CREATING VALUE TOGETHER CSR REPORT 2010

CREATING VALUE TOGETHER CSR REPORT 2010

3 CONTENTS HIGHLIGHTS 2010 4 PUTTING CONSUMERS FIRST 24 WHO WE ARE 6 ROOTED IN SOCIETY 28 KEY ELEMENTS OF OUR STRATEGY 8 LEADERSHIP IN OUR CULTURE 32 PERFORMANCE HIGHLIGHTS 10 SUSTAINABILITY IN OUR OPERATIONS 36 STATEMENTS OF THE MANAGEMENT BOARD 11 CREATING SUSTAINABLE CENTRES 40 ABOUT THIS REPORT 14 WE ARE AT THE DAWN OF A NEW ERA 44 CSR STRATEGY, GOVERNANCE AND ENGAGEMENT 16 TARGETS 2010 50 SHIFTING INTO A HIGHER GEAR 20 DEFINITIONS 51 HOW WE ENGAGE AND INFORM OUR STAKEHOLDERS 22 ADDRESSES AND OTHER INFO 52

CORIO CSR REPORT 2010 4 HIGHLIGHTS 2010 MARCH MAY JULY Corio acquires an operational and development portfolio in Germany. The portfolio includes Forum Duisburg, with a BREEAM Very Good rating and winner of the ICSC Resource Award in 2010. Centrum Galerie Dresden (pictured), the first European shopping centre with a BREEAM Excellent rating, is also part of this portfolio. APRIL Corio publishes a separate report on CSR for the first time. Corio adds a female member to the Management Board: Francine Zijlstra takes the position of Chief Operating Officer. JUNE Corio participates in the international research programme of the Sustainable Investment in Real Estate Centre (s-i-r-e), which was initiated by the Royal Institution of Chartered Surveyors (RICS) together with Kingston University London and Krems Danube University. It is the first empirical study to explore the measurable impact of sustainability characteristics on the financial performance of retail properties in Europe. AUGUST The inaugural meeting for founding members of ISA (the International Sustainability Alliance), a global network of leading real estate organisations dedicated to achieving a more sustainable built environment takes place. Together with the ISA, Corio developed KPIs which will provide the basis for benchmarking our environmental performance. Corio is one of the founding partners of ISA. Corio Nederland organises its second Summer Night Event, a roundtable with top ten tenants on CSR. As a member of the United Nations (UN) Global Compact, Corio reported on the implementation of the ten UN Principles by means of a Communication on Progress. It also included the Millennium Development Goals.

5 SEPTEMBER NOVEMBER Corio is included in the Dow Jones Sustainability World Index. An international Corio CSR meeting is held in Forum Duisburg. During this meeting we officially launch the Corio CSR performance management system. Corio s shopping centre Tarsu in Tarsus, Turkey, receives a BREEAM Very Good certificate. Corio is ranked 12 th in the Carbon Disclosure Project out of 60 Dutch companies. Corio was included in the ASPI (Advanced Sustainable Performance Indices) register. OCTOBER DECEMBER Performance management at corio Manual for Managers and employees The Corio HR Performance Management System is finalised for all Corio employees and ready to be implemented in 2011. The International Leadership Academy in Istanbul, founded by Save the Children, in collaboration with Youth for Habitat, WALD and UCLG and supported by Corio, goes live. In Corio Italia a Great Place To Work survey is carried out amongst over 100 companies. Corio ranks 35 th in that list.

CORIO CSR REPORT 2010 6 WHO WE ARE Corio is a retail property company. Our core business is to select, invest in, develop, redevelop and manage shopping centres in Europe. Our mission is to create favourite meeting places: sustainable centres where people meet up, spend their time off, and shop; places they want to keep coming back to. OUR AMBITION Our vision is to create sustainable places where people like to meet. First and foremost, Corio believes shopping centres can and should perform an important social role. Our vision of a shopping centre is of a meeting place where individuals can relax, socialise, feel at home and be inspired. We are convinced that the creation of appealing and successful shopping centres, when managed properly, will generate greater economic activity. In doing so, we recognise the importance of being alert to the changing demands of people in the catchment area and the need to adapt quickly to their demands. To be successful, we believe our centres should be sustainable in every respect: situational (location), conceptual, aesthetic, social, environmental and financial. We create to adapt. OUR STRATEGY Creating Favourite Meeting Places Shopping centres that are dominant in their catchment area Local+ and hands-on management Critical mass in each of our home markets A strong focus on stable markets (82% of portfolio value) Corporate Social Responsibility as an important pillar Solid financial structure Predominantly located downtown, transit-oriented and at the heart of large communities EUROPE S 3RD LARGEST LISTED RETAIL PROPERTY COMPANY Value operational portfolio 6.9 billion Pipeline investment 3.0 billion Assets under management 9.9 billion Gross rental income 451.6 million Market capitalisation 4.4 billion Listed on Euronext in Amsterdam Headquarters located in Utrecht, The Netherlands

7 GEOGRAPHIC SPREAD SECTOR SPREAD PIPELINE SPREAD Netherlands 27% France 26% Italy 20% Spain/Portugal 10% Germany 9% Turkey 8% Retail 96% Offices 4% Industrial 0.2% Netherlands 34% France 4% Italy 30% Spain 1% Germany 26% Turkey 5% STRUCTURE OF CORIO SUPERVISORY BOARD BAS VOS CHAIRMAN ROBERT VAN DER MEER VICE CHAIRMAN WIM BORGDORFF DERK DOIJER GOBERT BEIJER INVESTOR RELATIONS HUMAN RESOURCES MANAGEMENT CORPORATE PR & COMMUNICATIONS INVESTMENT STRATEGY & RESEARCH CORPORATE SOCIAL RESPONSIBILITY MANAGEMENT BOARD GERARD GROENER CEO BEN VAN DER KLIFT CFO FREDERIC FONTAINE CDO FRANCINE ZIJLSTRA COO LEGAL/COMPLIANCE RISK MANAGEMENT TREASURY FINANCE & CONTROL TAX INFORMATION MANAGEMENT ACQUISITION DEVELOPMENT CEO CFO COO LEASING CENTRE MANAGEMENT OFFICE SUPPORT BUSINESS SUPPORT

CORIO CSR REPORT 2010 8 KEY ELEMENTS OF OUR STRATEGY OUR CENTRES ARE DOMINANT IN THEIR CATCHMENT AREA We own and manage shopping centres that are perceived as leading within their respective markets. This enables us to draw large numbers of consumers from their catchment area. Dominance strengthens our position in our relations with retailers, local authorities and consumers. OUR MANAGEMENT MODEL IS DECENTRALISED: LOCAL+ Our management approach, which we call local+, gives substantial latitude to the local Business Units in each home market, whose in-depth local knowledge they apply to their markets, supported by professional support, operational frameworks and financing from central headquarters. MANAGEMENT, LETTING AND DEVELOPMENT IS DONE HANDS-ON, IN-HOUSE Management, letting and development are performed in-house. This enables us to stay in close contact with the shopping centres, retailers and consumers in the catchment areas. This closeness enhances Corio s ability to react quickly and appropriately to changes in consumer preferences. Local management and operating teams are closely involved in the operations of their shopping centre. Reviews of shopping centres operations are generally conducted every month on the basis of a number of key performance indicators. Each shopping centre s competitiveness and ability to draw consumers in its catchment area is thus assessed and monitored regularly, enabling any corrective measures to be taken in a timely way. CRITICAL MASS IN EACH HOME MARKET TO SUPPORT PROFES- SIONAL IN-HOUSE MANAGEMENT Corio only enters a new home market if it sees potential to achieve critical mass, based on the size and number of participants in the market. Critical mass enables Corio to maintain and reinforce its position in its home markets. It makes Corio an attractive partner for retailers from outside Europe, and facilitates the expansion of retailers within Europe. IN SOURCING OF DEVELOPMENT ACTIVITIES Corio manages property development activities in-house. This enables us to control risks and product quality more effectively and run a more profitable business. We expect our in-house development activities to boost our overall profit margin. Corio will develop a site only when the land has been fully secured and zoning is in place. Construction costs are always capped, before the start of construction, to avoid the risk of budget overruns.

9 OPTIMISING PROFITABLE GROWTH THROUGH AN ACTIVE ACQUI SI- TION AND DISPOSAL POLICY Corio pursues an active policy on acquisitions and disposals, to support the portfolio s quality and realise value on a continuous basis. EXPOSURE TO EMERGING MARKETS LESS THAN 20% Corio s retail property portfolio is geographically diversified across regions whose markets are in various stages of development. While stable mature markets and growth markets will continue to account for the bulk of the portfolio, Corio aims to grow its share of activities in the emerging markets to no more than 20% of total investments, with a maximum of 10% per geographic region. This split is aimed at maintaining profitable growth and a sound risk-return profile. LEADERSHIP WITHIN CORIO Leadership is all about having a great idea, engaging people to believe in your idea and getting the idea realised. Leadership is not merely a management skill, it is an attitude which we cherish and develop in our people. We believe that more than ever, our success will depend on leadership that focuses on talent: talent as a description of certain skills people excel in, and not as a description of an employee. Leadership is finding that talent, deploying it in the best way and giving it room to flourish. Corio recognises the fact that skills are more important than knowledge. Skills such as communication combined with knowledge such as law and finance and consumer needs. Attitude, and passion are becoming more important than experience. Having an open mind and being receptive to things are very important in the evolving Corio culture. We find it essential that our people, throughout Europe, share important values and competencies and feel that they belong to a truly exciting, professional and leading company. A place where they can make a difference, where they can develop themselves and their environment. No matter where their office is located, employees should feel that Corio is their Favourite Working Place. EFFECTIVE RISK MANAGEMENT Effective operational and financial risk management is underpinned by monthly key performance indicator reporting, monthly country CEO meetings, and quarterly management and financial reporting by the different Business Units. We use an integrated model for strategic, operational and financial risk management

CORIO CSR REPORT 2010 10 PERFORMANCE HIGHLIGHTS TOTAL CORIO Holding Netherlands France Italy Spain/Portugal Germany Turkey Total Gross rental income ( million) 147.7 117.0 86.9 54.2 26.5 19.3 451.6 Property operating expenses ( million) 24.8 11.9 9.0 10.4 2.2 6.5 64.8 Net rental income ( million) 122.9 105.1 77.9 43.8 24.3 12.8 386.8 Administrative expenses ( million) 13.8 9.6 5.4 3.0 1.1 0.3 6.3 39.5 Audit fee ( thousands) 1,758 Total portfolio value retail incl. associates ( million) 1,961.6 1,901.2 1,428.2 753.4 606.4 571.4 7,234.9* * Including Bulgaria ( 12.7 million) RETAIL Holding Netherlands France Italy Spain/Portugal Germany Turkey Total Annualised rent ( million) 126.1 101.3 90.3 57.1 32.5 40.3 447.6 Rent per square metres per year ( /m 2 ) 224 261 361 308 264 178 258 No. Shopping centres 38 23 9 12 2 6 90 Leasable floor area (x 1,000 m 2 ) 562.0 388.8 250.2 185.4 123.0 226.8 1,736.2 Retail contracts 2,140 1,206 919 952 195 635 6,047 Operational portfolio value incl. assoc. ( million) 1,847.4 1,618.0 1,384.2 748.0 512.0 527.7 6,637.5 Occupancy rate (% financial) 98.0 92.3 98.9 93.9 99.8 95.3 96.2 PIPELINE Holding Netherlands France Italy Spain/Portugal Germany Turkey Total Total pipeline (re)developments ( million) 1,044.7 118.2 913.8 24.5 779.7 157.4 3,038.3 Committed pipeline (re)developments ( million) 321.6 59.0 224.1 9.2 514.0 54.2 1,182.1 Committed pipeline added on completion (x 1,000 m 2 ) 79.7 22.1 60.8 4.2 125.1 27.6 319.5 HUMAN RESOURCE Holding Netherlands France Italy Spain/Portugal Germany Turkey Total Employees female (headcount) 28 73 51 41 30 NA 46 269 Employees male (headcount) 31 79 38 28 22 NA 26 224 Managers female (% of total managers per unit) 36 33 55 8 25 NA 39 38 Managers male (% of total managers per unit) 64 67 45 92 75 NA 61 62 Absenteeism (% of total working days) 1.4 3.9 3.6 0.8 1.4 NA 0.5 3.0 Employee turnover (%) 3.4 4.6 3.4 0.0 0.0 NA 18.1 5.9 ENVIRONMENTAL DATA RETAIL Holding Netherlands France Italy Spain/Portugal Germany Turkey Total Electricity intensity (KWh/m 2 ) 155.7 138.6 114.1 96.6 NA 57.5 94.4 Carbon intensity (CO 2/m 2 ) 0.092 0.024 0.053 0.034 NA 0.068 0.107

STATEMENTS OF THE MANAGEMENT BOARD 11 LOOKING TO THE NEXT YEARS, WE SINGLED OUT THREE MAIN AREAS FOR ACTION: CSR MANAGEMENT, REACHING FOR ZERO AND SPREADING OUR ROOTS. G.H.W. GROENER (GERARD, 1958) Chief Executive Officer and chairman of the Management Board Corporate Social Responsibility (CSR) has become an integral part of the way we do business. It is part of our strategy, decision-making and everyday work. We came a long way in a short time. It is our nature to create a long-term view and sustain value creation. We started CSR as a separate discipline in 2007, researching, inventorying and discovered many things, part of our business, were already in line with CSR objectives. In 2009 we issued our first CSR report and only a year later, in 2010, we were included in the world most credible indices: the Dow Jones Sustainability Index World (DJSI) and the Advanced Sustainability Performance Index (ASPI). ACHIEVEMENTS IN 2010 Next to the inclusion in the DJSI and ASPI, Corio was ranked 12 th in a group of 60 Dutch companies in the Carbon Disclosure Project 2010 Netherlands report. The leadership we established, focused on developing human capital and based on our corporate values, has been implemented in a new code of conduct. We obtained ratings from BREEAM both on development projects and on projects in use, ranging from Good to Excellent. LOOKING FORWARD The success of our centres, in all aspects, will depend on our ability to respond to changing consumer demands and performing beyond their expectations. Those consumer demands primarily come from the catchment areas in which our centres are embedded. It is therefore that we put much emphasis on spreading our roots, into that local community, learning what that community is all about and enriching the lives of our consumers, using that knowledge. To expand this shared value approach further we have initiated a collaboration with the department of business economics of the Erasmus University, Rotterdam (The Netherlands). To further improve the implementation of our CSR strategy, measures and results, within our organisation a specific CSR-management program has been set up. Even though CSR is formalised both at holding and local level, it has to become more and more part of people s passion, beliefs and therefore everyday s (working) life. Surveys, research and connecting to local stakeholders such as authorities, schools, sports clubs, etc are essential. In that sense we find that, much like our own convincement, people are getting more and more conscious of the environment and the impact we can have. Reaching for Zero anticipates on that, ahead of expected European regulations. It prepares the company to tackle these challenges. With the dedication of our people based on our company s vision and values we can make it onto the next CSR-gear for the benefit of all stakeholders.

STATEMENTS OF THE MANAGEMENT BOARD 12 B.A. VAN DER KLIFT (BEN, 1959) Chief Financial Officer and member of the Management Board F.Y.M.M. FONTAINE (FREDERIC, 1958) Chief Development Officer and member of the Management Board Chief Executive Officer of Corio France As a business we have a responsibility towards all stakeholders, including shareholders, who invested their funds into our business. We ensure our economic sustainability both today and in the future by investing in the social development of the communities we operate in and in the sustainable development of our centres. This shared value perspective will provide new catalysts for economic growth and the next wave of innovation and productivity. In the process of redeveloping our existing shopping centres we focus on adding value by revitalising them. To do this, we believe in preserving the existing soul of a centre while improving and breathing new life into it. When we build a new centre, we always keep in mind that it will be inherited by future generations. We ensure that the centres are able to deal with the flexibility this demands. All our developments strive to adapt to the needs of individuals, now and in the future.

STATEMENTS OF THE MANAGEMENT BOARD 13 AS CONSUMERS INCREASINGLY PLAY A CENTRAL ROLE IN SOCIETY, THEY ARE ALSO CENTRAL TO OUR BUSINESS STRATEGY. F.J. ZIJLSTRA (FRANCINE, 1963) Chief 0perating Officer and member of the Management Board OUR START Looking back to when we began to incorporate Corporate Social Responsibility (CSR) into our activities, I am proud to see how our management and performance has progressed so rapidly and yet organically. We successfully linked our CSR strategy to our company goals and found that CSR is an essential driver in realising our mission of creating Favourite Meeting Places; it creates stronger shopping centres. By proactively engaging with our stakeholders we are not only able to respond effectively to their expectations but we are able to create value together, both for society and for Corio. Corporations are in a powerful position to make a positive impact on society. We must therefore integrate social causes into our everyday business. Shared value will reinforce Corio s unique strategic positioning in creating Favourite Meeting Places. LOOKING FORWARD As a retail property company, we need to look beyond the obvious, beyond the here and now. Examining future trends such as urbanisation, demographic shifts, sustainability, and the changing expectations and role of consumers will increasingly influence us in everything we do. We believe in adapting to the changes taking place and to anticipating what lies ahead of us. As consumers increasingly play a central role in society, they are also central to our business strategy. Catering to people in urban environments requires a local, dedicated approach to the products, services and campaigns that fulfil the needs of our stakeholders. Integrating CSR into our operational dashboard, will help us to think out of the box and to create new sustainable partnerships that will help make our centres Favourite Meeting Places. WHERE WE ARE NOW Through extensive research, it became evident that consumers and business partners value social and environmental performance. Corio lives up to that expectation by offering more and more transparency in our use of resources, by integrating sustainability in design, construction and management of our assets, and by investing in our communities with a focus on employment, entrepreneurship and education. These areas are closely linked to our business success and the ones that we can have a maximum positive impact on. Our employees play a central role to further embedding CSR into Corio. Their mindset and engagement are essential in achieving our goals. Leadership is a central theme in our approach to talent development and retention, now and for years to come. Innovative and lasting partnerships with suppliers, tenants and authorities are emerging, realising benefits for all stakeholders.

CORIO CSR REPORT 2010 14 ABOUT THIS REPORT HOW TO READ THIS REPORT Corio s CSR Reporting cycle is annual and is aligned with our financial reporting cycle. The data and information presented in this report relate to the financial year beginning at 1 January 2010 and ending at 31 December 2010. It should be read together with the Annual Report & Accounts of 2010. This CSR report is intended as a tool for discussions with stakeholders, whose confidence and trust we want to retain and strengthen. We see it as an opportunity to identify the areas where we can add value for our stakeholders. This is our second seperate CSR report and has been written in accordance with the GRI 3 guidelines. This overarching standard is appropriate for our business: it can be used as a benchmark, both internally and externally and will be the basic structure to keep track of our year-to-year improvement. The GRI Index table with references to the applicable pages in this report or other reference documents are available as a separate document online (www.corio-eu.com/csr.html). In this report we first of all set out the importance of CSR within Corio s strategy and then describe how we have embedded this strategy into the organisation and relevant networks. Finally we have included a chapter for each strategic CSR topic, thus ensuring that the most relevant issues are covered extensively. Each topic is illustrated by an example from one or more Business Units. CRITERIA We have this CSR report live up to the following criteria: RELIABILITY The information and processes used in the preparation of this report are gathered, recorded, compiled, analyzed and disclosed in a way that could be subject to examination and that establishes the quality and materiality of the information. We have done this in the preparation for the audit we have planned for 2011. CLARITY Information has been made available in a manner that is understandable and accessible to stakeholders using the report, as we have used the GRI 3 guidelines for reporting. These guidelines are internationally accepted as a benchmark. We therefore refer to the GRI table online for illustrations as regards content. BALANCE The report reflects positive and negative aspects of Corio s performance to enable a reasoned assessment of our overall performance. We list our performance of 2010, including highlights, but also issues we need to work on; translated into concrete targets. COMPARABILITY Issues and information is selected, compiled, and reported consistently, which enables our readers to analyze changes in the organization s performance over time, and could support analysis relative to other organizations. ACCURACY The reported information is in our view sufficient accurate and detailed for our readers to assess the reporting organization s performance. TIMELINESS We give insight in the reporting cycle (in this chapter), which occurs on a regular schedule and the information is available in time for stakeholders to make informed decisions. SCOPE In terms of scope, this report reviews all our CSR related business activities, including the investment, (re)development and management of our shopping centres. It also covers key aspects of our economic, environmental and social performance in relation to our five key topics that have been identified in our CSR Strategy. Unless stated otherwise, the calculations and performance data mentioned in this report: include all of Corio s operations in its five out of six home markets: the Netherlands, France, Italy, Spain and Turkey. The centres of Corio Deutschland have not been in portfolio for the whole of 2010 and have therefor not been included in this report; include the shopping centres that have been in portfolio for the full twelve months of 2010; include the service areas of centres where we have management control: where we can make a difference; include shopping centres in our operational portfolio, larger than 5,000 m 2 ; include electricity use of covered parking garages. M 2 of these garages have not been taken into account as this would compromise the reliability of the intensity (KWh/m 2 ) exclude the impact of tenants, except for the shopping centres for which we have such data available. INFORMATION SYSTEMS We use a company-wide Environmental Information System that contains data on energy use, water use and waste. The energy usage allows for breakdowns of: purchased electricity, sustainable electricity, heating fuel, district heating, self-generated sustainable electricity and gas. The water use categories are: drinking water, grey water and sewage water. The waste is reported on by origin: glass, paper/ cardboard, oil/fat, organic waste, hazardous waste and refuse (which

15 is the only component sent to landfill). With this information system we can benchmark our data within Corio. Anticipating on an external assurance audit in future years, we have incorporated an internal assurance tool in the Environmental Information System. This will enhance access to comprehensive data for analysis, benchmarking and Key Performance Indicators (KPIs) and will simplify reporting under GRI. Our HR data is gathered through a specific questionnaire about our international workforce. ANNUAL REPORTING CYCLE Resulting from our environmental and social data gathering, we have a consolidated data set, ready to be reported on and to be incorporated into CSR management. The reporting cycle as below will be repeated four times from 2011 onwards. Measuring our effect on people and planet Analysis of data by company own specialists COVERAGE TABLE 2008 (%) 2009 (%) 2010 (%) Corio Nederland 59 88 88 Corio France 40 70 70 Corio Italia 100 100 100 Corio España 100 100 100 Corio Türkiye 100 100 100 These are the shopping centres that are reported on as percentage of total shopping centres that meet all requirements under CSR scope as mentioned above. CONTACT We welcome any feedback from readers on this report. We look forward to drawing on your valuable suggestions to improve the way we approach and manage CSR. For any questions about this report or information found online, you can contact us via telephone +31 30 234 64 64 and e-mail csr@nl.corio-eu.com. Other contact information can be found on the last page of this report. Target and action plan setting Internal and external benchmarking Report on data Data review by data owners

CORIO CSR REPORT 2010 16 CSR STRATEGY, GOVERNANCE AND ENGAGEMENT IN THIS CHAPTER Key topics P 17 Key performance indicators P 18 CSR management within Corio P 18 Affiliations and partnerships P 19 Stages in our CSR strategy P 20 Stakeholder engagement P 22 WWW.CORIO-EU.COM/CSR.HTML CSR policy Corporate Governance statements Legal structure CSR risks and opportunities NOT REPORTED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business STRATEGY Corporate Social Responsibility is a central part of how we do business. As a developer, owner and operator of retail property, we have a responsibility towards our stakeholders. Towards consumers and visitors, in providing them a safe and healthy environment, where they can relax, connect and get inspired. Towards the people who live around our centres, by minimising our impact on the environment and maximising our impact on the social and economic development of society. Towards our employees, by providing them a sound working environment, where they can get the best out of themselves. By operating efficiently and effectively, we provide businesses that operate in our centres a sustainable and attractive environment, where they can be successful. It is by creating value for these stakeholders that we create value for our shareholders. Up until 2009 we based our CSR strategy on five CSR pillars, mainly reflecting material areas and stakeholders: Community, Employees, Tenants, Suppliers and Environment. To bring focus to our approach and make it more company specific, we identified five key topics. By actively engaging with our stakeholders on the following key topics, we can create synergy, innovation and therefore value, together. The key topics are elaborated on the next page. We have defined a long-term goal (with a five-year horizon) and a mid-term goal (in three years time).

17 KEY TOPICS PUTTING CONSUMERS FIRST Long-term goal: To enable, engage with and inspire consumers to enrich their lives, make responsible purchasing choices and reduce the impact on the environment. Mid-term goal: To monitor and translate the results of consumer behaviour into the daily management of our shopping centres. Rationale: Consumers and visitors are what we are all about. We strive to create Favourite Meeting Places where they can feel comfortable and happy and want to come back to, again and again. This ambition is both an aspiration and a responsibility. ROOTED IN SOCIETY Long-term goal: To enhance community development by providing lasting social and economic opportunities. Mid-term goal: To measure the Social Return on Investment and make it part of our company strategy. Rationale: Our centres play an important social and economic role in the community, not only as a place to meet but also as a source of Employment, Education and Entrepreneurship: the Triple-E scope. There is a strong connection between the social and economic development of the communities we are rooted in and the vitality of our centres. A targeted community investment approach is bound to create value both for society and for Corio; the more embedded our centres are in society, the better. LEADERSHIP IN OUR CULTURE Long-term goal: To foster a culture of leadership that emphasises the connection between trust and transparency and where freedom and accountability go hand in hand. Mid-term goal: To uphold our company values and maintain a leadership style that preserves these anchors of our culture. Rationale: Our people are our future and future leaders need to be developed and inspired continuously. We are therefore implementing a group-wide HR management approach that incorporates Corio s core values: team play, empathic, inspiring, reliable and daring. SUSTAINABILITY IN OUR OPERATIONS Long-term goal: To realise the sustainability potential of our portfolio through partnerships with tenants and suppliers. Mid-term goal: To manage our shopping centres in such a way that our environmental impact is minimised and the collaboration with our partners is maximised. Rationale: To us sustainability means finding the balance in the integration of social, environmental and economic quality. Partnering with our tenants and suppliers is conditional on achieving this. We focus on resource efficiency, reduction of CO 2 emissions and pro moting wellbeing within our centres. By developing Green Leases together with our tenants and co-creating workable and inno vative solutions with our suppliers, we are working to realise the sustainability potential of our portfolio. CREATING SUSTAINABLE CENTRES Long-term goal: To create flexible, futureproof and viable centres. Mid-term goal: To integrate sustainability fully in the design and (re) development of our centres. Rationale: Corio ensures its economic sustainability by investing in the ecological and social development of its centres. We strive for BREEAM Good ratings as a minimum for all our redevelopment and BREEAM Very good for development projects.

CORIO CSR REPORT 2010 18 MANAGEMENT CSR is integrated both within the local Business Unit and Corporate Management Board responsibilities. Recognising the importance of CSR at the strategic level, the Chief Operating Officer is directly responsible for CSR. In addition, Corio recently created a position for a Head of CSR at the corporate level. The head of CSR reports to the COO. To ensure alignment with other disciplines on the corporate level, a CSR steering committee chaired by the COO meets six times a year and is made up of representatives from compliance, legal, human resources, and risk management. The committee ensures our adherence to the UN Global Compact standards and to practices related to sustainability. It also advises on the implementation of policies and procedures and acts as a sounding board for specific CSR topics. Every Business Unit has a CSR committee that consists of managers from various disciplines that are responsible for the execution of our CSR strategy. The committees monitor and report on the performance of CSR initiatives and implement strategy into the operational processes and organisational structure of the Business Units. They also integrate CSR objectives into the profiles and responsibilities of employees. As of 2011, CSR is tied to the formal appraisal procedure of every employee. Since 2008, an international CSR meeting is organised at least once a year together with local CSR committee members, the CSR department at the group level and the COO. At this meeting, CSR strategy and tactics are explained, new insights are shared and best practices are exchanged. MONITORING AND REPORTING KEY TOPICS AND MAIN KPI S In 2010, CSR was further integrated into our operations, decisionmaking and management processes. We fully integrated CSR criteria into strategic business plans for existing assets and investment proposals both for acquisitions and (re) developments. To monitor CSR performance throughout our organisation, we defined our main KPI s, which will form the basis of our quarterly and annual measurement and management reporting as of 2011. PUTTING CONSUMERS FIRST To ensure we remain alert to consumer demands and trends, we ask consumers their opinions on a regular basis. We integrate the findings into our day-to-day management. Consumer needs are also integrated into the design of our centres. We include consumer wellbeing criteria into our quality assessments of existing assets and investment proposals. We start performance tracking by measuring the percentage of shopping centres that survey consumers yearly (KPI 1). This is, however the first stage of our performance management KPI setting. The next step is to measure consumer satisfaction levels throughout our portfolio in a consistent manner. This adaptation of KPI 1 is to be implemented in 2012. The second KPI relates to our quality assessments and the outcomes of this yearly recurring exercise. Once a year, all Business Units are asked to assess every shopping centre in terms of quality regarding design aspects. We integrated CSR criteria into this quality assessment rating in 2010 and will be able to measure CSR scores of each and every centre starting in 2011. This score is our second KPI. ROOTED IN SOCIETY We are developing a Social Return on Investment methodology. This will make our impact on society s health and wellbeing measurable and manageable. To reach our mid-term goal, we have launched a series of initiatives that promote Education, Employment and Entrepreneurship. The programme, which we call the 3Es, will also measure the benefits of projects initiated by our Business Units within that scope. Our KPI is: the number of projects initiated in operational centres within the 3E scope. As soon as we have defined a SROI methodology, SROI will become the KPI for this key topic. LEADERSHIP IN OUR CULTURE We measure three elements we find essential to assess our workforce: sick leave/absenteeism, employee turnover and gender diversity. Other criteria such as fairness of remuneration and training hours per employee are measured as well, but are not within our chosen set of main KPIs. Our KPIs are: % absenteeism, employee turnover and diversity in our workforce on management level. SUSTAINABILITY IN OUR OPERATIONS In defining KPIs for assessing the sustainability in our operations, we had a lot to choose from. Water, waste, energy and biodiversity are all very important issues. Electricity is the biggest contributor to our carbon emissions total. If we achieve energy-efficient centres, we can minimise carbon emissions. The key to achieving energy efficiency lies in working closely together with tenants. Our main KPIs are: the level of electricity intensity (kwh/m 2 ), carbon emissions intensity (tonnes CO 2 /m 2 ), the percentage of Green Leases signed as part of all new contracts, and the percentage of green clauses signed to regular contracts with suppliers. CREATING SUSTAINABLE CENTRES More than 70% of the assets under management consist of existing assets. However, our pipeline of developments and redevelopments is important for the future. They provide an opportunity to integrate sustainability right from the start, from the conceptual phase, to the design and construction. We targetted BREEAM Good as the minimum level for all new developments and BREEAM Very Good for redevelopments. Collaboration with our main suppliers in this process is essential in achieving this target. We therefore measure the percentage of suppliers that have signed the Corio code of conduct. The next step is to measure levels of compliance with the code, by measuring the number of breaches of the code. Our KPIs are: The percentage of BREEAM Good certificates or higher as part of all (re)developments, the percentage of suppliers who have signed the code of conduct.

19 CSR RISKS Corio has a structured, pro-active risk management framework and focuses on material strategic, operational, compliance and financial reporting risks. The business units and the holding company go through a systematic process of identifying and evaluating risks and controls and, where necessary, improving the way in which risks are managed. We identify these material risks for CSR: Management risks: Corio s sustainability targets are set centrally and reviewed regularly together with the Business Units to ensure that they are feasible and realistic but also meet our company objectives. Corio s decentralised business model allows the Business Units to execute strategy in accordance with local requirements, which is a mitigating factor. Regulatory risks are managed by monitoring changes in relevant legislation and tenant/sector demands on CSR. Corio strives to run its business in compliance with current (and future) laws and regulations and in a transparent way. We are conscious of the economic benefits of greater environmental efficiency and thus take advantage of any available subsidies and generally seek to reduce operating costs where possible. Physical risks: These are taken into account as part of the investment decision and decisions on the insurance coverage. For existing shopping centres, where possible adjustments are made to meet the changing demands of tenants and visitors as a result of climate change. Social risks: Corio is aware of the impact a CSR policy can have on investors, consumers, tenants, employees and other stakeholders and therefore communicates this in order to manage perceptions and expectations. AFFILIATIONS AND PARTNERSHIPS ACTIVITIES AND RESULTS IN 2010: Corio became a founding member of the International Sustainability Alliance (ISA), a global network of real estate organisations dedicated to achieving a more sustainable built environment. Together with the ISA, Corio is creating a benchmarking tool to measure the performance and environmental impact of existing commercial buildings. Corio is collaborating in academic research, such as the international research programme of the Sustainable Investment in Real Estate Centre (s-i-r-e), which was initiated by RICS, together with Kingston University London and Krems Danube University. This project is the first empirical study to explore the measurable impact of sustainability characteristics on the financial performance of retail properties in Europe. Corio is collaborating with Erasmus University in Rotterdam to develop a Social Return on Investment measurement methodology specifically designed to quantify the value Corio creates for society. Corio is a member of the International Council of Shopping Centers (ICSC), the European Public Real Estate Association (EPRA) and Urban Land Institute (ULI) and cooperates with these associations in CSR. As a member of the UN Global Compact we issued an annual Communication on Progress in August 2010, which included a public disclosure to stakeholders on progress made in implementing the ten principles of the United Nations (UN) Global Compact, and in supporting the broader UN Millennium Development Goals. Corio and Save the Children have a partnership whose goal is to create an International Leadership Academy in Istanbul. The Academy was unofficially opened in 2010 after which train-thetrainer courses started. The official opening will be in spring 2011.

CORIO CSR REPORT 2010 20 SHIFTING INTO A HIGHER GEAR THE FOLLOWING STAGES OF ACTIVITY AND GENERAL MILESTONES ALONG OUR CSR JOURNEY ARE REPRESENTED AS GEARS* COMPLY Reactive Compliance Public relations Philanthropy PARTNER, ENGAGEMENT We have several criteria of this stage already in place, but want to fully reach it in the medium term (next three years). 1 3 Engagement CSR embedded in all processes and systems Two-way stakeholder engagement Public private partnerships SHARED VALUE Awareness Measuring and managing environmental impact Eco efficiency Risk management 2 4 VOLUNTEER, RAISING AWARENESS We relate this stage to our current situation and will focus in 2011 on consolidating this stage and entering into the next phase. INTEGRATE, COMMITMENT This is our long term ambition (next five years). Commitment Wider societal expectations Multi-sector alliances in stakeholder engagement * Based upon SustainAbility s Corporate Responsibility Gearbox framework as outlined in its report for the UN Global Compact Office entitled Gearing Up

21 SUMMARY To Corio, CSR is like a wheel in constant motion. As the world we live in and the needs and expectations of stakeholders change, it is important that our approach to CSR continues to evolve. We need to continuously monitor trends and developments, integrate them into our approach and refine our strategy. Over the past few years we have transformed our approach from a generic and systematic one to a more companyspecific and strategic approach. In order to get to the next level at which we can increase the positive impact we have on society, we need to step up our efforts. To this end we regularly review and update our CSR strategy and policy. We are also working to enhance the measurability and hence manageability of CSR within our organisation. It is our long term ambition to reach the stage of Integrate in the figure above. We have evaluated our performance and defined three points of interest we will focus on during 2011. Next step is to initiate corresponding programmes to pave the way for reaching the stage of Integration. These programmes are designed to anticipate future trends and to embed CSR further into our organisation. Every programme has a programme manager, team and reports to a steering committee. Reaching the objectives in the programmes are not goals in themselves; they make for a comprehensive tool that will help us to reach the next level of CSR maturity. Taking continuous and steady steps that add value to all stakeholders is essential to us in realising our company vision of creating Favourite Meeting Places. PROGRAMME 1 CSR MANAGEMENT What gets measured gets managed. In order to improve our measurement and therefore management capabilities, we started the implementation of a CSR performance management approach throughout the group. Together with all Business Units, the first steps were defined by agreeing upon methodology, metrics and ownership. The objective is to give all layers within the Corio organisation the instruments to manage CSR in an effective and consistent way. This will help our Business Units to align in terms of CSR performance while respecting local laws and regulations using expertise of specific staff and partners. To that end, we will implement a CSR competence centre, effectively creating a platform and network from which to share best practices, develop internal education programmes and engage employees. PROGRAMME 2 REACHING FOR ZERO In the light of upcoming EU regulation requiring new buildings to be energy neutral as of 2020 and our commitment to maximise energy efficiency and minimise CO 2 emissions, we will establish an international project team of colleagues from our Business Units. This team will work on an approach to tackle regulatory challenges, foster innovation and increase our knowledge on this specific subject to achieve tangible results. PROGRAMME 3 SPREADING OUR ROOTS The objective of this programme is to create measurable value through the incorporation of feedback from structured stakeholder dialogue into our daily operations. We will incorporate the findings of the academic research we participate in into our daily business and operations (please see Affiliations and partnerships, page 19). We will start two pilot projects within the programme to apply our findings at centre level and measure the value creation at all levels by means of a Social Return on Investment methodology.

CORIO CSR REPORT 2010 22 HOW WE ENGAGE AND INFORM OUR STAKEHOLDERS INVESTORS Annual Report and Accounts, Half Year Report Quarterly press releases on financial results Regular press releases on major operational issues such as acquisitions, (re)developments, etc. Regular meeting and presentations with respect to financial performance Property tours COMMUNITIES Community and visitor surveys Events to enhance awareness of social and environmental themes Newsletters, websites and other ways of communication with services and events at local shopping centres Taking action and providing space for local health care, employment or education CONSUMERS Consumer satisfaction surveys Signs with health and safety information throughout the centres Online consumer panels Consumer information desks Shopping centre websites with feed back sections EMPLOYEES Increasing the CSR awareness through newsletters Presentation strategy, CSR Policy and Code of Conduct Addressing common values Tips to improve workplace conditions and personal health Intranet CSR SharePoint Incorporating CSR in the annual evaluation

23 TENANTS Regular contacts with tenants to discover wishes and needs, which is the core of our hands-on centre management approach Roundtable meetings with main tenants Collaboration with tenants on Health and Safety issues in the centres Tenant satisfaction studies LOCAL AUTHORITIES Engagement with municipalities as part of the planning and development process Engagement with local authorities as part of the shopping centre operation SUPPLIERS Main suppliers sign our Code of Conduct Informing and setting requirements on labour and working conditions (health and safety) and care for the environment Cooperation with suppliers to enable innovation

CORIO CSR REPORT 2010 24 PUTTING CONSUMERS FIRST 86% OF GLOBAL CONSUMERS BELIEVE THAT CORPORATIONS SHOULD PLACE AN AT LEAST EQUAL WEIGHT ON SOCIETY S INTERESTS AS ON BUSINESS INTERESTS. 80% SAY CORPORATIONS ARE IN A UNIQUELY POWERFUL POSITION TO MAKE A POSITIVE IMPACT ON GOOD CAUSES AND 64% BELIEVE IT IS NO LONGER ENOUGH FOR CORPORATIONS TO JUST DONATE MONEY; THEY MUST INTEGRATE SOCIAL QUESTIONS INTO THEIR EVERYDAY WORK. Edelman 2010 goodpurpose Study

25 IN THIS CHAPTER Quality assessments Consumer satisfaction Targets regarding our consumers Wellbeing WWW.CORIO-EU.COM/CSR.HTML Health and safety Consumer satisfaction surveys NOT REPORTED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business SUMMARY Consumers and visitors are what we are all about. We strive to create Favourite Meeting places where they can feel relaxed, comfortable, have fun, mingle with others and want to return to again and again. This ambition is both our inspiration and our responsibility. We want to enable, engage with and inspire consumers to enrich their lives, to help them make responsible purchasing choices and reduce their climate impact. MANAGING PUTTING CONSUMERS FIRST We have integrated wellbeing factors such as health and safety into our quality assessments of existing assets in order to determine a score for each and every shopping centre based on objective criteria. These quality assessments take place every year and are the basis for further action and improvements to our centres. These criteria are also integrated into investment proposals to ensure the investment decisions we make take into account the wellbeing of consumers and visitors inside our centres. This way, we are embedding the interests of consumers into our decision-making processes. Corio stimulates Business Units to organise activities within our centres that focus on social and environmental themes in order to entertain and educate consumers. ACTIVITIES AND RESULTS IN 2010 To measure our progress regarding the integration of consumer opinions and needs, we defined the following set of KPIs in 2010: Consumer satisfaction surveys must be in place in all centres throughout the company and the results are to be integrated into the day-to-day management of the centres. We will therefore measure the percentage of consumer satisfaction surveys in place, after which we will measure the average score. We regularly perform quality assessments of our existing portfolio in terms of building design and building related criteria, transport facilities and location. Other criteria examined relate to wellbeing, health and safety such as proximity of the building to air pollution sources, daylight provision, internal acoustics, floor to ceiling heights, the presence of areas for relaxation and areas that cater to children and the elderly. Corio has integrated consumer needs related to CSR in these quality assessments, thus giving us a clear picture of the actual situation per asset. We therefore measure the average CSR quality assessment score on portfolio level as a KPI. This is the first time we are focusing on consumers as a separate key topic and will therefore report on progress throughout the year 2011. Achievements will be reported in our mid-year update of the CSR section of our website.

CORIO CSR REPORT 2010 26 CORIO PARTNERS WITH SLOW FOOD ITALY TO PROVIDE WORKSHOPS FOR CONSUMERS CORIO PARTNERS WITH SLOW FOOD ITALY TO PROVIDE WORKSHOPS TO CONSUMERS Corio Italia and Slow Food Italy conducted a series of tasting workshops which featured wine, cheese and beer. The Slow Food movement which began in Italy 25 years ago considers itself a crossroads of ecology and gastronomy. They have evolved into a global grassroots movement associated with promoting the consumption of sustainable, fair and good food. These four-day workshops were free to Slow Food members, who increased their knowledge of food and beverages and received a diploma at the end of the series. The course was organised in collaboration with the Caserta professional school for tourism, catering and hotel management. RATIONALE Improving the wellbeing of consumers and helping them adopt a healthy lifestyle is key to Corio s vision of putting consumers first. PROVIDING TRANSPORT FOR THE ELDERLY TO OUR GROENHOF CENTRE IN THE NETHERLANDS Corio Nederland, along with local partners, has established a bus system for the vulnerable older residents of the Amstelveen area where our shopping centre Groenhof is located. It is an area where 60% of the residents are over 45 years old and 35% are older than 60. This service allows the elderly to come to the centre so they can attend to their shopping needs and socialise. The bus picks up each resident from their home and drops them off again on their doorstep once their shopping is done. The service also takes residents to local markets, garden centres and concerts or film nights at nursing homes in the area. RATIONALE By understanding the demographics of its communities, Corio Nederland and its centres are able to respond to the needs of consumers by creating programmes such as this one, which helps the elderly gain independence in their lives.

27 OUR GOALS Adapt concepts and management to expected demographic shifts such as ageing and single households. Inform consumers about the activities we undertake in making our centres more sustainable through various modes of communication, both on site and online. Inform consumers about actions they can take to integrate sustainability into their lives, inspire them to see sustainability as a source of value creation. Further enhance consumer satisfaction measurement and integrate findings into strategy and operations. Further engage with tenants to optimize and realise common objectives. 400 MILLION visitors in our shopping centres in 2010 70% In 70% of our shopping centres consumer satisfaction studies were held which included CSR topics Relevant targets to reach these goals are included in appendix A of this report and online on www.corio-eu.com/csr.html

CORIO CSR REPORT 2010 28 ROOTED IN SOCIETY COMPANIES MUST TAKE THE LEAD IN BRINGING BUSINESS AND SOCIETY BACK TOGETHER. THE SOLUTION LIES IN THE PRINCIPLE OF SHARED VALUE, WHICH INVOLVES CREATING ECONOMIC VALUE IN A WAY THAT ALSO CREATES VALUE FOR SOCIETY BY ADDRESSING ITS NEEDS AND CHALLENGES. BUSINESSES MUST RECONNECT COMPANY SUCCESS WITH SOCIAL PROGRESS. The Big idea: Creating Shared Value in Harvard Business Review February 2011 by Michael E. Porter, who is the Bishop William Lawrence University Professor at Harvard University. He is a frequent contributor to Harvard Business Review and a six-time McKinsey Award winner.

29 IN THIS CHAPTER Social development of our communities and the vitality of our centres Employment, education and entrepreneurship Wellbeing WWW.CORIO-EU.COM/CSR.HTML Health and safety Environmental impact Save the Children Volunteering opportunities NOT REPORTED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business SUMMARY Our centres play an important social role in the communities they operate in, not only as a place to meet but also as a source of Employment, Education and Entrepreneurship: our 3E approach. There is a strong connection between the social development of the communities we are rooted in and the vitality of our centres. A targeted community investment approach is bound to create value both for society and for Corio. It is by cooperating with tenants, local authorities, NGO s and other relevant stakeholders that we aim to raise the bar in this area. MANAGING BEING ROOTED IN SOCIETY We invest in social and economic development with a focus on the 3E approach since benefits to the local community will also benefit our shopping centres. Public-private partnerships are a means to that end. By developing a social return on investment measurement system we are able to maximise our inpact on society while realising our ambition as a company. ACTIVITIES AND RESULTS IN 2010 Over the course of 2010, our Business Units produced inspiring examples of social value creation within the community. The following examples illustrate our community investment strategy. EMPLOYMENT: One of Corio s community goals is to assist job seekers in their catchment area. Corio Italia set-up a programme with tenants and employment agencies to assist visitors of Le Gru (in the Grugliasco area) in finding jobs with the help of Le Gru shopping centre tenants, giving priority to the catchment area residents. Corio France organised job fairs within several of its centres in partnership with municipalities, 6,000 people attended these job fairs that resulted in 300 jobs. Maremagnum shopping centre in Barcelona assisted in finding employment with its suppliers of cleaning and security services for people from inner city area with high unemployment rates. EDUCATION: Corio N.V. is investing in a leadership academy in collaboration with Save the Children. The goal of the Leadership Academy in Istanbul is to provide 3,000 disadvantaged young adults (between 15-25 years of age) with life skills education over the next three years. The programme will develop participant knowledge of their international rights and communication, social and negotiation skills and will generally improve the position of young girls. During the summer of 2010, instructors were trained and the programme will enrol its first students in 2011. Corio Türkiye is the delegate of Corio N.V. in this and monitors and supports the Academy locally. Corio N.V. partnered with the Erasmus University of Rotterdam to jointly develop a Social Return on Investment methodology that is specific for our business. We want to measure the value our company creates for society. After the definition and implementation of this methodology, we will be able to set informed and realistic targets and KPIs.

CORIO CSR REPORT 2010 30 MAREMAGNUM HELPS A NEIGHBOURHOOD IN NEED The Maremagnum Centre in Barcelona is located about two kilometres from a poor inner city neighborhood called El Raval. In an effort to help the catchment area, Maremagnum embarked on a collaborative venture with a local NGO, Casal Del Raval, which works to improve the lives of the underprivileged in this area. The collaboration began with Maremagnum providing a refuge for mothers and their children, but quickly evolved into a more personal relationship where the centre manager regularly volunteered his time, to the extent that he is now a member of the management of Casal Del Raval. As part of the programme, Corio and its tenants offer free events for children from the neighbourhood in the centre s Imax theatre and the playground area. Maremagnum also links up people from El Raval with its contractors and tenants, for example with cleaning and security firms, thus creating jobs for the locals. This collaboration between Maremagnum and its stakeholders and the tireless volunteering of Maremagnum s manager have given members of the El Raval community a real sense of belonging.

31 ENTREPRENEURSHIP Gran Reno in Bologna allotted free store space to a local charity to create the Piquadro Temporary Shop during the 2010 holiday season. The store sold products created by disabled children. Revenues from the products sold went to community projects that support the social integration of people with disabilities in the catchment area. 300 JOBS Corio France organised job fairs, resulting in 300 actual jobs for inhabitants of our catchment areas OUR GOALS Develop and implement a company-wide and company-specific Social Return on Investment methodology. Increase innovative use of vacant retail or common area space in our shopping centres to further the E3 goals. Increase collaboration and partnerships with NGO s, local authorities and educational institutions with the aim of spreading our roots in our communities and contributing to the wellbeing of residents in our catchment areas. Relevant targets to reach these goals are included in appendix A of this report and online on www.corio-eu.com/csr.html

CORIO CSR REPORT 2010 32 LEADERSHIP IN OUR CULTURE COMPANIES CAN ONLY SUCCEED IN THE LONGTERM IF THEY RECRUIT AND MOTIVATE PEOPLE WHO ARE ABLE TO RESPOND TO AND SHAPE THE CHALLENGES OF THE FUTURE. THESE ARE THE INDIVIDUALS WITH THE CAPACITY AND LEADERSHIP SKILLS TO CREATE COMPETITIVE ADVANTAGE FROM THE OPPORTUNITIES PRESENTED BY CHANGING MARKETS. THEY HAVE THE DESIRE TO LEARN FROM CUSTOMERS, SUPPLIERS AND COLLEAGUES AND HAVE THE ABILITY TO BUILD AND INFLUENCE LONG-LASTING AND EFFECTIVE PARTNERSHIPS.

33 IN THIS CHAPTER Human Resource Management Composition workforce (metrics 2010) Employee satisfaction Skills and knowledge WWW.CORIO-EU.COM/CSR.HTML Other aspects of composition workforce (metrics 2008-2010) HR policy Code of Conduct NOT REPORTED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business SUMMARY Leadership is all about having a great idea, engaging people to believe in your idea and getting the idea realised. Leadership is not merely a management skill, it is an attitude that we cherish and develop in our people. We believe that more than ever, our success will depend on leadership that focuses on talent: talent as a description of certain skills people excel in, and not as a description of an employee. Leadership is finding that talent, deploying it in the best way and giving it room to flourish. MANAGING LEADERSHIP IN OUR CULTURE Corio recognises the fact that skills combined with knowledge are more important than knowledge alone. Attitude and passion are becoming more important than experience. Having an open mind and being receptive to things are very important in the evolving Corio culture. We find it essential that our people, throughout Europe, share important values and competencies and feel that they belong to a truly exciting, professional and leading company. A place where they can make a difference, where they can develop themselves and their environment. Employees should, no matter where their office is located, feel and experience that Corio is their favourite workplace. ACTIVITIES AND RESULTS IN 2010 In 2010 Corio employed 493 people in five countries. Ten years ago there were only 143. Recognising the need to take a more concerted and systematic approach towards Human Resource management and talent management, Corio appointed a Group Director of Human Resources in 2010 with the mandate of applying best international practice and developing human resources in a consistent way across the six Corio home countries. In 2010 Corio developed a HR Performance Management system as part of our general approach to managing people and therefore a cornerstone of Corio s leadership. The Performance Management system consists of four steps: business planning & alignment, target setting, development and an end-year review. It is aimed at creating transparency, clarity and commitment to the development of our employees. In 2011 all managers and employees throughout Corio will be trained in each step of the Performance Management process. We launched our brand passport, consisting of a clear statement of our mission, vision, culture and core values, in 2009. In 2010 each country organised activities and workshops to make the brand passport and the values we stand for their own. We believe it is of utmost importance that leadership embraces our values and we incorporated it in HR profiles. Although our business is still mainly conceived as a men s business, our retail customers are mainly women. We consider it highly important that Corio s workforce reflects this and in fact approximately 60% of our employees are women. The number of male managers currently outweighs female managers, which has our attention. In 2010 our Management Board included a female member for the first time.

CORIO CSR REPORT 2010 34 CORIO NEDERLAND AND CORIO ITALIA CONDUCT EMPLOYEE SATISFACTION SURVEYS As part of its ongoing efforts to strengthen trust between employees and management, a key element to creating great workplace relationships, Corio partnered with the Great Place to Work Institute Netherlands in 2010. The Great Place to Work Institute is a US-based research and management consultancy with international offices and affiliates around the world. The Institute helps organisations create cultures where trust flourishes, providing them with a benchmark and information about the best practices of the best great place to work companies. Studies on the peculiarities of best workplaces show that: Trust-based relationships are at the heart of every great workplace The business benefits of a great workplaces are measurable Better workplaces lead to a better society Each year the Great Place to Work Institute draws up the List of Best Places to Work that represent companies in 40 countries around the world surveying over 1.5 million employees. CORIO NEDERLAND Corio Nederland conducted an employee survey that covered such areas as credibility, respect, fairness, pride, and camaraderie. Corio began addressing what it anticipated would be areas for improvement even before the survey was completed. We initiated a culture change programme where all employees participated and chose 10 key topic areas that they wanted Corio to address. One of the results of these working groups was the creation of the Corio Academy: a clearinghouse of knowledge where employees can learn more about all the aspects of the business. Another of these working groups helped design our new head office with an open-space character, on top of one of our shopping centres. CORIO ITALIA Corio Italia was ranked 34 th among best Italian workplaces as a result of a Great Place to Work survey in 2010. More than 100 companies were evaluated. The idea was triggered by the launch of the Brand Passport in 2009, which made Corio Italia think about who we are, how we act and what identifies and distinguishes us most, both as a company and as a team of people sharing the same values. It led to a re-design of our whole approach to Human Resources and the start of discussions and trainings addressing creativity, teamwork and promotingthe sharing of knowledge between the various centre management teams. The time had come to raise the bar and compare our practices with those of the best Italian workplaces, both for benchmarking purposes and to get an external evaluation of our practices.

35 TOTAL ABSENTEEISM (%) 5 EMPLOYEE TURNOVER (%) 20 4 15 3 10 2 1 5 Corio N.V. Netherlands France Italy Spain Turkey Corio N.V. Netherlands France Italy Spain Turkey 2008 2009 2010 2008 female 2008 male 2009 female 2009 male 2010 female 2010 male OUR GOALS Implement the performance management system throughout the company, including CSR-relevant targets. Start leadership programme for Corio management. GENDER DIVERSITY: FEMALE AND MALE IN MANAGEMENT POSITIONS (%) 80 70 60 50 40 30 20 10 Measure employee satisfaction in every Business Unit by means of a bi-annual survey. 2008 female 2008 male 2009 female 2009 male 2010 female 2010 male Relevant targets to reach these goals are included in appendix A of this report and online on www.corio-eu.com/csr.html 55/45 493 Female/male ratio (%) 2010 for total company Total employees in 2010 excluding Germany

CORIO CSR REPORT 2010 36 SUSTAINABILITY IN OUR OPERATIONS BUILDINGS SUCH AS HOMES, FACTORIES AND SHOPPING MALLS HAVE A SUBSTANTIAL IMPACT ON THE ENVIRONMENT. ALTOGETHER THEY REPRESENT 40% OF WORLD ENERGY USE AND 30% OF WORLD CARBON EMISSIONS. IT S NOT THE BUILDINGS THEMSELVES THAT PRODUCE THIS ENVIRONMENTAL FOOTPRINT, IT S THEIR OPERATION AND OCCUPATION THAT ARE RESPONSIBLE. World Green Building Council

37 IN THIS CHAPTER CSR management on the sustainability of our operational shopping centres CO 2 and electricity intensity (2008-2010) Green leases Trias Energetica WWW.CORIO-EU.COM/CSR.HTML Other environmental metrics including CO 2, electricity, water and waste of our shopping centres and offices (2008-2010) Calculation methods NOT COVERED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business SUMMARY To us, sustainability means finding the optimum mix in the integration of social, environmental and economic quality. Partnership with our tenants and suppliers is essential in achieving this goal. By developing green leases together with our tenants and co-creating workable and innovative solutions with new suppliers, we can increase the sustainability level of our portfolio. Our focus is on energy efficiency, reduction of CO 2 emissions and the wellbeing of the people in our centres. We also ensure we reduce waste and use water efficiently in order to minimise our impact on the environment. MANAGING SUSTAINABILITY IN OUR OPERATIONS Sustainability certifications such as BREEAM-in-use are an important instrument to manage the sustainability of our existing centres. We contributed to the development of this scheme, have adopted the method and train BREEAM experts within our Business Units. We have integrated environmental and social criteria into our quality assessment ratings, in order to define the sustainability of each asset. In 2010 we started the introduction of an environmental management system (ISO 14001) in Corio France. We included the implementation of this management system up in our targets for the mid term. Last but not least, Corio is in the process of introducing a company standard for green leases, incorporating both social and environmental clauses in line with our Code of Conduct. This provides us with an instrument to agree on sustainability measures with our tenants. ACTIVITIES AND RESULTS IN 2010 We made progress in our goal of achieving energy-neutral buildings by following the logic of Trias Energetica, which is a three-prongedplan to realise climate neutral buildings that was devised by the Technical University of Delft, the Netherlands. The three objectives are to reduce overall demand for energy, to use sustainable sources of energy and to use fossil fuel efficiently and only when absolutely necessary. - Corio España achieved a 19% reduction in energy intensity (see the special on the next page). - Corio Nederland began using electricity generated from hydropower. - Corio France installed smart digital gas and energy metres in several of its centres. Corio Türkiye organised employee and supplier training workshops on BREEAM in-use. A BREEAM in-use rating of Good was obtained for the Tekira shopping centre in Tekirdağ, Turkey. Corio N.V. drew up a framework for green leases, based on the company Code of Conduct which will be locally implemented in 2011 We participate in a pioneering empirical study by Kingston University London and Krems Danube University that explores the measurable impact of sustainability characteristics on the financial performance of retail properties in Europe. Corio is a founding member of the International Sustainability Alliance (ISA), a global network of real estate organisations with substantial portfolios in ownership dedicated to achieving a more sustainable built environment. Together with the ISA, Corio developed KPIs which will provide the basis for benchmarking our environmental performance.

CORIO CSR REPORT 2010 38 Votre centre commercial Marseille Grand Littoral vous accueille autrement Trier, c est facile! Découvrez la nouvelle vie de nos déchets Mercredi 24 novembre 2010 Au programme : Stand d animation et d exposition Ateliers d écologie pratique pour enfants et adultes Un parcours de découverte Participation gratuite CORIO ESPAÑA AND CORIO FRANCE En partenariat avec : Avec le soutien de l ADEME : Corio España has taken impressive steps towards reducing energy, water consumption and waste management. They have achieved savings through realising solutions in partnerships with suppliers that focus on reducing Corio s impact on the environment CORIO ESPAÑA ACHIEVES 19% ENERGY SAVINGS Through a comprehensive, multipronged approach to reducing its CO 2 footprint, Corio España saved 19% on its energy consumption in 2010. Audits and energy saving measures were introduced in all shopping centres to improve energy consumed for lighting and air-conditioning. A small sampling of some of the measures taken include: the use of photoelectric sensors that adjust the level of lighting depending on the amount of natural light coming into the centres, incandescent bulbs were changed for low energy ones, heating and cooling temperatures were set at steady temperatures, lighting was reduced and presence sensors were installed. PARTNERING WITH INNOVATIVE WATER SAVING COMPANIES Corio España has introduced innovative eco-friendly cleaning technologies in our centres in Barcelona, Madrid and Valencia. The cleaning company washes with foam and uses 70% less water and 90% less detergent than conventional cleaning systems. An ecoaudit for water was carried out in Príncipe Pío shopping centre in Madrid and Corio España plans to do eco-audits in all its shopping centres in the future. A WASTE MANAGEMENT SYSTEM FOR GRAND LITTORAL, MARSEILLE, FRANCE In 2009, when Corio took over management of the recently acquired centre Grand Littoral, in Marseille, there was no official waste management system in place. The waste was not regularly collected, let alone separated. Corio immediately drew up a tender for the management and recycling of waste and that tender was won by Eaux de Marseille, which rose to the challenge of helping Corio s centre attain ISO 14001 certification. The programme started in 2010, under management and organisation of a dedicated team consisting of five people working six hours per day, six days per week. To promote the scheme, the waste programme committee appointed waste ambassadors to help and advise tenants on implementing the improvements. ACHIEVEMENTS: The volume of waste recycled rose to 45% in 2010 from 30% in 2009 CO 2 emissions were reduced thanks to optimisation of waste transport The centre now has a clear picture of quantities and types of waste produced All waste is now sorted for recycling. TARGETS: 49% of waste to be recycled by end 2011, rising to 53% by end 2012.

39 OUR GOALS 300 TOTAL ELECTRICITY INTENSITY AND CARBON INTENSITY 0.15 250 To further integrate wellbeing criteria into our approach to shopping centre management. 0.10 200 150 To initiate a company-wide program to join forces across our organisation with a view to maximising energy efficiency throughout the portfolio. To integrate the findings of the s-i-r-e research programme into our strategy. Relevant targets to reach these goals are included in appendix A of this report and online on www.corio-eu.com/csr.html 0.05 Total 2008 CO 2 /m 2 2009 CO 2 /m 2 2010 CO 2 /m 2 Netherlands Carbon intensity (tonnes CO 2 /m 2 ): CO 2 emissions from common use area and/ or for full shopping centre use, divided by relevant m 2. CO 2 emissions are related to energy and gas consumption and calculated from local emission factors according to the International Energy Agency. France Italy Spain Turkey 2008 KWh/m 2 2009 KWh/m 2 2010 KWh/m 2 100 50 Electricity intensity (kwh/m 2 ): energy purchased for common area use and/ or for full shopping centre use, divided by relevant m 2. The energy is purchased for lighting, power distribution, heating and cooling/ventilation. -4% -8% KWh/m 2 on a like-for-like basis 2009-2010 CO 2 /m 2 on a like-for-like basis 2009-2010

CORIO CSR REPORT 2010 40 CREATING SUSTAINABLE CENTRES THE CONSTRUCTION AND OCCUPANCY OF BUILDINGS HAVE AN EXTENSIVE DIRECT AND INDIRECT IMPACT ON THE ENVIRONMENT. BUILDINGS DRAW HEAVILY ON ENERGY, WATER AND RAW MATERIALS, THEY GENERATE WASTE AND EMIT CARBON DIOXIDE. OWNERS, DESIGNERS AND CONSTRUCTION COMPANIES FACE THE CHALLENGE OF CREATING NEW AND RENOVATED FACILITIES THAT ARE ACCESSIBLE, FLEXIBLE, SAFE, HEALTHY AND PRODUCTIVE, WHILE MINIMISING THEIR IMPACT ON THE ENVIRONMENT.

41 IN THIS CHAPTER BREEAM Design and construction Brownfield WWW.CORIO-EU.COM/CSR.HTML Metrics from previous years Other environmental metrics for 2010 Environmental policy NOT REPORTED We do not cover topics that: have already been addressed in previous reports we cannot influence through management do not significantly impact our business SUMMARY Corio aims to fully integrate sustainability into the design and construction of all its centres. We want to attain high standards of sustainability in our choice of building materials and building methods, while creating attractive, flexible concepts. We believe that strong partnerships with our suppliers are essential to achieving this. MANAGING SUSTAINABLE DEVELOPMENT We aim to develop new centres for our portfolio in brownfield facilities or on brownfield land (abandoned or underused industrial and commercial sites) which are city centres, transit-oriented locations, at the heart of the community. This ensures that we do not harm the important biodiversity balance, nor that we need to restore it. We are working towards attaining BREEAM Good or higher certificates for all our developments. We aim to include green clauses in all our supplier contracts, based on our Code of Conduct and ensuring safe working conditions during construction. The certification compells us to handle construction waste responsibly. We want to work closely with our suppliers in developing innovative solutions that help us realise the sustainability potential of our pipeline. ACTIVITIES AND RESULTS IN 2010 We fully integrated CSR criteria into investment proposals. Strategic decisions in our portfolio are now based on social, environmental and economic criteria. Corio Deutschland conducted a workshop to present lessons learned from developing Forum Duisburg to members of all local CSR committees. This was an effort to create an information and best practices exchange on creating sustainable centres. Forum Duisburg was winner of the ICSC Resource Award. BREEAM development certificate of Very Good for Tarsu, Tarsus (Turkey).

CORIO CSR REPORT 2010 42 CORIO TÜRKIYE: A CUT ABOVE THE REST IN CREATING SUSTAINABLE CENTRES The Tarsu shopping centre in Tarsus received a BREEAM very good rating in 2010 as a result of close cooperation and engagement with various stakeholders. Employees were inspired by the project and partnered with innovative suppliers to create a centre that is socially, economically and environmentally sustainable; a sustainable Favourite Meeting Place. Measures integrated into the Tarsu shopping centre design will yield substantial savings by reducing water and electricity usage and slashing the electricity bill. A perfect example of integrating social and environmental measures, resulting in cost reduction: it is better for the health of visitors and lowers the CO 2 emissions of the building as less electricity is required. The integration of LED lighting systems both inside and surrounding the shopping centre will also have a positive impact on energy savings and will reduce electricity costs substantially. Tarsu incorporated water as a central design element since it has a positive, relaxing effect on visitors and designers ensured that the pools of water were created in such a way as to not waste this scarce commodity.

43 OUR GOALS Currently, our focus in the development of buildings is on CO 2, waste, water and biodiversity. We expect building material certification to see future regulation, which means that we need to incorporate it in our CSR management. The retail property development and management industry has great potential to reduce its carbon footprint and maximise energy efficiency. Corio will set targets for the development phase that will help us to create sustainable shopping centres and realise our potential. Relevant targets to reach these goals are included in appendix A of this report and online on www.corio-eu.com/csr.html

CORIO CSR REPORT 2010 44 WE ARE AT THE DAWN OF A NEW ERA Quotes and insights pages 44-49 are inspired by Michiel Schwartz and Joost Elffers: Sustainism is the New Modernism, 2010

45 SUSTAINABLE CONSUMERS COLOUR OUR CITIES BRIGHT GREEN AND ARE NEIGHBOURHOOD MINDED PRODUCTION AND CONSUMPTION FUELED BY RENEWABLES SMART CONSUMERISM EQUALS SOCIALLY AND ENVIRONMENTALLY CONSCIOUS CONSUMPTION

CORIO CSR REPORT 2010 46 CITIES BASED ON LOCAL PARTICIPATION, ATTACHEMENT TO PLACE, COMMUNITY AND SUSTAINABLE THINKING CITIES AS SUSTAINIST HUBS, MEETING PLACES WHERE THINGS AND PEOPLE CONNECT INTERCONNECTEDNESS OF ECONOMIES, PEOPLE, INFORMATION, AND ENERGY

47 SUSTAINISM VALUES INDIVIDUAL QUALITY AND EXCELLENCE WITHIN A SPIRIT OF SHARING AND COLLABORATION FROM KNOWLEDGE IS POWER TO THE POWER OF SHARED KNOWLEDGE PLAY-AS-LEARNING NEVER STOPS, IT IS ESSENTIALLY RECYCLABLE

CORIO CSR REPORT 2010 48 SUSTAINABLE INNOVATION IS LESS COMPETITIVE AND EXCLUSIVE AND MORE COLLABORATIVE AND INCLUSIVE PRODUCTION CAN BE DIGITAL OR PHYSICAL WHATEVER TAKES LESS ENERGY AND MINIMISES RESOURCE USE LONGEVITY REPLACES REPLACEMENT

49 FUSION BETWEEN ECODESIGN AND HIGHTECH BECOME COMMONPLACE URBAN DESIGNERS CONNECT DEMOCRATIC PLANNING TO SUSTAINABILITY PRINCIPLES NATURE IS A SOURCE RATHER THAN A RESOURCE

CORIO CSR REPORT 2010 50 ANNEX A: TARGETS 2010 Please find below a follow-up on the targets we planned for 2010. A follow up on mid- and longterm targets can be found on our website: www.corio-eu.com/csr.html PUTTING CONSUMERS FIRST Period Follow up Perform customer satisfaction studies including CSR related questions once every two years among consumers in all centres > 5,000 m 2 questions in consumer satisfaction surveys. Continuous In 2010 consumers in 70% of our shopping centres were asked CSR related Inform consumers about Corio s CSR measures in the centres Continuous In about 25% of our centres consumers were informed on CSR measures. Our Business Units are setting up plans to improve this number. Develop and implement a Health and Safety policy on all shopping centres and monitor performance in order to reach the consumers in the centres Continuous ROOTED IN SOCIETY Period Follow up Incorporate the needs of children in the (re)development and management of the shopping centres Monitor job opportunities in centres in collaboration with tenants in order to determine the effect we have on local employment Continuous Continuous Cooperate with local authorities in order to involve them in the local refinement of our CSR Continuous stakeholder policy Develop and implement a Health and Safety policy on all shopping centres and monitor Continuous performance Several Business Units have received training on Health and safety in the workplace. The next step is to extend this knowledge to their daily work in and around the shopping centres. This will be followed up on in 2011-2012. Our Business Units have organised activities in collaboration with Save the Children that support local children. We are looking into studies focussing on the needs of elderly and translating this for our shopping centres. Corio France organised job markets, resulting in 300 actual jobs for inhabitants of our catchment areas. Corio Italia set up a collaboration with local authorities to set up a social working convention. Local police and fire department has been contacted more often in 2010 than before on health and safety issues. Health and safety issues have been investigated in collaboration with local police and fire department. The exchange of knowledge and experience will be taken up in the realisation of local health and safety policies in 2011-2012. LEADERSHIP IN OUR COMPANY Period Follow up Develop internal CSR training and engagement courses for all employees Continuous Training schemes are currently being written by our Business Units and presented to their Management Board. Integrate CSR into yearly performance appraisal Continuous As per 2010 all employees have been given a target that is related to CSR aspects of their job. Conduct a group wide satisfaction survey among all employees From 2010 70% of Corio employees have participated in a satisfaction survey. The results will be reported on when we can compare it to the results for the whole Offer possibilities for BREEAM training to relevant Corio workforce, in order to obtain more BREEAM certifications within Corio portfolio Continuous SUSTAINABILITY IN OUR OPERATIONS Period Follow up Organise meetings with top 10 tenants once a year to discuss CSR strategies and opportunities Yearly company. All employees of Corio Real Estate Development are certified BREEAM experts since 2010. Corio Nederland has organised the roundtable for their top 30 tenants. Other Business Units have been in contact with their tenants to set up meetings on CSR in 2011. CREATING SUSTAINABLE CENTRES Period Follow up New developments must comply with BREEAM standard Good as a minimum From 2010 Every Business Unit has BREEAM demands fully in place for new developments, resulting in our first BREEAM certification Very Good for Tarsu in Turkey.

51 ANNEX B: DEFINITIONS ABSENTEEISM: Lost days as a percentage of total available working days, due to short and long term sick leave, excluding pregnancy leave. ANNUALISED RENT: The annualised contractual rent including minority interest applying at balance sheet date with estimated rental value being added in case of vacant space. BIODIVERSITY: Biodiversity is the variation of life forms within a given ecosystem, biome or for the entire Earth. Biodiversity is often used as a measure of the health of biological systems. Biodiversity found on Earth today consists of many millions of distinct biological species, which is the product of four billion years of evolution. BREEAM: Building Research Establishment Environmental Assessment Method. BROWNFIELD: Abandoned or underused industrial and commercial facilities or plots of land, available for re-use. Expansion or re-developments of such a facility or plot may be complicated as a result of real or perceived environmental contaminations. CARBON FOOTPRINT: A measure of the impact our activities have on the environment, and in particular climate change. It relates to the amount of greenhouse gases produced in our day-to-day lives through burning fossil fuels for electricity, heating and transportation etc. The carbon footprint is a measurement of all greenhouse gases we individually produce and has units of tonnes (or kg) of carbon dioxide equivalent. CLIMATE CHANGE: Any long-term significant change in the average weather that a given region experiences. Average weather may include average temperature, precipitation and wind patterns. It involves changes in the variability or average state of the atmosphere over durations ranging from decades to millions of years. These changes can be caused by dynamic processes on Earth, external forces including variations in sunlight intensity, and more recently by human activities. EMPLOYEE TURNOVER: Employees who left Corio on their own volition as percentage of total headcount FAVOURITE MEETING PLACES: Sustainable places (shopping centres) where people like to meet, spend their leisure time and shop; places they want to return to. GRI: GLOBAL REPORTING INITIATIVE A network-based organisation that owns GRI 3: the reporting framework that is based on the aim of mainstreaming the disclosure on environmental, social and governance performance. INDIRECT EMISSIONS: Emissions that are a consequence of the activities of the reporting entity, but occur at sources owned or controlled by another entity SROI: SOCIAL RETURN ON INVESTMENT Social impact is the value our company creates for society, which can be determined by following the path from output (effect) to impact (the portion of the total outcome that happened as a result of the activity of Corio, above and beyond what would have happened anyway). STAKEHOLDER: A person or group that represents the needs of itself, other groups or nature in relation to the activities of a company, government or organisation. UNITED NATIONS CLIMATE CHANGE NEGOTIATIONS: An amendment to an international treaty on global warming, such as the Kyoto protocol, the Montreal and Kopenhagen conference and Cancún agreements. In Kyoto more than 150 countries committed to reduce their GHG emissions during the years 2008 through 2012 by 5.2% relative to a 1990 baseline. After 2012 new agreements were to be made, which almost fell through in Kopenhagen, but were rekindled in Cancún. There it was decided that both Kyoto would get a sequal: Kyoto-2 (which was a demand made by developing countries) and a new climate change protocol would be developed (LCA; which was a demand made by rich, industrial countries). DIRECT EMISSIONS: Emissions from sources that are owned or controlled by the reporting entity.

CORIO CSR REPORT 2010 52 ADDRESSES AND OTHER INFO SHARE Euronextcode/ISIN-code NL0000288967; Fondscode 28896; Bloomberg CORA NA; Reuters COR.AS; Datastream H:VIB QUESTIONS Should you have any questions, please contact us: csr@nl.corio-eu.com or +31 (0) 30 234 64 64 CORIO N.V. Hoog Catharijne, Van Duvenborch Building Stationsplein 97, 3511 ED Utrecht P.O. Box 8243, 3503 RE Utrecht, The Netherlands T +31 (0)30 234 64 64 F +31 (0)30 233 35 78 E corio@nl.corio-eu.com, I www.corio-eu.com CORIO NEDERLAND Hoog Catharijne, Van Duvenborch Building Stationsplein 97, 3511 ED Utrecht P.O. Box 8243, 3503 RE Utrecht, The Netherlands T +31 (0)30 234 64 64 F +31 (0)30 233 35 78 E info@nl.corio-eu.com, I www.corio-eu.com CORIO FRANCE Tour Exaltis, 61, rue Henri Régnault 92075 Paris La Défense cedex, France T +33 (0) 1 474 53 000 F +33 (0) 1 474 55 850 E info@fr.corio-eu.com, I www.corio-eu.com CORIO ITALIA Via Fabio Filzi 25/a, 20124 Milan, Italy T +39 026 69 63 49 F +39 026 69 77 11 E info@it.corio-eu.com, I www.corio-eu.com CORIO ESPAÑA Paseo de la Castellana 93 5º Planta 28046 Madrid, Spain T +34 91 426 17 77 F +34 91 435 56 44 E info@es.corio-eu.com, I www.corio-eu.com CORIO DEUTSCHLAND Königsstraße 13 (as of April 2011) 47051 Duisburg, Germany T +49 203 4196 1500, F +49 203 4196 1501 E info@de.corio-eu.com, I www.corio-eu.com CORIO TÜRKIYE KANYON Ofis Blok Büyükdere Cad. No:185 Kat 18 Levent, Istanbul - 34394 TR, Turkey T +90 212 371 30 00 F +90 212 353 54 42 E info@tr.corio-eu.com, I www.corio-eu.com Editor: Media wise, Amsterdam Design and art direction: Member Since, Heemstede Photography: Bas Losekoot, Amsterdam Corio, Utrecht Print: vdbj_print support, Bloemendaal This annual report is printend on Revive 50. This paper is FSC certified. natureoffice.com NL-215-764193