1. Vastned
Focus on growth in premium city high street shops
June 2014
Taco de Groot, CEO Vastned

2. Vastned makes significant progress in executing the premium city high
street strategy
Occupancy rate increased
from 94.0% year-end 2013 to
96.5% end of Q1 2014
 Premium city high street shops:
99.1%
 High street shops: 95.1%
 Non-high street shops: 94.0%
Estimated 2014 direct
investment result between
€ 2.10 - € 2.30 per share
2
Divestments increase
quality of the portfolio
 Total divestments in Q1 2014:
€ 48.7 million
Sale of Spanish shopping
centres/galleries and retail
park successfully finalised
Leasing activity includes 31
leases and amounts to
€ 2.2 million
Share of non-bank loans
increased to over 30%
 Successful placement of
convertible bond of € 110 million

3. Q1 2014 update:
Vastned’s premium city
strategy improves occupancy rate

4. Occupancy rate increases from 94.0% to 96.5%
4
Total portfolio € 1.5 billion
Premium
city high
street
shops
High
street
shops
Non-
high
street
shops
Total
% % % %
The
Netherlands
97.8 95.2 95.8 96.1
France 99.9 100 72.9 96.8
Belgium 98.7 89.7 95.2 95.3
Spain/
Portugal
100 100 100 100
Turkey 100 n.a. n.a. 100
Total 99.1 95.1 94.0 96.5

5. Leasing activity in Q1 2014 amounts to € 2.2 million
 Total leasing activity € 2.2 million
 A total of 31 lease contracts were signed
 On average leasing contracts were signed 4.6%
below old rents mainly due to rent declines in
shopping centers in Tongeren and Limoges
 Premium city high street shop leases at 7.4% higher
rents
5
Premium city
high street
shops
High street
shops
Non-high
street shops
Total
Leasing activity € 0.8 million € 0.9 million € 0.5 million € 2.2 million
Change in rent on
new and renewed
leases
7.4% 6.7% (33.3)% (4.6)%
Leasing activity in Q1 2014

6. Divestments increase the quality of the portfolio
 Total divestments in Q1 2014: € 48.7 million
 Netherlands: € 0.6 million
 France: € 45.2 million
 Belgium: € 2.9 million
 On average 2.6% below book value year-end
2013
 Share of premium city high street shops
increases from 51% to 52%
 Occupancy rate improves significantly from
94.0% to 96.5%
6

7. Divestment Spanish shopping centres/galleries and retail park
successfully finalised
 Seven shopping centres/galleries and one retail park
 Average occupancy rate of the sold assets: 84.5%
 Leasing activity in 2013 on average at 33% lower rents
 Selling price: € 160 million
 Net sales proceeds: € 157.9 million
 Current Spanish portfolio*: € 63 million
 Occupancy rate at end Q1 2014: 100%
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* Including the Portuguese portfolio

8. Q1 2014 country performance

9. The Netherlands: Market remains a challenge for retailers
9
 Dutch consumer confidence
improves slightly but still low
 19 leases signed for € 1.1 million:
 Credo Men’s fashion
 De Tuinen
 MANGO
 New leases and lease renewals
result in 8.7% rent increase
 Divestment of non-strategic
assets for € 0.6 million
 Occupancy rate slightly lower
from 96.8% year-end 2013 to
96.1% end Q1 2014
Developments in Q1 2014
Dutch portfolio: € 623 million
Year-end 2013

10. France: Share of premium city high street shops increases to 77%
10
 Polarisation in the French
retail market
 4 leases signed for a total of
€ 0.1 million, including 2
leases for shopping centre
Corgnac in Limoges
 Total divestments: € 45.2
million
 Occupancy increases from
95.4% year-end 2013 to
96.8% end Q1 2014
Developments in Q1 2014
French portfolio: about € 310 million
After divestments in Q1 2014

11. Belgium: Stable progress
11
 Leasing activity € 0.3 million
including 7 contracts of which
two in shopping centre
Julianus in Tongeren
 Divestment of non-strategic
assets for € 2.9 million
 Occupancy rate stable at
95.3% end Q1 2014 (year-end
2013: 95.4%)
Developments in Q1 2014
Belgian portfolio: about € 360 million
After divestments in Q1 2014

12. Spain: Focus on premium city high street shops
12
 Successful finalisation of the
Spanish shopping centres and
retail park at the end of Q1
2014
 Occupancy rate improves from
86.6% year-end 2013 to
100% end Q1 2014
Developments in Q1 2014
Spanish/Portuguese portfolio:
about € 63 million after divestments

13. Turkey: Stable results Q1 2014
13
 Lease renewal with Topshop
for Istiklal Caddesi 18 with
4.6% rent increase
 Stable occupancy rate at
100%
Developments in Q1 2014
Turkish portfolio: € 129 million
Year-end 2013

14. Strategy update:
Focus on growth in premium city high streets

15. 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 the total portfolio
15

16. Strong performance premium city high street shops
In %
Premium city
high street
shops
High street
shops
Non high
street shops
Total
Spot
occupancy end
Q1 2014
99.1 95.1 94.0 96.5
2013 Like-for-
like rental
growth
4.2 (1.1) (3.6) (1.1)
2013 Value
movements* 2.2 (2.0) (13.7) (5.8)
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* Excluding acquisitions

17. Vastned’s European premium cities
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18. Examples of execution of
premium city high street strategy

19. 19
Realisation upwards potential: 42% rent increase
P.C. Hooftstraat 49-51
Old tenant New tenant
Old rent € 317,000 per year
Retailer Hugo Boss
New rent € 450,000 per year
Duration 10 years
Rent increase + 42%
Retailers
Schaap en Citroen and
IWC Schaffhausen

20. Vastned increases footprint in historical inner city of Utrecht
20
 € 59 million
 17 high street shops
Property portfolio Utrecht

21. Vastned creates cluster of high street shops in Golden Triangle of
Bordeaux
21
 € 84 million
 17 high street shops
Property portfolio
Bordeaux

22. 2013 financial results

23. 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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24. 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.

25. Divestment of non-strategic assets resulted in lower rental income
25
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

26. Strong financial position
26
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 year-end 2013: 4.3%
 Interest cover ratio year-end 2013: 2.8
 Loan to value: 39.7% after sale Spanish shopping centres/galleries
 Significant risk profile improvement
 Current unused credit facility more than € 200 million
 Total amount of non-bank loans over 30% after placement of € 110 million convertible
2020 ev.
At year-end 2013

27. Successful placement of convertible bond of € 110 million
Key points:
 Total placement: € 110 million
 30% above reference price
 Interest coupon: 1.875%
 Duration: five year
Result:
 Over 30% non-bank loans
 Improved negotiation position towards other financiers
 Contributes to lower average financing costs
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28. 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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29. 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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30. Outlook 2014: Improved quality portfolio enables forecast for 2014
direct investment result
 Vastned will continue to pragmatically execute the premium city high street
strategy with focus on growth in premium cities
 Execution of the strategy has significantly improved quality of the portfolio
to more stable and predictable results
 As announced before, the premium city 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 quality of the portfolio provides sufficient ground to estimate direct
investment result per share 2014 between € 2.10 - € 2.30, barring
unforeseen circumstances
30

31. Dividend 2013: € 2.55 per share
 Total dividend: € 2.55 per share
 Pay-out ratio: 89%
 Ex-dividend date: 19 May 2014
 Payment date final dividend: 29 May 2014
 Dividend policy unchanged:
pay-out ratio at least 75% of
the direct investment result
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32. 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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