Aedifica SA

M&A Activity • Feb 29, 2016

PRESS RELEASE Regulated information

29 February 2016 – after closing of markets Under embargo until 17:40 CET

AEDIFICA

Public limited liability company Public regulated real estate company under Belgian law Registered office: avenue Louise 331-333, 1050 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the "Company")

Conditions fulfilled for the acquisition of a rest home in Husum (Germany)

• 1 rest home in Schleswig-Holstein, comprising 65 single rooms and 18 assisted-living apartments
• Contractual value: approx. €7 million
• Initial gross rental yield: approx. 7 %
• Operator: a subsidiary of Deutsches Rotes Kreuz Kreisverband Nordfriesland e. V.
• Aedifica's portfolio now includes 15 senior housing sites in Germany

Stefaan Gielens, CEO of Aedifica, commented: "We are pleased to add to our German portfolio a 15th rest home that is operated by an important non-profit operator."

PRESS RELEASE Regulated information

29 February 2016 – after closing of markets Under embargo until 17:40 CET

Käthe-Bernhard-Haus

Aedifica is pleased to announce that the conditions for the acquisition of a rest home located in the State of Schleswig-Holstein (Germany), as announced in the press release of 18 January 2016, have been fulfilled. Aedifica paid the purchase price and acquired the property and full use of the building, effective 1 March 2016.

The Käthe-Bernhardt-Haus rest home¹ is ideally located in the centre of Husum, just next to the Klinik Husum Hospital. Husum is a seaside resort of approx. 22,000 inhabitants located on the German North Sea coast in the State of Schleswig-Holstein (Germany). The building, which dates from 2009, currently includes 65 single rooms and 18 assisted-living apartments.

The rest home is operated by a subsidiary of Deutsches Rotes Kreuz Kreisverband Nordfriesland e.V. Deutsches Rotes Kreuz Kreisverband Nordfriesland e. V. is a branch of Deutsches Rotes Kreuz (the German Red Cross), one of Germany's largest not-for-profit associations. The operator provides several services for elderly persons, such as daily home care, on-call nursing services and specialised transportation. Deutsches Rotes Kreuz Kreisverband Nordfriesland e. V. operates 5 rest homes. Aedifica looks forward to this collaboration with another reputable player in the German care sector.

The contract in place with the operator is an irrevocable long-term lease with a lease maturity of approx. 25 years. The repair and maintenance of the roof, structure and facades of the building remain the responsibility of the owner. The contractual value² of the rest home amounts to approx. €7 million, which provides for an initial gross rental yield (double net) of approx. 7 %.

The operation was financed using Aedifica's credit facilities and by taking over existing credit facilities attached to the building.

¹ Located Ferdinand-Tönnies-Str. 1 in 25813 Husum, in Schleswig-Holstein (Germany).

² The contractual value complies with the provisions of article 49 §1 of the Belgian Act of 12 May 2014 on Regulated Real Estate Companies.

PRESS RELEASE Regulated information

29 February 2016 – after closing of markets Under embargo until 17:40 CET

German portfolio

Aedifica's German portfolio now includes 15 senior housing sites with a total capacity of 1,305 units located in North Rhine-Westphalia, Saxony, Thuringia, Lower Saxony and Schleswig-Holstein. The fair value of this German portfolio amounts to approx. €127 million. 3

Other investments are currently under consideration.

Portfolio after the abovementioned transaction

After the abovementioned transaction, the fair value of Aedifica's of marketable investment properties portfolio amounts to approx. €1,051 million (or €1,072 million for Aedifica's total portfolio, including development projects).⁴

Aedifica has 159 marketable investment properties, with a total surface area of approx. 519,000 m², consisting mainly of:

• 74 senior housing sites with a capacity of 7,025 residents;
• 865 apartments; and
• 6 hotels comprising 521 rooms.

The breakdown by sector is as follows (in terms of fair value):

• 72 % senior housing;
• 21 % apartment buildings; and
• 7 % hotels and other building types.

The geographical breakdown is as follows (in terms of fair value):

• 88 % in Belgium, of which:
• 47 % in Flanders;
• 29 % in Brussels; and
• en 12 % in Wallonia.
• 12 % in Germany.

The consolidated debt-to-assets ratio now amounts to approx. 40 %.⁵

*****

The English version of this press release constitutes a free translation of the French language text and is made for information purposes only. In case of inconsistency with the French version or inaccuracy of the English translation, the French text shall prevail.

³ Based on the fair value of investment properties as of 31 December 2015 and the contractual value of the abovementioned building.

⁴ Based on the fair value of investment properties (including assets classified as held for sale) as of 31 December 2015 and the contractual value of the abovementioned building.

⁵ Based on the consolidated debt-to-assets ratio as of 31 December 2015 and the acquisition of the abovementioned building.

PRESS RELEASE Regulated information

29 February 2016 – after closing of markets Under embargo until 17:40 CET

Aedifica is a Regulated Real Estate Company under Belgian law specialised in healthcare real estate, particularly in senior housing. Aedifica has developed a portfolio worth more than €1 billion in Belgium and Germany.

Aedifica has been quoted on the Euronext Brussels (continuous market) since 2006 and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters).

The Company's market capitalisation was €817 million as of 31 January 2016.

Aedifica is included in the EPRA indices.

Forward-looking statement

This document contains forward-looking information that involves risks and uncertainties, including statements about Aedifica's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements.

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