VASTNED RETAIL BEL : Interim statement of the board of directors as at 30 September 2015 on the third quarter of financial year 2015

27 October 2015

Strategic focus on premium city high street shops continues to be primary theme in activities.

Acquisition of two premium city high street shops in the centre of Antwerp: a high class building located at Graanmarkt 13 for an investment sum of about € 6 million and the characterful number 55 on the Schutterhofstraat for approximately € 5 million.

As at 30 September 2015, 53% of the real estate portfolio consisted of premium city high street shops, 17% of high street shops and 30% of non-high street shops (retail parks and retail warehouses).

Occupancy rate as at 30 September 2015: 96% (98% as at 31 December 2014).

Increase in fair value by approximately 1% of the existing real estate portfolio in the first nine months of 2015, mainly as a result of the stronger yields of the premium city high street shops in the larger cities.

Decrease in the operating distributable result in the first nine months of 2015 to € 1,86 per share (€ 2,02 for first nine months of 2014), primarily due to lower rental income as a result of the divestment in 2014 of 19 non-strategic properties, approximately 12% of the real estate portfolio.

Limited debt ratio of 34% as at 30 September 2015.

Expected gross dividend for 2015 between € 2,44 and € 2,49 per share.

The registered office and operational activities moved to Sky Building at number 66 on the Uitbreidingstraat in Berchem (Antwerp).

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