REGULATED INFORMATION

Brussels, embargo until 31.07.2013, 5:40 PM CET

HALF-YEARLY FINANCIAL REPORT 2013

Net current result per share – Group share (excluding IAS 39 impact) of €3.35 at 30.06.2013

Compared to a net current result per share Group share (excluding IAS 39 impact and based on a pro rata distribution of the Belfius compensation over the financial year 2012) of €3.78 at 30.06.2012
In line with the forecast of a net current result per share Group share (excluding IAS39 impact) of €6.74 for the financial year 2013¹
Confirmation of the dividend guidance for the financial year 2013, payable in June 2014 (gross dividend of €6.00 per ordinary share and €6.37 per preference share)

On a like-for-like basis, 1.93% increase in gross rental revenues compared to 31.12.2012

Positive effect of lease indexation (2.41%) and new rentals (2.13%) offset by departures (-1.91%) and renegotiations (-0.70%)

On a like-for-like basis, 0.35% decrease in the portfolio's fair value compared to 31.12.2012

Decrease in value of four important office buildings requiring major renovation works in the five coming years

Second investment in the healthcare real estate segment in the Netherlands

Acquisition of an office building to be reconverted into a clinic for an amount of €3.1 million²

Active management of redevelopment projects

Transfer of the marketing risk related to the apartments of the Livingstone I building to the general contractor Cordeel – 40% of the apartments sold
Obtaining of permits and start of reconversion works of the Woluwe 34 office building into residential units – 74% of the apartments reserved

Reinforcement of equity for a gross total amount of €136.5 million

By the disposal of treasury shares for a gross total amount of €92.6 million
By the reinvestment of 52.7% of the 2012 dividends in new shares for a total amount of €43.9 million

Continued policy of diversification of financing sources

By the signing of five new credit lines for a total amount of €270.0 million³
By the placement of convertible bonds for a total amount of €190.8 million
Average debt maturity increased to 4.2 years
Refinancing in place of debt maturities until June 2015⁴

1 See also our press release dated 02.05.2013, available on our website.

² This acquisition took place after 30.06.2013.

³ Three out of these five credit lines have been signed after 30.06.2013.

⁴ Assuming a constant gearing.

1. Interim Management Report	p. 3
1.1. Summary of the activities	p. 3
1.2. Consolidated key figures	p. 4
1.3. Evolution of the portfolio	p. 6
1.4. Commercial results	p. 9
1.5. Real estate assets	p. 11
1.6. Investment program 2013-2015	p. 13
1.7. Sustainable development and management policy	p. 16
1.8. Management of financial resources	p. 17
1.9. Information on shares and bonds	p. 22
1.10. Events after 30.06.2013	p. 26
1.11. Risk management	p. 27
1.10. Corporate Governance	p. 30
2. Summary of the Financial Statements	p. 30
2.1. Global result – Form Royal Decree of 07.12.2010	p. 31
2.2. Consolidated income statement – Analytical form	p. 33
2.3. Consolidated balance sheet	p. 35
2.4. Calculation of debt ratio	p. 36
2.5. Statement of cash flows	p. 37
2.6. Consolidated statement of changes in shareholders' equity	p. 38
2.7. Notes on the consolidated accounts	p. 43
3. Statement of Conformity	p. 59
4. Appendices	p. 61
4.1. Real estate expert's report	p. 62
4.2. Statutory auditor's report	p. 67

1. Interim Management Report

1.1. Summary of the activities

The net current result – Group share (excluding IAS 39 impact) stands at €58.9 million at 30.06.2013, compared to €65.0 million at 30.06.2012, i.e. a decrease of 9.4%. This is mainly due to the payment by Belfius Bank, during the first quarter of 2012, of a non recurrent indemnity for the early termination of its lease contract on the Livingstone I and II buildings. This indemnity amounted to €11.2 million.

The result on the portfolio – Group share moves from €4.9 million at 30.06.2012 to €-12.7 million at 30.06.2013. The change in the fair value of investment properties is negative on 30.06.2013, as a result of the depreciation of four important office buildings requiring major renovation works in the five coming years.

In total, the net result – Group share stands at €36.5 million at 30.06.2013, versus €69.6 million at 30.06.2012. Per share, this result is €2.08 at 30.06.2013, compared to €4.43 at 30.06.2012. In addition to the elements presented above, the depreciation of the net result per share results from the increase of the number of shares entitled to share in the result of the period between 30.06.2012 and 30.06.2013: it moved from 15,704,052 to 17,593,217 between these two dates.

In July 2013, Cofinimmo acquired for an amount of €3.1 million a second asset in the Netherlands in the healthcare real estate segment. It consists of a former office building to be reconverted into a clinic for eyes and skin care by the end of the year. The building is rented to the Dutch group Bergman Clinics for an initial duration of 15 years.

The operational teams have worked actively on the Group's important redevelopment projects. Hence, the reconversion works of the Livingstone I and Woluwe 34 office buildings into residential units have started. At the publication date of this Half-Yearly Financial Report, respectively 40% and 74% of the apartments under construction are reserved. Moreover, Axa Belgium having announced its decision to vacate its headquarters situated Boulevard du Souverain 23-25 in 1170 Brussels in 2017, Cofinimmo has already started to study the repositioning of this 11 ha site.

On the financing side, in addition to the reinvestment of 52.7% of the 2012 dividends in new shares for an amount of €43.9 million, the company sold treasury shares for a gross total amount of €92.6 million. Furthermore, Cofinimmo continued its policy of raising funds through diversified sources by signing five new credit lines for a total amount of €270.0 million and by issuing convertible bonds for a total amount of €190.8 million. At 30.06.2013, the consolidated debt ratio of the Group stands at 49.18%.

1.2. Consolidated key figures

a. Global Information

(X €1,000,000)	30.06.2013	31.12.2012
Portfolio of investment properties (in fair value)	3,329.4	3,308.6
(x €1000)	30.06.2013	30.06.2012
Property result	108,746	114,692
Operating result before result on portfolio	93,025	97,271
Financial result	-41,120	-28,466
Net current result (Group share)	49,233	64,705
Result on portfolio (Group share)	-12,706	4,855
Net result (Group share)	36,528	69,559
	30.06.2013	31.12.2012
Operating costs/average value of the portfolio under management1	0.82%	0.87%
Operating margin	85.54%	84.92%
Weighted residual lease term2 (in years)	11.7	11.7
Occupancy rate3	95.60%	95.71%
Gross rental yield at 100% occupancy	7.07%	7.01%
Net rental yield at 100% occupancy	6.64%	6.55%
Average interest rate on borrowings4	3.97%5	4.11%6
Debt ratio7	49.18%	49.90%
Loan-to-value ratio8	50.63%	51.21%

b. Figures per share⁹ (in €)

Results	30.06.2013	30.06.2012
Net current result – Group share – excluding IAS 39 impact	3.35	4.14
IAS 39 impact	-0.55	-0.02
Net current result – Group share	2.80	4.12
Realised result on portfolio	0.02	0.01
Unrealised result on portfolio10	-0.74	0.30
Net result – Group share	2.08	4.43

4 Including bank margins.

¹ Average value of the portfolio plus the value of sold receivables relating to buildings whose maintenance costs payable by the owner are still met by the Group through total cover insurance premiums.

² Up until the date of the tenant's first break option.

³ Calculated according to actual rents and the estimated rental value for unoccupied buildings. The occupancy rate for offices only stands at 91.34% while that of the Brussels office market is 88.88% (source: DTZ Research).

⁵ This figure takes into account the new credit lines signed in July 2013.

⁶ Until end 2012, the calculation of the average interest rate on borrowings included the depreciation costs of hedging instruments pertaining to the period. As a result of the restructuration of the hedging scheme this half-year, the method used for the calculation of the average interest rate on borrowings has been reviewed and no longer includes these costs. If this calculation method had been applied at 31.12.2012, the average interest rate on borrowings would have been 3.77% instead of 4.11%.

⁷ Legal ratio calculated in accordance with the legislation regarding Sicafis/Bevaks as financial and other debts divided by total assets.

⁸ Ratio calculated as net financial debt divided by total of the portfolio's fair value and finance lease receivables.

⁹ Ordinary and preference shares.

¹⁰ This consists mainly of the variation in the fair value of investment properties.

Information per share¹ based on the Belfius termination indemnity split on a prorata temporis basis over the financial year 2012 (in €)

Results	30.06.2013	30.06.2012
Net current result – Group share – excluding IAS 39 impact	3.35	3.78
IAS 39 impact	-0.55	-0.02
Net current result – Group share	2.80	3.76
Realised result on portfolio	0.02	0.01
Unrealised result on portfolio2	-0.74	0.30
Net result – Group share	2.08	4.07

Net Asset Value per share	30.06.2013	31.12.20123
Revalued net asset value in fair value4 after distribution of the dividend for the	89.63	85.66
year 2012
Revalued net asset value in investment value5 after distribution of the	93.97	90.31
dividend for the year 2012

Diluted Net Asset Value per share6	30.06.2013	31.12.20123
Diluted revalued net asset value in fair value4 after distribution of dividend for	93.25	88.23
the year 2012
Diluted revalued net asset value in investment value5 after distribution of	96.81	92.35
dividend for the year 2012

c. EPRA performance indicators⁷ (in € per share)

	30.06.2013	30.06.2012
EPRA Earnings	3.35	4.14
	30.06.2013	31.12.2012
EPRA Net Asset Value (NAV)	96.77	102.043
EPRA Adjusted Net Asset Value (NNNAV)	93.25	94.383
EPRA Net Initial Yield (NIY)	6.29%	6.19%
EPRA "Topped-up" NIY	6.21%	6.10%
EPRA Vacancy Rate	4.84%	4.70%

¹ Ordinary and preference shares.

² This consists mainly of the variation in the fair value of investment properties.

³ Takes into account the disposal, in January 2013, of 8,000 treasury shares.

⁴ Fair value: after deduction of transactions costs (mainly transfer taxes) from the value of investment properties.

⁵ Investment value: before deduction of transactions costs.

⁶ By assuming the theoretical conversion of the convertible bonds issued by Cofinimmo, the mandatory convertible bonds issued by Cofinimur I and the stock options.

⁷ These data are not compulsory according to the Sicafi/Bevak regulation and are not subject to verification by public authorities. The auditor verified whether the "EPRA Earnings", "EPRA NAV" and "EPRA NNNAV" ratios are calculated according to the definitions included in the "2012 EPRA Best Practices Recommendations" and if the financial data used in the calculation of these ratios comply with the accounting data included in the audited consolidated financial statements.

1.3. Evolution of the portfolio

a. Departure of Axa Belgium from the building Souverain 23-25 in 2017

On 19.06.2013, Axa Belgium announced its decision to vacate its headquarters at Boulevard du Souverain 23-25 in 1170 Watermael-Boitsfort (Brussels) at the end of the current lease, i.e. on 02.08.2017. The site, which covers 11 ha, is comprised of two buildings with a total above-ground surface close to 57.000m². The passing rent of the existing lease represents 5.1% of Cofinimmo's total gross rental revenues.

Cofinimmo will take advantage of Axa's early decision to reposition the site optimally taking into account its intrinsic qualities. The Group is notably considering to apply for an authorisation to reconvert part of the surfaces into residential real estate after 2017.

b. Disposal of a semi-industrial building for a gross amount of €3.8 million

On 27.03.2013, Cofinimmo sold the semi-industriel building located at Diegem - Woluwelaan 145 for a gross amount of €3.8 million. This amount is above the investment value as determined by the independent real estate expert as at 31.12.2012.

c. Disposal of two agencies of the Cofinimur I distribution network for a gross total amount of €0.3 million

During the first semester of 2013, Cofinimmo, via its subsidiary Cofinimur I, sold two insurance services agencies, located in Avignon and Riom respectively, for a gross total amount of €0.3 million. This sale price is above the investment value of the two assets as determined by the independent real estate expert as at 31.12.2012.

d. Disposal of two pubs of the Pubstone distribution network for a gross total amount of €1.3 million

During the first six months of 2013, Cofinimmo, via its subsidiary Pubstone, also sold two pubs, located in Namur and Brussels respectively, for a gross total amount of €1.3 million. This amount is above the investment value of the two assets as determined by the independent real estate expert as at 31.12.2012.

e. Acquisitions, constructions and renovations

In the first half of 2013, the company carried out constructions and renovations totalling €35.7 million, of which:

€6.2 million in the office sector,
€29.1 million in the healthcare real estate sector,
€0.4 million in the property of distribution networks sector.

The main projects managed by Cofinimmo's Project Management department are:

Healthcare real estate

Property	Operator	Type of	Number of (additional)	(Additional) surface	(Scheduled) end of
		works	beds	area	works
		Works started in 2012
		Belgium
Dageraad – Antwerp	Armonea	New construction	95 beds	5,090m²	Q2 2013
Damiaan – Tremelo	Senior Living Group	Renovation and extension	+ 42 beds	+ 5,918m²	Q4 2013
Parkside – Brussels	Le Noble Age	Renovation and extension	+ 15 beds	+ 1,990m²	Q1 2013
Prinsenpark - Genk	Senior Living Group	Extension	+ 34 beds and 40 service flats	+ 4,213m²	Q2 2013
		Works started in 2013
		Belgium
Brise d'Automne & Chêne – Ransart	Senior Assist	Renovation and extension	+ 25 beds	+ 3,074m²	Q4 2015
De Mouterij – Aalst	Senior Assist	New construction	106 beds and 16 service flats	7,894m²	Q3 2014
Den Brem - Rijkevorsel	Armonea	Extension	+ 36 beds	+ 1,325m²	Q4 2014
Les Jours Heureux – Lodelinsart	Senior Assist	New construction	20 beds	1,350m²	Q2 2014
Lucie Lambert – Halle	Orpea	Extension	+ 55 beds	+ 1,767m²	Q3 2013
Noordduin – Koksijde	Armonea	New construction	87 beds	6,440m²	Q1 2015
Solva – Aalst	Senior Assist	New construction	80 beds and 29 service flats	7,503m²	Q4 2013
Susanna Wesley – Brussels	Armonea	New construction	84 beds	4,900m²	Q1 2015
Vishay – Evere	Armonea	New construction	165 beds	8,565m²	Q4 2014
Zonnetij – Aartselaar	Senior Living Group	Extension	+ 26 beds	+ 1,216m²	Q1 2013
Zonnewende – Aartselaar	Senior Living Group	Extension	+ 12 beds	+ 600m²	Q3 2013
		France
Debussy – Carnoux en Provence	Medica	Extension	+ 20 beds	+ 1,370m²	Q1 2015
Frontenac – Bram	Korian	Renovation and extension	+ 8 beds	+ 700m²	Q2 2014
Gléteins – Jassans-Riottier	Korian	Renovation and extension	+ 30 beds	+ 2,567m²	Q3 2014
Les Lubérons – Le Puy Sainte Réparade	Korian	Renovation and extension	+ 25 beds	+ 1,400m²	Q3 2015
William Harvey – Saint Martin d'Aubigny	Korian	Renovation and extension	+ 10 beds	+ 670m²	Q4 2014

Offices

Property	Type of works	Surface area	(Scheduled) end of works
Livingstone II	Renovation of offices	17,000m²	Q2 2014
Science 15-17	Renovation of offices and addition of apartments	20,000m²	Q4 2015
Tervuren 270-272	Middle-scale renovation (stages II, III, IV et V)	4,060m²	Q2 2013
Woluwe 34	Reconversion of office building into apartments	6,680m²	Q1 2015

Public-Private Partnerships (PPP)

Property	Type of works	Surface area	(Scheduled) end of works
Student residence Courses - Brussels	Renovation	8,100m² (243 rooms, 8 studios et 1 caretaker apartment)	Q3 2013
Prison – Leuze-en-Hainaut	Construction	28,300m²	Q2 2014

1.4. Commercial results

a. Rental situation of the portfolio

As of 30.06.2013, the occupancy rate stands at 95.60% 1 for the total portfolio and at 91.34% for the office segment alone, the latter outperforming by 2.46% the Brussels office market occupancy rate (88,88%) (source: DTZ Research). The properties other than office buildings are 100% rented² . Overall, during the first half of 2013, Cofinimmo signed leases for over 23,000m² of office space.

Offices – Occupancy rate	Cofinimmo	Market
Antwerp	86.76%	90.60%
Brussels	90.96%	88.88%
Central Business District (CBD)	97.11%	92.08%
Decentralised	86.48%	82.80%
Periphery	87.89%	83.41%

Tenants Global portfolio	Contractual rents	Average residual lease term (in years)
AB Inbev	13.2%	17.3
Belgian Public Sector	12.4%	16.3
Korian	8.9%	7.2
Armonea	7.8%	21.0
Senior Living Group	7.5%	21.9
Top 5 tenants	49.8%	16.5
International Public Sector	6.0%	3.9
Axa Belgium	5.0%	4.1
MAAF	3.4%	8.3
Senior Assist	3.1%	24.2
ORPEA France	2.5%	6.2
Top 10 tenants	69.8%	14.1
Top 20 tenants	80.7%	13.4
Other tenants	19.3%	4.5
TOTAL	100.0%	11.7

In the office sector, public tenants represent 37.7% of the portfolio, making rental incomes very stable.

b. Average residual lease term (in contractual rents)

The average remaining term of all leases in effect on 30.06.2013 is 11.7 years, if every tenant were to exercise their first termination option ("break option"). This period increases to 12.7 years if the break option is not exercised.

¹ The occupancy rate applies only to buildings in a state suitable for occupancy on the date of calculation (buildings in operation).

² Except for the Cofinimur I portfolio, which is 97.34% rented.

Maturity of leases by segment (number of years until first "break" option)

Maturity of the portfolio

Leases >9 years	52.5%
Offices (public sector)	11.9%
Healthcare real estate	23.6%
Property of distribution networks – Cofinimur I	1.9%
Property of distribution networks – Pubstone	13.2%
Offices (private sector)	0.3%
Others	1.6%
Leases 6-9 years	15.9%
Offices	5.5%
Healthcare real estate	9.4%
Property of distribution networks – Cofinimur I	1.0%
Leases <6 years	31.6%
Offices	29.7%
Healthcare real estate	1.0%
Property of distribution networks – Cofinimur I	0.6%
Others	0.3%

1.5. Real estate assets

GLOBAL PORTFOLIO OVERVIEW
Extract from the report prepared by the independent real estate experts Winssinger & Associates and
PricewaterhouseCoopers based on the investment value
(X €1,000,000)	30.06.2013	31.12.2012
Total investment value of the portfolio	3,459.0	3,436.1
Projects and development sites	-106.0	-135.2
Total properties under management 3,352.9 3,300.9
Contractual rents	226.7	221.6
Gross yield on properties under management	6.76%	6.71%
Contractual rents and estimated rental value on unlet space	237.1	231.6
7.07% Gross yield at 100% portfolio occupancy 7.01%
Occupancy rate of properties under management1	95.60%	95.71%

At 30.06.2013, the "Projects and development sites" item mainly includes the buildings Livingstone I and II and Woluwe 34. It also includes projects or extensions in the healthcare real estate segment, the most important being located in Aalst, Evere and Uccle .

Properties	Surface area of superstructure (in m²)	Contractual rents (x €1,000)	Occupancy rate	Rent + ERV on unlet premises (x €1000)	Estimated Rental Value (ERV) (x €1000)
Offices	528,229	80,381	89.46%	89,847	82,065
Offices of which receivables have been sold	216,952	27,487	97.30%	28,250	28,250
Sub-total offices	745,181	107,868	91.34%	118,097	110,315
Healthcare real estate	641,659	77,139	100%	77,139	73,152
Pubstone	364,106	29,922	100%	29,922	27,281
Cofinimur I	60,405	7,822	97.34%	8,036	8,252
Others	22,004	3,922	100%	3,921	3,170
Total investment properties & properties of which receivables have been sold	1,833,355	226,673	95.60%	237,115	222,170
Projects & renovations	18,392	376		730	741
Development sites		37		37	37
GENERAL TOTAL PORTFOLIO	1,851,747	227,086		237,882	222,948

1 Calculated based on rental income.

		Fair value		Property result after direct costs
Segment	(in €1,000)	(in %)	Changes over the period1	(in €1,000)	(in %)
Offices	1,531,193	45.99	-1.32%	46,000	44.11
Brussels Leopold/Louise districts	310,736	9.33	-3.25%	9,065	8.69
Brussels Centre/North	306,503	9.21	-0.20%	8,611	8.26
Brussels Decentralised	597,601	17.95	-1.37%	17,760	17.03
Brussels Periphery & Satellites	145,240	4.36	-0.52%	4,885	4.68
Antwerp	62,320	1.87	-0.83%	2,106	2.02
Other Regions	108,793	3.27	0.10%	3,573	3.43
Healthcare real estate	1,208,660	36.30	0.67%	37,694	36.14
Belgium	777,069	23.34	0.43%	22,816	21.88
France	420,391	12.63	1.14%	14,466	13.87
Netherlands	11,200	0.33	-0.24%	412	0.39
Property of distribution networks	529,030	15.89	0.08%	18,421	17.66
Pubstone - Belgium	269,565	8.10	-0.06%	9,845	9.44
Pubstone - Netherlands	149,245	4.48	-0.34%	4,847	4.65
Cofinimur I - France	110,220	3.31	0.98%	3,729	3.57
Others	60,530	1.82	0.67%	2,178	2.09
TOTAL PORTFOLIO	3,329,413	100.00	-0.35%	104,293	100.00

The valuation of the portfolio by the independent real estate experts resulted in a negative change in fair value for the first half of 2013 of €-11.7 million, compared to a positive variation of €+8.1 million for the first half of 2012. While the office portfolio shows a depreciation, due mainly to the decrease of the value of buildings in need of renovation, the segments "Healthcare real estate", "Property of distribution networks" and "Others" confirm their resilience.

Yield per segment	Offices	Healthcare real estate Belgium	Healthcare real estate France	Healthcare real estate Netherlands	Property of distribution networks	Others	Total
Gross rental yield at 100% occupancy	7.86%	6.20%	6.53%	6.97%	6.61%	7.03%	7.07%
Net rental yield at 100% occupancy	6.98%	6.17%	6.54%	6.93%	6.45%	6.72%	6.64%

¹ On a like-for-like basis.

1.6. Investment program 2013-2015

Cofinimmo's 2013-2015 investment programme totals €192.5 million, of which:

€43.2 million relates to the second half of 2013,
€80.4 million to 2014,
€68.9 million to 2015.

In € million:

The Public-private Partnerships refurbishment/construction budget relates to the student residence "Courses", located in Brussels, and to the new prison in Leuze-en-Hainaut. The offices refurbishment/reconversion budget, on the other hand, relates mainly to the renovation of the Guimard 10-12, Livingstone II, Science 15-17, Tervuren 270-272 and Woluwe 34 buildings.

Main office renovation projects¹

Livingstone I

The former office building Livingstone I (16,000m²) is being reconverted into a residential building. It will be developed into four separate apartment units, providing a total of around 125 apartments to be sold. The project won the "residential conversion of unused office buildings" prize awarded by the Brussels-Capital Region.

From an energy perspective, Cofinimmo is aiming for a K level of thermal insulation of 30 and an E level of energy consumption of 60 for the building.

At the beginning of the year, Cofinimmo transferred the marketing risk related to the apartments of the Livingtsone I building to the general contractor Cordeel. The various permits required for the renovation works were granted and the works started in February 2013. Their delivery is expected to take place at

¹ See also our 2012 Annual Financial Report, available on our website.

the beginning of 2015. They are entirely financed by Cordeel. At the publication date of this Half-Yearly Financial Report, 40% of the apartments are sold.

Livingstone II

The Livingstone II building, constructed in 1996, boasts ± 17,000m² of office space over seven levels. It will benefit from a complete restructuration and renovation. Its allocation as office building will be maintained.

The permits for the works on the Livingstone II building were issued last year. The works will start as soon as a tenant has committed to occupy the building. They are expected to last 10 months. The budget of the project is estimated at €13 million, including VAT.

Science 15-17

This building has a superstructure of ±20,000m², divided between eight floors and two underground parking levels. It will be entirely redeveloped. Cofinimmo has opted for a mixed project: the lower floors will be dedicated to commercial or cultural activities while the upper floors will predominantly retain their identity as office spaces. 17 residential units have also been foreseen.

Cofinimmo is aiming for a maximum E level of energy consumption of 60 and a "very good" BREEAM certification. The project's concept and sustainability attributes, its energy performance ambition and environmental quality led the Brussels-Capital Region to name the project as winner of the "2011 Exemplary Building" competition.

Applications have been submitted for the various permits required for this redevelopment. Works will begin after the existing tenant (European Commission) departs and the permits have been obtained. The works are then due to last two years. The budget of the redevelopment is estimated at €41.9 million, including VAT.

Woluwe 34

The Woluwe 34 office building (+/- 7,500m²) is being reconverted into apartments, leaving the option of creating retail outlets and limited office space on the ground floor. The project won the "residential conversion of unused office buildings" prize awarded by the Brussels-Capital Region.

In terms of energy and sustainability, the target is an overall K value of thermal insulation of 40 and an E value of energy consumption of 70 for each apartment.

The urban planning and environment permits were granted in June 2013. Works started in July 2013 and should end by the beginning of 2015. The total budget for the works is estimated at €13 million, excluding VAT. At the publication date of this Half-Yearly Financial Report, 74% of the apartments are reserved.

1.7. Sustainable development and management policy

a. Green Charter

As a reminder, since 01.01.2012, Cofinimmo offers its office tenants a Green Charter. This is a collaboration agreement signed by Cofinimmo, Cofinimmo Services and the tenant, whose purpose is to actively promote sustainable development and encourage all parties to reduce the environmental impact of the rented property.

Since its launch, 17 tenants have signed the charter. Together, they represent ±11.7% of all the tenants of Cofinimmo's office portfolio (91,937m²).

b. ISO 14001:2004 certification

The Veritas bureau renewed the certification of the Environmental Management System of Cofinimmo's assets according to the ISO 14001:2004 standard. This certification applies to the management of the headquarters, the property management of the office portfolio, as well as the project management of the total portfolio.

1.8. Management of financial resources

a. Financing

Equity

Sale of treasury shares for a gross global amount of €92.6 million

During the first half of 2013, Cofinimmo sold 1,056,283 own ordinary shares on the stock market for an average gross price of €87.69 per share (average net price of €86.78 per share), thereby strengthening its equity by €91.7 million. Of these 1,056,283 own ordinary shares, 989,413 were sold via an accelerated bookbuilding offering at a gross price of €87.50 per share¹ .

Strengthening of shareholder equity for a total amount of €43.9 million through the distribution of dividends in shares

The shareholders' equity was increased by €43.9 million, further to a decision by the shareholders of Cofinimmo to reinvest 52.7% of their 2012 dividends in new ordinary shares. The subscription price of the new ordinary shares was €82.875² .

As a reminder, at 30.06.2013, the Cofinimmo share price stood at €84.01 and its intrinsic value, in fair value, at €89.63

Debt

Placement of convertible bonds for a total amount of €190.8 million

On 20.06.2013, Cofinimmo successfully closed a placement of convertible bonds for a total amount of €190.8 million. The bonds will mature on 20.06.2018 and are convertible into ordinary shares of the company. They were issued and are repayable at maturity at 100% of the par value, set at € 108.17 per bond. Their coupon amounts to 2%, payable annually in arrears. The bonds are listed on the regulated market of the Luxembourg Stock Exchange.

The convertible bonds enable their holder to receive ordinary Cofinimmo shares at the initial rate of one share for one bond. The initial conversion price is equal to the par value of € 108.17, which was also the subscription price. This conversion price was set at a premium of 27.50% to the reference share price³ .

In accordance with the Royal Decree of 07.12.2010 relating to Sicafis/Bevaks, the bonds were offered initially and attributed on a provisional basis (subject to a clawback by the shareholders) to institutional investors following an accelerated bookbuilding procedure, then they were offered to the existing shareholders, both private and institutional, during a three-day priority subscription period. They exercised their right to clawback to the tune of 1.69% 4 .

¹ See also our press releases dated 25.03.2013 and 26.03.2013, available on our website.

² See also our press releases dated 08.05.2013 and 06.06.2013, available on our website.

³ The reference share price of €84.8364 represents the volume-weighted average price of the company's ordinary shares on Euronext Brussels from launch to pricing. For more details on the conversion price, see the prospectus for this operation, available on our website.

⁴ See also our press releases dated 11.06.2013 and 17.06.2013, as well as the prospectus for this operation, available on our website.

Renewal of two credit lines for a global amount of €100 million

At the start of February 2013, Cofinimmo signed two new credit lines to replace two existing maturing credit lines. The new lines, each for €50 million, have a maturity of three years and five years respectively. Three other new credit lines have been signed in July (see point 1.10.b.).

The net proceeds of these transactions will be used by Cofinimmo as part of a broader plan to fund capital expenditure, diversify its sources of funding by refinancing existing or maturing credit lines and for general corporate purposes.

b. Debt

Debt structure

At 30.06.2013, the Cofinimmo Group consolidated borrowings amounted to € 1,737.6 million, comprising of:

€397.4 million in the form of four debenture loans (bond issues):

Issuer	Par value (x1,000,000)	Issue price	Coupon	Issue date	Maturity date
Cofinimmo Luxembourg SA	€100.0	101.434%	5.25%	15.07.2004	15.07.2014
Cofinimmo SA	€100.0	102%	5.00%	25.11.2009	25.11.2014
Cofinimmo SA	€50.0	100%	2.936%	07.09.2010	29.09.2013
Cofinimmo SA	€140.0	100%	3.55%	26.07.2012	07.02.2020

€368.9 million in the form of two bonds convertible into Cofinimmo shares:

Issuer	Par value (x1,000,000)	Issue price	Coupon	Issue date	Maturity date
Cofinimmo SA	€173.3	100%	3.125%	28.04.2011	28.04.2016
Cofinimmo SA	€190.8	100%	2.00%	20.06.2013	20.06.2018

These bond issues are booked at market value on the balance sheet.

€145.1 million in commercial papers, including €130.1 million with a term of less than one year and €15.0 million with an initial term of more than three years;
€4.2 million in minimum coupons of the mandatory convertible bonds issued by Cofinimur I in December 2011;
€806.6 million in bilateral medium- and long-term loans from 10 banks, with an initial term of three to 10 years;
€15.4 million in other loans and advances (account debits).

At 30.06.2013, the Cofinimmo Group current consolidated borrowings amounted to €253.3 million, including:

€130.1 million in commercial papers with a term of less than one year;
€116.4 million in maturing debts, concerning a bond and bank loans for respectively €50.0 million and €66.4 million;
€6.8 million in other loans and advances (account debits).

The short-term borrowings (€253.3 million) are fully covered by the undrawn portions of long-term confirmed credit facilities totalling €562.1 million at 30.06.2013.

Repayment schedule of the long-term financial commitments¹ of €2,259.0 million (in € million)

The long-term financial commitments, with a total outstanding amount of €2,259.0 million at 31.07.2013, mature in a staggered manner up to 2020. All loan instalments maturing in 2013 and 2014 and 33% of the instalments to be reimbursed in 2015 have now already been refinanced.

The average maturity of Cofinimmo's debt (excluding short-term commercial paper, which is fully covered by the undrawn portions of long-term credit facilities) comes from 3.8 years at 31.12.2012 to 4.2 years at 31.07.2013.

The average interest rate on Cofinimmo's debt, including bank margins, stands at 3.97%² for the first six months of 2013.

1 This schedule takes into account the capital from financial commitments and excludes payment of interest (generally on a monthly or quarterly basis) as well as projected cash flows from derivatives.

² Until end 2012, the calculation of the average interest rate on borrowings included the depreciation costs of hedging instruments pertaining to the period. As a result of the restructuration of the hedging scheme this half-year, the method used for the calculation of

Consolidated debt ratio

As at 30.06.2013, Cofinimmo is in compliance with the limits of the financial debt ratios. Cofinimmo's regulatory debt ratio¹ is 49.18% (vs. 49.90% at 31.12.2012) and is coherent with the moderate risk profile of assets and cashflow and – in particular – with the long residual term of the leases agreed. It should be recalled that the statutory maximum debt ratio for Sicafis/Bevaks is 65%. The Loan-to-Value financial debt ratio² stood at 50.63% as of 30.06.2013.

Cofinimmo's credit agreements, when they refer to a debt ceiling, mostly refer to the legal debt ratio, with a maximum of 60%. The credit agreements that still refer to the Loan-to-Value ratio are contractual for just 5% of the Group's long-term financial commitments.

Interest rate hedging

During the second quarter of 2013 Cofinimmo restructured its interest rate hedging scheme.

COLLARs, consisting of CAPs bought combined with FLOORs sold, were cancelled for the period 2013- 2015. The goal of this cancellation was twofold. Firstly, convertible bonds were issued for an amount of €190.8 million at a fixed coupon of 2%, thereby reducing the floating rate debt. Secondly, Cofinimmo saw the opportunity to reduce the expected charges of the sold FLOORs for 2014 and 2015, which will have a positive impact on the result of both fiscal years.

The following FLOORs and CAPs were cancelled:

a FLOOR concerning 2013 for a notional amount of €250 million;
a FLOOR concerning 2014 for a notional amount of €400 million;
a FLOOR concerning 2015 for a notional amount of €400 million;
a CAP concerning 2013 for a notional amount of €250 million;
a CAP concerning 2014 for a notional amount of €200 million;
a CAP concerning 2015 for a notional amount of €200 million.

The total cost of the restructuring stands at €25.5 million, of which €15.1 million have been recognized in the income statement at 30.06.2013³ . The outstanding amount will be recognized in the income statements of 2014 and 2015, in accordance with the applying accounting principles.

Furthermore, two hedging instruments were set in place in the form of interest rate swaps for an amount of €200 million and €300 million for the period 2018-2022 and 2020-2022 respectively.

¹ Legal ratio calculated in accordance with legislation regarding Sicafis/Bevaks as financial and other debts divided by total assets.

² Ratio calculated as net financial debt divided by total of the portfolio's fair value and finance lease receivables.

³ Under the item "Changes in fair value of financial assets and liabilities" of the global result according to the Royal Decree of 07.12.2010 and under the item "Revaluation of derivative financial instruments (IAS 39)" of the income statement - analytical format.

Situation of interest rate hedging for future years (in € million)

CAP options bought

IRS¹

Interest Rate Swaps	140M	140M	140M	140M	140M	1.000M	1.000M	1.000M	500M	500M
4.5% 4.0% 2.5% 2.0%	4.10% 140M	$140M$ :	4.10% 4.10% 4.10% 140M	140M	4.10% 140M		2.363% 2.327% 2.73% 2.73% 1.000M 1.000M	500M .	500M	2.73% 500M
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

FLOOR options sold

FLOOR options sold 1.000M		1.000M	1.000M	1.000M	1.000M
4.0%
3.5%	$3.00\%$		$3.00\%$ $3.00\%$	3.00%	$3.00\%$
3.0%	1.000M		1.000M: 1.000M	1.000M	1.000M
2.5%
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

Bank margins should be added to the above rates.

Assuming constant gearing, more than 90% of the interest rate risk² is covered until 2016. The sensitivity of Cofinimmo's result to interest rate fluctuations is explained in the section " Risk management".

Financial rating

In February 2013, the rating agency Standard & Poor's revised Cofinimmo's financial rating to BBB- for the long-term debt and A-3 for the short-term debt. The reasons for this are a higher debt ratio than the sector's average and the lack of transactions on the Brussels office market.

Since then, Cofinimmo's debt ratio has decreased thanks to the sale of treasury shares, while less than 50% of the 2012 dividend was paid in cash, the remaining (52.7%) being paid in the form of new ordinary shares.

1 Average of Interest Rate Swaps with various strikes and assuming that the IRS subject to early cancellation by the bank are active until their maturity date.

² Calculated based on derivative "in-the-money" instruments: IRS and FLOORS sold.

1.9. Information on shares and bonds

a. Share performance

Ordinary share (COFB)

	30.06.2013	31.12.2012	31.12.2011
Share price (over 6/12 months, in €)
Highest	93.5	95.0	103.9
Lowest	82.2	83.4	82.3
At close	84.0	89.6	90.8
Average	89.5	88.4	94.8
Dividend yield1	6.7%	7.3%	6.9%
Gross return2 (over 6/12 months)	0.5%	6.0%	0.1%
Volume (over 6/12 months, in number of shares) on Euronext
Average daily volume	46,803	33,584	34,683
Total volume	6,037,633	8,765,448	9,017,465
Number of outstanding ordinary shares at end of period3	16,903,954	16,007,572	14,126,279
Market capitalisation at end of period (x €1,000)	1,420,101	1,470,688	1,365,960
Free float zone4	100%	90%	90%

Preference shares (COFP1 & COFP2)

	COFP1	COFP1	COFP2	COFP2
	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Share price (over 6/12 months, in €)
At close	95.0	95.0	87.0	82.5
Average	95.0	98.6	90.3	82.3
Dividend yield1	6.7%	6.5%	7.1%	7.7%
Gross return2 (over 6/12 months)	6.7%	8.1%	7.5%	15.6%
Volume (over 6/12 months, in number of shares)
Average daily volume5	0	28	6,550	91
Total volume	0	139	58,951	2,909
Number of shares	395,148	395,198	294,115	294,199
Market capitalisation at end of period (x €1,000)	37,539	37,544	25,588	24,274

¹ Gross dividend on average share price.

² Increase in share price + dividend yield.

³ Excluding treasury shares.

⁴ Using the Euronext method.

⁵ Average calculated based on number of stock exchange days on which a volume was recorded.

Bonds

		Cofinimmo Luxembourg SA €100 million – 2004-2014 ISIN XS0193197505	Cofinimmo SA €100 million – 2009-2014 ISIN BE0002171370
	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Market price
(over 6/12 months, as a % of nominal price)
At close	103.3%	104.1%	104.1%	103.5%
Average	103.9%	103.7%	104.3%	103.1%
Yield to maturity (12-month average)	3.5%	3.3%	2.8%	3.4%
Effective yield at issue	5.1%	5.1%	4.5%	4.5%
Interest coupon
Gross	5.3%	5.3%	5.0%	5.0%
Net	3.9%	3.9%	3.8%	3.8%
Number of securities1	1,000,000	1,000,000	100,000	100,000

		Cofinimmo SA €50 million – 2010-2013 ISIN BE6202995393	Cofinimmo SA €140 million – 2012-2020 ISIN BE6241505401
	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Market price
(over 6/12 months, as a % of nominal price)
At close	100.1%	100.0%	99.9%	97.3%
Average	100.1%	99.3%	100.4%	96.7%
Yield to maturity (12-month average)	2.9%	3.6%	3.6%	4.0%
Effective yield at issue	2.9%	2.9%	3.6%	3.6%
Interest coupon
Gross	2.9%	2.9%	3.6%	3.6%
Net	2.2%	2.2%	2.7%	2.7%
Number of securities1	1,000	1,000	1,400	1,400

1 Per band of €100 for the bond with ISIN code XS0193197505, €1,000 for the bond with ISIN code BE0002171370, €50,000 for the bond with ISIN code BE6202995393 and €100,000 for the bond with ISIN code BE6241505401.

Convertible bonds

		Cofinimmo SA Convertible bonds €173.3 million – 2011-2016 ISIN BE0002176429	Cofinimmo SA Convertible bonds €190.8 million – 2013-2018 ISIN BE6254178062
	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Market price (over 6/12 months, as a % of nominal price)
At close	102.4%	102.3%	108.5	n/a
Average	103.0%	98.5%	108.4	n/a
Yield to maturity (12-month average)	7.3%	3.5%	1.9%	n/a
Effective yield at issue	3.1%	3.1%	2.0%	n/a
Interest coupon
Gross	3.1%	3.1%	2.0%	n/a
Net	2.3%	2.3%	1.5%	n/a
Number of securities1	1,486,332	1,486,332	1,764,268	n/a

b. 2012 dividends

The Board of Directors gave the holders of both ordinary and preference shares the option of payment of the 2012 dividend in new ordinary shares or in cash or a combination of the two.

At the end of the offer period, a total of 52.7% of the dividend coupons had been re-contributed to the capital in return for new shares. This resulted in the issuance of 529,362 new ordinary shares, at a subscription price of €82.875, for a total amount of €43.9 million² .

The new ordinary shares will be entitled to share in Cofinimmo's results as from 01.01.2013 (first dividend payable in June 2014).

c. 2013 dividends

Barring the occurrence of unforeseen events, the 2013 dividend forecast published in the 2012 Annual Financial Report is maintained and amounts to €6.00 gross (€4.50 net) per ordinary share and €6.37 gross (€4.7775 net) per preference share. Dividends are subject to a 25% withholding tax.

d. Conversion of preference shares

In accordance with Article 8.2. of the company's Articles of Association, two new windows to convert Cofinimmo preference shares into Cofinimmo ordinary shares were opened during the first six months of the year. During this period, applications to convert 134 preference shares were received³ . Accordingly, since the opening of the conversion procedure (01.05.2009), 810,503 preference

1 Per band of €116.60 for the bond with ISIN code BE0002176429 and €108.17 for the bond with ISIN code BE6254178062.

² See also our press releases dated 08.05.2013 and 06.06.2013, available on our website.

³ See also our press releases dated 05.04.2013 and 08.07.2013, available on our website.

shares have been converted into ordinary shares. 689,263 preference shares are therefore still outstanding.

e. Shareholders

At 30.06.2013, no shareholder exceeds the minimum notification threshold, fixed at 5%. The Cofinimmo Group holds 0.3% of its own shares.

Company	Ordinary shares	Preference shares	Total number of shares (voting rights)	%
Cofinimmo Group	49,467		49,467	0.3%
Total number of issued shares	16,953,421	689,263	17,642,684	100.0%

f. Shareholders' calendar

Event	Date
Interim announcement: results at 30.09.2013	12.11.2013
Annual press release: results at 31.12.2013	07.02.2014
Publication of the 2013 Annual Financial Report	14.04.2014
Interim announcement: results at 31.03.2014	25.04.2014
2013 Annual General Meeting	14.05.2014
Half-yearly Financial Report: results at 30.06.2014	01.08.2014
Interim announcement: results at 30.09.2014	07.11.2014
Annual press release: results at 31.12.2014	06.02.2015

1.10. Events after 30.06.2013

a. Acquisition of a former office building to be reconverted into a clinic for an amount of €3.1 million

On 02.07.2013, Cofinimmo acquired a former office building, located in Rijswijk, south of The Hague (Netherlands), for an amount of €3.1 million. The asset will be reconverted into a modern clinic for eye and skin care by the end of 2013. The reconversion works will be entirely financed by the Dutch group Bergman Clinics. The renovated building will count 2,133m² and 25 parking spaces and will feature consultation rooms, medical diagnostic facilities, operating theaters and recovery rooms.

The clinic is rented by Bergman Clinics on a long-term lease ("emphytéose"/"erfpacht") of 15 years. The long-term leaseholder has an option to extend the lease for 10 years, which it must exercise in the 10th year of the lease (2023). Under the long-term lease, the long-term leaseholder is liable for maintenance costs and taxes ("triple net" lease). The initial rental yield is 7.83% in "double net" equivalent¹ . The rent is tied to the annual CPI.

The building was acquired by a fully-owned Cofinimmo subsidiary incorporated under Dutch law, which has the "Fiscale BeleggingsInstelling" ("FBI") status, comparable to the Sicafi/Bevak status Cofinimmo has in Belgium and the "Société d'Investissement Immobilier Cotée" ("SIIC") status that it has in France.

As a reminder, Cofinimmo had already acquired an orthopedic treatment clinic from the group Bergman Clinics in September 2012.

b. Signing of three new credit lines for a total amount of €170.0 million

In July 2013, Cofinimmo signed three new credit lines with three different banks: two lines, for an amount of €50 million each, maturing in 2018 and in 2019, and one line, for an amount of €70, maturing in March 2018 and replacing a credit line maturing in March 2014.

¹ The double net equivalent rental yield allows for an adequate comparison with the office segment yields.

1.11. Risk management

Below is an overview of the most significant risks to which Cofinimmo is exposed in its activities. Reference is made to pages 2 to 8 of the 2012 Annual Financial Report for a detailed account of the company's risk management strategy.

Risks associated with the economic climate

The activities of Cofinimmo are partially linked to the general economic climate. A decline in economic growth indirectly influences the occupancy rate of offices in the private sector as well as rents. It can also increase the risk of default by tenants. The impact on Cofinimmo's bottom line is, however, mitigated by the duration of its lease agreements (as at 30.06.2013, the average period until the first break option is 11.7 years), the diversification of its tenant portfolio (367 clients), and the fact that over 37% of its office tenants are from the public sector. Thanks to its diversification into less volatile sectors such as healthcare real estate and sale and leaseback operations with AB InBev and MAAF, Cofinimmo's portfolio is less exposed to the risks posed by the general economic climate.

Risk of vacancy

For about five years, the vacancy rate on the Brussels office market has been increasing. As at 30.06.2013, the vacancy rate in Brussels stood at 11.12% (source: DTZ Research). For Cofinimmo's Brussels office portfolio, the vacancy rate was 8.66% as at 30.06.2013. Cofinimmo actively manages its client base in order to minimise vacancies and tenant turnover in the office segment. An internal property management team is responsible for swiftly resolving tenant complaints. The commercial team maintains regular contacts with existing tenants and actively seeks new ones.

The nursing homes/clinics are let on a long-term basis, with an initial lease term of 27 years in Belgium, 12 years in France and 15 years in the Netherlands. As at 30.06.2013, the average remaining lease term was 22.2 years in Belgium, 7.3 years in France and 14.2 years in the Netherlands.

As at 30.06.2013, the entire pub portfolio is let to AB InBev with a minimum average residual term of 17.3 years. Furthermore, all the insurance services agencies are leased to MAAF for an average residual term of 8.3 years.

Risk of tenant insolvency

Cofinimmo is exposed to the risk of default by its tenants. As at 30.06.2013, the five most important clients accounted for 49.8% of its rental income. The two most important office tenants (18.5%) are from the public sector.

An advance deposit or bank guarantee corresponding to six months' rent is generally requested from private sector tenants.

Risks associated with investment and development

Cofinimmo engages in limited development activity for its own account, the maximum being set at 10% of the fair value of its portfolio.

When considering investments, Cofinimmo makes certain estimates as to economic, market and other conditions, including estimates relating to the value or potential value of a property and the potential return on investment. These estimates may prove to be incorrect, rendering Cofinimmo's investment strategy inappropriate with consequent negative effects for Cofinimmo's business, operational results, financial conditions and prospects.

Before acquiring a building, Cofinimmo performs an internal assessment in order to determine a price for the building with a view to long-term management. Moreover, an independent expert assesses each acquisition or sale of property.

Risks associated with deterioration and large-scale works

Cofinimmo maintains and regularly renovates its properties in order to ensure that they remain attractive to tenants. The current trend towards sustainable, energy-efficient buildings, both in terms of construction and use, may require additional investments.

Risks associated with fluctuations in the fair value of real estate

The properties are valued quarterly by independent property experts. A fluctuation of 1% in the value of the portfolio can have an impact of around €33.3 million on the company's net result and of €1.89 on the net asset value per share. It can also have an impact of approximately 0.45% on the debt ratio.

Liquidity and financing risks

A diversification of financing sources, a stable and varied banking pool with good financial ratings (Cofinimmo has 10 banking partners) and staggered loan maturity dates favour appropriate financial conditions.

Cofinimmo's borrowing capacity is limited by the maximum debt ratio authorised by the legislation on Sicafis/Bevaks (65%) and by the ceiling of this ratio agreed with banks in credit documents (60%). For a small part of the credit lines, Cofinimmo's barrowing capacity is limited by a ceiling to the Loan-to-Value ratio. As at 30.06.2013, the Sicafi/Bevak consolidated debt ratio stands at 49.18%, and the consolidated Loan-to-Value ratio is 50.63%.

Cofinimmo has a medium-term financial plan which is completely revised in the spring of each year and updated during the year following every significant property acquisition or sale. The purpose of this type of plan is notably to position the consolidated debt ratio of Cofinimmo at an appropriate level, based on an assessment by the Board of Directors of the risks inherent in the company's portfolios of assets and leases¹ .

Interest rate risks

Cofinimmo contracts an important portion of its financial debts at a variable (floating) interest rate. Derivatives are used to hedge financing costs against rate increases and to ensure that interest rates remain within a certain margin, between a maximum and minimum rate. These instruments include specifically Interest Rate Swaps and CAP options, partially financed by FLOOR options.

By using existing hedging mechanisms and assuming a constant level of debt, a 0.5% rise or fall in the interest rate should not significantly affect financing expenses of the current year.

The interest-rate derivatives are marked to market at the end of each quarter. Future rate fluctuations thus impact the net asset value and the profit for the period.

¹ See Article 54 of the Royal Decree of 07.12.2010.

1.12. Corporate Governance

Cofinimmo seeks to maintain high standards of corporate governance and continuously assesses its governance principles, practices and requirements. The practice of corporate governance by Cofinimmo is entirely in line with the Belgian Corporate Governance Code¹ .

A detailed description of the various Committees, their respective roles and members appears in the chapter entitled "Corporate Governance Statement" of the 2012 Annual Financial Report.

The composition of the Board of Directors is given on page 59 of this Report.

The office of Mr. Gilbert van Marcke de Lummen, Independent Director within the meaning of Article 526ter of the Company Code, has expired following the General Meeting of 08.05.2013. In accordance with his request and compliant with the corporate governance rules, his office was not renewed.

The General Meeting of 08.05.2013 appointed Mrs. Inès Reinmann as Director, with immediate effect and until the end of the Ordinary General Meeting to be held in 2017.

The General Meeting of 08.05.2013 also renewed the Directorships of Mrs. Françoise Roels, Mr. Alain Schockert and Mr. André Bergen, with immediate effect and until the end of the Ordinary General Meeting to be held in 2017.

Furthermore, the General Meeting recorded the independence, in accordance with Article 526ter of the Company Code, of Mrs. Inès Reinmann and Mr. André Bergen, given that they comply with all the criteria set out in that Article² .

2. Summary of the Financial Statements

The accounting principles and methods used to draw up these interim financial statements are identical to those used to prepare the annual financial statements for FY 2012. These interim financial statements have been prepared using accounting methods that comply with IFRS and in particular IAS 34 on "Interim Financial Reporting".

¹ See our Corporate Governance Charter available on our website.

² See also our press release dated 08.05.2013, available on our website.

2.1. Comprehensive income statement – in accordance with the Royal Decree of 07.12.2010 (x €1,000)

	Notes	2Q2013	2Q2012	1H2013	1H2012
A. NET RESULT
Rental income	5	49,043	48,956	97,622	106,979
Writeback of lease payments sold and discounted	5	6,319	5,749	12,638	11,497
Rental-related expenses		-2	-1,405	-7	-1,413
Net rental income	4, 5	55,360	53,300	110,253	117,063
Recovery of property charges		-10	458	69	682
Recovery income of charges and taxes normally		10,749	13,576	20,889	22,966
payable by the tenant on let properties
Costs payable by the tenant and borne by the		-55	-596	-404	-1,970
landlord on rental damage and redecoration at
end of lease Charges and taxes normally payable by the		-11,291	-14,235	-22,061	-24,049
tenant on let properties
Property result		54,753	52,503	108,746	114,692
Technical costs		-975	-1,322	-1,726	-3,307
Commercial costs		-206	-126	-598	-464
Taxes and charges on unlet properties		-1,174	-1,164	-2,129	-2,010
Property management costs		-3,748	-4,000	-7,806	-7,846
Property charges		-6,103	-6,612	-12,259	-13,627
Property operating result		48,650	45,891	96,487	101,065
Corporate management costs		-1,730	-1,801	-3,462	-3,794
Operating result before result on the portfolio		46,920	44,090	93,025	97,271
Gains or losses on disposals of investment		-232	95	341	95
properties and other non-financial assets
Changes in fair value of investment properties		-5,420	7,421	-11,718	8,062
Other result on the portfolio		-682	-474	-1,376	-1,771
Operating result		40,586	51,132	80,272	103,657
Financial income	6	1,217	1,322	2,532	2,748
Net interest charges	7	-15,865	-15,366	-33,110	-30,689
Other financial charges	8	-887	-137	-911	-235
Changes in fair value of financial assets and	9	-9,643	560	-9,631	-290
liabilities
Financial result		-25,178	-13,621	-41,120	-28,466
Share in the result of associated companies and		540	-381	731	-381
joint ventures
Pre-tax result		15,948	37,130	39,883	74,810
Corporate tax		-530	-1,265	-713	-1,981
Exit tax		92	-244	131	-509
Taxes		-438	-1,509	-582	-2,490
Net result		15,510	35,621	39,301	72,320
Minority interests		-1,463	-1,316	-2,773	-2,761
Net result – Group share		14,047	34,305	36,528	69,559
Net current result – Group share		20,292	28,107	49,233	64,705
Result on the portfolio – Group share		-6,245	6,198	-12,705	4,854

B. OTHER ELEMENTS OF THE GLOBAL RESULT
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties	-362	-527	-629	-1,337
Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS	27,702	-20,663	41,010	-34,763
Other elements of the global result	27,340	-21,190	40,381	-36,100
Minority interests	5	55	5	160
Other elements of the global result – Group	27,345	-21,135	40,386	-35,940
share C. GLOBAL RESULT	42,850	14,431	79,682	36,221
Minority interests	-1,458	-1,261	-2,768	-2,602
Global result – Group share	41,392	13,170	76,914	33,619

Result per share – Group share (in €)	30.06.2013	30.06.2012
Net current result per share – Group share	2.80	4.12
Result on portfolio per share – Group share	-0.72	0.31
Net result per share – Group share	2.08	4.43

1 Diluted result per share – Group share (in €)	30.06.2013	30.06.2012
Diluted number of shares2	19,758,317	17,733,289
Diluted net result per share – Group share2	2.13	4.55

1 Following the theoretical conversion of the convertible bonds.

² Weighted following the issue of convertible bonds on 20.06.2013 for a total amount of €190.8 million.

2.2. Consolidated income statement – analytical format (x €1,000)

	30.06.2013	30.06.2012
A. NET CURRENT RESULT
Rental income, net of rental-related expenses	97,615	105,566
Writeback of lease payments sold and discounted (non-cash)	12,638	11,497
Taxes and charges on rented properties not recovered	-1,172	-1,083
Redecoration costs, net of tenant compensation for damages	-335	-1,288
Property result	108,746	114,692
Technical costs	-1,726	-3,307
Commercial costs	-598	-464
Taxes and charges on unlet properties	-2,129	-2,010
Property result after direct property costs	104,293	108,911
Property management costs	-7,806	-7,846
Property operating result	96,487	101,065
Corporate management costs	-3,462	-3,794
Operating result (before result on portfolio)	93,025	97,271
Financial income (IAS 39 excluded)1	2,532	2,748
Financial charges (IAS 39 excluded)2	-34,021	-30,924
Revaluation of derivative financial instruments (IAS 39)	-9,631	-290
Share in the result of associated companies and joint ventures	731	-311
Taxes	-713	-1,981
Net current result3	51,923	66,513
Minority interests	-2,690	-1,808
Net current result – Group share	49,233	64,705
B. RESULT ON PORTFOLIO
Gains or losses on disposals of investment properties and other non
financial assets	341	95
Changes in fair value of investment properties	-11,718	8,062
Share in the result of associated companies and joint ventures		-70
Other result on the portfolio	-1,245	-2,280
Result on the portfolio	-12,622	5,807
Minority interests	-83	-953
Result on the portfolio – Group share	-12,705	4,854
C. NET RESULT
Net result – Group share	36,528	69,559

NUMBER OF SHARES	30.06.2013	30.06.2012
Number of ordinary shares issued (including treasury shares)	16,953,421	15,852,620
Number of preference shares issued and not converted	689,263	826,620
Number of ordinary shares entitled to share in the result of the period	16,903,954	14,877,432
Number of preference shares entitled to share in the result of the period	689,263	826,620
Total number of shares entitled to share in the result of the period	17,593,217	15,704,052

¹ Including IAS 39, as at 30.06.2013 and 30.06.2012, financial income totalled k€12,523 and k€13,603 respectively.

² Including IAS 39, as at 30.06.2013 and 30.06.2012, financial charges totalled k€-53,643 and k€-42,068 respectively.

³ Net income excluding the gains or losses on disposals of investment properties, the changes in fair value of investment properties and the exit tax.

Comments on the consolidated income statement – analytical format

The rental income amounts to €97.6 million as at 30.06.2013, compared to €105.6 million as at 30.06.2012. This fall is due mainly to the indemnity paid by Belfius Bank in compensation for the termination of its lease contract on the Livingstone I and II buildings. This non-recurrent indemnity of €11.20 million was paid during the first quarter of 2012 and was entirely included in that quarter's income statement. On a like-for-like basis, the gross rental revenues rose by 1.93% over the last 12 months: the positive effect of lease indexation (+2.41%) and new rentals (+2.13%) was offset by departures (-1.91%) and renegotiations (-0.70%). As at 30.06.2013, the occupancy rate is 95.60% for the entire portfolio and 91.34% for the office portfolio alone.

Direct and indirect operating costs represent 0.82% of the average value of the assets under management as at 30.06.2013, compared to 0.92% as at 30.06.2012, which is an improvement of 0.10%. The operating result (before result on the portfolio) stands at €93.0 million as at 30.06.2013, against €97.3 million one year before.

The financial result comes at €-41.1 million as at 30.06.2013, compared to €-28.5 million as at 30.06.2012. The impact of the revaluation of derivative financial instruments (IAS 39) stands at €-9.6 million for the first half of 2013, compared to €-0.3 million for the first half of 2012. As at 30.06.2013, this item includes the marking to market of the financial assets and liabilities (€+5.5 million) and the restructuration cost of the hedging scheme (€-15.1 million). The financial charges come from €-30.9 million as at 30.06.2012 to €-34.0 million as at 30.06.2013. This can be explained mainly by a rise in the average interest rate, including bank margins (3.97% as at 30.06.2013, versus 3.66%¹ as at 30.06.2012).

Taxes include the corporate income tax due by subsidiaries which do not benefit from the Sicafi, SIIC or FBI tax regime and the tax on non-deductible costs of a Sicafi/Bevak (primarily the office tax in the Brussels Capital Region).

The net current result - Group share for the first half of 2013 amounts to €49.2million, against €64.7 million for the first half of 2012. Per share, it represents €2.80 as at 30.06.2013, against €4.12 as at 30.06.2012. The number of shares entitled to share in the result of the period increased from 15,704,052 to 17,593,217 between these two dates.

The change in fair value of investment properties stands at €-11.7 million as at 30.06.2013, mainly due to the decrease in value of several office buildings which will be subject to a renovation. On a like-for-like basis, the change in fair value of investment properties stands at -0.35%.

The share in the result of associated companies and joint ventures concerns the stakes of 50% and 51% held by Cofinimmo in FPR Leuze SA/NV and Cofinéa I SAS respectively. Minority interests relate to the mandatory convertible bonds issued by the subsidiary Cofinimur I SA, as well as third-party holdings in the subsidiaries Silverstone and Pubstone.

The net result – Group share is €36.5 million as at 30.06.2013, compared to €69.6 million as at 30.06.2012. Per share, these figures stand at €2.08 for the first half of 2013 and €4.43 for the first half of 2012.

¹ The average interest rate on borrowings as at 30.06.2012, as published in the Half-Yearly Financial Report 2012, has been reviewed and no longer includes the depreciation costs of hedging instruments pertaining to the period.

2.3. Consolidated balance sheet (x €1,000)

	Notes	30.06.2013	31.12.2012
Non-current assets		3,552,918	3,533,691
Goodwill	4	150,356	150,356
Intangible assets		780	605
Investment properties	4,10	3,311,188	3,297,900
Other tangible assets		792	856
Non-current financial assets		30,085	24,672
Finance lease receivables		53,066	53,397
Trade receivables and other non-current assets		97	97
Participations in associated companies and joint ventures		6,554	5,808
Current assets		112,497	108,797
Assets held for sale	4	18,225	10,670
Current financial assets		671	6,501
Finance lease receivables		2,249	2,973
Trade receivables		29,399	22,636
Tax receivables and other current assets		16,668	29,142
Cash and cash equivalents		12,784	3,041
Accrued charges and deferred income		32,501	33,834
TOTAL ASSETS		3,665,415	3,642,488
Shareholders' equity		1,643,029	1,542,292
Shareholders' equity attributable to shareholders of parent company		1,576,954	1,476,029
Capital	11	942,796	857,822
Share premium account	11	372,102	329,592
Reserves		225,528	190,543
Net result of the financial year	12	36,528	98,072
Minority interests		66,075	66,263
Liabilities		2,022,386	2,100,196
Non-current liabilities		1,632,783	1,566,005
Provisions		19,279	20,493
Non-current financial debts		1,484,259	1,388,883
Other non-current financial liabilities		93,644	120,835
Deferred taxes		35,601	35,794
Current liabilities		389,603	534,191
Current financial debts		253,321	351,203
Other current financial liabilities		37,401	81,959
Trade debts and other current debts		56,889	64,560
Accrued charges and deferred income		41,992	36,469
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		3,665,415	3,642,488

Comments on the consolidated balance sheet

The fair value of the property portfolio¹ , as appears from the consolidated balance sheet, by application of IAS 40, is obtained by deducting transaction costs from the investment value. At 30.06.2013, the fair value stands at €3,329.4 million, compared to €3,308.6 million at 31.12.2012.

The investment value of the property portfolio¹ , as established by the independent real estate experts, is €3,459.0 million at 30.06.2013, compared with €3,436.1 million at 31.12.2012.

¹ Including buildings for own use and development projects.

The heading "Participations in associated companies and joint ventures" concerns the stakes of 50% and 51% held by Cofinimmo in FPR Leuze SA/NV and Cofinéa I SAS respectively.

The heading "Minority interests" includes the mandatory convertible bonds issued by the subsidiary CofinimurI SA, as well as the minority interests of the Silverstone and Pubstone subsidiaries.

2.4. Calculation of debt ratio (x €1,000)

The debt ratio (debts to total assets) at 30.06.2013 comes to 49.18%. As a reminder, the statutory maximum debt ratio for Sicafis/Bevaks is 65%.

		30.06.2013	31.12.2012
Non-current financial debts		1,484,259	1,388,883
Other non-current financial liabilities (except for hedging instruments)	+	45	35
Current financial debts	+	253,321	351,203
Trade debts and other current debts	+	56,889	64,560
Total debt	=	1,794,514	1,804,681
Total assets		3,665,415	3,642,488
Hedging instruments	-	16,608	25,580
Total assets, except for hedging instruments	=	3,648,807	3,616,908
DEBT RATIO		49.18%	49.90%

2.5. Consolidated cash flow statement (x €1,000)

	30.06.2013	30.06.2012
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	3,041	10,207
Operating activities
Net result for the period	36,528	69,559
Adjustments for interest charges and income	33,351	28,838
Adjustments for gains and losses on disposal of property assets	-341	-95
Adjustments for non-cash charges and income	7,716	-16,759
Changes in working capital requirement	2,119	-9,354
CASH FLOW FROM OPERATING ACTIVITIES	79,373	72,189

Investment activities
Investments in intangible assets and other tangible assets	-436	-353
Acquisitions of investment properties	-753	-16,903
Extensions of investment properties	-19,586	-10,557
Investments in investment properties	-11,531	-4,379
Acquisitions of consolidated subsidiaries		-18,772
Disposals of investment properties	5,109	1,585
Disposals of assets held for sales	310
Payment of exit tax	-7	-1,230
Disposal and reimbursement of finance lease receivables	1,556	1,456
Other cash flows from investment activities	-39	-13,446
NET CASH FROM INVESTING ACTIVITIES	-25,377	-62,599

Financing activities
Disposal of own shares	91,638	11,132
Dividends paid to shareholders	-67,323	-67,2151
Coupons paid to minority shareholders	-241	-851
Coupons paid to Mandatory Convertible Bondholders	-2,727	-1,3791
Increase of financial debts	220,499	130,414
Decrease of financial debts	-219,866	-51,459
Financial income received	1,736	2,394
Financial charges paid	-35,831	-30,411

Other cash flows from financing activities -32,138 -11,711 CASH FLOW RESULTING FROM FINANCING ACTIVITIES -44,253 -18,320 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 12,784 1,477

¹ In the Half-Yearly Financial Report 2012, the item "Dividends paid to shareholders" included the coupons paid to minority shareholders and to Mandatory Convertible Bondholders. These coupons are presented on separate lines in the present Half-Yearly Financial report.

2.6. Consolidated statement of changes in shareholders' equity (x €1,000)

	Capital	Share premium account	Reserves1	Net result of the year	Shareholders' equity Parent company	Minority interests	Shareholders' equity
AT 01.01.2012	814,228	312,330	215,790	118,539	1,460,887	54,657	1,515,544
Appropriation of the 2011 result			118,539	-118,539
Elements directly recognised in shareholders' equity			-35,940	68,894	32,954	2,601	35,555
Cash flow hedge			-34,763		-34,763		-34,763
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties			-1,177		-1,177	-160	-1,337
Result of the period				68,894	68,894	2,761	71,655
Minority interests						2,519	2,519
Others			-125	665	540		540
SUB-TOTAL	814,228	312,330	298,264	69,559	1,494,381	59,777	1,554,158
Issue of new shares	20,942	11,165			32,107		32,107
Acquisitions/Disposals of own shares	6,388	1,719	3,024		11,131		11,131
Dividends			-99,420		-99,420		-99,420
AT 30.06.2012	841,558	325,214	201,868	69,559	1,438,199	59,777	1,497,976
Elements directly recognised in shareholders' equity			-16,976	29,178	12,202	2,014	14,216
Cash flow hedge			-15,612		-15,612		-15,612
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties			-1,364		-1,364	152	-1,212
Result of the period				29,178	29,178	1,862	31,040
Minority interests						4,472	4,472
Others			-256	-665	-921		-921
SUB-TOTAL	841,558	325,214	184,636	98,072	1,449,480	66,263	1,515,743
Acquisitions/Disposals of own shares	16,264	4,378	5,907		26,549		26,549
AT 31.12.2012	857,822	329,592	190,543	98,072	1,476,029	66,263	1,542,292

¹ Details regarding the reserves are featured on the following pages.

	Capital	Share premium account	Reserves1	Net result of the financial year	Shareholders' equity Parent company	Minority interests	Shareholders' equity
AT 01.01.2013	857,822	329,592	190,543	98,072	1,476,029	66,263	1,542,292
Appropriation of the 2012 net result			98,072	-98,072
Elements directly recognised in shareholders' equity			40,387	36,528	76,915	2,767	79,682
Cash flow hedge			41,010		41,010		41,010
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties			-623		-623	-5	-628
Result of the period				36,528	36,528	2,772	39,300
Minority interests						-2,955	-2,955
Others			-293		-293		-293
SUB-TOTAL	857,822	329,592	328,709	36,528	1,552,651	66,075	1,618,726
Issue of new shares	28,368	15,504			43,872		43,872
Acquisitions/Disposals of own shares	56,606	27,006	8,026		91,638		91,638
Dividends			-111,207		-111,207		-111,207
AT 30.06.2013	942,796	372,102	225,528	36,528	1,576,954	66,075	1,643,029

¹ The following pages contain details regarding reserves.

Detail of the reserves

	Reserve for the positive/ negative balance of changes in fair value of investment properties	Reserve for estimated transaction costs resulting from hypothetical disposal of investment properties	Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS	Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined by IFRS	Distributable reserves	Non distributable reserves	Legal reserve	TOTAL RESERVES
AT 01.01.2012	-172,378	-67,276	-116,379	-1,312	570,989	2,111	35	215,790
Appropriation of the 2011 result	22,576	-1,466	9,641	-167	87,673	277		118,539
Elements directly recognised in shareholders' equity		-1,177	-34,763					-35,940
Cash flow hedge			-34,763					-34,763
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties		-1,177						-1,177
Others	-233	-71			-1,609	161	1,627	-125
SUB-TOTAL	-150,035	-69,985	-141,501	-1,479	657,053	2,549	1,662	298,264
Acquisitions/Disposals of own shares					3,025			3,025
Dividends					-99,420			-99,420
AT 30.06.2012	-150,035	-69,985	-141,501	-1,479	560,658	2,549	1,662	201,869

	Reserve for the positive/ negative balance of changes in fair value of investment properties	Reserve for estimated transaction costs resulting from hypothetical disposal of investment properties	Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS	Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined by IFRS	Distributable reserves	Non distributable reserves	Legal reserve	TOTAL RESERVES
AT 30.06.2012	-150,035	-69,985	-141,501	-1,479	560,658	2,549	1,662	201,869
Elements directly recognised in shareholders' equity		-1,365	-15,612					-16,977
Cash flow hedge			-15,612					-15,612
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties		-1,365						-1,365
Others	-24	-74			-294	136		-256
SUB-TOTAL	-150,059	-71,424	-157,113	-1,479	560,364	2,685	1,662	184,636
Acquisitions/Disposals of own shares					5,907			5,907
AT 31.12.2012	-150,059	-71,424	-157,113	-1,479	566,271	2,685	1,662	190,543

	Reserve for the positive/ negative balance of changes in fair value of investment properties	Reserve for estimated transaction costs resulting from hypothetical disposal of investment properties	Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS	Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined by IFRS	Distributable reserves	Non distributable reserves	Legal reserve	TOTAL RESERVES
AT 01.01.2013	-150,059	-71,424	-157,113	-1,479	566,271	2,685	1,662	190,543
Appropriation of the 2012 result	53,718	-2,866	11,238	-13,421	49,146	257		98,072
Elements directly recognised in shareholders' equity		-623	41,010					40,387
Cash flow hedge			41,010					41,010
Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties		-623						-623
Others	-704	7		-22,653	22,972	12	73	-293
SUB-TOTAL	-97,045	-74,906	-104,865	-37,553	638,389	2,954	1,735	328,709
Acquisitions/Disposals of own shares					8,026			8,026
Dividends					-111,207			-111,207
AT 30.06.2013	-97,045	-74,906	-104,865	-37,553	535,208	2,954	1,735	225,528

2.7. Notes on the consolidated accounts

Note 1. General information

Cofinimmo SA/NV (the "Company") is a public Sicafi/Bevak (Belgian REIT) organised under Belgian law with its registered office at Boulevard de la Woluwe 58, 1200 Brussels.

The half year consolidated financial statements of Cofinimmo SA for the period which ended on 30.06.2013 cover the Company and its subsidiaries (collectively referred to as "the Group"). The scope of consolidation has been altered since 31.12.2012 (see Note 14).

The half year consolidated financial statements were drawn up by the Board of Directors on 31.07.2013. The audit firm of Deloitte, represented by Mr. Frank Verhaegen, concluded its limited audit and confirmed that the accounting information contained in this half year report does not call for any reservations and corresponds with the financial statements adopted by the Board of Directors.

Note 2. Significant accounting methods

The half year consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and IAS 34 on Interim Financial Reporting.

The accounting methods are identical to those mentioned in the 2012 Annual Financial Report.

Some figures in this half year report have been rounded up and, consequently, the overall totals in this report may differ slightly from the exact sum of the preceding figures.

Note 3. Operational and financial risk management

As of 30.06.2013, the Group is facing substantially the same risks as those identified and mentioned in the 2012 Annual Financial Report. Risk management during the first half of 2013 was done using the same means and in accordance with the same criteria as those applied the previous year.

Note 4. Segment information (x €1,000) – Global portfolio

INCOME STATEMENT	Offices		Healthcare real estate			Property of distribution networks		Others		Unallocated amounts	TOTAL
AT 30.06	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Net rental income	51,312	61,622	37,783	34,932	18,857	18,558	2,301	1,951			110,253	117,063
Property result after direct property costs	46,000	54,099	37,694	34,770	18,421	18,217	2,178	1,825			104,293	108,911
Property management costs									-7,806	-7,846	-7,806	-7,846
Corporate management costs									-3,462	3,794	-3,462	-3,794
Gains or losses on disposals of investment properties and other non-financial assets	-272		53		471	95	89				341	95
Changes in fair value of investment properties	-20,560	-27,005	8,034	23,663	405	7,768	403	3,636			-11,718	8,062
Other result on the portfolio					66	-47			-1,442	-1,724	-1,376	-1,771
Operating result											80,272	103,657
Financial result									-41,120	-28,466	-41,120	-28,466
Share in the result of associated companies and joint ventures				-70			731	-311			731	-381
Taxes			-34	-286	165	267		-489	-713	-1,982	-582	-2,490
NET RESULT									39,300	72,320	39,300	72,320
NET RESULT – GROUP SHARE									36,528	69,559	36,528	69,559

				Healthcare	Property of
BALANCE SHEET		Offices		Real estate	distribution networks		Others		Unallocated amounts			TOTAL
AT 30.06/31.12	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Assets
Goodwill			26,929	26,929	123,427	123,427					150,356	150,356
Investment properties	1,522,944	1,543,298	1,200,600	1,163,821	527,255	527,208	60,389	63,573			3,311,188	3,297,900
Of which: Development projects	56,235	67,972	32,669	57,698			6,138	6,187			95,042	131,857
Assets held for own use	9,148	9,150									9,148	9,150
Assets held for sale	8,390		8,060	8,620	1,775	2,050					18,225	10,670
Other assets									185,646	183,562	185,646	183,562
TOTAL ASSETS											3,665,415	3,642,488
Shareholders' equity and Liabilities
Shareholders' equity									1,643,029	1,542,292	1,643,029	1,542,292
Shareholders' equity attributable to
shareholders of parent company									1,576,954	1,476,029	1,576,954	1,476,029
Minority interests									66,075	66,263	66,075	66,263
Liabilities									2,022,386	2,100,196	2,022,386	2,100,196
TOTAL SHAREHOLDERS' EQUITY AND											3,665,415	3,642,488
LIABILITIES

Note 4. Segment information (x €1,000) – Offices

INCOME STATEMENT	Brussels CBD1		Decentralised	Brussels		Brussels Periphery		Antwerp		Other Regions	TOTAL
AT 30.06	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Net rental income	19,456	29,218	20,461	21,200	5,243	5,394	2,294	2,063	3,858	3,747	51,312	61,622
Property result after direct property costs	17,676	26,335	17,760	17,666	4,885	4,937	2,106	1,575	3,573	3,586	46,000	54,099
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and other non-financial assets	-272										-272
Changes in fair value of investment properties	-11,061	-18,247	-8,317	-10,329	-765	1,626	-522	92	105	-147	-20,560	-27,005
Other result on the portfolio
Operating result
Financial result
Share in the result of associated companies and joint
ventures
Taxes
NET RESULT
NET RESULT – GROUP SHARE

BALANCE SHEET	Brussels CBD			Brussels Decentralised		Brussels Periphery		Antwerp		Other Regions		TOTAL
AT 30.06/31.12	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Assets
Goodwill
Investment properties	586,619	595,153	619,831	631,744	145,240	145,647	62,461	62,337	108,793	108,417	1,522,944	1,543,298
Of which: Development projects	54,272	66,344	1,122	809	323	313	457	446	61	60	56,235	67,972
Assets held for own use			9,148	9,150							9,148	9,150
Assets held for sale			8,390								8,390
Other assets
TOTAL ASSETS
Shareholders' equity and Liabilities
Shareholders' equity
Shareholders' equity attributable to
shareholders of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES

Central Business District.

Note 4. Segment information (x €1,000) – Healthcare real estate

INCOME STATEMENT	Belgium		France			Netherlands	TOTAL
AT 30.06	2013	2012	2013	2012	2013	2012	2013	2012
Net rental income	22,893	20,825	14,475	14,107	415		37,783	34,932
Property result after direct property costs	22,816	20,678	14,466	14,091	412		37,694	34,770
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and other non-financial assets			53				53
Changes in fair value of investment properties	3,322	12,794	4,738	10,868	-26		8,034	23,662
Other result on the portfolio
Operating result
Financial result
Share in the result of associated companies and joint ventures				-70				-70
Taxes		-62	-34	-224			-34	-286
NET RESULT
NET RESULT – GROUP SHARE

BALANCE SHEET	Belgium			France		Netherlands		TOTAL
AT 30.06/31.12	2013	2012	2013	2012	2013	2012	2013	2012
Assets
Goodwill			26,929	26,929			26,929	26,929
Investment properties	777,070	750,460	412,330	402,135	11,200	11,226	1,200,600	1,163,821
Of which: Development projects	32,669	57,698					32,669	57,698
Assets held for own use
Assets held for sale			8,060	8,620			8,060	8,620
Other assets
TOTAL ASSETS
Shareholders' equity and Liabilities
Shareholders' equity
Shareholders' equity attributable to
shareholders of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

Note 4. Segment information (x €1,000) – Property of distribution networks

INCOME STATEMENT	Pubstone -	Belgium	Pubstone -	Netherlands	Cofinimur I -	France		TOTAL
AT 30.06	2013	2012	2013	2012	2013	2012	2013	2012
Net rental income	10,025	9,842	5,001	4,874	3,831	3,842	18,857	18,558
Property result after direct property costs	9,845	9,658	4,847	4,737	3,729	3,822	18,421	18,217
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and other non-financial assets	453	95			18		471	95
Changes in fair value of investment properties	-157	5,852	-508	-140	1,070	2,056	405	7,768
Other result on the portfolio			66	-47			66	-47
Operating result
Financial result
Share in the result of associated companies and joint
ventures
Taxes			165	267			165	267
NET RESULT
NET RESULT – GROUP SHARE

BALANCE SHEET	Pubstone -	Belgium	Pubstone -	Netherlands	Cofinimur I -	France		TOTAL
AT 30.06/31.12	2013	2012	2013	2012	2013	2012	2013	2012
Assets
Goodwill	85,777	85,777	37,650	37,650			123,427	123,427
Investment properties	269,565	270,147	149,245	149,686	108,445	107,375	527,255	527,208
Of which: Development projects
Assets held for own use
Assets held for sale					1,775	2,050	1,775	2,050
Other assets
TOTAL ASSETS
Shareholders' equity and Liabilities
Shareholders' equity
Shareholders' equity attributable to
shareholders of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES

Note 4. Segment information (x €1,000) – Others

INCOME STATEMENT		Brussels CBD	Brussels Decentralised			Brussels Periphery		Antwerp		Other Regions		TOTAL
AT 30.06	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Net rental income			1,263	1,187	407	490			631	274	2,301	1,951
Property result after direct property costs			1,220	1,184	392	489			566	152	2,178	1,825
Property management costs
Corporate management costs
Gains or losses on disposals of investment properties and other non-financial assets					89						89
Changes in fair value of investment properties			-103	114	319	65		7	187	3,450	403	3,636
Other result on the portfolio
Operating result
Financial result
Share in the result of associated companies and joint
ventures									731	-311	731	-311
Taxes										-489		-489
NET RESULT
NET RESULT – GROUP SHARE

BALANCE SHEET	Brussels CBD		Decentralised	Brussels	Brussels Periphery			Antwerp		Other Regions	TOTAL
AT 30.06/31.12	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Assets
Goodwill
Investment properties			34,836	34,908	6,859	10,159			18,694	18,506	60,389	63,573
Of which: Development projects			4,216	4,221	1,922	1,966					6,138	6,187
Assets held for own use
Assets held for sale
Other assets
TOTAL ASSETS
Shareholders' equity and Liabilities
Shareholders' equity
Shareholders' equity attributable to
shareholders of parent company
Minority interests
Liabilities
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES

Note 5. Rental income and rental-related expenses (x €1,000)

	30.06.2013	30.06.2012
Rental income
Gross potential income1	103,991	101,882
Vacancy2	-5,129	-5,468
Rents3	98,862	96,414
Cost of rent free periods	-1,145	-690
Concessions granted to tenants	-352	-373
Indemnities for early termination of rental contracts4	257	11,628
SUB-TOTAL	97,622	106,979
Writeback of lease payments sold and discounted	12,638	11,497
Rental-related expenses
Rent payable on rented premises	-44	-1,440
Writedowns on trade receivables	15
Writeback of writedowns on trade receivables	22	27
SUB-TOTAL	-7	-1,413
TOTAL	110,253	117,063

The classification method and treatment of rental income and charges are detailed in the 2012 Annual Financial Report, on page 148.

Note 6. Financial income (x €1,000)

	30.06.2013	30.06.2012
Interests and dividends received5	875	1,101
Interest receipts in respect of finance lease receivables	1,606	1,586
Other financial income	51	61
TOTAL	2,532	2,748

¹ The gross potential income is the sum of real rents received and estimated rents attributed to unlet spaces.

² The vacancy is calculated on unlet spaces based on the rental value estimated by independent real estate experts.

³ Including income guaranteed by developers to replace rents.

⁴ Early termination indemnities are recognised directly in full in the income statement, in accordance with IAS 17.50.

⁵ The amount of dividends received is nul at 30.06.2013.

Note 7. Net interest charges (x €1,000)

	30.06.2013	30.06.2012
Nominal interest on loans with amortised cost	-15,871	-14,706
Bilateral loans – floating rate	-3,294	-5,431
Syndicated loans – floating rate	-252	-472
Treasury bills – floating rate	-506	-1,917
Investment credits – floating or fixed rate	-711	-782
Bonds - fixed rate	-8,339	-3,435
Nominal interests on loans at fair value through the net result	-2,769	-2,669
Charges relating to authorised hedging instruments	-15,076	-14,465
Authorised hedging instruments qualifying for hedge accounting	-12,505	-12,314
Authorised hedging instruments not qualifying for hedge accounting	-2,571	-2,151
Income relating to authorised hedging instruments		10
Authorised hedging instruments qualifying for hedge accounting		10
Other interest charges	-2,163	-1,528
TOTAL	-33,110	-30,689

Note 8. Other financial charges (x €1,000)

	30.06.2013	30.06.2012
Bank costs and other commissions	-192	-168
Net realised losses on disposals of financial assets	-3	-3
Others	-716	-64
TOTAL	-911	-235

Note 9. Changes in fair value of financial assets and liabilities (x €1,000)

	30.06.2013	30.06.2012
Authorised hedging instruments qualifying for hedge accounting	-16,848	9,613
Authorised hedging instruments not qualifying for hedge accounting	9,983	-1,434
Others	-2,766	-8,469
TOTAL	-9,631	-290

Note 10. Investment properties (x €1,000)

	30.06.2013	31.12.2012
Properties available for lease	3,206,998	3,156,893
Development projects	95,042	131,857
Assets held for own use	9,148	9,150
TOTAL	3,311,1881	3,297,900

Properties available for lease (x €1,000)

	30.06.2013	31.12.2012
AT 01.01	3,156,893	3,110,678
Capital expenditures	12,165	6,206
Acquisitions		43,413
Transfers from/to Assets held for sale	-8,390	-1,400
Transfers from/to Development projects	45,556	-58,509
Sales/Disposals (fair value of assets sold/disposed of)	-4,367	-1,974
Writeback of lease payments sold	12,638	22,994
Increase/Decrease in fair value	-7,497	35,485
AT 30.06/31.12	3,206,998	3,156,893

Development projects (x €1,000)

	30.06.2013	31.12.2012
AT 01.01	131,857	57,752
Capital expenditures	21,766	30,275
Acquisitions	735	6,698
Transfer from/to Properties available for lease	-45,556	58,509
Sales/Disposals (fair value of assets sold/disposed of)	-10,101
Increase/Decrease in fair value	-3,659	-21,377
AT 30.06/31.12	95,042	131,857

Assets held for own use (x €1,000)

	30.06.2013	31.12.2012
AT 01.01	9,150	9,130
Increase/Decrease in fair value	-2	20
AT 30.06/31.12	9,148	9,150

¹ Including the fair value of the investment properties of which lease receivables have been sold (€406.7 million).

Note 11. Financial instruments

Categories of financial instruments

Financial assets (x €1,000)	30.06.2013	31.12.2012
Cash and bank balances (including cash and bank balances included in a group
due to be sold and classified as held for sale)1	12,784	3,041
Fair value through the net result
Held for trading	703	6,486
Designated as being at fair value through the net result	7,419	11,069
Derivatives which are part of a designated hedging relationship	8,373	8,024
Investments owned until maturity (participations in associated companies and
joint ventures)	6,554	5,808
Loans and receivables (including the balance of client receivables included in a
group due to be sold and classified as held for sale)	98,862	84,697
Total	134,695	119,125

Financial liabilities (x €1,000)	30.06.2013	31.12.2012
Fair value through the net result
Held for trading	22,380	44,951
Designated as being at fair value through the net result	368,877	177,289
Derivatives which are part of a designated hedging relationship	108,507	157,807
Amortised cost	1,421,408	1,627,357
Total	1,921,172	2,007,404

Financial instruments booked at their amortised cost

Fair value of financial instruments posted in the balance sheet at their amortised cost (x €1,000):

Financial assets	30.06.2013	30.06.2013	31.12.2012	31.12.2012
	Amortised	Fair	Amortised	Fair
	cost	value	cost	value
Loans to associated companies	14,148	14,148	5,594	5,594
Finance lease receivables	55,315	85,627	56,370	85,627
Trade receivables	29,399	29,399	22,733	22,733
Total financial assets	98,862	129,174	84,697	113,954

¹ These are only the amounts available on bank accounts, i.e. loans and receivables.

Financial liabilities	30.06.2013	30.06.2013	31.12.2012	31.12.2012
	Amortised	Fair	Amortised	Fair
	cost	value	cost	value
Listed bonds	397 419	360 093	401 229	393 833
Commercial papers < 1 year	130 100	130 100	321 750	321 750
Commercial papers > 1 year	15 000	15 000	15 000	15 000
Bank debts	806 600	806 600	798 390	798 390
Other financial debts	15 400	15 400	26 428	26 428
Trade debts and other current debts	56 889	56 889	64 560	64 560
Total financial liabilities	1 421 408	1 384 082	1 627 357	1 619 961

The fair value is estimated:

At book value for trade receivables and debts and variable loans and debts;
Based on the future cash flows discounted at adapted market rates for finance lease receivables;
By reference to a quoted price on an active market for retail bonds.

Financial instruments designated as being at fair value through the net result

The financial instruments that are valued, subsequent to initial recognition, at fair value on the balance sheet, are grouped into three levels (1 to 3), based on the degree to which the fair value is observable:

The level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for similar assets or liabilities;
The level 2 fair value measurements are those derived from data other than quoted prices included within level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
The level 3 fair value measurements are those derived from valuation techniques that include data for the asset or liability that are not based on observable market data (unobservable data).

Level 1

The convertible bonds issued by Cofinimmo are level 1.

Level 2

The financial assets and liabilities as well as the financial derivatives owned at fair value by Cofinimmo are all level 2, except for the convertible bonds issued by Cofinimmo, which are level 1. Their fair value is established as follows:

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities with standard terms and conditions and negotiated on active and liquid markets is established based on stock market prices.

Fair value of participations in associated companies and joint ventures

The fair value is determined based on the share in the associated company of which all the assets are valued at their fair value.

Fair value of hedging derivative financial instruments

The fair value of derivative instruments is calculated based on stock market prices. When such prices are not available, analyses of discounted cash flows based on the applicable yield curve with respect to the duration of the instruments are used in the case of non-optional derivatives, and option evaluation models are used in the case of optional derivatives. Interest rate swaps are evaluated according to the discounted value of estimated and discounted cash flows in accordance with the applicable yield curves obtained on the basis of the market interest rates.

	30.06.2013	30.06.2013	31.12.2012	31.12.2012
	Assets	Liabilities	Assets	Liabilities
CAP Options	8,373	4,336	8,024	3,675
FLOOR Options		104,171		154,132
Interest Rate Swaps
Fair value hedges
Interest Rate Swaps	7,419		11,069
Not part of an effective hedging relationship
CAP Options	155
FLOOR Options				7,129
Interest Rate Swaps	548	22,380	6,486	37,822
Total	16,495	130,887	25,579	202,758

Cash flow hedge (x €1,000)

	Ordinary shares		Convertible preference shares		TOTAL
(in number)	30.06.2013	31.12.2012	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Number of shares (A)
AT 01.01	16,423,925	15,220,653	689,397	1,067,809	17,113,322	16,288,462
Issued in mergers to Group subsidiaries		434,082				434,082
Issued as optional dividend	529,362	390,778			529,362	390,778
Conversion of preference shares into ordinary shares	134	378,412	-134	-378,412
Conversion of convertible bonds into ordinary shares
AT 30.06/31.12	16,953,421	16,423,925	689,263	689,397	17,642,684	17,113,322
Own shares held by the Group (B)
AT 01.01	1,105,750	1,094,374			1,105,750	1,094,374
Issued in mergers to Group subsidiaries		434,082				434,082
Own shares sold/purchased – net	-1,056,283	-422,706			-1,056,283	-422,706
AT 30.06/31.12	49,467	1,105,750			49,467	1,105,750
Shares outstanding (A-B)
AT 01.01	15,318,175	14,126,279	689,397	1,067,809	16,007,572	15,194,088
AT 30.06/31.12	16,903,954	15,318,175	689,263	689,397	17,593,217	16,007,572

	Ordinary shares		Convertible preference shares		TOTAL
(x €1000)	30.06.2013	31.12.2012	30.06.2013	31.12.2012	30.06.2013	31.12.2012
Capital
AT 01.01	821,058	757,287	36,764	56,941	857,822	814,228
Own shares sold/purchased – net	56,606	22,652			56,606	22,652
Issued as optional dividend	28,368	20,942			28,368	20,942
Conversion of preference shares into ordinary shares	6	20,177	-6	-20,177
Conversion of convertible bonds into ordinary shares
AT 30.06/31.12	906,038	821,058	36,758	36,764	942,796	857,822
Share premium account
AT 01.01	293,243	256,024	36,349	56,306	329,592	312,330
Own shares sold/purchased – net	27,006	6,097			27,006	6,097
Issued as optional dividend	15,504	11,165			15,504	11,165
Conversion of preference shares into ordinary shares	6	19,957	-6	-19,957
Conversion of convertible bonds into ordinary shares
AT 30.06/31.12	335,759	293,243	36,343	36,349	372,102	329,592

Note 13. Result per share

(x €1,000) 30.06.2013 Net current result attributable to ordinary and preference shares Net current result for the period Minority interests Result on portfolio attributable to ordinary and preference shares Result on portfolio for the period	49,233 51,923 -2,690 -12,705	30.06.2012 64,705 66,513 -1,808



		4,854
	-12,622	5,807
Minority interests	-83	-953
Net result attributable to ordinary and preference shares	36,528	69,559
Net result for the period	39,301	72,320
Minority interests	-2,773	-2,761
Diluted net result attributable to ordinary and preference shares	42,063	80,697
Diluted net result for the period	44,836	83,458
Minority interests	-2,773	-2,761

Result per share (in €)	30.06.2013	30.06.2012
Number of ordinary and preference shares entitled to share in the result	17,593,217	15,704,052
of the period Net current result per share – Group share	2.80	4.12
Result on portfolio per share – Group share	-0.72	0.31
Net result per share – Group share	2.08	4.43

Diluted1 result per share (in €)	30.06.2013	30.06.2012
Diluted number of ordinary and preference shares entitled to share in	19,758,317	17,733,289
the result Diluted net current result per share – Group share	2.77	4.28
Diluted result on portfolio per share – Group share	-0.64	0.27
Diluted net result per share – Group share	2.13	4.55

¹ Weighted following the issue of convertible bonds on 20.06.2013 for a total amount of €190.8 million.

Note 14. Consolidation scope and criteria

Scope of consolidation

Name and address of the registered office of fully consolidated subsidiaries	VAT or national number (NN)	Direct and indirect shareholdings and voting rights (as a %)
BELLIARD I-II PROPERTIES SA Boulevard de la Woluwe 58, 1200 Brussels	BE 832 136 571	100.00
BELLIARD III-IV PROPERTIES SA
Boulevard de la Woluwe 58, 1200 Brussels	BE 475 162 121	100.00

BOLIVAR PROPERTIES SA	BE 878 423 981	100.00
Boulevard de la Woluwe 58, 1200 Brussels
COFINIMMO FRANCE SA	FR 88 487 542 169	100.00
Avenue de l'Opéra 27, 75001 Paris (France)
SAS IS II	FR 74 393 097 209	100.00
Avenue de l'Opéra 27, 75001 Paris (France)
SCI AC NAPOLI Avenue de l'Opéra 27, 75001 Paris (France)	FR 71 428 295 695	100.00
SCI BEAULIEU
Avenue de l'Opéra 27, 75001 Paris (France)	FR 50 444 644 553	100.00
SCI CHAMTOU
Avenue de l'Opéra 27, 75001 Paris (France)	FR 11 347 555 203	100.00
SCI CUXAC II	FR 18 343 262 341	100.00
Avenue de l'Opéra 27, 75001 Paris (France)
SCI DE L'ORBIEU	FR 14 383 174 380	100.00
Avenue de l'Opéra 27, 75001 Paris (France)
SA DOMAINE DE VONTES Avenue de l'Opéra 27, 75001 Paris (France)	FR 67 654 800 135	100.00
SCI DU DONJON
Avenue de l'Opéra 27, 75001 Paris (France)	FR 06 377 815 386	100.00
SNC DU HAUT CLUZEAU
Avenue de l'Opéra 27, 75001 Paris (France)	FR 39 319 119 921	100.00
SARL HYPOCRATE DE LA SALETTE	not subject to VAT	100.00
Avenue de l'Opéra 27, 75001 Paris (France)	NN 388 117 988
SCI LA NOUVELLE PINÈDE	FR 78 331 386 748	100.00
Avenue de l'Opéra 27, 75001 Paris (France)
SCI PRIVATEL INVESTISSEMENT Avenue de l'Opéra 27, 75001 Paris (France)	FR 13 333 264 323	100.00
SCI RESIDENCE FRONTENAC
Avenue de l'Opéra 27, 75001 Paris (France)	FR 80 348 939 901	100.00
SCI SOCIBLANC	not subject to VAT
Avenue de l'Opéra 27, 75001 Paris (France)	NN 328 781 844	100.00
COFINIMMO LUXEMBOURG SA
Boulevard Grande-Duchesse Charlotte 56,	not subject to VAT	100.00
1331 Luxembourg (Luxembourg)	NN 100 044
COFINIMMO SERVICES SA
Boulevard de la Woluwe 58, 1200 Brussels	BE 437 018 652	100.00
COFINIMUR I SA
Avenue George V 10, 75008 Paris (France)	FR 74 537 946 824	97.65
EGMONT PROPERTIES SA
	BE 819 801 042	100.00
Boulevard de la Woluwe 58, 1200 Brussels
GALAXY PROPERTIES SA	BE 872 615 562	100.00
Boulevard de la Woluwe 58, 1200 Brussels
LEOPOLD SQUARE SA	BE 465 387 588	100.00
Boulevard de la Woluwe 58, 1200 Brussels

PUBSTONE GROUP SA	BE 878 010 643
Boulevard de la Woluwe 58, 1200 Brussels		90.0006
PUBSTONE SA		1 90.00
Boulevard de la Woluwe 58, 1200 Brussels	BE 405 819 096
PUBSTONE HOLDING BV	not subject to VAT	1
Prins Bernhardplein 200, 1097 JB Amsterdam (Netherlands)	NN 8185 89 723	90.00
PUBSTONE PROPERTIES I BV	NL 00.11.66.347.B.01	90.001
Prins Bernhardplein 200, 1097 JB Amsterdam (Netherlands)
PUBSTONE PROPERTIES II BV		90.001
Prins Bernhardplein 200, 1097 JB Amsterdam (Netherlands)	NL 00.26.20.005.B.01
RHEASTONE SA
Boulevard de la Woluwe 58, 1200 Brussels	BE 893 787 296	100.00
SILVERSTONE SA
Boulevard de la Woluwe 58, 1200 Brussels	BE 452 711 074	95.00
SUPERSTONE SA
Claudius Prinsenlaan 128, 4818 CP Breda (Netherlands)	NL 85.07.32.554.B.01	100.00

Name and address of the registered office of associated companies and joint ventures consolidated using the equity consolidation method	VAT or national number (NN)	Direct and indirect shareholdings and voting rights (as a %)
COFINEA I SAS Avenue de l'Opéra 27, 75001 Paris (France)	FR 74 538 144 122	51.00
FPR LEUZE SA Boulevard de la Woluwe 58, 1200 Brussels	BE 839 750 279	50.00

Consolidation criteria

The consolidation criteria given in the 2012 Annual Financial Report have not been changed and are still applied by the Cofinimmo Group.

Note 15. Transactions between related parties

In May 2013, the Board of Directors gave the holders of both ordinary and preference shares the option of payment of the 2012 dividend in new ordinary shares or in cash or a combination of the two. See also page 17 of this Report.

This transaction is a transaction between related parties within the meaning of Articles 18 § 1 and 31 § 2 of the Royal Decree of 07.12.2010. This operation was made with respect to the procedures applicable in case of conflicts of interests and at normal market conditions.

¹ Economic interest.

3. Statement of Conformity (pursuant to Article 13 of the Royal Decree of 14.11.2007)

The Board of Directors of Cofinimmo SA assumes the responsibility for the content of this 2013 Half Year Financial Report, subject to the information supplied by third parties, including the reports of the statutory auditor and the real estate experts.

Mr. André Bergen, in his capacity as Chairman of the Board of Directors, Mrs. Inès Reinmann and Mrs. Françoise Roels, Messrs. Jean Edouard Carbonnelle, Xavier Denis, Xavier de Walque, Vincent Doumier, Robert Franssen, Gaëtan Hannecart, Marc Hellemans, Alain Schockert and Baudouin Velge, in their capacity as Directors,

declare that to the best of their knowledge:

1. The 2013 Half Year Financial Report contains a true and fair statement of the important events and, as the case may be, major transactions between related parties which occurred during the first six months of the year, and their incidence on the financial statements;
1. This Report has no omissions likely to significantly modify the scope for any statements made in it;
1. The financial statements, prepared in accordance with the applicable accounting standards, have been submitted to the statutory auditor for a limited review and give a true and fair view of the portfolio, financial situation and results of Cofinimmo and its subsidiaries included in the scope of consolidation; the interim management report provides moreover a perspective for the full year result as well as comments on the risks and uncertainties facing the company (see page 2 of the 2012 Annual Financial Report and page 27 of this 2013 Half Yearly Financial Report).

For further information:

Valerie Kibieta Chloé Dungelhoeff Tel.: +32 2 373 60 36 Tel.: +32 2 777 08 77 Ellen Grauls Tel.: +32 2 373 94 21 [email protected]

Financial Communication Corporate Communication [email protected] [email protected]

About Cofinimmo:

Cofinimmo is the foremost listed Belgian real estate company specialising in rental property. The company owns a property portfolio worth over €3.3 billion, representing a total area of 1,850,00m². Its main investment segments are offices and healthcare properties, and property of distribution networks. Cofinimmo is an independent company, which manages its properties in-house. It is listed on Euronext Brussels (BEL20) and benefits from the fiscal REIT regime in Belgium (Sicafi/Bevak), in France (SIIC) and in the Netherlands (FBI). Its activities are controlled by the Financial Services and Markets Authority (FSMA). At 30.06.2013, its total market capitalisation stands at €1.5 billion.

www.cofinimmo.com

4. Appendices

4.1. Real estate expert's report

4.2. Statutory auditor's report

	Investment Value	Fair Value	I% Fair Value I
Offices		1.569.472.900 € 1.531.193.100 €	46.0%
Healthcare	1.253.041.800 € 1.208.659.500 €		36.3%
Distribution prop. net. 574.402.000 €		529.030.200 €	15.9%
Others	62.043.300 €	60.530.000 €	1.8%
Total	3.458.960.000 € 3.329.412.800 €		100%