Cofinimmo : Calculation details of the EPRA Key Performance Indicators at 31.12.2021

Calculation details of the EPRA performance indicators at 31.12.2021

EPRA Earnings (total amount and amount per share)

Definition: Current result from strategic operational activities.

Purpose: A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.

(x 1,000 EUR)	31.12.2021		31.12.2020
Net earnings per financial statements	260,337	119,222
To exclude:
- Change in the fair value of investment properties and assets held	-13,025		37,342
for sale
(i) Change in the fair value of investment properties	-34,506		13,696
(ii) Writeback of rents earned but not expired (other result on	7,644		13,226
the portfolio)
(iii) Others (other result on the portfolio)	13,837		10,420
- Gains or losses on disposals of investment properties and other	-7,768		-4,583
non-financial assets
- Losses on goodwill (other result on the portfolio)	5,200		10,120
- Change in the fair value of financial instruments	-40,968		22,756
- Costs & interests on acquisitions and joint ventures	0		0
- Deferred taxes in respect of EPRA adjustments	9,979		2,365
(other result on the portfolio)
- Adjustments related to joint ventures	421		2,688
- Minority interests in respect of the adjustments above	-2,045	-8,452
EPRA Earnings	212,131	181,457
Number of shares	29,655,292	26,478,781
EPRA Earnings per share (in EUR/share)	7.15	6.85

1

EPRA Diluted Earnings (total amount and amount per share)

Definition: Current result from strategic operational activities, taking into account the financial instruments with a potential dilutive impact at the closing date.

Purpose: A key indicator of a company's underlying operating results, taking into account the financial instruments with a potential dilutive impact at the closing date, and an indicator of the extent to which dividend payments are corroborated by the results.

(x 1,000 EUR)	31.12.2021	31.12.2020
Net earnings per financial statements	260,337	119,222
To exclude:
- Change in the fair value of investment properties and	-13,025	37,342
assets held for sale
(i) Change in the fair value of investment properties	-34,506	13,696
(ii) Writeback of rents earned but not expired (other	7,644	13,226
result on
the portfolio)
(iii) Others (other result on the portfolio)	13,837	10,420
- Gains or losses on disposals of investment properties	-7,768	-4,583
and other non-financial assets
- Losses on goodwill (other result on the portfolio)	5,200	10,120
- Change in the fair value of financial instruments	-40,968	22,756
- Costs & interests on acquisitions and joint ventures	0	0
- Deferred taxes in respect of EPRA adjustments	9,979	2,365
(other result on the portfolio)
- Adjustments related to joint ventures	421	2,688
- Minority interests in respect of the adjustments above	-2,045	-8,452
EPRA Earnings	212,131	181,457
- Effect of the exercise of options, convertible debts or	0	0
other equity instruments
EPRA Diluted earnings	212,131	181,457
Diluted number of shares	29,671,967	26,495,581
EPRA Diluted Earnings per share (in EUR/share)	7.15	6.85

EPRA NRV, EPRA NTA and EPRA NDV metrics

Definition : Net Asset Value (NAV) adjusted in accordance with the Best Practice Recommendations (BPR) Guidelines published by EPRA in October 2019 for application as from 2020.

Utility: Makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under three different scenarios:

• The EPRA Net Reinstatement Value assumes that entities never sell assets and provide an estimation of the value required to rebuild the entity.
• The EPRA Net Tangible Assets assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.
• The EPRA Net Disposal Value represents the value accruing to the company's shareholders under an asset disposal scenario, resulting in the settlement of deferred taxes, the liquidation of financial instruments and the recognition of other liabilities for their maximum amount, net of any resulting tax.

For the sake of continuity and comparison with data published in the past, the EPRA NAV and EPRA NNNAV, concepts abandoned by the BPR Guidelines, were still calculated and published quarterly in 2020.

2

As at 31.12.2021:

(x 1,000 EUR)	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable to shareholders	3,233,274	3,233,274	3,233,274
Include/Exclude*:
i) Hybrid instruments	0	0	0
Diluted net asset value (NAV)	3,233,274	3,233,274	3,233,274
Include*:
ii.a) Revaluation of IP (if IAS 40 cost option is used)	0	0	0
ii.b) Revaluation of IPUC (if IAS 40 cost option is used)	0	0	0
ii.c) Revaluation of other non-current investments	0	0	0
iii) Revaluation of tenant leases held as finance leases	80,887	80,887	80,887
iv) Revaluation of trading properties	0	0	0
Diluted NAV at Fair Value	3,314,160	3,314,160	3,314,160
Exclude*:
v) Deferred tax in relation to fair value gains of IP	51,104	51,104	0
vi) Fair value of financial instruments	47,397	47,397	0
vii) Goodwill as a result of deferred tax	-31,808	-31,808	-31,808
viii.a) Goodwill as per the IFRS balance sheet	0	-9,818	-9,818
viii.b) Intangibles as per the IFRS balance sheet	0	-2,487	0
Include*:
ix) Fair value of fixed interest rate debt	0	0	5,564
x) Revaluation of intangibles to fair value	0	0	0
xi) Real estate transfer tax	256,161	0	0
NAV	3,637,015	3,368,548	3,278,098
Fully diluted number of shares	31,675,033	31,675,033	31,675,033
NAV per share (in EUR/share)	114.82	106.35	103.49

3

As at 31.12.2020:

(x 1,000 EUR)	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable to shareholders	2,574,775	2,574,775	2,574,775
Include/Exclude*:
i) Hybrid instruments	0	0	0

Diluted net asset value (NAV)	2,574,775	2,574,775	2,574,775
Include*:
ii.a) Revaluation of IP (if IAS 40 cost option is used)	0	0	0
ii.b) Revaluation of IPUC (if IAS 40 cost option is used)	0	0	0
ii.c) Revaluation of other non-current investments	0	0	0
iii) Revaluation of tenant leases held as finance leases	90,967	90,967	90,967
iv) Revaluation of trading properties	0	0	0
Diluted NAV at Fair Value	2,665,742	2,665,742	2,665,742
Exclude*:
v) Deferred tax in relation to fair value gains of IP	43,675	43,675	0
vi) Fair value of financial instruments	89,870	89,870	0
vii) Goodwill as a result of deferred tax	-35,782	-35,782	-35,782
viii.a) Goodwill as per the IFRS balance sheet	0	-11,045	-11,045
viii.b) Intangibles as per the IFRS balance sheet	0	-2,172	0
Include*:
ix) Fair value of fixed interest rate debt	0	0	-23,388
x) Revaluation of intangibles to fair value	0	0	0
xi) Real estate transfer tax	213,154	0	0
NAV	2,976,658	2,750,288	2,595,527
Fully diluted number of shares	27,033,633	27,033,633	27,033,633
NAV per share (in EUR/share)	110.11	101.74	96.01

4

EPRA Net Initial Yield (NIY) and EPRA 'topped-up' NIY

Definition: Annualised gross rental income based on the passing dates at the closing date of the financial statements, less property charges, all divided by the market value of the portfolio, plus the estimated transfer costs and duties at the time of the hypothetical disposal of investment properties. The EPRA 'topped-up' NIY incorporates an adjustment compared to the EPRA NIY relating to the expiry of the rent-free periods and other incentives.

Purpose: This indicator should help investors to judge how the valuation of portfolio X compares with that of portfolio Y.

(x 1,000,000 EUR)	31.12.2021	31.12.2020
Investment properties at fair value	5,710	4,869
Assets held for sale	-40	-3
Development projects	-253	-133
Properties available for lease	5,417	4,733
Estimated transfer costs and rights resulting from the hypothetical	246	209
disposal of investment properties
Gross up completed property portfolio valuation	5,663	4,941
Annualised gross rental revenues	313	286
Property charges	-18	-13
Annualised net rental revenues	295	272
Rent-free periods expiring within 12 months and other lease incentives	0	0
Topped-up annualised net rental income	295	272
EPRA NIY	5.2%	5.5%
EPRA 'Topped-up' NIY	5.2%	5.5%

EPRA vacancy rate

Definition: Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio.

Purpose: A 'pure' indicator (%) of vacant space in investment property, based on the ERV.

(x 1,000 EUR)	31.12.2021	31.12.2020
Rental space (in m²)	2,322,950	2,144,753
Estimated Rental Value (ERV) of vacant space	6,016	7,490
ERV of the total portfolio	311,089	285,296
EPRA vacancy rate	1.9%	2.6%

5