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