Common use of Working Capital Statement Clause in Contracts

Working Capital Statement. As at 30 June 2016, the consolidated working capital of the Issuer amounted to EUR -327.25 million. The working capital is calculated as the current assets minus the current liabilities. The negative working capital is mainly due to the short term financial debts maturing within the year. At 30 June 2016, the current consolidated liability of the Issuer amounted to EUR 426.43 million, including short term financial debt for: • EUR 290.50 million in commercial papers with a term of less than one year; • EUR 21.50 million in debt maturing within the year. As at 30 June 2016, the short term financial debt of EUR 312.04 million was fully covered by the undrawn portions of long-term confirmed credit facilities totalling EUR 946.50 million. Hence, at 30 June 2016 the Issuer had EUR 1,269.00 million of committed revolving credit facilities at its availability, of which EUR 322.50 million was drawn. Hence, an amount of EUR 946.50 million was available on committed credit facilities. On the date of this Securities Note, the Issuer is of the opinion that, taking into account its available cash and equivalents, it has sufficient working capital to meet its present requirements and cover the working capital needs for a period of at least 12 months as of the date of the Securities Note. As at 30 June 2016, Cofinimmo had EUR 946.50 million available on undrawn committed credit facilities. This amount allows to cover the financial obligations of the company for the coming 12 months. These obligations include: • the commercial paper program for EUR 290.50 million; • debt maturities for EUR 21.50 million. • the investment pipeline for EUR 186.01 million: o health care assets: EUR 66.60 million o offices: EUR 95.72 million o distribution property networks: EUR 5.70 million The below table describes the expected use of the working capital for the coming 12 months: Undrawn credit facilities on 30 June 2016 946.50 Back up short term commercial paper programme 290.50 Available headroom under credit facilities 656.00 2016 2017 Q3 Q4 Q1 until 30.06.17 Available headroom under credit facilities start of period 656.00 509.42 463.61 418.91 Investments 117.58 16.80 14.96 18.68 Debt maturities 0.00 0.00 0.00 21.00 Dividend 29.00 29.00 29.75 29.75 Available headroom under credit facilities end of period 509.42 463.61 418.91 349.49 At the end of this 12 months period, it is expected that the balance of available headroom under credit facilities will amount to approximatively EUR 349.49 million, ceteris paribus. The application of the net proceeds from the Offering will not result in a decrease of the credit facilities; while the part of the proceeds not used to refinance the Convertible Bonds 2013 will be used to repay outstanding loans under such credit facilities, the commitments thereunder will not be cancelled as a consequence thereof.