ATENOR

Capital/Financing Update • Oct 18, 2012

Regulated information¹

Early closing of the public offering of a 5 year bond

Great success for the bond issue

La Hulpe, 18 October 2012

Since it very quickly met the request for the minimum expected amount of 40 million euro, the offer opened at the beginning of the morning was expanded to the maximum amount of 60 million euro and was closed early with success.

The subscription period was therefore closed in advance today, 18 October 2012 at 5:30 pm. The date for payment and for issuing the bonds is set at 26 October 2012.

Since the subscriptions taken out for this bond issue significantly exceeded the maximum amount of the offer, the financial intermediaries will inform the investors as soon as possible as to the number of bonds that will be definitively allocated to them.

The bonds will be listed on the regulated market of Euronext Brussels (Code ISIN BE0002188549).

This bond will be issued at 101.875% and reimbursed at 100% of the nominal value of the securities issued. It will carry interest at a rate of 5.375% gross per year. The gross actuarial yield on the basis of the issue price amounts to 4.943%. The bonds will have a nominal value of 1,000 euro. They will reach maturity on 26 October 2017.

Within the framework of this issue and its investment, the BELFIUS and DEGROOF banks are acting as financial intermediaries (joint lead managers and joint bookrunners) and NautaDutilh as legal advisor.

The net proceeds of this bond will provide for the diversification of the group's financing sources. It will be allocated to the financing of the construction of the projects in the portfolio as an addition to, or a substitution for, bank credit, which is granted more sparingly.

Sidney D. BENS, C.F.O. declared, "The speed with which this investment was taken up witnesses to a new mark of confidence with regard to Atenor on the part of Belgian and Luxembourg investors, both private and institutional. We welcome the keen interest that these investors have demonstrated, thus confirming the relevance of Atenor's choices concerning the structure for financing its activities."

This communication must be read jointly with the Prospectus, dated 12 October 2012 and approved on 12 October 2012 by the FSMA (Financial Services Regulatory Authority), available on the Internet sites of Banque Degroof (www.degroof.be), Belfius Banque (www.belfius.be/Atenorgroup) and the issuer (www.atenor.be).

Financial calendar

Intermediate declaration for third quarter 2012 15 November 2012 Publication of the annual results for 2012 5 March 2013 Annual General Meeting 2012 26 April 2013 Intermediate declaration for first quarter 2013 16 May 2013

ATENOR GROUP is a real estate property development company quoted on the NYSE Euronext Brussels. Its mission aims at providing, through its urban planning and architectural approach, appropriate responses to the new requirements imposed by the development of urban and professional life. Within this framework, ATENOR GROUP is investing in large scale property projects meeting strict criteria in terms of location, economic efficiency and respect for the environment.

Reuters: ATE0.BR ‐ Bloomberg: ATEB BB

For more detailed information, please contact Stéphan Sonneville SA, C.E.O. or Sidney D. Bens, C.F.O. ( +32‐2‐387.22.99 ‐ +32‐2‐387.23.16 ‐ e‐mail : info@atenor.be ‐ www.atenor.be)

¹ In terms of the Royal Decree of 14 November 2007 relating to the obligations of issuers of financial instruments admitted to trading on a regulated market.