Corio NV : Corio's direct result, €229.8 m, in line with previous guidance

HIGHLIGHTS 2014

Operating performance
· Direct result (EPRA earnings) is €229.8 m or €2.30 per share, in line with previous guidance
· Net rental income like-for-like up 0.9% for 2014
· Retail portfolio's average vacancy rate unchanged at 5.2%
· Administrative expenses reduced by 5%, to €37.1 m
· On a like-for-like basis, footfall increased by 1.1% and tenants sales were unchanged
· Reversion rate of +2.3% (Re-letting and renewal of retail portfolio)

Financing
· Financing cost decreased to 3.4% in Q4 2014
· Loan-to-Value was 42.7% as of 31 December 2014

Disposals
· Corio has sold 31 assets for total proceeds of €638 m in the past 2 years, of which €394 m in 2014

Valuation at year-end 2014
· Portfolio valued at €6.9 bn, down 2.3% vs. last year
· EPRA NNNAV Net Asset Value per share of €33.97 down 9.8%

Events subsequent to reporting date
· Corio distributed a cash dividend of €1.03 per share on 12 January 2015
· The Management Board of Corio N.V. changed on 15 January 2015 (Settlement date)
· On 16 January 2015, Klépierre and Corio announced that Klépierre held 93.6% of total outstanding shares of Corio following the closing of the public exchange offer launched in October 2014. Both companies confirmed their intention to merge effective 31 March 2015

The figures in this press release have not been audited by the external auditor