2017 Annual Results

Gross rental income up +9.2% to €300.9 million.

Recurring earnings for 2017 of €182.9 million, exceeding the €175-€180 milliontarget set for the year.hr/>

Carmila has exceeded its 2017 targets, set at the time of completion of its IPO and capital increase in July 2017. This is further confirmation of the relevance of the Group’s strategy and its ability to createvalue.

•  Gross rental income increased by +9.2% to €300.9 million, including organic growth of+2.5%.
• Recurring earnings amounted to €182.9 million, an increase of +6.2% compared to 2016,and in excess of the upper target set in July of €175-180 million.
• The value (inclusive of transfer taxes) of Carmila’s shopping centres totalled €5.8 billion, anincrease of +9.1% compared to the proforma market value of assets at 31 December 20161.Dynamic asset management by Carmila teams, focused on improving the quality of its assetsand value creation, resulted in an increase in the valuation of the portfolio on a like-for-likebasis of +3.9% over 12 months and an average capitalisation rate of 5.7%, stable over thesecond half of the year and a compression by 20 basis points for the full year.
• EPRA NAV per share up +6.3% in 2017 to €27.48, offsetting the short-term dilutive effect ofthe July 2017 capital increase and the interim dividend of € 0.75 per share paid in November2017.
• The 2018-2023 extension pipeline at 31 December 2017 encompasses 31 projectsrepresenting an estimated investment of €1.5 billion .

Through the completion of the IPO and capital increase in July 2017, Carmila raised €614 million net.As a result, its LTV2 ratio currently stands at 30.1%, at a level which enables Carmila to finance its2018-2020 Business Plan, with an an average LTV of approximately 40% over the period.