Press and Analyst meeting annual figures Tuesday 19 February 2008

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1 Press and Analyst meeting annual figures 2007 Tuesday 19 February 2008

2 AGENDA 1. Description of the portfolio 2. Important facts 3. Financial results Real estate market 5. Outlook

3 1. Description of the portfolio

4 The portfolio Commercial real estate Inner-city locations Retail warehouses Occupancy rate 99,3 % on 31 December 2007

5 Geographic spread

6 Type of retail property

7 Region of activity tenants

8 2. Important facts of 2007

9 Important facts Divestments Sale of Factory Shopping Messancy Divestment of 3 non-strategic properties Investments Redevelopment Wooncentrum Van de Ven in Olen Commercial project Julianus in Tongeren Redevelopment Vilvoorde Acquisition Heytens retail portfolio

Redevelopment Wooncentrum Van de Ven in Olen Commercial project

10 Divestments of 2007 Factory Shopping Messancy Sales agreement between parties: November 2007 Notary deed: January 29, 2008 Sales price: 12 million No reps and warrantees Buyer: Henderson Global Investors Effect of sale on 2008 operational dividend: 0,40 per share

Sales price: 12 million No reps and warrantees Buyer: Henderson

11 Redevelopment Olen Council of State: rejected request for suspension of building permit Request for cancellation of building permit pending Demolition works have started in December 2007

12 Commercial project Julianus in Tongeren Investment value: 18 million Opening: 13 March 2008 Entirely let: H&M, Kruidvat, JBC, Torfs Schoenen, Essenza, Bestsellers, Bel Company, Veritas, Zanier, etc. Catering: Deloberge Surroundings modified by city of Tongeren ongoing

Torfs Schoenen, Essenza, Bestsellers, Bel Company, Veritas,

13 Redevelopment Vilvoorde Build surface area: ± m² (± m² lettable commercial area) High quality architectural design Building commercial space and 10 luxury apartments has started Delivery H&M: September 2008 Delivery luxurious apartments: end apartments already sold

Building commercial space and 10 luxury apartments has started

14 Heytens retail portfolio Investment value: 19,5 million 21 retail warehouses spread across Belgium Occupancy rate: 100 % Total lettable floor area: m² 75% of shops leased to Decor Heytens

15 3. Financial results

16 A. Evolution of the portfolio Fair value investment properties ( 000) Value property developments ( 000) Current rents ( 000) Yield (%) Current rents, including ERV on vacant properties ( 000) , , Yield if fully let (%) Occupancy rate (%) 6,4 99,3 7,4 95,5

851 Current rents ( 000) Yield (%) Current rents, including ERV on vacant properties

17 B. Consolidated P & L account (in 000) Rental income Rental related expenses Property management related expenses and income Property result Property charges General costs and other operating income and expenses Operating result before result on the portfolio Result on disposals of investment properties Changes in the fair value of investment properties Operating result Financial result Taxes Net result

and other operating income and expenses Operating result before result on the portfolio Result on disposals of investment properties Changes in the

18 C. Consolidated balance sheet ASSETS (in 000) Fixed assets Intangible fixed assets Investment properties Developments projects Other tangible fixed assets Financial fixed assets Trade receivables and other tangible fixed assets Current assets Assets held for sale Trade receivables Tax receivables and other current assets Cash and cash equivalents Deferred charges and accrued income Total assets

assets Trade receivables and other tangible fixed assets Current assets Assets held for sale Trade receivables Tax receivables and other current

19 C. Consolidated balance sheet SHAREHOLDERS EQUITY AND LIABILITIES (in 000) Shareholders equity Non current liabilities Provisions Non current financial debts Other non current liabilities Deferred tax liabilities Current liabilities Current financial debts Trade debts and other current debts Other current liabilities Accrued charges and deferred income Total shareholders equity and liabilities

current liabilities Deferred tax liabilities Current liabilities Current financial debts Trade debts and other current debts Other current

20 D. Data per share Number of shares Number of shares entitled to dividend Net asset value (fair value) ( ) Net asset value (investment value) ( ) 36,97 38,43 34,21 35,54 Gross dividend ( ) Net dividend ( ) 1,47 1,25 1,97 1,67 Share price on closing date ( ) Discount/premium to net asset value (fair value) (%) 32,80-11 % 39,70 16 %

(investment value) ( ) 36,97 38,43 34,21 35,54 Gross dividend ( ) Net dividend ( ) 1,47 1,25 1,97

21 4. Real estate market

22 Real estate market Inner city shops Strong activity Increasing rents /m²/year Brussels, Nieuwstraat Antwerp, Meir Ghent, Veldstraat Brugge, Steenstraat Hasselt, Hoogstraat Luik, Vinave d'île Shopping centers High activity Increasing rents Top rents 1.100/m²/year

23 Real estate market Retail warehouses High activity: more interest of inner city tenants Increasing rents (top rents 125 to 150/m²) Retail parks Investments Low offer / high demand Decreasing yields (4,5% - 4,25%) 80% of investments by private investors

24 5. Outlook 2008

25 Outlook 2008 Higher dividend with the sale of Factory Shopping Messancy Opening commercial centre Julianus in Tongeren Redevelopment of Van De Ven Olen Vilvoorde: delivery commercial space to H & M Further investments depending on the market

26 Questions?

Annual report 2004 3 1 D e c e m b e r 2 0 0 4

Annual report 2004 3 1 D e c e m b e r 2 0 0 4 Annual report 2004 31 December 2004 Key figures 1 PROPERTY ASSETS 31.12.2004 31.12.2003 31.12.2002 Total lettable area (m 2 ) 215,646 2 220,684 207,000 Occupancy rate Messancy Outlet Shopping included