Jehanne Leroy
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Proxy Report - 24/04/2018

We commend the company for its fair governance: indeed the Chairman and CEO functions are split and the Board has 55.56% of independent members.

Regarding the 2017 and 2018 remunerations, amounts at stake are not excessive compared to French and European practice. Likewise, the structure of the remuneration is well balanced.

However, we regret that neither the potential golden hello, nor the exceptional remunerations are capped. Moreover, we regret that the AGM will not be able to vote on any granted golden hello.

Klepierre S.A.

Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.


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Jehanne Leroy

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