KLEMURS : 2011 ANNUAL EARNINGS:

NET ASSET VALUE UP SHARPLY

Regulatory News:

Klémurs (Paris:KMU):

M?		12/31/2011		12/31/2010		Change (%)		Change on a constant portfolio basis
Lease income		42.3		43.8		-3.6%		0.0%
Net lease income		39.4		42.4		-7.2%
Cash flow from operations		39.4		42.2		-6.8%
In euros per share
Net current cash flow		2.62		2.71		-3.4%
Net income		1.47		5.18		-
Distribution		1.201		1.54		-
In euros per share		12/31/2011		06/30/2011		12/31/2010		12-month change
Asset Replacement Value (ARV)2		35.2		32.4		31.1		+13.3%
EPRA NNNAV3		26.8		25.4		23.2		+15.7%

¹ Of which 0.55 euro per share reimbursing issue premium, subject to the approval of the shareholders at their annual meeting on April 10, 2012.

² Transfer duties included, before distribution and tax impact of unrealized capital gains and marking to market of financial instruments.

³ Transfer duties excluded, before distribution, after tax impact of unrealized capital gains and marking to market of financial instruments.

The annual consolidated financial statements have been subject to audit procedures for which the certification report is currently being drawn up.

SOUND FUNDAMENTALS

In 2011, Klémurs collected 42.3 million euros in rents, compared with 43.8 million euros in 2010.

On a constant portfolio basis, rents were unchanged (0.0%), reflecting:

• The average impact of index-linked rent adjustments of +0.8%;
• A slight increase in additional variable rent based on tenant sales revenue;
• 1% vacancy rate.

On a current portfolio basis, the 3.6% decline is attributable to the impact of asset disposals completed:

• in 2010: the sale of a block of retail storefront spaces located on Rue de la Champmeslé in Rouen and the Castorama retail asset (Paris, 19^th arrondissement);
• in 2011: the sale of a Saint-Maclou store in Montesson and a cafeteria property in Saint-Malo.

Klémurs also completed the acquisition of four plant nurseries operated by Delbard and a restaurant building lease in October 2011.

The change in net current cash flow was comparable (-3.4%), coming in at ?2.62 per share. Net income for the year was 12.1 million euros, compared with 42.6 million euros in 2010. The 2010 total was exceptionally high due to the release of very significant provisions and the generation of particularly high capital gains on the sale of assets.

The financial occupancy rate (99.0%) and the late payment rate (0.4%) reflect the high quality of the assets in the Klémurs portfolio, made up of outsourced real estate formerly owned by leading retailers in their respective business sectors in France.

The contractual quality of Klémurs' leases, which combine long lease terms and variable rent clauses, enable the Company to benefit from the retail performances of its tenants, offering both recurrence and high visibility of revenues.

EPRA NNNAV PER SHARE: 26.8 EUROS (+15.7%)

The value of the holdings, excluding transfer duties, was 629.5 million euros on December 31, 2011, compared with 596.7 million euros on December 31, 2010, an increase of 5.5% in one year.

On a constant portfolio basis, the increase is 4.2%, reflecting higher rental values and lower yields used by the appraisers: 7.0% on December 31, 2011 (-10bps versus December 31, 2010).

Reflecting the change in the value of the holdings, EPRA NNNAV per share came to 26.8 euros, an increase of 3.6 euros compared with year-end 2010.

DISTRIBUTION: 1.20 EURO PER SHARE

Klépierre Conseil, the Management of Klémurs, will recommend at the annual meeting on April 12, 2012 that shareholders approve the distribution of a dividend of 1.20 euro per share in respect of fiscal year 2011. As a reminder, the dividend paid in respect of fiscal year 2010 (?1.54 per share) was higher because 2010 earnings were exceptionally high.

OUTLOOK IN 2012

In 2012, Klémurs expects that rents will once again grow, getting a boost from both positive index-linked rent adjustments and the impact of acquisitions made in late 2011. Barring a specific opportunity, Klémurs does not currently plan to make significant investments in 2012.

********

About Klémurs

Klémurs is an SIIC (Société d'investissement immobilier cotée) that manages and develops a property portfolio composed of assets in the restaurant, mass retailing, services, and retail industries in France.

As of December 31, 2011, the value Klémurs' property portfolio is 629.5 million euros (excluding transfer duties); EPRA NNNAV is 26.8 euro per share.

Klémurs was initially listed on December 2006. Its major shareholder (84.1%) is the Klépierre group, a major player in retail real estate, present in 13 countries of Continental Europe. Klémurs' shares trade on compartment C of Euronext Paris^TM.

For more information:www.klemurs.fr

AGENDA

April 10, 2012 Annual meeting of the shareholders April 17, 2012 Payout of dividend for 2011 April 25, 2012 1st quarter 2012 revenues (after stock market close)

KLÉMURS
Julien ROUCH
[e-mail]
Tel: [phone]
or
DDB FINANCIAL
Isabelle LAURENT (Media)
[e-mail]
Tel: [phone]