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CALAIS €9 M in Annual Rents Annual in M €9

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CALAIS €9 M in Annual Rents Annual in M €9 Northern France Investor’s Days 2007 Klépierre in the Nord-Pas-de-Calais region •In the Nord (59): ¾Shopping centers: •AULNOY-LES-VALENCIENNES La Briquette •DENAIN Jean Bart •DOUAI Flers en Escribieux •FOURMIES •HAZEBROUCK •LOMME •VALENCIENNES Place d'Armes •In the Pas-de-Calais (62) •Shopping centers: •AIRE-LA-LYS Nord-Pas-de-Calais: •AUCHY-LES-MINES •CALAIS €9 M in annual rents •SAINT-MARTIN-AU-LAERT 3.9% of rents collected in France in 2006 Klépierre, au cœur de la grande consommation “ 2 “ Auchy-les-Mines Porte de Flandres Center Auchy-les-Mines: location and catchment area • Greater Béthune: 260 000 inhabitants, borders RN 41, which links La Bassée to Béthune, in a geographic area that is predominantly agricultural. • Carrefour roundabout serves a retail zone that is in the immediate environment of the Center • The catchment area includes: • 147 000 inhabitants live less than 15 minutes away • An additional + 75 000 inhabitants live within 15 minutes or more Klépierre, au cœur de la grande consommation “ 4 “ Auchy-les-Mines: competition Principal poles of attraction within the area are 15 minutes away 1. Cora, Bruay La Buissière: hypermarket 9 500 sq.m., 20 shops, 18 500 sq.m. GLA 2. Auchan La Rotonde, Béthune: hypermarket 9 400 sq.m., 39 shops, 15 800 sq.m. GLA 3. Carrefour, Liévin: 2 AUCHY les hypermarket 10 300 sq.m. , MINES 42 shops, 22 600 sq.m. GLA 1 4. Cora Lens 2, Vendin Le Viel: 4 hypermarket 13 900 sq.m. , 31 3 shops, 56 000 sq.m. GLA Klépierre, au cœur de la grande consommation “ 5 “ Auchy-les-Mines: current composition • Date of opening: 1993 • Carrefour: 3 850 sq.m. • Mall: 18 shops 1 380 sq.m. GLA • 580 parking slots • 2006 rents: €217K Klépierre, au cœur de la grande consommation “ 6 “ Auchy-les-Mines : quantified data Net rents : + 65% in 6 years 2000 2001 2002 2003 2004 2005 2006 Net rents €131 K €155 K €156 K €170 K €188 K €202 K €217 K Occupancy 100% 99.4% 99.6% 99.6% 99.1% 99.4% 98.6% rate Cap rate 9% 9.7% 9.7% 9.7% 9.25% 8.5% 7.5% Appraised value €1.45M €1.39 M €1.43M €1.5 M €1.7 M €2.2 M €2.7M at 12.31 Klépierre, au cœur de la grande consommation “ 7 “ Projected extension of the center Auchy-les-Mines: projected extension • Expand retail sales space in the hypermarket by 3 000 sq.m. (opened on January 2, 2007) • 1 230 sq.m. GLA extension of the mall • Creation of about ten new shops • Renovation of mall and existing façades, rollout of technical independence of the hypermarket and the mall. • Reorganization of parking area: 250 slots at Eastern extremity Klépierre, au cœur de la grande consommation “ 9 “ Auchy-les-Mines: existing HYPER HYPER EXISTING MALL Klépierre, au cœur de la grande consommation “10 “ Auchy-les-Mines: extension Extension of the mall ParkingParking 255 places 250 slots Extension of the hypermarket Klépierre, au cœur de la grande consommation “11 “ Auchy-les-Mines: extension + 3 000 sq.m. + 1 230 sq.m. AUCHY les MINES MALL – FUTURE STATE Klépierre, au cœur de la grande consommation “12 “ Auchy-les-Mines: after extension • The proposed extension will: – Expand the retail mix for betting competitive positioning – Strengthen mall mix, which is currently overly focused on services – Lead to better retail offer : personal products and equipment Tentatively scheduled to open in 1st quarter of 2009 Mall: 2 280 sq.m. GLA Investment: €5 M Additional rents: €360 000 Klépierre, au cœur de la grande consommation “13 “ THE BUFFALO GRILL AGREEMENT Investor’s days 2007 Presentation of the agreement Buffalo Grill transaction: context • August 2006: Klépierre signs an agreement with Buffalo Grill that gives it positioning in the retail segment of the real estate market. A real estate company that was initially offered to the public on December 7, 2007, Eurolist by Euronext Paris. • December 18, 2006: Klémurs is substituted Klémurs specializes in holding and managing retail properties for Klépierre in the August 2006 agreement located in downtown or outlying areas, mainly those outsourced with Buffalo Grill for the acquisition of 128 by large commercial operators in the restaurant, mass retail, restaurant properties and related rents as of services and small-scale retail sectors. this date. Klépierre, au cœur de la grande consommation “ 3 “ Buffalo Grill - a solid partner • A major name in the theme restaurant and steakhouse segment • 290 restaurants operated directly or via franchises: – Chain developed in France, Spain, Belgium, Luxembourg and Switzerland – Most Buffalo Grill restaurants located in retail parks (ZAC) located on the outskirts of cities • Uncontested leader in the steakhouse business – 49% market share (2006) – 91% brand awareness in France Klépierre, au cœur de la grande consommation “ 4 “ Buffalo Grill transaction: acquisition of 128 restaurant properties in the chain • Klémurs owns 128 restaurant properties operated by Buffalo Grill in France (of which 105 are under finance leases). • Amount invested: 246 million euros (corresponding real estate assets valued at 300 million euros). Klépierre, au cœur de la grande consommation “ 5 “ Buffalo Grill - a standardized lease for a long-term relationship • Retail leases with firm 9-year terms • Lease renewable by the lessee only for 2 successive periods of 9 years each • Minimum guaranteed rent (MGR) totally linked to ICC index • Variable rent clause kicks in when the MGR is less than 8% or 8.5% of tenant revenue excluding taxes (depending on site). • Maintenance, repair, taxes, insurance and miscellaneous expenses are charged to to the tenant. Klépierre, au cœur de la grande consommation “ 6 “ Buffalo Grill • Buffalo Grill rents for 1Q 2007: 4.8 million euros • Estimated rents for 2007: 19.3 million euros Klépierre, au cœur de la grande consommation “ 7 “ Buffalo Grill restaurant locations in Nord-Pas-de-Calais region Nord-Pas-de-Calais region: Nord (59): 8 173 sq.m. of total rental space • Cambrai - 95 rue Jean Goudé - 59400 • Dunkerque Coudekerque Branche- Route de Furnes - RN 1 - 59210 • Lille – Lezennes - Rue Chanzy - Lotissement du Canton du Moulin - 59260 • Lille – Lomme - Rue du Château d'Isenghien - ZA du Grand But - 59160 • Lille Lesquin - 33 Route de Douai - 59810 •Valenciennes - Petite forêt - Rue Gay Lussac - 59494 Pas-de-Calais (62): • Arras - Av William Churchill - 62000 • Boulogne s/Mer - St Martin Boulogne - Lotissement du Blanc Pignon - 62200 • Bruay la Buissière Béthune -Rue de la Libération - RN 41 "Le Chaufour" - 62700 • Calais - Lieu-dit "Route de Boulogne" - RN 1 - 62100 • Noyelles Godault - Rue Emile Zola - RN 43 - 62950 • Saint Omer – Longuenesse - 12-14 Route des Bruyères - 62219 Klépierre, au cœur de la grande consommation “ 8 “ Development agreement with Buffalo Grill Buffalo Grill - terms of the development agreement • Firm option on 30 new restaurants that are either planned or under construction, for an estimated investment and annual rents of €69 M and €4.5 M, respectively • Five-year right of first refusal on all of Buffalo Grill’s own developments • Support for Buffalo Grill in the execution of its growth strategy in France and Continental Europe Klépierre, au cœur de la grande consommation “10 “ 1st implementation: location of new acquisitions • 8 restaurants : • Bar le Duc • Gien • Montauban • Morlaix • Saint Lo • St Pierre les Elbeuf • Roncq - Lille • Dreux Klépierre, au cœur de la grande consommation “11 “ Henry Hermand Agreement Investor’s Days 2007 Presentation of the agreement Terms of the agreement • December 20, 2006: signing date of memorandum of agreement with Mr Henry Hermand for the acquisition of full equity ownership of the Progest company and investment interests in various real estate companies: – 13 sites in operation: • Near or in the center of France’s major cities • Top-notch locations with heavy established footfall • 88 000 sq.m., including 36 000 sq.m. for the partial shares sold, for a total amount of around €109 M • Expected triple net rent for 2007: €6.4 M (group share) – 4 pieces of land for a total value of €6.7 M Klépierre, au cœur de la grande consommation “ 3 “ Location of assets sold CC Dieppe Belvédère (76) CC Creil Saint- Maximin (60) CC Rouen Tourville-la-Rivière (76) CC Osny Nord (95) CC Saint-Brieuc Plérin (22) CC Nantes Rezé CC Beynost 2 L'Océane (44) (01) CC Sète Balaruc (34) CC Carcassonne Assets in operation Salvaza (11) Land “ Klépierre, au cœur de la grande consommation “ 4 Assets sold: in operation Including hypermarkets Including malls Including boxes Total GLA Portion sold Site GLA GLA Portion (sq.m.) GLA (sq.m.) Retailers (sq.m.) sold (sq.m.) % (sq.m.) (sq.m.) CC Creil Saint-Maximin (60) 83 779 23 000 Cora 4 046 80% 3 237 56 733 19 564 (1) CC Rouen Tourville-la-Rivière 27 480 10 000 Carrefour 6 011 47% 2 843 11 469 (76) CC Carcassonne Salvaza (11) 16 479 12 000 Casino 2 817 37% 1 034 1 662 615 (2) CC Sète Balaruc (34) 27 500 12 000 Carrefour 3 290 38% 1 250 12 210 CC Dieppe Belvédère (76) 23 544 10 000 Auchan 5 851 21% 1 244 7 693 CC Beynost 2 (01) 18 500 7 700 Leclerc 3 718 33% 1 231 7 082 CC Nantes Rezé L'Océane (44) 40 000 27 100 Leclerc 7 764 15% 1 165 5 136 CC Osny Nord (95) 28 900 16 000 Auchan 2 703 38% 1 034 10 197 CC Saint-Brieuc Plérin (22) 12 600 8 000 Leclerc 2 225 25% 556 2 375 Total 278 782 125 800 38 425 13 595 114 557 20 179 + 130 000 sq.m. of land (1) Conforama, Mondial Moquette, Gemo, Truffaut, Mc Donald’s, Buffalo Grill, Quick, Feu Vert, Kiabi, Keria, etc.
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