Vastned Belgium NV

Earnings Release • May 7, 2012

Interim statement

by the board of directors for the first quarter of 2012

Antwerp, 7 May 2012

Stable operating distributable result Slight increase in fair value of the real estate portfolio Low debt ratio: 34 %

1. Operational activities for the first quarter of 2012

In the first quarter of 2012, property investment fund Intervest Retail has concluded a lease contract with the Spanish fashion giant, Desigual, for premises in the shopping complex Jardin d'Harscamp, situated in the centre of Namur. Desigual is a leading, internationally active fashion retailer, with headquarters in Barcelona. Intervest Retail is renting 522 m² of retail space to Desigual, created by merging three shop units. The rental contract was negotiated on favourable terms, in line with current market conditions and has a fixed component in addition to a variable rental that is dependent on Desigual's turnover.

On 31 March 2012, the fair value of the real estate portfolio of Intervest Retail amounts to € 366 million (€ 362 million at 31 December 2011). This € 4 million increase is largely due to a € 3 million increase in the value of the existing real estate portfolio (a result of indexation and lease renewals on properties in the existing portfolio, and of the letting to Desigual in Namur) and to € 1 million investments, mainly in the Jardin d'Harscamp shopping complex in Namur, and also in the Roosevelt Centre in Vilvorde.

The occupancy rate1 of the real estate portfolio at 31 March 2012 is 98,8 % (96,6 % at 31 December 2011). The increase with regard to 31 December 2011 is the result of a number of temporary leases and the lease concluded with Desigual for the premises in Jardin d'Harscamp in Namur.

For the first quarter of 2012, the operating distributable result of property investment fund Intervest Retail is € 0,63 per share and is unchanged compared to the first quarter of 2011.

¹ The occupancy rate is calculated as the ratio of the rental income to the same rental income plus the estimated rental value of the vacant locations for rent.

Jardin d'Harscamp - Namur - 2.332 m2

2. Financial results

Consolidated income statement

in thousands €	31.3.2012	31.3.2011
Rental income	5.489	5.291
Rental-related expenses	-48	-37
Property result	5.441	5.254
Property charges	-638	-548
General costs and other operating income and costs	-288	-275
Operating result before result on the portfolio	4.515	4.431
Result on sales of investment properties	1	405
Changes in fair value of investment properties	3.278	11.330
Other result on portfolio	39	-75
Operating result	7.833	16.091
Financial result (excl. changes in fair value - IAS 39)	-1.314	-1.232
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)	-472	814
Taxes	-10	-7
Net result	6.037	15.666
Note:
Operating distributable result	3.182	3.182
Result on portfolio	3.318	11.660
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)
and other non-distributable elements	-463	824
DATA PER SHARE	31.3.2012	31.3.2011
Number of shares entitled to dividend	5.078.525	5.078.525
Net result per share (€)	1,19	3,08
Operating distributable result per share (€)	0,63	0,63

Commentary on the figures2

The rental income of Intervest Retail increases in the first quarter of 2012 by € 0,2 million to € 5,5 million (€ 5,3 million), mainly as a result of the acquisition of the Jardin d'Harscamp shopping complex in Namur and as a result of indexation of existing lease contracts.

The property charges increase slightly and amount to € 0,6 million for the first quarter of 2012 (€ 0,5 million). The general costs remain at the same level as in the first quarter of the previous financial year.

The positive changes in fair value of investment properties for the first quarter of 2012 amount to € 3,3 million (€ 11,3 million), or 1 % of the value of the portfolio at 31 December 2011. This positive effect is created by indexation and lease renewals in the existing real estate portfolio, as well as by the rental to Desigual in Namur, whereby the fair value of this shopping complex has increased by 13 %.

The financial result (excl. changes in fair value - IAS 39) amounts to - € 1,3 million (- € 1,2 million). The average interest rate for the property investment fund for the first quarter of 2012 is approximately 4,2 %, including bank margins (4,2 %).

As at 31 March 2012, 87 % of the credit lines are long-term financings, with an average remaining term of 3,6 years. 13 % of the credit lines are shortterm financings with unlimited duration progressing each time for 364 days. In the first quarter of 2012, Intervest Retail has extended the financing term on an amount of € 20 million under a credit falling due on 15 June 2012. The existing credit has been refinanced at the same bank for a term of 5 years on terms in line with current market conditions. In so doing, the property investment fund has completed all refinancing for financial year 2012 and has to renegotiate only one credit of € 10 million in 2013.

At 31 March 2012, 73 % of the utilised credit lines has a fixed interest rate, or the rate was fixed by means of interest rate swaps. The interest rates on the credits of the property investment fund remain fixed for a remaining average duration of 4,6 years.

The changes in fair value of financial assets and liabilities (non-effective hedges - IAS 39) in the first quarter of 2012 include the decrease in the market value of interest rate swaps that, in line with IAS 39, cannot be classified as cash flow hedging instruments, in the amount of - € 0,5 million (€ 0,8 million).

The net result of the Intervest Retail property investment fund for the first quarter of 2012 amounts to € 6,0 million (€ 15,7 million) and may be divided into:

• ୭ operating distributable result of € 3,2 million (€ 3,2 million)
• ୭ profit on the portfolio of € 3,3 million (€ 11,7 million)
• ୭ changes in the fair value of financial assets and liabilities (non-effective hedges - IAS 39) and other non-distributable elements in the amount of - € 0,5 million (€ 0,8 million).

The operating distributable result per share remains stable for the first quarter of 2012 and amounts to € 0,63 (€ 0,63).

² Between brackets comparable figures of the first quarter 2011.

BALANCE SHEET DATA PER SHARE	31.3.2012	31.12.2011
Number of shares entitled to dividend	5.078.525	5.078.525
Net asset value (fair value) (€)	46,24	45,04
Net asset value (investment value) (€)	47,86	46,66
Share price on closing date (€)	47,51	44,98
Premium to net asset value (fair value) (%)	3 %	0 %

On 31 March 2012, the net asset value (fair value) is € 46,24 per share (€ 45,04 at 31 December 2011). As the share price at 31 March 2012 is € 47,51, the Intervest Retail share is listed at a premium of 3 % compared to net asset value (fair value).

The debt ratio of the property investment fund has dropped by 2 % in the first quarter of 2012 to 34 % at 31 March 2012 (36 % at 31 December 2011), calculated in accordance with the Royal Decree of 7 December 2010.

H&M - Vilvorde - 1.338 m2

3 Forecast

Intervest Retail believes that its real estate portfolio is well positioned to meet the challenges that lie ahead in 2012. However, it is extremely important to gain as good an understanding as possible of the long-term strategy of tenants (customers) and respond adequately to this. In 2012, Intervest Retail will make efforts to further develop its relationship of trust and communication with its customers in order to analyse where and how the policy must be adjusted.

Regarding new investments, Intervest Retail will focus on prime locations in the city centre of larger cities. In the longer term, the property investment fund wants its investment properties to be largely situated at prime locations in the city centre.

Inwear - Antwerp - 528 m2

Note to the editors: for more information, please contact:

INTERVEST RETAIL NV, public property investment fund under Belgian law, Jean-Paul Sols, CEO, or Inge Tas, CFO. Tel: + 32 3 287 67 87, www.intervestretail.be

Financial statements

Consolidated income statement

in thousands €	31.3.2012	31.3.2011
Rental income	5.489	5.291
Rental-related expenses	-48	-37
NET RENTAL INCOME	5.441	5.254
Recovery of rental charges and taxes normally payable by tenants on let properties	20	51
Rental charges and taxes normally payable by tenants on let properties	-20	-51
PROPERT Y RESULT	5.441	5.254
Technical costs	-125	-194
Commercial costs	-95	-39
Charges and taxes on unlet properties	-56	-16
Property management costs	-325	-287
Other property charges	-37	-12
PROPERT Y CHARGES	-638	-548
OPERATING PROPERT Y RESULT	4.803	4.706
General costs	-311	-290
Other operating income and costs	23	15
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	4.515	4.431
Result on sales of investment properties	1	405
Changes in fair value of investment properties	3.278	11.330
Other portfolio result	39	-75
OPERATING RESULT	7.833	16.091

Consolidated income statement (continued)

in thousands €	31.3.2012	31.3.2011
OPERATING RESULT	7.833	16.091
Financial income	1	8
Net interest charges	-1.305	-1.236
Other financial charges	-10	-4
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)	-472	814
FINANCIAL RESULT	-1.786	-418
RESULT BEFORE TAXES	6.047	15.673
Taxes	-10	-7
NET RESULT	6.037	15.666
Note:
Operating distributable result	3.182	3.182
Result on portfolio	3.318	11.660
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)
and other non-distributable elements	-463	824
Attributable to:
Equity holders of the parent company	6.037	15.666
Minority interests	0	0

Consolidated statement of comprehensive income

in thousands €	31.3.2012	31.3.2011
NET RESULT	6.037	15.666
Changes in the effective part of fair value of allowed hedging instruments that are subject to a hedge accounting	30	1.138
COMPREHENSIVE INCOME Attributable to:	6.067	16.804
Equity holders of the parent company	6.067	16.804
Minority interests	0	0

Consolidated balance sheet

ASSETS in thousands €	31.3.2012	31.12.2011
Non-current assets	366.245	362.406
Intangible assets	10	13
Investment properties	366.068	362.213
Other tangible assets	149	162
Trade receivables and other non-current assets	18	18
Current assets	1.610	1.866
Assets held for sale	148	333
Trade receivables	112	275
Tax receivables and other current assets	114	218
Cash and cash equivalents	301	379
Deferred charges and accrued income	935	661

Consolidated balance sheet (continued)

SHAREHOLDERS ' EQUITY AND LIABILITIES in thousands €	31.3.2012	31.12.2011
Shareholders' equity	234.806	228.739
Shareholders' equity attributable to the shareholders of the parent company	234.806	228.739
Share capital	97.213	97.213
Share premium	4.183	4.183
Reserves	91.065	91.035
Net result of financial year 2011	36.308	36.308
Net result of financial year - first quarter 2012	6.037	0
Minority interests	0	0
Liabilities	133.049	135.533
Non-current liabilities	112.509	94.244
Non-current financial debts	106.821	89.022
Credit institutions	106.800	89.000
Financial lease	21	22
Other non-current financial liabilities	5.571	5.129
Other non-current liabilities	102	51
Deferred taxes - liabilities	15	42
Current liabilities	20.540	41.289
Current financial debts	17.619	37.619
Credit institutions	17.614	37.614
Financial lease	5	5
Trade debts and other current debts	1.773	2.573
Other current liabilities	179	211
Accrued charges and deferred income	969	886
TOTAL SHAREHOLDERS ' EQUITY AND LIABILITIES	367.855	364.272