Half-Year results 2010

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					Half-Year results 2010
     Content
1 Profile
2 ManageMent rePort

2    FInAnCIAL HIGHLIGHtS FoR SIX MontHS enDeD 30 JUne 2010
2    BUSIneSS HIGHLIGHtS FoR SIX MontHS enDeD 30 JUne 2010
2    AFteR BALAnCe SHeet DAte
3    nUMBeR oF SHAReS AnD pReSenteD ReSULtS
3    FInAnCIAL ReSULtS SIX MontHS enDeD 30 JUne 2010
6    poRtFoLIo
6    pIpeLIne
7    FInAnCInG
7    DIVIDenD
7    MAnAGeMent BoARD
7    oUtLooK 2010
8    CoRpoRAte SoCIAL ReSponSIBILItY
8    RISKS
8    ReLAteD pARtY tRAnSACtIonS
8    MAnAGeMent BoARD StAteMent

 9   MARKET OVERVIEW
10   ThE NEThERlANds
11   FRANcE
12   ITAly
13   spAIN
14   TuRKEy
15   GERMANy

16 cONdENsEd INTERIM cONsOlIdATEd FINANcIAl INFORMATION
21 NOTEs TO ThE cONdENsEd INTERIM cONsOlIdATEd FINANcIAl
   INFORMATION
27 OThER INFORMATION
                                    pRoFILe
                                    Corio is a retail property company. it specialises in the        are largely responsible for their own operating results. this
                                    selection, development, redevelopment and management             shortens response time to changing consumer demands and
                                    of shopping centres. Currently Corio has operations in           trends. the business unit management teams communicate
                                    six countries: the netherlands, where its headquarters           regularly with the holding company in Utrecht, where Corio
                                    are located, france, italy, Spain, turkey and germany.           headquarters are located.
                                    the company’s shares are traded on euronext nYSe in
                                    amsterdam and Paris. Under Dutch law Corio is a closed-          Corio has an operational portfolio that was valued at € 6.7
                                    end fiscal investment institution (fBi). it has a SiiC status    billion on 30 June 2010. It consists of investments covering
                                    in france. as of March 2008, Corio has been included in          a Gross Leasable Area (GLA) of retail space of 1.7 m m2
                                    the Dutch blue-chip index of 25 leading shares, the aeX          covering 110 projects, 97 of which are shopping centres.
                                    and the ftSe4 good index. Corio wants to create favourite        Corio’s strategy is to expand this portfolio by extending and
                                    meeting places: sustainable centres where people like to         redeveloping existing centres and developing and acquiring
                                    meet, spend their leisure time and shop; places they want        new projects. the pipeline portfolio amounts to investments
                                    to return to.                                                    of € 3.0 billion, covering 0.7 m m² GLA in 34 projects. of
                                                                                                     the pipeline, 34% consists of planned extensions of existing
                                    In selecting investments, Corio focuses on shopping centres      centres that Corio already owns.
                                    that are dominant in their catchment area. these are the
                                    projects where we can present the consumer with a full range     Corio has an ongoing divestment plan, the main objective of
                                    of shops, restaurants, entertainment and events, together with   which is to sell non-strategic assets consisting of some office
                                    a wide range of services. this is where Corio, combined with     and industrial properties in France and smaller retail assets
                                    its local and professional hands-on management, can add          where Corio can no longer add value. When the projects in
                                    the most value. Corio not only buys and develops shopping        the pipeline are completed, Corio will have a portfolio of 108
                                    centres, it also leases and runs them in-house, making it an     retail projects with a GLA of 2.4 m m². Shopping centres will
                                    integrated and focused retail property company.                  then account for 99% of the portfolio. Corio employs 500
                                                                                                     people, over 90% of whom are employed in the local business
                                    Corio takes an active approach to investing, aimed at creating   units.
                                    value and based on the careful timing of acquisitions and
                                    sales. the quality of a shopping centre, as reflected in the     With 40.5% leverage and fixed-interest loans accounting
                                    cash flow, is determined by the quality of local management.     for about 64%1 of its borrowings, Corio ensures its ability
                                    the success of Corio’s portfolio depends on the efforts of the   to meet its obligations in both the short and the long term.
                                    local letting managers, centre managers and developers.          By financing its operations in this manner Corio takes a
                                    For that reason Corio has a highly decentralised business        conservative approach. Corio organises and manages these
                                    model whereby the local business units in each country           financing activities centrally.




1
    after swapping € 322 m of short term fixed to long term fixed debt on 7 July 2010                                      1 Corio Half -Year rePort 2010
MAnAGeMent RepoRt
direct result rises 19.5% in h1 2010.
‘the fragile recovery in european commercial real estate investment markets of 2009
was sustained during the first half of 2010. Despite new stress factors such as the
sovereign debt crisis and still weak consumer spend, the value of Corio’s portfolio
increased and like-for-like performance remained positive as before. Gerard Groener (CeO)

         FINANcIAl hIGhlIGhTs FOR sIX MONThs ENdEd 30 JuNE 2010
         (Comparative figures for H1 2009 results in brackets; unless stated otherwise)
         •	Net	rental	income	up	11.0%	at	€	183.0	m	(€	164.9	m).
         •	Like-for-like	net	rental	growth,	retail	portfolio:	up	1.3%	(1.1%).
         •	Re-letting	and	renewals:	4.6%	of	the	retail	contracts	were	re-let	or	renewed,	increase:	1.9%.
         •	The	average	financial	occupancy	rate	for	the	retail	portfolio	slightly	down	to	96.2%	(96.6%).
         •	Net	financing	expense	fell	€	2.0	m	to	€	47.0	m	(€	49.0	m).
         •	Direct	result	up	19.5%	at	€	121.7	m	(€	101.8	m).
         •	Direct	result	per	share	down	€	0.04	to	€	1.46,	reflecting	the	expanded	share	capital	in	2009	and	2010.
         •	Positive	valuations	of	€	62.7	m	in	H1	2010	(€	341.2	m	negative).
         •	Value	of	the	property	portfolio	(including	share	of	associates	and	non-controlling	interest):	€	6,999.5	m	at	30	June	2010	vs	year-end	
         	 2009:	€	5,885.5	m;	percentage	invested	in	retail:	95%.
         •	Leverage:	40.5%	at	30	June	2010	(year-end	2009:	40.4%);	average	interest	rate	in	Q2	2010	4.0%;	fixed	interest	debt	64%1 (year-end
         	 2009:	66%).
         •	Net	profit	up	€	354.4	m	at	€	158.0	m	(€	196.4	m	negative).
         •	Pipeline:	up	€	700	m	at	€	2,965	m,	mainly	the	result	of	the	recent	transaction	with	Multi	Corporation	(31	December	2009:	€	2,265	m).
         •	Fixed	committed	part	of	pipeline	(excluding	already	paid):	up	€	369	m	at	€	951	m.
         •	Net	Asset	Value	(NAV)	per	share	was	€	43.75	(year-end	2009	€	44.32),	Triple	NAV	(NNNAV)	per	share	was	€	48.00	(year-end	2009:	
         	 €	47.14).
         •	Successful	capital	increase	of	€	600	m	in	March	2010	via	Accelerated	Book	Build	(ABB);	number	of	outstanding	shares	up	17.4%.
         •	Corio	obtained	a	BBB+	rating	from	S&P’s	and	a	Baa1	rating	from	Moody’s.

         BusINEss hIGhlIGhTs FOR sIX MONThs ENdEd 30 JuNE 2010
         •	Corio	announced	on	25	March	2010	that	it	had	acquired	an	operational	portfolio,	consisting	of	four	shopping	centres	in	Germany,	
           Spain	and	Portugal	for	a	consideration	of	€	662	m,	and	a	development	portfolio	consisting	of	five	projects	in	Germany,	requiring	a	total	
           expected	investment	of	approximately	€	660	m.	The	total	expected	investment	in	relation	to	the	transaction	is	therefore	approximately	
           €	1.3	billion.	The	transaction	demanded	an	immediate	investment	of	around	€	740	m,	which	was	largely	financed	by	a	€	600	m	equity	
           issuance on the same day. the remainder was payed out of Corio’s existing debt facilities
         •	Acquisition	of	Le	Vele	shopping	centre	on	Sardinia	for	€	103.3	m	in	March	2010.
         •	Corio	signed	the	Preliminary	Agreement	for	the	acquisition	of	the	companies	that	own	50%	of	the	shares	in	the	greater	portion	of	
           Porta	di	Roma	shopping	centre	for	about	€	220	m	(excluding	acquisition	cost)	at	a	Net	Initial	Yield	of	6.4%.	The	project	will	be	50/50%	
           owned	by	Allianz	and	Corio	through	a	joint	venture	structure.	Corio	received	confirmation	from	the	EU	competition	authority	early	August	
           that	it	has	no	objections	against	the	transaction.	Corio	consolidated	the	project	proportionately	as	from	1	May	2010.	The	project	will	be	
           managed by Corio.

         AFTER BAlANcE shEET dATE
         •	Corio	issued	a	10-year	€	250	m	bond	maturing	in	August	2020.
         •	Corio	closed	the	development	agreement	for	Anatolium	shopping	centre	in	Turkey	for	€	176	m.



2 Corio Half -Year rePort 2010                                                     1
                                                                                       after swapping € 322 m of short term fixed to long term fixed debt on 7 July 2010
NuMBER OF shAREs ANd pREsENTEd REsulTs
Corio’s total number of shares entitled to dividend over 2010 increased by 19.2% compared with 31 December 2009 from
76,363,025 to 91,002,947 reflecting the stock dividend in May 2010 (1,306,589) and the ABB in March 2010 (13,333,333).
the weighted average number of outstanding shares in H1 2010 was 83,443,375. When results per share are stated, they are
based on the weighted average number of outstanding shares. Value related numbers, like nAV, are based on the total number
of outstanding shares.

Direct result and indirect result are stated excluding non-controlling interests. other p&L line items include the non-controlling
interest results.

FINANcIAl REsulTs sIX MONThs ENdEd 30 JuNE 2010
DIreCt result
the direct result in H1 2010 was € 121.7 m, € 19.9 m or 19.5% higher than in H1 2009 (€ 101.8 m). total net rental income
rose € 18.1 m compared with H1 2009. the direct result per share fell € 0.04 to € 1.46. the decline on a per share basis is
mainly the result of the issue of new shares in 2009 and 2010.

of the above mentioned increase of net rental income of € 19.9 m, like-for-like rental increases (same composition of the
portfolio in H1 2009 and H1 2010) had a positive effect of € 0.8 m, € 21.5 m from acquisitions and € 0.6 m from pipeline
properties entering the operational portfolio. the disposals had a negative effect of € 4.8 m.

the positive effect of the acquisitions relate to nesselande in Rotterdam (€ 0.7 m) , Le Vele on Sardinia (€ 2.1 m), porta di
Roma in Rome (€ 2.3 m), príncipe pío (€ 4.7 m) and espacio torrelodones (€ 1.3 m) both in Madrid, espaço Guimarães
in Guimarães (€ 1.3 m),tekira in tekirdağ (€ 1.1 m), teraspark in Denizli (€ 0.2 m), Forum Duisburg in Duisburg (€ 3.7 m)
and Centrum Galerie in Dresden (€ 4.3 m). the positive effects from pipeline properties mainly relate to Middenwaard in
Heerhugowaard (€ 0.4 m), ‘t Circus in Almere (€ 1.0 m), De Mare in Alkmaar (€ 0.6 m) and IKeA at Le Gru in turin (transferred
form operational portfolio to development, € 1.4 m negative).

%                                    like-for-like growth retail              turnover based rent      Increase reletting/renewal retail
the Netherlands                                             2.4                               0.0                                  -2.3
france                                                     -3.4                               1.0                                  18.4
Italy                                                       4.0                               1.6                                  13.7
spain                                                      -2.4                               1.6                                   -7.4
Germany                                                      Na                               3.5                                     Na
turkey                                                     27.2                               4.5                                 -20.1
Total                                                       1.3                               1.1                                    1.9




                                                                                            3 Corio Half -Year rePort 2010
                   Like-for-like growth in nRI for retail was 1.3% compared with H1 2009. the part of the rental income based on turnover was
                   1.1% in H1 2010 (H1 2009: 0.8%). Re-lettings and renewals in the retail portfolio resulted in an increase of 1.9% in the rent
                   for 4.6% of the rental value of the retail portfolio. the negative re-letting and renewal figure for turkey is the result of adjusting
                   the old rental contracts which were signed ‘pre-crisis’, to the current market rent. the positive like-for-like for turkey is the result
                   of increasing operational result.

                   operating expenses were € 4.9 m higher at € 31.0 m (€ 26.1 m), mainly reflecting the expanded operational portfolio in GLA,
                   more properties with leasehold (príncipe pío) and higher non-recoverable service charges because vacancy increased slightly.
                   As a percentage of theoretical rent, operating expenses increased from 12.9% in H1 2009 to 13.6% in H1 2010. Administrative
                   expenses fell € 0.1 m in H1 2010 to € 18.8 m (€ 18.9 m). As a percentage of theoretical rent, administrative expenses
                   decreased from 9.3% to 8.2%. the corporate income tax had a positive effect of € 1.6 m on the direct result (€ 0.5 m negative).

                   the share of profits from associates fell by € 1.7 m to € 3.7 m (€ 5.4 m). For 2010, this only relates to Akmerkez. the decline is
                   caused by the rental reductions in Akmerkez, due to a combination of the crisis and the ongoing refurbishment.


                    OCCUPANCY	RATE	EPRA	DEFINITION	(AVERAGE	FINANCIAL	%)
                                                                                           H1 2010                     H1 2009                        2009
                    retail                                                                    96.2                         96.6                        96.3
                    Offices                                                                   94.6                         96.3                        96.6
                    Industrial                                                                81.2                         85.1                        84.6
                    Total                                                                     95.9                        96.4                        96.2

                   the average financial occupancy rate for the total portfolio was 95.9% (96.4%) in H1 2010. the retail occupancy rate was
                   96.2% (96.6%). the economic downturn led, in some areas, to longer idle periods for vacant space, which resulted in a slightly
                   lower occupancy rate. this mainly affected our Spanish shopping centres. the average financial occupancy rate in France
                   fell because of restructurings in Grand Littoral and Quais d’Ivry. Space not occupied for strategic reasons such as upcoming
                   renovation is included in our definition of vacancy and accounts for almost 1% of the presented vacancy.

                   net financing expenses fell € 2.0 m in H1 2010 to € 47.0 m (€ 49.0 m), reflecting a balance of lower interest expense of
                   € 5.5 m due to lower interest rates (impact of € 5.9 m), and a higher average debt level of € 2,573 m (impact of € 0.4 m).
                   Interest income was the same as in H1 2009, capitalised interest was € 1.8 m lower and other costs had a negative effect of
                   € 1.7 m.

                   INDIreCt result
                   the indirect result was € 36.3 m (€ 298.2 m negative). this is the balance of the net revaluation of € 62.3 m positive (€ 0.4 m
                   losses on disposals), indirect result of associates of € 2.3 m negative, an addition of € 11.1 m to deferred tax liabilities and
                   other expenses of € 16.3 m, mainly caused by costs made for the acquisition of the Multi portfolio and acquisitions in Italy
                   which under IFRS may no longer be capitalised and must be charged directly to the income statement.




4 Corio Half -Year rePort 2010
the revaluation in H1 2010 was € 62.7 m, compared with € 341.2 m negative in H12009. Compared with the net theoretical
yield on 31 December 2009 (ntY: theoretical rent 12 months forward minus operating expenses divided by net value on
reporting date), the ntY on 30 June 2010 for the Dutch, Spanish and turkish retail portfolio did not change, the French
decreased 10 basis points (bps) and the Italian increased 10 bps and the German was 6.5% on 30 June 2010.

on 30 June 2010 the portfolio was externally valued. Corio adjusted the value of teras park in Denizli by € 10.0 m to € 55.7 m
because we believe that the external appraiser had taken too ambitious assumptions for the rental growth and the discount rate
in their cash flow forecast, in relation to the overall market in turkey.


 REVALUATIONS	OVERVIEw	AT	30	JUNE	2010
(€ million)             Netherlands     france         Italy        spain      Germany     turkey    Portugal/     total   total (%)
                                                                                                      Bulgaria
retail                        21.8        29.2        15.7            1.3              –     -7.6            –     60.4          1.0
Offices                       -2.3          8.4                                      0.2                             6.3         2.2
Industrial                                 -0.5                                                                     -0.5        -1.0
Total                         19.5        37.1        15.7            1.3            0.2    -7.6               –   66.2          1.0
total (%)                      1.0          2.1         1.2             –              –    -3.9               –     1.0
Development                   -3.9          1.0       -0.8              –              –    -0.2               –   -3.9         -1.4
Development (%)               -5.7          1.8        -1.8             –              –    -0.4               –    -1.4
Total revaluation             15.6        38.1        14.9            1.3            0.2    -7.8               –   62.3          0.9
Total revaluation (%)          0.8          2.1         1.1             –              –    -3.3               –     0.9


the revaluation of the operational portfolio in H1 2010 amounted to 1.0% positive. the revaluation is the result of downward
revaluations of € 36.9 m (including € 0.4 m loss on sale) and upward revaluations totalling € 103.1 m. on average retail ntY
was unchanged at 6.6% compared with year-end 2009.

Compared with year-end 2009, the ntY for the Dutch office portfolio increased 80 bps to 11.9%, the ntY of the French office
portfolio fell 100 bps to 7.5% and the ntY of the French industrials increased 90 bps to 7.7%.

In absolute terms, the total positive revaluations mainly involved shopping centres in France (totalling € 37.1m and relating to a
general positive revaluation of most prime shopping centres, including Grand Littoral for € 8.3 m and Grand place for € 8.0 m),
the netherlands (€ 35.5 m, including Alexandrium and Alexandrium parking for € 9.6 m and pieter Vreedeplein for € 6.4 m),
Italy (€ 15.7m, including Le Gru for € 4.3 m and Le Vele for € 3.4 m) and Spain (€ 3.4 m of which Maremagnum was € 1.5 m
and príncipe pío was € 1.3 m). the largest total amounts of negative revaluations were seen in the netherlands (€ 15.6 m
negative), France (€ 8.8 m negative and mainly relating to Quai d’Ivry for € 3.3 m negative and Art de Vivre of € 1.9 m negative)
and turkey (€ 10.0 m negative which was related to the negative revaluation of teras park).

For the first time in the past eight quarters positive revaluations resulted in Q2 from both indexations of rents in shopping
centres together with stabilizing yields for prime properties in France. negative revaluations related to a relative small number
of individual properties that are still affected by the economic crisis and are coping with vacancies and rent deductions or have
specific issues, resulting in a slightly upward yield shift.

the development portfolio has been valued downward by € 3.9 m, or 1.4% negative, in H1 2010, and this has been accounted
for in the indirect result.

% compared with 31 December 2009                  like-for-like revaluation retail              Yield effect        rent effect/other
Netherlands                                                                   1.0                      -0.1                       1.1
france                                                                        1.9                        1.4                      0.5
Italy                                                                         1.2                       -1.1                      2.3
spain                                                                         0.2                        0.1                      0.1
turkey                                                                       -3.9                      -4.6                       0.7
Total                                                                         1.0                        0.0                      1.0



                                                                                            5 Corio Half -Year rePort 2010
                                  SECTOR	SPREAD	IN	VALUE	 	                                                         GEOGRAPHICAL	SPREAD	IN	VALUE
                                  • Retail	                 95%                                                     • the netherlands         28
                                  • Offices	                 4%                                                     • france	                 27
                                  • Industrial	              1%                                                     • italy                   20
                                                                                                                    • Spain/Portugal          11
                                                                                                                    • turkey	                  6
                                                                                                                    • germany                  8




                   the revaluation of Corio’s total portfolio amounted to € 62.3 m positive in H1 2010 (€ 342.1 m negative), or 1.0% compared to
                   the book value of the portfolio at 30 June 2010 before revaluation.

                   net other expense of € 16.3 m is the result of costs made for the acquisition of the Multi portfolio (it is no longer permitted
                   under IFRS to capitalise those cost) and acquisitions in Italy. the addition for the provision for deferred tax liabilities at nominal
                   value was € 11.1 m (€ 59.4 m release). this is the result of positive revaluations and fiscal amortization in Italy and Spain.

                   the net result in H1 2010 (sum of direct and indirect result) amounted to a profit of € 158.0 m or € 1.89 per share (€ 196.4 m
                   negative or € 2.89 negative per share).

                   pORTFOlIO
                   the value of the property portfolio increased in H1 2010 by € 1,114.0 m or 18.9% from € 5,885.5 m to € 6.999.5 m, including
                   € 199.8 m (year-end 2009: € 175.0 m) of investments in associates in turkey. the increase reflects the balance of upward
                   revaluations of € 62.3 m, acquisitions of € 1,069.9 m, investments of € 43.5 m (including capitalised interest), disposals of
                   € 87.7 m and other changes of € 26.0 m.

                   the acquisitions of € 1,069.9 m mainly concern the purchase of nesselande in Rotterdam (€ 27.0 m), Centrum Galerie in
                   Dresden (€ 280.0 m), Forum in Duisburg (€ 228.4 m), espacio torreledones (€ 66.9 m), espaço Guimarães (€ 92.0 m), Le
                   Vele on Sardinia (€ 106.7 m), porta di Roma (€ 225.9 m) and Königsgalerie in Duisburg (part of pipeline, € 40.0 m). the
                   investments totalling € 43.5 m comprise € 12.1 m of investments in properties in operation and € 28.9 m (excluding € 2.5 m
                   capitalised interest) of investments in properties under development. the main investments in properties under development
                   were the shopping centres Hoog Catharijne in Utrecht (€ 3.2 m), Middenwaard in Heerhugowaard (€ 4.1 m) and Moulin de
                   nailloux (€ 14.3 m). the proceeds on disposals in H1 2010 of € 87.7 m mainly relate to the disposals of Bordeaux Megastore
                   in Bordeaux (€ 67.3 m) and Vinkhuizen in Groningen (€ 18.8 m).

                   the changes in investments in associates and other of € 24.8 m comprise primarily the direct result of € 3.7 m, indirect result of
                   € 2.3 m negative, dividends received € 7.4 m and exchange rate differences of € 30.7 m.

                   pIpElINE
                   the total pipeline (fixed and variable) of projects was € 2,612 m on 30 June 2010 excluding € 353 m already invested (year-
                   end 2009: € 2,013 m, excluding € 252 m already invested). the fixed committed pipeline was € 951 m excluding € 181 m
                   already invested (year-end 2009: € 582 m, excluding € 121 m already invested). the fixed committed pipeline increased by
                   € 369 m mainly because of Schloßstraße in Berlin (total investment of € 360 m - € 375 m). nesselande in Rotterdam was
                   taken out of the fixed committed pipeline into the operational portfolio. Königsgalerie in Duisburg (total investment € 62 m) is
                   fixed deferrable and Quartier an der Stadtmauer in Bamberg (total investment € 30 m - 40 m) plus another project in Germany
                   (total investment € 170 m - € 180 m) is waivable. the expenditure related to the fixed committed pipeline in 2010 amounts to
                   approximately € 181 m, for 2011 it is € 207 m. the net Initial Yield of the pipeline is 7.2%.


                    TOTAL	PIPELINE	30	JUNE	2010
                    (€ million)                                                         Committed     Deferrable     Waivable          total    % of total
                    already invested                                                        181.3         169.5           2.6         353.4          12%
                    fixed                                                                   950.9          98.4             -       1,049.3          35%
                    Variable                                                                    -       1,096.4        466.5        1,562.9          53%
                    Total pipeline                                                        1,132.2       1,364.3        469.1        2,965.6
                    % of total                                                               38%           46%          16%




6 Corio Half -Year rePort 2010
                COMPOSITION	PIPELINE	IN	VALUE                         MATuRITy OF lOANs ANd INTEREsT REsET dATE (€ MIllION)
                • The	Netherlands	        33%                 1000
                                                                                                             debt maturity interest maturity
                • France	                  4%
                                                                800
                • Italy	                  28%
                • Spain	                   1%                   600

                • Turkey	                 11%
                                                                400
                • Germany	                23%	
                                                                200

                                                                  0
                                                                      2010 2011        2012   2013   2014 2015   2016   2017     2018 >2018




FINANcING
Shareholders’ equity (including non-controlling interests) increased € 601.8 m to € 4,021.6 m in H1 2010 (year-end 2009:
€ 3,419.8 m). this reflects the positive effects of the equity issue of € 583.5 m net, dividend distribution of € 183.8 m, the net
result of € 158.0 m, the consolidation of the result of the non-controlling interests amounting to € 4.6 m and other changes of
€ 39.5 m. the net asset value on a per share basis excluding non-controlling interests (nAV) amounted to € 43.75 per share
at 30 June 2010 (year end 2009: € 44.32). triple nAV (nnnAV) was € 48.00 per share on 30 June 2010 (year end 2009:
€ 47.14 per share). the provision for deferred tax at nominal value stood at € 253.0 m on 30 June 2010 (year-end 2009:
€ 230.7 m) or € 2.78 per share (year-end 2009: € 3.02 per share). the deferred tax asset and liability movement (next to the
described p&L effect) relates to the acquisition of the German projects.

the balance sheet total increased from € 6,291.2 m at year-end 2009 to € 7,554.6 m on 30 June 2010. Leverage was 40.5%
on 30 June 2010 compared with 40.4% at year end 2009. this reflects the balancing effects of the capital increase in March
2010 and the increase of the portfolio during the quarter. the financing headroom under committed facilities amounts to
€ 500 m, this includes the issued bond of 10 August 2010 of € 250 m (year-end 2009: € 617 m).

total interest-bearing debt increased to € 2,940 m 30 June 2010 from € 2,356 m at year-end 2009. the average maturity
of the debt fell to 4.9 years on 30 June 2010 from 5.8 years at year-end 2009 and the proportion of fixed-interest debt went
from 66% at year-end 2009 to 64% at 30 June 2010. the percentage of fixed debt reflects the swapping of € 322 m of short
term fixed to long term fixed debt on 7 July 2010. the average interest rate in Q2 2010 was 4.0% (Q1 2010: 4.1%, Q4 2009:
4.0%). Corio issued a € 250 m bond with a maturity of 10 years in August 2010.


 finanCe ratioS
                                                                                                      30 June 2010             31 December 2009
  leverage (loans as % of revised total assets)                                                               40.5                          40.4
  average interest for the last quarter (%)                                                                    4.0                           4.0
  average maturity (year)                                                                                      4.9                           5.8
  % loans with a fixed interest rate                                                                           641                           66
  Interest cover ratio                                                                                         3.8                           3.4
1
   after swapping € 322 m of short term fixed to long term fixed debt on 7 July 2010


dIVIdENd
During the Annual General Meeting of Shareholders of Corio n.V. on 23 April 2010, the dividend for the 2009 financial year was
declared at € 2.65 per share. Shareholders opted to receive a distribution in shares amounting to 22.7% of the total dividend.
In this context a total of 1,306,589 shares were issued.

MANAGEMENT BOARd
the Supervisory Board of Corio n.V. has appointed Mr. B.A. van der Klift as Chief Financial officer (CFo) and Mrs. F.J. Zijlstra
as Chief operational officer (Coo) as from 1 May 2010. Both joined the Management Board of Corio on the same date after
hearing no comments from the AGM.

OuTlOOK 2010
Corio consolidated the operational shopping centres included in the Multi Corporation agreement as of April 2010 and porta
di Roma as of 1 May 2010. Corio expects its direct result to increase significantly in 2010 compared to 2009 as a result of the
published transactions. on a direct result per share basis, the transactions are expected to be accretive from the start.




                                                                                                      7 Corio Half -Year rePort 2010
                   cORpORATE sOcIAl REspONsIBIlITy (csR)
                   Corio published its first CSR report in the first half of 2010, reporting on environmental, social and economic targets and
                   performance and underlining the importance of CSR on a strategic level. Corio will report its environmental progress in the next
                   annual CSR report. the following results however are worth mentioning at this point:
                   •	The	acquisition	of	Forum	Duisburg	and	Galerie	Dresden,	both	exemplary	in	terms	of	sustainability	performance
                   •	BREEAM	very	good	rating	is	anticipated	for	Tarsu	Shopping	Mall	project	in	Turkey.	Tarsu	will	be	the	first	enclosed	mall	
                     project in turkey with natural ventilation, which is resulting in a more profitable center.
                   •	Outstanding	non-profit	events	in	Corio	Italia,	resulting	in	a	raise	of	sustainability	awareness	among	visitors,	engagement	with	
                     the local community and partnerships with local authorities.
                   •	An	ongoing	partnership	between	Corio	Nederland	and	Nuon,	resulting	in	measurement	of	energy	and	water	efficiency	
                     potential, to achieve a reduction of 15% resource usage.

                   RIsKs
                   With regard to existing risks, reference is made to our 2009 Annual report (page 80 – 82) the key risks have not changed. they
                   are still applicable and represent the key challenges we currently face.

                   RElATEd pARTy TRANsAcTIONs
                   With regard to related party transactions, to which reference is made to our 2009 Annual Report (page 123), we would like to
                   add that Stichting pensioenfonds ABp participated in the aforementioned equity issue in March, taking up a total number of
                   4,904,606 shares.

                   MANAGEMENT BOARd sTATEMENT
                   We hereby declare that, to the best of our knowledge, the semi-annual financial statements, which have been prepared in
                   accordance with IAS 34, ‘lnterim Financial Reporting’, give a true and fair view of the assets, liabilities, financial position and
                   profit or loss of Corio n.V. and the undertakings included in the consolidation as a whole, and the semi-annual management
                   report, includes a fair review of the information required pursuant to section 5:25d. subsections 8 and 9 of the Dutch Act on
                   Financial Supervision (Wet op het financieel toezicht).

                   Utrecht, 26 August 2010

                   G.H.W. Groener, CEO and Chairman of the Management Board of Corio N.V.
                   B.A. van der Klift, CFO and Member of the Management Board of Corio N.V.
                   F.Y.M.M. Fontaine, CDO and Member of the Management Board of Corio N.V.
                   F.J. Zijlstra, COO and Member of the Management Board of Corio N.V.




8 Corio Half -Year rePort 2010
FINANcIAl cAlENdAR
4	NOVEMBER	2010	           2010 reSUltS firSt
(after close of trading)   THREE	QUARTERS
17	FEBRUARY	2011	          2010 fUll-Year
(after close of trading)   reSUltS
21 aPril 2011              general Meeting
                           of SHareHolDerS
5 MaY 2011                 2011	FIRST-QUARTER	
(after close of trading)   reSUltS
18 aUgUSt 2011             2011 Half-Year
(after close of trading)   reSUltS
3	NOVEMBER	2011	           2011 reSUltS firSt
(after close of trading)   THREE	QUARTERS




MARKet oVeRVIeW
OVERAll EcONOMIc dEVElOpMENTs
After the sharp downturn in 2009, the global economy is currently starting to pull out from the recession. trade and production
are starting to pick up again. the euro Area is profiting from its ‘cheap’ currency, which is a boost for exports. As export-led and
trade-led economies, Germany and the netherlands, especially, are benefiting from this. In the first quarter, economies were
negatively influenced by heavy snowfall and unusually cold weather, but in the second quarter, the pace of growth picked up.
nevertheless, the recovery remains fragile. problems in Greece concerning the government budget and the country’s ability to
repay its debt have caused uncertainty throughout the euro Area. Worries that the problems would spread to other countries
(mainly the so called pIIGS) or that countries could fall out of the euro Area dominated the news for a couple of weeks. the
creation of an emergency backup fund by euro Area members supported with IMF facilities eased some of the unrest. Greece
and its neighbours seem to be on the right track now in restructuring their budgets, so a double-dip recession seems less likely
now. these uncertainties have impacted consumer confidence, which fell slightly over the past months in most countries. In
turkey and Germany consumer confidence grew. After a rise in unemployment throughout 2009, unemployment rates are
currently stabilizing in most countries. there are some differences between countries, however, with turkey and Germany seeing
a decline in unemployment rates whereas other countries continue to see a rise in unemployment, albeit at a slower pace than
in 2009.


rental inCoMe
(€ million)                    Gross rental income                        Operating expenses                        Net rental income
                            H1 2010       H1 2009                     H1 2010       H1 2009                    H1 2010       H1 2009
per country
Netherlands                     73.7         70.5                        13.1          12.8                       60.6          57.7
france                          58.2         62.7                         6.7           5.3                       51.5          57.4
Italy                           39.6         34.9                         3.0           2.4                       36.6          32.5
spain                           25.2         16.1                         5.3           2.8                       19.9          13.3
turkey                           8.4          6.5                         2.4           2.7                        6.0           3.8
Germany                          8.9          0.3                         0.5           0.1                        8.4           0.2
Total                          214.0        191.0                        31.0          26.1                      183.0         164.9

per sector
retail                         198.5        171.7                        28.9          23.5                      169.6         148.2
Offices                         13.6         16.7                         1.9           2.4                       11.7          14.3
Industrial                       1.9          2.6                         0.2           0.2                        1.7           2.4
Total                          214.0        191.0                        31.0          26.1                      183.0         164.9

nRI H1 2010 the netherlands: retail € 58.1 m and offices € 2.4 m
nRI H1 2010 France: retail € 40.8 m offices € 9.0 m and industrial € 1.7 m
nRI H1 2010 Germany: retail € 8.0 m and offices € 0.3 m

                                                                                           9 Corio Half -Year rePort 2010
tHe NetHerlaNDs
EcONOMy
the Dutch economy is slowly recovering from its 2009 decline, with the              most business. As a result occupancy levels and rents in these locations
first two quarters of 2010 once again showing positive economic growth              are relatively stable. At secondary locations and less dominant retail
and bringing the recession to an official close. As a very open economy, the        locations, vacancy rates have increased and rents are under downward
recovery is mainly thanks to recovering global trade and production and the         pressure. Independent retailers in particular are struggling with the
favourable position of the euro. exports and imports especially contributed         combination of disappointing sales and more difficult financing options.
to the economic growth. With investments and consumer spending still                Re-letting and renewals in Corio’s centres, representing 3.6% of rental
lagging, the recovery is, however, modest and fragile. Unemployment is              income, resulted in a slightly lower rent, down 2%. this is mainly due to
showing its first signs of recovery. After rising to 6% in the first quarter from   some strategic temporarily re-lettings in centres such as presikhaaf, which
its all-time lows of below 4% during 2007, there has been a stabilization           are due for renovation. Without these strategic transactions, the uplift in
over the past couple of months and it is now (Q2) at 5.6%. Inflation has            rent was 4.5% in the second quarter.
remained very low and eased to 0.2% in June. Despite these first signs of           CVo, the in-house development company, is actively managing a mixture of
recovery consumers remain very cautious and insecure about the economic             (re)development projects in the netherlands; most of these projects are still
situation. Consumer confidence decreased somewhat during this first half            on a turnkey basis, whereas some are re-developments of existing retail
year, mainly because of the instability within the euro Area and uncertainty        projects. Currently there are seven projects under construction amongst
surrounding the elections and the new government’s plans. of particular             which De Vredenburg in Utrecht, Cityplaza in nieuwegein and Stadsplein in
focus was the extent and the nature of spending cuts.                               Spijkenisse.

RETAIl spENdING ANd VIsITOR lEVEls                                                  OpERATIONAl REsulTs
During the first half year of 2010 retail sales were still in a decline             Despite the effects of the recession, such as the fact that many retailers
compared to the previous year. nevertheless the decrease was more                   have been confronted with two consecutive years of declines in turnover,
moderate than during 2009, down 1.3% during the first quarter. the                  most of the shopping centres are still performing quite well. the net Rental
non-food sector was hit hardest by the recession, with only the health and          Income of the retail portfolio rose 6.2% over the first half year compared
beauty sector and household equipment showing a positive trend. turnover            to H1 2009 to € 58.1 m. this was slightly offset by a decline of nRI in
in food stores decreased slightly. While supermarkets are still showing             the office portfolio due to higher vacancy in Hoog Catharijne. As a result,
positive results, food specialists continue to see a sharp decline. Visitor         nRI increased 4.8% for the whole Dutch portfolio. the increase was partly
levels in Corio’s Dutch centres (in the 62% where the number of visitors is         thanks to the acquisition of nesselande in Rotterdam and the taking into
measured) remained stable over the first half year of 2010 as compared              operation of parts of Middenwaard in Heerhugowaard, the extension of
to the same period last year. Shopping centre Alexandrium witnessed                 the Mare in Alkmaar and ‘t Circus in Almere, offset by disposals of smaller
an increase in visitor levels of almost 14% thanks to a higher number of            non-core assets. on a like-for-like basis, the nRI of the retail portfolio grew
Sunday openings.                                                                    2.4%. this was mainly the result of indexations of 1.2%. Specialty leasing
                                                                                    (kiosks, screens) and increased parking income thanks to the extended
RETAIl MARKET, lETTING ANd (RE)dEVElOpMENT                                          opening hours of Alexandrium in Rotterdam also contributed to the like-for-
AcTIVITIEs                                                                          like growth. occupancy rates decreased marginally from 98.4% in 2009, to
As a result of the decline in retail sales, occupier demand is still weak.          98.2% in H1 2010 for retail.
prime high street and shopping centre locations continue to attract the


10 Corio Half -Year rePort 2010
fraNCe
EcONOMy
France was one of the countries that was least hit by the recession, and       focussed on strong locations, and here it is still possible for landlords to
GDp contracted just 2.6% in 2009 compared to 4.1% in the euro Area.            achieve good results. In this light Corio France has managed to achieve 14
Quarter-on-quarter growth picked up again as early as Q2 2009. this            re-lettings, increasing the rent by 17.6%, and seven renewals, where an
was partly thanks to government measures to sustain private spending.          increase of 11.5% was attained. Corio France currently has one project in
As these measures are currently coming to an end, economic growth in           the fixed committed pipeline: Moulin de nailloux in toulouse. this factory
the first two quarters of 2010 was more dependent on external demand.          outlet centre is currently under construction and is expected to open
Unfortunately, the French economy is less based on trade than, for             mid-2011. Corio has a 75% interest in the the first phase of this project,
example, Germany, so the pace of growth is more moderate here. GDp             covering 22,100 m2.
grew 1.7% y-o-y in Q2. As a result of the government measures adopted in
2009, the budget deficit keeps increasing. the economy therefore remains       OpERATIONAl REsulTs
weak. the unemployment rate increased to 9.9% over the first half year,        In the French portfolio some effects of the recession have become
but seems to be stabilizing now. Consumer confidence decreased slightly        noticeable. net rental income for H1 2010 fell 10.3% compared with
over the first half year, mainly due to uncertainties about the government’s   H1 2009 to € 51.5 m. this decrease is for the largest part caused by
restructuring plans, which will most probably entail a cut back in social      divestments in all sectors, such as the sale of Bordeaux Megastore in the
security and/or larger contributions from tax payers to social security. on    retail portfolio at the beginning of the year and the sale of some office and
the positive side, household saving ratios are decreasing again and this       industrial assets during 2009. However, increased vacancy and in some
could indicate a greater willingness to spend.                                 cases negative indexations also contributed to the decline. As a result,
                                                                               net rental income on a like-for-like basis, also fell by 4.2%. the office and
RETAIl spENdING, VIsITOR lEVEls ANd TuRNOVER                                   industrial portfolio especially was effected by the negative indexation, as
After sharp declines in 2009, retail sales (adjusted for working days) rose    rental contracts in this sector are indexed with the cost of construction
in the five months up to May 2010 (May + 4.7%) then dipped -0.2% in            index. In the retail sector some contracts are still being indexed with this
June on an annual basis. Sales of both food and non-food have increased        cost of construction index too. Like-for-like net rental income in this sector
compared to last year. on the other hand the turnover index of the French      (-3.4%) was further influenced by a timing difference between indemnity
Council of Shopping Centres (CnCC) showed a decline of 1% over the             payments to tenants and to be received key moneys in order to optimize
period January – April 2010 compared to the same period last year. Corio’s     the tenant mix and a lower recovery of service charges due to the increased
French centres (73% of the French portfolio) have performed better than        vacancy. occupancy fell from 94.5% in 2009 to 93.1% in the first half
the benchmark, with a decline of 0.2%. Also the decline of 2.5% in visitor     year of 2010. the biggest increases in vacancy were in Grand Littoral in
levels in the year to date is better than the CnCC benchmark. occupancy        Marseille, which is currently being restructured, and in Quais d’Ivry in Ivry-
cost ratio is at a healthy 9.3%.                                               sur-Seine, where we were not yet able to re-let in some cases to tenants
                                                                               fitting in the envisaged tenant mix.
RETAIl MARKET ANd lETTING AcTIVITIEs
the retail letting market remains weak, and many retailers are still being
cautious in following up on their expansion plans, if they have any. the
current environment has also strengthened the negotiating power of
retailers, and new letting deals are taking longer to complete. Demand is


                                                                                                                  11 Corio Half -Year rePort 2010
ItalY
EcONOMy                                                                         RETAIl MARKET ANd lETTING AcTIVITIEs
the Italian economy is picking up again after the contraction in 2009.          the Italian retail market remains a relatively fragmented market, with a
economic growth was 0.4% y-o-y in the first quarter and accelerated to          large number of small retailers, and large (international) retail chains
1.1% in the second. the recovery was mainly thanks to the increase in           being less present. these chains have gradually raised their interest in
external demand, sustained by the weakness of the euro versus other             the country, however. Despite the weak economic environment, new retail
currencies. Industrial production is increasing again. Consumer spending        chains have successfully entered the market. their attention is focused
remains sluggish, however. Consumers are being confronted with the              on strong, established, prime shopping centres and high street locations.
biggest drop in disposable incomes of the last ten years, and as a result       Corio’s strong Italian portfolio therefore showed positive results in re-
their willingness to spend is waning. the decrease in disposable incomes        lettings and renewals. In the first half year of 2010, 55 contracts were
is partly due to a rise in unemployment. As people who have just lost their     re-let or renewed, representing 5.1% of Gross theoretical Rental Income
jobs do not always register as unemployed and the percentage of irregular       and resulting in 13.7% higher rent. on the supply side, good locations are
workers is increasing, the official unemployment data (8.4% in Q1 2010)         still scarce, but a number of new shopping centre schemes are on the way.
are not completely representative for the deterioration in the labour market.   In the Corio pipeline there are some Italian centres, such as the Marghera
Another worry is the state of the government finances. even though the          project in Venice, and various extensions and redevelopments to our
government deficit is lower than in many other european countries, the          current portfolio are planned. In the past half year shopping centre Le Vele
country is heavily indebted. In order to get a grip on this situation, the      on Sardegna and a 50% interest in porta di Roma in Rome were added to
government has announced measures that will impact social security and          the portfolio.
the salaries of civil service employees. Consumer confidence has edged
lower during the past half year. the biggest declines were seen in the sub-     OpERATIONAl REsulTs
indicators for the general economic situation over the next 12 months as        thanks to the acquisitions of Le Vele and porta di Roma, net rental income
well as the indicator for major purchases in the next 12 months.                rose 12.9% in H1 2010 compared to the same period last year. the effect
                                                                                of the acquisitions was slightly offset by the transfer of the IKeA store at Le
RETAIl spENdING, VIsITOR lEVEls ANd TuRNOVER                                    Gru shopping centre from the operational to the redevelopment portfolio.
the decline in retail sales in Italy in 2009 was less pronounced than in        on a like-for-like basis, net rental income rose 4%. positive re-letting and
other markets. In the first half of 2010, retail sales remained unsteady,       renewal results, indexation and key money contributed to the like-for-like
with slight increases in some months and some decreases in other months.        growth. occupancy decreased marginally from 99.1% during 2009 to
non-food sales were positive overall, buoyed by sales growth in the fashion     98.9% during the first half of this year.
and the health and beauty sector. Food sales were quite stable overall.
Smaller independent retailers are facing larger declines than big players.
In Corio’s Italian centres where the number of visitors is measured (68%
of the portfolio), visitor levels declined 0.1% y-o-y from January to May.
Despite this slight decrease, turnover in these centres rose 3.8% over
the same period. occupancy cost ratio has remained stable and stood at
10.4% in Q2 2010.




12 Corio Half -Year rePort 2010
sPaIN
EcONOMy
Spain was one of the countries where the economic crisis started. Currently    temporarily rental reductions. Also, vacancy levels have been increasing.
it is also one of the countries were economic decline continues, with a        the general trend therefore has been of falling rental levels, although
decline of -1.3% y-o-y in Q1 and of -0.2% in Q2. Spain’s problems are          factors such as the type of centre, location, level of consolidation and
closely related to the collapse of the real estate market. this has resulted   vacancy rate is having its effect on the extent of the decrease. Re-lettings
in a downturn in the construction sector, a very important sector for the      and renewals for Corio Spain reflect these market conditions. the re-
economy and employment in the past decade. Job losses have resulted in         lettings, representing 7.6% of total gross theoretical rental income, resulted
a doubling of the unemployment rate, from around 10% in 2008 to 19.8%          in a 13.9% lower rent, but the renewals (3.5% of rent) achieved on average
in Q2 of 2010. the pace of job losses is, however, now slowing. Another        6.1% higher rent.
problem is high private indebtedness. Households are not sufficiently
deleveraged yet, which is keeping household spending at low levels. An         Due to the economic crisis, the amount of new shopping centre
increase in VAt from 16% to 18% is not helping either. one of Spain’s          space coming on the market has reduced significantly as compared
biggest challenges going forward is to reduce the level of private debt.       to the highs of 2007 and 2008. Furthermore new centres are facing
                                                                               difficulties in finding tenants to fill up the space. Corio’s Spanish pipeline
RETAIl spENdING, VIsITOR lEVEls ANd TuRNOVER                                   currently consists of two projects; the redevelopment of the top floor of
As a result of the economic situation, retail sales have been declining        Maremagnum in Barcelona, for which pre-leasing is progressing positively,
steadily in 2009. Declines continued in the first half of 2010, albeit at      and the extension and renovation of La Loma in Jaen for which we are still
a more moderate level, and in some months sales were even positive             awaiting the cooperation of co-owener Carrefour.
compared to the same month in 2009. Food sales were slightly down
as compared to 2009, but non-food sales, which suffered severely from          OpERATIONAl REsulTs
the economic downturn, have increased a little from the very low levels        the economic circumstances influenced the performance of Corio españa
witnessed during 2009. the visitor levels in Corio’s Spanish centres are in    in the first half of 2010. net rental income grew 50.5% from €13.3 m in
line with the Spanish benchmark and increased 0.1% y-o-y. In the recently      H1 2009 to € 19.9 m in H1 2010, reflecting the acquisitions of príncipe
acquired espacio torrelodones especially, visitor levels have increased        pío in Madrid in 2009, and espacio torrelodones in Madrid and espaço
significantly. An increase of 19.5% was achieved here, mainly thanks to        Guimarães in Guimarães, portugal, as part of the transaction with Multi
the introduction of Sunday openings and the change of the Hypermarket          Corporation in April 2010. on a like-for-like basis, without the effects of
operator. turnover figures decreased slightly with 1.1% in Q1 as compared      these acquisitions, net rental income fell 2.4%. this decline was mainly
to the same period last year. Favourite inner city meeting places like         caused by rental losses, both because of high vacancy and of rental
príncipe pío and Maremagnum are still witnessing increased sales levels.       discounts given. Financial occupancy improved from 93.0% in 2009 to
occupancy cost ratios are currently at 11.9%.                                  93.5% for H1 2010. this improvement was partly caused by the rental
                                                                               guarantee covering the vacancy loss in the former Multi properties, but
RETAIl MARKET ANd lETTING AcTIVITIEs                                           also excluding this effect, occupancy rates are improving slightly. Vacancy
the recession caused many retailers to stop or delay their expansion           is especially high in Gran turia, but there are plans to revitalize this centre
plans, and adopt a wait and see attitude. In the meantime, while demand        since its location provides potential. other centres like Maremagnum,
has picked up again modestly, it is primarily focussed on prime and well       príncipe pío and Ruta de la plata are performing stronger and show low and
established locations. In general, as a result of the economic situation       stable vacancy rates.
with falling sales, quite some retailers have asked for and have been given

                                                                                                                  13 Corio Half -Year rePort 2010
turkeY
EcONOMy
one of the most important pillars of the turkish economy is its                  turnkey development of shopping centre Anatolium in Bursa, that has
manufacturing industry, which is mainly export oriented. the upswing in          been acquired in July. Leasing of this centre with a GLA of 84.000 m2 is
the global economy has resulted in positive figures for turkey. the pace of      progressing and the grand opening will be in the fall of 2010.
economic growth is back at pre-recession levels with an annual increase
of 11.7% in the first quarter of 2010. But it is not only external demand        OpERATIONAl REsulTs
that has contributed to this growth. Domestic demand is on the rise again        In the first half of 2010, net rental income amounted to € 6.0 m compared
too, aided by the availability of more financing possibilities. Another          to € 3.8 m in H1 2009, an increase of 57.9%. the increase was partly
positive note is that unemployment rates are again falling. As a result of all   thanks to the acquisitions of additional shares in teras park in Denizli
developments consumer confidence has increased likewise. the positive            and the shopping centre tekira in tekirdağ in 2009. nevertheless, on a
developments have, however, also stimulated inflation, which is again            like-for-like basis, net rental income grew 27.2%, which was achieved
above the turkish Central Bank targets.                                          despite the negative result of re-lettings and renewals. Higher like-for-like
                                                                                 net rental income was caused by increased specialty leasing, turnover rent
RETAIl spENdING, VIsITOR lEVEls ANd TuRNOVER                                     and reduced vacancy levels. occupancy rates increased from 92.2% over
even though there are no official statistics available on retail sales           2009 to 95.1% over H1 2010. In teras park especially we are gradually
for turkey, the increases in the level of consumer spending and the              improving the occupancy rate.
contribution of domestic demand to the economy point to growth in retail
sales as well. estimates are that retail sales were up with as much as
20% in the first quarter on an annual basis. In Corio turkey’s shopping
centres, turnover increased with 6% y-o-y up to April. the non-food sector
especially is performing well, with fashion sales – up 25% – as the best
performer. Corio’s centres are becoming well established and are creating
loyal customer bases.

RETAIl MARKET ANd lETTING AcTIVITIEs
Demand for retail space is improving again; now that the economy and
retail sales are picking up, international brands are again looking for
opportunities to enter or to expand in the market. Demand is however
mainly focussed on prime locations, creating upwards potential for rental
levels. At secondary locations, rental levels have stabilized. Results of
re-lettings and renewals for Corio türkiye were however negative. the re-
lettings and renewals, covering 9.8% of gross theoretical rental income,
resulted in 20.1% lower average rents. this was mainly due to the fact
that the old rental contracts were at the much higher ‘pre-recession’
levels. Corio türkiye’s committed pipeline at June 30th consisted of the



14 Corio Half -Year rePort 2010
GermaNY
EcONOMy
After a contracting 4.9% in 2009, the German economy is currently one           guarantee. the centre Forum Duisburg is fully leased. However, the centre
of the better performing economies of the euro Area. While growth in the        Centrum Galerie in Dresden that has only opened in the fall of 2009 has
first quarter was still tempered by the heavy winter weather, in the second     not reached a stabilized situation yet and therefore still has a vacancy of
quarter growth accelerated significantly, reaching 3.7% y-o-y. exports are      11% of GLA, which is covered by the rental guarantee of Multi. total net
the motor of the economic recovery in Germany, aided by the relatively          rental income for both shopping centres was € 8.0 m in the second quarter
weak position of the euro. Germany’s pallet of export products matches          which is in line with the expectation during the acquisition. the net rental
the needs of strong growing economies like that of China. As a result           income for Corio’s office in Germany was € 0.3 m compared with € 0.2 in
of increased exports, companies are also starting to invest again, with         H1 2009 as a result of relettings.
investments in both fixed and intangible assets. Hence, the labour market
has also profited, and unemployment rates are again on the decline,
sliding from a little below 8% in 2009 to 7% in Q2 2010. Consumer
confidence was only slightly influenced by the uncertainties in Southern
europe, resulting in a small decrease in the second quarter compared to
Q1. on the whole, confidence is at a higher level than in 2009. Despite
these positive developments, household spending remains modest, and
household savings ratios are still increasing.

RETAIl spENdING, VIsITOR lEVEls ANd TuRNOVER
In line with the modest consumer spending levels, retail sales increased
only slightly over the first half year of 2010. turnover increased 0.9% y-o-y
in the second quarter. Whereas food sales performed sluggishly over the
past six months, non-food sales have increased steadily. Visitor levels
in Forum Duisburg increased 7.1% y-o-y over the first half compared to
the same period in 2009. Centrum Galerie in Dresden has not yet been
open long enough to have comparable figures on the visitor levels. Corio’s
German pipeline currently consists of several projects, amongst others
the Schloßstraße project in Berlin, consisting of 80,000m2 GLA, which is
expected to open in March 2012.

OpERATIONAl REsulTs
Corio acquired two operational shopping centres at the end of March
from Multi for a total consideration of € 506 m, the current value of both
centres is € 509 m at 30 June 2010. the financial occupancy rate of both
shopping centres in the second quarter was 100% because of the rental



                                                                                                                 15 Corio Half -Year rePort 2010
CONDeNseD INterIm CONsOlIDateD
fINaNCIal INfOrmatION
 ConDenSeD ConSoliDateD inCoMe StateMent
                                                                                                                    six months ended 30 June three months ended 30 June
 (€ million)                                                                                                Note          2010         2009          2010         2009
 Gross rental income                                                                                                     214.0         191.0        115.3          95.7
 Property operating expenses (including net service charges)                                                              -31.0        -26.1        -16.8         -13.6
 Net rental income                                                                                                       183.0        164.9          98.5          82.1

 results on sales of investment property                                                                                   -0.4           -0.9         -0.4         -0.8
 Net valuation gain on investment property                                                                     2           62.7        -341.2          60.0       -170.9
 administrative expenses                                                                                                  -18.8          -18.9        -10.4         -9.8
 Other income / expense                                                                                                   -16.3           0.31         -5.3         1.71
 Results before finance costs                                                                                            210.2         -195.8        142.4         -97.7

 Net finance expense                                                                                                      -47.0         -49.0        -23.6         -22.1
 Other material non-cash items                                                                                             -0.2          -2.9            –            -1.6
 share of profit of equity accounted investees (net of income tax)                                                          1.4          -9.1         -0.5          -12.4
 Result before tax                                                                                                       164.4         -256.8        118.3        -133.8

 tax                                                                                                                      -9.5           58.9          -6.7         42.5
 Net result                                                                                                              154.9         -197.9        111.6         -91.3

 Attributable to:
 shareholders                                                                                                  4         158.0         -196.4        114.8         -91.3
 Non-controlling interest                                                                                                 -3.1            -1.5         -3.2            –
 Net result                                                                                                              154.9         -197.9        111.6         -91.3

 Weighted average number of shares                                                                             4 83,443,375       67,889,849     90,299,399   69,508,016

  Earnings per share (€) Average number of shares
  basic earnings per share                                                                                                   1.89        -2.89         1.26        -1.31
  diluted earnings per share                                                                                                 1.89        -2.89         1.26        -1.31
1
  The comparative figures have been reclassified, impairments are allocated from other income/expenses to other material non-cash items.




16 Corio Half -Year rePort 2010
    ConSoliDateD DireCt anD inDireCt reSUlt
                                                                                                                        six months ended 30 June three months ended 30 June
    (€ million)                                                                                                 Note          2010         2009          2010         2009
    Gross rental income                                                                                                      214.0         191.0        115.3          95.7
    Property operating expenses (including net service charges)                                                               -31.0        -26.1        -16.8         -13.6
    Net rental income                                                                                                        183.0        164.9          98.5          82.1
    administrative expenses                                                                                                   -18.8        -18.9        -10.4          -9.8
    Operating income                                                                                                         164.2        146.0          88.1          72.3
    share of result of equity accounted (direct)                                                                                3.7           5.4         1.8           2.1
    EBIT                                                                                                                     167.9        151.4          89.9          74.4
    Net finance costs                                                                                                         -47.0        -49.0        -23.6         -22.1
    Corporate income tax                                                                                                        1.6          -0.5           –          -0.2
    direct result                                                                                                            122.5        101.9          66.3          52.1
    Non-controlling interest                                                                                                    0.8           0.1         0.6             –
    direct result (excluding non-controlling interest)                                                                       121.7        101.8          65.7          52.1

    result on sales of investment property                                                                                     -0.4             -0.9         -0.4           -0.8
    Net revaluation gain (loss) on investment property                                                             2           62.7          -341.2          60.0        -170.9
    share of result of equity accounted investees                                                                              -2.3            -14.5         -2.3          -14.5
    Deferred tax expense                                                                                                      -11.1             59.4         -6.7           42.7
    Net other income / expenses                                                                                               -16.3             0.31         -5.3           1.71
    Other material non-cash items                                                                                              -0.2             -2.9                         -1.6
    Indirect result                                                                                                            32.4          -299.8          45.3        -143.4
    Non-controlling interest                                                                                                   -3.9             -1.6         -3.9               –
    Indirect result (excluding non-controlling interest)                                                                       36.3          -298.2          49.2        -143.4

    Net result (including non-controlling interest)                                                                          154.9           -197.9        111.6          -91.3

    Attributable to:
    shareholders                                                                                                   4         158.0           -196.4        114.8          -91.3
    Non-controlling interest                                                                                                  -3.1              -1.5         -3.2             –
    Net result                                                                                                               154.9           -197.9        111.6          -91.3

    Weighted average number of shares                                                                              4 83,443,375       67,889,849       90,299,399   69,508,016

    Result per share (€) Average number of shares
    Direct result                                                                                                             1.46             1.50          0.73          0.75
    Indirect result                                                                                                           0.43            -4.39          0.54         -2.06
    Net result                                                                                                                1.89            -2.89          1.26         -1.31
1
    The comparative figures have been reclassified, impairments are allocated from other income/expenses to other material non-cash items.



    CONDENSED	CONSOLIDATED	STATEMENT	OF	COMPREHENSIVE	INCOME
                                                                                                                                                       six months ended 30 june
    (€ million)                                                                                                Note                           2010                        2009
    Net result Group share                                                                                        4                          158.0                       -196.4
    Non-controlling interest                                                                                                                   -3.1                         -1.5
    Net Result                                                                                                                               154.9                       -197.9

    other comprehensive income:
    foreign currency translation differences for foreign operations                                                                             4.0                         0.3
    effective portion of the changes in fair value of the cash flow hedges                                                                     35.5                       -82.7
    Other comprehensive income for the year, net of tax                                                                                        39.5                       -82.4

    Total comprehensive income                                                                                                               194.4                       -280.3

    Attributable to:
    shareholders                                                                                                                             197.5                       -278.8
    Non-controlling interest                                                                                                                  -3.1                          -1.5
    Total comprehensive income                                                                                                               194.4                       -280.3




                                                                                                                                 17 C o r i o H a l f - Y e a r r e P o r t 2 010
    ConDenSeD ConSoliDateD StateMent of finanCial PoSition
    (€ million)                                                                                    Note                 30 June 2010       31 December 2009
    assets
    Investment property                                                                               2                      6,535.0                  5,516.0
    Investment property under development                                                             2                        264.6                    194.5
    Investment in associates                                                                          2                        199.8                    175.0
    Other investments                                                                                                           93.0                      0.7
    Intangible assets                                                                                                           78.1                     64.0
    Property, plant and equipment                                                                                               11.2                      5.6
    Deferred tax assets                                                                                                         37.4                     20.6
    Total non-current assets                                                                                                 7,219.1                  5,976.4

    trade and other receivables                                                                                                172.0                   123.9
    Other investments                                                                                                          146.9                    99.7
    Cash and cash equivalents                                                                                                   16.6                    91.2
    Total current assets                                                                                                       335.5                   314.8

    Total assets                                                                                                             7,554.6                  6,291.2

    Equity
    share capital                                                                                     3                        910.0                    763.6
    share premium                                                                                     3                      1,476.8                  1,039.7
    reserves                                                                                          3                      1,436.5                  1,712.6
    Net result for the year                                                                                                    158.0                   -131.9
    Total shareholders’ equity                                                                                               3,981.3                  3,384.1
    Non-controlling interest                                                                                                    40.3                     35.7
    Total equity                                                                                                             4,021.6                  3,419.8

    liabilities
    loans and borrowings                                                                                                     2,391.0                  2,325.6
    employee benefits                                                                                                            0.6                      0.6
    Provisions                                                                                                                   1.8                      1.9
    Deferred tax liabilities                                                                                                   290.3                    251.3
    Total non-current liabilities                                                                                            2,683.7                  2,579.4

    loans and borrowings                                                                                                       549.2                    29.9
    trade and other payables                                                                                                  300.12                   262.1
    Total current liabilities                                                                                                  849.3                   292.0

    Total liabilities                                                                                                        3,533.0                  2,871.4

    Total equity and liabilities                                                                                             7,554.6                  6,291.2
2
    Trade and other payables includes € 82.9 m for Corio’s proportionate interest of 50% in the net assets of shopping centre Porta di Roma, Italy.



    SHAREHOLDERS’	EQUITY	ON	EPRA	BASIS	(NNNAV)
                                                                                                                  €m      € per share       €m    € per share
    shareholders’ equity (balance sheet)                                                                     3,981.3           43.75    3,384.1        44.32
    Deferred tax (balance sheet)                                                                               252.9             2.78     230.7          3.02
    Change loans to market value                                                                               168.3             1.85      18.7          0.24
    Deferred tax (ePra)                                                                                         -34.7           -0.38    -33.60         -0.44
    EpRA NNNAV                                                                                               4,367.8           48.00    3,599.9        47.14

    share price at closing                                                                                                     39.95                    47.69
    NaV Premium/(discount)                                                                                                   -8.68%                    7.61%
    NNNaV Premium/(discount)                                                                                                -16.77%                    1.16%




18 Corio Half -Year rePort 2010
CONDENSED	CONSOLIDATED	STATEMENT	OF	CASH	FLOwS
                                                                               six month ended 30 June
(€ million)                                             Note          2010                       2009
cash flows from operating activities
Net result before tax                                                 164.4                    -256.8
adjustments for:
share of result of equity accounted investments                        -1.4                        9.1
Net finance costs                                                     47.0                       49.0
Depreciation/amortization                                               3.2                        6.0
unrealised valuation gains and losses                                -62.7                      341.2
realised gains and losses on disposals                                  0.4                        0.9
Change receivables                                                    -0.4                         9.9
Change payables                                                         1.1                      23.5
Change in provisions and employee benefits                                –                        0.2
finance income                                                          3.3                        3.3
finance expense                                                      -50.3                      -52.0
tax paid                                                              -2.3                        -1.3
Net cash from / (used in) operating activities                       102.2                      133.0

cash flows from investing activities
Proceeds from sale of investment property                              -87.7                      38.3
acquisition of consolidated subsidiaries, net of cash                -215.4                    -201.0
acquisition of investment property                                    -69.5                          –
Investment in investment property                                      -12.1                     -11.9
Investment in other investments                                        -76.3                       7.3
Investment in property under development                               -31.3                    -36.9
Investment in property, plant and equipment                             -2.6                      -3.1
Dividends received                                                       7.4                       8.8
Net cash used in investing activities                                -312.1                    -198.5

cash flows from financing activities
Proceeds from issue of share capital                                  583.5                     254.1
Proceeds from loans and borrowings                                    515.3                     173.9
repayments of loans and borrowings                                   -779.6                    -265.0
Dividends paid                                                       -183.9                    -105.1
Net cash from / (used in) financing activities                        135.3                      57.9

Net increase in cash and cash equivalents                             -74.6                       -7.6
Cash and cash equivalents at 1 January                                 91.2                      10.8
cash and cash equivalents at 30 June                                   16.6                        3.2




                                                               19 Corio Half -Year rePort 2010
CONDENSED	CONSOLIDATED	STATEMENT	OF	CHANGES	IN	EQUITY
CHANGES	IN	EQUITY	FOR	THE	SIx	MONTHS	ENDED	30	JUNE	2009	ATTRIBUTABLE	TO	SHAREHOLDERS	OF	CORIO	N.V.
(€ million)               share     share treasury General revalua- associates  Hedge translation Net result      total     Non-       total
                         Capital Premium     share reserve      tion  reserve  reserve   reserve     for the           controlling
                                           reserve          reserve                                     year             interest
Balance as at             672.5     903.0    -26.2   240.9 1,709.9      126.0     92.0     -20.0    -239.6     3,458.5           –   3,458.5
31 december 2008
Ias 40 change                  –         –       –       –       2.4         –       –          –          –       2.4          –        2.4
Profit appropriation           –         –       –   233.7   -396.8      -76.5       –          –     239.6          –          –          –
2008
Balance as at             672.5     903.0    -26.2   474.6 1,315.5        49.5    92.0     -20.0           –   3,460.9          –    3,460.9
1 January 2009
Net result                     –         –       –       –         –         –       –          –    -196.4     -196.4        -1.5    -197.9
Other comprehensive            –         –       –       –         –         –   -82.7        0.3          –     -82.4           –     -82.4
income
Total comprehensive            –         –       –       –         –         –   -82.7        0.3   -196.4      -278.8        -1.5    -280.3
income
Dividends to               21.7      -21.8       –  -105.0         –         –       –          –          –    -105.1           –    -105.1
shareholders
share issue                69.4     158.5     26.2       –         –         –       –          –          –     254.1          –      254.1
Non-controlling interest       –         –       –       –         –         –       –          –          –         –       36.0       36.0
Balance as at             763.6 1,039.7          –   369.6 1,315.5        49.5     9.3     -19.7    -196.4     3,331.1       34.5    3,365.6
30 June 2009


CHANGES	IN	EQUITY	FOR	THE	SIx	MONTHS	ENDED	30	JUNE	2010	ATTRIBUTABLE	TO	SHAREHOLDERS	OF	CORIO	N.V.
(€ million)               share     share treasury General revalua- associates  Hedge translation Net result      total     Non-        total
                         Capital Premium     share reserve      tion  reserve  reserve   reserve     for the           controlling
                                           reserve          reserve                                     year             interest
Balance as at             763.6 1,039.7          –   369.6 1,315.5       49.5     -3.3     -18.6    -131.9     3,384.1       35.7    3,419.8
31 december 2009
Profit appropriation           –         –       –   -42.2    -84.4       -5.3       –          –     131.9           –          –         –
2009
Balance as at             763.6 1,039.7          –   327.4 1,231.1       44.2     -3.3     -18.6           –   3,384.1       35.7    3,419.8
1 January 2010
Net result                     –         –       –       –         –         –       –          –     158.0      158.0        -3.1     154.9
Other comprehensive            –         –       –       –         –         –    35.5        4.0          –      39.5           –      39.5
income
Total comprehensive            –         –       –       –         –         –   35.5         4.0     158.0      197.5        -3.1    194.4
income
Dividends to               13.1      -13.1       –  -183.8         –         –       –          –          –    -183.8           –    -183.8
shareholders
share issue               133.3     450.2        –       –         –         –       –          –          –     583.5          –      583.5
Non-controlling interest       –         –       –       –         –         –       –          –          –         –        7.7        7.7
Balance as at             910.0 1,476.8          –   143.6 1,231.1       44.2     32.2     -14.6      158.0    3,981.3       40.3    4,021.6
30 June 2010




20 Corio Half -Year rePort 2010
NOtes tO tHe CONDeNseD INterIm
CONsOlIDateD fINaNCIal INfOrmatION
GENERAl
Corio n.V. (‘Corio’ or ‘the Company’) is a closed-end property investment fund and is licensed under the Dutch Act on Financial Supervision (Wet op
het financieel toezicht: ‘WFt’). the Company is domiciled in Utrecht, netherlands. this condensed consolidated interim financial information has been
prepared by the Management Board and was authorised for publication on 26 August 2010.

this condensed consolidated interim financial information has not been reviewed, nor audited.

BAsIs OF pREpARATION
statemeNt Of COmPlIaNCe
this condensed consolidated interim financial information for the six months ended 30 June 2010 has been prepared in accordance with IAS 34 Interim
Financial Reporting. the condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the
year ended 31 December 2009, which have been prepared in accordance with the International Financial Reporting Standards (‘IFRS’) adopted by the
european Commission.

measuremeNt
the condensed consolidated interim financial information has been prepared on the basis of historical cost except for investment property, investment
property under development, financial assets at fair value through profit or loss and derivatives, which are recognised at fair value. Unless otherwise
stated, the figures are presented in millions of euros rounded to one decimal place.

estImates aND assumPtIONs
the preparation of the condensed consolidated interim financial information in accordance with IFRS requires management to make judgments, estimates
and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. the estimates
and related assumptions are based on historical experience and various other factors considered appropriate. Actual results may differ from these
estimates.
the estimates and underlying assumptions are constantly reviewed. Revisions to accounting estimates are recognised in the period in which the estimate
is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

sIGNIfICaNt aCCOuNtING POlICIes
the condensed consolidated interim financial information for the six months ended 30 June 2010 relates to the Company and its subsidiaries (together
referred to as the ‘Group’) and to the Group’s investments in associates and interests in joint ventures.

except as described below, the accounting policies applied are consistent with those of the annual financial statements the year ended 31 December
2009, as described in those financial statements.

taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected total annual earnings.

the following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January
2010.

IFRS 3 Revised Business Combinations. From 1 January 2010 the Group has applied IFRS 3 Business Combinations (2008) in accounting for business
combinations. For acquisitions on or after 1 January 2010, the Group measures goodwill as the fair value of the consideration transferred (including
the fair value of previously-held equity interest in the acquiree) and the recognised amount of any non-controlling interest in the acquiree, less the net
recognised amount of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a
bargain purchase gain is recognised immediately in profit or loss.

transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination
are expenses as incurred.

IAS 27 (Amended) Consolidated and Separate Financial Statements (2008). From 1 January 2010 the Group has applied for IAS 27 Consolidated and
Separate Financial Statements (2008) in accounting for acquisition of non-controlling interest. on an acquisition-by-acquisition basis the Group measures
the non-controlling interest at the non-controlling interest’s proportionate share of the acquiree’s identifiable assets and liabilities. this means that
goodwill relates only to the controlling interest as acquired.




                                                                                                                    21 Corio Half -Year rePor t 2010
1 sEGMENT INFORMATION
 BUSineSS SegMent inforMation
 six months ended 30 June 2010 (€ million)          Netherlands       france          Italy       Iberia       turkey     Germany Other countr.          total
                                                                                                                                   + not alloc.
 Gross rental income                                       73.7         58.2          39.6         25.2            8.4         8.9            –         214.0
 Property operating expenses                              -13.1         -6.7          -3.0         -5.3          -2.4         -0.5            –          -31.0
 Net rental income                                         60.6         51.5          36.6         19.9            6.0         8.4            –         183.0
 Results on sales of investment property                   -0.4             –             –            –             –           –            –           -0.4
 Valuation gains                                           36.6         47.4          15.7           3.4           2.3         0.2            –         105.6
 Valuation losses                                         -20.7          -9.3         -0.8         -2.0         -10.1            –            –         -42.9
 Net valuation gain on investment property                 15.9         38.1          14.9           1.4          -7.8         0.2            –           62.7
 administrative expenses                                    -3.4         -3.0         -2.1          -0.7         -3.0         -0.2         -6.4          -18.8
 Other income                                                  –         -0.5          -1.5            –           0.4           –       -14.7           -16.3
 Results before finance expense                            72.7         86.1          47.9         20.7          -4.3          8.3       -21.2          210.2
 finance costs                                              -0.2       -20.3         -16.3        -14.5         -12.8         -4.7       -43.4         -112.2
 finance income                                              2.2          0.5           0.9            –           0.4         0.3        60.9            65.2
 Net finance expense                                         2.0       -19.8         -15.4        -14.5         -12.4         -4.4        17.5           -47.0
 Other material non-cash items                                 –            –          -0.2            –             –           –            –            -0.2
 share of results of equity accounted investees                                                                    1.4                                      1.4
 Result before tax                                         74.7         66.3         32.3           6.2         -15.3          3.9          -3.7        164.4
 Current tax                                               -0.1         -0.2          -1.2         -0.1              –        -0.7             –           -2.3
 Deferred tax                                                 –         -0.1         -8.6          -2.0            3.6        -0.1             –           -7.2
 Tax expense                                               -0.1         -0.3         -9.8          -2.1            3.6        -0.8             –          -9.5
 Net result                                                74.5         65.9         22.6           4.2         -11.7          3.1          -3.7        154.9
 Non controlling interest                                     –          0.1             –          0.1           -3.5         0.2             –           -3.1
 Net result attributable to shareholders                   74.5         65.8         22.6           4.1          -8.2          2.9          -3.7        158.0

 (€ million)                                        Netherlands       france          Italy       Iberia       turkey     Germany Other countr.          total
                                                                                                                                   + not alloc.
 Investment property                                   1,902.8       1,832.5      1,356.0         732.2        188.3        523.2             –       6,535.0
 Investment property under development                    65.6          57.7         41.4           4.6         41.9         40.8         12.6          264.6
 Investments in associates and other investments             –             –            –             –        199.8            –             –         199.8
 unallocated assets                                       50.1          20.7        130.7          72.3         52.6         35.1        193.7          555.1
 Total assets                                          2,018.5       1,910.9      1,528.1         809.1        482.6        599.1        206.3        7,554.6



seGmeNt rePOrtING
the Group’s activities are presented by business segment: netherlands, France, Italy, Iberia, turkey, Germany and other countries and non allocated. the
segmental format is based on Corio’s management structure and on the internal reporting lines at Corio. Interest expense and liabilities are not attributed
to specific segments, as they are managed centrally.

Following Corio’s acquisition of part of the Multi portfolio, consisting of four shopping centres in Germany, Spain and portugal, the basis of the segmental
format has been changed. As from this year Spain and portugal will be reported under ‘Iberia’ and Germany has been added as a new segment.




22 Corio Half -Year rePort 2010
BUSineSS SegMent inforMation
six months ended 30 June 2009 (€ million)         Netherlands     france       Italy   Iberia   turkey   Germany Other countr.      total
                                                                                                                  + not alloc.
Gross rental income                                      70.5        62.7      34.9     16.1       6.5        0.3            –     191.0
Property operating expenses                             -12.9        -5.2      -2.4     -2.8     -2.7        -0.1            –     -26.1
Net rental income                                        57.6        57.5      32.5     13.3       3.8        0.2            –     164.9
Results on sales of investment property                  -0.1        -0.8          –        –        –          –            –       -0.9
Valuation gains                                            5.2        2.3          –        –        –          –            –         7.5
Valuation losses                                        -79.1     -145.0      -65.3    -43.9    -15.2        -0.2            –    -348.7
Net valuation gain on investment property               -73.9     -142.7      -65.3    -43.9    -15.2        -0.2            –    -341.2
administrative expenses                                  -3.8        -3.4       -2.1     -0.4    -3.2           –        -6.0       -18.9
Other income / expense                                     0.5          –       -1.2     -0.1    -0.4           –          1.5         0.3
Results before finance expense                          -19.6      -89.4      -36.1    -31.2    -15.0           –        -4.5     -195.8
finance costs                                             -1.0      -26.5     -15.6      -8.5    -0.7        -0.1       -45.8       -98.2
finance income                                             3.0        1.9        0.4      1.3      2.5          –        40.1        49.2
Net finance expense                                        2.0     -24.6      -15.2      -7.2      1.9       -0.1        -5.8      -49.0
Other material non-cash items                                –          –       -0.5     -2.4        –          –            –       -2.9
share of results of equity accounted investees                                                    -9.1                               -9.1
Result before tax                                       -17.6     -114.1      -51.8    -40.8    -22.2        -0.1        -10.3    -256.8
Current tax                                              -0.1       -0.3        -0.6       –         –          –         -0.1        -1.2
Deferred tax                                                –       -0.2       45.0     13.0       2.2        0.1            –       60.1
tax expense                                              -0.1       -0.5       44.4     13.0       2.2        0.1         -0.1       58.9
Net result                                              -17.7     -114.5        -7.4   -27.8    -20.0           –        -10.5    -197.9
Non controlling interest                                    –          –           –       –      -1.5          –            –        -1.5
Net result attributable to shareholders                 -17.7     -114.5        -7.4   -27.8    -18.5           –        -10.5    -196.4

(€ million)                                       Netherlands     france       Italy   Iberia   turkey   Germany Other countr.      total
                                                                                                                  + not alloc.
Investment property                                  1,850.5     1,835.1    1,060.1    568.7    186.2       11.9             –   5,512.5
Investment property under development                   83.6        94.6        2.5      1.5     40.5          –         13.5      236.2
Investments in associates and other investments            –           –          –        –    178.3          –             –     178.3
unallocated assets                                      71.1        21.7       96.5     52.6     68.5        1.2          9.9      321.5
Total assets                                         2,005.2     1,951.4    1,159.1    622.8    473.5       13.1         23.4    6,248.5




                                                                                                    23 Corio Half -Year rePort 2010
2 INVEsTMENT pORTFOlIO
(€ million)                                                        Investment property   Investment property under   Investment in associates                      total
                                                                                                      development      and other investments
  Balance as at 31 december 2009                                              5,516.0                        194.5                     175.0                    5,885.5
  acquisitions                                                                1,027.0                         42.9                          –                   1,069.9
  Investments                                                                    12.1                         28.9                          –                       41.0
  transfer from property under development                                        0.2                         -0.3                          –                       -0.1
  transfer from investment in associates                                                                                                                                –
  Capitalised interest                                                               –                        2.5                           –                         2.5
  sales                                                                          -87.7                          –                           –                      -87.7
  revaluations                                                                  66.33                        -3.9                           –                       62.4
  Dividends received                                                                 –                          –                        -7.4                        -7.4
  Other                                                                            1.1                          –                       32.2                        33.3
  Balance as at 30 June 2010                                                  6,535.0                       264.6                      199.8                    6,999.4
3
   Includes -€ 0.4 m result on sales of investment property

In the first half year of 2010 the investment property mainly increased due to the Multi deal, from Multi four operational shopping centres were acquired.
In Germany two centres Forum Duisburg (€ 228.4 m) and Centrum Galerie Dresden (€ 280.0 m), one in Spain espacio torrelodones (€ 66.9 m) and one
in portugal espaço Guimarães (€ 92.0 m).

Besides the Multi deal the investment portfolio further increased by acquisitions in Italy of Le Vele shopping gallery and Millennium entertainment centre
(€ 106.7 m) and porta di Roma (€ 225.9 m). In the netherlands investment property mainly increased due to delivery of the turnkey project nesselande
(€ 27.0 m).

Investment property under development mainly increased due to further acquisitions in Germany, of which Königsgalerie Duisburg (€ 40.0 m) forms a part
of the Multi deal as well.



3 shAREhOldERs’ EQuITy
As at 30 June 2010, the share capital comprised 91,002,947 fully-paid up shares (31 December 2009: 76,363,025).

the shareholders are entitled to receive the dividends declared from time to time and are entitled to cast one vote per share at meetings of the Company.

IssueD CaPItal
the authorised capital comprises 120 m shares each with a nominal value of € 10. As at 30 June 2010, 91,002,947 shares were issued (31 December
2009: 76,363,025). the number of shares issued is increased due to stock dividend on 20 May 2010 (1,306,589 shares) and due to an ABB on 31
March 2010 (13,333,333 shares).

DIVIDeND
Corio offered the shareholders a dividend of € 2.65 per share for the financial year 2009 entirely in cash, less 15% dividend tax, or entirely in shares
charged to the share premium reserve, with the restriction that due to the fiscal payment obligation a maximum of 50% of the total dividend could be paid
in shares.

For the year 2009 shareholders elected to receive 22.7% of the total dividend in shares, in this respect a total of 1,306,589 shares were issued on 20
May 2010.



4 EARNINGs pER shARE
Net result Per OrDINarY sHare
the calculation of earnings per share as at 30 June 2010 is based on the net result for the period which is attributable to the shareholders, amounting to
€ 158.0 m (2009: -€ 196.4 m), and the weighted average number of shares in issue during the first half year of 2010, calculated as follows:


net reSUlt attriBUtaBle to SHareHolDerS
(€ million)                                                                                                                                     six months ended 30 June
                                                                                                                                        2010                       2009
Net result attributable to shareholders                                                                                                158.0                      -196.4

the earnings per share are not subject to any potential dilutive effects




24 Corio Half -Year rePort 2010
 wEIGHTED	AVERAGE	NUMBER	OF	SHARES
 (€ million)                                                                                                                  2010                     2009
 shares in issue at the start of the reporting period                                                                   76,363,025                66,253,702
 effect of share issue and stock dividend                                                                                7,080,350                 1,636,147
 Weighted average number of ordinary shares                                                                             83,443,375                67,889,849


5 BusINEss cOMBINATIONs
 SUMMARY	OF	THE	MOST	IMPORTANT	ACQUISITIONS	IN	2010
  (€ million) Company name                                    acquisition date                   Interest             Consideration                  Goodwill4
  shopping centre forum Duisburg, Duisburg                     31 march 2010                        95%                       64.0                       3.6
  shopping centre Centrum Galerie Dresden, Dresden            31 march 2010                         95%                       83.8                       1.9
  shopping centre espaço Guimarães, Guimarães                   16 april 2010                      100%                       21.3                       3.8
  shopping centre le Vele shopping gallery, Cagliari          19 march 2010                        100%                       56.2                          –
  Total                                                                                                                      225.3                       9.3
4
   Preliminary calculation.



 SUMMARY	OF	THE	SALES	AND	RESULT	FOR	THE	YEAR	ENDED	AS	AT	30	JUNE	2010	
 (€ million) Company name                                                                                                      sales                    result
 shopping centre forum Duisburg, Duisburg                                                                                       7.39                     -1.01
 shopping centre Centrum Galerie Dresden, Dresden                                                                               8.54                     -7.73
 shopping centre espaço Guimarães, Guimarães                                                                                    3.50                      1.60
 shopping centre le Vele shopping gallery, Cagliari                                                                             3.84                      1.94

 SUMMARY	OF	THE	SALES	AND	RESULT	AS	FROM	DATE	OF	ACQUISITION
 (€ million) Company name                                                                                                      sales                    result
 shopping centre forum Duisburg, Duisburg                                                                                       3.72                     2.02
 shopping centre Centrum Galerie Dresden, Dresden                                                                               4.31                     2.27
 shopping centre espaço Guimarães, Guimarães                                                                                    1.25                     0.50
 shopping centre le Vele shopping gallery, Cagliari                                                                             2.21                     3.90


summarY Of reCOGNIseD amOuNts
pre-acquisition carrying amounts were measured on the basis of the applicable IFRS guidelines immediately prior to the actual acquisition. the amounts of
the assets, liabilities and contingent liabilities recognised on the acquisition date concern the estimated fair value on the basis of the accounting policies
applied by Corio.


 NET	ASSETS	AND	LIABILITIES	OF	BUSINESS	COMBINATIONS	ON	DATE	OF	ACQUISITION:
  2010 (€ million)                                                                      Carrying amount        fair value adjustment       recognised amount
  Investment property                                                                              691.0                        16.1                    707.1
  Property, Plant & equipment                                                                           –                           -                         –
  Deferred tax assets                                                                                12.8                           -                     12.8
  trade and other receivables                                                                        20.6                        -0.4                     20.2
  Cash and cash equivalents                                                                           7.5                           -                       7.5
  Intercompany Balances                                                                           -428.6                            -                  -428.6
  Interest bearing long term loans and borrowings                                                  -52.2                            -                   -52.2
  Deferred tax liabilities                                                                         -23.3                         -4.1                    -27.4
  Other payables                                                                                    -15.9                           -                    -15.9
  Net assets and liabilities (equity)                                                                                                                   223.5
  Non-controlling interest                                                                                                                                 -7.5
  equity                                                                                                                                                216.0
  Goodwill                                                                                                                                                9.35
  Consideration                                                                                                                                         225.3
5
   Preliminary calculation.




                                                                                                                   25 Corio Half -Year rePort 2010
6 cONTINGENT lIABIlITIEs
As at 30 June 2010, Corio’s total investment commitments were € 1,049.3 m (2009: € 623.4 m). these commitments are made up as follows:

INVestmeNt COmmItmeNts
(€ million)                                                                                                          30 June 2010          31 December 2009
first year                                                                                                                  231.6                     248.9
second to fourth year                                                                                                       817.7                     374.5
fifth year and more                                                                                                             -                         -

the first half year of 2010 Corio’s pipeline mainly increased due to the acquisition of part of the Multi portfolio, for a total amount of € 477 m. the
pipeline decreased mainly due to the delivery of the turnkey project nesselande in the netherlands (€ 27.2 m) and other downward adjustments in the
netherlands, Italy and turkey.

lease COmmItmeNts
Lease commitments totalling € 249.1 m (2009: € 243.2 m) have also been entered into and are made up as follow:

(€ million)                                                                                                          30 June 2010          31 December 2009
first year                                                                                                                    9.3                        8.0
second to fourth year                                                                                                        28.6                       27.3
fifth year and more                                                                                                         211.2                     207.9

Guarantees totalling € 70.4 m (2009: € 73.1 m) have been granted for other possible acquisitions, in addition to internal guarantees given in connection
with Corio Group financing.



7 RElATEd pARTIEs
Qualifying as related parties of the Group are its subsidiaries, its associates, members of the Supervisory Board and Management Board and Stichting
pensioenfonds ABp. transactions with related parties take place at arm’s length.
Members of the Supervisory Board and Management Board do not have any material interest in Corio’s voting shares and do not have options on the
shares. the Group has not granted any loans to the members of the Supervisory Board and Management Board. pursuant to the Dutch Authority on
Financial Supervision (WFt), the members of the Supervisory Board and Management Board of Corio report that they held no personal interest in the
Company’s investments in 2010.
to the best of Corio’s knowledge, ABp is the only shareholder which can be considered a related party within the meaning of the Decree on the Supervision
of the Conduct of Financial Undertakings (under the WFt) in that it holds more than 20% of the voting rights conferred by Corio shares. A number of Group
companies have reached agreement with ABp that ABp will act as pension fund provider for a number of employees. Besides the contributions which are
due for the financial year 2010, ABp participated in the issuance of shares on 31 March 2010.



EVENTs AFTER BAlANcE shEET dATE
on 26 July 2010, Corio acquired Anatolium shopping centre in turkey for € 176 m in line with Corio’s last reported net theoretical Yield for Corio türkiye.
Corio announced on 12 november 2007 that it has reached an understanding regarding the turnkey development and acquisition of a 100%-interest
in Anatolium shopping centre in the city of Bursa. At opening, the centre will have an occupancy rate of approx. 90% and up till the end of 2012 the
developer of the shopping centre will provide a rental guarantee for any vacancy. the rental contracts are euro based.

on 10 August 2010, Corio has successfully priced a bond issue of € 250 m with a maturity of 10 years. the proceeds of this transaction will be used for
general corporate purposes and allow Corio to extend its debt maturity profile. the € 250 m bond issue offers a 5.448 per cent coupon and matures on 10
August 2020. the bonds are placed with a single foreign institutional investor.

on 6 August 2010, the eU antitrust authorities approved the acquisition of the companies that own 50% of the shares in the greater portion of porta
di Roma shopping centre for about € 220 m. the deal has been set up by a joint venture structure, Allianz participates for 50% as Corio’s joint venture
partner.




26 Corio Half -Year rePort 2010
OtHer INfOrmatION
euronextcode/ISIn-code nL0000288967; Fondscode 28896; Bloomberg                cORIO NEdERlANd
CoRA nA; Reuters CoR.AS; Datastream H:VIB                                      Jacobsweerd, St. Jacobsstraat 200, 3511 Bt Utrecht
                                                                               p.o. Box 8243, 3503 Re Utrecht, the netherlands
this interim financial information contains forward-looking information        t +31 (0) 30 234 64 64, F +31 (0) 30 233 35 78
with respect to the financial position, plans and objectives, activities and   e info@nl.corio-eu.com, I www.corio-eu.com
market conditions in which the company operates. By their nature, forward-
looking statements and forecasts imply risks and uncertainties, as they        cORIO FRANcE
relate to known and unknown events and circumstances which may or may          tour exaltis, 61, rue Henri Régnault
not happen in the future. the forward-looking statements and forecasts in      92075 paris La Défense cedex, France
this report are based on management’s current insights and assumptions.        t +33 (0) 1 474 53 000, F +33 (0) 1 474 55 850
the actual results and developments may deviate from those expected,           e info@fr.corio-eu.com, I www.corio-eu.com
under the influence of factors such as: general economic circumstances,
results on the financial markets, changes in interest rate levels and          cORIO ITAlIA
exchange rates, changes in the law and regulatory framework and in the         Via Fabio Filzi 25/a
policy of governments and/or regulatory authorities.                           20124 Milan, Italy
                                                                               t +39 026 69 63 49, F +39 026 69 77 11
QuEsTIONs                                                                      e info@it.corio-eu.com, I www.corio-eu.com
Should you have any questions, please contact the Investor Relations
Department:                                                                    cORIO EspAÑA
investor.relations@nl.corio-eu.com or +31 (0) 30 282 93 43                     C/ María de Molina, 40–8a plta
                                                                               28006 Madrid, Spain
cORIO N.V.                                                                     t +34 91 426 17 77, F +34 91 435 56 44
Jacobsweerd, St. Jacobsstraat 200, 3511 Bt Utrecht                             e info@es.corio-eu.com, I www.corio-eu.com
p.o. Box 8243, 3503 Re Utrecht, the netherlands
t +31 (0) 30 234 64 64, F +31 (0) 30 281 72 31                                 cORIO TÜRKIyE
e corio@nl.corio-eu.com, I www.corio-eu.com                                    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

                                                                               cORIO dEuTschlANd
                                                                               Königsstraße 13 (as of December 2010)
                                                                               47051 Duisburg, Germany
                                                                               t +49 203 4196 1500, F +49 203 4196 1501
                                                                               e info@de.corio-eu.com, I www.corio-eu.com


                                                                                                               27 Corio Half -Year rePort 2010

				
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