Vastned Belgium NV

Earnings Release • Jul 30, 2013

of the board of directors for the period 01.01.2013 to 30.06.2013

OPENING RITUALS LEYSSTRAAT ANTWERP Surface: 140 m2

of the board of directors for the period 01.01.2013 to 30.06.2013 Regulated information embargo 30/07/2013, 8:00 am

Antwerp, 30 July 2013

Increase of operating distributable result to € 1,32 per share (€ 1,30 in the first semester of 2012) Stable fair value of the real estate portfolio1 Low debt ratio: 35 % Expected gross dividend 2013 between € 2,58 and € 2,68 per share

1. Interim management report

1.1. Operating activities of the first semester of 2013

In the first semester of 2013 the operating distributable result of Vastned Retail Belgium increases and amounts to € 1,32 per share compared to € 1,30 in the first semester of previous financial year. This represents an increase of 1,5 % per share. The decrease in rental income through the sale of approximately 3 % of the real estate portfolio in December 2012 (3 peripheral retail warehouses located in Hasselt, Beaumont and Mons and a retail park in Andenne) is compensated in 2013 by lower property charges and the reduction of financing costs.

For the first time since the world has been hit by the global economic crisis, there are also tangible consequences for the shopping activity in Belgium. This results in lower turnover figures for tenants (a decrease of 22 %2 for the garment industry in the first quarter of 2013, due also to unfavourable weather conditions), as well as in postponed expansion plans, stagnant or even decreasing rents and in vacancy mainly on secondary locations. The positive note is that consumer confidence in Belgium - unlike other European countries remains almost at the same level. Prime rents of inner-city shops in larger cities as Antwerp and Brussels remain stable at € 1.850 m²/year in the first semester of 2013.

In the first semester of 2013, Vastned Retail Belgium has renewed 8 lease contracts for a rental volume of approximately 718.000 €/year. Compared to the current rental level, the rental level as from the first expiry date will increase by 19 %. For inner-city shops an average rental increase of 30 % has been realized and for retail warehouses of 9 %.

In the inner-city two new lease contracts have been concluded for a rental volume of approximately 237.000 €/year with an average rental grow of 29 %. On retail warehouse locations only one new lease contract has been concluded for a small space whereby the new rental price has remained stable.

The fair value of the investment properties of Vastned Retail Belgium is (based on an unchanged composition of the real estate portfolio) nearly unchanged in the first semester of 2013. Market rents and yields3 remain quite stable. The average yield for retail warehouses in the portfolio of the property investment fund reaches 7,1 % on 30 June 2013 (6,9 % on 31 December 2012) and for inner-city shops 5,5 % (5,4 % on 31 December 2012).

¹ Based on an unchanged composition of the real estate portfolio compared to 31 December 2012.

² Website Retaildetail: "This spring, one -fifth less turnover for clothing stores" article dd. 21 May 2013.

³ The yield is calculated as the ratio between the rental income (increased by the estimated rental value of vacant locations for rent) and the investment value of investment properties.

of the board of directors for the period 01.01.2013 to 30.06.2013

Namur - 2.332 m2

The most important value increase in the real estate portfolio of the property investment fund has been realized in the innercity of Namur in the commercial complex Jardin d'Harscamp through the merge of several units. Club modernized its shop in the first quarter of 2013 and took the opportunity to expand it from 317 m² to 478 m². In the second quarter of 2013, Belgian fashion label Mayerline opened its new shop of 254 m² in the centre. For both lettings the rental level has increased by approximately 45 % compared to earlier prevailing rental conditions for the same space. Herewith the fair value of the gallery has increased by 18 % in the first semester of 2013. Upon acquisition of this inner-city gallery by Vastned Retail Belgium at the end of 2011, 38 % of the leasable space was vacant. Currently only one smaller unit of 101 m² is un-let (4 % of the total leasable space).

Change of name

Retail Belgium

On 24 April 2013, property investment fund Intervest Retail has changed its name into Vastned Retail Belgium. This change of name indicates that the property investment fund joins the strategy of its Dutch majority shareholder Vastned regarding the real estate investment policy. Also on an operational level a strengthened synergy is pursued between the countries in which Vastned is active by means of frequent dialogue on operational matters.

Vastned, the listed European real estate fund that focusses on "venues for premium shopping" is active in the Netherlands, France, Belgium, Spain and Turkey (Istanbul) with an invested patrimony of approximately € 2,0 billion. Vastned, the majority shareholder of the property investment fund since 1999, was previously already associated with its legal predecessor and has currently a shareholding of 65,5 %.

The strengthened strategy of Vastned targets the best retail real estate in the most popular commercial streets in larger cities ("high streets"). New acquisitions will be realized in inner-cities with strong commercial areas providing a genuine shopping experience. Vastned Retail Belgium joins this strategy and wishes herewith to respond to the changing retail landscape.

The direct yield of such investments on top locations in inner-cities is in the short term lower than the yield of retail warehouses. Vastned Retail Belgium aims to increase the share of high street shops on prime locations from 50 % of the entire portfolio to at least 65 % of the portfolio in view of obtaining a lower risk profile.

1.2. Composition and evolution of the real estate portfolio on 30 June 2013

Property investment fund Vastned Retail Belgium focuses on an investment policy based on commercial real estate, with respect for criterions of risk spread in the real estate portfolio, relating to the type of building as well as to the geographic spread and the sector of the tenants.

On 30 June 2013 this risk spread is as follows:

Sector of tenants

• a 53% Clothing, shoes and accessories
• b 20% Domestic articles, interior and do-it-yourself
• c 10% Leisure, luxury articles and personal care
• d 8% Specialised food shops and department stores
• e 5% TV, hifi, electrical articles, multimedia and telephone
• f 4% Others

of the board of directors for the period 01.01.2013 to 30.06.2013

REAL ESTATE PATRIMONY	30.06.2013	31.12.2012	30.06.2012
Fair value of investment properties (€ 000)	357.925	359.183	367.236
Investment value of investment properties (€ 000)	366.873	368.162	376.417
Total leasable space (m²)	149.873	151.041	161.773
Occupancy rate (%)	95,7 %	97,3 %	97,8 %

On 30 June 2013, the fair value of the investment properties amounts to € 358 million (€ 359 million on 31 December 2012). The decrease in the first semester of 2013 is due mainly to the sale of two small retail warehouses, located in Scherpenheuvel and Sint-Job-in-'t-Goor, with a fair value of € 1,7 million on 31 December 2012.

The occupancy rate4 of the portfolio amounts to 95,7 % on 30 June 2013. The decrease of 1,6 % compared to 31 December 2012 results from the termination of a number of temporary lettings and the increasing vacancy on secondary locations.

Valuation of the portfolio by the independent property experts on 30 June 2013:

Property expert	Fair value investment properties (€ 000)
Cushman & Wakefield	€ 173.480
CB Richard Ellis	€ 175.584
de Crombrugghe & Partners	€ 8.861
TOTAL	€ 357.925

Louvain - 1.495 m2

⁴ 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.

of the board of directors for the period 01.01.2013 to 30.06.2013

1.3. Market situation of Belgian commercial real estate in 20135

Despite the economic crisis several chains such as Albert Heijn, Hunkemöller, Veritas, Action, Rituals, ZEB and JBC have remained expansive in Belgium during the first semester of 2013. Rituals opened mid-June 2013 an inner-city shop in the Leysstraat in Antwerp. ZEB and JBC opened at the Gouden Kruispunt in Tielt-Winge. These are two examples of top locations in the portfolio of Vastned Retail Belgium resisting well the economic crisis.

The opening of 'Les Dauphins' in the periphery of Mouscron is the most important new retail development of 2013. The additional commercial space (5.000 m²) in Shopping Nivelles has also to be mentioned. In Wijnegem the extension of Wijnegem Shopping Center is ongoing.

The limited number of other retail developments is slowed down through difficult procedures for obtaining permits and the reserve of candidate-tenants.

Vastned Retail Belgium has also experienced in the past semester that some municipalities and cities are increasingly negative towards extensions or even building improvements or upgrades of existing stores.

Vastned Retail Belgium does not expect some revival of the retail market in the second semester of 2013 and supposes that retailers - despite stable consumer confidence - will remain rather pessimistic.

Tielt-Winge - 18.866 m2

of the board of directors for the period 01.01.2013 to 30.06.2013

1.4. Analysis of the results6

Rental income of Vastned Retail Belgium amounts in the first semester of 2013 to € 10,9 million (€ 11,1 million). The decrease of € 0,2 million or approximately 2 % compared to the first semester of previous financial year results mainly from the sale of about 3 % of the real estate portfolio in December 2012 (3 peripheral retail warehouses located in Hasselt, Beaumont and Mons and a retail park in Andenne), partly compensated by indexations of existing lease contracts and realized rental renewals.

Property charges have decreased by 8 % and amount to € 1,1 million for the first semester of 2013 (€ 1,2 million) through lower commercial costs, mainly brokers' fees.

General costs remain at the same level as the first semester of previous financial year.

The result on disposals of investment properties comprises the sale of two small retail warehouses, located in Scherpenheuvel and Sint-Job-in-'t-Goor, with a fair value of € 1,7 million on 31 December 2012.

In the first semester of 2013 the fair value of the real estate portfolio remains almost unchanged. The changes in fair value of investment properties for the first semester 2013 amounts to € 0,3 million compared to the increase in value of € 4,0 million in the first semester of 2012.

The financial result (excl. changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)) amounts for the first semester of 2013 to - € 2,5 million (- € 2,6 million). The decrease results from the disposals of investments properties for an amount of € 11 million in December 2012. The average interest rate of the property investment fund for the first semester of 2013 is 4,2 %, including bank margins (4,1 %).

Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39) in the first semester of 2013 include the decrease of the negative market value of interest rate swaps that, in line with IAS 39, cannot be classified as cash flow hedging instruments, for an amount of € 1,4 million (- € 1,2 million).

The net result of property investment fund Vastned Retail Belgium amounts to € 8,4 million (€ 10,0 million) for the first semester of 2013 and can be divided in:

• ୭ The operating distributable result of € 6,7 million (€ 6,6 million) or an increase of € 0,1 million or approximately 1,5 % resulting mainly from indexations and rental renewals in the existing real estate portfolio and from lower property charges and the reduction of financing costs, compensating lower income due to the sale of approximately 3 % of the real estate portfolio in December 2012.
• ୭ The result on portfolio of € 0,2 million (€ 4,6 million).
• ୭ Changes in the fair value of financial assets and liabilities (non-effective hedges - IAS 39) and other non-distributable elements for an amount of € 1,5 million (- € 1,1 million).

This represents per share for the first semester of 2013 an operating distributable result of € 1,32 (€ 1,30) or an increase of 1,5 %.

of the board of directors for the period 01.01.2013 to 30.06.2013

30.06.2013	31.12.2012	30.06.2012
5.078.525	5.078.525	5.078.525
1,66	3,68	1,97
1,32	2,62	1,30
45,48	46,29	44,50
47,25	48,07	46,28
46,36	47,61	45,72
51,13	47,60	51,00
12 %	3 %	15 %

On 30 June 2013, the net asset value (fair value) of the share is € 45,48 (€ 46,29 on 31 December 2012). Given that the share price on 30 June 2013 is € 51,13, the share of Vastned Retail Belgium (VASTB, previously INTV) is quoted with a premium of 12 % compared to this net asset value (fair value).

The debt ratio of the property investment fund amounts to 35 % on 30 June 2013 (33 % on 31 December 2012), calculated in accordance with the Royal Decree of 7 December 2010. The increase comes from the dividend payment for financial year 2012 in May 2013 for an amount of € 13,3 million.

Vilvorde - 1.338 m2

1.5. Financial structure on 30 June 2013

On 30 June 2013, Vastned Retail Belgium has a conservative financial structure allowing it to continue to carry out its activities in 2013.

The most important characteristics of the financial structure on 30 June 2013 are:

• ୭ Amount of withdrawn financial debts: € 122 million (excluding the market value of financial derivatives)
• ୭ 76 % of the credit lines are long-term financings with an average remaining duration of 3,1 years
• ୭ Well-spread expiry dates of credit facilities between 2014 and 2018

Duration of financings

• a 76 % Long-term credit facilities
• b 24 % Short-term credit facilities
• c 13 % Credit facilities with indefinite duration d 11 % Credit facility expiring on 1 January 2014

Vastned Retail Belgium has prolonged in the first semester of 2013 the financing of a credit facility for an amount of € 10 million which expired on 15 April 2013. The existing credit facility has been refinanced at the same financial institution for a duration of 4,5 years on terms in line with current market conditions. In so doing, the property investment fund has completed all refinancing for financial year 2013.

Expiry calendar of available credit facilities

• ୭ Spread of credit facilities over 5 European financial institutions
• ୭ € 15 million of available non-withdrawn credit lines
• ୭ 74 % of the withdrawn credit facilities have a fixed interest rate, 26 % have a variable interest rate
• ୭ Fixed interest rates are fixed for a remaining period of 3,4 years in average
• ୭ Average interest rate for the first semester of 2013: 4,2 % including bank margins (4,1 % for the first semester 2012)
• ୭ Value of financial derivatives: € 4,5 million negative
• ୭ Limited debt ratio of 35 % (33 % on 31 December 2012) (legal maximum: 65 %)

of the board of directors for the period 01.01.2013 to 30.06.2013

1.6. Risks for the remaining months of 2013

Vastned Retail Belgium estimates the main risk factors and uncertainties for the remaining months of the financial year 2013 as follows:

• ୭ Rental risks: Given the nature of the buildings which are mainly let to national and international companies, the real estate portfolio is to a certain degree sensitive to the economic situation. However in the short term no direct risks are recognized that can fundamentally influence the results of financial year 2013. Furthermore, within the property investment fund, there are clear and efficient internal control procedures to limit this risk.
• ୭ Evolution of the value of the portfolio: The value of the investment properties of Vastned Retail Belgium are to a certain degree sensitive to the economic situation. Apart from absolute top locations, vacancy risk has increased due the current economic situation. This increased risk can lead to a decrease in value of the real estate portfolio in the second semester of 2013.
• ୭ Evolution of the interest rates: Due to the financing with borrowed capital, the return of the property investment fund depends on the evolution of the interest rate. To limit this risk an appropriate ratio between borrowed capital with variable interest rate and borrowed capital with fixed interest rate is pursued at the composition of the credit facilities portfolio. On 30 June 2013, 74 % of the credit facilities portfolio consist of loans with a fixed interest rate or fixed through interest rate swaps. 26 % of the credit facilities portfolio has a variable interest rate which is subject to (un)foreseen rises of the currently low interest rates.

1.7. Forecast for 2013

Vastned Retail Belgium, as the only Belgian property investment fund, has developed a high-quality position at prime city locations. Vastned Retail Belgium aims to strengthen its position at these city centre locations, with a clear focus on high-quality locations in larger cities. The portfolio consists of 50 % retail warehouses and 50 % of inner-city shops, of which some top locations in larger cities. Given the limited debt ratio of 35 %, the property investment fund is in a very comfortable position to respond quickly to possible new opportunities.

Based on the half-yearly results and the forecasts on 30 June 2013, Vastned Retail Belgium estimates to be able to propose its shareholders a gross dividend per share between € 2,58 and € 2,68 (compared to € 2,62 for financial year 2012). This represents a gross dividend yield between 5,0 % and 5,2 %, based on the closing share price on 30 June 2012 (€ 51,13).

of the board of directors for the period 01.01.2013 to 30.06.2013

2. Condensed consolidated half-yearly figures

2.1. Condensed consolidated income statement

in thousands €	30.06.2013	30.06.2012
Rental income	10.894	11.073
Rental-related expenses	-64	-62
NET RENTAL INCOME	10.830	11.011
Recovery of rental charges and taxes normally payable by tenants on let properties	312	397
Rental charges and taxes normally payable by tenants on let properties	-312	-397
Other rental-related income and expenses	15	0
PROPERTY RESULT	10.845	11.011
Technical costs	-260	-278
Commercial costs	-86	-145
Charges and taxes on unlet properties	-83	-85
Property management costs	-632	-636
Other property charges	-81	-105
PROPERTY CHARGES	-1.142	-1.249
OPERATING PROPERTY RESULT	9.703	9.762
General costs	-525	-555
Other operating income and costs	62	49
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	9.240	9.256
Result on disposals of investment properties	-46	494
Changes in fair value of investment properties	282	4.006
Other result on portfolio	-2	66
OPERATING RESULT	9.474	13.822
Financial income	0	1
Net interest charges	-2.485	-2.626
Other financial charges	-6	-2
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)	1.442	-1.167
FINANCIAL RESULT	-1.049	-3.794
RESULT BEFORE TAXES	8.425	10.028
Taxes	-18	-16
NET RESULT	8.407	10.012

of the board of directors for the period 01.01.2013 to 30.06.2013

2.1. Condensed consolidated income statement (continued)

in thousands €	30.06.2013	30.06.2012
NET RESULT	8.407	10.012
Note:
Operating distributable result	6.702	6.593
Result on portfolio	234	4.566
Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39) and other non-distributable elements	1.471	-1.147
Attributable to:
Equity holders of the parent company	8.407	10.012
Minority interests	0	0

RESULT PER SHARE	30.06.2013	30.06.2012
Number of shares entitled to dividend	5.078.525	5.078.525
Net result (€)	1,66	1,97
Diluted net result (€)	1,66	1,97

2.2. Condensed consolidated statement of comprehensive income

in thousands €	30.06.2013	30.06.2012
NET RESULT	8.407	10.012
Changes in the effective part of fair value of allowed hedging instruments that are subject to hedge accounting	791	100
COMPREHENSIVE INCOME	9.198	10.112
Attributable to:
Equity holders of the parent company	9.198	10.112
Minority interests	0	0

of the board of directors for the period 01.01.2013 to 30.06.2013

2.3. Condensed consolidated balance sheet

ASSETS in thousands €	30.06.2013	31.12.2012
Non-current assets	358.560	359.792
Intangible assets	9	4
Investment properties	357.925	359.183
Other tangible assets	623	602
Trade receivables and other non-current assets	3	3
Current assets	2.713	3.142
Assets held for sale	1.022	1.999
Trade receivables	246	245
Tax receivables and other current assets	163	161
Cash and cash equivalents	518	216
Deferred charges and accrued income	764	521

of the board of directors for the period 01.01.2013 to 30.06.2013

2.3. Condensed consolidated balance sheet (continued)

SHAREHOLDERS' EQUITY AND LIABILITIES in thousands €	30.06.2013	31.12.2012
Shareholders' equity	230.972	235.080
Shareholders' equity attributable to the shareholders of the parent company	230.972	235.080
Share capital	97.213	97.213
Share premium	4.183	4.183
Reserves	121.169	115.020
Net result of the financial year	8.407	18.664
Minority interests	0	0
Liabilities	130.301	127.854
Non-current liabilities	103.969	94.648
Non-current financial debts	100.014	89.517
Credit institutions	100.000	89.500
Financial lease	14	17
Other non-current financial liabilities	3.800	4.998
Other non-current liabilities	115	118
Deferred taxes - liabilities	40	15
Current liabilities	26.332	33.206
Current liabilities	22.005	27.399
Credit institutions	22.000	27.394
Financial lease	5	5
Other current financial liabilities	662	1.697
Trade debts and other current debts	2.393	2.971
Other current liabilities	202	210
Accrued charges and deferred income	1.070	929
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	361.273	362.934

of the board of directors for the period 01.01.2013 to 30.06.2013

2.4. Condensed consolidated cash flow statement

in thousands €	30.06.2013	30.06.2012
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR	216	379
1. Cash flow from operating activities	6.182	6.460
Operating result	9.474	13.822
Interests paid	-2.440	-2.488
Other non-operating elements	1.354	-1.240
Adjustment of result for non-cash flow transactions	-1.612	-3.297
୭ Depreciations on intangible and other tangible assets	41	42
୭ Result on disposals of investment properties	46	-494
୭ Spread of rental discounts and benefits granted to tenants	22	44
୭ Changes in fair value of investment properties	-282	-4.006
୭ Other result on portfolio	2	-66
୭ Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39)	-1.442	1.167
୭ Other non-cash flow transactions	1	16
Changes in working capital	-594	-337
୭ Movement of assets	-213	-323
୭ Movement of liabilities	-381	-14
2. Cash flow from investment activities	2.326	-976
Acquisitions of intangible and other tangible assets	-66	-88
Investments in existing investment properties	-144	-1.017
Proceeds of disposals of investment properties	2.614	185
Prepaid investment invoices	-78	-56
3. Cash flow from financing activities	-8.206	-5.357
Repayment of loans	-12.394	-220
Drawdown of loans	17.500	7.650
Repayment of financial lease liabilities	-3	-2
Receipts from non-current liabilities as guarantee	-3	64
Dividend paid	-13.306	-12.849
CASH AND CASH EQUIVALENTS AT THE END OF THE SEMESTER	518	506

of the board of directors for the period 01.01.2013 to 30.06.2013

2.5. Condensed statement of changes in consolidated equity

in thousands €	Share capital	Share premium	Reserves	Net result of financial year	Total shareholders' equity
Balance at 31 December 2011	97.213	4.183	91.035	36.308	228.739
Comprehensive income of first semester 2012			100	10.012	10.012
Transfers through result allocation 2011:
Transfer from result on portfolio to reserves			23.513	-23.513	0
Transfer of changes in fair value of financial assets and liabilities			-92	92	0
Other mutations			38	-38	0
Dividends financial year 2011				-12.849	-12.849
Balance at 30 June 2012	97.213	4.183	114.594	10.012	226.002

Balance at 31 December 2012	97.213	4.183	115.020	18.664	235.080
Comprehensive income of first semester 2013			791	8.407	9.198
Transfers through result allocation 2012:
Transfer from result on portfolio to reserves			7.415	-7.415	0
Transfer of changes in fair value of financial assets and liabilities			-2.090	2.090	0
Other mutations			33	-33	0
Dividends financial year 2012				-13.306	-13.306
Balance at 30 June 2013	97.213	4.183	121.169	8.407	230.972

2.6.Notes to the condensed consolidated half-yearly figures

Condensed consolidated segmented income statement

BU SIN ESS SE GM EN T			tai Re l w	ho s & are use
in tho nd s € usa	Inn er-	city sh op s	sho ing pp	ntr ce es	Co rat rpo e		To	tal
	30 .06 .20 13	30 .06 .20 12	30 .06 .20 13	30 .06 .20 12	30 .06 .20 13	30 .06 .20 12	30 .06 .20 13	30 .06 .20 12
l in Re nta co me	5.4 29	5.3 45	5.4 65	5.7 28			10 .89 4	11 .07 3
l-re lat ed Re nta exp en ses	-15	-17	-49	-45			-64	-62
d i Pro rty ent sts pe m an ag em co an nco me	-1	0	16	0			15	0
PR OP ER TY RE SU LT	5.4 13	5.3 28	5.4 32	5.6 83			10 .84 5	11 .01 1
OP ER AT ING RE SU LT BE FO RE RE SU LT ON PO RT FO LIO	5.1 80	5.0 24	5.0 80	5.2 79	-1. 02 0	-1. 04 7	9.2 40	9.2 56
sul n d isp ls o f inv Re t o est nt osa me
rtie pro pe s	0	1	-46	49 3			-46	49 4
in ir v inv Ch fa alu f est nt an ges e o me
rtie pro pe s	75 3	3.1 45	-47 1	86 1			28 2	4.0 06
he sul fo lio Ot t o ort r re n p	22	13	-24	53			-2	66
OP ER AT ING RE SU LT OF TH E S EG ME NT	5.9 55	8.1 83	4.5 39	6.6 86	-1. 02 0	-1. 04 7	9.4 74	13 .82 2
Fin cia l re sul t an					-1. 04 9	-3. 79 4	-1. 04 9	-3. 79 4
Tax es					-18	-16	-18	-16
NE T R ES UL T	5.9 55	8.1 83	4.5 39	6.6 86	-2. 08 7	-4. 85 7	8.4 07	10 .01 2
BU SIN ESS SE GM EN T: KE Y F IGU RE S in tho nd s € usa	Inn er-	city sh op s	tai Re l w sho ing pp	ho s & are use ntr ce es	To	tal
	30 .06 .20 13	30 .06 .20 12	30 .06 .20 13	30 .06 .20 12	30 .06 .20 13	30 .06 .20 12
Fai lue of in ies tm ent ert r va ves pr op	20 2.0 87	19 8.9 73	15 5.8 38	16 8.2 63	35 7.9 25	36 7.2 36
in ies lue of Inv est nt tm ent ert me va ves pr op	20 39 7.1	20 3.9 47	9.7 34 15	2.4 70 17	36 6.8 73	37 6.4 17
(m ²) tal lea sab le s To pac e	33 .57 3	33 .64 4	11 6.3 00	12 8.1 29	14 9.8 73	16 1.7 73
( ) Oc % te cu pa ncy ra	95 4 % ,	99 1 % ,	96 0 % ,	96 6 % ,	95 7 % ,	97 8 % ,

Half-yearly financial report

of the board of directors for the period 01.01.2013 to 30.06.2013

Retail Belgium

Principles for preparation of half-yearly figures

The consolidated condensed half-yearly figures are prepared on the basis of the principles of financial information in accordance with IAS 34 "Interim financial information". In these condensed half-yearly figures the same principles of financial information and calculation methods are used as those used for the consolidated annual accounts on 31 December 2012.

IFRS 13 - Fair Value Measurement is applicable on financial years starting from 1 January 2013 or later. This standard will modify the disclosure commitment of the property investment fund, depending on the classification of investment properties in level 1, 2 of 3. These disclosures will be recorded in the annual report regarding financial year 2013. IFRS 9 - Financial instruments is applicable on financial years starting from 1 January 2015 and will require additional disclosures in the annual report regarding financial year 2015.

Evolution of investment properties

in thousands €	30.06.2013	30.06.2012
Amount at the end of the preceding financial year	359.183	362.213
Investments in the portfolio	144	1.017
Disposals of investment properties	-1.684	0
Changes in fair value of investment properties (+/-)	282	4.006
Amount at the end of the semester	357.925	367.236

Overview of future minimum rental income

The cash value of the future minimum rental income until the first expiry date of the lease contracts has on 30 June 2013 the following collection terms:

in thousands €	30.06.2013	30.06.2012
Receivables with a remaining duration of:
Less than one year	20.168	21.056
Between one and five years	24.856	20.885
More than five years	280	354
Total of future minimum rental income	45.304	42.295

Non-current and current liabilities

An update of the financial structure on 30 June 2013 is provided in paragraph 1.5. (supra) of the interim management report.

Off-balance sheet obligations

In the first semester of 2013, there have been no changes in the off-balance sheet obligations as described in note 24 of the Financial report of the Annual report 2012.

Events after the balance sheet date

There are no significant events to be mentioned that occurred after the closing of the accounts as at 30 June 2013.

of the board of directors for the period 01.01.2013 to 30.06.2013

2.7. Statutory auditor's report

VASTNED RETAIL BELGIUM SA, public property investment fund under Belgian law

Limited review report on the consolidated interim financial information for the six-month period ended 30 June 2013

To the board of directors

We have performed a limited review of the accompanying consolidated condensed balance sheet, condensed income statement, condensed statement of comprehensive income, condensed cash flow statement, condensed statement of changes in equity and selective notes (jointly the "interim financial information") of Vastned Retail Belgium SA (formerly "Intervest Retail SA"), public property investment fund under Belgian law ("the company") and its subsidiaries (jointly "the group") for the six-month period ended 30 June 2013.

The board of directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.

The interim financial information has been prepared in accordance with international financial reporting standard IAS 34 - Interim Financial Reporting as adopted by the European Union.

Our limited review of the interim financial information was conducted in accordance with international standard ISRE 2410 - Review of interim financial information performed by the independent auditor of the entity. A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA). Accordingly, we do not express an audit opinion on the interim financial information.

Based on our limited review, nothing has come to our attention that causes us to believe that the interim financial information for the six-month period ended 30 June 2013 is not prepared, in all material respects, in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union.

Antwerp, 29 July 2013

The statutory auditor

DELOITTE Bedrijfsrevisoren / Reviseurs d'Entreprises BV o.v.v.e. CVBA / SC s.f.d. SCRL

Represented by

____________________

Kathleen De Brabander

of the board of directors for the period 01.01.2013 to 30.06.2013

3. Statement to the half-yearly financial report

In accordance with article 13 § 2 of the Royal Decree of 14 November 2007, the board of directors, composed of Jean-Pierre Blumberg (chairman), Nick van Ommen, EMSO sprl, permanently represented by Chris Peeters, Hubert Roovers, Tom de Witte and Taco de Groot, declare that according to its knowledge,

• a) the condensed half-yearly figures, prepared in accordance with the principles of financial information in accordance with IFRS and in accordance with IAS 34 "Interim Financial Information" as accepted by the European Union, give a true and fair view of the equity, the financial position and the results of Intervest Retail and the companies included in the consolidation
• b) the interim management report gives a true statement of the main events which occurred during the first six months of the current financial year, their influence on the condensed half-yearly figures, the main risk factors and uncertainties regarding the remaining months of the financial year, as well as the main transactions between related parties and their possible effect on the condensed half-yearly figures if these transactions should have a significant importance and were not concluded at normal market conditions.

These condensed half-yearly figures have been approved for publication by the board of directors of 29 July 2013.

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

VASTNED RETAIL BELGIUM SA, public property investment fund under Belgian law, Jean-Paul Sols - CEO or Inge Tas - CFO, T + 32 3 287 67 87, www.vastnedretailbelgium.be