Appendix

NSI Full Year results 2016 I A - 1

NSI Half Year Results July 2017 I A - 2

Slide Slide

Key portfolio metrics A-3 Amsterdam completions A-15

NSI Offices A-4 G4 yields A-16

Offices split A-5 Investment volumes A-17

Expiries and reversion A-6

Yield A-7

Key financial metrics A-8

Segment split earnings A-9

Why the Netherlands A-10

Randstad vs other cities Europe A-11

Randstad A-12

G4 Offices rents A-13

G4 Offices vacancy A-14

Appendix

Key portfolio metrics

Office HNK

Jun-17

Retail Other Total

Dec-16

Total

Number of properties 107 13 19 3 142 165

Market value (€m) 721 157 186 11 1,075 1,160

Annual contracted rent (€m) 57 13 15 1 86 98

ERV (€m) 70 20 16 1 107 116

Lettable area (k sqm) 477 122 106 15 720 870

Vacancy (EPRA) 20.5% 33.2% 16.1% 13.8% 22.2% 21.4%

WAULT (years) 5.2 3.1 5.0 4.2 4.8 4.7

Average rent/sqm (€/p.a.) 164 171 185 98 167 149

EPRA net initial yield 5.9% 4.4% 6.1% 10.0% 5.6% 6.0%

NSI Half Year Results July 2017 I A - 3

NSI Offices

Focus on offices & HNK

• Clustering in

o G4, Randstad, Eindhoven, Den Bosch

and Leiden

• Value add

o Commercial opportunities

o Transformations

Specialisation in competitive markets

NSI Half Year Results July 2017 I A - 4

Offices split

G4Other

Randstad

Other

NL

Trans-

formation

Assets (#) 30 25 43 9

Area (k sqm) 184 94 165 34

Market value (€m) 457 90 133 41

Value (€/sqm) 2,489 957 806 1,206

WAULT (yrs) 6.2 4.6 3.8 2.2

Contracted rent (€m) 32 9 13 3

ERV (€m) 36 11 18 5

Reversion (%) 1.8% -6.4% -11.4% -11.0%

Avg rent let space (€/sqm) 198 135 128 152

EPRA Vacancy (%) 8.6% 28.5% 37.0% 30.7%

EPRA NIY (%) 5.1% 6.6% 7.1% 6.3%

NSI Half Year Results July 2017 I A - 5

Expiries and reversion

Total portfolio (€m) Office (€m)

HNK (€m) Retail (€m)

NSI Half Year Results July 2017 I A - 6

Yields

EPRA Net Initial Yield Reversionary yield

Jun 17 Dec 16 Jun 17 Dec 16

Offices 5.9% 6.0% 9.7% 9.9%

HNK 4.4% 4.3% 12.9% 13.1%

Retail 6.1% 6.4% 8.7% 8.8%

Other 10.0% 10.9% 11.5% 10.9%

Total 5.6% 6.0% 10.0% 10.0%

NSI Half Year Results July 2017 I A - 7

Key financial metrics

Q4 13 Q4 14 Q4 15 Q2 16 Q4 16 Q2 17

LTV 45.4% 48.9% 43.3% 39.1% 44.1% 38.1%

Avg. cost of debt 5.2% 4.9% 3.7% 3.8% 2.8% 2.8%

Avg. debt maturity (yrs) 2.3 1.7 3.9 4.2 4.2 3.6

Net Debt (€m) 544.9 538.1 542.3 449.4 512.3 410.2

Hedging ratio 63% 64% 73% 86% 77% 87%

Avg. swap maturity (yrs) 4.2 3.2 4.0 3.9 4.2 3.7

ICR 2.1x 2.6x 3.2x 3.4x 3.8x 4.7x

NSI Half Year Results July 2017 I A - 8

Segment split and bridge

EPRA Earnings, segment split and bridge to IFRS discontinued H1 2017

(€ '000) Continuing Discontinued TOTAL

Adj. to

discontinuedTOTAL

Offices HNK Other Belgium Retail

Gross rental income 25,588 6,422 389 42 13,198 45,640 -13,240 32,400

Service costs not recharged -622 -496 101 -9 -210 -1,237 219 -1,018

Operating costs -3,752 -2,367 10 -5 -1,843 -7,958 1,848 -6,110

Net rental income 21,214 3,559 500 28 11,145 36,446 -11,173 25,273

Administrative costs -503 -134 -3,552 -1 -234 -4,425 235 -4,190

Earnings before interest and taxes 20,711 3,424 -3,052 26 10,911 32,021 -10,938 21,083

Net financing result -3 0 -7,834 -1 4 -7,834 -4 -7,838

Direct investment result before tax 20,708 3,424 -10,887 26 10,916 24,187 -10,941 13,245

Corporate income tax -2 -8 -3 -12 3 -9

Direct investment result discontinued operations 10,938 10,938

Direct investment result / EPRA earnings 20,708 3,423 -10,894 23 10,916 24,175 24,175

Revaluation of investments 4,035 4,705 631 -970 -1,479 6,922 2,449 9,372

Net result on sale of investments 216 0 2,974 3,190 2,974 216

Other indirect costs and income -30 14 -3 -19 3 -16

Net financing result 3,374 3,374 3,374

Indirect investment result before tax 4,221 4,719 4,005 -970 1,492 13,467 -522 12,945

Corporate income tax -95 -95 -95

Indirect investment result discontinued operations 522 522

Indirect investment result 4,221 4,719 3,910 -970 1,492 13,372 13,372

Investment result discontinued operations 11,460 11,460

Total investment result 24,929 8,142 -6,984 -947 12,408 37,547 37,547

NSI Half Year Results July 2017 I A - 9

Why the Netherlands?

• Expected GDP growth 2017: 2.3%

• CPI 2017: 2.4% (2016A: 1.3%)

• Budget deficit: 0.5% (top 5 EU)

• Unemployment 4.9% (declining; spot 6 in EU)

• 7th highest GDP per capita (ascending; worldwide)

• 7th place in Education Index (worldwide)

• 5th richest country (EU)

• 2nd best payable healthcare (EU)

• 2nd highest purchasing power (EU)

• 8th place in Global Competitiveness Index (144 countries)

• 7th best quality of life (worldwide)

• 20th biggest economy (worldwide)

• 5th place in Global Innovation Index (143 countries)

• 1st place quality of healthcare (Europe)

• 2nd best pension system (Europe)

• 4th place happiest children (worldwide)

• 7th happiest population (worldwide)

• 4th lowest amount of suicides (EU)

• 5th place in Human Development Index (worldwide)

• 2nd place in Freedom Index (worldwide)

• 10th place in Democratic Index (worldwide)

0

5

10

15

20

25

30

2011 2012 2013 2014 2015 2016 2017

Budget deficit (€bn)

NSI Half Year Results July 2017 I A - 10

Randstad vs other cities Europe

Largest office markets – Europe (sqm m)

0

10

20

30

40

50

60

Paris Randstad London Munich Moscow Berlin G4 Madrid Hamburg Brussels

Source: Jones Lang LaSalle

NSI Half Year Results July 2017 I A - 11

Randstad

NSI Half Year Results July 2017 I A - 12

130

150

170

190

210

230

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

Offices G4 rents

Source: Jones Lang LaSalle

180

220

260

300

340

380

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

Prime rents (€/sqm) Average rents (€/sqm)

Prime rental growth Average rental growth

NSI Half Year Results July 2017 I A - 13

0%

1%

2%

3%

4%

5%

6%

7%

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

0%

1%

2%

3%

4%

5%

6%

7%

8%

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

0%

1%

2%

3%

4%

5%

6%

7%

2006 2008 2010 2012 2014 2016

Amsterdam

Rotterdam

The Hague

Utrecht

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2006 2008 2010 2012 2014 2016

Netherlands

Amsterdam

Rotterdam

The Hague

Utrecht

Offices G4 vacancy, take-up, completions

Source: Jones Lang LaSalle

Total vacancy (sqm) as % of total stock Total take up (sqm) as % of total stock

Grade A vacancy (sqm) as % of total stock Total completions (sqm) as % of total stock

NSI Half Year Results July 2017 I A - 14

Amsterdam office completions and vacancy

Source: Jones Lang LaSalle

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

20

40

60

80

100

120

140

160

2006 2008 2010 2012 2014 2016

Va

ca

nc

y ra

te %

Co

mp

leti

on

sx

1,0

00

sq

m

Completions Average completions Vacancy Vacancy Grade A

Avg. 1.2% of total stock

NSI Half Year Results July 2017 I A - 15

Offices G4 prime net yields

Source: Jones Lang LaSalle

4.25%

5.25%

5.75%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

2008 2009 2010 2011 2012 2013 2014 2015 2016

Amsterdam Rotterdam The Hague Utrecht

NSI Half Year Results July 2017 I A - 16

Offices G4 investment volumes

Source: Jones Lang LaSalle

0

200

400

600

800

1,000

1,200

1,400

1,600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Amsterdam Eindhoven Rotterdam The Hague Utrecht

+346%

NSI Half Year Results July 2017 I A - 17

For additional information please contact

NSI N.V.

Investor Relations

Dirk Jan Lucas

T +31 (0)20 763 0368

E dirkjan.lucas@nsi.nl