Klepierre : Communique AMF CP. CP23928495

NO PROSPECTUS - IN ACCORDANCE WITH ARTICLE 1(5)(A) OF THE PROSPECTUS REGULATION, NO PROSPECTUS HAS BEEN OR WILL BE PREPARED BY THE ISSUER OR APPROVED BY THE AUTORITÉ DES MARCHÉS FINANCIERS OR ANY OTHER RELEVANT AUTHORITY OF ANOTHER MEMBER STATE OF THE EUROPEAN ECONOMIC AREA FOR THE ISSUE OF NOTES DESCRIBED BELOW.

MIFID II product governance / Professional investors and ECPs only target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes, taking into account the five (5) categories referred to in item 18 of the Guidelines published by the European Securities and Markets Authority ("ESMA") on 5 February 2018 has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or both) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 on insurance distribution, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or both) of: (i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. Consequently no key information document required by the PRIIPs Regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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Final Terms dated 18 September 2023

KLEPIERRE

Legal Entity Identifier (LEI): 969500PB4U31KEFHZ621

€50,000,000 1.625 per cent. Notes due 13 December 2032

(the "Notes")

to be assimilated (assimilées) and form a single series with the existing

€700,000,000 1.625 per cent. Notes due 13 December 2032

(the "Existing Notes")

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

Issue Price: 77.970657 per cent. of the Aggregate Nominal Amount of the Tranche plus an amount of accrued interest of €625,513.70 for the period from, and including, 13 December 2022 to, but excluding, 20 September 2023.

Series no.: 12

Tranche no.: 4

SOCIETE GENERALE

as Sole Lead Manager

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PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the conditions (the "Conditions") which are the 2017 Conditions which are incorporated by reference in the base prospectus dated 12 April 2023 which received approval number 23-114 from the Autorité des marchés financiers ("AMF") in France on 12 April 2023, as supplemented by the first supplement to the base prospectus dated 15 May 2023 which received approval no. 23-162 from the AMF on 15 May 2023 and the second supplement to the base prospectus dated 5 June 2023 which received approval no. 23-203 from the AMF on 5 June 2023 (together, the "Base Prospectus").

The aggregate principal amount of the Notes representing less than 20 per cent. of the aggregate principal amount of the Existing Notes already admitted to trading on Euronext Paris, the issue of the Notes benefits from the exemption to the obligation to publish a prospectus (the Prospectus Exemption) of Article 1.5(a) of the Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") and no prospectus (within the meaning of the Prospectus Regulation) has been or will be prepared by the Issuer or approved by the AMF or any other relevant authority of another member State of the European Economic Area or filed with the AMF for the purposes of the issuance of the Notes.

This document constitutes the final terms of the Notes (the "Final Terms") described herein and must be read in conjunction with the 2017 Conditions and the Base Prospectus. However, the Notes being issued with the benefit of the Prospectus Exemption, any decision to invest in the Notes would be made (i) on the basis of less information than would have been made available had a prospectus been prepared and (ii) solely on the basis of the public information made available by the Issuer on its website (www.klepierre.com).The Base Prospectus and the Final Terms are available for viewing on the websites of (a) the AMF (www.amf-france.org) and (b) the Issuer (www.klepierre.com) where copies may be obtained.

1. Date on which the Notes become The Notes will be assimilated (assimilées) and

4. Aggregate Nominal Amount of Notes:

13. Date of corporate authorisations for Decisions of (i) the Supervisory Board (Conseil

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