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Recommended Exchange Offer by Klépierre for All Issued And

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Recommended Exchange Offer by Klépierre for All Issued And This is a joint press release by Klépierre S.A. and Corio N.V. pursuant to the provisions of Section 10 Paragraph 3 and Section 18 Paragraph 3 of the Netherlands Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft) in connection with the recommended public exchange offer by Klépierre S.A. for all the issued and outstanding ordinary shares in the capital of Corio N.V. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Corio N.V. or Klépierre S.A. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, Canada and Japan. Capitalized terms not defined in this press release will have the meaning as set forth in the Offer Memorandum. Joint Press Release 27 October 2014 Recommended exchange offer by Klépierre for all issued and outstanding ordinary shares of Corio – publication of the documentation relating to the offer and the contemplated merger of Corio into Klépierre Transaction highlights Recommended public exchange offer for all Corio Shares at an exchange ratio of 1.14 New Klépierre Shares for each Corio Share. The exchange ratio of 1.14 implies a premium of 15.6% based on the Klépierre closing price of EUR 36.36 and the Corio closing price of EUR 35.84 on 28 July 2014, the last trading day prior to the Initial Announcement. The Corio Management Board and Corio Supervisory Board fully support and unanimously recommend the Offer for acceptance and the Merger for approval. The Corio N.V. and the Klépierre Works Councils have rendered a positive advice in respect of the transaction. Simon Property Group and BNP Paribas, Klépierre's largest shareholders, as well as APG, Corio’s largest shareholder, fully support the contemplated transaction. APG has agreed to irrevocably tender its block of 30.6% Corio shares under the Terms of the Offer. The Acceptance Period commences at 9:00 CET on 31 October 2014 and ends at 17:40 CET on 8 January 2015, unless extended. The Corio EGM will be held on 8 December 2014 in Utrecht, the Netherlands. The Klépierre EGM will be held on 11 December 2014 in Paris, France. The Offer shall be subject to satisfaction or waiver of the Offer Conditions, including an acceptance threshold of 95%. The acceptance threshold will be lowered to 80% if the Corio EGM adopts the Merger Proposal with at least 66.67% of the votes cast. Klépierre and Corio agreed that a Merger may be implemented after completion of the Offer in order to achieve full integration of their respective businesses. Klépierre has already obtained clearance from the Turkish competition authority and is in the process of seeking other required regulatory approvals. 1414 1 Corio intends to pay an interim dividend to the Shareholders. Klépierre will concurrently pay to its shareholders an interim per share dividend corresponding to the per share dividend distributed by Corio divided by 1.14. / 14 2 Paris, France and Utrecht, the Netherlands, 27 October 2014 Further to the joint press release of Klépierre S.A. (Klépierre) (Euronext Paris) and Corio N.V. (Corio) (Euronext Amsterdam) of 29 July 2014, Klépierre and Corio announce the publication of an offer memorandum in the Netherlands (the “Offer Memorandum“) which was approved by the Dutch Autoriteit Financiële Markten or AFM, and that Klépierre has published a prospectus which was approved by the French Autorité des marchés financiers (the "AMF") on 27 October 2014 (the "Prospectus"). With the publication of the Offer Memorandum today, Klépierre is making a recommended exchange offer to all holders of issued and outstanding ordinary shares (the "Shareholders") with a nominal value of EUR 10.00 each in the capital of Corio (the "Shares") to acquire their Shares on the terms and conditions set forth in the Offer Memorandum (the "Offer"). The Offer Shareholders tendering their Shares under the Offer will receive 1.14 New Klépierre Shares (the "Exchange Ratio"), on the terms and subject to the conditions and restrictions set out in the Offer Memorandum in consideration for each validly tendered Share, and each defectively tendered Share if Klépierre accepts such defective tender, that is not validly withdrawn (a "Tendered Share") that is transferred (geleverd) to Klépierre (the "Offer Consideration"). The Offer Consideration is cum dividend, except for the dividend distribution set out below. Corio and Klépierre Dividend Corio intends to distribute, before the Settlement Date, a dividend to the Shareholders, in order to comply with its obligations under the FBI regime for the 2014 financial year and the period running from 1 January 2015 until the Merger Date. In order to maintain an Exchange Ratio of 1.14 New Klépierre Shares for each Share, Klépierre will concurrently distribute to its shareholders, before the Settlement Date, an interim per share dividend with regards to the 2014 fiscal year corresponding to the per share dividend distributed by Corio divided by 1.14. To date, the amount of the estimated dividend to be distributed by Corio is EUR 1.03 per Share. In order to maintain a Merger Exchange Ratio of 1.14 Klépierre Shares for each Corio Share, Klépierre will concurrently distribute to its shareholders an interim dividend of EUR 0.91 per Klépierre ordinary share. These amounts will be re-assessed and, if necessary, adjusted, before distribution. The holders of New Klépierre Shares received in the context of the Offer will be entitled to the remainder of the dividend to be paid by Klépierre for the fiscal year 2014 following the Klépierre annual shareholders’ meeting to be held in 2015. Unanimous recommendation from the Corio Boards After having given due and careful consideration to the strategic rationale and the financial and non-financial aspects and consequences of the proposed Transactions, the Corio Boards have reached the conclusion that the Offer and the Merger provide a fair price to the Shareholders and are in the best interests of Corio and its stakeholders, including all Shareholders, subject to a / 14 3 Superior Offer or a Klépierre Stock Event. As further set out in the Position Statement, the Corio Boards have also obtained fairness opinions from Deutsche Bank AG, London Branch and Goldman Sachs International in which they have opined that, as of the date of the Merger Protocol and subject to and based upon the factors and assumptions set forth in their respective opinions, the Offer was fair to the Shareholders of Corio (other than Klépierre and its affiliates) from a financial point of view. With reference to the above, the Corio Supervisory Board and the Corio Management Board unanimously recommend the Offer for acceptance and the Merger for approval to the Shareholders and unanimously recommend the Shareholders to vote in favour of the Corio Resolutions at the Corio EGM. Extraordinary general meeting of shareholders of Corio At 15:00 CET on 8 December 2014, an extraordinary general meeting of Corio (the "Corio EGM") will be convened at the Spoorwegmuseum, located at the Maliebaanstation, 3581 XW Utrecht, the Netherlands, to discuss, amongst other matters, the Offer and the Merger. At the Corio EGM, the Shareholders shall be requested to (i) resolve on an amendment of the Corio Articles of Association in preparation of the Merger, (ii) approve the Merger and adopt all other resolutions required in order to effect the Merger, and (iii) adopt resolutions regarding the composition of the Corio Boards as per the Settlement Date. A position statement providing further information to the Shareholders in accordance with Article 18, Paragraph 2 of the Decree, is made available by Corio as of today. Further reference is made to the agenda for the Corio EGM and the explanatory notes thereto, published today by Corio on its website (www.corio-eu.com). Extraordinary general meeting of shareholders of Klépierre At 15:00 CET on 11 December 2014, an extraordinary general meeting of Klépierre (the "Klépierre EGM") will be convened at Théâtre Edouard VII, 10 place Edouard VII, 75009 Paris, France, to discuss, amongst other matters, the Offer and the Merger. At the Klépierre EGM, the Klépierre Shareholders shall be requested to (i) take all necessary resolutions to issue the required number of New Klépierre Shares for the Exchange Offer, (ii) approve the Merger and adopt all other resolutions required in order to effect the Merger, and (iii) vote for the appointment of the new members of the Klépierre Supervisory Board. Further reference is made to the agenda for the Klépierre EGM and the explanatory notes thereto, published today by Klépierre on its website (www.klepierre.com). Committed Shares APG, Corio's largest shareholder with a 30.6% interest, has entered into an irrevocable undertaking with Klépierre to tender its Shares under the terms of the Offer, to support the Transactions and to vote in favour of all resolutions relating to the Transactions to be taken at the Corio EGM, in accordance with the terms of the irrevocable undertaking. / 14 4 Committed support from Klépierre's largest shareholders Klépierre's largest shareholders, SPG, with a 29.4% interest (excluding treasury shares), and BNP Group, with a 21.7% interest (excluding treasury shares), have entered into an irrevocable undertaking with Klépierre pursuant to which they have committed to Corio to support the Transactions and to vote in favour of all resolutions relating to the Transactions to be taken at the Klépierre EGM, in accordance with the terms of the respective irrevocable undertakings. Works council advice The applicable employee consultation procedures regarding the Offer and/or the Merger in the Netherlands and in France have been completed.
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