Regulatory information Ternat, 18 October 2019, 5:40 pm

ANNOUNCEMENT O F A TRANSPARENCY NOTIFICATION

(ARTICLE 14, FIRST PARAGRAPH O F THE BELGIAN ACT O F 2 MAY 2007 O N THE DISCLOSURE O F SIGNIFICANT PARTICIPATIONS)

1. SUMMARY OF THE NOTIFICATION

Pursuant to the Belgian Transparency Act, Retail Estates NV announces the receipt on 15 October 2019 of a transparency notification dated 15 October 2019 that shows that BlackRock with registered office 55 East52nd Street, New York, NY, 1055, U.S.A has crossed above the threshold of 3% of the total voting rights on 14 October 2019. It concerns an active above the threshold crossing.

2. CONTENT OF THE NOTIFICATION

The notification dated 15 October 2019 contains the following information:

Reason for the notification Acquisition or disposal of voting securities or voting rights
Notification by A parent company or a controlling person
Persons subject to the notification requirement

Name	Address (for legal entities)
	55 East 52nd Street, New York, NY,
BlackRock, Inc.	10055, U.S.A.
	Rembrandt Tower, 17th floor,
BlackRock (Netherlands) B.V.	Amstelplein, Amsterdam, Netherlands
	12 Throgmorton Avenue, London, EC2N 2DL,
BlackRock Advisors (UK) Limited	U.K.
	100 Bellevue Parkway, Wilmington, DE,
BlackRock Advisors, LLC	19809, U.S.A.
BlackRock Asset Management	100 Bellevue Parkway, Wilmington, DE,
Canada Limited	19809, U.S.A.
BlackRock Asset Management	15/F, 16/F, 17/F Citibank Tower & 17/F ICBC
North Asia Limited	Tower, 3 Garden Road, Central, Hong Kong
	400 Howard Street, San Francisco, CA,
BlackRock Fund Advisors	94105, U.S.A.
BlackRock Institutional Trust	400 Howard Street, San Francisco, CA,
Company, National Association	94105, U.S.A.
	Exchange Place One, 1 Semple Street,
BlackRock International Limited	Edinburgh, EH3 8BL, U.K.
BlackRock Investment	Level 26, 101 Collins Street, Melbourne, VIC

Management (Australia) Limited	3000, Australia
BlackRock Investment Management	12 Throgmorton Avenue, London, EC2N 2DL,
(UK) Limited	U.K.
	1-8-3 Marunouchi Chiyoda-ku, Trust Tower
BlackRock Japan Co., Ltd.	Main, Tokyo, 100-8217, Japan

Transaction date 14 October 2019
Threshold that is crossed (in %)
3%

In accordance with Article 10 of the coordinated Articles of Association of Retail Estates NV, the threshold for disclosing a participation in case of exceeding or underrunning is set at 3% of the total number of existing voting rights.

Denominator 12.630.414
Notified details

A) Voting rights	Previous notification	After the transaction
	# voting rights	# voting rights		% voting rights
Holders of voting rights		Attached to securities	Apart from securities	Attached to securities	Apart from securities
BlackRock, Inc.	0	0		0,00%
BlackRock (Netherlands) B.V.	5,705	6,161		0.05%
BlackRock Advisors (UK) Limited	113,781	145,674		1. 15%
BlackRock Advisors, LLC	10,842	9,886		0.08%
BlackRock Asset Management Canada Limited	11,050	3,180		0.03%
BlackRock Asset Management North Asia Limited	424	424		0,00%
BlackRock Fund Advisors	19,538	33,998		0.27%

BlackRock Institutional Trust Company, National Association	116,048	130,790	1.04%
BlackRock International Limited	4,422	4,422	0.04%
BlackRock
Investment
Management	2,190	2,688	0.02%
(Australia) Limited
BlackRock
Investment
Management	15,212	21,867	0.17%
(UK) Limited
BlackRock	8,654	9,341	0.07%
Japan Co., Ltd
Subtotal	307,866	368,431	2.92 %
	TOTAL	368,431	2.92%

B) Assimilated financial instruments	After the transaction
Holders of assimilated financial instruments	Type of financial instrument	Expiration date	Exercise period or date	# voting rights that can be acquired when exercising the instrument	% voting rights	Settlement
BlackRock Advisors (UK) Limited	Securities Lent			2,905	0.02%	Physical
BlackRock Asset Management Canada Limited	Securities Lent			7,939	0.06%	Physical
	TOTAL			10,844	0.09%

TOTAL (A & B)	# voting rights	% voting rights
	379,275	3.00 %

• Chain of controlled companies through which the holding is effectively held

BlackRock, Inc.

BlackRock Holdco 2, Inc.

BlackRock Financial Management, Inc.

BlackRock International Holdings, Inc.

BR Jersey International Holdings L.P.

BlackRock (Singapore) Holdco Pte. Ltd.

BlackRock HK Holdco Limited

BlackRock Lux Finco S.a.r.l.

BlackRock Japan Holdings GK

BlackRock Japan Co., Ltd.

BlackRock, Inc.

BlackRock Holdco 2, Inc.

BlackRock Financial Management, Inc.

BlackRock International Holdings, Inc.

BR Jersey International Holdings L.P.
BlackRock Holdco 3, LLC

BlackRock Cayman 1 LP BlackRock Cayman West Bay Finco Limited BlackRock Cayman West Bay IV Limited BlackRock Group Limited BlackRock Finance Europe Limited BlackRock Investment Management (UK) Limited

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock Australia Holdco Pty. Ltd. BlackRock Investment Management (Australia) Limited

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock Holdco 3, LLC BlackRock Cayman 1 LP BlackRock Cayman West Bay Finco Limited BlackRock Cayman West Bay IV Limited BlackRock Group Limited BlackRock International Limited BlackRock, Inc.

BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock Holdco 4, LLC BlackRock Holdco 6, LLC BlackRock Delaware Holdings Inc. BlackRock Institutional Trust Company, National Association

Industrielaan 6, B-1740 Ternat I T: +32 2 568 10 20 I F: +32 2 581 09 42 I [email protected] I www.retailestates.com

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock Holdco 4, LLC BlackRock Holdco 6, LLC BlackRock Delaware Holdings Inc. BlackRock Fund Advisors

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock (Singapore) Holdco Pte. Ltd. BlackRock HK Holdco Limited BlackRock Asset Management North Asia Limited

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock International Holdings, Inc. BR Jersey International Holdings L.P. BlackRock Holdco 3, LLC BlackRock Canada Holdings LP BlackRock Canada Holdings ULC BlackRock Asset Management Canada Limited

BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock Capital Holdings, Inc. BlackRock Advisors, LLC

Industrielaan 6, B-1740 Ternat I T: +32 2 568 10 20 I F: +32 2 581 09 42 I [email protected] I www.retailestates.com

The notification can be consulted on the website of Retail Estates NV via this link: http://www.retailestates.com/en/investors/share/shareholding-structure-and-notifications.

This press release can be consulted on the website of Retail Estates NV via this link: https://www.retailestates.com/en/publications.

ABOUT RETAIL ESTATES NV

Retail Estates nv is a public regulated real estate company and more specifically a niche company that specialises in investing in out-of-town retail properties which are located on the periphery of residential areas or along main access roads into urban centres. Real Estates NV acquires these real properties from third parties or builds and commercialises retail buildings for its own account. The buildings have useful areas ranging between 500m2 and 3,000m2. A typical retail property has an average area of 1,000 m2.

As of 30 June 2019, Retail Estates nv has 961 premises in its portfolio with a total retail area of 1,124,117 m². The occupancy rate of the portfolio was 98.00% on 30 June 2019, compared to 98.28% on 31 March 2019.

The fair value of the consolidated real estate portfolio of Retail Estates NV as at 30 June 2019 is estimated at EUR 1,612.74 million by independent real estate experts.

Retail Estates NV is listed on Euronext Brussels and Euronext Amsterdam and is registered as a public regulated real estate company. As at 30 June 2019, the stock market capitalisation of the shares amounts to EUR 1,022.56 million.

FORWARD-LOOKING STATEMENTS

This press release contains a number of forward-looking statements. Such statements are subject to risks and uncertainties which may lead to actual results being materially different from the results which might be assumed in this press release on the basis of such forward-looking statements. Major factors that may influence these results include changes in the economic situation, commercial, tax-related and environmental factors.

Ternat, 18 October 2019

Jan De Nys, CEO of Retail Estates nv

For more information, please contact:

Retail Estates nv, Jan De Nys – CEO, T: +32 2/568 10 20 – F:+32 475/27 84 12 Retail Estates nv, Kara De Smet – CFO, T: +32 2/568 10 20 – F: +32 496/57 83 58

RETAIL ESTATES NV

Public RREC under Belgian law Industrielaan 6, B-1740 Ternat RLE of Brussels VAT BE 0434.797.847 T: +32 2 568 10 20 [email protected] www.retailestates.com

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