N E W G O V E R N A N C E

Adapting and transforming

What are your key takeaways from 2020?

J.-M.J. That we are resilient, without a doubt. Our Group and its employees persevered throughout the year with a level of adaptability, agility and determination that I salute, given that we had to close malls, reopen them, negoti- ate with our tenants, and manage the uncertainty. These are invaluable qualities, because 2021 also presents many unknowns. I would say that this crisis has forced us to show our humility, but it has also reinforced our convictions and our strategic choices. Lastly, in 2020 we reached a new milestone in terms of sustainability, with remarkable environmental and social performances that were recognized by organizations worldwide.

J.-M.G. Our financial discipline, which is underpinned by stable net debt and a commitment to limiting cash outflows, proved particularly wise amid the 2020 crisis. It allowed Klépierre to keep the markets trust, as shown by the ability of our share price to bounce back over the last few months, and the major refinancing transactions carried out on both the bond and the banking markets. These quick wins have covered our financing needs until 2024.

B.O. Besides our operational capacities, 2020 revealed how attached customers really are to their malls and, in a wider sense, to shopping in person. With each post-lock- down reopening, our malls saw footfall virtually return to

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