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ING conference Small cap Benelux conference, 17 June London

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NSI snapshot

2

Portfolio breakdown by asset value (FY 2014) Company description

Key financials

NSI is a real estate asset management company and qualifies as

fiscal investment institution under Dutch law (“Dutch REIT”)

NSI was founded in 1993 and listed in Amsterdam in 1998

NSI manages offices and retail investments in the Netherlands and

has a minority stake (15.2%) in Intervest Offices (listed in Brussels)

In 2011 NSI acquired Vast Ned Offices (VNOI)

NSI divested its Swiss portfolio in April 2013

NSI successfully completed a recapitalisation in November 2013 to

strengthen its balance sheet and to invest in asset management

FY 2014 FY 2013

Portfolio value* (€m) 1,668.2 1,808.8

Gross rental income (€m) 133,6 144.6

Net rental income (€m) 109.2 121.8

Direct investment result (€m) 48.5 46.3

Loan-to-Value (%) 48.9 45.4

Occupancy (%) 79.9 79.5

Interest cover ratio** (x) 2.6 2.1

Portfolio value and EPRA Net Initial Yield

Geographic breakdown

(100% = €1,668m)

Segment breakdown

(100% = €1,668m)

37%

63%

Belgium Netherlands

20%

26% 54%

Retail

Industrial Offices

* Including development pipeline and assets held for sale

** Based on reported year-to-date net rental income and finance expenses

*** The EPRA Net Initial yield is calculated as annualised rental income based on the cash rents passing at the balance sheet date,

less non-recoverable operating and service costs, divided by the market value of the property, increased with (estimated)

purchasers’ costs.

As per

31/12/2014 Portfolio value* (€m) EPRA NIY***

Offices NL 561,265 6.3%

Retail NL 431,075 6.0%

Industrial NL 64,388 7.5%

Belgium 611,446 6.3%

Offices 334,316

Logistics 276,510

Total 1,668,174 6.3%

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Reduced stake in IOW from 50.2% to 15,2%

3

Rationale:

Releasing capital to reinvest in the Dutch office market where NSI sees opportunities to create value

through its active management

− Asset value cycle

− No upside through active management strategy NSI: IOW autonomously well managed -

Total gross transaction proceeds of approx. €111 million will be used to pursue opportunities in the

Dutch office market, in line with NSI’s strategy.

Sold in accelerated bookbuild at fixed price of 19.50

Impact:

Deconsolidation of IOW as per 30 June 2015; remaining 15% stake will be recognized as ‘Interest’

Impact on direct result per share after Q2; approx. €0.035 per share (Q3 &Q4)

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STRATEGY IN PROGRESS 1

4

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5

Executing our asset rotation strategy

− NSI well on track in achieving its 2016 Dutch office portfolio targets:

• €24.5 million of sales transactions completed in Q1 2015, 24% above book value on average

» Sale of full non core office portfolio completed

» Continued sales of non strategic office assets

• €12.1 million of sales of Dutch properties completed in 2014

» Value add properties (12,216 sqm) optimised and sold

» 4% office space (22,705 sqm) transformed for alternative use

» Last residential units sold

− Acquisitions in logistics in Belgium of €61.6 million, now representing 48% of Belgium portfolio towards

strategic target of 60%

− Continued investments in portfolio to improve quality and add value

− Roll out HNK on schedule

Operational performance

− Occupancy total portfolio improved from 79.9% (31/12/14) to 80.6% (31/3/2015)

− Strong take up in offices, even stronger in HNK

• Take up /suppy ratio was 21% compared with 17% market average, 36% in HNK

Refinancing facility of €550 million fundament for new funding strategy

− Diversification

− Extended maturities

− Lowering funding costs

Strategy in progress

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6

NSI’s clear portfolio vision and strategy

Asset management

Client focus

Investment

Asset rotation

Maximise total return

Segmentation

Improve portfolio quality

Core

Value-add

Non-core

Improve operational performance

Optimise performance or sell

Keep or sell

Reduce

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Progressing towards 2016 targets – Dutch offices - well on track -

3%

56% 48%

30%

41% 52%

70%

1-1-2014 1-1-2015 Target 2016

7

Financial

Occupancy

# HNK

72.1%

3

>80%

20

71.2%

7

Value add

properties < €5m

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Strategic choices combined with business intelligence

determine focus

8

# companies 10 -50 employees # self employed persons

Focus on office properties

> 4,000 sqm

Multi tenant

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OPERATIONAL 2

9

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10

Offices NL

Strong take up in Q1 2015; 9,090 sqm significantly higher compared with Q4 2014 (3,216 sqm) and Q1

2014 (5,131 sqm)

Trend continuing in Q2 2015

Take up/supply ratio of 21% in Q1 compared with market average of 17%.

Stable occupancy rate (71.4% as per 31 March 2015)

Effective rent level new leases was €130 per sqm in Q1 2015 (€125 per sqm over last 12 months)

Retail NL

Stable occupancy rate (88.2% as per 31 March 2015, 88.4% as per 31 December 2014)

Effective rent level new leases of €175 per sqm versus €180 per sqm in total retail portfolio

Like-for-like growth of 3.1%

Belgium

Occupancy rate improved in both segments to 86.7% for total portfolio (31 December 2014: 86.0%)

Acquisition of logistic site in Herstal brings share of logistics in total portfolio to 48%, progressing

towards target of 60%

Q1 2015 highlights

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11

Offices NL HNK Retail

Q1 2015 Q4 2014 Q1 2015 Q4 2014 Q1 2015 Q4 2014

Occupancy 71.4% 71.5% 57.5% 56.6% 88.2% 88.4%

Take-up

take up/ supply rate

9,000 sqm

21%

3,200 sqm

13%

4,200 sqm

36%

1,800 sqm

26%

831 sqm 2,500 sqm

Leases started (sqm)/

renewed (sqm)

19,913 /

53,277

37,750/

57,509

6,500/

2,000

500/

320

16,155/

47,715

7,500/

35,916

Retention rate 53% 47% 84% 76% 75% 78%

Rent

New leases / portfolio

(*(12 months rolling)

€125*/ €146

€128*/ €146

€175/ €167

€196/ €163

€178/ €180

€193/ €182

GRI €12.4 mio €13.4 mio €1.7 mio €1.6 mio €7.1 mio €6.6 mio

WALL 3.8 years 3.8 years 2.5 years 2.5 years 4.6 years 4.5 years

Significant

developments

Sale of non core portfolio

improved the overall quality and

contributed to high take up/

supply ratio

Roll out progressing: HNK Den

Bosch opened in April and HNK

Ede in June

Numerous large transactions:

success Tailor made office

proposition

Like-for like growth of 3,1%, driven

by redevelopments completed in

2014

Operational performance

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Offices: HNK roll out according to plan

12

sqm Occupancy

HNK Rotterdam 18,000 60%

HNK Amsterdam 10,000 82%

HNK Utrecht 3,000 71%

HNK The Hague 15,000 39%

HNK Hoofddorp 3,500 71%

HNK Groningen 3,500 62%

HNK Apeldoorn 14,000 39%

HNK Den Bosch 3,500 30%

HNK Ede 10,000

HNK Utrecht 9,000

89,500 58%

HNK Ede: opened

11 June

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14

Like for like growth 29.7% in Q1 2015 (33.7% in 2014)

Take up/ supply ratio (36%) two times market average (17%) in Q1 2015

Leases signed at €175 per sqm in Q1 2015 (€ 188 per sqm in 2014)

Demand driven development:

HNK’s under construction all partially pre-let

Success rate in converting interest into contract 3 times higher than in

traditional portfolio

The gross rental income from HNK amounted to €1.7 in Q1 2015 (FY 2014:

€5.4 million in 2014)

Track record

HNK is

stacking up

Office - HNK

(€ million) 2013 2014 2015 YTD 2016

target

Investment 3.7 5.1 1,7 13.4 31.0

GRI 1.5 5.4 1.7 (1 quarter)

6.5

# HNK’s 3 4 1 8 20

% portfolio

(sqm)

3% 12% 13% 25%

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15

Retail focus - market view

15

Convenience Experience

Changing consumer behavior

− ‘multi-channel’ & ‘omni-channel’

• Off-line and online retail intermingle in an enhanced consumer

focus/targeting

Locations – the gap is widening

− Internet in combination with long-lasting sales declines increased market

vacancy

− Search for relevance and distinctiveness

− Retailers need to restructure location and branding strategies

Experience versus convenience

− Retail market is tending to two extremes:

• Entertainment, hospitality & fun for a full day out > experience

• Efficient and functional > convenience

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16

16

The ‘convenience’ centre

− Tenant base perfectly fits the ‘convenience’ consumer

• strong mix of food, personal care and other daily goods

• Complete range of product offering for daily needs

• Mix of local entrepeneurs/ national brands (55%/45%)

NSI’s capabilities: strongly geared towards ‘convenience’ shopping centers’

− Require active management

− Adding value through services and facilities:

− Local entrepreneurs require support beyond the physical store

Focus on convenience means:

− Full focus on local neighbourhood retail centres

• Result in shift in portfolio segmentation

• Redefine non core:

» Large Scale retail

» Shared ownership

• Asset rotation function of redefined segmentation

Requires the next step in active management and adding value

• Consumer focus

• On-line strategy defined in 2014 > Start pilot in Q1 2015

NSI’s Retail positioning - Convenience

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Redefined 2016 targets Retail

17

8% 6%

50% 49% 46%

42% 43% 46%

1-1-2014 1-1-2015 Target 2016

8% 8% 19%

50% 36%

30%

42% 44%

70%

1-1-2014 1-1-2015 Target 2016

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Belgium

Strategy aimed at growing logistics to 60% of total portfolio

− The logistics portfolio grew to 48% following the acquisitions along the Antwerp-Limburg-Liege axis:

• a logistics site in Opglabbeek of 77,000 sqm for €33 million

• a logistics site in Liege of 52,000 sm for €28.6 million

− Disposal of non strategic semi industrial property in Meer for €2 million

− Intervest Offices & warehouses is 2nd player in the Belgian Logistics market

Active management strategy in offices enhanced with new concepts:

− Re/Flex; a flexible business hub to anticipate the need for flexible and high-tech office, conference and event

space.

− Turn-key solutions: providing tenants advice and implementation on the design of their office

Occupancy rate in the Belgian portfolio improved slightly to 86.7% (86.0% at year end 2014)

− logistics portfolio improved from 91.2% to 91.7%

− office portfolio improved from 82.7% to 83.1%.

− The leasing activities involved primarily renewals in both portfolios in Q1 2015

Refinancing for the 2015 financial year fully completed

− 2 bonds for a total amount of €60 million were placed successfully in April 2014; will replace the current outstanding

bond of 75 million with a coupon of 5.1% on 29 June 2015

New shares for an amount of €26 million were issued in December 2014 in relation to the acquisition of the logistical

site in Opglabbeek.

18

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FINANCIAL 3

19

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Existing syndicated facilities and bilateral facilities

restructured into one large pooled facility containing a

EUPP, a Term Loan, and two RCFs

20

50.0

55.0

70.0

185.0

215.0

703.8

25.0

103.8

Overview of Dutch credit facilities before and after refinancing (committed amounts)

Term Loan - 5 yrs

RCF B - 5 yrs

RCF A - 3 yrs

EUPP - 7 yrs

703.8

103.8

125.0

125.0

200.0

100.0

RCF B - Accordion option 50.0

Syndicated loan TL & RCFs 31 Dec 2015

Bilateral TL & WC facility 1 July 2016

Syndicated loan TLs, RCFs & WC facilities 1 July 2017

Bilateral 15 January / 15 October 2016

Bilateral 1 April / 30 September 2015

2014 H1

Bilateral – Uncommitted working capital facilities

Secured financing remaining in place

2015 Q2*

Remaining maturities

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NSI Group maturity increases from 1.9 to 4.0 years,

Dutch maturities increase to 4.7 years

21

NSI Netherlands (excl. Belgium)

NSI Group (incl. Belgium)

70435

10

6661

172185

290

2020 2019 2017 2018 2023 2016 2022 2024 2015 2021

Average maturity: 1.9yr

100% = €837m

70

104

35

280

66

131

4668

112

2020 2019 2017 2018 2023 2016 2022 2024 2015 2021

Average maturity: 4.0yr

100% = €848m

00000434

145141

200

2020 2019 2017 2018 2023 2016 2022 2024 2015 2021

Average maturity: 1.4yr

100% = €524m

00

100

0

270

4

104

192322

2020 2019 2017 2018 2023 2016 2022 2024 2015 2021

Average maturity: 4.7yr

100% = €542m

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The refinancing further improves NSI’s cost of debt

22

Average cost of debt

-17%

2015 Q2* 2013 Q4 (post

recapitalization)

4,8%

4,4%

5,3%

4,6%

2013 Q3 (pre

recapitalization)

2014 Q4

* Assuming refinancing effective as per 2015 Q2

Remarks

NSI has a relatively high Cost of Debt because of:

−Margins/contracts agreed upon before recapitalization

−Relatively high hedge position (90%) due to repayment of

35% of outstanding debt in previous years

−Expensive remaining hedge contracts (+3% on average).

Ever since the recapitalization in November 2013, NSI has

been focussed on further reducing its cost of debt

−Reduced from 5,3% to 4,6% EoY 2014

−New facility @ average margin of 2% at LTV<50%

−Following the refinancing, the average cost of debt will be

approx. 4.4% per mid Q2-15

−Expected to reduce to 4% @ start of 2016 due to

Belgium bond refinancing(30/6), maturing swaps

(Q4/15/Q1/16) and reducing margins

2015 2016 2017 2018 2019 a.b.

Maturity profile 50 92 150 55 99

Average swap % 3,04% 2,91% 2,98% 2,52% 2,88%

Interest % maturing swaps 3,54% 3,47% 3,14% 3,66%

50

92

150

55

99

0

20

40

60

80

100

120

140

160

Swap maturity calender

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Strategic financing aims well on track:

focus on flexibility and 2015-2016 refinancing

Decrease dependency of only

one source of funding

23

Funding diversification

2014-2016

Debt maturity

Refinancing risk

Covenants

Extend and maintain average

debt maturity to over 3 years

No more than 25% of loans

maturing in any single year

Aim to maintain LTV below 50%,

peak-to-trough between 40-50%,

with covenant at 60-65%

Maintain ICR > 2.0

Move to unsecured

financing

Anticipate move to unsecured in

refinancing 2015 – 2016

maturities

Reduce cost of debt

Decrease overall cost of debt

Introduction of €100 mln institutional facility

Launch of €60 mln Belgian Bonds

Banking exposure significantly reduced

Room for refinancing with other instruments

NL debt maturity extended to 4,7 yrs

NSI maturity extended to 4 yrs

Introduction of 3/5/7 year tranches

Maturity extended

Corporate LTV covenant @60%

Pricing grid incentivises lower LTV

Current LTV below 50%

ICR > 2, current 2,6

Trigger mechanism: switch to unsecured if during

2 testing periods:

LTV below 45%

ICR > 2.5

Revaluation > 0

New facility @2% average margin (-40bp)

Cost of debt to reduce

to 4.4% at signing facility

To 4% begin 2016

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Financial highlights

24

x€1,000 Q1

2015

Q4

2014

Q1

2014 FY 2014 FY 2013

Gross rental income 34,085 33,289 33,870 133,599 144,564

Net rental income 29,898 27,237 27,823 109,160 121,791

Direct investment result 13,496 11,908 12,826 48,451 46,272

Increase in net rental income largely due to

refurbishment fees of €2.5 million received

in Belgium.

The direct investment result increased as a

result of, besides the higher net rental

income, slightly lower financing costs and

administrative costs

x€1,000 31/3/15 31/12/14 30/6/14 31/12/13

Real estate investments 1,668,176 1,722,744 1,808,768

Average cost of debt (%) * 4.6 4.7 4.8

Net loan to value (%) 47.7 48.9 47.9 45.4

Average debt maturity

(years) ** 2.0 2.3 2.2

Interest cover ratio 3.0 2.6 2.6 2.1

NAV (€/share) 4.41 5.02 5.59

EPRA NAV (€/share) 4.69 5.31 5.85

*) following the effectuation of the new facility, the

average financing costs will decrease to 4.4% as at

30 June 2015 and to approx. 4.0% in 2016.

LtV: no dividend is distributed in Q1 and the Dutch

portfolio is not being appraised in Q1.

**) Following effectuation of the new facility, the

average debt maturity increases to slightly below 4.0

years

The interest cover ratio was positively influenced by

the one-off refurbishment fees in Belgium.

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CONCLUSION 4

25

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26

Economic environment is expected to improve further

Letting market will remain challenging: NSI has right strategy in place to respond to changing dynamics

Executing our asset rotation strategy

− Continued focus on selling non strategic assets

− Convenience focus will determine asset rotation activities in retail portfolio

Operational

− HNK roll out

− Active management retail ‘convenience’ to the next level: pilot online

Financing

− Lower interest costs to 4.4% when facility takes effect (Q2 2015)

Conclusion

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APPENDIX 5

27

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Dutch Office Portfolio: Overview

28

Core

Value-add

Non-core

Label Portfolio NSI

In #

42

Total

39

90

0

‘13

95

15

149 132

‘14

Occupancy rate

Financial occupancy

71.9% 77.8%

70.6%

0

‘13

69.6%

17.1%

72.1% 71.2%

‘14

Value

In € per sqm

1,230 1,503

815

0

‘13

1,013

377

1,104 988

‘14

Area

In sqm.

233,909 184,451

326,774

0

‘13

376,050

54,866

615,367 560,683

‘14

Passing rent

In €m p.y.

24.5 23.3

28.3

0

‘13

35

1

59.3 52.8

‘14

48%

Total book value ’13 = €679.2 m Total book value ’14 = €559.7 m

52%

56% 41%

3%

Bookvalue

291.1

‘14

268.6

0

559.7

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Dutch Retail Portfolio: Overview

29

Core

Value-add

Non-core

Label Portfolio NSI

In #

16

Total

33%

16

20

6

‘13

20

6

42 42

‘14

Occupancy rate in %

Financial occupancy

93.9 89.8

85.8

71.3

‘13

84.3

83.9

87.2 87.7

‘14

Value

In € per sqm

2,248 2,383

1,472

699

‘13

1,628

924

1,752 1,594

‘14

Area

In sqm.

84,249 83,681

144,174

42,058

‘13

144,714

42,058

270,453 270,481

‘14

Passing rent

In €m p.y.

14.9 14.2

16.6

2.6

‘13

17.2

3.5

34.9 34.1

‘14

41%

56%

50%

42%

8%

Core Value-add Non-core

44%

7%

49%

Total book value ’13 = €474,0 m Total book value ’14 = €431.1 m

(Including large scale retail)

Bookvalue

189.4

‘14

212.2

29.4

431.1

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Operational performance

71.5%

30

Occupancy

GRI

Leases started/

renewed

Rent

New leases/ portfolio

€ 54.7 mio

19,913 sqm

53,277 sqm

€ 128 / € 134

Take up

take up/ supply ratio

24,000 sqm

13.3%

Offices NL Retail

72.1%

€ 57.9 mio

37,750 sqm

57,509 sqm

€ 106 / € 144

35,000 sqm

19.0%

88.4%

€ 26.7 mio

16,155 sqm

47,715` sqm

€ 169 / € 182

10,000 sqm

87.8%

€ 32.2 mio

7,500 sqm

35,916 sqm

€142 / € 183

7,000 sqm

2014 2013 2014 2013

56.6%

€ 5.4 mio

€ 188 / € 160

5,000 sqm

26%

HNK

50.7%

€ 1.5 mio

30 %

2014 2013

Significant

transactions 2014

RGD 6,000 sqm

Sita 2,800 sqm

Murata 2,000 sqm

Oxyma 1,700 sqm

Hogeschool 1,000 sqm

Primark 6,700 sqm

Dirk 1,500 sqm

Qpark

6,500 sqm

2,000 sqm

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Assets sold

31

Action Properties sqm Sqm leased Financial

Occupancy %

Sale of non-core:

Offices

Uraniumweg 23, Amersfoort *

Hettenheuvelweg 12, Amsterdam *

Hettenheuvelweg 14, Amsterdam *

Paasheuvelweg 15, Amsterdam *

Rivium Boulevard 82-100, Capelle a/d IJssel *

Keulenstraat 6, Deventer *

Snipperlingsdijk, Deventer *

Hanzeweg 5, Gouda *

Adelbert van Scharnlaan 170-180, Maastricht *

Touwslagerstraat 17, Ridderkerk *

Volmerlaan 7, Rijswijk *

Van Houten Industriepark 23, Weesp *

Zaagmolenlaan 12, Woerden *

Engelandlaan 270-340, Zoetermeer *

6,658

2,347

2,367

1,929

1,875

3,571

1,208

5,855

3,937

1,711

5,499

1,309

1,662

2,681

0

0

546

851

285

1,579

350

0

956

0

0

273

136

1,315

0%

0%

24%

53%

34%

44%

32%

0%

31%

0%

0%

24%

9%

53%

Kobaltweg, Utrecht 10,009 737 12%

Total offices 52,619

Sale of non-core

Industrial Tijnmuiden, Amsterdam 1,883

Beemsterweg, Almere 10,926

Dukaat, Deurne 2,722

Total Industrial 15,531

Residential Zevenkampsering, Rotterdam 48 units

Total non-core 68,150

Sale of value add:

Offices Max Euwelaan, Rotterdam 1,100

Luchthavenweg, Eindhoven 1,972

Bovendonk, Roosendaal* 3,361

Villawal, Nieuwegein* 5,783

Total Value add 12,216

*) Transfer in 2015

Non core + value add

offices

> 10% office sold

Industrial

> 12.5% sold

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2013 2014 2014

Offices Retail LSR Industrial

- € 193.4

- € 177.9

32

Revaluations Dutch portfolio Pessimistic market sentiment remained main driver in valuations; impacting market yields

Exceptionals (€21.2 mio):

Book loss non-core portfolio (€8.1 mio)

‘t Loon (€ 13,1 mio)

- € 156.7

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- 13,6

- 7,5

- 41,6

- 19,2

2014 H2 2014

Retail LSR

Market rents retail 27%

Market rents LSR 85%

Yield shift LSR 14% Keizerslanden -€2.0 mio `

‘t Loon -€12.7 mio

Other

Yield shift retail 46%

rent reduction -€2.7

home furniture store

65%

33

Revaluations Dutch portfolio- retail

-9.3

mio

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-54,9

2014 H1 2014 H2 2014

34

Revaluations Dutch portfolio- office

Book loss non core € 8.1 mio

Market rents 10%

Yield shift 60%

NSI new leases

Effective rent

NSI portfolio

Effective rent

Appraisers

Market rent

> € 120 € 134 € 115

Transactions NSI Lone Star/ CBRE Chalet/ Kildare

JLL-ranking 49.8% 54.1% 47.3%

Value per sqm € 998 € 1266 €1085

Under/ over rent 6.5% 18.9%

Vacancy 31% 27% 32%

-€ 122.5

Market evidence:

- €63.0 -€59.5

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Financial highlights

35

x€1,000 FY 2014 FY 2013 HY2 2014 HY1 2014

Gross rental income 133,599 144,564 66,596 67,003

Service costs not recharged

to tenants -5,828 -4,723 -2,902 -2,926

Operating costs -18,611 -18,050 -9,388 -9,223

Net rental income 109,160 121,791 54,306 54,854

Administrative costs -7,711 -6,458 -3,934 -3,777

Financing income 176 477 53 123

Financing costs -42,391 -58,042 -21,063 -21,328

Direct investment result

before tax 59,234 57,768 29,362 29,872

Corporate income tax -111 -121 -44 -67

Direct result att. to minorities -10,672 -11,375 -5,356 -5,316

Direct investment result 48,451 46,272 23,962 24,489

Indirect investment result -185,994 -180,347 -92,507 -93,487

Total result -137,543 -134,075 -68,545 -68,998

Half of GRI reduction is due to asset sales

Half of autonomous GRI reduction is related to

only 3 properties (mainly retail)

Service Costs include 500 k in previous year´s

corrections

Related to dispersed m2 vacancy

Operational costs increase in maintenance and

letting costs/fees

Net margin @ 81,4%

Admin costs include ca. 700k exceptionals

related to VEB case, AIFMD/GVV and fiscal

restructuring

Financing costs reduced by 30% due to

recapitalization and overall reduction of finance

costs

Minorities do not yet include effects of capital

increase in the Belgium subsidiary

NSI stake in IOW per 31/12/14= 50,2%

Indirect investment result affected by

Lower revaluations than 2013, but still

substantial @183 mln (192 mln)

Negative revaluation @ -2,5 mln (+25mln) of

financial instruments due interest yield shifts

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Balance sheet highlights

36

x€1,000 31/12/14 30/6/2014 31/12/13

Real estate investments 1,668,176 1,722,744 1,808,768

Total shareholders equity 788,302 847,790 932,915

Shareholders equity of NSI 632.112 719,272 801,159

Debt to credit institutions

(excl. derivatives) 815,483 823,139 821,854

Average cost of debt (%) 4.6 4.7 4.8

Net loan to value (%) 48.9 47.9 45.4

Average debt maturity

(years) 2.0 2.3 2.2

Fixed interest debt (%) 89,7 88,8 82.4

Interest coverage ratio 2.6 2.6 2.1

NAV (€/share) 4.41 5.02 5.59

EPRA NAV (€/share) 4.69 5.31 5.85

Real estate investments reduced by

Negative revaluation @-183 mln

Sales of assets @ -16.2 mln

Investments in assets @ 25.7 mln

Acquisitions @ 33.0 mln

Overall equity reduced by negative total result

after taxes

Debt to credit institutions sligthly reduced due to

retained earnings and stock dividend paid out

(Belgium)

Average cost of debt consistently reduced

throughout the year

Loan to value influenced by revaluations and

equity issue (26 mln) in Belgium

Average debt maturity to increase to 4yr

Interest fixation is relatively high due to large

past debt repayments and Belgium bond

issuance per April 2014

ICR stable @ 2,6

NAV influenced by revaluations

EPRA NAV contains correction for financial

instruments