NSI N.V., 2012 Earnings Call, Feb 15, 2013

NSI N.V. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net rental income of EUR 34,292,000 against EUR 36,204,000 a year ago. Loss after tax was EUR 27,268,000 against result after tax of EUR 55,317,000 a year ago. For the year, the company reported net rental income of EUR 137,334,000 against EUR 101,497,000 a year ago. Loss after tax was EUR 103,117,000 against result after tax of EUR 62,705,000 a year ago. The net asset value, including deferred tax and the market value of the derivatives, amounted to EUR 9.78 per share on 31 December 2012 against EUR 12.96 as on 31 December 2011. If the deferred tax and the value of the derivatives are excluded (the net asset value according to EPRA), the net asset value amounts to EUR 10.96 per share against EUR 14.02 as on 31 December 2011. Loss before tax was EUR 100,980,000 against result before tax of EUR 64,166,000 a year ago. Cash flow from operations was EUR 63,392,000 against EUR 45,453,000 a year ago. Investments in tangible fixed assets were EUR 537,000 against EUR 273,000 a year ago. Purchases of real estate and investments in existing properties were EUR 30,474,000 against EUR 24,327,000 a year ago. Investments in intangible assets were EUR 33,000. The company expects a direct result for the full year 2013 in the range of EUR 50 million to EUR 56 million. The company expects the direct result will improve in 2014. Conditional upon approval in the Annual General Meeting, the dividend policy will be effective immediately and apply to the final 2012 dividend, meaning that the proposed final dividend will amount to EUR 0.11 per share, offered as a cash dividend, which is 50% of the direct result per share, totaling the 2012 dividend to EUR 0.86 per share of which EUR 0.75 has already been distributed as interim dividend. Payment date of final dividend for 2012 is 8 May 2013 and ex-dividend date is 30 April 2013.

NSI N.V., Annual General Meeting, Apr 26, 2013. Agenda: To approve final 2012 dividend of EUR 0.11 per share.