Nextensa SA — Investor Presentation 2013

Aug 26, 2013

Company profile

Real estate investment trust (sicafi/vastgoedbevak) Leasinvest Real Estate SCA mainly invests in high quality and welllocated offices, retail and logistics buildings in Belgium and the Grand Duchy of Luxembourg.

The real estate investment trust is listed on Euronext Brussels and has a market capitalization of approximately € 337 million (value 23 August 2013).

Mr. J.L. Appelmans, Permanent representative of the statutory manager of Leasinvest Real Estate,

declares, on behalf and for the account of the statutory manager, that, to his knowledge:

• (i) the condensed financial statements, established in accordance with the applicable accounting standards for annual accounts, present a fair view of the assets, financial situation and the results of Leasinvest Real Estate and the companies included in the consolidation;
• (ii) the interim management report presents a fair overview of the development and the results of Leasinvest Real Estate, and of the position of the company and the companies included in the consolidation, and also comprises a description of the main risks and uncertainties which the company is confronted with.

Jean-Louis Appelmans

Permanent representative Leasinvest Real Estate Management SA Schermersstraat 42 BE-2000 Antwerp Statutory manager

Key figures

Real estate portfolio(1)

	30/06/13	31/12/12
Fair value real estate portfolio (€ 1,000)(2)	598,082	617,763
Fair value investment properties including participation Retail Estates(3) (€ 1,000)(2)	637,170	649,254
Investment value investment properties (€ 1,000)(4)	611,271	633,301
Rental yield (fair value)(5)(6)	7.36%	7.30%
Rental yield (investment value)(5)(6)	7.20%	7.14%
Occupancy rate(6)(7)	95.92%	94.90%
Average duration of the leases (years)	4.36	4.9

1 The real estate portfolio comprises the buildings in operation, the development projects, the assets held for sale and the buildings presented under financial leasing according to IFRS.

• 2 Fair value: the investment value as defined by an independent real estate expert and of which the transfer rights have been deducted. The fair value is the accounting value under IFRS.
• 3 The fair value of Retail Estates has been defined based on the share price on 30/06/13.
• 4 The investment value is the value as defined by an independent real estate expert and of which the transfer rights have not yet been deducted.
• 5 Fair value and investment value estimated by real estate experts Cushman & Wakefield / Winssinger and Associates / Stadim.
• 6 For the calculation of the rental yield and the occupancy rate only the buildings in operation are taken into account, excluding the assets held for sale.
• 7 The occupancy rate has been calculated based on the estimated rental value.

The data per share are calculated on the basis of the number of shares at the reporting date, namely for 2013: 4,938,870, following the public capital increase at the end of June 2013, and 4,012,832 for 2012.

General information

	30/06/13	31/12/12
Net asset value, group share (€ 1,000)	318,327	256,005
Net asset value, group share, per share(1)	64.5	63.8
Net asset value, group share, per share based on investment value(1)	67.1	67.7
Net asset value, group share, per share EPRA(1)(2)	68.5	70.6
Total assets (€ 1.000)	655,529	667,026
Financial debt	298,836	364,409
Financial debt ratio (in accordance with RD 7/12/2010)	47.12%	56.19%
Average duration of credit lines (years)	3.36	2.64
Average financing cost (excluding fair value adjustments on financial instruments)	3.16%	3.04%
Average duration of hedges (years)	5.74	5.43

1 Net asset value according to IFRS is before distribution of the dividend. The net asset value per share is calculated based on the number of shares entitled to the result of the period.

2 These data are mentioned for purely informative reasons and are not required by the regulation on sicafi and are also not subject to any review by public bodies. Neither are they audited.

Key results

(in € 1,000)	30/06/13	30/06/12
Rental income (€ 1,000)	20,828	17,795
Net rental result per share	4.22	4.43
Net current result (€ 1,000)(1)	10,291	9,832
Net current result per share	2.08	2.45
Net result, group share (€ 1,000)	12,970	8,738
Net result, group share, per share	2.63	2.18
Global result, group share (€ 1,000)	20,301	3,207
Global result, group share, per share	4.11	0.80

1 The net current result consists of the net result excluding the portfolio result and the changes in fair value of the ineffective hedges.

Appendix: Key performance indicators according to the EPRA reference system

These data are communicated for information purposes only and are not required by the regulation on sicafi and are also not subject to any review by public bodies.

These figures were not audited by the auditor.

EPRA Net Asset Value (NAV)

(in € 1,000)	30/06/13	30/06/12
NAV according to financial statements	318,327	249,467
NAV per share according to financial statements (in €)	64.5	62.2
To be excluded
(i) Net liability fair value of financial derivatives	19,813	19,914
EPRA NAV	338,140	269,381
Number of shares entitled to the result of the period (#)	4,938,870	4,012,832
EPRA NAV per share (in €)	68.5	67.1

Contents

Statement of responsible persons
Key figures
Interim management report	6
Leasinvest Real Estate on the stock exchange	10
Real estate report	12
Market information	12
Composition & analysis
of the real estate portfolio	14
Valuation report	17
Condensed financial statements	18
Report of the auditor	35

Interim management report

Highlights first half-year 2013

• • Successful public capital increase of € 60.7 million
• • Increase of rental income by 17% to € 20.8 million (2012: € 17.8 million)
• • Increase of operating result by 35% to € 17.5 million (2012: € 13 million)
• • Rise of net result by € 4.2 million or 48% amounting to € 13 million (dividend Retail Estates of € 1.7 million was recognized in Q3 opposed to the situation in 2012 (Q2: € 1.1 million) and is not included in the net result of the first half-year of 2013)

1 Activity report for the period 01/01/13- 30/06/13

1.1 Financing

Public capital increase of € 60,655,489

At the beginning of June the manager of Leasinvest Real Estate proceeded to a successful capital increase within the framework of the authorized capital, respecting the preferential subscription rights, of Leasinvest Real Estate for an amount of € 60,655,489 (including share premium) and this, through a public offering of 926,038 new shares at € 65.50. Consequently, the total amount of shares amounts to 4,938,870 at the end of June, in comparison with 4,012,832 end-2012.

The subscription period ran from 5 June 2013 till 19 June 2013 included and was fully subscribed after the sale of the scrips.

The proceeds of the capital increase, combined with the available amount on the existing credit lines, will allow Leasinvest Real Estate to realize and finance additional important investments. Moreover, this permits Leasinvest Real Estate to reinforce its balance sheet structure, which leads to an increased flexibility to respond to future interesting investment opportunities and which should allow it to sustain its further growth. The proceeds of the capital increase will not be used to structurally reimburse its bank financing.

New and extended credit lines

As described in the financial report relating to 2012, at the beginning of 2013

• a supplementary credit at a fixed interest rate was concluded for € 10 million, ending in January 2021, with an additional financial institution;
• besides this, an additional credit (variable interest rate) was concluded for € 25 million with an existing financial institution for a duration of 5 years till end-2018;
• two credits that expired in 2013 for € 43 million were extended and increased to € 55 million.

In the second quarter of 2013 the credit of € 30 million expiring in the course of the year was extended for € 15 million for 5 years till 2018, as a result all credits expiring in 2013 were extended.

Also, a credit of € 20 million that would expire in 2014 was anticipatively extended with the same institution, till 2017.

e 60.7million Successful public capital increase of

1.2 Divestments

Sale of office building Pasteur in the Grand Duchy of Luxembourg

Leasinvest Immo Lux SA, a 100% subsidiary of Leasinvest Real Estate SCA, has sold on 11/03/2013 an office building of 4,928 m² located at the Avenue Pasteur in the Limpertsberg District in the City of Luxembourg to one of the real estate funds of the German investment company aik Immobilien-Kapitalanlagegesellschaft mbH. for an amount of approximately € 19.5 million, corresponding to the fair value of the building. The proceeds of this sale will be reinvested in the development of the recently acquired Hotel Rix located at the Boulevard Royal in Luxembourg City.

Sale of logistics building in Nossegem

At the beginning of January 2013 the front part of the Vierwinden site (located in Nossegem) was sold to Immobilière ASCO SA for a net amount of € 3 million. On this sale, a limited capital gain was realized.

Sale of the remaining two floors in the building Mercure in the Grand Duchy of Luxembourg

At the end of April and at the beginning of May Leasinvest Immo Lux SA has sold, for a net amount of € 1.9 million, the two remaining floors of the office building "Mercure" held in co-ownership (located at the avenue de la Gare in the City of Luxembourg).

On this sale, a capital gain of € 600 thousand was realized.

Increase of rental income by 17% to e 20.8 million

2 Consolidated results period 01/01/13- 30/06/13

For Leasinvest Real Estate the first half-year of 2013 is in line with the outlook and the investments realized in 2012 have contributed positively to the results per 30 June 2013. The first half-year was consequently characterized by the successful realization of the capital increase, the further negotiation of a number of investment files and the sale of some buildings within the scope of the further realization of the strategy.

The rental income of Leasinvest Real Estate over the first semester of 2013 has risen by 17% (+ € 3,033 thousand) and amounts to € 20,828 thousand in comparison with € 17,795 thousand for the first semester of 2012.

This evolution is mainly a consequence of the contribution of 6 months of income of the Knauf Shopping Center in Schmiede and of the State Archives in Bruges (+€ 2,840 thousand ), compensated by the decreased income following the realized divestments (-€ 484 thousand).

At constant portfolio the rental income (excl. rental rebates) increases by 7.4% or € 1,300 thousand in comparison with the same period last year.

The average duration of the rental contracts has slightly decreased to 4.36 years in comparison with 4.9 years end-2012.

The gross rental yields have increased compared to end-2012 and amount to 7.36% (end-2012: 7.30%) based on the fair value and to 7.20% (end-2012: 7.14%) based on the investment value.

The additional lettings in the business center The Crescent in Anderlecht and in some other buildings contribute to a slightly higher occupancy rate (95.92%) in comparison with end-2012 (94.9%) of the real estate portfolio available for lease.

The fair value of the direct real estate portfolio amounts to € 598 million at the end of June 2013 compared to € 617.8 million at the end of December 2012.

The decrease is explained by the sale of the Pasteur building and a logistics building in Nossegem in the first quarter of 2013 (€ -21.7 million), both buildings already being presented under the item assets held for sale at the end of 2012. Moreover, the remaining floors in the building Mercure located in Luxembourg were sold (€ -1.2 million). On the sale of these buildings a capital gain of € 1,103 thousand was realized (on top of the fair value). At the end of June 2013, 3 buildings were presented under the item assets held for sale for € 11.3 million, of which the sale is expected to take place in the third quarter of 2013.

At the end of June Leasinvest Real Estate has subscribed the public capital increase of Retail Estates through exercising its preferential subscription rights, and has acquired 145,721 shares at € 49.75 per share, i.e. a total of € 7,249 thousand. Consequently, the share of Leasinvest Real Estate in the capital of Retail Estates remained unchanged at 10%. These new shares created through the capital increase entitle to a full dividend.

The financial results over the first semester were influenced by positive changes, following the expected increase of the interest rates, in the fair value of the hedges (€ 808 thousand) compared to negative changes over the first semester of the previous year (€ -1,123 thousand), but they do not include the Retail Estates dividend. The dividend over the financial year 2012/2013 for an amount of € 1.7 million (€ 0.34 per share) has not been included in the results per 30 June 2013 opposed to the situation last year, as the general meeting of Retail Estates confirming the dividend, took place at the beginning of July 2013. Per end of June 2012 the dividend (€ 1,116 thousand) was indeed included in the results.

At the end of the first semester of the financial year 2013 shareholders' equity, group share (based on the fair value of the investment properties) amounts to € 318.3 million (31/12/12: € 256.01 million).

The net current result of the first half-year amounts to € 10.3 million (or € 2.08 per share), in comparison with a net current result of € 9.8 million (or € 2.45 per share on the basis of the number of shares at that reporting date) for the same period last year.

The net result of the first half-year amounts to € 13 million (or € 2.63 per share), in comparison with a net result of € 8.7 million (or € 2.18 per share on the basis of the number of shares at that reporting date) for the same period last year.

End-June 2013 the net asset value per share amounts to € 64.5 (31/12/12: € 63.80). End-June 2013 the closing price of the Leasinvest Real Estate share amounted to € 66.01 or 2.3% higher than the net asset value. The net asset value per share excl. the influence of fair value adjustments on financial instruments (EPRA) decreases and amounts to € 68.5 end-June 2013 compared to € 70.62 end-2012.

Following the capital increase and the divestments the debt ratio has decreased to 47.12% (56.9% end-2012).

The ordinary general meeting of shareholders of Leasinvest Real Estate, which was held on Tuesday 21 May 2013, has approved the proposal of the statutory manager to distribute a dividend over the financial year 2012 of € 4.40 gross and net, free of withholding tax, of € 3.30 (based on a withholding tax of 25%).

3 Important events after the closing of the period 01/01/13-30/06/13

At the beginning of July 2013 the dividend for the participation in Retail Estates over the financial year 2012/2013 for € 1.7 million (€ 0.34 per share) was received. This dividend was not included in the results per 30 June 2013.

4 Corporate Governance

No elements occurred in the first half-year that would give rise to a specific mention.

5 Overview of main related-party transactions

In the period 01/01/13-30/06/13 no transactions with related parties, which had material consequences with regard to the financial position or the results of Leasinvest Real Estate, took place.

6 Main risks and uncertainties for the remaining months of the financial year

For an overview of the main risks and uncertainties we refer to the financial risk management in the condensed financial statements.

7 Purchase/sale of treasury shares

In the period 01/01/13-30/06/13 Leasinvest Real Estate has not purchased, nor sold any treasury shares. The total number of issued shares after the capital increase amounts to 4,938,870 and corresponds to the number of listed shares.

Increase of net result by48% to e13 million

8 Outlook for the financial year

In 2013 Leasinvest Real Estate expects to further concretize its strategic reorientation. Except for unforeseen circumstances and unexpected capital losses on its current real estate portfolio and hedges, the company expects to realize a better net result, and taking into account the successful realization of the current negotiations for the acquisition of a number of new projects, a better net current result than in 2012.

The gross dividend of € 4.45 for 2013 will be maintained based on this outlook. This dividend consists of a pro rata dividend for € 2.14, and this means that the newly created shares within the framework of the capital increase entitle to a dividend of € 2.31 over the financial year 2013 based on this outlook.

The Crescent, Route de Lennik 451, 1070 Anderlecht – Belgium

Leasinvest Real Estate on the stock exchange

Shareholder structure

The Leasinvest Real Estate shares are listed in Belgium on Euronext Brussels (Bel small).

Extensa Group SA (Ackermans & van Haaren Group) is the founder and promoter of the real estate investment trust and holds 100% of the shares of the statutory manager, Leasinvest Real Estate Management SA.

Number of listed shares (4,938,870)1

The main shareholders of Leasinvest Real Estate, i.e. on the one hand Ackermans & van Haaren SA and Extensa Participations II Sàrl (which is part of the group Ackermans & van Haaren SA), and on the other hand AXA Belgium SA have exercised all their preferential subscription rights within the framework of the capital increase and have consequently subscribed new shares for a total amount of € 35,785,204.5.

Key figures1

	30/06/13	31/12/12
Number of listed shares (#)	4,938,870*	4,012,832
Number of issued shares (#)	4,938,870*	4,012,832
Market capitalisation based on closing price (€ million)	326.01	269.26
Free float (%)	41.00%	33.60%
Closing price (€) (28/06/13)(1)	66.01	67.10
Highest price (€) (30/04/13)(1)	80.52	69.58
Lowest price (€) (21/06/13)(1)	65.15	61.50
Average monthly traded volume (#)(1)	33,206	24,052
Velocity(1)(2) (%)	9.87%	7.20%
Free float velocity(1)(3) (%)	24.08%	21.40%
Premium/Discount based on closing price vs NAV (fair value)	+2.3%	+5.2%

* Since the capital increase closed on 20/06/13; the 926,038 new shares are listed since 25/06/13.

1 For the financial year 31/12/12 the data are calculated over a period of 12 months and for 30/06/13 over a period of 6 months.

2 Number of traded shares / total number of listed shares.

3 Number of traded shares / (total number of listed shares * free float).

¹ In the periodical press releases, the net asset value per share is communicated.

Price premium/discount Leasinvest Real Estate share price versus net asset value

In the first half of 2013 the price of the Leasinvest Real Estate share presented a solid increase of over 10% to reach € 80.52 as the highest share price at the end of April, that was relatively stable till the beginning of the capital increase realized in June. The share price ultimately evolved from € 67.10 on 31/12/12 till € 66.01 on 30/06/13, to again exceed the share price at the beginning of 2013 on 31/07/13 with € 68.92. The premium compared to the net asset value (based on fair value) decreased from +5.2% on 31/12/12 to +2.3% on 30/06/13.

The average monthly traded volume of the share over the first half of 2013 substantially increased and amounted to 33,206 shares (31/12/12: 24,052). The lower velocity for 6 months (9.87% over the first half of 2013) is mainly explained by the limited free float of the share (41%). If we only take into account the freely traded shares, the free float velocity for six months amounts to 24.08% over the first half of 2013.

Real estate report

Real estate market over the first half-year of 20131

Companies and institutions in Belgium remain utterly cautious as a consequence of the uncertain economic future in Europe as a whole. Business confidence and other indicators of the economic situation record a very moderate evolution; many decisions on company housing are delayed or cancelled.

The Belgian real estate markets are characterized by stability, and also this year the professional real estate markets perform relatively well in comparison with many other European countries.

The Belgian office market

The office take-up in the Belgian office market records approximately 302,000 m² for the first half-year of 2013 (of which circa 230,000 m² in Brussels (including periphery)). Opposed to many foreign markets, the office take-up in Brussels reaches in that way the same level as the previous years, mainly sustained by a number of large transactions of mainly European institutions, Deloitte in the Gateway building Zaventem and the remarkable, announced move of Axa Belgium to two buildings located at the Brussels' ring road. Many of these large transactions will only be recorded in later years and will consequently have a limited immediate impact on the vacancy figures that remain relatively high with an average of approximately 10% for the entire Brussels' market. In the Ghent region a take-up of 28,000 m² was recorded in the first half-year, while Antwerp remained at 20,000 m². The renegotiation volume has further increased compared to the previous years: this often goes hand in hand with savings on rent costs, which is mostly preferred in the current economic situation to moving, that entails extra costs.

The prime rents are currently stable. The net rents are, namely in the Brussels' periphery, still under pressure, and certainly in secondary locations and in B/C–buildings. Owners still have to grant substantial incentives, rebates and/or

rent-free periods in order to attract new tenants. On the other hand, decisions to move are often delayed due to the economic uncertainty.

The market of logistics and semi-industrial real estate in Belgium

The logistics and semi-industrial rental market recorded a sound performance in the first half-year of 2013. The total take-up in the first semester amounts to approximately 626,000 m², a reasonable level taking into account the fragile situation of the economy and the limited economic growth.

The activity is mainly situated on the axis Antwerp-Brussels. The prime rents show a slight upward trend due to limited vacancy and the lack of speculative developments. It is expected that this trend will continue the next quarters, as the demand for qualitative logistics real estate will not decrease.

The investment market for the logistics and semi-industrial segment reached a volume of € 153 million over the first half-year; the largest transaction was the investment by WDP of the 75,000 m² distribution centre located at Cargovil Vilvoorde for € 46.1 million. The prime yields slightly sharpened due to the limited offer and the growing attention of investors for this segment.

Investment market in Belgium

Investments in office real estate already reach € 900 million after the first half of 2013, which amply exceeds the average of the total of the 4 previous years; different foreign investors have surfaced as buyers for large transactions. The top yields mainly remain stable. For the second half of 2013 less large sale transactions are expected with consequently a lower volume of office transactions.

The investments in retail for the first half-year amount to approximately € 220 million, of which € 162 million in high streets.

The volume of semi-industrial investments amounted to € 152 million. Also nursing homes remain very wanted (€ 45 million), but the offer is limited.

¹ Source: Cushman & Wakefield.

Luxembourg office market

Over the first half-year of 2013 an office take-up of 67,000 m² was recorded: at the end of the same period in 2012 75,600 m² was recorded. The first half-year of 2013 is slightly below the level of the 5 previous years, but also demonstrates that the rental market in Luxembourg maintains a more than decent level despite the stagnating economic situation.

The total supply of office space for the market of Luxembourg City and its environment amounts to 3.4 million m² and very little new speculative projects are started; the demand remained decent, and this translates into a vacancy that amounted to 6% at the end of 2012, and has further decreased to 5.5%. The vacancy rate in the centre stands at 3.1%, and at Kirchberg it has further decreased from 1.6% to 1.3%.

In the periphery (Howald, Strassen, Airport and Bertrange) the vacancy has dropped from 16.6% to 14.8%.

With regard to office investments, € 304 million of transactions were recorded in the course of the first half-year of 2012. In 2012 this amounted to € 397 million for the entire year, and as a consequence it is highly probable that 2013 will set a record for the last 5 years.

Luxembourg retail market

Retail take-up activity remains moderate by historical standards as retailers continue to adopt a wait and see approach to the economic environment before committing to largescale expansion plans. Prime locations still attract reasonable demand from retailers, however the need for key-money on leasing transactions has all but disappeared – illustrating the shift in level of demand for retail space.

The shopping centre development pipeline remains constrained for 2013, with no more schemes due to open this year following the La Belle Etoile centre extension (15,000 m2 ), with nothing planned for 2014 either. This lack of new supply will help stabilize rental levels. All rents remained stable in Luxembourg City in all retail sub sectors over the half-year.

Retail investment transactions reached € 126 million in Q2, € 111 million higher than Q1 and the equivalent of 90% of the entire retail investment volume recorded in 2012. This level of investment in such a small market illustrates the confidence investors have in the underlying fundamentals of the Luxembourg economy and its ability to return to growth. Prime yields in all retail sub sectors remained stable across the quarter. On a year-on-year basis prime high street rents have moved in by between 25 and 50 bps in Luxembourg City. Retail warehousing also recorded a 50 bps yield hardening year-on-year with shopping centre yields remaining static.

Luxembourg is still one of the more reliable economies in Western Europe.

Kennedy - Luxembourg

Composition & analysis of the real estate portfolio

Geographical breakdown Belgium – Grand Duchy of Luxembourg

	Fair value	Invest ment value	Share in portfolio based on fair value	Contrac tual rent	Rental yield FV	Rental yield IV	Occu pancy rate	Duration
	(€ m)	(€ m)	(%)	(€ m/year)	(%)	(%)	(%)
Belgium Grand Duchy of Luxembourg	280.44 285.83	287.19 291.25	46.9 47.8	21.1 20.5	7.53 7.18	7.36 7.05	92.43 99.59	4.80 3.93
Real estate available for letting	566.27	578.45	94.7	41.7	7.36	7.20	95.92	4.36
Assets held for sale BE	11.37	11.80	1.9	1.1
Projects Belgium Projects Luxembourg	0.00 20.50	0.00 21.02	0.0 3.4
Total investment properties	598.14	611.27	100.0	42.7

Breakdown according to asset class

	Fair value	Invest ment value	Share in portfolio based on fair value	Contrac tual rent	Rental yield FV	Rental yield IV	Occu pancy rate	Duration
	(€ m)	(€ m)	(%)	(€ m/year)	(%)	(%)	(%)
Offices
Offices Brussels Offices rest of Belgium Offices Grand Duchy of Luxembourg	85.16 26.52 118.75	87.28 27.18 121.73	14 4 20	6.79 2.32 8.25	7.97 8.75 6.95	7.78 8.54 6.78	83.9 100.0 99.4	3.50 3.90 2.80
Total offices	230.43	236.19	39	17.36	7.53	7.35	92.9	3.24
Logistics/semi-industrial
Logistics/semi-industrial Belgium Logistics/semi-industrial Grand Duchy of Luxembourg	136.27 20.08	139.43 20.58	23 3	9.88 1.48	7.25 7.37	7.09 7.19	95.7 100	5.79 4.90
Total logistics/semi-industrial	156.35	160.01	26	11.36	7.27	7.10	96.2	5.67
Retail
Retail Belgium Retail Grand Duchy of Luxembourg	32.49 147.00	33.30 148.94	5 25	2.14 10.80	6.59 7.35	6.43 7.25	100 99.7	4.80 4.60
Total retail	179.49	182.25	30	12.94	7.21	7.10	99.7	4.66
Investment properties	566.27	578.45	95	41.66	7.36	7.20	95.92	4.36
Assets held for sale	11.37	11.80	2	1.07
Real estate available for letting	577.64	590.25	97	42.73
Projects Belgium Projects Grand Duchy of Luxembourg	0 20.50	0 21.02	0 3.4
Total investment properties	598.14	611.27	100

Evolution of the real estate portfolio based on fair value

Asset classes

Occupancy rate

Moving average1

(1) A moving average is a type of average value based on a weight of the current occupancy rate and the previous occupancy rates.

Type of tenants

Valuation report1

VALUATION UPDATE AS AT 30 JUNE 2013 OF THE LEAS-INVEST REAL ESTATE PORTFOLIO

REPORT BY THE VALUER CUSHMAN & WAKEFIELD

We are pleased to report our valuation of the investment value and fair value of the Leasinvest Real Estate SCA portfolio as at 30 June 2013.

Our valuation has been prepared on the basis of the information provided to us by Leasinvest Real Estate SCA. We assume this information is correct and complete, and that there are no undisclosed matters which could affect our valuation. Our valuation methodology is the capitalisation of the market rent with corrections to take into account the difference between the current rent and the market rent. We based ourselves on comparables that were available at the date of valuation.

The values were determined taking current market parameters into account. We would like to draw your attention on the following points:

• 1. The portfolio consists of business parks, offices and semiindustrial buildings, distribution centres and shops, situated in Belgium (Brussels, Zaventem, Mechelen, Antwerp, Tongeren and Meer) and in the Grand Duchy of Luxembourg.
• 1. The effective rental income (including the market rent on vacant space) is 8.26% higher than the market rent (respectively 5.13% and 11.32% for the Belgian and Luxembourg portfolios).
• 1. The occupancy rate2 of the total portfolio (including the Projects) is 90.66% (respectively 92.24% and 89.11% for the Belgian and the Luxembourg portfolios).
• 1. The last floors of the Mercure building have been sold during the second quarter of 2013.
• 1. Units A and B of Vierwinden Business Park in Zaventem & the Pasteur building in Luxembourg have been sold during the first quarter of 2013 for € 2,850,000 & € 21,020,000 respectively.
• 1. In Q4 2012, the Business Center in Merelbeke, Torenhof, has been sold to Axxes Certificates SA for € 3.3 million (costs and VAT excluded). A floor of the office building "Mercure" in Luxembourg was also sold for a net amount of € 915,200.
• 1. In Q3 2012, two properties were added to the portfolio. On the one hand there was the Schmiede Shopping Centre with a value of € 78,060,000 in Luxembourg, and on the other hand there was the State archives in Bruges, for a long time rented to the Government, with a value of € 21,750,000.

For all buildings of Leasinvest Real Estate SCA, we determined the following values as at 30 June 2013, including the part that has been valued by Winssinger & Associates:

• 1. an investment value of € 611,270,000 (six hundred eleven million two hundred seventy thousand euros), with respectively € 299,000,000 and € 312,270,000 as investment values for the Belgian and Luxembourg portfolios; and
• 1. a fair value of € 598,140,000 (five hundred ninety-eight million one hundred and forty thousand euros), with respectively € 291,810,000 and € 306,330,000 as fair values for the Belgian and Luxembourg portfolios

On this basis, the initial yield of the complete portfolio (including the Projects) in terms of investment value is 6.99% (with respectively 7.42% and 6.57% for the Belgian and Luxembourg portfolios) and the initial yield of the complete portfolio in terms of fair value is 7.14% (respectively 7.61% and 6.70% for the Belgian and Luxembourg portfolios).

Wim OTTEVAERE Koen NEVENS Associate Managing Partner Valuation & Advisory In the name of In the name of

Cushman & Wakefield Cushman & Wakefield

¹ The valuation report has been reproduced with the agreement of Cushman & Wakefield and Winssinger & Associates.

² The occupancy rate is valid on the date of the valuation and does not take into account future availability (already known or not) nor future new contracts (signed or not). This figure is calculated on the basis of the following formula: (market rent of all let areas)/ (market rent of the complete portfolio).

Condensed financial statements

The condensed consolidated financial statements of Leasinvest Real Estate have been approved for publication by the board of directors on 21 August 2013.

The annual report of the board of directors should be read jointly with the condensed financial statements of Leasinvest Real Estate. The condensed financial statements have been subject to a limited review by the auditor.

Condensed consolidated statement of comprehensive income

	(in € 1,000)	30/06/13 6 months	30/06/12 6 months
(+)	Rental income	20,828	17,795
(+/-)	Rental-related expenses	0	-101
	NET RENTAL RESULT	20,828	17,694
(+)	Recovery of property charges	80	22
(+)	Recovery income of charges and taxes normally payable by tenants on let properties	1,776	2,114
(-)	Charges and taxes normally payable by tenants on let properties	-1,776	-2,114
(+/-)	Other rental-related income and expenditure	-828	-674
	PROPERTY RESULT	20,080	17,042
(-)	Technical costs	-605	-702
(-)	Commercial costs	-527	-307
(-)	Charges and taxes on un-let properties	-88	-272
(-) (-)	Property management costs Other property charges	-1,706 -245	-1,476 -133
PROPERTY	CHARGES	-3,171	-2,889
PROPERTY	OPERATING RESULT	16,909	14,153
(-)	General corporate costs	-1,103	-907
(+/-)	Other operating charges and income	-167	-296
	OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO	15,639	12,949
(+/-)	Result on disposals of investment properties	1,114	0
(+/-)	Changes in fair value of investment properties	756	29
	OPERATING RESULT	17,509	12,978
(+)	Financial income	290	1,806
(-)	Net interest charges	-4,824	-4,133
(-)	Other financial charges	-738	-599
(+/-)	Changes in fair value of financial assets	808	-1,123
	FINANCIAL RESULT	-4,463	-4,049
	PRE-TAX RESULT	13,046	8,929
(+/-)	Corporate taxes	-76	-191
TAXES		-76	-191
NET RESULT		12,970	8,738

(in € 1,000)	30/06/13 6 months	30/06/12 6 months
Other elemen ts of comprehen sive income
Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties	233	0
Changes in the effective part of the fair value of authorized cash flow hedges as defined in IFRS	6,777	-6,380
Changes in fair value of financial assets available for sale	321	849
Other elements of comprehensive income	7,331	-5,531
Minority interests	0	0
Other elements of comprehensive income – Group share	7,331	-5,531
Global result	20,301	3,207
Attributable to:
Minority interests	0	1
Global result –Group share	20,301	3,206
Net result	12,970	8,738
To be eliminated
- Result on disposal of investment properties	1,114	0
- Changes in fair value of investment properties	756	29
- Changes in fair value of financial assets and liabilities	808	-1,123
NET CURRENT RESULT	10,292	9,832

RESULTS PER SHARE (in €)	30/06/13 6 months	30/06/12 6 months
Global result per share, Group share	4.11	0.80
Global result per diluted share, Group share	4.11	0.80
Net result per share, Group share	2.63	2.18
Net result per diluted share, Group share	2.63	2.18
Net current result per share	2.08	2.45

At the end of June 2013 the number of shares amounts to 4,938,870 after the creation of 926,038 new shares following the capital increase. At the end of December 2012 the number of shares amounted to 4,012,832.

Consolidated balance sheet

(in € 1,000)	Period 30/06/13	Period 31/12/12
ASSETS
I. NON-CURRENT ASSETS	633,793	634,775
Intangible non-current assets	1	2
Investment properties	568,920	578,163
Other tangible non-current assets	1,176	1,212
Non-current financial assets	45,798	37,499
Trade receivables and other non-current assets	17,899	17,899
II. CURRENT ASSETS	21,736	32,251
Assets held for sale	11,264	21,701
Current financial assets	0	1
Trade receivables	6,733	6,605
Tax receivables and other current assets	1,185	1,253
Cash and cash equivalents	1,714	2,436
Deferred charges and accrued income	840	255
TOT AL ASSETS	655,529	667,026
LIABILITI ES
TOT AL SHAREHOLD ER'S EQUITY	318,332	256,010
I. SHAREHOLDER'S EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY	318,327	256,005
Capital	54,315	44,128
Share premium account	121,091	70,622
Reserves	129,951	120,747
Net result of the financial year	12,970	20,508
II. MINORITY INTERESTS	5	5
LIABILITI ES	337,197	411,016
I. NON-CURRENT LIABILITIES	209,873	256,591
Provisions	0	0
Non-current financial debts	189,317	228,674
- Credit institutions	189,100	228,467
- Other	217	207
Other non-current financial liabilities	20,556	27,917
Other non-current liabilities	0	0
II. CURRENT LIABILITIES	127,324	154,425
Provisions		0
Current financial debts	109,735	135,942
- Credit institutions	30,065	63,000
- Other	79,670	72,942
Trade debts and other current debts	7,073	7,723
- Exit tax		0
- Other	7,073	7,723
Other current liabilities	2,430	2,180
Accrued charges and deferred income	8,086	8,580
TOT AL SHAREHOLD ERS' EQUITY AND LIABILITI ES	655,529	667,026

Statement of changes in shareholders' equity

(in € 1,000)	Capital	Share premium account	Legal reserve	Reserve for the balance of the changes in fair value of the real estate (+/-)	Reserve for Reserves Reserve Reserve Results carried the impact for the for for the on fair value balance of treasury balance forward of estimated the changes shares of the transfer in fair changes costs value of the in fair resulting authorized value of from hedges that finan hypothetical are subject cial assets disposal of to hedge available investment accounting for sale properties as defined (-) by IFRS	Net result Sharehol Minority Total of the ders' equity interests share financial attributable holders' year to the equity sharehol ders of the parent company
IFRS balance sheet on 31/12/2012	44,128	70,622	602	39,837	-7,003 -23,727 -11 3,669 107,379	20,509 256,005 5 256,010
Global result for the period					233 6,777 321	12,970 20,301 0 20,301
Transfers					20,509	-20,509 0 0
Issue of shares via capital increase in cash	10,186	50,469			-979	59,676 59,676
Dividends to shareholders					-17,656	-17,656 -17,656
IFRS balance sheet on 31/06/2013	54,314	121,091	602	39,837	-6,770 -16,950 -11 3,990 109,253	12,969 318,326 5 318,331

At the beginning of June the manager of Leasinvest Real Estate has proceeded to a successful capital increase, within the framework of the authorized capital, respecting the preferential subscription rights, of Leasinvest Real Estate for an amount of € 60,655,489 (including share premium account), and this through a public offering of 926,038 new shares at € 65.50. Consequently, the total number of shares amounts to 4,938,870 at the end of June, compared to 4,012,832 end-2012.

The costs of the capital increase have been presented as a deduction of the reserves.

Minority Total interests share holders' equity	Sharehol ders' equity attributable to the sharehol ders of the parent company	Net result of the financial year	Results carried forward	Reserve for the balance of the changes in fair value of finan cial assets available for sale	Reserve for treasury shares	Reserves for the balance of the changes in fair value of the authorized hedges that are subject to hedge accounting as defined by IFRS	Reserve for the impact on fair value of estimated transfer costs resulting from hypothetical disposal of investment properties (-)
5 256,010	256,005	20,509	107,379	3,669	-11	-23,727	-7,003
0 20,301	20,301	12,970		321		6,777	233
	0	-20,509	20,509
59,676	59,676		-979
-17,656	-17,656		-17,656
5 318,331

Consolidated cash flow statement

(in € 1,000)	30/06/13 (6 months)	30/06/12 (6 months)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	2,436	1,998
1. Cash flow from operating activities	14,774	10,069
Net result	12,970	8,739
Amendment of the profit for non-cash and non-operating elements	1,927	4,119
Depreciations, write-downs and taxes	83	301
- Depreciations and write-downs on intangible and other tangible assets (+/-)	37	40
- Write-downs on current assets (+/-)	0	100
- Taxes	76	191
- Taxes paid	-30	-30
Other non-cash elements	-1,215	892
- Changes in fair value of investment properties (+/-)	-756	-29
- Movements in provisions (+/-)	0	0
- Phasing of gratuities (+/-)	350	-203
- Increase (+) / Decrease (-) in fair value of financial assets and liabilities	-808	1,123
- Other non-current transactions	0	0
Non-operating elements	3,059	2,926
Gains on disposals of non-current assets	-1,114	0
Dividends received	0	-1,116
Write-back of financial income and financial charges	4,173	4,042
Change in working capital requirements	-123	-2,790
Movements in asset items	-715	-2,645
- Other non-current assets	-24	-882
- Current financial assets	0	0
- Trade receivables	-128	-1,904
- Tax receivables and other current assets	22	-58
- Deferred charges and accrued income	-585	199
Movements in liability items	592	-145
- Trade debts and other current debts	-640	0
- Taxes	0	84
- Other current liabilities	250	759
- Accrued charges and deferred income	982	-988

Consolidated cash flow statement (continuation)

(in € 1,000)	30/06/13 (6 months)	30/06/12 (6 months)
2. Cash flow from investment activities	13,706	-4,182
Investments
Investment properties in operation	-2,079	-1,013
Development projects	-762	0
Non-current financial assets	-7,729	-3,139
Assets held for sale	0	-29
Divestments
Investment properties in operation	2,333	0
Development projects	0	0
Intangible and other tangible assets	0	0
Non-current financial assets	0	0
Assets held for sale	21,943	0
Effect in consolidation of new participations	0	0
3. Cash flow from financing activities	-29,202	-5,400
Change in financial liabilities and financial debts
Increase (+) / Decrease (-) of financial debts	-65,574	11,472
Increase (+) / Decrease (-) of other financial liabilities
Dividends received	0	1,116
Financial income received	290	524
Financial charges paid	-5,939	-2,957
Change in other liabilities	0	0
Increase (+) / Decrease (-) in other liabilities	0	0
Change in shareholders' equity (+/-)	42,021	-15,555
Change in capital and share premium account (+/-)	60,655	0
Change in reserves (costs capital increase)	-979	0
Increase (+) / Decrease (-) of treasury shares	0	1,034
Dividend of the previous financial year	-17,656	-16,653
Closing dividend of the previous financial year	0	64
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	1,714	2,485

Notes to the condensed consolidated financial statements

1. Basis for presentation

These interim condensed consolidated financial statements have been established in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. These interim condensed consolidated financial statements are in accordance with IAS 34 'Interim financial reporting'.

For establishing the interim condensed consolidated financial statements the same accounting standards and methods have been used as for the financial statements per 31 December 2012. A number of new standards and interpretations entered into force as of January 2013. None of these new standards have had an impact on the consolidated interim financial half-year accounts.

Modified IFRS standards and IFRIC interpretations:

• • IFRS 7 Financial instruments: Disclosure Offsetting of financial assets and financial liabilities
• • IFRS 13 Fair value measurement
• • IAS 1 Presentation of Financial Statements Presentation of elements in the unrealized results
• • IAS 19 Employee Benefits (amended)
• • Annual improvements of IFRS (published May 2012)

2. Segment reporting

Condensed consolidated profit & loss account (geographical segmentation)

(in € 1,000)		Belgium		Luxembourg		Corporate	TOT	AL
	30/06/13	30/06/12	30/06/13	30/06/12	30/06/13	30/06/12	30/06/13	30/06/12
(+) Rental income (+) Write-back of lease payments sold and discounted	10,958	9,890	9,870	7,905			20,828	17,795
(+/-) Rental-related expenses		-101					0	-101
NET RENTAL INCOME	10,958	9,789	9,870	7,905	0	0	20,828	17,694
(+) Recovery of property charges (+) Recovery income of charges and taxes normally payable by tenants on let	80 1,739	22 2,071	0 37	43			80 1,776	22 2,114
properties (-) Charges and taxes normally payable by tenants on let properties	-1,739	-2,071	-37	-43			-1,776	-2,114
(+/-) Other rental-related income and expenditure	-810	-650	-18	-24			-828	-674
PROPERTY RESULT	10,228	9,161	9,852	7,881	0	0	20,080	17,042
(-) Technical costs (-) Commercial costs (-) Charges and taxes on un-let properties (-) Property management costs (-) Other property charges	-527 -518 -67 -1,633(1) -191	-675 -258 -261 -1,404 -102	-78 -9 -21 -73 -54	-27 -49 -11 -72 -32			-605 -527 -88 -1,706 -245	-702 -307 -271 -1,476 -133
PROPERTY CHARGES	-2,936	-2,699	-235	-190	0	0	-3,171	-2,889
PROPERTY OPERATING RESULT	7,292	6,462	9,617	7,691	0	0	16,909	14,153
(-) General corporate costs (+/-) Other operating charges and income	-829 -112	-547 -296	-274 -56	-360 0	0	0 0	-1,103 -167	-907 -296
OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO	6,351	5,619	9,287	7,331	0	0	15,638	12,950
(+/-) Result on disposals of investment properties	474		640				1,114
(+/-) Changes in fair value of investment properties	439	-11	317	40			756	29
OPERATING RESULT	7,264	5,608	10,245	7,371	0	0	17,509	12,979
(+) Financial income (-) Interest charges (-) Other financial charges (+/-) Changes in fair value of financial assets					290 -4,824 -738 808	1,806 -4,133 -599 -1,123	290 -4,824 -738 808	1,806 -4,133 -599 -1,123
FINANCIAL RESULT	0	0	0	0	-4,463	-4,049	-4,463	-4,049
PRE-TAX RESULT	7,264	5,608	10,245	7,371	-4,463	-4,049	13,046	8,930
(+/-) Corporate taxes (+/-) Exit tax					-76 0	-191 0	-76 0	-191 0
TAXES	0	0	0	0	-76	-191	-76	-191
NET RESULT	7,264	5,608	10,245	7,371	-4,539	-4,240	12,970	8,739
Attributable to: Minority interests Shareholders of the group							1 12,969	2 8,737

(1) The property management costs consist a/o of the remuneration paid by Leasinvest Real Estate and its Belgian subsidiaries to the manager Leasinvest Real Estate Management SA. Of the total remuneration paid by Leasinvest Real Estate for the first 6 months of the financial year 2013 (€ 1.33 million), € 0.5 million is related to the Luxembourg portfolio. The fee is however completely recorded in the Belgian segment, because Leasinvest Real Estate is the real debtor.

Condensed consolidated balance sheet (geographical segmentation)

(in € 1,000)	Belgium			Luxembourg		Corporate		TOT AL
	30/06/13	31/12/12	30/06/13	31/12/12	30/06/13	31/12/12	30/06/13	31/12/12
ASSETS
Intangible assets	1	2	0	0			1	2
Investment properties (incl. development projects)	262,566	271,556	306,355	306,607			568,920	578,163
Assets held for sale	11,264	2,591	0	19,110			11,264	21,701
Other assets	70,443	61,001	4,901	6,160			75,344	67,161
ASSETS PER SEGMENT	344,274	335,149	311,256	331,877	0	0	655,529	667,026
LIABILITI ES
Non-current financial debts					189,100	228,674	189,100	228,674
Current financial debts					109,735	135,942	109,735	135,942
Other liabilities					38,363	46,400	38,363	46,400
LIABILITI ES PER SEGMENT	0	0	0	0	337,198	411,016	337,198	411,016
Shareholders' equity							318,331	256,010

Segmentation per asset class (main key figures)

The real estate portfolio comprises het buildings in operation, the development projects, the assets held for sale and the financial leasings.

For the calculation of the other key figures (rental income, rental yield, occupancy rate and weighted average duration of the leases) only the buildings in operation are taken into account.

(in € 1,000)	Offices		Logistics (and semi-industrial)		Retail		TOT AL
	30/06/13	30/06/12	30/06/13	30/06/12	30/06/13	30/06/12	30/06/13	30/06/12
Rental income (incl. financial leasing)	9,375	9,632	4,904	4,419	5,912	3,655	20,191	17,706
Fair value of the real estate portfolio	262,249	272,519	156,350	132,702	179,490	100,537	598,082	505,758
Investment value of the real estate portfolio	269,021	279,470	160,010	136,300	182,240	103,050	611,271	518,820
Yield (in fair value)	7.53%	7.10%	7.28%	7.83%	7.21%	7.26%	7.36%	7.32%
Yield (in investment value)	7.35%	6.92%	7.12%	7.62%	7.10%	7.08%	7.20%	7.14%
Occupancy rate	93.00%	92.10%	95.99%	91.10%	100%	100%	95.92%	93.36%
Weighted average duration till first break possibility (# years)	3.2	3.1	5.7	4.8	4.7	4.6	4.4	3.9

3. Net rental result

(in € 1,000)	30/06/13	30/06/12
Rental income
Rents	20,541	17,504
Guaranteed income	0	0
Rental rebates	-350	202
Rental incentives	-8	-13
Compensation for early termination of the leases	25	102
Compensation for financial leasing and comparable items	620	0
TOTAL	20,828	17,795
Write-back of lease payments sold and discounted	0	0
Rental-related expenses
Rent payable on rented assets	0	0
Write-downs on trade receivables	0	-101
Write-backs of write-downs on trade receivables	0	0
TOT AL	0	-101
Net rental result	20,828	17,694

The rental income of Leasinvest Real Estate over the first half-year of 2013 has risen by 17% (+ € 3,033 thousand) and amounts to € 20,828 thousand compared to € 17,795 thousand for the first half-year of 2012.

This evolution is mainly a consequence of the contribution of 6 months of income from the Knauf Shopping Center in Schmiede and from the State Archives in Bruges (+€ 2,840 thousand), compensated by a decreased income following the realized divestments (-€ 484 thousand).

At constant portfolio the rental income (excl. rental rebates) increases by 7.4% or € 1,300 thousand in comparison with the same period last year.

4. Investment properties and assets held for sale

(in € 1,000)	Real estate available for lease		Development projects
	30/06/13	31/12/12	30/06/13	31/12/12
Balance at the end of the previous financial year	558,544	501,584	19,620	0
Investments	2,069	78,373	762	19,045
Divestments	-1,218	-603	0	0
Acquisitions of real estate	0	0	0	0
Transfers from(to) other items	-12,050	-21,190	0	0
Phasing of gratuities	-341	36	0	0
Increase/(decrease) of the fair value	1,407	343	126	575
Balance at the end of the period	548,411	558,544	20,508	19,620
Items in the balance sheet:
Investment properties 568,920	578,163 (1)
Finance lease receivables 17,899	17,900 (2)
Assets held for sale 11,264	21,701 (3)

The fair value of the direct real estate portfolio amounts to € 598 million at the end of June 2013 compared to € 617.8 million end-December 2012.

598,082 617,764

The decrease is explained by the sale of the Pasteur building and the logistics building in Nossegem in the first quarter of 2013 (€ -21.7 million), both buildings already presented under the item assets held for sale at the end of 2012. Besides this, the remaining floors in the building Mercure located in Luxembourg were sold (€ -1.2 million). On the sale of these buildings a capital gain of € 1,103 thousand was realized (on top of the fair value).

At the end of June 2013, 3 buildings were presented under the item assets held for sale, for € 11.3 million, of which the sale is expected to take place in the third quarter of 2013.

The fair value1 is measured in accordance with IFRS 13 applying both the market approach and the income approach.

Based on the balance sheet at the end of June 2013 an increase of the average yield by 0.1% would have had an impact of € 8 million on the net result and of € 1.62 on the net asset value per share, and would have entailed an increase of the debt ratio by 0.55% namely from 47.12% to 47.67%).

Net present value of estimated rental income

The investment value is the result of the yield applied on the estimated rental value (capitalisation method or market approach) corrected by the net present value of the difference between the current rent and the estimated rental value at the valuation date, and this, for the period till the next break possibility of the current rental contracts.

Discounted cash flow method

Residual valuation

¹ The following methods are used to define the fair value according to IFRS 13

The DCF method consists in defining the present value of the future cash flows. The future rental income is estimated on the basis of the existing contractual rents and the real estate market outlook for each building in the following periods. Moreover, the future maintenance costs are also estimated and taken into account. The actualisation rate applied takes into account the risk premium for the object defined by the market. The obtained value is also compared to the market on the basis of the definition of the residual land value.

Buildings to renovate or in the course of renovation, or planned projects are valued based on the value after renovation, valued based on the value after renovation under deduction of the amount for the remainder of the work to be carried out, including costs, interests, vacancy and risk premium.

	Total Investment properties(1)	receivables(2)	Finance lease		Total	Assets held for sale(3)
30/06/13	31/12/12	30/06/13	31/12/12	30/06/13	31/12/12	30/06/13	31/12/12
578,164	501,584	17,900	0	578,164	501,584	21,701	2,859
2,831	97,418	0	0	2,831	97,418	0	559
-1,218	-603	0	0	-1,218	-603	-21,701	-3,295
0	0	0	17,900	0	17,900
-12,050	-21,190	0	0	-12,050	-21,190	12,050	21,190
-341	36	0	0	-341	36	-9	-35
1,532	918	0	0	1,532	918	-776	424
568,919	578,163	17,900	17,900	586,819	596,063	11,264	21,701

5. Information on the financial debt

(in € 1,000)		30/06/13				31/12/12
			Debts with a residual duration of				Debts with a residual duration of
	Less than 1 year	More than 1 year and less than 5 years	More than 5 years	Total	Less than 1 year	More than 1 year and less than 5 years	More than 5 years	Total
Financial debts – credit institutions
Credit lines	30,000	348,700	40,000	418,700	73,000	298,700	15,000	386,700
Credit draw-downs	30,000	158,500	30,000	218,500	63,000	213,467	15,000	291,467
% share (credit draw-downs/ credit lines)	100.0%	45.5%	75.0%	52.2%	86.3%	71.5%	100.0%	75.4%
Commercial paper and back-up lines
Commercial Paper program (CP)				210,000				210,000
Commercial Paper draw-downs	79,585			79,585	72,942			72,942
% share CP / credit lines				19.0%				18.9%
% share (credit draw-downs & CP/ credit lines)				71.2%				94.2%
% Credit lines balance after CP hedging				28.8%				5.8%

The decrease of the credit draw-downs end-June 2013 in comparison with end-2012 is the result on the one hand of the realized divestments, and on the other hand, of the temporary decrease in draw-downs following the public capital increase closed at the end of June 2013.

6. Calculation and further comments on the debt ratio

The debt ratio amounts to 47.12% at the end of June 2013, in comparison with 56.19% end-2012.

(in € 1,000)	Statutory balance sheet	Consolidated balance sheet
Total of the items 'Liabilities' of the balance sheet	268,005	337,197
I. Non-current liabilities
A. Provisions	0	0
C. Other non-current financial liabilities – Authorized hedges	20,242	20,556
F. Deferred taxes	0	0
II. Current liabilities
A. Provisions	0	0
C. Other current financial liabilities – Authorized hedges	0	0
F. Deferred charges and accrued income	4,765	8,086
Total liabilities taken into account for the calculation of the debt ratio (numerator):	242,998	308,555
Total 'Assets' of the balance sheet	490,932	655,529
Authorized hedges recorded in the assets	743	743
Total assets taken into account for the calculation of the debt ratio (denominator):	490,189	654,786
Debt ratio (%)	49.57%	47.12%

7. Definition of the fair value of financial assets per level

per 30/06/13
(in € 1,000)	Level 1	Level 2	Level 3	Total fair value
Financial instruments at fair value
- Financial assets available for sale	39,088	6,710		45,798
- Financial derivatives – assets (interest rate swaps)		487		487
- Other financial derivatives unqualified for hedge accounting (bought caps)		255		255
- Financial derivatives – liabilities (interest rate swaps)		-18,029		-18,029
Financial debts at fair value passed through the income statement
- Other financial derivatives unqualified for hedge accounting		-2,527		-2,527

Level 1	Level 2	Level 3	Total fair value
31,419	5,489		36,908
	519		519
	-24,340		-24,340
	-3,577		-3,577

The fair value of the hedges at closing date is composed as follows:

(in € 1,000)	30/06/13		31/12/12
	Assets	Liabilities	Assets	Liabilities
Bought caps	255		519
Sold floors		-2,527		-3,577
Interest rate swaps	487	-18,029		-24,340
	742	-20,556	519	-27,917

The fair value of the financial derivatives (IRS, Caps, Floors) evolves positively as a consequence of the expected increase of the interest rates in the second quarter of 2013 and gives a net liability of € - 19.8 million, whereby € - 16.9 million were cumulatively accounted for in shareholders' equity.

The impact on the income statement over 2013 amounts to € 805 thousand in comparison with € - 1.1 million over the first half-year of 2012. The positive impact on shareholders' equity is € 6.78 million. The notional amount of the current and future hedges amounts to € 382.5 million at the end of June 2013.

The hedge ratio stands at 85% end-June 2013, and this as a consequence of the capital increase whereby less credits are temporarily drawn down.

8. Important events after the closing of the period 01/01/13-30/06/13

At the beginning of July 2013 the dividend for the participation in Retail Estates over the financial year 2012/2013 for € 1.7 million (€ 0.34 per share) was received. This dividend was not included in the results per 30 June 2013.

9. Overview of the main related-party transactions

In the period 01/01/13-30/06/13 no transactions with related parties, which had material consequences with regard to the financial position or the results of Leasinvest Real Estate, took place.

10. Risks and uncertainties

With regard to the risks and uncertainties, management refers to the Transaction note of 3 June 2013 within the framework of the public offering of new shares on pages 4-11 and to the registration document 2012 on pages 6-18.

These risks and uncertainties remain valid for het first halfyear of the financial year 2013.

Canal Logistics, Brussels

Auditor's report

Report of the statutory auditor to the shareholders of Leasinvest Real Estate Comm VA on the review of the interim condensed consolidated financial statements as of 30 June 2013 and for the six-month period then ended

Introduction

We have reviewed the accompanying consolidated balance sheet of Leasinvest Real Estate Comm VA (the "Company") as at 30 June and the related condensed consolidated statement of comprehensive income including the consolidated income statement, the consolidated statement of changes in shareholders' equity and the consolidated cash flow statement for the six-month period then ended, and explanatory notes which show a consolidated balance sheet total of € 655.529 thousand and a consolidated profit (share of the group) for the six-month period of € 12.970 thousand. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting ("IAS 34") as adopted for use in the European Union. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review ("revue limitée/beperkt nazicht") in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" applicable to review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing (ISA) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements do not present fairly, in all material respects, the financial position of the consolidated entity as at 30 June 2013, and of its financial performance and its cash flows for the six-month period then ended in accordance with IAS 34, as adopted for use in the European Union.

Brussels, 21 August 2013

Ernst & Young Bedrijfsrevisoren SCCRL Statutory auditor Represented by

Pierre Vanderbeek Partner

Real estate investment trust under Belgian Law	Leasinvest Real Estate SCA
Legal entity	Limited partnership by shares
Registered office	Route de Lennik 451, 1070 Brussels, Belgium
Administrative office	Schermersstraat 42, 2000 Antwerp, Belgium
Contact information	T +32 3 238 98 77 – F +32 3 237 52 99
E-mail	investor.relations@leasinvest.be
Web	http://www.leasinvest.be
Register of legal entities Brussels
VAT	BE 0436.323.915
Established	8 June 1999, publication MB 26 June 1999 (conversion into real estate investment trust) (nr. 990626-330)
Term	Unspecified
Financial year	1 January – 31 December
Listing	Euronext Brussels, Bel Small
Liquidity provider	Bank Degroof
Financial service	Main paying agent Bank Delen
Auditor	Ernst & Young Réviseurs d'entreprises, represented by Pierre Vanderbeek, certified auditor
Real estate experts	Cushman & Wakefield - Winssinger & Associates - Stadim
Supervision	FSMA

Financial calendar

26/08/13	Half-year financial report 2013 (IAS 34)
14/11/13	Interim statement Q3 (30/09/13)
18/02/14	Publication of annual results 2013 (31/12/13)
31/03/14	Annual financial report 2013 (online)
14/05/14	Interim statement Q1 (31/03/14)
19/05/14	Annual meeting of shareholders
26/05/14	Dividend payment
26/08/14	Half-year financial report 2014 (IAS 34)

This half-year financial report is available on www.leasinvest.be in pdf an in an interactive version. You can request a printed copy through registration on www.leasinvest.be.

Registered office

The Crescent Route de Lennik 451 BE-1070 Brussels

Administrative office

Schermersstraat 42 BE-2000 Antwerp T +32 3 238 98 77 F +32 3 237 52 99 E investor.relations@leasinvest.be W www.leasinvest.be

Register of legal entities: 0436.323.915 ISIN code BE0003770840