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REAL ESTATE EXPERTISE

The real estate experts designated by the Group to certify the overall value

of its property portfolio are:

DTZ;

PricewaterhouseCoopers;

Jones Lang LaSalle.

The terms of office of certain real estate experts expired at 31.12.2013,

except for the property of distribution networks in France, and the health-

care real estate in the Netherlands, for which the terms of office of the real

estate experts will expire at 31.12.2014.

In compliance with Article 6 of the Royal Decree of 07.12.2010 concerning

Sicafis/Bevaks, which stipulates that the experts cannot be in charge of

the valuation of a property asset for longer than a period of three years,

Cofinimmo proceeded to the rotation of the experts at 01.01.2014, by:

rotating the portfolio between the experts (legal entities) for the

offices and the healthcare real estate in Belgium;

rotating the physical persons representing the experts (legal

entities) for the property of distribution networks in Belgium and in

the Netherlands, and for the healthcare real estate in France.

Terms of office of the real estate experts at 01.01.2014

DTZ

SEGMENT

NUMBER OF ASSETS

UNDER THE TERM

OF OFFICE

LOCATION

PHYSICAL PERSONS

BEGINNING

OF TERM

END OF TERM

Offices

47

Belgium Christophe Ackermans

01.01.2014

31.12.2016

Healthcare real estate

39

Belgium Christophe Ackermans

01.01.2014

31.12.2016

Healthcare real estate

51

France

Jean-Philippe

Carmarans

01.01.2014

31.12.2016

Healthcare real estate

3

Netherlands

Jean-Philippe

Carmarans

01.01.2012

31.12.2014

Property of distribution

networks – Cofinimur I

277

France

Philippe Dorion and

Jérôme Salomon

01.01.2012

31.12.2014

Property of distribution

networks - Pubstone

246

Netherlands Christophe Ackermans

01.01.2014

31.12.2016

Property of distribution

networks - Pubstone

811

Belgium Christophe Ackermans

01.01.2014

31.12.2016

PricewaterhouseCoopers

SEGMENT

NUMBER OF ASSETS

UNDER THE TERM

OF OFFICE

LOCATION

PHYSICAL PERSONS

BEGINNING

OF TERM

END OF TERM

Offices

9

Belgium Ann Smolders and

Jean-Paul Ducarme

01.01.2014

31.12.2016

Healthcare real estate

31

Belgium Ann Smolders and

Jean-Paul Ducarme

01.01.2014

31.12.2016

Jones Lang LaSalle

SEGMENT

NUMBER OF ASSETS

UNDER THE TERM

OF OFFICE

LOCATION

PHYSICAL PERSONS

BEGINNING

OF TERM

END OF TERM

Offices

9

Belgium

Rod Scrivener

01.01.2014

31.12.2016

Healthcare real estate

6

France

Marie Martins

01.01.2014

31.12.2016

\ 91

Corporate Governance Statement \

Management Report