QRF SICAFI CVA : - Half-year results 2016

FIRST SIX MONTHS OF 2016: INCREASE IN NET CURRENT RESULT

"Qrf's real estate portfolio continued to expand in the first half of 2016 and reached a Fair Value of 245 MEUR. More than 70% of the portfolio is located in 10 major cities in Belgium. Supported by the expansion of the portfolio, the net current result increased by 5.3% in the first half of 2016 to 0.81 EUR per share. On this basis, Qrf expects a gross dividend of 1.32 EUR - 1.34 EUR per share for 2016."

- Anneleen Desmyter, Qrf CEO

Overview of H1 2016 results:

• Net current result up by 44.0% to 3.62 MEUR (vs. 2.52 MEUR in the first half of 2015).
• Increase in the net current result per share, rising to 0.81 EUR (0.77 EUR in the first half of 2015).
• Expected gross dividend for 2016 of 1.32-1.34 EUR per share (vs. 1.32 EUR for 2015).
• Acquisition of RIGS SA, owner of a site in Hasselt (Demerstraat 21-25) let to H&M and The Sting, based on an investment value of 27.8 MEUR.
• Disposal of two non-strategic properties located in Geraardsbergen (Oudenaardsestraat 17) and Maasmechelen (Pauwengraaf 69-71) for a net sale price of 1.8 MEUR.
• 12.0% increase in the Fair Value of the real estate portfolio, from 218.84 MEUR at 30 December 2015 to 245.01 MEUR at 30 June 2016.
• The share of inner-city real estate in the portfolio increased further to 84% at 30 June 2016. More than 70% of the portfolio is located in 10 major cities in Belgium.
• H&M is Qrf's most important tenant (17.7% of the portfolio)1.
• Debt ratio of 51.05% at 30 June 2016.

1 On the basis of Contractual rents on annual basis.

Qrf Comm. VA • A Regulated Real Estate Company (NVV) under Belgian law• Leopold de Waelplaats 8/1 • B-2000 Antwerp Tel. +32 3 233 52 46 • Fax +32 3 369 94 24 • info@qrf.be • www.qrf.be • Company No. 537 979 024 • RPM Antwerp

1. Key figures

   Net current result 3.62 MEUR 0.81 EUR per share	Net rental income 6.51 MEUR	Fair Value of the real estate portfolio 245.01 MEUR	Occupancy rate 98.37 % Occupancy rate (excl. rental guarantees on vacant property) 97.23 %
   Portfolio spread	Expected gross	NAV per share	Debt ratio
   dividend
   84 % (inner-city)	1.32 - 1.34 EUR	23.03 EUR (IFRS)	51.05 %
   16 % (periphery)	per share	23.70 EUR (EPRA)

2. Transactions and achievements in H1 2016

3. Acquisitions and divestments

   In the course of the first half of 2016, Qrf acquired RIGS SA, a company owning two retail units in Hasselt entirely let to H&M and The Sting. The property is located in the Demerstraat, part of Hasselt's "Golden Mile" and thus acquiring it is a logical execution of Qrf's investment strategy.

   The acquisition was realised by the take-over and partial contribution in kind of the shares of the company RIGS SA. The purchase price of the shares was based on an investment value for the property of 27.8 MEUR. The property generates an annual rental income of 1,374 KEUR.

   Date of transaction	City	Address	Tenant(s)	Total gross surface	Annual rental income
   30 June 2016	Hasselt	Demerstraat 21-25	H&M, The Sting	3,903 m²	1,374 KEUR

   In the same period, Qrf sold two smaller non-strategic properties located in Geraardsbergen (Oudenaardsestraat 17) and Maasmechelen (Pauwengraaf 69-71). The net sale price totalled 1.83 MEUR and was above the latest Fair Value set at 30 December 2015.

   As a result of these transactions, the total Fair Value of Qrf's real estate portfolio rose to 245.01 MEUR at 30 June 2016. More than 70% of Qrf's portfolio is located in 10 major cities in Belgium (Antwerp, Brussels, Liège, Gent, Hasselt, Bruges, Aalst, Namur and Mechelen). The share of inner-city properties reaches 84% of the portfolio.

4. Letting activities

   In its portfolio of 142 units on 41 sites, Qrf succeeded in maintaining a high Occupancy rate over the first half of 2016. On 30 June 2016, the portfolio's Occupancy rate was 98.37% (vs. 98.44% on 30 December 2015). The Occupancy rate (excluding rental guarantees on vacant property) was 97.23% (vs. 97.18% at 30 December 2015).

   The majority of rental guarantees on vacant property granted to Qrf by former sellers and to which Qrf called upon as of 30 June 2016 expire mostly at the end of December 2016. The amount involved here is around 166 KEUR.

   In the first half of 2016, Qrf welcomed "The Sting" to its portfolio as a new tenant. The Sting - Network of Brands - is a Dutch clothing chain with outlets in major Belgian, German, English and Dutch cities. Furthermore, the share of H&M in Qrf's portfolio increased to 17.7%2, spread over 5 sites, which makes H&M the most important tenant of Qrf.

5. Capital increase by a contribution in kind - strengthening Qrf's shareholders' equity

   As the result of the partial contribution in kind, within the limits of Qrf's authorised capital, the company strengthened its shareholders' equity by 7.94 MEUR over the first half of 2016. As a result, 325,466 new Qrf shares were issued and the Qrf's capital increased to 111.79 MEUR (as of 30 June 2016).

   Date	Contribution in kind of	Located in	Value of the contribution	Increase under "Capital" heading	Increase under "Share premiums" heading
   30 June 2016	A part of the shares of RIGS SA, owner of a commercial property	Hasselt (Demerstraat 21-25)	7.94 MEUR	7.57 MEUR	0.37 MEUR

6. Sponsoring Retailer of the Year

   In May 2016, Qrf embarked on a search for the "Retailer of the Year Belgium 2016-2017". This prize has been awarded since 2006 on the basis of an independent consumer survey. This year, Qrf decided to lend its name to the event as a sponsor.

   The search for the successor to 2015 winner Bel&Bo began in May 2016. The winners of each category will be announced on 22 September 2016 at RetailDetailDay. This will be followed by the announcement of the overall winner, the "Retailer of the Year 2016".

   The "Retailer of the Year" prize is awarded in nine European countries and Russia. ABN-AMRO is the main sponsor of the Dutch edition.

   The survey is conducted in conjunction with Q&A, the organiser of the contest.

   In becoming the main sponsor, Qrf hopes to increase its insight in the latest European and international trends in retailing, price levels, innovation, staff skills, product assortment, etc., enabling it to integrate the latest insights into its investment strategy.

   2 On the basis of Contractual rents on annual basis.

7. Launch of a new website

8. Qrf launched a new website in the first half of 2016, designed specifically to provide Qrf's various business partners (retailers, investors, suppliers, public authorities, etc.) with optimal information. The Qrf homepage www.qrf.be is mainly focused on Qrf's main business activity, i.e. the letting of inner-city retail premises to retailers, and gives access to investor.qrf.be, a section specifically for investors.