pre-crisis levels, as did sales for retailers. Another take- away is that malls remain popular among retailers. In addition to the 5,000 agreements that we entered into with our tenants in the wake of Covid, we maintained a healthy leasing momentum with around 1,000 leases signed with growing brands.

How do you see 2021 playing out for Klépierre?

J.-M.G. This year will be one of transition, but not necessarily the year when everything gets back to normal. A significant number of our malls are closed again as we speak, which will impact our revenue for 2021. Nevertheless, the light at the end of the tunnel provided by the vaccination program gives us hope for a speedy return to growth. We are fairly confident that our malls will be able to quickly return to something close to 2019 levels of sales performance.

B.O. In fact, that s one of the strengths of our busi- ness model, the other being our footprint in Europe s largest cities. In 2021, we will continue to adapt protec- tive measures to the public health situation in order to maintain an optimal level of safety in our malls. We will welcome new brands and stores, as well as new shop- ping concepts. And we will push ahead with renovation and extension projects for our assets. Lastly, we will maintain our high levels of environmental performance, not only to be recognized as a sustainable player, but also because we re working toward carbon neutrality, the driving force behind our operations.

J.-M.J. The lockdowns deprived us of human contact, highlighting the supremely social function that retail ful- fills by meeting our need to go out, meet up and share stories. This gives us hope. So does the ongoing vacci- nation program not to mention our upcoming projects. Our shopping malls have proved their social and societal worth, bringing together people, services, experiences and life in general. In 2021, we will continue to adapt to match consumption trends and meet the needs of the communities served by our shopping malls. And we will stay connected to our host regions and contribute to the growth of retail.

JEAN-MARC JESTIN

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

J E A N - M A R C J E S T I N , C H A I R M A N O F T H E E X E C U T I V E B O A R D

J E A N - M I C H E L G A U L T , C H I E F F I N A N C I A L O F F I C E R

B E Ñ A T O R T E G A , C H I E F O P E R A T I N G O F F I C E R

Our shopping malls have proved their social and societal worth, bringing together people, services, experiences and life in general.

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