KLEMURS : Half-Year Earnings for 2011:

Regulatory News:

Klémurs (Paris:KMU):

In millions of euros		June 30, 2011		June 30, 2010		Change (%)		Change on a constant portfolio basis
Rents		21.1		22.1		-4.6%		+0.5%
Net rents		19.8		21.0		-5.5%
Cash flow from operations		19.9		20.8		-4.5%
In euros per share
Net current cash flow		1.34		1.30		+3.1%
		June 30, 2011		December 31, 2010		June 30, 2010		Change over 6 months
Reconstitution NAV 1		32.4		31.1		25.7		+4.2%
EPRA NNNAV 2		25.4		23.2		16.9		+9.4%

The interim financial statements were subject to a limited examination by the Company's statutory auditors.
¹ Including transfer duties, before deferred taxation and marking to market of financial instruments.
² Excluding transfer duties, after deferred taxation and marking to market of financial instruments.

RENTS UP BY 0.5% ON A CONSTANT PORTFOLIO BASIS

On a constant portfolio basis, the rise in rents was 0.5%, primarily reflecting the following items:

• The average impact of index-linked rent adjustments (+1.0%) on minimum guaranteed rents. It should be noted that the Buffalo Grill leases (which account for 62% of all rents invoiced on a constant portfolio basis) were pegged to the ICC for the 2^nd quarter of 2010, up by 1.27%.
• The increase in variable rents, based on tenant retail revenues.
• The impact of vacancy, which nonetheless remains limited to 3 properties.

Klémurs confirms that its key performance indicators are robust: the financial occupancy rate is very high (99.4%) and the late payment rate low (0.6%).

In the absence of investments, change in rents on a current portfolio is attributable to disposals (-?1.1M), mainly completed in the course of the 2^nd half of 2010.

NET CURRENT CASH FLOW PER SHARE: +3.1%

After factoring in cost of net debt (?8.8M), net current cash flow was 11.0 million euros at June 30, 2011, or 1.34 euro per share, versus 1.30 euro per share a year earlier (+3.1%).

EPRA NNNAV PER SHARE: 25.4 EUROS (+9.4%)

The value of real estate holdings, excluding transfer duties, comes to 608.2 million euros as of June 30, 2011, compared with 596.7 million euros at year-end 2010 (+1.9% on a constant portfolio basis) following the decline in yield rates used by appraisers: 7.0% on June 30, 2011 (-10 bps over 6 months).

EPRA NNNAV¹ was 25.4 euros per share (+?2.2 over 6 months) boosted by appreciation in asset values and the improvement in the fair market value of the portfolio of financial instruments. As a reminder, a dividend of 1.54 euro was paid up to shareholders on April 12, 2011.

Reconstitution NAV stood at 32,4 euros per share (+4,2%).

2011 OUTLOOK

Considering the resilience of its revenues and external growth operations under review, Klémurs expects a stable cash-flow over the year.

The gradual stabilization of the economic environment should enable real estate outsourcing operations to start up again. Klémurs will keep on focusing on those transactions although the Company will nonetheless not rule out other opportunistic acquisitions in the retail sector.

About Klémurs

Klémurs is a SIIC (Société d'investissements immobiliers cotée) managing and developing a property portfolio composed of assets in the restaurant, mass retailing, services, and retail industries.

As of June 30, 2011, the valuation of Klémurs' property portfolio reached 608.2 million euros (excluding transfer duties); EPRA NNNAV was 25.4 euros per share.

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

For more information:www.klemurs.fr

AGENDA		October 20, 2011		3rd quarter revenues for 2011 (after stock market close)
		February 7, 2012		2011 annual results (after stock market close)

KLÉMURS
Edouard GUIBERT, + 33 1 40 67 57 58
[e-mail]
or
Julien ROUCH, + 33 1 40 67 57 58
[e-mail]
or
DDB FINANCIAL
Isabelle LAURENT (Media), + 33 1 53 32 61 51
[e-mail]