Half-yearly financial report of the board of directors for the period 01.01.2018 to 30.06.2018

The EPRA earnings in the first semester of 2018, € 1,38 per share (€ 1,24 for the first semester of 2017).

Continued implementation of the strategy to Ensure that the share of core city assets in the real estate portfolio exceeds 75% in the long term.

As at 30 June 2018, 59% of the real estate portfolio consists of core city assets and 41% of mixed retail locations (city centre shops, retail parks and retail warehouses).

The voluntary and conditional takeover bid by Vastned Retail N.V. for Vastned Retail Belgium will not take place because the minimum acceptance percentage of 90% of the free float has not been reached within the only acceptance period.

Realisation of 10 rental transactions representing approximately 6% of the total annual rental income.

Occupancy rate as at 30 June 2018: 97% (99% as at 31 December 2017).

Increase in the fair value of the existing real estate portfolio by € 0,4 million in the first semester of 2018.

Limited debt ratio of 29% as at 30 June 2018.

Expected gross dividend for 2018 between € 2,70 en € 2,80 per share.