DISCLAIMER
This document has been prepared by Klepierre (the “Company”) solely for use at the presentation of June 13, 2014. This document is not
to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the
use of these materials by any person.
The information contained in this document has not been subject to independent verification and no representation, warranty or
undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness
of the information or opinions contained herein. None of the Company, its shareholders, its advisors or representatives nor any other
person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in
connection with this document.
This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and
this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.
Participants are invited to read the registration document (“document de reference”) of the Company filed with the AMF on March 10, 2014
and the risk factors described in the Risk Factors section from page 109 to 116 of the registration document. The registration document is
made available free of charge at the headquarters of the Company (Klepierre), on the Internet site of the AMF (http://www.amf-france.org)
and on the website of the Company (http://www.Klepierre.com).
Certain statements included in the registration document contain forward-looking statements with respect to future events, trends, plans or
objectives. The information, assumptions and estimates that were used to determine these objectives are subject to change or
modification due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in the
aforementioned section of the registration document could have an impact on the Company’s ability to achieve these objectives.
Accordingly, the Company cannot give any assurance as to whether it will achieve the objectives described, and makes no commitment or
undertaking to update or otherwise revise this information.
No assurance is given as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this document.
In case of any discrepancies between the information contained in this document and the registration document, the latter will prevail.
06/13/2014 2014 INVESTOR DAYS 2
4 2014 INVESTOR DAYS 06/13/2014
OUR VISION
• To develop and operate quality and superior
retail destinations in major cities
Highly productive and sales intensive
With strong franchise value
Able to attract leading retail brands
5 2014 INVESTOR DAYS 06/13/2014
OUR CUSTOMER-CENTRIC KNOWHOW
• By understanding our customers we create
and transform their experience at our centers
in order to:
Attract more customers
Encourage them to come more often and stay
longer
Develop a deeper relationship with the
community
6 2014 INVESTOR DAYS 06/13/2014
OUR FOCUS
• From “shoppers” to “style-conscious guests”: provide a
distinctive and image-enhancing combination of
Modern and fashion shopping
The best in casual and fine dining (with gourmet grocery and artisan
shops)
Entertainment and unforgettable performances and activities
• From “retailers” to “partners”: offer an unparalleled
opportunity to thrive in the best real estate with new
locations, an adapted format and a more consistent
merchandizing mix
• From “market places” to “connected places”: use technology
to better connect retailers with consumers
• Uncompromising asset selection with good fundamentals
• Consistent and comprehensive deployment of the vision
with each and every property
• Talented, motivated, passionate, and empowered teams
focused on creating mutually-beneficial opportunities and
relationships with partners
“Be creative, collaborative and connected”
7 2014 INVESTOR DAYS 06/13/2014
OUR RESOURCES
KLEPIERRE’S OPERATIONAL FOCUS
8 2014 INVESTOR DAYS 06/13/2014
1. ANTICIPATE TRENDS TO ACCELERATE RE
TENANTING
2. IMPROVE SHOPPERS’ EXPERIENCE
Club Store®
3. ENHANCE MARKETING POSITIONNING
Let’s play®
4. OPTIMIZE OPERATING COSTS AND
SUSTAINABLE FOOTPRINT
Good Choices®
Shopping center analysis
- Footfall analysis
- Retailer sales
- OCR by tenant
- KPI by tenant and benchmark
- Merchandising mix
- Competition
- Catchment area
- Customer profile
9 2014 INVESTOR DAYS 06/13/2014
MODERNIZING OUR MERCHANDIZING MIX
1
SWOT
and
Challenges
2
Leasing strategy
- Positioning (offer, price,
differentiating from competition),
- Customer target
- Prioritize retail offers to develop
- Brands targeted
3
Action plan
- By segment of activity,
MSU and shops
- Short / medium / long
term,
- Resulting
merchandising mix
4
12 2014 INVESTOR DAYS 06/13/2014
ILLUSTRATIVE EXAMPLES
L’Esplanade (Belgium) Leveraging a large renewal campaign as an opportunity to
optimize the center’s retail mix and consolidate its leadership
Créteil Soleil Rejuvenating and upgrading the offer of a well-
established and high performing historical regional mall
Belle Epine Upgrading the customer path through re-
tenanting and mall design via the ClubStore®
Les Passages - Boulogne A city-center mall recently repositioned through a renovation
scheme combined with a renewal/re-tenanting campaign
A large re-tenanting and renewal campaing to be followed in the
medium term by an extension scheme
L’ESPLANADE – LEADERSHIP CONSOLIDATION
13 2014 INVESTOR DAYS 06/13/2014
Key figures (2013):
56,000 sq.m. GLA
Footfall : 8M
MGR : 14.4M€
Av. OCR (shops): 12.2%
2005: shopping center
opens
2014: renewal campaign
involving around 80 leases
14 2014 INVESTOR DAYS 06/13/2014
1. LEADERSHIP CONSOLIDATION THROUGH
RE-TENANTING
• Objectives
Maintain well-performing retailers with a
significant increase in rents
Negotiate out underperforming tenants
and replace them with attractive
international prospects
• “Move” Belgium market practices
Differentiate from competition new
retailers for the region
Adapted to catchment area: families with
high income and students
• Outcome
Re-tenanting: rental uplift of +49% vs
former MGR
Renewals: +22% vs former MGR
15 2014 INVESTOR DAYS 06/13/2014
2. L’ESPLANADE EXTENSION PROJECT – 2018
Pipeline status: controlled
Floor area: +18,000 sq.m.
A mall that is continuous with the existing
mall,
Connected to its vicinity and the
Park&Ride at the upper level
Expand the retail offer in line with the
growth outlook for the catchment area:
• Brabant Wallon population expected to grow by 7%, i.e., 30 000 inhabitants by 2015 (vs population growth of 3.6% in five years for Belgium)
• Strong development of the Louvain area, partly due to the arrival of the regional rail system in 2016
Strengthen the retail mix with additional
high performing brands, new to the region
Transforming the shopping center into a large regional shopping mall
Fashion mall upgraded by resizing concepts, renewing retail mix and
improving customer path
CRETEIL SOLEIL - REJUVENATE A WELL-
ESTABLISHED, WELL-PERFORMING REGIONAL MALL
16 2014 INVESTOR DAYS 06/13/2014
Key figures (end Q1 2014):
119,000 sq,m, GLA
220 shops
Footfall : 18M
MGR : 37.4M€
Av. OCR (shops) : 16.5%
#1 asset in Klépierre’s
portfolio in value terms
1974 :center opens
2000 : Extension (Level 3
: food court)
2014 : Renovation of the
parking area and main
entrance (Porte 23)
=> Primark opened on June 6, 2014 on 5.406 sqm
Zara on its best format (3.200m²) in replacement of Boulanger
=> Targeted brands
17 2014 INVESTOR DAYS 06/13/2014
1. CRETEIL-SOLEIL : REJUVENATING THE RETAIL
MIX • Staged re-tenanting plan is ongoing
Today: a mass-market retail offer
Lacks innovative and dynamic retailers
• Development of a complete fashion mall
following the arrival of Primark arrival
and extension of Zara stores
Resizing a few existing concepts
Attracting new ones
• Similar plans to extend Zaraland in
Annecy, Boulogne, Jaude, Emporia
18 2014 INVESTOR DAYS 06/13/2014
Primark opened a 5,400 sq.m. store in Créteil Soleil on June 6, 2014
KLEPIERRE IS PRIMARK’S LARGEST LESSOR IN CONTINENTAL EUROPE
*Footfall as compared to same days last year
Shopping center footfall up 30 % for the first 2 days
of opening*
The 3rd Primark store opening in the Paris region
(5th in France)
As of today 4 Primark stores in Klépierre portfolio
and one scheduled to open in Val d’Europe
extension
• Optimize the customer path
Renovate main entrance from
metro line – “Porte (Gate) 23”
Improve visibility of stores
Digital screens
Accessibility
• First phase of a large extension-refurbishment program designed to leverage a powerful retail hub
Floor area: + 7,500 sq.m. of
stores
Partial renovation of existing mall
Restructured food court: link mall
to subway line and location near
the movie theaters
19 2014 INVESTOR DAYS 06/13/2014
2. CRETEIL-SOLEIL : MORE TO COME
Extension project
Main entrance
Porte « 23 » renovation
Project perspective
Renovation for deployment of Club Store® concept and the arrival of
anchors’ latest concepts
BELLE EPINE – UPGRADING SHOPPING EXPERIENCE
20 2014 INVESTOR DAYS 06/13/2014
Key figures:
134.000 sq.m. GLA
220 shops
Footfall : 17M
1971 : Shopping center
opens
1993 : Extension
2014 : Ongoing
renovation
Tati comeback with its new concept on a 4,000 sq.m. store
Uniqlo (1,200 sq.m.) opening in sept 2014
Latest arrivals and new concepts
21 2014 INVESTOR DAYS 06/13/2014
1. BELLE EPINE: REAFFIRM RETAIL LEADERSHIP
Intense, ongoing re-tenanting campaign
to modernize a mall with a long history,
including aging retailers
• Re-tenanting opportunities exploited to
attract international premium anchor stores
Virgin departure Flagship 4,000
sq.m. H&M store combining 2 existing
floor spaces, with H&M Home added
Uniqlo to replace OVS
• Expand the offer to encompass under-
represented segments for the catchment
area
• Install latest brand concepts, with attention
to design and shop windows
• Around 20% of leases up for renewal by
end 2016
• Complete refurbishment of the center launched
• Customers will discover the Cosmopolis
Club Store® by Fall 2014
Mall design
Services
Image and Brand revisited
• Buzz to boost traffic and visibility
Brand roadshows, e.g., Nespresso
Virtual fitting rooms: an innovative
interactive digital experience via the digital
display panels of Clear Channel.
•Food offer reinforced
23 2014 INVESTOR DAYS 06/13/2014
2. BELLE EPINE: ENHANCE ATTRACTIVITY
An illustration of Klepierre’s knowhow in brownfield development
LES PASSAGES (BOULOGNE) - CITY CENTER
RENEWAL
24 2014 INVESTOR DAYS 06/13/2014
Key figures (end Q1 2014):
23,000 sq.m. GLA
58 shops
Footfall : 6M
MGR : 11.7M€
Av. OCR (shops) : 12.7%
2001 : center opens
2013: Launch of the
“Original Club Store”
2014 : Renewal campaign
completed
Zara upgrade and opening of Zara
Men in 908 sq.m. space displaying
the full concept
Ongoing re-tenanting with best
performers and exclusive brands
26 2014 INVESTOR DAYS 06/13/2014
1. REPOSITIONING OF LES PASSAGES : AN
UPSCALE RETAIL OFFER • A unique shopping experience in the
West of Paris
Boulogne is the gateway to Paris for its
western suburbs, a very convenient stop
and shop center
• Extensive re-tenanting campaign
started in 2012, still underway
44 leases out of 62 expired in 2013
Enrich the retail offer with specific focus
on differentiating brands
• Outcome
2013 reversion: +36%
Re-tenanting: rental uplift of +45% vs
former MGR
Renewals: +35% vs former MGR
OCR for small shops above 14.5% at
year-end 2013
• Club Store® creates a unique feeling of cozy
and chic shopping in all areas of the mall
• Passages brand and identity reinvented to
align with redefined positioning
27 2014 INVESTOR DAYS 06/13/2014
2. REPOSITIONING OF LES PASSAGES : A NEW
AND VIBRANT COZY MALL
May 2014: +7.5% rise in footfall vs May 2013
• Natural attractivity of the
center reinforced
Total investment for the 2013
refurbishment less than 1% of
the asset’s value
AS FASHION PLACES BRANDS COLLECTION SHOP-IN-SHOP FOOD MEETING POINTS MASS PREMIUM
29
KLEPIERRE REDEFINES
SHOPPING CENTERS
THE CLUB STORE® MODEL
CLUB STORE® CHALLENGES
1. Upgrade the customer path
2. Improve sense of well-being
3. Provide a unique recreational atmosphere
4. Extend customer visits
2014 INVESTOR DAYS
WOW
EFFECT
WINK
LIGHTING
GREENERY
SHOWCASE
EVENT
PLACE
MAIN
ANCHOR
ACCESS
HOST
FOCUSED
(approach)
HOST
FOCUSED
(langage)
CLUB
LOUNGE
BREAK
SPOT
WIFI
SOCIAL
LINK
REFRESH
KIDS
LABEL
CURIOSITY
ROOM
ECO
SIGNAGE
PARKING
30
EACH POINT OF CONTACT IS PEOPLE ORIENTED
1. UPGRADED CUSTOMER PATH
2014 INVESTOR DAYS
*Club Store Les Passages insight – 14/04/2014. 150 interviews on line
2. IMPROVED SENSE OF WELL-BEING
THE CLUB LOUNGE DIRECT RELATIONSHIPS WITH CUSTOMERS
BREAK AND MINI-BREAK HOME FEELING
72% use the areas for a break during shopping
time
The design is detail-oriented for 90%
The furniture is high-quality for 86%
The areas are soothing for 79%
The place is welcoming for 76%
58% see it as a meeting point
57% say their questions are answered
Book sharing is an enriching service for 64%
31
ClubStore
Les Passages
Insight*
2014 INVESTOR DAYS
3. UNIQUE RECREATIONAL ATMOSPHERE
INTERACTIVE FLOOR CHILDREN ARE BUSY
THE CURIOSITY ROOM EXCLUSIVE CONCEPT
The restrooms at Les Passages are
clean for 92%, comfortable for 82%,
surprising for 77%
WINK
Entertaining for 71%
The MUSICAL STAIRS
Never seen before for 71%
*Club Store Les Passages insight – 14/04/2014. 150 interviews on line
32
ClubStore
Les Passages
Insight*
2014 INVESTOR DAYS
*Club Store Les Passages insight – 14/04/2014. 150 interviews on line
18%
25% 27%
18%
12%
Fully agree Stronglydisagree
43% OF RESPONDENTS
DECLARE THAT THEY ARE
SPENDING MORE TIME AT LES
PASSAGES AFTER
REFURBISHMENT
43%
4. EXTENDED CUSTOMER VISITS
33
ClubStore
Les Passages
Insight*
2014 INVESTOR DAYS
35 2014 INVESTOR DAYS 06/13/2014
ROADMAP
Shopping
centers - 2013
yoy growth*
Gross
rents
Net
rents
France-
Belgium
+5.0% +5.0%
Scandinavia +3.5% +7.1%
Italy +1.3% +1.6%
Central Europe +2.0% +5.3%
Iberia -3.7% -4.5%
* Proforma the disposal of the €2.0Bn portfolio
of retail galleries completed in April 2014
• Optimize costs - Good Choices®, a
comprehensive approach
Generalized approach to CAM* expenses:
a centralized procurement function
Improved environmental performance,
particularly in terms of energy use and
waste recycling
• Reduce vacancy costs and net service
charges
Short-term leases
• Capex : recurring maintenance and upgrade or refurbishment of malls
Help attract must-have, exclusive or differentiating retailers
Control costs through the centralized procurement function
• Optimize services and marketing actions throughout the portfolio
* CAM: Common Area Maintenance
Guarantee management of operational risks and optimize group results by:
Optimizing the procurement process
Contributing to group’s net income
Steering procurement performance
Securing and monitoring supplier market
Paying particular attention to responsible and sustainable
procurement
2 principles:
Neutrality: a process that guarantees objectivity, equity, ethics
and transparency
TCO (Total Cost of Ownership) Vision
37 2014 INVESTOR DAYS 06/13/2014
PROCUREMENT FUNCTION OBJECTIVES
38 2014 INVESTOR DAYS 06/13/2014
* Fire alarm control and supervision, cleaning, energy, maintenance contracts and staff
SCOPE – EXPENSE ANALYSIS
Development
Management structure (general services, IT, consulting, etc.)
On-site current expenses* (cleaning, security, energy, etc.)
Marketing (Advertising, agencies,
decorations, events, etc.)
Exceptional charges (ad-hoc maintenance,
mechanical links, signage)
23% 27%
17% 8%
25%
39 2014 INVESTOR DAYS 06/13/2014
APPROACH
Capture rate
Cover rate 60%
[x]%
TOTAL scope of
expenses incurred with
goods/services suppliers
100%
100%
50%
Com
plia
nce r
ate
• Identify addressable
procurement scope
• Capture rate as a key
measure for identifying
potential for optimization
• Asset-by-asset analysis
Scope – Supplier selection
80% of expenses
incurred with 3% of
active suppliers
identified
Segment purchasing: 15
categories
5 of which account for
82% of current
expenses
Define potential target for
reducing/optimizing expenses
Illustrative example of current expenses
Monitoring performance and management of supplier risks
An executive management dashboard for tracking performance,
with measurable, factual financial objectives
Supplier risk mapping to help manage financial health,
dependency rate, undeclared workers
Professionalizing the procurement function
A procurement tool (native SAP) to manage, optimize and
secure contractual data
Mission statements clearly established with measurable
qualitative and financial objectives
Dedicated resources
Reporting directly to Operations Department, France, and close
to the field
40 2014 INVESTOR DAYS 06/13/2014
IMPLEMENTATION AND MONITORING
41 2014 INVESTOR DAYS 06/13/2014
AN EVOLVING STRATEGY
2014 - 2017
X M€ X M€ X M€ X M€ X M€
2014 2017
Cover rate
New centers
opening Extent of cover
rate
Extend standard
contracts Sourcing Improve existing
conditions
Benchmarks per
category
New supply
sources
Mgr category
FRANCE
ITALY SCANDINAVIA
43
42 CENTERS CERTIFIED
PERCENTAGE OF ASSETS WITH AN
ENVIRONMENTAL CERTIFICATION
(% IN VALUE)
2009 2010 2011 2012 2013 2014
16.7% 19.4% 21.7%
27.4%
38.3%
50.7%
>55%
Ju
ne 1
3th
Decem
ber
31st
2014 INVESTOR DAYS 06/13/2014
44
A STRONG INVESTMENT IN OUR INDUSTRY
Publication of the
1st guide to sustainability
reporting principles
Gold Award
For the quality of its
sustainability
reporting
Main missions for
2013/2014
• Environmental
dialogue between
lessors and lessees
• Certifications
Member of the
GRESB User Group,
whose mission is to
devise tools for sectorial
benchmarking
2014 INVESTOR DAYS 06/13/2014
45
RESULTS AND AMIBITIONS HIGHLIGHTED BY
MAIN ESG RATINGS AND AGENCIES
Main ratings
Score 2013
/ 100
Improvement
vs. last rating Distinction
RobecoSAM 74/100 + 17 % DJSI World & Europe
Vigeo 57/100 + 30 % Euronext Vigeo
- France 20
- Eurozone 120
- Europe 120
- World 120
GRESB 67/100 + 16 % Green Star
Carbon Disclosure Project 72/100 - B + 26 % -
2014 INVESTOR DAYS 06/13/2014
www.klepierre.com
Thank you
2014 INVESTOR DAYS