RE Invest Belgium SA made an offer to acquire Befimmo SA (ENXTBR:BEFB) from AXA Belgium S.A./N.V., AG Finance SA and others €1.4 billion on February 25, 2022. As per terms, the consideration is set at a price of €47.50 per share in cash. The Board of Directors of Befimmo has expressed its support for the transaction, subject to review of the final offer prospectus. AXA Belgium and AG Finance have each entered into a soft irrevocable undertaking to tender Befimmo shares representing respectively 9.6% and 5.6% of Befimmo's share capital. The offer will be subject to the following closing conditions: (i) a 50%+1 acceptance threshold and (ii) Belgian phase 1 merger approval. As on May 6, 2022, Belgian Competition Authority approved the deal. As of June 1, 2022, Befimmo's Board of Directors confirmed its unanimous support for the Offer and recommended to shareholders to tender their shares to the Offer. The Bidder has confirmed that it has the funds available as is necessary to finance the Offer. The transaction is expected to close in the third quarter of 2022. The initial acceptance period will open on 7 June 2022 and end on 5 July 2022. As of July 12, 2022, RE Invest Belgium SA have tendered 22,718,167 shares representing 84.94% stake of Befimmo, thus minimum tender offer condition is fulfilled and the offer is now unconditional. As of September 14, 2022, AG Finance has decided to tender, during the additional acceptance period, the remaining stake of 3.5% in Befimmo. The transaction is now expected to close on September 16, 2022, and the results of the subsequent acceptance period will be announced on or around September 23, 2022. As of October 7, 2022 The Offer price will be made payable on October 21, 2022, Bidder will open a final Additional Acceptance Period at 9:00am CET on Tuesday October 25, 2022. This Additional Acceptance Period will close on Tuesday January 3, 2023.

Lazard acted as sole financial advisor to the Board of Directors of Befimmo, Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to the Board of Directors of Befimmo and DF King as Proxy Tender Solicitor/Information Agency. Lars Van Bever and Joris De Wolf of Eubelius acted as legal advisors for AXA Belgium S.A./N.V. and AG Finance SA. J.P. Morgan Securities LLC and Deutsche Bank AG acted as financial advisor to RE Invest Belgium SA. Matthew Elliott, Francesca Harris, Irfan Ahmed, Jonny Birks, James Esterkin, Stefan Arnold-Soulby, Deirdre Jones, Matthew Merkle, Prem Mohan, Mavnick Nerwal and Cian O'Connor of Kirkland & Ellis LLP and Stibbe acted as legal advisor, PwC acted as sourcing, tax and financial acquisition advisor and IHS Market acted as proxy solicitor to RE Invest Belgium SA.