Shifting focusYear results 201413 February 2015

Agenda

Profile & strategy

Activity overview 2014- Highlights & Key figures- Investments- Divestments- Lettings- Redevelopments

The real estate market

The real estate portfolio

Financial report 2014

Evolution of the share

Appendices

13 February 20152

Profile & strategy

Leasinvest = a successful transformation story

13 February 20154

59% 36% 5%

Retail = 46% Offices = 34% Warehouses = 20%

Leasinvest RE 2014

Portfolio

Fair value € 808 M (incl. development

projects and indirect real estate)

46% retail – 34% offices - 20% logistics

59% LU, 36% BE, 5% CH

Largest investor in Luxembourg

Rental yield (FV) 7.23%

Occupancy rate 96.24%

Average lease duration 5.08 y

Share

Market cap (06/02/2015) € 467 M

AvH: 30% - Axa: 29% - float: 41%

13 February 20155

2014€ 756 M

Strategy

13 February 20156

Proactive portfolio management successful transformation

focus on retailopportunistic on offices

ongoing quality improvement portfolio

capital recycling

Clear development & investment strategy

shrewd acquisitionstimely divestments

(re-)developments generatingcapital gains

0

70

16 5

25

99

127

38

1

29

13

40

67

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28

125%

38%

61%

1%7% 5%

0%

15%

0%

10%

20%

30%

40%

50%

60%

70%

0

20

40

60

80

100

120

140

2007 2008 2009 2010 2011 2012 2013 2014Investments Disposals Premium above appraisals value

• interesting rental yields

• low renovation and maintenance investments (as opposed to e.g. large

renovation & sustainability investments for office buildings)

• loyalty of retail tenants with regard to good locations

• focus on sub-segments

retail parks

medium-sized shopping centers (such as the Knauf shopping centers in

Schmiede and Pommerloch)

Stable investment and rental market

Why retail?

13 February 20157

130.444146.661

253.382

-200.801-38.974

78.744

-33.042

336.414

-300.000

-200.000

-100.000

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100.000

200.000

300.000

400.000

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• Leasinvest is the largest real estate investor in Luxembourg since 2013 (source: Expertise/JLL Lux 2013)

• Belgium & Luxembourg have both created good net current results

• Luxembourg acquisitions & redevelopments have created sustainable & important capital gains

• Buildings in Belgium have lost their capital gains since the crisis end 2008

Evolution equity since 1999 till 2014

Luxembourg remains core

13 February 20158

Activity overview

• Key figures• 14% rental income rise to € 50.2 M (2013: € 45.2 M)• 21% growth of net result to € 32.6 M (2013: € 26.9 M)• 8.3% increase of net current result to € 26.1 M (2013: € 24.1 M)• Gross dividend increased to € 4.55 per share

• Entering the Swiss market

• Divestments of € 12 M (+ sales agreement for € 16.75 M)

• Lettings• Royal20 pre-let for 100%• Knauf shopping centers• SKF Tongres: extension of lease till 2025• The Crescent rented at 80%• Monterey: extension with current tenant for fixed 9-year period• Monnet Luxembourg: termination of Sal. Oppenheim lease by 31/12/2014

• Portfolio evolution• direct portfolio stands at € 756 M or € 808 M (incl. developments & indirect investments)• Luxembourg & retail stable at resp. 59% and 46% • 5% in Switzerland• occupancy rate stable at 96.24%

• Development & renovation projects• Royal 20• Montoyer 63 • Square de Meeûs• Monnet

• Conversion to 'SIR/GVV' status

Highlights 2014

13 February 201510

Key figures 2014

11

Key figures real estate portfolio (1) 31/12/2014 31/12/2013

Fair value real estate portfolio (€ 1,000) (2) 756,327 718,234

Fair value real estate portfolio, incl. participation Retail Estates (€ 1,000) (2) 808,126 759,290

Investment value investment properties (€ 1,000) (3) 770,680 731,850

Rental yield based on fair value (4) (5) 7.23% 7.31%

Rental yield based on investment value (4) (5) 7.10% 7.18%

Occupancy rate (5) (6) 96.24% 96.90%

Average duration of leases (years) 5.08 5.23

Key figures of the balance sheet 31/12/2014 31/12/2013

Net asset value group share (€ 1,000) 336,410 335,334

Net asset value group share per share 68.1 67.9

Net asset value group share per share based on investment value 71.0 70.7

Net asset value group share per share < EPRA 75.5 71.5

Total assets (€ 1,000) 836,914 777,867

Financial debt 441,155 407,602

Financial debt ratio (pursuant RD 7/12/2010) 54.27% 53.53%

Average duration credit lines (years) 3.2 3.7

Average funding cost (excl. fair value changes hedges) 3.63% 3.29%

Average duration hedges (years) 6.13 5.63

Key figures of the income statement 31/12/2014 31/12/2013

Rental income (€ 1,000) 50,175 45,186

Net rental result per share 10.16 9.15

Net current result (€ 1,000) 26,062 24,128

Net current result per share 5.28 4.89

Net result group share (€ 1,000) 32,572 26,928

Net result group share per share 6.60 5.45

Comprehensive result group share (€ 1,000) 21,321 37,305

Comprehensive result group share per share 4.32 7.55

Gross dividend (€) 4.55 4.50

Net dividend (€) 3.4125 3.375

• 3 very well located retail buildings in the Canton of Vaudin Switzerland

• two retail warehouses are located in Etoy (Littoral Park)and Villeneuve (Zone Pré Neuf); the third asset islocated on the main retail street of Yverdon-les-Bains

• total of 11,649 m² - fully let to international retailerssuch as Fust (part of the 2nd largest Swiss retailer Coopgroup), C&A, Casa, JYSK, Maxi Zoo and Heytens.

• the annual net rental income amounts to 2.8 M CHF• total investment of 47.8 M CHF

Entering the Swiss market in 11/2014

13 February 201513

• Leasinvest Immo Lux SICAF SIF has acquired the 3 retail buildings (asset deal) through its Swiss permanent establishment* (‘établissement stable’/’vaste inrichting’)

• CHF denominated real estate assets have been hedged through a currency & interest rate swap

• Funding was at floating EURO swapped into fixed 10 y CHF

• Overall rental yield reached 6.14% - 2.12% funding cost = 4.02% margin

• Net result will be taxed at 15% corporate tax instead of 23% which is the case for collective investment funds (‘’fonds de placement collectif’/’collectieve beleggingsinstelling’) which is the case for Leasinvest Immo Lux SICAV SIF

• The net result after taxes has not been hedged

Structuring of the Swiss acquisition

13 February 201512

* fiscal

• AAA status

• GDP growth 1.9% in 2014

• unemployment rate January 2015: 3.5%

• GDP per capita: Switzerland = €49,115 - Europe (28 countries) = €25,700 – Belgium = €34,500 –

Luxembourg = €83,400 (overall highest)

• Very stable macroeconomic environment

• Innovation power, efficiency of the labour market & well-performing corporate sector

• Top in scientific research

• Public sector is 5th worldwide as to efficiency and transparency

• Excellent infrastructure

• Very well-developed financial market

• 01/2015 decision of Swiss national bank with regard to CHF/Euro parity will have a negative impact on

export and tourism

Why Switzerland?

13 February 201514

Avenue Louise 66(Belgium): € 10.35 M

• 2 divestments in Belgium for € 12 M in 2014 resulting in a total realized capital gain of€ 1.8 M

• 1 sales agreement for Canal Logistics Phase 2 for € 16.75 M

Meer (Dobla)(Belgium): € 1.65 M

Divestments of € 12 M in 2014

13 February 201515

Canal Logistics Phase 2(Belgium): € 16.75 M

Lettings 2014

• Royal20 fully pre-let to Luxembourg branch of China Merchants Bank for annual rent of € 3 M

• Retail surfaces of Knauf shopping centres remain fully let

• SKF lease contract for its logistics site in Tongres ending 2018 renewed until 2025

• CVC Partners has renewed its lease for 9 years fixed at Monterey office building in CBD Luxembourg

• The Crescent is let for 80%

• Sal. Oppenheim left Monnet office building at Kirchberg (Luxembourg) 31/12/2014;

Negotiations with potential tenants running & China Merchants Bank occupies 1 floor awaiting the

delivery of Royal20

13 February 201516

• development of office project of 5,000 m² on Boulevard Royal 20 in CBD Luxembourg

• objective BREAAM very good

• completion foreseen in Q1 2016

• designed by the renowned French architect Christian de Portzamparc

• 100% pre-let to China Merchants Bank

• 10 year fixed rental contract

• annual rent: € 3 M

• important capital gain of € 9.6 M booked in 2014

Royal 20 = a success story = fully pre-let

13 February 201517

Knauf shopping centers = retail fully let

13 February 201518 13 February 2015

Knauf shopping centres – management & marketing plan

13 February 2015

• New logo and marketing plan started

• Shopping centre consultancy throughCushman & Wakefield

• Property team outsourced to C&W

• New brands were attracted as:McGregor - AS Adventure -Join Experience (phone shop) –Sergeant Major (children cloths)

19

Other important lettings: SKF & CVC Partners

13 February 2015

SKF (Belgium) extended for 9 y fixed until 2025

20

CVC Partners (Luxembourg)extended for 9 y fixed

Other important lettings: The Crescent 80% let

13 February 201521

Flexible office building with facilities Success letting storyNew tenant expected further increasing occupancy, together with business centre activity, to over 90%.

• building vacant as of Q2 2015

• building permit requested

• office project of 5,936 m2

• reception by 2016

• objective = BREAAM ‘excellent’ for

reconstruction (2016)

• design: Assar Architects

• one of few new buildings on CBD

market

Redevelopment project: Square de Meeûs

13 February 201522

• building vacant: 01/2016

• building permit requested

• office project of 6,570 m2

• reception by 08/2017

• objective = BREAAM ‘excellent’ for

reconstruction (2017)

• design SVR Architects Antwerp

Redevelopment project: Montoyer 63

13 February 201523

• building vacant: 01/2015

• renovation works (e.g. new airco

system) started

• office project of 3.866 m2

• reception by 06/2015

• 1 floor is let to China Merchants Bank

• Serious tenant candidates for the rest

• Expected to be fully let by end 2015

Redevelopment project: Monnet

13 February 201524

• 22.07.2014: enforcement of AIFMD in Belgium and application to all Sicafis/Vastgoedbevaks

• 06.11.2014: Extraordinary General Meeting of shareholders of Leasinvest RE has unanimously

approved the change of status from a public sicafi into a public RREC (regulated real estate company),

in accordance with the RREC Law.

• SIR/GVV or RREC/B-REIT does not fall under the AIFMD as it is considered as a commercial

operational company instead of a fund.

• Leasinvest Immo Lux SICAV SIF is a 100% subsidiary of Leasinvest RE and remains a collective

investment fund but does not fall under the AIFMD because it benefits from an exception rule as it

has only one single owner i.e. Leasinvest RE which does not fall under the AIFMD (as it is a SIR/GVV).

SIR/GVV status & AIFMD

13 February 201525

• BREEAM– The Crescent Anderlecht (Belgium): upgrade to BREAAM in-use ‘excellent’ (2014)

– Motstraat Malines (Belgium): execution of BREAAM in-use ‘good’ (2015)

– Monnet (Luxembourg) to obtain a BREAAM in-use status ‘pass’ (2015)

– Montoyer (Belgium) to obtain BREAAM ‘excellent’ for reconstruction (2017)

– Square de Meeûs (Belgium) to obtain BREAAM ‘excellent’ for reconstruction (2016)

• Specific actions & results– green energy by Electrabel since 2009 for all tenants

– solar panels on logistics site Wommelgem (Antwerp) in 2011 => 291,000 kWh, or 3% of

electricity of total portfolio (total installation cost € 1.2 M with projected IRR: 10.6%).

– solar panels on Canal Logistics site installed (surface of 49,775 m² - 14,220 solar panels:

production capacity of 3.15 GWh/year, which corresponds to average energy consumption of

920 households and also reduces the annual CO2 emission by no less than 640 tons

– intelligent electricity meters (basis for distribution & energy savings) in Louise 66, Riverside BP

& The Crescent Anderlecht, Nijverheidsstraat Wommelgem & Canal Logistics BXL (Belgium)

– new landscaping on site The Crescent Brussels in order to improve biodiversity

Sustainability – current & planned

13 February 201526

The real estate market

Evolution office market in Belux

13 February 201528

Belgium

Letting 2007 2008 2009 2010 2011 2012 2013 2014

gross take-up offices Bxl in sqm 531,000 472,000 411,000 469,000 350,000 423,000 331,000 419,000

completions (cumulative) in sqm 248,700 273,000 259,000 268,000 113,000 85,000 223,000 88,000

prime rents per sqm per year 300 275 265 310 300 285 285 275

total stock in sqm 12,100,000 12,300,000 12,700,000 13,000,000 13,000,000 13,100,000 13,346,831 13,222,370

total vacant stock in sqm 1,184,700 1,129,900 1,422,000 1,463,000 1,458,000 1,360,000 1,350,746 1,366,708

vacancy in % 9.8% 9.2% 11.2% 11.2% 11.1% 10.4% 10.1% 10.30%

Investments

total investments in bn € 4.90 3.00 1.50 1.40 1.85 2.20 2.24 3.26

prime yield band in % 5.60% - 6% 6% - 6.35% 6.25%-6.50% 6.00%-6.50% 6.00%-6.50% 6.00%-6.50% 5.80%-6.50% 5.75%-6.50%

Source : JLL

Luxemburg

Letting 2007 2008 2009 2010 2011 2012 2013 2014

gross take-up offices Lux in sqm 190,000 243,000 99,000 115,000 166,000 145,000 146,000 201,000

completions (cumulative) in sqm 102,900 200,000 162,000 70,000 80,000 73,000 71,000 104,000

prime rents per sqm per year 480 480 456 456 456 480 504 504

total stock in sqm* 2,700,000 3,000,000 3,100,000 3,200,000 3,347,000 3,462,000 3,518,126 3,630,156

total vacant stock in sqm 57,000 52,000 166,000 241,000 206,500 224,000 178,386 169,770

vacancy in % 2.1% 1.7% 5.3% 7.2% 6.2% 6.5% 5.1% 4.7%

Investments

total investments in bn € 2.76 0.46 0.46 0.32 0.7 0.55 0.69 0.89

prime yield band in % 5.35% - 6.10% 5.80% - 6.75% 6.00%-6.95% 6.00%-6.95% 5.75%-6.50% 5.75%-6.50% 5.75%-6.50% 5.5%-6.50%

Evolution office market in Luxembourg

Highest take-up recorded since 2008 and 27% more office leasing deals than the 5 year averageInvestment market: record high volume of € 0.89 billion registered

With almost 70,000 sqm of take-up recorded in Q4, occupier demand has remained solid, with highest leasing volumes in Kirchberg (43,000 sqm) and Cloche d’Or (34,000 sqm). Take-up in the CBD registered its lowest volume since 2009 (22,000 sqm) due to lack of available space. Prime rents in CBD held firm at €45/sqm/month (could rise up to €50/sqm/month with the delivery of new schemes in the mid-term).

Vacancy rates remained healthy in Q4, with CBD and Kirchberg registering the lowest rates. Cloche d’Or is expected to see a significant decrease in availability in early 2015 due to the materialization of anticipated leases by European institutions (totaling 43,000 sqm), which will absorb some of the few large available surfaces in the area.

Development activity is still very limited, withspeculative projects only representing 33% of the entirepipeline until the end of 2017.

High-quality, well-let buildings in Luxembourg’s centralbusiness districts remain a firm favorite among investors,with a distinct rise in activity from institutional and foreigninvestors. The expected finalization of several largeinvestment deals in early 2015 suggests that Luxembourgshould be on course to hit a €1 billion yearly investmenttotal.

13 February 201529

Source: Cushman & Wakefield

Evolution office market in Brussels

Healthy take-up levels with Q4 the second highest quarterly transactional volume of the yearCorporate occupier sentiment continues to falter due to modest economic growth (expected for 2015 too)

Letting activity reached its peak in Q4, reaching 112,500 sqm and totaling approx. 430,000 sqm for the year, a 25% increase on total take-up in 2013. Occupier demand is still focused on Brussels’ CBD (although most significant deal was Dimension Data’s lease of 6,500 sqm in The Lighthouse in Brussels’ Airport Periphery). Corporate demand remained subdued, with many tenants opting to renegotiate the terms of their existing lease or consolidate space until stronger economic growth is registered.

As to supply, high-quality office space in CBD locations becomes increasingly scarce, even resulting in rising secondary rents. Lack of prime office space in areas such as the Leopold EU and Pentagon districts is unlikely to be resolved any time soon, with a limited development pipeline and the quick absorption of new space.

Transactional activity picked up significantly in Q4, reachingover €860 million. Q4 also witnessed a rise in the number ofowner-occupier deals, both larger units in peripheral marketsand smaller floorplates in the CBD.

The office sector should continue to benefit from relativelyrobust occupier demand, particularly from the public sector.Investment activity is expected to be a major target for bothforeign and domestic investors. Ongoing shortage of centrallylocated, high-quality stock is biggest hindrance to growth.

13 February 201530

Source: Cushman & Wakefield

Evolution retail market in LuxembourgEconomy continued its steady recovery in Q4 and is estimated to have expanded by 2.9% in 2014.Consumer confidence is improving, although yet to be reflected in any notable improvement in consumer spending, relatively stable in recent quarters

Occupier markets were steady in Q4, with good appetite from international operators for prime high street units (low vacancy).Limited shopping development pipeline with reconfiguration of Auchan Kirchberg shopping centre into a more upmarket destination and construction of the 16,000 sqm Royal Hamilius centre (the only notable schemes to be delivered in the next 3 years with Cactus Lallange).

The investment market is subdued, with low activity levels. Total volume for 2014: €96 millions, which is only 36% of what was transacted in 2013. The market for high street assets and smaller retail warehouses continues to be dominated by local high net worth individuals. Institutional and syndicated private investors are showing someinterest in the market, but many of the opportunities are not large enough and in some cases vendor pricing is well above buyer expectations.

Prime yields unchanged in Q4, except for prime retail warehouse yields, which hardened 10 bps to 6.15%.

13 February 201531

Source: Cushman & Wakefield

The real estate portfolio

Consolidated portfolio overview (excl. indirect real estate)

13 February 201533

Fair value Investment Share in Contractual Rental yield Rental yield Occupancy

value portfolio rents on basis of on basis of rate Duration

(€ mio) (€ mio) (% of FV) (€ mio/Y) FV (%) IV (%) (%) y

Retail

Retail Grand Duchy Luxembourg 271.78 274.45 36 19.38 7.13 7.06 100 6.6

Retail Zwitserland 39.05 40.03 5 2.38 6.09 5.95 100 5.6

Retail Belgium 32.55 33.36 4 2.17 6.67 6.49 100 3.3

Total retail 343.38 347.84 45 23.93 6.97 6.88 100 6.2

Offices

Offices Grand Duchy Luxembourg 120.92 123.93 16 8.07 6.67 6.51 96.4 2.6

Offices Brussels 79.20 81.18 11 6.68 8.43 8.23 82.9 2.0

Offices rest of Belgium (1) 25.52 26.16 3 2.32 9.09 8.87 100.0 2.4

Total offices 225.64 231.27 30 17.07 7.57 7.38 90.1 2.4

Logistics/semi-industrial

Logistics/semi-industrial Belgium 115.99 118.33 15 8.42 7.26 7.12 95.1 7.0

Logistics/semi-industrial Grand

Duchy Luxembourg 19.85 20.35 3 1.52 7.66 7.47 100.0 3.4

Total Logistics/Semi-industrial 135.84 138.68 18 9.94 7.32 7.17 95.7 6.4

Investment properties 704.86 717.79 93 50.94 7.23 7.10 96.24 5.08

Assets held for sale 17.60 18.19 2 0.18

Buildings in operation 722.46 735.98 96 51.12

Projects Belgium 0 0 0

Projects Grand Duchy Luxembourg 33.86 34.70 4

General total with projects 756.32 770.68 100

17%

50%

8%

6%

10%

5%

1%

3% Services

Retail & wholesale

Financial sector

Transport & distribution

Government & non-profit

Industry

Medical & Pharma

ICT

-

1,0

2,0

3,0

4,0

5,0

6,0

7,0

Ju

n 0

6

De

c 0

6

Ju

n 0

7

De

c 0

7

Ju

n 0

8

De

c 0

8

Ju

n 0

9

De

c 0

9

Ju

n 1

0

De

c 1

0

Ju

n 1

1

De

c 1

1

Ju

n 1

2

De

c 1

2

Ju

n 1

3

De

c 1

3

De

c 1

4

Total BE LU CH

• duration rental contracts stands at 5.08 y (2013: 5.23 y) with Luxembourg: 5.41 y, Belgium: 4.46 y

& Switzerland 5.60 y

• 19% rental breaks are due in 2015

• rental breaks in 2016: 17%, 2017: 15% & 2018: 12%

Rental duration at 5.08 years

Global run-off rental breaks Rental duration per country

13 February 201534

0

2.000.000

4.000.000

6.000.000

8.000.000

10.000.000

12.000.000

14.000.000

16.000.000

2015 2016 2017 2018 2019 2020 > 2021

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Jun

06

Dec

06

Jun

07

Dec

07

Jun

08

Dec

08

Jun

09

Dec

09

Jun

10

Dec

10

Jun

11

Dec

11

Jun

12

Dec

12

Jun

13

Dec

13

Dec

14

Total BE LU CH

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Dec 0

0

Jun

01

Dec 0

1

Jun

02

Dec 0

2

Jun

03

Dec 0

3

Jun

04

Dec 0

4

Jun

05

Dec 0

5

Jun

06

Dec 0

6

Jun

07

Dec 0

7

Jun

08

Dec 0

8

Jun

09

Dec 0

9

Jun

10

Dec 1

0

Jun

11

Dec 1

1

Jun

12

Dec 1

2

Jun

13

Dec 1

3

Dec 1

4

Occupancy rate Moving average

• occupancy rate from 96.9% to 96.2%

• occupancy in Luxembourg: 98.8%, Belgium: 91.8% & Switzerland 100%

Occupancy rate stable over 96%

Historical occupancy rate Occupancy rate per country

13 February 201536

Financial review 2014

Consolidated results

2014 2013

(in € 1,000)

(+) Rental income 50,175 45,186

(+) Write-back of lease payments sold and discounted 0 0

(+/-) Rental-related expenses -31 0

NET RENTAL INCOME 50,145 45,186

(+) Recovery of property charges 367 92

(+) Recovery income of charges and taxes normally 4,008 3,509

payable by tenants on let properties

(-) Costs payable by tenants and borne by the landlord for 0 0

rental damage and refurbishment at end of lease

(-) Charges and taxes normally payable -4,008 -3,509

by tenants on let properties

(+/-) Other rental-related income and expenditure -1,637 -1,617

PROPERTY RESULT 48,875 43,661

(-) Technical costs -1,307 -1,559

(-) Commercial costs -1,059 -696

(-) Charges and taxes on un-let properties -504 -295

(-) Property management costs -3,893 -3,639

(-) Other property charges -472 -528

PROPERTY CHARGES -7,235 -6,717

PROPERTY OPERATING RESULT 41,640 36,944

(-) Corporate operating charges -2,704 -2,374

(+/-) Other operating charges and income -307 -343

OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO 38,629

34,227

(+/-) Result on disposal of investment properties 1,767 -146

(+/-) Changes in fair value of investment properties 5,687 1,978

OPERATING RESULT 46,083 36,059

(+) Financial income 3,111 2,254

(-) Net interest charges -13,811 -10,810

(-) Other financial charges -1,728 -1,365

(+/-) Changes in fair value of financial assets and liabilities -729 966

FINANCIAL RESULT -13,157 -8,955

PRE-TAX RESULT 32,926 27,104

(+/-) Corporate taxes -353 -178

(+/-) Exit tax 0 0

TAXES -353 -178

NET RESULT 32,572 26,926

2014 2013

Excellent results : Net result +21.2% to € 32.6 MNet current result +8.3% to € 26.1 M

Consolidated balance sheet

Period Period

(in € 1,000) 31/12/14 31/12/13

ASSETS

I. NON-CURRENT ASSETS 804,789 757,058

Intangible assets 80 1

Investment properties 720,801 690,191

Other tangible assets 1,266 1,140

Non-current financial assets 64,743 47,827

Finance lease receivables 17,900 17,899

II. CURRENT ASSETS 32,125 20,809

Assets held for sale 17,626 10,144

Current financial assets 0 0

Trade receivables 8,207 5,427

Tax receivables and other current assets 1,010 1,197

Cash and cash equivalents 3,654 2,254

Deferred charges and accrued income 1,627 1,786

TOTAL ASSETS 836,914 777,867

LIABILITIES

TOTAL SHAREHOLDERS’ EQUITY 336,414 335,334

I. SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE 336,410 335,331

SHAREHOLDERS OF THE PARENT COMPANY

Capital 54,315 54,315

Share premium account 121,091 121,091

Reserves 128,432 132,997

Net result of the financial year 32,572 26,928

II. MINORITY INTERESTS 4 4

LIABILITIES 500,499 442,533

I. NON-CURRENT LIABILITIES 357,650 301,299

Provisions 0 0

Non-current financial debts 319,423 282,731

- Credit institutions 222,029 186,776

- Other 97,394 95,955

Other non-current financial liabilities 38,227 18,568

Other non-current liabilities

II. CURRENT LIABILITIES 142,849 141,234

Provisions

Current financial debts 121,910 125,058

- Credit institutions 32,919 25,099

- Other 88,991 99,959

Trade debts and other current debts 8,631 6,077

- Exit tax

- Other 8,631 6,077

Other current liabilities 3,250 2,203

Accrued charges and deferred income 9,059 7,896

TOTAL EQUITY AND LIABILITIES 836,914 777,867

31/12/14 31/12/13

• total committed credit lines (incl. bonds) : € 543.9 M (31/12/2014)

• € 194.6 million unused credit lines (incl. 100% coverage of outstanding CP) at 31/12/2014

• a better diversification of funding resources : 58% banks, 20% commercial paper & 22% bonds

• 9 banking parties

• average funding cost (excl. hedging premiums) amounts to 3.63% (2013: 3.29%) due to more fixed rate bank loans & bonds taken up end 2013

• further negotiations for renewals of maturities in 2015 are ongoing

• duration stands at 3.2 y (2013: 3.7 y)

Funding resources

Financial strategy

Run-off 2015

13 February 201540

58%22%

20%

Fiancial institutions

Bonds

Commercial paper

1 2 3 4 5 6

Year 2015 2016 20,17 2018 2019 2020

Expiry 50.000 126.200 110.000 90.000 127.500 40.000

Expiry percentage 9% 23% 20% 17% 23% 7%

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

Year Expiry Expiry percentage

• hedging strategy is based on 75% hedging for first 5 years & 50% hedging for next 4 to 5 years

• debt financing was for approx. 92% hedged of which 83% fixed through fixed rate debt (36%), fixed interest rate swaps (IRS) (39%), floating capped (9%) and CCS (8%)

• All interest rate floors have been cancelled

• duration at 6.13 years (2013: 5.63 years)

• increased hedge & fix ratio due to disposals, more fixed rate bank loans & bonds, and capital increase end 2013

Hedging

13 February 201541

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Fix ratio Hedge ratio

Except for extraordinary circumstances and new investments, the company expects to realize a lower net result and net current result in 2015 than in 2014 due to the influence on the rent evolution of the planned redevelopments of the office buildings Monnet (Luxembourg) and Square de Meeûs (Brussels). Notwithstanding this evolution, the company expects to maintain the dividend over 2015 at minimum the same level.

Outlook for the financial year 2015

13 February 201542

Evolution of the share

• NYSE Euronext Brussels – Bel Small index

• member EPRA Eurozone Index

• market cap LRE: € 467 million: share price: € 94.49 (6 February2015)

(1) Number of traded shares/ total number of listed shares. (2) Number of traded shares / (total number of listed shares * free float). (3) Gross dividend / closing price

Stock exchange performance

For annual reports 2013 & 2012

13 February 201544

31/12/2014 31/12/2013

Number of listed shares (#) 4,938,870 4,938,870

Number of issued shares (#) 4,938,870 4,938,870

Market capitalisation based on closing price (€ million) 452.45 363.50

Free float (%) 41% 41%

Closing price (€) 91.61 73.60

Highest price (€) 93.90 80.52

Lowest price (€) 73.00 65.15

Average monthly volume (#) 38,682 33,347

Velocity (%) (1) 9.40% 8.96%

Free float velocity (%) (2) 22.92% 21.86%

Premium based on closing price vs NAV (fair value) +34.5% +7.50%

Gross dividend (€) 4.55 4.50

Net dividend (€) 3.4125 3.375

Gross dividend yield (3) 4.96% 6.10%

Share price at premium to NAV

13 February 201545

45,00

55,00

65,00

75,00

85,00

95,00

105,00

1/1

0/2

00

91

/11

/20

09

1/1

2/2

00

91

/01

/20

10

1/0

2/2

01

01

/03

/20

10

1/0

4/2

01

01

/05

/20

10

1/0

6/2

01

01

/07

/20

10

1/0

8/2

01

01

/09

/20

10

1/1

0/2

01

01

/11

/20

10

1/1

2/2

01

01

/01

/20

11

1/0

2/2

01

11

/03

/20

11

1/0

4/2

01

11

/05

/20

11

1/0

6/2

01

11

/07

/20

11

1/0

8/2

01

11

/09

/20

11

1/1

0/2

01

11

/11

/20

11

1/1

2/2

01

11

/01

/20

12

1/0

2/2

01

21

/03

/20

12

1/0

4/2

01

21

/05

/20

12

1/0

6/2

01

21

/07

/20

12

1/0

8/2

01

21

/09

/20

12

1/1

0/2

01

21

/11

/20

12

1/1

2/2

01

21

/01

/20

13

1/0

2/2

01

31

/03

/20

13

1/0

4/2

01

31

/05

/20

13

1/0

6/2

01

31

/07

/20

13

1/0

8/2

01

31

/09

/20

13

1/1

0/2

01

31

/11

/20

13

1/1

2/2

01

31

/01

/20

14

1/0

2/2

01

41

/03

/20

14

1/0

4/2

01

41

/05

/20

14

1/0

6/2

01

41

/07

/20

14

1/0

8/2

01

41

/09

/20

14

1/1

0/2

01

41

/11

/20

14

1/1

2/2

01

41

/01

/20

15

Share price LRE NAV LRE (investment value) NAV LRE (fair value)

EUR

• gross dividend increased to € 4.55 over 2014

• gross dividend yield of 4.96% (31/12/2014)

Steady dividend growth over the years with high dividend yield

Dividend track record

13 February 201546

0%

2%

4%

6%

8%

10%

12%

14%

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

30

/06

/20

00

30

/06

/20

01

30

/06

/20

02

30

/06

/20

03

30

/06

/20

04

30

/06

/20

05

30

/06

/20

06

30

/06

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07

31

/12

/20

08

31

/12

/20

09

31

/12

/20

10

31

/12

/20

11

31

/12

/20

12

31

/12

/20

13

31

/12

/20

14

Gross dividend Gross dividend yield

Leasinvest RE share vs EPRA indices

13 February 201547

80

120

160

200

240

280

320

2/0

7/2

001

2/1

0/2

001

2/0

1/2

002

2/0

4/2

002

2/0

7/2

002

2/1

0/2

002

2/0

1/2

003

2/0

4/2

003

2/0

7/2

003

2/1

0/2

003

2/0

1/2

004

2/0

4/2

004

2/0

7/2

004

2/1

0/2

004

2/0

1/2

005

2/0

4/2

005

2/0

7/2

005

2/1

0/2

005

2/0

1/2

006

2/0

4/2

006

2/0

7/2

006

2/1

0/2

006

2/0

1/2

007

2/0

4/2

007

2/0

7/2

007

2/1

0/2

007

2/0

1/2

008

2/0

4/2

008

2/0

7/2

008

2/1

0/2

008

2/0

1/2

009

2/0

4/2

009

2/0

7/2

009

2/1

0/2

009

2/0

1/2

010

2/0

4/2

010

2/0

7/2

010

2/1

0/2

010

2/0

1/2

011

2/0

4/2

011

2/0

7/2

011

2/1

0/2

011

2/0

1/2

012

2/0

4/2

012

2/0

7/2

012

2/1

0/2

012

2/0

1/2

013

2/0

4/2

013

2/0

7/2

013

2/1

0/2

013

2/0

1/2

014

2/0

4/2

014

2/0

7/2

014

2/1

0/2

014

2/0

1/2

015

share price LRE EPRA Eurozone Index EPRA Belgium Index

31.5% performance over 2014

13 February 201547

Bank Analyst Recommendation Target

price

Date

Bank Degroof Dirk Peeters Reduce € 80.00 17/11/2014

ING Securities Jaap Kuin Hold € 76.00 17/11/2014

Petercam Sandra Aznar Hold € 80.90 05/01/2015

KBC Securities Koen Overlaet-Michiels Hold € 92.00 03/02/2015

Year results 2014 13/02/2015Annual financial report 2014 31/03/2015Annual meeting of shareholders 18/05/2015Interim statement Q1 (31/03/2015) 19/05/2015Dividend payment 26/05/2015Half-year financial report 2015 26/08/2015Interim statement Q3 (30/09/2015) 17/11/2015Year results 2015 18/02/2016

Financial calendar 2014/2015

Analyst recommendationsFinancial calendar 2015/2016

13 February 201549

Jean-Louis Appelmans - CEO Michel Van Geyte - COO Vincent Macharis - CFO

Jean-Louis Appelmans is CEO of Leasinvest Real Estate (since 1999) and of Leasinvest Immo Lux (since 2006). He is also director of Retail Estates.Jeanlouis.appelmans@leasinvest.be

Michel Van Geyte joined Leasinvest Real Estate in August 2004. He is currently COO and director of Leasinvest Real Estate andLeasinvest Immo Lux.michel.vangeyte@leasinvest.be

Vincent Macharis started with Leasinvest Real Estate in February 2012 as CFO. He is director of Leasinvest Immo Lux SA.

vincent.macharis@leasinvest.be

Investor relations contacts

13 February 201550

This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditions, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties you are cautioned not to place any undue reliance on such forward-looking statements, which can not be guaranteed. These forward -looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation to update such forward-looking statements, except to the extent and in the manner required by Belgian law.

Disclaimer

13 February 201551

Appendices

Ackermans & van Haaren is a diversified group active in 5 key segments:

- Marine Engineering & Infrastructure: DEME, one of the largest dredging companies in the world- Private Banking: Delen Private Bank, one of the largest independent private asset managers in Belgium, asset manager JM Finn in the UK & Bank J. Van Breda & C°, niche bank for entrepreneurs and liberal professions in Belgium- Real Estate, Leisure & Senior Care: Leasinvest Real Estate, Extensa (important land and real estate developer focused on Belgium, Luxembourg and Central Europe)- Energy & Resources: Sipef, an agro-industrial group in tropical agriculture)- and Development Capital: Sofinim and GIB.

The AvH group represented in 2013, through its share in the participations (incl. CFE), a revenue of 5.7 billion euros and employs 22,706 people. The group concentrates on a limited number of strategic participations with an important potential for growth.The AvH share is part of the BEL20 index, the Private Equity NXT index of Euronext Brussels and the European DJ Stoxx 600.

Market cap is in excess of € 3.5 billion (5 Feb 2015).

www.avh.be

Ackermans & van Haaren

13 February 201552

Corporate structure Leasinvest RE

13 February 201554

Ackermans & van Haaren

Leasinvest Real Estate SCA

Leasinvest Services SA

Leasinvest Real Estate Management SA

Leasinvest Immo Lux SA

30% (*) 100%

in Grand Duchy of Luxembourgin Switzerlandin Belgium

= SICAV-SIF= all Luxembourg and Swiss

buildings (***)

= management of buildings for LRE

99% 100%

(*): Ackermans & van Haaren holds its 30% participation via its 100% subsidiary Extensa Group SA(**): Orli Lux sàrl will probably be merged in 2015(***): The buildings in Switzerland are held by LIL through a Swiss fiscal permanent establishment(****): Comprises the shopping center Knauf Schmiede

RAB Invest SA 100%

= State Archives Bruges

AXA

29%

= B-REIT= all Belgian buildings

Orli Lux sarl 100%(**)

= retail building Hornbach

Permanent establishment

100%S Invest SA

Porte des ArdennesSchmiede SA

100%

(****)

Directors nominated by AvH/Extensa Group

Luc Bertrand chairman LRE, chairman Executive Committee & CEO Ackermans & van Haaren

Jan Suykens member Executive Committee Ackermans & van Haaren

Jean-Louis Appelmans CEO Leasinvest Real Estate

Michel Van Geyte COO Leasinvest Real Estate

Directors nominated by AXA Belgium NV

Guy van Wymeersch-Moons general manager real estate AXA Belgium

Thierry Rousselle ex-general manager real estate AXA Belgium

Independent directors

Michel Eeckhout ex-CEO Delhaize Belgium & Luxemburg

Mark Leysen CEO Risks & Benefits van BREDA

Eric Van Dyck CEO Redevco Belgium

Executive committee and personnel of > 20 FTE

Jean-Louis Appelmans (61) CEO: 11 years corporate banking experience (JP MorganChase & Crédit Lyonnais) and 25 years general, financial & real estate management experience of which 15 years as CEO with LRE

Michel Van Geyte (49) COO: 25 years of real estate experience of which 3 years as managing partner at Knight Frank Belgium and of which 10 years as COO with LRE

Vincent Macharis (41) CFO: 15 years of financial (corporate & project related) experience at CFE, Deceuninck & Ernst & Young

Board directors Leasinvest RE(M)

13 February 201555