1. Vastned 2013 annual results
Taco de Groot, CEO Vastned
Tom de Witte, CFO Vastned

2. Vastned makes significant progress in executing the high street
strategy
 2013 direct investment result encouraging and in line with expectations
 Key targets achieved on the strategic pillars:
 Share of high street shops increased to 69%
 More hands-on and proactive organisation
 Further diversification among financiers and a loan-to-value of 44.6%
(39.7% after the disposal of the Spanish shopping centres)
 Strategy update: Growth in premium cities
 Strong performance of premium city high street shops in 2013
 Spanish divestment of shopping centres/galleries earmarks quality
improvement of the portfolio
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3. Vastned’s direct investment result and dividend in line with
expectations
Strong premium city high
street results
 Spot occupancy rate: 99.2%
 Like-for-like rental growth: 4.2%
 Value movement: 2.2%
Estimated 2014 direct
investment result between
€ 2.10 - € 2.30 per share
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2013 direct investment
result and dividend in line
with expectations
 Direct investment result: € 2.85
per share
 At top of the expected range of
€ 2.75 - € 2.85
 Estimated dividend € 2.55 per
share confirmed
Stable occupancy rates
Average occupancy rate of 94.0%
in 2013/ 94.0% at year-end 2013
Value movements 5.8%
negative, mainly due to
Spanish portfolio
€ 269 million of divestments
in 2013
 Important quality improvement
of the portfolio
 Target of € 200 million exceeded

4. 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 total portfolio
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5. Strong performance premium city high street shops
In %
Premium city
high street
shops
High street
shops other
Other Total
Spot
occupancy
99.2 94.7 89.7 94.0
Like-for-like
rental growth
4.2 (1.1) (3.6) (1.1)
Value
movements* 2.2 (2.0) (13.7) (5.8)
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* Excluding acquisitions

6. Divestments improve quality of the portfolio
 Vastned sold several shopping centres and assets in smaller to
medium-sized cities for € 269 million*
 The divestments were on average 3.4% below book value mainly
caused by the disposal of shopping centre Het Rond (6.3% below
book value)
 The divestment of these non-strategic assets improved the quality of
the property portfolio substantially
 The sales proceeds were used to strengthen the balance sheet and to
acquire premium city high street shops
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* Including 100% of shopping centre Het Rond. Vastned owned a 50% stake.

7. Growth of premium city high street portfolio through acquisitions
 Vastned acquired a total of € 104 million
premium city high street shops in 2013
 Bordeaux: € 47 million
 Amsterdam, Utrecht and
Maastricht: € 45 million
 Bruges: € 12 million
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Nespresso, Cours de l’Intendance, Bordeaux

8. Leasing activity in 2013 increased to € 18.5 million
 Total leasing activity € 18.5 million
(2012: € 18.3 million)
 A total of 265 lease contracts were signed
 On average leasing contracts were signed
12.7% below old rental levels mainly caused by
an average 33.2% rent decline in the shopping
centres in Spain
 Premium city high street shops contracts
achieved 3.2% rent increases
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Pull & Bear, Oudegracht, Utrecht

9. European retail market developments
Tough economic climate
drives innovative retail
concepts
Diverse demand for retail
spaces: from small pop-up
shops to huge flagship stores
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Clear shift from secondary
to prime locations
Consumer confidence
remains low throughout key
markets in Europe
Multichannel strategy is the
way to go for successful
retailers
Location is key: retailers
want to be where the
consumer prefers to shop

10. 2013 country performance

11. The Netherlands: Challenging market for retailers
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 Dutch retail market still suffers
from low consumer confidence
 87 lease contracts signed for
€ 6.1 million e.g. with
Schaap+Citroen and Pull & Bear
 Divestment of non-strategic
assets for € 110 million
 Growth of premium city high
street shops through acquisitions
of € 45 million in Amsterdam,
Utrecht, and Maastricht
 Annelou de Groot started as
country manager the Netherlands
Developments in 2013Key figures
 Total portfolio year-end 2013: € 623 million
 Share of premium city high street shops: 36%
 Occupancy rates
 Premium city high street shops: 98.9%
 Total: 96.8%
Schaap en Citroen, P.C. Hooftstraat, Amsterdam

12. France: Important quality improvement realised in the French portfolio
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 French retail landscape experiences
difficulties and the gap between the
big cities and provincial towns is
growing
 18 lease contracts signed for a total
of € 2.1 million e.g. with Italian
cosmetics chain KIKO
 Total divestments: € 152 million
incl. shopping centres in Thoiry,
Dunkirk and assets in smaller
towns
 Acquisition of cluster of high street
shops in Bordeaux for € 47 million
Developments in 2013Key figures
 Total portfolio year-end 2013: € 359 million
 Share of premium city high street shops: 70%
 Occupancy rates
 Premium city high street shops: 99.2%
 Total: 95.4%
KIKO, Rue St. Catherine, Bordeaux

13. Belgium: Positive results
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 New tenants like Armani Jeans
and Rituals contribute to long
term cash flow stability
 Belgian premium city high
street portfolio expanded with
Steenstraat 38 in Bruges let to
Massimo Dutti
 Divestments in Belgium
included € 7 million of assets
in smaller towns
Developments in 2013
Key figures
 Total portfolio year-end 2013: € 362 million
 Share of premium city high street shops: 39%
 Occupancy rates
 Premium city high street shops: 98.6%
 Total: 95.4%
Armani Jeans, Leysstraat , Antwerp

14. Spain: After divestment of shopping centres, focus on premium city
high street shops
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 Spanish economy as well as
retail turnover still under
pressure
 Nevertheless a total of 128
lease contracts were signed
for € 5.6 million
 On average lease contracts
were signed at 24.8% lower
rental levels
 January 2014: sale of seven
shopping centres and a retail
park for € 160 million
Developments in 2013/2014Key figures*
 Total portfolio year-end 2013: € 221 million
 Share of premium city high street shops: 18%
 Occupancy rates
 Premium city high street shops: 100%
 Total: 86.6%
* Including Portugal
Pepe Jeans, Calle Fuencarral , Madrid

15. Turkey: Pipeline projects completed
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 High streets in Istanbul
limitedly impacted by latest
political turmoil
 H&M flagship store opened on
Istiklal Caddesi 85
 Renovation of Abdi İpekçi
Cadessi 41 completed and
leased to an international
high-end fashion operator
 Total leasing activity
amounted € 2.3 million
including a new lease contract
with Koton for Istasyon
Caddesi 27
Developments in 2013Key figures
 Total portfolio year-end 2013: € 129 million
 Share of premium city high street shops: 100%
 Occupancy rates
 Premium city high street shops: 100%
H&M, Istiklal Caddesi, Istanbul

16. 2013 financial results
Tom de Witte, CFO

17. 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 Netherlands 4.8 (0.6) (3.9) (1.1)
France 3.8 (4.9) 1.0 0.6
Belgium 0.4 1.4 2.0 1.4
Spain/ Portugal 18.8 3.4 (6.8) (4.7)
Turkey 3.3 n.a. n.a. 3.3
Total 4.2 (1.1) (3.6) (1.1)
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18. Positive value movements for premium city high street shops in 2013
Value
Premium
city high
streets
High
street
other
Other Total
In € million % % % %
The Netherlands 623 1.9 (5.7) (5.3) (3.7)
France 359 1.7 (0.8) (3.1) (0.4)
Belgium 362 8.2 9.6 6.2 7.6
Spain/Portugal 221*
0.6 (4.5) (39.8) (33.2)
Turkey 129 (1.8) n.a. n.a. (1.8)
Total 1.694 2.2 (2.0) (13.7) (5.8)
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* After the divestment of the seven shopping centres/galleries and the retail park in Spain the value of the portfolio will be € 63 million.

19. Divestment of non-strategic assets resulted in lower rental income
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Annualised rent
(€ 1 million)
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
Annualised rent end
Q4 2012
Loss of tenants New Lettings Acquisitions and
transfer from
pipeline
Divestments Other Annualised rent end
Q4 2013
134.6
(8.7) 7.8
6.5 (19.2)
0.0
121.0

20. Strong financial position
20
0
50
100
150
200
250
300
Roll over 2014 2015 2016 2017 2018 2019
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 increased from 4.1% to
4.3% (year-end 2013)
 Interest coverage ratio: 2.8 (2012: 3.0)
 Significant risk profile improvement after the sale
of the Spanish shopping centres/galleries and
redemption of secured loans
 Loan to value at 44.6%* (year-end 2013)
 Current unused credit facility of € 165.5 million
 Short term debt 29% of total debt
 83.4% of loan portfolio had a fixed interest rate
 Total amount of private placements € 125
million (16.5%)
* After the sale of the Spanish shopping centres: 39.7%
2020 ev.

21. Net divestments improved quality of the portfolio and reduced direct
investment result 2013
In € million FY 2013 FY 2012 Δ
Gross rental income 123.2 133.5 (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 54.2 62.6 (8.4)
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22. Movement direct investment result per share
in €Direct investment result per share 2012 3.31
Like-for-like net rental growth (0.04)
Increase due to acquisitions, net of interest 0.11
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 2013 2.85
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23. Expected dividend € 2.55 per share confirmed
 Total dividend: € 2.55 per share
 Pay-out ratio: 89%
 Ex-dividend date: 19 May 2014
 Payment date of final dividend (€ 1.63* per share): 29 May 2014
 Dividend policy unchanged: pay-out ratio at least 75% of the direct
investment result
* Upon approval of the AGM at 15 May 2014
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24. Outlook 2014: Improved quality portfolio enables forecast for 2014
direct investment result
 Vastned will continue to pragmatically execute the high street strategy with
focus on growth in premium cities
 Execution of strategy has significantly improved quality of the portfolio with
more stable and predictable results
 As announced before, 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 portfolio provides sufficient ground to estimate direct investment
result per share 2014 between € 2.10 - € 2.30, barring unforeseen
circumstances
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25. Q&A
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26. Contact details
Vastned Investor Relations
Anneke Hoijtink
+ 31 10 24 24 368
+ 31 6 31637374
anneke.hoijtink@vastned.com
www.vastned.com
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