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Klépierre : Financial statement impacts of IFRS adoption

At its March 29, 2005 meeting, the Klépierre Supervisory Board approved the consolidated financial statements presented in accordance with IFRS, which will serve as the basis for preparing financial statements as of January 1, 2005.

The adoption of these standards will not lead to any major difference in terms of understanding Klépierre's performance. The change with respect to its key performance indicators—i.e. revenues, net current cash flow and revalued net assets—is only marginal.
The Group's decision to use the cost method for the valuation and accounting treatment of its investment property, which is more consistent with Klépierre's business strategy, has no impact on these indicators.
However, for the sake of clarity and full disclosure, Klépierre will release, as of its interim June 30, 2005 reporting date, a pro forma statement that also presents the fair values of its investment property.

The only significant impact of IFRS was due to the marking to market of Klépierre's interest-rate hedging instruments, which was done before the application of IAS 32 and 39, and which results in decrease in opening balance sheet shareholders' equity of less than 5%.

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