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Statutory Auditor’s

Report on the

forecasts

Deloitte Bedrijfsrevisoren /

Reviseurs

d’Entreprises

Berkenlaan 8b

1831 Diegem

Belgium

Tel. + 32 2 800 20 00

Fax + 32 2 800 20 01

www.deloitte.be

Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises

Burgerlijke vennootschap onder de vorm van een coöperatieve vennootschap met beperkte aansprakelijkheid /

Société civile sous forme d’une société coopérative à responsabilité limitée

Registered Office: Berkenlaan 8b, B-1831 Diegem

VAT BE 0429.053.863 - RPR Brussel/RPM Bruxelles - IBAN BE 17 2300 0465 6121 - BIC GEBABEBB

Member of Deloitte Touche Tohmatsu Limited

For the attention of the board of directors of Cofinimmo SA/NV

Boulevard de la Woluwe 58

1200 Brussels

30 March 2015

Dear Sirs

Cofinimmo SA/NV

We report on the projected financial information comprising the projected consolidated income statement and

consolidated balance sheet of Cofinimmo SA/NV (“the Company”) and its subsidiaries (together “the Group”) for

the

year ending 31 December 2015 (the

“Projected Financial Information”). The Projected Financial Information, and the

material assumptions upon which it is based are set out on pages 39 to 41

of the annual report (“the 201

4 Annual

Report”

) issued by the Company dated 27 March 2015. This report is required by Annex XV of Commission

Regulation (EC) No 809/2004 (the “Prospectus Directive Regulation) making reference to Annex I item 13.2 and is

given for the purpose of complying with that rule and for no other purpose.

Responsibilities

It is the responsibility of the directors of the Company (the “Directors”) to prepare the Projected Financial Information

in accordance with the requirements of the Prospectus Directive Regulation.

It is our responsibility to form an opinion as required by the Prospectus Directive Regulation as to the proper

compilation of the Projected Financial Information and to report that opinion to you.

Save for any responsibility arising under art. 61 of the Law of 16 June 2006 to any person as and to the extent there

provided, to the fullest extent permitted by law we do not assume any responsibility and will not accept any liability to

any other person for any loss suffered by any such other person as a result of, arising out of, or in accordance with this

report or our statement, required by and given solely for the purposes of complying with Annex XV of the Prospectus

Directive Regulation making reference to Annex I item 23.1, consenting to its inclusion in the registration document.

Basis of Preparation of the Projected Financial Information

The Projected Financial Information has been prepared on the basis stated on pages 39 to 41 of the 2014 Annual Report

and is based on a forecast for the 12 months to 31 December 2015. The Projected Financial Information is required to

be presented on a basis consistent with the accounting policies of the Group.

Deloitte Bedrijfsrevisoren /

Reviseurs

d’Entreprises

Berkenlaan 8b

1831 Diegem

Belgium

Tel. + 32 2 800 20 00

Fax + 32 2 800 20 01

www.deloitte.be

For the attention of the board of directors of Cofinimmo SA/NV

Boulevard de la Woluwe 58

1200 Brussels

30 March 2015

D ar Sirs

Cofi immo SA/NV

We report on the projected financial information comprising the projected consolidated income statement and

consolidated balance sheet of Cofinimmo SA/NV (“the Company”) and its subsidiaries (together “the Group”) for

the

year ending 31 December 2015 (the

“Projected Fin cial Informati n . The Project d Financial I formation, and the

material ssumptions upon which it is bas d are s t out on pag s 39 to 41

of the annual report (“the 201

4 Annual

Report”

) issued by the Company dated 27 March 2015. This report is required by Annex XV of Commission

Regulation (EC) No 809/2004 (the “Pr spectus Directive Regulation) making refer nce to Annex I it m 13.2 and is

given for the purpose of omplying with that rule and for no other purpose.

Responsibilities

It is the responsibility of the directors of the Company (th “Directors”) to prepare the Pr jected Financi l Informa ion

in accordance with the requirements of the Pro pectus Directive Regulation.

It is our responsibility to form an opinion as required by the Prospectus Directive Regulation as to the proper

compilation of the Projected Financial Information and to report that opinion to you.

Save for any responsibility arising under art. 61 of the Law of 16 June 2006 to any person as and to the extent there

provided, to the fullest extent permitted by law we do n t assume any resp sibility and will no accept any liability t

y other person f r any loss suffered by any such oth r person as a result f, arising out of, or in accordanc with this

r po t or our statement, required by and given solely for the purpos s of complying with Annex XV of the Prospectus

Directive Regulation making reference to Annex I item 23.1, consenting to its inclusion in the registration document.

Basis of Preparation of the Projected Financial Information

The Projected Financial Information has been prepared on the basis stated on pages 39 to 41 of the 2014 Annual Report

and is based on a for cast for the 12 months to 31 December 2015. The Projected Financial Information is required to

be presented on a basis consistent with the accounting policies of the Group.

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