Klepierre SA http://www.alacrastore.com/company-snapshot/Klepierre_SA-1023329 Monday, October 06, 2008 6:55:18 PM 1023329 Klepierre SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/667550spcred/667550normThe latest Summary from S&Pglobalstructured8/27/2008 9:54:53 AM175Summary667550FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on France-based property company Klépierre S.A. primarily reflect its: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large and broadly diversified portfolio in terms of tenants, assets, formats, and geographic markets, representing €12 billion as of June 30, 2008; and Very high barriers to entry in its main markets, provided by generally tight regulations on new openings. These business strengths are set to continue to back up Klépierre's cash flow generation and the market values of its retail assets. They are nevertheless tempered by the group's intermediate financial profile; a heavy debt-financed investment program; and some, albeit moderate, exposure to more challenging markets, including SpainFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit ResearchCZECH REPUBLIC - Klepierre SA of France, a majority-owned unit of BNP Paribas SA acquired Plzen Plaza, a Plzen-based owner and operator of shopping centre, from Plaza Centers NV of the Netherlands, a unit of the Elbit Ultrasound Ltd subsidiary of Europe Israel(MMS)Ltd's Elbit Medical Imaging Ltd unit, for #.### bil Czech kornas (##.# mil euros/$##.### mil US) in cash.8/2/2008 10:01:33 AM49852A73004K05699R28428YKlepierre SAPlzen PlazaBNP Paribas SAElbit Imaging Ltdhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Klepierre_SA_acquires_Plzen_Plaza_from_Elbit_Imaging_Ltd-2001068040sdc/20010680402001068040Copyright © 2008, Thomson Financial, All Rights ReservedParisInvestment & Commodity Firms,Dealers,ExchangesFranceReal estate investment trusts6798FFForeignPublicLI6798:Real estate investment trusts6000:Banks6211:Security brokers, dealers, and flotation companies6282:Investment advice6722:Management investment offices, open-end6726:Investment offices, nec6799:Investors, necReal Estate; Mortgage Bankers and BrokersCzech RepublicOperators of nonresidential buildings6512FFForeignSubsidiary209911001Invest bkOwn,op department storesCashCash OnlyAssets1032173001Aug 2 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000EUR31 Dec 070.00000288.673000.000001040.2990011605.54500EURO0.000001.000002.000003.000004.000005.000006.000007.00000Klepierre SA, located inParis, France is a realinvestment firm which investsin commercial properties likeshopping centers. The companywas founded in November 1,1990.Klepierre SA, located in Paris, France is a real investmentfirm which invests in commercial properties like shoppingcenters. The company was founded in November 1, 1990.Klepierre SA, located in Paris, France is a real investment firm which invests in commercial properties like shopping centers. The company was founded in November 1, 1990.1.000002.000003.00000Plzen Plaza, located in Plzen,Czech Republic owns andoperates shopping centre.Plzen Plaza, located in Plzen, Czech Republic owns andoperates shopping centre.Plzen Plaza, located in Plzen, Czech Republic owns and operates shopping centre.0.000000.000000.000000.00000YCzech Koruna31 Jul 08Thu, 31 Jul 2008 00:00:00 ESTDate Announced: 07/31/200831 Jul 08Date Effective: 07/31/200831 Jul 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.000001468.86 Czech Koruna1468.864000.000001468.86 Czech Koruna1468.86400100.00000100.000000.000000.000001468.864001468.86 Czech Koruna0.06500N48.285000.000000.000000.000000.000000.0000095.7730095.773000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000CZECH REPUBLIC - Klepierre SAof France, a majority-ownedunit of BNP Paribas SAacquired Plzen Plaza, aPlzen-based owner and operatorof shopping centre, from PlazaCenters NV of the Netherlands,a unit of the Elbit UltrasoundLtd subsidiary of EuropeIsrael(MMS)Ltd's Elbit MedicalImaging Ltd unit, for 1.468bil Czech kornas (61.4 mileuros/$95.773 mil US) in cash.CZECH REPUBLIC - Klepierre SA of France, a majority-owned unit of BNP Paribas SA acquired Plzen Plaza, a Plzen-based owner and operator of shopping centre, from Plaza Centers NV of the Netherlands, a unit of the Elbit Ultrasound Ltd subsidiary of Europe Israel(MMS)Ltd's Elbit Medical Imaging Ltd unit, for 1.468 bil Czech kornas (61.4 mil euros/$95.773 mil US) in cash.CZECH REPUBLIC - Klepierre SA of France, a majority-owned unit of BNP Paribas SA acquiredPlzen Plaza, a Plzen-based owner and operator of shopping centre, from Plaza Centers NV ofthe Netherlands, a unit of the Elbit Ultrasound Ltd subsidiary of Europe Israel(MMS)Ltd'sElbit Medical Imaging Ltd unit, for 1.468 bil Czech kornas (61.4 mil euros/$95.773 mil US)in cash.CZECH REPUBLIC - Klepierre SA of France, a majority-owned unit of BNP Paribas SA acquired Plzen Plaza, a Plzen-based owner and operator of shopping centre, from Plaza Centers NV of the Netherlands, aunit of the Elbit Ultrasound Ltd subsidiary of Europe Israel(MMS)Ltd's Elbit Medical Imaging Ltd unit, for 1.468 bil Czech kornas (61.4 mil euros/$95.773 mil US) in cash.CZECH REPUBLIC - Klepierre SA of France, a majority-owned unit of BNP Paribas SA acquired Plzen Plaza, a Plzen-based owner and operatorof shopping centre, from Plaza Centers NV of the Netherlands, a unit of the Elbit Ultrasound Ltd subsidiary of Europe Israel(MMS)Ltd'sElbit Medical Imaging Ltd unit, for 1.468 bil Czech kornas (61.4 mil euros/$95.773 mil US) in cash.Completed2482.03200197.71200712.501007948.639000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006512:Operators of nonresidential buildings637003ParisFrance6000ForeignPublicBNPP5311:Department stores6719:Offices of holding companies, nec401180003NasdaqIsrael5311ForeignPublicEMIT95.773001468.8640095.7730048.28500Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/662012spcred/662012normThe latest News from S&Pglobalstructured7/30/2008 11:32:21 AM100News662012FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsPARIS (Standard&Poor's) July 29, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Klépierre S.A. (BBB+/Positive/A-2) were unchanged following the company's announcement of its first-half 2008 results and of its €605 million acquisition of a 56.1% stake in Scandinavia's leading shopping-center owner Steen&Strom ASA (S&S). Klépierre's first-half 2008 results highlighted robust rental income growth despite the weak revenues of tenants of its Spanish, Italian, and Portuguese shopping centers. At June 30, 2008, Klépierre's loan-to-value ratio marginally exceeded 40%. Almost half of Klépierre's investment could be financed with new equity. S&S carries almost €1.6 billion of debt. The acquisition would somewhat strengthen Klépierre's business profile while weakening its key credit measures to aFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/321064spcred/321064normThe latest Summary from S&Pglobalstructuredpubfin7/10/2008 2:38:00 AM175Summary321064FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCollateralized Debt ObligationsCorporationsFinancial InstitutionsSovereignsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSReal Estate CompaniesResidential MBSRetailSummaryThe ratings on Klépierre S.A. primarily reflect: The company's leading positions as an owner and manager of shopping malls in Continental Europe, as well as its longstanding presence in the Paris prime office real estate market; and The strong cash flow protection provided by the company's focus on shopping malls, which mitigates its more aggressive financial profile following the acquisition in January 2001 of French food retailer Carrefour S.A.'s (A+/Stable/A-1) European shopping malls. With a portfolio market value of €4,71 billion in 2002, Klépierre is now the third-largest player in the French property market and a major player in retail Europe. In all, 24% of the company's retail assets are outside its home market of France, mainly in Spain andFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPSUMMARYFRA05565AF07886F1063NF1391U05567M05568H066747F1062MF1063RF1391L066748F10633Y0701105566HF1059BF1063GF10649F1064P40101010 401010 4010 4030101040 301010 3010 30Carrefour S.A.BNP Paribas102754329103EUROMIDAFRLATAMERICAEMERGINGPACUSAASIACANSUPBNP@FPCA@FPGLOBISSSTRUCPUBFINCDOCORPFISOVINSABCPABSCMBSRECRMBSRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/564042spcred/564042normThe latest Full Report from S&Pglobalpubfinstructured7/10/2008 2:38:00 AM400Full Report564042FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceReal Estate CompaniesResidential MBSSovereignsAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSRetailFull ReportStrong property management expertise and local knowledge Broad diversity of tenants, assets, and geographic markets A focus on retail property assets Very high occupancy and steady internal growth prospects in the three main markets A moderate financial policy and aggressive external growth strategy Heavy ongoing financing and refinancing needs More challenging market fundamentals outside the three main areas The ratings on France-based property company Klépierre S.A. primarily reflect the company's: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large portfolio--€7.9 billion at June 30, 2006--broadly diversified in terms of tenants, assets, formats, and geographic markets. Very high barriers to entry in its main markets, provided by generallyFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPFULLFRA05567M05568HF10633F1063G066748F1059BF1063NF1391LY0701105565A05566HF1062MF10649F1064PF1391U066747F07886F1063R30101040 301010 3010 3040101010 401010 4010 40Carrefour S.A.BNP Paribas102754329103ASIAEUROMIDAFRLATAMERICAEMERGINGSUPCANPACUSABNP@FPCA@FPGLOBISSSTRUCPUBFINCORPFIINSRECRMBSSOVABCPABSCDOCMBSRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/461345bir/461345normKlepierre S.A.FranceReal Estate: Real estate company specialising in the management of commercial property including shopping centres, retail properties and office premises651253112010FJ5/21/2008 6:24:00 AM461345Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/632459spcred/632459normThe latest Full Report from S&P2/26/2008 8:30:31 AMFull Report400globalstructured632459FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportStrong property management expertise and local knowledge Broad diversity of tenants, assets, and geographic markets A focus on retail property assets Very high occupancy and steady internal growth prospects A moderate financial policy and aggressive growth strategy Heavy ongoing financing and refinancing needs More challenging market fundamentals in Central and Eastern Europe The ratings on France-based property company Klépierre S.A. primarily reflect the company's: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large portfolio--€11.3 billion at Dec. 31, 2007--broadly diversified in terms of tenants, assets, formats, and geographic markets. Very high barriers to entry in its main markets, provided by generally tight regulations on new openings, asFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/632460spcred/632460normThe latest Summary from S&P2/26/2008 8:30:31 AMSummary175globalstructured632460FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on France-based property company Klépierre S.A. primarily reflect the company's: Strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers. Large portfolio--€11.3 billion at Dec. 31, 2007--broadly diversified in terms of tenants, assets, formats, and geographic markets. Very high barriers to entry in its main markets, provided by generally tight regulations on new openings, as well as a not yet mature European market, where shopping centers are consistently gaining market share over more traditional forms of retail outlet. These business strengths are set to continue to back up Klépierre's cash flow generation and the market values of its retail assets. They are nevertheless tempered by the group'sFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/624560spcred/624560normThe latest News from S&P1/8/2008 1:11:40 PMNews100globalstructured624560FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsPARIS (Standard&Poor's) Jan. 8, 2008--Standard&Poor's Rating Services said today that it affirmed its 'BBB+/A-2' corporate credit ratings on French real estate group Klépierre S.A. The outlook remains positive. "The ratings and outlook reflect the group's continuously strong operating performances and a relatively solid financial profile," said Standard&Poor's credit analyst Pierre Georges. Klépierre enjoys very high occupancy rates (above 98% across its retail portfolio for the past six years), robust rental performance, solid EBITDA interest cover (above 3x) and a loan-to-value ratio below 45% (respectively 3.3x and 43% at June 30, 2007). Klépierre enjoys currently comfortable positioning at a 'BBB+' rating, and the positive outlook indicates the potential for a one-notch upgrade in the future.FRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/624561spcred/624561normThe latest Research Update from S&P1/8/2008 1:11:40 PMResearch Update175globalstructured624561FranceRetail REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn Jan. 8, 2008, Standard&Poor's Rating Services affirmed its 'BBB+/A-2' corporate credit ratings on French real estate group Klépierre S.A. The outlook remains positive. The ratings and outlook reflect the group's continuously strong operating performances and a relatively solid financial profile. Klépierre enjoys very high occupancy rates (above 98% across its retail portfolio for the past six years), robust rental performance, solid EBITDA interest cover (above 3x) and a loan-to-value ratio below 45% (respectively 3.3x and 43% at June 30, 2007). The ratings also continue to reflect the company's strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by well-established food retailers; its large portfolio--€10 billion at June 30, 2007--broadlyFRA40402060 404020 4040 40Klepierre S.A.346122EUROMIDAFRLI@FPRESUPDGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research