Cofinimmo : 13.02.2020 – 2019 Annual results - roadshow presentation

Roadshow Presentation 31.12.2019

Living

Caring

Working

Table of contents

2019 highlights ……………………………………………………………………………………………………………………………………….......................................................................	p. 3
Company profile ………………………………………………………………………………………………………………………………………....................................................................	p. 4
Property portfolio ………………………………………………………………………………………………………………………………………................................................................	p. 13
Caring ………………………………………………………………………………………………………………………………………...........................................................................................	p. 17
Living ………………………………………………………………………………………………………………………………………............................................................................................	p. 33
Working ………………………………………………………………………………………………………………………………………......................................................................................	p. 36
Financial results …………………………………………………………………………………………………………………..........................................................................................	p. 42
Financial resources …………………………………………………………………………………………………………………………….........................................................................	p. 49
Investment pipeline & 2020 budget ……………………………………………………………………………………...........................................................................	p. 57
Appendices ……………….…………………………………………………………………………………………………………………..................................................................................	p. 62

2	Roadshow presentation - 31.12.2019

2019 Highlights

NET RESULTS HIGHER THAN BUDGET

• Net result from core activities - Group share:
• • 166 million EUR (vs. 145 million EUR as at 31.12.2018, i.e. +15%)
  • 6.81 EUR/share (vs. 6.55 EUR/share at 31.12.2018) (forecast for 2019 of 6.74 EUR/share)
• Net result - Group share: 205 million EUR (vs. 146 million EUR at 31.12.2018, i.e. +41%)
• Proposed gross dividend for 2019, payable in 2020: 5.60 EUR/share (increase compared to 2018)

STRATEGY

• ESG: Science-basedtarget to decrease the energy intensity of the portfolio by 30% by 2030 (compared to 2017), to reach 130 kWh/m²
• Accelerated investments in healthcare real estate
• • 491 million EUR invested in healthcare real estate and first investments in Spain
  • With 2.4 billion EUR, healthcare real estate accounts for more than 56% of the total portfolio, which reaches 4.2 billion EUR (i.e. +14%)
• Recentering of the office portfolio
• • Two acquisitions in the Central Business District of Brussels (CBD) for 22 million EUR and nine sales in the decentralised area of Brussels for 73 million EUR

SOLID OPERATIONAL PERFORMANCE

• Gross rental revenues up by 9.7% (or 2.1% on a like-for-like basis)
• High occupancy rate: 97.0% at 31.12.2019 (vs. 95.8% at 31.12.2018)
• Particularly long residual lease length: 12 years

FINANCIAL STRUCTURE MANAGEMENT

• Capital increase by contributions in kind of almost 300 million EUR in three operations
• Extension of the commercial paper programme to 800 million EUR (previously 650 million EUR)
• Early refinancing and extension of the syndicated loan to 400 million EUR (previously 300 million EUR)
• New 'Green & Social Loan' of 40 million EUR
• Decrease in the average cost of debt: 1.4% (1.9 % at 31.12.2018)
• Debt-to-assetsratio: 41.0% (vs. 43.0% at 31.12.2018)

2020 OUTLOOK

• 2020 budgeted net current result from core activities - Group share: 7.10 EUR/share
• Targeted gross investment pipeline: 375 million EUR
• 2020 budgeted gross dividend, payable in 2021: 5.80 EUR/share

3	Roadshow presentation - 31.12.2019

Company profile

The Lounge Park Lane office building - Brussels Periphery

About Cofinimmo

Leading Belgian listed

REIT invested in

healthcare (56%), offices (31%)

• distribution networks (13%)

Leading listed healthcare property investor, with pan-Europeancombined presence in Belgium, France, the Netherlands, Germany and Spain

Office property investor in Belgium only

Internal real estate management platform

Approx. 130 employees

Total portfolio

fair value: 4.2 billion EUR

REIT status in Belgium (SIR/GVV), France (SIIC)

and the Netherlands (FBI)

Average weighted residual lease term of the current leases: 12 years

Total

market capitalisation:

3.9 billion EUR (12.02.2020)

Portfolio breakdown by segment

(31.12.2019 - based on a fair value of 4,247 million EUR)

31%

13%

56%

Healthcare

Offices

Distribution networks

Portfolio breakdown by country

(31.12.2019 - based on a fair value of 4,247 million EUR) 12%

12%

10%

< 1%

ESG embedded in the organisation, as evidenced by application of ESG reporting guidelines such as GRI, sBPR EPRA and Euronext ESG and by

assessments such as GRESB, Sustainalytics, MSCI ESG, Vigeo Eiris, Standard Ethics, Ethibel, BREEAM, European Women on Boards, Equileap and

Investors in People

66%

Belgium France Germany Netherlands Spain*

* The construction process of a nursing and care home has started in Vigo, Oleiros and Cartagena (Spain). On 31.12.2019 the total fair value of the healthcare portfolio in Spain represents 0,3%.

5	Roadshow presentation - 31.12.2019

Share of healthcare > 56%

Portfolio breakdown by segment

(31.12.2019 - based on a fair value of 4,247 million EUR)

100%
90%
	99%	95%	74%	62%	58%	56%	49%	47%	46%	41%	40%	38%	38%	34%	31%
80%
70%																							13%
60%																						16%
													19%			18%	17%	17%
50%
								17%
									18%	18%
40%
				16%	15%	14%
30%
			18%											40%	42%	45%	45%	50%	56%
20%
											35%	37%
							26%	30%	34%
10%
0%	1%	5%	8%	22%
	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015			2016	2017	2018	2019
						Healthcare				Distribution networks						Offices

6	Roadshow presentation - 31.12.2019

Geographical presence

Portfolio breakdown by country

(31.12.2019 - based on a fair value of 4,247 million EUR)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

6%	5%	5%	5%	5%	5%	5%	7%	2%	3%	4%	11%		< 1%*
12%
								8%	9%	9%
		11%					15%
	10%	11%	16%	16%	16%				9%
											10%

16% 16% 15%

14% 12%

100%

100%

94%

86%

84%

84%

79%

79%

79%

77%

74%

72%

72%

66%

66%

2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
					Belgium			France			Netherlands		Germany		Spain

* The construction process of a nursing and care home has started in Vigo, Oleiros and Cartagena (Spain). On 31.12.2019 the total fair value of the healthcare portfolio in Spain represents 0,3%.

7	Roadshow presentation - 31.12.2019

Active portfolio rotation

Healthcare real estate:

Net investments: 2,207 million EUR

600
500	491																						491
400																		306
300
200	161			161
								122							97 104 104 88
	86
100					81			67
20														48
0
-100	-3	-2-4			-11	-1	-28
																	-47
-200																		-127

-300-400

Offices:

Net divestments: -668 million EUR

600
500	403
400
300
200	92 109	116											105
100								62						36	19				37	22			43	34	44
							18		11
0
-100	-51											-18		-7	0
-92								-74							-73
																	-107
-200								-149
										-161
-300	-200
							-290								-253
-400	-345

Investments		Disposals		Investments		Disposals

8	Roadshow presentation - 31.12.2019

ESG (1)

Setting ambitious science-based targets: Project 30³:

• Science-basedtarget to reduce by 30% the energy intensity of the portfolio by 2030, to reach 130 kWh/m², compared to 2017, in the spirit of the Paris Agreement (COP21)
• Objective to participate in Carbon Disclosure Project (CDP)

Targets to contribute to Project 30³:

• Healthcare
• • Equip all sites with remote meters
  • Green Charter for new leases
  • Selective acquisitions and disposals
• Distribution networks
• • Ongoing refurbishment of the current portfolio
  • Long-termmaintenance programme
• Offices
• • Remote meters already in place
  • Green Charters already enforced
  • Ongoing refurbishment of the current portfolio
  • Long-termmaintenance programme
  • Selective acquisitions and disposals

9	Roadshow presentation - 31.12.2019

ESG (2)

Previous initiatives:

• Signatory of the 10 principles of the United Nations Global Compact since September 2018
• Sustainability Report since 2014:
• • Application of GRI-standards, sBPR EPRA and Euronext ESG
  • External assessment by Deloitte (to be published in April 2020)
  • Application of EU Directive 2014/95 on non-financial reporting on a voluntary basis
• ISO 14001 certification:
• • First certification in 2008
  • Environmental Management System for all the activities along the life cycle of the buildings, i.e. property management, project management and development (principles and policies are applicable to all segments, certification is applicable to 80 office buildings in Belgium)

10	Roadshow presentation - 31.12.2019

ESG (3)

Since 2012	Green Star	A rating	Overall ESG Risk Rating	Constituent of Ethibel
	with 70%,	Since 2016	score of 15.1	Sustainability Index (ESI)
	compared to		Low risk	Excellence Europe
	45% in 2014			since 2018
				Based on Vigeo Eiris

EE+	4 sites	Gold: 2018	Equileap Global Top 100	Only Belgian company in
Very strong	good to excellent	Silver: 2015	75/3.500	Top 20 of
SE Belgian Index	BREEAM in use	Standard: 2012		Gender Diversity Index
SE Best in Class Index	8 sites
Since 2015	good to very good

Disclaimer statement - The use by Cofinimmo of any MSCI ESG RESEARCH LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Cofinimmo by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

11	Roadshow presentation - 31.12.2019

On the stock market

High visibility		Sound daily liquidity
Market cap at 12.02.2020: 3.9 billion EUR		Free float: 89% (Euronext criteria: 100%)
Number of shares: 25,849,283		Average volume traded daily: 5 million EUR
Major indices: Bel20, EPRA Europe, GPR 250		Velocity: 45% (Euronext criteria: 40%)
ESG indices: Euronext Vigeo Europe 120, Eurozone 120, Benelux 20

Total return from 31.12.2018 to 12.02.2020 : +42%

160
150
140
130
120
110
100
90
80
31/12/2018	31/03/2019	30/06/2019	30/09/2019	31/12/2019

COFB TR		Bel20 TR index		EPRA Europe TR index

12	Roadshow presentation - 31.12.2019

Property portfolio

Belliard 40 office building - Brussels CBD

High occupancy, quality tenants

Occupancy rate (31.12.2018 vs. 31.12.2019)

100%	99,9% 99,8%	98,5% 99,2%			95,8%	97,0%
				88,8%* 91,5%
80%
60%
40%
20%	31.12.2018	31.12.2019	31.12.2018	31.12.2019	31.12.2018	31.12.2019	31.12.2018	31.12.2019
0%
	Healthcare	Distribution networks	Offices	Total

LHS: Top 10 tenants (31.12.2019 - as a % of contractual rents) & RHS: Lease maturity (31.12.2019 - in years)

20%									40,0
15,7%
15%	11,7%								30,0
	10,3%
10%			6,9%						20,0
5%				3,8%	3,8%	3,1%	2,9%		10,0
				2,5%
									1,3%
0%									0,0
Group	AB Inbev	Group	Public	Stella	Orpea	MAAF	Aspria	Care-Ion	RTL
Korian		Colisée	Sector	Vitalis

*The segment 'Others' was transfered to the segment 'Offices' on 01.01.2019. The occupancy rate of the offices as at 31.12.2018 would have been 89.1 % with this transfer.

14	Roadshow presentation - 31.12.2019

Long average residual lease term

Weighted average residual lease term

(31.12.2019 - in years)

25		24
20	19
15			15
		12
		11
10
5	3	4	3
0

Lease maturities in contractual rents

(31.12.2019 - in % of global rents)

Lease maturities	Share of rent
Lease maturities > 9 years	57.8%
Healthcare real estate	42.8%
Distribution networks - Pubstone	11.7%
Offices - public sector	2.1%
Offices - private sector	1.3%
Lease 6-9 years	3.1%
Offices	1.6%
Healthcare real estate	1.4%
Lease < 6 years	39.2%
Offices	25.9%
Healthcare real estate	10.2%
Distribution networks - Cofinimur I	3.1%

15	Roadshow presentation - 31.12.2019

Gross/net yields per segment

Gross/net yields at 100% occupancy (31.12.2009 - 31.12.2019)

8,0%	7,1%	7,0%	7,0%	7,0%	7,0%	6,9%	6,9%	6,9%	6,7%	6,5%	6,2%
7,0%
6,0%	6,7%	6,5%	6,6%	6,6%	6,6%	6,5%	6,4%	6,4%	6,1%
5,0%	5,9%	5,8%

4,0%

3,0%

2,0%

1,0%

0,0%

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
				Gross yield			Net yield

Gross/net yields at 100% occupancy - per segment (31.12.2019)

					7,1%
5,7%	5,5%	6,3% 6,0%		6,2%	6,2% 5,8%
Gross	Net	Gross	Net	Gross	Net	Gross	Net
Healthcare	Distribution networks	Offices	Total

16	Roadshow presentation - 31.12.2019

Healthcare

Caring

Market potential offering strong growth opportunities

	Specialised acute care
	clinics
Cure centres	Revalidation clinics
	Psychiatric clinics
Primary care	Medical office buildings
	Skilled nursing facilities
Care centres	Assisted living
	Disabled care facilities	SPAIN
Other	Sport & wellness centres

NETHERLANDS

GERMANY

BELGIUM

FRANCE

18	Roadshow presentation - 31.12.2019

Healthcare portfolio at 31.12.2019

FAIR VALUE	NUMBER OF SITES	SURFACE AREA
1,075,000m2
2.4billion EUR	197
		(5,460 m2 per site on average)

Portfolio breakdown by country

(31.12.2019 - based on a fair value of 2,388 million EUR)

21%

16%

12%

< 1%

51%

Belgium

France

Germany

Netherlands Spain *

Portfolio breakdown by care speciality

(31.12.2019 - based on a fair value of 2,388 million EUR)

4%

13%

79%

4%

Care centres (15,600 beds) Primary care

Cure centres (2,200 beds)

Sport & wellness centres

* The construction process of a nursing and care home has started in Vigo, Oleiros and Cartagena (Spain). On 31.12.2019 the total fair value of the healthcare portfolio in Spain represents 0,5%.

19	Roadshow presentation - 31.12.2019

Belgium: 2019 acquisitions

		Total surface area	∼ 100,000 m2 (15 sites)
		No. of units	1,576
		Investment	∼ 300 million EUR (through CIK)
		Yield	∼ 4.5 %
		Agreement	NNN
		Weighted average	26 years
		residual lease length
		Operators	SLG, Armonea, Vulpia, Care-Ion, Vlietoever,
			't Hofke, Zwaluw
Nursing and care home 'Doux repos' - Neupré (BE)

Nursing and care home 'Vlietoever' - Bornem(BE)

20	Roadshow presentation - 31.12.2019

Belgium: 2019 project completions

NURSING AND CARE HOME		NURSING AND CARE HOME
ZONNEWEELDE - Rijmenam		DE NOOTELAER - Keerbergen

Renovation and extension of a nursing and care home - phase I

Renovation & extension of a nursing and care home

Surface area	∼ 5,000 m2		Surface area	∼ 2,500 m2
No. of beds	∼ 80		No. of beds	∼ 40
Budget	8 million EUR		Budget	3 million EUR
Operator	SLG (Korian Group)		Operator	SLG (Korian Group)
Yield	∼ 6.0 % (NNN)		Yield	∼ 6.5 % (NNN)

21	Roadshow presentation - 31.12.2019

France: 2019 project completions

HOPITAL SSR DOMAINE DE VONTES		HOPITAL SSR CHALON-SUR-SAONE
REHABILITATION HOSPITAL - Esvres-sur-Indre		REHABILITATION HOSPITAL - Chalon-sur-Saône

Renovation and extension of an aftercare and		Acquisition of a revalidation hospital under
rehabilitation clinic			construction - Ownership reverts to lessee at end of
			lease
Surface area	∼ 2,200 m2		Surface area	∼ 9,300 m2
Investment	8 million EUR		No. of beds	Approx. 130
			Investment	20 million EUR
Operator	Inicéa		Operator	Croix-Rouge française (French Red
Lease	12 years - NN			Cross)
	∼ 6.0 %		Lease	40 years - NN
Yield		Annual fee	Approx. 1 million EUR, indexed

22	Roadshow presentation - 31.12.2019

Netherlands: 2019 acquisitions

NURSING AND CARE HOME		HEALTHCARE REAL ESTATE SITE
KASTANJEHOF - Velp		SIONSBERG- Dokkum

Surface	∼ 1,800 m2		Surface	∼ 15,000 m2
			Occupancy rate	100 %
No. of beds	∼ 30
Investment	∼ 4 million EUR		Investment	∼ 8 million EUR
Operator	Stichting Attent Zorg en		Budget of works	∼ 5 million EUR
	Behandeling		Tenant	Stichting Vastgoed DC
				Dokkum
Lease	9 years - NN
	Lease	15 years - NN
Yield	∼ 5.5 %
	Yield	∼ 7 %

23	Roadshow presentation - 31.12.2019

Netherlands: 2019 acquisitions

HEALTHCARE REAL ESTATE SITE

NEBO - The Hague

Surface	∼ 8,700 m2
Investment	∼ 22 million EUR
No. of beds	∼ 115
Tenant	Saffier
Lease	10 years - NN
Yield	∼ 5 %

MEDICAL OFFICE BUILDING

Regionaal Medisch Centrum Tergooi - Weesp

Surface	∼ 2,600 m2
Investment	∼ 7 million EUR
Tenant	Tergooi
Lease	6 years - NN
Yield	∼ 6 %

24	Roadshow presentation - 31.12.2019

Netherlands: 2019 acquisitions

REHABILITATION CLINIC		MEDICAL OFFICE BUILDING
- Zoetermeer		- Bergeijk

Surface	∼ 9,100 m2		Surface	∼ 3,400 m2
Investment	∼ 10 million EUR		Investment	∼ 5 million EUR
			Budget of works	∼ 2 million EUR
Operator	WelThuis BV (Stichting Fundis)
	Tenant	80% pre-let to different
				healthcare providers
Lease	10 years - NNN
			Lease	15 years - NN
Yield	∼ 6 %		Yield	∼ 6 %

25	Roadshow presentation - 31.12.2019

Netherlands: 2019 acquisitions

MEDICAL OFFICE BUILDING

GANZENHOEF - Amsterdam

Surface	∼ 2,500 m2
Investment	∼ 6 million EUR
Tenant	different healthcare providers
Lease	6 years - NN
Yield	∼ 7 %

26	Roadshow presentation - 31.12.2019

Netherlands: 2019 project completions

CARE CENTRE FOR PEOPLE SUFFERING

FROM MENTAL DISORDERS - Gorinchem

Construction of a care centre

Surface	∼ 2,500 m2
No. of beds	∼ 40
Budget	∼ 4 million EUR
Operator	Stichting Philadelphia Zorg
Lease	15 years - NN
Yield	∼ 6.5 %

27	Roadshow presentation - 31.12.2019

Germany: 2019 acquisitions

Acquisition of 2 nursing & care homes in Germany on 29.04.2019 through contribution in kind Approximately 29 million EUR (contribution in kind = 25 million EUR)

238,984 new ordinary shares were issued

NURSING AND CARE HOME 'MATTHÄUS-STIFT DER DIAKONIE' - Ingolstadt

NURSING AND CARE HOME 'PFLEGEWOHNPARK GLÜCK IM WINKEL' - Neunkirchen

Surface area	∼ 6,500 m2		Surface area	∼ 4,500 m2
after works			after works
No. of beds	∼ 125		No. of beds	∼ 97
after works			after works
Operator	Domus Cura GmbH		Operator	Domus Cura GmbH
Lease	25 years - NN		Lease	25 years - NN
Yield	∼ 6 %		Yield	∼ 6 %

28	Roadshow presentation - 31.12.2019

Germany: 2019 acquisitions

Acquisition, subject to conditions, of a portfolio of 4 nursing & care homes in Germany announced on 30.04.2019 and closed on 30.07.2019

Approximately 50 million EUR (including 6 capex programme)

Long-term leases signed with the German operator Curata Care Holding GmbH Lease length: 25 years

All leases are 'Dach und Fach' (NN)

Maintenance of roof and building structure to be borne by Cofinimmo

All leases will be indexed

Based on the German consumer price index

Initial gross rental yield in line with current market conditions

Nursing and care home 'Residenz Am Burgberg' - Denklingen (DE)

29	Roadshow presentation - 31.12.2019

Germany: 2019 acquisitions

NURSING AND CARE HOME

'AZURIT Seniorenzentrum Altes Rathaus' - Chemnitz

Acquisition, subject to conditions, announced on 28.05.2019 and closed on 18.07.2019

Surface	∼ 7,800 m2
No. of beds	∼ 140
Investment	∼ 14 million EUR
Operator	Azurit Rohr GmbH
Lease	20 years - NN
Yield	∼ 5.5 %

30	Roadshow presentation - 31.12.2019

Spain: 2019 acquisitions

First pipeline of five construction projects

Total investment budget for 5 plots of land and works of 45 million EUR

NURSING AND CARE HOME		NURSING AND CARE HOME		NURSING AND CARE HOME
- Vigo (Galicia)		- Oleiros (Galicia)		- Cartagena (Murcia)

Surface	∼ 5,000 m2		Surface	∼ 5,400 m2		Surface	∼ 7,000 m2
No. of	∼ 140		No. of	∼ 140		No. of	∼ 180
beds			beds			beds
Budget	∼ 8 million EUR		Budget	∼ 11 million EUR		Budget	∼ 13 million EUR
Operator	CLECE Vitam		Operator	CLECE Vitam		Operator	CLECE Vitam
			Lease	20 years - NN
Lease	20 years - NN			Lease	20 years - NN
Yield	∼ 6 %		Yield	∼ 6 %		Yield	∼ 6 %

Two other sites identified in Valencia and Andalusia

31	Roadshow presentation - 31.12.2019

Reinforcement of Healthcare teams

Marc-Philippe	Maria Garbayo Garcia	Kees Zachariasse
Goldschmidt
Managing Director	Business Development	Managing Director
Cofinimmo
Manager Spain	Superstone NV

Dienstleistungs-GmbH

Since January 2019, Marc-Philippe joined Cofinimmo as Managing Director of the new German subsidiary 'Cofinimmo Dienstleistungs-GmbH', based in Frankfurt.

His mission is to support the growth of the company in Germany and to enhance local presence in healthcare.

Previously, Marc was responsible for M&A at PATRIZIA Immobilien AG, after a career in M&A at Jones Lang LaSalle and UBS.

Maria joined the team in October 2019 as Business Development Manager Spain.

She has more than ten years of experience in M&A, which she acquired in New York and London, first at Lehman Brothers, and later at Nomura and Stella Advisors.

At the beginning of 2017, she specialised in international M&A in healthcare. She achieved a dozen operations in less than three years, allowing Armonea to double the size of its international activities.

As from 01.03.2020, Kees will assume the role of Managing Director Netherlands at Superstone (a 100% subsidiary of Cofinimmo SA). In this quality, he will manage, together with a team of four, the healthcare portfolio and support its expansion in line with Cofinimmo's growth strategy.

Kees has been working as a real estate partner at Deloitte Financial Advisory Services since 2002, where he advised clients on the purchase or sale of real estate properties, portfolios or equity interests in real estate companies and on (re)financing of real estate.

He started his career in 1988 in Audit and Corporate Finance at Arthur Andersen.

32	Roadshow presentation - 31.12.2019

Distribution networks

Living

Distribution networks portfolio at 31.12.2019

FAIR VALUE	NUMBER OF SITES	SURFACE AREA
0.6billion EUR	1,206	386,000m2

Portfolio breakdown by country

(31.12.2019 - based on a fair value of 562 million EUR)

25%

22%

Portfolio breakdown by tenant type

(31.12.2019 - based on a fair value of 562 million EUR)

22%

78%

53%

Belgium

Netherlands

France

Pubstone

MAAF

34	Roadshow presentation - 31.12.2019

Distribution networks

PUBSTONE (2007)		COFINIMUR I (2011)
Sale & leaseback of pubs and restaurants portfolio		Sale & leaseback of insurance branches portfolio
with AB InBev		with MAAF
• 1 tenant: AB InBev		•	1 tenant: MAAF
• Fixed rents, indexed to CPI		• Fixed rents, indexed to index of commercial
• Initial net yield: 6.15%			leases
• Initial lease length: 27 years		•	Initial net yield: 6.18%
• Average expected initial lease length: 23 years		• Initial lease length: 10 years
At 31.12.2019:		At 31.12.2019:
• 720 pubs in BE and 218 pubs in NL		• 268 insurance branches in FR
• Fair value: 436 million EUR		• Fair value: 126 million EUR
•	Gross yield: 6.3%		•	Gross yield: 6.1%
•	Occupancy rate: 99%		•	Occupancy rate: 98%
• 134 pubs sold since acquisition		• 22 agencies sold since acquisition

35	Roadshow presentation - 31.12.2019

Offices

Working

Office portfolio at 31.12.2019

FAIR VALUE	NUMBER OF SITES	SURFACE AREA
1.3billion EUR	80	556,000m2

Portfolio breakdown by district

(31.12.2019 - based on a fair value of 1,298 million EUR)

30%9%

5%

11%

45%
Brussels CBD	Brussels Decentralised
Brussels Periphery	Antwerp
Other regions

Portfolio breakdown by tenant type

(31.12.2019 - based on gross rental revenue)

20%

80%

Private sector

Public sector

37	Roadshow presentation - 31.12.2019

Brussels CBD: 2019 acquisitions

OFFICE BUILDING LOI/WET 85		OFFICE BUILDING LIGNE 13

BREEAM certificate 'Excellent' aimed
Surface area	Approx. 3,200 m²		Surface area	Approx. 3,700 m²
	offices + 500 m² retail
			Investment	Approx. 16 million EUR
Investment	6 million EUR
Budget of works	∼ 10 million EUR		Tenant	Multi-tenant
			Yield	4,5 - 5%
Expected end of works	End 2021

38	Roadshow presentation - 31.12.2019

Demolitions/reconstructions in strategic locations

QUARTZ - In progress

Brussels CBD

BREEAM certificate 'Excellent' aimed

Surface area	Approx. 9,200 m2
Expected end of	Q2 2020
works
Budget	24 million EUR
Pre-let	100 %

39	Roadshow presentation - 31.12.2019

December 2018

Recentering of the office portfolio (1)

Serenitas & Moulin à Papier - Assignment of property rights -

					Surface area			23,000 m2
					Consideration			∼ 30 million EUR
					Closing			Q2 2020 (to do)
					Col. Bourg 105 - May 2019
					Surface area			2,600 m2
					Consideration			∼ 3 million EUR
					Closing			Q3 2019 (done)
					Woluwe 102 - June 2019
					Surface area			8,000 m2
					Consideration			∼ 8 million EUR
					Closing			Q3 2019 (done)
					Souverain/Vorst 23/25 - July 2019
					Surface area			57,000 m2
					Consideration			∼ 50 million EUR
					Closing			Q4 2019 (done)
	Waterloo Office Park (I, J & L) - December 2019			Corner building - October 2019
		8,200 m2				3,500 m2
	Surface area			Surface area
	Consideration	∼ 9 million EUR			Consideration		∼ 4 million EUR
	Closing	Q4 2019 (done)			Closing		Q4 2019 (done)

40	Roadshow presentation - 31.12.2019

Recentering of the office portfolio (2)

• Increasing presence in the CBD (thanks to the acquisitions of Loi 85 and Ligne 13 in 2019, and Arts 27 in 2018)

• Decreasing presence in the decentralised districts (thanks to the sale of Souverain 24, Colonel Bourg 105, Woluwe

102, Souverain 23/25 and Corner) and in the periphery/satellites region (thanks to the sale of the 3 WOP buildings)

Breakdown by district

(based on fair value - including development projects and assets held for sale)

100%					CBD
	11%
11%
90%					New
80%
	35%
41%

70%

New New

60%

50%

40%

30%
48%	54%

20%

10%

0%

31/12/201831/12/2019

Brussels CBD

Brussels Decentralised

Brussels Periphery/Satellites

Decentralised

Periphery

Serenitas and Moulin à Papier: A sales agreement has been signed; the notary deed will be signed in the coming months.

41	Roadshow presentation - 31.12.2019

Financial results

Nursing and care home 'Doux Repos' - Neupré (BE)

Positive like-for-like rental growth

Like-for-like rental growth breakdown by segment
	Gross rental	Gross rental	Growth	Like-for-like
	revenues	revenues		growth
	(x 1,000,000 EUR)	(x 1,000,000 EUR)
	31.12.2018	31.12.2019
Healthcare real estate	108	129	+19.0%	+1.5%
Offices	71	71	+0.2%	+3.4%
Property of distribution networks	37	38	+0.8%	+1.6%
Total	216	238	+9.7%	+2.1%

Breakdown by transaction type of the like-for-like rental growth since 31.12.2018

4%			3,1%
3%								2,1%
2%		1,6%
1%
0%
-1%		Indexation	New lettings	Departures	Renegociations	Total
				-0,2%
-2%				-2,3%
-3%
-4%

43	Roadshow presentation - 31.12.2019

Net result from core activities - Group share

Net result from core activities - Group share (EPRA Earnings): 166 million EUR, above budget and 15% above prior year Net result from core activities - Group share (EPRA EPS): 6.81 EUR/share, above budget and 4% above prior year

	(x 1,000,000 EUR)
	31.12.2019	31.12.2018
Net rental revenues	233	211
Writeback of lease payments sold and discounted	9	9
Operating charges	-48	-46
Operating result before result on portfolio	194	174
Financial result	-16	-22
Share in the result of associated companies and joint-ventures	-1	0
Taxes	-6	-3
Minority interests	-5	-5
Net result from core activities - Group share	166	145
Number of shares entitled to share in the result	24,456,099	22,133,963
Net result from core activities - Group share per share*	6.81	6.55

• The net result from core activities per share - Group share at 31.12.2019 takes into account the issue of shares in the context of the capital increase in cash of July 2018, and of the contributions in kind of 29.04.2019 and 26.06.2019.

44	Roadshow presentation - 31.12.2019

Net result - Group share

Net result - Group share:

205 million EUR, 41% above prior year

8.37 EUR/share, 27% above prior year

	(x 1,000,000 EUR)
	31.12.2019	31.12.2018
Net result from core activities - Group share	166	145
Result on financial instruments - Group share	-24	-3
Result on the portfolio - Group share	62	4
Net result - Group share*	205	146
Number of shares entitled to share in the result	24,456,099	22,133,963
Net result - Group share per share**	8.37	6.58

• The fluctuation (+59 million EUR) is mainly due to the net result from core activities (+21 million EUR) together with the net change in valuation of financial instruments (-21 million EUR, in line with changes on the financial markets) and in valuation of the portfolio (+58 million EUR, thanks to gains on disposals and yield compression).
• The net result - Group share at 31.12.2019 takes into account the issue of shares in the context of the capital increase in cash of July 2018, and of the contributions in kind of 29.04.2019 and 26.06.2019.

45	Roadshow presentation - 31.12.2019

Balance sheet

Breakdown of assets (x 1,000,000 EUR)

		2
4.500	0	201
4.000	108
190
3.500	104
3.000
	4.247
2.500
2.000	3.728
1.500
1.000
500
0
31.12.2018	31.12.2019

Other assets not taken into account in the ratio

Other assets taken into account in the ratio

Finance lease receivables

Investment properties & assets held for sale

Breakdown of equity and liabilities (x 1,000,000 EUR)

4.500
	156
4.000	128	1.868
3.500
3.000	1.727
2.500
	83
2.000	84	2.451
1.500	2.082
1.000
500
0
31.12.2018	31.12.2019

Liabilities not taken into account in the ratio

Liabilities taken into account in the ratio

Minority interests

Shareholders' equity

46	Roadshow presentation - 31.12.2019

Debt-to-assets ratio

31.12.2018 31.12.2019

Debt-to-assets ratio

43.0%

41.0%

41,0%

47	Roadshow presentation - 31.12.2019

EPRA financial KPI's on 31.12.2019

	31.12.2019	31.12.2018
EPRA Earnings per share (in EUR)	6.81	6.55
EPRA Diluted Earnings per share (in EUR)	6.80	6.54
	31.12.2019	31.12.2018
EPRA Net Asset Value (NAV) per share (in EUR)	100.69	94.76
EPRA Adjusted Net Asset Value (NNNAV) per share (in EUR)	97.56	92.48
EPRA Net Initial Yield (NIY)	5.6%	5.6%
EPRA Vacancy Rate	3.0%	4.3%
EPRA Cost ratio (cost of vacancy excluded)	18.0%	19.1%
Conversion of IFRS NAV to EPRA (NN)NAV (31.12.2019)
	(x 1,000,000 EUR)	Per share (EUR)
NAV per financial statements	2,451	95.02
Fair value of financial leases	+78	+3.03
Fair value of debts	-10	-0.40
Restatement of denominator	-	-0.09
EPRA NNNAV	2,519	97.56
Fair value of financial instruments	+71	+2.75
Fair value of debts	+10	+0.40
Deferred taxes	+43	+1.66
Goodwill as a result of deferred taxes	-44	-1.69
EPRA NAV	2,600	100.69

48	Roadshow presentation - 31.12.2019

Financial resources

Fundis healthcare real estate project - Rotterdam (NL)

Regular access to capital markets: equity

(x 1,000,000 EUR)

350

300

250

200

150

107

100	75	75

50

29

19

0

2002 2003 2004 2005 2006

285296

155

						44
	72
		98	69		32
								33
					92
	63
5
	22	11	31	38		33
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

	Contributions in kind		Sale of treasury shares		Stock dividend		Rights issue

50	Roadshow presentation - 31.12.2019

Regular access to capital markets: bonds

(x 1,000,000 EUR)

400
350
300														55
250
200				173							190
											219
150					140
							191
	100
100
50		50
											70
										50
0
	2009	2010	2011	2012	2013	2014	2015	2016
				Straight bonds		Convertible bonds			Green & social bonds

S&P credit rating confirmed on 27.05.2019

Long term: BBB, outlook stable

Short term: A-2

51	Roadshow presentation - 31.12.2019

2019 Financing activity

March: Early refinancing of bilateral credit line:

• Initial loan ending in August 2019
• Refinanced by a Green and Social Loan of 7.5 years

March: Extension of commercial paper programme

From 650 million EUR to 800 million EUR (drawn up to 731 million EUR as at 31.12.2019)

April - June: Contributions in kind

3 contributions in kind totalling 296 million EUR (gross proceeds)

July: early refinancing and extension of syndicated loan

• Extension from 300 million EUR to 400 million EUR with 8 participating banks
• Five years maturity with two additional one-year extensions
• Option to increase once the syndicated loan by up to 50 million EUR

July: call option for preference share

• Issued in April 2004 at 107.89 EUR and 104.44 EUR/share
• Call option as from 28.05.2019
• Call option exercised  all preference shares were converted into ordinary shares (97.5%) or bought back by the Group (2.5%) and then converted
• Closing on 12.07.2019; since then, share capital represented by 25,849,283 ordinary shares with market cap > 3 billion EUR

Increased hedging horizon over 9 years

• Of which 500 million EUR in 2026, 2027 and 2028

52	Roadshow presentation - 31.12.2019

ESG in financing

Green & Social Bond in 2016 (55 million EUR)

Green & Social Loan in 2019 (40 million EUR)

Cofinimmo, one Belgian banking group and the Belgian State are the only Belgian bonds issuers taking part in the Euronext Green Bonds community

Vigeo Eiris is of the opinion that the Green & Social Bond issued in 2016 by Cofinimmo remains aligned with the Sustainability Bond Guidelines 2018.

The same framework has been applied to the Green & Social Loan 2019.

53	Roadshow presentation - 31.12.2019

Solid debt metrics

	31.12.2019	31.12.2018
Average debt (x 1,000,000 EUR)	1,692	1,597
Average cost of debt	1.4%	1.9%
Average debt maturity	4 years	4 years

Average cost of debt and debt maturity

10%
					5	5	5
8%		4	4					4	4
6%	3			3
4%	4,2%	4,1%	3,9%
	3,4%
				2,9%
2%					2,4%
					1,9%	1,9%
							1,4%
0%
	2011	2012	2013	2014	2015	2016	2017	2018	2019
	Average cost of debt	Average debt maturity (in years)

Drawn debt breakdown - 1.7 billion EUR (31.12.2019 - x 1,000,000 EUR)

6

	228
5	13%
4		692
1,745	40%
3
million
2	512
1	29%	312
		18%
0	Bank facilities
	Straight bonds & long-term commercial paper
	Convertible bonds
	Short-term commercial paper & others

54	Roadshow presentation - 31.12.2019

Well-spread debt maturities

Debt maturities at 31.12.2019 (x 1,000,000 EUR)

700

600

500

400

512

300								80
200	105																	100
		30
									200					220
100			146			219									89
			40							62		100			55				50			80				10	25
												21
						10												40
0																						15
	2020		2021	2022			2023	2024	2025	2026	2027	2028	2029
					Drawn credit lines			Straight bonds & LT CP		Convertible bonds	Undrawn credit lines

55	Roadshow presentation - 31.12.2019

High hedging ratio until 2024

Share of expected fixed, hedged and unhedged debt at 31.12.2019

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

7%

				19%				32%
				34%				35%
				40%
50%
				47%
				46%				58%
							49%			57%
44%
				34%
				21%
							11%			11%	8%
2019	2020	2021	2022	2023	2024
		Fixed rate debt				Hedged floating rate debt			Unhedged floating rate debt

56	Roadshow presentation - 31.12.2019

Investment pipeline & 2020 budget

Coffee Corner - Bourget 50 office building - Brussels CBD

Breakdown of 2019 investments

540 million EUR realised investments

		Healthcare		Distribution networks			Offices
500	491
450
400
350
300
250
200
150
100
								44
50
				5
0
-50					-7
-28
-100									-73

58	Roadshow presentation - 31.12.2019

Breakdown of 2020 budgeted pipeline

FY budget: 375 million EUR (gross)

Healthcare	Distribution networks	Offices
500
450
400
350
293
300
250
200
150
100		78
50
	4
0
-7	-4
-50
-100		-84

Committed: 79	Capex: 4	Capex: 18
DD: 109		DD: 20
Theoretical: 105		Theoretical: 40

59	Roadshow presentation - 31.12.2019

Breakdown of development projects

Development projects

Type of works

Number of beds after

Area after works

Estimated work

completion

Total investments

(x 1,000,000 EUR)

Total investments

realised in 2019

(x 1,000,000 EUR)

Total investments

(x 1,000,000 EUR)

works

after 2019

I. Projets in progress

Healthcare

Zonneweelde -

Renovation & reconstruction of a nursing

200

15,000 m2

Q1 2021

6

-

6

Rijmenam (BE)

& care home*

Fundis -

Demolition/Reconstruction of a nursing &

135

11,000 m²

Q4 2021

25

10

14

Rotterdam (NL)

care home and renovation of

rehabilitation centre

Rijswijk (NL)

Construction of an orthopaedic clinic

-

4,000 m2

Q1 2020

11

11

-

Bergeijk (NL)

Construction of a medical office building

-

3,400 m²

Q2 2020

8

6

2

Kaarst (DE)

Construction of a psychiatric clinic

70

7,800 m2

Q2 2020

22

-

22

Vigo (ES)

Construction of a nursing & care home

140

6,000 m²

Q4 2020

8

4

4

Oleiros (ES)

Construction of a nursing & care home

140

5,700 m²

Q3 2021

11

4

7

Cartagena (ES)

Construction of a nursing & care home

180

7,000 m²

Q3 2021

13

3

10

Offices

Quartz -

Demolition/reconstruction

-

9,200 m2

Q2 2020

24

20

4

Brussels CBD

II. Acquisition in progress

Healthcare

Other sites (ES)

Construction of nursing & care homes

180

7,700 m2

Q3 2021

13

-

13

III. Total

141

58

83

* The first stage of the renovation and extension was delivered in Q1 2019.

60	Roadshow presentation - 31.12.2019

Budget

2020 budgeted net result from core activities (EPRA Earnings): 7.10 EUR/share

2020 budgeted gross dividend, payable in 2020: 5.80 EUR/share

	2020	2019
	Budget	Actual
Rental income, net of rental-related expenses (in MEUR)	249	233
Net result from core activities - Group share (in MEUR)	183	166
Number of shares entitled to share in the result of the period	25.815.724	24.456.099
Net result from core activities per share (in EUR)	7.10	6.81
Gross dividend per share (in EUR)	5.80	5.60
Pay-out ratio	82%	82%
Debt-to-assets ratio	44%	41%

61	Roadshow presentation - 31.12.2019

Appendices

Quartz office building - Brussels CBD

NEO II project

Consortium between CFE and Cofinimmo to build NEO II

Project launched by the city of Brussels to confirm its role as an international conference city Signing could take place at the earliest by the end of 2020

• Offer expired mid-December 2019
• Early 2020 contracting authorities requested negotiations be postponed until September 2020

Construction could begin at the earliest by 2022

63	Roadshow presentation - 31.12.2019

Shareholder calendar

Event	Date
Publication of 2019 Annual Financial Report	09.04.2020
Publication of 2019 Sustainability Report	09.04.2020
Interim report: results as at 31.03.2020	28.04.2020
2019 Ordinary General Meeting	13.05.2020
Payment of the 2019 dividend
Coupon	No. 35
Ex date	18.05.2020
Record date	19.05.2020
	As from 20.05.2020
Dividend payment date
Half-Year Financial Report: results as at 30.06.2020	30.07.2020
Interim report: results au 30.09.2020	19.11.2020
Annual press release: results as at 31.12.2020	11.02.2021

64	Roadshow presentation - 31.12.2019

Balance sheet (x 1,000 EUR)

65	Roadshow presentation - 31.12.2019

Income statement (x 1,000 EUR)

66	Roadshow presentation - 31.12.2019

Disclaimer

This presentation is directed to financial analysts and institutional investors and is not to be considered as an incentive to invest or as an offer to acquire Cofinimmo shares.

The information herein is extracted from Cofinimmo annual and half-yearly reports and press releases but does not reproduce the whole content of these documents. Only the French annual and half-yearly reports and press releases form legal evidence.

This presentation contains forward-looking statements based on the Group's plans, estimates and forecasts, as well as on its reasonable expectations regarding external events and factors. By its nature, the forward-looking statements are subject to risks and uncertainties that may have as a consequence that the results, financial situation, performance and actual figures differ from this information. Given these uncertainty factors, the statements made regarding future developments cannot be guaranteed.

Please consult our press release dd. 13.02.2020 for an identification of the Alternative Performances Measures (as defined in the ESMA guidelines) used by Cofinimmo.

67	Roadshow presentation - 31.12.2019

Contact

FOR MORE INFORMATION, CONTACT:

Lynn Nachtergaele Investor Relations Officer T [phone] [e-mail]

www.cofinimmo.com

68	Roadshow presentation - 31.12.2019

Notes

Roadshow presentation - 31.12.2019