DISCLAIMER This presentation is made for the sole benefit of financial analysts and qualified institutional investors and is not to be considered as an incentive 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 reproduce the whole content of these documents, which prevail and ought to be analyzed before any recommendation or operation regarding Befimmo shares  is made. This presentation contains statements and estimates about anticipated future performances.  These statements and estimates are not to be construed as implying a commitment from Befimmo to achieve them. Whether or not they will actually be achieved depends on a number of 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 other factors, 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 future results, 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’s expectations 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 law and in particular the Royal Decree of March 31, 2003.  In no event Befimmo may be held liable for obligations which are incumbent on  financial analysts and disclaims any liability in that regard. This presentation, its charts and the associated remarks and comments by management are integrally related and are intended to be presented and understood together. Any reference to the portfolio, assets, figures or activities of Befimmo should be understood on a consolidated basis, including those of its subsidiaries, unless it is clear from the context or expressly stated that the contrary is intended.