Klépierre — Capital/Financing Update 2016

Sep 28, 2016

Final Terms dated 27 September 2016

KLEPIERRE

Issue of €600,000,000 1.250 per cent. Notes due 29 September 2031 (the "Notes")

issued under the €7,000,000,000 Euro Medium Term Note Programme of Klépierre

Issue Price: 99.147 per cent.

Series no.: 10

Tranche no.: 1

ABN AMRO BANK N.V. BANCA IMI S.P.A. BANCO BILBAO VIZCAYA ARGENTARIA, S.A. BARCLAYS BANK PLC CITIGROUP GLOBAL MARKETS LIMITED CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK GOLDMAN SACHS INTERNATIONAL J.P. MORGAN SECURITIES PLC MEDIOBANCA - BANCA DI CREDITO FINANZIARIO S.P.A. SOCIÉTÉ GÉNÉRALE THE ROYAL BANK OF SCOTLAND PLC

as Joint Bookrunners

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the conditions (the "Conditions") set forth in the base prospectus dated 6 April 2016 which received visa no. 16-122 from the Autorité des marchés financiers ("AMF") in France on 6 April 2016, as supplemented by the supplement to the base prospectus dated 1^st August 2016 which received visa no. 16-371 from the AMF on $1^st$ August 2016 (together, the "Base Prospectus") which together constitute a base prospectus for the purposes of the Directive 2003/71/EC of the European Parliament and of the Council dated 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, as amended (the "Prospectus Directive").

This document constitutes the final terms of the Notes (the "Final Terms") described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus and these Final Terms are available for viewing on the websites of $(a)$ the AMF (www.amf-france.org) and (b) the Issuer (www.klepierre.com), and during normal business hours at the registered office of the Issuer and at the specified office of the Paying Agent where copies may be obtained.

1.	Issuer:	Klépierre
2.	(i) Series Number:	10
	Tranche Number: (ii)	1
3.	Specified Currency or Currencies:	Euro (" $\varepsilon$ ")
4.	Aggregate Nominal Amount of Notes:
	(i) Series:	€600,000,000
	(ii) Tranche:	€600,000,000
5.	Issue Price:	99.147 per cent. of the Aggregate Nominal Amount
6.	Specified Denomination:	€100,000
7.	Issue Date: (i)	29 September 2016
	(ii) Interest Commencement Date:	Issue Date
8.	Maturity Date:	29 September 2031
9.	Interest Basis:	1.250 per cent. per annum Fixed Rate (further particulars specified below)
10.	Redemption/Payment Basis:	Redemption at par
11.	Change of Interest or
	Redemption/Payment Basis:	Not Applicable
12.	Put/Call Options:	Make-Whole Redemption Residual Maturity Call Option Clean-up Call Option (further particulars specified below)
13.	Date of corporate authorisations for issuance of Notes:	Decisions of (i) the Supervisory Board (Conseil de Surveillance) of the Issuer dated 6 June 2016, (ii) the Executive

Board (Directoire) of the Issuer dated 21

September 2016 and (iii) Laurent Morel, Chairman of the Executive Board
(président du Directoire) of the Issuer dated 21 September 2016 Syndicated

14. Method of distribution:

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

15.	Fixed Rate Notes Provisions:		Applicable
	(i)	Rate of Interest:	1.250 per cent. per annum payable annually in arrear
	(ii)	Interest Payment Dates:	29 September in each year up to and including the Maturity Date, commencing on 29 September 2017
	(iii)	Fixed Coupon Amount:	€1,250 per Note of €100,000 in Specified Denomination
	(iv)	Broken Amount:	Not Applicable
	(v)	Day Count Fraction:	Actual/Actual-ICMA
(vi)		Determination Dates:	29 September in each year
	(vii)	Party responsible for calculating Interest Amounts (if not the Calculation Agent):
			Not Applicable
16.	Floating Rate Notes Provisions:		Not Applicable
17.	Zero Coupon Notes Provisions:		Not Applicable

PROVISIONS RELATING TO REDEMPTION

18.	Call Option:			Not Applicable
19.	Make-Whole Redemption:			Applicable
	(i)	Make-Whole Redemption Margin:		$+0.20$ per cent. per annum
	(ii)	Make-Whole Redemption Rate:		Reference Dealer Quotation
	(iii)	Reference Screen Rate:		Not Applicable
	Reference Security: (iv)			5.5 per cent. Federal Government Bond of Bundesrepublik Deutschland due January 2031, with ISIN DE0001135176
	(v)	Reference Dealers:		As set out in the Conditions
	(vi)	Calculation Agent: If redeemable in part:		Société Générale Securities Services
	(vii)
		(a)	Minimum Redemption Amount:	€5,000 per Note of €100,000 Specified Denomination
		(b)	Maximum Redemption Amount:	€100,000 per Note of €100,000 Specified Denomination
20.	Residual Maturity Call Option:			Applicable
	(i) Optional Redemption Dates: $\sim$ $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1 $\sim$ 1			As from 29 June 2031
				$\Gamma$ inal Dadamptian Amayot (ag anaai $\tilde{\Gamma}$ ad in

Optional Redemption Amount of $(ii)$ each Note:

Final Redemption Amount (as specified in paragraph 23 below)

		i vol/Applicable
23.	Final Redemption Amount of each Note:	€100,000 per Note of €100,000 Specified Denomination, subject to any partial redemption pursuant to paragraph 19(vii)
24.	Early Redemption Amount:
	Early Redemption Amount of each Note payable on redemption for taxation reasons (Condition 7(e) or for illegality (Condition 7(h)) or on event of default (Condition 10) or other early redemption:	€100,000 per Note of €100,000 Specified Denomination, subject to any partial
		redemption pursuant to paragraph 19(vii)
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
25.	Form of Notes:	Dematerialised Notes
	(i) Form of Dematerialised Notes:	Bearer form (au porteur)
	(ii) Registration Agent:	Not Applicable
	(iii) Temporary Global Certificate:	Not Applicable
	(iv) Option to request identification information of the Noteholders
	(Condition $1(c)(iv)$ ):	Applicable
26.	Financial Centre or other
	special provisions relating to payment dates for
	the purposes of Condition 8(g):	Not Applicable
27.	Talons for future Coupons to be attached to Definitive Materialised Notes (and dates on which such Talons mature):	Not Applicable
28.	Purchase in accordance with Article L.213-1 A and D.213-1 A of the French Monetary and Financial Code (Code monétaire et financier):	Applicable
29.	Redenomination provisions:	Not Applicable
30.	Consolidation provisions:	Not Applicable
31.	Masse (Condition 12):	Contractual Masse shall apply.
32.	Any applicable currency	The Representative will receive a remuneration of $\epsilon$ 500 (VAT excluded) per year in respect of its function, payable on each Interest Payment Date (excluding the Maturity Date), with a first payment on the Issue Date
	disruption/fallback provisions:	Not Applicable

GE.

$\lambda$

• Optional Redemption Amount of each
• 1. Put Option:

21. Clean-up Call Option:

Note:

Applicable

Final Redemption Amount (as specified in paragraph 23 below)

Not Applicable

DISTRIBUTION

33.	(i)	If syndicated, Managers:	of names	ABN AMRO Bank N.V. Banca IMI S.p.A.
				Banco Bilbao Vizcaya Argentaria, S.A.
				Barclays Bank PLC
				Citigroup Global Markets Limited
				Credit Agricole Corporate and Investment
				Bank
				Goldman Sachs International
				J.P. Morgan Securities plc
				Mediobanca - Banca di Credito Finanziario
				S.p.A.
				Société Générale
				The Royal Bank of Scotland plc
	(ii)	Stabilising Manager:		J.P. Morgan Securities plc
34.		If non-syndicated, name of Dealer:		Not Applicable
35.		U.S. selling restrictions:		Reg. S Compliance Category 2; TEFRA not applicable

GENERAL

The aggregate principal amount of Notes issued has been translated into Euro at the rate of $[0]$ per cent. producing a sum of: Not Applicable

PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue and admission to trading on Euronext Paris of the Notes described herein pursuant to the Euro 7,000,000,000 Euro Medium Term Note Programme of Klépierre.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of Klépierre:

By: Guy de Villenaut, Head of Financing and Treasury

Duly authorised

$\widehat{G}$

PART B-OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING

$(i)$ Listing:

$(ii)$ (a) Admission to trading:

(b) Regulated Markets or equivalent markets on which, to the knowledge of the Issuer, securities of the same class of the Notes to be admitted to trading are already admitted to trading:

Estimate of total expenses related to $(iii)$ admission to trading (including $€14,600$ AMF fees):

$2.$ RATINGS

Ratings:

The Notes to be issued are expected to be rated:

Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on Euronext Paris with effect from the

Standard & Poor's Credit Market Services Europe Limited ("S&P"): A-

S&P is established in the European Union, registered under Regulation (EC) No 1060/2009. (the as amended "CRA Regulation") and included in the list of registered credit rating agencies published by European Securities and Markets the Authority its $\Omega$ website (www.esma.europa.eu) in accordance with CRA Regulation.

3. NOTIFICATION

Not Applicable

$\blacktriangle$ INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save for the fees payable to the managers and as discussed in "Subscription and Sale", so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

$5.$ YIELD

Indication of yield:

1.313 per cent. per annum of the Aggregate Nominal Amount.

The vield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

Euronext Paris

Issue Date.

Not Applicable

6. OPERATIONAL INFORMATION

ISIN Code:

Common Code:

Depositaries:

• $(a)$ Euroclear France to act as Central Depositary:
• Common Depositary for Euroclear $(b)$ Bank and Clearstream Banking, société anonyme:

Any clearing system other than Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification number:

Delivery:

Names and addresses of initial Paying Agent:

FR0013203825

149601392

Yes

$No$

Not Applicable

Delivery against payment

Société Générale Société Générale Securities Services (affiliated with Euroclear France under number 042) CS 30812 32, rue du Champ de Tir 44308 Nantes Cedex 3 France

Names and addresses of additional Paying Agent:

Not Applicable