Immobel NV

Prospectus • Oct 2, 2019

PRESS RELEASE Regulated information Brussels, 2 October 2019, 8.40 a.m.

IMMOBEL launches a notes-issue to retail investors

IMMOBEL hereby announces that on 4 October 2019 it will launch an issue of 7 ½ - year notes (the "7 ½ - year tranche") for an aggregate minimum amount of 50,000,000 EUR and an aggregate maximum amount of 75,000,000 EUR. These notes will be issued in the form of a public offering in Belgium open to retail investors and, to a certain extent, qualified investors. The notes will be listed on the regulated market of Euronext Brussels.

The notes are issued in the context of IMMOBEL's Euro Medium Term Note (EMTN) programme, which has been set up on 24 September 2019. The EMTN programme provides IMMOBEL with flexibility in terms of the placement of notes with qualified and retail investors with varying maturities up to a maximum issue amount of 250,000,000 EUR.

The net proceeds of the inaugural retail 7 ½ - year tranche will be used by IMMOBEL for the financing of projects under development and the further development of its real estate portfolio in Europe.

IMPORTANT NOTICE

These notes constitute debt instruments. Investment in notes involves risk. By subscribing for the notes, investors lend money to IMMOBEL, which undertakes to pay interest annually (subject to a short first interest period) and to reimburse the principal on the maturity date. In the event of default on the part of IMMOBEL or it becoming insolvent, investors may not recover the sums that they are entitled to and risk losing all or part of their investment.

Each decision to invest in these notes must be based solely on the information contained in the Base Prospectus dated 24 September 2019 and the Final Terms dated 1 October 2019 (including the issuespecific summary attached thereto). Investors must read the Base Prospectus in full (and in particular the "Risk factors" section of the Base Prospectus on pages 13 to 28) as well as the Final Terms (including the issue-specific summary attached thereto) before investing in the notes.

The issue price is set at 100 % of the nominal value of the notes. The offer price is set at 101.875 % of the nominal value of the notes, which comprises the issue price and a selling and distribution commission. The gross coupons amount to 3.000 %, payable on 14 April in each year and for the first time on 14 April 2020. The gross actuarial yield on the basis of the offer price will amount to 2.722 %, while the net actuarial yield (namely the gross yield less deduction of the withholding tax of 30%) will amount to 1.831 %.

The net proceeds of the issue of the notes are expected to amount to 74,912,150 EUR after deduction of the costs and expenses (in case the aggregate nominal amount for which notes are issued is 75,000,000 EUR) or 49,912,150 EUR after deduction of the costs and expenses (in case the aggregate nominal amount for which notes are issued is 50,000,000 EUR.

The notes will be governed by Belgian law and will be redeemable at the redemption price of 100% of their nominal value on the date on which they reach maturity, namely 14 April 2027.

The nominal value of each note is 1,000 EUR and the minimum subscription amount is also 1,000 EUR.

The subscription period will run from 4 October 2019 (9:00 a.m. CET) to 8 October 2019 (5:30 p.m. CET), subject to the possibility of early closure by IMMOBEL as from 4 October 2019 at 5:30 p.m. CET. The payment date for the notesis set at 14 October 2019. Retail investors are encouraged to subscribe to notes on the first business day of the subscription period before 5.30 p.m. (CET).

BELFIUS and BNP PARIBAS FORTIS are acting in the capacity of "Joint Lead Managers". BELFIUS is also mandated as agent in the context of the EMTN programme.

To subscribe for the notes or to obtain any information, investors may contact BELFIUS (Tel. +32 (0)2 222 12 01 (French) or +32 (0)2 222 12 02 (Dutch) or web link www.belfius.be/IMMOBEL2019) and BNP PARIBAS FORTIS (Tel. +32 (0)2 433 41 34 (Dutch) or +32 (0)2 433 41 31 (French) or web link www.bnpparibasfortis.be/emissies (Dutch) or www.bnpparibasfortis.be/emissions (French)).

The Base Prospectus may be consulted on the websites of the Belgian Financial Services and Markets Authority (www.fsma.be), of the Issuer (www.immobelgroup.com) and of BELFIUS (www.belfius.be/IMMOBEL2019) and BNP PARIBAS FORTIS (www.bnpparibasfortis.be/emissies (Dutch) or www.bnpparibasfortis.be/emissions (French)).

COMPLAINTS

If you have a complaint to make, you can send it to:

Belfius

Your local Belfius bank branch, your financial adviser or Belfius' Complaints Management Unit (number 7908), whose address is Place Charles Rogier 11, 1210 Brussels, or by email: complaints@belfius.be.

If you are not satisfied with the reply, you can contact Belfius Bank NV/SA, Negotiation (number 7913), Place Charles Rogier 11, 1210 Brussels, or by email: negotiation@belfius.be.

BNP Paribas Fortis

BNP Paribas Fortis' Complaints Management, whose address is Montagne du Parc 3, 1000 Brussels, or by email: gestiondesplaintes@bnpparibasfortis.com.

If you do not immediately obtain a solution after having contacted the aforesaid parties, you can send your complaint to the Financial Disputes Ombudsman (L'Ombudsman en conflits financiers), at North Gate II, Boulevard du Roi Albert II, 8, 1000 Brussels (www.ombudsfin.be).

Financial Calendar

• Year results 2019 March 12th
• General Assembly 2020 May 28th, 2020

, 2020

For further details:

Karel Breda*, Chief Financial Officer of IMMOBEL Group +32 2 422 5 350 Karel.breda@immobelgroup.com

* as representative of KB Financial Services BVBA

About IMMOBEL Group

IMMOBEL is the largest listed real estate developer in Belgium. Since it was founded in 1863, the Group has been developing and marketing innovative urban projects that listen to the needs of cities and their inhabitants. Thanks to its intelligent strategy and its 200 experts, IMMOBEL has managed to extend its expertise to the residential, office, commercial, urban development, housing estate and hospitality sectors, reaching a market capitalization of around €600 million, establishing it as a market leader. IMMOBEL is continuing its expansion across Europe with a portfolio of more than 1,000,000 m² in development in 6 countries (Belgium, Grand Duchy of Luxembourg, Poland, France, Spain, Germany) and carries out its social responsibility by donating part of its profits to supporting charitable projects in the areas of Health, Culture and Social Inclusion. The Group is implementing a sustainable vision of urban development and is working to become a company conscious about its CO2 impact.

For more information, please go to www.immobelgroup.com

IMPORTANT COMMUNICATION

THIS COMMUNICATION IS NOT INTENDED FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS FORBIDDEN UNDER APPLICABLE LAW.

This communication does not constitute an offer to sell or to subscribe to securities, or an invitation to make an offer to purchase securities or subscribe to securities, and securities shall not be sold or subscribed to in any jurisdiction in which such offer, invitation, sale or subscription would be illegal without advance subscription or qualification under the financial legislation of such jurisdiction.

The issue of, subscription to or purchase of securities is subject to special statutory or regulatory restrictions in certain jurisdictions. IMMOBEL NV is not liable in the event that there is a violation by any person of these restrictions.

No public offering shall be made of any securities referred to in this document in the United States. The securities referred to in this document have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any other supervisory authority of securities of any state or other jurisdiction of the United States and may not be offered, sold or delivered in any other way, directly or indirectly, within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.

The securities referred to in this document have not been approved or rejected by the SEC, any other supervisory authority of securities of any state or other supervisory body of the United States, nor have these authorities assessed the appropriateness of this proposed offer or the adequateness or accuracy of this document. Any statement to the contrary is a criminal offence in the United States.

This document is not an offering document or prospectus in connection with an offering of securities by IMMOBEL NV. Investors may not accept an offering of securities that are mentioned in this document nor acquire them unless they do this on the basis of information contained in the Base Prospectus and the Final Terms. This document is an advertisement for the purposes of Regulation (EU) 2017/1129.