2020

Universal Registration Document

INCLUDING THE ANNUAL

FINANCIAL REPORT

1

Group overview

3

Chairman's message

4

Klépierre in figures

6

History of the Group

8

Business environment

10

Vision

12

Strategy

14

Typical Klépierre mall

20

Retail First®

22

Let's Play®

24

ClubStore®

26

Act for Good®

28

Leadership widely recognized by outside

stakeholders

29

Financial discipline

30

Business model

32

Key outcomes

34

2

Risk management

37

2.1

Objectives

38

2.2

Main risk factors

38

2.3 Internal control and risk

management framework

51

3

Business of the year

59

3.1

Mitigating Covid-19

60

3.2

Business overview

61

3.3

Business activity by region

67

3.4

Net current cash flow

72

3.5 Investments, developments, and disposals 74

3.6

Parent company earnings and dividend

76

3.7

Portfolio valuation

77

3.8

Financing policy

82

3.9

EPRA performance indicators

86

3.10

Outlook

92

4

Financial statements

95

4.1

Consolidated financial statements

96

4.2

Statutory auditors' report on the

consolidated financial statements

157

4.3 Company financial statements for

the year ended December 31, 2020

161

4.4

Statutory auditors' report on the

financial statements

184

4.5

Report of the Supervisory Board

to the annual general meeting

to be held on June 17, 2021

188

4.6

Other information

188

5

Sustainable development

191

5.1 Klépierre's sustainability strategy,

governance and main achievements

192

5.2

Act for the planet

203

5.3

Act for territories

218

5.4

Act for people

225

5.5

Summary of performance

against long‑term commitments,

methodology and concordance tables

242

6

Supervisory Board's report

on corporate governance

255

6.1 Oversight and management of the

Company

257

6.2

Compensation of corporate officers

282

7

Share capital,

share ownership and treasury

share buyback program

311

7.1

Share capital and share ownership

312

7.2 Description of the treasury share

buyback program

328

8

Additional information

331

8.1

General information

332

8.2

Documents on display

333

8.3 Statement by the person responsible for the Universal Registration Document, which serves as the

annual financial report

333

8.4 Persons responsible for the statutory

audit and the financial information

334

  1. Property portfolio as of December 31, 2020335
  2. Simplified organization chart as of

December 31, 2020

341

8.7

Shares

342

8.8

Cross-reference tables

343

READ THE DIGITAL VERSION

OF THE UNIVERSAL

REGISTRATION DOCUMENT ON KLEPIERRE'S WEBSITE

WWW.KLEPIERRE.COM

Universal

Registration Document 2020

including the annual financial report

This Universal Registration Document was filed on March 31, 2021 with the AMF, as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of said regulation. This is a translation into English of the Universal Registration Document of the Company issued in French. The universal registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if supplemented by a securities note and, if applicable, a summary and any amendments to the universal registration document. The whole document is approved by the AMF in accordance with Regulation (EU) 2017/1129. This Universal Registration Document is available on Klépierre's website, www.klepierre.com and on the website of the AMF, www. amf-france.org.

1

2 KLÉPIERRE  -  2020 UNIVERSAL REGISTRATION DOCUMENT

GROUP OVERVIEW

1

Market environment, business model and strategic vision

Group

overview

Chairman's message

4

Klépierre in figures

6

History of the Group

8

Business environment

10

Vision

12

Strategy

14

Typical Klépierre mall

20

Retail First®

22

Let's Play®

24

ClubStore®

26

Act for Good®

28

Leadership widely recognized by external stakeholders

29

Financial discipline

30

Business model

32

Key outcomes

34

KLÉPIERRE  -  2020 UNIVERSAL REGISTRATION DOCUMENT

3

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Klépierre SA published this content on 07 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2021 05:55:06 UTC.