retail

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Inspiring

2020 proved our remarkable ability to adapt. First and foremost, it was our teams who had to adapt to protect the health of our customers, our partners and our employees. This was our number one concern and, thankfully, we didn t have a single outbreak, either in our shopping malls or our offices. Our visitors, who flocked back to our malls, had to adapt, too. This was evident in the levels of foot traffic and retailer sales that came with every post-lockdown reopening. We also continued with our careful financial management, controlled our expenses and lowered the cost of our debt. Lastly, we remained highly active in our host regions, offering space in our malls for food drives, blood donations, Covid testing and initiatives for vulnerable people. Because that, too, is our role, the value we bring.

2021 began with lockdowns and closures nearly everywhere in Europe. However, we are well equipped to weather this crisis by further reinforcing our health measures, maintaining the same financial discipline and supporting retailers who have put their trust in us. Above all, we will continue to offer our visitors the best customer experience possible as soon as we fully open our doors again. Disregarding the ongoing uncertainty as to when the crisis will end, we are confident that our capital allocation strategy, focused on

leading assets in Europe s biggest cities, will allow us to successfully rise to the challenges of our transformation. More than ever, our malls hold the promise of a place to Shop. Meet. Connect.® They have outstanding sustainability credentials, with a track record for operational management that has been recognized and awarded by organizations worldwide. And they are all contributing to our ambition to achieve carbon neutrality by 2030.

JEAN-MARC JESTIN, CHAIRMAN OF THE EXECUTIVE BOARD OF KLÉPIERRE

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