Kempen conference Amsterdam 30 May 2013

Dutch REIT:

NSI is a real estate asset management company and qualifies

as fiscal investment institution under Dutch law (REIT)

Full service in house management

The company is engaged in asset management, letting,

marketing, development, business development and technical

building management

High Yield Real Estate portfolio with Benelux focus:

- Offices and Retail investments in the Netherlands

- Majority interest (54.8%) in Intervest Offices & Warehouses

(listed on Euronext Brussels)

NSI, founded in 1993, is publicly listed on Euronext Amsterdam

since 1998 and has 66 employees at year-end 2012

In 2011, NSI and VastNed Offices (VNOI) completed a merger

NSI divested the majority of its Swiss portfolio in April 2013

Company snapshot Description Portfolio

Asset classes Netherlands

(market value2)

Asset classes Belgium

(market value2)

1. Unless stated otherwise; 2. Based on Q1 2013; 3 Consists of Industrial and Residential

Offices

55.0%

Retail

38.6%

Other3

6.4%

Offices

60.5%

Logistics

39.5%

Netherlands

69.4%

Belgium

28.9%

Switzerland

1.7%

Geographic breakdown

(market value2)

2

Key financials

(EUR million1) 2012

Gross rental income 161

Direct investment result 63

Indirect investment result (167)

Real estate investments 2,106

Occupancy rate (year-end) 81.1%

Loan to Value (year-end) 58.2%

Direct investment result per

share (EUR) 0.99

Dividend per share (EUR) 0.86

Netherlands 2012

Offices 10.7%

Retail 7.7%

Belgium

Offices 9.5%

Logistics 8.4%

Gross initial yield

Offices

Retail

Logistics

Strategy

Balanced mixture of Offices & Retail, consistent with development of the asset cycle in both markets

- Offices focus: high-yield locations

- Retail focus: local shopping centres

Aim to be one of the leading players in each asset class

Portfolio optimisation focusing on high-yielding Office and Retail assets 1.

Full spectrum of in house capabilities created excellent letting platform

Use local knowledge and integrated teams to quickly respond to clients’ needs

Redevelopment and rebranding of existing assets

Introducing new concepts to improve occupancy and rental income

Unique combination of integral management and tenant focus to increase both portfolio value and cash flow generation

Increase value through active management 2.

Highly committed to loan-to-value (LtV) < 55% ion the short term, <50% on the long term

Diversification of funding

Interest fixing of at least 80%

Solid balance sheet 3.

3

Highlights Q1 2013 Occupancy total portfolio improved to 81.3% as per 31

March 2013 from 81.1% as per year end 2012

Direct investment result of €13.4 million in Q1 2013, €0.20

per share

Total investment result amounted to -€21.2 million in Q1

2013, consisting of €13.4million direct investment result and

-€34.6 million indirect investment result.

Revaluations of the real estate portfolio amounted to -€42.4

million.

LtV slightly decreased to 58.0% on 31 March 2013 from

58.2% as per year end 2012

Swiss retail center HertiZentrum sold at book value,

industrial Belgian asset Kortenberg 15% above book value

(transfer both assets end May)

New dividend policy adopted by AGM, aimed at retaining

cash to fund regular capex

4

EUR million 1Q ’13

Gross rental income 37.1

Direct investment result 13.4

Indirect investment result (34.6)

Real estate investments 2,040

Occupancy rate (end Q1) 81.3%

Loan to Value (end Q1) 58.0%

Direct investment result per

share (EUR) 0.20

Interim dividend per share

(EUR) 0.10

Highlights Q1

5

Retail NL

27% of portfolio

Occupancy rate at a solid 92.0%, a decrease from 92.5% (year-end

2012), partly due to the sale of two of (nearly) fully let shopping centres

Strong retail mix with a approx. 22% share of supermarkets

Stable retention rate at 76%.

Offices NL

38% of portfolio

2nd consecutive quarter of occupancy improvement

in Dutch offices portfolio from 71.3% as per year-end

2012 to 72.1% as per 31 March 2013. Improving trend

is expected to continue over 2013.

NSI realised 3% of the total take up in the Dutch

offices market, while NSI's portfolio represents 1.3% of

the total Dutch offices market

NSI ranked fourth in the Dutch market in total leasing

transaction volume in 2012

Transformation of HNK Hoofddorp and Utrecht

commenced and expected to be finalised in the autumn

of 2013

The retention rate (78%) increased significantly

compared with 2012 (47%)

Belgium

29% of portfolio

Occupancy decreased to 85% due to sale of semi-industrial asset

Sale of semi-industrial asset in Kortenberg 15% above book value

Increase in leasing transactions in first quarter compared with first quarter

of 2012

Our key priorities Reducing LtV

– NSI is highly committed to reduce LtV to below 55%

– Continue disposal strategy

• In 2012 €100.9 million of assets sold, another €75 million

announced (and partly yet delivered) in 2013

• Approx. €100 million used to redeem debt in 2012, €46 million in

Q1 2013

Operational

– Building on operational strength

– Increasing occupancy levels

– Roll out HNK concept

– Further improving effectiveness and efficiency

– Continued cost control and driving efficiencies

– Optimise value per property and sell

6

Changed dividend policy Pay out ratio is geared at funding regular capital requirements

– Average capital expenditure requirements in general 10-15% of direct result

Financial prudency to secure future investments – Aligning dividend policy with exceptional market circumstances by linking dividend policy

to LtV performance

Possibility to offer stock dividend in case the circumstances are

supportive

Meeting REIT criteria for profit distribution

7

LtV Pay out of direct result

< 55% 85-100%

55%> LtV < 60% 50% in cash

> 60% 50% in stock

8

HNK – servicing a growing market with higher

earnings potential

HNK anticipates

– a growing demand for full service and flexible leasing in Dutch

market;

– changing housing needs of corporates due to changes in way

of working

Positioning perfectly fits the growing SME segment and growing

number of freelancers

Lower risk due to spread of contract expiries

Utilizing office spaces that are difficult to rent out in traditional

leases

Results in higher rental fees per sqm compared to traditional

model, while tenant is able to optimize their costs

HNK- distinctive strength

A place to be - inspiring meeting place to work and to meet

– Highly accessible;

• Free entrance ‘social heart’

• Memberships

• Managed offices

• Traditional offices

– Offering exactly what tenant needs

• Services

• Space

• Flexibility

– Translates into a well priced solution, benefiting both tenant and NSI

• Lower total costs for tenants

• Higher rent per sqm for NSI

HNK Rotterdam

– Occupancy 30% (total property; 18,000 sqm)

– Investments in HNK €2.8 million

– Average rent level ‘managed offices' at €287 per sqm

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11

12

13

rental income x €1,000

Expiration of Leases

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We actively manage and anticipate expiration calendar; smoothening the future

expiration levels

In both the office and retail portfolio; the 2013 expiration calendar is below

average. The office portfolio is significantly below 2012 level (23%)

Expirations in 2013 involve a smaller number large single tenant contracts

compared with 2012:

(number of contract expiries) 2012 2013

> 10,000 1 0

5,000-10,000 5 0

3,000-5,000 3 3

1,000-3,000 9 6

Representing total m2: 64,269 25,024

11%

7%

19% 21%

13%

Retail

Offices

Industrial

Vacancy development Occupancy expected to improve further improvement in 2013

Expiration calendar in 2013 and 2014 below average with limited expiries of

large single tenant contracts

Increase in vacancy Retail portfolio, for a large part due to disposal of 2 (nearly)

fully let shopping centers

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Date of merger

VNOI

Portfolio Rent Development Average effective rent/sqm (NL)

16

Effective rent levels are adjusted for incentives remains in line with benchmark

Dutch market

NSI delivered in 2012 on target to stay above €120/sqm effective rent

Alternative strategies in place to increase income per sqm

*) The rent level of new leases in Q1 2013 was impacted by relatively large leases in outer regions

Property values NSI wrote down €270 million since 2008 in Dutch office portfolio, €377 including

pro forma VNOI revaluations over that period (approx. 38%)

Revaluations primarily driven by yield shifts

Lack of reference due to lackluster market; increased influence of assumptions

Development activity and pipeline all time low

Valuation level below replacement costs

17

Active acquisition & disposal strategy

18

Portfolio Philips Pensioenfonds and

Swiss assets

Excluding acquisition

VNOI (€971 million)

€ 415 million

€ 250 million

Consolidated direct and indirect

investment result

19

(x €1,000) Q1 2012 Q4 2012 Q1 2013

Gross rental income (GRI) 41,499 40,317 37,075

Service costs not recharged to tenants - 1,482 - 1,141 - 1,136

Operating costs - 4,938 - 4,884 - 4,247

Net rental income 35,079 34,292 31,692

Administrative costs - 1,816 - 1,930 - 1,525

Financing costs - 14,007 - 14,464 - 13,859

Direct investment result before tax 19,284 17,898 16,308

Corporate income tax - 80 - 96 - 17

Direct investment result attributable to non-

controlling interests - 3,023 - 2,844 -2,876

Indirect investment result 16,181 14,958 13,415

Indirect result - 33,302 - 42,126 - 34,573

Total result -17,121 -27,268 -21,158

Gross rental income in Q1 2013 decreased to

€37.1 million (Q4 2012: €40.3 million) as a result

of disposals and €2.0 million exceptionals in Q4

2012

NSI continued its focus on strict cost discipline;

operating costs (11.5%) and administrative costs

(4%) reflect efficient ratios

Financing costs decreased in Q1 2013 to €14.0

million (Q4 2012: €14.5 million). Higher margins

and financing costs were offset by lower Euribor

rates and hedging costs and a reduction in

outstanding loans (€43 million).

Downward revaluations of €42.4 million mainly

related to Dutch offices portfolio (€33.3 million)

LtV slightly decreased from 58.2% at year end

2012 to 58.0%

ICR at 2.3 (year end 2012: 2.5)

Key observations

Financial Highlights Balance sheet

Loan to value (%) 57.3 58.2 58.0

Average interest rate (%) 4.3 4.8 5.0

Average maturity loans (years) 2.3 2.3 2.1

Fixed interest debt (%) 91.6 88.5 88.8

Interest coverage ratio 2.5 2.5 2.3

NAV 12.68 9.78 9.47

EPRA NAV 13.83 10.95 10.52

x €1,000 31-03-2012 31-12-2012 31-03-2013

Real estate investments 2,294,260 2,106,091 1,981,787

Shareholders’ equity 895,404 789,788 771,779

Shareholders’ equity NSI 763,647 666,850 645,679

Debts to credit institutions

(excluding derivatives)

1,315,693 1,226,432 1,183,219

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Financing

Extending average duration of loan portfolio and addressing upcoming

maturities well before expiration is key priority

– Timely addressing €186.3 million maturing debt in 2013,

€258.5 million (55%) of debt, initially maturing in 2013, already

covered in 2012 refinancing arrangements

– NSIs largest syndicated loan facility (€243 million outstanding

debt), maturing in 2013 and 2014 and reflecting the majority of the

debt maturing in 2013, is in an advanced stage of negotiation.

– Approx. 60% of Dutch outstanding debt (€507 million) successfully

refinanced in 2012

– Average maturity 2.1 years

Managing interest costs

– Rising margins vs low swap/euribor rates

– Lowering hedging costs through expiring swaps

– Reduction outstanding debt

Average cost of funding expected to rise

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Loan Duration

22

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017 2018 >2019

cap

ital

su

m

until

durations loans x € 1.000

Hedge portfolio of swaps: No overhedged positions

Swaps reviewed for potential redemption or extention

X €1,000 Fixed Floating Total Working

capital Hedged % Fixed Maturity Interest %

NL 179,786 626,182 805,968 80,000 694,290 98.6% 2.0 5.4%

CH 0 25,781 25,781 0 0 0.0% 0.1 2.8%

BE 75,000 195,985 270,985 21,179 120,000 66.7% 2.6 4.0%

Total 254,786 847,948 1,102,734 101,179 814,290 88.8% 2.1 5.0%

Prospects

Operational

Further improvement occupancy in Dutch office portfolio throughout

2013

Further roll out HNK concept to anticipate growing demand for flexible

and full service office solutions

Continue to actively pursue favorable mix in retail portfolio

Financing

Further reducing LTV by selling non strategic assets, including sale of

remaining assets Switzerland

Revised dividend policy

Average costs of funding expected to rise

Further extending debt maturities

Direct result FY 2013 expected to develop in range €50 to € 56 million;

expected to improve in 2014.

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Q & A

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