Vastned Focus on growth in premium city high street shops June 2014 Taco de Groot, CEO Vastned

Vastned makes significant progress in executing the premium city high street strategy Occupancy rate increased from 94.0% year-end 2013 to 96.5% end of Q  Premium city high street shops: 99.1%  High street shops: 95.1%  Non-high street shops: 94.0% Estimated 2014 direct investment result between € € 2.30 per share 2 Divestments increase quality of the portfolio  Total divestments in Q1 2014: € 48.7 million Sale of Spanish shopping centres/galleries and retail park successfully finalised Leasing activity includes 31 leases and amounts to € 2.2 million Share of non-bank loans increased to over 30%  Successful placement of convertible bond of € 110 million

Q update: Vastned’s premium city strategy improves occupancy rate

Occupancy rate increases from 94.0% to 96.5% 4 Total portfolio € 1.5 billion Premium city high street shops High street shops Non- high street shops Total %% % The Netherlands France Belgium Spain/ Portugal 100 Turkey100n.a. 100 Total

Leasing activity in Q amounts to € 2.2 million  Total leasing activity € 2.2 million  A total of 31 lease contracts were signed  On average leasing contracts were signed 4.6% below old rents mainly due to rent declines in shopping centers in Tongeren and Limoges  Premium city high street shop leases at 7.4% higher rents 5 Premium city high street shops High street shops Non-high street shops Total Leasing activity€ 0.8 million€ 0.9 million€ 0.5 million€ 2.2 million Change in rent on new and renewed leases 7.4%6.7%(33.3)%(4.6)% Leasing activity in Q1 2014

Divestments increase the quality of the portfolio  Total divestments in Q1 2014: € 48.7 million  Netherlands: € 0.6 million  France: € 45.2 million  Belgium: € 2.9 million  On average 2.6% below book value year-end 2013  Share of premium city high street shops increases from 51% to 52%  Occupancy rate improves significantly from 94.0% to 96.5% 6

Divestment Spanish shopping centres/galleries and retail park successfully finalised  Seven shopping centres/galleries and one retail park  Average occupancy rate of the sold assets: 84.5%  Leasing activity in 2013 on average at 33% lower rents  Selling price: € 160 million  Net sales proceeds: € million  Current Spanish portfolio * : € 63 million  Occupancy rate at end Q1 2014: 100% 7 * Including the Portuguese portfolio

Q country performance

The Netherlands: Market remains a challenge for retailers 9  Dutch consumer confidence improves slightly but still low  19 leases signed for € 1.1 million:  Credo Men’s fashion  De Tuinen  MANGO  New leases and lease renewals result in 8.7% rent increase  Divestment of non-strategic assets for € 0.6 million  Occupancy rate slightly lower from 96.8% year-end 2013 to 96.1% end Q Developments in Q Dutch portfolio: € 623 million Year-end 2013

France: Share of premium city high street shops increases to 77% 10  Polarisation in the French retail market  4 leases signed for a total of € 0.1 million, including 2 leases for shopping centre Corgnac in Limoges  Total divestments: € 45.2 million  Occupancy increases from 95.4% year-end 2013 to 96.8% end Q Developments in Q French portfolio: about € 310 million After divestments in Q1 2014

Belgium: Stable progress 11  Leasing activity € 0.3 million including 7 contracts of which two in shopping centre Julianus in Tongeren  Divestment of non-strategic assets for € 2.9 million  Occupancy rate stable at 95.3% end Q (year-end 2013: 95.4%) Developments in Q Belgian portfolio: about € 360 million After divestments in Q1 2014

Spain: Focus on premium city high street shops 12  Successful finalisation of the Spanish shopping centres and retail park at the end of Q  Occupancy rate improves from 86.6% year-end 2013 to 100% end Q Developments in Q Spanish/Portuguese portfolio: about € 63 million after divestments

Turkey: Stable results Q  Lease renewal with Topshop for Istiklal Caddesi 18 with 4.6% rent increase  Stable occupancy rate at 100% Developments in Q Turkish portfolio: € 129 million Year-end 2013

Strategy update: Focus on growth in premium city high streets

Sharpened high street strategy: Focus on growth in premium cities  Premium city high street shops have the highest preference of retailers and consumers  Premium cities are selected cities with:  Positive demographic development  Strong purchasing power  Historic inner city  Tourist destination  Presence of national and international institutions and universities  Growth of high street shops in premium cities to 75% of the total portfolio 15

Strong performance premium city high street shops In % Premium city high street shops High street shops Non high street shops Total Spot occupancy end Q Like-for- like rental growth 4.2(1.1)(3.6)(1.1) 2013 Value movements * 2.2(2.0)(13.7)(5.8) 16 * Excluding acquisitions

Vastned’s European premium cities 17

Examples of execution of premium city high street strategy

19 Realisation upwards potential: 42% rent increase P.C. Hooftstraat Old tenantNew tenant Old rent€ 317,000 per year RetailerHugo Boss New rent€ 450,000 per year Duration 10 years Rent increase+ 42% Retailers Schaap en Citroen and IWC Schaffhausen

Vastned increases footprint in historical inner city of Utrecht 20  € 59 million  17 high street shops Property portfolio Utrecht

Vastned creates cluster of high street shops in Golden Triangle of Bordeaux 21  € 84 million  17 high street shops Property portfolio Bordeaux

2013 financial results

Despite difficult retail market positive like-for-like gross rental growth for premium city high street shops Premium city high streets High street other Other Total portfolio %% % The Netherlands4.8(0.6)(3.9)(1.1) France3.8(4.9) Belgium Spain/ Portugal (6.8)(4.7) Turkey3.3n.a. 3.3 Total4.2(1.1)(3.6)(1.1) 23

Positive value movements for premium city high street shops in 2013 Value Premium city high streets High street other OtherTotal In € million %% The Netherlands (5.7)(5.3)(3.7) France (0.8)(3.1)(0.4) Belgium Spain/Portugal 221 * 0.6 (4.5)(39.8)(33.2) Turkey 129 (1.8) n.a. (1.8) Total (2.0)(13.7)(5.8) 24 * After the divestment of the seven shopping centres/galleries and the retail park in Spain the value of the portfolio will be € 63 million.

Divestment of non-strategic assets resulted in lower rental income 25 Annualised rent (€ 1 million)

Strong financial position 26 Contract revision by year Interest revision by year Average interest rate 1.6% 3.8% 4.9% 4.8% 4.4% 4.2% 4.9% 5.3%  Average interest rate year-end 2013: 4.3%  Interest cover ratio year-end 2013: 2.8  Loan to value: 39.7% after sale Spanish shopping centres/galleries  Significant risk profile improvement  Current unused credit facility more than € 200 million  Total amount of non-bank loans over 30% after placement of € 110 million convertible 2020 ev. At year-end 2013

Successful placement of convertible bond of € 110 million Key points:  Total placement: € 110 million  30% above reference price  Interest coupon: 1.875%  Duration: five year Result:  Over 30% non-bank loans  Improved negotiation position towards other financiers  Contributes to lower average financing costs 27

Net divestments improved quality of the portfolio and reduced direct investment result 2013 In € million FY 2013FY 2012Δ Gross rental income (10.3) Operating expenses(16.5)(17.8)1.3 Net financing costs(34.4)(35.9)1.5 General expenses/taxes(11.3)(10.5)(0.8) Non-controlling interests(6.8)(6.7)(0.1) Direct investment result (8.4) 28

Movement direct investment result per share in € Direct investment result per share Like-for-like net rental growth(0.04) Increase due to acquisitions, net of interest0.11 Decrease due to divestments, net of interest(0.49) Taking into operation of investment properties in Istanbul 0.11 Capitalised interest (investment properties in pipeline and renovation) (0.05) Increase general expenses(0.01) Increase income tax expense(0.03) Increase due to stock dividend(0.03) Decrease due non-controlling interest(0.03) Direct investment result per share

Outlook 2014: Improved quality portfolio enables forecast for 2014 direct investment result  Vastned will continue to pragmatically execute the premium city high street strategy with focus on growth in premium cities  Execution of the strategy has significantly improved quality of the portfolio to more stable and predictable results  As announced before, the premium city high street strategy will lead to lower direct investment result in the short term, but to more stable and predictable results in the long term  Current quality of the portfolio provides sufficient ground to estimate direct investment result per share 2014 between € € 2.30, barring unforeseen circumstances 30

Dividend 2013: € 2.55 per share  Total dividend: € 2.55 per share  Pay-out ratio: 89%  Ex-dividend date: 19 May 2014  Payment date final dividend: 29 May 2014  Dividend policy unchanged: pay-out ratio at least 75% of the direct investment result 31

Contact details Vastned Investor Relations Anneke Hoijtink