Kempen Benelux Day

23 March 2012 in Amsterdam

Profile

Top 3 listed Dutch mixed real estate fund

Dutch REIT / Listed on Amsterdam Euronext (Midkap AMx)

Portfolio: €2.31bn

GRI: €120.0m

Market cap: €595m

Mixed fund

2 home markets (NL, B)

Exit strategy for Switzerland

High yield fund (9,20% GIY)

Focus on retail and offices (50/50 on average)

NL: retail and offices

B: offices and warehouses

Focus on small and medium sized companies

Financial highlights

Quarterly dividend (>10% yield)

LTV target 50%, Fixed interest > 80%

80% free float, main shareholder 20%

57% 29%

13% 1%

Portfolio

offices retail

industrial residential

69%

26%

5%

NL B CH

Financial Highlights Consolidated

x €1,000 FY 2011 FY 2010

Net rental income 101.5 88.7

Direct result per share 1.19 1.26

Indirect result per share 0.14 - 0.66

Total result 62.7 25.1

Loan to value (%) 57.2 54.8

Average interest rate (%) 4.2 4.4

Average maturity loans (years) 2.1 2.0

Fixed interest loans (%) 91.3 93.9

Interest coverage ratio 2.4 2.7

NAV €12.96 €13.44

EPRA NAV €14.02 €14.11

Real estate investments 2,321,813 1,358,097

Shareholders’ equity 909,620 579,933

Shareholders’ equity NSI 781,217 579,933

Debts to credit institutions

(excluding derivatives)

1,326,166 744,188

Steady Result & Loan To Value

1.36 1.36 1.36 1.34 1.40 1.34 1.26 1.19

45,327 46,635 48,510 47,810 50,037 51,627 52,398

56,030

2004 2005 2006 2007 2008 2009 2010 up to 2011

Dividend Direct result

Direct result and Dividend

52,2 50 49,7

46,9

57,2 54,9 54,8 54,4

56 56,9* 57,2

40

45

50

55

60

2004 2005 2006 2007 2008 2009 2010 Q1 2011 Q2 2011 Q3 2011 04 2011

LTV

* Joint books, excluding merger effects

Business Highlights

Merger with VastNed Offices/Industrials

• €1.0 bn portfolio

• €68m (35%) book profit on acquisition

• Strong focus on Randstad

• Integration completed

Record of renewals and new leases in 2011

10,000 m² letting for the Red Elephant The

Hague

Year-end net asset value up versus end-Q3

Introduction in the Euronext Amsterdam

Midcap Index (AMx)

0

20

40

60

80

100

120

Amsterdam re

gion

Rotterdam re

gion

Utrech

t region

The Hague re

gion

Eindhoven region

Breda

Tilburg

m²

Strategy & Markets

Mechelen Campus

60,768 m²

Tenants: Borealis Polymers, Cochlear, Endemol, Haskoning Belgium

The Netherlands

16.8m inhabitants

GDP: €610bn

Belgium

10.9m inhabitants

GDP: €394bn

Germany

82.0m inhabitants

GDP: €2,492bn

France

65.0m inhabitants

GDP: €1,948bn

United Kingdom

62.0m inhabitants

GDP: €1,448bn

European Real Estate Market

Portfolio & Market Focus

Switzerland The Netherlands

* 232 properties; €1.6 billion

* Retail and Offices

* Retail: day to day shopping

10,000 m²

Yield: 7.4% (GIY)

*Offices

Focus on Randstad

Multi tenant

Approx. 5,000 m²

Yield: 9.6% (GIY)

* 4 properties: €122m

* Exit strategy in progress

Belgium

* 40 properties; €542m

* Offices and Warehouses

* Offices: multi tenant

* Warehouse on logistic

axes (North/South and

East /West

Direct Investment Result Consolidated

2011

x €1,000

per avg

share

x €1

∆ in €

2011 vs.

2010

2010

x €1,000

per avg

share

x €1

Gross rental income 119,964 2.55 16,794 103,170 2.48

Service costs not recharged - 2,751 - 0.06 - 1,013 - 1,738 - 0.04

Operating costs - 15,716 - 0.33 - 2,969 - 12,747 - 0.31

Net rental income 101,497 2.16 12,812 88,685 2.13

Financing income 1,226 0.02 1,120 106 -

Financing expenses - 39,740 - 0.84 - 6,797 - 32,943 - 0.79

Administrative costs - 4,180 - 0.09 - 834 - 3,346 - 0.08

Direct investment result before

tax

58,803 1.25 6,301 52,502 1.26

Corporate income tax - 165 - - 61 - 104 -

Direct investment result after

tax

58,638 1.25 6,240 52,398 1.26

Non-controlling interest - 2,608 - 0.06 - 2,608 - -

Direct investment result 56,030 1.19 3,632 52,398 1.26

Gross Rental Income Bridge

103,170

17,460

3,196 - 50

- 3,361

119,964

70000

80000

90000

100000

110000

120000

130000

x € 1,000

Portfolio Rent Development

Average contractual rent/m² (NL)

110,00

140,00

170,00

200,00

2002 2003 2004 2005 2006 2007 2008 2009 2010 Q12011

Q22011

Q32011

Q42011

Offices

Retail

Increase

is one-off

effect

• Market rents have bottomed out

Vacancy In Portfolio (%)

3,0 3,5 3,5 3,9 3,9

4,1

5,2 4,3

4,5 5,7 5,0 5,4

11,7 11,9 12,8

13,1

13,0

14,7 14,1

14,7

13,9

15,2

16,9

21,1

0

1,7

0

1,0 1,1

5,0

1,1

1,0

2,3 2,4 2,3 2,4

18,2

22,8

20,9

25,5

21,1

15,3

18,7 17,5

16,9

21,1

0,0

5,0

10,0

15,0

20,0

25,0

30,0

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Retail

Offices NSI

Large-scale retail

VNOI NL

VNOI B

Vacancy In The Portfolio (in %)

16,9

27,3

21,7 22,7

Q3 2011 Q4 2011

11,0

20,8

15,6 15,9

Q3 2011 Q4 2011

Offices, NL Total portfolio

Revaluation Results Netherlands, Switzerland & Belgium

Netherlands

(x €1,000)

2011 Q4

2011

Q3

2011

Q2

2011

Q1 2011 2010 2009 2008

Offices - 31,400 - 10,278 - 5,667 - 8,795 - 6,660 - 21,435 - 37,875 - 44,871

Retail - 622 - 3,525 317 925 1,661 - 1,179 - 7,920 7,770

Industrial - 1,351 - 1,071 - 265 135 - 150 - 2,416 - 5,504 - 4,367

Residential 135 -65 - 10 20 60 - 1,747 44 - 248

Total - 33,238 - 14,809 - 5,625 - 7,715 - 5,089 - 26,777 - 51,255 - 41,716

Switzerland

(x €1,000)

2011 Q4

2011

Offices 208 - 263

Retail - 1,152 - 762

Total - 944 - 499

Belgium

(x €1,000)

2011 Q4 2011

Offices 2,556 2,556

Industrials - 6,126 - 6,126

Total - 3,571 - 3,571

8,1 8,1 8,0 8,1 8,2 8,2 8,2 8,4

6,3 6,3 6,3 6,4 6,2 6,2 6,3 6,3

6

7

8

9

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

offices

retail

Net yields at 31 December

Terminations & Lettings in Q4 2011

Dutch Portfolio

Terminations

Offices 23,562 m², 3.0% of the offices portfolio

Retail 1,516 m², 0.5% of the retail portfolio

Lettings

Offices Renewals: 14,120 m²

New leases: 17,495 m²

Total: 31,615 m²

Retail 16,802 m², 5,59% of the retail portfolio

Expiration of Leases

31 December 2011 (NL)

rental income x €1,000

6%

22%

14% 14% 12%

31%

23%

17% 15%

10%

13%

22%

4%

37%

21% 14%

3%

22%

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

2012 2013 2014 2015 2016 2017 e.v.

retail

offices

industrials

Lease Strategy – Client Focus

Multi tenant over single tenant:

– Spread the risk

– Accelerate occupancy rate improvement

– Aiming at smaller and medium sized business

Improving of lettability by increasing quality and sustainability

Client focus:

- Retail specialist and local managers

- CRM and vacancy management (offices)

- In-house technical management

Flexible leasing schemes at certain dedicated locations

Example: La Tour,

14,000 m² Office Building

Q2 2010:

• E&Y leaves

• occupancy rate drops below 30%

Q4 2010:

• dedicated commercial manager

hired

• Multi tenants lease strategy

Q3 2011: 85% let

Negligible investments

30%

85%

100% vacant since 2007

VNOI’s strategy: single tenant

Q4 2011: NSI decides for a multi tenants

strategy

€6m = €600 / m² investment

€1.7-2.5m annual rental income

€7-9m value increase expected in a 1-3 year

period

Branding NSI Offices

Example: De Rode Olifant Den Haag

Branding NSI Offices Example: De Rode Olifant Den Haag

Outlook 2012

Managing the balance sheet

• Disposal program smaller assets mainly offices NL

• Swiss properties

Fully using synergies

• Improving former VNOI portfolio (client focus occupancy)

• 2.0 – 2.5m cost synergies

Branding NSI’s office portfolio

• Alliances with operators

(Re)development of properties

• Shopping centre Keizerslanden, Deventer

• Extension of several smaller shopping centres

Redevelopment of Properties

Shopping centre Keizerslanden Deventer

To be constructed 7,660 m2 , to be renovated 7,430 m2

Expected extra rental income €1.6m

Value before redevelopment €18.9m

Expected Investment of €21m

Expected value after redevelopment €45.8m

Demolition works: Q1 2012, Construction starts Q4 2012

Expected completion in 2014

Financials

Archimedesweg Leiden

2,500 m²

Tenants: Proxy, Xendo

IFRS Merger Accounting

In this presentation the following applies:

The consolidated P&L only includes the Q4 2011 results of

the VNOI real estate portfolio

The consolidated balance sheet at year-end 2011 includes

the entire VNOI real estate portfolio

The figures of NSI over the first three quarters of 2011 and

the 2010 comparable figures have not been adjusted

For comparison purposes, we will occasionally deviate from the

above and present pro forma combined figures. In such case,

this will be explicitly stated on the slide.

Balance Sheet Consolidated

x €1,000 NSI

30-09-11

VNOI

30-09-11

Adjust-

ments

Combined

30-09-11

Combined

31-12-11

Total fixed assets 1,363,083 946,869 29,545 2,339,497 2,334,212

Total current assets 16,278 16,494 - 3,816 28,956 18,356

Total assets 1,379,361 963,363 25,729 2,368,453 2,352,568

Total shareholders equity 550,210 367,902* 22,569 940,681* 909,620*

Total long-term liabilities 616,408 477,717 465 1,094,590 1,186,623

Total current liabilities 212,743 117,744 2,695 333,182 256,325

Total equity and

liabilities

1,379,361 963,363 25,729 2,368,453 2,352,568

IFRS 12.71 13.41 13.47 12.96

EPRA 13.58 14.50 14.43 14.02

Equity value VNOI 262,641

Consideration

transferred

194,480

Result from bargain

purchase

68,161

* including minority share

Indirect Investment Result Consolidated

x €1,000 2011 2010

Revaluation of real estate investments - 37,753 - 24,761

Revaluation of other investments - 2,433 1,283

Net result on sales of investments 835 - 247

Movements in market value of financial

derivatives

- 13,608 328

Exchange-rate differences - 106 - 905

Allocated management costs - 1,592 - 1,303

Merger costs - 8,141 - 1,283

Result from bargain purchase 68,161 -

Indirect investment result before tax 5,363 - 26,888

Corporate income tax - 722 - 426

Indirect result after tax 4,641 - 27,314

Indirect result attributable to minority

interests

2,034 -

Indirect investment result 6,675 - 27,314

Portfolio Bridge

1,360,689

970,663

9,333

14,994

-4,528

- 33,238

- 944

- 3,571

3,365

2,316,763

1.200.000

1.450.000

1.700.000

1.950.000

2.200.000

2.450.000

x € 1,000

Direct Investment Result Per Quarter, Consolidated

x €1,000 Q4 2011 Q3 2011 Q2 2011 Q1 2011

Gross rental income 42,575 25,695 25,823 25,871

Service costs not recharged - 1,469 - 467 - 408 - 407

Operating costs - 4,902 - 3,515 - 3,750 - 3,549

Net rental income 36,204 21,713 21,665 21,915

Administrative costs - 1,819 - 713 - 649 - 999

Interest - 14,776 - 8,192 - 7,475 - 8,071

Direct investment result before tax 19,609 12,808 13,541 12,845

Corporate income tax - 113 18 - 51 - 19

Direct investment result 19,496 12,826 13,490 12,826

Ex minority share 16,888 12,826 13,490 12,826

Direct Investment Result Zooming in on Q3 and Q4 (incl. pro forma combined Q3 2011 numbers for comparison purposes)

x €1,000 Q4 2011

NSI + VNOI

Q3 2011

NSI + VNOI

Q4 2011

NSI

Q3 2011

NSI

Q4 2011

VNOI

Q3 2011

VNOI

Gross rental income 42,575 44,911 25,115 25,695 17,460 19,216

Service costs not

recharged

- 1,469 - 913 - 742 - 467 - 727 - 446

Operating costs - 4,902 - 5,437 - 3,895 - 3,515 - 1,007 - 1,922

Net rental income 36,204 38,561 20,478 21,713 15,726 16,848

Administrative costs - 1,819 - 1,944 - 1,050 - 713 - 769 - 1,231

Interest - 14,776 - 15,639 - 8,247 - 8,192 - 6,529 - 7,447

Direct investment result

before tax

19,609 20,978 11,181 12,808 8,428 8,170

Corporate income tax - 113 - 143 - 39 18 - 74 - 161

Direct result 19,496 20,835 11,142 12,826 8,354 8,009

Ex minority share 16,888 5,746

Loan Duration

1000

51000

101000

151000

201000

251000

301000

351000

401000

451000

501000

2012 2013 2014 2015 2016 2017 2019 2022

x € 1,000

Refinancing 2012 2/3rds covered

NL: Over €100 mln refinanced since merger date

Be: € 130 mln refinanced in 2012, first expiry = € 10 mln end of

2013

Negotiation to extend €150 mln NSI syndicated loan to 2015

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

Netherlands Belgium Switzerland

Fixed Float Total Hedged % Fixed Maturity Interest %

NL 128.1 765.2 893.2 746.6 97.9% 1.7 4.4%

CHF 80.9 - 80.9 - 100% 1.4 3.3%

BE 74.3 211.3 285.7 120,0 68.0% 3.2 3.9%

Total 283.3 976.5 1,259.8 866.6 91.3% 2.1 4.2%

Loan book & Hedging per country

Hedge portfolio of swaps: No overhedged positions

Maturity in the Netherlands to be extended