Large portfolio of resilient high-quality retail property assets, valued at €21 billion on Sept. 30, 2015. Broad diversity of tenants and strengthened wide geographic reach within Western Europe, with a presence in 16 countries following the merger with Corio. Strong competitive position supported by steady organic growth and high barriers to entry. A management strategy of focusing on large shopping centers in growing areas, and divesting non-core assets, in particular small assets inherited from Corio's portfolio. Relatively low exposure to commercialization risks inherent to development activities. Relatively prudent financial policy centered on a loan-to-value (LTV) target of 40%. Debt-to-debt-plus-equity ratio increased temporarily due to consolidation of the Corio acquisition. We expect this ratio to be below 45% at end-2015. Improved
