Hansteen

Tilburg, Netherlands

Full Year Results to 31 December 2016

Contents

2

Introduction

• Hansteen

• 2016 results

• Sale announcement

Sale of German and Dutch Portfolio

2016 Annual Results

2016 Property Performance

Outlook

IntroductionHansteen - Pan European Real Estate Investment Trust (REIT)

3

Pan European REIT

• Five countries

• Regional teams in 15 offices

High yielding industrial property

• Yield of 7.6%

• Reversionary yield 9.6%

Property portfolio of £1.74 billion

• Rent roll of £131.3 million pa from 40.8 million sq ft

• 5,262 tenants

High and realised returns

• Over 10 year successful track record

2016 Full Year ResultsSummary

4

Normalised Income Profit (“NIP”) up 29.4% to £61.1 million (2015: £47.2 million)

Normalised Total Profit (“NTP”) up 4.4% to £66.0 million (2015: £63.2 million)

Full year dividend up 12% to 5.9p

EPRA NAV per share increased by 15.9% to 128.9p (31 December 2015: 111.2p)

Total return to shareholders of 23.1p or 20.8% (EPRA NAV plus 5.35p dividends paid)

Valuation increases in all regions

AIF ownership increased to 100% through acquisition of the remaining units

Refinanced UK and Netherlands debt

Radway Green, UK

SALE OF GERMAN AND

DUTCH PORTFOLIO

5

North Tyne Industrial Estate, Tyne and Wear

6

Amersfoort, Netherlands

Sale of German and Dutch PortfolioBackground Considerations

The sale of our entire property portfolio in Germany and Netherlands for €1.28bn

Currency Risk

• Euro rate currently high relative to Sterling

Low Vacancy level

• German vacancy 2010: 20% 2016: 8.9%

• Netherlands vacancy 2010: 27% 2016: 11.4%

Growing Investment interest

• Active market

• Urban logistics

7

Amersfoort, Netherlands

Process

• Discreet marketing to potential buyers

• Blackstone selected

Sale terms

• Corporate subsidiaries in Germany / Property assets in The Netherlands

• Completion June 2017 subject to shareholders approval

• Management platform in Netherlands and Germany transferred to M7

• Sales proceeds: €1.28 billion

Sale of German and Dutch PortfolioThe Transaction

8

Amersfoort, Netherlands

Beneficial terms

• Sale price reflects low yield, (7%)

• Crystallise value at high occupancy level and strong euro

NAV Enhancing

• Enhancing IFRS NAV by circa (approximately 5%)

• Projected EPRA NAV expected to show small enhancement

• In sterling terms, value increase from December 2015 approximately 30%

Sale of German & Dutch PortfolioTransaction Benefits

9

Amersfoort, Netherlands

The sale effectively removes £1 billion of property from the business and £400 million of debt. Increased holding of cash

Remaining investments in the UK £677 million, Belgium and France £35 million

Intention to return a substantial proportion of net cash proceeds to shareholders

Income reduced with smaller portfolio, December rent: £53 million per annum

Overhead reduction: £6 million - £8 million

Interest saving: £13 million - £15 million

Sale of German and Dutch PortfolioPost transaction

2016 Full Year ResultsProfit and loss account

£ million 31 December 2016 31 December 2015

Rent 109.4 81.2

Cost of sales (14.7) (12.5)

Gross Profit 94.7 68.7

Management fees 2.0 4.1

Share of Associates Income 9.6 12.1

Administration (20.7) (18.9)

Interest (24.5) (18.8)

Normalised Income Profit 61.1 47.2

Profit on sales 4.7 14.5

Other 0.2 1.5

Normalised Total Profit 66.0 63.2

Net valuation gains 53.9 108.2

IFRS profit before tax 119.9 171.4

NIP per share 8.3 p 6.8 p

NTP per share 8.9 p 9.1 p

Diluted EPS (Basic) 13.8 p 19.4 p

Dividends 5.9 p 5.25 p

10

2016 Full Year ResultsBalance Sheet

£ million 31 December 2016 31 December 2015

Investment Property 1,728 1,061

Trading Property 10 11

1,738 1,072

Associates’ share of NAV - 261

1,738 1,333

Other Assets/Debtors 34 36

Cash 83 63

117 1,432

Debt (817) (538)

Other liabilities / creditors (115) (88)

(626)

IFRS NAV 924 (124p) 806 (105p)

Convertible bond adjustment 110 107

Deferred tax and other adjustments 49 42

EPRA NAV 1,083 (129p) 955 (111p)

11

12

2016 Full Year ResultsUnderlying performance in 2016

111p

129p

8p

7p

8p (5p)

Dec 2015 EPRA NAV NTP net of tax Property revaluation FX net of hedging andother movements

Dividend Dec 2016 EPRA NAV

Exchange rates: Dec 2016 = 1.1651 Dec 2015 = 1.3605

Property PerformancePortfolio summary at 31 December 2016

13

No. of

props

Built Area

sqm Vacant Area

Passing Rent Value

YieldEuros €m Sterling £m Euros €m Sterling £m

UK 286 1,459,702 7.7% 57.61 49.4 729.75 626.34 7.9%

UK Land - - 0.0% 0.13 0.11 58.89 50.55 0.2%

UK Total 286 1,459,702 7.7% 57.74 49.56 788.64 676.89 7.3%

Germany 100 1,560,398 8.9% 65.40 56.13 887.45 761.69 7.4%

Netherlands 71 687,447 11.4% 26.70 22.92 308.38 264.68 8.7%

Belgium and France 9 86,125 3.6% 3.26 2.80 40.37 34.65 8.1%

Total Wholly owned 466 3,793,672 8.8% 153.1 131.4 2,024.84 1,737.91 7.6%

Property PerformanceStatistics at 31 December 2016

Rent p.a. Yield

Passing rent £131.4 m 7.6%

Contracted rent £139.2 m 8.0%

ERV £162.5 m 9.6%

Number of tenants: 5,262

Average rent: £24,974 pa

No tenant > 1.7 % rent roll

Average rent:

UK £37 per sq m (£3.40 per sq ft)

Europe €45 per sq m (€4.20 per sq ft)

£39 per sq m (£3.60 per sq ft)

Like-for-like valuation increase: £45.8 million or 2.8%

Like-for-Like occupancy: increased by 131,000 sq m (28% of opening vacancy)

Like-for-Like rent: increased by £2.1 million

14

Property Performance German portfolio

44% of Hansteen’s property investments

• Like-for-like valuation increased by €23.5 million or 2.7%

• Like-for-like occupancy increased by 31,800 sq m

• Like-for-like rent increased by €0.7 million

• 3 sales in the year generating €4.8 million profit

Year Properties Tenants Built area Vacant area Passing rent (€m)

Value (€m)

Yield

Dec 2016 100 1,945 1,560,398 8.9% 65.4 887.5 7.4%

Dec 2015 105 2,007 1,594,782 10.7% 66.8 863.3 7.7%

Halle, Germany

15

17% of Hansteen’s attributable property investments

• Like-for-like valuation increased by €11.2 million or 3.3%

• Like-for-like rent increase of €1.1 million

• Like-for-like occupancy up by 43,200 sq m

• Two properties sold for €3.8 million at December 2015

valuation

Year Properties Tenants Built area Vacant area Passing rent (€m)

Value (€m)

Yield

Dec 2016 80 568 773,572 10.5% 30.0 348.7 8.6%

Dec 2015 81 494 782,983 15.9% 29.0 336.1 8.6%

16

Property Performance Benelux and France portfolio

Property PerformanceUK portfolio

Kings Court, Tyneside, UK

17

North Tyne, UK

Year Properties Tenants Built area Vacant area Passing rent (£m)

Value (£m)

Yield

Dec 2016 286 2,746 1,459,702 7.7% 49.4 626.3 7.9%

Dec 2015 308 2,776 1,508,122 11.2% 49.8 616.5 8.1%

39% of Hansteen’s property investments

• Like-for-like valuation increased by £17.8 million or 2.7%

• Like-for-like occupancy increased by 56,000 sq m

• Like-for-like rent up £0.5 million

• 29 sales for £17.4 million – profit of £1.6 million over 31

December 2015 valuation. Hansteen share = £1.0 million

Excluding £50.5 million of development land:

18

Amersfoort, Netherlands

Industrial Multi Property TrustThe Portfolio

51 multi let industrial properties, 481 units

1.7 million sq. ft. portfolio, valuation £85 million

Rent roll c. £8 million pa

Asset management opportunities

Properties located close to existing Hansteen

management offices

19

Amersfoort, Netherlands

Industrial Multi Property TrustBackground

Quoted on the Specialist Fund Segment of London Stock Exchange since October 2014

Alpha Real Trust Limited own 18.7% of shares in IMPT

Alpha Real Capital LLP: Investment Adviser and Manager

Public disagreement between Independent Directors and Investment Manager

Highly geared, LTV of 73% as at 31 December 16, no dividends have been paid to IMPT

shareholders since 2008

20

Amersfoort, Netherlands

Industrial Multi Property TrustHansteen offer

Cash offer to shareholders at 300p per share

Notice served on Investment Managers

Hansteen prepared to refinance junior debt

At First closing on 15 March 2017, Hansteen purchased/received acceptances for 50.98%

of the shares

Offer period extended to 22 March 2017

Outlook

Complete sale

Return cash to shareholders

Focus on UK investments

Occupational market remains strong

Rental growth

Investment demand for urban logistics continuing

Nelson Street, MiddlesbroughEtruria Trading Estate, Newcastle-under-Lyme

21

APPENDIX

Full Year Results to 31 December 2016

22

North Tyne Industrial Estate, Tyne and Wear

Profit and dividend track record

23

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

£ m

illio

ns

Year

Normalised Income Profit

Dividend

Normalised Income Profit £318.1 millionDividends £267.4 million

24

Financials 2016Balance sheet analysis December 2016

Position December 2016:

Borrowings

• NDV 42.2%

• NDV exc convertible 35.9%

• Average cost 3.2%

• Total swapped 45.3% average rate 0.7%

• Total capped 15.6% average rate 1.2%

• Total fixed (convertible) 11.0% rate 4.0%

• Total floating 26.9%

Convertible

• €100 million convertible bond. Conditions for convert met during 2016

• Current convert rate of 91.35p (92.8 million shares)

Dormagen, Germany

See appendix for details

Dreiech, Germany

Alfred Nobel Straase, Germany

Financials 2016Debt and cash

£ million 31 December 2016 31 December 2015

Germany debt €332 €338

Benelux debt €152 €147

Convertible €100 €100

Total Euro debt €584 €585

Total Euro debt in Sterling £501 £430

UK debt £300 £77

Total debt £801 £507

Cash £82 £63

Property £1,738 £1,072

Net LTV 41% 41%

Net LTV assuming convertible converts 36% 34%

Gross average cost of borrowing 3.2% 3.6%

Weighted average length to expiry 3.3 years 2.8 years

25

Country BankDebt Amount

EUR

Debt Amount

GBPJun-17 Dec-17 Dec-18 Dec-19 Dec-20 Dec-22 Dec-24 Dec-26

Germany Helaba 187,603 161,019

Germany HSBC 104,115 89,361

Germany HSBC 40,000 34,332

Netherlands ING 143,500 123,165

Belgium

BNP

Paribas

Fortis

5,335 4,579

UK RBS 326,228 280,000

UK RBS 23,302 20,000

UK RBS-Conv. 100,000 85,830

Total 930,082 798,286

Feb- 19

Jun- 21

Jul- 21

Jul-18

Jul- 18

Dec- 18

€/£: 1.1651

Mar- 25

26

Sep- 19

AppendixBorrowings summary

Oct -17