GREEN & SOCIAL BOND ROADSHOW PRESENTATION Belliard 40 – Brussels CBD
Table of contents General company presentation 3 Cofinimmo’s financing strategy 12 Cofinimmo & Corporate Social Responsibility 18 Sustainable development strategy 19 Cofinimmo’s Green & Social Bond offering 22 Green & Social Bond offering 23 Use of proceeds 24 Transparent evaluation and selection process 25 Eligible projects 26 Examples of eligible green projects 27 Examples of eligible healthcare projects 28 Management of proceeds 29 Reporting commitments and indicators 30 External assurances 31 Key investment highlights 32 Terms & Conditions 33 Green & Social Bond – Roadshow presentation 2
General company presentation Résidence Tillens – Brussels (BE)
About Cofinimmo Figures at 30.09.2016 Portfolio breakdown by segment (30.09.2016 - in fair value) 1 st listed healthcare Leading Belgian listed REIT exposed to 16.4% property investor, with healthcare real estate (44 %) pan-European combined presence 39.1% and offices (39 %) in Belgium, France, 0.8% the Netherlands and Germany Total portfolio Office property investor in Belgium only fair value: 3.3 billion EUR 43.7% Healthcare real estate Offices Property of distribution networks Others Portfolio breakdown by country REIT status in Average weighted residual (30.09.2016 - in fair value) lease term of the current Belgium (SIR/GVV), France (SIIC) leases: 10.2 years 16.0% and the Netherlands (FBI) 8.4% 3.0% Total Internal real estate 72.6% market capitalisation: management platform 2.3 billion EUR > 130 employees Belgium France Netherlands Germany Green & Social Bond - Roadshow presentation 4
Over 30 years of experience 1994 2005 2008 2012 2014 Listing on the First acquisition First acquisition First acquisition First acquisition Brussels Stock of healthcare of healthcare of healthcare of healthcare Exchange property property property in the property in Belgium in France Netherlands in Germany 1983 1999 2011 2015 1996 2007 2013 Establishment of Adoption Internalisation Sale and Sale and Reconversion Capital the company of B-REIT of property leaseback of leaseback of 2 office increase (6 MEUR capital) status management 1,068 pubs of 283 buildings into of 285 MEUR with AB InBev insurance apartments agencies with MAAF Green & Social Bond - Roadshow presentation 5
Two complementary core segments Long-term presence & strong internal expertise in both core segments Comprehensive & pro-active local operating Acquisitions platform in new markets (Germany & Netherlands) In central locations: renovations and reconstructions to upgrade Healthcare quality Offices (Re)development real estate projects in more mature markets driven (Belgium driven by economics & France) by demography In decentralised locations: reconversions to alternative Further uses diversification per country, per medical specialty Arbitrage and per within a portfolio operator kept above a critical size Green & Social Bond - Roadshow presentation 6
2016-2018 investment target +308 MEUR +400 MEUR -150 MEUR Target by end 2018 of acquisitions of divestments of committed investments (pipeline) Portfolio 2016-2018 2016-2018 2016-2018 Portfolio breakdown at Committed pipeline potential scenario: potential scenario: breakdown at 30.06.2016 (x 1,000,000 EUR) Uncommitted Uncommitted 31.12.2018 acquisitions disposals (x 1,000,000 EUR) (x 1,000,000 EUR) Healthcare real estate 44 % 117 400 -50 50 % Offices 39 % 179 -100 35 % Acquisitions 60 Refurbishment 76 Reconversion 43 -100 Others 18 % 12 15 % Total 100 % 308 400 -150 100 % 308 million EUR 250 million EUR committed uncommitted Green & Social Bond - Roadshow presentation 7
Healthcare portfolio at 30.09.2016 SURFACE AREA NUMBER OF SITES FAIR VALUE 692,000 m 2 129 1.5 billion EUR (5,400 m 2 per site on average) Portfolio breakdown by country Portfolio breakdown by care speciality (30.09.2016 - in fair value) (30.09.2016 - in fair value) 13.4% 28.1% 7.1% 6.9% 3.9% 9.3% 3.4% 2.7% 0.8% 2.6% 65.3% 0.3% 0.5% 55.7% Skilled nursing facilities Revalidation clinics Belgium France Wellness Psychiatric clinics Germany Netherlands Elderly care clinics Assisted living Specialised clinics Parking facilities Disabled care facilities Medical office buildings Green & Social Bond - Roadshow presentation 8
Market potential offering strong growth opportunities Amounts invested at 30.09.2016: BELGIUM NETHERLANDS Care market Care & cure market (skilled nursing homes) (care of elderly or disabled people, acute care, medical office buildings) NETHERLANDS 27 yrs 5.0 - 6.0 % 15 - 20 yrs 6.5 - 7.5 % 135 MEUR GERMANY Lease length Initial yields Lease length Initial yields 101 MEUR BELGIUM 812 MEUR FRANCE GERMANY FRANCE Care market Care & cure market 409 MEUR (skilled nursing homes, revalidation (skilled nursing homes, & psychiatric clinics) revalidation clinics) 12 yrs 5.0 - 6.0 % 20 - 30 yrs 5.5 - 7.5 % Lease length Initial yields Lease length Initial yields All leases provide for fixed rent + indexation to inflation Green & Social Bond – Roadshow presentation 9
Office portfolio at 30.09.2016 FAIR VALUE NUMBER OF SITES SURFACE AREA 1.3 billion EUR 85 663,000 m 2 Portfolio breakdown by country Portfolio breakdown by tenant type (30.09.2016 - in fair value) (30.09.2016 - in fair value) 13.3% 10.5% 39.1% 9.2% 5.1% 8.9% 77.5% 36.4% Brussels CBD Brussels Decentralised Belgian public sector International public sector Brussels Periphery/Satellites Antwerp Others Other regions Green & Social Bond - Roadshow presentation 10
2014-2015-2016 financial highlights SOLID FINANCIAL RESULTS FY 2014 FY 2015 FY 2016 Per share (EUR) Actual Actual Forecast Net current result (excl. IAS 39 impact) - Group share (EPRA Earnings) 6.7 6.46 6.19 Result on the portfolio - Group share -2.06 0.32 n/a Net result - Group share -2.93 5.23 n/a EPRA NNNAV 88.66 90.93 n/a Number of shares entitled to the result of the year 17,971,494 19,888,379 20,980,112 RESILIENT OPERATIONAL KPI’S 31.12.2004 31.12.2015 30.09.2016 Actual Actual Actual Like-for-like gross rental revenues growth 1.00% -0.70% 0.80% Occupancy rate 95.20% 94.90% 95.00% Average lease maturity 11.0 years 10.5 years 10.2 years EPRA financial KPI’s Per share (EUR) 31.12.2014 31.12.2015 30.09.2016 EPRA Earnings 6.70 6.40 4.69* EPRA Net Asset Value (NAV) 93.59 93.34 94.20 EPRA Adjusted Net Asset Value (NNNAV) 88.66 90.93 90.01 EPRA Net Initial Yield (NIY) 6.10% 6.00% 6.10% EPRA Vacancy Rate 4.90% 5.20% 5.10% EPRA Cost ratio (cost of vacancy excluded) 15.90% 17.70% 20.10% * 9 months Green & Social Bond - Roadshow presentation 11
Cofinimmo’s financing strategy Guimard 10-12 – Brussels CBD
Regular access to capital markets Bonds (x 1,000,000 EUR) Equity (x 1,000 000 EUR) 350 300 300 250 250 200 200 219 150 285 150 191 44 100 100 72 173 190 98 140 50 32 50 69 70 92 75 50 63 38 31 33 0 22 19 11 5 0 2011 2012 2013 2014 2015 2016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Non convertible Convertible Contribution in kind of assets Sale of treasury shares Stock dividend Rights issue 284.5 million EUR capital increase in 2015 S&P credit rating > significant investment capacity to deploy over 2015-2018 Long term: BBB / Short term: A-2 252 million EUR invested since Strong liquidity Green & Social Bond - Roadshow presentation 13
Solid debt metrics Key figures 30.09.2016 31.12.2015 Debt ratio 42.8 % 38.6 % Average debt (x 1,000,000 EUR) 1,315.8 1,459.0 Average cost of debt 2.5 % 2.9 % Average debt maturity (in years) 4.7 5.3 ICR (excl. hedging restructuring) 4.9 4.1 Debt breakdown (x 1,000,000 EUR) Average cost of debt and debt maturity 14.8% 5.0% 6 5.3 4.2% 4.5% 5.5 4.1% 29.1% 3.9% 4.0% 5 4.7 3.4% 22.5% 3.5% 4.5 2.9% 3.8 3.8 3.0% 4 2.5% 3.3 2.5% 3.5 3.4 2.0% 3 33.6% 2011 2012 2013 2014 2015 30.09.2016 Bank facilities Average cost of debt Average debt maturity (in years) Non-convertible bonds & long-term commercial paper Convertible bonds Short-term commercial paper & others Green & Social Bond - Roadshow presentation 14
Well-spread debt maturities Debts maturing in 2016 > 2019 already refinanced Debt maturities & refinancing (x 1,000,000 EUR) 700 600 146 500 400 3 300 200 229 445 200 347 204 100 171 101 90 100 100 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Refinanced Bank facilities Capital markets Green & Social Bond - Roadshow presentation 15
Interest rate hedging Restructuring of hedging instruments in Nov 2016 > Optimization of future cost of debt LHS: Notional amount of hedged debt (x 1,000,000 EUR) & RHS: Weighted average strike rate 1,200 3.0% 2.4% 1,000 2.4% 2.5% 2.3% 2.3% 2.0% 800 2.0% 1.7% 1.7% 1.7% 1.5% 1.4% 1.4% 1.4% 600 1.5% 1.2% 1.0% 400 1.0% 0.7% 200 0.5% 0 0.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Before restructuring After restructuring Before restructuring After restructuring Green & Social Bond – Roadshow presentation 16
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