(Comparative figures for 2007 results in brackets; unless stated otherwise)

· Net rental income from continuing operations1 increased by 13.9% to € 317.7 m (€ 278.9 m). ‘Like-for-like’ net rental growth was 4.4% for the total continuing portfolio and for the retail portfolio 4.0%.

· 8.1% of the retail contracts were relet or renewed, the increase of the rent for these contracts was 16.6%.

· Direct result increased by 0.5% to € 204.1 m (€ 203.1 m) or € 3.08 per share (€ 3.07).

· The General Meeting of Shareholders will be invited to approve a dividend of € 2.64 per share, at the option of the shareholder, either in cash or stock (2007: € 2.60 in cash only). This represents a dividend yield of 8.0% on the basis of Corio’s 2008 year-end share price of € 32.89.

· Indirect result from continuing operations was € 427.6 m negative (€ 563.2 m) and the indirect result of discontinued operations was € 16.1 m negative (€ 35.2 m).

· Operating income from discontinued operations decreased by 23.9% to € 28.6 m (€ 37.6 m).

· The average occupancy rate for the total portfolio in 2008 remained at the same high level as 2007 at 96.8%, average occupancy rate of retail was 97.7% (98.0%).

· Value of the property portfolio (including discontinued portfolio and share of associates) decreased to € 6,039 m (year-end 2007: € 6,460 m); 92% of the portfolio is invested in retail.

· Share of profit of associates (direct) increased by € 1.0 m to € 15.2 m (€ 14.2 m).

· Fixed pipeline decreased by € 563 m, mainly due to the transfer of Grand Littoral in Marseille and Pieter Vreedeplein in Tilburg to the investment portfolio. Total FV pipeline2 (fixed and variable) decreased to € 2,339 m, excluding € 373 m already invested (year-end 2007: € 3,133 m, excluding € 352 already invested). Assessment of the pipeline in the fourth quarter resulted in reducing the committed pipeline with € 753 m from € 1257 m to € 504 m.

· Leverage was 40.1%3 at year-end 2008 (year-end 2007: 36.9%), average interest rate in Q4 2008 was 5.1%, fixed interest debt increased to 65% (year-end 2007: 56%).

· Triple NAV (NNNAV) per share decreased by 6.1% to € 57.98 (year-end 2007: € 61.77).

Business highlights 2008

· Corio has been included in de AEX index since 4 March 2008.

· Grand Littoral in Marseille was taken in portfolio on 18 March 2008.

· In April, a Dutch office and industrial portfolio was sold to White Estate Investments for € 650 m, executed 30 September 2008 except for four properties. Three were transferred in October and the fourth will be transferred in March 2009.

· In December, Corio closed a € 100 m loan with ING Real Estate Finance with a 2 year duration and an interest rate of 3 months Euribor with 250 bps spread.

Portfolio

The property portfolio5 decreased in 2008 by € 421 m or 6.5% from € 6,460 m to € 6,039 m, including € 228.3 m (€ 323.7 m) of investments in associates in Turkey. The decrease is the result of the revaluations of € 451.7 m negative, the balance of acquisitions, investments and disposals of € 36.4 m and movements resulting from associates and other of € 5.5 m negative.

The acquisitions of € 511.7 m, mainly concern the acquisition of Grand Littoral in Marseille, IKEA near Le Gru in Turin and the last 30% of Balzac in La Defense. The investments totalling € 270.4 m comprise € 114.9 m for investment properties in operation and € 155.5 m for investment properties under development. The main investments in properties under development were in the shopping centres Quais d’Ivry in Paris, Pieter Vreedeplein in Tilburg, Malatya in Turkey and Eschmarke in

Enschede. The effect of the disposals in 2008 mainly related to the sale of the Dutch offices and industrial portfolio in the Netherlands, parts of Hoog Catharijne in Utrecht, Fabriekspad in Oisterwijk, Croesinckplein in Zoetermeer and Stadhuisplein / Stationsstraat in Almere.

The changes in investments in associates and other comprise € 3.3 m in respect of increases in equity, € 10.5 m negative to the received dividend from Akmerkez, € 15.2 m for the direct result in 2008, and € 96.8 m negative relates to indirect result, foreign exchange profit of € 12.7 m and € 19.3 m negative for AdaCenter which was transferred to the operational portfolio (and fully consolidated) because Corio owns 100% of the shares since May.

Pipeline6

The total pipeline (fixed and variable) of projects was € 2,339 m, excluding € 373 m already invested, on 31 December 2008 (year-end 2007: € 3,133 m, excluding € 352 m already invested). The fixed pipeline was € 771 m, excluding € 300 m already invested (year-end 2007: € 1.334 m, excluding € 327 m already invested). The € 563 m decrease was mainly caused by the transfer to the operational portfolio of Grand Littoral in Marseille and Pieter Vreedeplein in Tilburg and waiving two projects. In light of the current financial and economic situation, Corio is carefully reviewing its pipeline, where possible renegotiating and/or deferring projects. As a result of this, Corio waived the development project in Iskenderun, Turkey and a project in France in the variable pipeline representing € 116 m and € 79 m respectively. Assessment of the pipeline in the fourth quarter resulted in reducing the committed pipeline with € 753 m from € 1257 m to € 504 m. The net yield at

opening of the total pipeline is expected to be 6.7% on average

Outlook 2009

As a result of the loss of rental income due to the sale of the Dutch offices and industrial portfolio, lower financing expenses and the current economic uncertainty, Corio expects that its direct result 2009 will be in line with the previous year.( stralcio dal CS della Società)