy MODERATE › Providers › Suppliers › Public authorities • Energy saving measures to limit the impact • Contractualization or renegotiation of contracts with energy providers Cost of energy consumption Inadequate performance on waste management in operations MODERATE › Tenants › Visitors › Providers • Piloting monthly internal digital tool for monitoring system deployed for all assets • Renegotiation of contracts with waste service providers to include performance targets (sorting, recovery, etc.) • Customer support and training • BREEAM In-Use certification of the entire portfolio • Pilot projects for certifications and innovative projects linked to the circular economy (Too Good To Go partnership, etc.) Percentage of assets certified BREEAM In-Use Percentage of recovered waste Percentage of assets that have engaged their customers (brands) in a circular economy approach Tension over materials needed for development projects MODERATE › Providers › Suppliers › Public authorities • BREEAM New Construction certification (Excellent level minimum) • Use of environmentally friendly materials in construction projects • Pilot projects for certifications and innovative projects linked to the circular economy (Cradle to Cradle certification, Cycle Up partnership, etc.) Proportion of development projects certified by BREEAM New Construction, minimum level Excellent ACT FOR THE PLANET KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 75 SUSTAINABLE DEVELOPMENT Act for Good® 3

(see sections 3.3.1 & 3.3.3) ACT FOR TERRITORIES KEY: Promote local employment around our centers Decreasing Stable Increasing Participate in the local community Pursue our responsible citizenship Involve local actors in development projects Associated risks Risk level Change in risk level Stakeholders Management approach Key performance indicators Inadequate contribution to local social and economic development MODERATE › Public authorities › Local communities › Visitors › Tenants • Use of local service providers for the day-to- day operation of centers • Local partnerships and events to promote local employment • Opening of spaces within centers to members of the local community • Solidarity-based operations in response to the needs of the territories • Support and strengthening of tenants’ responsible initiatives in centers • Local consultation for each new development project Proportion of centers using local service providers for their day-to-day operation Proportion of centers having promoted local employment Proportion of centers having the local community offered space to members of Proportion of centers having organized a solidarity collection Proportion of centers having supported a citizen’s initiative organized by a retailer in the center Proportion of development projects having organized local consultations upstream Risk of local protest and local unacceptability of activities LOW › Public authorities › Local communities › Visitors › Tenants • Use of local service providers for the day-to- day operation of centers • Local partnerships and events to promote local employment • Solidarity-based operations in response to the needs of the territories • Local consultation for each new development project Proportion of centers using local service providers for their day-to-day operation Proportion of centers having promoted local employment Proportion of centers having organized a solidarity collection Proportion of development projects having organized local consultations upstream TERRITORIAL ANCHORING, LOCAL IMPACT 76 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Good® 3

HUMAN CAPITAL (see section 3.4.3) HEALTH SAFETY AND SECURITY (see section 3.4.2) ACT FOR PEOPLE KEY: employees a positive experience Decreasing Stable Increasing Increase the satisfaction of visitors Promote health and well-being in our centers Champion ethics in the local communities Be socially conscious Associated risks Risk level Change in risk level Stakeholders Management approach Key performance indicators engagement MODERATE › Employees • Priority given to internal mobility • Promotion of co-building of company’s future • Flexible working negotiation Happiness Index co-building of company’s future attracting and HIGH › Employees • Development of training policy • Individual development interviews campaign Share of recent graduates who have been given the opportunity to receive personalized career guidance Lack of diversity Mental ill-health and gender equality MODERATE › Employees • Objectives for the proportion of women on management bodies • Comprehensive gender diversity policy (training, personalized coaching, mentoring, etc.) Share of women among managers LOW › Employees • Free psychological support platform Absenteeism rate Assault (terrorist attack, armed robbery, etc.) LOW › Visitors › Tenants › Providers • On-site internal and external audits • Anti ram car barriers • Alarm and/or 24/7 security agents • Video protection systems • Training • Quarterly follow-up of incidents (country and regional levels) before consolidation by internal audit to prepare a remediation plan Security level 4 incident alert messages Fire LOW › Visitors › Tenants › Providers • On-site internal and external audits • Operational standards on all EHS risks, monitoring in the Komply IT tool • Training • Quarterly follow-up of incidents (country and regional levels) before consolidation by internal audit to prepare a remediation plan Fire safety level 3 and 4 incident alert messages Non-compliance with regulations LOW › Employees › Tenants › Providers • On-site internal and external audits • Structure audits every five years • Operational standards on all EHS risks, monitoring in the Komply IT tool • Training • Legionella tests Major incidents caused by building defaults Lack of staff Difficulty in retaining staff KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 77 SUSTAINABLE DEVELOPMENT Act for Good® 3

HEALTH SAFETY AND SECURITY (see section 3.4.2) BUSINESS ETHICS (see section 3.4.4) Pandemic MODERATE › Employees › Tenants › Service providers › Public authorities › Shareholders › Investors • Development and deployment of specific COVID-19 policies • Operational standards on all EHS risks, monitoring in the Komply IT tool • Training Percentage of shopping centers audited and certified by Bureau Veritas in the context of the health crisis Building collapse LOW › Visitors › Tenants › Providers • On-site internal and external audits • Structure audits every five years • Operational standards on all EHS risks, monitoring in the Komply IT tool • Training • Quarterly follow-up of incidents (country and regional levels) before consolidation by internal audit to prepare a remediation plan Major incidents caused by building defaults Bribery and non-compliance with regulations on advocacy LOW › Employees › Public authorities › Tenants › Suppliers › Providers • Code of business ethics • Anti-corruption Code of Conduct • E-learning • Disciplinary sanctions provided within internal regulations • Multi-channel alert device (internal and external, phone and web) Percentage of employees aware/trained in the fight against corruption Money laundering LOW › Tenants • Code of business ethics • Anti-corruption Code of Conduct • Internal accounting controls • E-learning • Disciplinary sanctions provided within internal regulations • Multi-channel alert device (internal and external, phone and web) Percentage of employees aware/trained in the fight against corruption Fraud and conflicts of interest LOW › Employees • Code of business ethics • Anti-corruption Code of Conduct • E-learning • Disciplinary sanctions provided within internal regulations • Multi-channel alert device (internal and external, phone and web) Percentage of employees aware/trained in the fight against corruption in the fight against fraud Economic dependence of service providers LOW › Suppliers › Providers • Code of business ethics • Anti-corruption Code of Conduct • Third-party evaluation procedures • Internal accounting controls • E-learning • Annual internal audit of the sourcing and monitoring of suppliers and service providers • Responsible Purchasing Charter • Multi-channel alert device (internal and external, phone and web) Percentage of employees aware/trained in the fight against corruption Share of service providers selected on the basis of CSR criteria Share of external stakeholders aware of business ethics Business partners with poor CSR practices LOW › Suppliers › Providers • Code of business ethics • Anti-corruption Code of Conduct • Third-party evaluation procedures • E-learning • Annual internal audit of the sourcing and monitoring of suppliers and service providers • Prior checks of on-site workers • Responsible Purchasing Charter • Multi-channel alert device (internal and external, phone and web) Percentage of employees aware/trained in the fight against corruption Share of service providers selected on the basis of CSR criteria Share of external stakeholders aware of business ethics KEY: Decreasing Stable Increasing 78 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Good® 3

3.2 ACT FOR THE PLANET Act for the Planet addresses the major environmental challenges and opportunities that Klépierre faces. In 2021, Klépierre continued to make improvements in the environmental performance of its assets and progress against its 2022 targets, which remain in place despite challenging and evolving external factors. Efficiency processes put in place before the pandemic hit in early 2020, meant that although Klépierre’s advancement was slowed, the Group progressed in terms of its commitments, largely thanks to the agility of teams dealing with Covid-19 at shopping center level. The Group remains on track to accomplish its long-term targets. It has achieved BREEAM In-Use certification for its entire portfolio and fostered a culture of constructive engagement among key stakeholders, supported by robust internal reporting mechanisms to identify inefficiencies and put in place improvement plans. This approach is manifested in the successful “BOOST” interventions which have contributed to successive reductions in the Group’s energy consumption and have been extended to support the Group’s target of eliminating waste to landfill. 2030 AMBITIONS OPERATIONAL TARGETS 2022 COMMITMENTS -40% Reduction in energy consumption for common and serviced areas compared with 2013 100% Percentage of recovered waste Certification of the Group’s climate strategy by the Science Based Targets initiative TURN PROMISING ASSETS INTO AN CARBON PORTFOLIO OPERATE A ZERO BUSINESS IN COLLABORATION WITH OUR RETAILERS BE A RECOGNIZED LEADER IN ENVIRONMENTAL PERFORMANCE SUPPORT NEW TRENDS IN MOBILITY TO ACCELERATE CUSTOMERS’ SWITCH TO SUSTAINABLE MODES OF TRANSPORTATION ACT FOR A FUTURE CONTRIBUTE TO A CIRCULAR ECONOMY 100% Percentage of electricity coming from renewable sources in the total consumption of electricity of common and serviced areas 100% Percentage of centers that have involved retailers in a circular repurpose products, awareness raising in shopping centers, etc.) 100% Percentage of shopping centers equipped with charging station for electrical vehicles 100% Percentage of centers that have a sustainable development certification 100% Percentage of development projects that have obtained a BREEAM New Construction certification (with a minimum level of “Excellent”) 100% Percentage of new developments using wood from a certified forest during construction 100% Percentage of shopping centers accessible via public transportation 5/5 The five biggest shopping centers in our portfolio are committed to having a net-zero carbon footprint within five years INNOVATE FOR A SUSTAINABLE MOBILITY DEVELOP A 100%-CERTIFIED ASSETS PORTFOLIO KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 79 SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.1 Act for a low-carbon future (1) Unless otherwise specified, all 2021 GHG emissions figures contained in this section apply to the following scope: 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers. The corresponding coverage rate amounts to 99.9% of the total shopping center portfolio value. The climate crisis is one of the most defining issues of our time, with concern on climate change at an all-time high amongst stakeholders in the form of growing legislation and standards, investor requirements and citizen activism. As an industry leader and responsible business, Klépierre has a target to achieve a net-zero carbon footprint for its entire portfolio across Europe by 2030. Its low-carbon strategy and commitment to limiting global warming to well below 1.5°C was approved by the Science Based Targets initiative (SBTi) and it was once again included in the CDP’s “A list” for its dedication to responding to the impacts of climate change. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Reduction in energy consumption for common and serviced areas compared with 2013 Percentage of electricity coming from renewable sources in the total consumption of electricity of common and serviced areas The five biggest shopping centers in our portfolio are committed to having a net-zero carbon footprint within five years Certification of the Group’s climate strategy by the Science Based Targets initiative -17% -29% -43% -45% 73% 93% 93% 95% Ongoing Ongoing 1/5 4/5 Ongoing Ongoing Certified Certified -40% 100% 5/5 CENTERS NET-ZERO CARBON Certified 3.2.1.1 Transitioning the portfolio to net-zero carbon by 2030 (1) Klépierre’s low-carbon strategy involves four key activities: Reducing energy consumption Klépierre tracks the energy efficiency performance of its portfolio and individual assets through monthly reporting and follow-ups using the Deepki reporting tool. The approach is adapted to each center’s specificities to ensure a dedicated and efficient energy-saving program led by on-site managers. Renewable energy supply To reduce the carbon footprint of its energy consumption and reduce its dependence on fossil fuels, Klépierre is committed to using 100% of electricity produced from renewable sources in 2022. Current contracts are being re-negotiated, or new contracts are being signed with green energy suppliers. On-site renewable energy production Klépierre believes that sustainable solutions are even more meaningful when local. The Group is therefore developing its own on-site renewable energy production to provide direct access to renewable energy for shopping malls. In Europe, eight centers are already partially supplied by their own renewable energy production. Carbon offsetting Klépierre sees carbon offsetting as a finishing touch, once it has drastically reduced its carbon emissions through operational actions. Carbon offsets generate financing for projects that support carbon-positive actions including GHG emissions and strengthening natural carbon sinks. The Group is currently investigating the most suitable projects. 80 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

To date, Klépierre has made significant progress towards its transition to net-zero carbon footprint, reducing carbon emissions intensity by 84% (Scopes 1 & 2, market-based, reported scope) compared to 2013. The net zero pathway below reflects this performance, along with the Group’s roadmap to 2030. 14 kgCO 2 /sq.m 9.4 kgCO 2 /sq.m 5.2 kgCO 2 /sq.m 4.4 kgCO 2 /sq.m 79% reduction in Scope 1 & 2 emissions since 2017 NET-ZERO CARBON PORTFOLIO BY 2030 PATHWAY 2017 ** The 2021 performance of each asset in the Klépierre portfolio has been assessed against the national CRREM (Carbon Risk Real Estate Monitor) targets for shopping centers in 2021, under the most ambitious scenario of GHG 1.5°C. GHG emission intensity (in kgCO 2 eq/sq.m) was calculated based on real data where available. Estimates were applied for tenants’ energy consumption where real data was not available at asset level. * Residual emissions expected in 2030 will require offsetting. 2018 2019 2020 2021 2030 CARBON PORTFOLIO* LAUNCH OF CARBON STRATEGY VS 2021 CRREM TARGET 88% of Klepierre assets (by value) are performing in line with or better than the 2021 CRREM GHG emission intensity target** REDUCE EMISSIONS USING THE FOUR KEY ACTIVITIES OF THE LOW-CARBON STRATEGY: 88% Reduce Energy Consumption Approx. 36,000 tCO 2 avoided Emissions Approx. 1,300 tCO 2 Use Renewable Energy Supply Approx. 49,000 tCO 2 avoided Install On-site Renewables Approx. 300 tCO 2 avoided 21 kgCO 2 /sq.m (reported scope, market-based, scope 1 and 2) KLÉPIERRE’S NET-ZERO CARBON STRATEGY IN ACTION By the end of 2021, 18 of Klépierre’s shopping centers were net-zero carbon including four out of five of the biggest shopping centers. The five biggest centers chosen to be net-zero carbon by 2022 for Klépierre’s commitment reflect a diverse range of climatic conditions, energy mixes and ages, providing an ideal testing ground and foundation to expand the Group’s net-zero carbon program to cover all assets in its portfolio by 2030. The four biggest centers that are net-zero carbon, located in Denmark, Sweden and France, have achieved significant energy reductions since 2013, purchase renewable energy and offset any residual emissions. They have achieved reductions in their energy intensity since 2013 (kWh/sq.m) of between 26% and 52%, and have purchased 100% renewable electricity since 2017, and in addition, 100% of natural gas in France since 2019. One of these four assets has produced 37,000 kWh of renewable energy on-site. Lastly, a total of 435 tons of residual emissions (for the four assets) have been offset to achieve net-zero carbon footprints. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 81 SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.1.1.1 Managing direct GHG emissions performance: Scope 1 & 2 As part of its low-carbon strategy, approved by the SBTi, Klépierre aims to reduce its direct Scope 1 and 2 GHG emissions from centers by 80% per sq.m. between 2017 and 2030. In 2021, the Group reduced its Scope 1 & 2 emissions intensity (reported, market-based) from building energy consumption by 17% compared to 2020, achieving 4.4 kgCO 2 /sq.m. The following graph reflects an overall Scope 1 and 2 emissions intensity reduction of 87% since 2013 (reported scope, market-based). Klépierre tracks its direct greenhouse gas (GHG) emissions in accordance with Scopes 1 & 2 of the GHG Protocol, using both location- and market-based methods. The market-based calculation method enables energy bought through renewable energy tariffs to be counted as lower emissions, by applying the emission factor directly from the supplier, in comparison to the national average. This illustrates the impact of efforts to switch to renewable tariffs in Belgium, France, Germany, Italy, Norway, Poland, Portugal, Spain, Sweden and The Netherlands. 3.2.1.1.2 Managing the broader carbon footprint: Scope 3 SCOPE 3 GHG EMISSIONS Indirect tCO 2 e, reported scope, location-based Direct 2021 2020 1,116,260 68,902 68,576 914,522 The Group has set an SBTi-approved target to reduce its indirect Scope 3 emissions associated with its retailers’ energy consumption by 41% per sq.m. between 2017 and 2030. Klépierre’s measurement of Scope 3 emissions is amongst the most comprehensive in the industry. The Corporate Value Chain Standard for Scope 3 emissions published by the GHG Protocol identifies 15 broad categories of Scope 3 emissions. Klépierre reports nine of these, divided (1) Calculation based on total of indirect leverage of Scope 3. (2) More details on page 114 under Charter for energy efficiency of tertiary buildings. between those the Group has direct leverage over – investments, commuting, business trips, non-property fixed assets, goods/services purchased, waste – and those where it has indirect leverage. Scope 3 emissions with indirect leverage constitute the bulk of Klépierre’s Scope 3 emissions consisting of 89% (1) for visitor travel and 11% (1) for downstream leasing (market-based, reported scope). Emissions from upstream leasing are not included in the Scope 3 calculations, but they represent a non-material share of Klépierre’s global GHG emissions (assets for which Klepierre is a tenant). Visitor travel constitutes the largest proportion of the Group’s carbon footprint, totalling 819,931 tCO 2 e in 2021 which is equal to 83% of the Group’s Scope 3 emissions (market-based method, reported scope). GHG emissions are calculated using a survey on visitor travel habits (to and from shopping centers), extrapolated in line with the total number of visitors. The shift to more sustainable modes of mobility is a key priority for Klépierre: by 2022, it aims for 100% of its shopping centers to be accessible via public transport and equipped with electric vehicle charging stations (for more information see section 3.2.4). Retailers’ energy consumption is a second key focus. In 2021, this was 109,730 tCO 2 e, equal to 11% of the Group’s Scope 3 emissions (market-based, reported scope). Their emissions are calculated from available sources of information and extrapolated to cover retailers’ overall footprints. Although this represents a notable proportion, Klépierre’s influence over them is limited due to a lack of obligation on the part of tenants to share and reduce their consumption. However, this trend is changing. For example, pilot projects in various centers in France, Sweden and the Czech Republic, based on the Tertiary Decree (2) , support Klépierre to receive consumption data from retailers, which is used to benchmark their performance at the shopping center level and drive collective energy efficiency improvements. The Group favours a collaborative approach with its strategic retailers to achieve reductions in energy use. At the local level, shopping center teams are encouraged to engage retailers on their consumption and increase awareness on the steps they can take to reduce it. For example, BOOST action plans (see page 86) and operational guides are shared that detail best practice activities for improving energy efficiency in their stores, along with other environmental impacts including water consumption and waste management. In addition, sustainability clauses are included in all signed standard lease contracts for the Group’s retailers across Europe, including requirements to share waste and utility data, integrate sustainability considerations into store fit-outs and design, and a commitment to adhere to practices that are consistent with each center’s environmental management system and building certification. 82 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.1.1.3 Developing resilient assets Considering the findings of the Intergovernmental Panel on Climate Change’s (IPCC) most recent report and the latest United Nations Environment Programme (UNEP) Emissions Gap Report, the world is on track for substantially higher warming than the 1.5°C needed to avoid the worst impacts of climate change. As a result, many climate risks are now inevitable and present devastating consequences for businesses and their assets. Driven by the desire to develop and operate a resilient portfolio, Klépierre strives to manage the climate risks most material to its business such as growing legislation and the effects of extreme weather. Through its low-carbon strategy, the Group continues to reduce its energy consumption and increase green energy procurement and on-site renewable generation, thereby decreasing its reliance on fossil fuels. Klépierre also participates in industry working groups such as the French Council of Shopping Centers (CNCC) and the European Public Real Estate Association (EPRA) on reducing risks associated with energy market volatility and changes to the regulatory regime. To build a greater understanding of its most material climate risks, in 2017 the Group commissioned an extensive study of the climate impacts that could affect its shopping centers over the next 70 to 100 years. This included the impacts from higher-than-average temperatures, and changes in the intensity or frequency of heatwaves, cold spells, intense rainfall and/or snowfall and droughts. Whilst no assets were exposed to significant physical risks, the results informed the review of structural requirements for the Group’s assets, including the introduction of a mandatory asset-level structure audit every five years which surpasses legal requirements, alongside additional components relating to climate change risks. To capture the evolving impacts of a rapidly changing climate, the Group plans to conduct a new study in 2022. At the development stage, Klépierre is conducting scenario planning using modelling software to predict how energy management systems and building materials can be designed and optimized given different climatic conditions. For example, the Grand Place extension in Grenoble used the software to optimize energy efficient design and achieve BREEAM “Excellent” New Construction. The Group is also protecting its assets from impacts associated with increased heating and cooling requirements and extreme weather, from development through to operation. The refurbishment of assets using features such as green walls and roofs that help reduce flood risks and decrease heat gain to the mall ensures the Group is protecting its assets and contributing to energy, carbon, and green building targets. EMBEDDING CLIMATE RESILIENCE IN ASSET DESIGN Klépierre’s shopping centers often integrate glass skylights and facades. Glass with a lower U-factor and solar factor is more efficient as it reflects the sun, reducing heat transfer into the mall and decreasing the demand for air conditioning. In the Gran Reno development project, all skylights have a U-factor of 1 W/sq.m. and solar factor of 14.4%, helping to mitigate against extreme temperatures and support climate control within the center. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 83 SUSTAINABLE DEVELOPMENT Act for the Planet 3
1 3 49% Goods/services purchased 33,559 tCO 2 e 21% Energy consumption (not included in Scopes 1 & 2) 14,487 tCO 2 e 0.3% Business trips 210 tCO 2 e 0.7% Non-property fixed assets 505 tCO 2 e 2% Commuting 1,067 tCO 2 e 12% Waste 8,187 tCO 2 e 15% Investments 10,562 tCO 2 e BREAKDOWN IN GHG EMISSIONS, REPORTED SCOPE 60% Gas 5,093 tCO 2 e 36% Refrigerant gas 3,010 tCO 2 e 2% Company cars 190 tCO 2 e 2% Heating oil/diesel 180 tCO 2 e Scope 1 (market-based) 8,473 tCO 2 e -12% since 2020 2 55% Urban heating 4,828 tCO 2 e 44% Electricity 3,864 tCO 2 e 1% Urban cooling 116 tCO 2 e Scope 2 (market-based) 8,808 tCO 2 e -21% since 2020 Scope 3 Direct (location-based) 68,577 tCO 2 e -0.47% since 2020 Scope 3 Indirect emissions (location-based): 914,522 tCO 2 e -18% since 2020 • Downstream leasing 94,591 tCO 2 e • Visitor transportation 819,931 tCO 2 e 84 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.1.2 Energy (1) Klépierre’s strong energy performance in 2021 was achieved in the context of challenging external factors. Extreme weather events including snowstorms and lower-than-average negative temperatures across southern Europe led to increased heating requirements and therefore energy demand at the assets affected. At the same time, some countries have been managing a dramatic increase in energy costs which required a rapid response to ensure technical teams were implementing best practice tools and standards to limit the impact. Steps have already been taken to account for this risk moving forward, including enhanced support with energy monitoring and purchasing (see section 3.1.2). Local teams continued to be affected by the ongoing impacts of Covid-19 including lockdowns and rapidly changing restrictions which differed greatly on a country and even regional basis. Although this required an increased focus on health and safety, the agility of shopping center teams and strength of the processes and standards already in place, meant the Group maintained its industry-leading approach for energy performance management and realised strong progress against its targets. (1) Unless otherwise specified, all 2021 energy consumption figures contained in this section apply to the following scope: 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers. The corresponding coverage rate amounts to 99.9% of the total shopping center portfolio value. 3.2.1.2.1 Energy efficiency ENERGY INTENSITY FOR COMMON AND SERVICED AREAS 143 81 78.9 86 2020 2013 2021 2022 in kWh/sq.m./year, reported scope Reducing energy consumption and improving energy efficiency is the primary activity in Klépierre’s carbon strategy and the Group has set a long-term target to reduce energy consumption (kWh per sq.m.) in its shopping centers’ common and serviced areas by 40% by 2022, compared to the 2013 baseline. Klépierre surpassed its target two years ahead of schedule, reducing the average shopping center consumption from 81 kWh/sq.m. to 78.9 kWh/sq.m. over the past year. ENERGY MIX IN COMMON AND SERVICES AREAS (reported scope) 70.7% Electricity (95% renewable) 13.4% District Heating (50% renewable) 0.05% Fuels 12.0% Gas 12.22% 0.17% Gasoil 0.39% Produced renewable electricity (100% renewable) 3.29% District Cooling (41% renewable) (26% renewable) Klépierre’s energy reduction strategy combines monitoring, in-depth analysis of individual shopping centers’ energy performance, the sharing of best practices and investments in energy efficiency equipment. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 85 SUSTAINABLE DEVELOPMENT Act for the Planet 3

Energy monitoring All centers use the Deepki tool to monitor and report monthly energy, water, and waste consumption data in a standardized method. This enables the Group to analyze data at the shopping center, country, regional and portfolio levels, control climate factors and undertake a robust benchmarking assessment according to opening hours and other variables. By establishing “clusters” of shopping centers that have similar variables such as retailer density, car park management, coverage of heating and cooling supply, surface area and construction and/or renovation dates, the Group has been able to identify the strongest and weakest performing assets in its portfolio and target energy management interventions accordingly. REDUCING ELECTRICITY CONSUMPTION THROUGH NIGHT-TIME MONITORING A key focus for 2021 was monitoring and reducing the electricity use of all shopping centers during the night, to ensure all are operating to the best practice standard. As a first step, this entailed engaging shopping center management and technical teams to increase awareness on where and how they could monitor their electricity use. Second, local teams analyzed the consumption data to compare what the minimum electricity consumption should be versus what is currently being used. This required building an understanding of what needed to be running during the night such as CCTV in their individual shopping center, and then identifying what was driving the additional electricity consumption. Although the focus was on electricity, this ultimately led to consumption decreases across other energy types such as heating and cooling. Klépierre conducted monthly follow-ups for each center with webinars for the management and technical teams to review results, benchmark performance and share best practices amongst the teams. As a result, Klépierre developed nightly best practice operating standards which all centers can implement and be benchmarked against. At the end of 2021, Klépierre’s electricity consumption has decreased by 8% (reported scope), equivalent to 18,863 MWh, mainly thanks to this project. In addition, six centers were able to achieve a reduction in their electricity consumption of over 70%. Energy management and engagement Klépierre’s energy reduction strategy is supported by energy management software, which uses a range of meters to record the energy use of individual appliances within the centers and report it in real-time at shopping center, territory and Group level. At the end of 2021, these systems covered 76% of the Group’s portfolio. Regular communication is key to a culture of energy management optimization. Quarterly Act for Good® meetings and monthly webinars provide an opportunity to take stock of environmental performance data, review performance against targets for each region and center and highlight best practices. This approach encourages further engagement within countries and between regions; ensures accountability among country managers, country function heads, shopping center managers and shopping center technical managers for the performance of their assets; and fosters a spirit of positive competition among shopping center teams. Since the onset of the pandemic, these discussions have increased in frequency to better deal with issues that arise and maintain contact between shopping centers. Individual shopping centers are encouraged to share successful energy reduction initiatives, ranging from managing the temperature and operation schedules of HVAC system equipment, to purchasing new devices such as sensors and variable speed drives to better control energy-consuming equipment. Cross-center experience sharing and innovation proposals provide staff with informative examples of projects and initiatives. Best practice examples are collated in reference guidelines. EMBEDDING A CULTURE OF ENERGY MANAGEMENT OPTIMIZATION The BOOST programme consists of two-day assessments by specialist and on-site staff to identify lower performing assets. Through consultation with shopping center teams, a concrete action plan is developed, supported by tailored performance targets which are reviewed during monthly follow-up calls to track progress. BOOST action plans prioritize no- or low-cost interventions. For shopping centers that have already implemented all identifiable operational measures, investments are made to upgrade technical equipment such as heating, ventilation, and air conditioning (HVAC) components, retrofitting LED lighting and the roll-out of CO 2 sensors to reduce air flow and optimize the functioning of air-treatment plants. The success of the programme is driven by multi-stakeholder collaboration and an ethos that investing time to train technical teams will empower them to find improvement opportunities and medium-term energy efficiency interventions within their current means. BOOST results can also enrich ongoing discussions with retailers, providing them with feedback on what could be optimized to make savings on a store-wide scale. In 2021, Klépierre introduced a new dimension to the programme, addressing the energy efficiency of expansions and refurbishments from delivery. The BOOST process was applied to analyze the delivery of recent refurbishments and Klépierre worked with the construction and project management teams to identify performance improvements that could be made from the outset. As well as improving energy efficiency, the process increased collaboration and supported a smooth handover between the project management and operational teams, supported by a comprehensive handover checklist that minimizes any issues once the building is delivered. Moving forward, the in-house standards of testing and commissioning created because of the project will enable the Group to apply the learnings from this process to other development activities. 86 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

Investments To make the right investments, Klépierre ensures that a shopping center is as close as possible to its optimum performance. In addition, the Group aims to implement energy efficiency measures above and beyond BREEAM requirements by focusing on local conditions, for example, by making sure to build insulation and ventilation that reduces energy demand from heating and air-conditioning. Annually, the Group aims to implement 10% of its total yearly CAPEX investments which are linked to improving the sustainability performance of its assets. However, in 2020 and 2021, investments have been limited to regulatory and safety required investments due to the pandemic. Prioritising energy efficiency during expansions and renovations The Group targets BREEAM “Excellent” as the minimum performance standard for expansions and renovations. This includes the evaluation of a range of energy-related management and operational impacts, from life-cycle assessments and construction practices, to energy monitoring, lighting, and technical equipment specification. 3.2.1.2.2 Renewable energy supply Klépierre has set a target for all common and serviced parts of its shopping centers to be powered by 100% renewable electricity by 2022. At the end of 2021, 95% (reported scope) was generated by renewable sources. As the Group renegotiates electricity contracts, it is progressively switching over to green tariffs. At present, 10 of the 12 countries where Klépierre operates are procuring 100% renewable electricity for their common and serviced areas. Klépierre is also procuring green gas in its French centers. In total, 79% of the energy consumed in Klépierre’s centers in 2021 was from renewable sources compared to 78% in 2020 (like-for-like scope). 3.2.1.2.3 On-site renewable energy production On-site renewable energy supports reductions in carbon emissions whilst improving the energy security of Klépierre’s individual shopping centers. To date, renewable energy systems have been installed at eight of its centers with a total generating capacity of 1,503 MWh, primarily comprising of solar photovoltaic panels. Feasibility studies are underway across the Group’s portfolio to identify further opportunities, including its development portfolio. SOLAR ENERGY IN MADRID This year, Klépierre developed a large-scale solar project, installing photovoltaic panels on approximately 12,910 sq.m. of roof top space. The panels span across three shopping centers in Madrid and have a total capacity of 2,443 kWp. This source of renewable energy will provide for a significant proportion of the shopping centers’ total electricity consumption, specifically 32% at Plenilunio, 33% at La Gavia and 11% at Principe Pio. 3.2.2 Contribute to a circular economy and resource conservation The operation, refurbishment and expansion of shopping centers can consume a significant amount of natural resources and generate considerable volumes of waste. This is why the Group is integrating new models of product use and recycling, embedding circular economy principles into its business model, and reimagining the management of operational waste and consumption of resources of its shopping centers, including retailers. To support these principles, Klépierre applies the BREEAM certification standard, specifying products and materials that promote resource efficiency and low emissions. These products and materials are easy to maintain, reuse and recycle and must have an eco-label and/or lower environmental impact (such as PEFC ™ or FSC®-certified timber). Throughout all stages of the building life cycle, preference is always given to suppliers with certified environmental management systems. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of recovered waste Percentage of centers that have involved retailers in a circular 90% 93% 96% 98% * 45% 71% 86% 94% 100% 100% * Percentage of recovered waste applies to the following scope: 87/116 owned and managed shopping centers + 5/6 managed-only shopping centers + 4/8 owned only. The corresponding coverage rate amounts to 84% of the total shopping center portfolio value. economy effort KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 87 SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.2.1 Waste reduction (1) (1) Unless otherwise specified, all 2021 waste figures contained in this section apply to the following scope: 115/116 owned and managed shopping centers + 6/6 managed-only shopping centers + 5/8 owned only. This corresponds to a coverage rate of 99.8%. (2) Unless otherwise specified, all the 2021 water figures contained in this section apply to the following scope: 115/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only. The corresponding coverage amounted to 99.5% of shopping centers owned and managed or owned only. This corresponds to a coverage rate of 99.6%. BREAKDOWN OF SORTED WASTE BY TYPE (by tonnage) 46.9% Cardboard 12.9% Food waste 10.6% Paper 0.9% Wood 2.0% Pallets 4.0% Plastic 0.3% Hangers 0.4% WEEE 16.2% Other sorted waste 2.6% Glass 0.9% Metal 2.4% Oil 0.1% Chemical GROUP TOTAL 100.0% Klépierre has set a target to ensure that 100% of shopping centers’ operational waste is recovered by 2022. 99.6% of the waste generated in the Group’s shopping centers is categorized as non-hazardous and recyclable: cardboard, organic waste, paper, plastic, glass, wood, and metal. The remaining 0.4% of hazardous waste mainly consists of used lightbulbs and fluorescent tubes, electronic waste, electrical appliances, and paint. These waste streams are separated on site and processed through special recovery channels. Increasing on-site sorting of waste is key to reducing overall waste management costs. The majority of Klépierre’s assets are fitted with multi-compartment waste bins to promote waste awareness towards visitors. Shopping center retailers receive training on how to segregate waste correctly and are provided with appropriate facilities. By engaging with waste contractors to set key performance indicators, providing waste training and incentives for employees and retailers, 99 top performing centers across 11 of Klépierre’s countries of operation have achieved waste recovery rates of 99% and above. In 2021, the Oslo City shopping center introduced sensors on compactors to detect their level of fullness. A yellow light signifies the machine is 75% full, prompting the center to get in touch with the waste collection supplier. Not only does this initiative lower costs, but helps to reduce GHG emissions due to a reduction in waste transportation. Klépierre uses the Deepki reporting platform to enter each shopping center’s waste data for monthly analysis. This allows the Group to monitor waste flows using specific performance indicators and identify the types of waste being processed, enabling the Group to set suitable targets for each asset. The Group’s BOOST interventions also support waste management. The program brings together shopping center teams, suppliers, waste contractors and technical experts from Group or country level, to conduct a deep dive analysis of individual shopping center waste practices over a 24-hour period. The team then creates an action plan, including a range of low-cost measures such as introducing changes to the layout and design of waste stations and storage facilities, improved guidance for retailers and the introduction of new waste streams for waste contractors. 3.2.2.2 Circular economy Klépierre’s objective is for 100% of its shopping centers to involve their retailers in a circular economy approach. BOOST interventions and actions plans are key to this. They offer the Group deeper insight into the challenges faced by retailers in meeting 100% diversion rates, such as the use of packaging or products which are not compatible with the center waste flows, that prevent the effective sorting of waste or cannot be recycled. To support this approach, meetings take place annually to communicate waste and sorting standards and share feedback with retailers’ staff. Other circular economy-driven initiatives include free takeaway boxes, introduced in Portugal food courts to limit food waste. In three months, 4,000 boxes were given away and approximately 235 kg of food saved. In Turkey, at the Akmerkez center, food waste was collected from center restaurants and turned into compost for its roof garden. At Créteil Soleil in France, through a partnership with Cycle Up, the center aims to extend the useful life of materials and products that were deconstructed in the refurbishment process, including stairs, automatic doors, marble, and flowerpots. Klépierre also encourages visitors to participate in the circular economy. For example, in Denmark and The Netherlands specifically, clothes collections were promoted in centers in exchange for benefits such as discounts to use in shops that engaged with the initiative. 3.2.2.3 Water use (2) Klépierre’s water consumption is not substantial when compared with other real estate assets and has therefore not been identified as having a material environmental impact. However, the Group recognizes the importance of monitoring this data and applies best practices as part of its wider efforts to reduce its consumption of natural resources. 88 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

In 2021, 2,261,435 cu.m. of water (reported scope) was consumed across Klépierre’s shopping centers, including retailers’ water consumption. This reflects a 22% decrease compared to 2020. Klépierre uses the Deepki reporting platform for monthly analysis and benchmarking, in the same way as for energy benchmarking. Shopping centers are grouped according to similarities in the amount of greenery present, the characteristics of their cooling towers and the proportion of retailers and operators floor space dedicated to more water intensive services such as restaurants and hairdressers. Water efficiency interventions are targeted at air-conditioning, toilets, and cleaning, as these are the largest water-consuming systems. The Group also tries to use drought-tolerant plant species in green areas and recover and reuse rainwater where feasible. The Group invests in more efficient equipment, such as cooling towers and low-flow sanitary fittings, as and when replacements are required. Currently, eight shopping centers capture rainwater for their internal use. For example, in Spain, at the Plenilunio center, Klépierre constructed a 5,000-liter rainwater collector, thus limiting water consumption from the main supply. 3.2.3 Develop a fully certified portfolio Green building certifications are widely becoming the minimum standard for industry-leading businesses looking to differentiate their buildings from competitors and drive long-term asset value. As well as signalling higher environmental performance and quality, the demand for buildings which integrate best-in-class sustainability features is growing amongst stakeholders, particularly investors and tenants, with the latter potentially striving to meet their own environmental and social ambitions. Certifications such as BREEAM and ISO 14001 set standards and drive continuous improvements on topics critical to achieving Klépierre’s Act for Good® strategy including carbon, energy, waste, water, materials, air quality, transport and health and well-being. As well as the proven performance gains, the economic benefits of owning such assets are becoming increasingly clear in the form of lower operating costs, increased retailer attraction and retention that can materialize into higher rents, and enhanced asset values. In the context of Covid-19, certified buildings can provide reassurance to stakeholders that the shopping centers are already focused on factors that prioritise the health and safety of visitors including indoor air quality and non-toxic materials. Klépierre favors BREEAM New Construction for extensions and BREEAM In-Use for centers in operation and undergoing renovation, and ISO 14001 certification for operational centers’ environmental management systems due to their complementary nature. BREEAM provides a consistent and comparable framework for assessing impacts and costs from a lifecycle perspective and enhancing the environmental quality of the building and its socio-economic contribution to the local area. Whilst ISO 14001 provides a framework to target, deliver and monitor environmental improvements at each center, and establish procedures for continuous improvement. In addition, the Group operates a portfolio-wide environmental management system covering 100% of the assets it owns and manages. This means that all assets establish environmental targets, implement actions, and monitor their performance, with this process being supported and reviewed by dedicated specialists at national and Group levels. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of centers that have a sustainable development certification (BREEAM In Use, ISO 14001, etc.) Percentage of new developments using wood from a certified forest during construction Percentage of development projects that have obtained BREEAM New Construction certification (with a minimum level of “Excellent”) 74% 100% 100% 100% 100% N/A 100% N/A * 100% N/A 100% N/A * 100% 100% 100% *No development projects superior to 10,000 sq.m. were delivered in 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 89 SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.3.1 Operating a fully sustainability certified portfolio (1) (1) Unless otherwise specified, all 2021 certification figures contained in this section apply to the following scope: 115/116 owned and managed shopping centers + 6/6 managed-only shopping centers + 5/8 owned-only shopping centers. The corresponding coverage rate amounted to 98.5% of the total shopping center portfolio value. (2) This figure applies the following scope: 116/116 owned and managed shopping centers + 6/6 managed-only shopping centers + 5/8 owned-only shopping centers. The corresponding rate amounted to 99.9%. BREEAM IN-USE PART 1 CERTIFICATION BY VALUE (reported scope) 5% 79% 16% Very Good Excellent Good In 2019, the Group reached its long-term target to certify 100% of the assets in its portfolio according to BREEAM In-Use, three years ahead of its 2022 commitment. Klépierre is the largest portfolio under management, and second company in its industry globally, to be fully certified in this way. The portfolio-approach means BREEAM audits a sample of representative properties each year, rather than every single one, every three years. This allows the Group to reinvest and concentrate its efforts on asset optimization. The entire portfolio holds a Part 1 BREEAM In-Use certification covering asset performance as a minimum. 69% (by value) of the centers have achieved Part 2 building management certification and 40% (2) of the Group’s properties operate ISO 14001-certified and/or ISO 50001 environmental management systems. In 2021, the Group’s first Italian shopping center, Pescara Nord, became ISO 50001 certified. 3.2.3.2 Adding value through developments Klépierre predominantly expands and/or refurbishes its standing assets, transforming and improving existing urban landscapes whilst minimizing impacts on the local natural environment. The development strategy, tailored to the unique needs of each project, pursues four objectives: Better integration of the assets, and adding value to the surrounding district Positioning projects towards mixed-use themes, while maintaining retail as the predominant activity Extending existing assets when sufficient potential is identified Implementing the Group’s operational initiatives (Retail First®, Destination Food®, Clubstore® and Act for Good®) to fine-tune the retail mix and introduce new concepts to enhance customer-centricity Klépierre applies the BREEAM standards for New Construction or Refurbishment and Fit-Out, as applicable, to all development projects. These set out requirements to enhance the customer experience including indoor air quality and accessibility. Obtaining a BREEAM “Excellent” rating is a key requirement of the Group’s Act for Good® Development Checklist which is applied to all projects involving over 10,000 sq.m. of new development area. Other requirements include: • All timber to be certified to PEFC™ or FSC® standards; • Undertaking community engagement at the initial stages of the project; • Ensuring that the main contractor has committed to sustainability principles during the procurement and worksite phases; • Creating a biodiversity action plan. EMBEDDING ENVIRONMENTAL EXCELLENCE THROUGH THE GRAND PLACE EXTENSION With the design phase of the project completed in 2021, work will begin on the Grand Place Extension in early 2022 to achieve BREEAM “Excellent” New Construction certification. The project will also include the installation of 490 kWc solar panels on the roof of the center, with 88% of the production to be consumed locally, equivalent to 22% of the center’s electricity consumption. In addition, the works will target a minimum recycling ratio of 85% and the biodiversity plan includes 2,640 sq.m. of green roof. 90 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.4 Innovate towards sustainable mobility (1) Unless otherwise specified, all 2021 travel mode figures contained in this section apply to the following scope: 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers. This corresponded to a coverage rate of 99.9% of the total shopping center portfolio value. (2) This figure applies the following scope: 101/116 owned and managed shopping centers + 6/6 managed only shopping centers + 3/8 owned only. This corresponded to a coverage rate of 89.6% of the total shopping center portfolio value. Air pollution is considered one of the greatest environmental risks to public health in Europe. Concerns about air quality, congestion and global warming are prompting national and local governments to develop plans for more sustainable and healthy forms of mobility, such as walking, cycling, public transport and electric vehicles. Ensuring accessibility for all forms of mobility is an integral part of Klépierre’s strategy. Location, urban density, and transport connectivity are key criteria in the Group’s investment selection process and Klépierre is acting across its operational portfolio to diversify the transportation and mobility offering associated with its centers. This approach supports the integration of its assets within the communities they serve, underpins efforts to increase footfall by enabling easy access for as many people as possible, reduces pollution and GHG emissions from motor vehicles and helps to future-proof the Group’s assets. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of centers accessible via public transport Percentage of centers equipped with charging station for electric vehicles 97% 98% 98% 100% 56% 60% 68% 72% 100% 100% 3.2.4.1 Visitors’ travel modes (1) 65% of visits by car, motorbike or taxi 19% of visits by “soft mobility” transportation (bicycle and pedestrian) 16% of visits by public transportation In 2021, 35% of visits to Klépierre’s shopping centers were made using soft mobility (walking, cycling etc.) or public transport. By 2022, the Group wants 100% of its shopping centers to be accessible by public transport and equipped with charging stations for electric vehicles. At the end of 2021, 100% of the Group’s centers have one or more bus, train or tram stops less than 500 meters away from the entrance with services at least every 20 minutes. In addition, 99% of the Group’s shopping centers have space reserved for cyclists. 72% (2) of centers had electric vehicle charging points in place by the end of 2021, including 100% of centers in Scandinavia, The Netherlands, Czech Republic and Turkey. Initiatives such as car-sharing, renting, and encouraging alternative forms of transport help reduce private vehicle use to and from shopping centers. Klépierre also offers: • Meeting places for carpooling (27% of centers); • Private shuttle bus services when public transport is not available (17% of centers); • Live displays of public transport timetables (20% of centers). RE-ENERGY ELECTRIC VEHICLE PROJECT, IBERIA In 2021, Klépierre launched the Re-Energy project in Iberia, to prepare for the exponential growth expected in electrical vehicle charging requirements, driven by upcoming regulations. By 2022, every center will be equipped with EV chargers that support shorter full recharging times, reducing the charge time from eight hours to up to 90 minutes, at a low price. To date, 10 chargers have been introduced in Principe Pio in Spain. Notably, the project integrates a new business model which capitalizes on multiple income opportunities including the sale of electricity, sponsorships, and specialty leasing with a three-year pay-back period. Moreover, all revenue from the project will be reinvested to increase the number of electric charging stations. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 91 SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.2.4.2 Master planning transport solutions Klépierre recognizes the importance of engaging with local authorities and services to integrate its shopping centers successfully in neighborhood masterplans. The Group seeks to future proof its assets in light of evolving trends in mobility, urban transportation, logistics and supply chains. This includes analysis around how assets will need to adapt to retailers’ changing needs in view of new retail and distribution models and the impact of visitor travel on shopping center design. In France’s Créteil Soleil shopping center, the former design meant that visitors had to cross the car park to access the metro station. During the recent development project, the works were designed to extend the shopping center onto the top of the car park, thereby creating a friendlier, more convenient, and safer urban link for visitors. Through another development and refurbishment project, the new design at Grand Place will see pedestrian and bicycle lanes created and connected to public transport links and the various neighbouring districts, to increase more sustainable modes of travel to the center in a way which is safely accessible. A square will be developed in front of the main entrance to reorganize traffic flows and ensure seamless access to bus, tram, and carpooling services. In addition, 88 new parking spaces will be created consisting of 70 spaces dedicated to electric vehicles and 12 for car-pooling. 92 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for the Planet 3

3.3 ACT FOR TERRITORIES (1) (1) Unless otherwise specified, all 2021 figures contained in this section apply to the following scope: 115/116 owned and managed shopping centers + 6/6 managed only shopping centers + 1/8 owned only shopping centers. This corresponds to a coverage rate of 98%. At the heart of Klépierre’s Act for Territories pillar is its commitment to address local challenges in the communities that it serves. As a hub for bringing people together, the Group has both the drive and sense of responsibility to be a catalyst in supporting community-based initiatives and amplifying actions initiated by local community players on key issues including unemployment, local economic development, and social impact. Driven by overarching Group-wide commitments, Klépierre empowers shopping centers to put in place a tailored approach that reflects the specific needs and priorities of their catchment area. The strength of Klépierre’s Act for Territories strategy was evidenced during the pandemic when centers showcased their agility and rapid response for providing essential support to local organisations and the community, including by providing space for vaccinations and food or clothes drives. With a heightened focus on topics such as local economic development and employment, and community solidarity, Klépierre’s existing initiatives and commitments in these areas meant it was well placed to ramp up its efforts and make a positive impact. The Group has made significant progress towards its 2022 commitments this year, a testament to its management approach and the daily commitment and dedication of shopping center teams. Supported by a new reporting tool which was implemented in 2020 to reinforce oversight of the Group’s commitments at both shopping center and country level on a quarterly basis. Klépierre holds quarterly meetings to meet with key internal stakeholders to drive progress against the targets and more effectively support the reporting process. Klépierre also conducted a training webinar at the beginning of 2021, providing marketing and shopping center management teams across all countries with a refresh on the purpose of Act for Territories and the best practice guidelines that help shopping centers address each target within their local context. As the Group looks to 2022, the focus will be on achieving its 2022 commitments, setting new ambitious targets for the years ahead, and continuing to reinforce a sense of community among its stakeholders, amplifying meaningful local initiatives, and contributing to the social and economic life and development of its territories. 2030 AMBITIONS OPERATIONAL TARGETS 2022 COMMITMENTS 100% Percentage of local service providers for operational management of the centers (security, maintenance, cleaning services) 100% Percentage of local centers that have organized a drive (clothes, toys, furnitures, etc.) to profit a local charity MAKE OUR CENTERS A BENCHMARK IN LOCAL VALUE CREATION INCORPORATE SOCIAL RESPONSIBILITY INTO OUR SPHERE OF INFLUENCE JOINTLY DEVELOP THE SHOPPING CENTERS OF THE FUTURE 100% Percentage of centers that have contributed to local employment (by holding a job fair, advertising with training centers, etc.) 100% Percentage of centers that have supported a citizen’s initiative organized by a retailer in the center 100% Percentage of centers that have made space available for a local initiative (local entrepreneur, community organization, artist, etc.) PURSUE OUR RESPONSIBLE CITIZENSHIP INVOLVE LOCAL ACTORS IN DEVELOPMENT PROJECTS 100% Percentage of development projects that have included local cooperation as part of the early planning process 100% 100% Percentage of development projects that have implemented a biodiversity action plan PARTICIPATE IN THE LOCAL COMMUNITY PROMOTE LOCAL EMPLOYMENT AROUND OUR CENTERS Percentage of development projects certifying that suppliers sign a “sustainability charter” governing construction site supply and management KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 93 SUSTAINABLE DEVELOPMENT Act for Territories 3

3.3.1 Promote local employment in the communities (1) This figure applies the following scope: 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers. This corresponds to a 99.9% coverage rate. (2) Regional and/or within 300 km of the shopping center. Klépierre’s shopping centers are major economic hubs that attract thousands of visitors each day and make a significant contribution to local employment. The Group has made a long-term commitment to ensure all shopping centers in its portfolio promote local employment by working with tenants, employment agencies and more widely with local employment actors. Klépierre also aids local economic development by favouring local partners and supporting local companies and retailers. Klépierre delivers its employment commitments through its strategy by: • Ensuring all service suppliers behind the day-to-day operations of its centers are recruited from the local community; • Utilising its local networks to facilitate employment opportunities by working with tenants, employment agencies, and more widely with local employment actors. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of centers that have contributed to local employment Percentage of local service providers for operational management of the centers (security, maintenance, cleaning services) 48% 85% 95% 100% 65% 78% 87% 98% 100% 100% 3.3.1.1 Encourage procurement from local suppliers Klépierre is committed to ensuring that 100% of its shopping centers use local service suppliers by 2022. At the end of 2021, 98% (1) of service suppliers met the Group’s definition of local (2) (versus 87% in 2020). All procurement activities are managed at country level. When contracts approach the renewal period, procurement teams actively prioritize local suppliers. At the end of 2021, France, Belgium, Scandinavia, Iberia, Poland, Czech Republic, The Netherlands and Germany have already reached the target. Going forward, future tenders should also make it possible for the remaining centers to achieve this. 3.3.1.2 Partnerships to boost local employment The majority of Klépierre’s operational job opportunities are created indirectly by its tenants, which represent a broad spectrum of small businesses, national and international brands. The Group plays a significant role by facilitating employment opportunities using both its local presence and national scale. To support this, Klépierre collaborates with recruitment agencies and specialized non-governmental organizations to connect retailers and those seeking employment. The Group has committed to a long-term target for all centers to integrate local employment within each shopping center’s marketing plan. The shopping center’s marketing and management team are accountable for sourcing relevant partners to propose events and initiatives adapted to each center and their employment needs. This approach allows the center’s marketing teams to engage with retailers and the local communities on how they can best meet their needs through innovative solutions and initiatives. Across the Group, several centers have introduced initiatives to meet the Group’s commitment to local employment. For example, a dozen centers, including Grand Littoral in France, have introduced an Act for Good® wall where each retailer can publish their job offers. The wall is fitted with a mailbox for applicants to post their CVs which are then distributed to the corresponding retailers. Out of the Group’s 122 shopping centers, 90 of these supported their recruiting tenants by sharing opportunities via their digital platforms and social media to ensure the opportunities were accessible and reaching a wider audience of potential employees. As well as identifying local needs at shopping center level, Klépierre also promotes regional initiatives to enhance its impact. These include recruitment fairs, posting job offers on shopping center websites and within the centers themselves, and by working with local and national recruitment organizations. 94 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Territories 3

CELEBRATING WOMEN’S ENTREPRENEURSHIP In support of International Women’s Rights Day, three of Klépierre’s France-based shopping centers partnered with the charitable organization Action’elles to launch a competition for female entrepreneurial projects. Action’elles is dedicated to supporting female entrepreneurs through networking and training and by helping them to create and develop ambitious projects and businesses. The competition encouraged local female-led businesses and projects to apply and take part in a public online vote. 27 projects were put forward, and Klépierre and Action’elles worked together to define a shortlist of potential winners. Each of the potential winners was invited to present their story and projects using a short video which was promoted through the shopping centers’ social media accounts. Visitors were asked to vote for their favorite project online. In total, three winners were selected from each of the centers: Bear’s Flowers, Laety & Milly’s and Iwashi. The winners received up to €5,000 and one year of strategic coaching provided by Action’elles. The Founders of Laety & Milly’s, one of the winners, provided their thoughts on the experience: “We are delighted to have been chosen by the visitors of Val d’Europe to win this contest which has been a real springboard for our activity. It allowed us to launch our business more serenely, despite the lockdown. We benefited from the support of Action’elles and shopping center teams who continue to offer advice. This victory also allowed us to gain visibility and to increase our local renown thanks to the regional influence of Val d’Europe and the numerous visitors to its mall and on social networks.” In addition, the Beaulieu center collaborated with ADIE to utilize a vacant shopping unit to promote and display the handicrafts of 15 local female creators for three months. ADIE is an organization that encourages women to grow and strengthen their businesses and endeavors to create a more united and responsible economy in France. 3.3.2 Participate in the local economy The importance of shopping centers as local hubs at the heart of their communities has never been more evident than throughout Covid-19, with the pandemic revealing shopping centers’ critical role in addressing urgent local needs to provide essential goods and services. Long-term, the Group aims to make its centers a benchmark in local value creation and has a target for all centers to offer free space to showcase local initiatives at least once a year. By strengthening connections with the local economy, Klépierre provides an opportunity for local organizations and charities to engage with the millions of daily visitors. This also builds community cohesion and a sense of place amongst residents, offering visitors the best possible experience and in turn, increasing footfall and customer loyalty. The dedication of Klépierre’s centers is reflected in the 100% that met the target in 2021. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of centers that have made space available for a local initiative 76% 97% 98% 100% 100% The Group has an overarching framework that sets out guidance for identifying relevant initiatives and comparable metrics that can be used to calculate the Group’s overall value creation, such as footfall and social media reach. Importantly, each center has the flexibility to select initiatives based on their unique local circumstances and community. Participatory organizations include non-governmental organizations, local entrepreneurs and sports clubs, student bodies and local artists. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 95 SUSTAINABLE DEVELOPMENT Act for Territories 3

SUPPORTING THE LOCAL ECONOMY In 2020, with the help of Utopies, a French consulting agency expert in CSR topics, Klépierre conducted a study to assess the socio-economic impact of its shopping centers. Using the agency’s Local Footprint® Methodology, the Group analyzed the impact of its centers’ activities on the local economy and employment where they operate, accounting for the impact of Klépierre’s, and its retailers’, purchases, wages, and taxation. To better reflect Klépierre’s impact, 2019 data was used as it is the most representative recent year of its performance due to Covid-19 restrictions in 2020 and 2021. Klépierre’s Local Footprint® can be summarized by three main KPIs, two of which reflect the positive impact of Klépierre and its centers on the dynamism of the economy, and one that reflects local anchorage of its shopping centers: 3.2 job supported multiplier coefficient For 1 job in Klepierre and its shopping centers, 2.2 jobs are created in the economy, with a global impact of more than 230,000 extra jobs supported 3.1 GDP generated multiplier coefficient For €1 generated by the Group and its centers, €2.1 of additional wealth are generated worldwide 76% of jobs supported by Klépierre are in its countries of activity 3.3.3 Pursue corporate citizenship Klépierre is committed to being a responsible member of the communities it serves, with a long-term target to boost the social impact of its operations. The Group collaborates with retailers to create projects with real impact, that give visitors the opportunity to take part in meaningful actions that meet their expectations. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of centers that have supported a citizens’ initiative organized by a retailer in the center Percentage of centers that have organized a drive (clothes, toys, furniture, etc.) for a local charity 53% 79% 98% 99% 61% 84% 96% 100% 100% 100% 3.3.3.1 Promoting charitable giving among shopping center visitors In 2021, Klépierre has achieved its target, one year ahead of schedule, for 100% of shopping centers to organize a clothing, toys and/or furniture collection drive for a local charity. These events support the center’s visitors to donate new or second-hand items for those in need, whilst also connecting the center with local charities and organizations. to be distributed locally to those who otherwise wouldn’t receive a Christmas gift by the Val d’Europe and Places d’Armes centers, in partnership with retailer Pylones Visitors created 40 “Christmas boxes” of toys, clothes, and sports equipment was hosted by Hoog Catharijne in The Netherlands with a charitable organization that supports underprivileged children A week-long collection at the Meridiano shopping centre in Spain in partnership with Sonrisas Canarias in support of families affected by the volcanic eruption in La Palma Over 30 tons of clothes and food collected at Tarsus in Turkey, with emergency response organisations, Afad and Kizilay, helped collect 1,200 unused products in seven days, with 60 aid parcels sent to those affected by the forest fires Donation campaigns 96 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Territories 3

The success of these initiatives has been enhanced by strong communications via social channels, showcasing the centers’ ability to engage visitors in their community projects. 3.3.3.2 Partnering with tenants to amplify collective impact Klépierre works closely with its retailers on joint sustainability objectives to enhance their impact and strengthen collaboration. The Group has set a target for all its centers to support an in-house responsible initiative organised by a retailer. By the end of 2021, 99% of Klépierre’s shopping centers promoted at least one action by providing mall space, media coverage or logistic support. In the Netherlands, the Villa Arena shopping center collaborated with retailers to promote their Corporate Social Responsibility (CSR) initiatives by organising a “Sustainable shopping route” during the October Living Month. Visitors could follow the route via the Villa Arena website and in the different shops that included specific labelling on responsible products, supporting customers to find responsible alternatives. In the Bruuns Galleri center, complementary videos were created for retailers to promote some of the great CSR and sustainability projects they have. The videos were shared via social media and reached 134,000 online users. 3.3.4 Involve local actors in development projects Klépierre’s development activities predominantly involve the expansion, repurposing and modernization of existing assets within its portfolio. Each of the Group’s centers has a unique local context bringing varying challenges and opportunities that can significantly impact the local community, urban environment, and infrastructure. The Group’s approach to developing shopping centers which meet local needs has been shaped by its experiences and best practice examples to ensure a consistent standard is applied whilst also enabling flexibility to account for the individual circumstances surrounding the asset. Activities are supported by robust commitments that seek to minimize adverse impacts on the environment and society and drive positive outcomes for local stakeholders. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of development projects that have included local cooperation as part of the early planning process *No development projects superior to 10,000 sq.m. were delivered in 2021. Percentage of development projects that have implemented a biodiversity action plan Percentage of development projects certifying that suppliers sign a sustainability charter governing construction site supply and management 100% N/A 100% N/A * 100% N/A 100% N/A * 100% N/A 100% N/A * 100% 100% 100% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 97 SUSTAINABLE DEVELOPMENT Act for Territories 3

3.3.4.1 Actively integrating local stakeholder engagement As well as compliance with all legal planning and consultation requirements, active engagement and consultation with local stakeholders is embedded throughout the Group’s development process. Their participation, input and valuable feedback influences the design, purpose, facilities, and retail mix of Klépierre’s shopping centers, to ensure each one reflects the catchment area’s unique interests and drives mutually-beneficial outcomes including local support, a compelling commercial and leisure offer and long-term project success. Engagement occurs at specific intervals, through traffic impact studies, market research and surveys. In addition, shopping center managers regularly consult with community members in advance of proposed developments and discuss local issues with them. During the extension and refurbishment of Grenoble Grand Place, for example, monthly committees with the city ensure local employment and local economic development opportunities are being prioritized. Similar consultation activities are in place for all the Group’s developments to enhance the interests unique to the project’s specific local context. 3.3.4.2 Embedding responsibility into the supply chain The Group’s impact extends beyond its direct operations to the suppliers it chooses to work with – from the procurement of construction materials to site management – ensuring its supply chain adheres to Klépierre’s sustainable procurement standards is a priority. This is driven by a target for all development suppliers to sign a Sustainability Charter covering both procurement and construction site management. The charter sets out Klépierre’s expectations regarding the selection of materials, employment conditions and broader community impacts and each of the service providers are briefed on integrating the three pillars of Act for Good® into each project action. By signing the charter, suppliers commit to minimizing the adverse impacts of their activities, such as air pollution, noise, and waste management, and to meeting required standards on working conditions and the selection of materials. 3.3.4.3 Enhancing biodiversity value Klépierre actively protects and enhances the biodiversity value of its assets throughout the property lifecycle, from design through to operation. Its approach is underpinned by a target for all development projects to implement a biodiversity plan as well as a mandatory requirement for development projects to have obtained a minimum level of BREEAM “Excellent” New Construction certification. As a result, Klépierre assesses significant biodiversity impacts and mitigation measures aligned with BREEAM “Excellent” level requirements, whilst creating customised biodiversity action plans that enable flexibility to account for unique local conditions. Ecologists and landscapers are systematically involved in the design and development of new assets or extensions to existing buildings to shape a greater understanding of the surrounding natural environment. Their expertise guides the architects and developers to consider existing ecosystems and select the right plant species to preserve local flora and fauna. Green roofs have become a common feature across the portfolio given their multifaceted role in stormwater management, enhancing biodiversity value, energy savings, and reduced pollution. 98 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for Territories 3

3.4 ACT FOR PEOPLE Klépierre puts people at the heart of its actions. For the millions visiting its shopping centers annually, that means continually evolving the customer journey to meet shifting needs and expectations and creating a positive experience. For the people who work for the Group, that means investing in development, training, and well-being in order to attract and retain talent and drive productivity, creativity and innovation. For both visitors and retailers, Klépierre makes health, safety, and well-being a priority. The aim is to make the Group’s centers leading destinations where people want to visit and work. This approach is underpinned by Klépierre’s unwavering commitment to acting responsibly and to the highest ethical standards. These principles extend to the Group’s suppliers and business partners. 2030 AMBITIONS OPERATIONAL TARGETS 2022 COMMITMENTS 100% Percentage of customer questions asked on social media handled 100% Percentage of centers that have promoted health and well-being 100% Rate of access to training for Group employees 100% Percentage of recent graduates who have been given the opportunity to receive personalized career guidance 100% Percentage of employees who have been given the opportunity to take part in a philanthropic initiative BE THE LEADER OF OUR INDUSTRY IN CUSTOMER CARE BE RECOGNIZED AS AN EXEMPLARY EMPLOYER PUT CHARITY AT THE HEART OF OUR STRATEGY PROMOTE MORE ETHICAL BUSINESS PRACTICES 100% Percentage of centers that have their retailers’ employees 100% Percentage of employees who have contributed to the co-construction of the Group’s future 100% Percentage of employees concerned by measures aimed at achieving work-life balance NGO One long-term partnership signed in each country with an NGO committed to employability and/or family OFFER GROUP EMPLOYEES A POSITIVE EXPERIENCE INCREASE THE SATISFACTION OF VISITORS PROMOTE HEALTH OUR CENTERS CHAMPION ETHICS IN THE LOCAL COMMUNITIES +3 pts Increase in the Group’s Net Promoter Score (NPS) 100% Percentage of employees who have been made aware of ethical business practices 100% Percentage of external stakeholders who have been made aware of ethical business practices 100% Percentage of suppliers selected on the basis of CSR criteria BE SOCIALLY CONSCIOUS KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 99 SUSTAINABLE DEVELOPMENT Act for People 3

3.4.1 Increase visitors’ satisfaction Klépierre positions its shopping centers as places for visitors to shop, meet and connect. In today’s competitive retail market, enhancing the customer experience to increase visitor satisfaction is fundamental to the Group’s success. To evolve and innovate Klépierre’s offering, from brands and services to cultural events and high-quality dining, it’s essential to understand visitors’ needs and the make-up of the local community. This approach is supported by continuous engagement with retailers and sound partnerships with tenants, Klépierre’s first-tier customers, along with a deep understanding of industry insight and appreciation for customer feedback. Today, the Group operates in the context of evolving expectations around environmental and social issues. In addition, advances in technology are fuelling a shift towards digital solutions such as online shopping, click & collect, and omnichannel services. The global pandemic has fast-tracked many of these trends. As society continues the return to a new normal, understanding the customer and their expectations will be vital to ensure initiatives and investments increase footfall and loyalty, as well as generate value for visitors and the highest return for the business. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of customer questions asked on social media handled Increase in the Group’s Net Promoter Score (NPS, baseline 2017) 50% 68% 92% 87% +2 pts +10 pts +8 pts +18 pts 100% +3 pts 3.4.1.1 Embedding a customer centric approach Clubstore® embodies Klépierre’s holistic and seamless customer journey, comprising of 16 touchpoints that enhance experience, establish loyalty, and increase footfall across the Group’s shopping centers, based on a deep understanding of best practice and customer expectations. The Clubstore® standards influence every interaction with the center, including the website, center design, online or in-person services, streamlined access and parking, hospitality, and digital connectivity. Clubstore® best practices are shared internally via a platform and country-wide meetings that promote continuous improvement. The Clubstore® Charter works in synergy with other elements of Klépierre’s Act for Good® strategy, such as electric vehicle charging stations, biophilic design, health and safety information and community- focused events. For example, Act for Good® initiatives are deeply embedded within shopping centers’ activities, organized by local marketing teams who have an acute understanding of the local context and the power of initiatives that provide people with a tangible opportunity to contribute. Initiatives can include fundraising for local charities and environmental awareness campaigns. In 2022, to further embed sustainability into the customer journey, Klépierre will be rolling out a new event strategy with a strong focus on Act for Good® topics. For this new year, the main challenge will be to make more visible actions and their results to position our centers as local hubs within their community: anchoring shopping centres in the community through local initiatives that connect them to consumers’ daily lives, create activations that contribute to help and support local associations or organize events that celebrate major milestones in their area of influence. The existing trend towards delivery and click-and-collect services, offering a safe and convenient way for customers to receive their shopping, has been fast-tracked by the pandemic. In Klépierre’s Amanda shopping center in Norway, at-risk customers were able to place orders with the tenants and have their shopping delivered over three days during the Christmas period, using an electric car borrowed from a local car dealer and Amanda employees who offered their time. 100 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

3.4.1.2 Embracing customer insights Customer insight is invaluable to Klépierre’s approach for improving the customer experience. The Group has developed a strong social media presence with around 5.15 million combined Facebook and Instagram subscribers. Through its #JustAsk platform customers can ask questions and receive a response through Facebook Messenger during opening hours. Klépierre has set a target to respond to 100% of customer questions on social networks. Marketing teams have undergone digital skills training to maintain this community and respond to requests effectively. Together, these platforms facilitate interactions and conversations with visitors, provide up-to-date information about center brands, products, promotions, services and events, and gauge feedback and trends. AVERAGE NPS SCORE +10 pts + 8 pts + 18 pts + 3 pts 2020 2019 2021 2022 Commitment +Xpts increase from 2017 The Group tracks customer insights on individual shopping centers using Critizr, a multi-functional tool that can collate and monitor visitor feedback from multiple social media and online channels. The system gives each center a dashboard view, enabling them to understand how the customer journey is being experienced by visitors. In 2021, local marketing teams began creating a weekly summary of the main issues highlighted by customers. Shopping center managers are informed and responsible for leading the necessary actions which need to be taken. Klépierre’s efforts to make tangible improvements to increase visitor’s satisfaction has been validated by the significant increase in its NPS score in 2021. Klépierre uses the Net Promoter Score (NPS) as a quantitative measure of customers’ satisfaction, based on visitors’ propensity to be a promoter, passive or a detractor. Beyond customer satisfaction, NPS measures how likely each visitor is to recommend the shopping center to friends and family. As shown in the graph, the Group surpassed its NPS target three years ahead of 2022. 3.4.2 Promote health, safety and well-being Klépierre has a comprehensive suite of policies and management systems that comply with the highest safety standards and regulations, to minimize the risk of incidents and injuries to visitors and workers. With the drive to more active and healthier lifestyles, Klépierre positions its shopping centers as places where people can feel safe, relaxed and well, by actively promoting health and well-being products, services and activities. To improve the quality of life for tenants’ employees, workers at each center benefit from services including internal discount cards, reserved parking spaces, access to local fruit and vegetable delivery plans, and facilities for team meetings. 3.4.2.1 Safeguarding health and safety standards Health and safety risk prevention is governed by a set of Group-wide policies and management systems, which are continually reviewed to ensure compliance with local regulations and the highest international standards. Fire, building collapse due to extreme weather conditions or other unforeseen events, major pollution and public health risks, slips, trips and falls, and work at height, constitute the most serious health and safety risks for the Group. Each shopping center takes responsibility for identifying, assessing, and managing safety risks in accordance with the standards. This includes: • Health and safety risks and prevention training including fire risk prevention, health, and safety in the workplace and first aid. In 2021, 931 hours of training were conducted with 218 staff members; • Persistent monitoring by operational teams and periodic checks by Internal Audit to ensure that all relevant risk controls are in place, including: • Cooling equipment to prevent Legionella contaminations, and bacterial and/or viral propagation, • Standard Group safety measures designed to minimize safety incidents occurring due to day-to-day activities by Klépierre’s staff, subcontractors or tenants’ staff and/or suppliers within shop units: — Visitor incidents are reported at management level, with incident investigation and data analysis forming the basis of action plans to further improve risk prevention, — Accidents that occur within tenants’ units fall outside the scope of Klépierre’s responsibility, nevertheless the Group requires tenants to submit plans for any work being undertaken and inspects shop units once these are completed. A permit is issued that identifies the significant safety risks associated with the proposed work and any recommended preventative measures. Ongoing work is inspected on a regular basis by the shopping center safety and technical management team. In addition, other permits are required for any hot work, which is inspected within two hours of completion and regularly thereafter to prevent any fire risks; • A Group-wide health, safety and environment compliance application to manage and report health and safety performance data at center level; KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 101 SUSTAINABLE DEVELOPMENT Act for People 3

• Compliance checks and safety and security reminders for all centers. The actions of technical center managers and directors are coordinated via monthly Engineering & Sustainability and Safety webinars; • Integration of Health and Safety key performance indicators in the annual objectives for all supporting functions, including Country Directors, Operations Directors and Engineering & Sustainability Departments at the country and shopping center level; • A new compliance tool, KOMPLY, is currently being rolled-out across all shopping centers, providing local teams with comprehensive information on regulatory requirements based on their technical inventory. Teams will be trained on how to use the tool, which offers a centralised platform for compliance management including action plans relating to non-compliance and incidents and the escalation process. CONTINUITY OF SPECIFIC AND LOCAL RESPONSE TO THE PANDEMIC Klépierre, supported by International SOS and backed by regulatory intelligence law firms, operates numerous strategy documents that define stringent “Covid prevention standards” within the Group, to comply with local and national guidelines for the prevention of Covid-19, regarding Shopping Center’s Operations and HR at head offices. Bureau Veritas, for the second year, certified all of Klépierre’s shopping centers as being compliant to Global Safe Site Excellence. Bureau Veritas continuously assesses the maturity, relevance and effectiveness of the procedures implemented for Covid-19 risk prevention and reduction. It has inspected all sites in order to confirm that the centralized hygiene and safety system has been correctly implemented and is in line with organizational requirements as well as best health practices (surface cleaning procedures, layout modifications to reduce risks, systems to minimize contamination, etc.). Inspections also address measures designed to minimize the risk of contamination for Klépierre staff, retailers, and visitors, as well as auditing compliance among suppliers and sub-contractors with Klépierre’s rules and guidelines in addition to their own. Health awareness information and training for staff, in addition to robust processes, has been the cornerstone of the Group’s Crisis Management Plan, ensuring psychological resilience and safety from a health perspective. All employees have been trained to factor Covid-19 prevention into their daily routines, and dedicated presentations have been led by International SOS at various key stages of the crisis, including lockdown and reopening phases. 3.4.2.2 Managing security risks Klépierre has adopted a comprehensive security strategy and a phased action plan to anticipate, mitigate and thwart the evolving security threats facing the Group’s assets. This strategy covers crime, anti-social behavior and civil unrest, as well as terrorism risks. The Group’s security approach is a holistic one. Both in classrooms and e-learning, courses enable employees to take ownership of their security environment and develop partnerships with stakeholders, including tenants, municipal and governmental authorities, civil protection organizations, emergency services, state or local police forces, and other private security teams deployed in the area. Security is included as a standard agenda item in all team meetings at both management and shopping center levels. The strategy’s key stakeholders and activities are: REGIONAL All Country and Shopping Center managers and Technical Directors have been trained in SOP implementation by the Group Physical Protection Director. LOCAL All shopping centers must complete an annual self-assessment using a Group security tool to analyse their compliance with the SOPs. Any investments in physical security infrastructure required to comply with Group standards are identified. A Group Internal Audit checks annually that this self-assessment tool is used properly. GROUP HEAD OF SECURITY AND SAFETY Oversees on-site implementation of Klépierre’s security strategy. Adapts action plans and SOPs (see below) for evolving threats, ensures dedicated training for key employees, produces Group security standards to be included in tenders for security services, reinforces security awareness throughout the organization, and advises management at all levels on dealing with security challenges. SECURITY STANDARD OPERATING PROCEDURES (SOPS) Launched in 2017, the Group’s SOPs cover the protection of strategic on-site zones: technical premises, security control rooms, management office protection, delivery dock protection, fire control room surveillance and new air intake equipment protections. They also cover responses to terrorist attacks, including prevention of vehicle-ramming attacks, and reaction to the discovery of suspicious packages and cars. PARTNERSHIP As a key local presence, the Group can act as an intermediary between tenants and regional security forces, as demonstrated by regular testing drills. Through an “intervention assistance server” tool, shopping center information is shared such as property maps, videos and photographs with emergency services to improve response quality. SOP ROLL-OUT 102 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

Despite the ongoing effects of the pandemic, in 2021, Klépierre adapted quickly to developing threats to ensure the consistent implementation of robust processes, strengthening its crisis management capabilities to face potential new safety and security challenges. By actively sharing information and coordinating responses, the Group has enhanced its centers’ ability to anticipate and respond to security risks, while at the same time positioning them as secure and friendly destinations where visitors can have a relaxing time in complete security. 3.4.2.3 Promoting health and well-being for visitors and tenants In line with the operational objectives described in the previous section, Klépierre aims to promote good health and well-being in 100% of its shopping centers by 2022, which it achieved for the first time in 2021. Well-being starts with shopping center design. Klépierre uses materials with low volatile organic compound content, effective ventilation systems, and biophilic design features such as natural light and vegetation in all its developments and refurbishments. The Group is committed to achieving BREEAM New Construction “Excellent” certification for all new developments with a gross leasable area more than 10,000 sq.m, which ensures minimum standards relating to internal and external lighting levels, indoor air quality and acoustic performance. During the operational phase, the Group focuses its broad range of activities that are offered to visitors and tenants in three areas (outlined below), from regular sports activities to promoting meetings with healthcare professionals and nutritionists. Through these initiatives, Klépierre’s shopping centers forge closer connections with their visitors and tenants. Facilitate access to good quality care and help people stay informed About 1 million people throughout Europe have been vaccinated against COVID-19 in Klépierre’s shopping centers since the beginning of the health crisis. At Porta di Roma, near Rome, a 1,000 sq.m vaccination hub was constructed and opened in May to allow for 3,500 people to be vaccinated a day. The hub features a decontamination passage to control the temperature at the entrance, 28 vaccination booths and a large waiting room for the 15 minutes following the vaccination. Its success is a testament to the long-standing relationship between the center and the Red Cross who worked together to establish an optimal vaccination hub. Position centers as communal venues where visitors can meet, experience, learn and discover Various Iberian shopping centers are equipped with urban gardens, producing a range of vegetables and fruits, and offering visitors the opportunity to participate in workshops. New urban gardens in centers in Portugal and Principe Pio, La Gavia and Nueva Condomina in Spain welcome local communities to learn how to cultivate and grow their own produce in a more efficient, ecological and healthy way. All products are donated to social institutions including a local school and the Association for the Treatment of People with Cerebral Palsy and Related Pathologies (ASTRAPACE). Promote healthy lifestyles and offer new services Across France, Norway, Poland and Spain, shopping centers dedicate specific time slots for changing their sound and visual environment to adapt to the specific needs of their elderly visitors, those with disabilities and those who just need some peace and quiet while they shop. Lighting is dimmed, background music is switched off and scents are no longer diffused. In most of the participating centers, hypermarket and retailers are also part of the silent hours’ initiative. Just as with its own employees, Klépierre seeks to improve the work-life quality of retailers and their employees, with a 2022 commitment for 100% of shopping centers to offer dedicated services to retailers’ employees such as sports and fitness and childcare services. In 2021, 100% of centers achieved this. In addition, at some centers across France and Poland, retailers’ employees were welcomed back during the post-pandemic reopening of stores with specific attentions including welcome coffee and vouchers to use in shopping centers. DEDICATED TRAINING FOR RETAILERS’ EMPLOYEES Throughout 2021, several shopping centers offered dedicated training to retailers’ employees to enhance their work-related skills in regard to key trends. Marieberg Galleria in Sweden conducted a free online seminar for all tenants with a retail expert, focusing on sales and how to keep customers happy as they returned to the center after Covid-19. The center also offered training on the handling and development of digital channels such as TripAdvisor and Facebook. The training was timely given that physical shopping visits had decreased, and retailers were experiencing a significant up-lift in their digital channels. The 10-minute sessions were available on the extranet, making them quick and easy for retailers to access and complete. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 103 SUSTAINABLE DEVELOPMENT Act for People 3

3.4.3 Offer Group employees a positive experience Klépierre recognizes the important connection between a positive employee experience and business success. It therefore provides a quality workplace that encourages engagement, innovation, and creativity. The Group has set four long-term targets, that reflect the ambition of the HR strategy and its aim to be recognized as an outstanding employer. These targets cover talent management and development, quality of life at work and engagement within the Company. To best achieve these targets, and to reflect its key strategic position, Klépierre’s Human Resources function sits within the executive management team. It is supported by the Group-wide Human Resources Committee, made up of HR leads from each country. The committee shares policies and best practices and establishes consistent guidance across all operations and territories, ensuring the Group’s approach and employee value proposition is aligned. A Group-wide Human Resources dashboard tracks the Group’s performance against its Act for Good® targets, as well as country level performance indicators such as turnover to identify potential risks and put in place remediation plans that draw from the Group’s collective experience. In 2021, the Group created an employee experience position within the Human Resources Department to drive initiatives and a positive employee experience. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Rate of access to training for Group employees Percentage of employees concerned by measures aimed at achieving work-life balance Percentage of recent graduates who have been given the opportunity to receive personalised career guidance Percentage of employees who have contributed to the co-construction of the Group's future 92% 98% 100% 100% 96% 100% 100% 100% 100% 100% 100% 100% 15% 36% 38% 38% 100% 100% 100% 100% 3.4.3.1 Talent management Klépierre’s talent management policy is based on five pillars: attraction, onboarding, learning and development, performance review and internal mobility. In 2021, for each of these pillars and associated projects, the focus was to drive and embed updated recruitment and onboarding processes and promote the “Klépierre culture”. By the end of 2021, Klépierre directly employed 1,071 employees, including 1,036 on permanent contracts. Klépierre’s continued investment in its workforce is reflected in the average length of service of the Group’s employees (9.6 years in 2021). Considering the departures in 2021, Klépierre’s turnover rate increased to 11.7% from 9.1% in 2020, which should be viewed within the context of a highly competitive yet more challenging job market. TOTAL HEADCOUNT Territory 2021 2020 France-Belgium 442 444 Italy 179 180 Scandinavia 124 139 Iberia 110 114 Central Europe & Other 111 112 Netherlands 54 57 Germany 51 50 GROUP TOTAL 1,071 1,096 104 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

HEADCOUNT AT YEAR-END, BY TYPE OF CONTRACT 2021 2020 Permanent 1,036 1,057 Temporary 35 39 TOTAL 1,071 1,096 HEADCOUNT AT YEAR-END, BY AGE 2021 2020 <30 12% 12% 30-39 31% 31% 40-49 33% 34% ≥ 50 24% 23% 3.4.3.1.1 Attraction Attracting and retaining talented employees is vital to the Group’s capacity to grow and develop. Klépierre invests in a diverse workforce through recruitment and continues to grow employee knowledge and skills through training which remains one of the key success factors for its business and employer brand. This is evidenced by the average length of service for Klépierre staff, which was 9.6 years in 2021. To further the Group’s attraction opportunities, Klépierre underwent a comprehensive process in 2021 to define its company values. The process entailed co-construction workshops with employees, senior managers, and country directors across the business, with the support of an external specialized agency, to identify the values that most innately reflect the Group. In 2022, these values will be communicated across the business and will enable the Group to build on its existing employer brand. Klépierre has an exciting and attractive offering of internships, apprenticeships, and permanent positions for students, which allows the business to enjoy a strong talent pipeline. Despite the continuing effects of the pandemic such as lockdowns and intermittent home working, the Group maintained 100% of its planned internships this year and welcomed 66 interns to the business through a fully adapted onboarding and mentoring process. To ensure the business is as accessible as possible, the Group leverages the use of online tools such as the graduate recruitment platform Jobteaser. The Group puts a major emphasis on attraction and recruitment for the last two quarters of the year through school forums, open recruitments and pushing the employer brand. 3.4.3.1.2 Onboarding Klépierre’s onboarding programs, organized at Group and local levels, provide new employees with a bespoke induction to the business based on their role and location, and ensure they have access to the key information they need to build their internal network. The Group-level onboarding program, which includes presentations by members of the Executive Board, introduces new joiners to Klépierre’s organization, business strategy and corporate culture and gives attendees the opportunity to network and meet the senior management team. The program covers the roles and responsibilities of key people, including shopping center teams who represent the business’ core function. In 2021, 62 new hires from 12 countries benefitted from this initiative. Onboarding programs continue to be adapted and digitized into remote courses in line with the ongoing pandemic. In 2021, Klépierre demonstrated its commitment to innovation in their onboarding process with a virtual escape room style challenge, designed to forge links between the participants, with 40 candidates taking part. 3.4.3.1.3 Learning and development Klépierre actively promotes learning and development for all its employees, to support employee engagement and to ensure the Group has the technical and professional skills to deliver its business model, meet objectives and address emerging trends. In 2021, the Group has continued to fulfil its target of 100% access to training for employees, calculation based on average workforce. The creation of key business e-learning modules, the transformation of face-to-face training sessions into virtual classrooms, as well as the implementation of a community of learning influencers at country level has helped Klépierre maintain success in this area. Klépierre’s learning influencers play a key role in training and development delivery, including translating training content into local languages and supporting events for learners. The Group recognizes the importance of providing clear development pathways for employees, mapping professional and soft skills that support their career aspirations and internal mobility, with a focus on new joiners, experienced hires, and existing long-term employees. Klépierre University is the Group’s main learning and development hub, with over 150 courses across three main areas: • Adapting constantly to business needs – Engaging internal trainers and working closely with managers to understand business shifts and needs for new competencies • Serving employees’ development – Welcoming and engaging each employee according to their function, encouraging employees to take an active role in their own development and putting them in a position to succeed • Building engagement and motivation – Optimizing training through a blended approach of face-to-face and e-learning sessions whilst building efficient training paths with interactive and engaging modules KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 105 SUSTAINABLE DEVELOPMENT Act for People 3

The University offered over 150 courses and delivered over 18,296 hours of training in 2021. Klépierre University contributes to the Group’s HR ambitions through its main objectives; training graduate employees in the Group’s specific professions, supporting the business to adapt to changes in the market and needs by developing personal skills, offering diversified training to all employees to promote international and cross-functional mobility, promoting an innovative culture across the business and helping managers to support dispersed teams and manage remotely. During the Covid-19 pandemic, Klépierre University adapted quickly to transform face-to-face sessions into virtual classroom and e-learning modules, providing valuable opportunities for interactive discussions and case studies. These were delivered by the relevant subject matter experts, many of whom are Klépierre employees. In 2021, 32% of the Group’s training and development sessions were delivered by internal trainers, demonstrating the technical expertise held within the business. In 2021, Klépierre University launched its second edition of the Digital Summer School. The 10-week program included a certified learning path, relevant to the need for adaptability in 2021, focusing on “dealing with change” soft skills. Participants had access to 16 recommended e-learning courses and a quiz and were invited to take part in three challenges to allow them to get the most out of the program. All participants then attended a virtual conference, available in both French and English, which included talks from keynote speakers on topics such as change, curiosity and agility. 125 of the Group’s employees took part in the 2021 Digital Summer School. DISKOVERY In 2021, Klépierre University introduced DisKovery, a learning program focusing on essential skills in which over 500 employees took part as active learners. The program is made up of three courses per quarter, alongside additional media such as articles, videos, and podcasts, with each quarter focusing on one specific skill. A quiz at the end of each quarter allowed participants to see their progress and assess their learning. Klépierre University also worked to engage and upskill internal trainers, giving them access to customized support from the HR team, as well as to lectures and interactive sessions to support their development. 3.4.3.1.4 Performance and development review Klépierre’s performance review and development process is managed through two one-to-one meetings each year, the first focusing on individual performance and the second on career development. The performance-specific review meeting, which takes place between November and January, is mandatory. It aims to assess the employee’s achievements from the past year, as well as set personal objectives for the coming year. It also highlights the resources and training needed for each employee to develop their skills in line with the Group’s priorities. Employees have the option of having an additional mid-year review at their discretion and/or that of their manager, to ensure their individual objectives are up to date and aligned with their development plan. In 2021, 503 employees (51% of the workforce) took advantage of the mid-year review procedure. Every line manager is responsible for their team members’ development through feedback and support in creating personalized development plans. Any employee can request a development review to discuss their career aspirations and training needs and the Group recommends that each employee take advantage of this at least every two years, or annually for employees under 30. The Group encourages employees to self-assess their skills, which promotes greater engagement in the process and its outcome. The aim is to make each employee’s development path consistent with the resources they need to achieve it, to give the business the right people for the right jobs at the right time. In 2021, 47.5% of graduates participated in the career development process, demonstrating a willingness to discuss their development early in their career and the success of the targeted HR communications towards the recent graduates, despite the increase in home working. This was a decrease when compared to 2020 due to a substantial increase in the number of the Group’s graduates receiving an internal promotion and therefore not requiring a development interview with their managers in 2021. Klépierre also seeks to retain the knowledge and skills of more senior employees, who represent 24% of its workforce. Promoting their inclusion in an internal trainers’ program allows them to share their wealth of experience with new hires and encourages internal mobility. The 60+ internal trainers receive personalized guidance via internal coaching, dedicated training and best practices sharing. 3.4.3.1.5 Internal mobility The Group’s international footprint means it is well placed to offer opportunities both within functions and between businesses, which supports its succession planning, recruitment, and retention objectives. Job opportunities are pushed towards high potential employees to develop their specialist expertise, take on new responsibilities, consolidate their leadership through managing cross-functional projects, and enhance their ability to grow in a multicultural environment. In 2021, the Group began an internal people review, an analysis of staff led by the HR Department in partnership with managers, to address development needs, performance issues and to anticipate internal moves and feed into succession pipelines. The review encourages and promotes diversity in management roles and ensures the business can continue to build a strong succession pipeline of internal talent. As a result, 31% of open job positions were filled by internal mobility, a significant rise from 17% in 2020. HR teams from across the Group coordinate and guide employees throughout the entire mobility process, starting with the identification and matching of job opportunities with individual employee’s objectives, through to taking up the new position. Executive-level promotions are assisted by a support team and mentoring program. In 2022, HR teams will continue their journey to further engage employees and will assess compensation packages, deploy a leadership program in line with Klépierre’s cultural pillars, and design a group mental health strategy, consolidating the work already done on preventing psychosocial risks. 106 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

3.4.3.1.6 Diversity and inclusion Klépierre is an inherently diverse organization, with over 30 nationalities represented throughout the Group. The real estate industry nonetheless faces diversity challenges, particularly regarding gender balance at senior management levels. The Group’s Diversity and Inclusion strategy is designed with three key pillars: • To promote an inclusive culture; • To ensure gender balance; • To provide support during parenthood. To further the Group’s commitment to a diverse and inclusive workforce, a Diversity and Inclusion board was introduced to manage and promote D&I throughout the business, this was also supported by the nomination of over 40 D&I ambassadors across the business to further advocate inclusion. In late 2020, Klépierre introduced a dedicated policy on gender balance. As part of this policy, the Group has committed to bringing the proportion of women on the management team up to at least 30% by December 31, 2022, and at least 40% by December 31, 2025. The same targets are set for the top 100 managers by December 31, 2023, and December 31, 2026 respectively. (1) Management team : Executive board and Corporate Management team. In the space of one year, significant progress has been made on this matter as the proportion of women on the management team (1) had already reached the 30% mark as of December 31, 2021, and the number of female staff in the top 100 managers rose to 33% as of the same date. In 2021, along with other real estate companies, the Group signed an Equality Charter to establish greater professional parity between men and women in real estate companies. The charter aims to drive equal pay, promote female talent into strategic positions and the visibility of women, and make performance equality an essential part of company policy. In addition, the Klépierre Diversity Charter (signed in 2010) summarises its commitment to promote equal opportunities for all employees and prohibit discrimination based on age, disability, family status, race, religion, or gender. As such, the Group has set out to increase the percentage of employees who contribute to the co-construction of the Company’s future by 2022. Ensuring Klépierre’s policies, processes and activities are inclusive is vital to its success and listening to a diverse set of voices is key to its approach for creating a future where everyone feels heard, engaged and comfortable to be themselves. In 2021, an internal Women’s Network was introduced as a pilot initiative, made up of 15 senior managers from the Corporate team and France. DIVERSITY AND INCLUSION WEEK In 2021, a Group-wide project was launched to celebrate Diversity and Inclusion Week (November 29 – December 3) to allow employees to find out more about what diversity and inclusion means. Klépierre held four events over the week to share the Group’s Diversity and Inclusion ambition, testimonials from employees and to encourage and promote conversation around topics such as intergenerational inclusion, gender equality, stereotypes, and disability. The events were attended by over 600 participants. The Group also introduced five e-learning modules, with over 350 employees completing at least one new training module. During the week, over 40 diversity and inclusion ambassadors supported the running of the events and sessions and promoted several local initiatives in their own regions including virtual reality training. 3.4.3.2 Quality of life at work Research increasingly shows the benefits of a high-quality workplace and a strong positive correlation between healthy workplaces, employee well-being and their productivity. 3.4.3.2.1 Health, safety, and well-being at work Occupational health and safety are a vital component of Klépierre’s commitment to enhance employees’ working life. The Group promotes health and safety training, awareness raising and well-being initiatives to improve the quality of its workplaces and spaces. Serious health and safety incidents such as fatalities are extremely rare due to the nature of the business. Instead, occupational health and safety issues such as mental health risks are among the most significant incidents contributing to employee absence. In the current context of the ongoing pandemic, home working has been extended to many employees. New mental health risks have materialized and must be anticipated and considered to ensure that employees in need receive the requisite support. Accordingly, the Group uses Klépierre University to deliver mental health and well-being training to managers and employees, through online modules and face-to-face sessions. The Group also provides a free and anonymous mental health helpline to all French and Belgian employees in partnership with Axis Mundi, and a similar assistance program has been set up in Turkey. In 2021, Klépierre ran a week-long group-wide Well-being @ Work initiative which offered e-learning modules, conferences, and workshops for employees through the Group’s internal social network, intranet, and a direct email campaign. Ten online training modules were made available to all group employees to support their well-being in various work-related situations. The training covered topics such as work-life balance, how to deal with stress, bonding with remote teams and developing emotional intelligence. In France, employees had the opportunity to join fitness and cooking classes, as well as sessions that focused on the impacts of home working and how the pandemic has affected office life. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 107 SUSTAINABLE DEVELOPMENT Act for People 3

In addition, the Group provides regular lectures organized in partnership with International SOS, aimed at explaining the evolution of the ongoing pandemic and answering questions to ensure employees feel supported. In 2022, the Group aims to introduce more support for managers to help manage increased mental health issues due to the ongoing health crisis. 3.4.3.2.2 Benefits and work-life balance Klépierre’s benefits and work-life programs are largely managed at a country level and are designed to reflect local needs and practices, although the Group ensures that certain benefits are available to all employees. The Group’s competitive benefits and compensation help improve engagement and retention levels, enhanced by a range of non-financial benefits that collectively provide a rewarding work environment and support employees to better balance their work-life commitments. In France and Sweden, for example, additional parental leave and part-time working opportunities are available, while in Italy and Spain, Klépierre offers a benefits allowance that employees can put towards health and well-being activities. The Company also applies a “right to disconnect” policy outside of working hours following a collective bargaining agreement enacted in France in 2017. Thanks to these initiatives, there was a smooth transition to home working during the health crisis. All employees were equipped with laptops, cloud solutions were deployed company-wide, and the daily use of collaborative tools has been widespread. This has facilitated remote team-based work and enhanced employee responsiveness on various subjects. 3.4.4 Champion ethics in the local communities Klépierre operates to the highest ethical standards and ensures everyone working with and for the Group acts according to the same principles. This is essential for maintaining the Group’s reputation as a responsible business and safeguarding its long-term relationships with customers, retailers, shareholders, and local communities. In 2021, all employees received training of the following type: Compliance & Ethics. All Klépierre employees, first-tier suppliers and service providers are based in countries that have ratified the eight fundamental conventions of the International Labor Organization (ILO) including: the elimination of discrimination in the workplace, respect for freedom of association and the right to collective bargaining; the elimination of any form of forced or compulsory labor, and the abolition of child labor. Human rights standards are supported by strict national and European regulations. Klépierre became a signatory to the United Nations Global Compact in 2012, and the Group conducts an annual review of human rights risks, policies, monitoring, and reporting procedures across all countries where it operates using the UN Global Compact’s analysis tool. T arget Description 2018 2019 2020 2021 * 2022 COMMITMENT Percentage of employees who have been made aware of ethical business practices * Suppliers, service providers and M&A teams ** Calculated on the scope managed by the Group Procurement Department i.e., 37% of Klépierre (key) suppliers Percentage of suppliers selected on the basis of CSR criteria Percentage of external stakeholders who have been made aware of ethical business practices 100% 100% 100% 100% 100% 100% ** 100% ** 100% ** 58% 63% 50% 64% * 100% 100% 100% 108 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

3.4.4.1 A culture of business ethics Business ethics are deeply embedded within the Group’s culture and guide Klépierre’s relationships with external partners and employees. In 2021, the Audit & Internal Control Department restructured to create two separate departments: Internal Audit and Risk Management. The change aligns the Group’s business ethics procedures with best practice governance, establishing independence for internal audit activities, more effective segregation and specialization of roles, as well as an enhanced focus on risk management. A Group-wide Risk Management Committee has also been formed and will commence in 2022 to enhance knowledge sharing and the perception of key risks by all top managers, create stronger governance and coordination of initiatives, and improve the allocation of resources and responsibilities. Compliance with all national laws and regulations is a prerequisite to operating responsibly. France’s “Sapin II” law stipulates that large companies must establish an anti-corruption program to identify and mitigate relevant risks. This includes obligations to draw up a risk map, a dedicated Code of Conduct, an internal whistleblowing system, third-party due diligence, accounting controls, a compliance training program, a disciplinary mechanism, and internal evaluation controls. Klépierre’s approach is underpinned by two ethical codes. The Code of Professional Conduct sets out the Group’s commitment to ethics and human rights and instructs employees’ behaviour including: respect for the law and local customs; customer service; confidentiality and observance of professional secrecy; financial and media communication; delegations of authority and signatures; protection and utilization of Company assets; whistleblowing; health and safety; prevention of acts of discrimination and harassment, and respect for privacy; and environmental responsibility. The Anti-corruption Code of Conduct sets out the Group’s expectations regarding the giving and receiving of gifts and invitations, conflicts of interest, facilitation payments, patronage and sponsorship and lobbying activities. The codes are available on the Group’s corporate website and are regularly reissued to all Group personnel, with annual Group-wide training conducted to refresh employee’s knowledge and deep-dive into specific topics. In 2021, 99% of the present headcount at year-end completed training on data confidentiality to understand the different forms of data and information leakage, recognize sensitive data, raise awareness on the importance of data protection, and promote best practices. Whistleblowers can raise alerts internally, using a confidential reporting procedure, and externally, using an independent specialist service provider. Depending on local regulations, alerts can be made both anonymously or publicly. Based on upcoming regulation, whistleblowing procedures are being reviewed internally to effectively protect those raising alerts. 3.4.4.1.1 Money laundering and terrorism financing Klépierre’s ethical values extend to its partners. To ensure compliance with the anti-corruption aspects of the “Sapin II” law and the 4 th and the 5 th European Directive on money laundering and terrorist financing, the Group has “Know Your Business Partner” procedures in place. These procedures comprise an electronic tool containing a list of sanctions, convictions, politically exposed persons, and negative press articles to assess the probity risk of third parties and identify beneficial owners and external stakeholders. These third-party assessments are primarily applicable to business relationships with retailers, but also to buyers and sellers of assets, key suppliers and service providers, and intermediaries recruited as part of development transactions. The tool is undergoing a review to ensure wide-spread deployment across the Group, with improvement recommendations due to be implemented in 2022. In 2021, Klépierre raised awareness of business ethics with 64% of its external stakeholders, bringing it well within reach of the 100% 2022 target. 3.4.4.2 Responsible purchasing Klépierre purchases goods and services from a diverse first-tier supply chain of around 14,000 suppliers across 12 countries, ranging from small local businesses to large international companies. Five major service categories including utilities (energy and water), general operations, cleaning, maintenance, and safety and security represent approximately 85% of the Group’s operating budget. Major suppliers are viewed as partners, with whom the Group nurtures long-term relationships built on trust and mutual respect, to create mutually beneficial value beyond each formal contractual agreement. A central procurement team evaluates and monitors the Group’s top 80 suppliers, equivalent to 37% of supply chain spend, providing support to country-level procurement teams to ensure the consistent application of the Group’s standards and procedures. Procurement and service provision are primarily managed by country procurement teams, supported by local multi-disciplinary teams, and overseen by Country Heads, Operational Departments and Procurement Departments. This enables the local context to be accounted for, such as prioritizing local businesses to support the Group’s long-term targets (see Act for Territories, section 3.3). To work with Klépierre, suppliers, including all service providers, must formally commit to and sign the CSR Responsible Purchasing Charter, which defines the expected standards relating to human rights, ethics, security, energy performance, waste management, sustainable behavior, local development and building certification. The Charter is regularly reviewed and updated. By the end of 2021, 100% top suppliers had signed the charter. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 109 SUSTAINABLE DEVELOPMENT Act for People 3

The Group favors suppliers with management systems certified to ISO 9001 or 14001 for technical services as an indicator of responsible business practices. At the end of 2021, 90% of cleaning suppliers, 95% of security suppliers and 94% of facility management suppliers were certified against at least one of these standards. For all key suppliers, the Group uses an assessment matrix to evaluate their social and environmental policies and practices. Since 2018, 100% of Klépierre’s suppliers (on the scope managed by the French procurement team) have been selected based on CSR criteria, four years ahead of the target date. As operating expenses are mostly passed on to tenants through the service charge, they are subject to extensive scrutiny by retailers. The Group continually seeks to reduce costs on behalf of its tenants, for example by consolidating energy and waste management contracts at regional and national level. The Group also operates a stringent selection and approval process. The signing of framework agreements and continuous on-site monitoring ensures that risks in relation to operating expenses are identified and minimized. The financial sustainability of suppliers is considered as part of this process, and the proportion of suppliers’ total revenue that is derived from business with Klépierre may not exceed 22%. Purchasing teams follow two fundamental principles: neutrality, to ensure fair, ethical, objective, and transparent processes; and the consideration of the life-cycle cost of purchased products. The Group’s social and environmental commitments have also been progressively incorporated into contractual agreements. 3.4.5 Be socially conscious Empowering employees to contribute to causes important to them and their local communities is essential for a positive employee experience, driven by shifting employee attitudes towards volunteering, philanthropy, and corporate social responsibility. Offering opportunities to take part in these activities can positively contribute to engagement and satisfaction levels, whilst strengthening ties with local communities. T arget Description 2018 2019 2020 2021 2022 COMMITMENT Percentage of employees who have been given the opportunity to take part in a philanthropic initiative One long-term partnership per country signed with an NGO committed to employability and/ or family * 61% 90% 100% 100% 100% Not yet Not yet Not yet Ongoing Signatures * In the absence of a suitable Group level partnership, all countries are encouraged to develop their own long-term partnerships with NGOs, with support from the group Since 2020, 100% of the Group’s employees have been given the opportunity to take part in a philanthropic initiative, well ahead of the 2022 deadline. In addition, each country is encouraged to identify opportunities for long-term partnerships with non-governmental organizations (NGOs) dedicated to employability and family, with support from the Group. Many have taken the lead in supporting families and young people in their catchment areas and in 2021, 100% organized at least one philanthropic activity. In 2022, Klépierre’s focus will be to ensure that a partnership with an NGO is in place at all shopping centers and an activity to support them has commenced. Across France, The Netherlands, Germany, Italy, and Poland, 348 Klépierre employees took part in a Solidarity Walk in support of Apprentis d’Auteuil. Together, the employees walked 37,427 km and over 50 million steps, equivalent to a round trip from France to New Zealand, the furthest distance of all companies who entered the initiative. Due to the dedication and hard work of the Group’s employees that participated, 28 families will be supported by the charity for a year, which aims to provide a safe space to families who need support in areas such as education and financial security. Klépierre has worked with the French NGO on several previous projects including providing space for people supported by the charity to test their projects and sales training for people starting out in their careers. Similarly, in Portugal and Spain, shopping centers partnered with an NGO called Action Against Hunger where employees could log the kilometers they ran, walked, or cycled online. The distance achieved was exchanged for money on shopping cards for families in need. Together, employees walked a total of 3,240 km, equivalent to €2,680, filling the shopping cart of approximately 63 families. 110 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Act for People 3

3.5 SUMMARY OF PERFORMANCE AGAINST LONG-TERM COMMITMENTS, METHODOLOGY AND CONCORDANCE TABLES 3.5.1 Summary performance against 2022 Act for Good® commitments For all indicators, the reference year is 2017 as this corresponds to the baseline of the current Act for Good® strategy, except for energy for which the Group has chosen a target in relative terms (40% decrease vs. 2013). ACT FOR THE PLANET 2020 2021 2022 ACT FOR A LOW-CARBON FUTURE Reduction in energy consumption for common and serviced areas compared with 2013 (a) -43% -45% -40% Percentage of electricity from renewable sources in common and serviced areas 93% 95% 100% The five biggest shopping centers in our portfolio to be net-zero carbon (Scopes 1 & 2) 1/5 4/5 5/5 Certification of the Group’s climate strategy by the Science Based Targets Initiative Certified Certified Certified CONTRIBUTE TO A CIRCULAR ECONOMY Percentage of recovered waste 96% 98% 100% Percentage of centers that have involved retailers in a circular economy effort 86% 94% 100% DEVELOP A FULLY-CERTIFIED PORTFOLIO Percentage of centers that have a sustainable development certification (BREEAM In-Use, ISO 14001, etc.) 100% 100% 100% Percentage of development projects that have obtained BREEAM New Construction certification (with a minimum level of “Excellent”) 100% N/A (b) 100% Percentage of new developments using wood from a certified forest during construction 100% N/A (b) 100% INNOVATE FOR SUSTAINABLE MOBILITY Percentage of centers accessible via public transport 98% 100% 100% Percentage of centers equipped with electric vehicle charging stations 68% 72% 100% (a) 2013 baseline: 143 kWh/sq.m. (b) No development projects superior to 10,000 sq.m. were delivered in 2021. ACT FOR TERRITORIES (a) 2020 2021 2022 ENCOURAGE LOCAL EMPLOYMENT AROUND OUR CENTERS Percentage of local service providers for operational management of the centers (security, maintenance, cleaning services) 87% 98% 100% Percentage of centers that have contributed to local employment 95% 100% 100% PARTICIPATION IN THE LOCAL COMMUNITY Percentage of centers that have made space available for a local initiative 98% 100% 100% PURSUE OUR CORPORATE CITIZENSHIP Percentage of centers that have organized a drive (clothes, toys, furniture, etc.) for the benefit of a local charity 96% 100% 100% Percentage of centers that have supported a citizen’s initiative organized by a retailer in the center 98% 99% 100% INVOLVE LOCAL STAKEHOLDERS IN DESIGNING NEW DEVELOPMENTS Percentage of development projects that have included local cooperation as part of the early planning process 100% N/A (b) 100% Percentage of development projects certifying that suppliers sign a Sustainability Charter governing construction site supply and management 100% N/A (b) 100% Percentage of development projects that have implemented a biodiversity action plan 100% N/A (b) 100% (a) All Act for Territories targets are measured by value. (b) No development projects superior to 10,000 sq.m. were delivered in 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 111 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

ACT FOR PEOPLE 2020 2021 2022 CONTINUOUSLY INCREASE VISITOR SATISFACTION Increase in the Group’s Net Promoter Score (NPS) (a) +8 pts +18 pts +3 pts Percentage of customer questions asked on social media handled 92% 88% 100% PROMOTE HEALTH AND WELL-BEING IN THE CENTERS Percentage of centers promoting health and well-being 99% 100% 100% Percentage of centers offering dedicated services to the employees of their retailers 94% 100% 100% OFFER GROUP EMPLOYEES A POSITIVE EXPERIENCE Rate of access to training for Group employees 100% 100% 100% Percentage of employees concerned by measures aimed at achieving work-life balance 100% 100% (b) 100% Percentage of recent graduates who have been given the opportunity to receive personalized career guidance 100% 100% 100% Percentage of employees who have contributed to the co-construction of the Group’s future 38% 38% 100% SPREAD ETHICS IN OUR COMMUNITIES Percentage of employees who have been made aware of ethical business practices 100% 100% 100% Percentage of external stakeholders who have been made aware of ethical business practices 50% 64% 100% Percentage of service suppliers selected based on CSR criteria 100% 100% (c) 100% BE SOCIALLY CONSCIOUS Percentage of employees who have had the opportunity to take part in a philanthropic initiative 100% 100% 100% One long-term partnership per country signed with an NGO committed to employability and/or family Not yet Ongoing Signature (a) 2017 baseline. (b) 99.8% (c) Calculated on the scope managed by the French Procurement Department, 37% of Klepierre key suppliers. 3.5.2 Management system and tools For uniformity and internal clarity, the Group uses a suite of tools and processes to integrate environmental and societal issues into all its operational procedures. These are organized into four groups: ACTIONS CSR action plan • Group annual theme targets • Operational application across the entire portfolio DEFINITIONS CSR reporting manuals One protocol on environmental and societal issues and one on social issues ANALYSIS CSR dashboard • Comparative analyses of centers • Identification of areas for improvement • Tailored goals MONITORING • Monthly reporting for energy, water and waste • Quarterly reporting to the Executive Board and Supervisory Board • Annual reporting across the entire scope CSR Reporting 112 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.2.1 Definitions: CSR reporting manuals The Group has established standard definitions for the environmental, social, and societal impacts that all shopping centers and Group operations are expected to monitor. The definitions are grouped into two reporting protocols: • Social aspects, which are sent to Human Resources Managers in each country, and include both quantitative and qualitative data. • Environmental and societal aspects, which are communicated to each country and asset, and contain approximately 120 data points to be collected for each shopping center in the portfolio. These documents are updated annually to reflect developments in the business activities of the Group, and changes to regulation in each of the Group’s operating countries. 3.5.2.2 Monitoring: CSR reporting 3.5.2.2.1 Internal reporting Klépierre monitors environmental, social, and societal data covering 99.9% of its portfolio of owned shopping centers by value and of all its staff, against the defined impacts and key performance indicators (for full details on reporting scope, please refer to section 3.5.4). Center Managers and Technical Directors monitor utility consumption (energy and water) and waste production at least once a month. 76% of centers are also equipped with energy measurement systems that enable automated reporting (by directly hooking up to utility suppliers, for example) and provide real-time analysis of the actual performance of assets. The Group uses Deepki to standardize its monthly reporting of energy, water and waste data. The tool enables data analysis at shopping center and portfolio level, control for climate factors, and allows for a robust shopping center performance benchmarking assessment. Social data in relation to the Group’s Act for People activities are monitored using an information system shared with all Group Human Resources teams, thereby enabling standardized and structured management of data based on a single source. The Group’s progress against its Act for Territories activities is monitored on a country and shopping center basis using Deepki which allows for a quarterly review of each commitment, as well as during quarterly meetings (see below) which are supported by regular communications between relevant teams and the Group’s Engineering & Sustainability Department. Both data sets and supporting qualitative information are compiled and reported quarterly to the Executive Board and to the Supervisory Board’s Sustainable Development Committee. The Management Committee of each country attends quarterly meetings to share progress against each Act for Good® pillar and monitor key performance indicators. The meetings also serve to identify areas where individual countries and/or shopping centers may need additional support, and this is aided by the best practice guidelines referred to above (see section 3.1.1 “Governing responsibly”). 3.5.2.2.2 External reporting The Group reports performance against its Act for Good® commitments, key performance indicators, non-financial risks, and opportunities annually through its universal registration document. The report is prepared in accordance with the provisions of Article R.225-105 of the French Commercial Code. Klépierre also chooses to report its environmental, social and governance performance using voluntary reporting standards including the EPRA Sustainability Best Practices Recommendations (sBPR), the Global Reporting Initiative (GRI) Reporting Standards, the Task Force on Climate-related Financial Disclosures (TCFD), the Carbon Disclosure Project (CDP), the Real Estate Sustainability Accounting Standards defined by SASB and the UN Sustainable Development Goals. A separate supplementary report presenting the Group’s performance against the third edition of the EPRA sBPR is available for download from the CSR section of the Klépierre website (https://www.klepierre. com/en/notre-identite/l-engagement-rse). Although the report is not fully prepared in accordance with the GRI Standards, a cross-reference table with the relevant GRI Standards covered by the contents of this report is available in section 3.5.6. 3.5.2.2.3 Actions: CSR action plan The detailed performance analysis described above makes it possible for the Engineering & Sustainability Department and Group Human Resources Department to identify areas for improvement at all levels, and in particular at the beginning of the year: • Share Group goals; each country then implements them within its own organization, in line with the most suitable local processes and regularly reports on them during the year; • Propose individual goals for shopping centers; these are discussed with each country department for possible readjustment considering local conditions. Once jointly approved, these goals are implemented in each center. Progress is monitored monthly. All these goals are first approved by the internal CSR Committee, chaired by the Executive Board. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 113 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.3 Industry initiatives and charters supported by Klépierre Klépierre is an active member of the following national and international trade associations that the Group considers strategic for its business. In several of them, it holds a position on the governance body and/or sits on their key committees, including those dealing with sustainable development issues. European Public Real Estate Association (EPRA) EPRA’s members include more than 200 European listed real estate companies. The EPRA Sustainability Best Practices Recommendations (sBPR) aim to establish a standardized approach to reporting on the environmental and social impacts that are material for publicly traded real estate companies. Klépierre is a member of the Sustainability Committee. French Council of Shopping Centers (CNCC) CNCC promotes and represents the shopping center industry in France. Klépierre is involved in the Sustainable Development Commission which is tasked with the oversight, sharing of best practice and coordination of industry players. French Real Estate Association (FSIF) FSIF promotes and represents the shared business interests of French real estate companies, including sustainability through awards and member discussions. Global Real Estate Sustainability Benchmark (GRESB) GRESB’s primary purpose is to assess the environmental and social performance of private and publicly listed real estate companies and funds. Klépierre has participated in this benchmark since its beginning and is also a member. United Nations Global Compact As signatory to the United Nations Global Compact since 2012, Klépierre issues an annual Communication on Progress summarizing its commitment to implementing the 10 universal principles promoted by the Global Compact (covering human rights, labor standards, the environment, and the fight against corruption). In 2017, the Group reached the “advanced” level in this improvement process. Charter for energy efficiency of tertiary buildings The Charter provides a framework for real estate companies to improve the energy efficiency of their portfolios and anticipate future regulatory obligations related to tertiary buildings’ energy performance. The Group has been a signatory since November 2013 and signed up again in 2017 following publication of the new version of the Charter. Diversity Charter The Charter commits signatories to promote diversity in their workplaces and confirm their commitment to non-discrimination and equal opportunities. Klépierre has been a signatory since 2010. Charter for Parenthood Enacted by the French Monitoring Agency for Parenthood in the Workplace (OPE), this Charter promotes better work-life balance and has three objectives: to bring about a change in attitudes towards working parents, to create a favorable environment for working parents, and to respect the principle of non-discrimination in career development for such employees. The Group has been a signatory since 2009. The Palladio Foundation Klépierre is a founding member of the Palladio Foundation. The Palladio Foundation was created in 2008 (under the aegis of Fondation de France) to promote sustainable urban development with a focus on construction and buildings. It is a unique organization that brings together all sectors involved in the building and development of towns and cities to make urban environments as human and livable as possible. Association pour le développement du Bâtiment Bas Carbone (BBCA) BBCA’s goal is to reduce the carbon footprint of buildings, and to promote approaches that help develop low carbon buildings. It has developed a certification program that was published in 2016. 3.5.4 Methodological note Group CSR reporting is one of the key methods of monitoring, organizing, and overseeing Klépierre’s CSR initiatives. Klépierre uses a comprehensive management system to quantify and pinpoint the main environmental, societal, and social impacts of the Group and its activities. The key reporting principles are as follows: • Relevance: material sources of impacts and opportunities for each topic are considered; • Representativeness: selected indicators are representative of the Group’s sites and activities; • Consistency: a guarantee that data comparisons by region and period are relevant; • Transparency: assumptions and calculation methods are clearly defined; • Accuracy and reliability: records are kept at site level and at the various sub-groups, to ensure traceability. 114 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.4.1 Methodological note for environmental and societal indicators 3.5.4.1.1 Key industry indicators Definitions of key indicators A reporting protocol for environmental and societal indicators has been circulated Group-wide since 2006 to ensure the consistency and reliability of the CSR reporting procedure and the qualitative and quantitative data published by the Group. It acts as a reference framework for all participants in the reporting process. The protocol is updated each year to ensure that it is as relevant as possible to Klépierre’s CSR commitments and strategy, and to take account of feedback received following each reporting period, of regulatory changes and of evolving industry practices and standards. Above all, it sets out the method for collecting and calculating the data underlying the indicators, including definitions, scopes, units, formulas, contributors involved, data entry processes, etc. Units of measurement • Portfolio coverage rates are mostly expressed as percentages of the value of the underlying assets (as opposed to the number of assets, for example) to better reflect their contribution to the Group’s overall portfolio. • Energy, carbon, and water data are presented both in gross terms (kWh, tCO 2 e, cu.m.) for the purposes of assessing volumes, and as ratios (gross value divided by floor area or footfall) to discern the performance of assets on each of the given topics. • The reference surface for non-financial indicators is the surface that the Group directly manages (common areas and private areas served by common facilities for heating and cooling). It is different from the total surface area of the portfolio, which includes private portions and other outdoor areas. Additional clarifications • Energy efficiency and greenhouse gas emissions of serviced areas and shared equipment: consumption intensity and energy performance indicators expressed in kWh or kWh/sq.m. reflect the heating and air conditioning consumption of serviced areas which include the common areas of the shopping centers and the private areas (shops, storage rooms, etc.) that are connected to shared equipment without a sub-metering system. • Greenhouse gas emissions are presented using “location-based” and “market-based” methods. For location-based data, emissions factors used in the calculations are sourced from the French Environment and Energy Management Agency’s (ADEME) Bilans GES database (average national factors). For market-based data, emissions factors are sourced directly from each energy supplier. • For energy and water consumption, the Group uses meter reading data (as opposed to invoices) to ensure shorter data collection lead times and greater relevance. • Where Klépierre neither owns nor manages head office buildings it occupies, the related consumption data are not included in this report. • Water consumption corresponds to drinking water consumption for the entire building in question (both common and private areas), exclusive of water used for heat pumps. • Development projects included in the 2020 reporting scope correspond to projects delivered during the year, except for carbon data, for which emissions relating to project construction are spread over the years of the corresponding work. • All key indicators are calculated based on actual and exhaustive data. For certain missing data, Klépierre has provided estimates detailed in the charts or tables concerned. Industry frameworks The environmental and societal management system take into account the recommendations included in the leading industry and/ or international frameworks, namely: • Global Reporting Initiative (GRI) Standards; • European Public Real Estate Association (EPRA) Sustainability Best Practices Recommendations; • French Council of Shopping Centers (Conseil national des centres commerciaux – CNCC) – CSR industry reporting guide/Non-financial performance statement; • United Nations (UN) Sustainable Development Goals (SDGs); • Taskforce on Climate-related Financial Disclosures (TCFD); • Sustainability Accounting Standards Board (SASB). Cross-reference tables with the non-financial information presented by Klépierre in this document covering the CNCC non-financial performance statement, the GRI Standards, the UN SDGs and SASB are provided in section 3.5.6. 3.5.4.1.2 Reporting scope 2021 reporting scope and coverage rate Acquisitions, disposals, and developments (extensions and/or new constructions) may alter the reporting scope and distort period-on- period comparisons for the various indicators. To provide data that is both exhaustive and comparable, Klépierre distinguishes between “reported” and “like-for-like” scopes for most of its indicators. In addition, the notion of operational management, which is specific to the shopping center industry, is used to determine which assets are included in the scope. The Group’s scope aggregates assets owned and managed by Klépierre, and assets managed but not owned by the Group (where data are available), to reflect its activities as accurately as possible. Assets owned but not managed by Klépierre are included in the Group’s reporting scope where data are available. For these assets, the Group is only responsible as a delegate. However, as owners of these assets, Klépierre strives to increase the information collected each year and include more in its coverage scope. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 115 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Section Reporting Scope rules Scope & coverage rate All KPIs – except the ones mentioned below All assets under Klépierre’s operational control are included in the scope. All exclusions are specified in each section of the document. Scope (127/130): 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers. Coverage rate: 99.9% % of recovered Waste All assets under Klépierre’s operational control are included in the scope, however when municipality or local authorities are responsible for waste management, as we do not have leverage over the final destination strategy and utilities, shopping centers in this situation are excluded from the scope. Scope (96/130): 87/116 owned and managed shopping centers + 5/6 managed-only shopping centers + 4/8 owned only. Coverage rate: 84.00% Waste – other KPIs All assets under Klépierre’s operational control are included in the scope. Despite this rule, a shopping center may be removed from the scope when it is managed by the municipality and we do not have access to the tonnage. Scope (126/130): 115/116 owned and managed shopping centers + 6/6 managed-only shopping centers + 5/8 owned only. Coverage rate: 99.8% Water – all KPIs All assets under Klépierre’s operational control are included in the scope. A shopping center is excluded when a third-party (i.e., a hypermarket) is managing the water contract and consumption data. Scope (126/130) : 115/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only. Coverage rate: 99.6% % of shopping centers equipped with charging stations All assets under Klépierre’s operational control are included in the scope, some centers are excluded from this scope when we are not responsible for the management of the parking area. In this case, we are unable to impose a charging station for electric vehicles, however in such a situation we try to work with the co-owner to find solutions. Scope (110/130) : 101/116 owned and managed shopping centers + 6/6 managed only shopping centers + 3/8 owned only. Coverage rate: 89.6% Act for Territories section – except local providers KPIs All assets under Klépierre’s marketing control are included in the scope; centers are excluded from this scope when we are not in charge of the marketing operations, as in this case we unable to impose our strategy. Scope (122/130): 115/116 owned and managed shopping centers + 6/6 managed only shopping centers + 1/8 owned only shopping centers. Coverage rate: 98% HR KPIs This relates to all employees who were already present for all or a portion of the period, whether or not they are still under contract with the entity at the end of the reporting period. Eligible workforce : open-ended and fixed-term contracts. (1,096 employees) Coverage rate : 100% Reported scope The reported scope is used to assess the CSR impact of the property portfolio over a calendar year. It reflects the impacts of management, renovation, and arbitrage (acquisitions and disposals) policies. In 2021, it includes: • All shopping centers owned and managed by Klépierre (116 assets); • Shopping centers not owned by Klépierre but managed by the Group on behalf of third parties, and for which operating data are available (6 assets, all in France); • Shopping centers owned by Klépierre but not managed by a third party, and for which operating data are available (8 assets: 2 in France, 3 in Greece, 2 in Italy and 1 in Turkey). Shopping centers acquired and managed by the Group are included in the scope as from the first full year following the acquisition. Real estate development projects are not included in the reporting scope during development or construction, but from the first full year following completion (except for carbon footprint calculation). Additionally, certain centers under redevelopment, extension and/or renovation may be excluded from the reported scope. This configuration may vary slightly for assets managed on behalf of third parties. Depending on the situation, Klépierre may have full management of electricity, for example, but be charged by a third party (hypermarket, etc.) for fuel usage. Waste may also be collected by a third party (such as a local authority) on a flat rate basis, for example. Some of these configurations may hinder the collection of reliable quantitative data and lead the Group to exclude the corresponding shopping centers from the reported scope for certain items. Typically, only centers that Klépierre manages outright and has full control over energy, water and waste consumption data are included in the reported scope, which explains the difference in coverage rates between the various indicators. Coverage rates are expressed in terms of the total value of owned and managed shopping centers. Shopping centers which are only managed are not included in the coverage rate calculation as their values are unavailable. The 2021 reported scope represented 99.9% of the Group’s total shopping center portfolio value as of September 30, 2021, which comprises all owned shopping centers. The remaining 0.1% represents shopping centers which Klépierre does not manage. 116 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Like-for-like scope The like-for-like scope is used to assess changes in performance across an identical scope on a comparable basis and reflects the Group’s ability to manage and optimize its asset portfolio. It excludes the impact of acquisitions and disposals and includes all shopping centers owned and managed. However, it excludes shopping centers acquired or completed during the year as well as those not managed for the entire period. The 2021 like-for-like scope represents 99.9% of the Group’s portfolio as of December 31, 2021. Lastly, where assets are excluded from the scope of a given indicator, they are indicated in the footnotes to the tables and charts in this chapter. Reporting periods The Group wants to minimize the use of estimates and focus on collecting and consolidating real data, hence uses two different reporting periods, depending on the indicator. For consumption, including all energy, climate change, waste, water and transportation indicators, the reporting period corresponds to a rolling 12 months from October 1 of the prior year, to September 30 of the current year (i.e., October 1, 2020 to September 30, 2021 for the 2021 reporting scope). Social impact indicators, such as NPS data, suppliers and initiatives carried out by centers, are also included within this period. All other indicators (including building certifications, human resources data, etc.) are calculated based on the calendar year, i.e., from January 1, 2021 to December 31, 2021 for the 2021 reporting scope. 3.5.4.1.3 Data collection process Data collection tool The Group operates an online data collection tool for its entire reporting scope aimed at automating and improving the reliability of data collection for the environmental and societal impacts of its activities. This is accessible remotely and in real time by all on-site teams in the shopping centers, the head offices of the national subsidiaries and by Klépierre’s corporate teams. The tool was selected for its ability to meet the reporting requirements of the Group’s annual publications process, as well as – and especially – for its functionality in terms of the daily monitoring of the buildings owned and/or managed by the Group. Collection frequency Consumption and billing data for energy, waste and water are collected on a monthly basis for all assets. Data for certain additional indicators are collected quarterly (Act for Good® follow-up meeting per country) and/ or annually, in particular to produce the universal registration document. 3.5.4.2 Methodological note for social indicators 3.5.4.2.1 Period and reporting scope For all social indicators, the reporting period is the calendar year, from January 1 to December 31 of the year under review. The data collection and reporting scope covers all Group subsidiaries as of December 31, 2021, in which the employees hold employment contracts with the Group. Changes in scope arise from acquisitions of new entities and disposals of existing entities. Employees within these entities are included in or removed from the Klépierre reporting scope with effect from the month following the transaction date. 3.5.4.2.2 Definitions and clarifications Workforce: total number of employees at December 31 on open-ended and temporary contracts, regardless of the number of hours worked or duration of employment during the year. Average workforce: average number of employees as at the end of each month during the year. Average gross wages: sum of contractual fixed annual salaries of employees in the Group as of December 31, on a full-time equivalent basis excluding variable compensation, divided by the workforce as of December 31 (excluding Executive Board members). 3.5.4.3 Audit by the independent third-party verifier Over the last nine years, Klépierre has been committed to ever greater transparency and accordingly, all its non-financial information is independently verified. This external audit is carried out each year, based on the Group’s regulatory obligations and industry best practices. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 117 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.5 Materiality analysis (1) See Article 10.2 of Commission Delegated Regulation (EU) 2021/2178 of July 6, 2021. (2) See Annex 1 to the Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021. Materiality analysis helps to define issues which can have a significant impact on the organization’s activities. It also helps to determine the ability to create value for itself and its stakeholders. The Klépierre materiality analysis is therefore at the heart of the Act for Good® strategy, allowing the Group to identify environmental, human resources and social issues in order to take appropriate action, as well as to define projects in compliance with NFPD requirements, G4 guidelines from the Global Reporting Initiative (GRI) and the European Public Real Estate Association (EPRA). 0 Internal importance 1 0 External importance 1 Governance Business ethics Stakeholder dialogue Transparent and fair taxation Outsourcing and responsible purchasing Respect for human rights Energy efficiency and GHG emissions in line with 2°C goal Renewable energy Circular economy Biodiversity Certification and labelling Water consumption Waste reduction and management Resilience to climate change Open Design & Innovation Sustainable mobility Client health and wellness Customer Relationships Tenant relationships Protection of personal data Responsible consumption models Responsible products and services Accessibility of shopping centres Financial accessibility of products Customer health and safety Partnerships with retailers Quality of life at work Employees' health and safety Compensation and benefits Development and career path Organisation & management practices Diversity Local economic development Sustainable Territories Landscape Integration Responsible design Volunteering Local quality of life Issues comprising major risks Issues offering the greatest opportunities • Business ethics • Respect for human rights • Customer health and safety • Outsourcing and responsible purchasing • Governance • Partnership with retailers • Local economic development • Dialogue with stakeholders • Renewable energy • Circular economy 3.5.6 Reporting on EU taxonomy The European Union has recently established a taxonomy to help direct investments towards sustainable projects and activities. From the viewpoint of companies, the taxonomy is a classification system meant to provide investors and policymakers with appropriate definitions for which economic activities can be considered environmentally sustainable according to the following six objectives: 1. Climate change mitigation; 2. Climate change adaptation; 3. The sustainable use and protection of water and marine resources; 4. The transition to a circular economy; 5. Pollution prevention and control; and 6. The protection and restoration of biodiversity and ecosystems. As of the publication date of this non-financial statement, the full set of regulations pertaining to the EU taxonomy had not yet been passed. In accordance with the ones already applicable to 2021 disclosures (1) , Klépierre reports in this section only on the proportion of its economic activities that are “taxonomy-eligible” with respect to the first two objectives above. Taxonomy-eligible activities are those listed as such by the European Union (2) . This eligibility analysis does not provide any information on the environmental sustainability of Klépierre’s activities. The extent to which Klépierre’s activities make a substantial contribution to, and do not significantly harm climate change mitigation and adaptation will be disclosed as from 2023 onwards, in accordance with the regulations in force as of the publication date of this non-financial statement. 118 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.6.1 Reporting scope Turnover, capital expenditure (CapEx) and operating expenditure (OpEx) considered for this reporting cover the full array of Klépierre’s activities and correspond to the scope of consolidation of its financial statements as described in note [4] to the 2021 consolidated financial statements (see p. 140 of this document). The financial data presented here are extracted from said financial statements so that the turnover and expenditure figures given in the below section tie in with the consolidated accounts (see section 4.1 of this document). Accordingly, entities over which Klépierre has joint control or a significant influence are excluded from the calculation of the ratios presented below. 3.5.6.2 Eligibility of Klépierre’s activities to the EU Taxonomy As described in the business model section of this document (see p. 34), Klépierre has the following three main activities: • Acquiring and selling shopping centers; • Operating them on a daily basis; and • Developing and refurbishing them. All these pertain to “acquisition and ownership of buildings” as per the EU Taxonomy. The below table indicates the share of Klépierre’s turnover, capital and operating expenditure that are eligible to the Taxonomy. KLÉPIERRE’S TURNOVER, CAPITAL AND OPERATING EXPENDITURE THAT ARE ELIGIBLE TO THE EU TAXONOMY Economic activities Codes Turnover CapEx OpEx € millions % € millions % € millions % TAXONOMY-ELIGIBLE ACTIVITIES Acquisition and ownership of buildings 7.7 1,071.4 100.0% 184.9 100.0% 322.4 100.0% TOTAL 1,071.4 100.0% 184.9 100.0% 322.4 100.0% 3.5.6.2.1 Turnover Klépierre’s turnover consists in gross rental income, and management, administrative and other income. In 2021, total turnover amounted to €1,071.4 million and 100% thereof was eligible to the EU Taxonomy. 3.5.6.2.2 Capital expenditure All capital expenditure incurred by Klépierre and defined as such by the EU Taxonomy are associated to the acquisition and ownership of its shopping centers. They encompass the following: • Acquisitions of intangible assets (see note 5.2 to the consolidated financial statements); • Acquisitions of property, plant and equipment and work in progress (see note 5.3 of the same); • Acquisitions of, and capital expenditures in investment properties at fair value (see note 5.4.1); and • Acquisitions of, and capital expenditures in investment properties at cost (see note 5.4.2). They amounted to €184.9 million for 2021. 3.5.6.2.3 Operating expenditure At Klépierre, operating expenditure as defined by the Taxonomy are accounted for as service charge costs. By definition, they relate to the day-to-day servicing of Klépierre’s shopping centers, including cleaning, air conditioning and heating, safety and security, as well as building renovation, maintenance and repair that are not capitalized. As per Klépierre’s consolidated statements of comprehensive income, they amounted to €322.4 million in 2021, all of which were eligible to the EU Taxonomy. 3.5.7 Cross-reference tables (GRI, TCFD, SASB) The following tables include an analysis of the cross-referencing between the information published by Klépierre in this document and the main (European and Global) reporting standards for non-financial information: the Global Reporting Initiative GRI Standards, the TCFD and SASB. A separate report presenting the Group’s performance against the third edition of the EPRA Sustainability Best Practices Recommendations (sBPR) is available to download from the CSR section of the Klépierre website (https://www.klepierre.com/en/ notre-identite/l-engagement- rse). Links between the UN SDGs and CSR risks and opportunities can be identified in the graphic included in section 3.1.2. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 119 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Non-financial statement Topics Universal Registration Document Description of the business model 1 Description of the principal non-financial risks relating to the Group’s business 3.1.2 Description of the policies to identify, prevent and mitigate non-financial risks and their outcomes, including key indicators 3.1.2/3.5.1 Respect for human rights 3.4.4 Anti-corruption measures 3.4.4 Climate change (contribution and adjustments) 3.2.1 Circular economy 3.2.2 Food waste 3.2.2 Collective bargaining agreements and their impacts 3.4.3 Measures taken to combat discrimination and promote diversity 3.4.3 Societal commitments 3.3/3.4 Global Reporting Initiative GRI Standards (2016) GRI Standard GRI Standard no. Universal Registration Document Economic 200 Economic performance 201 4 – Financial statements – page 127 Market presence 202 1 – Group overview – page 4 Indirect economic impacts 203 1 – Group overview – page 4 Procurement practices 204 3.3 – Encourage procurement from local suppliers - page 94 3.4 – Responsible purchasing - page 109 Anti-corruption 205 3.4 – Champion ethics in local communities – page 108 Anti-competitive behavior 206 3.4 – Champion ethics in local communities – page 108 Environmental 300 Materials 301 3.2 – Develop a fully-certified portfolio – page 89 Energy 302 3.2 – Act for a low-carbon future – page 85 Water 303 3.2 – Contribute to a circular economy and resource conservation – page 88 Biodiversity 304 3.3 – Involve local actors in development projects – page 98 Emissions 305 3.2 – Act for a low-carbon future – page 84 Effluents and waste 306 3.2 – Contribute to a circular economy and resource conservation – page 87 Environmental compliance 307 3.1 – Act for Good® – page 70 3.1 – Main non-financial risks and opportunities – page 74 3.5 – Summary of performance against long-term commitments, methodology and concordance – page 111 Supplier environmental assessment 308 3.4 – Champion ethics in the local communities – page 109 Social 400 Employment 401 3.4 – Offer Group employees a positive experience – page 104 Labor/management relations 402 3.4 – Offer Group employees a positive experience – page 104 Occupational health and safety 403 3.4 – Offer Group employees a positive experience – page 107 Training and education 404 3.4 – Offer Group employees a positive experience – page 105 Diversity and equal opportunity 405 3.4 – Offer Group employees a positive experience – page 107 Non-discrimination 406 3.4 – Offer Group employees a positive experience – page 107 Freedom of association and collective bargaining 407 3.4 – Champion ethics in the local communities – page 108 Child labor 408 3.4 – Champion ethics in the local communities – page 108 Forced or compulsory labor 409 3.4 – Champion ethics in the local communities – page 108 Security practices 410 3.4 – Promote health, safety and well-being – page 101 Rights of indigenous peoples 411 Not applicable Human rights assessment 412 3.4 – Champion ethics in the local communities – page 108 Local communities 413 3.3 – Act for Territories – page 93 Supplier social assessment 414 3.4 – Champion ethics in the local communities – page 109 Public policy 415 Not applicable Customer health and safety 416 3.4 – Promote health, safety and well-being – page 101 Marketing and labeling 417 3.4 – Promote health, safety and well-being – page 101 Customer privacy 418 Not applicable Socio-economic compliance 419 Zero incidents of non-compliance with laws and/or regulations in the social and economic areas have been identified 120 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Task Force on Climate-related Disclosures Topics TCFD recommendations Cross-Reference 1. Governance Describe the organization’s governance of climate-related risks and opportunities 1. a) Describe the Board’s oversight of climate-related risks and opportunities 5.3 Risk Management – Organization 5.2 Risk Management – Main risk factors 3.1.1 Governing responsibly 1. b) Describe the role of management in assessing and managing climate-related risks and opportunities 5.1 Risk Management 3.2.1 Act for a low carbon future 2. Strategy Describe the existing and potential impacts of climate-related risks and opportunities on the organization’s operations, strategy and financial planning, to the extent that the information is relevant 2. a) Describe the climate-related risks and opportunities that the organization has identified for the short, medium and long term. 5.3 Risk Management 3.1.2 Managing key trends, risks, and opportunities 2. b) Describe the impacts of climate-related risks and opportunities on the organization’s operations, strategy, and financial planning 3.2.1 Act for a low carbon future 2. c) Describe the resilience of the organization’s strategy, taking into consideration different climate scenarios, including a scenario at 2°C or less 3.2.1 Act for a low carbon future 3. Risk Management Describe how the organization identifies, assesses and manages climate-related risks 3. a) Describe the organization’s processes for identifying and assessing climate-related risks 5.3 Risk Management – Organization 3.1.2 Managing key trends, risks, and opportunities 3. b) Describe the organization’s processes for managing climate-related risks 5.3 Risk Management – Organization 5.2 Risk Management – Main risk factors 3.1.1 Governing responsibly 3. c) Describe how the processes for identifying, assessing and managing climate-related risks are integrated into the organization’s risk management 5.3 Risk Management 3.1.2 Managing key trends, risks, and opportunities 3.2.1 Act for a low carbon future 4. Metrics & Targets Describe the indicators and targets used to assess and manage climate-related risks and opportunities, to the extent that the information is relevant 4. a) Describe the indicators used by the organization to assess climate-related risks and opportunities in relation to its strategy and risk management process 3.2 Act for the Planet (indicators) 4. b) Publish greenhouse gas (GHG) emissions from Scope 1, Scope 2, and, where relevant, Scope 3, and the corresponding risks 3.2.1 Act for a low carbon future 4. c) Describe the objectives used by the organization to manage climate-related risks and opportunities, and its performance against the objectives 3.2 Act for the Planet (indicators and objectives) Real Estate Sustainability Accounting Standards defined by SASB (Sustainability Accounting Standards Board) Energy management Indicators SASB code 2021 Energy consumption data coverage as a percentage of total floor area, by property subsector IF-RE-130a.1 98.5% Total energy consumed by portfolio area with data coverage, by property subsector (a) IF-RE-130a.2 1,118,552 GJ / 98.5% in floor area Percentage grid electricity, by property subsector IF-RE-130a.2 99.5% Percentage renewable, by property subsector IF-RE-130a.2 79% Like-for-like percentage change in energy consumption for the portfolio area with data coverage, by property subsector (a) IF-RE-130a.3 -5% / 98.5% in floor area Percentage by floor area of eligible portfolio that has an energy rating, by property subsector (a) IF-RE-130a.4 91% Percentage of eligible portfolio that is certified to ENERGY STAR, by property subsector IF-RE-130a.4 Not eligible in Europe Description of how building energy management considerations are integrated into property investment analysis and operational strategy IF-RE-130a.5 3.2.1 Act for a low carbon future (a) Scope: 116/116 owned and managed shopping centers + 6/6 managed only shopping centers + 5/8 owned only shopping centers (excluding Greece). This corresponds to a 99.9% coverage rate in value. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 121 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Water management Indicators SASB code 2021 Water withdrawal data coverage as a percentage of total floor area, by property subsector (a) IF-RE-140a.1 98.2% Water withdrawal data coverage as a percentage of floor area in regions with High or Extremely High Baseline Water Stress, by property subsector IF-RE-140a.1 36% Total water withdrawn by portfolio area with data coverage (a) IF-RE-140a.2 2,261,435 m 3 Percentage in regions with High or Extremely High Baseline Water Stress, by property subsector (a) IF-RE-140a.2 42% Like-for-like percentage change in water withdrawn for portfolio area with data coverage, by property subsector (b) IF-RE-140a.3 -17% Description of water management risks and discussion of strategies and practices to mitigate those risks IF-RE-140a.4 3.2.2.3 Water use (a) Reported Scope: 115/116 owned and managed shopping centers (excluding Vittuone Il Destriero) + 6/6 managed only shopping centers + 5/8 owned only (excluding Greece shopping centers). This corresponds to a 99.6% coverage rate in value. (b) Like-for-like Scope: 114/116 owned and managed shopping centers (excluding: Utrecht, Hoog Catharijne; Vittuone, Il Destriero) + 6/6 managed only shopping centers + 5/8 Owned only. This corresponds to a 95.3% coverage rate in value. Management of tenant sustainability impacts Indicators SASB code 2021 Percentage by floor area of new leases that contain a cost recovery clause for resource efficiency-related capital improvements, and associated leased floor area, by property subsector IF-RE-410a.1 100% 4,107,303 sq.ft Percentage of tenants that are separately metered or submetered for (1) grid electricity consumption and (2) water withdrawals, by property subsector IF-RE-410a.2 (1) 77.7% (2) 0% Description of water management risks and discussion of strategies and practices to mitigate those risks 3.2.1.1.2 Managing the broader carbon footprint: Scope 3 Climate change adaptation Indicators SASB code 2021 Area of properties located in 100-year flood zones, by property subsector IF-RE-450a.1 8,362,277 sq.ft Description of climate change risk exposure analysis, degree of systematic portfolio exposure, and strategies for mitigating risks F-RE-450a.2 3.2.1.1.3 Developing resilient assets 122 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

3.5.8 Report of one of the Statutory Auditors, appointed as independent third party, on the verification of the consolidated non-financial performance statement Year ended December 31, 2021 This is a free English translation of the report by one of the Statutory Auditors issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France. To the Shareholders’ Meeting, In our capacity as Statutory Auditor of KLEPIERRE SA (hereinafter the “Company”), appointed as independent third party (“third party”) and accredited by the French Accreditation Committee (Cofrac), under number 3-1048 (Cofrac Inspection Accreditation, no. 3-1048, scope available at www.cofrac.fr) and currently adapting our management system as required by the Cofrac for this accreditation (from ISO17020 to ISO 17029), we have conducted procedures to express a limited assurance conclusion on the historical information (observed or extrapolated) in the consolidated non-financial performance statement, prepared in accordance with the Company’s procedures (hereinafter the “Guidelines”), for the year ended December 31, 2021 (hereinafter the “Information” and the “Statement”, respectively), presented in the Group management report pursuant to the legal and regulatory provisions of Articles L. 225-102-1, R. 225-105 and R. 225-105-1 of the French Commercial Code (code de commerce). Conclusion Based on our procedures as described in the section “Nature and scope of procedures” and the evidence we have obtained, no material misstatements have come to our attention that cause us to believe that the non-financial performance statement does not comply with the applicable regulatory provisions and that the Information, taken as a whole, is not fairly presented in accordance with the Guidelines. Preparation of the non-financial performance statement The absence of a generally accepted and commonly used reference framework or established practices on which to base the assessment and measurement of the Information enables the use of different but acceptable measurement techniques that may impact comparability between entities and over time. Accordingly, the Information must be read and interpreted with reference to the Guidelines, summarised in the Statement and available on the Company’s website or on request from its headquarters. Limits inherent in the preparation of the information relating to the Statement The Information may be subject to uncertainty inherent to the state of scientific and economic knowledge and the quality of external data used. Some information is sensitive to the choice of methodology and the assumptions or estimates used for its preparation and presented in the Statement. Responsibility of the Company The Executive Board is responsible for: • selecting or determining the appropriate criteria for the preparation of the Information; • preparing a Statement pursuant to legal and regulatory provisions, including a presentation of the business model, a description of the main non-financial risks, a presentation of the policies implemented with respect to these risks as well as the outcomes of these policies, including key performance indicators and the information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy); • implementing such internal control as it determines is necessary to enable the preparation of Information that is free from material misstatement, whether due to fraud or error. The Statement has been prepared by applying the Company’s Guidelines as referred to above. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 123 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

Responsibility of the Statutory Auditor appointed as independent third party Based on our work, our responsibility is to express a limited assurance conclusion on: • the compliance of the Statement with the requirements of Article R. 225-105 of the French Commercial Code; • the fairness of the information provided pursuant to part 3 of sections I and II of Article R. 225-105 of the French Commercial Code, i.e. the outcomes of policies, including key performance indicators, and measures relating to the main risks, hereinafter the “Information”. As it is our responsibility to issue an independent conclusion on the information prepared by management, we are not authorised to participate in the preparation of the Information, as this could compromise our independence. It is not our responsibility to provide a conclusion on: • the Company’s compliance with other applicable legal and regulatory provisions (particularly with regard to the information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy), the duty of vigilance and the fight against corruption and tax evasion); • the fairness of information set-out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy); • the compliance of products and services with the applicable regulations. Applicable regulatory provisions and professional guidance We performed the work described below in accordance with Articles A. 225-1 et seq. of the French Commercial Code, the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement and acting as the verification programme and with the international standard ISAE 3000 (revised). Independence and quality control Our independence is defined by Article L. 822-11-3 of the French Commercial Code and French Code of Ethics for Statutory Auditors (Code de déontologie). In addition, we have implemented a system of quality control including documented policies and procedures aimed at ensuring compliance with applicable legal and regulatory requirements, ethical requirements and the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. Means and resources Our work engaged the skills of eight people between November 2021 and March 2022 and took a total of sixteen weeks. To assist us in conducting our work, we referred to our corporate social responsibility and sustainable development experts. We conducted around fifteen interviews with people responsible for preparing the Statement. Nature and scope of procedures We planned and performed our work taking account of the risk of material misstatement of the Information. We consider that the procedures conducted in exercising our professional judgement enable us to express a limited assurance conclusion: • We familiarized ourselves with the activities of all companies in the consolidation scope and the description of the principal risks. • We assessed the suitability of the Guidelines with respect to their relevance, completeness, reliability, neutrality and clarity, taking into account, where appropriate, best practices within the sector; • We verified that the Statement covers each category of information stipulated in section III of Article L. 225-102-1 governing social and environmental affairs, respect for human rights and the fight against corruption and tax evasion; • We verified that the Statement provides the information required under Article R. 225-105 II of the French Commercial Code where relevant with respect to the principal risks, and includes, where applicable, an explanation for the absence of the information required under Article L. 225-102-1 III, paragraph 2 of the French Commercial Code; • We verified that the Statement presents the business model and a description of the principal risks associated with the activities of all the consolidated entities, including where relevant and proportionate, the risks associated with their business relationships, their products or services, as well as their policies, measures and the outcomes thereof, including key performance indicators associated to the principal risks; 124 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3

• We referred to documentary sources and conducted interviews to: • assess the process used to identify and confirm the principal risks as well as the consistency of the outcomes, including the key performance indicators used, with respect to the principal risks and the policies presented, and • corroborate the qualitative information (measures and outcomes) that we considered to be the most important (1) ; for certain risks or information, our work was carried out on the consolidating entity, while for other risks, our work was carried out on the consolidating entity and on a selection of entities; • We verified that the Statement covers the consolidated scope, i.e. all companies within the consolidation scope in accordance with Article L. 233-16, with the limits specified in the Statement. • We obtained an understanding of internal control and risk management procedures implemented by the Company and assessed the data collection process aimed at ensuring the completeness and fairness of the Information; • For the key performance indicators and other quantitative outcomes (2) that we considered to be the most important, we implemented: • analytical procedures that consisted in verifying the correct consolidation of collected data as well as the consistency of changes thereto; • substantive tests, on a sample basis and using other selection methods, that consisted in verifying the proper application of definitions and procedures and reconciling data with supporting documents. These procedures were conducted for a selection of contributing entities (3) and covered between 10% and 51% of the consolidated data selected for these tests. • We assessed the overall consistency of the Statement in relation to our knowledge of the entire Company. The procedures conducted in a limited assurance review are substantially less in scope than those required to issue a reasonable assurance opinion in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes); a higher level of assurance would have required us to carry out more extensive procedures. Paris-La Défense, March 29, 2022 One of the Statutory Auditors, DELOITTE & ASSOCIES Emmanuel Proudhon Julien Rivals Partner Partner, Sustainability Services (1) Scope 3 greenhouse gas emissions, percentage of shopping centers having organized an action for a charity, percentage of employees having participated in co-construction actions, percentage of internal stakeholders trained in ethics. (2) Energy consumption, renewable energy production and consumption, greenhouse gas emissions (scopes 1 and 2), water consumption, waste management, certification of shopping centers, sustainable mobility, local employment initiative, headcount, absenteeism, hirings and departures, turnover rate, diversity (share of women by management level), training’s number of hours and training access rate. (3) Shopping centers audited (environmental and social indicators): France: Val d’Europe, Aubervilliers Le Millénaire, Valenciennes Place d’Armes; Belgium: Louvain-la-Neuve l’Esplanade; Netherlands: Rotterdam Alexandrium, Rotterdam Markthal; Germany: Dresden Centrum Galerie, Berlin Boulevard Berlin, Duisburg Forum; Italy: Rome Porta Di Roma. Countries audited (social indicators): France, Belgium, Netherlands, Germany. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 125 SUSTAINABLE DEVELOPMENT Summary of performance against long-term commitments, methodology and concordance tables 3
Financial statements 4 126 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

4.4 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS 218 4.5 REPORT OF THE SUPERVISORY BOARD TO THE ANNUAL COMBINED GENERAL MEETING TO BE HELD ON APRIL 26, 2022 222 4.6 OTHER INFORMATION 222 4.6.1 Financial summary for the past five fiscal years (data provided under the terms of Article R. 225-102 of the French Commercial Code) 222 4.6.2 Acquisition of equity holdings and movements in equity securities impacting the corporate financial statements of Klépierre SA 223 4.6.3 Average supplier payment period and of customers (data provided under the term of article L. 441-6-1 of the French Commercial Code) 223 4.6.4 Outcome of the share buyback program (data provided under the terms of article L. 225-211 of the French Commercial Code) 223 Financial statements 4 4.1 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 128 4.1.1 Consolidated statements of comprehensive income 128 4.1.2 Consolidated statements of financial position 129 4.1.3 Consolidated statements of cash flows 130 4.1.4 Statements of changes in consolidated equity 131 4.1.5 Notes to the consolidated financial statements 132 4.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 191 4.3 COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 195 4.3.1 Balance sheet 195 4.3.2 Income statement 197 4.3.3 Notes to the Company financial statements 198 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 127

4.1 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 4.1.1 Consolidated statements of comprehensive income In millions of euros Notes 12/31/2021 12/31/2020 Gross rental income 6.1 1,006.4 1,062.4 Land expenses (real estate) 6.2/8 (7.1) (8.0) Service charge income 6.3 244.0 241.9 Service charge expenses 6.3 (322.4) (310.6) Building expenses (owner) 6.4 (41.4) (139.5) Net rental income 879.5 846.2 Management, administrative and related income 6.5 65.1 68.4 Other operating income 6.6 9.4 20.7 Survey and research costs 6.7 (0.2) (1.6) Payroll expenses 11.1 (107.6) (95.2) Other general expenses (39.5) (41.4) Depreciation, amortization and impairment of intangible assets and property, plant and equipment 6.8/8 (18.1) (20.0) Provisions 0.3 0.3 Change in value of investment properties 6.9/8 (402.5) (1,575.9) Income from the disposal of investment properties and equity investments 8.8 3.5 • Proceeds from disposals of investment properties and equity investments 6.10 534.0 157.6 • Carrying amount of investment properties and equity investments sold 6.10 (525.2) (154.0) Goodwill impairment 5.1 (104.8) (16.8) Operating income (loss) 290.4 (811.6) Net dividends and provisions on non-consolidated investments 0.0 (0.0) Financial income 32.3 71.4 Financial expenses (139.3) (171.8) Interest expense on leases liabilities 8 (8.3) (8.2) Cost of net debt 6.11 (115.3) (108.6) Change in the fair value of financial instruments (0.4) (30.0) Share in earnings (losses) of equity-accounted companies 5.5 84.3 (52.3) Profit (loss) before tax 258.9 (1,002.5) Income tax benefit (expense) 7 313.1 71.3 Consolidated net income (loss) 572.0 (931.2) Of which • Attributable to owners of the parent 544.7 (785.7) • Attributable to non-controlling interests 27.3 (145.5) Average number of shares – undiluted 285,312,972 285,827,741 UNDILUTED EARNINGS (LOSS) PER SHARE (in euros) – Attributable to owners of the parent 1.91 (2.75) Average number of shares – diluted 285,860,024 286,072,515 DILUTED EARNINGS (LOSS) PER SHARE (in euros) – Attributable to owners of the parent 1.91 (2.75) In millions of euros 12/31/2021 12/31/2020 Consolidated net income (loss) 572.0 (931.2) Other items of comprehensive income recognized directly in equity (24.9) (88.5) • Effective portion of gains and losses on cash flow hedging instruments 17.9 1.2 • Translation gains and losses (37.0) (88.2) • Tax on other items of comprehensive income (3.3) (0.2) Items that will be reclassified subsequently to profit or loss (22.4) (87.3) • Gains and losses on sales on treasury shares (3.7) (1.2) • Actuarial gains and losses 1.2 (0.0) Items that will not be reclassified subsequently to profit or loss (2.5) (1.2) Share of other items of comprehensive income attributable to equity-accounted companies Total comprehensive income (loss) 547.1 (1,019.6) Of which • Attributable to owners of the parent 500.1 (864.0) • Attributable to non-controlling interests 47.1 (155.7) UNDILUTED COMPREHENSIVE EARNINGS (LOSS) PER SHARE (in euros) – Attributable to owners of the parent 1.75 (3.02) DILUTED COMPREHENSIVE EARNINGS (LOSS) PER SHARE (in euros) – Attributable to owners of the parent 1.75 (3.02) 128 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

4.1.2 Consolidated statements of financial position In millions of euros Notes 12/31/2021 12/31/2020 Goodwill 5.1 480.5 583.5 Intangible assets 5.2 21.9 22.9 Property, plant and equipment 5.3 18.7 27.3 Investment properties at fair value 5.4 18,728.6 19,756.8 Investment properties at cost 5.4 77.7 132.9 Investments in equity-accounted companies 5.5 979.0 988.4 Other non-current assets 5.6 280.6 299.9 Long-term derivative instruments 9.1/9.3 8.7 31.7 Non-current deferred tax assets 7 11.8 15.6 Non-current assets 20,607.5 21,859.0 Investment properties held for sale 5.4 15.8 28.3 Trade and other receivables 5.7 159.9 156.2 Other receivables 5.8 333.1 332.3 • Tax receivables 74.8 63.7 • Other 258.3 268.5 Short-term derivative instruments 9.1/9.3 12.2 30.6 Current deferred tax assets 7 14.4 16.3 Cash and cash equivalents 5.9 640.0 462.1 Current assets 1,175.4 1,025.8 TOTAL ASSETS 21,782.9 22,884.7 Share capital 401.6 419.9 Additional paid-in capital 4,071.2 4,737.5 Legal reserves 44.0 44.0 Consolidated reserves 3,343.2 3,766.6 • Treasury shares (33.5) (441.3) • Hedging reserves 0.1 (8.7) • Other consolidated reserves 3,376.6 4,216.6 Consolidated retained earnings 544.7 (785.7) Equity attributable to owners of the parent 8,404.7 8,182.3 Equity attributable to non-controlling interests 2,188.7 2,252.1 Total equity 5.11 10,593.4 10,434.4 Non-current financial liabilities 5.12 6,815.1 7,244.1 Non-current leases liabilities 8 353.4 357.0 Long-term provisions 5.13 23.9 16.9 Pension obligations 11.3 10.0 11.8 Long-term derivative instruments 9.1/9.3 2.9 13.7 Deposits 142.3 143.3 Deferred tax liabilities 7 1,082.6 1,508.3 Non-current liabilities 8,430.2 9,295.2 Current financial liabilities 5.12 1,893.1 2,381.9 Current leases liabilities 8 13.5 14.2 Bank overdrafts 5.9 15.5 9.4 Trade payables 219.1 201.1 Due to suppliers of property 49.1 54.0 Other liabilities 5.14 377.1 322.3 Short-term derivative instruments 9.1/9.3 1.5 5.2 Payroll and tax liabilities 5.14 190.4 166.9 Current liabilities 2,759.3 3,155.1 TOTAL EQUITY AND LIABILITIES 21,782.9 22,884.7 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 129 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

4.1.3 Consolidated statements of cash flows In millions of euros 12/31/2021 12/31/2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income from consolidated companies 572.0 (931.2) Elimination of expenditure and income with no cash effect or not related to operating activities • Depreciation, amortization and provisions 27.0 135.9 • Change in value of investment properties 402.5 1,575.9 • Goodwill impairment 104.8 16.8 • Capital gains and losses on asset disposals (8.8) (3.4) • Current and deferred income taxes (313.1) (71.3) • Share in earnings/losses of equity-accounted companies (84.3) 52.3 • Reclassification of interest and other items 160.8 161.2 Gross cash flow from consolidated companies 860.9 936.1 Income tax (received) paid (30.3) (8.8) Change in operating working capital 35.2 (132.3) Net cash flow from operating activities 865.8 795.0 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of investment properties 161.7 155.6 Proceeds from disposals of subsidiaries (net of cash disposed, net of loans & advances repayed) 680.6 (2.3) Acquisitions of investment properties (0.3) (0.0) Payments in respect of construction work in progress (161.7) (202.8) Acquisitions of other fixed assets (6.6) (4.9) Acquisitions of subsidiaries (net of cash acquired) (0.4) (7.0) Dividends received (including dividends received from joint ventures and associates) 21.8 15.1 Movements in loans and advance payments granted and other investments (22.1) (15.9) Net cash flow from (used in) investing activities 673.0 (62.2) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to owners of the parent (628.1) Dividends paid to non-controlling interests (87.5) (53.0) Change in capital of subsidiaries with non-controlling interests (1.7) Repayment of share premium (285.3) Acquisitions/disposals of treasury shares 1.1 (100.0) New loans, borrowings and hedging instruments 1,529.2 2,867.5 Repayment of loans, borrowings and hedging instruments (2,387.5) (2,669.1) Net repayment of lease liabilities (14.9) (15.2) Interest paid (109.1) (126.9) Interest paid on lease liabilities (8.3) (8.2) Other cash flows related to financing activities Net cash flow used in financing activities (1,362.3) (734.6) Effect of foreign exchange rate changes on cash and cash equivalents (4.7) (3.4) CHANGE IN CASH AND CASH EQUIVALENTS 171.8 (5.3) Cash and cash equivalents at beginning of period 452.7 458.0 Cash and cash equivalents at end of period 624.5 452.7 130 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

4.1.4 Statements of changes in consolidated equity In millions of euros Share capital Capital reserves Treasury shares Hedging reserves Other consolidated reserves Consolidated net income Equity attributable to owners of the parent Equity attributable to non-controlling interests Total equity EQUITY AT 12/31/2019 423.7 5,168.3 (427.9) (10.6) 4,296.0 324.9 9,774.4 2,483.6 12,258.0 Share capital transactions (3.8) (79.5) 83.3 Share-based payments Treasury share transactions (96.7) (3.3) (100.0) (100.0) Allocation of net income (loss) 324.9 (324.9) Dividends (307.2) (320.8) (628.1) (74.2) (702.2) Net income for the period (785.7) (785.7) (145.5) (931.2) GAINS AND LOSSES RECOGNIZED DIRECTLY IN EQUITY Proceeds from sales of treasury shares (1.2) (1.2) (1.2) Gains and losses from cash flow hedging 2.3 0.4 2.7 (1.5) 1.2 Translation gains and losses (79.3) (79.3) (8.9) (88.2) Actuarial gains and losses (0.0) (0.0) (0.0) Tax on other items of comprehensive income (0.4) (0.4) 0.2 (0.2) Other items of comprehensive income 1.9 (80.1) (78.3) (10.2) (88.5) Changes in the scope of consolidation (0.0) (0.0) (1.6) (1.6) Other movements (0.0) (0.0) (0.1) (0.1) EQUITY AT 12/31/2020 419.9 4,781.5 (441.3) (8.7) 4,216.6 (785.7) 8,182.3 2,252.1 10,434.4 Share capital transactions (a) (18.3) (381.3) 399.6 Share-based payments Treasury share transactions 8.2 (1.2) 7.0 7.0 Allocation of net income (loss) (785.7) 785.7 Dividends (285.0) (0.3) (285.3) (109.4) (394.7) Net income (loss) for the period 544.7 544.7 27.3 572.0 GAINS AND LOSSES RECOGNIZED DIRECTLY IN EQUITY Proceeds from sales of treasury shares (3.7) (3.7) (3.7) Gains and losses from cash flow hedges 10.2 10.2 7.7 17.9 Translation gains and losses (b) (50.5) (50.5) 13.5 (37.0) Actuarial gains and losses 1.2 1.2 1.2 Tax on other items of comprehensive income (1.4) (0.5) (1.9) (1.4) (3.3) Other items of comprehensive income 8.8 (53.5) (44.7) 19.8 (24.9) Changes in the scope of consolidation (0.4) (0.4) (1.2) (1.6) Other movements 1.1 1.1 0.1 1.2 EQUITY AT 12/31/2021 401.6 4,115.2 (33.5) 0.1 3,376.6 544.7 8,404.7 2,188.7 10,593.4 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 131 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

4.1.5 Notes to the consolidated financial statements NOTE 1 SIGNIFICANT EVENTS OF THE PERIOD 133 1.1 Covid-19 pandemic 133 1.2 Revaluation of the Italian assets 134 1.3 Investments 134 1.4 Divestments 134 1.5 Debt and financing 135 1.6 Dividend 135 1.7 Cancellation of shares 135 NOTE 2 SIGNIFICANT ACCOUNTING PRINCIPLES 135 2.1 Corporate reporting 135 2.2 Application of IFRS 135 2.3 Use of material judgments and estimates 136 2.4 Translation of foreign currencies 136 2.5 Distinction between liabilities and equity 137 2.6 Earnings per share 137 2.7 Risk factors relating to climate change 137 NOTE 3 SEGMENT INFORMATION 137 3.1 Segment earnings 137 3.2 Investment properties by operating segment 139 3.3 New investments over the period by operating segment 139 3.4 Disposals over the period by operating segment 139 NOTE 4 SCOPE OF CONSOLIDATION 140 NOTE 5 NOTES TO THE STATEMENT OF FINANCIAL POSITION 141 5.1 Goodwill 141 5.2 Intangible assets 144 5.3 Property, plant and equipment 144 5.4 Investment properties 145 5.5 Investments in equity-accounted companies 149 5.6 Other non-current assets 151 5.7 Trade and other receivables 152 5.8 Other receivables 153 5.9 Cash and cash equivalents 153 5.10 Fair value of financial assets 154 5.11 Equity 155 5.12 Current and non-current financial liabilities 157 5.13 Long-term provisions 162 5.14 Payroll, tax liabilities and other liabilities 163 NOTE 6 NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME 163 6.1 Gross rental income 163 6.2 Land expenses (real estate) 164 6.3 Service charges 164 6.4 Owners’ building expenses 164 6.5 Management, administrative and related income 165 6.6 Other operating income 165 6.7 Other general expenses 165 6.8 Depreciation, amortization and impairment of property, plant and equipment and intangible assets 165 6.9 Change in value of investment properties 165 6.10 Net proceeds from disposals of investment properties and equity investments 165 6.11 Cost of net debt 166 NOTE 7 TAXES 167 NOTE 8 IFRS 16 “LEASES” 169 NOTE 9 RISK EXPOSURE AND HEDGING STRATEGY 171 9.1 Interest-rate risk 171 9.2 Liquidity risk 173 9.3 Currency risk 174 9.4 Counterparty risk in connection with financing activities 174 9.5 Equity risk 174 NOTE 10 FINANCE AND GUARANTEE COMMITMENTS 175 10.1 Commitments given 175 10.2 Mutual commitments 175 10.3 Commitments received 175 10.4 Shareholders’ agreements 176 10.5 Commitments under operating leases – Lessors 177 NOTE 11 EMPLOYEE COMPENSATION AND BENEFITS 178 11.1 Payroll expenses 178 11.2 Headcount 178 11.3 Employee benefits 179 11.4 Performance shares 182 NOTE 12 ADDITIONAL INFORMATION 184 12.1 Transactions with related parties 184 12.2 Post-employment benefits 185 12.3 Compensation for Supervisory Board, Executive Board and Corporate Management team members 185 12.4 Contingent liabilities 185 12.5 Subsequent events 185 12.6 Statutory Auditors’ fees 186 12.7 Identity of consolidating companies 186 12.8 List of consolidated entities 186 132 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 1 SIGNIFICANT EVENTS OF THE PERIOD 1.1 COVID-19 PANDEMIC Over 2021, continental Europe faced multiple new waves of the Covid-19 pandemic translating for the Group in 2.5 months of full closure of the portfolio vs 2.1 months in 2020. 2021 is a tale of two halves: • Over the first half of the year, Europe faced several new waves of the pandemic as the number of cases surged, prompting governments to reintroduce restrictions. Klépierre’s activities were impacted and the Group experienced the equivalent of 2.5 months of full closure for the portfolio – longer than last year when malls were closed 1.6 months on average during the first half of 2020. Depending on the intensity of the wave, governments opted for full or partial lockdowns with varying restrictions; • Over the second half of the year, with the resurgence in new cases due to the spread of the Delta variant in summer, new though less restrictive measures were implemented. As such, Klépierre did not face any store closures or significant restrictions across the board (except in the Netherlands from December 19, 2021 to January 14, 2022). In some countries, including France, governments restricted access to shopping malls larger than 20,000 sq. m to vaccination certificate holders (from August 9 till the end of September). This measure was gradually lifted as the incidence rate declined below 200 cases per 100,000 inhabitants. Mid December, new measures were implemented in some countries such as the Netherlands, Germany (with the implementation of the 2G and 3G strategy to enter into shops) and the Czech Republic, with work from home policy encouraged and non-essential stores closing earlier than usual (5 pm). Vaccination certificate checks in restaurants, leisure activities and public events were reintroduced in some European countries (Norway, Denmark, Germany). All in all, a better second half of the year than in 2020 when Klépierre’s portfolio experienced 0.5 month of full closure. Upon reopening in June, sales and footfalls rebounded significantly to reach levels on average 5% below in sales and 20% below in footfalls than in 2019 that was the last undisturbed period. Consequently, rent collection improved significantly over the year, not only for 2021 rents and charges but also for those of 2020. Over 2021, the Group recovered €84.5 million of receivables related to 2020. It translated into the reversal of €59.7 million of provisions. The collection rate of 2020 rents and charges at December 31, 2021 was 87.8% before provisions or abatements and 100% after. All remaining 2020 receivables net of rent abatements given or accrued are provisioned in full. Regarding 2021, the outstanding receivables at year-end have been assessed in relation to tenants’ solvency (receivables relating to insolvent or bankrupt tenants have been provisioned in full) but also to business interruption faced by tenants during store closure periods. In France, Government offered a specific support package to incentivize tenants to pay their rents and charges related to the spring 2021 closing period. The eligibility conditions were only released in November. However, they present some complexities making it difficult for landlords to clearly assess which tenants will be eligible and for how much. While the Group has so far received no payments in connection with this support program, it worth highlighting that 56% of rents and charges related to this period of reference have been already collected at December 31, 2021. The Group expects to collect more under this support scheme: a reasonable assessment was performed in order to factor in the expected additional cash collection. Consequently, the overall collection rate related to 2021 rents and charges as per the 2021 financial statements is 85.5% before provisions or abatements and 98.8% after. As at December 31, 2021, net allowances for credit losses relating to Covid-19 recognized in net rental income amounted to €22.1 million. Total abatements deducted from gross rental income amounted to €104.9 million including some abatements relating to 2020, comprising: • €87.7 million in abatements without lease modification recognized as one-off and; • €17.2 million in abatements straight-lining in accordance with IFRS 16. As of February 15, 2022, no store closure has been mandated but some restrictions are still in force like work-from-home recommendation, implementation of health certificate to enter certain venues such as restaurants, leisure, cinemas, in many countries where Klépierre operates. Investment property fair value measurement As of December 31, 2021, 99.0% of the value of Klépierre’s property portfolio (€21,713 million, including transfer taxes, on a total share basis), was estimated by external appraisers in accordance with the methodology described in the note 5.4. In 2020, external appraisers took a specific set of short term and long term assumptions to account for Covid-19 impact. In 2021, due to sufficient leasing activity evidence, most of the short term Covid-19 assumptions have been removed to the exception of traffic sensitive income flows such as ancillary income. Long term Covid-19 assumptions such as increased discount rates and exit cap rate have been maintained or further degraded depending on the geography and asset type. This was partially offset by increased indexation linked to a 5 bps step up in long-term inflation assumption. The material uncertainty clause has been removed in all countries. The valuer’s disclaimer now states that property markets are functioning properly. However, considering the still uncertain health environment, appraisers are highlighting “the importance of the valuation date”. During 2021, the value of Klépierre’s shopping center portfolio declined by 1.3% on a like-for-like basis. This decrease is attributable to a combination of: • Cash-flow effect (+0.5%): mostly due to higher indexation forecasts and fewer short term Covid impact; • Market effect (–1.8%): as a result of the impact of the increase of the discount and exit rates reflecting recent transactions evidence and lack of liquidity in some markets. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 133 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

The tables below present the change in the valuation of the shopping center portfolio using different discount and exit rate assumptions than those used by the appraisers. Geography Discount rate variance −100 bps −50 bps −25 bps +25 bps +50 bps +100 bps France +7.2% +3.4% +1.6% −2.0% −3.8% −7.1% Italy +7.6% +3.7% +1.8% −1.8% −3.5% −6.9% Scandinavia +7.6% +3.8% +1.9% −1.7% −3.5% −6.8% Iberia +7.5% +3.7% +1.8% −1.8% −3.5% −6.8% Netherlands & Germany +10.2% +5.0% +2.4% −2.4% −4.7% −9.1% Central Europe +7.2% +3.5% +1.7% −1.7% −3.4% −6.6% Other countries +6.2% +3.0% +1.5% −1.5% −3.0% −5.7% TOTAL SHOPPING CENTERS +7.7% +3.7% +1.8% –1.9% –3.7% –7.2% Geography Exit rate variance −100 bps −50 bps −25 bps +25 bps +50 bps +100 bps France +15.2% +6.5% +3.0% −3.2% −5.7% −10.3% Italy +12.0% +5.4% +2.6% −2.4% −4.6% −8.4% Scandinavia +16.5% +7.3% +3.4% −3.1% −5.9% −10.7% Iberia +11.6% +5.3% +2.5% −2.3% −4.4% −8.2% Netherlands & Germany +18.0% +8.0% +3.8% −3.4% −6.5% −11.9% Central Europe +11.1% +5.0% +2.4% −2.2% −4.3% −7.9% Other countries +5.5% +2.6% +1.3% −1.2% −2.3% −4.4% TOTAL SHOPPING CENTERS +14.4% +6.3% +3.0% –2.9% –5.4% –9.8% 1.2 REVALUATION OF THE ITALIAN ASSETS In October 2020, the Italian Parliament voted a new step-up regime which offered the possibility to revalue buildings. The step-up regime provided the flexibility to select the properties subject to the step-up and the extent of the revaluation of the land and/or the constructions within the limit of their fair value. The constructions step-up can be made for accounting and tax purposes subject to the payment of a 3% revaluation tax. The lands step-up can be made for accounting purposes only without payment of the 3% revaluation tax. The revaluation is applicable retroactively as from December 31, 2020 in the statutory financial statements and for the first time in the June 30, 2021 consolidated financial statements. Klépierre seized the step-up option and applied for the revaluation of constructions and lands of most of its portfolio. Consequently, lands are revalued for accounting purposes up to 100% of their unrealized gains as at December 31, 2020 and constructions for accounting and tax purposes up to 70% or 90% of their unrealized gains as at December 31, 2020. In statutory accounts, the revaluation allows, from January 1 2021, to extend the amortization period and increase the properties annual amortization and as consequence lowers the taxable result. In the December 31, 2021 consolidated financial statements, the revaluation of Italian assets had no impact on consolidated land and construction values since Klépierre’s investment properties are already carried at fair value in accordance with IAS 40. The main impacts on total share without equity-accounted companies, relate to: • The booking of the full 3% revaluation tax due tax for €43.9 million in the “Income tax benefit (expense)” category of the consolidated statements of comprehensive income; • The reversal of €367.1 million of deferred tax liability as a result of the lower difference between the fair value and the tax value of the properties due to the step up; • The impairment up to €92.5 million of the tax goodwill attached to the revalued properties. 1.3 INVESTMENTS The main investments, for a total amount of €176.1 million during the period, concern extensions and/or renovations in the following shopping centers: Gran Reno in Bologna (Italy), Grand’Place in Grenoble (France), Créteil Soleil (France), Blagnac near Toulouse (France), Hoog Catharijne in Utrecht (Netherlands) and Gulskogen in Drammen (Norway). Details of Investments are disclosed in note 3.3. 1.4 DIVESTMENTS During 2021, Klépierre continued to streamline its portofolio and completed disposals totaling €534.0 million excluding repayment of loans and advances (total share, excluding transfer taxes). Proceeds from sales of investment properties and shares of subsidiaries net of cash disposed, including repayment of loans and advances amounts to €842.3 million as presented on the consolidated statement of cash flow. The main divestments are disclosed in note 3.4. 134 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

1.5 DEBT AND FINANCING In 2021, the Group repaid €863 million of senior notes that respectively matured in February (€299 million) and March (€564 million). These operations were financed through free cash flow and an increase in outstanding commercial papers. Additionally in the second half of the year, the Group used part of disposal proceeds to pay down €186 million of short term debt in Scandinavia. 1.6 DIVIDEND On June 17, 2021, the General Meeting of Shareholders approved the cash payment of a €1.00 per share in respect of the 2020 fiscal year. The total distribution amounted to €285.3 million (after exclusion of treasury shares), deducted from merger premiums and other premiums. The payment date was June 23, 2021. 1.7 CANCELLATION OF SHARES On January 19, 2021, June 22, 2021 and December 15, 2021, the Group respectively canceled 5,091,144, 4,493,022 and 3,493,860 shares acquired in 2019 under the February 6, 2019 share buyback program for a total amount of €399.6 million. NOTE 2 SIGNIFICANT ACCOUNTING PRINCIPLES This section presents the Group’s significant accounting principles. Additional information on accounting principles is presented in the individual notes. 2.1 CORPORATE REPORTING Klépierre is a French joint-stock corporation (société anonyme) subject to French company legislation, and more specifically the provisions of the French Commercial Code (Code de commerce). The Company’s registered office is located at 26, boulevard des Capucines in Paris. On February 9, 2022, the Executive Board approved the consolidated financial statements of Klépierre SA for the year ended December 31, 2021. On February 15, 2022, the Supervisory Board authorized the publication. Klépierre is listed on Euronext Paris (compartment A). 2.2 APPLICATION OF IFRS In accordance with Commission Regulation (EC) No. 1126/2008 of November 3, 2008 on the application of international accounting standards, the Klépierre Group’s consolidated financial statements for the year ended December 31, 2021 have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB), as adopted by the European Union and mandatorily applicable at that date. The IFRS framework as adopted by the European Union includes the IFRS, the International Accounting Standards (IAS) and their interpretations (SIC, IFRIC and IFRS IC). This framework is available on the following website: https://eur-lex.europa.eu/legal-content/EN/ TXT/?uri=CELEX%3A02008R1126-20220101 The consolidated financial statements for the year ended December 31, 2021 are presented in the form of a complete set of financial statements including all the information required by the IFRS. The consolidated financial statements include the financial statements of Klépierre SA and its subsidiaries. The financial statements of subsidiaries are prepared for the same accounting period as that of the parent company using consistent accounting methods. The consolidated financial statements are presented in millions of euros (€m), with all amounts rounded to the nearest hundred thousand, unless otherwise indicated. Slight differences between figures may exist between the different statements due to rounding. 2.2.1 Standards, amendments and interpretations whose application was mandatory as of January 1, 2021 The accounting principles applied to the consolidated financial statements for the year ended December 31, 2021 are identical to those used in the Group’s consolidated financial statements for the year ended December 31, 2020, with the exceptions of the following new standards and interpretations, whose application is mandatory for the Group: • Amendments to IFRS 4 Deferral of effective date of IFRS 9 • Amendments to IFRS 9, IAS 39 and IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 • Amendment to IFRS 16 Covid-19-Related Rent Concessions – Extension of the terms of the initial amendment which simplify the assessment of lease modifications These new amendments had no impact on the Group’s consolidated financial statements. The reform of Ibor did not have a material impact on the Group’s consolidated financial instruments, which are indexed to Euribor and Nordic Libor, which is not subject to index movements. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 135 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

2.2.2 Standards, amendments and interpretations whose application was not mandatory as of January 1, 2021 The following amendments published by the IASB have not been adopted by Klépierre for consolidated financial statements for the year ended December 31, 2021: • IFRS 17 Insurance Contracts • Amendments to IFRS 3 Reference to the Conceptual Framework • Amendments to IAS 1 Presentation of Financial Statements (current/non current for liabilities, information to be produced regarding accounting methods and principles) • Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract • Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use • Amendment to IAS 8 Accounting Estimates • Amendments to IFRS 10 and IAS 28 Sale or Contribution of assets between an Investor and its Associate or Joint Venture, and the effective date of amendments to IFRS 10 and IAS 28 • Amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction • Annual Improvements to IFRS 2018-2020 Cycle • IFRIC IAS 19 Attributing benefit to periods of service The Group is currently assessing the implementation of these new standards and their impact on the consolidated financial statements. No material impacts are expected. 2.3 USE OF MATERIAL JUDGMENTS AND ESTIMATES In preparing these consolidated financial statements in accordance with IFRS, Group management used certain estimates and realistic, reasonable assumptions. Changes in facts and circumstances may lead to changes in these estimates and assumptions, which would affect the value of the Group’s assets, liabilities, equity and earnings. The main assumptions made in respect of future events and other sources of uncertainty relating to the use of period-end estimates for which there is a significant risk of material change to the carrying amounts of assets and liabilities in subsequent years are presented below: Measurement of goodwill of management companies The Group tests goodwill for impairment at least once a year. This involves estimating the recoverable value of the cash-generating units to which the goodwill is allocated. In order to determine the recoverable value, Klépierre prepares expected future cash flows for each cash-generating unit and applies a pre-tax discount rate to calculate the present value of these cash flows (see note 5.1). Recoverable values are determined by an independent expert. Investment property and equity-accounted companies The Group appoints independent appraisers to perform half-yearly valuations of its real estate assets in accordance with the methods described in note 5.4. The appraisers make assumptions concerning future cash flows and rates that have a direct impact on the value of the properties. Credit risk assessment Credit risk is assessed in accordance with IFRS 9, as described in note 1.1. Financial instruments The Group measures the fair value of the financial instruments it uses in accordance with standard market models and IFRS 13, as described in note 5.12.1. Deferred tax See note 7. 2.4 TRANSLATION OF FOREIGN CURRENCIES The consolidated financial statements are presented in euros (€), which is the presentation currency of the consolidated group, as well as the presentation and functional currency used by Klépierre SA. Each Group entity determines its own functional currency, and all items in its financial statements are measured using this functional currency. The Group’s foreign subsidiaries conduct some transactions in currencies other than their functional currency. These transactions are initially recorded in the functional currency at the exchange rate prevailing on the transaction date. At the reporting date, monetary assets and liabilities stated in foreign currencies are translated into the functional currency at the exchange rate prevailing on that day. Non-monetary items stated in foreign currencies and measured at historical cost are translated using the exchange rates prevailing on the dates of the initial transactions. Non-monetary items stated in foreign currencies and measured at their fair value are translated using the exchange rates applicable on the dates when the fair values were calculated. For the preparation of the Group’s consolidated financial statements, the assets and liabilities of subsidiaries are translated into euros at the exchange rate as of the reporting date. Their income statements are translated at the average exchange rate for the year. Any resulting translation differences are allocated directly to equity under a separate line item. The functional currency of an entity is the currency of the primary economic environment in which it carries out its operations. In the majority of cases, the functional currency corresponds to the local currency. However, a functional currency other than the local currency can be retained for certain entities, provided that it represents the currency of the main transactions carried out by the entity and that it ensures faithful representation of its economic environment. In the event of the disposal of an operation in foreign currency, the total accumulated exchange gain or loss recognized as a distinct component of equity for that foreign operation is recognized in the income statement. 136 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

2.5 DISTINCTION BETWEEN LIABILITIES AND EQUITY In distinguishing between liabilities and equity Klépierre primarily considers whether or not it is obliged to make a cash payment to the counterparty. Being able to make such a decision regarding cash payments is the crucial distinction between the two items. 2.6 EARNINGS PER SHARE Earnings per share is calculated by dividing net income for the period attributable to ordinary shareholders by the weighted average number of shares outstanding, excluding treasury shares. Diluted earnings per share is calculated by dividing net income for the period attributable to ordinary shareholders by the weighted average number of shares outstanding, excluding treasury shares, adjusted to reflect the effects of any diluting options. 2.7 RISK FACTORS RELATING TO CLIMATE CHANGE The Group’s financial statements take into account, based on current knowledge and practices, the challenges of climate change and sustainable development. (1) From 2021, former “Netherlands” and “Germany” segments have been merged in one segment. The measurement of investment property at fair value (in accordance with the option provided for in IAS 40) by independent appraisers takes into account climate risk assessed based on current practices. Criteria of investment property evaluation change regularly in order to improve the manner in which this risk is factored in. Klépierre’s entire portfolio is certified BREEAM In-Use. In 2021, 95% of the portfolio (by value) was rated Very Good (score of 55% to 70%) or Excellent (score of 70% to 85%). Group-wide assessments covering the entire portfolio ensure continuity and generate synergies, leading to better environmental and financial outcomes. The Group’s longstanding policy aims to build climate risk into its acquisition and development decision-making process. Accordingly, the valuation of investment properties factors in all of these climate risk-related aspects. In addition, a portion of the Group’s financing is interlinked with the environmental performance of its assets. The Group’s €1,385 million syndicated revolving credit facility maturing in 2025 includes a sustainability mechanism whereby when the annual carbon intensity reduction objectives for the Group’s malls have been met, the margin on the facility is reduced. The resulting savings are reinvested by Klépierre in installing and upgrading building management systems in its malls. NOTE 3 SEGMENT INFORMATION ACCOUNTING POLICIES Segment information In accordance with IFRS 8, operating segments are identified on the basis of the internal reporting used by management when evaluating performance and allocating resources. 3.1 SEGMENT EARNINGS For management purposes, the Group is structured into business segments corresponding to geographic regions. There are a total of seven operating segments, structured as follows: • France (including Belgium and Other retail properties); • Italy; • Scandinavia (Steen & Strøm: Norway, Sweden and Denmark); • Iberia (Spain and Portugal); • Netherlands & Germany (1) ; • Central Europe (Poland and Czech Republic); • Other countries (Greece and Turkey). The management team monitors the operating results of each operating segment independently as a basis for decision-making and performance evaluation. The Group’s financing policy (including its impact on financial income and expenses), corporate activities and income tax matters are handled at Group level, and the resulting impacts are not allocated to the operating segments. For the purposes of the presentation of segment earnings, goodwill impairment is treated as a corporate activity. The “Scandinavia” segment includes all the legal entities Steen & Strøm in which Klépierre owns a 56.1% equity stake. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 137 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

In millions of euros France (a) Italy Scandinavia Iberia Netherlands and Germany 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Gross rents 358.8 379.1 171.1 168.4 156.7 166.1 114.1 111.9 102.9 120.4 Other rental income 20.8 30.1 3.0 5.3 2.0 1.3 3.3 3.8 0.0 0.0 Gross rental income 379.6 409.2 174.1 173.7 158.7 167.3 117.4 115.7 102.9 120.4 Rental and building expenses (64.8) (88.6) 3.7 (45.4) (19.3) (18.8) (11.3) (20.1) (23.4) (30.5) Net rental income 314.8 320.6 177.8 128.3 139.4 148.5 106.1 95.5 79.5 89.9 Management and other income 38.0 34.2 13.0 24.0 8.1 10.7 6.0 6.6 6.2 10.1 Payroll and other general expenses (47.9) (54.6) (23.0) (19.2) (16.1) (15.9) (11.9) (12.1) (17.2) (16.3) EBITDA 304.9 300.3 167.8 133.1 131.4 143.2 100.2 90.1 68.5 83.7 Depreciation, amortization and impairment (11.1) (8.3) (2.1) (1.8) (3.1) (3.0) (0.5) (5.8) 3.3 (0.6) Change in value of investment properties (226.2) (799.2) (38.2) (157.5) (82.0) (191.4) (2.7) (129.0) (64.2) (208.3) Net proceeds on disposal of investment properties and equity investments 0.1 (0.5) (3.4) 2.5 0.3 9.7 0.4 Share in earnings of equity accounted companies (8.8) (32.3) 79.0 (b) (16.3) 4.5 (0.5) (0.3) (5.7) SEGMENT INCOME 58.8 (540.0) 206.5 (42.5) 47.4 (49.2) 96.7 (50.0) 17.3 (124.9) Goodwill impairment Cost of net debt Change in the fair value of financial instruments PROFIT (LOSS) BEFORE TAX Income tax NET INCOME (LOSS) (a) Shopping centers and other retail properties, including Belgium. (b) The positive income on equity accounted companies in Italy for €79.0 million is mainly due to the tax effect on assets revaluation as described in note 1.2. In millions of euros CE Others Not allocated Klépierre Group 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Gross rents 57.4 60.3 14.3 14.3 975.4 1,020.5 Other rental income 1.6 1.4 0.3 31.0 41.9 Gross rental income 59.0 61.7 14.6 14.3 1,006.4 1,062.4 Rental and building expenses (7.9) (7.5) (3.8) (5.2) (126.9) (216.2) Net rental income 51.1 54.2 10.8 9.1 879.5 846.2 Management and other income 1.6 1.5 1.5 2.1 74.5 89.2 Payroll and other general expenses (5.1) (4.6) (3.9) (3.1) (22.0) (12.4) (147.3) (138.2) EBITDA 47.6 51.1 8.4 8.2 (22.0) (12.4) 806.7 797.2 Depreciation, amortization and impairment (0.7) 4.2 (0.5) (0.5) (3.0) (3.8) (17.8) (19.7) Change in value of investment properties (7.6) (81.0) 18.4 (9.5) (402.5) (1,575.9) Net proceeds on disposal of investment properties and equity investments (0.0) 0.5 2.4 0.2 8.8 3.5 Share in earnings of equity accounted companies 9.8 2.5 84.3 (52.3) SEGMENT INCOME 39.3 (25.1) 38.5 0.8 (25.0) (16.3) 479.4 (847.2) Goodwill impairment (104.8) (16.8) Cost of net debt (115.3) (108.6) Change in the fair value of financial instruments (0.4) (30.0) PROFIT (LOSS) BEFORE TAX 258.9 (1,002.5) Income tax 313.1 71.3 NET INCOME (LOSS) 572.0 (931.2) 138 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

3.2 INVESTMENT PROPERTIES BY OPERATING SEGMENT The value of investment properties by operating segment, as shown in the consolidated statement of financial position, is presented below (excluding investment properties held by equity-accounted companies): In millions of euros Value of investment properties at 12/31/2021 (a) Value of investment properties at 12/31/2020 (a) France (b) 7,511.9 7,787.8 Italy 3,253.4 3,234.8 Scandinavia 2,946.5 3,420.9 Iberia 2,037.6 2,034.6 Netherlands & Germany 2,002.1 2,304.2 Central Europe 949.7 955.6 Other countries 105.1 151.8 TOTAL 18,806.3 19,889.7 (a) Including investment properties at fair value, investment properties at cost and excluding investment properties held for sale. (b) Including Other retail properties and Belgium. 3.3 NEW INVESTMENTS OVER THE PERIOD BY OPERATING SEGMENT In millions of euros Investment properties at fair value Investment properties at cost New investments at 12/31/2021 (a) Shopping centers 176.1 176.1 France (b) 75.6 75.6 Italy 56.8 56.8 Scandinavia 16.0 16.0 Iberia 5.7 5.7 Netherlands & Germany 20.1 20.1 Central Europe 1.6 1.6 Other countries 0.3 0.3 TOTAL 176.1 176.1 (a) Investments include acquisitions, capitalized expenses and changes in scope. (b) Including Other retail properties and Belgium. Investments over the period (including capitalized interest) in France mainly concern the Créteil Soleil renovation near Paris, the Grand’Place extension in Grenoble and the Blagnac renovation near Toulouse. Capital expenditures in the Scandinavia segment correspond to the Gulskogen Senter in Drammen (Norway), the refurbishments of Emporia in Malmö (Sweden) and Field’s Copenhagen (Denmark). In Italy, investments are mainly attributable to the Shopville Gran Reno extension near Bologna. In the Netherlands, the bulk of capital expenditure relates to the final stages of the Hoog Catharijne shopping center redevelopment in Utrecht. 3.4 DISPOSALS OVER THE PERIOD BY OPERATING SEGMENT In millions of euros Proceeds from disposals Investment properties and equity investments 534.0 France (a) 140.8 Italy Scandinavia 316.8 Iberia Netherlands & Germany 67.2 Central Europe 9.0 Other countries 0.2 TOTAL 534.0 (a) Including Other retail properties and Belgium. Disposals in France mainly concern a retail park of 22 units next to the shopping center Rives d’Arcins in Bègles (France) sold on December 17, 2021. Disposals in Scandinavia mainly concern the sale of five shopping centers in Norway: • Vinterbro Senter in As, Amanda in Haugesund, Nordbyen in Larvik and Nerstranda in Tromsø were disposed on July 1, 2021; • Farmandstredet shopping center in Tønberg was disposed on July 8, 2021. Disposals in Netherlands & Germany concern the sale of the Almere shopping center near Amsterdam (Netherlands) on October 4, 2021, and the Boulevard Berlin shopping mall in Berlin (Germany) on December 17, 2021. Disposals in Central Europe concern the sale of Danubia shopping center in Bratislava (Slovakia) on August 11, 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 139 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 4 SCOPE OF CONSOLIDATION ACCOUNTING POLICIES Scope of consolidation The Klépierre Group’s consolidated financial statements include all companies over which Klépierre has control, joint control or significant influence. The percentage of control takes account of any potential voting rights that entitle their holders to additional votes whenever these rights are immediately exercisable or convertible. Subsidiaries are consolidated starting on the date at which the Group obtains effective control. Consolidation method The consolidation method is based on the degree of control exercised by the Group. • Control: full consolidation. According to IFRS 10, an investor controls an investee when it has power, exposure to variable returns and the ability to use that power to affect its returns from the investee. Control is presumed to exist when Klépierre directly or indirectly holds more than half of the company’s voting rights. Control is also presumed to exist where the parent company has the power to direct the financial and operating policies of the company and appoint, dismiss or convene the majority of the members of the Board of Directors or equivalent management body; • Joint control and significant influence: equity-method accounting. Joint control exists where operating, strategic and financial decisions require unanimous agreement between the partners. The agreement is contractual, i.e., subject to bylaws and shareholder agreements. Influence is defined as the power to contribute to a company’s financial and operating policy decisions, rather than to exercise control over those policies. Significant influence is presumed where the Group directly or indirectly holds 20% or more of an entity’s voting rights. Investments in associates are initially recognized in the statement of financial position at acquisition cost, and are subsequently adjusted for the share of the profit or loss and other comprehensive income of the entity; • No influence: the Company is not consolidated. Changes in equity of companies accounted for using the equity method are reported on the asset side of the statement of financial position under “Investments in equity-accounted companies” and under the corresponding item in equity. Goodwill in respect of companies accounted for using the equity method is also reported under “Investments in equity-accounted companies”. Intercompany transactions Intercompany balances and profits resulting from transactions between Group companies are eliminated in consolidation. As of December 31, 2021, the Group’s scope of consolidation included 237 companies, of which 200 fully consolidated companies and 37 companies accounted for using the equity method. The list of consolidated companies is set out in note 12.8. The changes in scope of consolidation during the year 2021 were as follows: • In June, 2021, the Group sold the Swedish entity FAB Lackeraren Borlänge, owner of Kupolen shopping center near Stockholm; • In July, 2021, the Group sold five Norvegian malls through the sale of the eight companies Slagenveien 2 AS, Amanda Storsenter AS, Farmandstredet Eiendom AS, Nerstranda AS, Vinterbro Senter DA, Hovlandparken AS, Hovlandparken DA and Torgterrassen AS (the latter company was created and disposed over the period); • In December, 2021, Klépierre SA sold its 95% stake in Klépierre Berlin GmbH, which holds the Boulevard Berlin shopping center and its 100% stake in Klépierre Berlin Leasing GmbH; • Klépierre SA reduced its interest from 46.00% to 45.93% in Akmerkez Garymenkul Yatirim Ortakligi AS, which is listed on the Istanbul stock market. In addition, two mergers were completed (Girardin SCI and Corio Nederland Kantoren B.V.), four shell companies were liquidated (KLP Polska Sp. z o.o. Lublin Spk, KLP Polska Sp. z o.o. Sadyba SKA w likwidacji, KLP Polska Sp. z o.o. Kraków sp.k. and Kletel Imobiliaria SA) and five entities were created (Ventura SAS, Lobsta & K SAS, Antigaspi & K SAS, NEAG Boulogne SAS and Clounlake Invest SL). 140 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 5 NOTES TO THE STATEMENT OF FINANCIAL POSITION 5.1 GOODWILL ACCOUNTING POLICIES Accounting for business combinations The accounting rules for business combinations comply with IFRS 3 (revised). To decide whether a transaction is a business combination the Group considers whether an integrated set of activities is acquired besides the investment property: • The optional concentration test is used to assess whether substantially all of the fair value of the acquisition is concentrated in a single asset or group of similar assets. • If the outcome of this test is negative, the conclusion that a business has been acquired depends on determining if the acquisition includes especially substantive processes critical to continue producing outputs (or to develop them in case no outputs yet) together with an organized workforce having the necessary skills to perform the process. If the acquired assets are not a business, the transaction is recorded as an asset acquisition. All business combinations are recognized using the acquisition method. The consideration transferred is measured as the fair value of assets contributed, equity issued and liabilities incurred at the transfer date. The identifiable assets and liabilities of the acquiree are measured at their fair value at the acquisition date. Any liabilities are only recognized if they are a present obligation at the date of the business combination and if their fair value can be reliably measured. For each business combination, the acquirer must measure all non-controlling interests held in the acquired company, either at their fair value at the acquisition date or at the corresponding share in the fair value of the assets and liabilities of the acquired company. Any surplus of the consideration transferred and the value of non-controlling interests over the net fair value of the business’ identifiable assets acquired and liabilities assumed, is recognized as goodwill. Costs directly linked to the acquisition are recognized as expenses. IFRS 3 (revised) stipulates a maximum period of 12 months from the acquisition date for the accounting of the acquisition to be finalized: adjustments to values applied must be related to facts and circumstances existing at the acquisition date. Therefore, beyond this 12-month period, any earn-out adjustment must be recognized in income for the fiscal year unless the additional consideration is an equity instrument. As regards the treatment of deferred tax assets, the Group recognizes an adjustment to income for deferred tax assets unrecognized at the acquisition date or during the measurement period. Where a business is acquired in stages, the previous investment is remeasured at fair value at the date control is transferred. Any difference between fair value and carrying amount of this investment is recognized in income. Any change in the Group’s interest in an entity that results in a loss of control is recognized as a gain/loss on disposal and the remaining interest is remeasured at fair value with the change being recognized in income. Transactions that do not affect control (additional acquisition or disposal) are accounted for as equity transactions for which the equity is allocated proportionally between the owners of the parent and the non-controlling interest with no impact on profit or loss and/or goodwill adjustment. Goodwill measurement and impairment Goodwill is carried at cost less any accumulated impairment losses. In compliance with IAS 36, the Group performs impairment tests if there is an indication of impairment, and at least once a year. For the purposes of this test, assets are grouped into cash-generating units (CGUs). CGUs are standardized groups of assets whose continued use generates cash inflows that are largely separate from those generated by other asset groups. An impairment loss must be recognized wherever the recoverable amount of goodwill is less than its carrying amount. Klépierre has two types of goodwill: Goodwill corresponding to optimized value of deferred taxes This goodwill results from the recognition of deferred taxes at the date of the business combination. It represents the difference between the deferred tax liabilities recognized in the statement of financial position in accordance with IAS 12, and the tax expected to be paid in the event of a sale by means of a share deal. Accordingly, impairment tests performed on this type of goodwill at each reporting date consist in comparing the carrying amount with the amounts expected to arise from optimizing deferred taxes. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 141 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Goodwill of management companies Goodwill may relate to management companies. Impairment tests are performed annually or when triggering events arise and are based on internal or external valuations. These valuations are based on the discounted cash flow (DCF) method in every country where the Klépierre Group conducts management activities. This method consists of three stages. In the first stage, cash flows that may be generated in the future by each company’s portfolio of business (i.e., before consideration of explicit or implicit financing costs) are estimated on the basis of the specific business plans developed in each country where the Group conducts management activities for itself and for third parties. In the second stage, forecast cash flows and the estimated future value of the management business portfolio at the end of the forecast period (terminal value) are discounted at an appropriate rate. This discount rate is determined on the basis of the capital asset pricing model (CAPM) and is the sum of the following three components: the risk-free interest rate, a general market risk premium (forecast average market risk premium multiplied by the beta coefficient for the business portfolio) and a specific market risk premium (which takes account of the proportion of specific risk not already included in cash flows). In the third and final stage, the value of shareholders’ equity is obtained by deducting the company’s net debt on the valuation date from the value of its business portfolio. Impairment tests consist in comparing the carrying amount of the entity with their recoverable value as explained above. Recoverable values are determined by an independent expert. As of December 31, 2021, goodwill totaled €480.5 million, versus €583.5 million as of December 31, 2020, breaking down as follows: Goodwill of management companies As of December 31, 2021, goodwill of management companies totaled €222.2 million, versus €233.2 million as of December 31, 2020. In millions of euros 12/31/2020 Change in scope Disposals, retirement of assets Impairment Currency movements 12/31/2021 France 117.7 117.7 Italy 53.7 53.7 Spain 32.0 32.0 Portugal 7.1 7.1 Netherlands 7.2 (3.1) 4.1 Germany 13.7 (6.1) 7.6 Scandinavia 1.9 (2.1) 0.2 GOODWILL RELATING TO MANAGEMENT ACTIVITIES 233.2 (11.3) 0.2 222.2 The main assumptions used to calculate the enterprise value based on the latest valuations were as follows: • The discount rate applied to France, Norway, Spain and Italy was stable compared to 2020 at 7.4%; • The discount rate applied to Germany was stable compared to 2020 at 7.9%; • The discount rate applied to other countries was stable compared to 2020 at 6.9%; • Free cash flows over the duration of the business plan are based on business volume and operating margin assumptions that take into account economic and market assumptions at the date on which the plan was prepared; • A growth rate for the 2022-2026 period based on the assumptions of the internal business plan by country; • A terminal value determined using a growth rate of 1% applied from 2025. 142 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

The sensitivity of business values per country to changes in both discount rate and perpetual growth was assessed and is presented in the schedule below: Business Value 12/31/2021 Book Value 12/31/2021 (post impairment) Spread vs. Business value Discount rate Discount rate up 50 bps Perpetual growth Perpetual growthate down 50 bps France 170.3 132.2 +29% 7.4% -6.4% 1.0% -5.3% Spain 43.1 32.5 +33% 7.4% -6.6% 1.0% -5.2% Italy 61.4 54.5 +13% 7.4% -6.5% 1.0% -5.1% Portugal 7.5 7.1 +6% 6.9% -6.8% 1.0% -5.4% Czech Republic 10.8 0.1 n.m. 6.9% -6.4% 1.0% -5.1% Poland 10.4 0.2 n.m. 6.9% -6.8% 1.0% -5.4% Germany 7.6 7.6 0% 7.9% -11.1% 1.0% -9.3% Norway 2.9 0 7.4% -13.8% 1.0% -12.1% Sweden 0.0 0 6.9% - 1.0% - Denmark 0.0 0 6.9% - 1.0% - Netherlands 4.1 4.1 0% 6.9% -15.6% 1.0% -13.9% TOTAL 318.1 238.3 7.4% -6.8% 1.0% -5.5% Goodwill corresponding to the optimized value of deferred taxes As of December 31, 2021, goodwill corresponding to the optimized value of deferred taxes totaled €258.3 million, versus €350.3 million as of December 31, 2020. In millions of euros 12/31/2020 Change in scope Disposals, retirement of assets Impairment Currency movements 12/31/2021 Former Corio assets 276.9 (79.9) 197.0 IGC 31.3 (12.6) 18.7 Oslo City 33.3 1.6 34.9 Nueva Condo Murcia 4.7 (0.3) 4.4 Other 4.0 (0.7) 3.3 GOODWILL ARISING ON DEFERRED TAX LIABILITIES 350.3 (93.5) 1.6 258.3 The main impairments of €79.9 million and €12.6 million are related to the reevaluation of most of Italian assets as disclosed in note 1.2. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 143 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.2 INTANGIBLE ASSETS ACCOUNTING POLICIES Intangible assets An intangible asset is a non-monetary asset without physical substance. It must be simultaneously identifiable (and therefore separable from the acquired entity or arising from legal or contractual rights), controlled by the company as a result of past events and provide an expectation of future financial benefits. IAS 38 states that an intangible asset is amortized only where it has an identified useful life. Intangible assets with an indefinite useful life are not amortized, but are tested annually for impairment (IAS 36) or whenever there is evidence of a loss of value. Assets recognized as intangible assets with finite useful lives are amortized on a straight-line basis over periods that equate to their expected useful life. Impairment of intangible assets After initial recognition, other intangible assets are recognized at cost, less any related amortization or impairment losses. Useful lives are examined annually and an impairment test is conducted if there is any indication of impairment. Intangible assets with an indefinite useful life are not amortized. The “indefinite” nature of the useful life is reviewed at least annually. These assets are tested for impairment annually, or if there is an indication of impairment, by comparing their carrying amount with the recoverable amount. In the event of decline in value, an impairment loss is recognized in income. The Klépierre Group’s intangible assets are not subject to independent valuation. Intangible assets with determined end-value: In millions of euros 12/31/2020 Acquisitions and capitalized expenses Disposals, retirement of assets Allowance for the period Currency movements Changes in scope of consolidation Reclassifications and other movements 12/31/2021 Software 94.8 6.4 (6.2) 0.9 95.9 Other intangible assets 8.5 (1.1) 0.3 7.7 Total gross value 103.4 6.4 (7.3) 0.9 0.3 103.6 Software (76.1) 6.2 (7.3) (0.6) (77.8) Other intangible assets (5.9) 1.1 (0.2) (0.1) (0.3) (5.5) Total amortization (82.1) 7.3 (7.5) (0.7) (0.3) (83.3) NET VALUE 21.3 6.4 (7.5) 0.2 (0.0) 20.3 Intangible assets with undetermined end-value: In millions of euros 12/31/2020 Acquisition/ (Disposals) Reclassifications and other movements 12/31/2021 Goodwill 4.1 4.1 Total gross value 4.1 4.1 Goodwill (2.5) (2.5) Total impairment (2.5) (2.5) NET VALUE 1.6 1.6 The remaining value of €1.6 million concerns the business goodwill recognized on the merger between French entities before 2005. 5.3 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICIES Property, plant and equipment In accordance with IAS 16, property plant and equipment are valued at their historical cost, less accumulated depreciation and any decreases in value. Depreciation is calculated based on the useful life of each operating asset class. Property, plant and equipment include operating assets such as fixtures and other office equipment owned by the Group, related to headquarters buildings and offices. Property, plant and equipment also include the remaining lease payments on head office leases, vehicle leases and other equipment leases, that are initially recognized in the form of a right-of-use asset in accordance with IFRS 16. They are subsequently depreciated on a straight-line basis over the lease term. The Group considers that the useful life planned for those assets is not impacted by the Covid-19 crisis. 144 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Property, plant and equipment and work in progress In millions of euros 12/31/2020 Acquisitions and capitalized expenses Disposals, retirement of assets Additions for the period Currency movements Changes in scope of consolidation Reclassifications and other movements 12/31/2021 Depreciable assets and work in progress 32.4 0.2 (1.4) (0.8) (0.1) (0.4) 29.9 Right-of-use asset relating to property, plant and equipment (a) 35.5 2.2 (1.4) (0.3) 0.4 36.4 Total gross value 67.9 2.4 (2.8) - (1.1) (0.1) - 66.3 Depreciable assets (24.4) 1.4 (2.1) 0.3 0.1 0.4 (24.3) Right-of-use asset relating to property, plant and equipment (a) (16.2) 1.0 (8.4) 0.2 0.1 (23.3) Total depreciation (40.6) - 2.4 (10.5) 0.5 0.1 0.5 (47.6) Impairment PROPERTY, PLANT AND EQUIPMENT AND WORK IN PROGRESS – NET VALUE 27.3 2.4 (0.4) (10.5) (0.6) - 0.5 18.7 (a) Movements in property, plant and equipment relating to leases are described in note 8 “IFRS 16 ‘Leases’”. 5.4 INVESTMENT PROPERTIES ACCOUNTING POLICIES Investment properties (IAS 40, IFRS 13 and IFRS 16) Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the companies in the Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. For all investment properties, current use equates to the best possible use. Land held under operating leases is classified and accounted for by the Group as right-of-use asset under IFRS 16, as described in note 8. After initial recognition, it is measured using the fair value model in accordance with IAS 40 “Investment Property”. They are subsequently measured at the amount equal to the remaining balance of the lease liability. Investment property is measured initially at cost, including related transaction costs and, where applicable, eviction and borrowing costs (see below). After initial recognition, investment property is carried at fair value. Investment property under construction, or significantly restructured, is measured at fair value if it is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier. In order to evaluate whether the fair value of an investment property under construction can be determined reliably, management considers the following factors, among others: • Stage of completion; • Level of reliability of cash inflows after completion; • Development risk specific to the property. Additions to investment properties under construction consist of capital expenditure, eviction costs, capitalized interest, letting fees and other internal costs related to development. Certain internal staff and associated costs directly attributable to the management of major projects during the construction phase are also capitalized. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the income statement in change in fair value of investment properties. The profit on disposal is determined as the difference between the sale proceeds and the carrying amount of the asset based on the carrying value at the closing. When the Group begins to redevelop an existing investment property for continued future use as an investment property, the property continues to be held as an investment property. In addition, investment properties recorded at cost are tested for impairment at June 30 and December 31, whenever there is evidence of a loss of value. Where such evidence exists, the recoverable amount of the asset is compared with its carrying amount, and an impairment loss is recognized. In determining the carrying amount of investment properties under the fair value model, assets or liabilities that are recognized as separate assets or liabilities are not double counted. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 145 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Borrowing costs Under IAS 23, borrowing costs directly attributable to the acquisition or construction of eligible assets are included in the cost of the respective assets. When a loan is not directly attributable to an asset, Klépierre capitalizes the interest rate applied to the expenses related to the asset in order to measure the attributable cost; if several non-specific borrowing lines exist, the interest rate is the weighted average rate of those loans observed during the fiscal year. Fair value of investment property The fair value of Klépierre’s investment properties is determined by professionally qualified independent appraisers who have relevant expertise and recent industry experience in the locations and segments of the investment properties being valued. They perform their valuation of the Group’s assets as of June 30 and December 31 of each year. Investment properties are presented at fair value excluding transfer costs. These transfer costs are measured on a basis of an asset disposal. The fair values of investment properties are determined in compliance with the measurement rules described in IFRS 13. In addition, given the complexity of real estate asset valuations and the nature of certain non-public data (such as projected rent increases, capitalization and discount rates), the fair values of investment properties have been classified as level 3 on the IFRS 13 fair value hierarchy (see note 5.10). Accordingly, there are no transfers of properties between the fair value categories. Given the fact that these valuations are, by their nature, estimates, it is possible that the amount realized on the disposal of some real estate assets will differ from the estimated value of those assets, even where such disposal occurs within a few months of the reporting date. Klépierre entrusts the task of valuing its real estate assets to various independent appraisers: • Jones Lang LaSalle (JLL) values all Greek and Turkish assets and most of the Italian portfolio; • CBRE values all assets in Spain, Portugal, the Czech Republic, Slovakia and the Netherlands, and several assets in France and Italy; • BNP Paribas Real Estate values all German assets; • Cushman & Wakefield values a portion of the French portfolio, all Danish, Swedish, and Norwegian assets, as well as Polish assets. Other retail assets are valued by BNP Paribas Real Estate. All valuations are conducted in accordance with the principles of the Charte de l’Expertise en Évaluation Immobilière, the recommendations of the French financial markets authority (Autorité des marchés financiers – AMF) dated February 8, 2010 and Royal Institution of Chartered Surveyors standards. The fees paid to appraisers, agreed prior to their valuation of the properties concerned, are determined on a lump sum basis to reflect the number and complexity of the assets appraised. The fee is entirely unrelated to the appraised value of the assets concerned. In thousand of euros 2021 appraisal fees Cushman & Wakefield 266.6 CBRE 325.9 Jones Lang Lasalle 133.2 BNP Paribas Real Estate 98.5 TOTAL 824.2 The valuations performed by the independent appraisers are reviewed internally by senior management in charge of investments and relevant people within each operating division. This process includes discussions of the assumptions used by the independent appraiser, as well as a review of the resulting valuations. Discussions of the valuation process and results are held between senior management in charge of investments and the independent appraiser on a half-yearly basis. All Klépierre Group assets are systematically appraised using two methods: the yield method (or capitalization methodology) and the discounted cash flows method. However, Klépierre only retains the latter. A cross-check with comparable transactions parameters is also realized. According to the yield method, to determine the fair value of a shopping center, appraisers apply a yield rate to total net rent for occupied premises, and to the net market rent for vacant properties, discounted for the anticipated period of vacancy. The yield rate is set by the appraiser based on a range of inputs, the most important of which are: retail sales area, layout, competition, type of ownership, gross rental income and extension potential and comparability with recent transactions in the market. As regards the discounted cash flows approach, appraisers estimate the different cash flows over a ten-year period. To determine future cash flows, appraisers are provided with all relevant information (detailed rent rolls, footfall, retailer sales, occupancy cost ratios, etc.), which they use to make their own assessment. They factor in their own leasing assumptions (ERV, vacancy, incentives, etc.) as well as future capital expenditures and non-recoverable operating expenses. Lastly, they apply a discount rate that varies from one property to another since it is a combination of the risk-free rate and the risk premium attached to each property due to its location, quality, size, and technical specificities. Terminal value is calculated based on the net rental income for the tenth year, capitalized by an exit yield. Fair value of investment property excludes prepaid or accrued operating lease income because they are recognised as a separates liability or asset. 146 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.4.1 Investment properties at fair value In millions of euros INVESTMENT PROPERTIES AT FAIR VALUE – NET VALUE AS OF 12/31/2020 19,756.8 Additions to the scope of consolidation Capital expenditures 173.6 Capitalized interest 2.5 Disposals and removals from the scope of consolidation (832.0) Other movements, reclassifications 51.0 Currency movements (23.6) Fair value adjustments (399.7) INVESTMENT PROPERTIES AT FAIR VALUE – NET VALUE AS OF 12/31/2021 18,728.6 Investments for €173.6 million and capitalized interest for €2.5 million committed and recognized over the period mainly concern France for €75.6 million, Italy for €56.8 million, the Netherlands for €18.8 million, and Scandinavia for €16.0 million. The Group completed disposals totaling €832.0 million of carrying value over the period. The information of the main disposals are disclosed in note 3.4. “Other movements, reclassifications” includes the reclassification from “Investment properties at cost” to the “Investment properties at fair value” of the Gran Reno extension in Italy. The table below presents the data used by external appraisers to determine the fair value of investment properties: Shopping centers (weighted average) Discount rate (a) Exit rate (b) CAGR of NRI (c) EPRA NIY France 6.2% 5.1% 2.5% 4.6% Italy 7.2% 6.0% 2.1% 5.8% Scandinavia 6.9% 4.9% 2.5% 4.5% Iberia 7.7% 6.1% 2.6% 5.8% Netherlands & Germany 5.9% 5.2% 2.3% 4.8% Central Europe 6.8% 6.7% 0.2% 6.4% Other countries 15.5% 8.8% 7.5% 7.4% TOTAL GROUP 6.8% 5.5% 2.4% 5.2% Discount and exit rates are weighted by shopping center portfolio valuation (including transfer taxes). (a) Rate used to calculate the present value of future cash flows. (b) Rate used to capitalize the exit rent to determine the exit value of an asset. (c) Compound annual growth rate of net rental income determined by the appraiser at 10 years. As of December 31, 2021, the average EPRA Net Initial Yield (NIY) of the portfolio stood at 5.2% (including transfer taxes). A 10-basis-point increase in yields would result in a €329 million decrease in the portfolio valuation (attributable to owners of the parent). 5.4.2 Investment properties at cost In millions of euros INVESTMENT PROPERTIES AT COST – NET VALUE AS OF 12/31/2020 132.9 Acquisition Entry in the scope of consolidation Capital expenditures Capitalized interest Disposals and removals from the scope of consolidation Other movements, reclassifications (52.5) Currency movements Impairment losses and reversals (2.7) INVESTMENT PROPERTIES AT COST – NET VALUE AS OF 12/31/2021 77.7 As of December 31, 2021, the main investment properties at cost comprise: • In Denmark: a land plot in Odense; • In Belgium: a land plot in Louvain-La-Neuve. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 147 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.4.3 Investment properties held for sale ACCOUNTING POLICIES Investment properties held for sale Investment properties that the Group has contractually committed to sell or entered into an agreement to sell are presented according to IFRS 5. The accounting impacts for their presentation in the financial statements are as follows: • Reclassification as investment property held for sale; • Presentation on a separate line as current assets in the dedicated section in the balance sheet. The Group has no held-for-sale investment property qualified as “discontinued” as defined by IFRS 5. In millions of euros INVESTMENT PROPERTIES HELD FOR SALE – NET VALUE AS OF 12/31/2020 28.3 Disposals and removals from the scope of consolidation (15.9) Other movements, reclassifications 3.5 Currency movements (0.1) Fair value adjustments INVESTMENT PROPERTIES HELD FOR SALE – NET VALUE AS OF 12/31/2021 15.8 During the year 2021, the Group sold a set of nine retail units in France, classified as held for sale as of December 31, 2020. The main assets classified as “Investment properties held for sale” as of December 31, 2021, concern mainly three retail units in France. 5.4.4 Investment property portfolio reconciliation The following table reconciles the carrying amount of investment properties to the value of the property portfolio disclosed in the management report: In millions of euros 12/31/2021 Investment properties held by fully consolidated companies Investments in equity accounted companies (a) Transfer taxes Lease liability (b) Total portfolio value (including transfer taxes) Investment properties 18,351.2 1,254.5 945.8 20,551.5 Right-of-use asset relating to ground leases 377.4 (352.8) 24.6 Incl. upfront payments on ground leases 24.6 24.6 Investment properties at fair value 18,728.6 1,254.5 945.8 (352.8) 20,576.1 Investment properties at cost 77.7 77.7 Investment properties held for sale 15.8 15.8 Operating lease incentives 43.1 43.1 TOTAL 18,865.2 1,254.5 945.8 (352.8) 20,712.7 (a) Investments in equity-accounted assets are included based on the fair value of the shares held and taking into account shareholder’s financing granted by the Group. (b) The lease liability as defined by IFRS 16 is deducted from the investment property value in the portfolio valuation. 148 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.5 INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES In millions of euros 12/31/2020 Attributable to owners of the parent Share net income (loss) Dividends received Capital increases and decreases Currency movements Changes in scope of consolidation and other movements 12/31/2021 Attributable to owners of the parent Investments in joint ventures 817.5 71.5 (22.1) (11.1) 7.4 (31.1) 832.1 Investments in associates 170.9 12.8 (8.0) (28.7) (0.1) 146.9 EQUITY-ACCOUNTED COMPANIES 988.4 84.3 (30.1) (11.1) (21.3) (31.2) 979.0 Thirty-seven companies were accounted for using the equity method as of December 31, 2021, of which twenty-six joint ventures and eleven associates. Non-current assets presented in this section mainly concerned investment property held by equity-accounted companies. The valuation of the investment property follows the Group’s rules as described in note 5.4. Investments in joint ventures The main items of the statements of financial position and income statements of joint ventures (1) are presented below (the values shown below include consolidation adjustments): In millions of euros Net assets 12/31/2021 12/31/2020 100% Attributable to owners of the parent 100% Attributable to owners of the parent Non-current assets 2,257.8 1,117.8 2,335.2 1,156.3 Current assets 83.6 40.5 97.6 47.5 Cash and cash equivalents 101.6 49.4 99.8 48.1 Non-current external financial liabilities (59.3) (27.4) (67.8) (31.5) Non-current financial liabilities (Group and associates) (484.6) (242.3) (508.1) (253.5) Non-current liabilities (126.8) (63.1) (243.7) (121.5) Current external financial liabilities (8.6) (4.2) (14.5) (7.2) Current liabilities (80.1) (38.6) (43.8) (20.6) NET ASSETS 1,683.6 832.1 1,654.6 817.5 The year-on-year decrease in non-current assets is mainly due to the slight decline in value of investment properties. Non-current liabilities mainly include deferred tax. In millions of euros Net income 12/31/2021 12/31/2020 100% Attributable to owners of the parent 100% Attributable to owners of the parent Revenues from ordinary activities 120.7 59.7 123.6 61.2 Operating expenses (18.6) (9.2) (43.3) (21.5) Change in value of investment properties (47.9) (23.5) (176.3) (86.0) Financial income (expense) (18.8) (9.4) (19.6) (9.8) Profit (loss) before tax 35.4 17.6 (115.5) (56.1) Tax 108.0 53.9 11.4 5.7 NET INCOME (LOSS) 143.4 71.5 (104.1) (50.4) Klépierre’s share in the external net debt (current and non-current external financial liabilities adjusted for cash and cash equivalents) of its joint ventures reached a net cash amounting to €17.8 million as of December 31, 2021. (1) Cécobil SCS, Du Bassin Nord SCI, Le Havre Vauban SNC, Le Havre Lafayette SNC, Girardin 2 SCI, Société Immobilière de la Pommeraie SC, Parc de Coquelles SNC, Kleprim’s SCI, Celsius Le Murier SNC, Celsius Haven SNC, Ventura SAS, Lobsta & K SAS, Clivia SpA, Galleria Commerciale Il Destriero SpA, CCDF SpA, Galleria Commerciale Porta di Roma SpA, Galleria Commerciale 9 Srl, Italian Shopping Centre Investment Srl, Holding Klege Srl, Metro Senter ANS, Økern Sentrum ANS, Økern Eiendom ANS, Metro Shopping AS, Økern Sentrum AS, Nordal ANS, and Klege Portugal SA. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 149 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Investments in associates (1) La Rocade SCI, La Rocade Ouest SCI, Du Plateau SCI, Achères 2000 SCI, Le Champ de Maïs SC, Société du Bois des Fenêtres SARL, Step In SAS, Secar SC, Antigaspi & K SAS, NEAG Boulogne SAS and Akmerkez Gayrimenkul Yatirim Ortakligi AS. The main components of the statement of financial position and income statements of associates (1) are presented below (the values shown below include consolidation adjustments): In millions of euros Net assets 12/31/2021 12/31/2020 100% Attributable to owners of the parent 100% Attributable to owners of the parent Non-current assets 977.9 151.6 1,043.2 176.0 Current assets 8.1 0.8 15.1 1.8 Cash and cash equivalents 23.0 4.7 21.0 5.4 Non-current external financial liabilities (5.8) (0.7) (6.3) (0.8) Non-current financial liabilities (Group and associates) (49.7) (5.2) (52.8) (6.4) Non-current liabilities (10.2) (1.5) (10.5) (1.5) Current external financial liabilities (0.1) (0.1) (0.0) Current liabilities (20.6) (2.8) (26.0) (3.6) NET ASSETS 922.6 146.9 983.6 170.9 In millions of euros Net income 12/31/2021 12/31/2020 100% Attributable to owners of the parent 100% Attributable to owners of the parent Revenues from ordinary activities 53.4 10.9 50.4 9.7 Operating expenses (11.5) (2.5) (14.0) (2.8) Change in value of investment properties (1.8) 3.8 (56.9) (9.4) Financial income (expense) 0.9 0.6 0.9 0.6 Profit (loss) before tax 41.0 12.8 (19.7) (1.9) Tax 0.0 0.0 NET INCOME (LOSS) 41.0 12.8 (19.7) (1.9) 150 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.6 OTHER NON-CURRENT ASSETS ACCOUNTING POLICIES FOR FINANCIAL ASSETS (CURRENT AND NON-CURRENT) Financial assets Financial assets include long-term financial investments, current assets representing operating receivables, debt securities, investment securities (including derivatives) and cash. The Group classifies financial assets in one of the categories identified by IFRS 9 on the acquisition date, based on the instrument’s characteristics and the business model. Assets at amortized cost Financial assets are valued at amortized cost where they are recovered by collecting contractual cash flows (payments of principal and interest on the principal amount outstanding). These assets comprise advances to equity-accounted companies, other loans and deposits. After initial recognition at fair value, they are recognized and measured at amortized cost using the effective interest method. The effective interest rate is the rate that precisely discounts estimated future cash flows to obtain the carrying amount of the instrument. In accordance with IFRS 9, these assets are impaired based on a forward-looking expected credit loss (ECL) approach. Assets at fair value through profit or loss This category includes: • Financial assets that are not held either to collect contractual cash flows or to sell the assets and whose contractual conditions do not solely give rise to payments of principal and interest on the principal amount outstanding; • Assets designated at fair value whose performance and management are based on fair value and non-consolidated investments. Fair value gains and losses are recognized in other financial income and expenses. Assets at fair value through other comprehensive income with cumulative gains and losses reclassified to profit or loss upon derecognition This category includes financial assets recovered by collecting contractual cash flows (payments of principal and interest on the principal amount outstanding) and potentially selling the assets. Changes in the fair value of these assets are recognized directly in other comprehensive income, with the exception of interest income recognized in other financial income and expenses. Fair value gains and losses are released to net income on the sale of the assets. Assets at fair value through other comprehensive income without reclassification to profit or loss upon derecognition This category includes equity instruments not held for trading and primarily concerns non-consolidated investments. Changes in the fair value of these assets are recognized directly in other comprehensive income, with the exception of dividends recognized in other financial income and expenses. Fair value gains and losses are not released to net income on the sale of the assets. Movements in other non-current assets during the full-year 2021 are as follows: In millions of euros 12/31/2020 Change in scope Increases Decreases Other (including currency movements) 12/31/2021 Other long-term investments 0.4 0.5 (0.5) 0.4 Advances to equity-accounted companies and others 282.0 18.1 (34.5) (2.5) 263.1 Deposits 16.4 1.1 (1.5) 16.0 Other long-term financial investments 1.1 1.1 TOTAL 299.9 19.7 (36.5) (2.5) 280.6 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 151 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

The following tables present the net carrying amount of other non-current assets, in accordance with IFRS 9, as of December 31, 2021 and as of December 31, 2020: In millions of euros Carrying amount 12/31/2021 Amounts recognized in the statement of financial position according to IFRS 9 Amortized cost Fair value recognized in profit or loss Other long-term investments 0.4 0.4 Advances to equity-accounted companies and others 263.1 263.1 Deposits 16.0 16.0 Other long-term financial investments 1.1 1.1 TOTAL 280.6 279.1 1.5 In millions of euros Carrying amount 12/31/2020 Amounts recognized in the statement of financial position according to IFRS 9 Amortized cost Fair value recognized in profit or loss Other long-term investments 0.4 0.4 Advances to equity-accounted companies and others 282.0 282.0 Deposits 16.4 16.4 Other long-term financial investments 1.1 1.1 TOTAL 299.9 298.4 1.5 5.7 TRADE AND OTHER RECEIVABLES ACCOUNTING POLICIES Trade and other receivables Trade receivables are recognized and measured at face value minus allowances for non-recoverable amounts, in accordance with IFRS 9, as described in note 5.6. Other receivables under this heading include the effect of recognizing lease incentives granted to tenants over time (step-up rents and rent-free periods). All receivables have a maturity of less than one year, except step-up rents and rent-free periods, which are spread over the expected term of the lease. Impairment is based on the standard’s simplified approach. Expected credit losses are calculated based on lifetime losses, using the Group’s historical credit loss experience and forward-looking projections. In the context of the Covid-19 pandemic, a specific assessment has been applied, as described in note 1.1. In millions of euros 12/31/2021 12/31/2020 Trade receivables 284.4 280.8 Allowances for bad debts (183.8) (185.7) Net value of trade receivables 100.6 95.2 Step-up rents and rent-free periods 59.3 61.0 TRADE AND OTHER RECEIVABLES 159.9 156.2 As of December 31, 2021, trade receivables standed at €284.4 million, which corresponded to €360.2 million gross trade receivables deducted by €75.8 million Covid discounts accrued. Among the €360.2 million gross trade receivables, €227.1 million were related to 2021 and €133.1 million related to periods before 2021. The impact of Covid-19 on trade receivables is presented in note 1.1. 152 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.8 OTHER RECEIVABLES In millions of euros 12/31/2021 12/31/2020 Total Less than one year More than one year Total Tax receivables 74.8 74.8 63.7 Income tax 21.4 21.4 9.4 VAT 36.9 36.9 41.3 Other tax receivables 16.5 16.5 13.0 Other 258.3 258.3 268.5 Service charges due 14.7 14.7 23.5 Downpayments to suppliers 129.1 129.1 96.6 Prepaid expenses 6.3 6.3 8.3 Funds from principals 76.3 76.3 83.8 Other 31.9 31.9 56.4 TOTAL 333.1 333.1 332.3 VAT mainly includes outstanding refunds in respect of construction projects in progress. Funds managed by Klépierre Management on behalf of its principals stood at €76.3 million as of December 31, 2021 versus €83.8 million as of December 31, 2020. The management accounts of the principals are recognized under “Other liabilities” (see note 5.14) for the same amount. The line “Other” mainly comprises dividend receivables from equity accounted investees and receivables from co-ownership associations related to construction works. 5.9 CASH AND CASH EQUIVALENTS ACCOUNTING POLICIES Cash and cash equivalents Cash and cash equivalents include cash held in bank accounts, short-term deposits, money-market funds and other marketable securities. Cash and cash equivalents meet the definition given by IAS 7 and IFRS 9, i.e., short-term, highly-liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. Cash and cash equivalents are recognized and measured at fair value through profit or loss in accordance with IFRS 9, as described in note 5.6. In millions of euros 12/31/2021 12/31/2020 Cash equivalents 160.0 10.0 • Treasury bills and certificates of deposit 160.0 10.0 • Money-market investments Cash 480.0 452.1 Gross cash and cash equivalents 640.0 462.1 Bank overdrafts (15.5) (9.4) NET CASH AND CASH EQUIVALENTS 624.5 452.7 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 153 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.10 FAIR VALUE OF FINANCIAL ASSETS ACCOUNTING POLICIES Measurement and recognition of financial assets and liabilities The recognition and measurement of financial assets and liabilities is governed by IFRS 9, as described in note 5.6 and 5.12. Method used to determine fair value of financial instruments Financial assets and liabilities recognized at fair value are measured either on the basis of market price or by using measurement models that apply the market inputs prevailing on the reporting date. The term “model” refers to mathematical methods based on generally-accepted financial theories. The realizable value of these instruments may differ from the fair value adopted when preparing the financial statements. Where prices quoted on an active market are available on the reporting date, they are used to determine fair value. Listed securities, bonds, and derivatives traded on organized markets such as futures or option markets are therefore measured in this way. Most over the counter (OTC) derivatives, swaps, futures, caps, floors and simple options are traded on active markets. They are measured using generally-accepted models (discounted cash flow, Black-Scholes, etc.) based on the market prices of such instruments or similar underlying assets. For any given instrument, an active, and therefore liquid, market is any market in which transactions take place regularly, supply and demand are reasonably balanced, or in which transactions involve instruments that are very similar to the instrument being measured. Fair value hierarchy of financial assets and liabilities IFRS 13 sets out a fair value hierarchy that categorizes inputs to valuation techniques used to measure the fair value of all financial assets and financial liabilities into three levels. Valuation techniques are based on: • Quoted prices in an active market (level 1); • Internal valuation techniques involving standard mathematical calculation methods integrating observable market data (forward rates, interest rate curves, etc.). Valuations produced by these models are adjusted to take account of a reasonable change in the credit risk of the Group or the counterparty (level 2); • Internal valuation techniques integrating factors estimated by the Group in the absence of observable market data (level 3). The following table presents the net carrying amount and the fair value hierarchy of Group financial assets as of December 31, 2021: In millions of euros Carrying amount 12/31/2021 Fair value Level 1 Level 2 Level 3 Other long-term investments 0.4 0.4 0.4 Advances to equity-accounted companies and others 263.1 263.1 263.1 Loans (0.0) (0.0) (0.0) Deposits 16.0 16.0 16.0 Other long-term financial investments 1.1 1.1 1.1 Total other non-current assets 280.6 280.6 280.6 Cash equivalents 160.0 160.0 160.0 • Treasury bills and certificates of deposit 160.0 160.0 160.0 • Money-market investments Cash 480.0 480.0 480.0 Gross cash and cash equivalents 640.0 640.0 640.0 Bank overdrafts (15.5) (15.5) (15.5) NET CASH AND CASH EQUIVALENTS 624.5 624.5 624.5 154 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

The following table presents the positions as of December 31, 2020: In millions of euros Carrying amount 12/31/2020 Fair value Level 1 Level 2 Level 3 Other long-term investments 0.4 0.4 0.4 Advances to equity-accounted companies and others 282.0 282.0 282.0 Loans (0.0) (0.0) (0.0) Deposits 16.4 16.4 16.4 Other long-term financial investments 1.1 1.1 1.1 Total other non current assets 299.9 299.9 299.9 Cash equivalents 10.0 10.0 10.0 • Treasury bills and certificates of deposit 10.0 10.0 10.0 • Money-market investments Cash 452.1 452.1 452.1 Gross cash and cash equivalents 462.1 462.1 462.1 Bank overdrafts (9.4) (9.4) (9.4) NET CASH AND CASH EQUIVALENTS 452.7 452.7 452.7 The fair value of financial assets is identical to the carrying amount of the Group’s financial assets at amortized cost, as they are not remeasured. 5.11 EQUITY 5.11.1 Share capital, additional paid-in capital and capital reserves As of December 31, 2021, the share capital comprised 286,861,172 fully paid-up shares each with a par value of €1.40. Shares are held in either registered or bearer form. Per unit Number of shares As of January 1, 2021 299,939,198 Cancellation of shares in 2021 (13,078,026) Shares issued in 2021 Dividend distribution in 2021 AS OF DECEMBER 31, 2021 286,861,172 In euros Share capital Legal reserve Issue premiums Merger premiums Other premiums Total capital reserves As of January 1, 2021 419,914,877 44,009,849 4,426,768,551 6,872,715 303,842,957 4,781,494,072 Cancellation of shares in 2021 (18,309,236) (381,280,034) (381,280,034) Shares issued in 2021 Dividend distribution in 2021 (6,872,715) (278,112,959) (284,985,674) AS OF DECEMBER 31, 2021 401,605,641 44,009,849 4,045,488,517 25,729,998 4,115,228,363 During the year 2021, the Group canceled 13,078,026 shares as described in note 5.11.2. Pursuant to this transaction, the share capital was reduced to €401.6 million and issue premiums to €4,045.5 million. On June 17, 2021, the General Meeting of Shareholders approved the payment of a €1.00 per share cash distribution in respect of the 2020 fiscal year. The total distribution approved by Klépierre’s shareholders amounted to €294.8 million (including treasury shares) and €285.3 million (excluding treasury shares). The dividend distribution was deducted from merger premiums (€6.9 million), other premiums (€278.1 million) and other reserves (€0.3 million). As of December 31, 2021, the legal reserve stood at €44 million. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 155 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.11.2 Treasury shares ACCOUNTING POLICIES Treasury shares All treasury shares held by the Group are recognized at their acquisition cost and deducted from equity. Any gain arising on the disposal of treasury shares is recognized immediately as equity, such that disposal gains or losses do not impact net income for the fiscal year. As of December 31, 2021, Klépierre held 1,477,421 treasury shares, versus 14,714,116 shares as of December 31, 2020, the variation mainly arising from the cancellation of 13,078,026 shares acquired in 2019 under the February 6, 2019 share buyback program, as follows: • On January 19, 2021, the Group cancelled 5,091,144 shares; • On June 22, 2021, the Group cancelled 4,493,022 shares; • On December 15, 2021, the Group cancelled 3,493,860 shares. The following tables present the remaining stock of treasury shares as of December 31, 2021 and as of December 31, 2020: 12/31/2021 Future performance share plans Performance shares allocated Liquidity agreement External growth Share buyback programs Total Number of shares 930,369 547,052 1,477,421 Acquisition value (in millions of euros) 21.1 12.5 33.6 Proceeds from sales (in millions of euros) (2.7) (3.1) (5.8) 12/31/2020 Future performance share plans Performance shares allocated Liquidity agreement External growth Share buyback program Total Number of shares 631,374 244,774 53,500 706,442 13,078,026 14,714,116 Acquisition value (in millions of euros) 19.5 6.3 1.6 14.3 399.6 441.3 Proceeds from sales (in millions of euros) (1.2) (0.2) (1.4) 5.11.3 Other consolidated reserves In millions of euros Other consolidated reserves As of January 1, 2021 4,216.6 Treasury share transactions (1.2) Allocation of net income (loss) (785.7) Dividends (0.3) Other items of comprehensive income (53.5) Changes in the scope of consolidation (0.4) Other movements 1.1 AS OF DECEMBER 31, 2021 3,376.6 The decrease from €4,216.6 million to €3,376.6 million in other consolidated reserves is mainly attributable to: • The appropriation of 2020 consolidated net loss; • The change of other items of comprehensive income. 5.11.4 Non-controlling interests Non-controlling interests decreased by €63.4 million during 2021, from €2,252.1 million to €2,188.7 million, mainly reflecting: • Net income for the period attributable to non-controlling interests (positive impact of €27.3 million); • Payment of dividends (negative impact of €109.4 million); • Foreign exchange impacts (positive impact of €13.5 million), mainly in Scandinavia and in Turkey; • Gains and losses from cash flow hedges (positive impact of €7.7 million). 156 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.12 CURRENT AND NON-CURRENT FINANCIAL LIABILITIES ACCOUNTING POLICIES Financial liabilities Financial liabilities include borrowings, other forms of financing, bank overdrafts, derivatives and operating payables. IFRS 9 “Financial Instruments” describes how financial assets and liabilities must be measured and recognized. Measurement and recognition of financial liabilities With the exception of derivatives, all loans and other financial liabilities are measured at amortized cost using the effective interest method. Recognition of liabilities at amortized cost In accordance with IFRS, premiums on bonds and debt issuance expenses are deducted from the nominal value of the loans concerned and incorporated into the calculation of the effective interest rate. Application of the amortized cost method to liabilities hedged at fair value Changes in the fair value of (the effective portion of) swaps used as fair value hedges are offset by the remeasurement of the hedged risk component of the debt. Given that the characteristics of derivatives and items hedged at fair value are similar in most instances, any ineffective portion carried to hedging profit or loss may be minimal. If a derivative is canceled before the due date of the hedged liability, the amount of the debt adjustment will be amortized over the residual term using the effective interest rate calculated at the date the hedging relationship ceased. Measurement and recognition of derivatives As the parent company, Klépierre takes responsibility for almost all Group funding and provides centralized management of interest and exchange rate risks. This financing policy involves Klépierre implementing the facilities and associated hedging instruments required by the Group. Klépierre hedges its liabilities using derivatives and has consequently adopted hedge accounting in accordance with IFRS 9: • Hedges to cover statement of financial position items whose fair value fluctuates in response to interest rate, credit or exchange rate risks (fair value hedges); • Hedges to cover the exposure to future cash flow risk (cash flow hedges), which consists of setting the amount of future cash flows arising on a floating-rate liabilities or assets; • Klépierre’s derivatives portfolio qualified for hedge accounting meets all IFRS 9 hedge definition and effectiveness criteria. The adoption of hedge accounting has the following consequences: • Fair value hedges of existing assets and liabilities: the hedged portion of the asset/liability is accounted for at fair value in the statement of financial position. The gains or losses resulting from changes in fair value are recognized immediately in profit or loss with a corresponding adjustment in the fair value of the hedging instrument, in line with its effectiveness; • Cash flow hedges: the portion of the gain or loss on the fair value of the hedging instrument that is determined to be an effective hedge is recognized directly in equity and reclassified to the income statement when the hedged cash transaction affects profit or loss. The gain or loss from the change in value of the ineffective portion of the hedging instrument is recognized immediately in profit or loss. Financial instruments qualified in the trading category are measured at fair value with fair value movements recognized in profit or loss for the period. Recognition date: trade or settlement IFRS aims to reflect the time value of financial instruments as closely as possible by ensuring that, wherever possible, instruments with a deferred start date are recognized on the trade date, thus allowing calculation of the deferred start date. However, this principle cannot be applied to all financial instruments in the same way. For example, commercial paper is often renewed a few days before its due date. If these instruments were recognized at their trade date, this would artificially inflate the amount concerned between the renewal trade date of a paper and its effective start date. Klépierre applies the following rules: • Derivatives are recognized at their trade date, since their measurement effectively takes account of any deferred start dates; • Other financial instruments (especially liabilities) are recognized on their settlement date. Tax treatment of changes in fair value of financial instruments Klépierre applies the following rules: • Deferred taxes are calculated based on the change in fair value of financial instruments based on the tax-rate of the country where the instrument is held. • For instruments held by SIIC eligible entities, deferred taxes are recognized for their non-SIIC portion in the SIIC/non-SIIC asset pro rata to Klépierre SA’s statement of financial position. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 157 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.12.1 Change in debt Changes in debt presented below do not include lease liabilities under IFRS 16, which are presented in note 8. Current and non-current financial liabilities amounted to €8,708.2 million as of December 31, 2021 versus €9,626.1 million at year-end 2020. In millions of euros 12/31/2021 12/31/2020 NON-CURRENT Bonds net of costs/premiums 6,044.9 6,413.7 • Of which fair value hedge adjustments 0.2 28.9 Bank loans and borrowings – long term 649.5 677.6 Fair value adjustments to debt (a) 4.5 Other loans and borrowings 120.7 148.3 • Advance payments to associates 113.5 141.1 • Other 7.2 7.2 Total non-current financial liabilities 6,815.1 7,244.1 CURRENT Bonds net of costs/premiums 279.9 950.8 • Of which fair value hedge adjustments 0.7 Bank loans and borrowings – short term 33.5 29.9 • Of which other borrowings issue costs 3.2 3.2 Fair value adjustments to debt (a) 1.7 Accrued interest 45.2 72.5 • On bonds 42.2 68.0 • On bank loans 1.7 2.7 • On advance payments to associates 1.3 1.8 Commercial paper 1,530.0 1,326.1 Other loans and borrowings 2.8 2.7 • Advance payments to associates 2.8 2.7 Total current financial liabilities 1,893.1 2,381.9 TOTAL NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 8,708.2 9,626.1 (a) Corresponds to the balance of the mark-to-market of Corio’s debt recognized at the acquisition date. Net debt totaled €8,006.0 million as of December 31, 2021, versus €9,054.4 million as of December 31, 2020. Net debt is the difference between financial liabilities (excluding both fair value hedge adjustments and the mark-to-market of Corio’s debt recognized at the acquisition date) plus bank overdrafts minus available cash and marketable securities. In millions of euros 12/31/2021 12/31/2020 Non-current and current financial liabilities 8,708.2 9,626.1 Bank overdrafts 15.5 9.4 Revaluation due to fair value hedge and cross currency swap 0.4 (30.7) Fair value adjustement of debt (a) (1.7) (4.6) Cash and cash equivalents (b) (716.2) (545.8) NET DEBT 8,006.0 9,054.4 (a) Corresponds to the balance of the mark-to-market of Corio’s debt recognized at the acquisition date. (b) Includes cash managed for principals for €76.3 million as of December 31, 2021 and for €83.8 million as of December 31, 2020. As of December 31, 2021, consolidated net debt totaled €8,006.0 million compared to €9,054.4 million at the end of 2020, down €1,048.4 million over the last twelve months. The main movements during the year were as follows: • Cash inflows from operations and other items (foreign exchange, changes in working capital), amounting to €758 million; • Cash inflows from disposals for €847 million; • Cash outflows in respect of distributions for €391 million (including the 2020 distribution for €285 million and distributions to partners in joint-ventures for €106 million); and • Cash outflows in respect of capital expenditure for €166 million (see section 3.3 “New investments over the period by operating segment”). 158 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.12.2 Main sources of financing The Group’s main financial resources are detailed in the table below (nominal value). In millions of euros Group financing Borrower Issue currency Reference rate Maturity date Repayment profile Maximum amount Amount used as at 12/31/2021 Bonds 5,985 5,985 Klépierre SA EUR 1.100% 05/25/2022 At maturity 100 100 Klépierre SA EUR 1.000% 04/17/2023 At maturity 750 750 Klépierre SA EUR 1.750% 11/06/2024 At maturity 630 630 Klépierre SA EUR 2.125% 10/22/2025 At maturity 255 255 Klépierre SA EUR 1.875% 02/19/2026 At maturity 500 500 Klépierre SA EUR 1.375% 02/16/2027 At maturity 600 600 Klépierre SA EUR 4.230% 05/21/2027 At maturity 50 50 Klépierre SA EUR 2.000% 05/12/2029 At maturity 600 600 Klépierre SA EUR 0.625% 07/01/2030 At maturity 600 600 Klépierre SA EUR 0.875% 02/17/2031 At maturity 600 600 Klépierre SA EUR 1.250% 09/29/2031 At maturity 600 600 Klépierre SA EUR 1.625% 12/13/2032 At maturity 700 700 85 85 Klépierre (formerly Corio) EUR 3.516% 12/13/2022 At maturity 85 85 304 304 Steen & Strøm NOK 2.620% 06/08/2022 At maturity 10 10 Steen & Strøm NOK NIBOR 09/14/2022 At maturity 35 35 Steen & Strøm NOK NIBOR 03/23/2023 At maturity 80 80 Steen & Strøm NOK NIBOR 04/05/2023 At maturity 30 30 Steen & Strøm NOK 2.400% 11/07/2023 At maturity 50 50 Steen & Strøm NOK 2.550% 10/24/2024 At maturity 15 15 Steen & Strøm NOK NIBOR 10/24/2024 At maturity 25 25 Steen & Strøm NOK 2.980% 05/23/2029 At maturity 10 10 Steen & Strøm SEK 1.093% 12/08/2022 At maturity 49 49 Bank loans and revolving credit facilities 3,295 - Klépierre SA EUR Euribor 12/16/2026 At maturity 1,385 - Klépierre SA EUR Euribor (b) At maturity 1,725 - Steen & Strøm NOK NIBOR 2022 At maturity 100 - Steen & Strøm NOK NIBOR 2023 At maturity 25 - Steen & Strøm NOK NIBOR 2025 At maturity 60 - Mortgage loans 677 677 Massalia Shopping Mall EUR Euribor 06/23/2026 At maturity 99 99 Steen & Strøm SEK STIBOR (c) 236 236 Steen & Strøm DKK CIBOR (c) 282 282 Steen & Strøm DKK Fixed (c) 60 60 Property finance leases 11 11 Short-term facilities and bank overdrafts 395 - Commercial paper 1,529 1,529 Klépierre SA EUR Euribor - At maturity 1,500 1,500 Steen & Strøm SEK STIBOR At maturity 29 29 GROUP TOTAL (a) 10,753 8,590 (a) Totals are calculated excluding backup lines of funding since the maximum amount of the “Commercial paper” line includes the backup line. (b) These lines combine several facilities with maturities from 2023 to 2025 and differents lenders. (c) These lines combine several mortgage loans with maturities from 2023 to 2040 and differents lenders. As a general rule, the Group finances its assets with equity or debt raised by Klépierre SA. In some cases, especially in partnerships and in Scandinavian countries, the Group may use mortgage loans to fund its activities. The total amount of mortgages granted to secure these financings (€677 million) amounted to €915 million as of December 31, 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 159 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.12.3 Covenants The Group’s main credit agreements contain covenants. Failure to comply with these covenants could trigger mandatory repayments. Covenants applicable to Klépierre SA financing As of December 31, 2021, Klépierre SA complied with all its obligations arising from its borrowings. Financing Ratios/covenants Limit (a) 12/31/2021 12/31/2020 Syndicated loans and bilateral loans Net debt/Portfolio value (“Loan to Value”) ≤60% 38.7% 41.4% EBITDA/Net interest expenses ≥2.0x 8.3 7.3 Secured debt/Portfolio value (b) ≤20% 0.6% 0.6% Portfolio value (c) ≥€10bn €17.7bn €18.5bn Bond issues Secured debt/Revalued Net Asset Value (b) ≤50% 0.8% 0.9% (a) Covenants are based on the 2020 revolving credit facility. (b) Excluding Steen & Strøm. (c) Group share, including transfer taxes. Financial covenants applicable to fully consolidated companies with non-controlling interests As of December 31, 2021, all of the Group’s borrowing entities met their financial obligations arising from their financial debts. In relation to a non-recourse mortgage loan granted to Massalia Shopping Mall, one of the Group’s subsidiaries, financial covenants which will be tested in 2022 may not be respected. However, as of December 31, 2021, the borrower estimates to have a sufficient liquidity to remedy any breach of a covenant within the period provided for by the loan agreement in this case. In any event, this would have no consequences on the other Group’s financing obligations. A portion of Steen & Strøm’s debt is subject to a covenant that requires shareholders’ equity to be above or equal to 20% of net asset value at all times. On December 31, 2021, this ratio was 55.7%. 5.12.4 Breakdown of borrowings by maturity date The breakdown of borrowings by maturity date presented below does not include leases liabilities under IFRS 16, which are presented in note 8. In millions of euros Total Less than one year One to five years More than five years NON-CURRENT Bonds net of costs/premiums 6,044.9 2,311.6 3,733.3 • Of which fair value hedge adjustments 0.2 0.2 Bank loans and borrowings – long term 649.5 265.0 384.5 Fair value adjustments to debt (a) Other loans and borrowings 120.7 113.5 7.2 • Advance payments to associates 113.5 113.5 • Other 7.2 7.2 Total non-current financial liabilities 6,815.1 2,690.1 4,125.0 CURRENT Bonds net of costs/premiums 279.9 279.9 • Of which fair value hedge adjustments Bank loans and borrowings – short term 33.5 33.5 Fair value adjustments to debt (a) 1.7 1.7 Accrued interest 45.2 45.2 • On bonds 42.2 42.2 • On bank loans 1.7 1.7 • On advance payments to associates 1.3 1.3 Commercial paper 1,530.0 1,530.0 Other loans and borrowings 2.8 2.8 • Advance payments to associates 2.8 2.8 Total current financial liabilities 1,893.1 1,893.1 TOTAL NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 8,708.2 1,893.1 2,690.1 4,125.0 (a) Corresponds to the balance of the mark-to-market of Corio’s debt recognized at the acquisition date. Commercial paper corresponds to short-term resources used on a rollover basis. There are fully covered by revolving credit facilities with a 4.8 years average duration. 160 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.12.5 Classification and fair value hierarchy of financial liabilities ACCOUNTING POLICIES Fair value hierarchy of financial liabilities As described in note 5.10, IFRS 13 sets out a fair value hierarchy that categorizes the valuation techniques used to measure the fair value of all financial liabilities. The table below presents the breakdown of financial liabilities by measurement approach in accordance with IFRS 9, as described in note 5.6. In millions of euros Carrying amount 12/31/2021 Amounts recognized in the statement of financial position according to IFRS 9 Fair value Fair value hierarchy Liability at amortized cost Liability at fair value recognized in profit or loss (a) Level 1 Level 2 Level 3 NON-CURRENT Bonds net of costs/premiums 6,044.9 5,437.1 607.8 6,249.6 6,249.6 Bank loans and borrowings – long term 649.5 649.5 650.9 650.9 Fair value adjustments to debt Other loans and borrowings 120.7 120.7 120.7 120.7 Total non-current financial liabilities 6,815.1 6,207.3 607.8 7,021.2 6,249.6 771.6 CURRENT Bonds net of costs/premiums 279.9 279.9 280.3 280.3 Bank loans and borrowings – short term 33.5 33.5 33.5 33.5 Fair value adjustments to debt 1.7 1.7 1.7 1.7 Accrued interest 45.2 45.2 45.2 45.2 Commercial paper 1,530.0 1,530.0 1,530.0 1,530.0 Other loans and borrowings 2.8 2.8 2.8 2.7 Total current financial liabilities 1,893.1 1,893.1 1,893.5 280.3 1,613.2 TOTAL NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 8,708.2 8,100.4 607.8 8,914.8 6,529.9 2,384.8 (a) Corresponds to the reevaluated portion of the bonds as part of the Fair value hedge presented in notes 5.10 and 5.12. The carrying amount of financial liabilities whose fair value variation is recognized in profit or loss amounted to €608 million as of December 2021. It corresponds to fixed-rate bonds that were converted to floating rate debts through fixed rate receiver swaps qualified as fair value hedges. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 161 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

The following table presents the positions as of December 31, 2020: In millions of euros Carrying amount 12/31/2020 Amounts recognized in the statement of financial position according to IFRS 9 Fair value Fair value hierarchy Amortized cost Fair value recognized in profit or loss Level 1 Level 2 Level 3 NON-CURRENT Bonds net of costs/premiums 6,413.7 5,778.8 634.9 6,778.7 6,778.7 Bank loans and borrowings – long term 677.6 677.6 678.2 678.2 Fair value adjustments to debt 4.5 4.5 4.5 4.5 Other loans and borrowings 148.3 148.3 148.3 148.3 Total non-current financial liabilities 7,244.1 6,609.2 634.9 7,609.7 6,778.7 831.0 CURRENT Bonds net of costs/premiums 950.8 856.0 94.8 957.0 957.0 Bank loans and borrowings – short term 29.9 29.9 29.9 29.9 Fair value adjustments to debt Accrued interest 72.5 72.5 72.5 72.5 Commercial paper 1,326.1 1,326.1 1,326.1 1,326.1 Other loans and borrowings 2.7 2.7 2.7 2.7 Total current financial liabilities 2,381.9 2,287.2 94.8 2,388.1 957.0 1,431.1 TOTAL NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 9,626.1 8,896.4 729.7 9,997.9 7,735.7 2,262.2 The carrying amount of financial liabilities whose fair value variation is recognized in profit or loss amounted to €730 million as of December 2020. This corresponds to fixed rate bonds that were converted into floating rate debt through receiver swaps. 5.13 LONG-TERM PROVISIONS ACCOUNTING POLICIES Provisions and contingent liabilities In accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, a provision is recognized where the Group has a liability towards a third party, and it is probable or certain that an outflow of resources will be required to settle this liability without an equivalent or greater amount expected to be received from the third party concerned. Non-interest-bearing long-term liabilities are discounted in accordance with IAS 37. Long-term provisions amounted to €23.9 million as of December 31, 2021 versus €16.9 million as of December 31, 2020, and mainly concern business-related litigation and taxes outside the scope of IFRIC 23 in the different countries in which Klépierre operates. 162 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

5.14 PAYROLL, TAX LIABILITIES AND OTHER LIABILITIES In millions of euros 12/31/2021 12/31/2020 Payroll and tax liabilities 190.4 166.9 Employees and related accounts 41.0 37.0 Social security and other bodies 11.0 10.3 Tax payables • Income tax 42.6 42.0 • VAT 36.3 46.1 Other taxes and duties 59.5 31.5 Other liabilities 377.1 322.3 Creditor customers 18.8 14.8 Prepaid income 28.1 29.1 Other liabilities 330.2 278.5 Creditor customers amount to €18.8 million and correspond to advance payments received from tenants in respect of service charges. Other liabilities also include funds representing the management accounts of Klépierre Management’s principals, offset in full by other receivables (see note 5.8 “Other receivables”). These funds totaled €76.3 million as of December 31, 2021 (€83.8 million as of December 31, 2020). NOTE 6 NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME 6.1 GROSS RENTAL INCOME ACCOUNTING POLICIES IFRS 16 “Leases” In accordance with IFRS 16, the Group, as landlord, distinguishes between two types of leases: • Finance leases, which transfer substantially all the risks and rewards inherent in the ownership of an asset to the lessee. Title to the asset may or may not be transferred at the end of the lease term; • All other leases are classified as operating leases. Recognition of step-up rents and rent-free periods Gross rental income from operating leases is recognized over the full lease term on a straight-line basis. Step-up rents and rent-free periods are recognized as additions to, or deductions from, gross rental income for the fiscal year. The reference period adopted is the first non-cancelable lease term. Entry fees Entry fees received by the lessor are recognized as additional rent. Entry fees are part of the net amount exchanged between the lessor and the lessee under a lease. For this purpose, the accounting periods during which this net amount is recognized should not be affected by the form of the agreement or the rent payment schedule. Entry fees are taken to income over the first non-cancelable lease term. Early termination penalties Tenants who terminate their leases prior to the contractual expiration date are liable to pay early termination penalties. Such penalties are allocated to the terminated contract and credited to income for the period in which they are recognized. IFRS 15 “Revenue from Contracts with Customers“ Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Gross rental income is excluded from the scope of IFRS 15. Consequently, only service charges and management, administrative and related income are accounted for in accordance with IFRS 15. Service charge revenues and services charge expenses are presented separately in the consolidated statements of comprehensive income. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 163 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Gross rental income breaks down as follows: In millions of euros 12/31/2021 12/31/2020 Minimum guaranteed rents 1,030.8 1,072.6 Turnover rents 29.9 27.3 Specialty leasing 28.8 25.7 Parking 33.7 33.2 Lease incentives & discounts (42.9) (36.0) Covid discounts (104.9) (102.3) Gross rents 975.4 1,020.5 Other lease income 31.0 41.9 GROSS RENTAL INCOME 1,006.4 1,062.4 In the context of the Covid-19 pandemic, rent abatements have been granted to some tenants as described in note 1.1. 6.2 LAND EXPENSES (REAL ESTATE) ACCOUNTING POLICIES Ground leases: IFRS 16 Ground leases are recognized as a right-of-use asset and lease liability in the statement of financial position for the present value of the lease payments (fixed portion only) and are subsequently measured at fair value in accordance with IAS 40 (see note 8). The lease expenses are reclassified to “Interest expenses” and “Change in value of investment properties”. Consequently, “Land expenses” only comprises variable payments on ground leases not included in the right-of-use valuation, in accordance with IFRS 16. For the year ended December 31, 2021, land expenses relating to variable payments on ground leases amounted to €7.1 million compared to €8.0 million for the year ended December 31, 2020. 6.3 SERVICE CHARGES Service charge income corresponds to service charges invoiced to tenants, and is presented separately. Service charge income is recorded as income in the period in which it is earned. Service charge expenses cover the cost of services such as general maintenance and repairs, security, heating, cooling, lighting and cleaning of common areas. Service charge expenses are presented for their gross amounts. 6.4 OWNERS’ BUILDING EXPENSES These expenses comprise owners’ rental expenses, expenses related to construction work and legal costs, net allowances for credit losses, and intermediaries and other fees. In millions of euros 12/31/2021 12/31/2020 Losses and allowance to provision for credit losses (113.4) (124.2) Write-back provision for credit losses 91.3 7.9 Net impairment on credit losses (22.1) (116.3) Other building expenses (19.3) (23.1) BUILDING EXPENSES (OWNER) (41.4) (139.5) The net allowances for credit losses for the year ended December 31, 2021 amounted to €22.1 million, and related mainly to the Covid-19 pandemic. The net reversal of the non used provision in respect of 2020 receivables amounts to €59.7 million. 164 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

6.5 MANAGEMENT, ADMINISTRATIVE AND RELATED INCOME Management, administrative and related income amounted to €65.1 million in 2021 and is presented below: In millions of euros 12/31/2021 12/31/2020 Real Estate development fees 5.9 8.8 Acquisition development fees 5.9 8.8 Rent management fees 9.1 7.2 Renewal and reletting fees 2.1 1.5 Real estate management fees 45.9 48.9 Other property fees 2.1 2.0 Property fees 59.2 59.6 MANAGEMENT, ADMINISTRATIVE AND RELATED INCOME 65.1 68.4 6.6 OTHER OPERATING INCOME Other operating income notably includes works rebilled to tenants. 6.7 OTHER GENERAL EXPENSES Other general expenses mainly comprise costs related to offices management, consultancy and audit, communication, IT and other admnistrative expenses. They amounted to €39.5 million for the year ended December 31, 2021 compared to €41.4 million in for the year ended December 31, 2020. 6.8 DEPRECIATION, AMORTIZATION AND IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS For the year ended December 31, 2021, depreciation, amortization and impairment of property, plant and equipment and intangible assets amounted to €18.1 million, of which €8.4 million in depreciation of right-of-use assets, as described in note 8. 6.9 CHANGE IN VALUE OF INVESTMENT PROPERTIES As of December 31, 2021, changes in value of investment properties amounted to a negative €402.5 million, versus a negative €1,575.9 million as of December 31, 2020. In millions of euros 12/31/2021 12/31/2020 Change in value of investment properties at fair value (a) (399.8) (1,579.9) Change in value of investment properties at cost (2.7) 4.0 TOTAL (402.5) (1,575.9) (a) The change in value of the right-of-use asset relating to ground leases amounts to a negative €6.8 million (see note 8). Recognition and measurement of investment properties at fair value and at cost are disclosed in note 5.4. 6.10 NET PROCEEDS FROM DISPOSALS OF INVESTMENT PROPERTIES AND EQUITY INVESTMENTS Net proceeds from disposals over the year 2021 amounted to a positive €8.8 million. The main disposals over the period are disclosed in note 3.4. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 165 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

6.11 COST OF NET DEBT The cost of net debt totaled €115.3 million as of December 31, 2021, versus €108.6 million as of December 31, 2020. Excluding IFRS 16 interest expense on lease liabilities and other accounting items (amortization of the fair value of debt, provision and capitalized interest, deferral of payments on swaps and capitalized interest), the restated cost of net debt slightly decreased compared to 2020 year-ended. In millions of euros 12/31/2021 12/31/2020 Financial income 32.3 71.4 Income from sales of securities 0.0 0.0 Interest income on swaps 13.7 45.0 Deferral of payments on swaps 0.0 0.0 Capitalized interest 2.5 2.9 Interest on advances to associates 9.4 9.7 Sundry interest received 0.5 7.4 Other revenue and financial income 0.0 4.2 Currency translation gains 6.2 2.1 Financial expenses (139.3) (171.8) Expenses from sales of securities Interest on bonds (103.4) (137.6) Interest on bank loans (0.9) (9.8) Interest expense on swaps (10.8) (15.3) Deferral of payments on swaps (0.1) (3.3) Interest on advances to associates (2.1) (2.3) Sundry interest paid (0.6) (0.7) Other financial expenses (20.2) (38.4) Currency translation losses (4.3) (2.3) Transfer of financial expenses 0.3 21.1 Amortization of the fair value of debt (a) 2.8 16.9 Cost of net debt (107.0) (100.4) Interest expense on leases liabilities (b) (8.3) (8.2) COST OF NET DEBT AFTER IFRS 16 (115.3) (108.6) (a) Corresponds to the amortization of the mark-to-market of Corio’s debt recognized at the acquisition date. (b) The breakdown of interest expense on leases liabilities by type of contract is disclosed in note 8. 166 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 7 TAXES ACCOUNTING POLICIES Income tax and deferred tax The corporate income tax charge is calculated in accordance with the rules and rates adopted at the end of the reporting period in each Group operating country for the period to which the profit or loss applies. Income taxes are offset by losses where such offsetting is legally permissible and where they originate within the same tax consolidation group and are subject to the same tax authority. The same principle is also applicable for deferred taxes. Deferred taxes are recognized where there are timing differences between the carrying amounts of assets and liabilities and their tax bases, and taxable income is likely in future periods. A deferred tax asset is recognized where tax losses are carried forward on the assumption that the entity concerned is likely to generate future taxable income against which those losses can be offset. Deferred tax assets and liabilities are measured using the balance sheet liability method and the tax rate expected to apply when the asset is realized or the liability settled on the basis of the tax rates and tax laws that have been enacted or substantively enacted by the reporting date. The measurement of deferred tax assets and liabilities must reflect the tax consequences arising as a result of the way in which the company expects to recover or settle the carrying amounts of its assets and liabilities at the reporting date. All current and deferred tax is recognized as tax income or expense in the income statement, except for deferred tax recognized or settled at the time of acquiring or disposing of a subsidiary or investment and unrealized capital gains and losses on assets held for sale. In these cases, the associated deferred tax is recognized as equity. Deferred tax is calculated at the local rate prevailing at the reporting date. The rates applied are: France 25.83%, Spain 25%, Italy 27.9%, Belgium 25%, Greece 22%, Portugal 21% plus a surtax where applicable, Poland 19%, Czech Republic 19%, Sweden 20.6%, Norway 22%, Luxembourg 24.94%, Netherlands 25.8%, Denmark 22%, Turkey 23% or 20% and Germany 15.83% or 18.20%. Tax status of Sociétés d’investissement immobilier cotée (SIIC) General features of SIIC tax status – France All SIICs are entitled to an income tax exemption provided that their stock is listed on a regulated French market, that they have share capital of at least €15 million and that their corporate purpose is either the purchase or construction of properties for rent or the direct or indirect investment in entities with that corporate purpose. The option to adopt SIIC status is irrevocable. French subsidiaries subject to corporate income tax and at least 95%- owned by the Group may also claim SIIC status. In return for the tax exemption, SIICs have to pay out 95% of rental income and 70% of the capital gains made on property disposals. In addition, they must pay out 100% of any dividends received from SIIC or SIIC equivalent subsidiaries. New entities claiming SIIC status are immediately subject to a 19% exit tax on unrealized gains on properties and on shares in partnerships not subject to income tax. The exit tax is payable over a four-year period, commencing at the point when the entity concerned adopts SIIC status. Income tax on companies not eligible for SIIC equivalent Since adopting SIIC status in 2003, Klépierre SA has made a distinction between SIICs that are exempt from rental income and capital gains taxes, and other companies that are subject to those taxes. Income tax on non-SIIC French entities is calculated in accordance with French tax regulations. Tax regime of Spanish SOCIMI entities SOCIMIs are listed Spanish companies, or subsidiaries of listed companies subject to SOCIMI equivalent regulation, whose principal activity is the acquisition, promotion and rehabilitation of urban real estate assets for the purpose of leasing them, either directly or through equity investments in other real estate investment companies. Real estate income for SOCIMIs is taxed at a 0% corporate tax (CIT) rate (instead of the general rate of 25%), provided that the requirements of the SOCIMI regime are met. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 167 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Capital gains prior to the entry into the SOCIMI regime are frozen and subject to current income tax when the asset is disposed of. However, incremental capital gains realized after election for the SOCIMI regime are exempt from capital gain tax and are subject to a distribution requirement. Furthermore, SOCIMIs have to meet minimum profit-sharing requirements, as follows: • 100% of the dividends received from participating entities; • 80% of the profit resulting from the leasing of real estate and ancillary activities; • 50% of the profits resulting from the transfer of properties and shares linked to the Company’s business provided that the remaining profits are reinvested in other real estate properties or equity investments within a maximum period of three years from the date of the transfer or, failing this, 100% of the profits must be distributed as dividends once such period has elapsed. Spanish SOCIMIs may be subject to a special 19% withholding tax on dividend distributions unless it can be proven that shareholders with an ownership interest of 5% or more are subject to tax at a minimum rate of 10%. When a direct shareholder is a SOCIMI or subject to SOCIMI-equivalent regulations (such as Klépierre SA), this requirement is assessed at the level of the parent-company shareholders. In millions of euros 12/31/2021 12/31/2020 Current tax (48.2) (11.2) Deferred tax 361.3 82.5 TOTAL 313.1 71.3 For the year ended December 31, 2021, the current tax charge amounted to €48.2 million, versus €11.2 million for the year ended December 31, 2020. The significant increase in this item is mainly attributable to the 3% tax due arising on the reevaluation of the Italian assets (€43.9 million, see significant events). Deferred tax income amounted to €361.3 million for the year ended December 31, 2021, versus €82.5 million for the year ended December 31, 2020, with the change stemming mainly from the reversal for €367.1 million of deferred taxes on investment properties correlated to the Italian assets reevaluation (see significant events) and from deferred tax on fair value movements for a negative €5.8 million. A breakdown of tax expense between French (SIIC sector and common law) and non-French companies is shown in the tax proof below: In millions of euros France Other companies Total SIIC tax-exempt sector SIIC taxable sector SIIC sector Common law Pre-tax earnings and earnings from equity-accounted companies 135.9 (95.1) 40.8 (7.2) 141.1 174.6 Theoretical tax expense at 27.37% (37.2) 26.0 (11.2) 2.0 (38.6) (47.8) Tax-exempt earnings under the SIIC and SOCIMI tax regimes 32.1 32.1 17.7 49.8 TAXABLE SECTORS Impact of permanent differences 0.0 (1.1) (1.1) (2.1) (1.1) (4.3) Untaxed consolidation adjustments 0.2 0.2 0.4 (0.1) 7.6 7.8 Impact of non-capitalized losses (25.2) (25.2) (0.1) (13.4) (38.7) Assignment of non-capitalized losses 0.1 0.1 0.0 0.6 0.7 Change of tax regime Change in tax rates and other taxes 2.6 2.9 5.5 (3.8) 333.6 335.3 Differences in tax rates between France and other countries 0.0 10.3 10.3 EFFECTIVE TAX EXPENSE (2.3) 2.9 0.6 (4.2) 316.7 313.1 Breakdown of deferred taxes: In millions of euros 12/31/2020 Change in scope Change in net income Cash flow hedging reserves Asset, liability reclassifications Other changes 12/31/2021 Investment properties (1,528.0) 49.9 376.6 0.1 (3.3) (1,104.7) Derivatives 2.0 (0.3) (2.3) 0.0 (0.6) Tax loss carryforwards 20.7 (1.0) 5.8 (0.4) 25.0 Other items (2.9) 0.2 (2.6) 2.6 0.4 (2.3) Total for entities in a net liability position (1,508.3) 50.1 372.7 (2.3) 8.5 (3.3) (1,082.6) Investment properties 0.0 14.4 (7.0) (0.1) (0.2) 7.1 Derivatives 0.0 (0.0) 0.0 Tax loss carryforwards 10.5 0.0 (5.8) 0.0 4.7 Other items 21.4 (0.0) (4.4) (2.5) (0.0) 14.4 Total for entities in a net asset position 31.9 14.4 (11.4) (0.0) (8.4) (0.3) 26.2 NET POSITIONS (1,476.4) 64.5 361.3 (2.3) 0.1 (3.6) (1,056.4) 168 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Deferred tax in the income statement represents income of €361.3 million and mainly comprises: • €369.6 million in deferred tax income resulting from temporary differences arising on changes in the fair market value and tax value of investment properties, mainly linked to the asset revaluation for tax purposes in Italy (see significant events); • A negative amount of €7 million in deferred tax expense presented in “Other items” which is mainly attributable to a negative €6.2 million in allowances for bad debts and provisions for discounts in Italy. Tax losses carried forward Ordinary tax loss carryforwards are capitalized when their utilization is deemed probable. The expected time scale for recovering taxes loss carryforwards capitalized for all entities within the Group is three to nine years on average. The inventory of tax losses carried forward by country is set out below: In millions of euros Inventory of ordinary tax losses Deferred tax on ordinary losses Country 12/31/2020 Change in 2021 12/31/2021 Capitalized at 12/31/2020 Change in capitalized amounts Capitalized at 12/31/2021 Not capitalized at 12/31/2021 TOTAL GROUP (1,228.2) (115.5) (1,343.7) 31.2 (1.4) 29.7 183.3 Germany (119.9) 50.6 (69.3) 11.3 Belgium (44.0) (1.8) (45.8) 11.4 Spain (13.4) (0.6) (14.0) 3.5 France (a) - non SIIC (336.9) (92.4) (429.3) 110.9 Italy (38.4) (4.0) (42.4) 5.3 1.0 6.2 3.9 Luxembourg (58.8) (10.8) (69.5) 17.3 Netherlands (b) (80.2) (5.8) (86.0) 5.2 1.6 6.8 15.4 Poland (6.7) (1.5) (8.3) 0.0 0.0 1.6 Portugal (8.6) 5.3 (3.3) 0.8 (0.2) 0.7 Sweden (93.2) 15.2 (77.9) 19.2 (3.1) 16.0 0.0 Turkey (40.4) 3.3 (37.0) 7.4 Other countries (c) (7.2) 4.6 (2.6) 0.7 (0.7) 0.6 Total taxable regime (847.6) (37.7) (885.4) 31.2 (1.4) 29.7 183.3 France - SIIC (273.7) (79.6) (353.3) Spain - SOCIMI (106.9) 1.8 (105.1) Total non taxable regime (380.6) (77.8) (458.4) (a) As of December 31, 2021, the tax rate applicable to tax loss carryforwards in France changed from 27.37% to 25.83%. (b) As of December 31, 2021, the tax rate applicable to tax loss carryforwards in the Netherlands changed from 25.00% to 25.80%. (c) The line «Other countries» includes the losses carried forward from Greece, Czech Republic and Norway. Non-capitalized deferred taxes on tax loss carryforwards amounted to €183.3 million as of December 31, 2021 versus €171.7 million as of December 31, 2020. NOTE 8 IFRS 16 “LEASES” ACCOUNTING POLICIES Leases Klépierre accounts for its leases, as lessee, as set below. IFRS 16 requires lessees to record all leases as follows (with an exemption for low value assets and short-term leases): • Recognition of lease assets (right-of-use assets) and lease liabilities on the statement of financial position, initially measured at the present value of unavoidable lease payments; • Depreciation of right-of-use assets and interest on lease liabilities over the lease term; and • Separation of the total amount of cash paid into a principal portion and interest. The main leases in the scope of IFRS 16 for the Group as lessee are ground leases, head office leases and vehicle leases. They are initially recognized as right-of-use assets and corresponding lease liabilities: • Right-of-use assets relating to head office leases and vehicle leases are measured by applying a cost model and are depreciated on a straight-line basis over the lease term. There are recognized in property, plant and equipment; • Right-of-use assets relating to ground leases that meet the definition of investment property are measured in accordance with IAS 40 using the fair value model. They are subsequently measured at an amount equal to the remaining balance of the lease liability. Right-of-use assets relating to ground leases are recognized in investment properties at fair value. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 169 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

As of December 31, 2021, the amounts recorded on the statement of financial position and relating to leases, as lessee, are as follows: In millions of euros 12/31/2020 Increase (new leases) Decrease (lease terminations) Reevaluation and other movements Allowances and debt reimbursment Currency movements Change in scope Reclassifications 12/31/2021 Gross right-of-use asset relating to property, plant and equipment 35.5 2.2 (1.4) 0.4 (0.3) 36.4 Amortization of right-of-use asset relating to property, plant and equipment (16.2) 1.0 0.1 (8.4) 0.2 (23.3) Total net right-of-use asset relating to property, plant and equipment 19.3 2.2 (0.4) 0.5 (8.4) (0.1) 13.1 Right-of-use asset relating to ground leases at fair value 389.1 10.1 0.0 0.2 (3.4) 396.0 Change in fair value of right-of-use asset relating to ground leases (13.6) 0.0 (6.8) (0.1) 1.9 (18.6) Total right-of-use asset relating to ground leases 375.5 10.1 0.0 (6.8) 0.1 (1.5) 377.4 TOTAL ASSETS 394.8 12.3 (0.4) 0.5 (15.2) (0.1) (1.5) 390.5 Leases liabilities – non-current 357.0 10.8 (0.4) 0.3 0.0 (1.3) (13.2) 353.4 Leases liabilities – current 14.2 1.1 0.2 (14.9) (0.1) (0.2) 13.2 13.5 TOTAL LIABILITIES 371.3 11.9 (0.4) 0.5 (14.9) (0.0) (1.4) 366.9 The breakdown of current and non-current lease liabilities as of December 31, 2021 is presented below: In millions of euros Total Less than one year One to five years More than five years Leases liabilities – non-current 353.4 31.3 322.1 Leases liabilities – current 13.5 13.5 TOTAL LEASES LIABILITIES 366.9 13.5 31.3 322.1 As lessee, the amounts recognized in comprehensive income for the year ended December 31, 2021 in respect of leases, by nature of contracts, are as follows: In millions of euros Right-of-use asset related to property, plant and equipment Right-of-use asset related to ground leases Total Depreciation, amortization and impairment of property, plant and equipment (8.4) (8.4) Change in value of right-of-use asset relating to ground lease (6.8) (6.8) Interest expense on leases liabilities (0.2) (8.1) (8.3) Deferred tax on IFRS 16 restatement TOTAL (8.7) (14.9) (23.6) Variable rents on ground leases not restated in accordance with IFRS 16 amount to €7.1 million as of December 31, 2021 (see note 6.2). Short-term leases, low-value assets and variable rents on property, plant and equipment, do not fall within the scope of IFRS 16. The rental expenses recorded in 2021 in relation to these leases are not material. 170 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 9 RISK EXPOSURE AND HEDGING STRATEGY Klépierre identifies and regularly measures its exposure to the various sources of risk (interest rates, liquidity, foreign exchange, counterparties, market risk, etc.) and sets applicable management policies as required. The Group carefully manages the inherent financial risks in its business activity and the financial instruments it uses. 9.1 INTEREST-RATE RISK 9.1.1 Hedging strategy As part of its risk management policy, Klépierre has set a target of hedging approximately 70% of its exposure, calculated as the ratio of fixed-rate debt (after hedging) to gross borrowings expressed as a percentage. Most of the fixed-rate position is made of fixed-rate debts and swaps but options may be used to raise the hedging ratio up to 100%. To achieve its target hedging rate Klépierre may use: • Payer swaps to convert debt from floating rate to fixed rate; • Receiver swaps in order to convert fixed-rate debt to floating rates; • Caps in order to limit the possible variations of short-term rates. Given the nature of its business as a long-term property owner, Klépierre is structurally a borrower. Since the Group is not seeking to reduce the proportion of short-term debt in its total debt, it is highly likely that its short-term floating-rate debts will be renewed in the medium term. Accordingly, Klépierre’s hedging strategy covers both the long-term and short-term portions of its borrowings. Generally, payer swaps maturities may exceed those of the underlying borrowings provided Klépierre’s financing plan emphasizes the high probability of these borrowings being renewed. As of December 31, 2021, the hedging ratio reached 91%, made of 77% of fixed-rate debts or payer swaps and 14% of caps. 9.1.2 Exposure to floating-rate debt Recurrence of floating-rate financing requirement Floating-rate debt represented 27% of the Group’s borrowings as of December 31, 2021 (before hedging), and comprises drawn bank loans and commercial paper. Identified risk An increase in interests rates against which floating-rate borrowings are indexed (Euribor, Nibor, Stibor and Cibor) could result in an increase in future interest rate expenses. Measurement of risk exposure The tables below show the exposure of Klépierre’s net income to an increase in interest rates, before and after hedging. Breakdown of floating rate financial borrowings after derivatives: Interest rate position after hedging In millions of euros Amount Impact of a 1% increase in interest rates on financial expenses Gross position before hedging (floating-rate debt) 2,326.7 23.3 • Net hedge (1,583.3) (10.0) Gross position after hedging 743.4 13.3 NET POSITION AFTER HEDGING 743.4 13.3 The following table quantifies the likely impact on equity of an increase in interest rates based on Klépierre’s cash flow hedge swaps portfolio at the period end. Fair value of cash flow hedge In millions of euros Notional Fair value net of accrued interest Impact of a 1% increase in interest rates on shareholders’ equity CASH FLOW HEDGE SWAPS AT 12/31/2021 • Euro-denominated portfolio 98.5 (2.6) 4.8 • Steen & Strøm portfolio 495.6 6.0 9.7 CASH FLOW HEDGE SWAPS AT 12/31/2021 594.1 3.4 14.5 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 171 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Breakdown of borrowings after interest rate hedging: In millions of euros Fixed-rate borrowings or borrowings converted to fixed-rate Floating-rate borrowings Total gross borrowings Average all-in cost of debt at closing date (a) Amount Rate Fixed portion Amount Rate Floating portion Amount Rate 12/31/2020 9,439 1.15% 100% 9,439 1.15% 1.22% 12/31/2021 7,847 1.17% 91% 744 0.38% 9% 8,590 1.11% 1.15% (a) Including the deferral of issue cost/premiums. The average cost of debt calculated as of December 31, 2021 does not constitute a forecast over the coming period. 9.1.4 Interest rate hedging portfolio Fair value of the interest rate derivatives portfolio: In millions of euros Fair value net of accrued interest as of 12/31/2021 (a) Change in fair value during 2021 Matching entry Cash flow hedge 3.4 16.3 Shareholders’ equity Fair value hedge 0.2 (29.4) Financial liabilities\Net income Trading 11.6 (0.4) Net income TOTAL 15.2 (13.5) (a) Fair value of the interest rate hedging portfolio are categorized on level 2. As of December 31, 2021, the breakdown of derivatives by maturity was as follows: Hedging relationship In millions of euros Klépierre Group Derivatives Currency 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Cash flow hedge 594 EUR 99 99 NOK 50 30 30 30 50 190 SEK 29 20 68 117 DKK 40 40 108 188 Fair value hedge 615 EUR 600 600 NOK 15 15 SEK DKK Trading 3,032 EUR 425 1,800 425 100 2,750 NOK 40 35 75 SEK 59 59 DKK 108 40 148 GROUP TOTAL 4,241 The “trading” category includes a portfolio of caps (for a notional amount of €1.9 billion), a portfolio of payer swaps (€575 million) and a portfolio of receiver swaps (€600 milion). Cash-flow-hedge and fair value hedge category includes only swaps. 9.1.3 Exposure to fixed-rate debt Description of fixed-rate borrowings The bulk of Klépierre’s fixed-rate borrowing comprises bonds (denominated in euros, Norwegian kronor and Swedish kronor) and mortgage loans. Identified risk Klépierre’s fixed-rate debt exposes the Group to changes in risk-free rates, as the fair value of fixed-rate debt increases when rates fall, and vice versa. At any given time, Klépierre may also need to increase its future fixed-rate debt (e.g., for a future acquisition). It would then be exposed to the risk of a change in interest rates prior to arrangement of the loan. Klépierre may then consider hedging this risk, which may be treated as a cash flow hedge risk under IFRS. Measurement of risk exposure and hedging strategy As of December 31, 2021, the Group’s fixed-rate debt stood at €6,264 million before hedging. The fair value hedge strategy is calibrated to meet the overall hedging target. It is also based on the use of interest-rate instruments swapping fixed-rate payments for floating-rate payments. The credit margin component is not hedged. As Klépierre intends to achieve a high level of hedge effectiveness as defined by IFRS 9, the terms of fair value hedging instruments never exceed the maturity of the underlying debt. 172 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

As of December 31, 2020, the breakdown of derivatives by maturity date was as follows: Hedging relationship In millions of euros Klépierre Group Derivatives Currency 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Cash flow hedge 887 EUR 350 99 449 NOK 48 29 38 62 29 205 SEK 60 30 40 130 DKK 63 40 103 Fair value hedge 708 EUR 94 600 694 NOK 14 14 SEK DKK Trading 4,913 EUR 3,516 425 500 225 4,666 NOK SEK 40 60 100 DKK 108 40 148 GROUP TOTAL 4,122 610 629 278 102 128 40 600 6,509 With regards to the reform of European benchmarks, Klépierre has not identified any material impact on the way it applies hedge accounting considering that the aggregate notional amount of derivatives concerned is limited (to €698.5 million as of December 31, 2021), of which: • Four receiver swaps maturing in 2030 (notional amount of €600 million) are qualified as fair value hedges; and • Two payer swaps maturing in 2026 (notional amount of €98.5 million) are qualified as cash flow hedges. Since all these contracts are indexed to Euribor, the Company anticipates that the replacement index (calculated using a hybrid methodology) will match that applied to the underlying borrowings, such that it will be able to maintain high effectiveness. 9.1.5 Fair value of financial liabilities The Group recognizes borrowings in the statement of financial position at amortized cost. The following table compares the fair values of borrowings with their corresponding nominal values. Fair values are established on the basis of the following principles: • Fair value of floating-rate bank debts is equal to the nominal value (assuming stable credit spreads); • Fair value of fixed-rate bank debt is calculated solely on the basis of rate fluctuations; • Bonds: use of prices quoted on an active market where these are available. In millions of euros 12/31/2021 12/31/2020 Par value Fair value Impact of a 1% increase in interest rates on fair value (a) Par value Fair value Impact of a 1% increase in interest rates on fair value (a) Fixed-rate bonds 6,203.7 6,409.0 (346.0) 7,097.6 7,468.8 (317.2) Fixed-rate bank loans 60.0 61.4 (1.0) 68.3 68.9 (1.0) Other floating-rate loans 2,326.7 2,326.7 2,272.9 2,272.9 TOTAL 8,590.4 8,797.1 (347.0) 9,438.8 9,810.6 (318.2) (a) Change in the fair value of the debt as a result of a parallel shift in the rate curve. Derivatives are recognized in the statement of financial position at their fair value. As of December 31, 2021, a 100-basis-point increase in interest would have resulted in a €22.9 million decrease in the value of the Group’s euro-denominated interest rate derivatives. 9.2 LIQUIDITY RISK Klépierre is attentive to the long-term refinancing needs of its business and the need to diversify maturity dates and sources of financing in such a way as to facilitate renewals. The average maturity of drawn debt as of December 31, 2021 was 7.0 years, with borrowings spread between different markets (bonds, commercial paper, and bank loans). Within the banking market, Klépierre uses a range of different loan types (syndicated loans, bilateral loans, mortgage loans, etc.) and counterparties. Commercial papers, which represent the bulk of short-term financing, never exceed the backup credit lines. This means that the Group can refinance immediately if it has difficulty renewing its borrowings on the commercial paper market. As of December 31, 2021, the maturity schedule of contractual flows was as follows: Repayment year In millions of euros 2022 2023 2024 2025 2026 2027 2028 2029 2030 and beyond Total Principal 1,839 965 736 281 625 676 26 636 2,806 8,590 Interest (loans and derivatives) 93 87 81 70 58 48 47 40 93 617 GROUP TOTAL (PRINCIPAL + INTEREST) 1,933 1,051 818 351 682 724 73 676 2,899 9,207 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 173 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

In 2022, two euro private placements (€185 million) will mature. The €1,500 million outstanding commercial paper expire in less than one year, but is generally rolled over. As of December 31, 2021, Klépierre had undrawn credit lines totaling €2,161 million (including bank overdrafts). These resources are sufficient to absorb all the refinancing scheduled until end 2024. Some of Klépierre’s sources of funding (bilateral loans, bonds, etc.) contain covenants. Failure to comply with these covenants may trigger early repayment. These covenants are based on the standard ratios applying to real estate companies, and the limits imposed leave Klépierre with sufficient flexibility. Failure to comply with these covenants may result in mandatory repayment. Some Klépierre SA bonds include a bearer put option, entitling the holder to request early repayment in the event of a change of control giving rise to a downgrade in Klépierre’s credit rating to below investment grade. None of the Group’s other covenants refer to Standard & Poor’s rating for Klépierre. The main covenants are described in note 5.12.3. 9.3 CURRENCY RISK The bulk of Klépierre’s business is currently conducted within the Eurozone, with the exception of Norway, Sweden, Denmark, Poland, Czech Republic and Turkey. Given the limited exposure of the group on currencies outside the Euro zone, the currency risk in these countries has not been deemed to be sufficiently high to warrant hedging. Acquisitions and the corresponding financing have been denominated in euros (except for Scandinavia). In Poland and the Czech Republic, rents are billed to lessees in euros and converted into the local currency at the billing date. Lessees may choose to pay their rents in local currency or in euros. The currency risk on minimum guaranteed rents is therefore limited to any variance between the rent as invoiced and the rent actually collected if the currency should fall in value against the euro between the Invoicing date and the date of payment in local currency by the lessee. At the same time, Klépierre ensures that rent payments do not represent an excessively high proportion of tenants’ revenue in order to avoid impairing their financial position in the event of a sharp increase in the value of the euro, which could increase the risk of defaulting on their payments to Klépierre. In Turkey, rents are denominated in local currency, thereby eliminating any currency risk for tenants. In Central Europe and in Turkey, financing is denominated in euros at Group level. Considering the limited exposure of the Group’s portfolio to these countries and the expensive cost of forex hedging, especially for long durations, the Group has decided not to hedge this position. In Scandinavia, as leases are denominated in local currency, funding is also raised in the country local currency. The Klépierre Group’s main source of exposure to Scandinavian currency risk is therefore limited essentially to equity funds invested in the company (Steen & Strøm) and financed in euros. At the end of 2019, Klépierre entered into a NOK/SEK cross currency swap (NOK 200 million or SEK 211 million). The economic effect of this swap is to convert a NOK bond into a SEK liability in order to adjust the currency exposure with the distribution of the Scandinavian portfolio. Its carrying amount will fluctuate in line with the NOK/SEK exchange rate. This transaction is qualified as net investment hedge, its change in the fair value over the exercise offsets the foreign exchange revaluation of the net investment recorded in shareholders’ equity. As of December 31, 2021, the fair value of this instrument was equal to a negative €0.7 million. Fair value of the foreign exchange rate derivatives portfolio In millions of euros Fair value net of accrued interest as of 12/31/2021 (a) Change in fair value during 2021 Matching entry Net investment hedge (0.7) 1.4 Shareholders’ equity TOTAL (0.7) 1.4 (a) Fair value of the interest rate hedging portfolio are categorized on level 2. 9.4 COUNTERPARTY RISK IN CONNECTION WITH FINANCING ACTIVITIES Counterparty risk is limited by the fact that Klépierre is structurally a borrower. This risk is therefore essentially restricted to investments made by the Group and its derivative transaction counterparties. As part of its risk-management policy, Klépierre aims at diversifying its lending counterparties and pays attention to their financial strength. 9.4.1 Counterparty risk on marketable securities The counterparty risk on investments is limited by the type of products used: • Monetary UCITS managed by recognized institutions, and therefore invested in diversified portfolios; • Government debt (loans or borrowings) of countries in which Klépierre operates; • Occasionally, certificates of deposit issued by leading banks. 9.4.2 Counterparty risk on hedging instruments Klépierre conducts derivative instrument transactions only with financial institutions recognized as financially sound. It also aims at diversifying its exposure among different counterparties. 9.5 EQUITY RISK As of December 31, 2021, Klépierre held 1,477,421 treasury shares, which are recognized at their acquisition cost in deduction of the equity. 174 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

NOTE 10 FINANCE AND GUARANTEE COMMITMENTS 10.1 COMMITMENTS GIVEN In millions of euros Notes 12/31/2021 12/31/2020 Commitments related to the Group’s consolidated scope 10.1.1 Purchase commitments Commitments related to the Group’s financing activities Financial guarantees given (a) (a) Commitments related to the Group’s operating activities 10.1.2 59.6 69.7 Commitments under conditions precedent 8.5 Work completion commitments 24.7 28.5 Rental guarantees and deposits 2.0 1.7 Other 33.9 31.0 TOTAL 60.6 69.7 (a) Since December 31, 2018 this information has been transferred to note 5.12.2 “Main sources of financing”. 10.1.1 Commitments related to the Group’s consolidated scope Purchase commitments As of December 31, 2021, there is no purchase commitments. 10.1.2 Commitments related to the Group’s operating activities Commitments under conditions precedent The commitments under conditions precedent relates to purchase agreements on land or assets and contingent consideration on acquisitions. Work completion commitments Work completion commitments mainly relate to development projects in France. Rental guarantees and deposits “Rental guarantees and deposits” mainly comprise deposits related to local headquarters. Other Other commitments given mainly include payment guarantees given to tax authorities. 10.1.3 Other commitments given Other commitments given related to leases The construction of the Saint-Lazare shopping center was authorized as part of the temporary occupation license of the public estate. The license agreement was signed in July 2008 between SOAVAL (Klépierre Group) and SNCF (National French Rail Network) for a 40-year period. Within this period, at predetermined intervals and in return for compensation, SNCF is entitled (i) to exercise a call option on the SOAVAL shares, and (ii) to terminate the temporary occupation license. SIIC distribution obligations carried forward The Group, within the framework of the tax regime of Sociétés d’investissement immobilier cotées (SIIC), must satisfy tax distribution obligations by distributing 95% of its rental income, 70% of its real estate capital gains and 100% of its dividends stemming from subsidiaries having elected for the SIIC regime or an equivalent regime. However, this tax distribution obligation is capped at the statutory distributable income and is carried forward when the statutory distributable income is not sufficient. The carried forward tax distribution obligations for 2021 year amounts to €160.7 million and is added to the €170.3 million coming from the year 2020, for a total amount of €331.0 million. These deferred obligations will be satisfied when the Company will have sufficient distributable capacity. 10.2 MUTUAL COMMITMENTS Commitments related to development projects amounted to €14.0 million as of December 31, 2021 versus €19.4 million as of December 31, 2020. These commitments concern development work engaged (but not paid) by the Group with contractors where financial completion warranties have been received, in connection with Hoog Catharijne in the Netherlands. 10.3 COMMITMENTS RECEIVED In millions of euros Notes 12/31/2021 12/31/2020 Commitments related to the Group’s financing activities 10.3.1 1,765.2 2,338.9 Financing agreements obtained and not used (a) 1,765.2 2,338.9 Commitments related to the Group’s operating activities 10.3.2 424.6 411.6 Sale commitments 79.1 30.2 Financial guarantees received in connection with management activities (Loi Hoguet) 160.0 190.0 Financial guarantees received from tenants and suppliers 185.5 191.4 TOTAL 2,189.8 2,750.5 (a) Net of drawings on the commercial paper program. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 175 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

10.3.1 Commitments related to the Group’s financing activities Financing agreements obtained and not used As of December 31, 2021, Klépierre had €1,765 million in undrawn committed credit facilities, net of commercial paper. 10.3.2 Commitments related to the Group’s operating activities Sale commitments As of December 31, 2021, sale commitments relate mainly to certain assets in France, Sweden and Denmark. Financial guarantees received in connection with management activities (Loi Hoguet) As part of its real-estate, leasing and property management activities, banking guarantees have been delivered to Klépierre Management for an amount capped at €160 million as of December 31, 2021. Financial guarantees received from tenants and suppliers As part of its rental business, the Group receives payment guarantees issued by financial institutions guaranteeing the amounts owed by tenants and suppliers. To the best of Klépierre’s knowledge, there are no other material or potentially material off-balance sheet commitments, as defined by the applicable accounting standards. 10.4 SHAREHOLDERS’ AGREEMENTS The main shareholders’ agreements are detailed below: Companies (countries) Parties to the agreement Date of the agreement or last amendment % controlled by the Group Type of control Comments Secar SC (France) Cardif Group, AXA Group 06/25/2021 10.00% Significant Influence The agreement contains provisions relating to the governance of the Company, and the usual protections in the event of proposed share sales (first refusal, full tag-along rights, forced tag-along rights) and in particular in the event of end of the asset management mandate assigned to Klépierre Management. Ventura SAS Advanced Retail SAS 06/09/2021 50.00% Joint Control The agreement contains provisions relating to the governance of the Company, and the usual protections in the event of proposed share sales. Lobsta & K SAS Lobsta SAS 07/30/2021 50.00% Joint Control The agreement contains provisions relating to the governance of the Company, and the usual protections in the event of proposed share sales. Antigaspi & K SAS, NEAG Boulogne SAS Nous Epiceries Anti Gaspi SAS 07/28/2021 30.00% Significant Influence The agreement contains provisions relating to the governance of the Company, and the usual protections in the event of proposed share sales. Bègles Arcins SCS (France) Assurécureuil Pierre 3 SC 09/02/2003 52.00% Exclusive Control The agreement contains provisions relating to the governance of the Company, and the usual protections in the event of proposed share sales, as well as a dispute resolution clause. Secovalde SCI (France) AXA Group 06/25/2021 54.99% Exclusive Control The agreement contains the usual protections in the event of a proposed sale of shares to a third party (first refusal and full tag-along rights) and change of control of a shareholder. Portes de Claye SCI (France) Cardif Assurances Vie 04/16/2012 55.00% Exclusive Control The agreement contains provisions governing relations between the Company’s shareholders. It provides the usual protections in the event of a proposed sale of shares to a third party: reciprocal preemption right, reciprocal full tag-along right, full tag-along obligation for non-controlling shareholders in the event the controlling shareholder plans to sell its full equity stake. It also gives non-controlling shareholders a right of first offer in the event of a sale of assets by the Company. Massalia Invest SCI, Massalia Shopping Mall SCI (France) Lacydon SA 09/27/2017 60.00% Exclusive Control The agreement contains provisions governing relationships between shareholders of said companies, particularly with respect to the governance of Massalia Invest and Massalia Shopping Mall SCI, the terms relating to the sale and divestment by shareholders of their investment in Massalia Invest (right of first refusal, tag-along right, a change of control clause, call option) and the conditions and main methods of funding of Massalia Invest and Massalia Shopping Mall SCI. The latest amendement modifies the rules applicable to the management committee when voting on decisions related to the shopping center’s food superstore. Nordica Holdco AB, Storm Holding Norway AS and Steen & Strøm AS (Sweden & Norway) Stichting Pensioenfonds ABP, Storm ABP Holding BV and PG Strategic Real Estate Pool NV and Stichting Depositary APG Real Estate Pool 10/07/2008 56.10% Exclusive Control The agreement contains the usual protections for non-controlling interests: qualified majority voting for certain decisions, call option in the event of deadlock and tag-along rights, as well as the following provisions: • A one-year lock-up period applied to Steen & Strøm shares from the date of acquisition; • Each party has a right of first offer on any shares which the other party wishes to transfer to a third party. However, if shares are transferred by a party (other than Klépierre or one of its affiliates) to a Klépierre competitor (as defined in the agreement), the shares concerned will be subject to a right of first refusal and not a right of first offer; • From the sixth year following the acquisition, either party may request a meeting of shareholders to vote on the disposal of all the shares or assets of Steen & Strøm, or a market flotation of the company. The vote will be subject to a two-thirds majority. The Group has the right to appoint three members to the Board of Directors including the Chairman, whereas the partner can appoint two members. The partner has protective rights pursuant to the shareholders’ agreement and following the analysis of the decisions reserved for the partner. 176 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Companies (countries) Parties to the agreement Date of the agreement or last amendment % controlled by the Group Type of control Comments Kleprim’s SC (France) Holdprim’s SAS 11/30/2016 50.00% Joint Control The agreement gives Kleprojet 1 exit rights if the conditions precedent are not met as well as the usual protections in the event of a proposed sale of shares to a third party (first refusal and full-tag along rights), change of control of a shareholder and other provisions governing relations between shareholders. Cecobil SCS (France) Vendôme Commerces SCI 10/25/2007 50.00% Joint Control The agreement provides the usual protections in the event of a proposed sale of shares to a third party (first refusal and full tag-along rights) and change of control of a shareholder. Du Bassin Nord SCI (France) Icade SA NA 50.00% Joint Control The company Bassin Nord is jointly held by Klépierre SA and Icade SA and is jointly managed. The co-managing directors’ compensation is approved by collective decision of the shareholders, who can only withdraw totally or partially when unanimously authorized by the other shareholders. Holding Klege Sarl (Luxembourg – Portugal) Torelli SARL 11/24/2008 50.00% Joint Control The agreement contains the usual provisions governing share capital transactions, decision-making and the right to information. Both parties have pre-emption rights in the event of a proposed sale of shares in the company to a third party. Each partner has the right to appoint the same number of members to the Board of Directors. The Chairman is appointed for a period of twelve continuous months on an alternating basis with the partner. All decisions are adopted on simple majority. Italian Shopping Centre Investment SRL (Italy) Allianz Lebenversicherungs- Aktiengesellschaft 08/05/2016 50.00% Joint Control The agreement contains provisions governing the relationship between shareholders, including decisions which must be submitted to shareholders for approval. It includes a right of first offer and a clause of dispute resolution process (“deadlock”). Clivia SpA, Il Destriero SpA (Italy) Finiper, Finiper Real Estate & Investment, Iper Montebello, Immobiliare Finiper et Cedro 99 12/14/2007 Tacitly renewed on 12/14/2017 for an additional 10-year period 50.00% Joint Control The agreement contains provisions governing relations between shareholders, including a pre-emption right in the event of the sale of shares to third parties, as well as a tag-along right. The agreement also contains provisions relating to the governance of the company, and to the majority required to approve certain company decisions. Akmerkez Gayrimenkul Yatirim Ortakligi AS (Turkey) Several individuals 2005 46.00% Significant Influence The agreement contains provisions governing relations between shareholders including the composition of the Board of Directors, particularly the number of representatives of each shareholder on said Board. It also contains provisions related to the majority required to adopt decisions which must be submitted to the Board of Directors for approval. 10.5 COMMITMENTS UNDER OPERATING LEASES – LESSORS The main clauses contained in the lessor’s lease agreement are described below. Rental periods vary by country. The terms for setting and indexing rents are set out in the agreement. Indexation is used to revise the minimum guaranteed rent. The indices applied vary from country to country. Indexation specific to each country In France, leases are indexed to the French commercial rents index (ILC) or cost of construction index (ICC). The ILC is a compound index derived from the French consumer price index (CPI), retail trade sales value index (ICAV) and cost of construction index (ICC). Leases are modified in line with the last known index at January 1 of each year. Most leases are indexed to the ILC for the second quarter, which is published in October and applicable from January 1 of the following year. In Belgium, the index used is the Health index (the value of this index is determined by removing a number of products from the consumer price index product basket, in particular alcoholic beverages, tobacco products and motor fuels except for LPG). Leases are indexed every year on the effective date of the lease. In Spain, the consumer price index is measured annually on January 1. In Italy, the system is based on the consumer price indices (excluding tobacco) for workers and employees (ISTAT), but is more complex in its implementation. Depending on the lease, either 75% (locazione regulated leases) or 100% of the ISTAT is applied. In Portugal, the index used is the consumer price index, excluding real estate. In Greece, the consumer price index is applied. The Eurostat eurozone IPCH index used in Central Europe is based on consumer prices in the EMU countries. In Norway, leases are usually written for periods of five or ten years. Unless agreed otherwise, each party may request an annual rent review based on the trend in the Norwegian consumer price index. In Sweden, if a lease is signed for a period of more than three years, an annual indexation based on the Swedish consumer price index is usually included in the lease contract. In Denmark, in most cases the rent is revised annually based on changes in the Danish consumer price index. Pursuant to Danish law applicable to commercial leases, either party may request that the rent is adjusted to reflect the market rate every four years. This provision applies unless the parties agree otherwise. In the Netherlands, in most cases the rent is revised annually based on changes in the Dutch monthly consumer price index. Furthermore, pursuant to Dutch law applicable to commercial leases, either party may request the rent to be adjusted to reflect the market rate after the end of the first lease period, or every five years from the date of the new lease. In Germany in most cases the index used is the consumer price index, however some tenants might have a contractually agreed minimum rate of indexation that differs from the consumer price index. In Turkey, starting from September 2018, rents are denominated in Turkish lira in advance for each rental year, with a large majority of leases subject to indexation of consumer price index per year. Leases are generally signed for a five-year period and allow the lessee to extend the contract every year, for a maximum period of ten years. In cases where the lessee uses the option to extend the lease period, the rent will increase by consumer price index per year. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 177 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Minimum guaranteed rent and variable rent Appraised on a year-by-year basis, the rent payable is equivalent to a percentage of the revenues generated by the lessee during the calendar year concerned. The rate applied differs depending on business type. The total amount of this two-tier rent (a fixed portion plus a variable portion) can never be less than the minimum guaranteed rent (MGR). The MGR is revised annually by applying the index rate according to the terms specified above. The variable portion of the rent is equivalent to the difference between the revenue percentage contained in the lease and the minimum guaranteed rent after indexation. All or part of the variable rent is consolidated into the MGR on renewal of the lease. In this way, the variable portion of the rent is usually reduced to zero at the beginning of the new lease. Every year, it is mechanically reduced in an amount equivalent to the rise in the MGR resulting from indexation. Total amount of conditional rents recognized in income The conditional rent is the portion of rental payments that is not fixed, but determined based on a factor other than time (e.g., percentage of revenues, degree of use, price indices, market interest rates, etc.). Minimum payments made under the lease are payments that the lessee is, or may be, required to make during the term of the lease, excluding the conditional rent, the cost of services and taxes to be paid or refunded to the lessor. Future minimum rents receivable As of December 31, 2021, future minimum rents receivable under non-cancelable operating leases were as follows: In millions of euros 12/31/2021 Less than one year 883.0 Between one and five years 1,483.0 More than five years 369.0 TOTAL 2,735.0 NOTE 11 EMPLOYEE COMPENSATION AND BENEFITS 11.1 PAYROLL EXPENSES Total payroll expenses amounted to €107.6 million as of December 31, 2021, and include fixed and variable salaries plus mandatory and discretionary profit sharing for €79.4 million, pension-related expenses, retirement expenses and payroll costs for €25.8 million, and taxes and similar compensation-related payments for €2.3 million. 11.2 HEADCOUNT As of December 31, 2021, the Group had an average of 1,027 employees, breaking down as 417 employees in France (including Belgium) and 610 employees in the other geographic segments, including 126 employees at the Scandinavian real estate company Steen & Strøm. The Klépierre Group’s average headcount in 2021 breaks down as follows: 12/31/2021 12/31/2020 France 417 429 Scandinavia 126 132 Italy 169 172 Iberia 110 111 Netherlands 52 55 Germany 44 45 Central Europe & Other 109 108 TOTAL 1,027 1,052 178 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

11.3 EMPLOYEE BENEFITS ACCOUNTING POLICIES Employee benefits Employee benefits are recognized as required by IAS 19, which applies to all payments made for services rendered, except for share-based payment, which is covered by IFRS 2. All short or long-term employee benefits, whether paid in cash or in kind, must be classified into one of the following four main categories: • Short-term benefits, such as salaries, annual vacation, mandatory and discretionary profit-sharing plans and employer top-up contributions; • Post-employment benefits, which relate primarily to supplementary pension payments in France, and private pension plans elsewhere; • Other long-term benefits, which include paid vacation, long-service payments, and certain deferred payment schemes paid in monetary units; • Severance pay. Measurement and recognition methods for employee benefits vary depending on the category. Short-term benefits The Company recognizes an expense when it uses services provided by its employees and pays agreed benefits in return. Post-employment benefits In accordance with generally-accepted accounting principles, the Group makes a distinction between defined contribution plans and defined benefit plans. Defined contribution plans do not generate a liability for the Group, and no provision is therefore set aside. Contributions paid during the period are recognized as an expense. Only defined benefit plans generate a liability for the Group, and are therefore measured and provisioned. The classification of a benefit into one of these categories depends on its economic substance, which is used to determine whether the Group is required to provide the promised benefit to the employee under the terms of an agreement or an implicit obligation. Post-employment benefits classified as defined benefit plans are subject to actuarial valuations based on demographic and financial assumptions. The amount of the commitment to be provisioned is calculated using the actuarial assumptions adopted by the company and by applying the projected unit credit method. The value of any hedging assets (plan assets and reimbursement rights) is deducted from the resulting figure. In accordance with IAS 19 (revised), actuarial gains and losses are recognized in equity. In May 2021, the IFRS interpretations committee published a decision related to the principles to be applied when attributing benefit to periods of service for a defined benefit plan. As a reminder, paragraphs 70-74 of IAS 19 require an entity to attribute benefit to periods of service under the plan’s benefit formula from the date when the employee service first leads to benefits the plan until the date when further employee service will lead to no material amount of further benefits under the plan. The committee clarified the paragraphs and concluded that: • The retirement benefit is capped to the last 16 years of service till the age of 62 years; • Any service the employee renders before the age of 46 does not lead to benefits under the plan. Long-term benefits These are benefits other than post-employment benefits and severance pay, which are not payable in full within twelve months of the end of the financial year in which the employees concerned provided the services in question. The actuarial measurement method applied is similar to that used for defined benefit plans, and the actuarial gains and losses are recognized directly in equity. Furthermore, any gain or loss resulting from changes in the plan, but deemed to apply to past services, is recognized immediately. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 179 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Severance pay Employees receive severance pay if the Group terminates their employment contract before they reach the statutory retirement age or if they accept voluntary redundancy. Severance pay falling due more than twelve months after the reporting date is discounted. Share-based payments In accordance with IFRS 2, all share-based payments must be recognized as expenses when use is made of the goods or services provided in return for these payments. For the Klépierre Group, this standard applies primarily to the purchase of shares to meet the commitments arising from its employee performance share plans. Performance share plans granted to employees are measured at fair value at the grant date. This fair value is not subsequently remeasured for equity-settled share-based payment transactions. This value is applied to the number of performance shares that vest at the end of the vesting period and is booked as an expense whose counterpart increases the equity and is spread over the vesting period. This employee expense reflecting the performance shares granted (corresponding to the fair value of services rendered by employees) is measured by an independent expert. The model adopted complies with the basic assumptions of the Black-Scholes model, adapted to the specific characteristics of the options concerned. 11.3.1 Defined contribution plans In France, the Klépierre Group contributes to a number of national and inter-professional core and supplementary pension organizations. 11.3.2 Defined benefit plans Provisions recognized for defined benefit pension plans totaled €10.0 million as of December 31, 2021. In millions of euros 12/31/2020 Increases during the period Reversals (used provisions) Reversals (surplus provisions) Other movements Changes in the scope of consolidation 12/31/2021 Provisions for employee benefit obligations • Defined benefit plans 9.4 0.6 (2.2) 7.8 • Other long term benefits 2.4 0.1 (0.3) 2.2 TOTAL 11.8 0.7 (2.5) 10.0 The defined benefit plans in place in France are subject to an independent actuarial assessment, using the projected unit credit method to calculate the expense relating to rights vested by employees and the outstanding benefits to be paid to pre-retirees and retirees. The demographic and financial assumptions used when estimating the discounted value of the plan obligations and plan assets reflect the economic conditions specific to the monetary zone concerned. Klépierre has set up supplementary pension plans under a corporate agreement. Under these supplementary plans, employee beneficiaries will, on retirement, receive additional income over and above their national state pensions (where applicable) in accordance with the type of plan they are entitled to. Group employees also benefit from agreed or contractual personal protection plans in various forms, such as retirement benefits. In Italy, Klépierre Management Italia operates a Trattamento di Fine Rapporto (TFR) plan. The amount payable by the employer on termination of the employment contract (as a result of resignation, dismissal or retirement) is calculated by applying an annual coefficient for each year worked. The final amount is capped. Since the liability is known, it can be recognized under other liabilities and not as a provision for contingencies. Until December 31, 2014, Scandinavia had both public and supplementary pension plans. Both plans provided for mandatory annual contributions to pension funds. In addition to these plans, Steen & Strøm had put in place a private plan for some employees in Norway. This system met the definition of a defined benefit plan within the meaning of IAS 19 (revised). As of December 31, 2015, the subsidiary in Norway terminated their defined benefit plan and set-up a defined contribution plan. Under the defined contribution plan the entity’s obligation is limited to the amount that it agrees to contribute to the fund responsible for the payment of the obligation. In Spain, a provision for employee benefit commitments may be recognized where specific provision is made in the collective bargaining agreement, but this does not affect employees of the Klépierre Group in Spain. The existing commitments for post-employment medical assistance plans are measured based on assumed rises in medical costs. These assumptions, based on historical observations, take into account the estimated future changes in the cost of medical services resulting from both the cost of medical benefits and inflation. 180 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

COMPONENTS OF THE NET OBLIGATION (FIVE-YEAR COMPARISON OF ACTUARIAL LIABILITIES) In millions of euros 2021 2020 2019 2018 2017 SURPLUS (PLAN ASSETS LESS OBLIGATIONS) Gross discounted value of obligations fully or partially funded by assets 9.5 9.1 10.5 10.5 11.1 Fair value of plan assets (0.1) (0.2) (0.1) (0.2) (0.2) Discounted value of unfunded obligations 9.4 8.9 10.4 10.4 11.0 Costs not yet recognized in accordance with IAS 19 Past service cost 0.8 0.8 1.1 1.1 1.2 Net actuarial losses or gains (0.9) (0.0) (2.4) (1.0) (1.4) Acquisitions/Disposals (0.1) Length of service awards due (0.2) (0.3) (0.2) (0.2) (0.2) Others (1.3) NET OBLIGATION RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION FOR DEFINED BENEFIT PLANS 7.8 9.4 8.9 10.4 10.4 CHANGE IN THE NET OBLIGATION In millions of euros 12/31/2021 Net obligation at the beginning of the period 9.4 Retirement expense recognized in income for the period 0.8 Contributions paid by Klépierre recognized in income for the period Acquisitions/Disposals Benefits paid to recipients of unfunded benefits (0.2) Change in actuarial gains and losses, and other rights modifications (0.9) Others (1.3) Translation differences NET OBLIGATION AT THE END OF THE PERIOD 7.8 COMPONENTS OF RETIREMENT EXPENSES In millions of euros 12/31/2021 Cost of services rendered during the year 0.8 Financial cost Expected return on plan assets Amortization of actuarial gains and losses Amortization of past services Impact of plan curtailments and settlements Translation differences TOTAL RECOGNIZED IN PAYROLL EXPENSES 0.8 MAIN ACTUARIAL ASSUMPTIONS USED FOR STATEMENT OF FINANCIAL POSITION CALCULATIONS 12/31/2021 12/31/2020 Discount rate 0.49% 0.16% Expected rate of return on plan assets 0.49% 0.16% Expected rate of return on reimbursement rights NA NA FUTURE SALARY INCREASE RATE 1.50% – 2.50% 0.50% – 2.25% The discount rate is determined using the yield on the 10-year iBoxx AA corporate bonds index. An impact of change of €1.2 million in actuarial gains and losses has been recognized directly in equity for the year 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 181 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

11.4 PERFORMANCE SHARES There are currently five performance share plans in place for Group executives and employees. Plan authorized in 2017 Plan no. 6 France Other Granted Date 04/18/2017 04/18/2017 End of vesting period 04/18/2020 04/18/2021 End of lock-up period 04/18/2022 - Shares allotted 216,300 94,600 Shares canceled 22,666 19,617 Shares fully vested 25,172 9,646 Lapsed shares at December 31, 2021 168,462 65,337 Outstanding shares at December 31, 2021 Plan authorized in 2018 Plan no. 7 France Other France Part 1 Part 1 Part 2 Granted Date 04/24/2018 04/24/2018 07/09/2018 End of vesting period 04/24/2021 04/24/2022 07/09/2021 End of lock-up period 04/24/2023 - 07/09/2023 Shares allotted 220,500 88,800 3,300 Shares canceled 31,966 9,900 Shares fully vested 94,267 1,256 Lapsed shares at December 31, 2021 94,267 39,450 2,044 Outstanding shares at December 31, 2021, conditional upon active employment 39,450 Plan authorized in 2019 Plan no. 8 France Other Granted Date 05/06/2019 05/06/2019 End of vesting period 05/06/2022 05/06/2023 End of lock-up period 05/06/2024 - Shares allotted 226,000 95,800 Shares canceled 49,700 9,000 Shares fully vested Lapsed shares at December 31, 2021 Outstanding shares at December 31, 2021 176,300 86,800 Plan authorized in 2020 Plan no. 9 France Other France Part 1 Part 1 Part 2 Granted Date 05/07/2020 05/07/2020 12/22/2020 End of vesting period 05/07/2023 05/07/2024 12/22/2023 End of lock-up period 05/07/2025 - - Shares allotted 215,300 97,600 7,250 Shares canceled 28,000 3,500 Shares fully vested Lapsed shares at December 31, 2021 Outstanding shares at December 31, 2021 187,300 94,100 7,250 182 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

On July 1, 2021, 486,500 shares were allotted to management and Group employees, as part of a performance share plan, authorized by the Executive Board. The characteristics of this plan are as follows: Plan authorized in 2021 Plan no. 10 France Other Part 1 Part 1 Granted Date 07/01/2021 07/01/2021 End of vesting period 07/01/2024 07/01/2025 End of lock-up period 07/01/2026 - Shares allotted 331,500 155,000 Shares canceled 5,500 3,500 Shares fully vested Lapsed shares at December 31, 2021 Outstanding shares at December 31, 2021 326,000 151,500 The total expense recognized for the period for all performance share plans amounted to €2.3 million and includes updates to the performance criteria for Plans no. 8, no. 9 and no. 10. It also takes into account an estimate of the number of beneficiaries at the end of each vesting period, as they may forfeit their entitlements if they leave the Klépierre Group during the period. 11.4.1 Other information The following tables present the assumptions used to measure the value of performance share plans and the expenses recognized over the period. Plan authorized in 2017 Plan no. 6 France Other Share price on the allotment date €37.15 €37.15 Average of the 40 opening share prices preceding April 18, 2017 €36.02 €36.02 Klépierre share price volatility: Historical volatility over 3 years, calculated as of April 18, 2017 based on daily variations 21.5% Klépierre share and 15% FTSE EPRA eurozone; correlation: 0.88 Dividend per share €1.82 €1.82 Share value €18.39 €17.64 Expense for the period €0.0 million €0.1 million Plan authorized in 2018 Plan no. 7 France Other Share price on the allotment date €33.37 €33.37 Average of the 40 opening share prices preceding April 28, 2018 €33.72 €33.72 Klépierre share price volatility: Historical volatility over 3 years, calculated as of April 28, 2018 based on daily variations 22% Klépierre share and 14% FTSE EPRA eurozone; correlation: 0.72 Dividend per share €1.96 €1.96 Share value €21.12 €19.75 Expense for the period €0.2 million €0.2 million Plan authorized in 2019 Plan no. 8 France Other Share price on the allotment date €31.09 €31.09 Average of the 40 opening share prices preceding May 6, 2019 €31.45 €31.45 Klépierre share price volatility: Historical volatility over 3 years, calculated as of May 6, 2019 based on daily variations 17% Klépierre share and 11% on the panel indicator; correlation: 0.61 Dividend per share €2.10 €2.10 Share value €19.00 €17.66 Expense for the period €0.4 million €0.1 million KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 183 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

Plan authorized in 2020 Plan no. 9 France Other Share price on the allotment date €16.90 €16.90 Average of the 40 opening share prices preceding May 7, 2020 €17.91 €17.91 Klépierre share price volatility: Historical volatility over 3 years, calculated as of May 7, 2020 based on daily variations 30% Klépierre share and 20% on the panel indicator; correlation: 0.67 Dividend per share €2.20 €2.20 Share value €5.32 €4.63 Expense for the period €0.3 million €0.1 million Plan authorized in 2021 Plan no. 10 France Other Share price on the allotment date €21.85 €21.85 Average of the 40 opening share prices preceding July 1, 2021 €22.60 €22.60 Klépierre share price volatility: Historical volatility over 3 years, calculated as of July 1, 2021 based on daily variations 48% Klépierre share and 40% on the panel indicator; correlation: 0.65 Dividend per share €1.00 €1.00 Share value €9.84 €9.01 Expense for the period €0.6 million €0.2 million NOTE 12 ADDITIONAL INFORMATION 12.1 TRANSACTIONS WITH RELATED PARTIES 12.1.1 Transactions with Simon Property Group To the Company’s knowledge and including treasury shares, Simon Property Group held a 22.28% stake in Klépierre SA as of December 31, 2021. As of the date this document was prepared, there were no transactions between these two companies. 12.1.2 Transactions with APG Group To the Company’s knowledge and including treasury shares, APG Group held a 6.15% stake in Klépierre SA as of December 31, 2021. As of the date this document was prepared, there were no transactions between these two companies. 12.1.3 Relationships between Klépierre Group companies Transactions between related parties are carried out at arm’s length conditions. Period-end asset and liability positions and transactions conducted during the period between fully consolidated companies are eliminated in full in consolidation. The following tables show the positions and transactions of equity- accounted companies (over which the Group has significant influence or joint control), which are not eliminated in consolidation. A full list of Klépierre Group companies accounted for using the equity method is provided in note 12.8 “List of consolidated entities”. ASSET AND LIABILITY POSITIONS WITH RELATED PARTIES AT PERIOD-END In millions of euros 12/31/2021 12/31/2020 Equity-accounted companies Equity-accounted companies Loans and advances to equity-accounted companies 247.5 259.4 Non-current assets 247.5 259.4 Trade and other receivables 1.0 2.2 Other receivables 14.9 4.1 Current assets 15.9 6.3 TOTAL ASSETS 263.4 265.7 Loans and advances from equity-accounted companies 1.2 1.1 Non-current liabilities 1.2 1.1 Trade payables 1.1 1.2 Other liabilities Current liabilities 1.1 1.2 TOTAL LIABILITIES 2.3 2.3 184 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

INCOME STATEMENT ITEMS RELATED TO TRANSACTIONS WITH RELATED PARTIES In millions of euros 12/31/2021 12/31/2020 Equity-accounted companies Equity-accounted companies Management, administrative and related income 9.8 8.2 Operating income 9.8 8.2 Cost of net debt 9.3 9.6 Profit before tax 19.1 17.8 CONSOLIDATED NET INCOME 19.1 17.8 Most of these items relate to management and administration fees and income on financings provided mainly to equity-accounted investees. 12.2 POST-EMPLOYMENT BENEFITS The main post-employment benefits are length-of-service awards and defined benefit or defined contribution pension plans. Post-employment benefit plans are administered by insurance companies and other independent management companies external to the Klépierre Group. 12.3 COMPENSATION FOR SUPERVISORY BOARD, EXECUTIVE BOARD AND CORPORATE MANAGEMENT TEAM MEMBERS Klépierre SA, the parent company of the Klépierre Group, is a French joint-stock corporation (société anonyme) with a dual governance structure comprising an Executive Board and a Supervisory Board. The Executive Board is backed by a Corporate Management Team (CMT) Compensation allocated to members of the Supervisory Board for fiscal year 2021 totaled €688,000, including €100,367 payable to the Chairman of the Supervisory Board. Cost of compensation for the Executive Board and Corporate Management Team members breaks down as follows: In thousand of euros 12/31/2021 Short-term benefits excluding employer’s contribution 4,331.8 Short-term benefits: employer’s contribution 2,070.7 Post-employment benefits 657.0 Other long-term benefits 120.1 Share-based payment (a) 1,067.6 (a) Expense posted in the statement of comprehensive income related to free share plans. 12.4 CONTINGENT LIABILITIES During the period, neither Klépierre nor its subsidiaries were subject to any governmental, judicial or arbitration proceedings (including any proceedings of which Klépierre has knowledge, which are currently suspended or are threatened) which have recently had a material impact on the financial position or profitability of the issuer and/or the Group. A portion of the plot of land housing the Anatolium shopping center has been subject to a dispute with the Bursa Municipality (Turkey) since 2012. A claim was introduced by the previous landowners against the municipality following the expropriation of a portion of the land. As of December 31, 2021, this proceeding is now closed. During July 2021, the proponent of L’Espanade shopping center in Louvain-la-Neuve initiated a claim against companies of the Group to obtain the payment of two earn-outs related to building rights of land plots adjacent to the shopping center. The preliminary hearing is expected to take place during the second half of 2022 year. 12.5 SUBSEQUENT EVENTS Following the completion of €342 million in disposals in December 2021, Klépierre launched early in January a tender offer on two of its shortest public bonds maturing in April 2023 (€750 million bearing a 1% coupon) and November 2024 (€630 million bearing a 1.75% coupon). This transaction aimed at reducing the cash position while repaying debt. At the end of the offer, €297 million worth of notes were tendered, €226 million on the April 2023 and €71 million on the November 2024. The notes were repurchased and canceled on January 18, 2022. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 185 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

12.6 STATUTORY AUDITORS’ FEES In millions of euros Deloitte EY 2021 2020 2021 2020 2021 2020 2021 2020 Audit services 1.3 1.3 91% 95% 1.0 1.1 98% 98% Audit and review of individual and consolidated financial statements • Issuer 0.2 0.2 17% 17% 0.2 0.2 21% 20% • Fully-consolidated subsidiaries 1.0 1.0 74% 73% 0.8 0.8 77% 73% Other services directly related to the Statutory Auditors’ engagement • Issuer 0.0 2% 0.0 3% • Fully-consolidated subsidiaries 0.0 2% 0.0 3% Other non-audit services* 0.1 0.1 9% 5% 0.0 0.0 2% 2% • Legal, tax, employment-related and other services 0.1 0.1 9% 5% 0.0 0.0 2% 2% TOTAL 1.4 1.4 100% 100% 1.0 1.1 100% 100% * Other non-audit services for the year ended December 31, 2021 are mainly: - Confort letter on Euro Medium Term Note program – Update; - Report on verification of the declaration in the extra-financial performance; - Audit of services charges for a subsidiary of the Group; - Limited reviews on sold companies as of disposal date; - Report on funds managed by a subsidiary of the Group. 12.7 IDENTITY OF CONSOLIDATING COMPANIES As of December 31, 2021, Klépierre was accounted for by the equity method in the consolidated financial statements of Simon Property Group, which holds a 22.28% stake in the share capital of Klépierre (including treasury shares). Klépierre is included in the consolidated financial statements of APG Group, which as of December 31, 2021 held a 6.15% stake in the share capital of Klépierre (including treasury shares). 12.8 LIST OF CONSOLIDATED ENTITIES List of consolidated companies Fully consolidated companies Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change HOLDING COMPANY – HEAD OF THE GROUP Klépierre SA France 100.00% 100.00% 100.00% 100.00% SHOPPING CENTERS – FRANCE KLE 1 SAS France 100.00% 100.00% 100.00% 100.00% SCOO SC France 53.64% 53.64% 53.64% 53.64% Klécar France SNC France 83.00% 83.00% 83.00% 83.00% KC3 SNC France 83.00% 83.00% 100.00% 100.00% KC4 SNC France 83.00% 83.00% 100.00% 100.00% KC5 SNC France 83.00% 83.00% 100.00% 100.00% KC9 SNC France 83.00% 83.00% 100.00% 100.00% KC10 SNC France 83.00% 83.00% 100.00% 100.00% KC12 SNC France 83.00% 83.00% 100.00% 100.00% KC20 SNC France 83.00% 83.00% 100.00% 100.00% LP7 SAS France 100.00% 100.00% 100.00% 100.00% Solorec SC France 80.00% 80.00% 80.00% 80.00% Centre Bourse SNC France 100.00% 100.00% 100.00% 100.00% Bègles Arcins SCS France 52.00% 52.00% 52.00% 52.00% Bègles Papin SNC France 100.00% 100.00% 100.00% 100.00% Sécovalde SCI France 55.00% 55.00% 55.00% 55.00% Cécoville SAS France 100.00% 100.00% 100.00% 100.00% Soaval SCS France 100.00% 100.00% 100.00% 100.00% Klémurs SASU France 100.00% 100.00% 100.00% 100.00% Nancy Bonsecours SCI France 100.00% 100.00% 100.00% 100.00% Sodevac SNC France 100.00% 100.00% 100.00% 100.00% Odysseum Place de France SNC France 100.00% 100.00% 100.00% 100.00% Klécar Participations Italie SAS France 83.00% 83.00% 83.00% 83.00% Pasteur SNC France 100.00% 100.00% 100.00% 100.00% Holding Gondomar 1 SAS France 100.00% 100.00% 100.00% 100.00% Holding Gondomar 3 SAS France 100.00% 100.00% 100.00% 100.00% 186 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

List of consolidated companies Fully consolidated companies Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change Beau Sevran Invest SCI France 83.00% 83.00% 100.00% 100.00% Valdebac SCI France 55.00% 55.00% 55.00% 55.00% Progest SAS France 100.00% 100.00% 100.00% 100.00% Belvedere Invest SARL France 55.00% 55.00% 55.00% 55.00% Haies Haute Pommeraie SCI France 53.00% 53.00% 53.00% 53.00% Forving SARL France 95.33% 95.33% 95.33% 95.33% Saint Maximin Construction SCI France 55.00% 55.00% 55.00% 55.00% Pommeraie Parc SCI France 60.00% 60.00% 60.00% 60.00% Champs des Haies SCI France 60.00% 60.00% 60.00% 60.00% La Rive SCI France 85.00% 85.00% 85.00% 85.00% Rebecca SCI France 70.00% 70.00% 70.00% 70.00% Le Maïs SCI France 80.00% 80.00% 80.00% 80.00% Le Grand Pré SCI France 60.00% 60.00% 60.00% 60.00% LC SCI France 88.00% 88.00% 100.00% 100.00% Kle Projet 1 SAS France 100.00% 100.00% 100.00% 100.00% Klépierre Créteil SCI France 100.00% 100.00% 100.00% 100.00% Albert 31 SCI France 83.00% 83.00% 100.00% 100.00% Galeries Drancéennes SNC France 100.00% 100.00% 100.00% 100.00% Portes de Claye SCI France 55.00% 55.00% 55.00% 55.00% Klecab SCI France 100.00% 100.00% 100.00% 100.00% Kleber Odysseum SCI France 100.00% 100.00% 100.00% 100.00% Klé Arcades SCI France 53.69% 53.69% 100.00% 100.00% Le Havre Colbert SNC France 100.00% 100.00% 100.00% 100.00% Klépierre Massalia SAS France 100.00% 100.00% 100.00% 100.00% Massalia Shopping Mall SCI France 60.00% 60.00% 100.00% 100.00% Massalia Invest SCI France 60.00% 60.00% 60.00% 60.00% Klépierre & Cie SNC France 100.00% 100.00% 100.00% 100.00% Sanoux SCI France 75.00% 75.00% 75.00% 75.00% Centre Deux SNC France 100.00% 100.00% 100.00% 100.00% Mob SC France 100.00% 100.00% 100.00% 100.00% Klépierre Alpes SAS France 100.00% 100.00% 100.00% 100.00% Galerie du Livre SAS France 100.00% 100.00% 100.00% 100.00% Les Portes de Chevreuse SNC France 100.00% 100.00% 100.00% 100.00% Caetoile SNC France 100.00% 100.00% 100.00% 100.00% Klépierre Echirolles SNC France 100.00% 100.00% 100.00% 100.00% Sagep SAS France 100.00% 100.00% 100.00% 100.00% Maya SNC France 100.00% 100.00% 100.00% 100.00% Ayam SNC France 100.00% 100.00% 100.00% 100.00% Dense SNC France 100.00% 100.00% 100.00% 100.00% Klépierre Grand Littoral SASU France 100.00% 100.00% 100.00% 100.00% SERVICE PROVIDERS – FRANCE Klépierre Management SNC France 100.00% 100.00% 100.00% 100.00% Klépierre Conseil SAS France 100.00% 100.00% 100.00% 100.00% Klépierre Brand Ventures SNC France 100.00% 100.00% 100.00% 100.00% Klépierre Gift Cards SAS France 100.00% 100.00% 100.00% 100.00% Klépierre Finance SAS France 100.00% 100.00% 100.00% 100.00% Financière Corio SAS France 100.00% 100.00% 100.00% 100.00% Kle Start SAS France 100.00% 100.00% 100.00% 100.00% Kle Dir SAS France 100.00% 100.00% 100.00% 100.00% Klépierre Procurement International SNC France 100.00% 100.00% 100.00% 100.00% SHOPPING CENTERS – INTERNATIONAL Klépierre Duisburg GmbH Germany 94.99% 94.99% 94.99% 94.99% Klépierre Duisburg Leasing GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Duisburg Leasing II GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Dresden Leasing GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Duisburg II GmbH Germany 94.99% 94.99% 94.99% 94.99% Klépierre Dresden GmnH Germany 94.99% 94.99% 94.99% 94.99% Klépierre Köln Holding GmbH Germany 100.00% 100.00% 100.00% 100.00% Unter Goldschmied Köln GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Hildesheim Holding GmbH Germany 100.00% 100.00% 100.00% 100.00% Projekt A GmbH & CoKG Germany 94.90% 94.90% 94.90% 94.90% Projekt A Vermietung GmbH Germany 100.00% 100.00% 100.00% 100.00% Coimbra SA Belgium 100.00% 100.00% 100.00% 100.00% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 187 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

List of consolidated companies Fully consolidated companies Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change Les Cinémas de l’Esplanade SA Belgium 100.00% 100.00% 100.00% 100.00% Foncière de Louvain-La-Neuve SA Belgium 100.00% 100.00% 100.00% 100.00% Bryggen, Vejle A/S Denmark 56.10% 56.10% 100.00% 100.00% Bruun’s Galleri ApS Denmark 56.10% 56.10% 100.00% 100.00% Field’s Copenhagen I/S Denmark 56.10% 56.10% 100.00% 100.00% Viva, Odense A/S Denmark 56.10% 56.10% 100.00% 100.00% Steen & Strøm CenterUdvikling VI A/S Denmark 56.10% 56.10% 100.00% 100.00% Klecar Foncier Iberica SL Spain 100.00% 100.00% 100.00% 100.00% Klecar Foncier España SL Spain 100.00% 100.00% 100.00% 100.00% Klépierre Vallecas SA Spain 100.00% 100.00% 100.00% 100.00% Klépierre Molina SL Spain 100.00% 100.00% 100.00% 100.00% Klépierre Plenilunio Socimi SA Spain 100.00% 100.00% 100.00% 100.00% Principe Pio Gestion SA Spain 100.00% 100.00% 100.00% 100.00% Klépierre Real Estate España SL Spain 100.00% 100.00% 100.00% 100.00% SC Nueva Condo Murcia SLU Spain 100.00% 100.00% 100.00% 100.00% Clounlake Invest SL Spain 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% Klépierre Nea Efkarpia AE Greece 100.00% 100.00% 100.00% 100.00% Klépierre Foncier Makedonia AE Greece 100.00% 100.00% 100.00% 100.00% Klépierre Peribola Patras AE Greece 100.00% 100.00% 100.00% 100.00% Immobiliare Gallerie Commerciali S.p.A Italy 100.00% 100.00% 100.00% 100.00% Klecar Italia S.p.A Italy 83.00% 83.00% 100.00% 100.00% Galleria Commerciale Di Collegno S.r.l Italy 100.00% 100.00% 100.00% 100.00% Galleria Commerciale Serravalle S.p.A Italy 100.00% 100.00% 100.00% 100.00% Galleria Commerciale Assago S.r.l Italy 100.00% 100.00% 100.00% 100.00% Galleria Commerciale Klépierre S.r.l Italy 100.00% 100.00% 100.00% 100.00% Galleria Commerciale Cavallino S.r.l Italy 100.00% 100.00% 100.00% 100.00% Galleria Commerciale Solbiate S.r.l Italy 100.00% 100.00% 100.00% 100.00% Klépierre Matera S.r.l Italy 100.00% 100.00% 100.00% 100.00% Klépierre Caserta S.r.l Italy 83.00% 83.00% 100.00% 100.00% Shopville Le Gru S.r.l Italy 100.00% 100.00% 100.00% 100.00% Grandemilia S.r.l Italy 100.00% 100.00% 100.00% 100.00% Shopville Gran Reno S.r.l Italy 100.00% 100.00% 100.00% 100.00% Il Maestrale S.p.A. Italy 100.00% 100.00% 100.00% 100.00% Comes – Commercio e Sviluppo S.r.l Italy 100.00% 100.00% 100.00% 100.00% Globodue S.r.l Italy 100.00% 100.00% 100.00% 100.00% Globotre S.r.l Italy 100.00% 100.00% 100.00% 100.00% Generalcostruzioni S.r.l Italy 100.00% 100.00% 100.00% 100.00% B.L.O S.r.l Italy 100.00% 100.00% 100.00% 100.00% Gruliasco S.r.l Italy 100.00% 100.00% 100.00% 100.00% Klépierre Italia S.r.l Italy 100.00% 100.00% 100.00% 100.00% Acquario S.r.l Italy 95.06% 95.06% 95.06% 95.06% Reluxco International SA Luxembourg 100.00% 100.00% 100.00% 100.00% Storm Holding Norway AS Norway 56.10% 56.10% 100.00% 100.00% Steen & Strøm AS Norway 56.10% 56.10% 100.00% 100.00% Hamar Storsenter AS Norway 56.10% 56.10% 100.00% 100.00% Stavanger Storsenter AS Norway 56.10% 56.10% 100.00% 100.00% Steen & Strøm Mediapartner Norge AS Norway 56.10% 56.10% 100.00% 100.00% Oslo City Kjopesenter AS Norway 56.10% 56.10% 100.00% 100.00% Oslo City Parkering AS Norway 56.10% 56.10% 100.00% 100.00% Gulskogen Senter AS Norway 56.10% 56.10% 100.00% 100.00% Capucine BV Netherlands 100.00% 100.00% 100.00% 100.00% Klépierre Nordica BV Netherlands 100.00% 100.00% 100.00% 100.00% Klépierre Beleggingen I BV Netherlands 100.00% 100.00% 100.00% 100.00% Klépierre Management Nederland BV Netherlands 100.00% 100.00% 100.00% 100.00% Hoog Catharijne BV Netherlands 100.00% 100.00% 100.00% 100.00% Klépierre Nederland BV Netherlands 100.00% 100.00% 100.00% 100.00% Bresta I BV Netherlands 100.00% 100.00% 100.00% 100.00% CCA German Retail I BV Netherlands 100.00% 100.00% 100.00% 100.00% CCA German Retail II BV Netherlands 100.00% 100.00% 100.00% 100.00% KLP Polska Sp. z o.o. Poznań SKA w likwidacji Poland 100.00% 100.00% 100.00% 100.00% Klépierre Pologne Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% KLP Polska Sp. z o.o. Rybnik SKA Poland 100.00% 100.00% 100.00% 100.00% 188 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

List of consolidated companies Fully consolidated companies Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change Sosnowiec Property KLP Polska Sp. z o.o. sp.k. Poland 100.00% 100.00% 100.00% 100.00% Sadyba Best Mall Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% KLP Poznań Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% Ruda Śląska Property KLP Polska Sp. z o.o. sp.k. Poland 100.00% 100.00% 100.00% 100.00% KLP Investment Poland Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% Rybnik Property KLP Polska Sp. z o.o. sp.k. Poland 100.00% 100.00% 100.00% 100.00% KLP Lublin Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% KLP Polska Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% Klelou Imobiliaria Spa SA Portugal 100.00% 100.00% 100.00% 100.00% Galeria Parque Nascente SA Portugal 100.00% 100.00% 100.00% 100.00% Gondobrico SA Portugal 100.00% 100.00% 100.00% 100.00% Klenord Imobiliaria SA Portugal 100.00% 100.00% 100.00% 100.00% Kleminho Imobiliaria SA Portugal 100.00% 100.00% 100.00% 100.00% Corio Espaço Guimarães SA Portugal 100.00% 100.00% 100.00% 100.00% Klépierre Cz S.R.O. Czech Republic 100.00% 100.00% 100.00% 100.00% Klépierre Plzen AS Czech Republic 100.00% 100.00% 100.00% 100.00% Nový Smíchov First Floor S.R.O. Czech Republic 100.00% 100.00% 100.00% 100.00% Nordica Holdco AB Sweden 56.10% 56.10% 56.10% 56.10% Steen & Strøm Holding AB Sweden 56.10% 56.10% 100.00% 100.00% FAB CentrumInvest Sweden 56.10% 56.10% 100.00% 100.00% FAB Emporia Sweden 56.10% 56.10% 100.00% 100.00% FAB Borlänge Köpcentrum Sweden 56.10% 56.10% 100.00% 100.00% FAB Marieberg Galleria Sweden 56.10% 56.10% 100.00% 100.00% FAB Allum Sweden 56.10% 56.10% 100.00% 100.00% FAB P Brodalen Sweden 56.10% 56.10% 100.00% 100.00% Partille Lexby AB Sweden 56.10% 56.10% 100.00% 100.00% FAB P Åkanten Sweden 56.10% 56.10% 100.00% 100.00% FAB P Porthälla Sweden 56.10% 56.10% 100.00% 100.00% FAB Centrum Västerort Sweden 56.10% 56.10% 100.00% 100.00% Klépierre Gayrimenkul Yönetimi ve Yatirim Ticaret AS Turkey 100.00% 100.00% 100.00% 100.00% Miratur Turizm Insaat ve Ticaret AS Turkey 100.00% 100.00% 100.00% 100.00% Tan Gayrimenkul Yatirim Insaat Turizm Pazarlama ve Ticaret AS Turkey 51.00% 51.00% 51.00% 51.00% SERVICE PROVIDERS – INTERNATIONAL Projekt Arnekenstrasse Verwaltung GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Management Deutschland GmbH Germany 100.00% 100.00% 100.00% 100.00% Klépierre Management Belgique SA Belgium 100.00% 100.00% 100.00% 100.00% Klépierre Finance Belgique SA Belgium 100.00% 100.00% 100.00% 100.00% Steen & Strøm CenterService A/S Denmark 56.10% 56.10% 100.00% 100.00% Steen & Strøm Danemark A/S Denmark 56.10% 56.10% 100.00% 100.00% Klépierre Management Espana SL Spain 100.00% 100.00% 100.00% 100.00% Klépierre Management Hellas AE Greece 100.00% 100.00% 100.00% 100.00% Klépierre Management Italia S.r.l Italy 100.00% 100.00% 100.00% 100.00% Klépierre Finance Italia S.r.l Italy 100.00% 100.00% 100.00% 100.00% Steen & Strøm Senterservice AS Norway 56.10% 56.10% 100.00% 100.00% Klépierre Vastgoed Ontwikkeling B.V. Netherlands 100.00% 100.00% 100.00% 100.00% Klépierre Management Polska Sp. z o.o. Poland 100.00% 100.00% 100.00% 100.00% Klépierre Management Portugal SA Portugal 100.00% 100.00% 100.00% 100.00% Klépierre Management Ceska Républika S.R.O. Czech Republic 100.00% 100.00% 100.00% 100.00% Klépierre Energy CZ S.R.O. Czech Republic 100.00% 100.00% 100.00% 100.00% Klépierre Management Slovensko S.R.O. Slovakia 100.00% 100.00% 100.00% 100.00% Steen & Strøm Sverige AB Sweden 56.10% 56.10% 100.00% 100.00% KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 189 FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

List of consolidated companies Equity-accounted companies: joint control Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change Cécobil SCS France 50.00% 50.00% 50.00% 50.00% Du Bassin Nord SCI France 50.00% 50.00% 50.00% 50.00% Le Havre Vauban SNC France 50.00% 50.00% 50.00% 50.00% Le Havre Lafayette SNC France 50.00% 50.00% 50.00% 50.00% Girardin 2 SCI France 33.40% 33.40% 33.40% 33.40% Société Immobilière de la Pommeraie SC France 50.00% 50.00% 50.00% 50.00% Parc de Coquelles SNC France 50.00% 50.00% 50.00% 50.00% Kleprim’s SCI France 50.00% 50.00% 50.00% 50.00% Celsius Le Murier SNC France 40.00% 40.00% 40.00% 40.00% Celsius Haven SNC France 40.00% 40.00% 40.00% 40.00% Ventura SAS France 50.00% 0.00% 50.00% 50.00% 0.00% 50.00% Lobsta & K SAS France 50.00% 0.00% 50.00% 50.00% 0.00% 50.00% Clivia S.p.A Italy 50.00% 50.00% 50.00% 50.00% Galleria Commerciale Il Destriero S.p.A Italy 50.00% 50.00% 50.00% 50.00% CCDF S.p.A Italy 49.00% 49.00% 49.00% 49.00% Galleria Commerciale Porta di Roma S.p.A Italy 50.00% 50.00% 50.00% 50.00% Galleria Commerciale 9 S.r.l Italy 50.00% 50.00% 50.00% 50.00% Italian Shopping Centre Investment S.r.l Italy 50.00% 50.00% 50.00% 50.00% Holding Klege S.r.l Luxembourg 50.00% 50.00% 50.00% 50.00% Metro Senter ANS Norway 28.05% 28.05% 50.00% 50.00% Økern Sentrum ANS Norway 28.05% 28.05% 50.00% 50.00% Økern Eiendom ANS Norway 28.05% 28.05% 50.00% 50.00% Metro Shopping AS Norway 28.05% 28.05% 50.00% 50.00% Økern Sentrum AS Norway 28.05% 28.05% 50.00% 50.00% Nordal ANS Norway 28.05% 28.05% 50.00% 50.00% Klege Portugal SA Portugal 50.00% 50.00% 50.00% 50.00% List of consolidated companies Equity-accounted companies: significant influence Country % interest % control 12/31/2021 12/31/2020 Change 12/31/2021 12/31/2020 Change La Rocade SCI France 38.00% 38.00% 38.00% 38.00% La Rocade Ouest SCI France 36.73% 36.73% 36.73% 36.73% Du Plateau SCI France 19.65% 19.65% 30.00% 30.00% Achères 2000 SCI France 30.00% 30.00% 30.00% 30.00% Le Champs de Mais SC France 40.00% 40.00% 40.00% 40.00% Société du bois des fenêtres SARL France 20.00% 20.00% 20.00% 20.00% Step In SAS France 24.46% 24.46% 24.46% 24.46% Secar SC France 10.00% 10.00% 10.00% 10.00% Antigaspi & K SAS France 30.00% 0.00% 30.00% 30.00% 0.00% 30.00% NEAG Boulogne SAS France 30.00% 0.00% 30.00% 30.00% 0.00% 30.00% Akmerkez Gayrimenkul Yatirim Ortakligi AS Turkey 45.93% 46.00% (0.07%) 45.93% 46.00% (0.07%) List of deconsolidated companies at 12/31/2021 Country % interest % control 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Comments KLP Polska Sp. z o.o. Lublin sp.k. Poland 0.00% 100.00% 0.00% 100.00% Liquidated FAB Lackeraren Borlänge Sweden 0.00% 56.10% 0.00% 100.00% Disposed Girardin SCI France 0.00% 33.40% 0.00% 33.40% Merged Slagenveien 2 AS Norway 0.00% 56.10% 0.00% 100.00% Disposed Amanda Storsenter AS Norway 0.00% 56.10% 0.00% 100.00% Disposed Farmandstredet Eiendom AS Norway 0.00% 56.10% 0.00% 100.00% Disposed Nerstranda AS Norway 0.00% 56.10% 0.00% 100.00% Disposed Vinterbro Senter DA Norway 0.00% 56.10% 0.00% 100.00% Disposed Hovlandparken AS Norway 0.00% 28.05% 0.00% 50.00% Disposed Hovlandparken DA Norway 0.00% 28.05% 0.00% 50.00% Disposed Arcol Group S.R.O. Slovakia 0.00% 100.00% 0.00% 100.00% Disposed KLP Polska Sp. z o.o. Sadyba SKA w likwidacji Poland 0.00% 100.00% 0.00% 100.00% Liquidated KLP Polska Sp. z o.o. Kraków sp.k. Poland 0.00% 100.00% 0.00% 100.00% Liquidated Klépierre Berlin GmbH Germany 0.00% 94.99% 0.00% 94.99% Disposed Klépierre Berlin Leasing GmbH Germany 0.00% 100.00% 0.00% 100.00% Disposed Corio Nederland Kantoren BV Netherlands 0.00% 100.00% 0.00% 100.00% Merged Kletel Imobiliaria SA Portugal 0.00% 100.00% 0.00% 100.00% Liquidated Torgterrassen AS (a) Norway 0.00% 0.00% 0.00% 0.00% Disposed (a) New company consolidated over the period and disposed over the period. 190 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Consolidated financial statements for the year ended December 31, 2021 4

4.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS This is a translation into English of the statutory auditors’ report on the consolidated financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by European regulations and French law, such as information about the appointment of the statutory auditors or verification of the information concerning the Group presented in the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Annual General Meeting of Klépierre, Opinion In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying consolidated financial statements of Klépierre for the year ended December 31, 2021. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2021 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. The audit opinion expressed above is consistent with our report to the Audit Committee. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with the independence requirements of the French Commercial Code (Code de commerce) and the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes) for the period from January 1, 2021 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No. 537/2014. Justification of Assessments - Key Audit Matters Due to the global crisis related to the COVID-19 pandemic, the financial statements for this period have been prepared and audited under special circumstances. Indeed, this crisis and the exceptional measures taken in the context of the health emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties regarding their future prospects. Some of these measures, such as travel restrictions and remote working, have also had an impact on companies’ internal organization and on the performance of audits. It is in this complex, evolving context that, in accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code (Code de commerce) relating to the justification of our assessments we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 191 FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements 4

Measurement of investment properties at fair value RISK IDENTIFIED OUR RESPONSE As at December 31, 2021, as mentioned in Note 5.4.4 to the consolidated financial statements, the Group’s investment properties, which are recognized at fair value, amount to €18,729 million and investments in equity-accounted companies relating to investment properties recognized at fair value amount to €1,255 million. The fair values used by management are based on independent appraisals. These fair values incorporate many assumptions and estimates, in particular projected rent changes, discount rates and exit rates, estimated market rent levels, as well as recent transactions. For development assets, other factors are considered, such as projected development costs, rental stage of completion and the risks incurred until projects are completed. Determining the fair value of investment properties requires significant judgment, more particularly in the context of the COVID-19 pandemic. Therefore, given the materiality of the item in the consolidated financial statements taken as a whole and the level of judgment used in determining the fair value, the valuation of investment properties is considered to be a key audit matter. Please refer to Notes 1.1 and 5.4 to the consolidated financial statements. We obtained an understanding of management’s controls relating to data used for valuations as well as the controls concerning the analysis of changes in value compared with prior periods. We tested the efficiency of the controls that we considered to be most relevant. We assessed the competence and independence of the independent appraisers. With our specialists in real estate appraisal included in the audit team, we participated in meetings with independent appraisers, in order to understand the methodology adopted and the main assumptions used underlying the valuation of investment properties, including in particular market trends in expected rents, market yields and, for development assets, the taking into account of future development costs. We examined how recent market transactions were taken into account by the independent appraisers and we considered the potential impact of the COVID-19 pandemic on the projection of revenues in the discounted cash-flow model. We reconciled the valuations of the independent appraisers with the consolidated financial statements. We performed analytical procedures by comparing the valuations with those of prior periods, as well as the assumptions used, such as discount rates and exit rates with the relevant market data. We carried out specific procedures on investment properties whose valuation and, where applicable, variations were significant, as well as those whose assumptions and variations were not consistent with market data. In this context, together with our specialists in real estate appraisal, we reviewed the main parameters used by the independent appraisers, such as projected rent changes, market rent levels, discount rates and exit rates. Interviews with management were conducted when necessary. We also assessed the appropriateness of the information on investment properties at fair value disclosed in the notes to the consolidated financial statements. Measurement of rent abatements and provision for expected credit losses on receivables in the context of the COVID-19 health crisis RISK IDENTIFIED OUR RESPONSE As mentioned in Note 1.1 to the consolidated financial statements, continental Europe has faced several new waves of the COVID-19 pandemic, resulting for the group in the closure of tenants’ stores. As a consequence, a specific method of assessment has been applied by the group in relation to tenants’ solvency (receivables relating to insolvent or bankrupt tenants have been provisioned in full) but also to operating losses faced by tenants during store closure periods. As at December 31, 2021, trade receivables stood at €284.4 million and are impaired for €183.8 million (note 5.7 to the consolidated financial statements). In addition, abatements under negotiation to be granted to tenants amount to €75.8 million as at December 31, 2021 (note 5.7 to the consolidated financial statements). We have considered these valuations to be a key audit matter for the consolidated financial statements due to: • the materiality of rent abatements liable to be granted and of impairment for credit losses taken as a whole for the consolidated financial statements, and • the level of judgment required by management in the context of the COVID-19 pandemic. We obtained an understanding of the processes implemented and the controls in place regarding the assessment of abatements under negotiation and impairment of receivables. For accrued abatements: • we tested management assumptions linked to the collection rates by tenant depending on closure periods and; • we assessed those assumptions considering, where applicable, tenants’ eligibility for government measures during financial year 2021; • we also compared abatements entered into in 2021 with the estimated abatements as at December 31, 2020. For impairment of receivables: • we obtained an understanding of the procedures implemented by management to assess the solvency profile of tenants taking into account collection rates by tenant depending on the billing periods for financial year 2021 and the closure periods; • we tested on a sample basis the parameters used to determine impairment depending tenants and billing periods; • we performed a sensitivity analysis of receivable recovery expectations based on the collection rates noted at December 31, 2021 per billing period, which we compared with the impairment recorded on receivables related to financial year 2021; • we assessed whether receivables net of abatements to be granted in respect of financial years prior to 2021 had been fully impaired as indicated in note 1.1 to the consolidated financial statements; • we compared payments received in early 2022 with the impairment booked as at December 31, 2021. Tests and reviews were adapted country by country, depending on the significance of the abatements and/or impairment. 192 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements 4

Specific Verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the information given in the Executive Board’s Group management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. We attest that the consolidated non-financial statement required by Article L. 225-102-1 of the French Commercial Code (Code de commerce) is included in the Group management report, it being specified that, in accordance with Article L. 823-10 of said Code, we have verified neither the fair presentation nor the consistency with the consolidated financial statements of the information contained therein. Report on Other Legal and Regulatory Requirements Format of preparation of the consolidated financial statements intended to be included in the annual financial report We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by statutory auditors regarding the annual and consolidated financial statements prepared in the European single electronic format, that the preparation of the consolidated financial statements intended to be included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the responsibility of the Chairman of the Executive Board, complies with the single electronic format defined in Commission Delegated Regulation (EU) No. 2019/815 of December 17, 2018. Regarding consolidated financial statements, our work includes verifying that the tagging thereof complies with the format defined in the above-mentioned regulation. On the basis of our work, we conclude that the preparation of the consolidated financial statements intended to be included in the annual financial report complies, in all material respects, with the European single electronic format. We have no responsibility to verify that the consolidated financial statements that will ultimately be included by your Company in the annual financial report filed with the AMF (Autorité des marchés financiers) agree with those on which we have performed our work. Appointment of the Statutory Auditors We were appointed as statutory auditors of Klépierre by your Annual General Meeting held on June 28, 2006 for DELOITTE & ASSOCIES and on April 19, 2016 for ERNST & YOUNG Audit. As at December 31, 2021, DELOITTE & ASSOCIES was in its sixteenth year of total uninterrupted engagement and ERNST & YOUNG Audit in its sixth year. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The consolidated financial statements were approved by the Executive Board. Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Objectives and audit approach Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these consolidated financial statements. As specified in Article L. 823-10-1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 193 FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements 4

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: • Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management in the consolidated financial statements. • Assesses the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. • Evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on these consolidated financial statements. Report to the Audit Committee We submit to the Audit a report which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report. We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, confirming our independence within the meaning of the rules applicable in France as set out in particular in Articles L. 822-10 to L. 822-14 of the French Commercial Code (Code de commerce) and in the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes). Where appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Paris-La Défense, March 29, 2022 The Statutory Auditors French original signed by DELOITTE & ASSOCIES ERNST & YOUNG Audit Damien Leurent Emmanuel Proudhon Bernard Heller 194 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements 4

4.3 COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 4.3.1 Balance sheet 4.3.1.1 Assets In thousands of euros Notes 12/31/2021 12/31/2020 Gross Depreciation, amortization and impairment Net Net NON-CURRENT ASSETS Intangible assets 3.1 193,354 193,354 - - Property, plant and equipment 3.1 358,968 127,361 231,608 240,247 Land 62,104 10,960 51,144 54,079 Buildings and fixtures 240,213 116,115 124,098 128,354 Technical installations, plant and equipment 19 19 - - Other 51,779 266 51,513 51,568 Property, plant and equipment in progress 4,853 - 4,853 6,245 Advances and prepayments - - - - Financial assets 3.2 15,057,732 1,853,634 13,204,098 13,621,738 Investments 3.2.1 9,717,652 1,750,028 7,967,624 8,239,728 Advances to equity investments 3.2.2 5,189,891 103,427 5,086,464 4,969,071 Other long-term investments 179 179 - - Other financial assets 3.2.3 150,010 - 150,010 412,938 TOTAL I 15,610,054 2,174,348 13,435,706 13,861,984 CURRENT ASSETS Advances and prepayments to suppliers 9,046 - 9,046 7,113 Receivables 3.3 27,049 7,648 19,400 16,837 Trade accounts and notes receivable 20,476 5,452 15,025 12,923 Other 6,572 2,197 4,376 3,914 Marketable securities 3.4 43,554 2,777 40,777 29,241 Cash and cash equivalents 3.5 178,691 - 178,691 424,794 Prepaid expenses 3.6 6 - 6 52 TOTAL II 258,346 10,425 247,921 478,037 Deferred expenses (III) 3.6 28,273 - 28,273 33,832 Loan issue premiums (IV) 3.6 29,504 - 29,504 33,527 Currency translation adjustment – assets (V) - - - - GRAND TOTAL (I+II+III+IV+V) 15,926,177 2,184,773 13,741,403 14,407,380 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 195 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.3.1.2 Shareholders’ equity and liabilities In thousands of euros Notes 12/31/2021 12/31/2020 SHAREHOLDERS’ EQUITY 4.1 Share capital (of which paid-up: 401,606) 401,606 419,915 Additional paid-in capital (from share issues, mergers and contributions) 4,071,219 4,737,847 Legal reserve 44,010 44,010 Other reserves - - Retained earnings (147,095) 23,040 Net income 60,165 (170,135) Regulated provisions - - TOTAL I 4,429,904 5,054,676 Provisions for contingencies and losses 4.2 15,235 15,345 Provision for contingencies 15,127 15,300 Provision for losses 108 45 TOTAL II 15,235 15,345 LIABILITIES Borrowings 4.3 9,254,825 9,301,690 Bonds 6,112,189 7,001,224 Bank loans and borrowings 1,609 1,674 Other loans and borrowings 3,141,026 2,298,792 Due on trade receivables 1,273 449 Operating payables 20,810 15,845 Trade payables 4.4 14,496 11,649 Accrued taxes and payroll costs 4.5 6,315 4,196 Other payables 4.6 7,089 7,143 Due to suppliers of property and equipment 2 - Other 7,087 7,143 Prepaid income 4.7 5,330 5,283 TOTAL III 9,289,327 9,330,410 Currency translation adjustment – liabilities (IV) 4.8 6,937 6,948 GRAND TOTAL (I+II+III+IV) 13,741,403 14,407,380 196 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.3.2 Income statement In thousands of euros Notes 12/31/2021 12/31/2020 OPERATING INCOME Rental income 25,538 30,217 • Property rentals 19,262 23,031 • Costs recharged to tenants 6,276 7,186 Fees 809 608 Reversals of depreciation, impairment, provisions, and expense transfers 4,102 3,580 Other income 1,387 1,857 TOTAL I 31,836 36,262 OPERATING EXPENSES Purchases and external charges (18,972) (19,766) Taxes other than on income (2,469) (2,932) Wages and salaries (3,863) (1,655) Payroll taxes (2,955) (940) Depreciation, amortization, impairment and provisions • Depreciation and amortization of non-current assets and deferred expenses (8,851) (8,891) • Impairment of non-current assets (2,641) (7,666) • Impairment of current assets (4,617) (2,470) • Provision for contingencies and losses (796) (133) Other expenses (1,677) (2,638) TOTAL II (46,841) (47,091) Net operating income (I+II) 5.1 (15,006) (10,829) SHARE OF INCOME FROM JOINT OPERATIONS 5.2 Profits allocated or losses transferred III 97,706 82,869 Losses incurred or profits transferred IV (21,695) (14,429) FINANCIAL INCOME 5.3.1 From investments in subsidiaries and affiliates 343,945 252,485 From other marketable securities and receivables on non-current assets - - Other interest income 13,423 27,319 Reversals of provisions and expense transfers 32,466 41,308 Foreign exchange gains 905 443 Net income from disposals of marketable securities - - TOTAL V 390,739 321,554 FINANCIAL EXPENSES 5.3.2 Depreciation, amortization and impairment (298,224) (385,825) Interest expense (103,030) (156,370) Foreign exchange losses (985) (475) Net expenses on disposals of marketable securities - - TOTAL VI (402,238) (542,670) Net financial income (V+VI) (11,499) (221,116) Net income from ordinary operations before tax (I+II+III+IV+V+VI) 49,506 (163,504) NON-RECURRING INCOME On management transactions - 45 On capital transactions 51,200 48,643 Reversals of provisions and expense transfers 97,390 9,806 TOTAL VII 148,590 58,494 NON-RECURRING EXPENSES On management transactions - - On capital transactions (137,860) (63,936) Depreciation, amortization, impairment and provisions (1,710) (2,438) TOTAL VIII (139,570) (66,374) Net non-recurring income/(loss) (VII-VIII) 5.4 9,020 (7,879) Employee profit-sharing IX - - Income tax 5.5 X 1,640 1,249 Total income (I+III+V+VII) 668,870 499,179 Total expenses (II+IV+VI+VIII+IX+X) (608,704) (669,314) NET INCOME 60,165 (170,135) KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 197 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.3.3 Notes to the Company financial statements NOTE 1 SIGNIFICANT EVENTS 199 1.1 Impacts of the Covid-19 health crisis 199 1.2 Distribution approved by the General Meeting 199 1.3 Treasury share transactions 199 1.4 Changes in net debt 199 1.5 Disposal of the Boulevard Berlin shopping center in Germany 199 NOTE 2 SIGNIFICANT ACCOUNTING PRINCIPLES 199 2.1 Application of accounting policies 199 2.2 Changes in accounting rules and methods 199 2.3 Recognition and measurement methods 200 2.4 Accounting methods – liabilities and equity 201 2.5 Currency translation adjustments – transactions denominated in foreign currency 202 2.6 Accounting methods – income statement 202 NOTE 3 NOTES TO BALANCE SHEET ASSETS 203 3.1 Property, plant and equipment and intangible assets 203 3.2 Non-current financial assets 205 3.3 Trade and other receivables 208 3.4 Marketable securities and treasury shares 209 3.5 Cash and cash equivalents 209 3.6 Prepaid expenses – deferred expenses 209 NOTE 4 NOTES TO BALANCE SHEET LIABILITIES 210 4.1 Shareholders’ equity 210 4.2 Provisions for contingencies and losses 210 4.3 Loans and borrowings 211 4.4 Trade payables 212 4.5 Accrued taxes and payroll costs 212 4.6 Other payables 212 4.7 Prepaid income 212 4.8 Currency translation adjustment – liabilities 212 NOTE 5 NOTES TO INCOME STATEMENT ITEMS 213 5.1 Net operating income (expense) 213 5.2 Share of income from joint operations 213 5.3 Net financial expense 213 5.4 Non-recurring expense 214 5.5 Income tax 214 NOTE 6 NOTES TO OFF-BALANCE SHEET COMMITMENTS 215 6.1 Reciprocal commitments relating to hedging instruments 215 6.2 Other commitments 215 NOTE 7 OTHER DISCLOSURES 217 7.1 Cash pooling 217 7.2 Headcount 217 7.3 Loans and guarantees in respect of Executive Board and Supervisory Board members 217 7.4 Compensation paid to corporate officers and Supervisory Board members 217 7.5 Information on consolidation and transactions with related parties 217 7.6 Subsequent events 217 198 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Klépierre is a French joint-stock corporation (société anonyme) listed on Euronext Paris (compartment A). The Company’s registered office is located at 26, boulevard des Capucines, 75009, Paris. The financial statements were prepared in thousands of euros, and were established for publication by the Executive Board on February 9, 2022. NOTE 1 SIGNIFICANT EVENTS 1.1 IMPACTS OF THE COVID-19 HEALTH CRISIS The European economy has been impacted by the Covid-19 pandemic since early 2020, with government-imposed health restrictions in the countries in which Klépierre SA owns shopping centers (France) or holds equity interests (Europe) having an adverse impact on the Company’s financial statements. During 2021, Europe faced several fresh waves of the pandemic, prompting governments to reintroduce restrictions. As a result, the Klépierre Group’s activities were impacted by shopping center closures during certain periods but to a lesser extent than in 2020. The main impacts are summarized below: • A €133.4 million decline in the value of equity investments held by Klépierre SA due to a decrease in the value of its assets (see note 3.2.1); • A €7.6 million increase in the share of income from subsidiaries attributable to Klépierre SA compared to 2020 (see note 5.2), although still down by €28.2 million compared to 2019; • A €2.3 million decrease in rental income attributable mainly to rent abatements granted to tenants on assets held directly by Klépierre SA (see note 5.1); • A €0.4 million net increase in allowances for doubtful debts relating to unpaid tenant arrears, particularly in respect of administrative closure periods (see note 5.1). 1.2 DISTRIBUTION APPROVED BY THE GENERAL MEETING On June 17, 2021, the General Meeting of Shareholders approved the proposed payment of a €1.00 per share cash distribution in respect of 2020, deducted from equity premiums. The distribution was paid to shareholders on June 23, 2021 in a total amount of €285.3 million (excluding treasury shares). 1.3 TREASURY SHARE TRANSACTIONS On January 19, 2021, Klépierre SA canceled 5,091,144 shares acquired in 2019 under the February 2019 share buyback program for a total amount of €157.8 million. On June 22, 2021, Klépierre SA canceled 4,493,022 shares acquired in 2019 under the February 2019 share buyback program for a total amount of €142 million. On December 15, 2021, Klépierre SA canceled 3,493,860 shares acquired in 2019 under the February 2019 share buyback program for a total amount of €99.7 million. 1.4 CHANGES IN NET DEBT In 2021, Klépierre repaid €863.2 million in notes maturing in February (€298.8 million) and March (€564.4 million). These operations were financed by the use of available cash as well as by the increase in outstanding commercial paper. 1.5 DISPOSAL OF THE BOULEVARD BERLIN SHOPPING CENTER IN GERMANY On December 20, 2021, the Klépierre Group announced the disposal of the Boulevard Berlin shopping center, in which it held a 95% stake. Accordingly, Klépierre SA sold all the shares held in Klépierre Berlin GmbH and Klépierre Berlin Leasing GmbH for an amount of €46.7 million. NOTE 2 SIGNIFICANT ACCOUNTING PRINCIPLES 2.1 APPLICATION OF ACCOUNTING POLICIES The Company financial statements were prepared in accordance with the French Commercial Code (Code de commerce), the French General Chart of Accounts (Plan comptable général) in force (ANC Regulation no. 2014-03), French law and French generally accepted accounting principles. Generally accepted accounting principles were applied in accordance with the principle of prudence, the accrual basis of accounting and on a going concern basis. 2.2 CHANGES IN ACCOUNTING RULES AND METHODS There was no change in accounting methods or estimates during the year. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 199 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

2.3 RECOGNITION AND MEASUREMENT METHODS The Company applies the historical cost convention to measure and recognize assets. Property, plant and equipment and intangible assets are recognized as assets when both of the following conditions have been met: • It is probable that the future economic benefits associated with the asset will flow to the entity; • Their cost or value can be measured reliably. At the recognition date, asset values are measured either at acquisition cost or cost of construction. 2.3.1 Intangible assets Intangible assets primarily comprise technical losses allocated to “Business goodwill”, and are written down in the event of impairment. 2.3.2 Property, plant and equipment Property, plant and equipment mainly include real estate assets held by the Company (principally shopping centers and adjacent land). Gross value of property, plant and equipment Real estate assets are recorded on the balance sheet at acquisition cost, contribution value or cost of construction or restructuring, based on the manner in which they are acquired. Gross value includes directly attributable acquisition costs (transfer taxes, fees, commissions, legal and administrative fees). Interest and other expense relating specifically to the development of property, plant and equipment is capitalized in the acquisition cost. Acquisition cost also includes eviction indemnities paid to tenants when their departure is necessitated by building renovation, reconstruction and restructuring work. In accordance with ANC Regulation no. 2014-03, the component approach is used, where the gross value of real estate assets (other than land) is allocated to four separate components, based on the following percentages: Components Shopping center properties Structures 50% Facades 15% General and technical installations 25% Fittings 10% As these scales were based on assumed “as new” values, a multiplier was applied at first time adoption depending on the age of the individual asset components. The same method has been applied to all subsequently acquired or contributed real estate assets. Depreciation Real estate assets are depreciated on a straight-line basis over the useful life of each component. Land is not depreciated. Based on French Federation of Real Estate Companies (FSIF) studies, the depreciation periods used are as follows: Components Depreciation periode (straight-line basis) Structures 35 to 50 years Facades 25 years General and technical installations 20 years Fittings 10 to 15 years No residual value is provided for on the assets currently held. Impairment of real estate assets When the carrying amount of real estate assets exceeds estimated present value, an impairment loss is recognized to write down the carrying amount to present value. Present value corresponds to fair value or value in use. Impairment is first recognized against non- depreciable components. Where applicable, any technical losses allocated for accounting purposes to the related components are taken into consideration. The fair value of real estate assets corresponds to the market value excluding transfer taxes at the reporting date, as determined by independent real estate appraisers or internally, with the exception of assets acquired within the past six months whose fair value is estimated only in the event of a loss in value. The fair value of assets covered by an agreement to sell (promesse de vente) is appraised at the selling price net of disposal costs. Accordingly, since these are by nature estimates, the disposal price for certain real estate assets may differ from the appraised values, even where it occurs within a few months of the reporting date. 2.3.3 Non-current financial assets Non-current financial assets mainly comprise: • Equity investments held by Klépierre SA in companies directly or indirectly holding real estate assets; • Advances to equity investments; • Treasury shares recognized. This item also includes merger losses and share cancellation premiums arising on unrealized gains on shares. 200 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Equity investments Equity investments are recognized on the balance sheet at cost, contribution value or subscription value. Acquisition costs are expensed as incurred and are not included in the carrying amount of the shares on the balance sheet. When the value in use is lower than the carrying value plus the technical losses allocated for accounting purposes to equity investments, an impairment loss is booked first against the merger loss and subsequently against the equity investment. The value in use is determined on a multi-criteria basis taking into account the subsidiaries’ net asset value and profitability outlook. The net asset value of real estate companies is estimated based on external appraisals conducted by independent real estate appraisers, internal appraisals, or based on the value of sale commitments, in the same manner as for directly-held properties (see impairment of real estate assets). The carrying amount of management company shares is remeasured at each reporting date by an independent appraiser using the discounted future cash flows method. Advances to equity investments Advances to equity investments held by Klépierre SA are recognized at face value and may be written down in the event that there is a risk of non-recovery. The Company takes account of the characteristics of the advance granted, the ability of the subsidiary to reimburse the advance, and its future prospects as appropriate. Advances to equity investments are written down only where the corresponding shares have already been written down in full. Treasury shares Treasury shares are recognized at cost under non-current financial assets, except for treasury shares acquired in the context of employee share grants or for market-making purposes, which are shown in marketable securities. An impairment loss is recognized if the average share price for the last month of the fiscal year is lower than the acquisition value, except for treasury shares held for cancellation as part of a capital decrease, and for shares allocated to employee share grants, which are never written down. 2.3.4 Receivables Receivables are recognized at face value. The Company conducted a line-by-line analysis of trade receivables to assess counterparty risk. An allowance is recognized against trade receivables where there is a risk of non-recovery, assessed on a multi-criteria basis taking into account the age of the receivables, their nature, the status of any ongoing recovery procedures, and the quality of any guarantees held. The amount of the allowance is calculated with or without deduction of security deposits further to the contract-by-contract risk assessment. Note 2.5 sets out the accounting treatment applied to receivables denominated in foreign currency. Other receivables include balancing payments on swaps and deferred premiums paid further to the cancellation or restructuring of derivative hedging instruments (for further information, see the section on the accounting treatment of hedging transactions). 2.3.5 Marketable securities Marketable securities are recognized at cost net of provisions. Marketable securities comprise term deposits and treasury shares other than those classified as non-current financial assets. They are held mainly to cover performance share plans or under the liquidity agreement. Marketable securities are written down when their acquisition value exceeds fair value, determined based on the average stock market price for the last month of the fiscal year. For further information, see section 2.3.3 on treasury shares. 2.4 ACCOUNTING METHODS – LIABILITIES AND EQUITY 2.4.1 Borrowings Borrowings and other financial liabilities are recognized at their reimbursement face value, including accrued interest not yet due. Note 2.5 sets out the accounting treatment applied to borrowings denominated in foreign currency. 2.4.2 Bond issue costs Bond issue costs and premiums, and commissions and fees relating to bank loans are recognized under assets and taken to income on a straight-line basis over the term of the underlying agreement. 2.4.3 Forward financial instruments and hedging transactions Derivative instruments – hedging transactions Klépierre SA subscribes to various derivative contracts such as interest rate and currency swaps and interest rate caps to reduce the exposure of the Company’s earnings, cash flows and equity to interest rate and currency fluctuations. Klépierre SA applies the hedge accounting principles set out in the French General Chart of Accounts (Articles 628-6 to 628-17) and ANC Regulation no. 2015-05 relating to forward financial instruments and hedging transactions. Hedging costs (option premiums, balancing payments and other costs) are recognized to match the gains and losses on the hedged item. Gains and losses arising on hedging transactions are recognized in the income statement to match the recognition of income and expenses of the hedged item. Gains and losses on forward financial instruments (swaps) contracted for the purpose of hedging exposure to changes in interest rates are taken to income at a rate that matches the recognition of the interest expense on the hedged borrowings. Gains and losses on hedging instruments are classified in the same way as the hedged item and under the same income statement classification (operating or financial income and expenses). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 201 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Unrealized gains and losses on hedging transactions arising on the difference between the estimated market value of hedging agreements and their carrying amount at the reporting date are only recognized where doing so ensures matching treatment with the hedged item. The value in use of an investment in a foreign operation may be hedged up to the equivalent value of the carrying amount in foreign currency. The impact of hedging is taken into account in the calculation of impairment losses on shares. Gains and losses on foreign exchange derivatives arranged in connection with the hedging of foreign currency loans are taken to income over the hedging period to match gains and losses on the hedged item. Derivative instruments – transactions not meeting the eligibility criteria for hedge accounting Transactions that are not eligible for hedge accounting are treated for accounting purposes as “isolated open positions”, in accordance with Article no. 628-18 of the French General Chart of Accounts. Gains and losses arising on these transactions are immediately recognized in the income statement, in financial income and expenses. Any unrealized gains and losses arising on the difference between the estimated market value of the agreements and their carrying amount at the reporting date are recognized in financial income and expenses, with a contra-entry to provisions. Pursuant to the prudence principle, unrealized gains are not taken to income regardless of the market on which the instrument is traded. Interest income and expense on these transactions is recognized in financial income and expenses. 2.4.4 Employee benefits In accordance with Recommendation no. 2013-02 of November 7, 2013, pension obligations are provided for in full (preferred method) and are valued in accordance with the recommended method in IAS 19 (revised). This is the same accounting treatment that is applied in the consolidated financial statements. As the Company has no employees, no commitment is calculated at the level of the parent. 2.5 CURRENCY TRANSLATION ADJUSTMENTS – TRANSACTIONS DENOMINATED IN FOREIGN CURRENCY Receivables and payables denominated in foreign currency are translated at the period end and recognized in local currency based on the latest exchange rate published by Banque de France. If the application of the exchange rate on the reporting date changes the previously-recognized local currency amounts, any translation differences are recorded under currency translation adjustments. Unrealized gains (“Currency translation adjustment – liabilities”) are not recognized in income but are recorded under liabilities, whereas a provision for contingencies (“Currency translation adjustment – assets”) is set aside for unrealized losses to the extent of the unhedged risk. Payments related to these receivables and payables are compared to the original historical values and give rise to the recognition of foreign exchange gains and losses. These gains and losses are not offset. 2.6 ACCOUNTING METHODS – INCOME STATEMENT 2.6.1 Operating income and expenses related to the leasing business Operating income and expenses mainly comprise rents and rebilled expenses. Rents are recognized on a straight-line basis over the term of the lease. Service charges are invoiced to tenants based on the approved budget, and adjusted once the settlement of service charges realized. Step-up rents and rent-free periods Step-up rents and rent-free periods are recognized on a straight-line basis over the reference period. The reference period adopted is the first non-cancelable lease term. Early termination penalties Tenants who terminate leases prior to the contractual expiration date are liable to pay early termination penalties, which are credited to income for the period when in which they are recognized. Key money Key money paid by tenants is recognized over the non-cancelable lease term. Letting fees Letting, re-letting and renewal fees are recognized as expenses for the fiscal year. Recognition of income from fixed assets passed on to tenants Income from fixed assets passed on to tenants is recognized over the non-cancelable lease term to the extent that the annual amount exceeds €0.6 million per property. 2.6.2 Mergers and similar transactions Gains and losses arising on merger transactions are determined as the difference between the net financial position of the merged entity and the carrying amount of the shares in the balance sheet of the parent entity. Technical surpluses Any gains from these transactions are recognized in financial income to the extent of the share in the merged entity’s accumulated retained earnings since the acquisition of its shares. Any surpluses are taken to equity. Technical losses Losses arising on mergers that cannot be justified by unrealized gains that are not recognized in the financial statements of the merged entity are recognized in financial income and expenses. Technical losses corresponding to unrealized and unrecognized gains (generally the case for mergers of entities under joint control carried out at book value) are recognized under other property, plant and equipment, intangible assets, non-current financial assets or in a current asset account based on the classification of the unrealized gains on the underlying transferred assets. Technical losses are subject to the same depreciation, amortization and impairment rules as the underlying asset to which they are allocated. 202 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

2.6.3 Tax regime adopted by the Company Klépierre SA has elected to be taxed under the French real estate investment company (Sociétés d’investissement immobilier cotées – SIIC) tax regime in accordance with the terms of Article 208 C of the French Tax Code. As such, it is exempt from corporate income tax on: • Earnings from rental properties, provided that 95% of such earnings are distributed to shareholders before the end of the fiscal year that follows the year in which they are generated; • Capital gains from the sale of property, investments in partnerships with a corporate purpose identical to that of a SIIC or shareholdings in subsidiaries that have elected for the SIIC regime, provided that 70% of these capital gains are distributed to shareholders before the end of the second fiscal year following the year in which they are generated; • Dividends received (i) from subsidiaries having elected for SIIC status where these dividends arise as a result of profits and/or capital gains that are exempt from corporate income tax under the SIIC regime, or (ii) from subsidiaries outside France subject to a tax regime that is comparable to SIIC status, provided that they are redistributed during the fiscal year following the year in which they are generated. The Company is subject to income tax under the conditions of ordinary law on its other income (including financial income, dividends from French or foreign subsidiaries not subject to SIIC rules or a comparable regime outside of France, and its real estate management activity carried out through pass-through subsidiaries). NOTE 3 NOTES TO BALANCE SHEET ASSETS 3.1 PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS 3.1.1 Gross non-current assets In thousands of euros Gross amount at 12/31/2020 Acquisitions, new businesses and contributions Reductions by disposals, retirement of assets Inter-item transfers Gross amount at 12/31/2021 INTANGIBLE ASSETS Technical merger loss 184,564 - - - 184,564 Other 8,790 - - - 8,790 Total 193,353 - - - 193,353 PROPERTY, PLANT AND EQUIPMENT Land 62,613 - (509) - 62,104 Structures 126,752 - (1,750) 54 125,056 Facades, cladding and roofing 30,408 - - 56 30,465 General and technical installations 51,330 - - 62 51,391 Fittings 28,873 - - 4,429 33,302 Property, plant and equipment in progress 6,245 4,198 (988) (4,602) 4,853 Other property, plant and equipment 51,797 - - - 51,797 • Technical loss on land 49,364 - - - 49,364 • Technical loss on structures 2,399 - - - 2,399 • Other 34 - - - 34 Total 358,018 4,198 (3,248) - 358,968 TOTAL GROSS NON-CURRENT ASSETS 551,372 4,198 (3,248) - 552,322 The amount of €184.6 million in technical losses corresponds to the unallocated portion of the technical loss resulting from the merger of Corio NV. This technical loss was written down in full at the end of the 2015 fiscal year. Technical merger losses allocated to land and structures Transaction Date Underlying assets transferred in the merger or transfer of assets and liabilities Gross amount Merger Centre Jaude 06/08/2015 Real estate asset (Centre Jaude shopping center) 46,342 Merger Carré Jaude 2 07/31/2015 Real estate asset (Carré Jaude 2 shopping center) 1,459 Merger Corio SAS 03/13/2017 Real estate asset (Saint-Étienne Centre Deux shopping center) 3,963 TOTAL 51,763 Property, plant and equipment in progress mainly corresponds to investment expense related to work on the Clermont Jaude, Saint-Étienne and Metz Saint-Jacques shopping centers. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 203 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

3.1.2 Depreciation, amortization and impairment In thousands of euros Depreciation and amortization at 12/31/2020 Additions Disposals Inter-item transfers Depreciation and amortization at 12/31/2021 INTANGIBLE ASSETS Technical merger loss 184,564 - - - 184,564 Other 8,789 - - - 8,789 Total 193,353 - - - 193,353 PROPERTY, PLANT AND EQUIPMENT Structures 42,097 2,920 (541) - 44,476 Facades, cladding and roofing 13,741 1,088 - - 14,829 General and technical installations 25,808 2,444 - - 28,253 Fittings 13,984 1,932 - - 15,916 Other property, plant and equipment 230 54 - - 284 • Technical loss on land - - - - - • Technical loss on structures 211 54 - - 265 • Other 19 - - - 19 Total 95,860 8,439 (541) - 103,758 TOTAL DEPRECIATION AND AMORTIZATION 289,214 8,439 (541) - 297,111 In thousands of euros Impairment at 12/31/2020 Additions Reversals Inter-item transfers Impairment at 12/31/2021 PROPERTY, PLANT AND EQUIPMENT Land 8,534 2,641 (215) - 10,960 Structures 13,377 - (735) - 12,642 TOTAL IMPAIRMENT 21,911 2,641 (950) - 23,602 TOTAL DEPRECIATION AND IMPAIRMENT 311,125 11,080 (1,491) - 320,713 The changes in this item in 2021 were mainly attributable to: • Impairment for an asset for €2.4 million; • The reversal of the impairment of the Metz Saint-Jacques shopping center for €0.7 million. 3.1.3 Net non-current assets In thousands of euros Net amount at 12/31/2020 Increases net of depreciation, amortization and impairment Decreases net of reversals Inter-item transfers Net amount at 12/31/2021 INTANGIBLE ASSETS Technical merger loss - - - - - Other - - - - - Total - - - - - PROPERTY, PLANT AND EQUIPMENT Land 54,079 (2,641) (294) - 51,144 Structures 71,278 (2,920) (474) 54 67,938 Facades, cladding and roofing 16,667 (1,088) - 56 15,635 General and technical installations 25,521 (2,444) - 62 23,138 Fittings 14,889 (1,932) - 4,429 17,386 Property, plant and equipment in progress 6,245 4,198 (988) (4,602) 4,853 Other property, plant and equipment 51,567 (54) - - 51,513 • Technical loss on land 49,364 - - - 49,364 • Technical loss on structures 2,189 (54) - - 2,135 • Other 15 - - - 15 Total 240,247 (6,882) (768) - 231,607 TOTAL NET NON-CURRENT ASSETS 240,247 (6,882) (768) - 231,607 204 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

3.2 NON-CURRENT FINANCIAL ASSETS 3.2.1 Equity investments In thousands of euros GROSS EQUITY INVESTMENTS AT BEGINNING OF YEAR 9,856,380 Acquisitions of shares 1,561 Decreases in shares (13,274) Disposals and transfers of shares (127,016) Technical losses on equity investments - GROSS EQUITY INVESTMENTS AT END OF YEAR 9,717,652 Acquisitions of shares mainly correspond to the capital increase of Klépierre Finance SAS. Decreases in shares mainly correspond to the capital decrease and distributions of premiums by SCI Du Bassin Nord. Disposals and transfers of shares correspond to: • The disposal of shares in the German companies Klépierre Berlin GmbH and Klépierre Berlin Leasing GmbH for a total amount of €126.6 million; • The disposal of a portion of the shares in Akmerkez Gayrimenkul Yatirim Ortakligi AS for €0.4 million. Impairment of equity investments In thousands of euros Impairment at 12/31/2020 Additions Reversals Mergers Impairment at 12/31/2021 NON-CURRENT FINANCIAL ASSETS Impairment of equity investments 1,616,653 246,881 (113,505) - 1,750,028 TOTAL PROVISIONS 1,616,653 246,881 (113,505) - 1,750,028 Impairment of equity investments mainly corresponds to: • Impairment losses recognized during the year, concerning: • Klépierre Nederland BV for €161.2 million, • Akmerkez Gayrimenkul Yatirim Ortakligi AS for €24.6 million, • Klépierre Alpes SAS for €17.5 million; • Reversals of impairment losses on the shares of: • Klépierre Berlin GmbH for €93.5 million further to the disposal of the corresponding shares, and • Klecar Foncier España SL for €10.8 million. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 205 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Financial information on subsidiaries and investments Financial information on subsidiaries and investments In thousands of euros Share capital Shareholders equity other than share capital and net income % interest Net income at year end Pre-tax revenues Gross book value Net book value Guarantees and sureties given Loans and advances granted Dividends received 1. SUBSIDIARIES MORE THAN 50% OWNED Ayam SNC 3 - 90 209 - 8,029 4,316 - 1,252 - Bègles d’Arcins SCS 26,679 18,818 52 32,806 22,472 44,991 44,991 - 19,404 - Bègles Papin SNC 765 6,871 100 22,255 2,059 7,636 7,306 - 10,118 - Bresta I BV 23 (44) 100 (25) - 21,088 - - - - Caetoile SNC 3 38,365 90 5,503 9,492 152,582 152,582 - 799 4,405 Capucine BV 39,494 343,537 100 32,424 - 515,979 515,979 - - - Cécoville SAS 3,286 183,029 100 7,026 29,169 256,588 256,588 - 58,220 2,020 Centre Bourse SNC 3,813 - 100 (173) 3,160 47,419 8,461 - 29,931 - Centre Deux SNC 3 27,175 90 1,389 4,929 82,913 58,840 - 7,000 1,364 Dense SNC 3 19,284 90 2,854 7,064 83,010 83,010 - 13,073 2,555 Financière Corio SAS 3 (11) 100 (36) - 1,571 - - 47,325 - Foncière de Louvain-la-Neuve SA 12,062 (15,919) 100 2,818 - 12,061 12,061 - 49,764 - Galerie du livre SAS 76 1,987 100 34 92 6,309 6,124 - - 8 Galleria Commerciale Klépierre SRL 1,560 31,668 100 (626) 2,791 41,052 41,052 - 2,800 796 Galeries Drancéennes SNC 4 600 100 1,196 3,867 58,341 19,918 - 11,796 - Le Havre Colbert SNC 80 9,947 100 879 1,525 10,016 10,016 - 3,998 - Holding Gondomar 1 SAS 5,085 24,361 100 1,643 6,170 64,739 64,739 - 8,889 2,866 Holding Gondomar 3 SAS 835 6,432 100 475 - 8,021 8,021 - - 525 KLE 1 SAS 8,785 36,155 100 6,154 124 98,166 98,166 - 72,226 5,567 Klecab SCI 450 1,350 100 198 460 1,800 1,800 - 1,778 - Klé Projet 1 SAS 3,754 20,092 100 1,303 1,020 37,201 31,468 - 7,589 - Kleber Odysseum SCI 743 77,273 100 3,930 - 78,016 78,016 - 41,748 - Klécar Foncier España SL 250 1,709 100 6,553 12,442 192,735 163,460 615 53,512 3,441 Klécar France SNC 333,086 - 83 24,720 2,515 455,060 455,060 - 5,893 - Klécar Foncier Iberica SL 251 50 100 35 281 46,316 3,294 - - 445 Klécar Participations Italie SAS 20,456 2,051 83 29,955 - 17,587 17,587 - 34,867 2,429 Klémurs SAS 91,542 78,740 100 15,282 15,552 238,942 219,749 - - 15,435 Klépierre Alpes SAS 153 46,026 100 4,610 15,699 232,597 215,103 - 45,838 4,699 Klépierre Beleggingen I BV 18 (56) 100 (24) - 2,348 - - - - Klépierre Conseil SAS 1,108 5,622 100 40 60 7,934 7,934 - 121 90 Klépierre Créteil SCI 21,073 23,104 100 307 3,869 75,624 47,195 - 27,821 - Klépierre Échirolles SNC 3 (2,905) 100 (4,342) 35 6,566 1,068 - 27,461 - Klépierre et Cie SNC 503 10,128 100 1,032 - 40,205 38,927 - - 2,411 Klépierre Finance SAS 38 218 100 (283) 555 1,599 - - - - Klépierre Foncier Macedonia SA 190 (13,573) 100 110 924 1,999 - - 18,958 - Klépierre Grand Littoral SAS 69,427 (385) 100 3,415 13,032 360,115 61,596 - 66,370 - Klépierre Italia SRL 62,390 36,243 100 479,287 - 1,144,425 1,144,425 - 1,436,061 - Klépierre Management Ceska Republika SRO 121 (3) 100 77 - 10,500 10,500 - - - Klépierre Management Deutschland GmbH 25 301 100 1,912 40 25 25 - 13,490 - Klépierre Management Espana SL 205 907 100 (758) - 37,862 37,862 598 - - Klépierre Management Hellas SA 48 (390) 100 (112) - 1,597 - - 200 - Klépierre Management Polska Sp. z o.o. 11 1,052 100 159 - 10,900 10,900 - - - Klépierre Management Portugal SA 200 116 100 321 - 16,965 8,148 - - 374 Klépierre Management SNC 1,682 12,431 100 753 86,700 136,473 136,473 1,208 - - Klépierre Massalia SAS 10,864 12,430 100 (30) - 13,208 - - 14,636 - Klépierre NEA Efkarpia SA 90 (220) 100 77 181 240 - - 1,657 - Klépierre Nederland BV 136,182 1,103,195 100 (863) - 1,888,564 1,246,345 - 773,322 145,000 Klépierre Nordica BV 377,640 418,735 100 114,841 - 675,657 675,657 - - - Klépierre Perivola Patras SA 674 632 100 294 676 675 675 - 4,005 235 Klépierre Plenilunio Socimi SA 5,000 42,658 100 15,399 23,443 234,514 234,514 - 96,768 13,660 Klépierre Procurement International SNC 3,693 - 100 (5,312) 3,133 3,693 3,693 - 64 - Klépierre Real Estate España SL 54,437 11,924 100 716 10,388 262,059 135,358 - 36,636 1,683 Klépierre Vallecas SA 60 69,590 100 16,051 23,226 248,900 248,900 - 109,163 12,258 Klé Start SAS 5 (3) 100 (229) 23 861 - - 221 - Les Portes de Chevreuse SNC 2 (17,081) 99 (240) - - - - 16,075 - 206 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Financial information on subsidiaries and investments In thousands of euros Share capital Shareholders equity other than share capital and net income % interest Net income at year end Pre-tax revenues Gross book value Net book value Guarantees and sureties given Loans and advances granted Dividends received LP 7 SAS 45 26 100 40 - 380 231 - - - Maya SNC 3 - 90 1,222 - 33,596 25,413 - 4,802 - Mob SCI - (1,520) 100 40 105 4,104 2,072 - - - Nancy Bonsecours SCI 3,054 3,053 100 (150) - 6,565 6,565 - 2,537 - Nueva Condo Murcia SLU 6,949 106,473 100 9,974 18,701 174,068 174,068 - 32,175 7,950 Pasteur SC 227 (4,903) 100 3,447 2,325 2,091 - 2,427 25,995 - Portes de Claye SCI 56,262 170,318 55 (1,448) 13,313 124,619 124,619 - - - Principe Pio Gestion SA 7,212 35,070 100 6,476 13,448 180,000 150,680 - 9,047 6,472 Progest SAS 7,703 25,462 100 5,902 866 116,055 116,055 - 10,039 5,145 Reluxco International SA 730 (12,746) 100 (4,035) - 122,080 - - 112,807 - Sagep SAS 329 6,377 100 (1,661) 907 28,004 5,215 - 3,755 2,986 Saint Maximin Construction SCI 2 - 55 43 45 524 326 - - - Sanoux SCI 14 (11,023) 75 515 3,691 - - - - - SCOO SC 25,215 342,086 54 11,966 46,184 207,856 207,856 - - - Sécovalde SCI 12,189 115,929 55 19,635 43,349 92,482 92,482 - 59,684 - Soaval SCS 4,501 33,346 99 5,921 24,623 42,046 42,046 - 54,499 - Sodévac SNC 2,918 26,245 100 1,610 5,616 29,163 29,163 - 3,671 - TOTAL I 885,486 480,341 9,167,909 7,604,696 4,848 3,489,860 244,818 2. INVESTMENTS BETWEEN 10% AND 50% OWNED Akmerkez Gayrimenkul Yatirim Ortakligi AS 1,123 3,642 46 2,537 - 229,637 54,735 - - 4,538 Du Bassin Nord SCI 70,645 28,680 50 (30,433) 8,832 49,663 48,758 - - - Cecobil SCS 5,122 10,165 50 8,001 15,492 7,642 7,642 - 16,595 - Forving SARL 11 26 26 (1) - 682 379 - - - Klépierre Brand Ventures SNC 330 - 49 (274) 10,121 490 154 - 343 - Klépierre Köln Holding GmbH 25 2,665 10 (38) - 2,703 1,723 - - Klépierre Management Slovensko SRO 7 27 15 19 - 4 4 - - 3 Le Havre Lafayette SNC 525 9 50 1,864 4,033 1,702 1,702 - 4,104 - Le Havre Vauban SNC 300 5 50 (155) 373 463 463 - 4,013 - Odysseum Place de France SNC 97,712 - 50 7,819 20,020 49,004 49,004 1,495 46,349 - Secar SC 9,150 - 10 21,839 42,337 80,330 74,691 - 5,354 - Solorec SC 4,869 2,768 49 19,854 44,731 124,104 124,104 - 107,219 - Ucgen bakim ve yonetim hizmetleri A 10 - - 16 - - - 7 TOTAL II 31,032 145,939 546,439 363,359 1,495 183,977 4,548 3. INVESTMENTS LESS THAN 10% OWNED Du Plateau SCI - 502 4 2,239 2,527 895 895 - - - Kle Arcades SC 10 - - 105 260 - - - - - Klépierre Gayrimenkul Yönetimi ve Yatrim Ticaret AS 48,882 (38,906) 1 (13,471) 8,669 760 248 - - - La Rive SCI 2 (1,750) 2 2,895 4,055 709 709 - - - La Rocade Ouest SCI 383 - 8 714 851 908 829 - - - Miratur Turizm Insaat ve Ticaret AS 723 190 - (93) 704 21 2 - - - Valdebac SCI 1,324 11,916 - 221 251 - - - - - TOTAL III (7,390) 17,317 3,293 2,683 - - - GRAND TOTAL I + II + III 909,128 643,597 9,717,642 7,970,738 6,343 3,673,837 249,366 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 207 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

3.2.2 Advances to equity investments In thousands of euros 12/31/2021 12/31/2020 Advances to equity investments 5,016,429 4,879,189 Accrued interest on advances 69,654 89,337 Share of net income and dividends 103,808 69,868 Impairment of advances to equity investments (103,427) (69,323) TOTAL 5,086,463 4,969,071 See the table of subsidiaries and investments for details of advances granted by subsidiary. Changes in advances to equity investments are mainly attributable to: • The capitalization at January 1, 2021 of outstanding interest at December 31, 2020 for €58.9 million; • The increase in the advance granted to Klépierre Italia S.r.l. for €314 million, of which €244 million was used to repay the short-term advance received from Klépierre Finance SAS under the cash pool; • The decrease related to the disposal of Klépierre Berlin GmbH and Klépierre Berlin Leasing GmbH for a total of €230.3 million. Impairment of advances to equity investments recognized during the year, notably: • Reluxco International SA for €23.9 million; • Massalia Shopping Mall SCI for €4.2 million. 3.2.3 Other financial assets In thousands of euros 12/31/2021 12/31/2020 Treasury shares (buyback of shares in view of their subsequent cancellation) - 399,589 Treasury shares (external growth transaction) - 14,334 Impairment of treasury shares - (985) Other fixed assets 150,010 - TOTAL 150,010 412,938 In accordance with the initial objective, the treasury shares acquired under the February 2019 share buyback program implemented were all canceled within 24 months of their acquisition. Other receivables correspond to term deposits taken out to invest available cash. 3.3 TRADE AND OTHER RECEIVABLES Receivables amounted to €19.4 million compared to €16.8 million at December 31, 2020. It includes trade and other receivables. Trade receivables represent a gross value of €20.4 million, or €15 million on a net basis after deducting the €5.5 million allowance for doubtful debts. The net value of trade receivables at December 31, 2020 was €12.9 million. In thousands of euros 12/31/2021 12/31/2020 Trade receivables 20,476 18,010 Allowances for bad debts (5,452) (5,086) NET VALUE OF TRADE RECEIVABLES 15,025 12,923 The bulk of trade receivables are due in less than one year. Other receivables (detailed below) represent €4.4 million on a net basis, corresponding mainly to tax credits related to government support during the Covid-19 crisis and work not yet re-invoiced to tenants in respect of the renovation of the Clermont Jaude center. In thousands of euros 12/31/2021 12/31/2020 Tax receivables 3,452 1,818 • VAT 1,483 1,254 • Other taxes and duties 1,969 564 Other receivables 925 2,095 TOTAL 4,376 3,914 208 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Maturity schedule of other receivables In thousands of euros Total Less than one year One to five years More than five years Tax receivables 3,452 1,483 1,969 - • VAT 1,483 1,483 - - • Other taxes and duties 1,969 - 1,969 - Other receivables 925 925 - - TOTAL 4,376 2,408 1,969 - 3.4 MARKETABLE SECURITIES AND TREASURY SHARES Marketable securities amounted to €43.6 million, of which: • €33.6 million in treasury shares held in connection with the liquidity agreement and performance share plans; • €10 million in term deposits. Information on treasury shares At December 31, 2021, the Company held a total of 1,477,421 treasury shares (0.52% of shares in issue), with a carrying amount of €33.6 million (see note 3.2.3 and hereafter). These treasury shares are allocated as follows: • 39,450 shares held for the 2018 performance share plan; • 68,869 shares held for the 2019 performance share plan; • 115,730 shares held for the 2020 performance share plan; • 323,003 shares earmarked on July 1, 2021 to the 2021 performance share plan; • 930,369 shares earmarked to cover future performance share plans. 1,360,020 treasury shares held under the liquidity agreement were sold during 2021, resulting in a net gain of €3 million. 3.5 CASH AND CASH EQUIVALENTS Cash and cash equivalents correspond mainly to bank accounts. 3.6 PREPAID EXPENSES – DEFERRED EXPENSES In thousands of euros 12/31/2021 12/31/2020 Prepaid expenses 6 52 Deferred expenses 28,273 33,832 • Bond issue costs 21,092 24,200 • Bank loan issue costs 7,181 9,632 Bond premiums 29,504 33,527 TOTAL 57,783 67,411 Refinancing transactions are described in note 4.3. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 209 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

NOTE 4 NOTES TO BALANCE SHEET LIABILITIES 4.1 SHAREHOLDERS’ EQUITY In thousands of euros 12/31/2020 Appropriation of profit Distribution Other 12/31/2021 Share capital (a) 419,915 - - (18,309) (b) 401,606 Additional paid-in capital from share issues, mergers and contributions • Issue premiums 4,426,769 - - (381,280) (b) 4,045,489 • EOC issue premiums 174,012 - (174,012) - - • Contribution premiums 129,831 - (113,601) 9,500 (c) 25,730 • Merger premiums 6,873 - (6,873) - - Technical merger surplus 362 - (362) - - Share cancellation premium - - - - - Legal reserve 44,010 - - - 44,010 Other reserves • Untaxed reserves - - - - - • Other reserves - - - - - Retained earnings 23,040 (170,135) - - (147,095) Net income/(loss) for the year (170,135) 170,135 - - 60,165 TOTAL 5,054,676 - (294,848) (390,089) 4,429,904 (a) Composition of share capital Ordinary shares 299,939,198 (13,078,026) 286,861,172 Par value (in euros) 1.40 1.40 (b) Capital decrease by the cancellation of 13,078,026 shares. (c) Parts of the distribution relating to treasury shares. On January 19, 2021, June 22, 2021 and December 15, 2021, the Company canceled a total of 13,078,026 shares acquired in 2019 and 2020 under the February 2019 share buyback program (note 3.2.3). Pursuant to this transaction, the share capital was reduced to €401.6 million and issue premiums to €4,045.5 million. In accordance with the resolutions approved by the General Meeting of Shareholders on June 17, 2021, the Company distributed a total amount of €294.8 million (including distributions payable on treasury shares). The amount distributed included €174 million in bond redemption premiums, €113.6 million in contribution premiums, and €7.2 million in merger premiums. Distributions payable on treasury shares were allocated to retained earnings in an amount of €9.5 million. 4.2 PROVISIONS FOR CONTINGENCIES AND LOSSES In thousands of euros 12/31/2020 Additions Reversals 12/31/2021 Other provisions for contingencies and losses 15,345 8,150 8,260 15,235 TOTAL 15,345 8,150 8,260 15,235 Additions for the period are mainly attributable to provisions for performance share plans in the amount of €6.3 million on the basis of the average share price for the last month of the fiscal year. Reversals of provisions mainly correspond to a reversal of a provision on the shares of Sanoux SCI for €2.6 million, a reversal of provisions for a litigation for €2.4 million, and a reversal of provisions for performance shares for €1.9 million. 210 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.3 LOANS AND BORROWINGS In thousands of euros 12/31/2021 12/31/2020 Bonds 6,112,189 7,001,224 • Principal 6,070,000 6,933,211 • Accrued interest (a) 42,189 68,013 Bank loans and borrowings 1,609 1,674 • Credit facilities - - • Accrued interest on credit facilities 480 445 • Bank overdrafts 626 113 • Accrued interest on swaps 503 1,115 Other loans and borrowings 3,141,026 2,298,792 • Security deposits and guarantees received 3,968 4,437 • Cash pooling 1,613,748 1,073,808 • Accrued interest on cash pooling - 319 • Commercial paper 1,500,000 1,200,000 • Share in net income 23,310 20,227 TOTAL 9,254,825 9,301,690 (a) Coupon payable annually depending on the due date of the loan. Klépierre redeemed €863.2 million worth of bonds in 2021. These operations were financed by the use of available cash and by the increase in outstanding commercial paper. Maturity dates of borrowings as of December 31, 2021 In thousands of euros Total Less than one year One to five years More than five years Bonds 6,112,189 227,189 2,135,000 3,750,000 • Principal 6,070,000 185,000 (a) 2,135,000 (b) 3,750,000 (c) • Accrued interest 42,189 42,189 - - Bank loans and borrowings 1,609 1,609 - - • Credit facilities - - - - • Accrued interest on credit facilities 480 480 - - • Bank overdrafts 626 626 - - • Accrued interest on swaps 503 503 - - Other loans and borrowings 3,141,026 3,137,058 - 3,968 • Security deposits and guarantees received 3,968 - - 3,968 • Cash pooling 1,613,748 1,613,748 - - • Accrued interest on cash pooling - - - - • Commercial paper 1,500,000 1,500,000 - - • Share in net income 23,310 23,310 - - TOTAL 9,254,825 3,365,857 2,135,000 3,753,968 (a) May 2022: €100,000,000, December 2022: €85,000,000. (b) April 2023: €750,000,000, November 2024: €630,000,000, October 2025: €255,000,000, February 2026: €500,000,000. (c) February 2027: €600,000,000, May 2027: €50,000,000, May 2029: €600,000,000, July 2030: €600,000,000, February 2031: €600,000,000, September 2031: €600,000,000, December 2032: €700,000,000. Klépierre SA’s main credit agreements contain covenants, whose breach could result in the mandatory early repayment of the debt. As of December 31, 2021, Klépierre SA complied with all its obligations arising from its borrowings, as regards the covenants applicable to the following financing: Financing Ratios/covenants Limit (a) 12/31/2021 12/31/2020 Syndicated loans and bilateral loans Net debt/portfolio value (“Loan to Value”) ≤ 60% 38.7% 41.4% EBITDA/Net interest expenses (b) ≥ 2.0x 8.3x 7.3x Secured debt/portfolio value (c) ≤ 20% 0.6% 0.6% Portfolio value (d) ≥ €10 bn €17.7 bn €18.5 bn Bond issues Secured debt/Revalued Net Asset Value (c) ≤ 50% 0.8% 0.9% (a) Covenants are based on the 2020 revolving credit facility. (b) Excluding the impact of liability management operations (non-recurring items). (c) Excluding Steen & Strøm. (d) Group share including transfer taxes. The above ratios are calculated on the basis of the Group’s consolidated accounts. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 211 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.4 TRADE PAYABLES On average, suppliers are paid within approximately 38 days of receipt of the related invoice (versus 34 days at December 31, 2020). In order to improve the readability of the balance sheet, advances and payments on invoices relating to charges on buildings are presented as a deduction from trade payables. 4.5 ACCRUED TAXES AND PAYROLL COSTS In thousands of euros 12/31/2021 12/31/2020 Payroll and other 2,517 917 Other taxes 3,797 3,279 TOTAL 6,315 4,196 In 2021, “Other taxes” mainly correspond to VAT for €1.8 million and accrued payroll taxes for €1.3 million. 4.6 OTHER PAYABLES Most of these payables are due in less than one year. In thousands of euros 12/31/2021 12/31/2020 Discounts granted to customers 3,691 3,009 Deferral of payment on swaps - - Other 3,396 4,134 TOTAL 7,087 7,143 “Discounts granted to customers” corresponds mainly to Covid-19-related rent abatements for €3.7 million including VAT (see note 1.1). “Other” mainly corresponds to the following items: • €1.1 million in credit notes to be issued to tenants in respect of the settlement of charges; • €0.7 million in work to be re-invoiced to tenants for the renovation of the Clermont Jaude center; • €0.7 million in compensation payable to directors. 4.7 PREPAID INCOME In thousands of euros 12/31/2021 12/31/2020 Prepaid income • Deferral of bond issue premiums 1,102 2,035 • Key money 294 510 • Other 3,934 2,738 TOTAL 5,330 5,283 Other prepaid income corresponds to the recognition of deferred interest income on commercial paper for €2.7 million and the recognition of income from capital expenditure rebilled to tenants for €1.3 million. 4.8 CURRENCY TRANSLATION ADJUSTMENT – LIABILITIES Currency translation adjustments recorded under liabilities correspond to the cumulative foreign exchange gains realized on currency swaps hedging USD exposure in connection with Akmerkez’s Turkish assets for an amount of €6.9 million. 212 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

NOTE 5 NOTES TO INCOME STATEMENT ITEMS 5.1 NET OPERATING INCOME (EXPENSE) At December 31, 2021, rental income amounted to €25.5 million, including €19.3 million in rent and €6.3 million in rebilled rental expenses. Net operating expense came to €15 million, down €4.2 million compared to the net deficit of 2020, due chiefly to a €4 million decrease in rental income further to the sale of the Caen Côte de Nacre shopping center, and to €2.4 million in impairment charged against real estate assets. 5.2 SHARE OF INCOME FROM JOINT OPERATIONS This item amounted to €97.7 million in 2021, and mainly included: • The Company’s share of 2021 net income in Cécobil SCS, Soaval SCS and Bègles Arcins SCS for €10.9 million, which was distributed in accordance with the decisions of the shareholders of the limited partnerships; • The Company’s share of 2021 net income in Bègles Papin SNC for €22.3 million, Klécar France SNC for €20.5 million, Sécovalde SCI for €10.8 million and Solorec SC for €9.8 million; • The Company’s share of the 2021 net losses recorded at Du Bassin Nord SCI and Klépierre Procurement International SNC. 5.3 NET FINANCIAL EXPENSE The Company recorded net financial expense of €11.5 million for the year ended December 31, 2021, versus net financial expense of €221.1 million for the year ended December 31, 2020. This change mainly reflects the increase in income from equity investments, the decrease in impairment of investments due to the more positive trend in 2021 than in 2020 in the value of real estate assets held by them, and the decrease in financial expenses due to the reduction in debt. 5.3.1 Financial income In thousands of euros 12/31/2021 12/31/2020 Income from equity investments 257,639 149,373 Interest on advances to associates 86,305 103,112 Bank interest on loans (a) 5,915 3,481 Interest on current accounts and deposits (a) 24 89 Other financial income 4,587 23,749 Swap-related and other hedging instrument expenses (a) 2,897 - Reversal of financial provisions 32,132 20,188 Transferred financial expenses 335 21,119 Income from swaps not qualifying for hedge accounting (a) - 8 Other foreign exchange gains 905 435 TOTAL FINANCIAL INCOME 390,739 321,554 (a) Gains and losses on swaps, interest on borrowings and cash pooling are netted. Income from equity investments mainly corresponds to dividends in respect of 2020 received during the year, as well as to distributions of premiums received (note 3.2.1, see table of Financial information on subsidiaries and investments). The change is mainly due to the exceptional distribution of 145 million euros from Klepierre Nederland BV in 2021. Other financial income mainly includes provisions for the re-invoicing of unvested performance shares to Group employees for €3.5 million. As at December 31, 2021, the net income on interest rate swaps and other hedging transactions corresponds to: • Premiums and balancing payments on swaps and hedging instruments, representing a net expense of €6.2 million; • Net gains of €9.2 million on interest rate swaps qualifying as hedges. Reversals of financial provisions primarily correspond to reversals of provisions for equity investments in an amount of €23.9 million (see note 3.2.1) and the reversal of provision on treasury shares for €8.2 million. In 2021, transferred financial expenses comprise bond issue fees, recognized over the term of the bonds. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 213 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

5.3.2 Financial expenses In thousands of euros 12/31/2021 12/31/2020 Interest on bonds 94,413 125,756 Interest on associates’ advances 22 67 Interest on current accounts and deposits (a) 458 1,310 Swap-related and other hedging instrument expenses (a) - 2,219 Other financial expenses 8,136 27,018 Amortization of bond premiums 4,023 3,510 Amortization of loan issue costs 5,615 5,137 Additions to financial provision 288,585 377,178 Other foreign exchange losses 985 475 TOTAL FINANCIAL EXPENSES 402,238 542,670 (a) Gains and losses on swaps, interest on borrowings and cash pooling are netted. Interest on current accounts and deposits mainly corresponds to interest from the automatic cash pooling arrangements with Klépierre Finance SAS for an amount of €0.5 million. Other financial expenses mainly correspond to commissions on borrowings for €8 million. Additions to financial provisions primarily correspond to provisions for equity investments in an amount of €281.4 million (see note 3.2.1) and provisions for treasury shares for €7.2 million. 5.4 NON-RECURRING EXPENSE In thousands of euros 12/31/2021 12/31/2020 Gains and losses on disposals of investments properties and intangible assets (824) (9,470) Gains and losses on disposals of equity investments (81,494) (5,369) Gains and losses on disposals of treasury shares (5,802) (1,408) Other non-recurring expense and income 1,461 999 Additions and reversals of provisions and impairment 94,842 7,070 Transferred non-recurring expenses 837 299 TOTAL 9,020 (7,879) • Gains and losses on disposals of investments properties and intangible assets mostly comprises the capital loss following the disposal of a property in France. • The items “Gains and losses on disposals of equity investments” and “Additions and reversals of provisions and impairment” mainly reflect the disposal of shares in Klépierre Berlin GmbH and Klépierre Berlin Leasing GmbH. 5.5 INCOME TAX In thousands of euros 12/31/2021 12/31/2020 Income tax and contributions 1,640 1,249 TOTAL 1,640 1,249 In 2021, this item consists primarily of the provision for tax credits related to government support during the Covid-19 crisis. 214 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

NOTE 6 NOTES TO OFF-BALANCE SHEET COMMITMENTS 6.1 RECIPROCAL COMMITMENTS RELATING TO HEDGING INSTRUMENTS As of December 31, 2021, Klépierre SA holds a portfolio of interest-rate hedging instruments intended to hedge a portion of current and future debt on the basis of the total funding requirements and corresponding terms set out in the Group’s financing policy. The fair value of derivative instruments is measured on the basis of data communicated by bank counterparties as of December 31, 2021. Interest rate derivatives In thousands of euros 12/31/2021 Notionals by type of instrument Fair values excluding accrued interest (net by type of instrument) Fixed payer swaps – hedging transactions 500,000 (459) Fixed receiver swaps – hedging transactions 1,200,000 7,433 Swaps – unqualified of hedging (“isolated open position”) - - Caps 1,650,000 3,161 Impact on income In thousands of euros 12/31/2021 Interest booked Income Expenses Fixed payer swaps – hedging transactions 10,532 (192) Fixed receiver swaps – hedging transactions 1,747 (2,921) Swaps – unqualified of hedging (“isolated open position”) - - Caps - - 6.2 OTHER COMMITMENTS In thousands of euros 12/31/2021 12/31/2020 COMMITMENTS GIVEN Financial guarantees given 23,599 383,998 Other commitments given 7,160 6,929 TOTAL 30,759 390,927 COMMITMENTS RECEIVED Deposits received from tenants 1,326 1,234 Financing commitments received from financial institutions (1) 1,610,000 2,210,000 Commitments on sale of buildings 9,100 - TOTAL 1,620,426 2,211,234 (1) Net of outstanding commercial paper. The decrease in financial guarantees given is mainly due to the termination of a guarantee given by Klépierre SA to a bank related a loan granted to a subsidiary and repaid during the year. Shareholders’ agreements in respect of Bègles Arcins SCS This agreement was entered into between Klépierre and Assurécureuil Pierre 3 on September 2, 2003, and contains provisions relating to the governance of the company, and the customary protections in the event of proposed share sales, as well as a dispute resolution clause. Shareholders’ agreement between the Klépierre Group and the main shareholders of Akmerkez (Turkish listed company) Entered into in 2005, this agreement contains provisions governing relations between shareholders, including the composition of the Board of Directors, particularly the number of representatives of each shareholder on the Board. It also contains provisions relating to the majority required to adopt decisions which must be submitted to the Board of Directors for approval. Shareholders’ agreement between Klépierre and Vendôme Commerces SCI in respect of Cécobil SCS Entered into on October 25, 2007 following the conversion of Cecobil SCS into a limited partnership, this agreement contains the customary protections in the event of a proposed sale of shares to a third party (first refusal and full tag-along rights) and the change of control of a shareholder. Klépierre is the successor to the rights and obligations of Kléber La Pérouse SNC in respect of this agreement, further to the transfer of all of its assets and liabilities to Klépierre on July 4, 2012. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 215 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Shareholders’ agreements between Klépierre and Vendôme Commerces SCI in respect of Sécovalde SCI and Valdebac SCI Entered into on October 25, 2007, this agreement contains the customary protections in the event of a proposed sale of shares to a third party (first refusal and full tag-along rights) and the change of control of a shareholder. The agreement was amended via addenda on December 29, 2008 and November 23, 2010, and is also applicable to Valdebac SCI since December 8, 2010, the date on which more than 99.99% of the shares were transferred from Kléber La Pérouse SNC and Vendôme Commerces SCI to Sécovalde SCI. Consequently, the shareholders’ agreement exclusively concerning Valdebac SCI, entered into by Kléber La Pérouse SNC and Vendôme Commerces on June 21, 2010, was terminated on December 8, 2010. Klépierre is the successor to the rights and obligations of Kléber La Pérouse SNC in respect of this agreement, further to the transfer of all of its assets and liabilities to Klépierre on July 4, 2012. Shareholders’ agreements between Klépierre, Finiper, Finiper Real Estate & Investment, Ipermontebello, Immobiliare Finiper and Cedro 99 in respect of Clivia With regard to Clivia, the agreement dated December 14, 2007 initially concluded for a period of ten years was tacitly renewed for a further ten-year period. The agreement contains provisions for a right of first refusal in the event of a sale of shares to third parties and a tag-along right, as well as provisions relating to the governance of the company and to the majority required to approve certain company decisions. Shareholders’ agreements between Klépierre and Stichting Pensioenfonds ABP in respect of Swedish company Nordica Holdco AB, and Norwegian companies Storm Holding Norway AS and Steen & Strøm Shares in Steen & Strøm were acquired via Storm Holding Norway AS, a company registered in Norway and wholly-owned by Nordica Holdco AB, a company registered in Sweden. This agreement was entered into on July 25, 2008 and was amended on October 7, 2008. It contains the customary protections for non- controlling interests: qualified majority voting for certain decisions, call option in the event of deadlock and tag-along rights, as well as the following provisions: • A one-year lock-up period applied to Steen & Strøm shares from the date of acquisition; • Each party has a right of first offer on any shares which the other party wishes to transfer to a third party. However, if the shares are transferred by a party (other than Klépierre or one of its affiliates) to a Klépierre competitor (as defined in the agreement), the shares concerned will be subject to a right of first refusal and not a right of first offer; • From the sixth year following the acquisition, either party may request a meeting of shareholders to vote on the disposal of all the shares or assets of Steen & Strøm, or a market flotation of the company. The vote will be subject to a two-thirds majority; • Through deeds of adherence dated December 23, 2009, Storm ABP Holding BV and APG Strategic Real Estate Pool NV became party to the shareholders’ agreement; • Through a deed of adherence dated September 30, 2011, Stichting Depositary APG Real Estate Pool became party to the shareholders’ agreement. Shareholders’ agreement between Klépierre and Torelli in respect of Holding Klege Entered into on November 24, 2008, the agreement contains the customary provisions governing share capital transactions, decision- making and the right to information. Both parties have pre-emption rights in the event of a proposed sale of shares in the company to a third party. Each partner has the right to appoint the same number of members to the Board of Directors. The Chairman is appointed for a period of twelve continuous months on an alternating basis with the partner. All decisions are adopted on simple majority. Shareholders’ agreement between Klépierre and Cardif Assurance Vie in respect of Portes de Claye SCI Entered into on April 16, 2012, this agreement contains provisions governing relations between the company’s shareholders. It provides for the customary protections in the event of a proposed sale of shares to a third party: • Reciprocal pre-emption right; • Reciprocal full tag-along right; • Full tag-along obligation for non-controlling shareholders in the event the controlling shareholder plans to sell its full equity stake. It also gives non-controlling shareholders a right of first offer in the event of a sale of assets by the Company. Klécar France SNC became the successor to the rights and obligations of KC 2 SNC in respect of this agreement following the transfer of all of its assets and liabilities to Klécar France SNC on June 5, 2012. Klépierre is the successor to the rights and obligations of Klécar France SNC in respect of this agreement following the transfer of its stake in Portes de Claye SCI to Klépierre. Shareholders’ agreement between Klépierre, Klépierre Massalia SAS and Lacydon SA in respect of Massalia Invest SCI and Massalia Shopping Mall SCI Entered into on November 14, 2014, this agreement contains provisions governing relations between the shareholders of said companies, particularly with respect to the governance of Massalia Invest SCI and Massalia Shopping Mall SCI, the terms relating to the sale and divestment by shareholders of their investment in Massalia Invest SCI (right of first refusal, tag-along right, change of control clause, call option) and the conditions and main methods of funding of Massalia Invest SCI and Massalia Shopping Mall SCI. An amendment dated September 27, 2017 modified the rules applicable to the management committee when voting on decisions relating to the shopping center’s food superstore. Shareholders’ agreement between Klépierre and Allianz Levenversicherun Gs-Aktiengesellschaft in respect of Italian Shopping Centre Investment Entered into on August 5, 2016, the agreement contains provisions governing the relationship between shareholders, including decisions which must be submitted to shareholders for approval. It includes a right of first offer and a “deadlock” dispute resolution clause. 216 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

Shareholders’ agreement between Klépierre and Icade in respect of SCI du Bassin Nord SCI du Bassin Nord is jointly and equally held by Klépierre SA and Icade, and is jointly managed. The co-managing directors’ compensation is approved by collective decision of the shareholders, who can only withdraw totally or partially when unanimously authorized by the other shareholder. Shareholders’ agreement between Klépierre and Holprim’s in respect of Kléprim’s Entered into on September 24, 2010, the agreement gives Kléprojet 1 exit rights if the conditions precedent are not met, as well as the customary protections in the event of a proposed sale of shares to a third party (first refusal and full-tag along rights), change of control of a shareholder and other provisions governing relations between shareholders. Shareholders’ agreement between Klépierre and Cardif, Union de Gestion Immobilière, in respect of Secar SC Entered into on December 13, 2019, this agreement contains provisions relating to the governance of the company, and provides for the customary protections in the event of proposed share sales (first refusal, full tag-along rights, forced tag-along rights), and in particular in the event of the termination of the asset management mandate held by Klépierre Management. Shareholders’ agreement between Klépierre and Advanced Retail SAS in respect of Ventura SAS Entered into on June 9, 2021, this pact contains provisions relating to the governance of the company, and the customary protections in the event of proposed share sales. Shareholders’ agreement between Klépierre and Nous Epiceries Anti-Gaspi SAS in respect of Antigaspi & K SAS and NEAG Boulogne SAS Entered into on July 28, 2021, this agreement contains provisions relating to the governance of the company, and the customary protections in the event of proposed share sales. Shareholders’ agreement between Klépierre and Lobsta SAS in respect of Lobsta & K SAS Entered into on July 30, 2021, this agreement contains provisions relating to the governance of the company, and the customary protections in the event of proposed share sales. NOTE 7 OTHER DISCLOSURES 7.1 CASH POOLING On November 30, 2000, Klépierre SA joined a cash pool managed by Klépierre Finance SAS. A new agreement was entered into for the cash pool on April 5, 2017. At December 31, 2021, Klépierre SA’s liability with respect to the cash pool with Klépierre Finance SAS amounted to €1,613.7 million. 7.2 HEADCOUNT At December 31, 2021, Klépierre SA has no employees. 7.3 LOANS AND GUARANTEES IN RESPECT OF EXECUTIVE BOARD AND SUPERVISORY BOARD MEMBERS None. 7.4 COMPENSATION PAID TO CORPORATE OFFICERS AND SUPERVISORY BOARD MEMBERS Klépierre SA, the parent company of the Klépierre Group, is a French joint-stock corporation (société anonyme) with a dual governance structure comprising an Executive Board and a Supervisory Board. Gross compensation paid to corporate officers for 2021 amounted to €2,437,950. Compensation allocated to Supervisory Board members in respect of fiscal year 2021 totaled €688,000, including €100,367 corresponding to the gross annual amount allocated to the Chairman of the Supervisory Board in respect of 2021. 7.5 INFORMATION ON CONSOLIDATION AND TRANSACTIONS WITH RELATED PARTIES Klépierre SA’s company financial statements are fully consolidated by the Klépierre Group, of which it is the consolidating entity. As of December 31, 2021, the Klépierre Group is accounted for under the equity method by Simon Property Group and APG, which at that date held 22.28% and 6.15% stakes in the share capital of Klépierre (including treasury shares), respectively. Transactions with related parties are conducted at arm’s length terms. 7.6 SUBSEQUENT EVENTS Following the completion of €342 million in disposals in December 2021, in early January Klépierre launched a tender offer on two of its shortest public bonds maturing in April 2023 (€750 million bearing a 1% coupon) and November 2024 (€630 million bearing a 1.75% coupon). This transaction was aimed at reducing the cash position while repaying debt. At the end of the offer, €297 million worth of notes were presented and tendered by the Company, including €226 million on the April 2023 tranche and €71 million on the November 2024 tranche. The notes were redeemed and canceled on January 18, 2022. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 217 FINANCIAL STATEMENTS Company financial statements for the year ended December 31, 2021 4

4.4 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS For the year ended December 31, 2021 This is a translation into English of the statutory auditors’ report on the financial statements of the company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors’ report includes information required by French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To annual general meeting of KLÉPIERRE Opinion In compliance with the engagement entrusted to us by your annual general meeting, we have audited the accompanying financial statements of KLÉPIERRE for the year ended December 31, 2021. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the KLÉPIERRE as at December 31, 2021 and of the results of its operations for the year then ended in accordance with French accounting principles. The audit opinion expressed above is consistent with our report to the Audit Committee. Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the “Statutory Auditors’ Responsibilities for the Audit of the Financial Statements” section of our report. Independence We conducted our audit engagement in compliance with the independence requirements of the French Commercial Code (Code de commerce) and the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes), for the period from January 1, 2021 to the date of our report, and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014. Justification of Assessments – Key Audit Matters Due to the global crisis related to the COVID-19 pandemic, the financial statements for this period have been prepared and audited under special circumstances. Indeed, this crisis and the exceptional measures taken in the context of the health emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties regarding their future prospects. Some of these measures, such as travel restrictions and remote working, have also had an impact on companies’ internal organization and the performance of audits. It is in this complex, evolving context that, in accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements. 218 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements 4

Impairment of equity investments RISK IDENTIFIED OUR RESPONSE As at December 31, 2021, KLÉPIERRE holds equity investments for a net amount of €7,967,624 thousand after impairment of €1,750,028 thousand, in companies mainly owning shopping centers. As detailed in Note 2.3.3 of the financial statements, impairment tests for equity investments of real estate companies are based on revalued net assets calculated by considering mainly the appraisal value of the real estate assets owned. The valuations of real estate assets retained by management are determined by independent appraisers, internal appraisals or based on the value of sale commitments. These values incorporate many assumptions and estimates, in particular projected rent changes, discount rates and exit rates, estimated market rent levels, as well as recent transactions. Determining the appraised value of investment properties of real estate companies requires significant judgement, more particularly in the context of the COVID-19 pandemic. Therefore, the impairment of equity investments is considered to be a key audit matter due to the significance of the item in the financial statements as a whole, combined with the judgement exercised in determining the net asset values. Please refer to Notes 1.1, 2.3.3 and 3.2.1 to the financial statements. We obtained an understanding of management’s controls relating to the calculation of revalued net assets of equity investments. With respect to the valuation of the underlying real estate assets, we considered management’s controls on the data used for these valuations and the controls concerning the analysis of changes in value compared with prior periods. We tested the efficiency of the controls that we considered to be most relevant. We assessed the competence and independence of the independent appraisers. With our specialists in real estate appraisal included in the audit team, we participated in meetings with independent appraisers, in order to understand the methodology adopted and the main assumptions used underlying the valuation of real estate assets, including in particular expected rents and market yields. We examined how recent market transactions were taken into account by the independent appraisers and we considered the potential impact of the COVID-19 pandemic on the projection of revenues in the discounted cash-flow model. We performed analytical procedures by comparing the valuations with those of prior periods, as well as the assumptions used, such as discount rates and exit rates with the relevant market data. We carried out specific procedures on real estate assets whose valuation and, where applicable, variations were significant, as well as those whose assumptions and variations were atypical. In this context, together with our specialists in real estate appraisal, we reviewed the main parameters used by the independent appraisers, such as projected rent changes, market rent levels, discount rates and exit rates. Interviews with management were conducted when necessary. On a sample of equity investments, we recomputed the revalued net asset amounts based on the valuation of the underlying real estate assets. We also assessed the correct calculation of impairment for the equity investments. Specific Verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations. Information given in the management report and in the other documents with respect to the financial position and the financial statements provided to the shareholders We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the executive board and in the other documents with respect to the financial position and the financial statements provided to the shareholders. We attest the fair presentation and the consistency with the financial statements of the information relating to payment deadlines mentioned in Article D.441-6 of the French Commercial Code (Code de commerce). Report on corporate governance We attest that the supervisory board’s report on corporate governance sets out the information required by Article L. 225-37-4, L. 22-10-9 and L. 22-10-10 the French Commercial Code. Concerning the information given in accordance with the requirements of Article L. 22-10-9 of the French Commercial Code (Code de commerce) relating to remuneration and benefits received by or awarded to the members of the executive board and of the supervisory board and any other commitments made in their favour, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from controlled enterprises included in the scope of consolidation. Based on these procedures, we attest the accuracy and fair presentation of this information. With respect to the information relating to items that your company considered likely to have an impact in the event of a takeover bid or exchange offer, provided pursuant to Article L. 22-10-11 of the French Commercial Code (Code de commerce), we have agreed this information to the source documents communicated to us. Based on these procedures, we have no observations to make on this information. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 219 FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements 4

Other Information In accordance with French law, we have verified that the required information concerning the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report. Other Legal and Regulatory Verifications or Information Format of presentation of the financial statements intended to be included in the annual financial report We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that the presentation of the financial statements intended to be included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the responsibility of the chairman of the executive board , complies with the single electronic format defined in the Commission Delegated Regulation (EU) No 2019/815 of December 17, 2018. Based on the work we have performed, we conclude that the presentation of the financial statements intended to be included in the annual financial report complies, in all material respects, with the European single electronic format. We have no responsibility to verify that the financial statements that will ultimately be included by your company in the annual financial report filed with the AMF are in agreement with those on which we have performed our work. Appointment of the Statutory Auditors We were appointed as Statutory Auditors of KLÉPIERRE by the annual general meeting held on June 28, 2006 for Deloitte & Associés and held on April 19, 2016 for ERNST & YOUNG Audit. As at December 31, 2021, Deloitte & Associés was in its sixteenth year of total uninterrupted engagement and ERNST & YOUNG Audit was in its sixth year. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with French accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The financial statements were approved by executive board. Statutory Auditors’ Responsibilities for the Audit of the Financial Statements Objectives and audit approach Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As specified in Article L. 823-10-1 of the French Commercial Code, our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. 220 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements 4

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: • Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements. • Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. • Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. Report to the Audit Committee We submit a report to the Audit Committee which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report. We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No 537/2014, confirming our independence within the meaning of the rules applicable in France as set out in particular in Articles L. 822-10 to L. 822-14 of the French Commercial Code and in the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes). Where appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Paris-La Défense, March 29, 2022 The Statutory Auditors French original signed by DELOITTE & ASSOCIES ERNST & YOUNG Audit Damien Leurent Emmanuel Proudhon Bernard Heller KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 221 FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements 4

4.5 REPORT OF THE SUPERVISORY BOARD TO THE ANNUAL COMBINED GENERAL MEETING TO BE HELD ON APRIL 26, 2022 IN RESPECT OF THE MANAGEMENT REPORT AND FINANCIAL STATEMENTS AS AT DECEMBER 31, 2021 Dear Shareholders, Pursuant to the provisions of article L. 225-68 of the French Commercial Code, we are required to present to the Annual General Meeting our observations on the management report of the Executive Board and on the company and consolidated financial statements as at December 31, 2021 as established by the Executive Board. We have duly been provided with the company and consolidated financial statements as well as the management report of the Executive Board within three months after the end of the financial year. The Supervisory Board has also been kept regularly informed by the Executive Board about the operations and business of the Company and its group, and has carried out, for the purposes of its duties, the necessary audits and controls. The Supervisory Board was able to perform its duties after having examined the recommendations made by its specialized committees (Investment Committee, Audit Committee, Nominations and Compensation Committee and Sustainable Development Committee). After having examined the recommendations made by the Audit Committee on February 14, 2022, we have no observation to make regarding the Executive Board’s report and/or the company and consolidated financial statements as at December 31, 2021. We wish to thank most sincerely the Executive Board and all employees for their hard work and efforts in 2021. On February 15, 2022 The Supervisory Board 4.6 OTHER INFORMATION 4.6.1 Financial summary for the past five fiscal years (data provided pursuant to Article R. 225-102 of the French Commercial Code) in € TOPIC NAMES 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 CAPITAL AT YEAR-END Share capital 401,605,641 419,914,877 423,729,733 440,098,488 440,098,488 Number of existing ordinary shares 286,861,172 299,939,198 302,664,095 314,356,063 314,356,063 TRANSACTION AND INCOME FOR THE FISCAL YEARS Pre-tax revenues 26,346,644 30,825,521 37,514,455 35,837,366 35,069,108 Earnings before tax, employee profit-sharing, amortization and provisions 243,444,885 204,206,417 766,727,962 566,377,797 158,692,858 Coporate income tax (1,639,729) (1,249,201) 2,000,073 (2,636,003) (18,142,909) Earnings after tax, employee profit-sharing, amortization and provisions 60,165,268 (170,134,750) 317,738,694 350,223,680 269,749,180 Dividends paid 0 (1) 0 (2) 665,861,009 660,147,732 616,137,883 EARNINGS PER SHARE Earnings before tax, employee profit-sharing, amortization and provisions 0.85 0.68 2.53 1.80 0.50 Earnings after tax, employee profit-sharing, amortization and provisions 0.21 (0.57) 1.05 1.11 0.86 Net dividend per share 0 (1) 0 (2) 2.20 2.10 1.96 PERSONNEL (3) Average labor force employed during the fiscal year, 3.0 2.1 2.4 3.6 3.8 Total payroll and employee benefits 5,068,440 2,343,761 3,517,997 3,488,169 1,887,157 (1) Amount to be distributed deducted from available equity premiums , subject to the approval of the shareholders at the Annual General Meeting on April 26, 2022: €1.70 per share. (2) Amount distributed deducted from available equity premiums : €294,848,054 (corresponding to €1 per share). (3) The average labor force and the related payroll and employee benefits include corporate officers who don’t have an employment contract. 222 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT FINANCIAL STATEMENTS Report of the Supervisory Board to the annual combined General Meeting to be held on April 26, 2022 4

4.6.2 Acquisition of equity holdings and movements in equity securities impacting the corporate financial statements of Klépierre SA No significant new shareholdings or takeovers are to be reported in 2021. 4.6.3 Average supplier payment period and of customers (data provided pursuant to Article L. 441-6-1 of the French Commercial Code) On average, suppliers are paid approximately 38 days from the receipt date. As at December 31, 2021, Klepierre’s suppliers balances stand at €2.2 million to be paid no later than February 7, 2022. Unpaid invoices received and issued at the balance sheet date for the year in which the term has expired. In € Article D. 441 l. -1°: Invoices received but not paid at the closing date of the fiscal year for which the term has expired Article D. 441 l. -2°: Unpaid invoices issued at the closing date of the fiscal year for which the term has expired 0 day (optional) 1 to 30 days 31 to 60 days 61 to 90 days 91 days and more Total (one day and more) 0 day (optional) 1 to 30 days 31 to 60 days 61 to 90 days 91 days and more Total (one day and more) (A) LATE PAYMENT INSTALMENTS Number of invoices concerned 0 0 0 1,988 Total amount of invoices concerned (including VAT) - 0 0 0 21,411 21,411 1,597 123,797 64,872 69,040 10,356,707 10,614,416 Percentage of total purchases for the year (including VAT) 0% 0% 0% 0% 0% 0% Percentage of sales for the financial year (including VAT) 0.00% 0.37% 0.19% 0.21% 31.12% 31.89% (B) INVOICES EXCLUDED FROM (A) RELATING TO DISPUTED OR UNRECOGNISED DEBTS AND RECEIVABLES Number of invoices excluded 12 0 Total amount of invoices excluded (including VAT) 235,638 0 (C) REFERENCE PAYMENT TERMS USED (CONTRACTUEL OR EGAL TERM - ARTICLE L. 441-6 OR ARTICLE L. 443-1 OF THE COMMERCIAL CODE) Payment terms used to calculate payment delays * deadlines: 45 days * deadlines: 45 days 4.6.4 Outcome of the share buyback program (data provided pursuant to Article L. 225-211 of the French Commercial Code) In number of treasury shares Liquidity Future bonus shares Bonus shares External growth Share buy-back program Total POSITION AT 12/31/2020 53,500 631,374 244,774 706,442 13,078,026 14,714,116 Bonus share plan adjustements (1) 298,995 407,447 (706,442) - Allocations exercised during the year (105,169) (105,169) Cancellation of shares (13,078,026) (13,078,026) Purchases 1,306,520 1,306,520 Sales (1,360,020) (1,360,020) POSITION AT 12/31/2021 - 930,369 547,052 - - 1,477,421 (1) Updating of the number of beneficiaries to reflect employee turnover During 2021 as whole, 1,306,520 shares were bought back at an average price per share of €21.03 and 1,360,020 shares were sold at an average price per share of €21.05. At December 31, 2021, Klépierre held 1,477,421 of its own shares (directly or indirectly) representing a total value of €33.6 million based on book value and €2.1 million at par value. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 223 FINANCIAL STATEMENTS Other information 4
5 Risk and Control 224 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT
5 Risk and Control 5.1 KEY RISK FACTORS 226 5.1.1 Introduction 227 5.1.2 Summary of principal risk factors 228 5.2 RISK MANAGEMENT AND INTERNAL CONTROL 240 5.2.1 Introduction 240 5.2.2 Objectives and limits 240 5.2.3 Organization 241 5.2.4 Internal control system 242 5.2.5 Risk management and internal control activities 243 5.2.6 Independent control activities 246 5.2.7 Risk transfer 246 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 225

5.1 KEY RISK FACTORS Risk categories Main risks Related strategic priority(ies) Residual criticality* Year-on-year criticality change Macro and exogenous 1 Macro-environment D 2 Consumption habits D 3 Customers (retailers) D Operational 4 Health, safety and security D 5 Human capital S 6 Suppliers, service providers, JV partners and co-owners D 7 Real estate development D Strategic 8 Property investment market and asset rotation S 9 Climate change D Financial 10 Financing and liquidity D Compliance and reputation 11 Regulatory & Compliance D Klépierre's strategic priorities: ... CSR Engagement Capital allocation Financial discipline Operational excellence *Residual criticality (= impact x probability) Medium Low High Very high CRITICALITY MAP Low criticality Medium criticality Hig h criticality c ritic ality 7 6 5 4 1 2 3 9 11 10 8 Operational risks Compliance and reputation risks Macro and exogenous risks Financial risks Strategic risks V e r y h ig h 226 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

5.1.1 Introduction Investors are advised to carefully review each of the risks described below as well as all the information contained in this Universal Registration Document. The risks and uncertainties set out here are not the only ones faced by the Group. Other risks and uncertainties, of which the Group is not currently aware, or does not consider material or specific, may also have an unfavorable impact on its business, financial situation and results. The material and specific risks to the Group are presented below, grouped into five categories: macro and exogenous risks, strategic risks, operational risks, financial risks, and compliance and reputation risks. These risks have been selected on the basis of their “gross” impact and probability before taking into account risk management and internal control mechanisms set in place by the Group. Such risks are presented in the table below according to their “residual” criticality estimated in terms of impact and probability. Residual criticality factors in all the measures taken by the Group to reduce their occurrence or impact as well as the internal and external factors that mitigate them. Within each category, risks are presented as follows: • In the form of residual criticality, or net risk (i.e., gross risk after taking into account the effectiveness of mitigation, prevention and protection measures); • In relation to the Group’s strategic priorities to which the risk is linked; and • With an indication of a change in criticality from last year, if any. For each of these risks, while examining the Group’s 2021 risk map, the Supervisory Board, based on a recommendation by the Audit Committee, reviewed the level of their impact if they materialize, the probability of their occurrence, and the risk management and control mechanisms associated with them. Compared to the 2020 Universal Registration Document, the update of the risk mapping in 2021 has led to changes in the presentation of principal risk factors, but, also for the following risks, in their categorization, naming and/or evaluation: • Human capital risk has been reassessed due to greater difficulties in retaining talent/pressure on wages/scarcity of resources in the labor market. The risk mitigation action plan has been redesigned based on the 2021-2023 roadmap developed by the Group HR department; • Property investment market and asset rotation risk has been redefined and reassessed considering the historically low transaction volume for shopping centers used by appraiser to benchmark the fair value of properties; • Regulatory and compliance risk is the result of two risks in the same category that have been merged; and • Suppliers, service providers, JV partners and co-owners is the new name of the former “Stakeholders” risk, with Customers (retailers) being kept as a separate risk. Non-financial risks which are not significant or specific are described in the non-financial performance statement section of this Universal Registration Document (section 3.1.2 – Managing key trends, risks, and opportunities). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 227 RISK AND CONTROL Key risk factors 5

5.1.2 Summary of principal risk factors 5.1.2.1 Macro and exogenous risks Description In every country in which the Group does business, the success of its operations is dependent on the key macroeconomic indicators that underpin the commercial real estate markets: GDP growth, purchasing power, consumption, inflation, exchange rates, unemployment, urban growth, local demographic factors and geopolitical stability. Impacts A negative macroeconomic outlook – especially its consequences on the labor market and purchasing power – is likely to manifest itself in lower footfall and a fall in tenant sales in Klépierre’s malls. This could diminish Klépierre’s ability to increase rents at lease renewal date and may require Klépierre to grant temporary rent relief to alleviate occupancy costs. Variable income, based on retailer sales, would also be automatically reduced. Should deflationary pressures settle in for a several years, it could lead retailers to default their rental obligations and close some stores. Falling rental income and higher vacancy rates could penalize asset values and appeal on the investment market. In countries outside the eurozone where rents are denominated in euro, a change in the exchange rate could have a negative impact on operating and financial costs for the retailers making the passing rental conditions less sustainable leading potentially in the medium term to lower rent, more vacancy and lower asset value. In countries outside the eurozone where rents are denominated in local currency, a change in the exchange rate could have an impact on the value of the property in euro for the portion not hedged with financial instruments (loans, currency swap, etc.). A sudden or unexpected deterioration in the geopolitical environment of one or several of the countries in which Klépierre operates could have adverse consequences on the Group’s activity, return on investments or value of the assets concerned. Risk mitigation measures The diversified nature of Klépierre’s portfolio, with more than 100 assets across numerous European countries and many thousands of tenants representing all retail sectors, mitigates risks associated with adverse changes in macroeconomic conditions in any one market. Rents paid by the top ten tenants represent only 13% of Klépierre’s revenue. The Group’s main tenants represent the leading companies in their sector. All tenants are subject to a financial health review before signing lease contracts and must provide financial guarantees. The use of long-term leases with a high portion of minimum guaranteed rents provides a stable rental income, with only a minority of early exit clauses activated. Assets are based in thriving urban locations and can generally be accessed within 30 minutes by one million people, ensuring a satisfactory catchment area overall, including in times of a downturn in the consumer spending cycle. Asset performance is regularly monitored by asset managers and individual business plans are updated annually for all the malls. Asset disposals are executed regularly to streamline the portfolio, which also enables the Group to verify the accuracy of the valuations reported in its accounting books. Eventually, Klépierre regularly renews the merchandising mix of its shopping centers and adapts the offering to macroeconomic trends to meet customers’ expectations. For example, the Group ensures that the retail brands in its shopping centers are adapted to household income in each catchment area. 1 — MACRO- ENVIRONMENT (ECONOMIC, DEMOGRAPHIC, POLITICAL) Capital allocation Financial discipline Related strategic priority(ies) Residual criticality D Year-on-year criticality change 228 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

New developments Since spring 2021, the Covid-19 pandemic has declined on the back of vaccination measures. Meanwhile, the economic outlook has improved and GDP growth in the eurozone is expected to reach 4.3% in 2022. International trade and tourism are gradually recovering while unemployment and bankruptcies have been contained. However, the overall impact of the pandemic is not yet known and some consequences are longer lasting, such as the decrease in footfall at some malls located on transport hubs and touristic areas, which have not yet returned to its pre-crisis level. The invasion of Ukraine by the Russian Federation on February 24, 2022 immediately threw commodity and financial markets into turmoil. The most striking development has been that energy costs have become a major concern for both retailers and consumers. While it is still too early to measure the full extent of the impact of the geopolitical crisis on the economy, it will undoubtedly severely hamper global growth and drive a sharp rise in inflation, bringing the risk of stagflation in its wake. The disruption in certain supply chains as a direct result of the conflict or of the sanctions adopted against Russia could also affect the ability of certain retailers to operate under satisfactory conditions. Klépierre does not have operations in any of the countries in the current conflict zone. The increase in the cost of energy and certain raw materials could adversely impact the Group. However, a number of measures have already been taken to stem the effect of these higher costs, including: • securing energy purchase volumes in France until the end of 2022; • adjusting uncommitted development projects (for which contracts have not yet been signed) in order to: • assess potential additional costs and adjust budgets accordingly, • prioritize locally available materials in the specifications, • modify if possible certain provisions in the design phase. Tension in energy and commodity markets could also affect the profitability of the Group’s customers. If inflation is not sufficiently offset by wage increases or government support measures, there is also the possibility that consumers’ purchasing power will be eroded. Any such loss of purchasing power generally affects discretionary purchases such as vacations, culture and eating out, whereas the Group’s shopping centers are mainly positioned to meet every day needs like food, clothing, cleaning and healthcare products and affordable restaurants. If this adverse situation were to deteriorate over a prolonged period, it could result in the Group’s retailers defaulting on payments or even filing for bankruptcy. It should be noted that the leases signed by the Group include an annual indexation clause based on the regulations specific to each country, designed to enable rents billed to increase in line with inflation. This section was not included in the Management Report as approved by the Executive Board on February 15, 2022. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 229 RISK AND CONTROL Key risk factors 5

Description Technology-driven changes in consumer habits have seen e-commerce take hold across the markets in which Klépierre operates, prompting many retailers to adjust their business models and close some of their brick-and-mortar portfolio. At the same time, consumers are becoming more environmentally and socially aware, which may ultimately affect how – and how much – they consume. Lastly, certain consumers are redirecting a portion of their budgets and free time to other types of activities (travel, sports, etc.). Impacts The continued growth of online retail may have a negative impact on footfall and tenant sales, cause a disruption in some retail segments or render some stores unprofitable. This could impact demand for new retail space as brick-and-mortar retailers move their operations online. The growth in consumers’ environmental awareness and the reallocation of their available resources (time and money) could have an impact on the profitability of certain tenants and in time, on the relevance of their presence in shopping centers (especially in view of the growing trend to buy used rather than new goods). Consequently, increasing vacancy rates and downward pressure on rents would affect rental income and asset values. Risk mitigation measures For many years now, through asset rotation Klépierre has refocused its portfolio of shopping centers to key locations in order to be less exposed to secondary retail destinations where sales per square meter are low and leasing demand is limited. The portfolio comprises flagship retail destinations where large national and international retailers operate among their best and most profitable stores. To meet customers’ expectations, a growing number of retailers have developed an omnichannel strategy which can be defined as a leading and nurturing customer engagement approach. As part of this strategy, retailers give customers access to their products, offers and support services on all available channels, platforms and devices. The customer can be shopping online from a desktop or mobile device, by phone or in a brick-and-mortar store and the experience is meant to be equally seamless. Taking advantage of the new omnichannel environment means selecting retailers that are agile and fast enough to offer an enhanced, quality-driven online and offline customer experience. The Group also facilitates these trends by supporting retailers in transforming their store formats and enhancing their appeal. Klépierre also leverages digital technology to offer both new services to its retailers and shoppers and use data to monitor the changing needs of its customers and thereby better meet their expectations. The Group implements a series of initiatives aimed at giving customers more reasons to visit, or stay longer, in its malls: beyond constantly adapting the retail offering, these initiatives include creating entertaining concepts and events, enhancing the food offering, and enriching the customer journey. Particularly, in 2021, Klépierre launched its “Value for Money” initiative, aiming at providing consumers with attractive shopping deals, discounts and exclusive offers on a permanent basis, in order to help them cope with an increasingly challenging economic environment. The Group also put in place shopping omnichannel hubs that combine the possibility to shop online and pick up purchases in a dedicated physical space with additional omnichannel services (lockers, fitting rooms, concierge, etc.). A delivery service will also be available. Through Act for Good®, its ambitious CSR strategy, Klépierre also aims to promote sustainable retail and increase the contribution of its malls to local economies and communities through spaces dedicated to local initiatives, job forums as well as charity events. More generally, Act for Good® aims at fostering actions destined to positively impacting people, territories and our planet. New developments With developments in the pandemic having permitted the easing of travel restrictions and security measures in most countries, today’s challenge is to analyze and engage as a corporate citizen to better understand the new behaviors, needs and purchasing habits that have emerged over the past two years. Identifying some of these new behaviors has enabled the Group to put in place new solutions, such as the “Value for Money” initiative, the loyalty program, Act for Good® and omnichannel service centers. Klépierre has also launched a Europe-wide loyalty program, to which 25 shopping centers had already signed by the end of 2021. Such program leverages new digital possibilities to offer consumers additional and pertinent benefits to enhance loyalty and position its shopping centers as the consumers’ shopping destination of choice. Lastly, Klépierre has developed a fully digital in-house tool to optimize the management of relations with retailers. This state-of-the-art solution will make it easier to communicate with the retail community and employees in the malls, helping them reduce time spent on routine tasks, and ultimately enhancing their ability to service consumers. 2 — CONSUMPTION HABITS CSR Engagement Operational excellence Related strategic priority(ies) Residual criticality D Year-on-year criticality change 230 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

Description Klépierre’s success is intrinsically linked to that of the tenants in its shopping centers. They are confronted with transformation challenges in their industry, and most of the risks that concern them could have an impact on the Group’s results. It is therefore essential to select shopping center tenants based on the appeal of their concepts and offerings, the overall consistency of the merchandise mix for a given shopping center and its financial solidity. The Group’s human capital comprises its employees, their knowledge, personalities, values and expertise. Our human capital is a key performance driver that must be secured and upgraded against a backdrop of social and economic change. The main risk for Klépierre is the loss of knowledge and talent that could occur if the Group fails to offer its employees a first-class career path. Attracting, training and retaining talent is a high priority. Impacts The rents paid by Klépierre’s tenants represent nearly all of the Group’s operating income. The inability of one of Klépierre’s major tenants to pay its rent could substantially impact Klépierre’s revenue. Some leases include a variable share of the rent indexed to the retailer’s sales: a decrease in retailer sales would therefore also reduce Klépierre’s earnings. The retailer mix in malls affects attractiveness for visitors, and therefore profitability. The loss of an anchor retailer in a given shopping center could have a knock-on effect and lead to the departure of other tenants, adversely impacting Klépierre’s revenue and by extension, the value of its assets. Changes in the competitive retail landscape could result in an increasing concentration of retailers’ physical points of sale at locations considered strategic for their business models. Failing to adequately reposition Klépierre’s portfolio or realign its geographical footprint with that of its retailers could lead to higher vacancy rates at Klépierre malls and consequently, a decrease in the value of its assets. Risk mitigation measures Diversifying Klépierre’s portfolio serves to limit its exposure to a bankruptcy or the departure of a key customer. The top ten retailers only represent 13% of invoiced rents in terms of their contributions to rental income. Klépierre’s strategy of focusing its asset portfolio on thriving, fast-growing catchment areas is consistent with retailers’ drive to reposition their physical points of sale in prime locations. The health crisis has propelled the increase of customer online sales and has blurred the lines between physical and digital sales. The merger of these streams has pushed most tenants to adapt an omnichannel strategy where sourcing, distribution, marketing, sales and delivery are all interconnected. By working closely with leading national and international brands and continually upgrading the merchandizing mix, we are positioning our portfolio to cater to the needs of an omnichannel ecosystem. Klépierre’s international footprint covering over 100 assets in more than ten countries is also a gateway to new markets for expanding retailers. The average financial vacancy which has peaked in August 2021 is now in a downward trend, showing significant customer demand for our portfolio. 3 — CUSTOMERS (RETAILERS) Capital allocation Operational excellence Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments 2021 was another challenging year for Klépierre’s tenants, with different degrees of severity depending on the sectors and countries concerned. Some were forced to close off-and-on for part of the year following government-ordered measures. When stores reopened overall sales reached close to 2019 figures, but footfall continued to lag behind (see above, “Consumption habits” risk). The calculation of variable rents – indexed to retailer sales – was directly impacted by the downturn in business. Fixed rents relating to periods of government-ordered closure were renegotiated on a case-by-case basis, leading the Group to grant certain goodwill concessions (monthly rather than quarterly billing, rent abatements, etc.). Additionally, with a view to continue attracting the most performing retailers, Klépierre wishes to expand its services with the launch of a digital application aimed at better managing the relationship with store managers and their teams. The application to be proposed to Klépierre’s shopping centers is a top-of-the-line, proprietary development that will allow them to minimize the time spent on daily tasks, and ultimately better service the shoppers. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 231 RISK AND CONTROL Key risk factors 5

5.1.2.2 Operational risks Description As publicly accessible buildings, Klépierre’s shopping centers are exposed to health, safety and security risks the occurrence of which may adversely affect the shopping centers’ image, business or performance (or Klépierre’s as a whole). Material health, safety and security risks include: • A terrorist attack taking place within a shopping center site or its immediate surroundings; • Health risks associated with contaminants or the spread of bacteria and viruses; • An abrupt or severe deterioration of public order within a shopping center site or its immediate surroundings; • Small-scale crime, theft or antisocial behavior taking place within a shopping center or its immediate surroundings; • Buildings or equipment becoming physically or technically obsolescent; • A building collapse or severe structural damage to a shopping center due to unforeseen circumstances; • A fire breaking out within a shopping center; • Visitor accidents due to falls or to the failure of certain equipment (lifts, escalators, etc.). Impacts Failure to comply with relevant health and safety legislation or to protect people and assets against external safety and security threats could result in legal action or penalties for non-compliance. Shopping centers may also be subjected to temporary closure following a major health, safety or security incident, leading to a loss of business. Visitors and retailer employees may no longer feel safe within the shopping center and the surrounding area, leading to an adverse impact on the center’s image and therefore on footfall and retailer sales, and on the Group’s ability to retain or attract its customers. Risk mitigation measures Klépierre’s mitigation strategy focuses on the four following intervention points: Prevention The Group implemented preventive actions in accordance with its operating procedures covering significant health, safety and security risks. These include measures such as building structure audits, seismic surveys in the areas concerned, hot work permits, air and water quality analyses as well as preventive installations such as security railings, fire/intrusion/gas alarms, anti-ram-car protection, etc. Other preventative actions include the protection of sensitive areas (technical equipment, control rooms, offices, waste areas, etc.) and regular maintenance of equipment and upgrading of centers’ video surveillance systems. Shopping centers also provide the local police and fire service with round-the-clock access to all relevant support documents in the event of on-site emergency intervention. Training Shopping center directors and technical managers are trained or reskilled through face-to-face sessions managed by the Group’s security & safety department or remotely through the Klépierre University’s Learn Up! platform. These training sessions focus on crisis management, standard operating procedures, site security and safety quick-assessment tools and preparation of large-scale counter-terrorist exercises in the shopping centers. Control tools and audits The Group has reviewed and updated its crisis management procedures and deployed incident reporting and monitoring software. Visible safety and security is provided by dedicated teams and guards permanently on site and working under the control of shopping center management teams. Third- party inspections of technical equipment – such as elevators, travellators, sprinkler systems, etc. – guarantee their conformity. Compliance with health standards to prevent Legionella is also monitored. The effectiveness of the entire system is tested every year using sampling techniques during internal operational audits. Crisis management plan Each of the Group’s shopping centers conducts emergency evacuation drills once or twice a year to ensure that all the stakeholders fully understand their roles. For more information on measures to mitigate health, safety and security risks, refer to section 3.4.2 – Promote health, safety and well-being of this Universal Registration Document. 4 — HEALTH, SAFETY AND SECURITY CSR Engagement Operational excellence Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments As soon as the first wave of the epidemic hit continental Europe in late February 2020, the Group set up a crisis management team supported by external experts, with a view to mitigating the impact of the crisis on consumers and retailers in its shopping centers, as well as on employees of the Group and its tenants. The team coordinated Klépierre’s response to the crisis in each affected area, ensuring that its operations were compliant with the measures enacted by the authorities on a real-time basis. The Group continuously reviewed its operating organization and resources so as to ensure the best possible health and safety conditions while maintaining business continuity. As recommended by health bodies and governments, it also adapted its working environment to the mass switch to home working by swiftly providing all employees with appropriate IT equipment and tools. The impact of the spread of the virus on the footfall of the shopping centers led to an automatic decrease in the number of safety and security incidents in 2020 and 2021. If the health crisis were to continue over the long term, this could cause social unrest as seen with the “Yellow vests” protests in certain French towns and cities in 2019. Appropriate measures should then be taken. This “public order” risk has been anticipated since 2017, through the gradual deployment of a holistic approach to safety and security and more stringent safety and security procedures, making it possible to mitigate these risks more effectively. 232 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

Description The people employed by the Group have abilities, personalities, values, working methods, knowledge, expertise and skills that make up the Group’s human capital. The development of this capital is essential for securing, renewing and constantly enriching the Group’s expertise, which is a driver of its overall performance. In a rapidly evolving industry and amid ever-changing societal trends, the main risk is the loss of key people. This risk could arise if the Group fails to deliver a first-class employee experience. As the job market becomes increasingly tight, attracting, training and retaining talent is a top priority. Impact A loss of key skills, knowledge and expertise due to uncontrolled staff attrition, or a lack of engagement on the part of employees, could: (i) impact the Group’s ability to carry on its businesses, (ii) be costly in terms of the need to recruit and train new employees, and (iii) damage Klépierre’s reputation in the event of negative employee experiences. This could lead to a decline in the Group’s appeal as an employer and would reduce its ability to attract, retain and develop talented employees, especially in key positions. Employee turnover in 2021 was 11.7%, a rate that was almost equal to the 12% of 2019 but was higher than in 2020 (9%), when the Covid crisis limited attrition. Risk mitigation measures To ensure that Group has the best trained and most effective teams, both today and in the future, the HR teams have implemented a strategy based on four pillars aimed at continuously improving the employee experience within the Group: • Embracing change and supporting business transformations by anticipating the social impacts of new developments, tools and strategies and by equipping project leaders and managers with solid skills in project management, change management and emotional intelligence; • Attracting, training and inspiring the best talent, with an emphasis on leadership and management; • Motivating the teams, paying particular attention to social dialog and the organization of internal events, as well as to attractive compensation and benefits; and • Building a pleasant work environment, that is both diverse and inclusive, focused on health and work-life balance, but also by a more independent approach to human resources management through the implementation of a new Human Resources Management Information System (HRMS). New developments In 2021, the Covid-19 pandemic continued to impact the Group’s employees, who demonstrated flexibility in their work, adapting to health measures where necessary. Most of the teams worked from home during the year and the Group maintained the initiatives implemented in 2020: technological investments to facilitate remote working, increased individual mentoring, enhanced management training around new management skills, and the launch of a digital events program to maintain ties despite social distancing. Based on an employee appraisal process and with a view to constantly improving its business, the Group has accelerated internal mobility in its countries and at its headquarters, and particularly international mobility for its executive teams. Mobility play an important role in talent retention. A decisive step was taken with the definition of the Group’s four major cultural pillars: Engage, Explore, Develop and Care - a prelude to overhauling our management and leadership programs and to redefining our behavioral competency model. By putting words to its culture and what brings people together, and by communicating its values and leadership development, the Group will significantly increase its teams’ commitment. Klépierre University continued to offer hybrid development programs and provided online training where necessary. The network of in-house trainers, which is still very active, has been working to train teams in core business skills. Another key priority for the year was diversity and inclusion (D&I), with the launch of a Group-wide Diversity Council to oversee Klépierre’s progress in gender equity. The Group has made progress towards its objective of gender parity at senior management levels and has integrated D&I objectives and principles into talent review processes. A network of diversity ambassadors has also been set up, comprising 40 people responsible for piloting initiatives at the local country level. The network designed and organized an initial Diversity & Inclusion Week in December 2021, with the aim of raising awareness and changing mindsets about inclusion in the broadest sense, but also about gender equality, generational diversity, disability integration and prejudice, among others. 5 — HUMAN CAPITAL CSR Engagement Operational excellence Related strategic priority(ies) Residual criticality S Year-on-year criticality change KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 233 RISK AND CONTROL Key risk factors 5

Description In the course of its day-to-day business, Klépierre interacts with a vast ecosystem of stakeholders that contribute to the proper running of operations. This section concerns the two types of stakeholders deemed most exposed within Klépierre’s risk environment: (i) suppliers and service providers and (ii) co-owners and joint venture partners. Risks concerning Klépierre employees (internal stakeholders) are discussed above (see “Human capital” section of this chapter). Suppliers and service providers: the bulk of goods and services procured by the Group is made up of utilities (energy and water), cleaning, maintenance, marketing and safety and security. Klépierre also has recourse to a wide range of service providers in its development operations (i.e., architects, design agencies, construction companies, etc.). Co-owners and joint venture partners: some of the Group’s assets are part of larger real estate complexes, part of which are owned by third parties or are jointly owned with them by Klépierre. These multi-owner structures require alignment of interest to allow Klépierre to deploy its shopping center operational and development strategy. Impact Suppliers and service providers: poor performance of a service – or even failure to perform the service in the event of bankruptcy – could have an operational impact on Klépierre, potentially impact the attractiveness of its shopping malls and impair its BtoB reputation. Klépierre may be held liable in the event of the failure of suppliers or service providers to comply with applicable regulations (e.g., undeclared or illicit work, corruption, etc.). Likewise, any instances of non-compliance with internationally accepted human rights through its supply chain could lead to reputational damage for the Group. In addition, excessive dependence of a given service provider on Klépierre may lead to legal and financial consequences such as the requalification of service agreements in employment contracts. Co-owners: in some specific situations where the vote of a qualified majority of co-owners is required, diverging strategic interests with the different co-owners could limit Klépierre’s ability to deploy its redevelopment plan for a given asset or limit its capacity to maintain the asset’s appeal to customers or require Klépierre to support the whole costs of a major transformation or refurbishment. Joint venture partners: failure to comply with contractual obligations within the scope of an asset or property management agreement could lead to legal proceedings against the Company for damages or the loss of the mandate and the related income. Risk mitigation measures • Suppliers and service providers: the Group’s main geographic areas (France, Italy, Iberia) dedicated purchasing teams that ensured effective management of operational risks and optimized the Group’s performance in this area. Their objectives are to streamline processes, select, evaluate and monitor a specific pool of approved suppliers. Prior to signing a contract, service providers and suppliers are vetted for financial health by means of revenue checks, in order to avoid the risk of over-dependence on Klépierre. These checks are repeated over the course of the business relationship. Throughout their contract, service providers working in shopping centers must first have provided shopping center management team with all of the statutory documents authorizing them to carry out work there (ID documents, certifications, etc.). • Co-owners and JV partners: under its investment policy, the Group ensures that it has sufficient voting rights or rights of veto to guide decision-making in line with its strategy. 6 — SUPPLIERS, SERVICE PROVIDERS, JOINT VENTURES AND CO-OWNERS CSR Engagement Operational excellence Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments Since the start of the health crisis, the Group focused on securing the business continuity of its suppliers and service providers, which are contractually committed to maintaining a required level of service. This has been particularly important in the case of security guards and cleaning staff. 234 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

Description Klépierre’s development activity is focused on enhan- cing its own properties through refurbishments and extensions and may also include the development of greenfield projects. In most European countries, commercial urban planning projects take many years and present significant risks in terms of obtaining the necessary administrative, building and lease authorizations. Typical risks include delays in securing the building permits, in the execution of work, and in signing lease agreements. They also include construction cost overruns or shortfalls in meeting rental targets. Impacts The main potential impacts are: • The abandonment of the project in the design phase and the loss of expenses already incurred; • The sale of the land plot at a price potentially below its original value; and • A lower return on investment after completion of construction works. In all cases these may result in adverse consequences on Klépierre’s financial results, growth strategy and market reputation. Risk mitigation measures Before being committed, development projects must successively be examined by the Development Committee, the Executive Board, the Investment Committee, and the Supervisory Board. The validation criteria include: • Consistency of the project with the Group’s capital allocation strategy and financial capacity, operational targets, and CSR policy; • Technical feasibility and local acceptability; • Satisfactory pre-leasing rate; and • A return on investment in line with the project’s risk profile and expected return on Klépierre’s capital. Progress on development projects is examined regularly by the Executive Board. To limit potential loss of upfront costs and the risk of not obtaining regulatory clearance, development teams engage with stakeholders to ensure they support the proposed project as soon as a feasibility study has been carried out. Detailed design costs are not incurred without having run a preliminary financial analysis confirming the viability of the project. Construction is not started before a high level of leasing is secured with retailers and specifically with anchors and junior anchors. 7 — REAL ESTATE DEVELOPMENT Capital allocation Financial discipline Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments The commitments undertaken by the Group in terms of real estate development are few and far between at the present time, due namely to the health crisis but also to retailers’ reluctance to commit to new projects at a time when growth in e-commerce is prompting them to consider the pertinence of their store portfolios. The health crisis led to the temporary suspension of committed construction projects in order to limit cash outflows and gain more visibility. The projects are now back on track and in line with the updated planning. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 235 RISK AND CONTROL Key risk factors 5

Description Klépierre is invested in retail commercial property and fluctuations in investor demand linked to the perceived resilience of the rental income, the availability of financing, the relative attractiveness of the asset class compared to other types of commercial properties and the level of risk-free interest rates, may result in asset valuation decreases or increases. Portfolio rotation is an inherent part of Klépierre’s strategy as a property investor. The Group’s aim is to optimize the performance of its portfolio by constantly ensuring its shopping centers are positioned in the most profitable and dynamic catchment areas. Buying or selling an asset may give rise to risks related to a faulty assessment of the intrinsic quality or potential of the asset. This would then result in an inaccurate assessment of assets’ actual value. Considering the cyclical nature of the property investment market, the timing of transactions may also be unfavorable. Impacts Subdued investor demand may have an impact on the valuation of shopping centers and therefore affect the balance sheet structure of the Company, increasing its loan-to-value level which may have consequences on the Company’s ability to refinance itself, raise equity or distribute dividends in optimal conditions. Additionally, inadequate acquisition or divestment decisions could have an adverse impact on the Group’s financial position, operating results and growth prospects. These may result in the loss of opportunities, a deterioration in the Group’s performance or impairment losses. This could in turn result in disputes with buyers or sellers and a loss of investor confidence. Failure to pursue the portfolio optimization strategy could harm the Group’s long-term performance and hence its market capitalization. Risk mitigation measures Klépierre regularly stress tests its balance structure to anticipate the effects of a potential asset valuation decline. In Europe, investor demand varies from country to country and so do market dynamics and the pace of the asset valuation movements. Klépierre ensures a geographically balanced portfolio to benefit from the averaging effects of a diversified exposure. Klépierre applies a disciplined capital expenditure policy with a low volume of committed development projects always in line with its operating free cash flow. Consequently, Klépierre does not depend on asset disposals to ensure the stability of its leverage level while investing in property extensions or refurbishment. All proposals to acquire, develop or sell assets are subject to extensive audits. Klépierre also hires the services of specialized and highly reputed advisers (including lawyers, notaries, bankers, real estate experts and auditors) to support buy- and sell-side due diligence processes. Transactions and investments are successively challenged by the Executive Board, the Investment Committee and the Supervisory Board. By contracting leading independent appraisal firms to value its portfolio assets twice a year, the Group can promptly detect emerging trends in the market. The findings of this external process are cross-checked with the analyses conducted by the Group’s asset managers, helping to facilitate reallocation decisions. For more information on the valuation approaches used by these independent appraisal firms, see section 2.6.1.1.2 “Methodology used by external appraisers” of this Universal Registration Document. 8 — PROPERTY INVESTMENT MARKET AND ASSET ROTATION Capital allocation Financial discipline Related strategic priority(ies) Residual criticality S Year-on-year criticality change New developments Klépierre did not acquire any new assets in 2021 and was able to contain capital expenditure to a very low level (€169.6 million). Despite a still muted investment market, the Group managed to continue its disposal plan of non-strategic assets, selling several shopping centers for a total amount of €874 million (0.4% above the latest appraisal values on average). For more information, please see section 2.4.4 Disposals of this Universal Registration Document. 5.1.2.3 Strategic risks 236 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

Description Climate change is predicted to lead to an increase in the number of extreme weather-related events. With assets spanning Europe, shopping centers are likely to be affected by weather phenomena including storms, snow, floods, droughts, heat waves and forest fires. Climate change could also lead to growing political pressure, including more stringent regulation. Impacts Extreme weather-related events could impact Klépierre’s business continuity and result in the temporary or permanent closure of assets. Climatic changes are also likely to result in an increase in costs for the development, construction and operation of assets. For example, additional costs are likely to be incurred in upgrading equipment, design and construction standards to deal with higher temperatures. Supplementary expenses could also be spent to repair damages caused to the building after severe weather-related events. Operating costs could also increase for heating, ventilation and air conditioning equipment designed to maintain pleasant ambient temperatures. Other potential costs include an increase in insurance premiums, as insurers prices are at risk of increasing in extreme weather-related events. Risk mitigation measures The Group’s diversified geographic footprint mitigates the exposure to extreme weather-related events and major environmental risks are factored into acquisition and disposal decisions. With regards to its standing assets, the Group has developed internal measures including energy management tools, audits, and other procedures to reduce energy consumption and improve environmental efficiency. In addition, all Klépierre assets undergo an audit every five years to check their structural condition. Klépierre has an ambitious environmental performance program designed to reduce natural resource consumption and improve supply quality by: • Improving operational energy efficiency and reducing heating or air conditioning needs, thereby managing potential temperature variations without excess consumption; • Reducing carbon emissions; and • Limiting the use of potable water. The Group has also rolled out initiatives to limit its dependence on fossil fuel-based natural resources by increasing the use of on-site renewables, purchasing green energy and promoting soft mobility. With a view to constantly reducing greenhouse gas emissions, Klépierre implemented “BOOST” action plans (on-site workshops lasting two consecutive days aimed at identifying all the drivers for reducing energy consumption) within a large portion of its portfolio. Similar initiatives were launched to increase the rate of recycling and proportion of waste recovered with an objective of recovering 100% of waste produced in the assets by 2022. For more information on the Group’s commitments and actions to fight climate change, please see section 3.2 – Act for the Planet of this Universal Registration Document. 9 — CLIMATE CHANGE CSR Engagement Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments None of Klépierre’s shopping centers in 2021 were subject to extreme weather conditions that significantly disturbed operations. Should such events occur, the Group has action plans for limiting the operational impact and property damage. In addition, in 2021, 95% of the electricity used in the common and serviced areas of Klépierre’s centers was drawn from renewable energy. Moreover, since 2019 – three years ahead of schedule – the Group has been the largest real estate portfolio in the world by value to be BREEAM In-Use certified for sustainable asset performance across its entire portfolio. In 2020, the Klépierre Group was approved by the Science-Based Targets Initiative (SBTi), a scientific body working in partnership with the United Nations to ensure that companies’ environmental commitments are in line with the 1.5°C objective set by the 2015 Paris Agreement. Klépierre was approved with the highest possible level of commitment (a 1.5°C-aligned target). Moreover, Klépierre was one of the few real estate companies in European to once again in 2021 feature in the prestigious “A list” compiled by CDP, an NGO specialized in corporate environmental disclosure. CDP scores companies from A to D based on the comprehensiveness of their disclosure, their management of environmental risks and their ability to set ambitious and meaningful targets. More than 13,000 companies worldwide were evaluated by CDP this year on environmental performance. Only 16 of these companies were included in the “A list” for the real estate sector, five of them in Europe. This dual distinction shows the relevance of the Act for Good® CSR policy for effectively combating global warming at the level of Klépierre’s European portfolio. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 237 RISK AND CONTROL Key risk factors 5

5.1.2.4 Financial risks Description Since property investment is a capital-intensive business, Klépierre needs to raise long-term financial resources in the form of bonds, loans or equity to fund its investments and regularly refinance maturing debts. This exposes the Group to risks related to equity and debt capital markets fluctuations, liquidity crises and broader economic shocks. Impacts Any limitations of access to debt financing, restrictions of credit conditions, a liquidity crisis or broader economic downturn may have a significant impact on Klépierre’s ability to refinance its debts when they are due for repayment. Such event would potentially make Klépierre unable to remain operational as a going concern, or increase funding costs resulting in an adverse impact on the Group’s earnings. Furthermore, in addition to the usual covenants, the loan agreements entered into by Klépierre also contain covenants obliging the Group to comply with specific financial ratios. If Klépierre were to breach one of its covenants and were unable to remedy that failure within the time contractually allowed, the lenders could demand early repayment of the loan, which could affect all of the Group’s debt if cross-default clauses were exercised. The forced sale of assets to remedy covenant breach may also impact the Group’s earnings and its asset values. Risk mitigation measures Klépierre follows a prudent financial policy and aims to secure a high credit rating of at least investment grade. This is currently the case, with the Group rated BBB+ with a stable outlook by S&P. As of December 31, 2021, Klépierre’s LTV was 38.7%, while the net debt/EBITDA ratio was 8.8x and ICR was at 8.3x. The Group also applies a prudent interest rate risk management policy. The Group’s target hedging rate is approximately 70%. This rate is defined as the proportion of fixed-rate debt (after hedging) to gross borrowings. As of December 31, 2021, taking into account only fixed-rate debt and debt hedged at a fixed rate, the hedging rate was 77%. Factoring in options (caps), the rate was 91%. Klépierre has access to several additional mitigation methods: • Availability of undrawn bank credit lines to absorb scheduled refinancing needs for the coming years; • Diversification of maturities and sources of financing, so as to facilitate rollovers; • Range of different loan types and counterparts used with the banking market (syndicated loans, mortgage loans, etc.); and • Restriction of the level of outstanding commercial paper, which represents the bulk of short-term financing, to the amount of the backup lines. This means that the Company can refinance immediately if it has difficulty renewing its borrowings on the commercial paper market. For more detailed information on exposure to financial risks (interest rates, liquidity, foreign exchange, counterparts, treasury shares, etc.) and the measures adopted to cover these risks, please refer to Note 9 of the consolidated financial statements in section 4.1.5 – Risk exposure and hedging strategy of this Universal Registration Document. 10 — FINANCING AND LIQUIDITY Financial discipline Related strategic priority(ies) Residual criticality D Year-on-year criticality change New developments In the specific context of the health crisis, which impacted Klépierre’s ability to collect rents, the Group managed to contain the increase in debt, in particular through the immediate reduction in its capex program. The Group has the necessary flexibility to continue funding its business activities, while ensuring a satisfactory level of investment without being dependent on possible disposals. The monetary support measures put in place since 2020 by the European Central Bank made it easier for the Group to tap into the capital markets. Since the beginning of the pandemic, the Group has successfully raised funds of €1.5 billion bearing an average interest rate of 1.5% and rolled over €1.4 billion in revolving bank credit lines with a five-year maturity. Its liquidity position at the end of 2021 reached €2.8 billion and covers all of its financing needs until May 2024. 238 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Key risk factors 5

Description The entities of the Klépierre Group and their activities are subject to a complex legal and regulatory environment, covering cross-cutting areas (urban planning law, construction law, commercial lease law, Sapin II law, GDPR, anti-corruption, stock exchange law, etc.), both at the local and European levels. Klépierre also benefits from the French SIIC tax regime, or equivalent in other countries. Changes in these laws and regulations or the intro- duction of new legal and regulatory provisions or the non-compliance of Klépierre’s entities or their activities with them, as well as the non-compliance with contractual commitments or procedures put in place, could have an impact on Klépierre and its activities. Impacts A tightening of urban planning regulations, which would limit the availability of rental space, could have an impact on the development potential of shopping centers and, consequently, slow down the implementation of the Group’s pipeline. Conversely, a relaxation of these same rules may increase competition and lead to a decline in footfall, rental income and potentially an increase in vacancy rates. An unfavorable change in the regulations governing leases (rent indexation criteria, rules for rebilling of expenses, etc.) could have a negative impact on the Klépierre Group’s revenue. A tightening of requirements in terms of maintenance, control or security measures in shopping centers could have a significant impact on the costs of associated service providers. Any change in the tax regime that would result in an increase in the tax rate could have a negative impact on the Klépierre Group and its results, resulting in a decrease in its earnings. Failure to identify or comply with applicable legal and regulatory provisions could result in criminal or pecuniary condemnation, or even deterioration of the Group’s image. In addition, non-compliance in a shopping center could result in a temporary or permanent interruption of activity in the center. Finally, non-compliance with contractual clauses could in certain cases lead to the termination of said contract and the associated benefits or the implementation of the liability of the Klépierre Group entity concerned. Risk mitigation measures The Group’s Legal Department, with the support of the local legal departments, regularly monitors the compliance and regulatory environment in the countries where the Group operates. The same approach is adopted for monitoring of disputes and litigation. The Group’s Risk Management Department, in cooperation with the Group’s Legal Department, establishes procedures at Group level which are deployed in the countries where Klépierre operates in order to ensure compliance with the legal and regulatory provisions then applicable. At shopping center level, certain technical service providers are contractually obliged to monitor local regulations, which limits the risk of non-compliance due to unanticipated regulatory changes. In addition, a digital platform has been set up to help monitor the compliance of shopping centers and to create a common reference system for the security of shopping centers owned by the Klépierre. Thanks to its Internal Audit Department and the use of external audits (over and above the Statutory Auditor’s report), as well as the continuous improvement of its processes, the Group ensures the constant alignment between operational practices and strategic objectives. In any case, the matrix organization of the Klépierre Group allows, via two levels of control (local level and Group level), the proper application of Group procedures. The Group also actively contributes to the work of national or international bodies representing the commercial real estate sector in particular, but also to broader professional bodies. 11 — REGULATORY AND COMPLIANCE CSR Engagement Operational excellence Related strategic priority(ies) Residual criticality D Year-on-year criticality change 5.1.2.5 Compliance and reputation risks New developments The health crisis has two major influences. The first is the tightening of standards and controls, which increase the operating costs of shopping centers while limiting their patronage. The second is the intervention of most European legislators in the contractual relation between landlords and lessee to adapt, if necessary, some of the contractual rights and obligations of the parties during the Covid-19 crisis, and specifically during administrative closures of the stores. To ensure that it has fully understood the expectations of legislators and administrative authorities, Klépierre has enlisted the services of renowned external consultants and auditors who have visited all the shopping centers in the portfolio to certify their compliance with the health recommendations of each country. Klépierre also actively monitors regulatory developments and any resulting interpretations or court decisions. The increasing complexity and stringency of the legislative and regulatory environment in which Klépierre operates increases the risk of regulatory non-compliance. However, this risk must be qualified in view of the creation of a dedicated unit within the Group’s Legal Department in charge of legal compliance. In addition, the introduction of dedicated IT tools (e.g., for the security and safety and maintenance areas), or periodic sharing sessions by business line (seminars, webinars, etc.), makes it possible to disseminate procedures while monitoring their proper application. Finally, in view of the increased risk of non-compliance with certain regulations due to remote working (data leakage, fraud attempts, etc.), Klépierre has strengthened its system (firewall, e-learning, etc.). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 239 RISK AND CONTROL Key risk factors 5

5.2 RISK MANAGEMENT AND INTERNAL CONTROL 5.2.1 Introduction Klépierre’s objective is to continuously improve its internal control and risk management system in order to comply with the Autorité des marchés financiers (AMF) Reference Framework and the measures described in COSO II (Committee of Sponsoring Organizations of the Treadway Commission). 5.2.2 Objectives and limits The objectives of risk management are as follows: • To create and preserve the Group’s value and reputation; • To secure the Group’s overall strategic priorities; • To protect its assets (in particular buildings), people and the environment; • To make decisions and processes that are safe to achieve the Group’s objectives; • To encourage initiatives which are consistent with the Group’s values; • To ensure that the key risks arising from its operations and business are correctly assessed and sufficiently controlled; and • To mobilize employees around a shared vision of the main risks facing the Company and the risks specific to their field of activity. Internal control and compliance frameworks are implemented by operational management and employees to provide reasonable assurance to senior management and shareholders that the following objectives are met: • Compliance with applicable legislation, external regulations and Klépierre’s internal rules; • Implementation of instructions and guidelines provided by the executive management team; • Effectiveness of the Group’s internal processes, including those designed to protect the Group’s assets; and • Reliability of financial data and, more generally, of all data included in the published statements. The Group’s internal control system covers all of the Group’s activities and geographies. Although this internal control system cannot, by definition, provide an absolute guarantee that all risks will be completely eliminated, it aims at providing the Group with a comprehensive framework that effectively protects against the major risks identified and their potential effects. 240 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Risk management and internal control 5

5.2.3 Organization SUPERVISORY BOARD EXECUTIVE BOARD General Secretary Reporting line COO CFO • Reviews the Company’s key risks and mitigating measures • Reviews the Company’s risk management and internal control systems • Assesses the effectiveness of these systems through its Audit Committee • Confirms whether the risk appetite is in line with the Company’s strategy and stakeholders’ expectations Audit Committee Sustainable Development Committee • Is responsible for the “tone at the top” • Sets the Company’s risk appetite • Oversees the design and implementation of the Company’s ERM* and internal control systems • Makes decisions when substantial risk is at stake • Evaluates the adequacy of risk mitigation plans Operational practices and support functions • Set directions, define policies and procedures • Develop risk management culture and awareness of internal controls • Establish discipline and act as guardrails Internal audit • Provides independent assurance of the effectiveness of the Group’s risk management and internal control frameworks and activities Management and employees • Identify, take and manage risks in their areas of responsibility • Maintain day to day internal control Operational Internal control Financial Internal control Internal Audit Information sharing lines of control against risks 3 2 1 3 CEO Risk Management & Internal control Legal, Compliance & Insurance IT HR Communication *ERM: Enteprise Risk Management KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 241 RISK AND CONTROL Risk management and internal control 5

The Supervisory Board reviews the most significant risks and mitigation measures and assesses the effectiveness of the Group’s risk management and internal control systems. It also confirms that the risk appetite, reflected for example in key decisions made, risks taken, or investments made to mitigate them, is consistent with Klépierre’s strategic objectives and the expectations of the Company’s stakeholders. It is assisted in this task by three special-purpose committees whose members are appointed by the Supervisory Board: • The Audit Committee, responsible for overseeing the financial reporting process, the audit process, the Company’s internal control system and compliance with laws and regulations. To this extent, the Audit Committee monitors the internal control framework as a whole (and the accounting and financial risks in particular, through the review of the financial statements, verification of the relevance and the consistency of the accounting methods adopted for the preparation of the financial statements and the processing of significant and unusual transactions); • The Sustainable Development Committee which reviews all significant extra-financial risks, including the “Climate change” and “Human capital” risks described above, as well as the ones described in section 3.1.2 of this Universal Registration Document; and • The Investment Committee which analyzes the “Property investment market and asset rotation” as well as “Real estate development” risks described above. The Executive Board meets weekly and as required. It is responsible for duties provided for in the French Commercial Code and the Company’s bylaws, including management of the Group’s business so that it meets its strategic and financial targets. The scope of responsibility of the Executive Board includes: • Setting Klépierre’s strategy and ambition, defined in tandem with the Supervisory Board: • Set Klépierre’s mid-term strategy and long-term ambition and vision, and endorse the corresponding strategic plans; • Approving investment and divestment priorities; • Translating Klépierre’s strategic vision and ambition into annual objectives for the organization; and • Validating annual budgets. • Acting as an efficient decision-making body by: • Monitoring financial performance and review country/function corrective action plans, endorsing recommended financial communication and guidance; • Aligning the organization, processes, talent and capabilities to deliver on Klépierre’s annual objectives; • Assessing talent and ensure succession planning; • Endorsing the launch of key cross-functional projects, fund them adequately and monitor progress made on a regular basis; and • Implementing decisions on investment and divestment deals. • Promoting efficient governance and decision-making process by: • Ensuring Klépierre policies and procedures are consistent, built on ethical principles, appropriate organizational structures, well- defined responsibilities and demonstrated competencies; and • Guiding the Risk Management and Internal Audit departments, to ensure adequate level of risk mapping and mitigation. For more details, see section 6.1.3 of this Universal Registration Document. 5.2.4 Internal control system 5.2.4.1 Structured organization In accordance with the AMF recommendations, Klépierre’s internal control system is based on an appropriate organizational structure in which responsibilities are clearly defined, adequate resources and competencies are provided, and relevant information systems, tools and practices are implemented. In 2021, the Executive Board decided to reshape Klépierre’s risk management organization, hiring a Group Head of Risk Management who reports to the General Secretary. Risk mapping previously fell within the remit of the Internal Audit and Control Department, reporting to the Executive Board and the Audit Committee. The main objective of this change was to strengthen the Group’s risk management governance through better segregation of duties and the allocation of additional resources to a dedicated risk management function. The main role of this Group Risk Management Department is to lead the effective development of Klépierre’s Enterprise Risk Management (“ERM”) at strategic and operational levels, by implementing a structured, sustainable and adaptable system to identify, analyze, prioritize and address key risks. It is responsible, directly or through Group experts, for designing and implementing internal control systems and risk management procedures. In consultation with all the persons concerned, it also intervenes in compliance risks by coordinating the continuous improvement of anti-corruption and anti-money laundering programs in order to implement appropriate prevention policies and provide an effective level of response. Klépierre’s global compliance programs falls under the responsibility of the General Secretary who oversees the Legal, Compliance and Insurance, IT, HR, Communication and Risk Management & Internal Control teams. 5.2.4.2 Delegations of powers and responsibilities The internal framework is underpinned by the following components: • A set delegation and sub-delegations of authority and responsibility rules that span across all the Group’s activities. They ensure better organization of the Company and a stronger correlation between the responsibilities of operational entities and the responsibilities of executives, and are subject to regular reviews and updates; • Job descriptions and an appraisal system based on performance targets; and • Segregation of duties by keeping operational roles separate from supervisory roles. 242 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Risk management and internal control 5

5.2.4.3 Procedures Procedures aimed at providing a risk control framework for the Group’s operational and financial activities, in particular with performance tests (first level) made by the operational and functional teams. The Risk Management Department ensures that procedures are followed and coordinates their regular updating. In particular, the production of financial information is a standardized process which covers the flow and processing of information: the procedures for preparing the financial statements explicitly specify, for each operational or financial process, the involved parties, schedules and information medium, accounting principles and methods and accounts processing. Charts of accounts are standardized and ensure the consistency of information processing across the Group, regulatory reporting (quarterly, semi-annual and annual) is published by press release after approval is obtained and according to a formal procedure and schedule. The half- and full-year financial statements are only made public after being formally approved by the Supervisory Board. 5.2.5 Risk management and internal control activities 5.2.5.1 Compliance and Ethics Main texts governing business ethics At Klépierre, business ethics is fundamental. Klépierre is committed to applying its values in all business practices, including its relationships with employees and external stakeholders. Two ethical codes responding to different purposes are deployed, embedded within internal procedures for enforceability purposes: • The Code of Professional Conduct (currently being overhauled) governs all ethical issues such as money laundering and insider trading; and • The Anti-corruption Code of Conduct sets out the Group’s expectations regarding the giving and receiving of gifts and invitations, conflicts of interest, facilitation payments, patronage and sponsorship and lobbying activities. Fight against corruption and influence peddling Klépierre’s anti-corruption compliance program is based on: • A commitment to zero tolerance of corruption and influence peddling at the highest level of the Group. In January 2020, the Chairman of the Executive Board reissued the Anti-corruption Code of Conduct by email (in both English and French) to all Group employees, ensuring that everyone was aware of Klépierre’s policy on ethics. It is also available in Spanish, Italian, German and Polish, meaning it is accessible to all of the Group’s employees; • A corruption and influence-peddling risk map, drawn up in accordance with the Group’s general methodology for risk mapping. The corruption and influence-peddling risk mapping will be updated in 2022; • A process for assessing the integrity of third parties and a corresponding tool to perform integrity due diligence adapted to the level of risk of each third party. This tool provides access to databases containing lists of sanctions, convictions, politically exposed persons and negative press articles; it also facilitates the identification of beneficial owners; • Accounting controls integrated into the Group’s internal control rules to prevent and detect acts of corruption and fraud (see section 5.2.5.3 “Financial internal control”); • A training program developed in 2019 on anti-corruption issues and completed by several key function holders. In 2020, a new, all-staff InKorruptible! training course was made mandatory for all Klépierre employees. It aims to strengthen the internal approach to the prevention of corruption, and to continue to raise awareness among internal stakeholders. To promote the dissemination of this mandatory training module, the Chairman of the Executive Board sponsored a dedicated communication campaign and the contents were translated in seven languages; and • An alert system set up by Klépierre which is Group-wide and open to employees and external/occasional workers as well as employees of the Group’s customers, suppliers and subcontractors. The system enables the report of cases or suspicions of criminal activities, violations of national and international laws, or breaches to the Group’s anti-corruption code or code of professional conduct. This procedure includes a platform hosted by an external provider and is available around the clock from any location worldwide in all languages spoken within the Group. The whistleblowing platform allows anonymous reporting and ensures strict confidentiality of the identity of the reporter. The Group policy is to guarantee to not discipline, discriminate or retaliate against any employee or other person who in good faith reports information related to a violation. The Group’s whistleblowing procedure will be reviewed in 2022 to take into account the law on the protection of whistleblowers, set to come into force in September 2022. The Internal Audit investigates reported incidents, but the Executive Board is ultimately responsible for taking the appropriate actions. communication of any alert that falls within the scope of France’s Sapin II law, as well as other laws relating to the reporting of practices that are contrary to the Group’s Code of Ethics (harassment, sexist behavior, infringements of freedom of association or trade union rights, etc.). Fight against money laundering and terrorism financing Klépierre’s prevention program against money laundering is primarily centered around: • Risk mapping, which will be updated in 2022 together with the corruption risk mapping; • A process for assessing the integrity of both customers and transactions; • A process to report suspicious transactions to TRACFIN, the French governmental agency in charge of fighting illicit financial circuits, money laundering, and the financing of terrorism, through a dedicated correspondent; and • Training and raising the awareness of employees most exposed to risk. Protection of Personal Data For the purposes of its business, the Group processes personal data collected from third parties such as its customers, employees, subcontractors, prospects, tenants and partners. The Group strives to collect personal data that is adequate, relevant and not excessive in relation to the specific and explicit purposes for which it is processed and to maintain the confidentiality and security of all such data. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 243 RISK AND CONTROL Risk management and internal control 5

In 2017, the Group carried out a diagnosis and mapping of data processing to assess its level of compliance with the GDPR and since 2018, the Group has organized its GDPR governance as follows: • A Data Protection Officer (DPO) for the Klépierre SA and Klépierre Management SNC entities in France registered with the CNIL, French personal data agency; he or she keeps records of data processing, data breaches and a set of processes; • Local data privacy correspondents or local DPOs (or “country DPOs”) in each country where the Group operates. Each local correspondent (some of whom have the status of DPO) carries out legal and operational monitoring for the country for which he or she is responsible in accordance with applicable national laws. The DPO of Klépierre SA and Klépierre Management SNC leads this network of country DPOs; • A framework of provisions drafted in compliance with the rules and templates of the GDPR and covering certain specific situations encountered; and • Two Internal Charters for the protection of personal data created and available on the Klépierre website (one dedicated to employees and recruitment and the other one to marketing and other purposes); the documents are regularly reviewed and adapted to meet the evolution of the GDPR. In addition, significant efforts are made in terms of awareness and training on personal data management. Thus, every employee received online GDPR training, and the most exposed departments benefited from personalized face-to-face training. The online GDPR training is available on Klépierre’s e-learning platform (via the “Learn-up” app or a dedicated access via the Group’s intranet). This training has been complemented by e-learning modules on cybersecurity and sensitive data. In addition, the DPO supports operational teams in implementing projects with a “privacy by design” and or “privacy by default” approach. All HR processes and new business projects are implemented: • By striving to collect personal data that are adequate, relevant and not excessive in relation to the specific and explicit purposes for which they are processed, in coordination with the relevant operational team (marketing, HR, etc.); and • To ensure the security and confidentiality of the data, with the IT Department. As a result, Klépierre has: • A clear and efficient structure with governance bodies for matters relating to the collection, use and protection of personal data; • A set of robust processes to support the data processing; and • Regular monitoring processes to ensure compliance in a constantly changing legal and regulatory environment. Fight against fraud In order to protect against the risk of fraud, a framework has been established for securing cash transfers. The segregation of duties principle is applied to payment processes, and specific rules must be respected for sensitive fields (bank accounts, suppliers’ bank data, signatories of payments). In addition, awareness is raised throughout the year against fraud risk through training at CFO meetings, email communications and dedicated online training. All fraud attempts or frauds are reported to the Deputy CFO, the Internal Audit, Legal departement and the Internal Accounting Control unit. Fight against insider trading As previously mentioned, the Code of Professional Conduct sets out the Group’s procedures regarding insider trading and inside information. In addition, the Inside Information Committee meets on a regular basis – as well as on an ad hoc basis where required – to assess whether business events and decisions such as acquisition or disposal transactions could be considered insider information using guidance published by the French financial markets authority (Autorité des marchés financiers – AMF). 5.2.5.2 Information systems and cyber risk Klépierre’s IT landscape is built to ensure common ways of working and business processes across all Klépierre entities and ability to simplify data sharing across business lines, while leveraging a robust infrastructure (dual site datacenter & cloud) that provides continuity of IT services. Projects and maintenance operations are designed and delivered to ensure the following: • Security and confidentiality, through clear cyber guidelines and policies; • Reliability and data integrity; • Round-the-clock availability; and • Audit trails from a technical (logs, segregation of duties), functional (access reports) and IT delivery methods (user acceptance tests, stop/go meetings). Business applications design Klépierre’s IT application landscape relies on a shared, unique Enterprise Resource Planning (ERP) system (SAP, including a consolidation tool completed by dedicated ERP tools) that is common to all entities and supports back office activities (finance, rental and property management). Core operational activities are supported via specific applications, also shared throughout the Group, the most important ones being: • An application (“Atlas”) dedicated to our leasing process and related approval procedures; and • An application (“Komply”) ensuring our operational compliance and safety and security management in malls. A Group-wide data and analytics platform (based on SAP BW and PowerBI) enables data insight and analysis, as well as financial reports. A Group-wide banking platform (“Kyriba”) provides for a common secured payment process, with strong authentication technology and cross-validation procedure. These applications provide strong business continuity and facilitated operational controls, by supporting common business processes, data definition across the Group, as well as data consolidation and shared reporting, from local operations to HQ. Our core model applications (SAP, related tools) and a common HR job referential also supports our internal accounting controls via: • Segregation of duties rules directly embedded in the job definitions and geographic scope of each user. These rules are assessed regularly; and • Automated controls and reports to avoid frauds (e.g., IBAN changes, vendor review, etc.). 244 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Risk management and internal control 5

IT continuity Klépierre’s posture regarding IT continuity relies on the following two pillars: • Application availability: • Critical real-time applications are cloud-based, to ensure best-in-class availability provided by international providers: and • Business apps are hosted on a dual datacenter infrastructure. Failover procedures are tested regularly. • Application access: • Applications are accessible from any location (via VPN and Multi-Factor Authentication, see below); • Klépierre workstations are laptops. Daily backups are realized and monitored, and weekly backups are stored in a secured location. Cybersecurity Klépierre’s IT policies rely on strong security policies and tools, based on the security guidelines of the French National Agency for IT Security (ANSII). The Group’s protection guidelines include: • Access to applications is secured by mandatory Single Sign On and Multi-Factor Authentication; • Segregation of privileged accesses, including admin rights disabled by default on all workstations; • Network segregation; and • Cloud-based proxy for all outbound connection. Prevention activities are being carried out towards all Klépierre employees. In 2021, a mandatory, all-staff training was carried out on data protection. Finally, cybersecurity processes and tools are audited annually, and vulnerabilities are assessed on a monthly basis on all local workstations and hardware. 5.2.5.3 Financial internal control In this area, the Finance Department performs its own controls backed by a dedicated Accounting Internal Control function, which carries out other targeted verifications. Details about the financial controls Accounting organization and management control Accounting tasks are carried out by the Group Finance Department in each country in which the Group operates. The company and consolidated financial statements are prepared under the responsibility of the Group Finance Department. The existence of an ERP system (SAP) across the Group makes it possible to record day-to-day transactions and enter accounting data in an integrated and automated manner. All the processes used to prepare accounting data are subject to accounting control programs at various levels, including validation rules, authorizations and instructions concerning supporting evidence for, and documentation of, accounting entries. The Accounting Internal Control unit, which reports directly to the Deputy CFO, is in charge of defining and providing the accounting control rules and ensuring the smooth operation of the internal control environment. Klépierre’s internal financial data is certified using a specific tool called “FACT” (Finance Accounting Control Tool). FACT relies on a series of validation mechanisms through which the staff involved in the evaluation of accounting controls formally certify the reliability of the data provided and the proper functioning of controls. This process contributes to the overall monitoring of the functioning of internal accounting controls within the Group. It also gives the Finance Department, which is responsible for the preparation and quality of the Klépierre Group’s consolidated financial statements, the necessary level of assurance on the accuracy of financial statements of each entity. The content of the certifications is updated on a quarterly basis by the Group’s accounting internal control function, and covers, among other items, regulatory requirements in terms of internal accounting control. The certifications’ content is approved by the Deputy CFO. The financial reporting system in place in all countries enables the Group to track trends in the main key performance indicators by country and by asset, and to ensure that these are properly geared to the objectives laid down in the annual budget approved by the Executive Board. Reports prepared at country level are reviewed on a quarterly basis by the Group Controlling Department, which also carries out a full reconciliation of the consistency of the accounting results with the consolidated management results. Accounts closing process and consolidation The accounts are consolidated by the Group Accounting and Consolidation Department. Data for the consolidation system used at almost all Klépierre’s subsidiaries is provided by the Finance Department in each country. A specific reporting tool is used to record off-balance sheet commitments. This allows each reporting unit to declare off- balance sheet commitments and the Consolidation Department to monitor controls and data consolidation. The consolidated financial statements are prepared using a process laid down in detailed instructions circulated to the finance departments of each country to ensure that deadlines are met, and that the data provided complies with the Group’s accounting standards. The principal accounting controls carried out at each quarterly close during the consolidation process are the following: • Controls on changes in the scope of consolidation and equity reconciliations; • Analysis of supporting evidence for all consolidation adjustments; • Analysis of and explanations for all deviations from budgets and forecasts; • Analysis of balance sheet movements and outstanding balances; • Reconciliation of the fair values recorded in the consolidated accounts with the fair values provided by the appraisers; • At each quarterly close, the Group Accounting and Consolidation Department coordinates an internal certification process for the accounting data reported by country, as well as the controls performed. As a part of this process, the CFO for each country certifies: • The reliability and compliance of the accounting data provided with regard to the regulations in force and Group standards, • Smooth operation of the accounting internal control system, safeguarding the quality of the accounting data, and • Significant events that occurred after the accounts closing and their financial impact on the consolidated financial statements. The clarity of financial reporting and the compliance of accounting methods are overseen by the Audit Committee, as well as the Statutory Auditors. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 245 RISK AND CONTROL Risk management and internal control 5

5.2.6 Independent control activities In an ever-changing operating environment, the Group is audited by external and internal professionals, who have the responsibility to detect and counter any violation of the Group internal rules and procedures. 5.2.6.1 Internal Audit The Internal Audit Department’s mission is to enhance and protect Klépierre’s organizational value by providing objective and risk-based assurance, advice, and insight within the Klépierre Group across all geographies and operations. It aims to add value and improve the organization’s operations. To do so, the Internal Audit Department evaluates and improves the effectiveness of risk management, control and governance processes. It strengthens the process through the implementation of its audit plan, which is developed on the basis of a risk-based approach and also takes into account the concerns of Executive Management and the Audit Committee. Klépierre’s Internal Audit Charter sets out the different responsibilities and principles of the audit function. The Internal audit manual completes the Internal Audit Charter and specifies the functioning and operating mode of the Internal Audit Department. To ensure its independence, the Internal Audit Department reports functionally to the Audit Committee of the Supervisory Board and operationally to the Executive Board. The Internal Audit Department conducts its mission in compliance with the Klépierre’s Code of Ethics. To achieve its objectives of increasing and preserving the value of the organization, Klépierre’s Internal Audit Department has been assigned different types of missions: • Independent assurance missions, scheduled in the annual audit plan, focusing on the adequacy and effectiveness of the organization, risk management and internal control systems; • Corporate audits or process audits whose objective is to identify the control measures in place and assess their relevance and effectiveness. Recommendations are made to improve the level of control; and • Shopping center audits whose objective is to ensure that the shopping centers do not present any risks for the safety of goods and people by controlling in particular the realization of controls and regulatory maintenance operations, and the compliance with safety rules. Other types of assignments at the request of the Executive Board or the Audit Committee are: • Ad hoc audits: Unscheduled missions that may occur as a result of the occurrence of an event. The objective, the scope and the format of the mission are determined with the Executive Board or the Audit Committee; and • Consulting missions: The objective of these assignments is for the Internal Audit Department to contribute its expertise in risk management and its transverse vision. The content of the assignment must be determined with the Executive Board. Final audit reports are addressed to the Executive Board and to each department involved in the audit. An update on these activities is provided every quarter to the Executive Board and the Group Head of Risk Management which meet specifically to discuss major risks identified, the audit recommendations and the related action plans. A summary of audit findings is provided to the Audit Committee on an annual basis. 5.2.6.2 External audits External auditors, notably the Statutory Auditors and regulatory bodies, also perform the function of third-level controllers. 5.2.7 Risk transfer The Group’s policy is to take out insurance policies covering all of its subsidiaries, based on centralizing insurance programs to ensure that the risks transferred are consistent with the coverage purchased, thereby maximizing economies of scale, while taking into account Group’s specific business, contractual and legal constraints. Klépierre’s strategy aims to transfer those risks to insurers whose solvency and management capacity (production and claims) optimally meet the Group’s requirements in terms of the protection-to-cost ratio. The optimization of coverage and transfer costs is also based on the results of the risk mapping as well as the guarantees and capacities available on the insurance markets. Negotiations conducted during the latest program renewals confirmed the intensification of the hard market impacting the majority of branches (property damage and business interruption losses, financial lines, public liability, etc.) observed over the last two years. Despite this context and the market trend, the Group was able to renew its main programs while preserving most of the subscribed capacity. In 2021, premiums paid in relation to the Group’s main insurance policies (excluding Construction Insurance that is underwritten on a project-by-project basis) amounted to around €12 million. The main risks for which Klépierre has taken out insurance are property damage and consequent loss of rents, construction risks and public liability as a property owner and real estate professional. 5.2.7.1 Coverage of damages and liabilities associated with properties Klépierre benefits from a Group insurance program that covers damage to its property portfolio, including that caused by natural events, acts of terrorism, attacks and claims by neighbors and third parties. The Group’s real estate assets are insured up to their full reconstruction value, with extended cover for “indirect losses” and “loss of rental income/operations” as a consequence of covered property damage. The damages portion covers the reinstatement value of buildings and operating losses over a period of three years. Replacement values are regularly assessed by external experts. The contractual cover limitations on the policies taken out are all adapted to the specific features and value of the insured portfolio. In addition, the Group receives advice and support from its insurers’ engineering prevention services each year. Klépierre makes every effort to comply with the recommendations of its insurers, and thus maintains its assets in a constant state of safety with respect to fire hazards. Klépierre systematically takes out “construction all risk” insurance for all its real estate restructuring, construction, extension and renovation projects. During the period of construction, decennial insurance guarantees post-delivery and civil liability of the project owner or developer. This aims to financially secure all its development operations across all levels, i.e., both during construction and after delivery. 246 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT RISK AND CONTROL Risk management and internal control 5

5.2.7.2 Third-party liability insurance (public and professional) The Group is insured for the financial consequences of any legal disputes arising from personal injury, damage to property and financial damages suffered by third parties and attributable to misconduct in the performance of the Company’s activities, employee malpractice or flawed professional work. The corresponding insurance policies also cover the activities of the Group’s subsidiaries and claims arising from its real estate portfolio and all the equipment pertaining thereto. The policies provide a high level of cover in line with the scope of the portfolio and the activities carried out. 5.2.7.3 Environmental insurance coverage This guarantee covers Klépierre’s liability for damage suffered by third parties and damage to biodiversity when it results from the impact of the Group’s activities on the environment, as well as the costs incurred by on-site cleanup operations to neutralize or eliminate an environmental hazard. 5.2.7.4 Insurance of other risks The Group has also taken out the necessary insurance to cover the following: • its leased offices through a multi-risk insurance policy covering the walls of the offices rented by the company, as well as their contents (furniture, fittings) and IT equipment; and • personal accidents insurance to protect the interests of its employees; • the personal liability of the corporate officers and de jure or de facto executives of the Company. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 247 RISK AND CONTROL Risk management and internal control 5
6 Supervisory Board’s report on corporate governance 248 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT
6.1 OVERSIGHT AND MANAGEMENT OF THE COMPANY 251 6.1.1 Supervisory Board 251 6.1.2 Board Committees 267 6.1.3 Executive Board 270 6.2 COMPENSATION OF CORPORATE OFFICERS 275 6.2.1 Compensation policy for corporate officers 275 6.2.2 Compensation of corporate officers for fiscal year 2022 277 6.2.3 Compensation of corporate officers (fiscal year 2021) 288 6.2.4 Components of compensation paid during or allotted for fiscal year 2021 to corporate officers 297 6.2.5 Summary tables based on AMF and AFEP-MEDEF Code recommendations 301 6 Supervisory Board’s report on corporate governance KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 249

In accordance with Article L. 22-10-20 of the French Commercial Code (Code de commerce), following the meeting of the Nomination and Compensation Committee on February 14, 2022, the Supervisory Board approved the corporate governance report which will be presented to the General Meeting to be called to approve the financial statements for the year ended December 31, 2021. The report includes the information referred to in Articles L. 22-10-9 to L. 22-10-11, L. 22-10-26, L. 225-100 II and L. 225-100 III of the French Commercial Code (“Required Information”). The Supervisory Board also adopted its report for the purpose of presenting to said General Meeting its observations on the Executive Board’s report and on the financial statements for the year ended December 31, 2021 , as presented in section 4.5 of this Universal Registration Document. (1) Recommendation 18.1 of the AFEP-MEDEF Code in which companies are advised to allow an employee director to sit on the compensation committee is not applicable to Klépierre insofar as the Company is not required to appoint members representing employees under the French Commercial Code. The Company has chosen to refer to the Corporate Governance Code for Listed Companies published by the French association of private sector businesses (Association française des entreprises privées – AFEP) and the French employers’ association (Mouvement des entreprises de France – MEDEF) (“the AFEP-MEDEF Code”), which can be consulted on the AFEP website at the following address: www.afep.com. The Company complies with all of the applicable recommendations of the AFEP-MEDEF Code (1) . The table below sets out the Required Information and specifies the sections of the Company’s Universal Registration Document in which this information is presented. Required Information References COMPENSATION Compensation policy for corporate officers Section 6.2.1 “Compensation policy for corporate officers” Presentation of total compensation and benefits in kind paid to each corporate officer during the fiscal year or allocated to them in respect of that year Section 6.2.3 “Compensation of corporate officers for fiscal year 2021” Relative proportion of fixed and variable compensation Use of the possibility to request the repayment of variable compensation Presentation of all commitments made by Klépierre in favor of its corporate officers, including components of compensation, compensation or benefits due or conditionally due on taking up, termination or change of function, or following the exercise of such rights, in particular pension obligations and other lifetime benefits, the methods for determining these commitments and estimates of the amount that may be paid in their respect Presentation of any compensation paid or allotted by an undertaking within the scope of consolidation Presentation of executive corporate officer compensation in relation to the average compensation, on a full-time equivalent basis, of employees other than corporate officers Presentation of executive corporate officer compensation in relation to the median compensation, on a full-time equivalent basis, of employees other than corporate officers Presentation of the year-on-year change in Klépierre’s performance-based compensation, the average compensation on a full-time equivalent basis of employees other than corporate officers, and the average of the aforementioned ratios over the last five years How the total compensation complies with the compensation policy adopted, including how it contributes to the long-term performance and how the performance criteria were applied Consideration of the vote of the June 17, 2021 General Meeting Description of any discrepancies with or departure from the compensation policy GOVERNANCE Application of a Corporate Governance Code Section 6.1 “Oversight and management of the Company” Provisions of the Corporate Governance Code not applied along with the reasons for non-application Location at which the Corporate Governance Code can be consulted List of all offices and positions held in any company by Supervisory Board members during the fiscal year Section 6.1.1.1 “Membership of the Supervisory Board” List of all offices and positions held in any company by Executive Board members during the fiscal year Section 6.1.3.1 “Membership and operating methods of the Executive Board” List of agreements signed, directly or by proxy, between, on the one hand, a corporate officer or a shareholder owning more than 10% of the voting rights of a company and, on the other, a second company over which the first exercises control within the meaning of Article L. 233-3 of the French Commercial Code, with the exception of agreements relating to ordinary transactions concluded under arm’s length conditions Section 7.1.4.3 “Related-party agreements” Procedure for reviewing agreements entered into and concluded under arm’s length conditions Section 7.1.4.3 “Related-party agreements” Explanation of the choice of one of the two general management methods stipulated in Article L. 225-51-1 of the French Commercial Code Section 6.1 “Oversight and management of the Company” Membership, conditions of preparation and organization of the work of the Supervisory Board Section 6.1.1.3 “Operating methods of the Supervisory Board” Section 6.1.1.4 “Work of the Supervisory Board in fiscal year 2021” Description of the diversity policy applied to members of the Supervisory Board with regard to criteria such as age, gender, qualifications and professional experience, and a description of the objectives of this policy, the ways in which it is implemented and the results achieved in the last fiscal year Section 6.1.1.1 “Membership of the Supervisory Board” Information on how Klépierre seeks to ensure gender balance within its executive bodies and details on diversity in the top 10% of senior responsibility positions Section 6.1.3.4 “Gender and diversity policy within governance bodies” Gender and diversity policy within governance bodies Section 6.1.3.4 “Gender and diversity policy within governance bodies” Limitations placed by the Supervisory Board on the Executive Board’s powers Article 3 (“Exercise by the Supervisory Board of its powers”) of the rules of procedure of the Supervisory Board (available online at www.klepierre.com/en) 250 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE 6

Required Information References OTHER Special arrangements regarding shareholder attendance at the General Meeting Title V (“General Meetings”) of the Company’s bylaws (available online at www.klepierre.com/en) Table summarizing the delegations in force that have been approved by the General Meeting of Shareholders in the area of capital increases, by application of Articles L. 225-129-1 and L. 225-129-2 of the French Commercial Code, and showing the use made of these delegations during the fiscal year Section 7.1.1.2 “Delegations of authority and authorizations granted to the Executive Board” Factors that may have an impact in the event of a takeover bid or public exchange offer Note 9.2 “Liquidity risk” to the consolidated financial statements Section 7.1.1 “General information on the share capital” Section 7.1.2 “Changes in the share capital – Breakdown of the share capital and voting rights” Supervisory Board’s observations on the report of the Executive Board and the financial statements for the fiscal year Section 4.5 “Report of the Supervisory Board to the Ordinary and Extraordinary General Meeting” 6.1 OVERSIGHT AND MANAGEMENT OF THE COMPANY (1) The Company’s bylaws and the rules of procedure of the Supervisory Board can be consulted on Klépierre’s corporate website at www.klepierre.com/en. The Company was converted into a French joint-stock corporation (société anonyme) with an Executive Board and Supervisory Board on July 21, 1998. This general management method was adopted to maintain the separation of the Company’s management and oversight bodies. This governance method enables the Company to retain a proactive and flexible structure, while respecting the prerogatives of the Supervisory Board, whose balanced membership safeguards independent control and the balance of powers. 6.1.1 Supervisory Board The Supervisory Board is responsible for duties determined by the French Commercial Code, the Company’s bylaws and its rules of procedure (1) . More specifically, the Supervisory Board provides oversight of the management of the Company by the Executive Board, and for the company and consolidated financial statements adopted by the Executive Board. 6.1.1.1 Membership of the Supervisory Board The relevant provisions of the French Commercial Code, the Company’s bylaws and the rules of procedure (1) are used to determine the membership of the Supervisory Board. As of the date of this document, the Supervisory Board comprised nine members, all of whom were domiciled for professional purposes at 26, Boulevard des Capucines, 75009 Paris (France) and hold Klépierre shares. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 251 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Membership of the Supervisory Board as of December 31, 2021 and on the filing date of this document Committee membership Age Nationality Other appointments in other listed companies (a) Investment Audit Nomination and Compensation Sustainable Development Term of appointment Years of Board membership (b) Number of Klépierre shares held David Simon Chairman of the Board Chairman of the Board and Chief Executive Officer of Simon Property Group, Inc. 60 US 1 2024 GM 10 62 John Carrafiell Managing Partner of BentallGreenOak 56 US 1 2024 GM 7 60 Béatrice de Clermont- Tonnerre Investor, member of the Executive Committee of Kayrros 49 French 0 • • 2022 GM 6 60 Steven Fivel General Counsel of Simon Property Group, Inc. 61 US 0 • • 2024 GM 10 62 Robert Fowlds Senior Advisor in real estate and finance 60 UK 2 • 2024 GM 4 100 Stanley Shashoua Investments Director of Simon Property Group, Inc. 51 US 0 • • • 2023 GM 7 60 Catherine Simoni Former Chief Executive for France and Belgium of the European real estate funds of The Carlyle Group 57 French 0 • 2023 GM 9 60 Rose-Marie Van Lerberghe Vice Chair of the Board Director of CNP Assurances and Bouygues 75 French 2 • • 2022 GM 10 100 Florence Von Erb Representative of Afammer (NGO) at the United Nations and former Managing Director of Adair Capital 62 French 1 • • 2023 GM 6 150 (a) Offices held within the Company are not taken into consideration in this calculation. (b) As of April 26, 2022, the date of the next General Meeting of Shareholders. Independence Chair 252 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6
59 AVERAGE AGE OF SUPERVISORY BOARD MEMBERS AS OF DECEMBER 31, 2021 56% INDEPENDENT SUPERVISORY BOARD MEMBERS 44% FEMALE SUPERVISORY BOARD MEMBERS 5 NON-FRENCH SUPERVISORY BOARD MEMBERS 100% AT SUPERVISORY BOARD MEETINGS KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 253 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Biographies of Supervisory Board members DAVID SIMON CHAIRMAN AND MEMBER OF THE SUPERVISORY BOARD CHAIRMAN AND MEMBER OF THE INVESTMENT COMMITTEE Aged 60 BS degree from Indiana University and MBA from Columbia University’s Graduate School of Business US national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Investment Committee: 100% CAREER David Simon is Chairman of the Board and Chief Executive Officer of Simon Property Group, Inc., which he joined in 1990. In 1993, he led the efforts to take Simon Property Group public, and became CEO in 1995. Before joining Simon Property Group, he was a Vice President of Wasserstein Perella & Co., a Wall Street firm specializing in mergers and acquisitions and leveraged buyouts. He was a member and the Chairman of the National Association of Real Estate Investment Trusts (NAREIT) Board of Governors and a trustee of the International Council of Shopping Centers (ICSC). OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Chairman and member of the Supervisory Board (term of office expiring at the 2024 General Meeting) • Chairman and member of the Investment Committee Outside Klépierre • Director, Chairman of the Board and Chief Executive Officer: • Simon Property Group, Inc. (US-listed company) OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Director, Chairman of the Board and Chief Executive Officer: • Simon Property Group (US-listed company) • The Retail Property Trust • M.S. Management Associates, Inc. • Chairman of the Board and Chief Executive Officer: • Simon Management Associates, LLC • CPG Holdings, LLC 254 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

JOHN CARRAFIELL MEMBER OF THE SUPERVISORY BOARD CHAIRMAN AND MEMBER OF THE AUDIT COMMITTEE Aged 56 BA degree from Yale University US national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Audit Committee: 100% CAREER From 1987 to 2009, John Carrafiell held various roles at Morgan Stanley, as Head of Real Estate Europe from 1995, Managing Director from 1999, Global Co-Head of Real Estate from 2005, member of the Global Investment Banking Division Operating and Management Committee from 2006 to 2007, and Global Co-Head and Co-CEO of Real Estate Investing from 2007. In 2009, he founded Alpha Real Estate Advisors (UK) and acted as Managing Partner of that company until 2010, at which point he co-founded GreenOak Real Estate. In 2019, GreenOak merged with Bentall Kennedy to form BentallGreenOak – a global real estate asset management firm, managing USD 48 billion in assets. He is currently a Senior Managing Partner of BentallGreenOak. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2024 General Meeting) • Chairman of the Audit Committee Outside Klépierre • Chairman: • Chelsea & Westminster Hospital NHS Foundation Trust Development Board (United Kingdom) • The Anna Freud National Centre for Children and Families Development Board (United Kingdom) • The Yale University School of Architecture Dean’s Council (United States) • Member of the Board of Directors: • Shurgard (Belgium-listed company) • Lineage logistics OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Member of the Board of Directors: • Grupo Lar (Spain) KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 255 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

BÉATRICE DE CLERMONT- TONNERRE MEMBER OF THE SUPERVISORY BOARD MEMBER OF THE SUSTAINABLE DEVELOPMENT COMMITTEE MEMBER OF THE AUDIT COMMITTEE Aged 49 Graduate of Institut d’études politiques de Paris (Public Service Section) and ESSEC (École supérieure des sciences économiques et commerciales) Business School (MBA) French national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Sustainable Development Committee: 100% • On the Audit Committee: 100% CAREER Béatrice de Clermont-Tonnerre is currently an investor and member of the Executive Committee of Kayrros. She was previously Director of Artificial Intelligence Partnerships at Google, after having headed up the southern Europe Sell Side division for five years. Prior to Google, she was Senior VP, Business Development at Lagardère (2008-2013) and Head of Interactive TV and co-Head of Programming at Canalsatellite – Groupe Canal+ (2001-2005). She began her career as an analyst in the High Technologies division of Lagardère’s Strategy Department, covering aerospace and telecoms. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2022 General Meeting) • Member of the Sustainable Development Committee • Member of the Audit Committee Outside Klépierre • Chair of the Nomination Committee: • Prisa • Member of the Nomination Committee and the Strategy Committee: • SES OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Board member of Ceva Logistics • Vice Chair of the Board of Directors: Hurriyet • Board member of LaCie 256 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

STEVEN FIVEL CHAIRMAN OF THE SUSTAINABLE DEVELOPMENT COMMITTEE MEMBER OF THE NOMINATION AND COMPENSATION COMMITTEE MEMBER OF THE INVESTMENT COMMITTEE Aged 61 Bachelor of Science degree in accounting from Indiana University and doctorate in law from the University of Illinois Chicago School of Law US national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Sustainable Development Committee: 100% • On the Nomination and Compensation Committee: 100% • On the Investment Committee: 100% CAREER Steven Fivel began his career in 1987 as Deputy Attorney General at the Office of the Attorney General of the State of Indiana. In 1988, he joined Melvin Simon & Associates Inc., as an attorney handling shopping center finance transactions, real estate development and re-development transactions, joint ventures and corporate transactions. In 1997, he joined BrightPoint and occupied the functions of Executive Vice President, General Counsel and Secretary. In March 2011, he joined Simon Property Group as Assistant General Counsel and Assistant Secretary, leading Development and Operations, the Legal Department, and Operations within the Tax Department. Steven Fivel was appointed General Counsel and Secretary of Simon Property Group on January 1, 2017. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2024 General Meeting) • Chairman and member of the Sustainable Development Committee • Member of the Nomination and Compensation Committee • Member of the Investment Committee Outside Klépierre • Member of the Board of Directors: • Simon Global Development BV OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • None KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 257 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

ROBERT FOWLDS MEMBER OF THE SUPERVISORY BOARD MEMBER OF THE INVESTMENT COMMITTEE Aged 60 BS degree in Real Estate Management from the University of Reading and MBA in Finance from Bayes Business School, member of the Royal Institution of Chartered Surveyors UK national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Investment Committee: 100% CAREER Robert Fowlds has been a Senior Advisor in real estate and finance since 2016. Previously, he was Managing Director, Head of Real Estate Investment Banking for the United Kingdom and Ireland at JP Morgan Cazenove, where he supervised a large team with expertise in capital markets, mergers and acquisitions, advisory and debt markets, before becoming Vice Chairman in 2013. Between 1987 and 2006, he held various positions in financial institutions such as Merrill Lynch, Kleinwort Benson Securities, Crédit Lyonnais Secs and Morgan Grenfell. Robert Fowlds is also a director of LondonMetric Property PLC (listed company). OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2024 General Meeting) • Member of the Investment Committee Outside Klépierre • Member of the Board of Directors: • LondonMetric Property PLC (UK-listed company) OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Member of the Board of Directors: • UK Commercial Property REIT (UK-listed fund) 258 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

STANLEY SHASHOUA MEMBER OF THE INVESTMENT COMMITTEE MEMBER OF THE AUDIT COMMITTEE MEMBER OF THE SUSTAINABLE DEVELOPMENT COMMITTEE Aged 51 BA degree in International Relations from Brown University and MBA in Finance from The Wharton School US national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Investment Committee: 100% • On the Audit Committee: 100% • On the Sustainable Development Committee: 100% CAREER Stanley Shashoua is Investments Director at Simon Property Group. Previously, he was Managing Partner at LionArc Capital LLC, a private investment fund, which has invested in and managed real estate and private equity transactions for a total amount of over USD 500 million since 2007. Prior to joining LionArc Capital LLC, Stanley Shashoua was a Partner at HRO Asset Management LLC, where he was in charge of the acquisition and management of properties on behalf of institutional clients, managing transactions representing over USD 1 billion and comprising over 278,700 sq.m. He was also Vice President at Dresdner Kleinwort Wasserstein. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2023 General Meeting) • Member of the Investment Committee • Member of the Audit Committee • Member of the Sustainable Development Committee Outside Klépierre • Member of the Board of Directors: • Simon Canada Management Limited (Canada) • Mitsubishi Estate Simon Co. Ltd (Japan) • Shinsegae Simon Co. Inc. (South Korea) • Genting Simon Sdn Bhd (Malaysia) • Premium Outlets de Mexico, S. de RL de CV (Mexico) • CPGOM Partners de Mexico, S. de RL de CV (Mexico) • Outlet Services HoldCo Ltd (Jersey) • Managing Partner: • Outlet Site JV Sarl (Luxembourg) • HBS Global Properties LLC (US) • Sparc Group Holdings II, LLC (US) • Cooper Retail Holdings LLC (US) • Rue Gilt Groupe Inc. (United States) OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • None KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 259 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

CATHERINE SIMONI SUPERVISORY BOARD MEMBER CHAIRWOMAN OF THE NOMINATION AND COMPENSATION COMMITTEE MEMBER OF THE INVESTMENT COMMITTEE Aged 57 Engineering degree from the University of Nice (France) French national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Nomination and Compensation Committee: 100% • On the Investment Committee: 100% CAREER For 14 years, Catherine Simoni was Director for France and Belgium of the European real estate funds of The Carlyle Group, which she left in December 2014. She was previously a Director at SARI Développement, the development division of Nexity, where she was responsible for implementing several major French office developments, including leasing and sales. Prior to this, Catherine Simoni was a Director at Robert & Finestate, a subsidiary of J.E. Robert Company, where she worked on transactions in real estate and real estate-backed loan portfolios in France, Spain, Belgium and Italy. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2023 General Meeting) • Chair and member of the Nomination and Compensation Committee • Member of the Investment Committee Outside Klépierre • None OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • None 260 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

ROSE-MARIE VAN LERBERGHE VICE CHAIR AND MEMBER OF THE SUPERVISORY BOARD MEMBER OF THE SUSTAINABLE DEVELOPMENT COMMITTEE MEMBER OF THE AUDIT COMMITTEE Aged 75 Graduate of ENA (École nationale d’administration), École normale supérieure and Institut d’études politiques of Paris and philosophy lecturer, with an undergraduate degree in history French national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Sustainable Development Committee: 100% • On the Nomination and Compensation Committee: 100% CAREER Rose-Marie Van Lerberghe began her career as an Inspector at IGAS (General Inspectorate, Social Affairs) before becoming Assistant Director for the defense and promotion of jobs at the French Labor Ministry. In 1986, she joined the Danone group, where she was group Director of Human Resources. In 1996, she became Executive Director in charge of employment and professional training at the French Ministry of Labor and Solidarity. She then became Executive Director of the Paris hospital trust (APHP). From 2006 to 2011, she was Chair of the Executive Board of Korian. From January 2010 to January 2014 Rose-Marie Van Lerberghe was a member of Conseil supérieur de la magistrature (the French High Council of the Judiciary). She is currently a member of the Council of the Order of the Legion of Honor. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Vice Chair and member of the Supervisory Board (term of office expiring at the 2022 General Meeting) • Member of the Sustainable Development Committee • Member of the Nomination and Compensation Committee Outside Klépierre • Member of the Board of Directors: • Bouygues (listed company) • CNP Assurances (listed company) • Fondation Hôpital Saint-Joseph • Chair of the Board of Directors: • Orchestre des Champs-Élysées led by Philippe Herreweghe • Chair: • Fondation Université de Paris OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Chair of the Board of Directors: • Fondation Institut Pasteur • Member of the Board of Directors: • Air France • Casino, Guichard-Perrachon KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 261 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

FLORENCE VON ERB MEMBER OF THE INVESTMENT COMMITTEE MEMBER OF THE AUDIT COMMITTEE MEMBER OF THE SUSTAINABLE DEVELOPMENT COMMITTEE Aged 62 Graduate of HEC Paris, specializing in finance French national Attendance rate in 2021 • On the Supervisory Board: 100% • On the Sustainable Development Committee: 100% • On the Audit Committee: 100% CAREER Florence Von Erb began her finance career working in JP Morgan’s Paris, London and New York offices, where she specialized in international securities markets. She held positions in the firm’s Treasury Department, Merchant Bank division, Latin America Debt Restructuring Unit and Equity Derivatives Group. In 2000, she joined Adair Capital, a New York-based investment management firm, where she served as Managing Director. She switched her focus to the not-for-profit world in 2004 when she became President and United Nations Representative of Make Mothers Matter International. In 2006, she co-founded Sure We Can Inc. Since 2014, she has been an active member of the UN NGO Social Development Committee and the Commission on the Status of Women, as well as serving as an Independent Director of Ipsos SA. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Member of the Supervisory Board (term of office expiring at the 2023 General Meeting) • Member of the Audit Committee • Member of the Sustainable Development Committee Outside Klépierre • Member of the Board of Directors: • Ipsos (listed company) • Ipsos Foundation OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS Klépierre • None Outside Klépierre • Member of the Board of Directors: Fourpoints Changes in the membership of the Supervisory Board during fiscal year 2021 Departures/appointments/re-appointments in fiscal year 2021 David Simon Re-appointed for a period of three years by the General Meeting of Shareholders of June 17, 2021 John Carrafiell Re-appointed for a period of three years by the General Meeting of Shareholders of June 17, 2021 Steven Fivel Re-appointed for a period of three years by the General Meeting of Shareholders of June 17, 2021 Robert Fowlds Re-appointed for a period of three years by the General Meeting of Shareholders of June 17, 2021 Changes in the membership of the Supervisory Board during fiscal year 2022 Terms of office expiring in 2021 With their terms of office as Supervisory Board members due to expire at the end of the General Meeting of April 26, 2022, Rose-Marie Van Lerberghe and Béatrice de Clermont-Tonnerre are seeking to be re-appointed. After reviewing the individual situation of these two members and given their skills, the quality of their contribution to the Supervisory Board’s work and to the Committees of which they are members, their solid understanding of the Group’s challenges and their regular attendance at meetings, both the Nomination and Compensation Committee and the Supervisory Board are in favor of re-appointing both members, as follows: • Rose-Marie Van Lerberghe: the April 26, 2022 General Meeting is asked to re-appoint Rose-Marie Van Lerberghe as a member of the Supervisory Board for a period of three years as from said Meeting. If this re-appointment is approved, the Supervisory Board will re-appoint Rose-Marie Van Lerberghe as a member of the Nomination and Compensation Committee and of the Sustainable Development Committee; • Béatrice de Clermont-Tonnerre: the April 26, 2022 General Meeting is invited to re-appoint Béatrice de Clermont-Tonnerre as a member of the Supervisory Board for a period of three years as from said Meeting. If this re-appointment is approved, the Supervisory Board will re-appoint Béatrice de Clermont-Tonnerre as a member of the Audit Committee and the Sustainable Development Committee. Note that the term of office of Rose-Marie Van Lerberghe as Vice-Chair of the Supervisory Board will also expire at the end of the Shareholders’ Meeting of April 26, 2022. Béatrice de Clermont-Tonnerre has put herself forward to succeed Rose-Marie Van Lerberghe. Both the Nomination and Compensation Committee, and the Supervisory Board favor the appointment of Béatrice de Clermont-Tonnerre as Vice-Chair of the Supervisory Board to replace Rose-Marie Van Lerberghe, subject to approval by the Shareholders’ Meeting of April 26, 2022 of the reappointment of Béatrice de Clermont-Tonnerre as member of the Supervisory Board. 262 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

The table below summarizes the planned changes to membership of the Supervisory Board for 2022, subject to approval by the Shareholders’ meeting of April 26, 2022: Date Departures Appointments Re-appointments April 26, 2022 None N/A Rose-Marie Van Lerberghe (member) April 26, 2022 None N/A Béatrice de Clermont-Tonnerre (member) April 26, 2022 Rose-Marie Van Lerberghe (Vice Chair) N/A N/A April 26, 2022 None Béatrice de Clermont-Tonnerre (Vice Chair) N/A Subject to the approval of the General Meeting to be held on April 26, 2022 of these re-appointments, the Supervisory Board will continue to be composed as follows: Membership after the 2022 General Meeting of Shareholders Percentage of independent members 56% Percentage of female members 44% Percentage of non-French members 56% 6.1.1.2 Rules on the membership of the Supervisory Board Independence Number of members Number of independent members 5 Independence rate 56% 9 Supervisory Board member independence is reviewed based on the definition contained in the AFEP-MEDEF Code. This status is reviewed annually by the Nomination and Compensation Committee by means of individual independence questionnaires submitted to Supervisory Board members (see table below in respect of 2021). The Nomination and Compensation Committee’s recommendations are then communicated to the Supervisory Board, which subsequently reviews the situation of each member of the Supervisory Board. The specific business relationship review consists of two steps. First, the Nomination and Compensation Committee and then the Supervisory Board review the various relationships in question to ascertain whether or not they constitute business relationships. Where this is the case, to assess whether a given relationship is significant or not, a second, more in-depth review is carried out based on qualitative criteria (context, history and organization of the relationship, respective powers of the parties) and quantitative criteria (materiality of the relationship for the parties). At the date of this document, the reviews carried out revealed that none of the members of the Supervisory Board had any business relationships with Klépierre. The following table shows the findings of the 2021 review of the independence classification of members of the Supervisory Board: Name Independence criteria set out in the AFEP-MEDEF Code Group employee or corporate officer within the last five years Cross- directorships Significant business relationship Close family ties with a corporate officer Statutory Auditor to Klépierre Group entity within the last five years Member of the Supervisory Board for more than 12 years Recipient of variable compensation in cash or shares or of any compensation linked to Klépierre’s performance Member representing major Klépierre shareholders Classification by the Supervisory Board in 2021 D. Simon ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✔ Not independent R.-M. Van Lerberghe ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✽ Independent J. Carrafiell ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✽ Independent B. de Clermont-Tonnerre ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✽ Independent S. Fivel ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✔ Not independent R. Fowlds ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✔ Not independent S. Shashoua ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✔ Not independent C. Simoni ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✽ Independent F. Von Erb ✽ ✽ ✽ ✽ ✽ ✽ ✽ ✽ Independent ✔ Yes ✽ No As of the filing date of this Universal Registration Document, five of the nine Supervisory Board members are deemed independent, i.e., 56% of Board members, in line with recommendation 9.3 set out in the AFEP-MEDEF Code. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 263 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Diversity Gender balance The Supervisory Board comprises nine members, four of whom (i.e., 44%) are women, a ratio exceeding the minimum 40% stipulated in the French Commercial Code and the recommendations of the AFEP-MEDEF Code. This diversity is also evident in the membership of its Committees. A strong international profile The Company seeks to reflect the international environment in which the Group conducts its business. The Supervisory Board therefore consists of three different nationalities (US, British and French) and has five non-French members (David Simon, John Carrafiell, Steven Fivel, Robert Fowlds and Stanley Shashoua). Varied and complementary skills and experience The Supervisory Board believes that the skills of the members of the Board are varied and complementary, with some members of the Board having strategic skills and others financial or more specific competences (financial communication, human resources and legal expertise, knowledge of the real estate or commercial sector – particularly digital – or management experience). Due to the diverse and complementary experience and expertise of the Supervisory Board members, they quickly gain a detailed understanding of Klépierre’s development challenges and ensure that the decision- making process is efficient. The skills matrix of the various members of the Board as of December 31, 2021, as reviewed by the Nomination and Compensation Committee, is shown below. Name International experience Real estate sector Finance Retail Managerial experience Human resources and governance Digital David Simon X X X X X X John Carrafiell X X X X X Béatrice de Clermont-Tonnerre X X X X Steven Fivel X X X X X Robert Fowlds X X X X Stanley Shashoua X X X X X Catherine Simoni X X X X Rose-Marie Van Lerberghe X X X Florence Von Erb X X X Availability and attendance The individual attendance rates at Supervisory Board and Board Committee meetings, listed in the biographies above, attest to the availability and attendance of Supervisory Board members. Conflict of interests The rules of procedure of the Supervisory Board state that members must inform the Board of any actual or potential conflict of interest in respect of the Company and abstain from discussing or voting on the corresponding decisions. Members of the Supervisory Board regularly receive a questionnaire setting out multiple possible examples of conflicts of interest, inviting them to declare any situations that might represent a potential conflict of interest with respect to Klépierre. The Board concluded, further to an analysis carried out in December 2021, that none of its members were in a situation of conflict of interest, potential or otherwise, or had any direct or indirect business relationships with Klépierre. Klépierre has no knowledge of any arrangements or agreements with its main stakeholders pursuant to which any Supervisory Board members were appointed as corporate officers of another entity. Review of the membership of the Supervisory Board When reviewing its membership and proposals for appointment or re-appointment submitted to the General Meeting, the Supervisory Board regularly examines the individual situation of each member, particularly: • The skills and experience they contribute to the work of the Board and the Committees; • Their availability and attendance at meetings, as well as their commitment; • Their situation as regards conflicts of interest and their independence; • Their contribution to the diversity of the Board in terms of qualifications, age, gender, nationality, length of service on the Board and professional experience. The Supervisory Board regularly reflects on the desirable balance of its membership and that of the Board Committees in order to guarantee shareholders and the market that its duties are carried out with the necessary independence and objectivity, in line with the Group’s challenges and strategy. Taking into account the elements set out and the abovementioned criteria, the membership of the Supervisory Board is satisfactory. Nevertheless, the Supervisory Board remains open to any potential improvements that may be appropriate. 264 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.1.1.3 Operating methods of the Supervisory Board The operating methods of the Supervisory Board are governed by the applicable legal and regulatory provisions, as well as the Company’s bylaws and the Supervisory Board’s rules of procedure (1) . Meetings of the Supervisory Board without the executive corporate officers in attendance Given the Company’s dual board structure, executive corporate officers are not members of the Supervisory Board, but are regularly invited to take part in the Board’s meetings to discuss operational issues and other matters relating to the Group’s activities. In addition, the Supervisory Board may meet without the executive corporate officers in attendance, particularly when the meeting agenda pertains to their performance or compensation. Discussions and informal contact between the members of the Supervisory Board, to which the Executive Board members are not party, may also take place on an ad hoc basis over the year. Role of the Chairman and Vice Chair of the Supervisory Board In addition to the duties assigned to him/her by law, the Chairman of the Board oversees the proper operation of the Board. In particular, the Chairman of the Board ensures that there is a culture of openness and transparency within the Board, so that its discussions are insightful. The Chairman ensures that Board members receive adequate information in advance of each Board meeting so that the discussions and resolutions are effective. The Chairman also regularly ensures that Board members receive appropriate training to enable them to carry out their duties. The Chairman of the Board discusses the Group’s strategic and/or sensitive goals with Executive Board members, particularly those relating to the Group’s orientation and organization (from both an operational standpoint and in terms of performance and objectives, especially in the environmental sphere), along with significant external growth projects, major financial transactions and the Group’s financial information. If certain decisions require prior authorization by the Supervisory Board, the Chairman may be called upon to assist the Executive Board in its preparatory work on these various projects. As in previous years, the Chairman was called upon in 2021 to share his insight into the industry, his experience and vision for the Group and the Executive Board. (1) The Company’s bylaws and the rules of procedure of the Supervisory Board can be consulted on Klépierre’s corporate website at www.klepierre.com/en. In some circumstances, the Chairman may from time to time be required to represent the Group in contacts with its tenants, major shareholders, service providers or partners. In accordance with the Company’s bylaws, in the absence of the Chairman, the Vice Chair chairs the meetings of the Supervisory Board and General Meetings. Dialogue with shareholders In accordance with the provisions of the AFEP-MEDEF Code, the members of the Supervisory Board may also be required to communicate directly with the Company’s shareholders in order to explain the positions taken by the Supervisory Board in their areas of expertise. Assessment of the Supervisory Board The Board periodically assesses its membership, organization and procedures, as well as those of its Committees. The Board discusses these matters once a year and carries out a formal assessment every three years. As required by the AFEP-MEDEF Code, this involves reviewing the operating methods of the Board, verifying that important matters are properly prepared and discussed, and evaluating the contribution of each member to the Board’s work. The conclusions of these assessments are reported on in the Universal Registration Document, so that shareholders are kept informed each year of the content of the assessments and any follow-up. Klépierre’s Supervisory Board was formally assessed in late 2019 by way of questionnaires with more than 25 questions sent to Supervisory Board members. The findings of these assessments were presented on page 233 of Klépierre’s 2019 Universal Registration Document. At its meeting of February 15, 2022, the members of the Supervisory Board said they were generally satisfied with the operating methods of the Board and of its Committees. The members noted that the discussions of the Board and the Committees were of high quality and took place in the context of an open, calm dialogue in which each member was able to express their point of view. The Chairman of the Board expressed his satisfaction with the quality of the work carried out by the Board Committees and the reports given to the Board. The Chairman also commended the attendance rate of members, which reflects their commitment to the work of Klépierre’s governance bodies. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 265 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Training of Supervisory Board members On appointment and throughout their term of office, Supervisory Board members may receive training on specific aspects of the Group, its activities and business lines. A program primarily aimed at new Supervisory Board members but which is also open to existing members wishing to participate, is deployed when members first take office, with the purpose of meeting the following objectives: • Introducing them to the Group as a whole; • Familiarizing them with the Group’s specific business lines (center management, finance and investments, leasing and marketing, etc.); • Familiarizing them with the Group’s organization; • Facilitating access to useful information for the smooth exercise of their duties. This program primarily entails site visits and exchanges with different operational staff. New Board members are also given training on Diligent Board Books, to familiarize them with the Board’s governance management tool. In terms of ongoing training, during their term of office any Supervisory Board member who so wishes is entitled to: • Legal training to enable them to clearly ascertain the general and specific rights and obligations incumbent upon them, including those resulting from legal or regulatory texts, the bylaws, rules of procedure and any other legally binding text; • Visits to one or more property assets, accompanied by an operational staff member, in order to gain insight into the Company’s business lines. Selection of new Supervisory Board members In the event of a vacancy of one or more independent members, the Nomination and Compensation Committee is responsible for proposing new members to the Supervisory Board, after having assiduously reviewed all factors required to achieve a balanced Board membership. To this end, the Nomination and Compensation Committee organizes a procedure aimed at selecting the future independent members and commissions any research that it considers relevant in this undertaking. 6.1.1.4 Work of the Supervisory Board in fiscal year 2021 The Committee met or was consulted ten times in fiscal year 2021, with an average attendance rate of 100%. At Board meetings, the Committee Chairmen gave account of their work and presented the recommendations from the Committees on topics that fall within their remit. The main issues discussed by the Supervisory Board in 2021 were as follows: Topics Agenda items Financing policy, reporting on the budget and accounting, dividend • Review of the Audit Committee’s work • Review of the Company and consolidated financial statements as of December 31, 2020 and related documents • Review of the interim consolidated financial statements as of June 30, 2021 and related documents • Review of Executive Board quarterly business reviews • Updates on the 2021 budget • Approval of the 2022 budget • Review of the Group’s financial position (net asset value, debt) • Appropriation of profit proposed at the 2021 General Meeting • Consultation of management documents used for budgeting and forecasting purposes • Review of all statutory Executive Board reports Strategy • Review of strategic and financial impacts of the Covid-19 pandemic Investments/divestments and authorizations given to the Executive Board • Review of the Investment Committee’s work • Authorization to divest assets • Review of related-party agreements entered into and authorized by the Supervisory Board during previous fiscal years that remained in force during 2021 • Authorizations of guarantees and endorsements Governance • Review of the Nomination and Compensation Committee’s work • Review of the membership of the Supervisory Board and its Committees • Proposals to re-appoint members of the Supervisory Board • Annual review of the operating methods of the Board and Committees • Approval of the annual report on corporate governance • Preparation for the Annual General Meeting to approve the financial statements for the year ended December 31, 2020 Compensation policy and talent review • Annual review of Klépierre’s gender and diversity policy • Annual review of the policy on gender equality and equal pay • Review of the situation and compensation of executive corporate officers • Definition of the compensation policy • Release of the 2021 performance share plan 266 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.1.2 Board Committees The Supervisory Board has set up four specialized Board Committees (the Investment Committee, Audit Committee, Nomination and Compensation Committee and Sustainable Development Committee), whose reports are sent to the Supervisory Board before its meetings. Within its area of expertise, each Committee issues proposals, recommendations and opinions, where required, and reports on its duties to the Supervisory Board. The role and operating methods of the Committees are described in their respective rules of procedure (available online at www.klepierre.com/en). 6.1.2.1 Investment Committee Number of members Number of meetings in 2021 6 Average attendance rate 100% 5 Summary of work performed The main issues discussed at these meetings in 2021 were as follows: Topics Agenda items Investments/Divestments • Reviews of various projects and recommendations thereon General review and oversight • Oversight of transactions approved by the Supervisory Board • Review of major transactions in commercial property assets in Europe Membership • At least three members appointed by the Supervisory Board from among its members for the duration of their term of office as Supervisory Board members; • As of December 31, 2021, comprising the five members listed in the summary table on page 252; • With the exception of the re-appointments set out below, there were no changes in membership of the Committee during 2021 and/or up to the filing date of this Universal Registration Document; • Re-appointment of (i) David Simon, Steven Fivel and Robert Fowlds as Committee members and of (ii) David Simon as Chairman of the Committee following the General Meeting of June 17, 2021. Attendance rate by member Meetings Member 1 2 3 4 5 6 Individual attendance rate David Simon, Chairman 100% Robert Fowlds 100% Steven Fivel 100% Stanley Shashoua 100% Catherine Simoni 100% Attendance in session Total number of sessions 6.1.2.2 Audit Committee Number of members Number of meetings in 2021 of whom 75% are independent 3 Average attendance rate 100% 4 Summary of work performed The main issues discussed at these meetings in 2021 were as follows: Topics Agenda items Financing policy and reporting on budget and accounting • Review of the company and annual and interim consolidated financial statements, review of material subsequent events and their impact, and review of off-balance sheet commitments and risks • Review of the main litigation and disputes to ensure that they are appropriately recorded in the accounts and determination of the accounting treatment of uncollected rents • Update on tax matters • Summary of the real estate valuation campaign • Monitoring key performance and financial indicators (especially EPRA indicators) • Review of the proposed dividend policy • Engagements of the Statutory Auditors (and proposed renewal of their term of office) and review of the fee proposal • Review of the statutory audit conclusions issued by the Statutory Auditors and their statement of independence • Regular updates on changes in the tax, accounting and regulatory environment Audit, internal control and risk management • Internal audit: Report on 2021 engagements (review of reports on audits conducted in 2021, including tax audits, and 2022 plan) • Review of the Statutory Auditors’ findings • Presentation on risk management in various areas, including cybercrime Specific items • Annual assessment of the operating methods of the Audit Committee • Preparation of an internal audit charter KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 267 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Membership • At least three members (and up to five) appointed by the Supervisory Board from among its members for the duration of their term of office as Supervisory Board members; • As of December 31, 2021, comprising the four members listed in the summary table on page 252, of which 75% are independent (including the Chairman); • With the exception of the re-appointments set out below, there were no changes in membership of the Committee during 2021 and/or up to the filing date of this Universal Registration Document; • Re-appointment of John Carrafiell as member and Chairman of the Committee following the General Meeting of June 17, 2021. Attendance rate by member Meetings Member 1 2 3 Individual attendance rate John Carrafiell, Chairman 100% Béatrice de Clermont-Tonnerre 100% Stanley Shashoua 100% Florence Von Erb 100% Attendance in session Total number of sessions Training for Audit Committee members On appointment and at their request, Audit Committee members receive information on specific accounting, financial or operational aspects of the Company’s business. In accordance with the report of the AMF working group on audit committees, the Supervisory Board has determined criteria for assessing whether a person is skilled in particular financial and/or accounting matters, particularly with regard to listed companies. To this end, the Board takes into account candidates’ professional experience and/or academic training. In light of their professional experience, all members of the Audit Committee are considered by the Board to have specific competence in financial matters. 6.1.2.3 Nomination and Compensation Committee Number of members Number of meetings in 2021 of which 66.7% are independent 4 Average attendance rate 100% 3 Summary of work performed The main issues discussed at these meetings in 2021 were as follows: Topics Agenda items Governance • Review of the membership of the Supervisory Board and of Board Committees • Review of the membership of the Executive Board • Review of the independence of the members of the Supervisory Board and of any business relationships • Assessment of the Supervisory Board • Update of the succession plan of Klépierre’s executive corporate officers and key senior executives • Annual review of the progress made on gender equality due to the implementation of Klépierre’s gender and diversity policy • Annual review of the policy on gender equality and equal pay Compensation • Review of the situation of corporate officers and setting their compensation • Definition of the compensation policy • Review of the 2021 bonus share allotment plans • Review of the final vesting rates of performance shares for plans whose vesting period has expired Membership • At least two members appointed by the Supervisory Board from among its members for the duration of their term of office as Supervisory Board members; • As of December 31, 2021, comprising the three members listed in the summary table on page 252, of which 66.67% are independent (including the Chair); • With the exception of the re-appointment set out below, there were no changes in membership of the Committee during 2021 and/or up to the filing date of this Universal Registration Document; • Re-appointment of Steven Fivel as member of the Committee following the General Meeting of June 17, 2021. Attendance rate by member Meetings Member 1 2 3 4 Individual attendance rate Catherine Simoni, Chair 100% Steven Fivel 100% Rose-Marie Van Lerberghe 100% Attendance in session Total number of sessions 268 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

Training for Nomination and Compensation Committee members A virtual library (available on the Diligent Board Books platform) of relevant publications on compensation and governance is made available to members of the Nomination and Compensation Committee and is updated regularly, providing members with easier access to reports and updates from the AMF, the French association of private sector businesses (AFEP) and the French employers’ association (MEDEF), the French high committee for corporate governance, and the OECD, as well as to the voting policies of the main proxy advisors and investors, to benchmarks, and to various studies by experts and specialists. 6.1.2.4 Sustainable Development Committee Number of members Number of meetings in 2021 of which 66.7% are independent 3 Average attendance rate 100% 5 Summary of work performed The main issues discussed at these meetings in 2021 were as follows: Agenda items • Presentation of the CSR results for the assessment periods • Presentation of the non-financial ratings • Presentation of solutions proposing specific decarbonization methods and their application with respect to the Klépierre portfolio • Presentation of phase 2 of Act for Good® • Presentation on the European Taxonomy • ESG financing update Membership • At least two members appointed by the Supervisory Board from among its members for the duration of their term of office as Supervisory Board members; • As of December 31, 2021, comprising the four members listed in the summary table on page 252, of which 66.67% are independent (including the Chairman); • With the exception of the re-appointments set out below, there were no changes in membership of the Committee during 2021 and/or up to the filing date of this Universal Registration Document; • Re-appointment of Steven Fivel as member and Chairman of the Committee following the General Meeting of June 17, 2021. Attendance rate by member Meetings Member 1 2 3 Individual attendance rate Steven Fivel, Chairman 100% Béatrice de Clermont-Tonnerre 100% Stanley Shashoua 100% Rose-Marie Van Lerberghe 100% Florence Von Erb 100% Attendance in session Total number of sessions KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 269 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.1.3 Executive Board The Executive Board is Klépierre’s collective management body. It is responsible for duties provided for in the French Commercial Code and the Company’s bylaws, including management of the Group’s business so that it meets its financial targets, and is also in charge of strategy and any changes therein as defined in tandem with the Supervisory Board. The Executive Board members are collectively responsible for the Company’s management. (1) In accordance with Annex I of Delegated Regulation (EU) no. 2019/280, this section does not include Klépierre subsidiaries in which the corporate officers are also members of a governing, management or supervisory body, or have been in the last five years. 6.1.3.1 Membership and operating methods of the Executive Board The provisions of the French Commercial Code and the bylaws are used to define the membership and operating methods of the Executive Board. The bylaws are available on the Company’s website (www.klepierre.com/en). As of the date of this document, the Executive Board had two members, both of whom were domiciled for professional purposes at 26, Boulevard des Capucines, 75009 Paris (France): • Jean-Marc Jestin, Chairman of the Executive Board; and • Jean-Michel Gault, Chief Financial Officer, member of the Executive Board. Beñat Ortega also served as a member of the Executive Board for the period from January 1, 2021 to January 31, 2022. Biographies of current Executive Board members (1) JEAN-MARC JESTIN CHAIRMAN AND MEMBER OF THE EXECUTIVE BOARD Aged 53 Graduate of HEC French national Number of Klépierre shares held: 112,246 Date of first appointment as a member of the Executive Board: October 18, 2012 Date of first appointment as Chairman of the Executive Board: November 7, 2016 Term of appointment (as Chairman and member of the Executive Board): June 22, 2019 – June 21, 2022 CAREER Jean-Marc Jestin has been Chairman of the Klépierre Executive Board since November 7, 2016, after serving as Chief Operating Officer and member of the Klépierre Executive Board since October 18, 2012. Previously, Jean-Marc Jestin held several positions in real estate companies. He was Chief Financial Officer and then Chief Operating Officer of the pan-European platform Simon Ivanhoe from 1999 to 2007. He then joined the Unibail-Rodamco International teams, acting as Deputy Chief Investment Officer in charge of acquisitions, sales and M&A transactions. Jean-Marc Jestin started his career in 1991 at Arthur Andersen in an audit role where he contributed to the development of the real estate practice. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Positions held in several subsidiaries (a) Outside Klépierre • None OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS • None (a) No compensation is paid or due under offices held at Group subsidiaries. 270 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

JEAN-MICHEL GAULT EXECUTIVE BOARD MEMBER Aged 61 Graduate of École supérieure de commerce de Bordeaux French national Number of Klépierre shares held: 90,605 Date of first appointment: June 1, 2005 Term of appointment: June 22, 2019 – June 21, 2022 CAREER Jean-Michel Gault has been an Executive Board member since June 1, 2005. He joined Klépierre in 1998 as Chief Financial Officer, after a ten-year career in the Paribas group. In 2009, his role was expanded to include the Office Property division. In this role, he supervised Klépierre’s merger with Compagnie Foncière for which he was acting as Chief Financial Officer within the Real Estate Investment division of Paribas. Previously, he was Head of Financial Services and then appointed Chief Financial Officer at Cogedim, which was a subsidiary of Paribas at that time. Jean-Michel Gault began his career with GTM International (Vinci group) as a financial controller. OFFICES AND POSITIONS HELD AS OF DECEMBER 31, 2021 Klépierre • Positions held in several subsidiaries (a) Outside Klépierre • None OFFICES AND POSITIONS THAT EXPIRED IN THE LAST FIVE FISCAL YEARS • None (a) No compensation is paid or due under offices held at Group subsidiaries. Conflicts of interest and independence Executive Board members must consult the Supervisory Board before accepting any new appointments in a listed company, it being specified that no individual member of the Executive Board may hold more than two offices in listed companies, including non-French companies, outside the Group. As of the date of this document and to the knowledge of the Company, there were no conflicts of interest between the duties toward Klépierre of any members of the Executive Board or of the Supervisory Board and their private interests and/or other duties. Furthermore: • There are no family ties between members of the Executive Board and/or members of the Supervisory Board; • None of the members of the Executive Board and/or members of the Supervisory Board have been convicted for fraud in the last five years; • None of the members have been subject to bankruptcy, receivership, liquidation or court-ordered administration proceedings in the last five years; • No conviction and/or official public sanction has been handed down against any member of the Executive or Supervisory Boards; • No member has been automatically disqualified by a court from acting as a member of an administrative, executive or supervisory body of an issuer or from managing or running the affairs of an issuer in the last five years. The Company has no knowledge of any arrangements or agreements with its main stakeholders pursuant to which any Executive Board members were appointed as corporate officers of any non-Group entities. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 271 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.1.3.2 Work of the Executive Board in fiscal year 2021 The main issues submitted to the Executive Board in 2021 were as follows: Topics Agenda items Investments/divestments and implementation of strategy • Review of plans for development, investments, divestments, extensions, refurbishments and restructuring • Intragroup financial structuring transactions Group financing policy, performance and reporting • Preparation and approval of the company and consolidated financial statements for the fiscal year ended December 31, 2020 and the interim financial statements for first-half 2021 • Quarterly management reports • Budget preparation and tracking • The Group’s dividend policy and decisions related to payment of the dividend • Cancellation of shares • Intragroup restructuring transactions • Issue of warranties, endorsements and guarantees Group operations • Review of the performance of portfolio assets • Monitoring commercial relationships with the Group’s main clients, especially in the context of Covid-19 • Reviewing, validating and overseeing running costs and capital expenditure on the portfolio • Rolling out new operational management tools • Monitoring CSR objectives in line with the Act for Good® policy Internal control and risk management • Preparation of the audit plan • Review of the Group’s main risks Governance and ethics • Management of the list of insiders and preparation of meetings of the inside information committee • Klépierre’s ongoing gender and diversity policy Compensation and human resources • Annual talent and compensation review • Allotment of performance shares • Continuation of the policy commitments on gender equality in the workplace Shareholder relations • Communication with investors and roadshows • Preparation for and convening of the General Meeting of Shareholders • Establishment of the Universal Registration Document 6.1.3.3 Executive management team The Executive Board is backed by a Corporate Management Team (CMT) which meets every fortnight to: • Discuss all transactions and operations relating to the Group’s organization; • Encourage discussions between operating departments and corporate functions, for example in terms of operations, finance, information systems, legal affairs and human resources. The Corporate Management Team comprises the following members: • General Secretary; • Chief Legal Officer; • Chief Development Officer; • Chief Investment Officer; • Managing Director for France-Belgium Shopping Centers; • Chief Human Resources Officer; • Deputy Chief Financial Officer. 44 AVERAGE AGE OF CMT MEMBERS 43% * PERCENTAGE OF WOMEN CMT MEMBERS * This percentage is slightly lower than last year’s 50%, due to the transfer of the Corporate Management Team member who was previously Group Head of Leasing to another country within the Group. Furthermore, to strengthen Group collaborative working methods all country managers and corporate operating teams meet regularly under the aegis of the Group Operations Management Team (GOMT). The GOMT is a platform for sharing Group best practices and discussing the key priorities from the standpoints of strategy deployment, operational organization, asset management, marketing, leasing, maintenance, and safety and security. GOMT meetings are also an opportunity to discuss country operating performances and to provide progress reports on development projects. 272 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.1.3.4 Gender and diversity within governance bodies The real estate sector has traditionally been male dominated in France, with few women in senior management roles at Klépierre for many years. The Group takes decisions which help it to achieve better gender equality – not only within its management team but in positions of senior responsibility in general. In 2020, the Supervisory Board approved Klépierre’s gender and diversity policy within its governance bodies, in line with the recommendations of the Nomination and Compensation Committee and pursuant to paragraph 7 of the AFEP-MEDEF Code. The gender policy is underpinned by two diversity targets defined by the Executive Board, which are to be met over the short- and medium-term, and includes a dedicated action plan. • The target is to increase the percentage of women in the Group’s executive and management teams (Executive Board and Corporate Management Team) in the short- and medium-terms. Specifically, Klépierre’s goal is for women to hold more than 30% of these positions by December 31, 2022 and 40% by December 31, 2025. • The second target is to increase the percentage of women in the 100 most senior roles (1) within the Group over the short- and medium-term. Specifically, the aim is for women to hold more than 30% of the most senior roles by December 31, 2023 and 40% by December 31, 2026. In applying its gender and diversity policy, Klépierre aims to meet quantitative targets while transforming its culture. Klépierre strongly believes in the need to support more women in taking on senior management roles and has devised a series of measures as part of its overall drive to increase diversity and transform its culture to identify and retain female talent. It has rolled out a plan focusing on career, parenting, equal pay, training, mentoring and development, communication, networks and engagement in and establishment of special events. Several concrete measures have been defined for each issue, along with a specific budget where appropriate. In accordance with the AFEP-MEDEF Code, each year the Executive Board will inform the Supervisory Board of the results of its efforts in this regard. The Supervisory Board will report on these measures in the Universal Registration Document so that shareholders are kept informed of the annual progress made in terms of gender equality or, where appropriate, the reasons why objectives were not met and the measures taken to remedy the situation. Accordingly, the Supervisory Board was informed on December 9, 2021 of the progress made in gender diversity and was therefore able to confirm the appropriateness of the aforementioned targets, which remain unchanged. Executive Board Pursuant to Article L. 225-58 of the French Commercial Code, Klépierre has established an internal procedure for selecting Executive Board members with the aim of achieving gender equality. The procedure, which was prepared by the Nomination and Compensation Committee with support from the Executive Board and the Group’s Legal Department, was approved by the Supervisory Board on February 4, 2020. It details the actions to be taken to ensure that at least one man and one woman are included among Executive Board candidates submitted to the Supervisory Board. (1) Defined as the 100 highest-paid jobs within the Group’s highest management levels (members of the Executive Board and top management teams [CMT and GOMT] and their direct reports), ranked by basic salary adjusted for purchasing power parity (PPP) as calculated by the OECD. (2) Under the terms of Article L. 22-10-10 of the French Commercial Code, 10% of the positions within Klépierre are classified as positions of senior responsibility (i.e., 34 positions in total). As of December 31, 2021, 34 (31.8%) of these positions were held by women. This percentage is higher than the previous year, with 29% of women holding the top 10% most senior roles at December 31, 2020. Corporate Management Team At the date of this document, the percentage of women in the Corporate Management Team was 43%. As stated above, this percentage is slightly lower than last year’s 50%, due to the transfer of the Corporate Management Team member who was previously Group Head of Leasing to another country within the Group. The increase in the proportion of women on the Corporate Management Team is in line with Klépierre’s gender and diversity policy, and brings the proportion of women in the executive management teams (Executive Board and the Corporate Management Team) to one third. Positions of senior responsibility At Group level, of the 100 most senior positions in the Group, 33 were held by women at December 31, 2021 (2) . This improved performance is the result of the policy adopted over the past few years, which has primarily looked to fill positions internally, including senior management positions. Accordingly, further increasing the proportion of women in senior management roles within the Group requires establishing a pool of high-performing female employees in its businesses and at levels of the organization that give access to positions of senior responsibility. An action plan has also been rolled out across the Group in connection with the gender and diversity policy outlined above. This plan features various measures, including (i) systematically analyzing and rectifying any observed gender pay gaps for equivalent positions (the Group has observed no significant pay gaps in France since 2015), and (ii) organizing an annual review of female talent to effectively identify high-potential employees (second- and third-tier positions below the CMT and GOMT) looking to progress in their careers, and offer them professional opportunities or targeted development measures. Succession plan Klépierre’s succession plan applies to both the Group’s executive corporate officers and key senior executives. It was drawn up by the Corporate Secretary with assistance from the Human Resources Department (for key senior executive successions) and the Legal Department, under the supervision of the Executive Board. The senior executives concerned were also involved in preparing their own succession plan. The Nomination and Compensation Committee is closely involved in preparing and monitoring the succession plan and finished its review in December 2021 as part of its annual assessment. During this review, the Committee verified as far as possible that the envisaged successors provided gender balance in line with Klépierre’s gender and diversity policy. The succession plan details the roles and responsibilities of the Nomination and Compensation Committee and Supervisory Board in the event that a vacancy arises, notably on the Executive Board. It covers a number of time frames: • Short-term succession, in the event of an unplanned vacancy (e.g., impediment, resignation or death); • Medium- or long-term succession (e.g., retirement or end of term of office). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 273 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

The plan also includes a procedure for identifying and providing support for high-potential talent within the Group, as well as organizing dedicated training to foster the development of this talent. The Group also has an emergency procedure in the event of an unplanned vacancy on the Executive Board. 6.1.3.5 Additional information Prevention of insider trading/stock market compliance As a listed company, Klépierre abides by the rules concerning insider trading. To prevent the risk of insider trading, Klépierre has adopted a Stock Market Code of Conduct, which is updated regularly. The main objectives of the Code of Conduct are to: • Define inside information and the general rules applicable to its use; • Identify the people concerned by inside information; • Detail the specific rules applying to persons holding inside information; • List the applicable penalties in the event of a breach of the requirements regarding the holding of inside information. The Code of Conduct applies to corporate officers (the Chairman of the Executive Board and the members of the Executive Board and Supervisory Board) and persons of similar status, and more generally to permanent insiders, as well as persons holding inside information who are subject to closed periods and employees who may have access to inside information on Klépierre or Klépierre securities. Under the terms of the Code of Conduct, corporate officers and persons of similar status and any persons with close personal ties to corporate officers and persons of similar status have an obligation to disclose any transactions they make involving securities issued by the Company. Senior executives and other persons holding inside information who are subject to closed periods are prohibited from conducting any personal transactions in Klépierre securities during the following periods: • For 30 calendar days before the publication of the press release announcing the annual financial statements; • For 30 calendar days before the publication of the press release announcing the interim financial statements; • For 15 calendar days before the publication of the quarterly information with respect to the first and third fiscal quarters. This restriction applies until the day after the publication of the quarterly, interim or annual information concerned. Employees may be identified as occasional insiders and as such be temporarily covered by the same ban during periods in which transactions may influence Klépierre’s share price. Furthermore, beneficiaries of performance shares must comply with certain sale restrictions at the end of the lock-up period, under the conditions provided for in Article L. 22-10-59 of the French Commercial Code. In addition to the Code of Conduct, the Group has also drawn up supporting procedures and practical information sheets, which are communicated to all Group senior executives and employees. An Inside Information Committee was set up in 2017, comprising the Executive Board members, the Group Chief Legal Officer and the Group Head of Internal Audit. The role of the Committee is to decide whether to classify information as “inside”, to closely monitor information that may potentially be classified as “inside”, and to draw up the list of insiders in each case so that they may be reminded of their obligations. 274 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Oversight and management of the Company 6

6.2 COMPENSATION OF CORPORATE OFFICERS 6.2.1 Compensation policy for corporate officers This section will be submitted to the Ordinary and Extraordinary General Meeting of April 26, 2022 for approval by way of specific resolutions, and complies with all the recommendations of the AFEP-MEDEF Code as regards compensation. 6.2.1.1 Basic principles for setting the compensation policy In Klépierre’s long-term corporate interest, the Supervisory Board sets the compensation policy, acting on the recommendation of the Nomination and Compensation Committee and taking into account the principles of the AFEP-MEDEF Code (namely comprehensiveness, balance between the compensation components, comparability, consistency, clarity of the rules, and proportionality), in order to meet the objectives set out below. Compensation levels enable us to attract and retain the best talent The appropriate level of compensation, both fixed and variable, is essential to attract, retain and motivate the best talent. The compensation offered should therefore be competitive and in line with market practices for comparable companies. In compliance with the principle of comparability recommended by the AFEP-MEDEF Code, the Nomination and Compensation Committee regularly reviews its approach using studies conducted by various independent specialists based on panels of companies of a similar size and/or operating in the same business sector as Klépierre, and with comparable international exposure. Compensation packages are balanced and take into account areas of responsibility Compensation paid to Supervisory Board members includes a fixed amount and a predominantly variable amount based on actual attendance at meetings of the Supervisory Board and/or Committees on which they sit. Regarding Executive Board members, the Supervisory Board ensures that compensation is balanced (fixed, short-term variable and long- term variable components), with each component representing about one-third of total compensation for the year. In accordance with section 25.1.2 of the AFEP-MEDEF Code, the compensation of corporate officers is based on work performed, responsibility taken on board, and the duties entrusted to them. Compensation of executive corporate officers is performance-based The recognition of the performance of executive corporate officers strikes a balance between their interests, those of Klépierre and those of its shareholders. Accordingly, the compensation package for Executive Board members is subject to performance conditions, concerning both the short-term variable portion and the allotment of performance shares. The performance criteria are financial, operating and non-financial. They are based on the achievement of various targets relating in particular to Klépierre’s commercial strategy and to the ability of management to adapt Klépierre’s organization to the environment and changes in its markets. These criteria are regularly updated by the Nomination and Compensation Committee, as well as by the Supervisory Board. Compensation of executive corporate officers takes into account the compensation and employment conditions applicable to Klépierre employees Pertinent information on the Group’s compensation policy is regularly provided to the Nomination and Compensation Committee. For Executive Board members, the Supervisory Board ensures that their compensation package is consistent with that of the Group’s senior managers, i.e., that it comprises both fixed components and short- and long-term variable components. Performance conditions applicable to the Group’s key senior managers are the same as those applied to shares allotted to Executive Board members under the long-term incentives currently in force. In addition, the Supervisory Board also includes criteria related to employment conditions for the Group’s employees in the objectives underpinning the variable compensation payable to Executive Board members. For example, the short-term variable compensation objectives assessed include initiatives promoting diversity and talent development. Compensation of executive corporate officers reflects Klépierre’s CSR objectives to promote long-term growth Both short- and long-term variable components are subject to non- financial criteria regarding CSR issues. These criteria are determined in line with the Group’s targets in order to promote sustainable, environmentally-friendly development over the long term. 6.2.1.2 Decision-making process for setting, revising and implementing the compensation policy At the beginning of each year, the Nomination and Compensation Committee conducts a review of the different components of compensation of Supervisory Board and Executive Board members. Based on the Nomination and Compensation Committee’s work, the Supervisory Board then sets the compensation policy to be put to the vote at Klépierre’s next General Meeting. The same process applies if the compensation policy is revised, or if exceptions are made. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 275 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Supervisory Board In accordance with Article 17, paragraph 1 of the Company’s bylaws, the General Meeting sets the total amount allotted to the Supervisory Board members in respect of their duties on the Board and on its Committees during the fiscal year. This annual amount set by the Ordinary and Extraordinary General Meeting of April 19, 2016 was €700,000. This amount is maintained for subsequent fiscal years unless modified by the General Meeting. At the beginning of each year, acting on the recommendation of the Nomination and Compensation Committee, the Supervisory Board allots the previous year’s compensation among its members, taking into account the offices held by each member on the Board and its various Committees and their attendance record. Executive Board The table below presents the steps and timeline for setting the compensation of the Chairman and the Executive Board members. POST-GENERAL MEETING OF PRIOR YEAR AND FIRST QUARTER OF CURRENT YEAR Nomination and Compensation Committee The Nomination and Compensation Committee analyzes any changes in corporate governance and, in particular, reviews reports on the meetings organized as part of the annual governance roadshows. The Committee subsequently issues its recommendations on the following compensation policy items to the Supervisory Board: • Overall structure of corporate officers’ compensation: the Committee assesses its appropriateness each year (taking into account all components of compensation, including any severance pay); • Fixed annual compensation; • Short-term variable compensation: • The Committee sets the amount of short-term variable compensation due in respect of the prior year on the basis of performance criteria, • It then makes proposals for the performance criteria applicable to the short-term variable compensation due in respect of the current year; • Long-term incentive plans: • The Committee ensures that there is a sufficiently large group of beneficiaries of performance share allotments within the Group (i.e., 11% of employees in 2021), • The Committee then proposes performance criteria applicable to all performance shares allotted within the Group for the current year, based on ambitious targets assessed over a three-year period, • As regards plans that have matured, the Committee assesses the achievement levels with regard to the applicable performance conditions, • Lastly, the Committee proposes a number of performance shares to be allotted to the Chairman and members of the Executive Board for the current year; • Benefits in kind: the Committee reviews and values the various benefits in kind granted and includes them in its assessment of Executive Board compensation. FROM FEBRUARY/MARCH OF CURRENT YEAR Supervisory Board On the basis of the Nomination and Compensation Committee’s work and recommendations: • The Supervisory Board sets the current year’s compensation policy; • The amount of short-term variable compensation payable to the Chairman and members of the Executive Board in respect of the prior year is set by the Supervisory Board based on its assessment of their performance with regard to the quantitative and qualitative criteria. The quantitative criteria relating to financial or stock market indicators are assessed on the basis of the consolidated financial statements as approved by the Supervisory Board, or on the basis of market data. The qualitative criteria are assessed on the basis of the Nomination and Compensation Committee’s report; • As regards long-term incentive plans that have matured, the Board takes due note of the performance levels achieved with regard to the applicable performance conditions. FIRST HALF OF CURRENT YEAR General Meeting of Shareholders The compensation policy for the current year is submitted to the vote of the General Meeting (ex ante say on pay); The compensation and benefits paid during or allotted for the previous year (i) to all corporate officers as a whole and (ii) to each executive corporate officer are also submitted to the vote (ex-post say on pay). POST-GENERAL MEETING OF CURRENT YEAR Nomination and Compensation Committee then Supervisory Board The Nomination and Compensation Committee, and then the Supervisory Board based on the Committee’s work, prepare a report on the General Meeting, including an analysis of results of the vote on the resolutions and an analysis of comments from investors and proxy advisors. 276 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The Nomination and Compensation Committee and the Supervisory Board rely in particular on the following resources when setting the compensation policy: • possibility to hire highly reputed independent specialized consultants, in particular for benchmarking; • meetings with the Group’s General Secretary, who supervises the Legal and Human Resources Group Departments, for example to obtain information about the compensation and employment terms of the Group’s employees; • meetings with investors and proxy advisors. To avoid conflicts of interest and in accordance with AFEP-MEDEF Code recommendations: • Executive Board members do not attend Nomination and Compensation Committee meetings; • Executive Board members are not present during the Supervisory Board’s deliberations on their compensation. Furthermore, the rules governing conflicts of interest concerning the members of the Executive Board are described in detail on page 271. 6.2.2 Compensation of corporate officers for fiscal year 2022 6.2.2.1 Compensation of the Chairman and the other members of the Supervisory Board for fiscal year 2022 No changes are envisaged in the compensation policy of the Chairman and the other members of the Supervisory Board for 2022 versus the policy in place for fiscal year 2021. As a reminder, the compensation of the Chairman and members of the Supervisory Board consists solely of an overall budget, the maximum of which was set at €700,000 by the Ordinary and Extraordinary Shareholders’ Meeting of April 19, 2016 (i.e., €688,000 for a nine-member Supervisory Board). Taking into account the fact that the number of Supervisory Board members was reduced to nine following the General Meeting of April 18, 2017, the utilization in fiscal year 2022 of the fixed annual budget of €700,000 is not expected to exceed €688,000. The annual budget is allotted each year based on the duties of each member on the Board and/or its various Committees, distinguishing between Chair or Vice Chair and members, as well as their actual presence at Board and Committee meetings during the year, as follows: Office Compensation Total Chair (of the Supervisory Board and/ or the Committees) or Vice Chair of the Supervisory Board Fixed portion: €22,000 per office Variable portion: N/A €132,000 Supervisory Board member Fixed portion: €12,000 €108,000 Variable portion: Amount based on attendance record at Board meetings €224,000 Committee members Fixed portion: N/A Variable portion: Amount based on attendance record at the relevant Committee meetings €224,000 TOTAL €688,000 The table above shows that the variable portion is preponderant, representing up to 65% of the overall amount, in accordance with the recommendations of the AFEP-MEDEF Code. Supervisory Board members may also obtain the reimbursement of all reasonable costs and expenses arising from the exercise of their duties, subject to providing the necessary supporting documentation. No other components of compensation are awarded to the Chairman and members of the Supervisory Board or its Committees, and no agreements (employment or service agreements) have been entered into by Board or Committee members with the Company (or within the Group). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 277 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

6.2.2.2 Compensation of the Chairman and the other members of the Executive Board for fiscal year 2022 Subject to the resolutions submitted to the General Meeting of April 26, 2022 and their approval by the shareholders, the components of compensation for the Chairman and members of the Executive Board for fiscal year 2022, as established by the Supervisory Board on February 15, 2022 on the basis of the work of the Nomination and Compensation Committee meeting of February 14, 2022, are presented below. The compensation policy for the Chairman and the other members of the Executive Board has remained unchanged throughout their three-year term of office, which ends in June 2022. The Nomination and Compensation Committee regularly benchmarks the practices of companies comparable in size and activities to Klépierre, notably to verify (i) the appropriateness of Executive Board member compensation with regard to the Group’s size and to Board members’ experience as well as (ii) the competitiveness of the compensation offered to Executive Board members versus the benchmark. In view of the results of the study conducted by the Nomination and Compensation Committee in January/February 2022 (detailed below) and the recent departure of a member of the Executive Board to manage another company in the industry, the Nomination and Compensation Committee felt it was appropriate to recommend to the Supervisory Board that it establish the components of compensation for the Chairman and the other members of the Executive Board that would represent the compensation policy applicable for fiscal year 2022, taking into account certain changes in relation to the policy applicable for fiscal year 2021 which were approved by the Supervisory Board: • Maintain the current compensation structure based on three components: • Fixed compensation, determined on the basis of the responsibilities of the Chairman and of the other members of the Executive Board, which must be sufficiently competitive to attract and retain the best talent, (1) Accor; ALD Automotive; Alten; Aperam; Arkema; Atos; Bouygues; Covivio; Dassault Aviation; Edenred; Eiffage; Elis; Eurazeo; Euronext; Faurecia; Gecina; Getlink SE; Ipsen; JCDecaux SA; Lagardère SA; Neoen; Nexans; Orpea; OVH; Plastic Omnium; Rémy Cointreau; Renault; Rexel; Scor; SEB; Sodexo; Soitec; Solvay; Spie; Ubisoft Entertainment; Unibail-Rodamco-Westfield; Valeo; Verallia; Virbac; and Wendel. (2) British Land; Castellum; Cofinimmo; Covivio; Derwent London; Deutsche Wohnen; Fabege; Fastighets AB Balder; Gecina; Great Portland Estates; Hammerson; Icade; Inmobiliaria Colonial Socimi; Lundbergs AB; Land Securities Group; Leg Immobilien; Merlin Properties Socimi; PSP Swiss Property; Segro; Swiss Prime Site-Reg; Tag Immobilien; Unibail-Rodamco-Westfield; Unite Group; and Vonovia. • Short-term variable compensation, the aim of which is to associate the Chairman and the other members of the Executive Board with the Group’s short-term performance, and • Long-term incentives, to align the interests of the beneficiaries as closely as possible with the interests of shareholders, with a view to creating long-term value; • Maintain (practically unchanged) the maximum total compensation for the Chairman and the other members of the Executive Board. The maximum total compensation of the Chairman of the Executive Board would indeed increase by 2.7%, and that of the CFO, member of the Executive Board, would decrease by 2.7%; • Re-assess the fixed compensation of the Chairman and the other members of the Executive Board in order to make it more competitive, taking into account the results of the benchmark carried out by the Nomination and Compensation Committee at the beginning of 2022. This revaluation would lead to a moderate increase in fixed compensation, which would: • still be below or equal to the average of the medians of the reference panels as per the benchmark carried out by the Nomination and Compensation Committee, depending on the case, and • be similar for the Chairman of the Executive Board, and lower for the Chief Financial Officer, than the average increase in the fixed compensation of all Group employees since 2019, the year in which the fixed compensation of Executive Board members was last increased, i.e., 9.7%; • Raise the ceiling for total short-term variable compensation from 130% to 150% of fixed compensation; the quantitative portion may represent up to 100% (versus 80% previously) of fixed compensation and the qualitative portion may represent up to 50% (unchanged); • Lower the ceiling for the long-term variable compensation of the Chairman and the other members of the Executive Board from 125% to 100% of their short-term compensation; • Modify the weighting of the performance criteria of the long-term incentive scheme to strengthen the CSR criterion; and • Adapt the stock market and CSR performance assessment scale. Positioning of Executive Board member compensation in light of reference panels To ensure a consistent approach, the benchmark study conducted by the Nomination and Compensation Committee to verify the market positioning of the compensation of the Executive Board members was based on the same two panels as those used during the previous changes in the compensation policy that took place in 2019: • a panel of 40 SBF 120 companies centered around Klépierre’s last known ranking in this index; (1) and • a panel of the main European listed real estate companies. (2) The charts below show that the 2022 compensation levels for executive corporate officers as submitted to the vote of the General Meeting are consistent with Klépierre’s positioning (in terms of its market capitalization) within the reference panels selected. This positioning corresponds to the median of the panel of SBF 120 companies and to the highest quartile of the panel of major European listed real estate companies. Fixed compensation Maximum variable compensation SBF 120 Panel (median) SBF 120 Panel (median) SBF 120 Panel (median) European REITs Panel (median) European REITs Panel (median) European REITs Panel (median) Jean-Marc Jestin Jean-Michel Gault Other member (former COO) Long-term incentive 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 (in k€) 278 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The following table summarizes the compensation structure for the Chairman and the other members of the Executive Board in respect of 2021: Fixed compensation Short-term variable compensation (capped at 130% of fixed compensation) Long-term incentives (capped at 125% of short-term variable (a) ) Fixed compensation Quantitative criteria, up to 80% of fixed compensation + Qualitative criteria, up to 50% of fixed compensation Absolute stock market performance of Klépierre (TSR) Relative stock market performance versus a panel of comparable companies (TSR) Internal performance (change in shopping center net rental income) CSR performance Benefits in kind 10% 30% 40% 20% Performance assessed over three years, followed by a two-year lock-up period Shareholding obligation (a) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. The following table summarizes the structure of the compensation of the Chairman and the other members of the Executive Board under the 2022 compensation policy as submitted to the vote of the General Meeting, and the changes compared to 2021: Compensation Comments Change in 2022 versus 2021 (a) Fixed compensation After remaining unchanged from 2019 to 2022, the fixed compensation of the members of the Executive Board would be increased as from their re-appointment (June 22, 2022) to take account of market trends: • The fixed compensation of the Chairman of the Executive Board would be increased from €750,000 to €825,000; • The fixed compensation of the other members of the Executive Board (Chief Financial Officer and Chief Operating Officer) would be increased from €480,000 and €450,000, respectively, to €500,000. These amounts are below or equal to the average of the medians of the two reference panels (see details and charts above). Moderate increase Short-term variable compensation In respect of 2021: variable compensation is determined using (i) a quantitative objective of net cash flow per share, one of the key indicators used by the Group in its communications with the markets, and (ii) a qualitative component based on specific objectives set for each Executive Board member. The quantitative portion can represent up to 80% of fixed compensation, and the qualitative portion up to 50%. In respect of 2022: variable compensation would be determined using (i) a quantitative objective based on net cash flow per share, and (ii) a qualitative component based on specific objectives set for each Executive Board member. The quantitative portion would be raised to 100% of fixed compensation, and the qualitative portion held at 50%. Increase in the maximum short-term variable compensation from 130% to 150% of fixed compensation Long-term variable compensation In respect of 2021: the value of long-term variable compensation is 125% of short-term compensation (b) . Vesting of performance shares is subject to service and performance conditions assessed over a three-year period: • Financial performance: TSR of the Klépierre share; • Financial performance: TSR of the Klépierre share compared to the TSR of a panel of comparable companies (c) ; • Operating performance: average change in net rental income; • CSR performance: achievement of objectives relating to social and environmental matters. In respect of 2022: the value of long-term variable compensation is reduced to 100% of short-term compensation. The assessment period for performance conditions remains unchanged (three years), but the conditions would be modified as follows: • The relative weighting of the criteria, in order to increase the weighting of non-financial performance (from 20% to 35%); • The TSR performance scales have been adapted to the market outlook and smoothed out by removing any allotment below the median; and a member of the panel of stock market comparables has been replaced due to the probable delisting of Atrium (inclusion of Lar España); • The CSR grid has been adapted to reflect the end of the first phase of the Act for Good® internal plan. • Decrease in the ceiling for long-term variable compensation from 125% to 100% of short-term compensation (b) • Planned amendment to the stock market and CSR performance assessment criteria and scales (a) The General Meeting of June 17, 2021 approved the components of compensation paid or allotted for fiscal year 2020 to Jean-Marc Jestin (by 97.91% of votes cast), and to Jean-Michel Gault (by 98.61% of votes cast) and Beñat Ortega (by 98.61% of votes cast). (b) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. (c) Unibail Rodamco-Westfield, CityCon OYJ, Eurocommercial Properties, Deutsche Euroshop, Wereldhave NV, Mercialys, Vastned Retail NV, Immobiliare Grande Dis, Atrium European Real Estate (replaced by Lar España Real Estate SOCIMI), and Carmila. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 279 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Summary presentation of the 2022 compensation structure for the Chairman and the other members of the Executive Board as proposed to the General Meeting Fixed compensation Short-term variable compensation (capped at 150% of fixed compensation) Long-term variable compensation (capped at 100% of fixed + short-term variable (a) ) Annual compensation Quantitative criteria, up to 100% of fixed compensation + Qualitative criteria, up to 50% of fixed compensation Absolute stock market performance of Klépierre (TSR) Relative stock market performance versus a panel of comparable companies (TSR) Internal performance (change in shopping center net rental income) CSR performance Benefits in kind 20% 25% 20% 35% Performance assessed over 3 years Shareholding obligation (a) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. In exceptional circumstances, the Supervisory Board, having solicited the opinion of the Nomination and Compensation Committee, may exercise its judgment to adapt and/or amend the performance criteria and/or the calculation scale (upwards or downwards) used to determine the short-term variable compensation of the Chairman and the other members of the Executive Board in the event that the impact of such circumstances were disproportionate with regard to the fundamental principles of the compensation policy. In any event, the Supervisory Board’s powers in this regard (which are separate from the powers granted under the legal exemption provided for in Article L. 22-10-26 of the French Commercial Code) may not give rise to a change in either the weighting of the quantitative component of short-term variable compensation (capped at 100% of fixed compensation) or of the qualitative component of short-term variable compensation (capped at 50% of fixed compensation). If this faculty were to relate to the modification of the assessed components subject to performance criteria, this modification may not lead to a significant change in the components initially provided for. Exceptional circumstances that may give rise to the use of this faculty include any exogenous event that could not reasonably have been taken into consideration or quantified at the time the compensation policy was set, such as the Covid-19 health crisis and subsequent developments, and any events with a comparable impact on Klépierre’s business. The Supervisory Board is required to give account to shareholders in the event that it exercises this discretionary faculty. It will ensure that any adjustments make it possible to measure the effective performance of the Chairman and the other members of the Executive Board in light of the circumstances that justified the use of the faculty, and taking into account the interests of all stakeholders. Pursuant to paragraph II of Article L. 22-10-34 of the French Commercial Code, the amounts payable under this policy will be submitted for the approval of the shareholders at the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2022. 280 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

6.2.2.2.1 Components of compensation of the Chairman of the Executive Board for fiscal year 2022 Jean-Marc Jestin was re-appointed as Chairman of the Executive Board for a term of three years effective from June 22, 2019. His term of office expires on June 21, 2022. The re-appointment of Jean-Marc Jestin as member and Chairman of the Executive Board for a period of three years from June 21, 2022 will be submitted to the vote of the next Supervisory Board. Should a new Chairman of the Executive Board be appointed, the principles and criteria provided for in the last compensation policy approved by the General Meeting would also apply to that person. In such cases, acting on the recommendation of the Nomination and Compensation Committee, the Supervisory Board will, in light of existing practices and based on the situation of the executive concerned, determine the different components of compensation, which shall not exceed those set out in said policy. The Supervisory Board may decide exceptionally to award an on-boarding package as a recruitment incentive for a new executive joining from another group. The payment of this package, which may take different forms, is designed to offset the loss of benefits to which executives may have been entitled in their previous position. In compliance with section 25.4 of the AFEP-MEDEF Code, in the event that such a package is granted, it must be explained and the amount made public at the time it is set, even where payment is made in installments or deferred. To summarize, Jean-Marc Jestin’s compensation is typically split into equal portions between the fixed component (including benefits in kind), the short-term variable component and the long-term variable component. The Chairman of the Executive Board’s compensation includes the following components: a) Fixed annual compensation for fiscal year 2022 The fixed annual compensation of the Chairman of the Executive Board for fiscal year 2022 is set at: • €750,000 payable on a pro rata basis for the period from January 1, 2022 to the date of his termination or re-appointment in 2022; and • €825,000 payable on a pro rata basis for the period between the date of his re-appointment in 2022 and December 31, 2022. b) Short-term variable compensation paid for fiscal year 2022 Short-term variable compensation for the Chairman of the Executive Board is determined with regard to the achievement of specific, ambitious quantitative and qualitative objectives whose detail and weighting are set at the beginning of the year (these objectives are not disclosed publicly for confidentiality reasons, although they are made public ex-post): Quantitative component Weighting Description Comments Capped at 100% of fixed annual compensation. (i.e., 66.7% of the maximum total short-term variable compensation) Net current cash flow guidance as disclosed to the markets at the beginning of the year. Achieving the target net current cash flow per share announced by Klépierre as guidance to the market grants entitlement to 60% of the fixed annual compensation. In addition, a performance floor has been set at 95% of the target. This financial indicator is particularly relevant for a real estate company such as Klépierre as it enables the following to be measured: • Changes in income based on organic and external growth; • Cost management efficiency (operating and financial costs); • Tax exposure of recurring operations. It is one of the key indicators that Klépierre discloses to the markets. Net current cash flow per share growth and its regularity are fundamental inputs in the valuation of the Klépierre share price. The quantitative component is applied identically to all Executive Board members because it measures their performance as an executive team with collective responsibility. Qualitative component Weighting Description Comments Capped at 50% of fixed annual compensation. (i.e., 33.3% of the maximum total short-term variable compensation) The qualitative portion of variable compensation is measured by applying several criteria and for 2022 is based around the following topics: • Promotion of CSR; • Strategy implemented to enhance the quality of the portfolio (developments, investments, disposals); • Risk management; • Management of human capital. The qualitative component measures the individual performance of the Chairman of the Executive Board based on specific targets for the relevant year. These specific targets are decided by the Supervisory Board for the year concerned according to the priorities set by the Board, acting on the recommendation of the Nomination and Compensation Committee, and are communicated to the Chairman of the Executive Board. The overall short-term variable compensation paid to the Chairman of the Executive Board is capped at 150% of his fixed annual compensation as stated in the 2022 compensation policy. In accordance with Article L. 22-10-34 II, paragraph 2 of the French Commercial Code, the annual variable compensation due for fiscal year 2022 will be paid after the Ordinary General Meeting to be called in 2023 to approve the 2022 financial statements and is contingent on its approval by that Meeting. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 281 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Faculty of the Supervisory Board The Supervisory Board may, in exceptional circumstances and having solicited the opinion of the Nomination and Compensation Committee, use its judgment to adapt and/or amend the criteria and/or calculation scale (upwards or downwards) used to determine the annual short-term variable compensation of the Chairman and the other members of the Executive Board, in the event that the impact of such an exceptional circumstance were disproportionate with regard to the fundamental principles of the compensation policy. In any event, the Supervisory Board’s powers in this regard (which are separate from the powers granted under the legal exemption provided for in Article L. 22-10-26 of the French Commercial Code) may not give rise to a change in either the weighting of the quantitative component of short-term variable compensation (capped at 100% of fixed compensation) or of the qualitative component of short-term variable compensation (capped at 50% of fixed compensation). If this faculty were to relate to the modification of the assessed components subject to performance criteria, this modification may not lead to a significant change in the components initially provided for. Exceptional circumstances that may give rise to the use of this faculty include any exogenous event that could not reasonably have been taken into consideration or quantified at the time the compensation policy was set, such as the Covid-19 health crisis and subsequent developments, and any events with a comparable impact on Klépierre’s business. The Supervisory Board is required to give account to shareholders in the event that it exercises this discretionary faculty. It will ensure that any adjustments make it possible to measure the effective performance of the Chairman and the other members of the Executive Board in light of the circumstances that justified the use of the faculty, and taking into account the interests of all stakeholders. Pursuant to paragraph II of Article L. 22-10-34 of the French Commercial Code, the amounts payable under this policy will be submitted for the approval of the shareholders at the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2022. (1) Including in the event of the death, retirement or disability of the beneficiary, transactions resulting in a change in control, and delisting. c) Long-term variable compensation for fiscal year 2022 The General Meeting of April 16, 2019 authorized Klépierre to allot performance shares to the Group’s executive corporate officers and senior managers, for a 38-month period starting after said meeting. A new authorization to allot performance shares will be submitted to the vote of the General Meeting of April 26, 2022 under the terms and conditions set out in section 7.2.1 “Report of the Executive Board to the Ordinary and Extraordinary General Meeting”. If said authorization were granted to the Executive Board by the General Meeting called to approve the financial statements for fiscal year 2021, the rules of the plan to be implemented in 2022 for executive corporate officers will include a three-year vesting period (save for specific cases as provided for in the terms and conditions of the plan) (1) , subject to a service condition and performance criteria. These performance conditions are based on financial, non-financial and operating targets that contribute to the goals of the compensation policy: • Conditions that encourage the achievement of the Group’s operating and financial targets and thus drive greater value creation for shareholders. They therefore promote the alignment of the beneficiaries’ interests with those of the Company and of its shareholders; • Varied and demanding conditions, which differ from those applicable to short-term variable compensation and which are for the most part assessed based on financial and quantitative criteria along with criteria linked to the environmental or social issues facing the Group; • Conditions based on Klépierre’s performance, improvements in which depend on the work put in by the teams and their results, based on an approach designed to create value over the long term. 282 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The conditions underlying the performance shares to be allotted to the executive corporate officers in 2022 are detailed in the table below: SERVICE CONDITION The beneficiary must remain within the Group until the end of the vesting period, except for cases provided for in the terms and conditions of the plan, namely, in the event of retirement, death or disability of the beneficiary, transactions resulting in a change of control and delisting (it being specified that the performance conditions are assessed in advance in the event of death, disability, and change of control and at the end of the vesting period in the event of retirement). Should the beneficiary leave the Group before the end of the performance assessment period for the performance shares not provided for in the plan rules, entitlement to all or a portion of the performance shares is subject to the decision of the Supervisory Board and must be substantiated. The Supervisory Board will only authorize a partial waiver of the service condition, such that the performance shares vest pro rata to members’ service to the Group, and performance conditions will continue to apply until the end of the vesting period. PERFORMANCE CONDITIONS Performance assessed Indicator Calculation method Weighting Justification of choice Absolute stock market performance Total Shareholder Return (TSR, change in share price plus dividend) of the Klépierre share. Comparison of the share price during the initial allotment period with the share price during the final allotment period. 20% of the total allotment This condition measures the returns for Klépierre shareholders based on its stock market performance and dividends received. Relative stock market performance Klépierre’s TSR compared to the TSR of a panel of European retail real estate firms, comprising: URW, CityCon OYS, Eurocommercial Properties, Deutsche Euroshop, Wereldhave N.V., Mercialys, Vastned Retail N.V., Immobiliare Grande Dis, Lar España Real Estate SOCIMI SA and Carmila. Comparison of Klépierre’s TSR with that of the panel. 25% of the total allotment This criterion compares Klépierre’s TSR with the TSR of directly comparable companies, i.e., owners and operators of shopping centers in continental Europe that are therefore faced with comparable issues and economic cycles. Internal performance Change over three years in net rental income. Calculation of the average annual change in shopping center like-for- like net rental income, as reported by the Group in its annual consolidated financial statements over the last three fiscal years preceding the reference date. 20% of the total allotment This criterion is appropriate for measuring the Company’s business growth and the teams’ efforts to optimize like-for-like rental income and therefore maximize returns from the Group’s real estate portfolio. Growth in like-for-like net rental income includes: • Increases in minimum guaranteed rents when the lease is renewed, which reflect the Group’s capacity to host the most attractive retailers in its centers and to optimize the rental value of available space; • Reductions in vacancy rates, which are key to the attractiveness of a given shopping center; • Optimal management of shopping center costs. CSR performance (i) GRESB rating: Klépierre must rank in the top five in its category and have a “5-star” rating, which is awarded only to the top performers (15%). (ii) Reduction in carbon emissions from Klépierre’s shopping centers (20%). Calculation of the greenhouse gas emissions from Klépierre’s shopping centers in relation to their surface area (in kgCO 2 e/sq.m., Scopes 1 & 2, market-based approach), as reported in the Group’s non-financial performance statement audited annually by an independent third-party (Deloitte). 35% of the total allotment These criteria reflect Klépierre’s desire to unite its employees and executives around corporate social responsibility issues to maintain its global leadership in non-financial performance, as evidenced by the Group’s ambition to achieve carbon neutrality by 2030. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 283 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The number of performance shares that may fully vest to the eligible executive corporate officers under this 2022 allotment will be calculated using the following achievement scale: Performance assessed Performance % of shares delivered (a) Assessment of the requirements for the chosen performance conditions Absolute stock market performance (20% of the allotment) ≤10% 0% The number of shares allotted is zero where the TSR is less than or equal to 10%. To achieve the maximum target, the TSR must be greater than or equal to 20%. Exceeding the 20% threshold does not result in the allotment of additional shares, which is capped at 20% of the initial number of shares allotted. 12% 33.3% 14% 50% 16% 66.7% 18% 83.3% ≥20% 100% Relative stock market performance (25% of the allotment) Below the median 0% The number of shares allotted is zero where Klépierre’s TSR is less than the panel median. To achieve the maximum target, Klépierre must rank first in the panel (without conferring the right to allotment of additional shares). 6 th (median) 50% 5 th 60% 4 th 70% 3 rd 80% 2 nd 90% 1 st 100% Internal performance (20% of the allotment) <1% 0% If the growth in net rental income over three years is equal to 1%, only 30% of the shares will be allotted. To achieve the maximum target, the increase must be greater than or equal to 3%. Exceeding the 3% threshold does not result in the allotment of additional shares, which is capped at 20% of the initial number of shares allotted. This is a very ambitious growth target considering that the Group renews an average of only 8% of its leases each year. The level of ambition of this target can be measured in light of the historical performance of Klépierre and of its main competitors. Based on Klépierre’s results since 2010 (b) , the performance criterion has been met in only five fiscal years, i.e., in almost every other year over the 2010 to 2021 period (2010 being the first year the three-year average was calculated). As regards the results of Klépierre’s main competitors since 2012, none of them have reported average growth in like-for-like net rental income (c) in excess of 3% for the 2012-2021 period. 1% ≤ x <3% 30% ≥3% 100% CSR performance (35% of the allotment) GRESB rating: Klépierre must rank in the top five and have a “5-star” rating; (15% of the allotment) 100% GRESB (Global Real Estate Sustainable Benchmark) is an organization that assesses the ESG performance of real estate companies. The objective is to rank among the top five companies in its category (d) and to obtain the highest “5-star” rating. Reduction in carbon emissions from Klépierre’s shopping centers (20% of the allotment) Targets: 2024: 3.86kg 2025: 3.68kg 2026: 3.50kg Increase in emissions relative to the latest level reported prior to the allotment date of the shares 0% In 2021, the carbon footprint was 4.4 kgCO 2 e/sq.m. The target values correspond to an average annual decrease of 4.5%, which is particularly ambitious given that 88% of the Group’s shopping centers (in value) were already below the national thresholds defined by CRREM (e) at that date. Emissions maintained at the level reported prior to the allotment date of the shares 50% Achievement of the targets (see opposite) 100% (a) If the result obtained is between two thresholds, the number of performance shares vested is calculated on a linear basis. (b) For the years prior to 2013, the Company calculated growth in like-for-like rental income on the basis of its gross rental income only. In addition, for purposes of comparability, the calculations were made over the entire period by retaining just the shopping center portfolio, which has represented more than 95% of the value of the property portfolio since 2013. (c) Based on reported like-for-like net rental income, using shopping center portfolios for which data are available. (d) The category (European/Retail/Listed/Real Estate Company) had 10 members in 2021. (e) Carbon Risk Real Estate Monitor, an EU-funded tool to assess “stranding” risks, applicable GHG-reduction pathways according to the Science-Based Targets initiative, and reporting templates. 284 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Caps on allotments The General Meeting of April 26, 2022 will be asked to approve a cap on the number of shares that may be allotted at 1% of the share capital for a period of 38 months and, within this limit, capped the number of shares that may be allotted to the Chairman and members of the Executive Board at 0.3% of the share capital. In accordance with the compensation policy approved by the Supervisory Board, annual allotments made to the Chairman and the other members of the Executive Board may not represent more than 100% of short-term compensation (1) for the Chairman and the members of the Executive Board. Holding obligation Pursuant to Article L. 225-197-1 of the French Commercial Code as set out in the AFEP-MEDEF Code, the Supervisory Board set the holding obligation for the Chairman and members of the Executive Board as follows: they are required to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of tax and expenses as calculated on delivery of the shares, until the end of their term of office. The Chairman and the other members of the Executive Board are encouraged to hold a large and increasing number of shares. In accordance with the AFEP-MEDEF Code, this amount will be reviewed and set by the Supervisory Board in light of the situation of each executive corporate officer periodically, and at least each time they are re-appointed. Because of the stringent holding obligations, the Supervisory Board does not require the Chairman or members of the Executive Board to buy shares using their own capital on delivery of the performance shares. Other restrictions In accordance with the AFEP-MEDEF Code, the Chairman and the other members of the Executive Board undertake not to enter into hedging transactions until the end of the lock-up period imposed by the performance share plans. d) Other components of compensation for fiscal year 2022 Employment contract and severance package The Chairman of the Executive Board does not have an employment contract. However, he is eligible for a severance package in the event of his forced departure from Klépierre, the main terms and conditions of which are set out below: • The severance package will be paid in all cases of forced departure regardless of the method (removal, resignation, etc.), except in the event of serious or gross misconduct and in the event of non- re-appointment as a member of the Executive Board at the end of his term of office. In accordance with the AFEP-MEDEF Code, no severance will be owed if the beneficiary is entitled to claim full retirement benefits within six months of termination; • In the event of the Chairman of the Executive Board’s forced departure, he may be entitled to receive under the package a severance payment in an initial amount of one year’s annual compensation, calculated (1) Calculated as follows: fixed annual compensation as specified in the 2022 compensation policy + target quantitative portion of short-term variable compensation + maximum qualitative portion of short-term variable compensation. by reference to the (gross) fixed compensation as of the last day of his term of office and the most recent (gross) short-term variable compensation paid as at the date of termination, it being specified that this initial amount may increase on a linear basis according to the Chairman of the Executive Board’s length of service as a corporate officer (in the case of Jean-Marc Jestin, on a basis of one month for each additional year of service with effect from January 1, 2017) and up to a maximum of two years’ compensation, in accordance with the AFEP-MEDEF Code. At January 1, 2022, the severance payment would therefore be equal to 17 months based on the latest (gross) fixed and short-term variable compensation. • It is paid subject to the following performance conditions: • In the two fiscal years preceding the year of termination of his term of office, the Chairman of the Executive Board received or will be entitled to receive overall annual variable compensation (quantitative plus qualitative) representing an amount equal to at least 100% of his fixed compensation (the maximum being defined according to the applicable compensation policy), and • The quantitative portion of the short-term annual variable compensation must, as a minimum, have been paid in an amount equal to the target in said two fiscal years. These conditions are directly related to the achievement of the short-term compensation objectives applicable to the Chairman of the Executive Board and are therefore among the basic principles of the compensation policy applicable to the Chairman, taking into account performance related to the Group’s commercial strategy. Extraordinary compensation Extraordinary compensation does not form part of the general compensation policy and may only be awarded in very specific circumstances, in accordance with section 25.3.4 of the AFEP-MEDEF Code. In accordance with Article L. 22-10-26 of the French Commercial Code, if the decision were made to award this type of compensation, payment would in any event be subject to prior approval by the General Meeting. Other benefits The Chairman of the Executive Board has: • Use of a company car; • The same occupational insurance and healthcare benefits plan as other Group employees in France. The amount of annual contributions paid by the Company for this purpose is not material, amounting to €3,264 in 2021; • Unemployment insurance subscribed with GSC. The Chairman of the Executive Board is also provided with the material resources necessary for the performance of his duties and is entitled, upon presentation of supporting documentation, to reimbursement of business travel and expenses incurred in the performance of his duties. No loans or guarantees have been granted to him by Klépierre. Compensation in respect of Board memberships The Chairman of the Executive Board does not receive any compensation for his offices in the various Group companies. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 285 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Deferred variable compensation or multi-annual variable compensation Klépierre’s compensation policy does not include the payment of any deferred variable compensation or multi-annual variable compensation. Consequently, there are no arrangements for such payments. Defined benefit or defined contribution pension plan There are no defined benefit or defined contribution pension plans. The Chairman of the Executive Board qualifies for the same compulsory private sector supplementary pension plan as other Group managers. 6.2.2.2.2 Components of compensation for members of the Executive Board (excluding the Chairman) for fiscal year 2022 To summarize, the compensation of the members of the Executive Board is typically split into equal portions between the fixed component (including benefits in kind), the short-term variable component and the long-term variable component. Should a new Executive Board member be appointed, the principles and criteria provided for in the last compensation policy approved by the General Meeting would also apply to him. In such cases, acting on the recommendation of the Nomination and Compensation Committee, the Supervisory Board will, in light of existing practices and based on the situation of the executive concerned, determine the different components of compensation, which shall not exceed those set out in said policy. The Supervisory Board may decide exceptionally to award a new corporate officer with an on-boarding package as a recruitment incentive for a new executive joining from another group. The payment of this package, which may take different forms, is designed to offset the loss of benefits to which executives may have been entitled in their previous position. In compliance with section 25.4 of the AFEP-MEDEF Code, in the event that such a package is granted, it must be explained and the amount made public at the time it is set, even where payment is made in installments or deferred. The compensation of the Executive Board members includes the following components: a) Fixed annual compensation for fiscal year 2022 The fixed annual compensation of each member of the Executive Board for fiscal year 2022 is set at: • €480,000 payable on a pro rata basis for the period from January 1, 2022 to the respective date of their termination or re-appointment in 2022; and • €500,000 payable on a pro rata basis for the period between the respective date of their re-appointment in 2022 and December 31, 2022. It should be recalled that Beñat Ortega resigned as a member of the Executive Board with effect from February 1, 2022. His fixed annual compensation as member of the Executive Board for fiscal year 2022 is set at €450,000 (payable on a pro rata basis for the period from January 1, 2022 and January 31, 2022. b) Short-term variable compensation for fiscal year 2022 The principles described in section 6.2.2.2.1 (“Components of compensation of the Chairman of the Executive Board for fiscal year 2022”, “Short-term variable compensation paid for fiscal year 2022”) also apply to the members of the Executive Board. Short-term variable compensation for the members of the Executive Board is determined based on the two quantitative and qualitative components set out in section 6.2.2.2.1. For fiscal year 2022, the following qualitative targets were set for Jean-Michel Gault in his capacity as member of the Executive Board: the qualitative component of his variable compensation will be measured based on several criteria relative to oversight of financial transactions and improving Group profitability, managing tax risks, the internal audit function and investor relations. Given the date of Beñat Ortega’s departure (resignation with effect from February 1, 2022), and by mutual agreement with the latter, it was decided that no short-term variable compensation would be paid to Mr Ortega for fiscal year 2022. No qualitative performance conditions were therefore determined for January 2022. The overall short-term variable compensation paid to Executive Board members is capped at 150% of their fixed annual compensation as stated in the 2022 compensation policy. In accordance with Article L. 22-10-34 II, paragraph 2 of the French Commercial Code, the annual variable compensation due for fiscal year 2022 will be paid after the Ordinary General Meeting to be called in 2023 to approve the 2022 financial statements and is contingent on its approval by that Meeting. Faculty of the Supervisory Board The principle described in section 6.2.2.2.1.b) (Discretionary powers/ Chairman of the Executive Board) is applicable to the other Executive Board members. c) Long-term variable compensation for fiscal year 2022 The principles and methods described in section 6.2.2.2.1.c) also apply to the members of the Executive Board. d) Other components of compensation for fiscal year 2022 Rules applicable to all Executive Board members Employment contract and severance package Should a Group employee be appointed as an Executive Board member, the Supervisory Board may, based on the situation of the executive concerned, either request the termination of the employment contract without compensation or maintain but suspend the employment contract. In the latter case, and in order to limit the financial risk arising from the termination of an employment contract, said contract would be amended to include the employee’s agreement to forgo any severance pay exceeding the total amount of their last two years’ fixed and variable compensation. 286 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Furthermore, the Supervisory Board may, in the event of forced- departure, authorize a severance package along the same lines as those applicable to the Chairman of the Executive Board and Executive Board members, whose terms and conditions are set out on pages 285 and 287, respectively. Severance is paid in all cases of forced departure regardless of the method (removal, request for resignation, etc.), except in the event of serious or gross misconduct and in the event of non-re-appointment as Executive Board member at the end of his term of office. In accordance with the AFEP-MEDEF Code, no severance will be owed if the beneficiary is entitled to claim full retirement benefits within six months of termination. Non-statutory severance is also subject to the achievement of the same performance conditions as applicable to the Chairman of the Executive Board. These conditions are directly related to the achievement of the short-term compensation objectives applicable to the members of the Executive Board and are therefore among the basic principles of the compensation policy applicable to them, taking into account performance related to the Group’s commercial strategy. Jean-Michel Gault’s situation Jean-Michel Gault has had an indefinite employment contract with the Klépierre Group since August 1, 1998. Pursuant to the national collective bargaining agreement for the real estate industry, the applicable notice period is three months. This employment contract, which has been suspended since July 1, 2016, was amended on November 21, 2017 in order to (i) insert therein Jean-Michel Gault’s agreement to waive any severance pay exceeding two years of the last fixed and variable compensation received as a member of the Executive Board (including in respect of the termination of his employment contract) and (ii) to implement a non-statutory package in the event of his forced departure. The waiver referred to above allows the Company to contain the financial risk linked to any termination of the latter’s employment contract, by limiting the severance to two years under all circumstances. Signing this amendment did not lead to any payment in favor of Jean-Michel Gault. In the event of Jean-Michel Gault’s forced departure from Klépierre, the amount of the severance payment under this package will be limited to two years of his fixed annual compensation on the last day of his term of office and the most recent (gross) short-term variable compensation as at the date of termination, less any amount paid for any statutory severance or due under a collective bargaining agreement that Jean-Michel Gault may otherwise receive under his employment contract. Note that the amount of the statutory severance pay to which Jean-Michel Gault may be entitled in the event of the termination of his employment contract is estimated at approximately €0.7 million. Beñat Ortega’s situation Beñat Ortega resigned from his salaried duties following his appointment to the Executive Board and did not have an employment contract. In the event of Beñat Ortega’s forced departure from Klépierre, he was entitled to receive under the package a severance payment in an initial amount of one year’s annual compensation, calculated by reference to the fixed compensation as of the last day of his term of office and the most recent (gross) short-term variable compensation paid as at the date of termination, it being specified that this initial amount was to increase on a linear basis according to Beñat Ortega’s length of service as a corporate officer (on a basis of one month for each additional year of service with effect from January 1, 2021) and up to a maximum of two years’ compensation, in accordance with the AFEP-MEDEF Code. As Beñat Ortega resigned from his duties as member of the Executive Board, no severance pay is owed to him. Extraordinary compensation Extraordinary compensation does not form part of the general compensation policy and may only be awarded in very specific circumstances, in accordance with section 25.3.4 of the AFEP-MEDEF Code. In accordance with Article L. 22-10-26 of the French Commercial Code, if the decision were made to award this type of compensation, payment would in any event be subject to prior approval by the General Meeting. Other benefits The members of the Executive Board have: • Use of a company car; • The same occupational insurance and healthcare benefits plan as other Group employees in France. The amount of annual contributions paid by the Company for this purpose is not material, amounting to €2,793 and €3,319 for Jean-Michel Gault and Beñat Ortega respectively in 2021; • Unemployment insurance subscribed with GSC. They are also provided with the material resources necessary for the performance of their duties and are entitled, upon presentation of supporting documentation, to reimbursement of business travel and expenses incurred in the performance of their duties. No loans or guarantees have been granted to them by Klépierre. Compensation in respect of Board memberships The members of the Executive Board do not receive any compensation for their directorships in the various Group companies. Deferred variable compensation or multi-annual variable compensation Klépierre’s compensation policy does not include the payment of any deferred variable compensation or multi-annual variable compensation. Consequently, there are no arrangements for such payments. Special defined benefit or defined contribution pension plan There are no defined benefit or defined contribution pension plans. The members of the Executive Board qualify for the same compulsory private sector supplementary pension plan as other Group managers. In addition, Jean-Michel Gault is eligible for a supplementary pension plan for senior executives of Compagnie Bancaire. This plan has been capped and closed to new beneficiaries since December 31, 2000. As indicated on page 295, this amount is capped at €7,122. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 287 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

6.2.3 Compensation of corporate officers (fiscal year 2021) 6.2.3.1 Compensation of the Chairman 2022 and members of the Supervisory Board for fiscal year 2021 The compensation of the Chairman and members of the Supervisory Board presented below was set by the Supervisory Board, acting on the recommendation of the Nomination and Compensation Committee pursuant to the compensation policy approved by the General Meeting of June 17, 2021 (10 th resolution) by 99.93% of the votes cast. This policy complies with the basic principles described in section 6.2.1.1, as it helps to promote long-term growth. In accordance with the rules for allotting compensation to Supervisory Board members described in section 6.2.2.1, the aggregate amount of annual compensation paid or awarded in fiscal year 2021 in respect of their corporate offices was €688,000. The compensation of Supervisory Board members was structured as shown in the table below: In euros Gross amounts allotted for fiscal year 2020 (to be paid in 2021) Gross amounts allotted for fiscal year 2021 (to be paid in 2022) Position as Chair Fixed portion Variable portion Other Total Position as Chair Fixed portion Variable portion Other Total CHAIRMAN OF THE SUPERVISORY BOARD David Simon 44,000 12,000 35,389 – 91,389 44,000 12,000 44,367 – 100,367 OTHER SUPERVISORY BOARD MEMBERS John Carrafiell 22,000 12,000 38,889 – 72,889 22,000 12,000 34,628 – 68,628 Béatrice de Clermont-Tonnerre – 12,000 43,167 – 55,167 – 12,000 44,367 – 56,367 Steven Fivel 22,000 12,000 63,902 – 97,902 22,000 12,000 67,092 – 101,092 Robert Fowlds – 12,000 35,389 – 47,389 – 12,000 44,367 – 56,367 Stanley Shashoua – 12,000 59,889 – 71,889 – 12,000 63,845 – 75,845 Catherine Simoni 22,000 12,000 56,389 – 90,389 22,000 12,000 57,353 – 91,353 Rose-Marie Van Lerberghe 22,000 12,000 53,402 – 87,402 22,000 12,000 47,614 – 81,614 Florence Von Erb – 12,000 49,389 – 61,389 – 12,000 44,367 – 56,367 TOTAL 132,000 108,000 435,804 – 675,804 132,000 108,000 448,000 – 688,000 Comparative analysis of the total compensation of the Chairman and Supervisory Board members and that of Klépierre employees Klépierre referred to the AFEP-MEDEF guidelines as updated for the comparative analysis of the total compensation of the Chairman of the Supervisory Board and that of Klépierre employees. The relationship between the Chairman of the Supervisory Board’s compensation and the average and median full-time equivalent compensation of Klépierre employees (the “average ratio” and “median ratio”, respectively) was as follows: • 2021 average ratio: 1.27; • 2021 median ratio: 1.62. 288 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The following table sets out the year-on-year change in the compensation of the Chairman of the Supervisory Board, Klépierre’s performance, the average full-time equivalent compensation of Klépierre employees, and the average and median ratios over the last five years: PAY RATIOS REFERRED TO IN PARAGRAPHS I. 6° AND 7° OF ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE, PREPARED IN ACCORDANCE WITH THE AFEP GUIDELINES, AS UPDATED IN FEBRUARY 2021 2021 2020 2019 2018 2017 Change (%) in the compensation of the Chairman of the Supervisory Board (David Simon) (a) +9.82% +0.33% -3.32% +34.75% +28.08% Change (%) in the compensation of the members of the Supervisory Board (excluding the Chairman) (a) +0.55% +1.31% +2.49% +24.20% +33.55% KLÉPIERRE SA SCOPE N/A (no employees) ENLARGED SCOPE (KLÉPIERRE MANAGEMENT, WHICH EMPLOYS THE GROUP’S ENTIRE FRENCH WORKFORCE) (b) Change (%) in the average compensation of Klépierre employees -14.29% +1.97% +0.91% -1.33% +1.95% Concerning the Chairman of the Supervisory Board (David Simon) Ratio of the average compensation of Klépierre employees 1.27 1.17 1.19 1.24 0.91 Year-on-year change (%) +8.67% -1.61% -4.20% +36.57% +25.63% Ratio of the median compensation of Klépierre employees 1.62 1.62 1.55 1.60 1.17 Year-on-year change (%) 0% +4.18% -2.76% +36.58% +23.29% KLÉPIERRE PERFORMANCE Financial criterion (net current cash flow) 2.18 2.05 2.82 2.65 2.48 Year-on-year change (%) +10.6% -27.30% +6.42% +6.85% +7.36% (a) Components of compensation included in the calculation correspond to the total (gross) amount paid during the year in respect of: compensation linked to the duties as chair of the Supervisory Board that have been effectively received by him, and paid during the year in respect of the prior year. The components are presented on page 288 of this document, as well as pages 292 of the 2020 Universal Registration Document, 251 of the 2019 Registration Document and 245 of the 2018 Registration Document. (b) The scope of Klépierre Management’s staff used for the calculation below represents 77.2% of the total workforce of this company as of 31 December 2021. 6.2.3.2 Compensation of the Chairman of the Executive Board for fiscal year 2021 Summary tables based on the AMF and AFEP-MEDEF Code recommendations are presented in section 6.2.5 of this Universal Registration Document. The compensation of the Chairman of the Executive Board presented below was set by the Supervisory Board, acting on the recommendation of the Nomination and Compensation Committee pursuant to the compensation policy approved by the General Meeting of June 17, 2021 (11 th resolution) by 97.69% of the votes cast. This policy complies with the basic principles described in section 6.2.1.1, as it helps to promote long-term growth. These principles were devised after taking into account the vote of the June 17, 2021 General Meeting (13 th resolution, approved by 99.11% of votes cast). Annual fixed compensation (fiscal year 2021) The Chairman of the Executive Board received fixed annual compensation of €750,000 in 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 289 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Short-term variable compensation (fiscal year 2021) Short-term variable compensation paid in fiscal year 2021 (for fiscal year 2020) approved by the General Meeting of June 17, 2021 On the basis of the Nomination and Compensation Committee’s work, the Supervisory Board meeting of March 18, 2021 decided that: • In view of the impact of the Covid-19 crisis on the Group’s businesses, the variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2020 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €375,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 294 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (15 th resolution, approved by 97.91% of votes cast). Short-term variable compensation allotted for fiscal year 2021 submitted for approval at the General Meeting of April 26, 2022 The short-term variable compensation for fiscal year 2021 was set by the Supervisory Board on February 15, 2022, acting on the recommendation of the Nomination and Compensation Committee. It should be noted that, in accordance with the recommendations of the AFEP-MEDEF Code, Jean-Marc Jestin was not present during the deliberations of the Supervisory Board regarding his compensation. In application of the compensation policy approved by the General Meeting of June 17, 2021 (11 th resolution, approved by 97.69% of votes cast): • the quantitative component grants entitlement to 80% of the fixed compensation: Objective Achievement for fiscal year 2021 Net current cash flow per share target The quantitative component is based on the target announced to the markets in February 2021 of €1.90 per share. In addition, a performance floor was set at a minimum of 92% of the target. €2.18 As a % of fixed compensation From 0% to 80% 80% 2021 QUANTITATIVE TOTAL (as a % of fixed compensation) 80% • the qualitative component grants entitlement to 50% of the fixed compensation as presented in the table below: Topics Weighting Target Main achievements Achievement for fiscal year 2021 CSR 40% • Progress towards the carbon neutrality of the portfolio and waste management • Promotion of local employment, creating local value and services for local communities • GHG emissions reduced by 84% compared to 2013 • Waste recovery rate increased to 98% • Percentage of centers that have contributed to local employment increased to 100% • Percentage of centers that have raised funds for a local NGO increased to 100% After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 20% of Jean-Marc Jestin’s fixed compensation. Strategy 20% • Quality of implementation of real estate development projects • Achievement of the initial objectives set for the projects submitted to the Investment Committee • Improvement of the quality of the portfolio • Adherence to budget and schedule for major development operations • Completion of all operations presented to the Investment Committee • Disposal of non-strategic assets for a total amount of €874 million After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 10% of Jean-Marc Jestin’s fixed compensation. Crisis management 20% • Strengthening of crisis response capabilities • Contingency planning • Adaptation of business priorities and reporting After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 10% of Jean-Marc Jestin’s fixed compensation. Human capital 20% • Promotion, support and implementation of diversity initiatives with a particular focus on gender balance • Implementation of recruitment, training, compensation and internal promotion programs aimed at improving the gender balance • Preparation of succession plans for members of the CMT and GOMT and other key roles • Promotion and development of talent • Organization of a Diversity Week • Increase in the proportion of women on the Corporate Management Team (to 30%) and in the 100 most senior positions (to 33%) • Adoption of succession plans for members of the CMT and GOMT and other key roles After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 10% of Jean-Marc Jestin’s fixed compensation. 2021 QUALITATIVE TOTAL (as a % of fixed compensation) 50% For fiscal year 2021, the short-term variable compensation of Jean-Marc Jestin amounts to €975,000, i.e., 130% of his fixed compensation. 290 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Long-term variable compensation (fiscal year 2021) Performance shares vested in fiscal year 2021 Plan End of vesting period Number of shares vested 2018 Plan April 24, 2021 17,500 shares, representing a vesting rate of 50% Performance shares allotted in fiscal year 2021 Performance shares were allotted to the Chairman of the Executive Board under the 2021 Plan, with the following characteristics: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 64,000 shares to the Chairman of the Executive Board, representing: • €629,760, based on the measurement of the performance shares in accordance with IFRS, • 13.16% of the total allotment under this plan for all beneficiaries concerned; • 0.03% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 316; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office. Severance package It should be recalled that the Chairman of the Executive Board is eligible for a severance package in the event of his forced departure from Klépierre. The conditions attached to this package are detailed on page 285. At January 1, 2022, the severance payment would be equal to 17 months based on the latest (gross) fixed and short-term variable compensation. Other benefits The Chairman of the Executive Board received the following benefits in 2021, valued at €39,407: • Use of a company car; • The same occupational insurance and healthcare benefits plan as other Group managers; • Unemployment insurance subscribed with GSC. He is also entitled to the same compulsory private sector supplementary pension plan as other Group managers. Comparative analysis of the total compensation of the Chairman of the Executive Board and that of Klépierre employees Klépierre referred to the AFEP-MEDEF guidelines as updated for the comparative analysis of the total compensation of the Chairman of the Executive Board and that of Klépierre employees (see page 288 of this Universal Registration Document for more details). For the Chairman of the Executive Board, the compensation ratios are as follows: • 2021 average ratio: 24.95; • 2021 median ratio: 31.77. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 291 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

The following table sets out the year-on-year change in the Chairman of the Executive Board’s compensation, Klépierre’s performance, the average full-time equivalent compensation of Klépierre employees, and the average and median ratios over the last five years: PAY RATIOS REFERRED TO IN PARAGRAPHS I. 6° AND 7° OF ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE, PREPARED IN ACCORDANCE WITH THE AFEP GUIDELINES, AS UPDATED IN FEBRUARY 2021 2021 2020 2019 2018 2017 Change (%) in the compensation of the Chairman of the Executive Board (Jean-Marc Jestin, since November 7, 2016) (a) +0.69% -22.29% +10.37% +25.43% +7.04% KLÉPIERRE SA SCOPE N/A (no employees) ENLARGED SCOPE (KLÉPIERRE MANAGEMENT, WHICH EMPLOYS THE GROUP’S ENTIRE FRENCH WORKFORCE) (b) Change (%) in the average compensation of Klépierre employees -14.29% +1.97% +0.91% -1.33% +1.95% Ratio of the average compensation of Klépierre employees 24.95 21.24 27.87 25.48 20.05 Year-on-year change (%) +17.48% -23.79% +9.37% +27.12% +5.00% Ratio of the median compensation of Klépierre employees 31.77 29.38 36.41 32.80 25.80 Year-on-year change (%) +8.14% -19.31% +11.01% +27.13% +3.04% KLÉPIERRE PERFORMANCE Financial criterion (net current cash flow) 2.18 2.05 2.82 2.65 2.48 Year-on-year change (%) +10.6% -27.30% +6.42% +6.85% +7.36% (a) Components of compensation included in the calculation are the total (gross) amount paid during the year. (i) the fixed portion; (ii) the variable portion paid during the year in respect of the prior year; (iii) extraordinary compensation paid during the year; (iv) performance shares allotted during the year (IFRS value) and (v) benefits in kind. They are presented on pages 301 and 302 of this document, as well as pages 305 and 306 of the 2020 Universal Registration Document, pages 261 of the 2019 Universal Registration Document and page 260 of the 2018 Registration Document. (b) The scope of Klépierre Management’s staff used for the calculation below represents 77.2% of the total workforce of this company as of 31 December 2021. Under this approach, the IFRS valuation of performance shares allotted for a given fiscal year are included in the calculation. This component historically represents a significant portion (more than one-third) of the total compensation of the Chairman of the Executive Board, whereas their vesting rate at Klépierre varies considerably from one year to the next, as shown in the table below. 2017 2018 2019 2020 2021 Vesting rate of performance shares 4.83% 0.00% 17.67% 13.00% 50.00% 6.2.3.3 Compensation of the other Executive Board members for fiscal year 2021 Summary tables based on the AMF and AFEP-MEDEF Code recommendations are presented in section 6.2.5 of this Universal Registration Document. The compensation of the members of the Executive Board presented below was set by the Supervisory Board, acting on the recommendation of the Nomination and Compensation Committee pursuant to the compensation policy approved by the General Meeting of June 17, 2021 (12 th resolution) by 97.46% of the votes cast. This policy complies with the basic principles described in section 6.2.1.1, as it helps to promote long-term growth. These principles were devised after taking into account the vote of the June 17, 2021 General Meeting (13 th resolution, approved by 99.11% of votes cast). Annual fixed compensation (fiscal year 2021) The Chief Financial Officer, member of the Executive Board, received fixed annual compensation of €480,000 in 2021. The Chief Operating Officer, member of the Executive Board, received fixed annual compensation of €450,000 in 2021. Short-term variable compensation (fiscal year 2021) Short-term variable compensation paid in fiscal year 2021 (for fiscal year 2020) approved by the General Meeting of June 17, 2021 For the Chief Financial Officer, on the basis of the Nomination and Compensation Committee’s work, the Supervisory Board meeting of March 18, 2021 decided that: • The variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2019 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €240,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 297 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (16 th resolution, approved by 98.61% of votes cast). 292 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

For the Chief Operating Officer, on the basis of the Nomination and Compensation Committee’s work, the Supervisory Board meeting of March 18, 2021 decided that: • The variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2019 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €28,571.50. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 297 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (17 th resolution, approved by 98.61% of votes cast). Short-term variable compensation allotted for fiscal year 2021 submitted for approval at the General Meeting of April 26, 2022 The short-term variable compensation due to Executive Board members for fiscal year 2021 was set by the Supervisory Board on February 15, 2022, acting on the recommendation of the Nomination and Compensation Committee. It should be noted that, in accordance with the recommendations of the AFEP-MEDEF Code, the members of the Executive Board were not present during the deliberations of the Supervisory Board regarding their compensation. In application of the compensation policy approved by the General Meeting of June 17, 2021 (12 th resolution, approved by 97.46% of votes cast): • the quantitative component grants entitlement to 80% of the fixed compensation: Objective Achievement for fiscal year 2021 Net current cash flow per share target The quantitative component is based on the target announced to the markets in 2021 of €1.90 per share. In addition, a performance floor was set at a minimum of 92% of the target. €2.18 As a % of fixed compensation From 0% to 80% 80% 2021 QUANTITATIVE TOTAL (as a % of fixed compensation) 80% • the qualitative component grants entitlement to 50% of the fixed compensation as presented in the tables below: Jean-Michel Gault Topics Weighting Target Main achievements Achievement for fiscal year 2021 Financing 50% • Quality of management of financial transactions to improve the Group’s profitability • Management and hedging of financial risks • Extension and renewal of the derivatives portfolio, which reduced the cost of debt by 4 basis points • Extension of the €1.4 billion revolving credit facility for one year • Increase of 20.6% in the share price, increase in the PER from 7.2x to 8.6x, and decrease in the discrepancy between the NAV and the share price from 45% to 30%, between January 4, 2021 and December 31, 2021 After examining the main achievements, the Supervisory Board decided, on the recommendation of the Nomination and Compensation Committee, that the target attained was 100%, corresponding to 25% of Jean-Michel Gault’s fixed compensation. Tax and audit 30% • Management of the Group’s tax policy and exposure to risks • Optimization of the audit function to improve risk management • Italian accounting and tax revaluation resulting in significant tax savings and a positive impact of €345 million on consolidated net book income • Reorganization and focus of the Internal Audit Department on its audit assignments, with the creation of a dedicated Risk Management Department After examining the main achievements, the Supervisory Board decided, on the recommendation of the Nomination and Compensation Committee, that the target attained was 100%, corresponding to 15% of Jean-Michel Gault’s fixed compensation. Investor relations 20% • Quality of exchanges with the financial community • Relevance of financial information • Ongoing frequent dialog with the financial community to explain the effects of the pandemic • Received the Gold Award for the eighth straight year for the implementation of EPRA Best Practices Recommendations After examining the main achievements, the Supervisory Board decided, on the recommendation of the Nomination and Compensation Committee, that the target attained was 100%, corresponding to 10% of Jean-Michel Gault’s fixed compensation. 2021 QUALITATIVE TOTAL (as a % of fixed compensation) 50% For fiscal year 2021, the short-term variable compensation of Jean-Michel Gault amounts to €624,000, i.e., 130% of his fixed compensation. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 293 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Beñat Ortega Topics Weighting Target Main achievements Achievement for fiscal year 2021 Leasing and marketing 40% • Adaptation of the retail offer to new consumer trends and improvement of customer satisfaction • Development of the digitalization of B2C and B2B interactions • Strengthening of the harmonization of business practices between business units in different countries • Continued expansion of key brands such as Primark, JD Sports, Rituals, etc. • Signature of 1,570 leases in 2021, i.e., almost the pre-Covid level • Launch of a new loyalty program • Creation of the Group Operations Management function After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 20% of Beñat Ortega’s fixed compensation. Safety, security and engineering 30% • Increased safety and security of operations • Increased efficiency of shopping center management • Improvement in the environmental performance of the portfolio • No major security incidents in an environment shaped by multiple crises and changing regulations • Creation of a quality and methods unit • Reduction of 3% in energy consumption versus 2020 and of 45% versus 2013 After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 15% of Beñat Ortega’s fixed compensation. Crisis management 30% • Strengthening of crisis response capabilities • Contingency planning • Adaptation of business priorities and reporting • Full and prompt identification of all crises • Immediate management of incidents by the Crisis Management Coordination unit, thereby avoiding any impact • Creation of a new management and reporting system for rent arrears After examining the main achievements, the Supervisory Board decided, acting on the recommendation of the Nomination and Compensation Committee, that the achievement level was 100% corresponding to 15% of Beñat Ortega’s fixed compensation. 2021 QUALITATIVE TOTAL (as a % of fixed compensation) 50% For fiscal year 2021, the short-term variable compensation of Beñat Ortega amounts to €585,000, i.e., 130% of his fixed compensation. Long-term variable compensation (fiscal year 2021) Performance shares vested in fiscal year 2021 Executive Board member Plan End of vesting period Number of shares vested Jean-Michel Gault 2018 Plan April 24, 2021 15,000 shares, representing a vesting rate of 50% Beñat Ortega (a) 2018 Plan April 24, 2021 5,500 shares, representing a vesting rate of 50% (a) It being specified that Beñat Ortega became a corporate officer until November 2020 and these performance shares were allotted to him in his capacity as an employee. Performance shares allotted in fiscal year 2021 Jean-Michel Gault Performance shares were allotted to Jean-Michel Gault under the 2021 Plan, with the following characteristics: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 41,000 shares, representing: • €403,440, based on the measurement of the performance shares in accordance with IFRS, • 8.43% of the total allotment under this plan for all beneficiaries concerned, • 0.02% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 316; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office. Beñat Ortega Performance shares were allotted to Jean-Michel Gault under the 2021 Plan, with the following characteristics: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 38,000 shares, representing: • €373,920, based on the measurement of the performance shares in accordance with IFRS, • 7.81% of the total allotment under this plan for all beneficiaries concerned, • 0.02% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 316; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office; • As Beñat Ortega resigned from his salaried duties with effect from February 1, 2022, he forfeited all rights to these shares. 294 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Severance package It should be recalled that the Executive Board members are eligible for a severance package in the event of their forced departure from Klépierre. The conditions attached to this package are detailed on pages 285 and 287. For Jean-Michel Gault, at January 1, 2022 the severance payment would be equal to 24 months based on the latest (gross) fixed and short-term variable compensation, including the statutory severance to which Jean-Michel Gault may be entitled under the collective bargaining agreement in the event of the termination of his employment contract. For Beñat Ortega, at January 1, 2022, the severance payment would have been equal to 13 months based on the latest (gross) fixed and short-term variable compensation. No severance payment was made upon his departure. Other benefits The members of the Executive Board received the following benefits in 2021, valued at €38,741 for Jean-Michel Gault and at €36,231 for Beñat Ortega: • Use of a company car; • The same occupational insurance and healthcare benefits plan as other Group managers; • Unemployment insurance subscribed with GSC; • The same compulsory private sector supplementary pension plan as other Group managers. Jean-Michel Gault also benefits from the supplementary pension plan for senior executives of the former Compagnie Bancaire, which provides for an additional pension on retirement of a maximum annual amount of €7,122. Comparative analysis of the total compensation of the members of the Executive Board and that of Klépierre employees The compensation ratios of the Chief Financial Officer, member of the Executive Board, are as follows: • 2021 average ratio: 16.16; • 2021 median ratio: 20.58. The 2021 compensation ratios of the Chief Operating Officer, member of the Executive Board, are as follows: • 2021 average ratio: 12.36; • 2021 median ratio: 15.74. The following table sets out the year-on-year change in the members of the Executive Board’s compensation, Klépierre’s performance, the average compensation, on a full-time equivalent basis, of Klépierre employees, and the average and median ratios over the last five years: PAY RATIOS REFERRED TO IN PARAGRAPHS I. 6° AND 7° OF ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE, PREPARED IN ACCORDANCE WITH THE AFEP GUIDELINES, AS UPDATED IN FEBRUARY 2021 2021 2020 2019 2018 2017 Change (%) in the compensation of the Chief Financial Officer, member of the Executive Board (Jean-Michel Gault) (a) -2.70% -27.90% +2.04% +14.21% +12.79% Change (%) in the compensation of Chief Operating Officer, member of the Executive Board (b) N/A KLÉPIERRE SA SCOPE N/A (no employees) ENLARGED SCOPE (KLÉPIERRE MANAGEMENT, WHICH EMPLOYS THE GROUP’S ENTIRE FRENCH WORKFORCE) (c) Change (%) in the average compensation of Klépierre employees -14.29% +1.97% +0.91% -1.33% +1.95% Concerning the Chief Financial Officer, member of the Executive Board Ratio of the average compensation of Klépierre employees 16.16 14.24 20.14 19.92 17.21 Year-on-year change (%) +13.51% -29.30% +1.12% +15.75% +10.63% Ratio of the median compensation of Klépierre employees 20.58 19.69 26.31 25.63 22.14 Year-on-year change (%) +4.50% -25.13% +2.63% +15.76% +8.57% Concerning the Chief Operating Officer, member of the Executive Board (b) Ratio of the average compensation of Klépierre employees 12.36 Year-on-year change (%) N/A Ratio of the median compensation of Klépierre employees 15.74 Year-on-year change (%) N/A KLÉPIERRE PERFORMANCE Financial criterion (net current cash flow) 2.18 2.05 2.82 2.65 2.48 Year-on-year change (%) +10.6% -27.30% +6.42% +6.85% +7.36% (a) Components of compensation included in the calculation are the total (gross) amount paid during the year. (i) the fixed portion; (ii) the variable portion paid during the year in respect of the prior year; (iii) extraordinary compensation paid during the year; (iv) performance shares allotted during the year (IFRS value) and (v) benefits in kind. They are presented on page 302 of this document, as well as pages 305 and 306 of the 2020 Universal Registration Document, pages 261 of the 2019 Universal Registration Document and page 260 of the 2018 Registration Document. (b) Beñat Ortega joined the Executive Board on November 16, 2020. (c) The scope of Klépierre Management’s staff used for the calculation below represents 77.2% of the total workforce of this company as of 31 December 2021. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 295 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Summary: CHANGES IN TOTAL COMPENSATION PAID TO THE CHAIRMAN AND EXECUTIVE BOARD MEMBERS In euros Chairman of the Executive Board Chief Financial Officer, member of the Executive Board Chief Operating Officer, member of the Executive Board (a) 2020 2021 2020 2021 2020 2021 Fixed compensation 581,250 (b) 750,000 372,000 (c) 480,000 57,143 (d) 450,000 Short-term variable compensation (paid in current year with respect to previous year) 975,000 375,000 624,000 240,000 N/A 28,574.50 Number of performance shares allotted during the fiscal year concerned 35,000 shares 64,000 shares 30,000 shares 41,000 shares 1,250 38,000 shares Number of performance shares vested during the fiscal year concerned 4,550 shares (out of 35,000 shares initially allotted) 17,500 shares (out of 35,000 shares initially allotted) 3,900 shares (out of 30,000 shares initially allotted) 15,000 shares (out of 30,000 shares initially allotted) N/A 5,500 shares (out of 11,000 shares initially allotted) (a) Compensation paid in respect of his term of office as an Executive Board member from November 16, 2020 (Beñat Ortega having resigned from his employment contract as of that date without receiving a termination benefit). (b) Including the voluntary waiver of 30% of the fixed compensation of the Chairman of the Executive Board for the period from April 1, 2020 to December 31, 2020, in the context of the Covid-19 pandemic. (c) Including the voluntary waiver of 30% of the fixed compensation of the Chief Financial Officer for the period from April 1, 2020 and December 31, 2020, in the context of the Covid-19 pandemic. (d) Calculated pro rata for the period from November 16, 2020 (date of appointment to the Executive Board) to December 31, 2020, based on a fixed annual compensation of €450,000. 296 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

6.2.4 Components of compensation paid during or allotted for fiscal year 2021 to corporate officers 6.2.4.1 Chairman of the Supervisory Board Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Fixed annual compensation None Compensation paid or allocated by the Company to David Simon in 2021 amounted to €100,367 and solely corresponded to compensation for his role as Chairman and member of the Supervisory Board and the Investment Committee. Calculated in accordance with the rules for allotting compensation to the members of the Supervisory Board, as described in sections 6.2.2.1 and 6.2.3.1. Annual variable compensation None Deferred variable compensation None Multi-annual variable compensation None Extraordinary compensation None Performance shares None Stock options None Compensation in respect of Board membership None Value of benefits in kind None Severance payment None Non-compete benefit None Supplementary pension plan None Other None Compensation in respect of his role as Chairman and member of the Supervisory Board 100,367 6.2.4.2 Chairman of the Executive Board Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Fixed annual compensation €750,000 The Chairman of the Executive Board received fixed annual compensation of €750,000 in 2021. Annual variable compensation €975,000 Annual variable compensation paid in 2021 (in respect of 2020): on the basis of the Nomination and Compensation Committee’s work, and, in view of the exceptional circumstances arising due to the Covid-19 pandemic, the Supervisory Board meeting of March 18, 2021 decided that: • The variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2020 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €375,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 294 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (15 th resolution, approved by 97.97% of votes cast). Annual variable compensation allotted for fiscal year 2021: for information, the Chairman of the Executive Board’s variable compensation for fiscal year 2021 could vary between 0% and 130% of his fixed annual compensation and is set as follows: • 0% to 80% of the fixed annual compensation based on net current cash flow per share; and • 0% to 50% of the fixed annual compensation, based on the following areas and targets set for 2021: (i) strategy, (ii) corporate social responsibility, (iii) crisis management, and (iv) human resources. At its meeting of February 15, 2022, the Supervisory Board set: • The variable portion of 2021 compensation due for achieving the quantitative target would amount to 80% of the fixed annual compensation; and • The variable portion of 2021 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €975,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 293 of this document. Payment of this compensation is subject to the approval of the General Meeting of April 26, 2022. Deferred variable compensation None Multi-annual variable compensation None Extraordinary compensation None KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 297 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Performance shares €629,760 (accounting value) The allotment of performance shares is examined in light of the total annual compensation of the executive corporate officer concerned, while ensuring that the interests of shareholders are respected. Shares are allotted in the scope of annual plans and the number of shares is set at pre-determined times. The main characteristics of the 2021 Plan are as follows: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 64,000 shares to the Chairman of the Executive Board, representing: – €629,760, based on the measurement of the performance shares in accordance with IFRS, – 13.16% of the total allotment under this plan for all beneficiaries concerned, – 0.03% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 315; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office. Stock options None Compensation in respect of Board membership None Value of benefits in kind €39,407 Provision of a company car. Contributions paid by the Company for Jean-Marc Jestin to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees. Unemployment insurance subscribed with GSC. Severance payment None Jean-Marc Jestin is eligible for a severance package in the event of his forced departure from Klépierre. The severance package will be paid in all cases of forced departure regardless of the method (removal, resignation, etc.), except in the event of serious or gross misconduct and in the event of non-re-appointment as a member of the Executive Board at the end of his term of office. In accordance with the AFEP-MEDEF Code, no severance will be owed if the beneficiary is entitled to claim full retirement benefits within six months of termination. In the event of Jean-Marc Jestin’s forced departure, he may be entitled to receive under the package a severance payment in an initial amount of one year’s annual compensation, calculated by reference to the fixed compensation as of the last day of his term of office and the most recent (gross) short-term variable compensation paid as at the date of termination, it being specified that this initial amount may increase on a linear basis according to Jean-Marc Jestin’s length of service as a corporate officer (on a basis of one month for each additional year of service with effect from January 1, 2017) and up to a maximum of two years’ compensation, in accordance with the AFEP-MEDEF Code. At January 1, 2022, the severance payment would therefore be equal to 17 months based on the latest (gross) fixed and short-term variable compensation. In terms of performance conditions, the severance package may only be paid in the event that: • In the two fiscal years preceding the year of termination of his term of office, Jean-Marc Jestin received or is entitled to receive overall annual variable compensation (quantitative plus qualitative) representing an amount equal to at least 100% of his fixed compensation (the maximum being 130%); and • The quantitative portion of the short-term annual variable compensation must, as a minimum, have been paid in an amount equal to the target in said two fiscal years. Non-compete benefit None Supplementary pension plan None Jean-Marc Jestin is not eligible for benefits under a specific supplementary pension plan but is eligible for the same compulsory private sector supplementary pension plan as other Group managers. Other None 298 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

6.2.4.3 Chief Financial Officer, member of the Executive Board Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Fixed annual compensation €480,000 The Chief Financial Officer received fixed annual compensation of €480,000 in 2021. Annual variable compensation €624,000 Annual variable compensation paid in 2021 (in respect of 2020): on the basis of the Nomination and Compensation Committee’s work, and in view of the exceptional circumstances arising due to the Covid-19 pandemic, the Supervisory Board meeting of March 18, 2021 decided that: • The variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2020 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €240,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 297 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (16 th resolution, approved by 98.61% of votes cast). Annual variable compensation allotted for fiscal year 2021: for information, the variable compensation allotted to the Chief Financial Officer, member of the Executive Board for fiscal year 2021 could vary between 0% and 130% of his fixed annual compensation and is set as follows: • 0% to 80% of the fixed annual compensation based on net current cash flow per share; and • 0% to 50% of the fixed annual compensation, based on the following areas and targets set for 2021: (i) financing, (ii) tax and audit, and (iii) investor relations. At its meeting of February 15, 2022, the Supervisory Board set: • The variable portion of 2021 compensation due for achieving the quantitative target would amount to 80% of the fixed annual compensation; and • The variable portion of 2021 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €624,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 293 of this document. Payment of this compensation is subject to the approval of the General Meeting of April 26, 2022. Deferred variable compensation None Multi-annual variable compensation None Extraordinary compensation None Performance shares €403,440 (accounting value) The allotment of performance shares is examined in light of the total annual compensation of the executive corporate officer concerned, while ensuring that the interests of shareholders are respected. Shares are allotted in the scope of annual plans and the number of shares is set at pre-determined times. The main characteristics of the 2021 Plan are as follows: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 41,000 shares, representing: – €403,440, based on the measurement of the performance shares in accordance with IFRS, – 8.43% of the total allotment under this plan for all beneficiaries concerned, – 0.02% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 315; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office. Stock options None Compensation in respect of Board membership None Value of benefits in kind €38,741 Provision of a company car. Contributions paid by the Company for Jean-Michel Gault to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees. Unemployment insurance subscribed with GSC. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 299 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Severance payment None Jean-Marc Gault is eligible for a severance package in the event of his forced departure from Klépierre. The severance package will be paid in all cases of forced departure regardless of the method (removal, resignation, etc.), except in the event of serious or gross misconduct and in the event of non-re-appointment as a member of the Executive Board at the end of his term of office. In accordance with the AFEP-MEDEF Code, no severance will be owed if the beneficiary is entitled to claim full retirement benefits within six months of termination. In the event of Jean-Michel Gault’s forced departure, the amount of the severance payment under this package will be limited to two years of the fixed annual compensation and (gross) short-term variable compensation calculated on the basis of the fixed annual compensation as of the last day of his term of office and his most recent (gross) short-term variable compensation as of the date of his termination, less any amount paid for any statutory severance or due under a collective bargaining agreement that Jean-Michel Gault may otherwise receive under his employment contract. The payment of the non-statutory severance is also subject to the achievement of the same performance conditions as applicable to the Chairman of the Executive Board, namely: • In the two fiscal years preceding the year of termination of his term of office, Jean-Michel Gault received or will be entitled to receive overall annual variable compensation (quantitative plus qualitative) representing an amount equal to at least 100% of his fixed compensation (the maximum being 130%); and • The quantitative portion of the annual variable compensation must, as a minimum, have been paid in an amount equal to the target in said two fiscal years. Non-compete benefit None Supplementary pension plan €7,122 Jean-Michel Gault is eligible for the supplementary pension plan for senior executives of the former Compagnie Bancaire, which provides for an additional pension of a maximum amount determined on the basis of reference compensation and seniority as of December 31, 2000. This maximum amount is capped (subject to the application of an increase based on the growth rate of the AGIRC point value) at €7,122, and no increase in the conditional rights may vest in respect of seniority or increases in compensation after December 31, 2000. This plan has been closed to new beneficiaries since December 31, 2000. Jean-Michel Gault’s compensation package takes this pension plan into account. Jean-Michel Gault is also entitled to the same compulsory private sector supplementary pension plan as other Group managers. Other None 6.2.4.4 Chief Operating Officer, member of the Executive Board Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Fixed annual compensation €450,000 The fixed annual compensation due to the Chief Operating Officer amounts to €450,000. Annual variable compensation €585,000 Annual variable compensation paid in 2021 (in respect of 2020): on the basis of the Nomination and Compensation Committee’s work, and, in view of the exceptional circumstances arising due to the Covid-19 pandemic, the Supervisory Board meeting of March 18, 2021 decided that: • The variable portion of 2020 compensation due for achieving the quantitative target would amount to 0% of the fixed annual compensation; and • The variable portion of 2020 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €28,571.50. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 294 of Klépierre’s 2020 Universal Registration Document. This compensation was approved by the General Meeting of June 17, 2021 (17 th resolution, approved by 98.61% of votes cast). Annual variable compensation allotted for fiscal year 2021: for information, the variable compensation allotted to the Chief Operating Officer, member of the Executive Board for fiscal year 2021 could vary between 0% and 130% of his fixed annual compensation (calculated on a pro rata basis from his appointment to the Executive Board) and is set as follows: • 0% to 80% of the fixed annual compensation based on net current cash flow per share; and • 0% to 50% of the fixed annual compensation, based on the following areas and targets set for 2021: (i) leasing and marketing, (ii) safety, security and engineering, and (iii) crisis management. At its meeting of February 15, 2022, the Supervisory Board set: • The variable portion of 2021 compensation due for achieving the quantitative target would amount to 80% of the fixed annual compensation; and • The variable portion of 2021 compensation due for achieving the qualitative targets would amount to 50% of the fixed annual compensation; representing a total of €585,000. Details of the achievement rates for the quantitative and qualitative criteria are presented on page 293 of this document. Payment of this compensation is subject to the approval of the General Meeting of April 26, 2022. Deferred variable compensation None Multi-annual variable compensation None Extraordinary compensation None 300 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

Components of compensation put to the vote Amounts paid during or allotted for fiscal year 2021 or accounting value Presentation Performance shares None Performance shares were allotted under the 2021 Plan, with the following characteristics: • Plan of July 1, 2021 authorized by the General Meeting of April 16, 2019 (22 nd resolution); • Allotment of 38,000 shares, representing: – €373,920, based on the measurement of the performance shares in accordance with IFRS, – 7.81% of the total allotment under this plan for all beneficiaries concerned, – 0.02% of the Company’s share capital at the date of the allotment; • Allotment subject to four performance conditions (absolute, relative, internal and CSR) assessed over a three-year period. Details of the four performance conditions and the achievement scale are presented on page 315; • Obligation to hold in registered form a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares, until the end of his term of office. As Beñat Ortega resigned from his salaried duties with effect from February 1, 2022, he forfeited all rights to these shares. Stock options None Compensation in respect of Board membership None Value of benefits in kind €36,231 Provision of a company car. Contributions paid by the Company for Beñat Ortega to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees. Unemployment insurance subscribed with GSC. Severance payment None The Chief Operating Officer was eligible for a severance package in the event of his forced departure from Klépierre. No severance payment was made following the resignation of Beñat Ortega with effect from January 31, 2022. Non-compete benefit None Supplementary pension plan None Beñat Ortega is not eligible for benefits under a specific supplementary pension plan but was eligible for the same compulsory private sector supplementary pension plan as other Group managers. Other None 6.2.5 Summary tables based on AMF and AFEP-MEDEF Code recommendations TABLE 1 – SUMMARY OF COMPENSATION IN STOCK OPTIONS AND SHARES ALLOTTED TO EACH EXECUTIVE CORPORATE OFFICER (in euros) David Simon – Chairman of the Supervisory Board 2020 2021 Compensation due in respect of the fiscal year (itemized in Table 2) 91,389 100,367 Value of options allotted during the fiscal year – – Value of performance shares allotted during the fiscal year – – TOTAL 91,389 100,367 Jean-Marc Jestin – Chairman of the Executive Board 2020 2021 Compensation due in respect of the fiscal year (itemized in Table 2) 995,657 1,764,407 Value of options allotted during the fiscal year – – Value of performance shares allotted during the fiscal year 186,200 629,760 TOTAL 1,181,857 2,394,167 Jean-Michel Gault – Chief Financial Officer, member of the Executive Board 2020 2021 Compensation due in respect of the fiscal year (itemized in Table 2) 650,881 1,142,741 Value of options allotted during the fiscal year – – Value of performance shares allotted during the fiscal year 159,600 403,440 TOTAL 810,481 1,546,181 Beñat Ortega – Chief Operating Officer, member of the Executive Board 2020 2021 Compensation due in respect of the fiscal year (itemized in Table 2) 90,236 1,071,231 Value of options allotted during the fiscal year – – Value of performance shares allotted during the fiscal year (a) 12,050 (a) 373,920 (a) TOTAL 102,286 1,445,151 (a) As Beñat Ortega resigned from his salaried duties with effect from February 1, 2022, he forfeited all rights to these shares. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 301 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

TABLE 2 – SUMMARY OF COMPENSATION OF EACH EXECUTIVE CORPORATE OFFICER (in euros) David Simon – Chairman of the Supervisory Board 2020 2021 Amount due Amount paid Amount due Amount paid Fixed compensation – – – – Short-term variable compensation – – – – Extraordinary compensation – – – – Compensation in respect of Board membership – – – – Benefits in kind – – – – Other – – – – Compensation in respect of his role as Chairman and member of the Supervisory Board 91,389 98,120 100,367 91,389 TOTAL 91,389 98,120 100,367 91,389 Jean-Marc Jestin – Chairman of the Executive Board 2020 2021 Amount due Amount paid Amount due Amount paid Fixed compensation 581,500 581,500 750,000 750,000 Short-term variable compensation 375,000 (a) 975,000 (b) 975,000 (c) 375,000 Extraordinary compensation – – – – Compensation in respect of Board membership – – – – Benefits in kind (d) 39,407 39,407 39,407 39,407 Other 0 0 0 0 TOTAL 995,657 1,595,657 1,764,407 1,164,407 (a) Jean-Marc Jestin’s variable compensation for fiscal year 2020 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 294 of the 2020 Universal Registration Document. (b) Jean-Marc Jestin’s variable compensation for fiscal year 2019 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 253 of the 2019 Universal Registration Document. (c) Jean-Marc Jestin’s variable compensation for fiscal year 2021 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 290 of this document. (d) Corresponds to the provision of a company car, contributions paid by the Company for Jean-Marc Jestin to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees, and the unemployment insurance subscribed with GSC. Jean-Michel Gault – Chief Financial Officer, member of the Executive Board 2020 2021 Amount due Amount paid Amount due Amount paid Fixed compensation 372,000 372,000 480,000 480,000 Short-term variable compensation 240,000 (a) 624,000 (b) 624,000 (c) 240,000 Extraordinary compensation – – – – Compensation in respect of Board membership – – – – Benefits in kind (d) 38,881 38,881 38,741 38,741 Other 0 0 0 0 TOTAL 650,881 1,034,881 1,142,741 758,741 (a) Jean-Michel Gault’s variable compensation for fiscal year 2020 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 297 of the 2020 Universal Registration Document. (b) Jean-Michel Gault’s variable compensation for fiscal year 2019 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 256 of the 2019 Universal Registration Document. (c) Jean-Michel Gault’s variable compensation for fiscal year 2021 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 294 of this document. (d) Corresponds to provision of a company car, contributions paid by the Company for Jean-Michel Gault to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees, and the unemployment insurance subscribed with GSC. Beñat Ortega – Chief Operating Officer, member of the Executive Board 2020 2021 Amount due Amount paid Amount due Amount paid Fixed compensation 57,143 (a) 57,143 (a) 450,000 450,000 Short-term variable compensation 28,571 (b) – 585,000 (b) 28,571 Extraordinary compensation – – – – Compensation in respect of Board membership – – – – Benefits in kind (c) 4,522 4,522 36,231 36,231 Other – – - - TOTAL 90,236 61,665 1,071,231 514,802 (a) The fixed annual compensation of €450,000 was calculated on a pro rata basis for the term of office as a member of the Executive Board in 2020. (b) Beñat Ortega’s variable compensation for fiscal year 2021 was set by the Supervisory Board, acting on the proposal of the Nomination and Compensation Committee. Details of the calculations used appear on page 294 of this document. (c) Corresponds to the provision of a company car, contributions paid by the Company for Beñat Ortega to continue to benefit from the occupational insurance and healthcare benefits plan for Group employees, and the unemployment insurance subscribed with GSC. 302 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

TABLE 3 – COMPENSATION RECEIVED BY NON-EXECUTIVE CORPORATE OFFICERS Non-executive corporate officers 2020 2021 Amount allotted Amount paid Amount allotted Amount paid David Simon Fixed/variable compensation 91,389 98,120 100,367 91,389 Other compensation - - - - John Carrafiell Fixed/variable compensation 72,889 69,227 68,628 72,889 Other compensation - - - - Béatrice de Clermont-Tonnerre Fixed/variable compensation 55,167 50,674 56,367 55,167 Other compensation - - - - Steven Fivel Fixed/variable compensation 97,902 103,689 101,092 97,902 Other compensation - - - - Stanley Shashoua Fixed/variable compensation 71,889 74,797 75,845 71,889 Other compensation - - - - Catherine Simoni Fixed/variable compensation 90,389 93,350 91,353 90,389 Other compensation - - - - Rose-Marie Van Lerberghe Fixed/variable compensation 87,402 86,458 81,614 87,402 Other compensation - - - - Florence Von Erb Fixed/variable compensation 61,389 54,120 56,367 61,389 Other compensation - - - - Robert Fowlds Fixed/variable compensation 47,389 54,120 56,367 47,389 Other compensation - - - - TABLE 4 – STOCK OPTIONS ALLOTTED DURING THE FISCAL YEAR TO EACH EXECUTIVE CORPORATE OFFICER BY THE COMPANY AND BY ANY GROUP COMPANY Not applicable. TABLE 5 – STOCK OPTIONS EXERCISED DURING THE FISCAL YEAR Not applicable. TABLE 6 – PERFORMANCE SHARES ALLOTTED DURING THE FISCAL YEAR TO EACH EXECUTIVE CORPORATE OFFICER Beneficiary Plan date Number of shares allotted during the fiscal year Value of shares based on method used in the consolidated financial statements End of vesting period End of lock-up period Performance conditions David Simon Chairman of the Supervisory Board - - - - - - Jean-Marc Jestin Chairman of the Executive Board Plan of July 1, 2021 64,000 €629,760 July 1, 2024 July 1, 2026 All of these shares are subject to performance conditions in accordance with the principles set out on page 316 of this document. Jean-Michel Gault Chief Financial Officer, member of the Executive Board 41,000 €403,440 Beñat Ortega Chief Operating Officer, member of the Executive Board 38,000 (a) €373,920 (a) July 1, 2024 (a) July 1, 2026 (a) All of these shares were subject to performance conditions in accordance with the principles set out on page 316 of this document. (a) (a) As Beñat Ortega resigned from his salaried duties with effect from February 1, 2022, he forfeited all rights to these shares. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 303 SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6

TABLE 7 – VESTING OF PERFORMANCE SHARES FOR EACH EXECUTIVE CORPORATE OFFICER Beneficiaries Plan Number of shares that vested during the fiscal year Vesting conditions David Simon - - - Jean-Marc Jestin 2016 Plan 5,301 Yes Jean-Michel Gault 2016 Plan 5,301 Yes Beñat Ortega 2016 Plan 1,590 Yes Senior executives remain bound by a holding obligation under Article L. 225-197-1 of the French Commercial Code as recommended in the AFEP-MEDEF Code. The additional chart below sets out the number of performance shares allotted to Executive Board members as corporate officers, which vested during the fiscal year: Beneficiaries Plan End of vesting period Number of shares vested David Simon - - - Jean-Marc Jestin 2018 Plan April 24, 2021 17,500 Jean-Michel Gault 2018 Plan April 24, 2021 15,000 Beñat Ortega 2018 Plan April 24, 2021 5,500 TABLE 11 Employment contract Supplementary pension plan Compensation or benefits due or conditionally due on termination or change of function Compensation related to non-compete clause Yes No Yes No Yes No Yes No David Simon Chairman of the Supervisory Board Date appointed: March 14, 2012 Term expires: June 16, 2022 X X X X Jean-Marc Jestin Chairman of the Executive Board Date appointed (a) : June 22, 2019 Term expires (a) : June 21, 2022 X X X X Jean-Michel Gault Chief Financial Officer Executive Board member Date appointed (a) : June 22, 2019 Term expires (a) : June 21, 2022 X (b) X (c) X X Beñat Ortega Chief Operating Officer Executive Board member Date appointed (a) : November 16, 2020 Term expires (a) : June 21, 2022 (d) X X X X (a) On the Executive Board. (b) In the past, Jean-Michel Gault exercised his corporate office as an Executive Board member without consideration and received compensation for his employment contract. In order to allow him to fully undertake his role as an Executive Board member, the Supervisory Board, acting on the recommendation of the Nomination and Compensation Committee, decided to suspend his employment contract for the duration of his corporate office, with effect from July 1, 2016. (c) Jean-Michel Gault is eligible for the supplementary pension plan for senior executives of the former Compagnie Bancaire, which provides for an additional pension on retirement of a maximum annual amount of €7,122. (d) Beñat Ortega has resigned with effect as from 1 February 2022. 304 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SUPERVISORY BOARD’S REPORT ON CORPORATE GOVERNANCE Compensation of corporate officers 6
KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 305
7 Share capital and ownership, General Meeting, and share buyback program 306 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

7.1 SHARE CAPITAL AND SHAREHOLDING 308 7.1.1 General information on the share capital 308 7.1.2 Changes in the share capital – Breakdown of the share capital and voting rights 310 7.1.3 Stock purchase options and performance shares 313 7.1.4 Material contracts 318 7.1.5 Statutory auditors’ report on related party agreements 320 7.2 GENERAL MEETING OF SHAREHOLDERS 321 7.2.1 Report of the Executive Board to the Ordinary and Extraordinary General Meeting 321 7.2.2 Text of the resolutions proposed to the Ordinary and Extraordinary General Meeting 330 7.3 DESCRIPTION OF THE TREASURY SHARE BUYBACK PROGRAM 336 7.3.1 Date of the General Meeting of Shareholders called to approve the 2022 Share Buyback Program 336 7.3.2 Shares held by the Company as of January 31, 2022 336 7.3.3 Breakdown by objective of the shares held by Klépierre as of January 31, 2022 336 7.3.4 Objectives of the 2022 Share Buyback Program 337 7.3.5 Maximum portion of the share capital to be acquired and maximum number of shares that may be acquired under the 2022 Share Buyback Program 337 7.3.6 Maximum authorized purchase price per share 337 7.3.7 Duration of the 2022 Share Buyback Program 337 7 Share capital and shareholding, General Meeting, and share buyback program KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 307

7.1 SHARE CAPITAL AND SHAREHOLDING 7.1.1 General information on the share capital 7.1.1.1 Share capital – Type of shares As of December 31, 2021, the share capital totaled €401,605,640.80, divided into 286,861,172 fully paid-up shares each with a par value of €1.40. In accordance with Article 29 of the Company’s bylaws, each share confers a single vote. The shares may be held in either registered or bearer form, at the shareholder’s discretion. The share capital may be modified under the conditions provided by law. 7.1.1.2 Delegations of authority and authorizations granted the Executive Board As of the date of this document, the Executive Board had been granted the following delegations of authority and authorizations that are in force: By the General Meeting of Shareholders of April 16, 2019 Purpose of the resolution Maximum nominal amount or percentage Duration of the authorization Utilization during fiscal year 2021 Authorization to allot free shares of the Company without preemptive subscription rights 0.5% of the share capital 38 months with effect from April 16, 2019 (22 nd resolution) Allotment of 486,500 free shares representing 0.17% of the share capital as of December 31, 2021 General Meeting of June 17, 2021 Purpose of the resolution Maximum nominal amount or percentage Duration of the authorization Utilization during fiscal year 2021 Authorization for the Company to buy back its own shares Maximum program amount: 10% of the share capital and €959,805,408 Maximum purchase price: €32 per share with a par value of €1.40 18 months with effect from June 17, 2021 (18 th resolution) None Authorization to reduce the share capital by canceling treasury shares 10% of the share capital in a 24-month period 26 months with effect from June 17, 2021 (19 th resolution) Cancellation of 7,986,882 shares Capital increase with preemptive subscription rights through the issue of shares and/or securities giving rights to shares of the Company or its subsidiaries and/ or securities giving rights to debt securities (a) Maximum nominal amount: €120 million and €1.5 billion for debt securities 26 months with effect from June 17, 2021 (20 th resolution) None Capital increase without preemptive subscription rights through the issue of shares and/or securities giving rights to shares of the Company or its subsidiaries and/ or securities giving rights to debt securities, by means of a public offering or private placement (a)(b) Maximum nominal amount: €41 million and €1.5 billion for debt securities 26 months with effect from June 17, 2021 (21 st and 22 nd resolutions) None Increase in the number of securities to be issued in the event of an issue of ordinary shares and/or securities giving rights to shares of the Company, any subsidiary and/or any other company, with or without preemptive subscription rights (a) At the same price as that decided for the initial issue, within the periods and limits specified by the applicable regulations as of the date of the issue (c) 26 months with effect from June 17, 2021 (23 rd resolution) None Capital increase without preemptive subscription rights through the issue of shares and/or securities giving rights to shares of the Company as consideration for contributions in kind in the form of equity securities and/ or securities giving rights to shares of the Company (a) Up to 10% of the share capital 26 months with effect from June 17, 2021 (24 th resolution) None Capital increase by capitalizing premiums, reserves, profits or other items (a) €100 million 26 months with effect from June 17, 2021 (25 th resolution) None (a) Overall maximum nominal amount of the share capital increases, whether immediate and/or future, that may be carried out pursuant to the authorizations granted to the Executive Board: €120 million (26 th resolution) (plus the nominal amount of any additional shares issued to protect the rights of the holders of securities giving rights to shares of the Company). Overall maximum nominal amount of debt securities giving rights to shares of the Company: €1.5 billion (26 th resolution). (b) Private placement: issues may not exceed the limits specified by the applicable regulations as of the date of the issue (20% of the share capital per year, pursuant to Article L. 225-136-2 of the French Commercial Code). (c) Within 30 days of the close of the subscription period and within the limit of 15% of the initial issue, pursuant to Article R. 225-118 of the French Commercial Code. 308 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

7.1.1.3 Distributions The distributions made in the last five fiscal years are as follows: Fiscal year 2016 2017 2018 2019 2020 (c) Number of shares 314,356,063 314,356,063 (a) (b) 294,848,054 Net distribution €1.82 €1.96 €2.10 €2.20 €1.00 Net amount distributed €572,128,034.66 €616,137,883.48 €642,619,152 €665,861,009 €294,848,054 (a) The dividend of €2.10 consisted of (i) an interim dividend in a total amount of €322,794,781.05, or €1.05 per share (based on a total of 307,423,601 shares), with the shares going ex-dividend on March 7, 2019 and the interim dividend being paid in cash on March 11, 2019; and (ii) a final dividend to the shareholders representing an additional distribution of €319,824,370.95, or €1.05 per share (based on a total of 304,594,639 shares), with the shares going ex-dividend on July 8, 2019 and the final dividend being paid in cash on July 11, 2019. (b) The dividend of €2.20 consisted of (i) an interim dividend in a total amount of €332,930,504.50, or €1.10 per share (based on a total of 302,664,095 shares), with the shares going ex-dividend on March 9, 2020 and the interim dividend being paid in cash on March 11, 2020; and (ii) a final dividend to the shareholders representing an additional distribution of €319,824,370.95, or €1.10 per share (based on a total of 299,939,198 shares), with the shares going ex-dividend on July 7, 2020 and the final dividend being paid in cash on July 9, 2020. (c) The distributed amount qualifies as equity repayment. Dividends unclaimed after a period of five years from the date of payment are paid to the French State. Shares held by the Company do not confer rights to dividends. 7.1.1.4 Share capital and stock market Shares All the Company’s share capital is traded on Euronext Paris (compartment A). 2017 2018 2019 2020 2021 Market capitalization (in millions of euros) (a) 11,526 8,475 10,245 5,516 5,981 Number of shares traded (daily average) 654,615 718,289 726,782 1,456,093 1,089,183 SHARE PRICE (in euros) High 38.13 37.32 33.85 34.66 25.76 Low 32.24 26.50 26.53 10.21 16.53 Closing 36.67 26.96 33.85 18.39 20.85 Trading volume over the last 18 months (in number of shares and amount of equity traded) High (in euros) Low (in euros) Number of shares traded Amount of equity traded (in euros) 2020 September 13.82 10.21 41,314,600 491,201,767 October 13.14 10.65 34,896,410 419,132,636 November 20.55 11.06 53,533,394 910,354,056 December 20.31 17.60 27,087,689 511,301,407 2021 January 21.60 16.53 33,031,652 636,854,324 February 19.87 17.23 29,269,610 542,346,779 March 21.80 19.59 43,357,493 888,929,190 April 22.06 20.30 20,295,657 428,445,007 May 23.85 22.03 19,192,375 441,033,197 June 25.76 21.45 17,776,200 420,498,125 July 22.86 20.12 19,928,028 426,408,402 August 21.32 20.15 13,525,785 279,909,657 September 20.96 18.91 18,788,723 369,516,667 October 21.21 18.61 21,066,654 415,769,271 November 22.34 18.69 25,373,297 516,284,520 December 20.85 18.79 19,646,866 382,700,218 2022 January 24.04 21.14 23,716,023 545,769,964 February 26.37 22.38 21,530,034 529,824,344 Source: Bloomberg. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 309 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

Dilutive instruments There are no outstanding dilutive instruments. 7.1.1.5 Bonds Issue date Maturity date Currency Outstanding nominal Coupon ISIN code EUROBOND ISSUES LISTED ON THE PARIS STOCK EXCHANGE (EMTN) (a) 05/21/2012 05/21/2027 EUR 50,000,000 4.23% FR0011255280 11/06/2014 – 01/28/2015 – 11/06/2015 11/06/2024 EUR 630,000,000 1.75% FR0012283653 04/17/2015 04/17/2023 EUR 750,000,000 1.00% FR0012674661 10/22/2015 10/22/2025 EUR 255,000,000 2.125% FR0013030038 02/19/2016 02/19/2026 EUR 500,000,000 1.875% FR0013121753 09/29/2016 09/29/2031 EUR 600,000,000 1.250% FR0013203825 02/16/2017 – 02/27/2017 02/16/2027 EUR 600,000,000 1.375% FR0013238045 12/11/2017 – 05/06/2020 – 06/16/2020 12/13/2032 EUR 700,000,000 1.625% FR0013300605 07/01/2019 07/01/2030 EUR 600,000,000 0.625% FR0013430741 05/12/2020 05/12/2029 EUR 600,000,000 2.00% FR0013512233 05/25/2020 05/25/2022 EUR 100,000,000 1.10% FR0013514213 11/17/2020 02/17/2031 EUR 600,000,000 0.875% FR0014000KT3 EUROBOND ISSUES LISTED ON THE AMSTERDAM STOCK EXCHANGE (EMTN) (a) 12/13/2012 12/13/2022 EUR 85,000,000 3.516% XS0864386825 (a) Prospectuses for the EMTN (Euro Medium Term Notes) program are available on Klépierre’s website (www.klepierre.com), in the “Finance” section. 7.1.2 Changes in the share capital – Breakdown of the share capital and voting rights 7.1.2.1 Changes in the share capital over the last five fiscal years as of December 31, 2021 Dates Nature of change Number of shares concerned Additional paid-in capital Share capital on completion of the transaction February 20, 2019 Share capital reduction 6,932,462 €240,363,057.51 €430,393,041.40 June 20, 2019 Share capital reduction 2,828,962 €96,011,667.47 €426,432,494.60 December 17, 2019 Share capital reduction 1,930,544 €63,912,225.52 €423,729,733 June 22, 2020 Share capital reduction 2,724,897 €79,529,401.12 €419,914,877.20 January 19, 2021 Share capital reduction 5,091,144 €150,713,532.84 €412,787,275.60 June 22, 2021 Share capital reduction 4,493,022 €135,709,688.50 €406,497,044.80 December 15, 2021 Share capital reduction 3,493,860 €94,856,813.12 €401,605,640.80 310 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

7.1.2.2 Changes in the breakdown of the share capital and voting rights over the last three fiscal years To the Company’s knowledge and based on disclosures of crossings of thresholds set in the bylaws, the share capital breaks down as follows: Position as of December 31, 2019 Position as of December 31, 2020 Position as of December 31, 2021 Number of shares % of share capital % of theoretical voting rights (a) % of voting rights exercisable in GMs (b) Number of shares % of share capital % of theoretical voting rights (a) % of voting rights exercisable in GMs (b) Number of shares % of share capital % of theoretical voting rights (a) % of voting rights exercisable in GMs (b) Simon Property Group 63,924,148 21.12 21.12 22.14 63,924,148 21.31 21.31 22.41 63,924,148 22.28 22.28 22.40 APG Group 30,431,632 10.05 10.05 10.54 17,648,751 5.88 5.88 6.19 17,648,751 6.15 6.15 6.18 BlackRock 18,212,011 6.02 6.02 6.31 19,063,125 6.36 6.36 6.68 17,918,808 6.25 6.25 6.28 Norges Bank – – – – 14,898,142 4.97 4.97 5.22 14,747,803 5.14 5.14 5.17 Employees/ corporate officers 523,811 0.17 0.17 0.18 571,905 0.19 0.19 0.20 651,988 0.23 0.23 0.23 Free float 175,644,468 58.03 58.03 60.83 169,119,011 56.38 56.38 59.30 170,492,253 59.43 59.43 59.74 Treasury shares 13,928,025 4.60 4.60 – 14,714,116 4.91 4.91 – 1,477,421 0.52 0.52 – TOTAL 302,664,095 100 100 100 299,939,198 100 100 100 286,861,172 100 100 100 (a) Theoretical voting rights correspond to the total number of voting rights attached to the total number of outstanding shares, including any shares that do not have voting rights. (b) Exercisable voting rights correspond to the total number of voting rights, less any shares that do not have voting rights. Since December 31, 2021, no share capital reductions have been carried out under the delegation of authority granted in the nineteenth resolution to the Ordinary and Extraordinary General Meeting of June 17, 2021. To the Company’s knowledge, there have been no material changes since December 31, 2021 in the ownership of the share capital or voting rights. Employee share ownership In December 2018, the Executive Board decided to set up a share ownership plan reserved for certain Klépierre Management SNC employees (the “Beneficiaries”), through the Klépierre Management SNC company savings plan (plan d’epargne d’entreprise – PEE). Under this plan, the Beneficiaries had the opportunity to purchase shares in the Company at a price of €24.96 per share. Following centralization of the Beneficiaries’ purchase requests, the Executive Board noted that 326,689 shares of the Company had been sold to the Beneficiaries, for a total price of €8,154,157.44. Shareholders’ agreements To the Company’s knowledge, no agreement existed as of December 31, 2021 that could result in a change of control at a later date. Upon the conclusion of the agreement between Klépierre and Corio on July 29, 2014, Simon Property Group (“SPG”), BNP Paribas SA (“BNPP”), Klépierre’s reference shareholders, and the Dutch foundation (stichting) Stichting Depositary APG Strategic Real Estate Pool, represented by its management company APG Asset Management NV (“APG”), Corio’s reference shareholder, each acting directly or through affiliates (respectively, the “SPG group”, the “BNPP group” and the “APG group”, and together, the “Parties”), entered into a shareholders’ agreement (the “Shareholders’ Agreement”) to organize their relationship as Klépierre shareholders. The agreement was published by the French financial markets authority (Autorité des marchés financiers – AMF) as required by law, in decision 214C2161 of October 16, 2014. The Shareholders’ Agreement entered into force on January 15, 2015 (the “Completion Date”). To the Company’s knowledge, the provisions of the Shareholders’ Agreement are no longer applicable to the BNPP group, since its stake in Klépierre fell below 5% in November 2015. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 311 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

I – Klépierre’s Governance Representation on the Supervisory Board Under the Shareholders’ Agreement, both the SPG and APG groups must be represented on Klépierre’s Supervisory Board. As such, each group undertakes to vote in favor of the representatives presented by the other at General Meetings of Shareholders and Supervisory Board meetings (solely for appointments by way of co-option). In particular, the Shareholders’ Agreement provides that three Supervisory Board members must be representatives of the SPG group (including the Chairman of the Board who will have a casting vote) and one member must be a representative of the APG group. The Supervisory Board must have at least five independent members within the meaning of the AFEP-MEDEF Code, appointed by Klépierre’s General Meeting of Shareholders. In the event that the SPG group’s stake falls below the lowest of (i) 13.6% of the total number of Klépierre shares, (ii) the BNPP group’s stake in the Company or (iii) the APG group’s stake in the Company: (i) The number of representatives of each Party on the Supervisory Board will be determined pro rata to their respective stakes in Klépierre; and (ii) The Chairman of the Board will no longer be appointed on a proposal from the SPG group. Representation on the Supervisory Board committees Under the Shareholders’ Agreement, the Supervisory Board is assisted by the following advisory committees: the Audit Committee, the Nomination and Compensation Committee, the Sustainable Development Committee and the Investment Committee. The Shareholders’ Agreement also determines the membership of the Investment Committee and provides for mutual voting commitments on the part of the SPG and APG groups for that purpose, such that the representatives of each Party on the Supervisory Board are appointed as members of the Investment Committee. II – Transfers of securities The Shareholders’ Agreement includes the following commitments with regard to transfers of Klépierre securities, which were still in force as of the date of this document: Right of first refusal After the Completion Date, (i) the APG group undertook to give the SPG group, and (ii) the SPG group undertook to give the APG group, a right of first refusal on all the securities offered at the price proposed by the selling entity within the SPG or APG groups (the “Seller”), within a period of five business days from the date of receipt of the notice. This right of first refusal applies in the event of a transfer of Klépierre securities to a third party, on the understanding that “transfer” includes any transfer of the right of ownership, immediately or in the future, as well as any division of ownership, any form of security or trust and any derivative transaction. However, the following transactions are excluded from the right of first refusal: (i) the tendering of securities to a public takeover bid for the Company; (ii) sales on the market (in the form of block sales, market placements or similar procedures); (iii) derivative contracts providing for settlement in cash; (iv) issues of indexed debt securities; and (v) securities lending and other temporary ownership transfer transactions (a “Market Transaction”). By way of exception, the right of first refusal will in any event apply in the case of the Market Transactions referred to in (i), (iii) and (v) above, as well as in the case of a Market Transaction with an identified third party, provided that the transfer is made to a competitor of SPG, and in the case of a Market Transaction (in the form of a placement) representing at least 7.5% of Klépierre’s share capital and voting rights. In the case of a Market Transaction in the form of a sale on the market or a placement below this threshold, or in the case of the Market Transactions referred to in (iv) above, they will be conducted in good faith, in order to avoid the transfer of a substantial portion of the stake whose sale to a competitor of SPG is under consideration. In the case of a Market Transaction to which the right of first refusal applies, the abovementioned period of five days is reduced to three business days. Lastly, each Party undertakes to ensure that sales take place in an orderly fashion so as not to disrupt the market in Klépierre securities. The Shareholders’ Agreement was concluded for a term of 10 years. It may be terminated at any time as regards a Party, in the event that such Party comes to own less than 5% of Klépierre’s share capital and voting rights. Under the terms of the Shareholders’ Agreement, SPG and APG declared that they were not acting in concert as regards Klépierre (within the meaning of Article L. 233-10 of the French Commercial Code [Code de commerce]), which was a key prerequisite to the signature of the Shareholders’ Agreement, and they also undertake not to act in concert. 7.1.2.3 Crossing of thresholds set by law or in the bylaws According to Article 7 of the bylaws, any individual or legal entity, acting alone or in concert, that acquires at least 2% of the Company’s share capital (or any multiple thereof) is required to inform the Company by registered letter with acknowledgment of receipt indicating the number of shares held, within five trading days of the date of the threshold crossing. If the 10% threshold of the Company’s share capital is directly or indirectly exceeded (i.e., ownership of 10% or more of the rights to the dividends paid by the Company), any shareholder other than an individual is required to indicate in its threshold crossing disclosure whether or not it is a Shareholder Subject to Withholding (as defined in Article 32 of the bylaws). Should such shareholder declare that it was not a Shareholder Subject to Withholding, it would have to substantiate such claim whenever so requested by the Company, as well as provide the Company with a legal opinion from an internationally reputed tax law firm whenever so requested. Any shareholder other than an individual who informs the Company that it has directly or indirectly exceeded the 10% threshold of the Company’s share capital must promptly notify the Company of any change in its tax status that may cause it to acquire or lose the status of Shareholder Subject to Withholding. Unless they have been disclosed in accordance with the conditions set out above, the shares exceeding the disclosure threshold subject to the declaration requirement will be stripped of voting rights at General Meetings of Shareholders where the failure to disclose is brought to the attention of the Meeting or where one or more shareholders together holding at least 2% of the Company’s share capital ask the Meeting to do so. Voting rights will be suspended at all General Meetings of Shareholders held within two years of the date on which the appropriate disclosure is duly made. All shareholders are also required to inform the Company, in accordance with the procedures and deadlines set out above, if their shareholding falls below any of the abovementioned thresholds. 312 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

The table below summarizes all crossings of thresholds, set by law or in the bylaws, of which the Company was notified during fiscal year 2021: Date of crossing Number of shares held after threshold crossing Date of the letter of notification sent to the Company Above or below/(% share capital held) Above or below/(% voting rights held) BlackRock Inc. (a) March 19, 2021 16,935,362 March 22, 2021 Below/(5.74%) Below/(5.74%) March 24, 2021 17,720,628 March 25, 2021 Above/(6.01%) Above/(6.01%) March 26, 2021 17,682,006 March 29, 2021 Below/(5.99%) Below/(5.99%) April 2, 2021 17,721,488 April 6, 2021 Above/(6.01%) Above/(6.01%) April 5, 2021 17,611,737 April 6, 2021 Below/(5.97%) Below/(5.97%) August 25, 2021 17,918,808 August 31, 2021 Above/(6.17%) Above/(6.17%) Cohen & Steers August 27, 2021 11,623,501 August 30, 2021 Above/(4.00%) Above/(4.00%) Citigroup Inc. January 8, 2021 12,338,313 January 11, 2021 Above/(4.11%) Above/(4.11%) January 13, 2021 10,970,297 January 14, 2021 Below/(3.66%) Below/(3.66%) March 8, 2021 11,649,247 March 9, 2021 Above/(3.88%) Above/(3.88%) March 15, 2021 5,356,504 March 16, 2021 Below/(1.79%) Below/(1.79%) CDC group February 15, 2021 4,191,620 February 19, 2021 Individual crossing below the threshold by CNP Assurances (1.42%) Individual crossing below the threshold by CNP Assurances (1.42%) March 3, 2021 5,739,803 March 5, 2021 Below/(1.94%) Below/(1.94%) June 8, 2021 6,062,377 June 10, 2021 Above/(2.05%) Above/(2.05%) August 27, 2021 4,501,819 September 3, 2021 Below/(1.55%) Below/(1.55%) Norges Bank June 28, 2021 14,747,803 June 29, 2021 Above/(5.08%) Above/(5.08%) Resolution Capital Limited (a) July 6, 2021 14,790,600 July 13, 2021 Above/(5.09%) Above/(5.09%) July 20, 2021 14,010,100 July 26, 2021 Below/(4.83%) Below/(4.83%) (a) Acting on behalf of customers and funds, which it manages. 7.1.2.4 Transactions by corporate officers and similar individuals in Company securities (Article L. 621-18-2 of the French Monetary and Financial Code [Code monétaire et financier]) Transactions reported by corporate officers and similar individuals to the AMF during fiscal year 2021 were as follows: Name Type of transaction Financial instruments Description of transaction Total amount of transactions (in euros) Jean-Marc Jestin Purchase Shares Purchase of 5,100 shares at a unit price of €19.3363 (98,615.13) Jean-Michel Gault - - - - Beñat Ortega - - - - 7.1.3 Stock purchase options and performance shares 7.1.3.1 Stock option and performance share allotment policy Stock options and performance shares are allotted to executive corporate officers and employees in order to strengthen their motivation over the long-term, thus aligning the interests of senior executives with those of shareholders with a view to creating long-term value. Prior to 2012, the Company implemented several stock purchase option plans for its senior executives and certain employees. However, since 2012, the Company has given preference to performance shares. Beneficiaries The beneficiaries of these plans are senior executives, to whom allotments are made in accordance with the executive corporate officer compensation policy, and particularly dedicated Group employees, in order to foster loyalty. As a result, the list of beneficiaries changes each year, along with the number of shares allotted to each beneficiary. Allotment by the Supervisory Board These allotments are made pursuant to the recommendations of the AFEP-MEDEF Code and generally occur during the second quarter of the year. Cap on the number of performance shares offered Pursuant to the AFEP-MEDEF Code, the Supervisory Board determines the maximum percentage of performance shares that may be allotted to the members of the Executive Board (currently 0.2% of the share capital over a 38-month period from the General Meeting of Shareholders of April 16, 2019, which is deducted from the overall percentage of 0.5% of the share capital authorized by that General Meeting of Shareholders over the same period). The number of performance shares allotted to individual members of the Executive Board must be previously approved by the Supervisory Board after recommendation by the Nomination and Compensation Committee, and is determined with regard to the executive corporate officer’s total annual compensation. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 313 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

Hedging arrangements In accordance with the AFEP-MEDEF Code, the members of the Executive Board have not implemented any hedging instruments with regard to the stock options and performance shares allotted to executive corporate officers. 7.1.3.2 Stock purchase option plan The most recent stock option plan was adopted by the Executive Board on May 27, 2011. The stock options had a term of eight years and therefore expired on May 26, 2019, as described on page 275 of the 2019 Universal Registration Document. Accordingly, tables 8 and 9 on allotments of stock options provided for in AMF instruction no. 2019-21 are therefore not currently required. 7.1.3.3 Performance share plans Conditions common to all plans adopted up to December 31, 2021 Share vesting period and lock-up period • Vesting period: the shares allotted to beneficiaries vest and are delivered in the form of Company shares at the end of a vesting period set by the Executive Board. In accordance with the authorization of the General Meeting of Shareholders, the vesting period cannot be less than three years. • Lock-up period: following the vesting period, beneficiaries are required to hold the shares for a period of two years. Where the vesting period for all or a portion of an allotment is at least four years, the Executive Board may not impose any lock-up period for the relevant shares. • Plans implemented by the Supervisory Board: on the basis of the above principles, the Executive Board has implemented “3+2” plans (three-year vesting period and two-year lock-up period) for French tax residents and “4+0” plans (four-year vesting period and no lock-up period) for non-French tax residents. Service condition The shares will only vest if the beneficiary is still with the Group at the end of the vesting period, barring exceptional cases where rights are maintained pursuant to the rules of the relevant plan. Should the beneficiary leave the Group before the expiration of the term set for assessing the performance share performance criteria, maintenance of all or a portion of the entitlement to the performance shares is subject to the decision of the Supervisory Board and must be substantiated. With respect to the Executive Board members, the Supervisory Board will authorize a partial waiver of the service condition, such that performance shares vest pro rata to members’ service to the Group. Performance conditions Performance conditions are determined by the Executive Board after consultation with the Nomination and Compensation Committee and the Supervisory Board. They are identical for all performance share beneficiaries, as described below. Overview of plans adopted between January 1, 2018 and December 31, 2021 2018 Plans On April 24, 2018 and July 9, 2018, the Executive Board adopted two plans for, respectively, 309,300 shares in respect of 119 beneficiaries and 3,300 shares in respect of one beneficiary, representing, on the basis of the Company’s share capital as of December 31, 2021, a maximum potential dilution of 0.11%. At the end of the vesting period, the performance conditions were measured as follows: April 24, 2018 plan: Criteria Weighting Outcome Absolute performance of Klépierre 10% 0% of performance shares vested Relative performance of Klépierre 30% 100% of performance shares vested Internal performance of Klépierre 40% 0% of performance shares vested Klépierre’s CSR performance 20% 100% of performance shares vested July 9, 2018 plan: Criteria Weighting Outcome Absolute performance of Klépierre 10% 0% of performance shares vested Relative performance of Klépierre 30% 60.19% of performance shares vested Internal performance of Klépierre 40% 0% of performance shares vested Klépierre’s CSR performance 20% 100% of performance shares vested 314 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

2019 Plans On May 6, 2019 and October 31, 2019, the Executive Board adopted two plans for, respectively, 317,800 shares in respect of 106 beneficiaries and 4,000 shares in respect of one beneficiary, representing, on the basis of the Company’s share capital as of December 31, 2021, a maximum potential dilution of 0.11%. Under the 2019 Plans, the performance conditions are assessed against the following achievement scale: Absolute performance: 10% weighting Relative performance: 30% weighting Internal performance: 40% weighting CSR performance: 20% weighting Performance % of shares delivered Performance % of shares delivered Performance % of shares delivered Performance % of shares delivered ≤16.5% 0% Index -1% 0% <1% 0% GRESB rating: Klépierre must rank in the top five and have a “5-star” rating 8% 20% 33.3% Index 33.3% 1% 30% Reduction in the Group’s energy consumption (target: ≥35%) 3% 22.5% 50% Index +1% 50% ≥3% 100% Net asset value of Group shopping centers with sustainable development certification (target: ≥90%) 3% 25% 66.7% Index +2% 66.7% Number of Group shopping centers having implemented at least one initiative during the year to promote local employment (target: ≥85%) 3% 27.5% 83.3% Index +3% 100% Number of Group employees having received training (target: ≥97%) 3% ≥30% 100% If the result obtained is between two thresholds, the number of performance shares vested is calculated on a linear basis. 2020 Plans On May 7, 2020 and December 22, 2020, the Executive Board adopted two plans for, respectively, 312,900 shares in respect of 109 beneficiaries and 7,250 shares in respect of two beneficiaries, representing, on the basis of the Company’s share capital as of December 31, 2021, a maximum potential dilution of 0.11%. Under the 2020 Plans, the performance conditions are assessed against the following achievement scale: Absolute performance: 10% weighting Relative performance: 30% weighting Internal performance: 40% weighting CSR performance: 20% weighting Performance % of shares delivered Performance % of shares delivered Performance % of shares delivered Performance % of shares delivered ≤16.5% 0% Index -1% 0% <1% 0% GRESB rating: Klépierre must rank in the top five in its category and have a “5-star” rating 8% 20% 33.3% Index 33.3% 1% 30% Reduction in the Group’s energy consumption Objective: 40% reduction 3% 22.5% 50% Index +1% 50% ≥3% 100% Shopping centers with sustainable development certification Objective: 100% of shopping centers 3% 25% 66.7% Index +2% 66.7% Shopping centers contributing to local employment Objective: 100% of shopping centers having implemented at least one initiative during the year to promote local employment 3% 27.5% 83.3% Index +3% 100% Employees receiving training Objective: 100% of employees 3% ≥30% 100% If the result obtained is between two thresholds, the number of performance shares vested is calculated on a linear basis. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 315 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

2021 Plan On July 1, 2021, the Executive Board adopted a plan for 486,500 shares in respect of 117 beneficiaries, representing, on the basis of the Company’s share capital as of December 31, 2021, a maximum potential dilution of 0.17%. Under the 2021 Plan, the performance conditions are assessed against the following achievement scale: Absolute performance: 10% weighting Relative performance: 30% weighting Internal performance: 40% weighting CSR performance: 20% weighting Performance % of shares delivered Performance % of shares delivered Performance % of shares delivered Criteria Target % of shares delivered ≤16.5% 0% Index -1% 0% <1% 0% GRESB rating (12% of the allotment) 100% 20% 33.3% Index 33.3% 1% 30% Reduction in the Group’s energy consumption (“REDUC”) (2% of the allotment) REDUC > -40% 0% REDUC ≤ -44% 100% 22.5% 50% Index +1% 50% ≥3% 100% Shopping centers with sustainable development certification (“CERTIF”) (2% of the allotment) CERTIF = 100% 100% 25% 66.7% Index +2% 66.7% Shopping centers contributing to local employment (“EMP”) (2% of the allotment) EMP = 100% 100% 27.5% 83.3% Index +3% 100% Employees receiving training (“TRAIN”) (2% of the allotment) TRAIN = 100% 100% ≥30% 100% If the result obtained is between two thresholds, the number of performance shares vested is calculated on a linear basis. 316 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

TABLE 10 – AMF/AFEP-MEDEF CODE RECOMMENDATIONS – HISTORICAL DATA OF FREE SHARES ALLOTTED – INFORMATION ON PERFORMANCE SHARES 2018 Plans 2019 Plans 2020 Plans 2021 Plan Date of Executive Board meeting April 24, 2018 July 9, 2018 May 6, 2019 October 31, 2019 May 7, 2020 December 22, 2020 July 1, 2021 Total number of performance shares allotted 312,600 321,800 320,150 486,500 o/w allotted to corporate officers: • Jean-Marc Jestin 35,000 35,000 35,000 64,000 • Jean-Michel Gault 30,000 30,000 30,000 41,000 • Beñat Ortega N/A* N/A* 2020 Plan no. 1: N/A* 2020 Plan no. 2: 1,250 38,000 End of vesting period France Plan: April 24, 2021 International Plan: April 24, 2022 France Plan: May 6, 2022 International Plan: May 6, 2023 France Plan: May 7, 2023 and December 22, 2023 International Plan: May 7, 2024 France Plan: July 1, 2024 International Plan: July 1, 2025 End of lock-up period France Plan: April 24, 2023 International Plan: April 24, 2022 France Plan: May 6, 2024 International Plan: May 6, 2023 France Plan: May 7, 2025 and December 22, 2025 International Plan: May 7, 2024 France Plan: July 1, 2026 International Plan: July 1, 2025 Performance condition Performance conditions assessed based on four criteria: • TSR of the Klépierre share; • Performance of the Klépierre share compared to a panel of peers; • Internal performance assessed based on the average change over three years in net rental income on a like-for-like basis; • Group CSR performance, assessed based on the GRESB rating and on the achievement within three years of the Group’s CSR strategic priorities. Performance conditions assessed based on four criteria: • TSR of the Klépierre share; • Performance of the Klépierre share compared to a panel of peers; • Internal performance assessed based on the average change over three years in net rental income on a like-for-like basis; • Group CSR performance, assessed based on the GRESB rating and on the achievement within three years of the Group’s CSR strategic priorities. Performance conditions assessed based on four criteria: • TSR of the Klépierre share; • Performance of the Klépierre share compared to a panel of peers; • Internal performance assessed based on the average change over three years in net rental income on a like-for-like basis; • Group CSR performance, assessed based on the GRESB rating and on the achievement within three years of the Group’s CSR strategic priorities. Performance conditions assessed based on four criteria: • TSR of the Klépierre share; • Performance of the Klépierre share compared to a panel of peers; • Internal performance assessed based on the average change over three years in net rental income on a like-for-like basis; • Group CSR performance, assessed based on the GRESB rating and on the achievement within three years of the Group’s CSR strategic priorities. Number of shares vested as of December 31, 2021 95,523 0 0 0 Total number of shares canceled or lapsed 177,627 58,700 31,500 9,000 Shares outstanding at the fiscal year end 39,450** 263,100 288,650 477,500 * Beñat Ortega joined the Klépierre Executive Board on November 16, 2020. In accordance with the terms of the plan, Beñat Ortega forfeited all rights to performance shares not already allotted on the date his resignation was received (i.e., performance shares granted under the 2019, 2020 and 2021 plans). ** Still under service condition. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 317 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

7.1.4 Material contracts 7.1.4.1 Material financing contracts 2020 Credit facility agreements • Purpose: credit facility agreement for a total maximum amount of €1,385 million. • Repayment terms: in full at maturity (2025) where the two one-year extension options are not exercised. • Interest: indexed to three-month Euribor, plus a fixed margin and a drawdown fee. The interest rate on the facility may be adjusted (upwards or downwards) based on the attainment of ESG objectives (per-sq.m. carbon intensity reduction objectives for Klépierre’s asset portfolio). Update of the Euro Medium Term Note (EMTN) program • Purpose: legal framework enabling the rapid issuance of a broad range of bonds. • Maximum amount: €7 billion. • Listing: Paris. • Governing law: French. • Dealers: ABN Amro, Banca IMI, BBVA, Banco Sabadell, Barclays, BNP Paribas, BofA, CaixaBank, Citigroup, CIC, Crédit Agricole, Deutsche Bank, DnB, Goldman Sachs, HSBC, ING, JP Morgan, Mediobanca, Mizuho, Morgan Stanley, MUFG, Natixis, NatWest, Santander, Société Générale, SMBC, UBS, Unicredit. • Program rating: A-. Under the EMTN program, several euro-denominated fixed-rate issues of varying maturities (2 to 13 years) for a total amount of €1.5 billion were launched in 2020. 2021 Update of the Euro Medium Term Note (EMTN) program • Purpose: legal framework enabling the rapid issuance of a broad range of bonds. • Maximum amount: €7 billion. • Listing: Paris. • Governing law: French. • Dealers: ABN Amro, Banco Sabadell, Barclays, BNP Paribas, BofA, CaixaBank, Citigroup, CIC, Crédit Agricole, Deutsche Bank, DnB, Goldman Sachs, HSBC, ING, Intesa, JP Morgan, Mediobanca, Mizuho, Morgan Stanley, MUFG, Natixis, NatWest, Santander, Société Générale, SMBC, UBS, Unicredit. • Program rating: A-. In 2021, Klépierre did not issue any notes under the EMTN program. 7.1.4.2 Material investment and disposal contracts This section sets out transactions exceeding €100 million. 2020 None. 2021 Sale of medium-sized units (22 stores) in Bègles (Gironde) – France Date of sale: December 16, 2022 (promissory agreement signed on September 22, 2021) • Parties: Begles Arcins SCS and Begles Papin SNC, and SOREF1 Rives d’Arcins SAS. • Purpose: sale of the Arches de l’Estey retail park and of medium-sized units in the immediate vicinity of the Rives d’Arcins shopping center. Sale of the Boulevard Berlin asset in Berlin – Germany Date of sale: December 17, 2021 (promissory agreement signed on June 28, 2021) • Parties: Klépierre SA and Multi Mikado Holding BV, and Ainoa Investment SARL, Dunman Bob GmbH and Hatrix Investment SARL. • Purpose: sale of Klépierre Berlin GmbH and Klépierre Berlin Leasing GmbH, owner of the shopping center. 7.1.4.3 Related-party agreements Annual review of related-party agreements On February 15, 2022, the Supervisory Board reviewed (i) the related- party agreements and commitments entered into and authorized by the Supervisory Board during fiscal year 2021 as well as (ii) the related-party agreements and commitments entered into and authorized by the Supervisory Board during previous fiscal years that remained in force during fiscal year 2021. Related-party agreements authorized during fiscal year 2021 No related-party agreements were entered into and authorized by the Supervisory Board during fiscal year 2021. 318 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

PREVIOUSLY AUTHORIZED RELATED-PARTY AGREEMENTS THAT REMAINED IN FORCE DURING FISCAL YEAR 2021 Date of the authorization granted by the Supervisory Board Date of signature of the agreement Parties to the agreement Purpose of the agreement Description of the agreement October 3, 2008 October 6, 2008 Nordica Holdco AB and Stichting Depositary APG Real Estate Pool assuming the rights of APG Real Estate Pool NV, the latter itself assuming the rights of Stichting Pensioenfonds ABP Intra-group loan granted as part of the Steen & Strøm transaction Amount as of December 31, 2021: €79,483,283.25 Term: perpetual Interest rate: 3.30% since October 6, 2018 Interest accrued in 2021: €2,593,802.42 November 30, 2015 December 18, 2015 Klépierre and APG Strategic Real Estate Pool NV (parent companies of the shareholders of Nordica Holdco AB) in favor of Nordica Holdco AB Intra-group loan granted as part of the Oslo Center acquisition Amount as of December 31, 2021: €21,771,166.93 Term: perpetual Interest rate: 3.20% until December 17, 2020, then 3% Interest accrued in 2021: €643,408.56 (1) In the event that the Executive Board cannot carry out the assessment of an agreement, such agreement will be assessed by the Deputy Chief Financial Officer and/or the Group General Counsel. Internal charter relating to the classification of agreements (the “Charter”) Klépierre SA has adopted a Charter that clarifies the rules used internally to classify the various agreements likely to be entered into within the Klépierre Group. The Charter applies to the French companies of the Group. The Charter was implemented in response to AMF recommendation no. 2012-05 of July 2, 2012 as amended on October 5, 2018, and more specifically to proposal no. 4.1, which recommends that companies: • “Introduce an internal charter [...] governing the classification of agreements and their submission to the procedure applicable to related-party agreements. The charter should define the criteria adopted by the company, by adapting the CNCC guide to its own situation, in agreement with their Statutory Auditors; and • Submit the charter to their Board for approval and publish it on their website”. The Charter is available for consultation at www.klepierre.com. Procedure applicable to agreements entered into by Klépierre SA in the ordinary course of business and on arm’s length terms (the “Procedure”) Article L. 22-10-29 of the French Commercial Code states that: “in companies whose shares are admitted to trading on a regulated market, the Supervisory Board shall put in place a procedure to regularly assess whether agreements entered into in the ordinary course of business and on arm’s length terms, as stated in Article L. 225-87, still qualify as such. All persons directly or indirectly involved in any such agreements shall not take part in their assessment”. Accordingly, Klépierre SA introduced the Procedure applicable to agreements entered into by Klépierre SA in the ordinary course of business and on arm’s length terms. It is available for consultation at www.klepierre.com. In accordance with the Procedure, the Executive Board (1) shall meet at least once a year to identify all existing agreements entered into in the ordinary course of business and on arm’s length terms and to verify whether they still qualify as such. Thus, for each agreement entered into in the ordinary course of business and on arm’s length terms, the Executive Board shall specifically assess, on a case-by-case basis: • “Ordinary course of business” condition: Several criteria shall be examined, in particular the ordinary nature of the agreement in view of the business of the Company, as well as the legal importance or the economic consequences of the agreement; • “Arm’s length terms” condition: The terms usually employed by the Company in its relations with third parties can be regarded as arm’s length, provided that they are also in line with the practices of external companies engaged in the same business. For example, an agreement could be regarded as having not been entered into at arm’s length if the economic data of that agreement differ too much from the terms under which agreements are usually entered into with third parties. After its examination, the Executive Board shall recommend either (i) that the agreement continue to be classified as an agreement entered into in the ordinary course of business and on arm’s length terms, on the grounds that the related conditions are still satisfied; or otherwise, (ii) that the agreement be reclassified as a related-party agreement. The Executive Board shall then submit its recommendations to the Audit Committee in a written report. The Audit Committee shall decide whether or not to reclassify each agreement submitted to it by the Executive Board. In this respect, it may ask the opinion of the Statutory Auditors. It may also decide to involve any experts or, more generally, request any further information that it deems useful. In the event that the original classification as an agreement entered into in the ordinary course of business and on arm’s length terms is retained by the Audit Committee, the Procedure will no longer apply to that agreement. Otherwise, the Audit Committee shall issue a recommendation to the Supervisory Board to approve or reject the agreement concerned. In addition, the agreement shall be disclosed to the Statutory Auditors, who may prepare a special report explaining the circumstances under which the advance authorization procedure provided for in Article L. 225-86 of the French Commercial Code was not followed. If the Supervisory Board approves the agreement, the following General Meeting of the Company will then be asked to ratify it. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 319 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

7.1.5 Statutory auditors’ report on related party agreements Annual General Meeting held to approve the financial statements for the year ended December 31, 2021 This is a translation into English of a report issued in French and it is provided solely for the convenience of English-speaking users. This report should be read in conjunction, and construed in accordance with, French law and professional auditing standards applicable in France. To the Annual General Meeting of KLÉPIERRE, In our capacity as Statutory Auditors of your Company, we hereby report to you on related party agreements. The terms of our engagement require us to communicate to you, based on information provided to us, the principal terms and conditions of those agreements brought to our attention or which we may have discovered during the course of our audit, as well as the reasons justifying why they benefit the Company, without expressing an opinion on their usefulness and appropriateness or identifying such other agreements, if any. It is your responsibility, pursuant to Article R. 225-58 of the French Commercial Code (Code de Commerce), to assess the interest involved in respect of the conclusion of these agreements for the purpose of approving them. Our role is also to provide you with the information provided for in Article R. 225-58 of the French Commercial Code (Code de Commerce) in respect of the performance of the agreements, already authorized by the Annual General Meeting and having continuing effect during the year, if any. We conducted our procedures in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. These guidelines require that we verify the consistency of the information provided to us with the relevant source documents. Agreements submitted for approval to the annual general meeting Agreements authorized and concluded during the year ended December 31, 2021 We have not been informed of any agreement authorized and concluded during the year ended to be submitted for approval of the Annual General Meeting pursuant to Article R. 225-86 of the French Commercial Code (Code de Commerce). Agreements previously approved by the annual general meeting Agreements, previously approved by the Annual General Meeting during previous fiscal years, continued during the year Pursuant to Article R. 225-57 of the French Commercial Code (Code de commerce), we have been informed that the performance of the following agreements, previously approved by the Annual General Meeting during previous fiscal years, continued during the year. With Nordica Holdco AB, 56.1% indirectly held by KLÉPIERRE Company Agreement n° 1 Nature and purpose On October 3, 2008, your Supervisory Board approved the granting of an inter-group loan to Nordica Holdco AB bearing annual fixed interest of 6.5% with indefinite life duration. This interest rate came to 4.7% starting January 1, 2014 and then 3.3% since October 6, 2018 in accordance with the interest rate adjustment mechanism stipulated in the agreement. Terms and conditions This loan was granted on October 6, 2008. As of December 31, 2021, the loan balance totaled €79,483,283.25 and the interest recorded in respect of the fiscal year amounted to €2,593,802.42. Agreement n° 2 Nature and purpose On November 30, 2015, your Supervisory Board authorized an intercompany loan with indefinite life duration, granted by your Company and APG Strategic Real Estate Pool NV to Nordica Holdco AB and bearing annual fixed interest of 3.2%. This interest rate have been reduced to 3% starting December 18, 2020 in accordance with the interest rate adjustment mechanism stipulated in the agreement. Terms and conditions This loan was granted on December 18, 2015. As of December 31, 2021, the loan balance totaled €21,771,166.93 and the interest recorded in the respect of the fiscal year amounted to €643,408.56. Paris-La Défense, March 29, 2022 The Statutory Auditors French original signed by DELOITTE & ASSOCIES ERNST & YOUNG Audit Damien Leurent Emmanuel Proudhon Bernard Heller 320 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Share capital and shareholding 7

7.2 GENERAL MEETING OF SHAREHOLDERS 7.2.1 Report of the Executive Board to the Ordinary and Extraordinary General Meeting The Report of the Executive Board presents to the Company’s shareholders the draft resolutions that will be submitted to their vote on April 26, 2022. Shareholders are nevertheless invited to read the draft resolutions in full before exercising their voting rights. Dear Shareholders, We have called this Ordinary and Extraordinary General Meeting of Shareholders to submit the following draft resolutions to the agenda for your approval: Resolution of the Ordinary General Meeting 1. Approval of the Company financial statements for the fiscal year ended December 31, 2021; 2. Approval of the consolidated financial statements for the fiscal year ended December 31, 2021; 3. Appropriation of net income for the fiscal year ended December 31, 2021; 4. Payment of €1.70 per share by distribution of equity premiums; 5. Review of agreements subject to the provisions of Articles L. 225-86 et seq. of the French Commercial Code; 6. Re-appointment of Rose-Marie Van Lerberghe as a member of the Supervisory Board; 7. Re-appointment of Béatrice de Clermont-Tonnerre as a member of the Supervisory Board; 8. Re-appointment of Deloitte & Associés as Statutory Auditor; 9. Re-appointment of Ernst & Young Audit as Statutory Auditor; 10. Approval of the 2022 compensation policy for the Chairman of the Supervisory Board and the other members of the Supervisory Board; 11. Approval of the 2022 compensation policy for the Chairman of the Executive Board; 12. Approval of the 2022 compensation policy for the other members of the Executive Board; 13 Approval of the disclosures on the compensation of the Chairman and the other members of the Supervisory Board and the Chairman and the other members of the Executive Board required under Article L. 22-10-9, paragraph I of the French Commercial Code; 14. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board; 15. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Executive Board; 16. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Financial Officer and Executive Board member; 17. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Operating Officer and Executive Board member; 18. Authorization, for a period of 18 months, to trade in the Company’s shares, not to be used during a public offer; Resolutions of the Extraordinary General Meeting 19. Delegation of authority to the Executive Board, for a period of 26 months, to reduce the share capital by canceling treasury shares; 20. Delegation of authority to the Executive Board, for a period of 38 months, to allot free shares of the Company, without preemptive subscription rights; Resolution of the Ordinary General Meeting 21. Powers for formalities. First and second resolutions – Approval of the Company financial statements and the consolidated financial statements Having considered the Executive Board’s management report, as well as the reports of the Supervisory Board and of the Statutory Auditors, the General Meeting is invited to approve the Company financial statements for the year ended December 31, 2021, showing net income of €60,165,268, and the consolidated financial statements for the year ended December 31, 2021, showing net income of €572,038,000. The Company financial statements for the year ended December 31, 2021 do not report any non-deductible expenses or charges as defined in Article 39-4 of the French Tax Code (Code général des impôts). The Company financial statements and the consolidated financial statements, as well as the Statutory Auditors’ reports on those statements and the Executive Board’s management report, are set out in the present document. You are invited to approve the first and second resolutions as presented to you. Third and fourth resolutions – Appropriation of net income for the fiscal year ended December 31, 2021 and payment €1.70 per share by distribution of equity premiums The General Meeting is invited to resolve, subject to approval of the first resolution, to appropriate net income for the fiscal year as follows: Net income for the fiscal year ended December 31, 2021 €60,165,268 Retained earnings for the fiscal year ended December 31, 2021 €(147,094,925) Appropriation of the entire net income for the fiscal year ended December 31, 2021 to retained earnings, i.e., retained earnings of: €(86,929,657) In view of the resumption of the Group’s business activities and its financial solidity, the Supervisory Board proposes that the General Meeting resolve to pay a distribution of €1.70 per share, by deducting €487,663,992 from equity premiums. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 321 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Following this distribution and the appropriation of net income for the fiscal year ended December 31, 2021, equity would continue to exceed share capital plus the legal reserve. The amount of €1.70 per share conferring dividend rights, deducted from equity premiums, would be deemed to constitute an equity repayment within the meaning of Article 112-1° of the French Tax Code (Code général des impôts). The total amount of the above distribution would be calculated based on the number of shares outstanding at February 10, 2022, i.e., 286,861,172 shares. The overall amount of the distribution would be reduced to account for the number of treasury shares held by the Company on the distribution payment date as they would not confer distribution rights. The amount corresponding to treasury shares held by the Company will be reallocated to contribution premiums. The ex-dividend date would be May 12, 2022 and the distribution would be paid on May 16, 2022. If shares are sold before the distribution payment date, the rights to the distribution would accrue to the shareholder who owns the shares on the day before the date on which the shares go ex-distribution. You are invited to approve the third and fourth resolutions as presented to you. Fifth resolution – Related-party agreements You are invited to note that the Statutory Auditors’ special report on agreements governed by Article L. 225-86 of the French Commercial Code (Code de commerce) has been submitted to you and does not mention any new agreement authorized by the Supervisory Board during the year ended December 31, 2021 and not yet approved by the General Meeting. You are invited to approve the fifth resolution as presented to you. Sixth and seventh resolutions – Re-appointment of members of the Supervisory Board Pursuant to the sixth and seventh resolutions, the General Meeting is invited to re-appoint Rose-Marie Van Lerberghe and Béatrice de Clermont-Tonnerre for terms of three years, expiring at the end of the Ordinary Shareholders’ Meeting to be called in 2025 to approve the financial statements for the fiscal year ending December 31, 2024. The terms of office expire at the close of the General Meeting of April 26, 2022, and they are both seeking re-appointment. After reviewing the individual situation of each of these two members and given their skills, the quality of their contribution to the Supervisory Board’s work and to the Committees of which they are members, their solid understanding of the Group’s challenges and their assiduous attendance at meetings, both the Nomination and Compensation Committee and the Supervisory Board are in favor of their re-appointment. Rose-Marie Van Lerberghe If her re-appointment to the Supervisory Board is approved, the Supervisory Board will re-appoint Rose-Marie Van Lerberghe as a member of the Nomination and Compensation Committee and of the Sustainable Development Committee. However, her term of office as Vice-Chair of the Supervisory Board will not be renewed due to the age limit set out in the Company’s bylaws. The Supervisory Board intends to appoint Béatrice de Clermont-Tonnerre as Vice-Chair at the end of the Meeting. Her attendance rate at the 2021 meetings of the Supervisory Board, the Nomination and Compensation Committee and the Sustainable Development Committee is 100%. She is regarded as independent according to the criteria set out in the AFEP-MEDEF Corporate Governance Code. Her detailed profile can be found on page 261 of the present document. Béatrice de Clermont-Tonnerre If her re-appointment to the Supervisory Board is approved, the Supervisory Board will re-appoint Béatrice de Clermont-Tonnerre as a member of the Audit Committee and the Sustainable Development Committee. Her attendance rate at the 2021 meetings of the Supervisory Board, the Audit Committee and the Sustainable Development Committee is 100%. Béatrice de Clermont-Tonnerre is regarded as independent according to the criteria set out in the AFEP-MEDEF Corporate Governance Code. Her detailed profile can be found on page 256 of the present document. The current membership of the Supervisory Board (which would remain unchanged in the event of the re-appointment of the above members) is set forth on pages 252 et seq. of the present document. As a result, the Supervisory Board comprises: • Five independent members, representing 56% of the members, above the minimum 50% proportion recommended by the AFEP-MEDEF Code; • Four women, representing 44%, above the 40% proportion required under the French Commercial Code; • Five non-French members. In accordance with the AFEP-MEDEF Code, the Supervisory Board regularly deliberates on the desirable balance of its membership and that of the Board Committees in order to guarantee shareholders and the market that its duties are carried out with the necessary independence and objectivity, in line with the Group’s challenges and strategy. When reviewing its membership and proposals for appointment or re-appointment submitted to the General Meeting, the Supervisory Board closely examines the individual situation of each member, particularly: • The skills and experience they contribute to the work of the Board and the Committees; • Their availability and attendance at meetings, as well as their commitment; • Their situation as regards any conflicts of interest; • Their contribution to the diversity of the Board in terms of qualifications, age, gender, nationality, length of service on the Board and professional experience. At the date hereof, the Supervisory Board considers that its current membership is balanced and satisfactory and meets both regulatory requirements and the recommendations of the AFEP-MEDEF Code. All of its members have expertise and complementary skills. In addition, they all have in-depth knowledge of Klépierre and its organization and operations. The Board also notes that its members are active, and attend meetings assiduously. You are invited to approve the sixth and seventh resolutions as presented to you. 322 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Eighth and ninth resolutions – Re-appointment of Statutory Auditors The eighth and ninth resolutions concern the re-appointment of the incumbent Statutory Auditors, whose terms of office expire at the end of this General Meeting. The Supervisory Board proposes, following a selection procedure led by the Audit Committee, that Deloitte & Associés and Ernst & Young Audit be re-appointed as Statutory Auditors for terms of six years. Deloitte & Associés and Ernst & Young Audit will continue to provide, within the framework of the geographical coverage of their worldwide networks, their professionalism recognized by major groups and their solid technical skills. You are invited to approve the eighth and ninth resolutions as presented to you. Tenth to twelfth resolutions – 2022 corporate officer compensation policy The Supervisory Board submits for the approval of the General Meeting the compensation policies applicable in 2022 for the Chairman and the other members of the Supervisory Board and the Chairman and the other members of the Executive Board, respectively, for the performance of their offices. 2022 compensation policy for the Chairman and the other members of the Supervisory Board No changes are envisaged in the compensation policy of the Chairman and the other members of the Supervisory Board for 2022 versus the policy in place for fiscal year 2021. As a reminder, the compensation of the Chairman and members of the Supervisory Board consists solely of an overall budget, the maximum of which was set at €700,000 by the Ordinary and Extraordinary Shareholders’ Meeting of April 19, 2016 (i.e., €688,000 for a nine- member Supervisory Board). The annual budget is allotted each year based on the duties of each member on the Board and/or its various Committees, distinguishing between Chair or Vice Chair and members, as well as their actual presence at Board and Committee meetings during the year, as follows: Office Compensation Total Chair (of the Supervisory Board and/ or the Committees) or Vice Chair of the Supervisory Board Fixed portion: €22,000 per office Variable portion: N/A €132,000 Supervisory Board member Fixed portion: €12,000 €108,000 Variable portion: Amount based on attendance record at Board meetings €224,000 Committee members Fixed portion: N/A Variable portion: Amount based on attendance record at the relevant Committee meetings €224,000 TOTAL €688,000 The table above shows that the variable portion is preponderant, representing up to 65% of the overall amount, in accordance with the recommendations of the AFEP-MEDEF Code. The compensation policy for the Chairman and the other members of the Supervisory Board is presented in detail in sections 6.2.1.1 “Basic principles for setting the compensation policy”, 6.2.1.2 “Decision-making process for setting, revising and implementing the compensation policy” and 6.2.2.1 “Compensation of the Chairman and the members of the Supervisory Board for fiscal year 2022” of the present document. Pursuant to paragraph II of Article L. 22-10-34 of the French Commercial Code, the amounts payable to the Chairman and the other members of the Supervisory Board under these policies will be submitted for the approval of the shareholders at the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2022. 2022 compensation policy for the Chairman and the other members of the Executive Board The compensation policy for the Chairman and the other members of the Executive Board has remained unchanged throughout their three-year term of office, which ends in June 2022. The Nomination and Compensation Committee regularly benchmarks the practices of companies comparable in size and activities to Klépierre, notably to verify (i) the appropriateness of Executive Board member compensation with regard to the Group’s size and to Board members’ experience as well as (ii) the competitiveness of the compensation offered to Executive Board members versus the benchmark. In view of the results of this study (details of which are set out below) and the recent departure of a member of the Executive Board to head another company in the industry, the Nomination and Compensation Committee considered it appropriate to recommend certain changes to the 2022 compensation policy for the Chairman of the Executive Board and the other members of the Executive Board compared to the applicable 2021 policy. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 323 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

In this context that the Supervisory Board debated and approved the following 2022 compensation policy, subject to the approval of the General Meeting: • Maintain the current compensation structure based on three components: • Fixed compensation, determined on the basis of the responsibilities of the Chairman and each of the other members of the Executive Board, which must be sufficiently competitive to attract and retain the best talent, • Short-term variable compensation, the aim of which is to associate the Chairman and the other members of the Executive Board with the Group’s short-term performance, and • Long-term incentives, to align the interests of the beneficiaries as closely as possible with the interests of shareholders, with a view to creating long-term value; • Maintain practically unchanged the maximum total compensation for the Chairman and the other members of the Executive Board. The maximum total compensation of the Chairman of the Executive Board would indeed increase by 2.7%, and that of the CFO, member of the Executive Board, would decrease by 2.7%; • Re-assess the fixed compensation of the Chairman and the other members of the Executive Board in order to make it more competitive, taking into account the results of the benchmark carried out by the Nomination and Compensation Committee at the beginning of 2022. This revaluation would lead to a moderate increase in fixed compensation, which would: • still be below or equal to the average of the medians of the reference panels as per the benchmark carried out by the Nomination and Compensation Committee, depending on the case, and (1) Accor; ALD Automotive; Alten; Aperam; Arkema; Atos; Bouygues; Covivio; Dassault Aviation; Edenred; Eiffage; Elis; Eurazeo; Euronext; Faurecia; Gecina; Getlink SE; Ipsen; JCDecaux SA; Lagardère SA; Neoen; Nexans; Orpea; OVH; Plastic Omnium; Rémy Cointreau; Renault; Rexel; Scor; SEB; Sodexo; Soitec; Solvay; Spie; Ubisoft Entertainment; Unibail-Rodamco-Westfield; Valeo; Verallia; Virbac; and Wendel. (2) British Land; Castellum; Cofinimmo; Covivio; Derwent London; Deutsche Wohnen; Fabege; Fastighets AB Balder; Gecina; Great Portland Estates; Hammerson; Icade; Inmobiliaria Colonial Socimi; Lundbergs AB; Land Securities Group; Leg Immobilien; Merlin Properties Socimi; PSP Swiss Property; Segro; Swiss Prime Site-Reg; Tag Immobilien; Unibail-Rodamco-Westfield; Unite Group; and Vonovia. • be similar for the Chairman of the Executive Board, and lower for the Chief Financial Officer, than the average increase in the fixed compensation of all Group employees since 2019, the year in which the fixed compensation of Executive Board members was last increased, i.e., 9.7%; • Raise the ceiling for total short-term variable compensation from 130% to 150% of fixed compensation; the quantitative portion may represent up to 100% (versus 80% previously) of fixed compensation and the qualitative portion may represent up to 50% (unchanged); • Lower the ceiling for the long-term variable compensation of the Chairman and the other members of the Executive Board from 125% to 100% of their short-term compensation; • Modify the weighting of the performance criteria of the long-term incentive scheme to strengthen the CSR criterion; and • Adapt the stock market and CSR performance assessment scale. To ensure a consistent approach, the benchmark study conducted by the Nomination and Compensation Committee to verify the market positioning of the compensation of the Executive Board members was based on the same two panels as those used during the previous changes in the compensation policy that took place in 2019: • a panel of 40 SBF 120 companies centered around Klépierre’s last known ranking in this index; (1) and • a panel of the main European listed real estate companies (2) . The charts below show that the 2022 compensation levels for executive corporate officers as submitted to the vote of the General Meeting are consistent with Klépierre’s positioning (in terms of its market capitalization) within the reference panels selected. This positioning corresponds to the median of the panel of SBF 120 companies and to the highest quartile of the panel of major European listed real estate companies. Fixed compensation Maximum variable compensation SBF 120 Panel (median) SBF 120 Panel (median) SBF 120 Panel (median) European REITs Panel (median) European REITs Panel (median) European REITs Panel (median) Jean-Marc Jestin Jean-Michel Gault Other member (former COO) Long-term incentive 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 (in k€) 324 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

SUMMARY OF THE STRUCTURE OF THE COMPENSATION OF THE CHAIRMAN AND THE OTHER EXECUTIVE BOARD MEMBERS FOR 2021 Fixed compensation Short-term variable compensation (capped at 130% of fixed compensation) Long-term incentives (capped at 125% of short-term variable (a) ) Fixed compensation Quantitative criteria, up to 80% of fixed compensation + Qualitative criteria, up to 50% of fixed compensation Absolute stock market performance of Klépierre (TSR) Relative stock market performance versus a panel of comparable companies (TSR) Internal performance (change in shopping center net rental income) CSR performance Benefits in kind 10% 30% 40% 20% Performance assessed over three years, followed by a two-year lock-up period Shareholding obligation (a) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. The following table summarizes the structure of the compensation of the Chairman and the other members of the Executive Board under the 2022 compensation policy as submitted to the vote of the General Meeting, and the changes compared to 2021: Compensation Comments Change in 2022 versus 2021 (a) Fixed compensation After remaining unchanged from 2019 to 2022, the fixed compensation of the members of the Executive Board would be increased as from their re-appointment (June 22, 2022) to take account of market trends: • The fixed compensation of the Chairman of the Executive Board would be increased from €750,000 to €825,000; • The fixed compensation of the other members of the Executive Board (Chief Financial Officer and Chief Operating Officer) would be increased from €480,000 and €450,000, respectively, to €500,000. These amounts are below or equal to the average of the medians of the two reference panels (see details and charts above). Moderate increase Short-term variable compensation In respect of 2021: variable compensation is determined using (i) a quantitative objective of net cash flow per share, one of the key indicators used by the Group in its communications with the markets, and (ii) a qualitative component based on specific objectives set for each Executive Board member. The quantitative portion can represent up to 80% of fixed compensation, and the qualitative portion up to 50%. In respect of 2022: variable compensation would be determined using (i) a quantitative objective based on net cash flow per share, and (ii) a qualitative component based on specific objectives set for each Executive Board member. The quantitative portion would be raised to 100% of fixed compensation, and the qualitative portion held at 50%. Increase in the maximum short- term variable compensation from 130% to 150% of fixed compensation Long-term variable compensation In respect of 2021: the value of long-term variable compensation is 125% of short-term compensation (b) . Vesting of performance shares is subject to service and performance conditions assessed over a three-year period: • Financial performance: TSR of the Klépierre share; • Financial performance: TSR of the Klépierre share compared to the TSR of a panel of comparable companies (c) ; • Operating performance: average change in net rental income; • CSR performance: achievement of objectives relating to social and environmental matters. In respect of 2022: the value of long-term variable compensation is reduced to 100% of short-term compensation. The assessment period for performance conditions remains unchanged (three years), but the conditions would be modified as follows: • The relative weighting of the criteria, in order to increase the weighting of non-financial performance (from 20% to 35%); • The TSR performance scales have been adapted to the market outlook and smoothed out by removing any allotment below the median; and a member of the panel of stock market comparables has been replaced due to the probable delisting of Atrium (inclusion of Lar España); • The CSR grid has been adapted to reflect the end of the first phase of the Act for Good® internal plan. • Decrease in the ceiling for long-term variable compensation from 125% to 100% of short-term compensation (b) • Planned amendment to the stock market and CSR performance assessment criteria and scales (a) The General Meeting of June 17, 2021 approved the components of compensation paid or allotted for fiscal year 2020 to Jean-Marc Jestin (by 97.91% of votes cast), and to Jean-Michel Gault (by 98.61% of votes cast) and Beñat Ortega (by 98.61% of votes cast). (b) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. (c) Unibail Rodamco-Westfield, CityCon OYJ, Eurocommercial Properties, Deutsche Euroshop, Wereldhave NV, Mercialys, Vastned Retail NV, Immobiliare Grande Dis, Atrium European Real Estate (replaced by Lar España Real Estate SOCIMI), and Carmila. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 325 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

SUMMARY PRESENTATION OF THE 2022 COMPENSATION STRUCTURE FOR THE CHAIRMAN AND THE OTHER MEMBERS OF THE EXECUTIVE BOARD AS PROPOSED TO THE GENERAL MEETING Fixed compensation Short-term variable compensation (capped at 150% of fixed compensation) Long-term incentives (capped at 100% of short-term variable (a) ) Fixed compensation Quantitative criteria, up to 100% of fixed compensation + Qualitative criteria, up to 50% of fixed compensation Absolute stock market performance of Klépierre (TSR) Relative stock market performance versus a panel of comparable companies (TSR) Internal performance (change in shopping center net rental income) CSR performance Benefits in kind 20% 25% 20% 35% Performance assessed over 3 years Shareholding obligation (a) Short-term compensation is equal to the sum of fixed compensation and short-term variable compensation when the target is fully met. In addition, the Supervisory Board may, in exceptional circumstances and having solicited the opinion of the Nomination and Compensation Committee, use its judgment to adapt and/or amend the criteria and/ or calculation scale (upwards or downwards) used to determine the annual short-term variable compensation of the Chairman and the other members of the Executive Board, in the event that the impact of such an exceptional circumstance were disproportionate with regard to the fundamental principles of the compensation policy. In any event, the Supervisory Board’s faculty in this regard (which is separate from that granted under the legal exemption provided for in Article L. 22-10-26 of the French Commercial Code) may not give rise to a change in the weighting of the quantitative component of short-term variable compensation (capped at 100% of fixed compensation) or of the qualitative component of short-term variable compensation (capped at 50% of fixed compensation). If this faculty were to relate to the modification of the assessed components subject to performance criteria, this modification may not lead to a significant change in the components initially provided for. Exceptional circumstances that may give rise to the use of this faculty include any exogenous event that could not reasonably have been taken into consideration or quantified at the time the compensation policy was set, such as the Covid-19 health crisis and subsequent developments, and any events with a comparable impact on Klépierre’s business. The Supervisory Board is required to give account to shareholders in the event that it exercises this discretionary faculty. It will ensure that any adjustments make it possible to measure the effective performance of the Chairman and the other members of the Executive Board in light of the circumstances that justified the use of the faculty, and taking into account the interests of all stakeholders. The proposed 2022 compensation policy for the Chairman and the other members of the Executive Board is presented in detail in sections 6.2.1.1 “Basic principles for setting the compensation policy”, 6.2.1.2 “Decision-making process for setting, revising and implementing the compensation policy” and 6.2.2.2 “Compensation of the Chairman and the other members of the Executive Board for fiscal year 2022” of the present document. Pursuant to paragraph II of Article L. 22-10-34 of the French Commercial Code, the amounts payable under this policy will be submitted for the approval of the shareholders at the General Meeting called to approve the financial statements for the fiscal year ending December 31, 2022. You are invited to approve tenth to twelfth resolutions as presented to you. Thirteenth resolution – Approval of the disclosures on the compensation for 2021 of the Chairman and the members of the Supervisory Board and the Chairman and the members of the Executive Board required under Article L. 22-10-9, paragraph I of the French Commercial Code The General Meeting is invited to hold an ex-post vote on the disclosures on corporate officer compensation required under paragraph I of Article L. 22-10-9 of the French Commercial Code, as presented in section 6.2.3 “Compensation of corporate officers for fiscal year 2021” of Klépierre’s 2021 Universal Registration Document. You are invited to approve the thirteenth resolution as presented to you. Fourteenth to seventeenth resolutions – Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board, the Chairman of the Executive Board and the other members of the Executive Board The General Meeting is invited to hold an ex-post vote on the amount or value of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board, the Chairman of the Executive Board and each of the members of the Executive Board. Information on the compensation paid during or allotted for fiscal year 2020 to executive corporate officers is presented in sections 6.2.4.1 “Chairman of the Supervisory Board”, 6.2.4.2 “Chairman of the Executive Board”, 6.2.4.3 “Chief Financial Officer, member of the Executive Board” and 6.2.4.4 “Chief Operating Officer, member of the Executive Board” of the present document. You are invited to approve the fourteenth to seventeenth resolutions as presented to you. 326 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Eighteenth resolution – Authorization granted to the Company to buy back its shares The General Meeting is invited to renew the authorization granted to the Executive Board on June 17, 2021, for a further period of 18 months, to trade in the Company’s shares, notably in order: • To maintain the secondary market in or liquidity of the Klépierre SA share through an investment services provider pursuant to a liquidity agreement that complies with decision no. 2021-01 of June 22, 2021 of the French financial markets authority (Autorité des marchés financiers – AMF) or with market practices permitted by the AMF; or • To hold the shares purchased for subsequent delivery (as exchange, payment or other) as part of an acquisition, merger, spin-off or asset transfer transaction; or • To allot free shares of the Company under the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 et seq. of the French Commercial Code or of any similar plan; or • To allot or sell shares to employees in connection with an employee profit-sharing plan or pursuant to an employee savings plan under the conditions provided for by law, in particular Articles L. 3332-1 et seq. of the French Labor Code (Code du travail); or • To implement any Company stock option plan in accordance with the provisions of Articles L. 225-177 and L. 22-10-56 et seq. of the French Commercial Code or any other similar plan; or • In general, to honor obligations with respect to stock option programs or other share allotments to employees or corporate officers of the Company or of a related company; or • To deliver shares on the exercise of rights attached to securities giving rights to shares of the Company by redemption, conversion, exchange, presentation of a warrant or any other means; or • To cancel all or a portion of the securities purchased in this way. The Executive Board may not use this authorization during the offer period in the event of a public offer initiated by a third party for the Company’s shares without the prior authorization of the General Meeting. The shares may be purchased, sold, exchanged or transferred by any means, on one or more occasions, in particular on the market or over-the-counter, including in whole or in part, by purchasing, selling, exchanging or transferring blocks of shares. Where appropriate, these means shall include the use of financial futures. The number of Company shares that may be purchased in this manner would be subject to the following ceilings: on the date of each buyback, the total number of shares purchased by the Company since the start of the buyback program may not exceed 10% of the shares comprising the Company’s share capital, and the number of shares held by the Company at any time may not exceed 10% of the shares comprising the Company’s share capital at the relevant date. The maximum purchase price per share would be €32, representing a total amount allocated to the share buyback program of €917,955,744, excluding acquisition costs. This authorization is requested for a period of 18 months and would supersede the authorization granted by the General Meeting of June 17, 2021. For information purposes, no shares were bought back during the fiscal year ended December 31, 2021. You are invited to approve the eighteenth resolution as presented to you. Resolutions of the Extraordinary General Meeting Nineteenth resolution – Delegation of authority to reduce the share capital by canceling treasury shares The purpose of this resolution is to authorize the Executive Board, which may delegate such authorization under the conditions provided for by law, to reduce the share capital, on one or more occasions, by canceling any number of treasury shares within the limits authorized by law. The Company may cancel treasury shares in order to achieve various financial objectives, such as to actively manage its capital, to optimize its balance sheet, or to offset dilution resulting from a capital increase. The number of the Company’s shares that may be canceled would be subject to the following ceilings: on the date of each cancellation, the maximum number of shares canceled by the Company during the 24-month period preceding such cancellation, including the shares subject to said cancellation, may not exceed 10% of the shares comprising the Company’s capital on that date. This authorization is requested for a period of 26 months and would supersede the authorization granted by the General Meeting of June 17, 2021. Two share capital reductions were carried out during fiscal year 2021: • capital decrease on June 22, 2021 by canceling 4,493,022 shares; • capital decrease on December 15, 2021 by canceling 3,493,860 shares. You are invited to approve the nineteenth resolution as presented to you. Twentieth resolution – Delegation of authority to the Executive Board to allot free shares of the Company for a period of 38 months without preemptive subscription rights We recommend that you authorize the Executive Board to allot free shares to employees and corporate officers of the Company and Group companies. The allotment of such shares would be subject to a three-year vesting period and the Executive Board would have the power to decide whether or not to set a lock-up period at the end of the applicable vesting period, and if so, to determine the duration thereof. The members of the Executive Board would be required to hold, in registered form until the end of their term of office, a number of shares equivalent to 50% of the gain on vested shares net of taxes and charges as calculated on delivery of the shares. If this resolution is approved, any allotments of free shares would be decided, where appropriate, by the Executive Board or the Supervisory Board, based on proposals by the Nomination and Compensation Committee. The Supervisory Board is considering adjusting certain inputs of the performance criteria used in the last plan implemented by the Company for 2021 in order to, for example, reflect the Group’s growing commitment to implementing its ambitious CSR strategy. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 327 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

The following changes are being considered: • Implement a three-year vesting period for all French and foreign beneficiaries and eliminate the lock-up period for all beneficiaries in order to ensure uniform treatment of beneficiaries Group-wide; • Modify the weighting of certain criteria: increase the weighting associated with the criterion linked to Klépierre’s CSR performance from 20% to 35% in order to ensure the active involvement of Group management in implementing this strategy, increase the weighting associated with the criterion linked to Klépierre’s absolute stock market performance from 10% to 20%; decrease the weighting associated with the relative performance condition from 30% to 25% and decrease the weighting associated with the internal performance condition from 40% to 20%; • Modify the achievement scale for the absolute performance condition, as well as for the relative performance condition (such that there is no share allotment for performance below the median performance). Consequently, any share allotments made in 2022 would be subject to financial, non-financial and operational performance conditions which would be assessed over a three-year period. Except in the event of a change in the economic environment or in exceptional circumstances, these conditions, which comply with the Group’s business operations and which the Supervisory Board consider to be exacting, are as follows: SERVICE CONDITION The beneficiary must remain within the Group until the end of the vesting period, except for cases provided for in the terms and conditions of the plan, namely, in the event of retirement, death or disability of the beneficiary, transactions resulting in a change of control and delisting (it being specified that the performance conditions are assessed in advance in the event of death, disability, and change of control and at the end of the vesting period in the event of retirement). Should the beneficiary leave the Group before the end of the performance assessment period for the performance shares not provided for in the plan rules, entitlement to all or a portion of the performance shares is subject to the decision of the Supervisory Board and must be substantiated. The Supervisory Board will only authorize a partial waiver of the service condition, such that the performance shares vest pro rata to members’ service to the Group, and performance conditions will continue to apply until the end of the vesting period. PERFORMANCE CONDITIONS Performance assessed Indicator Calculation method Weighting Justification of choice Absolute stock market performance Total Shareholder Return (TSR, change in share price plus dividend) of the Klépierre share. Comparison of the share price during the initial allotment period with the share price during the final allotment period. 20% of the total allotment This condition measures the returns for Klépierre shareholders based on its stock market performance and dividends received. Relative stock market performance Klépierre’s TSR compared to the TSR of a panel of European retail real estate firms, comprising: URW, CityCon OYS, Eurocommercial Properties, Deutsche Euroshop, Wereldhave NV, Mercialys, Vastned Retail NV, Immobiliare Grande Dis, Lar España Real Estate SOCIMI SA and Carmila. Comparison of Klépierre’s TSR with that of the panel. 25% of the total allotment This criterion compares Klépierre’s TSR with the TSR of directly comparable companies, i.e., owners and operators of shopping centers in continental Europe that are therefore faced with comparable issues and economic cycles. Internal performance Change over three years in net rental income. Calculation of the average annual change in shopping center like-for-like net rental income, as reported by the Group in its annual consolidated financial statements over the last three fiscal years preceding the reference date. 20% of the total allotment This criterion is appropriate for measuring the Company’s business growth and the teams’ efforts to optimize like-for-like rental income and therefore maximize returns from the Group’s real estate portfolio. Growth in like-for-like net rental income includes: • Increases in minimum guaranteed rents when the lease is renewed, which reflect the Group’s capacity to host the most attractive retailers in its centers and to optimize the rental value of available space; • Reductions in vacancy rates, which are key to the attractiveness of a given shopping center; • Optimal management of shopping center costs. CSR performance (i) GRESB rating: Klépierre must rank in the top five in its category and have a “5-star” rating, which is awarded only to the top performers (15%). (ii) Reduction in carbon emissions from Klépierre’s shopping centers (20%). Calculation of the greenhouse gas emissions from Klépierre’s shopping centers in relation to their surface area (in kgCO 2 e/ sq.m, Scopes 1 & 2, market- based approach), as reported in the Group’s non-financial performance statement audited annually by an independent third-party (Deloitte). 35% of the total allotment These criteria reflect Klépierre’s desire to unite its employees and executives around corporate social responsibility issues to maintain its global leadership in non-financial performance, as evidenced by the Group’s ambition to achieve carbon neutrality by 2030. 328 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

The following achievement scale would be applied to 2022 share allotments: Performance assessed Performance % of shares delivered (a) Assessment of the requirements for the chosen performance conditions Absolute stock market performance (20% of the allotment) ≤10% 0% The number of shares allotted is zero where the TSR is less than or equal to 10%. To achieve the maximum target, the TSR must be greater than or equal to 20%. Exceeding the 20% threshold does not result in the allotment of additional shares, which is capped at 20% of the initial number of shares allotted. 12% 33.3% 14% 50% 16% 66.7% 18% 83.3% ≥20% 100% Relative stock market performance (25% of the allotment) Below the median 0% The number of shares allotted is zero where Klépierre’s TSR is less than the panel median. To achieve the maximum target, Klépierre must rank first in the panel (without conferring the right to allotment of additional shares). 6 th (median) 50% 5 th 60% 4 th 70% 3 rd 80% 2 nd 90% 1 st 100% Internal performance (20% of the allotment) <1% 0% If the growth in net rental income over three years is equal to 1%, only 30% of the shares will be allotted. To achieve the maximum target, the increase must be greater than or equal to 3%. Exceeding the 3% threshold does not result in the allotment of additional shares, which is capped at 20% of the initial number of shares allotted. This is a very ambitious growth target considering that the Group renews an average of only 8% of its leases each year. The level of ambition of this target can be measured in light of the historical performance of Klépierre and of its main competitors. Based on Klépierre’s results since 2010 (b) , the performance criterion has been met in only five fiscal years, i.e., less than half the time, over the 2010 to 2021 period (2010 being the first year the three-year average was calculated). As regards the results of Klépierre’s main competitors since 2012, none of them have reported average growth in like-for-like net rental income (c) in excess of 3% for the 2012-2021 period. 1% ≤ x <3% 30% ≥3% 100% CSR performance (35% of the allotment) GRESB rating: Klépierre must rank in the top five and have a “5-star” rating (15% of the allotment) 100% GRESB (Global Real Estate Sustainable Benchmark) is an organization that assesses the ESG performance of real estate companies. The objective is to rank among the top five companies in its category (d) and to obtain the highest “5-star” rating. Reduction in carbon emissions from Klépierre’s shopping centers (20% of the allotment) Targets: 2024: 3.86kg 2025: 3.68kg 2026: 3.50kg Increase in emissions relative to the latest level reported prior to the allotment date of the shares 0% In 2021, the carbon footprint was 4.4 kgCO 2 e/sq.m. The target values correspond to an average annual decrease of 4.5%, which is particularly ambitious given that 88% of the Group’s shopping centers (in value) were already below the threshold defined by CRREM (e) at that date. Emissions maintained at the level reported prior to the allotment date of the shares 50% Achievement of the targets (see opposite) 100% (a) If the result obtained is between two thresholds, the number of performance shares vested is calculated on a linear basis. (b) For the years prior to 2013, the Company calculated growth in like-for-like rental income on the basis of its gross rental income only. In addition, for purposes of comparability, the calculations were made over the entire period by retaining just the shopping center portfolio, which has represented more than 95% of the value of the property portfolio since 2013. (c) Based on reported like-for-like net rental income, using shopping center portfolios for which data are available. (d) The category (European/Retail/Listed/Real Estate Company) had 10 members in 2021. (e) Carbon Risk Real Estate Monitor, an EU-funded tool to assess “stranding” risks, applicable GHG-reduction pathways according to the Science-Based Targets initiative, and reporting templates. The existing or future shares allotted under this authorization may not represent more than 1% of the share capital at the date of the Executive Board’s decision. This resolution would also authorize the Executive Board to allot, in addition to the shares subject to performance conditions, free shares without performance conditions to certain employees and senior executives of the Group (excluding members of the Executive Board and members of management). The number of shares granted without performance conditions may not exceed 15% of the maximum volume set out in the paragraph above. In addition, the number of shares allotted to corporate officers may not represent more than 0.3% of the share capital at the date the Executive Board decides to allot them, and will be deducted from the abovementioned total ceiling of 1% of the share capital. This authorization would be granted for a period of 38 months with effect from this General Meeting. You are invited to approve the twentieth resolution as presented to you. Resolution of the Ordinary General Meeting Twenty-first resolution – Powers for formalities The Executive Board requests all necessary powers to carry out the publication and filing formalities involved in holding this General Meeting. You are invited to approve the twenty-first resolution as presented to you. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 329 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

7.2.2 Text of the resolutions proposed to the Ordinary and Extraordinary General Meeting Agenda Resolutions of the Ordinary General Meeting 1. Approval of the Company financial statements for the fiscal year ended December 31, 2021; 2. Approval of the consolidated financial statements for the fiscal year ended December 31, 2021; 3. Appropriation of net income for the fiscal year ended December 31, 2021; 4. Payment of €1.70 per share by distribution of equity premiums; 5. Review of agreements subject to the provisions of Articles L. 225-86 et seq. of the French Commercial Code; 6. Re-appointment of Rose-Marie Van Lerberghe as a member of the Supervisory Board; 7. Re-appointment of Béatrice de Clermont-Tonnerre as a member of the Supervisory Board; 8. Re-appointment of Deloitte & Associés as Statutory Auditor; 9. Re-appointment of Ernst & Young Audit as Statutory Auditor; 10. Approval of the 2022 compensation policy for the Chairman of the Supervisory Board and the other members of the Supervisory Board; 11. Approval of the 2022 compensation policy for the Chairman of the Executive Board; 12. Approval of the 2022 compensation policy for the other members of the Executive Board; 13. Approval of the disclosures on the compensation of the Chairman and the other members of the Supervisory Board and the Chairman and the other members of the Executive Board required under Article L. 22-10-9, paragraph I of the French Commercial Code; 14. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board; 15. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Executive Board; 16. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Financial Officer and Executive Board member; 17. Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Operating Officer and Executive Board member; 18. Authorization, for a period of 18 months, to trade in the Company’s shares, not to be used during a public offer. Resolutions of the Extraordinary General Meeting 19. Delegation of authority to the Executive Board, for a period of 26 months, to reduce the share capital by canceling treasury shares; 20. Delegation of authority to the Executive Board, for a period of 38 months, to allot free shares of the Company, without preemptive subscription rights. Resolution of the Ordinary General Meeting 21. Powers for formalities. 330 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Draft resolutions Resolutions of the Ordinary General Meeting First resolution (Approval of the Company financial statements for the fiscal year ended December 31, 2021) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the reports of the Executive Board, the Supervisory Board and the Statutory Auditors, as well as the Company financial statements for the fiscal year ended December 31, 2021, approves said financial statements as presented, which comprise the balance sheet and income statement, as well as the notes to the Company financial statements, and the operations reflected in said financial statements or summarized in said reports, showing net income of €60,165,268. It notes that the Company financial statements for the fiscal year ended December 31, 2021 do not report any non-deductible expenses or charges as defined in Article 39-4 of the French Tax Code and do not report any add-back expenses pursuant to Article 39-5 of said Code for the fiscal year. Second resolution (Approval of the consolidated financial statements for the fiscal year ended December 31, 2021) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the reports of the Executive Board, the Supervisory Board and the Statutory Auditors, as well as the consolidated financial statements for the fiscal year ended December 31, 2021, approves said financial statements as presented, which comprise the statements of financial position and income, as well as the notes to the consolidated financial statements, and the operations reflected in said financial statements or summarized in said reports, showing net income of €572,038,000. Third resolution (Appropriation of net income for the fiscal year ended December 31, 2021) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings: 1. After recognizing at December 31, 2021 that the “legal reserves” account equals one-tenth of the share capital and that Company shares are all fully paid up; 2. Resolves, subject to the adoption of the first resolution by the General Meeting, to appropriate net income for the fiscal year as follows: Net income for the fiscal year ended December 31, 2021 €60,165,268 Retained earnings for the fiscal year ended December 31, 2021 -€147,095,925 Appropriation of the entire net income for the fiscal year ended December 31, 2021 to retained earnings, i.e., retained earnings of: -€86,929,657 Fourth resolution (Payment of €1.70 per share by distribution of equity premiums) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and acting on the recommendation of the Executive Board with the approval of the Supervisory Board, resolves to pay a distribution by deducting €487,663,992 from equity premiums as follows: Equity premiums for the fiscal year ended December 31, 2021, of which: €4,071,218,513 Issue premium €4,045,488,515 Merger premium €0 Bond conversion premium €0 Contribution premium €25,729,998 Payments for the equity reimbursement by withholding from accounts: €487,663,992 Issue premium €461,933,994 Merger premium €0 Bond conversion premium €0 Contribution premium €25,729,998 Corresponding to a distribution of €1.70 per share on the basis of 286,861,172 shares at February 10, 2022 (including treasury shares) Balance following payments: €3,583,554,521 Issue premium €3,583,554,521 Merger premium €0 Bond conversion premium €0 Contribution premium €0 Following this distribution and the appropriation of the net income for the fiscal year ended December 31, 2021, equity will continue to exceed share capital plus the legal reserve. The amount of €1.70 per share conferring dividend rights, deducted from equity premiums, would be deemed to constitute an equity repayment within the meaning of Article 112-1° of the French Tax Code (Code général des impôts). The overall amount of the distribution will be reduced to account for the number of treasury shares held by the Company on the distribution payment date to the extent that they do not confer distribution rights. The amount corresponding to treasury shares held by the Company will be reallocated to contribution premiums. The General Meeting resolves that the ex-dividend date will be May 12, 2022 and the distribution will be paid on May 16, 2022. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 331 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Pursuant to Article 243 bis of the French Tax Code, distributions for the last three fiscal years were as follows: Fiscal year Total amount paid to shareholders (€) Net amount per share (€) Amount eligible for the tax relief provided for under Article 158‑3‑2° of the French Tax Code for eligible shareholders (€) Amount not eligible for the tax relief provided for under Article 158‑3‑2° of the French Tax Code (€) 2018 642,619,152.00 2.10 295,456,799.83 347,162,352.17 2019 662,863,622.30 2.20 178,702,607.55 484,161,014.75 (a) 2020 294,848,054.00 1.00 0 294,848,054.00 (b) (a) Including the equity reimbursements, within the meaning of paragraph 1 of Article 112 of the French Tax Code, of €254,378,433.82 (b) Entirely comprising the equity reimbursement, within the meaning of paragraph 1 of Article 112 of the French Tax Code. The General Meeting confers all necessary powers on the Executive Board to determine the number of shares held by the Company and the amount of the balance of equity premiums. Fifth resolution (Review of agreements subject to the provisions of Articles L. 225-86 of the French Commercial Code) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and the Statutory Auditors’ special report on the agreements referred to in Article L. 225-86 of the French Commercial Code, concludes that the Statutory Auditors were not made aware of any new agreement authorized by the Supervisory Board during the fiscal year ended December 31, 2021 and not yet approved by the General Meeting. Sixth resolution (Re-appointment of Rose-Marie Van Lerberghe as a member of the Supervisory Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and noted that the term of office of Rose- Marie Van Lerberghe as member of the Supervisory Board expires at the close of this General Meeting resolves to re-appoint her for a period of three years expiring at the end of the Ordinary General Meeting to be called in 2025 to approve the financial statements for the fiscal year ending December 31, 2024. Rose-Marie Van Lerberghe is prepared to renew her term of office and has stated that she neither holds any position nor is affected by any situation that might prevent her from exercising it. Seventh resolution (Re-appointment of Béatrice de Clermont-Tonnerre as a member of the Supervisory Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and noted that the term of office of Béatrice de Clermont-Tonnerre as member of the Supervisory Board expires at the close of this General Meeting resolves to re-appoint her for a period of three years expiring at the end of the Ordinary General Meeting to be called in 2025 to approve the financial statements for the fiscal year ending December 31, 2024. Béatrice de Clermont-Tonnerre is prepared to renew her term of office and has stated that she neither holds any position nor is affected by any situation that might prevent her from exercising it. Eighth resolution (Re-appointment of Deloitte & Associés as Statutory Auditor) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and noted that the term of office of Deloitte & Associés as Statutory Auditor expires at the close of this General Meeting resolves to re-appoint the firm for a period of six years expiring at the end of the Ordinary General Meeting to be called in 2028 to approve the financial statements for the fiscal year ending December 31, 2027. Deloitte & Associés has stated that it will accept this appointment. Ninth resolution (Re-appointment of Ernst & Young Audit as Statutory Auditor) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and noted that the term of Ernst & Young Audit as Statutory Auditor expires at the close of this General Meeting, resolves to re-appoint the firm for a period of six years expiring at the end of the Ordinary General Meeting to be called in 2028 to approve the financial statements for the fiscal year ending December 31, 2027. Ernst & Young Audit has stated that it will accept this appointment. Tenth resolution (Approval of the 2022 compensation policy for the Chairman of the Supervisory Board and the other members of the Supervisory Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings, and having considered the Supervisory Board’s corporate governance report drawn up in accordance with Article L. 22-10-26 of the French Commercial Code and as set out in the 2021 Universal Registration Document in sections 6.2.1.1 “Basic principles for setting the compensation policy”, 6.2.1.2 “Decision-making process for setting, revising and implementing the compensation policy”, and 6.2.2.1 “Compensation of the Chairman and the other members of the Supervisory Board for fiscal year 2022”, approves the 2022 compensation policy for the Chairman and the other members of the Supervisory Board including the principles and criteria for distributing and allotting sums allocated to the compensation of the Chairman and the other members of the Supervisory Board as set out in the aforementioned Document. 332 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Eleventh resolution (Approval of the 2022 compensation policy for the Chairman of the Executive Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings, and having considered the Supervisory Board’s corporate governance report drawn up in accordance with Article L. 22-10-26 of the French Commercial Code and as set out in the 2021 Universal Registration Document in sections 6.2.1.1 “Basic principles for setting the compensation policy”, 6.2.1.2 “Decision-making process for setting, revising and implementing the compensation policy”, and 6.2.2.2.1 “Components of the Chairman of the Executive Board’s compensation for fiscal year 2022”, approves the compensation policy for the Chairman of the Executive Board for fiscal year 2022, including the principles and criteria for distributing sums allocated to the compensation of the Chairman of the Executive Board as set out in the aforementioned Document. Twelfth resolution (Approval of the 2022 compensation policy for the other members of the Executive Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings, and having considered the Supervisory Board’s corporate governance report drawn up in accordance with Article L. 22-10-26 of the French Commercial Code and as set out in the 2021 Universal Registration Document in sections 6.2.1.1 “Basic principles for setting the compensation policy”, 6.2.1.2 “Decision-making process for setting, revising and implementing the compensation policy”, and 6.2.2.2.2 “Components of compensation of members of the Executive Board (other than the Chairman) for fiscal year 2022”, approves the 2022 compensation policy for the members of the Executive Board including the principles and criteria for distributing and allotting sums allocated to the compensation of said members of the Executive Board (other than the Chairman) as set out in the aforementioned Document. Thirteenth resolution (Approval of the disclosures on the compensation of the Chairman and the other members of the Supervisory Board and the Chairman and the other members of the Executive Board required under Article L. 22-10-9, paragraph I of the French Commercial Code) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report, approves, pursuant to Article L. 22-10-34 I of the French Commercial Code, the information required under Article L. 22-10-9, paragraph I of said Code, as presented in the Supervisory Board’s corporate governance report referred to in Article L. 225-68 of said code and set out in the 2021 Universal Registration Document in section 6.2.3 “Compensation of corporate officers (fiscal year 2021)”. Fourteenth resolution (Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and the Supervisory Board’s corporate governance report, approves, pursuant to Article L. 22-10-34, paragraph II of the French Commercial Code, the fixed, variable and extraordinary components comprising the total compensation and benefits in kind paid during or allotted for fiscal year 2021 to the Chairman of the Supervisory Board, as set out in the 2021 Universal Registration Document in section 6.2.4.1 “Chairman of the Supervisory Board”. Fifteenth resolution (Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chairman of the Executive Board) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and the Supervisory Board’s corporate governance report, approves, pursuant to Article L. 22-10-34, paragraph II of the French Commercial Code, the fixed, variable and extraordinary components comprising the total compensation and benefits in kind paid during or allotted for fiscal year 2021 to the Chairman of the Executive Board, as set out in the 2021 Universal Registration Document in section 6.2.4.2 “Chairman of the Executive Board”. Sixteenth resolution (Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Financial Officer and Executive Board member) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and the Supervisory Board’s corporate governance report, approves, pursuant to Article L. 22-10-34, paragraph II of the French Commercial Code, the fixed, variable and extraordinary components comprising the total compensation and benefits in kind paid during or allotted for fiscal year 2021 to the Chief Financial Officer and Executive Board member, as set out in the 2021 Universal Registration Document in section 6.2.4.3 “Chief Financial Officer, member of the Executive Board”. Seventeenth resolution (Approval of the components of compensation paid during or allotted for fiscal year 2021 to the Chief Operating Officer and Executive Board member) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report and the Supervisory Board’s corporate governance report, approves, pursuant to Article L. 22-10-34, paragraph II of the French Commercial Code, the fixed, variable and extraordinary components comprising the total compensation and benefits in kind paid during or allotted for fiscal year 2021 to the Chief Operating Officer and Executive Board member, as set out in the 2021 Universal Registration Document in section 6.2.4.4 “Chief Operating Officer, member of the Executive Board”. Eighteenth resolution (Authorization, for a period of 18 months, to trade in the Company’s shares, not to be used during a public offer) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings and having considered the Executive Board’s report, authorizes the Executive Board, which may delegate under the conditions provided for by law and the Company’s bylaws, in accordance with the provisions in Articles L. 22-10-62 et seq. and L. 225-210 et seq. of the French Commercial Code, Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 and Commission Delegated Regulation (EU) no. 2016/1052 of March 8, 2016, as well as any other legal and regulatory provisions which may be applicable, to purchase or arrange for the purchase of the Company’s shares, notably in order: • To maintain the secondary market in or liquidity of the Klépierre share through an investment services provider pursuant to a liquidity agreement that complies with decision no. 2021-01 of June 22, 2021 of the French financial markets authority (Autorité des marchés financiers – AMF) or with market practices permitted by the AMF; or KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 333 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

• To hold the shares purchased for subsequent delivery (as exchange, payment or other) as part of an acquisition, merger, spin-off or asset transfer transaction; or • To allot free shares of the Company under the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 et seq. of the French Commercial Code or of any similar plan; or • To allot or sell shares to employees in connection with an employee profit-sharing plan or pursuant to an employee savings plan under the conditions provided for by law, in particular Articles L. 3332-1 et seq. of the French Labor Code (Code du travail); or • To implement any Company stock option plan in accordance with the provisions of Articles L. 225-177 and L. 22-10-56 et seq. of the French Commercial Code or any other similar plan; or • In general, to honor obligations with respect to stock option programs or other share allotments to employees or corporate officers of the Company or of a related company; or • To deliver shares on the exercise of rights attached to securities giving rights to shares of the Company by redemption, conversion, exchange, presentation of a warrant or any other means; or • To cancel all or a portion of the securities purchased in this way. The General Meeting resolves that this program is also intended to enable any future market practices permitted by the AMF to be implemented, and more generally, any transaction in accordance with the legislation and regulations in force or which may become applicable. In such event, the Company will inform its shareholders by way of a press release. The General Meeting resolves that the number of shares that may be purchased by the Company is subject to the following limits: • The total number of shares purchased by Company since the start of the buyback program (including those subject to the said buyback) may not exceed 10% of the shares comprising the Company’s share capital, at any time whatsoever, this percentage being applied to the share capital as adjusted to take into account the impact of any transactions affecting the share capital after this General Meeting, on the understanding (i) that the number of shares purchased by the Company with a view to their being held and subsequently delivered as payment or exchange as part of a merger, spin-off or asset transfer transaction may not exceed 5% of the share capital; and (ii) in accordance with the provisions in Article L. 22-10-62 of the French Commercial Code, that when the shares are purchased to maintain a liquid market under the conditions defined by the General Regulation of the AMF, the number of shares included in the calculation of the abovementioned 10% ceiling corresponds to the number of shares purchased, less the number of shares resold during the authorization period; • The number of shares held by the Company at any given time may not exceed 10% of the shares comprising the Company’s share capital at the relevant date. The General Meeting resolves that such operations may be carried out on one or more occasions, at any time within the limits authorized by the legal and regulatory provisions in force and in those provided for in this resolution (except during a public offer for the Company’s shares), and by any means, on regulated markets, multi-lateral trading systems, using systematic internalizers or over-the-counter, including by purchasing or selling blocks of securities (without limiting the proportion of the buyback program that may be carried out in this way), by public tender or exchange offer, or by using options or other financial futures, or by delivering shares following the issue of securities giving rights to shares of the Company by conversion, exchange, redemption, exercising of a warrant or any other means, whether directly or indirectly through an investment services provider. The General Meeting sets the maximum purchase price of the shares under this resolution at €32 per share (or the exchange value of this amount in any other currency at the same date), excluding acquisition fees. This maximum price only applies to purchases decided after the date of this General Meeting and not to future transactions carried out pursuant to an authorization granted by a previous General Meeting and providing for purchases after the date of this General Meeting. In the event of transactions affecting the share capital, and in particular share splits or consolidations or the allotment of free shares, or of transactions affecting shareholders’ equity, the abovementioned amount will be adjusted to take account of the impact of the value of such transactions on the share value. The General Meeting notes, for information purposes, that the maximum purchase price per share of €32 (or the exchange value of this amount in any other currency at the same date), excluding acquisition fees and on the basis of the number of shares comprising the Company’s share capital at December 31, 2021, corresponds to the total amount allocated to the share buyback program, the subject of this resolution, i.e., €917,955,744, excluding acquisition fees. The General Meeting delegates to the Executive Board, which may sub-delegate under the conditions provided by law, in the event of a change in the par value, the power to carry out the following transactions (i) capital increase by capitalization of reserves, (ii) allotment of free shares, (iii) share splits or consolidations, (iv) reserve or other asset distributions, (v) capital amortization, or (vi) any other transaction affecting the shareholders’ equity, as well as the power to adjust the abovementioned maximum purchase price to take into account the impact on the value of the share. The General Meeting delegates to the Executive Board, which may sub- delegate under the conditions provided by law, all powers to implement this authorization, to carry out these transactions, to determine the terms and conditions thereof, to enter into any agreements and to complete any formalities, to issue stock exchange instructions, to allocate or reallocate purchased shares to various objectives, and to submit any declarations to the AMF or any other competent authority. The General Meeting sets the authorization period at 18 months, from the date of this General Meeting, and notes that, from this same date, this delegation of authority supersedes the delegation of authority granted by the eighteenth resolution of the Company’s General Meeting of June 17, 2021. 334 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

Resolutions of the Extraordinary General Meeting Nineteenth resolution (Delegation of authority to the Executive Board, for a period of 26 months, to reduce the share capital by canceling treasury shares) The General Meeting, acting under the conditions of quorum and majority required for Extraordinary General Meetings and having considered the Executive Board’s report and the Statutory Auditors’ special report, authorizes the Executive Board to reduce the share capital, on one or more occasions, in such proportions and at such times as it shall decide, by canceling any number of treasury shares as it shall decide within the limits authorized by law, in accordance with the provisions of Articles L. 22-10-62 et seq. of the French Commercial Code and L. 225-213 of said Code. On the date of each cancellation, the maximum number of shares canceled by the Company during the 24-month period preceding such cancellation (including the shares subject to said cancellation) may not exceed 10% of the shares comprising the Company’s share capital on that date, i.e., for information purposes, as of December 31, 2021, a maximum of 28,686,117 shares, on the understanding that this limit applies to the amount of the Company’s share capital as adjusted, where necessary, to take into account the impact of any transactions affecting the share capital after this General Meeting. The General Meeting confers all necessary powers on the Executive Board, which may delegate such powers under the conditions provided for by law and the Company’s bylaws, to charge the difference between the book value of the canceled shares and their par value to any reserve or share premium accounts, to approve the terms and conditions of the cancellations, to complete any share cancellation or capital reduction transactions that may be carried out pursuant to this authorization, to make the corresponding amendments to the bylaws, to submit any declarations to the AMF and to complete all formalities. With effect from the date hereof, this authorization supersedes the delegation of authority granted by the nineteenth resolution of the Company’s General Meeting of June 17, 2021. It is given for a period of 26 months with effect from the date hereof. Twentieth resolution (Delegation of authority to the Executive Board, for a period of 38 months, to allot free shares of the Company, without preemptive subscription rights) The General Meeting, acting under the conditions of quorum and majority required for Extraordinary General Meetings and having reviewed the report of the Executive Board and the special report of Statutory Auditors, and subject to the prior authorization of the Supervisory Board, and in accordance with the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 et seq. of the French Commercial Code: 1. Authorizes the Executive Board, pursuant to the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 et seq. of the French Commercial Code, under the conditions defined hereafter and after obtaining prior authorization from the Supervisory Board, on one or on more occasions, to allot existing or future free ordinary shares, to beneficiaries or categories of beneficiaries that it shall decide from amongst the employees of the Company or companies or groups of companies which are directly or indirectly related to it in accordance with the conditions provided for in Article L. 225-197-2 of said Code and/or the corporate officers of the Company or companies or groups of companies which are directly or indirectly related to it and meet the conditions provided for in Article L. 225-197-1 II of said Code, in the conditions defined hereafter; 2. Resolves that the existing or future shares allotted pursuant to this authorization may not represent more than 1% of the share capital at the date of the Executive Board’s decision; 3. Resolves that: • The number of shares allotted to the Company’s corporate officers, which will be deducted from the 1% ceiling mentioned in paragraph 2 above, may not exceed 0.3% of the Company’s share capital at the date the Executive Board decides to allot them, • Vesting of all shares must be subject to performance conditions, it being specified that by way of exception, and for a total not exceeding 0.15% of the capital, the vesting of shares allocated to beneficiaries other than members of the Group’s management may not be subject to performance conditions; 4. Resolves that the allotment of said shares to their beneficiaries will become final at the expiration of a minimum three-year vesting period, following which the beneficiaries may not be subject to any lock-up period, on the understanding that the allotment of said shares will become final before the expiration of the abovementioned vesting period in the event of second or third category disability within the meaning of Article L. 341-4 of the French Social Security Code (Code de la sécurité sociale) or the equivalent disposition outside of France, and that said shares will be freely transferable in such case; 5. Resolves that the Executive Board will have all necessary powers, which it may delegate under the conditions provided for by law and the Company’s bylaws, to implement this delegation of authority, notably in order: • To determine whether the free shares exist or must be issued and, where appropriate, to modify its choice before the final allotment of the shares, • To determine the identity of the beneficiaries, or the category or categories of beneficiaries, of the allotment of shares from among the employees and corporate officers of the Company or of the abovementioned companies or groups of companies, and the number of shares allotted to each of them (it being specified that the allotments of free shares granted to members of the Executive Board will be decided beforehand by the Supervisory Board), • To establish (or not) a lock-up period following the vesting period and, where necessary, the length of said period it being specified that with respect to the free shares allotted to corporate officers, the Executive Board must either (a) decide that the free shares may not be transferred by the beneficiaries before the end of their term of office, or (b) determine the number of free shares that the beneficiaries must hold in registered form until the end of their term of office, • To set the conditions and criteria by which shares will be allotted, in particular the vesting period, in accordance with the above conditions, • To determine the performance conditions attached to the final allotment of shares subject to performance conditions, • To provide for the possibility to temporarily suspend allotment rights in the event of financial transactions, • To record the final allotment dates and the dates from which the shares may be freely sold, taking into account legal restrictions, and to lift the unavailability of the shares in any circumstances for which this resolution or the applicable regulations would allow, • In the event of the issue of new shares, to charge the amounts required to pay for said shares, where necessary, to reserves, profits or issue premiums, to record the capital increases carried out under this authorization, to set the dates from which the new shares will be entitled to distributions, to make the corresponding amendments to the bylaws, and generally to take all steps and carry out all formalities necessary; KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 335 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM General Meeting of Shareholders 7

6. Resolves that the Company may, where appropriate, adjust the number of free shares necessary to preserve beneficiaries’ rights in the event of any transactions affecting the Company’s share capital, as provided in Article L. 225-181 of the French Commercial Code. The shares allotted in accordance with these adjustments will be deemed to be allotted at the same date as the initially allotted shares; 7. Notes that in the event of the free allotment of new shares to be issued, this authorization shall entail, as and when the said shares are definitively allotted, a capital increase by capitalization of reserves, profits and premiums in favor of the beneficiaries of the said shares, and notes that this authorization automatically results in the waiver by the shareholders, in favor of the beneficiaries of the free allotment of new shares to be issued, of their preemptive right to subscribe to the ordinary shares to be issued as and when the said free shares are definitively allotted, and of any right to subscribe to the free shares allotted under this authorization; 8. Notes that, in the event that the Executive Board uses this authorization, it will inform the General Meeting every year of the transactions carried out pursuant to the provisions of Articles L. 225-197-1 to L. 225-197-3 of the French Commercial Code, under the conditions provided for in Article L. 225-197-4 of said Code; 9. Notes that, with effect from the date hereof, this authorization supersedes any prior authorization given to the Executive Board to allot existing or future free shares to employees and corporate officers of the Group or to some of them; 10. Resolves that this authorization will be given for a period of 38 months with effect from the date hereof. Resolution of the Ordinary General Meeting Twenty-first resolution (Powers for formalities) The General Meeting, acting under the conditions of quorum and majority required for Ordinary General Meetings, confers all necessary powers on the bearer of an original, copy or extract of the minutes of this General Meeting to carry out all filing and other formalities required by law. 7.3 DESCRIPTION OF THE TREASURY SHARE BUYBACK PROGRAM Pursuant to Articles 241-1 et seq. of the General Regulation of the AMF, this section provides details of the treasury share buyback program that will be submitted to the Ordinary and Extraordinary General Meeting of April 26, 2022 (the “2022 Share Buyback Program”). 7.3.1 Date of the General Meeting of Shareholders called to approve the 2022 Share Buyback Program April 26, 2022 7.3.2 Shares held by the Company as of January 31, 2022 As of January 31, 2022, Klépierre directly or indirectly held 1,477,721 shares, representing 0.52% of its share capital for an overall amount of €34,006,264.83 (book value). The above figures and the following information take into account the total number of shares comprising the Company’s share capital as of January 31, 2022, i.e., 286,861,172 shares. 7.3.3 Breakdown by objective of the shares held by Klépierre as of January 31, 2022 As of January 31, 2022, • 1,477,421 shares are allocated to any stock purchase option plans offered by the Company, allotments of free shares or external growth transactions; • 300 shares are allocated to maintaining a liquid market in the Klépierre share on Euronext Paris under the liquidity agreement entered into with Rothschild Martin Maurel in January 2019 that complies with the applicable legal framework, in particular Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014, Commission Delegated Regulation (EU) No. 2016/908 of February 26, 2016, Articles L. 22-10-62 et seq. of the French Commercial Code, decision 2018-01 of the AMF of July 2, 2018 and the legislation referred to therein. 336 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Description of the treasury share buyback program 7

7.3.4 Objectives of the 2022 Share Buyback Program The objectives of the 2022 Share Buyback Program are as follows: • To maintain the secondary market in or liquidity of the Klépierre SA share through an investment services provider pursuant to a liquidity agreement that complies with decision no. 2021-01 of June 22, 2021 of the French financial markets authority (Autorité des marchés financiers – AMF) or with market practices permitted by the AMF; or • To hold the shares purchased for subsequent delivery (as exchange, payment or other) as part of an acquisition, merger, spin-off or asset transfer transaction; or • To allot free shares of the Company under the provisions of Articles L. 225-197-1 et seq. and L. 22-10-59 et seq. of the French Commercial Code or of any similar plan; or • To allot or sell shares to employees in connection with an employee profit-sharing plan or pursuant to an employee savings plan under the conditions provided for by law, in particular Articles L. 3332-1 et seq. of the French Labor Code (Code du travail); or • To implement any Company stock option plan in accordance with the provisions of Articles L. 225-177 and L. 22-10-56 et seq. of the French Commercial Code or any other similar plan; or • In general, to honor obligations with respect to stock option programs or other share allotments to employees or corporate officers of the Company or of a related company; or • To deliver shares on the exercise of rights attached to securities giving rights to shares of the Company by redemption, conversion, exchange, presentation of a warrant or any other means; or • To cancel all or a portion of the securities purchased in this way. 7.3.5 Maximum portion of the share capital to be acquired and maximum number of shares that may be acquired under the 2022 Share Buyback Program The number of shares that the Company will be authorized to purchase may not exceed 10% of the shares comprising the Company’s share capital at any time, this percentage being applied to the share capital as adjusted to take into account any transactions affecting the share capital after this General Meeting. For information purposes, based on the share capital as of January 31, 2022, less the 1,477,721 shares held in treasury at this date, the maximum number of shares that may be purchased is 27,208,396. The number of shares that the Company will be authorized to hold at any given time may not exceed 10% of the shares comprising the Company’s share capital at the relevant date. For information purposes, based on the share capital existing at January 31, 2022, the maximum number of shares that can be held totals 28,686,117. 7.3.6 Maximum authorized purchase price per share The maximum purchase price would be €32 per share, on the understanding that this price may be adjusted in the event of any transactions affecting the share capital or shareholders’ equity, in order to take into account the impact of such transactions on the share value. The maximum amount of funds that can be used to finance the 2022 Share Buyback Program is estimated at €917,955,744, calculated on the basis of a maximum purchase price of €32 per share and the share capital of Klépierre on January 31, 2022. 7.3.7 Duration of the 2022 Share Buyback Program In accordance with the twentieth resolution of the General Meeting, the 2022 Share Buyback Program may be carried out over an 18-month period following that date, i.e., until October 26, 2023. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 337 SHARE CAPITAL AND SHAREHOLDING, GENERAL MEETING, AND SHARE BUYBACK PROGRAM Description of the treasury share buyback program 7
8 Additional information 338 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT
8.1 GENERAL INFORMATION 340 8.1.1 Legal information 340 8.1.2 Corporate purpose 340 8.1.3 Tax regime 340 8.1.4 Other disclosures 340 8.2 DOCUMENTS AVAILABLE 341 8.3 STATEMENT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, WHICH SERVES AS THE ANNUAL FINANCIAL REPORT 341 8.4 PERSONS RESPONSIBLE FOR THE STATUTORY AUDIT AND THE FINANCIAL INFORMATION 342 8.4.1 Persons responsible for the statutory audit 342 8.4.2 Person responsible for financial information 342 8.5 PROPERTY PORTFOLIO AS OF DECEMBER 31, 2021 343 8.5.1 Shopping centers 343 8.5.2 Convenience shopping centers and other retail properties 346 8.5.3 Overview of valuation reports prepared by Klépierre’s independent external appraisers 346 8.6 SIMPLIFIED ORGANIZATION CHART AS OF DECEMBER 31, 2021 348 8.7 INFORMATION ABOUT THE SHARES 349 8.8 CROSS-REFERENCE TABLES 350 8 Additional information KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 339

8.1 GENERAL INFORMATION 8.1.1 Legal information (1) The information on the corporate website does not form part of this document, unless incorporated by reference. Company name Klépierre Paris Trade and Companies Registry SIREN registration number: 780 152 914 SIRET number: 780 152 914 00237 NAF/APE code: 6820B Legal entity identifier 969500PB4U31KEFHZ621 Term of the Company The Company’s term was set at 99 years, expiring on October 3, 2067. Legal form Klépierre is a French joint-stock corporation (société anonyme) with an Executive Board and a Supervisory Board subject to the legal provisions applicable to French joint-stock corporations, in particular Articles L. 225-57 to L. 225-93 of the French Commercial Code (Code de commerce) and by its own bylaws. Registered office 26, boulevard des Capucines, 75009 Paris (France) (tel.: +33 (0)1 40 67 54 00) 8.1.2 Corporate purpose Klépierre’s corporate purpose is set out in Article 2 of the bylaws, as follows: • To acquire, sell or exchange, whether directly or indirectly, any land, real-estate rights and buildings, located in France or abroad, as well as all goods and rights that might constitute an addition or annex to said buildings; • Through its subsidiaries, to construct buildings on its own account or on behalf of Group companies and engage in all operations directly or indirectly related to the construction of these buildings; • To operate and enhance property value by leasing such properties or otherwise; • To enter into any lease agreement as a tenant, in France or abroad; • To acquire direct or indirect equity interests in the persons indicated in Article 8 and in paragraphs 1, 2 and 3 of Article 206 of the French Tax Code (Code général des impôts) and, more generally, to acquire equity interests in any company whose purpose is to operate rental properties; • As a subsidiary matter, to acquire or dispose of equity interests in any company or enterprise exercising any type of activity in the real estate sector; and • More generally, to engage in all types of civil, commercial, financial, investment and real estate transactions directly related to the aforementioned purpose or in the furtherance thereof, in particular, borrowing and the constitution of any guarantees or pledges required in relation thereto. 8.1.3 Tax regime The Company has elected to be taxed under the French real estate investment company (Sociétés d’investissement immobilier cotées – SIIC) tax regime in accordance with the terms of Article 208 C of the French Tax Code. As such, it is exempt from corporate income tax on: • Earnings from rental properties, provided that 95% of such earnings are distributed to shareholders before the end of the fiscal year that follows the year in which they are generated; • Capital gains from the sale of property, investments in partnerships with a corporate purpose identical to that of a SIIC or shareholdings in subsidiaries that have elected for the SIIC regime, provided that 70% of these capital gains are distributed to shareholders before the end of the second fiscal year following the year in which they are generated; • Dividends received from subsidiaries having elected for SIIC status where these dividends arise as a result of profits and/or capital gains that are exempt from corporate income tax under the SIIC regime, provided that they are distributed during the fiscal year following the year in which they are generated. 8.1.4 Other disclosures Website: www.klepierre.com (1) . The Company’s bylaws are available in full on its website and are incorporated by reference in this Universal Registration Document. 340 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION General information 8

8.2 DOCUMENTS AVAILABLE (1) In accordance with the template of annex 1 of AMF Instruction DOC-2019-21 – Modalités de dépôt et de publication des prospectus (in French only, Procedures for submitting and publishing prospectuses). The updated bylaws, as well as appraisals and statements made by experts at the Company’s request, and all other documents that must be kept at the disposal of shareholders in accordance with the law, may be consulted at the Company’s registered office: 26, boulevard des Capucines, 75009 Paris. (tel.: +33 (0)1 40 67 54 00). Copies of this universal registration document are available free of charge from the Company’s registered office and on its website (www.klepierre.com), as well as on the website of the French financial markets authority (Autorité des marchés financiers – AMF) (www.amf-france.org). 8.3 STATEMENT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, WHICH SERVES AS THE ANNUAL FINANCIAL REPORT (1) I hereby declare that the information contained in this universal registration document is, to my knowledge, in accordance with the facts and contains no omissions likely to affect its import. I further declare that, to the best of my knowledge, the financial statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of operations of the Company and of all the entities included in the scope of consolidation, and that the management report (for which a cross-reference table is set out below on page 352) presents fairly the changes in business, results of operations and financial position of the Company and of all the entities included in the scope of consolidation and describes the main risks and uncertainties facing them. Paris, March 29, 2022 Jean-Marc Jestin Chairman of the Executive Board KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 341 ADDITIONAL INFORMATION Statement by the person responsible for the Universal Registration Document, which serves as the annual financial report 8

8.4 PERSONS RESPONSIBLE FOR THE STATUTORY AUDIT AND THE FINANCIAL INFORMATION 8.4.1 Persons responsible for the statutory audit Statutory Auditors Deloitte & Associés 6, place de la Pyramide 92908 Paris-La Défense Cedex, France 572 028 041 RCS Nanterre Damien Leurent/Emmanuel Proudhon First appointed: General Meeting of Shareholders of June 28, 2006 Last renewed: General Meeting of Shareholders of April 19, 2016 Term expires: General Meeting of Shareholders of 2022 to be called to approve the financial statements for fiscal year 2021 Ernst & Young Audit 1-2, place des Saisons 92400 Courbevoie-Paris-La Défense 1, France 344 366 315 RCS Nanterre Bernard Heller First appointed: General Meeting of Shareholders of April 19, 2016 Term expires: General Meeting of Shareholders of 2022 to be called to approve the financial statements for fiscal year 2021 Alternate Statutory Auditors Société BEAS 6, place de la Pyramide 92908 Paris-La Défense Cedex, France 315 172 445 RCS Nanterre First appointed: General Meeting of Shareholders of June 28, 2006 Last renewed: General Meeting of Shareholders of April 19, 2016 Term expires: General Meeting of Shareholders of 2022 to be called to approve the financial statements for fiscal year 2021 Picarle & Associés 1-2, place des Saisons 92400 Courbevoie-Paris-La Défense 1, France 410 105 894 RCS Nanterre First appointed: General Meeting of Shareholders of April 19, 2016 Term expires: General Meeting of Shareholders of 2022 to be called to approve the financial statements for fiscal year 2021 8.4.2 Person responsible for financial information Jean-Michel Gault Chief Financial Officer, member of the Executive Board Tel.: +33 (0)1 40 67 54 00 342 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Persons responsible for the statutory audit and the financial information 8

8.5 PROPERTY PORTFOLIO AS OF DECEMBER 31, 2021 8.5.1 Shopping centers (1) Excluding €352 million reclassified to “Convenience shopping centers and other retail properties”. (2) Total sales area (including the hypermarket if there is one), plus storage area and not including aisles and shared tenant space. (3) Area owned by Klépierre or its joint-ventures on which it collects rents. France Property valuation of €8,084 million (total share basis, including transfer taxes) (1) Center Country Region Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (2) Rentable floor area (3) Klépierre equity interest Créteil, Créteil Soleil France Île-de-France 1974 2019-20 1991 135,130 102,286 80.0% Marne-la-Vallée – Serris, Val d’Europe France Île-de-France 2000 R/E 2017 2000 133,306 87,158 55.0% Thiais, Belle Épine France Île-de-France 1971 R 2015 2019 148,006 148,006 10.0% Toulouse, Blagnac France Occitanie 1993 R/E 2009 2004 96,140 96,140 54.0% Montpellier, Odysseum France Occitanie 2009 2009 73,386 53,434 100.0% Louvain-la-Neuve, Esplanade Belgium Walloon Brabant 2005 2005 55,659 55,659 100.0% Boulogne-Billancourt, Les Passages de l’Hôtel de Ville France Île-de-France 2001 R 2013 2001 23,738 23,738 50.0% Noisy-le-Grand, Arcades France Île-de-France 1978 R/E 2009 1995 57,553 41,466 54.0% Clermont-Ferrand, Jaude France Auvergne-Rhône-Alpes 1980 R/E 2015 1990 43,208 43,208 100.0% Bègles, Rives d’Arcins France Nouvelle Aquitaine 1995 R/E 2013 1996 97,856 75,657 52.0% Grenoble, Grand Place France Auvergne-Rhône-Alpes 1976 R/E 2002 2015 58,285 32,605 100.0% Paris, Saint-Lazare France Île-de-France 2012 2012 18,813 12,357 100.0% Écully, Grand Ouest France Auvergne-Rhône-Alpes 1972 R (car park) 2009 2001 47,505 16,975 83.0% Claye-Souilly, Les Sentiers de Claye-Souilly France Île-de-France 1972 E 2012 2001 66,122 35,173 55.0% Caen, Mondeville 2 France Normandy 1995 2015 45,467 19,454 100.0% Portet-sur-Garonne, Grand Portet France Occitanie 1972 2018 2001 54,830 27,453 83.0% Marseille, Grand Littoral France Provence-Alpes-Côte d’Azur 1996 R/E 2013 2015 107,376 58,074 100.0% Villiers-en-Bière France Île-de-France 1971 2016 2001 72,932 31,651 83.0% Marseille, Prado France Provence-Alpes-Côte d’Azur 2018 2018 23,147 23,147 60.0% Nice, Nice TNL France Provence-Alpes-Côte d’Azur 1981 R 2005 2015 27,345 12,369 100.0% Lattes, Grand Sud France Occitanie 1986 R/E 1993 2002 40,467 16,515 83.0% Roques-sur-Garonne France Occitanie 1995 R/E 2009 2011 53,442 39,442 100.0% Annecy, Courier France Auvergne-Rhône-Alpes 2001 R 2016 2001 21,502 21,120 58.0% Toulouse, Saint-Orens France Occitanie 1991 R/E 1998 2004 66,472 66,472 54.0% Pontault-Combault France Île-de-France 1978 R/E 1993 2001 58,984 13,892 83.0% Tourville, Tourville-la-Rivière France Normandy 1990 R 2011 2007 28,210 10,547 85.0% Rennes, Colombia France Brittany 1986 R 2016 2005 26,243 18,323 100.0% Le Havre, Espace Coty France Normandy 1999 2000 26,799 26,799 50.0% Toulon, Centre Mayol France Provence-Alpes-Côte d’Azur 1990 2015 46,296 20,517 40.0% Saint-Étienne, Centre 2 France Auvergne-Rhône-Alpes 1979 2015 35,158 38,474 100.0% Aubervilliers, Le Millénaire France Île-de-France 2011 2011 59,551 59,551 50.0% Givors, 2 Vallées France Auvergne-Rhône-Alpes 1976 R 2016 2001 33,586 15,389 83.0% Valenciennes, Place d’Armes France Hauts-de-France 2006 R 2016 2006 15,890 15,890 100.0% 9 other assets, accounting for 4.1% of the property valuation of France, are not included in the above table: Creil, Saint-Maximin – Toulouse, Nailloux Outlet Village – Valence, Victor Hugo – Sevran, Beau Sevran – Dieppe, Belvédère – Riom, Riom Sud – Marseille, Bourse – Drancy, Avenir – Sète Balaruc. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 343 ADDITIONAL INFORMATION Property portfolio as of December 31, 2021 8

Italy (1) Excluding €127 million reclassified to “Convenience shopping centers and other retail properties”. (2) Excluding €80 million reclassified to “Convenience shopping centers and other retail properties”. (3) Total sales area (including the hypermarket if there is one), plus storage area and not including aisles and shared tenant space. (4) Area owned by Klépierre or its joint-ventures on which it collects rents. Property valuation of €3,875 million (total share basis, including transfer taxes) (1) Center Region Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (3) Rentable floor area (4) Klépierre equity interest Roma, Porta di Roma Lazio 2007 R 2016 2015 96,962 73,290 50.0% Naples, Campania Campania 2007 E 2014 2015 93,567 88,157 100.0% Turin, Shopville Le Gru Piedmont 1994 R 2013 2015 86,957 86,957 100.0% Assago (Milan), Milanofiori Lombardy 1988 E 2018 2005 50,199 31,426 100.0% Bologna, Shopville Gran Reno Emilia-Romagna 1993 2015 38,344 23,270 100.0% Venice, Nave de Vero Veneto 2014 2015 39,036 39,036 100.0% Milan, Globo I-II-III Lombardy 1993/2001/2004 E 2006 2015 94,312 30,452 100.0% Modena, Grandemilia Emilia-Romagna 1996 2015 39,688 19,779 100.0% Savignano s. Rubicone (Rimini), Romagna Center Emilia-Romagna 1992 R/E 2014 2002 72,567 51,390 100.0% Lonato, Il Leone di Lonato Lombardy 2007 2008 46,710 30,225 50.0% Cagliari, Le Vele & Millennium Sardinia 1998 R 2013 2015 43,536 32,306 100.0% Udine, Citta Fiera Friuli Venezia Giulia 1992 E 2015 2015 117,148 47,995 49.0% Varese, Belforte Lombardy 1988 E 2012 2002 28,904 10,029 100.0% Vittuone, Il Destriero Lombardy 2009 2009 27,240 16,043 100.0% Pavia, Montebello della Battaglia, Montebello Lombardy 1974 E 2005 2002 62,789 43,994 50.0% Bergamo, Seriate, Alle Valli Lombardy 1990 R/E 2008 2002 34,347 10,984 100.0% Citta S. Angelo, Pescara Nord Abruzzo 1995 R/E 2010 2002 33,912 19,514 83.0% Verona, Le Corti Venete Veneto 2006 2008 31,223 16,394 50.0% Rome, La Romanina Lazio 1992 R/E 2009 2002 31,737 19,832 83.0% 5 other assets, accounting for 4.6% of the property valuation of Italy, are not included in the table above: Colonnella (Teramo), Val Vibrata – Vignate (Milan), Acquario Center – Rome, Tor Vergata – Lecce, Cavallino – Pesaro, Rossini Center. Scandinavia Property valuation of €3,053 million (total share basis, including transfer taxes) (2) Center Country Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (3) Rentable floor area (4) Klépierre equity interest Copenhagen, Field’s Denmark 2004 E 2015 2009 93,886 93,886 56.1% Malmö, Emporia Sweden 2012 2008 68,803 68,803 56.1% Oslo, Oslo City Norway 1988 2015 23,289 23,289 56.1% Ahrus, Bruun’s Galleri Denmark 2003 2008 34,860 34,860 56.1% Drammen, Gulskogen Senter Norway 1985 2010 2008 40,629 40,629 56.1% Partille, Allum Sweden 2006 2008 49,734 49,734 56.1% Örebro, Marieberg Sweden 1988 2009 2008 33,437 33,437 56.1% Lørenskog, Metro Senter Norway 1988 2009 2008 53,142 53,142 28.1% Borlänge, Kupolen Sweden 1989 2005 2008 37,641 37,641 56.1% 4 other assets, accounting for 5.4% of the property valuation of Scandinavia, are not included in the above table: Hamar, Maxi Storsenter (Norway) – Viejle, Bryggen (Denmark) – Stavanger, Arkaden Torgterrassen (Norway) – Kristiandstad, Galleria Boulevard (Sweden). 344 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Property portfolio as of December 31, 2021 8

Iberia (1) Excluding €63 million reclassified to “Convenience shopping centers and other retail properties”. (2) Excluding €63 million reclassified to “Convenience shopping centers and other retail properties”. (3) Total sales area (including the hypermarket if there is one), plus storage area and not including aisles and shared tenant space. (4) Area owned by Klépierre or its joint-ventures on which it collects rents. Property valuation of €2,069 million (total share basis, including transfer taxes) (1) Center Country Region Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (3) Rentable floor area (4) Klépierre equity interest Madrid Vallecas, La Gavia Spain Madrid 2008 R/E 2013 2008 85,423 50,143 100.0% Madrid, Plenilunio Spain Madrid 2006 R 2018 2015 70,561 70,561 100.0% Murcia, Nueva Condomina Spain Murcia 2006 R 2014 2017 110,371 110,371 100.0% Santa Cruz de Tenerife, Meridiano Spain Canary Islands 2003 R 2015 2003 42,948 27,361 100.0% Madrid, Principe Pio Spain Madrid 2004 2015 28,981 28,981 100.0% Gondomar (Porto), Parque Nascente Portugal North 2003 2003 66,249 49,749 100.0% Barcelona, Maremagnum Spain Catalonia 1995 R 2012 2015 22,632 22,632 100.0% Portimão, Aqua Portimão Portugal South 2011 2011 35,713 23,999 50.0% Guimarães, Espaço Guimarães Portugal North 2009 2015 49,391 33,107 100.0% Netherlands and Germany Property valuation of €1,895 million (total share basis, including transfer taxes) Center Country Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (3) Rentable floor area (4) Klépierre equity interest Utrecht, Hoog Catharijne Netherlands 1973 R/E 2015 2015 196,525 165,693 100.0% Dresden, Centrum Galerie Dresden Germany 2009 R/E 2014 2015 68,414 68,414 100.0% Rotterdam, Alexandrium Netherlands 1984 R 2001 2015 49,988 47,509 100.0% Duisburg, Forum Duisburg Germany 2008 R/E 2008 2015 59,247 59,247 100.0% Hildesheim, Arneken Galerie Hildesheim Germany 2012 R/E 2012 2015 27,969 27,969 95.0% Rotterdam, Markthal Netherlands 2014 2015 11,802 11,802 95.0% 2 other assets, accounting for 3.4% of the property valuation of the Netherlands and Germany, are not included in the table above: Amsterdam, Villa Arena (Netherlands) – Duisburg, Königsgalerie (Germany). Central Europe and Other Property valuation of €1,052 million (total share basis, including transfer taxes) (2) Center Country Opening date Last renovation/ extension Acquired by Klépierre Gross leasable area (3) Rentable floor area (4) Klépierre equity interest Prague, Nový Smíchov Czech Republic 2001 R 2011 2001 57,567 57,567 100.0% Istanbul, Akmerkez Turkey 1993 2010 2015 33,077 33,077 46.0% Poznan, Poznan Plaza Poland 2005 R 2019 2005 29,446 29,446 100.0% Warsaw, Sadyba Best Mall Poland 2000 2005 26,243 26,243 100.0% Lublin, Lublin Plaza Poland 2007 R 2018 2007 25,941 25,941 100.0% Plzeň, Plzeň Plaza Czech Republic 2007 2008 19,704 19,704 100.0% 3 other assets, accounting for 8.3% of the property valuation of Central Europe and Other, are not included in the table above: Bursa, Anatolium (Turkey) – Tekirdağ, Tekira (Turkey) – Rybnik, Rybnik Plaza (Poland). KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 345 ADDITIONAL INFORMATION Property portfolio as of December 31, 2021 8

8.5.2 Convenience shopping centers and other retail properties Property valuation of €685 million (total share basis, including transfer taxes) Country City, center France • Chartres, La Madeleine – Angoulême, Champ de Mars, Cholet La Séguinière Outlet – Marseille, Le Merlan – Besançon, Les Passages Pasteur – Metz, St-Jacques – Carcassonne, Salvaza – Mérignac, Mérignac Soleil PAC – Orgeval, Capteor – Marzy (Nevers) • Other retail properties (formerly Klémurs, 158 retail units) Other countries • Italy: Senigallia, Il Maestrale – Solbiate Olona, Le Betulle – Serravalle Scrivia, Serravalle – Cremona (Gadesco), Cremona Due – Moncalieri (Turin) – Collegno (Turin), La Certosa – Bergame, Brembate – Como, Grandate – Matera • Scandinavia: Oslo, Økernsenteret (Norway) – Odense, Viva (Denmark) • Iberia: Parla, El Ferial (Spain) – Jaén, La Loma (Spain) – Oviedo, Los Prados (Spain) – Vinaroz, Portal Mediterráneo (Spain) • Central Europe & Other: Denizli, Teras Park (Turkey) – Sosnowiec, Sosnowiec Plaza (Poland) – Ruda Slaska, Ruda Slaska Plaza (Poland) – Tarsus, Tarsu (Turkey) – Thessaloniki, Makedonia (Greece) – Patras, Patra Mall (Greece) – Adapazari, Adacenter (Turkey) – Thessaloniki, Efkarpia (Greece) 8.5.3 Overview of valuation reports prepared by Klépierre’s independent external appraisers General context of the valuation Context and terms of the engagement This is a free translation into English of the valuation report issued in French and is provided solely for the convenience of English speaking readers. Context and terms of the engagement In accordance with the instructions of Klépierre (“the Company”) as detailed in the signed valuation agreements between Klépierre and the appraisers, we have valued the assets held by the Company taking account of the nature of their ownership (freehold, ground lease, etc.). This Summary Report, which outlines the terms of our engagement, has been prepared for inclusion in the Company’s Universal Registration Document. The valuations were undertaken by our valuation teams in each of the various countries and were reviewed by the pan-European valuation teams. In order to estimate the market value for each asset, we have taken into consideration domestic real estate transactions as well as the other valuations undertaken in Europe, in order to maintain a consistent approach and to take account of all available market transactions and information. The valuations were performed using the discounted cash flow and capitalization methods, which are regularly used for these types of assets. Our valuations were performed as of December 31, 2021. Standards and general principles applied We confirm that our valuations were performed in accordance with the appropriate sections of the June 2017 Edition of the RICS Valuation – Global Standards 2017 (“Red Book”), effective July 1, 2017. This is an internationally-accepted valuation basis. Our valuations are compliant with IFRS and IVSC guidance. The valuations were prepared on the basis of the recommendation of the French financial markets authority (Autorité des marchés financiers – AMF) on valuation data pertaining to the real estate assets of listed companies, as published on February 8, 2010. They also take into account the recommendations of the Barthès de Ruyter report on the valuation of real estate of listed companies, as published in February 2000. We confirm that we have prepared our valuations as external and independent valuers, as defined by the RICS Red Book. We also confirm that the appraisals were performed in accordance with the principles of IFRS 13, i.e., on the basis of the “highest and best use” of each asset. The market value set out hereafter generally approximates fair value within the meaning of IFRS, and particularly IFRS 13. Basis of valuation Our valuations correspond to market values and are reported to the Company on both a net basis (after deduction of transfer duties and costs) and gross basis (before deduction of transfer duties and costs). Valuation considerations and assumptions Information The Company’s management was asked to confirm that the information provided relating to the assets and tenants was complete and accurate in all significant aspects. Consequently, we have assumed that all relevant information known by Company employees that could have an impact on values was made available to us and that this information was up to date in all material respects. This includes running costs, work undertaken, financial information (including doubtful debts), turnover rents, lettings signed or in the process of being signed and lease incentives, in addition to the list of leases in force and vacant units. Floor areas We have not measured the assets and have therefore based our valuations on the floor areas that were provided to us. Environmental analysis and ground conditions We have not been asked to undertake a study of ground conditions or an environmental analysis, and therefore have not investigated past events in order to determine if the ground or buildings are or have been contaminated. Unless provided with information to the contrary, we have worked on the assumption that the assets are free from historic ground contamination or potential contamination, and that the condition of the land will not affect its current or future usage. 346 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Property portfolio as of December 31, 2021 8

Planning regulations We have not reviewed the relevant planning permissions and have assumed that the assets have been built, and are occupied and used, in conformity with all necessary authorizations and that the land is free of legal restrictions. We have assumed that the layout of the assets conforms to legal requirements and planning regulations, including as regards structures, fire protection, health and safety, and security. We have also assumed that any extensions in progress are being undertaken in line with planning regulations and that all necessary authorizations have been obtained. Title deeds and tenancy schedules Our work was based on the tenancy schedules, summaries of additional revenues, non-recoverable charges, capital projects and business plans provided to us. We have assumed, beyond that which is set out in our individual asset reports, that the assets are not subject to any constraints that could impede a sale, and that they are free from any restrictions or charges. We have not reviewed the title deeds and have taken as correct the rental, occupational and all other pertinent information provided to us by the Company. Condition of the assets We observed the general condition of each asset during our inspection. While our engagement does not include a building or structural survey, we have indicated in our report any disrepair that was visible during our inspection. The assets were valued based on the information provided by the Company, which state that no deleterious or harmful materials were used in their construction. Taxation Our valuations were performed without taking into account any fees or taxes that may be applicable in the event of a transfer. Rental and market values are stated net of value-added taxes. Confidentiality and disclosure In accordance with our standard practice, we confirm that our valuation reports are confidential and are addressed solely to the Company. Accordingly, we accept no liability to third parties. This report, or an extract thereof, may not be published or reproduced in any document, declaration, memorandum or communication with any third party without our prior written consent as regards the form and context in which this information may appear. In signing this Summary Report, the individual valuation firms accept no liability for the valuations carried out by the other firms. Jean-Philippe Carmarans Head of Valuation France Cushman & Wakefield Jean-Claude Dubois Chairman BNP Paribas Real Estate Valuation France Arabella Edwards Head of Valuation, JLL France JLL Expertises Christian Robinet Senior Director CBRE Valuation KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 347 ADDITIONAL INFORMATION Property portfolio as of December 31, 2021 8

8.6 SIMPLIFIED ORGANIZATION CHART AS OF DECEMBER 31, 2021 Shopping centers France Klécar France �3 Progest 100 Real estate companies Klépierre Management 100 Klépierre Brand Ventures 100 Klépierre Gift Cards 100 Klépierre Procurement International 100 Klépierre Finance 100 Financière Corio 100 Belgium Real estate companies 100 Klépierre Management Belgique 100 Klépierre Finance Belgique 100 Spain Real estate companies 100 Klépierre Molina 100 Klépierre Management España 100 Italy Klécar Italia �3 Clivia Spa 50 Klépierre Italia 100 Real estate companies 100 ISCI 50 Klépierre Management Italia 100 Klépierre Finance Italie 100 Portugal Real estate companies 100 Klépierre Management Portugal 100 Luxembourg Holding Klégé 50 Reluxco 100 Greece Real estate companies 100 Klépierre Management Hellas 100 Netherlands Capucine BV 100 Klépierre Nordica BV 100 Klépierre Nederland BV 100 Real estate companies 100 Klépierre Management Nederland BV 100 Turkey Real estate companies Germany Real estate companies Klépierre Management Deutschland 100 Poland Real estate companies 100 Klépierre Management Polska 100 Czech Republic Real estate companies 100 Klépierre Management Ceska Republika 100 Slovakia Real estate companies 100 Klépierre Management Slovensko 100 * Norway Sweden Denmark Steen & Strøm AS 5��1 Real estate companies Management companies Other activities France Klémurs 100 Klé dir 100 Klépierre Conseil 100 Klé Start 100 Legend % Direct or indirect percentage control of Klépierre SA at December 31, 2021 Real estate business Service business Company management and/or administration * Subsidiary (Steen & Strøm) covering the Scandinavian countries, 5��1%-owned with Storm ABP 348 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Simplified organization chart as of December 31, 2021 8

8.7 INFORMATION ABOUT THE SHARES Klépierre shares are traded on Euronext Paris (compartment A). ISIN code FR0000121964 Ticker symbol LI Trading market Euronext Paris – Compartment A Number of shares 286,861,172 Core indices Euronext CAC Next 20, Euronext SBF 120, Euro STOXX Index, MSCI World, MSCI Europe, S&P Developed ex-US, S&P Europe, STOXX Europe 600 Real Estate Sector indices DJ Global Select Real Estate Securities, Euronext IEIF REIT Europe, Euro STOXX Real Estate, FTSE EPRA/NAREIT Global, FTSE EPRA/NAREIT Developed, S&P Eurozone REIT, S&P Global Ex-US Property, STOXX Europe 600 Real Estate ESG indices Euronext CAC 40 ESG Index, Euronext Eurozone ESG Large 80, Euronext Vigeo Euro 120, Euronext Vigeo Europe 120, FTSE4Good Europe, FTSE4Good Global, MSCI Europe ESG Leaders, MSCI Global Green Building, MSCI World Custom ESG Climate Series, STOXX Europe 600 ESG, STOXX Europe Climate Impact, STOXX Sustainability For more information, please see chapter 7 of this Universal Registration Document, “Share capital and shareholding, general meeting and share buyback program”. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 349 ADDITIONAL INFORMATION Information about the shares 8

8.8 CROSS-REFERENCE TABLES Cross-reference table for the headings in Annex 1 of Commission Delegated Regulation (EU) 2019/980 The cross-reference table below helps to identify, within this Universal Registration Document, the information referred to in the headings of Annex 1 of Commission Delegated Regulation (EU) 2019/980. Page no. SECTION 1 PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS’ REPORTS AND COMPETENT AUTHORITY APPROVAL 1; 341-342 SECTION 2 STATUTORY AUDITORS 342 SECTION 3 RISK FACTORS 225-247 SECTION 4 INFORMATION ABOUT KLÉPIERRE 340 SECTION 5 BUSINESS OVERVIEW Item 5.1 Principal activities 40-48; 10-11; 343-347 Item 5.2 Principal markets 10-11 Item 5.3 Important events in the development of Klépierre’s business 8-9 Item 5.4 Strategy and objectives 12-19; 67 Item 5.5 Risk of dependency on patents or licenses, industrial, commercial or financial contracts or new manufacturing processes N/A Item 5.6 Competitive position 10 Item 5.7 Investments 51-53; 67 SECTION 6 ORGANIZATIONAL STRUCTURE Item 6.1 Brief description of the Group 348 Item 6.2 Significant subsidiaries 186-190 SECTION 7 OPERATING AND FINANCIAL REVIEW Item 7.1 Financial condition 59-61; 128-131 Item 7.2 Operating results 40-67 SECTION 8 CAPITAL RESOURCES Item 8.1 Information concerning Klépierre’s capital resources (both short term and long term) 128-129 Item 8.2 Sources and amounts of and a narrative description of Klépierre’s cash flows 69; 130 Item 8.3 Information on Klépierre’s borrowing requirements and funding structure 59-91; 158-162 Item 8.4 Information regarding any restrictions on the use of capital resources that have materially affected, or could materially affect, directly or indirectly, Klépierre’s operations N/A Item 8.5 Anticipated sources of funds 59-61; 159 SECTION 9 REGULATORY ENVIRONMENT 203; 239; 340 SECTION 10 TREND INFORMATION 67 SECTION 11 PROFIT FORECASTS OR ESTIMATES 67 SECTION 12 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT Item 12.1 Information concerning members of the Executive Board and Supervisory Board 254-262; 270-271 Item 12.2 Information concerning conflicts of interests 264; 271 SECTION 13 COMPENSATION AND BENEFITS Item 13.1 Amount of remuneration paid and benefits in kind granted to the corporate officers 277-304 Item 13.2 Total amounts set aside or accrued to provide for pension, retirement or similar benefits 179-181; 186; 202 SECTION 14 BOARD PRACTICES Item 14.1 Date of expiration of the current term of office 262; 270-271 Item 14.2 Information about members of the management or supervisory bodies’ service contracts with Klépierre or any of its subsidiaries providing for benefits upon termination of employment 270-271; 277 Item 14.3 Information about the Audit Committee and the Nomination and Compensation Committee 267-268 Item 14.4 Statement attesting to compliance with a corporate governance regime 250 Item 14.5 Potential material changes on corporate governance N/A SECTION 15 EMPLOYEES Item 15.1 Number of employees and breakdown by category and location 105 Item 15.2 Shareholdings and stock options 179; 313-317 Item 15.3 Description of any arrangements for involving the employees in Klépierre’s capital 183-184; 311 SECTION 16 MAJOR SHAREHOLDERS Item 16.1 Shareholders holding more than 5% of the share capital or voting rights 311 Item 16.2 Existence of different voting rights 308 Item 16.3 Control of Klépierre 311 Item 16.4 Arrangements, known to Klépierre, the operation of which may at a subsequent date result in a change in control 311 350 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Cross-reference tables 8

Page no. SECTION 17 RELATED-PARTY TRANSACTIONS 318-319 SECTION 18 FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES Item 18.1 Historical financial information 128; 195; 222 Item 18.2 Interim and other financial information - Item 18.3 Auditing of historical annual financial information 191-194; 218-221 Item 18.4 Pro forma financial information - Item 18.5 Dividend policy 54-55 Item 18.6 Legal and arbitration proceedings 185 Item 18.7 Significant change in Klépierre’s financial position - SECTION 19 ADDITIONAL INFORMATION Item 19.1 Share capital 308 Item 19.2 Bylaws 341 SECTION 20 MATERIAL CONTRACTS 318 SECTION 21 DOCUMENTS AVAILABLE 341 Information incorporated by reference Pursuant to Article 19 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, the following information is incorporated by reference into this Universal Registration Document: • For fiscal year 2020: the consolidated financial statements and the Statutory Auditors’ Report on the consolidated financial statements for the year ended December 31, 2020, and the Company financial statements, the Statutory Auditors’ Report on the Company financial statements for the year ended December 31, 2020, as well as the financial information included in the management report, as presented in the Universal Registration Document filed with the AMF on March 31, 2021, under number D.21-0236; • For fiscal year 2019: the consolidated financial statements and the Statutory Auditors’ Report on the consolidated financial statements for the year ended December 31, 2019, and the Company financial statements, the Statutory Auditors’ Report on the Company financial statements for the year ended December 31, 2019, as well as the financial information included in the management report, as presented in the Universal Registration Document filed with the AMF on March 13, 2020, under number D.20-0123. The portions of these documents that are not referred to above are either not relevant for the investor, or are included elsewhere in this Universal Registration Document. Annual financial report cross-reference table In order to facilitate navigating this Universal Registration Document, the cross-reference table below helps to identify, within this Universal Registration Document, the information that makes up the annual financial report to be published by listed companies in accordance with Article L. 451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) and Article 222-3 of the General Regulation of the AMF. Annual financial report Page no. STATEMENT BY THE PERSONS RESPONSIBLE FOR THE DOCUMENT 341 MANAGEMENT REPORT 352 FINANCIAL STATEMENTS Company financial statements 195-217 Statutory Auditors’ reports on the Company financial statements 218-221 Consolidated financial statements 128-190 Statutory Auditors’ reports on the consolidated financial statements 191-194 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 351 ADDITIONAL INFORMATION Cross-reference tables 8

Management report cross-reference table The cross-reference table below helps to identify, within this Universal Registration Document, the information to be included in the management report in accordance with Articles L. 225-100 et seq., L. 232-1, L. 22-10-34 et seq., II and R. 225-102 et seq. of the French Commercial Code, as well as the information that makes up the corporate governance report. A table cross referencing governance disclosures pursuant to Articles L. 22-10-8 and L 22-10-9 of the French Commercial Code can be found in chapter 6, on pages 250-251. Page no. 1. INFORMATION RELATING TO THE COMPANY’S BUSINESS ACTIVITIES INFORMATION COVERED BY FRANCE’S “SAPIN II” LAW NO. 2016-1691 OF DECEMBER 9, 2016 Anti-corruption system 243 INFORMATION REFERRED TO IN ARTICLE L. 225-102-4 OF THE FRENCH COMMERCIAL CODE Duty of care plan and report on its implementation 70-122; 226-247 INFORMATION REFERRED TO IN ARTICLE L. 225-100-1 OF THE FRENCH COMMERCIAL CODE Objective, in-depth analysis of changes in the Company’s business, results of operations and financial position, notably as regards debt, and the volume and complexity of the business 40-67 Key financial performance indicators and, where applicable, non-financial performance indicators specifically related to the Company’s business, notably information concerning environmental and social matters 40-67; 70-122 Description of the main risks and uncertainties to which the Company is exposed 70-122 Details of the financial risks associated with the effects of climate change and the presentation of measures taken to mitigate them by implementing a low-carbon strategy across all aspects of its business 226-247 Main features of the internal control and risk management procedures put in place relating to the preparation and processing of financial and accounting information 241-246 INFORMATION REFERRED TO IN ARTICLES L. 232-1 AND L. 233-36 OF THE FRENCH COMMERCIAL CODE Overview of the Company’s situation and business during the fiscal year 40-67 Details on the Company’s prospects 67 Significant events arising between the fiscal year-end and the date on which this report was prepared 186 Details of research and development activity - Details of any Company branches - Non-tax-deductible expenses - NON-FINANCIAL PERFORMANCE STATEMENT REFERRED TO IN ARTICLE L. 225-102-1 OF THE FRENCH COMMERCIAL CODE Information about the manner in which the Company takes into account the social and environmental consequences of its activity, as well as its impacts on the respect for human rights and the prevention of corruption and tax evasion 120-121 Information on the impact of climate change on the Company’s business, and the use of the goods and services it produces 120-122 Societal commitments with regard to sustainability, the circular economy, combating food waste and insecurity, respect for animal welfare and fair, healthy and sustainable food 120-122 Details of any collective bargaining agreements entered into by the Company and their impacts on its economic performance, as well as on the working conditions of employees, and actions undertaken to prevent discrimination and promote diversity and measures to support disabled persons 120-122 INFORMATION REFERRED TO IN ARTICLES L. 441-6-1 AND D. 441-4 OF THE FRENCH COMMERCIAL CODE Information on payment times for suppliers and clients 223 INFORMATION REFERRED TO IN ARTICLES L. 511-6 AND R. 511-2-1-3 OF THE FRENCH MONETARY AND FINANCIAL CODE Amounts of loans due within less than two years granted by the Company on an ancillary basis to microenterprises, SMEs or middle-market companies with which it has economic ties justifying such loans - Statutory Auditors’ statement appended to the management report - 2. INFORMATION ON CORPORATE OFFICERS INFORMATION REFERRED TO IN ARTICLE L. 621-18-2 OF THE FRENCH MONETARY AND FINANCIAL CODE AND ARTICLE 223-26 OF THE GENERAL REGULATION OF THE AMF Summary of transactions in the Company’s securities during the past fiscal year by executives and the persons referred to in Article L. 621-18-2 of the French Monetary and Financial Code 313 INFORMATION REFERRED TO IN ARTICLES L. 225-197-1 II AND L. 225-185 OF THE FRENCH COMMERCIAL CODE Details of shareholding obligations imposed by the Supervisory Board on corporate officers until the end of their term of office, at the time of allotting free shares and stock options 286; 291; 294 3. TAX, LEGAL AND FINANCIAL INFORMATION INFORMATION REFERRED TO IN ARTICLE L. 225-102 OF THE FRENCH COMMERCIAL CODE Report on employee profit-sharing as of the last day of the fiscal year 311 INFORMATION REFERRED TO IN ARTICLE L. 233-6 OF THE FRENCH COMMERCIAL CODE Details of investments made during the year representing one-twentieth, one-tenth, one-fifth, one-third or one-half of the share capital or control of companies whose head offices are located in France 223 INFORMATION REFERRED TO IN ARTICLE L. 233-13 OF THE FRENCH COMMERCIAL CODE (BREAKDOWN OF THE SHARE CAPITAL, CHANGES IN SHARE OWNERSHIP AND TREASURY SHARES) Identity of private individuals or legal entities holding, directly or indirectly, more than one-twentieth, one-tenth, three-twentieths, one-fifth, one-quarter, one-third, one-half, two-thirds, eighteen-twentieths or nineteen-twentieths of the share capital or voting rights at the Company’s general meetings 311 Details of any changes during the year 310-311 Details of the names of controlled entities holding treasury shares and the proportion of the share capital held - INFORMATION REFERRED TO IN ARTICLES L. 233-29, L. 233-30 AND R. 233-19 OF THE FRENCH COMMERCIAL CODE (CROSS HOLDINGS) Share transfers carried out by the Company to reduce cross holdings to within the legal limits, in application of Articles L. 233-29 and L. 233-30 of the French Commercial Code - INFORMATION REFERRED TO IN ARTICLES L. 225-211 OF THE FRENCH COMMERCIAL CODE RELATING TO PURCHASES AND SALES OF TREASURY SHARES Number of shares purchased and sold during the year, in application of Articles L. 225-208, L. 225-209, L. 225-209-2, L. 228-12 and L. 228-12-1 of the French Commercial Code, average purchase and sale price, amount of trading fees, number of shares recorded in the name of the Company at the end of the fiscal year and their value based on the purchase price, as well as the nominal value of shares allocated to each specific objective, the number of shares used, any reallocations and the proportion of the share capital that they represent 223 352 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT ADDITIONAL INFORMATION Cross-reference tables 8

Page no. INFORMATION REFERRED TO IN ARTICLES R. 228-90, R. 225-138 AND R. 228-91 OF THE FRENCH COMMERCIAL CODE ON ADJUSTMENTS Details of adjustments to conversion ratios and the terms applicable to the subscription to and exercise of securities giving access to the share capital and stock options - INFORMATION REFERRED TO IN ARTICLE L. 464-2 OF THE FRENCH COMMERCIAL CODE (INJUNCTIONS OR SANCTIONS FOR ANTI-TRUST PRACTICES) Details of any injunctions or sanctions for anti-trust practices handed down by the anti-trust authorities - INFORMATION REFERRED TO IN ARTICLE 243 BIS OF THE FRENCH TAX CODE RELATING TO AMOUNTS OF DIVIDENDS PAID AND OF REVENUE DISTRIBUTED OVER THE LAST THREE FISCAL YEARS Amounts of dividends paid and of revenue distributed over the last three fiscal years 309 Details of changes made to the presentation of the Company financial statements 135-136 Observations made by the AMF on proposed appointments and re-appointments of Statutory Auditors - FIVE-YEAR FINANCIAL SUMMARY APPENDED TO THE MANAGEMENT REPORT, REFERRED TO IN ARTICLE L. 225-100 OF THE FRENCH COMMERCIAL CODE 222 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 353 ADDITIONAL INFORMATION Cross-reference tables 8
9 Glossary 354 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT

Glossary Act for Good® Act for Good® is Klépierre’s CSR approach. Through the implementation of its Act for Good® policy, Klépierre reconciles the requirements of operational excellence with environmental, societal and social performance. Act for Good® with Klépierre is based on three pillars: • “Act for the Planet”, which sums up the Group’s ambition to make a positive contribution to the environment; • “Act for Territories”, which illustrates the importance of the Group’s local involvement in the regions in which it operates; • “Act for People,” which is devoted to the well-being of Klépierre’s visitors, employees and clients. Each of the three pillars is broken down into specific quantified commitments, with a five-year timeframe (2022) supplemented by medium-term goals (2030). More information on this strategy is available in chapter 3 “Sustainable development” of this Universal Registration Document. Anchor tenant A retailer whose broad appeal as a consumer magnet plays a leading role in attracting and driving footfall within a specific retail or commercial zone, or shopping center. Box A stand-alone retail space that is generally situated near or in the parking lot of a shopping mall or retail park, designed to enhance its appeal. BREEAM (Building Research Establishment Environmental Assessment Method) Method of environmental assessment for buildings that was developed by the Building Research Establishment (UK). Capitalization rate (cap rate) The average capitalization rate corresponds to the ratio of total expected net rents for occupied and vacant properties to the value, excluding transfer taxes, of these same properties. Transfer taxes are paid upon change in ownership when the asset or its owning company is sold (notary fees, deed and title, registration, etc.). Catchment area A habitual or theoretical area from which a point of sale or shopping center draws its potential customers. The scope of this area is influenced by the distance and time it takes to gain access. Clubstore® All the actions taken to enhance the customer journey and experience in the Group’s shopping centers. Clubstore® is one of Klépierre’s strategic pillars. More information is available in chapter 1 “Group overview” of this Universal Registration Document. Collection rate The collection rate is calculated as the ratio of rents and charges collected to the amount of rents and charges billed to tenants. Corporate governance The system of rules, practices and processes through which the executive officers and Board of Directors or Supervisory Board direct and control a company in the interest of its shareholders and other stakeholders. Corporate governance also provides the framework within which corporate objectives are set, the resources needed to achieve them are defined, and performance assessment standards are agreed. Destination Food® Destination Food® is a comprehensive plan aimed at developing and enhancing the food and beverage offer in Klépierre’s shopping centers. More information is available in chapter 1 “Group overview” of this Universal Registration Document. Development pipeline Name given to all investments that the Group plans to undertake over a given period of time, concerning the creation, extension and/or renovation of portfolio assets or the acquisition of assets or companies. The Klépierre development pipeline is generally broken down into two categories: • Committed projects: projects that are in the process of completion or for which the Klépierre Executive Board has decided to commence work; and • Controlled projects: projects that are in the process of advanced review, for which Klépierre has control over the land (acquisition made or under offer, contingent on obtaining the necessary administrative clearance and permits). Environmental Management System (EMS) A management tool that allows businesses to roll out processes that help mitigate adverse environmental impacts. These systems are designed to help organizations achieve lasting improvements and make continuous progress in environmental matters. The ISO 14001 family of standards, for example, sets out specifications and guidelines for the implementation of EMS, as well as defining the principles, procedures and criteria governing environmental audits. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 355 GLOSSARY 9

European Public Real Estate Association (EPRA) The European Public Real Estate Association is the voice of the publicly traded European real estate sector. With more than 270 members, EPRA’s mission is to promote, develop and represent the European public real estate sector. It achieves this through the provision of better information to investors and stakeholders, active involvement in the public and political debate, improvement of the general operating environment, promotion of best practices (financial and non-financial) and the cohesion and strengthening of the industry. Financial and non-financial best practice recommendations contribute to improving the transparency, comparability and relevance of reporting in the whole industry. EPRA Cost Ratio The purpose of the EPRA Cost Ratio is to reflect the relevant overhead and operating costs of the business. It is calculated by expressing the sum of property expenses (net of service charge recoveries and third-party asset management fees) and administrative expenses as a percentage of gross rental income. EPRA NDV (Net Disposal Value) EPRA Net Disposal Value (NDV) aims to represent the shareholders’ value under an orderly sale of business, where RETT, deferred taxes, financial instruments and certain other adjustments are calculated to the full extent of their liability while discarding completely any tax optimization. Intangible assets are excluded from this methodology. EPRA Net Initial Yield (NIY) The EPRA NIY is calculated as the annualized rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the gross market value of the property. EPRA NRV (Net Reinvestment Value) The EPRA Net Reinstatement Value (NRV) scenario aims to highlight the value of net assets on a long-term basis and to represent the value required to rebuild the entity assuming that no selling of assets takes place. EPRA Net Tangible Assets (NTA) The EPRA Net Tangible Assets value (NTA) reflects the Company’s tangible assets only and assumes that companies buy and sell some of their assets, thereby crystallizing certain levels of unavoidable deferred tax liability and RETT. By definition, EPRA NTA aims at valuing solely tangible assets and therefore, as regards Klépierre, does not incorporate the fair value of management services companies (unlike the former indicators EPRA NAV and NNNAV). EPRA Vacancy Rate EPRA Vacancy Rate is calculated by dividing the market rents of vacant spaces by the market rents of the total space of the whole property portfolio (including vacant spaces), excluding properties that are under development and strategic vacancies. See chapter 2 “Business of the year” of this Universal Registration Document for more information on the methodology used to calculate this indicator. Estimated rental value (ERV) Estimated rental value is the value at which space would be let in market conditions prevailing at the valuation date assuming that the space would be re-let to a tenant operating in the same business sector. Flagship A large, iconic shop in a strategic location within Klépierre’s shopping centers. French commercial rent index (Indice des loyers commerciaux – ILC) The ILC is published quarterly by the French National Institute of Statistics and Economic Studies (INSEE) and comprises the ICC (25%), ICAV (retail trade sales index, expressed in value, 25%), and IPC (consumer price index, 50%) indices. The ICAV index, published monthly by INSEE, is calculated using a sample of revenue reports filed by 31,000 businesses. The IPC index is published monthly in the French legal gazette and is commonly used to measure inflation. Further to the August 4, 2008 law on economic modernization and its application decree dated November 4, 2008, the ILC index can be used for retail rental price adjustments. French cost of construction index (Indice du coût de la construction – ICC) This is one of two benchmark indices used to adjust rents on retail properties. It is published quarterly by the French National Institute of Statistics and Economic Studies (INSEE), and is calculated using data from the quarterly survey on trends in the cost of new housing (PRLN). Using a representative sample of building permits, it provides information on market trends, construction characteristics and factors that can be used to derive the cost of land (price of land, demolitions, taxes, etc.). It is also currently the benchmark index used to adjust office rents. French council of shopping centers (Conseil national des centres commerciaux – CNCC) Trade organization bringing together a range of stakeholders in the promotion and development of shopping centers: developers, owners, managers, retailers, service providers and merchant organizations. French REIT (Société d’Investissement Immobilier Cotée – SIIC) Tax regime allowed under Article 208-C of the French General Tax Code that allows joint stock companies that are publicly listed and whose stated share capital exceeds €15 million, optionally, as part of their primary business activity of acquiring and/or constructing buildings for the purpose of leasing them and direct or indirect ownership of equity in corporations whose business purpose is identical, to qualify for corporate tax exemption on: • Earnings from rental properties, provided that 95% of such earnings are distributed to shareholders before the end of the fiscal year that follows the year in which they are generated; • Capital gains from the sale of property, investments in partnerships with a purpose identical to that of a SIIC or shareholdings in subsidiaries that have elected for the SIIC regime, provided that 356 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GLOSSARY 9

70% of these capital gains are distributed to shareholders before the end of the second fiscal year following the year in which they are generated; and • Dividends received from subsidiaries having elected for SIIC status (or SIIC equivalent) where these dividends arise as a result of profits and/or capital gains that are exempt from corporate income tax under the SIIC regime, provided that they are distributed in full during the fiscal year following the year in which they are generated. Klépierre elected for SIIC status in 2003. No shareholder, acting alone or in concert with others, may control more than 60% of the equity capital of a company that has opted for SIIC status. Failing to comply with this threshold would lead to the Company losing SIIC status. Global Real Estate Sustainability Benchmark (GRESB) Non-profit organization whose primary purpose is to assess the environmental and social performance of companies specializing in the real estate sector. Created in 2009, it brings together the leading pension fund managers and key property sector bodies, including EPRA (European Public Real Estate Association) and ECCE (European Centre for Corporate Engagement – an international research association based at the University of Maastricht). Global Reporting Initiative (GRI) Originally established in 1997, this initiative seeks to develop directives that are applicable internationally in the area of sustainable development and report on the economic, environmental and social performances of companies. It proposes a range of benchmarks and indicators used to measure progress made in corporate sustainability programs. Gross leasable area (GLA) Total sales area of a shopping center (including the hypermarket, where applicable), plus storage area and excluding aisles and shared tenant space. Gross rent Contractual rent calculated as the minimum guaranteed rent plus any additional variable rent based on retailer sales. Hypermarket A large retail establishment that displays and sells a broad assortment of both food and non-food products over a sales space that exceeds 2,500 sq.m. Interest coverage ratio (ICR) This ratio measures the company’s ability to cover the cost of its debt. See chapter 2 “Business of the year” of this Universal Registration Document for more information on the methodology used to calculate this indicator. ISO 14001 International environmental certification used for the implementation of Environmental Management Systems (EMS). Klépierre University The Group’s corporate university, which aims to share know-how inside the Company and promote the emergence of a common culture. Late payment Late payment (rent, utilities and taxes, including VAT) corresponds to any payment that has not been received on the due date, recorded as of the first day it is observed as past due. Let’s Play® Name given to the Group’s marketing strategy aiming at making visiting its shopping centers an entertaining retail experience. More information is available in chapter 1 “Group overview” of this Universal Registration Document. Like-for-like/reported portfolio basis The Group analyzes changes in certain indicators either based on all holdings actually owned during the comparative periods (reported portfolio), or by separating out the impact of any acquisitions, extensions or disposals during the period under review, in order to obtain a stable underlying comparison basis with the prior period (like-for-like portfolio). Liquidity position Liquidity position is the total financial resources available to a company. This indicator is therefore equal to the sum of the cash at hand at the end of the year, confirmed and unused revolving credit facilities (net of commercial paper) and uncommitted credit facilities. Loan-to-Value ratio (LTV) Calculated by dividing consolidated net debt by the total value of the Group’s property portfolio as determined by independent appraisers (total share, including transfer taxes). Mid-size unit A retail outlet whose sales area covers more than 750 sq.m. Minimum guaranteed rent (MGR) The minimum guaranteed rent payable under the terms of the lease. Also known as base rent. Net Asset Value (NAV) NAV is an indicator that measures the break-up value of a real estate company. It essentially represents the difference between the value of the Company’s assets (as estimated by independent appraisers) and the total sum of its liabilities. See chapter 2 “Business of the year” of this Universal Registration Document for more information on the methodology used to calculate this indicator. KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT 357 GLOSSARY 9

Net current cash flow This indicator corresponds to cash flow generated by the recurring operations and business of the Company, after interest and tax. See chapter 2 “Business of the year” of this Universal Registration Document for more information on the methodology used to calculate this indicator. Net rent Gross rent less fees, non-recovered rental charges (in particular due to vacancies), expenses chargeable to the owner and, where applicable, expenses related to the land on which the rental unit is situated. Non-financial rating agencies Agencies that rate businesses on their performances in the three key sustainability areas: quality of environment, governance and social performance. They provide investors with guidelines for assessing businesses from a non-financial perspective. Occupancy cost ratio The occupancy cost ratio represents the ratio of rent and tenant charges (excluding taxes) to revenues (excluding taxes). Rentable floor area Gross leasable area owned by Klépierre and in respect of which Klépierre collects rents. Reversion Additional minimum guaranteed rent (MGR) obtained as a result of re-letting or when a lease is renewed with the same tenant (excluding additional MGR obtained when a property is leased for the first time). Therefore, the rate is calculated by comparing the resulting additional rent obtained (excluding inflation) with the former minimum guaranteed rent (MGR). Reversion is negative if the new rent is lower than the previous one. Right-sizing A Klépierre initiative consisting of ensuring that retailers are able to offer the right format for the right location. In many cases, this implies expanding or reducing the size of stores, and/or relocating them to more appropriate sites within a given shopping center. Sale and purchase promissory agreement A contractual instrument signed between seller and buyer, under which both parties undertake to proceed with the sale of an asset at an agreed price and before a specified date. Senior workers Pursuant to applicable law in France, any employee who is aged 55 or over is considered to be a senior worker with respect to career management. For new hires, the threshold is set at 50. The Group entered into an agreement pertaining to the employment of senior workers in October 2009. Shopping center A group of at least 20 stores and services that form a gross leasable area (GLA) of at least 5,000 sq.m., designed, built and managed as a single entity. Specialty leasing Package of services offering a wide range of communication media to retail chains in order to promote their products (in- and out-of- store poster campaigns for shopping centers, plasma screens, event organization, temporary lets for promotional purposes, etc.). Klépierre Brand Ventures is the Group’s entity dedicated to this activity. Stakeholders Any individual or group that may affect or be affected by the accomplishment of the objectives of the organization. Stakeholders may be part of the Group (employees) or be external parties (clients, suppliers, shareholders, lenders, etc.). Universal Registration Document (URD) In accordance with the entry into force of the Prospectus Regulation (EU) 2017/1129 (the “Prospectus Regulation 3” or “PD 3”), the new Universal Registration Document (also known as the URD) has replaced the Registration Document as of July 20, 2019. The document presents the Company’s organization, business, financial position, earnings and prospects. In addition to the information already presented in the Registration Document, more information is provided and/or presented differently on: strategy, non-financial information and risk factors. Yield Unlike the cap rate, the yield is based on property values excluding transfer taxes, and is used by independent appraisers to estimate the value of the Group’s property portfolio. It is determined using analyses of comparable recent transactions and criteria specific to the type of asset under consideration (location, sales area, rental reversion potential, possibility of extensions, percentage of ownership, etc.). 358 KLÉPIERRE ——— 2021 UNIVERSAL REGISTRATION DOCUMENT GLOSSARY 9
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Klépierre 26, boulevard des Capucines CS 20062 75009 Paris – France +33 (0)1 40 67 57 40 www.klepierre.com