Retail Estates sa

Major Shareholding Notification • Dec 15, 2016

Naamloze vennootschap (public limited company),
public regulated real estate company under Belgian law (BE-REIT), with registered office at Industrielaan 6, 1740 Ternat (Belgium), Brussels Register of Legal Entities: 0434.797.847

Occasional press release - regulated information Ternat, 15 December 2016 - 5:40pm

DISCLOSURE PURSUANT TO ARTICLE 15 OF THE LAW OF 2 MAY 2007:

TRANSPARENCY DECLARATION

Disclosure pursuant to article 15 of the Law of 2 May 2007: Transparency declaration

Pursuant to article 15 of the Law of 2 May 2007 regarding the disclosure of major holdings ("Transparency Law"), Retail Estates announces that, due to the capital increase of 29 January 2016, the total capital amounts to EUR 202,688,189.49 and is represented by 9,008,208 fully paid ordinary shares. There are no preferred shares, no outstanding options or warrants issued that entitle their holder to shares. Each of these shares carries one voting right at the general shareholders' meeting and these shares thus represent the denominator for the purpose of notifications under the transparency regulations (i.e. notification in case of reaching, crossing or falling below the statutory or legal thresholds). In addition to the legal thresholds, the Retail Estates Articles of Association specify an additional statutory threshold of 3% in accordance with article 18, 51, of the Transparency Law of 2 May 2007.

ABOUT NV RETAIL ESTATES

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

Per 30 September 2016, NV Retail Estates has 639 properties in its portfolio with a lettable surface of 710,083 m². The occupancy rate of these buildings, expressed in leased m², levels to 98.13%.

The fair value of the consolidated real estate portfolio of NV Retail Estates at 30 September 2016 is estimated by independent real estate experts at EUR 1,016 million.

NV Retail Estates is listed on Euronext Brussels and is registered as a public regulated real estate company. On 30 September 2016, the stock market capitalisation of its shares amounts to FUR 705.67 million.

FUTURE-ORIENTED STATEMENTS

This press release contains a number of future-oriented statements. Such statements are subject to risks and uncertainties which means that the actual results can differ significantly from those expected on the basis of such future-oriented statements in this interim statement. Significant factors that can influence such results include changes in the economic situation, commercial and fiscal factors.

Ternat, 15 December 2016,

Jan De Nys, managing director of NV Retail Estates.

For more information, please contact: NV Retail Estates, Jan De Nys - CEO, tel. 02/568 10 20 - 0475/27 84 12 NV Retail Estates, Kara De Smet - CFO, tel. 02/568 10 20 - 0496/57 83 58 NV Retail Estates, Paul Borghgraef - Chairman, tel. 02/568 10 20 - 0475/42 98 03

Retail Estates nv Public RREC under Belgian law (BE-REIT) Industrielaan 6 - B-1740 Ternat RPR Brussels: 0434.797.847 T: +32 2 568 10 20 info@retailestates.com www.retailestates.com