Befimmo, pure player

in offices: update on

the activities

A presentation by

Laurent Carlier CFO

19 November 2016

Finance Avenue

Speaker

2

Laurent Carlier

> CFO of Befimmo since 2006

> 17 years of experience as Finance Director

> President of the BE-REIT association

Agenda

> Befimmo at a glance

> 2016 highlights

> Brussels office market

> Value creating projects

> Financial structure

4

Befimmo at a glanceBefimmo is a BE-REIT

> Portfolio of €2.4 billion, >850,000 m²

> High occupancy rate: 94%

> Long average duration of leases:

8.3 years

> Rental income: ±€150 million

> Quality tenants

> Listed on Euronext Brussels | Market cap of €1.3 billion

Blue Tower,

Brussels, Louise district

5

Befimmo at a glanceCity centre locations

1. North area 16%

2. Centre 17%

4. Louise district 4%

5. Léopold district 17%

6. Decentralised 4%

7. Periphery 6%

8. Airport 4%

68% in Brussels of which 58% in CBD

20%

Flanders

8%

Wallonia

4%

LuxembourgFigures based on the fair value of the investment properties as at 30 June 2016.

8

Proven pure player office strategy

> Offices at top city-centre locations, easily accessible

> Quality properties which are flexible and well-equipped

> Proactive portfolio management by a competent and experienced team

> Tenant satisfaction as a priority by offering various services

6

Befimmo at a glanceWe offer more than just an office

Facilitating our tenants’ lives

7

Befimmo at a glance

Quality portfolio, healthy and responsible growth

Gross annualised return on share price of 7.4%

since IPO*

*Source: KBC Securities

More than 20-year track record

8

Befimmo at a glanceIntegrated CSR strategy

Over the years, Befimmo has built a strategy of Social Responsibility based on

the topics of importance to Befimmo and its stakeholders.

Gross proceeds of €127 million

To pursue its investment strategy and to carry out the major

redevelopment projects in its portfolio, while maintaining a

solid balance sheet

> Dividend confirmation of €3.45 gross per share for the 2016 fiscal year

> The gross interim dividend (coupon No. 32) amounts to €2.55 per share (existing

before the capital increase), payable in December 2016

> The final dividend should amount to €0.90 per share (existing and new), payable in

May 2017

9

2016 HighlightsSuccessful capital increase

Identified value creating growth potential

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

2013 2014 2015 2016(9 months)

m²

Letting Activity

H1 Renegotiation H1 New H2 Renegotiation H2 New

10

> Stable fair value of the

portfolio (-0.19% over the

first 9 months of the fiscal

year)

> Significant letting activity

(29,427 m² over the first 9

months of the fiscal year)

> EPRA earnings of €2.87 per

share, in line with the outlook

> Net asset value pro forma of

€52.34 per share

2016 HighlightsGood results for the third quarter

Q3 2016

11

Brussels office marketSignificant deals in 2016

Continued reconversion

Vacancy evolution

Development pipeline

362,663 m² Take-up per quarter

Lack of Grade A space

12

Value creating projectsQuatuor Building | Replacing the current Noord Building

> Surface: 60,000 m² - 4 towers

> Indicative construction cost: €150 million

> Start of works early 2018

> BREEAM “Outstanding” in Design phase

> Estimated gross initial yield on construction cost: >6.5%

13

Value creating projectsWTC II & WTC IV

WTC II | 49,400 m²

> End of lease: end 2018

> Different scenarios analysed

> Future value creation

> Partnership | co-ownership

WTC IV | 53,500 m²

> Building permit implemented

> Works according to commercialisation

> Indicative investment of €140 million

> Expected gross initial yield on construction cost >6.5%

> BREEAM Design “Outstanding”

WTC IV, currently a plot of land

14

Value creating projectsGateway | Brussels Airport | 34,000 m²

> Fully pre-let 18 years to Deloitte

> Handover and start of lease in December 2016

> Gross initial yield of 4.65%

> Total investment amount of €148.3 million

> BREEAM Design “Excellent”

15

Value creating projectsParadis Express | Liège | 35,000 m²

Residential

Offices

Paradis Tower > Construction project

> Surface: 35,000 m² (20,000 m² of offices)

> Building permission process & start in

±2016/2017

> Indicative investment of €50 million

> Expected gross initial yield on construction

cost >6.5%

> MIPIM Award “Best Futura Project”

> Confirmed credit facilities for a

total amount of €1,336.7 million,

€960.8 million of which are drawn

> Large remaining headroom to

covenants

> BBB/Stable/A-2 rating by Standard

& Poor’s (as at 26 May 2016)

16

Financial structureQ3 2016

Evolution of LTV-ratio

Evolution financing cost and duration

> LTV ratio: 38.43%

> Average financing cost (over

the past 9 months) : 2.22%

> Weighted average duration of

financing: 3.68 years

0%

10%

20%

30%

40%

50%

2011 2012 2013 2014 2015 Q3 2016

23%

32%

8%

15%

24%

Bilateral lines

Commercial paper*

Sales of receivables

Retail Bond

USPP / EUPP

> At constant perimeter, the Company has covered its

financing needs until the end of the 2017 fiscal year.

17

Financial structureQ3 2016

Maturities of commitments by quarter Debt breakdown

* With confirmed bank lines in excess of one year as a back-up.

0

50 000

100 000

150 000

200 000

250 000

Q4

201

6

Q2

201

7

Q4

201

7

Q2

201

8

Q4

201

8

Q2

201

9

Q4

201

9

Q2

202

0

Q4

202

0

Q2

202

1

Q4

202

1

Q2

202

2

Q4

202

2

Q2

202

3

Q4

202

3

Q2

202

4

Q4

202

4

Q2

202

5

Q4

202

5

Q2

202

6

Q4

202

6

(in €

mill

ion)

18

Q&A

Time to answer your questions

For more information:

www.befimmo.be

IR contact: c.kerremans@befimmo.be

19

This presentation is made for the sole benefit of financial analysts and qualified institutional investors and is not to be considered as anincentive to invest or as an offer to acquire Befimmo shares under any laws of European countries or the USA or Canada.

The information provided herein is extracted from Befimmo annual reports, half-yearly reports and press releases but does not reproducethe whole content of these documents, which prevail and ought to be analyzed before any recommendation or operation regardingBefimmo shares is made.

This presentation contains statements and estimates about anticipated future performances. These statements and estimates are not to beconstrued as implying a commitment from Befimmo to achieve them. Whether or not they will actually be achieved depends on a numberof factors which are beyond the reach of Befimmo's control, such as developments in the real estate and financial markets.

Such statements and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and otherfactors, which were deemed reasonable when made but may or may not prove to be correct.

Actual events are difficult to predict and may depend upon factors that are beyond the Company's control. Therefore, actual results,financial condition, performances or achievements of Befimmo, or market results, may turn out to be materially different from any futureresults, performances or achievements expressed or implied by such statements and estimates.

Given these uncertainties, investors are invited not to unduly rely on these forward-looking statements and estimates. Furthermore,forward-looking statements and estimates only speak as of the date of this presentation.

Befimmo disclaims any obligation to update any such forward-looking statements or estimates to reflect any change in the Company’sexpectations with regard thereto, or any change in events, conditions or circumstances on which any such statement or estimate is based ,except to the extent required by the Belgian law and in particular the Royal Decree of November 14, 2007.

In no event Befimmo may be held liable for obligations which are incumbent on financial analysts and disclaims any liability in that regard.

Any reference to the portfolio, assets, figures or activities of Befimmo should be understood on a consolidated basis, includingthose of its subsidiaries, unless it is clear from the context or expressly stated that the contrary is intended.

Disclaimer

Appendices

21

Quality office portfolioPortfolio key figures

Geographical spread of portfolio Tenants by sector

Figures as at 30 June 2016.

30.09.2016 30.06.2016 31.12.2015

Fair value of portfolio (in € million) 2 449.5 2 426.7 2 388.3Gross initial yield on properties available for lease 6.19% 6.19% 6.19%Gross potential yield on properties available for lease 6.56% 6.61% 6.58%Occupancy rate of properties available for lease 94.36% 93.68% 94.15%

Weighted average duration of leases 8.26 years 8.30 years 8.60 yearsReversion rate of properties available for lease -8.70% -8.89% -8.41%

EPRA vacancy rate of properties available for lease 6.13% 6.88% 6.35%

Portfolio metricsReversion rate

22

23

Financial resultsFinancial key figures

30.09.2016 30.06.2016 31.12.2015

Shareholders' equity (in € million) 1 397.55 1 252.84 1 265.29Net asset value (in € per share) 52.34(a) 54.42 54.96EPRA NAV (in € per share) 55.88 55.60 54.91EPRA NNNAV (in € per share) 53.98 53.65 54.30Average annualised financing cost(b) (in %) 2.22%(c) 2.23%(d) 2.66%(e)

Weighted average duration of debts (in years) 3.68 3.84 3.99Debt ratio according to the Royal Decree (in %) 42.31% 48.53% 48.37%Loan-to-value(f) (in %) 38.43% 45.64% 45.66%

30.09.2016

(9 months)

30.09.2015

(9 months)

Number of shares issued 25 579 214 22 673 609Number of shares not held by the group 25 579 214 22 138 280Average number of shares not held by the group during the period

23 058 635 22 138 280

Net result (in € per share) 1.29 3.65Current net result (in € per share) 2.92 3.04EPRA earnings (in € per share) 2.87 3.00Return on shareholders' equity(g) (in € per share) 1.85 4.33Return on shareholders' equity(g) (in %) 3.39% 8.09%(a) Net asset value pro forma.(b) Including margin and hedging costs.(c) Calculated over a 9-month period.(d) Calculated over a 6-month period.(e) Calculated over a 12-month period.(f) Loan-to-value ("LTV"): [(nominal financial debts – cash)/fair value of portfolio].(g) Calculated over a 12-month period ending at the closing of the quarter, taking into account the gross dividendreinvestment, the participation in the optional dividend and the participation in the capital increase.

Financial resultsQ3 2016 financials | NAV

24

(in € million) (in € per share)Number of shares

not held by the group

Net asset value as at 31 December 2015 1 265.29 54.96 23 021 293

Payment of final dividend in May 2016 - 19.80

Other elements of comprehensive income -actuarial gains and losses on pension obligations

- 2.00

Capital increase 127.26

Costs related to the capital increase - 3.00

Result of the period 29.81

Net asset value as at 30 September 2016 1 397.55 54.64 25 579 214

Interim dividend represented by coupon No 32 - 58.70

Net asset value pro forma as at 30 September 2016 1 338.85 52.34 25 579 214

30.09.2016 30.06.2016 31.12.2015

EPRA NAV (in € per share) 55.88 55.60 54.91

EPRA NNNAV (in € per share) 53.98 53.65 54.30

The calculation methods of the EPRA NAV and NNNAV are detailed on page 60 of Befimmo's Annual Financial Report 2015 (www.befimmo.be).

Financial resultsTrend of results

25

30.09.2016

(9 months)

30.09.2015

(9 months)

Net rental result (in € million) 102.26 105.20

Property operating result (in € million) 91.42 96.08

EPRA earnings (in € million) 66.24 66.44

Number of shares issued 25 579 214 22 673 609

Number of shares not held by the group 25 579 214 22 138 280

Average number of shares not held by the group during the period 23 058 635 22 138 280

Net result (€ per share) 1.29 3.65

Net current result (in € per share) 2.92 3.04

EPRA earnings (in € per share) 2.87 3.00

Financial resultsH1 condensed consolidated P&L (IFRS)

26

(€ thousand) 30.06.2016 30.06.2015

Net rental result 67 984 71 000

Net property charges -8 372 -7 294

Property operating result 59 612 63 706

Corporate overheads -4 226 -4 119

Other operating income & charges - 162 -1 448

Operating result before result on portfolio 55 224 58 139

Operating margin 81.2% 81.9%

Gains or losses on disposals of investment properties 12 971

Net property result 55 236 59 110

Financial result (excl. changes in fair value of financial

assets and liabilites)-11 134 -14 566

Corporate taxes - 590 - 633

Net result before changes in fair value of investment

properties and financial assets and liabilities43 512 43 911

Changes in fair value of investment properties -5 791 -1 083

Changes in fair value of financial assets and liabilities -28 372 11 890

Changes in fair value of investment properties &

financial assets and liabilities -34 163 10 806

Net result 9 348 54 718

Net current result 43 512 44 175

EPRA earnings 43 499 43 203

Net result (€/share) 0.41 2.47

Net current result (€/share) 1.89 2.00

EPRA earnings (€/share) 1.89 1.95

Average number of shares not held by the group 23.021.293 22.138.280

(1) €351 million of commercial paper which was in use for short term issues at 30 June 2016 (with backup facilities)

and retail bond of €162 million to be reimbursed in April 2017.

Financial resultsH1 consolidated condensed balance sheet

27

To be updated

(in € million - consolidated figures) 30.06.2016 31.12.2015

Investment and held for sale properties 2 426.7 2 388.3

Other assets 105.0 111.9

Total assets 2 531.7 2 500.2

Shareholders' equity 1 252.8 1 265.3

Financial debts 1 139.0 1 123.9

non current 568.4 659.4

current(1) 570.6 464.5

Other debts 139.8 111.0

Total equity & liabilities 2 531.7 2 500.2

LTV 45.64% 45.66%

Integrated CSR Strategy2015 Main priorities

28* Befimmo portfolio, common areas – intensity measures [kWh/m²]

Well-being of the team

> Satisfaction survey => set

up of concrete actions

> 27hrs/year training per

employee

> Implementation of «Smart

Ways of Working »

Transparent governance

> High quality reporting,

transparency towards

investors & shareholders

> Supply Chain Management

Tenants oriented approach

> Evolution of ways of working

> Development of Services & Facilities,

Building Equipments

> Continuous communication improvement:

Helpsite, Extranet, new website, etc.

Continuous Improvement

(2008-2015)

> -30%* electricity

> -23%* gas

> -64% CO2 emissions

> +3.760 m² of solar

panels

> 1.3% of water coverage

(2014-2015)

> 10 quantitative targets

BefimmoShareholder calendar

29

Payment of the interim(1) dividend of the 2016 fiscal year on presentation of coupon No 31

- Ex-date Monday 19 December 2016

- Record date Tuesday 20 December 2016

- Payment date from Wednesday 21 December 2016

Publication of the annual results as at 31 December 2016 Thursday 16 February 2017(2)

Online publication of the Annual Financial Report 2016 Friday 24 March 2017

Ordinary General Meeting of the fiscal year closing as at 31 December 2016 Tuesday 25 April 2017

Payment of the final(1) dividend of the 2016 fiscal year on presentation of coupon No 32

- Ex-date Wednesday 3 May 2017

- Record date Thursday 4 May 2017

- Payment date from Friday 5 May 2017

(1) Subject to a decision of the Board of Directors.

(2) Publication after closing of the stock exchange

Befimmo SA

Chaussée de Wavre 1945, 1160 Brussels

Register of companies (RPM - RPR): 0 455 835 167

Tel.: +32 2 679 38 60 - Fax: +32 2 679 38 66

email: contact@befimmo.be

www.befimmo.be

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Contact information