Nextensa SA — Interim / Quarterly Report 2011

Nov 16, 2011

Regulated information

Under embargo till 16/11/11 –7.15h

Interim statement of the manager over the third quarter of the financial year 2011 (01/07/11-30/10/11)

Activities in the course of the third quarter of the financial year 2011

1. Conclusion of a first rental contract for the logistics part of phase 1 of Canal Logistics in Brussels

The contract with Cameleon/Famous Clothes SA on the existing 1st phase of Canal Logistics situated in Neder-over-Heembeek (Brussels) relates to a first lease contract on this site for 7,200 m² of storage space (with an option till 10,000 m²). The lease contract starts on 30/09/11. Cameleon is a major player in the private sale of clothes, accessories and decoration items in the Benelux, and will use this building as a logistics platform for the supply of their e-commerce operations in Belgium.

The global 1st phase of Canal Logistics (www.canallogistics.be), acquired in 03/2010, of which the rental guarantee from the seller expired at the beginning of 04/2011, represents 2.88% of the consolidated real estate portfolio (including development projects). The expiry of this rental guarantee had a downward impact on the occupancy rate, partially compensated by this first rental, starting on 30/09/11. Consequently, 25% of the logistics part of this 1st phase (27,682 m²) is let, or potentially 36% in the future, when the possible extension option would be exercised.

Different negotiations are ongoing for the leasing of the remaining part of the 1 st phase.

2. Extension of a logistics rental contract in Antwerp

The current lease for our logistics site in Kontich (Antwerp) and its accompanying offices of approximately 23,700 m² has been extended with the current tenant in 07/2011. This rental contract, initially expiring by the end 12/2011, has been anticipatively extended for a fixed rental period till the end 12/2016. This rental contract represents 3.04% of the consolidated real estate portfolio (including development projects).

3. Take-over of the participation of Extensa Group SA in Retail Estates

On 08/07/11 Leasinvest Real Estate has taken over the existing shareholding of Extensa Participations II Sàrl of 3.21% in Retail Estates SA at 48.91 euro per share, and currently holds a global participation of 7.39%.¹

¹ For more information we refer to the half-year financial report of Leasinvest Real Estate.

Regulated information - under embargo till 16/11/11 – 7.15h

Important events after the closing of the period 01/01/11-30/09/11

Canal Logistics 2nd phase

For the 2nd phase of Canal Logistics a rental contract was concluded with Caterpillar at the end of 10/2011 for the entire storage space of 20,664 m² and for half of the offices, namely 623 m². This agreement has entered into force on 01/11/11.

By this important lease of nearly the entire 2nd phase of Canal Logistics, the occupancy rate of the entire site (1 st and 2nd phase), included the rental contract with Cameleon, currently amounts to 60% and proves once more the appeal of this logistics site.

Key figures on 30/09/11

The rental income of Leasinvest Real Estate over the third quarter of 2011 has decreased by 5% compared to the rental income over the third quarter of the previous financial year, mainly as a consequence of the divestments in Axxes Business Park and of Avenue Louise 250 in 2010. The effect of these sales and the expiry of the rental guarantee on the 1 st phase of Canal Logistics have only been compensated to a lesser extent by the take-over of the rental contracts from Redevco Retail Belgium in Nossegem at the beginning of 01/2011.

The net current result² of the third quarter amounts to 3.8 million euro (or 0.95 euro per share³ ). In the third quarter of 2010 the net current result was 5.4 million euro (or 1.34 euro per share). The decrease is mainly due to the fact that no new investments have been made to compensate the buildings sold in 2010.

At the end of the third quarter of the financial year 2011 shareholders' equity, group share (based on the fair value of the investment properties) stands at 261.2 million euro (30/06/11: 270.7 million euro). The decrease is mainly due to a negative fair value of the effective hedges.

Per 30/09/11 the net asset value per share amounts to 65.36 euro (30/06/10: 67.74 euro). On 30/09/11 the Leasinvest Real Estate share stood at 62.05 euro, which is 5% below the net asset value.

The fair value⁴ of the real estate portfolio (including development projects) amounts to 502.8 million euro on 30/09/11 compared to 503.7 million euro on 30/06/11 and 494.2 million euro on 31/12/10. The increase is mainly the consequence of the take-over of the rental contracts from Redevco Retail Belgium. The global direct and indirect real estate portfolio (including the participation in Retail Estates SA) amounts to 522.4 million euro on 30/09/11.

Mainly due to the increased participation in Retail Estates SA, the debt ratio increased to 47.87% (44.13% on 31/12/10). The occupancy rate⁵ lowered to 93.93% on 30/09/11 compared to 97.45% on 31/12/10, mainly as a consequence of the partial vacancy of the first phase of Canal Logistics.

² The net current result is calculated as the net result excluding the portfolio result on the one hand, and the changes in the fair value of the ineffective interest rate hedges on the other hand.

³ The data per share are calculated based on the number of shares participating in the result of the period (3.996.294), i.e. the number of issued shares (4.012.832) minus the consolidated number of treasury shares (16.538) (idem 30/09/09, 31/12/09, 31/12/10 and 30/09/11).

⁴ F air value: the investment value as defined by an independent real estate expert and of which the transfer rights are deducted; the fair value is the accounting value according to IFRS.

⁵ The occupancy rate has been calculated based on the estimated rental value. All buildings of the Leasinvest Real Estate portfolio are taken into account, including those with a rental guarantee received, excluding the development projects.

Regulated information - under embargo till 16/11/11 – 7.15h

The gross rental yields amounted to 7.29% (31/12/10: 7.41%) based on the fair value and to 7.11% (31/12/10: 7.22%) based on the investment value.

Outlook

The board of directors confirms its statement with regard to the outlook mentioned in the half-year financial report, i.e. that despite the fact that the important divestments of 2010 have not yet been compensated by additional investments, which has a negative effect on the rental income and the net current result for 2011, and except for unexpected circumstances, the dividend 2011 is expected to be in line with that of 2010.

16 November 2011, The manager

For more information, contact:

Leasinvest Real Estate Jean-Louis Appelmans Investor Relations T: +32 3 238 98 77 E: jeanlouis.appelmans@leasinvest.be W www.leasinvest.be

Leasinvest Real Estate Comm. VA

Real estate investment trust (sicafi) Leasinvest Real Estate SCA mainly invests in high quality and well-located offices, logistics and retail buildings in Belgium and the Grand Duchy of Luxembourg. The sicafi is listed on Euronext Brussels (LEAS) and has a market capitalization of 264 million euro (value on 14 November 2011).