Hansteen

1 HansteenTilburg, NetherlandsFull Year Results to 31 December 2016 Contents2 Introduction Hansteen 2016 results Sale announcement Sale of German and Dutch Portfolio 2016 Annual Results 2016 Property Performance OutlookIntroductionHansteen -Pan European Real Estate Investment Trust (REIT) 3 Pan European REIT Five countries Regional teams in 15 offices High yielding industrial property Yield of Reversionary yield Property portfolio of billion Rent roll of million pa from million sqft 5,262 tenants High and realised returns Over 10 year successful track record2016 Full Year ResultsSummary4 Normalised Income Profit ( NIP ) up to million (2015: million) Normalised Total Profit ( NTP ) up to million (2015: million) Full year dividend up 12% to EPRA NAV per share increased by to (31 December 2015: ) Total return to shareholders of or (EPRA NAV plus dividends paid) Valuation increases in all regions AIF ownership increased to 100% through acquisition of the remaining units Refinanced UK and Netherlands debtRadwayGreen, UKSALE OF GERMANAND DUTCHPORTFOLIO5 North Tyne Industrial Estate, Tyne and Wear6 Amersfoort, NetherlandsSale of German and Dutch PortfolioBackground ConsiderationsThe sale of our entire property portfolio in Germany and Netherlands for Currency Risk Euro rate currently high relative to Sterling Low Vacancy level German vacancy 2010: 20% 2016: Netherlands vacancy 2010: 27% 2016.

2 Growing Investment interest Active market Urban logistics7 Amersfoort, Netherlands Process Discreet marketing to potential buyers Blackstone selected Sale terms Corporate subsidiaries in Germany / Property assets in The Netherlands Completion June 2017 subject to shareholders approval Management platform in Netherlands and Germany transferred to M7 Sales proceeds: billionSale of German and Dutch PortfolioThe Transaction8 Amersfoort, Netherlands Beneficial terms Sale price reflects low yield, (7%) Crystallise value at high occupancy level and strong euro NAV Enhancing Enhancing IFRS NAV by circa (approximately 5%) Projected EPRA NAV expected to show small enhancement In sterling terms, value increase from December 2015 approximately 30%Sale of German & Dutch PortfolioTransaction Benefits9 Amersfoort, Netherlands The sale effectively removes 1 billion of property from the business and 400 million of debt. Increased holding of cash Remaining investments in the UK 677 million, Belgium and France 35 million Intention to return a substantial proportion of net cash proceeds to shareholders Income reduced with smaller portfolio, December rent: 53 million per annum Overhead reduction: 6 million - 8 million Interest saving.

3 13 million - 15 millionSale of German and Dutch PortfolioPost transaction2016 Full Year ResultsProfit and loss account million31 December 201631 December of sales( )( )Gross of Associates ( )( )Interest( )( )Normalised Income on Total profitbefore EPS (Basic) Full Year ResultsBalance Sheet million31 December 201631 December 2015 Investment Property1,7281,061 Trading Property10111,7381,072 Associates share of NAV-2611,7381,333 Other Assets/Debtors3436 Cash83631171,432 Debt(817)(538)Other liabilities / creditors(115)(88)(626)IFRS NAV924(124p)806(105p)Convertible bond adjustment110107 Deferredtax and other adjustments4942 EPRA NAV1,083(129p)955(111p)11122016 Full Year ResultsUnderlying performance in 2016111p 129p 8p 7p 8p (5p)Dec 2015 EPRA NAVNTP net of taxProperty revaluationFX net of hedging andother movementsDividendDec 2016 EPRA NAVE xchange rates: Dec 2016 = 2015 = PerformancePortfolio summary at 31 December 201613No. of propsBuilt Area sqmVacant AreaPassing Rent Value YieldEuros mSterling m Euros m Sterling mUK 2861,459, Total2861,459,702 1001,560, , and France986, Wholly owned4663,793,672 2, 1, PerformanceStatistics at 31 December rent Number of tenants: 5,262 Average rent: 24,974 pa No tenant> % rent roll Average rent: UK 37 per sqm ( per sqft)Europe 45 per sqm ( per sqft) 39 per sqm ( per sqft) Like-for-like valuation increase: million or Like-for-Like occupancy: increased by 131,000 sqm (28% of opening vacancy) Like-for-Like rent.

4 Increased by million14 Property Performance German portfolio44% of Hansteen sproperty investments Like-for-like valuation increased by million or Like-for-like occupancy increased by 31,800 sqm Like-for-like rent increased by million 3 sales in the year generating million profitYear PropertiesTenants Built area Vacant areaPassing rent ( m)Value ( m)YieldDec 20161001,9451,560, 20151052,0071,594, , Germany1517% of Hansteen s attributable property investments Like-for-like valuation increased by million or Like-for-like rent increase of million Like-for-like occupancy up by 43,200 sqm Two properties sold for million at December 2015 valuationYear PropertiesTenants Built area Vacant areaPassing rent ( m)Value ( m)YieldDec 201680568773, 201581494782, Performance Benelux and France portfolioProperty PerformanceUK portfolioKings Court, Tyneside, UK17 North Tyne, UKYear PropertiesTenants Built area Vacant areaPassing rent ( m)Value ( m)YieldDec 20162862,7461,459, 20153082,7761,508, of Hansteen sproperty investments Like-for-like valuation increased by million or Like-for-like occupancy increased by 56,000 sqm Like-for-like rent up million 29 sales for million profit of million over 31 December 2015 valuation.

5 Hansteen share = millionExcluding million of development land:18 Amersfoort, NetherlandsIndustrial Multi Property TrustThe Portfolio 51 multi let industrial properties, 481 units million sq. ft. portfolio, valuation 85 million Rent roll c. 8 million pa Asset management opportunities Properties located close to existing Hansteen management offices19 Amersfoort, NetherlandsIndustrial Multi Property TrustBackground Quoted on the Specialist Fund Segment of London Stock Exchange since October 2014 Alpha Real Trust Limited own of shares in IMPT Alpha Real Capital LLP: Investment Adviser and Manager Public disagreement between Independent Directors and Investment Manager Highly geared, LTV of 73% as at 31 December 16, no dividends have been paid to IMPT shareholders since 200820 Amersfoort, NetherlandsIndustrial Multi Property TrustHansteen offer Cash offer to shareholders at 300p per share Notice served on Investment Managers Hansteen prepared to refinance junior debt At First closing on 15 March 2017, Hansteen purchased/received acceptances for of the shares Offer period extended to 22 March 2017 Outlook Complete sale Return cash to shareholders Focus on UK investments Occupational market remains strong Rental growth Investment demand for urban logistics continuingNelson Street, MiddlesbroughEtruria Trading Estate, Newcastle-under-Lyme21 APPENDIXFull Year Results to 31 December 201622 North Tyne Industrial Estate.

6 Tyne and WearProfit and dividend track record2301020304050602006200720082009201 0201120122013201420152016 millionsYearNormalised Income ProfitDividendNormalised Income Profit millionDividends million24 Financials 2016 Balance sheet analysis December 2016 Position December 2016: Borrowings NDV NDV Average cost Total swapped rate Total capped average Total fixed (convertible) Total floating Convertible 100 million convertible bond. Conditions for convert met during 2016 Current convert rate of ( million shares)Dormagen, GermanySee appendix for detailsDreiech, GermanyAlfred Nobel Straase, GermanyFinancials 2016 Debt and cash million31 December201631 December 2015 Germany debt 332 338 Benelux debt 152 147 Convertible 100 100 Total Euro debt 584 585 Total Euro debt in Sterling 501 430UK debt 300 77 Total debt 801 507 Cash 82 63 Property 1,738 1,072 Net LTV41%41%Net LTV assuming convertible converts36%34%Gross average cost of average length to years25 CountryBankDebt Amount EURDebt Amount GBPJun-17 Dec-17 Dec-18 Dec-19 Dec-20 Dec-22 Dec-24 Dec-26 GermanyHelaba187,603161,019 GermanyHSBC104,11589,361 GermanyHSBC40,00034,332 NetherlandsING143,500123,165 BelgiumBNPP aribas Fortis5,3354,579 UKRBS326,228280,000 UKRBS23,30220, ,00085,830 Total930,082798,286 Feb-19 Jun-21 Jul-21 Jul-18 Jul-18 Dec-18 / : summaryOct -17