Vastned Retail N.V.

Interim / Quarterly Report • Jul 31, 2024

HALFYEAR REPORT

Vastned on track with strategic actions

Continued strong operational performance

Highlights H

• Strong operational performance with a direct result of . per share . in H
• Occupancy rate up to .% .% in H
• Likeforlike gross rental income growth .% compared to H
• Indirect result of . negative per share . negative in H
• IFRS total result of . negative per share . negative in H
• Loantovalue ratio of .% as at June .% as at June
• Vastned and Vastned Belgium have signed Joint Merger Documentation on th June
• Vastned further divested assets for . million after H , bringing total divestments to .m
• Outlook: Vastned reiterates its expected range of direct result of . to . per share for the full year

Hoofddorp, July Vastned, the listed European retail property company, has continued its strong operational performance, reporting a direct result for H of . per share, broadly in line with . per share reported in H and a continued high occupancy rate of .%. Further divestments have strengthened the balance sheet of Vastned by reducing the Loantovalue ratio.

Vastned is on track with the execution of its strategic actions. With the signing of the joint merger documentation, the previously announced intention to merge Vastned with and into Vastned Belgium has taken the next step.

Reinier Walta, Vastned CEO: "During the first half year of , Vastned has successfully managed to deliver on its strategic actions. We worked on addressing the immediate refinancing needs and on improving the financial ratios via divestments. We also made significant steps towards changing the group structure. With our announced intention to merge Vastned Retail N.V. with and into Vastned Belgium NV , we aim to simplify the structure of the company and combine the strengths of our balanced and well positioned real estate portfolios.

We look forward to execute all remaining steps for this transition in the second half year. It will allow Vastned to continue delivering longterm stable and predictable results for our shareholders under Belgian management. It will create a company that will be flexible to seize future opportunities that are likely to arise in the ever evolving real estate markets.

In the meantime it is important for Vastned to focus on what we do best: ensure that we keep the occupancy high by selecting highquality tenants for all of our properties. In this light we are optimistic about the future. We see that strong global brands are performing well, as consumers are coming back to the high streets. In addition, we also see more demand for boutique shops that have a unique offering to clientele in larger cities like Amsterdam, Paris and Madrid. Combined with an increasing presence of physical shops of brands that have started initially as onlineonly webshops, the demand for well located properties remains strong."

Key parameters

The direct result per share in H was . compared with . in H . Compared to H net rental income increased slightly to . million in H from . million in H , despite a number of significant divestments during H . The impact of the divestments on the gross rental income is offset by an increase in the Likeforlike gross rental income, which grew by .%. The Likeforlike rental growth continues to be driven by indexation, albeit that reduced inflation rates allowed for a reduced level of indexation compared to H . The divestments have resulted in a lower debt, although the impact of higher interest still causes the the financial expenses to increase. All in all, the direct result per share H remains in line with the H direct result.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

The indirect result per share in H was . negative compared with . negative in H . The negative indirect result in H was mainly due to a combination of a deferred tax liability, related to the sale of Rokin Plaza in the Netherlands and the decreased value of the property portfolio .% compared to yearend . This results in total earnings for H of a negative . per share versus negative earnings of . per share in the same period last year.

The occupancy rate remains at a high level of .%, compared to a .% occupancy at H .

Results	H	H
Occupancy rate as at June %	.	.
Likeforlike gross rental growth %	.	.
Likeforlike value movements %	.	.
Value of the property portfolio million	,	,
Direct result per share	.	.
Indirect result per share	.	.
IFRS total result per share	.	.

Excluding acquisitions and divestments, but including assets held for sale Including assets held for sale

HA Hoofddorp

PO BOX CG Amsterdam

NOTES TO THE PROPERTY PORTFOLIO

Occupancy rate

The occupancy rate of the full portfolio slightly decreased compared to December to .%, this was mostly due to the departure of Banco Santander in Málaga and Sacha in Utrecht.

Occupancy rate %	June	December	June	December
Netherlands	.	.	.	.
France	.	.	.	.
Belgium	.	.	.	.
Spain	.	.	.	.
Total	.	.	.	.

Leasing activity

In the first six months of , Vastned concluded leases for a total annual amount of . million, or .% of the total theoretical rent. The rent increase on the new leases and lease renewals in the first six months was .%. Vastned continues to succeed in securing rents well above the applicable ERV. On average the new leases and lease renewals were concluded .% above ERV, compared to .% above ERV in the first six months of .

New leases during the second quarter of were concluded with Kruidvat on the Oudegracht in Utrecht, and Crocs on Calle Fuencarral in Madrid. The most notable renewals were with Retail Concepts on the Zonnestraat in Ghent, with Carrefour on Elsensesteenweg in Brussels and Brilmij Groep on Ferdinand Bolstraat in Amsterdam.

Leasing activity	HY	HY
Number of leases
Rental income million	.	.
% of total theoretical annual rent	.	.
Rental change million	.	.
% rental change	.	.
% rent above ERV	.	.

Value of the property portfolio

The value of Vastned's total property portfolio was , billion on June . This is a decrease of .% compared to year end likeforlike.

Portfolio breakdown million	June	% of total
Netherlands	.	.%
France	.	.%
Belgium	.	.%
Spain	.	.%
Total	,.	.%

Likeforlike value of the property portfolio

All properties in operation are appraised at least once a year by independent certified appraisers. As of June , .% of the portfolio was appraised. The likeforlike appraisal value of the property portfolio, excluding acquisitions and divestments, as of the end of June , decreased by .% compared with yearend . The value changes of the portfolios in the Netherlands, France, Belgium and Spain were .% negative,.% negative, .% positive and .% positive, respectively.

Appraisal value million	HY	% vs FY	FY	% vs HY	HY
Netherlands	.	.	.	.	.
France	.	.	.	.	.
Belgium	.	.	.	.	.
Spain	.	.	.	.	.
Total	,.	.	,.	.	,.

Acquisitions and divestments

During the first half year of the following divestments were made by Vastned.

Country	City	Address
Belgium	Aalst	Brusselsesteenweg
Netherlands	Amsterdam	Kalverstraat / Rokin
Netherlands	Amsterdam	P.C. Hooftstraat
Netherlands	Brunssum	Kerkstraat / Schiffelerstraat
Netherlands	Goor	Grotestraat and
Netherlands	Hardenberg	Voorstraat
Netherlands	Hardenberg	Fortuinstraat
Netherlands	Harderwijk	Markt
France	SaintÉtienne	Rue SaintJean

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

NOTES TO THE FINANCIAL RESULTS

Financial results million	HY	HY
Direct result	.	.
Indirect result	.	.
Result attributable to Vastned Retail shareholders	.	.
Result attributable to noncontrolling interests	.	.
Result after taxes	.	.

Result attributable to Vastned Retail shareholders

The result attributable to Vastned's shareholders, which comprises the direct and indirect results, was . million negative in the first half of H : . million negative. The main cause was the decrease of the indirect result from . million negative in H to . million negative in H . Within the indirect result, the value decrease of the property portfolio in the first half of amounted to . million H : value decrease of . million. The movement in deferred tax assets and liabilities was . million negative in H due to the divestment of the property Rokin Plaza in Amsterdam.

The direct result decreased from . million in H to . million in H . Net rental income came out higher . million in H compared to . million in H . However, this increase in net rental income was compensated by an increase in financing costs.

Result per share

The result per share attributable to Vastned shareholders was . negative in H H : . negative. The result comprises the direct result per share of . H : . and the indirect result per share of . negative H : . negative.

NET INCOME FROM PROPERTY

Gross rental income

The gross rental income remained stable at . million in H and H . A breakdown of the movements per country is provided in the table below.

Total thousands	Netherlands	France	Belgium	Spain	Total	In % of amounts =
Gross rental income HY	,	,	,	,	,	.
Acquisitions						.
Divestments					,	.
Likeforlike rental growth						.
Gross rental income HY	,	,	,	,	,	.
Other income Operating expenses	,				,
Net rental income HY	,	,	,	,	,	.
Net rental income HY	,	,	,	,	,	.
Operating expenses as % of gross rental income HY	.	.	.	.	.
Operating expenses as % of gross rental income HY	.	.	.	.	.

Percentage calculated based on the standing portfolio gross rental income minus the effect of divestments. Including net service charge expenses

Acquisitions

In H no acquisitions were made.

Divestments

In H Vastned sold properties with a book value of . million. In Vastned sold properties with a book value of . million at the time of divestment. As a result of the divestments, gross rental income decreased by . million.

Likeforlike gross rental growth

The likeforlike rental growth of the gross rental income was . million positive compared to H .% positive. The likeforlike rental growth in France, the Netherlands and Belgium was . million, . million and . million respectively, for a large extent as a result of rent indexations. In Spain the likeforlike rental growth was . million negative.

Operating expenses including net service charge expenses

Total operating expenses remained stable at . million both in H and H . Increased letting costs were compensated by lower maintenance costs and other operating expenses. Expressed as a percentage of the gross rental income, operating expenses were .% in H H : .%.

Value movements in property

The value movements in property in H totalled . million negative H : . million negative. The value decreases of the French and Dutch property portfolios were . million and . million respectively. The value of Spanish and Belgium property portfolios increased with . million and . million respectively.

Net result on divestments of property

The net result on the divestments realised in H after the deduction of sales costs was . million positive.

HA Hoofddorp

PO BOX CG Amsterdam

EXPENDITURE

Net financing costs

The net financing costs, including value movements of financial derivatives, remained stable at . million in both H and H . Developments regarding the net financing costs are detailed in the table below.

Development of net financing costs million
Net financing costs HY	.
Decrease due to lower average interestbearing debts	.
Net increase due to higher average interest rate and changes in fixed/floating interest rates and working capital	.
Decrease due to less negative value movements in financial derivatives	.
Net financing costs HY	.

Net financing costs decreased by . million in H due to a lower average interestbearing debt compared to H as a result of divestments. The ratio fixed/floating interest within the loan portfolio as June is .%/.%; due to the increased market interest rates, the average interest rate increased with basis points from .% in H to .% in H pushing interest expenses up by . million. As a result of the changes in the market interest rate and the shorter remaining term of duration of the financial derivatives, the value movements of the interest rate derivatives were . million negative in H compared with . million negative in H .

General expenses

General expenses were . million in H compared to . million in H . This decrease is mainly due to lower consultancy, legal and audit costs.

Current income tax expense

Income tax expenses for the regularly taxed entities in the Netherlands, Belgium and Spain was . million in H H : . million.

Movement in deferred tax assets and liabilities

The movement in deferred tax assets and liabilities was . million negative in H H : . million positive.

The impact of the deferred tax liability is a consequence of the asset sale of Rokin Plaza in H , when a deferred tax liability was created on balance sheet. In the past the entity Rokin Plaza BV was acquired as a company that owned the Rokin Plaza and as a consequence of applied general accounting practices the acquisition had to be recognised as a takeover of assets, therefore the provision for deferred tax liabilities was not recorded in the balance sheet and disclosed as an offbalance sheet liability. After divestment of the asset, the deferred tax liability is recorded in the indirect result and added as an onbalance provision.

Restructuring expenses

Restructuring expenses were . million in H . These expenses were related to the restructuring of the French entities within Vastned.

ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

As at June , Vastned had a total accounts receivable position of . million June : . million, of which . million was provided for June : . million. The total value of the accounts receivable, after deduction of the provision for expected credit losses, can be broken down according to the nature of the receivable as follows:

Accounts receivable and other receivables thousand	Outstanding	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Total	,	,	,

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Part of the total accounts receivable position are receivables overdue by more than one year that are fully provided for but cannot yet be written off in connection with bankruptcies that have not yet been fully settled.

FINANCING STRUCTURE

Vastned strives to maintain a conservative financing structure, with a loantovalue ratio of between % and % on the longterm and good diversification of financing sources; e.g. by placing longterm bond loans with institutional investors including through private placements.

Financing structure	June	June
Loantovalue %	.	.
Solvency %	.	.
Interest coverage ratio	.	.

Group equity plus deferred tax liabilities divided by the balance sheet total

As at June , Vastned's has a loantovalue ratio of .% yearend : .% and a solvency ratio, being group equity plus deferred tax liabilities divided by the balance sheet total, of .% yearend : .%. The interest coverage ratio for the past months was ..

With a solvency ratio of .% and an interest coverage ratio of ., Vastned complies with the loan covenants. All financing agreements stipulate a .% minimum solvency ratio and usually require a minimum . interest coverage ratio. Most financing agreements include a negative pledge clause, with a limited threshold for putting up security.

Loan portfolio as at June million	Fixed interest	Floating interest	Total	% of total
Longterm debt	.	.	.	.%
Shortterm debt	.	.	.	.%
Total	.	.	.	.%
% of total	.%	.%	.%

Taking account of interest rate derivatives

At the end of June , .% of the loan portfolio comprised fixedinterest loans as a result of the use of interest rate derivatives and fixed coupon private placements.

The share of nonbank loans was .%, significantly above the internal target of %.

Taking the unused credit facilities of . million as at June into account, there is ample liquidity to fulfil shortterm payment obligations. The unused credit facilities is excluding the unused amount of the bridge facility which was concluded in April . This facility serves as a backup facility to take out loans maturing in September . As a result of divestments the bridge facility, is reduced from . million to . million as at June .

DEVELOPMENT OF NET ASSET VALUE PER SHARE

As a result of the combined direct and indirect result per share of . negative, the other movements of . positive and the final dividend distribution of . per share, the net asset value per share decreased from . at yearend to . as at June .

The EPRA NRV per share as at June was . compared with . as at June .

INTERIM DIVIDEND FOR

As part of the announced intention to merge Vastned Retail N.V. with and into Vastned Belgium NV, an interim dividend is proposed of . per share to be paid in December . There will be no interim dividend paid in August .

HA Hoofddorp

PO BOX CG Amsterdam

EVENTS AFTER BALANCE SHEET DATE

After the closing of H , Vastned has signed agreements for the sale of our properties on Stuijvenburchstraat in Eerbeek, the whole portfolio in Doetinchem; Zutphen and the Korte Poten , Korte Poten and Vlamingstraat in The Hague, all in the Netherlands. Transaction value for these assets is . million, which is on average .% above book value, with all individual properties sold above book value.

The assets in Doetinchem and Zutphen have already been transferred to the buyer and the assets in The Hague will be transferred to the buyer as per today. All other assets sold after balance sheet date are expected to be transferred over the course of the coming quarter.

OUTLOOK

Barring unforeseen circumstances, Vastned reiterates its expected range of direct results of . to . per share for the full year . Vastned's focus remains firmly on maintaining excellent operational performance and executing its strategic actions.

RESPONSIBILITY STATEMENT

In accordance with Article .d of the Financial Supervision Act, the Executive Board states that, to the best of its knowledge:

• the consolidated interim financial statements give a true and fair view of the assets and liabilities, the financial position and the result of Vastned and its consolidated subsidiaries; and
• the interim report gives a true and fair view of the main events that occurred in the first six months of the financial year and their impact on the interim financial statements, gives a true and fair description of the main risks and uncertainties in the remaining six months of this financial year, and gives a true and fair overview of the main transactions with related parties.

The main risks and uncertainties for the remaining six months of this financial year have not been defined, though are identical to the annual report. These risks and uncertainties have been adequately described by the Executive Board to the best of its knowledge and to the extent known in the halfyear report of the Management Board and the condensed interim consolidated financial statements.

Hoofddorp, July

Executive Board: Reinier Walta, CEO

WEBCAST

On July at am CET, Vastned will provide an analyst presentation on the halfyear results that will be broadcasted in the form of a webcast.

This webcast call can be followed live via https://vastned.com/investorrelations.

FINANCIAL CALENDAR

October before trading M Trading Update

PO BOX CG Amsterdam

ABOUT VASTNED

Vastned is a European publicly listed property company Euronext Amsterdam: VASTN focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The company's property portfolio had a value of , million as at June .

Further information:

Remko Bakker Manager Treasury & Investor Relations

remko.bakker@vastned.com Tel: +

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

KEY FIGURES

Results thousand	June	December	June
Gross rental income	,	,	,
Direct result	,	,	,
Indirect result	,	,	,
Result	,	,	,
Balance sheet thousand
Property value	,,	,,	,,
Equity	,	,	,
Equity Vastned Retail shareholders	,	,	,
Longterm liabilities	,	,	,
Solvency definition lenders %	.	.	.
Loantovalue %	.	.	.
Interest coverage ratio	.	.	.
Financial occupancy rate property portfolio %	.	.	.
Average number of shares in issue	,,	,,	,,
Number of shares in issue end of period	,,	,,	,,
Per share
Equity Vastned Retail shareholders at beginning of period including final dividend	.	.	.
Final dividend previous financial year	.	.	.
Equity Vastned Retail shareholders at beginning of period excluding final dividend	.	.	.
Direct result	.	.	.
Indirect result	.	.	.
Result	.	.	.
Remeasurement of defined benefit obligation	.	.	.
Interim dividend		.
Equity Vastned Retail shareholders at end of period including final dividend	.	.	.
Share price end of period	.	.	.
Premium/Discount %	.	.	.

HA Hoofddorp

PO BOX CG Amsterdam

DIRECT AND INDIRECT RESULT

Direct result thousand	HY	HY	Year	Year
Gross rental income	,	,	,	,
Other income
Net service charge expenses
Operating expenses	,	,	,	,
Net rental income	,	,	,	,
Financial income
Financial expenses	,	,	,	,
Net financing costs	,	,	,	,
General expenses	,	,	,	,
Direct result before taxes	,	,	,	,
Current income tax expense			,
Movement in deferred tax assets and liabilities
Direct result after taxes	,	,	,	,
Direct result attributable to noncontrolling interests	,	,	,	,
Direct result attributable to Vastned Retail shareholders	,	,	,	,
Indirect result
Value movements in property in operation	,	,	,	,
Value movements in assets held for sale Total value movements in property	, ,	,	,	,
Net result on divestments of property
Value movements in financial derivatives		,	,	,
Abortive purchase costs
Indirect result before taxes	,	,	,	,
Current income tax expense
Movement deferred tax assets and liabilities	,
Restructuring expenses
Indirect result after taxes	,	,	,	,
Indirect result attributable to noncontrolling interests Indirect result attributable to Vastned Retail shareholders	,	,	,	,
Result attributable to Vastned Retail shareholders	,	,	,	,
Per share
Direct result attributable to Vastned Retail shareholders	.	.	.	.
Indirect result attributable to Vastned Retail shareholders	.	.	.	.
Result attributable to Vastned Retail shareholders	.	.	.	.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Contents

• Consolidated profit and loss account, starting on page
• Consolidated statement of comprehensive income, starting on page
• Consolidated balance sheet, starting on page
• Consolidated statement of movements in equity, starting on page
• Consolidated cash flow statement, starting on page
• Selected notes, starting on page

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated profit and loss account

thousand

Net income from property	HY	HY
Gross rental income	,	,
Other income
Net service charge expenses
Operating expenses	,	,
Net rental income	,	,
Value movements in property in operation	,	,
Value movements in property held for sale	,
Total value movements in property	,	,
Net result on divestments of property
Total net income from property	,	,
Expenditure
Financial income
Financial expenses	,	,
Value movements in financial derivatives		,
Net financing costs	,	,
General expenses	,	,
Total expenditure	,	,
Result before taxes	,	,
Current income tax expense
Movement deferred tax assets and liabilities	,
Restructuring expenses
Total income tax	,
Result after taxes	,	,
Result attributable to Vastned Retail shareholders	,	,
Result attributable to noncontrolling interests	,	,
Result after taxes	,	,
Per share
Result	.	.
Diluted result	.	.

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated statement of comprehensive income

thousand	HY	HY
Result after taxes	,	,
Items not reclassified to the profit and loss account
Remeasurement of defined benefit obligation
Other comprehensive income after taxes
Total comprehensive result	,	,
Attributable to:
Vastned Retail shareholders	,	,
Noncontrolling interests	,	,
Total comprehensive result	,	,

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated balance sheet

thousand
Assets	June	December	June
Property in operation	,,	,,	,,
Accrued assets in respect of lease incentives	,	,	,
Total property	,,	,,	,,
Intangible fixed assets
Tangible fixed assets
Rightsofuse assets
Financial derivatives	,	,	,
Total fixed assets	,,	,,	,,
Assets held for sale	,	,
Financial derivatives
Debtors and other receivables	,	,	,
Income Tax
Cash and cash equivalents	,	,	,
Total current assets	,	,	,

Total assets ,, ,, ,,

Equity and liabilities	June	December	June
Paidup and calledup capital	,	,	,
Share premium reserve	,	,	,
Other reserves	,	,	,
Result attributable to Vastned Retail shareholders	,	,	,
Equity Vastned Retail shareholders	,	,	,
Equity noncontrolling interests	,	,	,
Total equity	,	,	,
Deferred tax liabilities	,	,	,
Provisions in respect of employee benefits	,	,	,
Longterm interestbearing loans	,	,	,
Longterm lease liabilities		,	,
Financial derivatives
Guarantee deposits and other longterm liabilities	,	,	,
Total longterm liabilities	,	,	,
Payable to banks	,	,	,
Redemption of longterm interestbearing loans	,	,	,
Shortterm lease liabilities
Income tax
Other liabilities and accruals	,	,	,
Total shortterm liabilities	,	,	,
Total equity and liabilities	,,	,,	,,

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated statement of movements in equity

	Capital paid up and	Share premium	Other	attributable to Vastned Retail	Equity Vastned Retail	Equity non controlling
thousand	called	reserve	reserves	shareholders	shareholders	interests	Total equity
Balance as at January	,	,	,	,	,	,	,
Result				,	,	,	,
Other comprehensive income
Comprehensive income				,	,	,	,
Final dividend for previous financial year in cash				,	,	,	,
Contribution from profit appropriation			,	,
Balance as at June	,	,	,	,	,	,	,
Balance as at January	,	,	,	,	,	,	,
Result				,	,	,	,
Other comprehensive income
Comprehensive income				,	,	,	,
Final dividend for previous financial year in cash			,		,	,	,
Contribution from profit appropriation			,	,
Balance as at June	,	,	,	,	,	,	,

Result

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated cash flow statement

thousand
Cash flow from operating activities	HY	HY
Result after taxes	,	,
Adjustments for:
Value movements in property	,	,
Net result on divestments of property
Net financing costs	,	,
Income tax	,
Cash flow from operating activities before changes in working capital and provisions	,	,
Movement in current assets	,
Movement in shortterm liabilities		,
Movement in provisions
Cash flow from operating activities after changes in working capital and provisions	,	,
Interest received
Interest paid	,	,
Income tax paid	,
Cash flow from operating activities	,	,
Cash flow from investing activities
Capital expenditure on property		,
Divestments of property	,
Cash flow from property	,	,
Movement in other fixed assets	,
Cash flow from investing activities	,	,
Cash flow from financing activities Dividend paid	,	,
Dividend paid to noncontrolling interests	,	,
Interestbearing loans drawn down	,	,
Interestbearing loans redeemed	,	,
Movements in guarantee deposits and other longterm liabilities
Cash flow from financing activities	,	,
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents as at January	,
Cash and cash equivalents as at June	,	,

HA Hoofddorp

PO BOX CG Amsterdam

Selected notes GENERAL

Vastned Retail N.V. hereinafter also referred to as 'the company' or 'Vastned', with its registered office in Amsterdam, the Netherlands, is a European listed property company Euronext Amsterdam: VASTN focusing on the best property on the popular high streets of selected European cities with a historic city centre, where shopping, living, working and leisure converge. Vastned's property clusters have a strong tenant mix of international and national retailers, hospitality businesses, residential tenants and office tenants. The properties are located in the Netherlands, France, Belgium and Spain.

Vastned is registered in the trade register of the Chamber of Commerce under number . Vastned is listed on the Euronext stock exchange in Amsterdam. The condensed interim financial statements of Vastned comprise the Company and its subsidiaries jointly referred to as 'the Group'.

The condensed interim financial statements were drawn up by the Executive Board and authorised for publication by the Supervisory Board on July .

PRINCIPLES APPLIED IN THE PRESENTATION OF THE CONDENSED INTERIM FINANCIAL STATEMENTS

The condensed interim consolidated financial statements are presented in euros; amounts are rounded off to thousands of euros, unless stated differently.

These condensed interim financial statements have been prepared in accordance with IAS 'Interim Financial Reporting' as endorsed by the European Union. The condensed interim financial statements do not contain all the information required for full financial statements, and therefore should be read in conjunction with the consolidated financial statements.

The principles applied in the preparation of the condensed interim consolidated financial statements are consistent with the principles set out in the annual report for the financial year, with the exception of the application of new standards and interpretations described below. The most relevant principles applied in these statements are also included below.

Valuation of property

All the property in operation is appraised at least once per year by independently certified appraisers. These appraisals are based on assumptions including the estimated rental value of the property in operation, net rental income, future capital expenditure and the net market yield of the property. As a result, the value of the property in operation is subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions, and this may have a positive or negative effect on the value of the property in operation and, as a consequence, on the result.

Debtors and provision for expected credit losses

Debtors and other receivables are initially recognised at fair value and subsequently measured at amortised cost, less expected credit losses. The expected credit losses on financial assets are determined on the basis of the expected credit loss method ECL. For Debtors and other receivables, the Group applies the simplified approach of the calculation method for the ECL on the basis of expected credit losses over the economic life. The Group employs a provisions matrix for the calculation of expected credit losses on receivables. The provision rates are based on the historical credit loss experience of the Group, corrected for forwardlooking factors that are specific to the debtors and the economic environment.

Going concern

The accounting principles applied to the valuation of assets and liabilities and the determination of the result in these condensed interim consolidated financial statements are based on the assumption of continuity going concern of the company.

New or amended standards and interpretations that became effective on January

The amended standards and interpretations that came into effect in are listed below.

Amendments to IFRS , IAS and IAS

• * IFRS : Amendments to IFRS Leases: Lease Liability in a Sale and Leaseback
• * IAS : Amendments to IAS Presentation of Financial Statements: Classification of Liabilities as Current or Noncurrent and Noncurrent Liabilities with Covenants
• * IAS : Amendments to IAS Statement of Cash Flows: Disclosures Supplier Finance Arrangements

PO BOX CG Amsterdam

These amendments had no impact on the interim condensed consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable.

New or amended standards and interpretations not yet adopted by the European Union

The following standards, amended standards and interpretations that have not yet been adopted by the European Union are therefore not yet being applied by the Group:

• Amendments to IAS The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability effective January

The Executive Board does not expect the application in future periods of the standards mentioned above will have any material impact on the financial statements and/or the position of the Group, or on the presentation and/or the notes.

SCOPE OF CONSOLIDATION

During the first half of a merger took place in the French structure. Effectively this has not changed the scope of consolidation but only the roll up of subsidiaries.

Vastned holds a .% interest in the publicly regulated property company under Belgian law Vastned Retail Belgium N.V., which is listed on Euronext Brussels. The .% interest in the equity and the result of this company attributable to non controlling interests is recognised separately in the balance sheet and the profit and loss account.

Vastned has a % interest in and full control over all its other subsidiaries.

HA Hoofddorp

PO BOX CG Amsterdam

Segmented information

The segmented information is only presented based on the countries where the properties are located.

thousand		Netherlands		France		Belgium		Spain		Total
Result	HY	HY	HY	HY	HY	HY	HY	HY	HY	HY
Net rental income	,	,	,	,	,	,	,	,	,	,
Value movements in property in operation	,	,	,	,		,	,	,	,	,
Net result on divestments of property
Total net income from property	,	,	,		,	,	,	,	,	,
Net financing costs									,	,
General expenses									,	,
Income tax									,
Result after taxes									,	,

thousand		Netherlands		France		Belgium		Spain		Total
Property in operation	HY	HY	HY	HY	HY	HY	HY	HY	HY	HY
Balance as at January	,	,		, ,		, ,	,		, ,,	,,
Capital expenditure		,								,
Transferred to Assets held for sale	,		,						,
Divestments
Value movements	,	,	,	,		,	,	,	,	,
Balance as at June	,	,	,	,		, ,	,	,	,,	,,
Accrued assets in respect of lease incentives	,	,							,	,
Appraisal value as at June		, ,		, ,	,	,	,	,		,, ,,
Ground lease		,								,
Total property in operation	,	,		, ,	,	,	,	,	,,	,,

DIVIDEND

On May , the final dividend for the financial year was paid. The final dividend was . per share in cash : . per share in cash. The dividend distribution totalled . million during H H : . million.

HA Hoofddorp

PO BOX CG Amsterdam

Fair value

The assets and liabilities valued at fair value on the balance sheet are divided into a hierarchy of three levels:

Level : The fair value is determined based on published listings in an active market

Level : Valuation methods based on information observable in the market

Level : Valuation methods based on information that is not observable in the market, which has a more than significant impact on the fair value of the asset or liability.

The table below shows according to which level the assets and liabilities of the Group are valued at fair value.

Assets valued at fair value			June		December		June
thousand	Level	Book value	Fair value	Book value	Fair value	Book value	Fair value
Assets
Property in operation		,,	,,	,,	,,	,,	,,
Financial derivatives		,	,	,	,	,	,
Assets held for sale		,	,	,	,
Liabilities valued at fair value
Longterm liabilities
Longterm interestbearing loans		,	,	,	,	,	,
Lease liabilities				,	,	,	,
Financial derivatives

In the first half of no changes took place in the principles for the determination of the fair value. Nor were any financial assets reclassified to a different level in the first half of .

The value of the Assets held for sale is determined on the basis of expected sales prices, which are based on draft contracts or letters of intent. The fair value of the 'Longterm interestbearing loans' and the 'Lease liabilities' is calculated as the present value of the cash flows based on the swap yield curve and credit spreads in effect at June .

The fair value of the derivatives is determined with reference to information from reputable financial institutions, which is also based on directly and indirectly observable market data. For verification purposes, this information is compared to internal calculations made by discounting cash flows based on the market interest rate for comparable financial derivatives on the balance sheet date. When determining the fair value of financial derivatives, the credit risk of the Group or counterparty is taken into account.

The fair value of the 'Debtors and other receivables','Cash and cash equivalents','Guarantee deposits and other longterm liabilities','Payable to banks','Redemption of longterm interestbearing loans','Shortterm lease liabilities' and 'Other liabilities and accruals' is considered to be equal to the carrying amount because of the shortterm nature of these assets and liabilities or the fact that they are subject to a floating interest rate. For this reason, these items are not included in the table.

PROPERTY

All the property in operation is appraised at least once per year by independent certified appraisers. As at June , .% of the portfolio has been appraised. These appraisals are based on assumptions including the estimated rental value of the property in operation, net rental income, future capital expenditure and the net market yield of the property. As a result, the value of the property in operation is subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions, and this may have a positive or negative effect on the value of the property in operation and, as a consequence, on the result. Due to the strategic choice for the best properties in the most popular high streets, the current crisis has had a limited impact on the valuation of our property.

Our appraisers, CBRE and Cushman & Wakefield, have the largest database in Europe in the area of retail properties. They are best placed in the present appraisal market to minimise the estimation uncertainty and assign a correct value to Vastned's property portfolio.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

The appraisal of the property portfolio resulted in a net yield including transaction costs of .% December : .%; June : .%.

Yield and rent sensitivity

A basis point increase in the net yields used in the appraisal values would result in a decrease in the value of the property in operation by . million or .% December : . million or .%; June : . million or .%, a basis points increase in the loantovalue ratio December : basis points; June : basis points and a decrease of the solvency ratio by basis points December : basis points; June : basis points. At basis points this would be a . million or .% and and basis points respectively.

A % decrease of the market rents used in the appraisal values would result in a decrease in the value of the property portfolio by . million or .%, a rise of the loantovalue ratio by basis points and a decrease of the solvency ratio by basis points December : . million or .%, a rise of the loantovalue ratio by basis points and a decrease of the solvency ratio by basis points. At % this would be this would be . million or .% and and basis points respectively.

For further information on the property portfolio please refer to the chapter Value movements in the halfyear report.

Debtors and other receivables

thousand	June	December	June
Debtors and preinvoiced amounts	,	,	,
Provision for expected credit losses	,	,	,
Net total	,	,	,

The total debtors and preinvoiced amounts, after deduction of the provision for expected credit losses, can be broken down as follows by the nature of the receivable:

thousand			June
	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable for which deferment has been granted
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Balance as at June	,	,	,

thousand			December
	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable for which deferment has been granted
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Balance as at December	,	,	,

(€ thousand)
--------------	--

thousand			June
	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable for which deferment has been granted
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Balance as at June	,	,	,

The contracts state that rents due must be paid by tenants before or on the first day of the rental period. The Group determines the provision for expected credit losses by applying the simplified approach in accordance with IRFS . Expected credit losses on rent receivables are estimated by means of a provisions matrix based on the debtors' past payment behaviour, and based on an analysis by country, in conjunction with an analysis of the debtors' current financial position. In the first half of , the release to the provision for expected credit losses was . million H : thousand addition.

PROVISIONS IN RESPECT OF EMPLOYEE BENEFITS

As a result of the movement in the discount rate in the first half of , the defined benefit pension obligation was recalculated, in line with the first half of . This has resulted in an decrease of the defined benefit pension obligation of . million H : . million increase.

HA Hoofddorp

PO BOX CG Amsterdam

INTERESTBEARING DEBTS

thousand	June	December	June
Longterm liabilities
Unsecured loans	,	,	,
Lease liabilities		,	,
Total longterm liabilities	,	,	,
Shortterm liabilities
Payable to banks	,	,	,
Redemption longterm interest bearing loans	,	,	,
Lease liabilities
Total shortterm liabilities	,	,	,
Total	,	,	,

In the first half of Vastned redeemed on balance an amount of . million from its existing credit facilities. In April a new bridge credit facility of . million was concluded; as a result of divestments this bridge facility, which serves as backup facility, is reduced from . million to . million as at June .

At June , the solvency ratio, calculated by taking equity plus the provision for deferred tax liabilities divided by the balance sheet total, was .% December : .%; June : .%, which is within the solvency ratios of at least % as agreed with the lenders.

The interest coverage ratio as at June was . December : .; June : . calculated by taking net rental income and dividing it by net financing costs excluding value movements in financial derivatives, which is well above the . ratio agreed with lenders.

In the event that the limits of the solvency rates and interest coverage rates agreed with the lenders are not met, this constitutes an 'event of default'; in this case the lenders are entitled to terminate the credit agreements.

Interest rate sensitivity

As at June , the impact on the interest expense of a hypothetical basispoint increase in interest rates all other factors remaining equal would be . million negative December : . million negative. Should interest rates increase by basis points as at this date all other factors remaining equal the impact on the interest expense would be . million negative December : . million negative. As several loans contain a clause stipulating that the interest rate may not be negative, a basispoint decrease in interest rates would have a negative impact on the interest expense. The impact referred to has been calculated on an annual basis, taking into account the financial derivatives entered into. For further information about interestbearing debts reference is made to the chapter Financing structure in the half year report.

FINANCIAL DERIVATIVES

As a result of the changed market interest rates, the value movements of the interest rate derivatives during H were . million negative FY : . million positive, H : . million negative.

RIGHTS AND OBLIGATIONS NOT RECORDED IN THE BALANCE SHEET

In the past companies have been acquired that owned property. These acquisitions were recognised as a takeover of assets. The provisions for deferred tax liabilities not recorded in the balance sheet total . million : . million.

EVENTS AFTER BALANCE SHEET DATE

After the closing of H , Vastned has signed agreements for the sale of our properties on Stuijvenburchstraat in Eerbeek, the whole portfolio in Doetinchem; Zutphen and the Korte Poten , Korte Poten and Vlamingstraat in The Hague, all in the Netherlands. Transaction value for these assets is . million, which is on average .% above book value, with all individual properties sold above book value.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

The assets in Doetinchem and Zutphen have already been transferred to the buyer and the assets in The Hague will be transferred to the buyer as per today. All other assets sold after balance sheet date are expected to be transferred over the course of the coming quarter.

RELATED PARTY TRANSACTIONS

Apart from the topics described below, no material changes have occurred in the first half of in the nature, scope or size of the transactions with related parties compared to what is stated in the notes to the financial statements.

During the first half of , none of the members of the Supervisory Board and Executive Board of Vastned had any personal interest in Vastned's investments. To Vastned's best knowledge, no property transactions were affected during the period under review involving persons or institutions that could be regarded as related parties.

Interests of major investors

In compliance with the Financial Supervision Act and the Act on the Disclosure of Major Holdings in Listed Companies WMZ, the following parties are known to Vastned as shareholders holding a capital position of % or more and/or joint voting rights of % or more of the shares in issue the end of June :

Major investors
Van Herk Investments B.V.	.%
J.B. Meulman	.%
BlackRock Inc.	.%
ICAMAP Real Estate Securities Fund S.A. SICAV RAIF	.%
Tikehau Capital Advisors SAS	.%
J.G.H.M. Niessen	.%
J.G. de Jonge	.%

As per October four shareholders have notified AFM and the company that they have decided to prepare a joint communication and voting strategy, defined as "Acting in concert". Last notification of .% joint voting rights.

HA Hoofddorp

PO BOX CG Amsterdam

EPRA PERFORMANCEINDICATORS

The EPRA Best Practices Recommendations 'BPR' published by EPRA's Reporting and Accounting Committee contain recommendations for the determination of key performance indicators of the property portfolio. Vastned acknowledges the importance of standardising the reporting on performance indicators for the sake of comparability and improving the quality of the information provision to investors and other users. The financial statements in this chapter are presented in euros; amounts are rounded off to thousands of euros, unless stated differently.

		thousand		per share
EPRA performance indicator	Table	HY	HY	HY	HY
EPRA Earnings		,	,	.	.
EPRA NRV		,	,	.	.
EPRA NTA		,	,	.	.
EPRA NDV		,	,	.	.
EPRA Net Initial Yield NIY	i	.%	.%
EPRA 'toppedup' NIY	ii	.%	.%
EPRA Vacancy Rate		.%	.%
EPRA Cost Ratio including direct vacancy costs	i	.%	.%
EPRA Cost Ratio excluding direct vacancy costs	ii	.%	.%
Capital expenditure			,
EPRA LTV		.%	.%

The EPRA performance indicators have been calculated based on definitions as published by EPRA

. EPRA EARNINGS

thousand	HY	HY
Result as stated in consolidated profit and loss account	,	,
Value movements in property	,	,
Net result on divestments of properties
Value movements in financial derivatives		,
Movement in deferred tax assets and liabilities	,
Attributable to noncontrolling interests
EPRA Earnings A	,	,
Restructuring expenses
Company specific adjusted earnings	,	,
EPRA Earnings per share EPS A divided by .. shares	.	.
Company specific adjustments:
Restructuring expenses	.
Company specific adjusted earnings per share	.	.

. EPRA NET ASSET VALUE METRICS

thousand			June			June
	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NRV	EPRA NTA	EPRA NDV
Equity Vastned Retail shareholders	,	,	,	,	,	,
Hybrid instruments
Diluted NAV	,	,	,	,	,	,
Diluted NAV at fair value	,	,	,	,	,	,
Deferred taxes in relation to fair value gains of
property	,	,		,	,
Fair value of financial derivatives	,	,		,	,
Intangible fixed assets
Fair value of fixedrate interestbearing debts			,			,
Realestate transfer tax	,			,
NAV	,	,	,	,	,	,
Fully diluted number of shares	,,	,,	,,	,,	,,	,,
NAV per share	.	.	.	.	.	.
			June			June
	Fair value	% of total portfolio	% of excluded deferred taxes	Fair value	% of total portfolio	% of excluded deferred taxes
Portfolio that is subject to deferred tax and of which the intention is to hold and not to sell in the long run	,			,

. EPRA NET INITIAL YIELD EPRA TOPPEDUP NET INITIAL YIELD AS AT June

thousand

		Netherlands	France		Belgium		Spain		Total
	June	June	June	June	June	June	June	June	June	June
Property addition:	,	,	,	,	,	,	,	,	,,	,,
Estimated transaction fees	,	,	,	,	,	,	,	,	,	,
Investment value of property B		, ,	,	,	,	,	,		, ,, ,,
Annualised gross rental income	,	,	,	,	,	,	,	,	,	,
Nonrecoverable operating expenses	,	,	,			,			,	,
Annualised net rental income A	,	,	,	,	,	,	,	,	,	,
Effect of rentfree periods and other lease incentives	,								,	,
Toppedup annualised net rental income C	,	,	,	,	,	,	,	,	,	,
i EPRA Net Initial Yield A/B	.%	.%	.%	.%	.%	.%	.%	.%	.%	.%
ii EPRA Toppedup Net Initial Yield C/B	.%	.%	.%	.%	.%	.%	.%	.%	.%	.%

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

. EPRA VACANCY RATE

thousand June

	Gross rental income	Net rental income	Lettable floor area m	Annualised gross rental income	Estimated rental value ERV of vacant properties	Estimated rental value ERV	EPRA Vacancy Rate
Netherlands	,	,	,	,		,	.%
France	,	,	,	,		,	.%
Belgium	,	,	,	,		,	.%
Spain	,	,	,	,		,	.%
Total property	,	,	,	,		,	.%

Difference compared to prior year due to sales, the creation of apartments during FY as well as the addition of all residential sqm to this figure. We are placing a stronger emphasis on residential metres because we believe they provide a more accurate representation of our overall portfolio. Additionally, creating homes that add value to local communities aligns with our strategic objectives. This reflects our increased focus on creating residential units above retail spaces. Difference compared to prior year due to remeasurements performed during .

thousand							June
	Gross rental income	Net rental income	Lettable floor area m	Annualised gross ental income	Estimated rental value ERV of vacant properties	Estimated rental value ERV	EPRA Vacancy Rate
Netherlands	,	,	,	,		,	.%
France	,	,	,	,		,	.%
Belgium	,	,	,	,		,	.%
Spain	,	,	,	,		,	.%
Total property	,	,	,	,	,	,	.%

. EPRA COST RATIOS

thousand	HY	HY
General expenses	,	,
Operating expenses	,	,
Net service charge expenses
EPRA costs including vacancy costs A	,	,
Vacancy costs

EPRA costs excluding vacancy costs A	,	,
Gross rental income	,	,
i EPRA Cost Ratio including vacancy costs A/C	.%	.%
ii EPRA Cost Ratio excluding vacancy costs B/C	.%	.%

Including other income of thousand : thousand

. CAPITAL EXPENDITURE

thousand	HY	HY
Acquisitions
Development
Likeforlike portfolio		,
Other
Total		,

Concerns improvements to several assets already held in various countries. Of this total amount, EUR thousand is related to Vastned Belgium of which Vastned Retail owns appr. % of the shares fully consolidated. Vastned has no interests in joint ventures.

HA Hoofddorp

PO BOX CG Amsterdam

June

. EPRA LTV

thousand	LTV under IFRS as reported without EPRA	Adjustments to arrive at EPRA	Group EPRA LTV before share of JV's, material associates and	NonControlling
	adjustments	Group LTV	NCI adjustment	Interests NCI	EPRA LTV
Equity	,		,	,	,
Net debt include:
Borrowings from Financial Institutions	,		,	,	,
Net payables		,	,		,
Owneroccupied property debt
Other lease liabilities
Exclude:
Cash and cash equivalents		,	,		,
Net debt a	,	,	,	,	,
Investment property portfolio and other eligible assets
Owneroccupied property
Investment properties at fair value	,,		,,	,	,,
Ground lease
Properties held for sale	,		,		,
Intangibles
Total property portfolio and other eligible assets b	,,		,,	,	,,
Group LTV a/b	.%		.%		.%
					June
Equity	,		,	,	,
Net debt include:
Borrowings from Financial Institutions	,		,	,	,
Net payables		,	,		,
Owneroccupied property debt
Other lease liabilities	,	,
Exclude:
Cash and cash equivalents		,	,
Net debt a	,	,	,	,	,
Investment property portfolio and other eligible assets
Owneroccupied property
Investment properties at fair value	,,		,,	,	,,
Ground lease	,	,
Properties held for sale
Intangibles
Total property portfolio and other eligible assets b	,,	,	,,	,	,,
Group LTV a/b	.%		.%		.%

Line added to EPRA template in order to present Vastned's LTV under IFRS calculation factually the calculation as agreed with the lenders

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam