ROADSHOW PRESENTATION 30.06.2016
2016 half-year highlights FINANCIAL RESULTS CONFIRMING FY FORECAST Per share (EUR) 1H 2016 1H 2015 FY 2016 FY 2015 FY 2014 Actual Actual Forecast Actual Actual Net current result (excl. IAS 39 impact) - Group share (EPRA Earnings) 2.86 3.35 6.19 6.46 6.70 Result on the portfolio - Group share 0.58 -0.38 n/a 0.32 -2.06 Net result (incl. IAS 39 impact) - Group share 1.65 3.04 n/a 5.23 -2.93 EPRA NNNAV 90.96 - n/a 90.93 88.66 • 2016 forecasted gross dividend: 5.50 EUR per ordinary share CONTINUED INVESTMENT PROGRAMME • Acquisition of 3 healthcare assets in Germany & the Netherlands : 44 million EUR • Agreements for the extension of 3 healthcare assets in Belgium & France : 16 million EUR • Acquisition of 5 office buildings in Brussels : 89 million EUR • Realised investments since 2015 capital increase: 234 million EUR (healthcare: 124 MEUR; offices: 105 MEUR) • Pipeline of committed investments for 2016 -2018: 308 million EUR (healthcare: 117 MEUR; offices: 179 MEUR) CONDITIONAL SALE OF THE SOUVERAIN/VORST 25 OFFICE BUILDING • Property transfer at the earliest at the departure of the current tenant AXA (Aug. 2017) • Reconversion by Cofinimmo of the Souverain/Vorst 23 building into residential units Roadshow presentation - 30.06.2016 2
Company profile Woluwe 58 office building – Brussels (BE): Cofinimmo headquarters
About Cofinimmo Portfolio breakdown by segment (30.06.2016 - in fair value) 1 st listed healthcare Leading Belgian listed REIT exposed to property investor, with 16,8% healthcare real estate (44 %) pan-European combined presence and offices (38 %) in Belgium, France, 38,5% 0,8% the Netherlands and Germany Office property investor Total portfolio fair value: in Belgium only 43,9% 3.2 billion EUR Healthcare real estate Offices Property of distribution networks Others Portfolio breakdown by country Average weighted resid idual REIT status in (30.06.2016 - in fair value) Belgium (SIR/GVV), leas ase te term of the current 15,9% leases: 10.2 years France (SIIC) and the Netherlands (FBI) 8,2% 3,1% Total Internal real estate 72,8% market capitalisation: management platform 2.2 billion EUR > 12 120 0 emp mployees Belgium France Netherlands Germany Roadshow presentation - 30.06.2016 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 1996 1999 2007 2011 2013 2015 Establishment of Internalisation Sale and Sale and Reconversion Capital Adoption the company of property leaseback of leaseback of 2 office increase of B-REIT (6 MEUR capital) status management 1,068 pubs of 283 buildings into of 285 MEUR with AB InBev insurance apartments agencies with MAAF Roadshow presentation - 30.06.2016 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 Roadshow presentation - 30.06.2016 6
On the stock market High visibility 2015 Total return: +11.2 % 130 & sound daily liquidity 120 110 100 Market cap at 30.06.2016: 2.2 billion EUR 90 Number of shares: 21,030,748 COFB TR BEL20 TR index EPRA Europe TR index Free float: 95 % 1H2016 Total return: +11.0 % Major indices: 120 BEL20, EPRA Europe, GPR 250 110 Average volume traded daily: 100 5 million EUR 90 80 Velocity: 57 % COFB TR BEL20 TR index EPRA Europe TR index Roadshow presentation - 30.06.2016 7
Property portfolio Stijp-Z medical office building – Eindhoven (NL)
Long average residual lease term Long residual lease term > High visibility of income Weighted average residual lease term (in years) 30 26,6 25 19,6 20 14,3 15 13,4 10,2 10 5,8 4,7 4,0 5 0 Healthcare BE Healthcare FR Healthcare NL Healthcare DE Offices Pubstone (AB Cofinimur I Total Inbev) (MAAF) Roadshow presentation - 30.06.2016 9
Resilient occupancy, quality tenants Occupancy rate 99,2% 98,6% 94,9% 100% 89,6% 80% 60% 40% 20% 0% Healthcare real estate Offices Property of Total distribution networks LHS: Top 10 tenants (as a % of rental income) & RHS: Lease maturity (in years) 25% 25 20% 20 15,5% 13,7% 15% 15 10,9% 10% 10 6,1% 3,6% 5,4% 3,7% 4,2% 3,1% 5% 5 2,0% 0% 0 Roadshow presentation - 30.06.2016 10
Stable portfolio valuation Gross/net yields 8,1% 7,0% 6,5% 6,2% 6,6% 6,3% 6,2% 6,1% Healthcare Offices Distribution networks Total Gross yield Net yield Like-for-like portfolio growth versus 31.12.2015 (in fair value) 3,0% 2,7% 2,0% 1,1% 1,0% 0,4% 0,0% Healthcare Offices Distribution Total networks -1,0% -2,0% -2,4% -3,0% Roadshow presentation - 30.06.2016 11
Healthcare segment De Nieuwe Seigneurie nursing and care home – Rumbeke (BE)
Healthcare submarkets Addressable explored market Cofinimmo portfolio General hospitals C Specialised acute care clinics U Typically focused on ‘non - critical’ specialties (ex.: orthopaedics, ophthalmology, dermatology, etc.) R Medical office buildings First-line consultations by general practitioners, dentists, psychotherapists, etc. (+ pharmacy) E Laboratories Revalidation clinics Post-acute care (ex.: orthopaedics, cardiology, drug addictions, etc.) Psychiatric clinics C A Skilled nursing facilities Housing and care of elderly dependent people with continuous R medical assistance Assisted living E Housing of elderly autonomous people with a degree of assistance Disabled care facilities Sport & wellness centres Roadshow presentation - 30.06.2016 13
Healthcare portfolio at 30.06.2016 NUMBER OF SITES SURFACE AREA FAIR VALUE 126 684,000 m 2 1.4 billion EUR (5,400 m 2 per site on average) Portfolio breakdown by country Portfolio breakdown by care speciality (30.06.2016 - in fair value) (30.06.2016 - in fair value) 27,9% 12,9% 6,9% 7,1% 4,0% 8,6% 3,5% 2,8% 66,8% 2,6% 0,5% 56,5% Skilled nursing facilities Revalidation clinics Belgium France Wellness Psychiatric clinics Germany Netherlands Elderly care clinics Assisted living Specialised clinics Disabled care facilities Roadshow presentation - 30.06.2016 14
Solid track record Investments in healthcare: 128 million EUR/year on average since 2005 Investments/disposals in healthcare real estate (x 1,000,000 EUR) 600 491 500 400 300 161 161 200 122 104 97 86 81 67 100 48 44 20 0 0 0 -3 -2 -4 -100 -47 -127 -200 -300 -400 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H2016 Investments Disposals Roadshow presentation - 30.06.2016 15
Disciplined investment process Property characteristics Business Market Prospection plan for Analysis of operation of research of operators the facility Financials of operating group Extensions Monitoring Additional Pre-let + build and upgrades of business sites with same or purchase of facilities in performance operators + lease-back portfolio per facility Roadshow presentation - 30.06.2016 16
Strong growth ambitions 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 % GERMANY Lease length Initial yields Lease length Initial yields BELGIUM FRANCE GERMANY FRANCE Care market Care & cure market (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 Roadshow presentation - 30.06.2016 17
Acquisitions in Germany & the Netherlands REVALIDATION CLINIC NURSING AND CARE HOME MEDICAL OFFICE BUILDING KAISER KARL – Bonn CALAU – Calau ORANJEPLEIN – Goirle Acquisition of a newly-built Acquisition of a renovated Acquisition of an operational revalidation clinic (Mar. 2016) nursing and care home (Jul. 2016) medical office building (Aug. 2016) 15,500 m 2 4,600 m 2 1,800 m 2 Surface area Surface area Surface area Investment 30.0 million EUR Investment 9.1 million EUR Investment 4.5 million EUR MED Gesellschaft Various medical Operator Eifelhöhen-Klinik AG Operator Tenants f ủ r Altenpflege mbH and paramedical Lease 25 years - NN professionals Lease 25 years – NN Initial yield 7.3 % Avg residual 7 years Initial yield 6.1 % lease term 7.4 % Initial yield Roadshow presentation - 30.06.2016 18
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