Presentación Degroof Petercam: Funds Experience 2016

Update Oct2016
Expertise in European
listed real estate
Olivier Hertoghe, DamienMarichal,Vincent Bruyère, SeniorPortfolio Managers

2
Degroof PetercamAsset Managementand European listed Real Estate
Delivering superior risk adjusted returns
in a diversifying asset class

Sector overview:
key debates forthe
asset class
1
Funds:Team, Philosophy
& process
2
Outlookand strategy
going forward
3
Cuttingedges
4
3

The interest rate environment
1
Sector overview:
key debates for the asset class.
4
Volatility of listed real estate
Efficiency of listed vs direct real estate
Sector valuation
Efficiency of listed real estate vs general equities

5
Quest for yield: yield gap still at high levels1.1.1
Company data, Datastream, Morgan Stanley Research,30/09/16
Ebitda/EV yield margin over local 5yr swap rate:
Still sound gapbetweenproperty yield and cost of debt
300-400bp
margin
50-150bp
gap

6
Who’s afraid of rising interest rates?1.1.2
Property yields vs 10Y interestrates (%)
There is effectively no relationshipbetweenproperty yields andnominal interest rates.
Interest rates are at a 30 year low but property yields are broadly in line with their historic
average.
If interest rate’s rise slowly forthe goodreason: positive forreal estate
20/9/16

7
…it is a misconception that bonds and real estate are highly correlated1.1.3
DPAM Quant team, 10/16
The Modeled Correlation is estimated by a DCC-Garch Model. This model works in 2 steps. In a first step it captures the stylized fact that volatility tends to cluster and is
subject to shocks. In a second step this time-varying volatility is filtered out and the remaining residuals are used to estimate the pure (and true) correlation behavior. The
behavior of the correlations is modeled in a similar manner as in the first step: correlation today is dependent on a momentum or autoregressive component (i.e. today's
correlations is linked to yesterday's correlation) and a shock component. Because of the autoregressive component the weights on the historical data decrease exponentially
as opposed to the traditional way of calculating correlation where each observation (no matter how long ago) is considered equally important.

8
Who’s afraid of rising interest rates?1.1.4
US REITs investors do not seemto be scaredof latest andfuture interest rate hikes
30/5/16

9
Valuation : Discount to NAV and NAV growth1.2
DownwardsNAV growthrevisions in the UK, but still positive on
European level

10
1.3 Correlation with MSCI Europe
Sector Beta gradually back to historical levels
DPAM Quant team, 05/16

11
Efficiency of listed real estate vs equities1.4
Degroof Petercam,05/2016
Efficiency (return/volatility)of real estatedivided by efficiency of
equities for 3 year investmentsfor the period 1995 to April 2016
Strongefficiency for Europeanlistedreal estate comparedto equities over the last 20yrs

12
Efficiency of listed real estate vs direct real estate1.5
Value Added From
Money Managers in Private
Markets? An Examination
of PensionFund
Investments inReal Estate”
May 2012, University of
Maastricht,The
Netherlands,basedon a
survey onthe behavior of
880 pensionfunds over20
years. 1990-2009
422bpannual outperformancewith a modest higher volatility /
substantiallyless costly

Investment team
2
Funds: focus and process.
13
Petercam Securities Real Estate Europe
Expertise and products
Petercam Real Estate Europe Dividend
Atlas Real Estate and Degroof Real Estate

Vincent Bruyère
Senior Portfolio Manager
Tel. + 32 2 287 94 80
v.bruyere@degroofpetercam.com
Olivier Hertoghe
Tel. + 32 2 287 96 10
o.hertoghe@degroofpetercam.com
Bank Degroof Petercam: Listed Real Estate Team
Damien Marichal
Tel. + 32 2 287 96 09
d.marichal@degroofpetercam.com
14

15
Comprehensive and tailor-made product range (+/- EUR 1bln€)
Benchmarked Petercam Securities Real Estate Europe
Core approach
InceptionDec 1999
Outperforma definedbenchmark
With a lowervolatilitythanthe benchmark (1%)
AUM fund EUR 374m + 45m clone accounts
2.3% annual excessover15 years
Non-Benchmarked
Belgian approach (2007)
Onlythrough segregatedmandates
Outperforma definedbenchmark
PredominantlyinvestinginBelgianREITs
Lower risk/returnprofile
Circa EUR 28 m AUM
2.3% annual excessover7 years
Petercam Real Estate Europe Dividend
No benchmark, concentratedon high convictions
InceptionDec 2010
Dividendsor coupons above sector average
Total returnapproach
Lower Beta fund
Circa EUR 240 m AUM (hard-closed!)
High conviction approach (2005)
Onlythrough segregatedmandates
No benchmark, opportunisticapproach
and high convictions
Circa EUR 69 m AUM
2.5-3% annual excessvs EPRA/GPR over11
yearswith 2.5% lowervolatility
Funds Mandates

1 2 3 4
Market
information
Fundamental
analyse
Valuation
check
Portfolio
construction
16
Listedreal estate
companies
Capital markets
Direct RE markets
Propertyfinancingmarkets
Macro news
Seminars,propertytours,
company visits,sell-side
research,…
Active search for additional
informationwhenneeded
Assessimpact on country,
sub-sector,marketcap
allocation
Analyse impact on
individual listedreal estate
companies
Internal valuationmodel Look for best executionvia
dealingdesk
Respectingour investment
restrictionsand risk budget
Investmentprocess
Analyse daily news
items from:
Does this affect
the current portfolio
and our universe?
When we decide to
change the existing
positioning
Buy, sell or participate
to capital market deals

17
In house valuation model (extract)
CF Yield Dividend yield
Country 16E 17E 16E 17E 16E 17E
Atrium Austria 3.80 1,428 8.5% 8.7% 7.4% 7.4% -20.0% -17.5% 4.7% 1.2% -5.7% 1.7% 4.3 20.8%
Cofinimmo Belgium 105.85 2,221 6.0% 6.3% 5.2% 5.2% 12.1% 8.3% 1.6% 0.0% 3.0% 8.2% 110.0 9.1%
PSP Swiss Property Switzerland 88.40 3,719 4.3% 4.3% 3.7% 3.7% -13.6% -14.4% 0.0% 0.5% 0.9% 4.7% 94.3 10.4%
Swiss Prime Site Switzerland 81.60 5,212 4.4% 4.4% 4.5% 4.5% -6.3% -6.3% 0.7% 0.0% 0.0% 4.5% 82.2 5.3%
Vonovia Germany 31.33 14,600 4.1% 4.7% 3.5% 3.7% 20.0% 12.0% 7.2% 4.9% 6.6% 10.1% 35.0 15.2%
Deutsche Wohnen Germany 29.63 9,995 3.7% 4.1% 2.4% 2.7% 19.9% 7.8% 10.7% 15.6% 10.9% 13.3% 34.4 18.4%
Aroundtown Germany 4.32 2,592 4.6% 6.8% 1.4% 2.0% -21.3% -27.9% 24.7% 18.5% 19.9% 6.0 40.0%
LEG Germany 77.80 4,883 5.3% 6.0% 3.4% 3.9% 22.9% 14.6% 11.5% 9.0% 7.6% 11.0% 81.5 8.2%
Deutsche EuroShop Germany 38.82 2,094 5.8% 6.1% 3.6% 3.6% -5.2% -9.6% 2.4% 2.4% 3.9% 7.5% 42.9 14.0%
Alstria Germany 11.64 1,784 6.2% 6.3% 4.6% 4.7% 1.1% -1.6% 11.9% 3.2% 3.7% 8.2% 12.3 9.9%
TLG Germany 18.80 1,268 6.1% 7.0% 4.6% 5.3% -0.5% -2.1% 10.3% 9.9% 3.6% 8.9% 21.2 17.1%
VIB Vermogen Germany 19.21 528 6.8% 7.6% 2.9% 3.1% 20.9% 15.1% 9.5% 6.4% 4.5% 7.4% 21.6 15.1%
Axiare Spain 11.22 806 3.5% 5.7% 1.8% 3.4% -14.0% -21.4% 35.6% 136.8% 9.5% 11.3% 14.3 29.0%
Colonial Spain 6.16 2,199 3.8% 4.3% 3.0% 3.3% -16.1% -24.1% 37.5% 12.8% 11.6% 14.5% 8.12 34.7%
Hispania Spain 11.45 1,241 5.2% 6.1% 3.2% 3.8% -5.5% -14.2% 149.7% 10.2% 13.4% 13.3 19.7%
Merlin Spain 9.83 4,616 5.6% 6.3% 3.0% 5.0% -7.0% -13.5% 11.8% 42.0% 9.5% 12.6% 11.4 18.7%
Argan France 24.35 346 11.2% 12.3% 3.7% 3.9% -12.4% -17.7% 6.6% 3.3% 8.0% 11.8% 29.9 26.5%
F. des Regions France 78.79 5,275 6.4% 6.5% 5.5% 5.5% -5.0% -9.6% 1.1% 0.8% 4.1% 9.5% 82.0 9.5%
Gecina France 132.20 8,372 4.2% 4.3% 3.8% 3.8% -0.1% -5.2% 2.7% 1.0% 4.9% 8.7% 108.9 -13.9%
Icade France 65.97 4,856 6.4% 6.9% 6.0% 6.1% -15.7% -16.2% 4.7% 3.2% 1.8% 7.8% 70.0 12.1%
Fonciere de Paris France 135.88 1,038 3.8% 3.7% 4.6% 4.6% -8.2% -10.9% -5.5% 1.6% 8.8% 13.3% 96.9 -24.2%
Terreis France 35.00 884 3.6% 3.9% 2.4% 2.6% -23.8% -26.3% 5.5% 8.5% 6.0% 8.4% 42.8 24.5%
Klépierre France 38.08 11,859 5.9% 6.2% 4.7% 4.9% 3.0% -0.8% 4.3% 3.8% 4.5% 9.2% 44.7 22.1%
Unibail-Rodamco France 218.95 22,032 5.0% 5.4% 4.5% 4.7% 18.3% 9.7% 6.4% 3.6% 5.2% 9.8% 244.9 16.4%
Altarea-Cogedim France 170.10 2,054 8.1% 8.6% 6.5% 6.5% 13.1% 5.4% 6.0% 0.0% 7.7% 14.2% 215.7 33.3%
British Land United Kingdom 586 6,704 5.9% 6.0% 5.0% 5.2% -31.8% -22.9% 1.6% 3.0% -6.6% -1.6% 608.4 8.8%
Land Securities United Kingdom 979 8,590 4.5% 4.9% 3.7% 3.8% -28.6% -22.1% 2.4% 3.7% -5.0% -1.3% 1,067.9 12.8%
Hammerson United Kingdom 557 4,902 5.1% 5.3% 4.3% 4.5% -20.6% -14.9% 4.8% 5.0% -3.6% 0.6% 588.8 10.0%
Derwent London United Kingdom 2,422 2,993 3.2% 3.7% 2.0% 2.2% -32.5% -22.2% 9.0% 11.4% -5.2% -3.2% 2,645.4 11.2%
Great Portland United Kingdom 602 2,434 2.2% 3.0% 1.6% 1.7% -26.9% -20.4% 16.7% 15.0% -4.9% -3.4% 643.0 8.4%
Beni Stabili Italy 0.52 1,168 8.8% 9.0% 5.0% 5.4% -41.0% -41.9% -1.1% 7.7% 1.1% 6.1% 0.7 42.6%
Coima RES Italy 6.81 0 2.9% 7.3% 2.9% 5.3% -31.2% -31.9% 3.0% 5.9% 8.5 27.8%
Eurocommercial Netherlands 38.55 1,827 5.5% 5.7% 5.2% 5.3% -6.4% -9.8% 3.5% 2.0% 3.5% 8.7% 41.2 12.1%
Wereldhave Netherlands 43.58 1,755 7.8% 8.1% 7.2% 7.4% -15.2% -14.1% 4.8% 3.5% -0.5% 6.7% 54.0 31.1%
Entra Eiendom Norway 85.75 1,618 5.2% 5.5% 4.2% 4.4% -18.1% -25.4% 18.8% 11.4% 10.8% 15.0% 103.4 24.8%
Balder Sweden 204.30 3,382 5.6% 6.2% 0.0% 0.0% 17.2% -0.6% 12.2% 17.9% 17.9% 210.0 2.8%
Castellum Sweden 120.90 3,392 7.0% 7.8% 3.7% 3.9% -1.0% -7.9% 8.6% 3.9% 7.8% 11.5% 117.2 0.6%
Fabege Sweden 145.90 2,478 3.3% 3.6% 2.6% 2.7% 7.5% 3.8% 9.8% 6.7% 8.1% 10.7% 117.2 -17.1%
Average total (Ptf weighted) 1,444 4.8% 5.3% 3.75% 3.97% 0.5% -3.4% 4.6% 5.5% 4.4% 8.4% 13.7%
12-Oct-16 2,468
P / NAV -1 TSR 15-
18
Target
Price +12M E ReturnName Price
CF gth
15-18
Div gth
15-18
NAV gth
15-18
Mark
cap m€

Universe Objective Strategy Restrictions
18
Investinlisted
European property
shares active in the
varioussub-sectors
(offices,retail,
residential,logistic
warehouses,etc.).
Numberof
companiesis
limitedtoaround
100
OutperformPEPS
Index on a 3 year
rollingperiodwith
an expectedtacking
error of maximum
4%
Targeting
annualizedexcess
return of 2% (4%+
last 2 years) =>
InformationRatio
of 0.5
Consistentlybeat
the benchmark
witha lower
volatility
Strong opinionof
core companies
thanks to frequent
contacts with
company
management
Bias towards under-
researchedmid cap
companies
generatinga
significantportion
of alpha
Dynamic and
proactive
managementstyle
maximizing‘total
shareholderreturn’
Maximum Out of
Benchmark stocks
of 30%
Individual holding
over/underweight
capped at 3%
Maximum
over/underweight
per sub-sectoror
country capped at
10%
Typically45-75
stocks
Fullyinvested,cash
capped at 5%
Petercam Securities Real Estate Europe2.1

19
Petercam Securities Real Estate Europe
Benchmark = PEPS index, provided by Global PropertyResearch (GPR)
39%
1%
24%
2%
5%
4%
3%
18%
4%
25%
10%
21%
3%
6%
6%
3%
21%
5%
Individualstockweight capped at 8%
Today applicable onVonovia andUnibail-Rodamco
(weights in GPR 250 Europe 9% and 14%)
Fixed weight for Belgium
Objective: lower volatility andadvantage
of local knowledge
UK weight capped at 25%
To limit impact of single country,
higher volatility of UKshares andGBP1
2
3
Specific PEPSIndex rules
GPR 250 Europe
 37 European
companies(Dec 2015)
Petercam European
Property Shares (PEPS) Index
 51 companies(Dec2015)
Belgium
France
Netherlands
Sweden
Germany
Austria
Spain
U.K.
Switzerland

20
Track Record vs PEPS Index and EPRA since inception
Gross of fees as of August 2016
Performancevs Benchmark,our mission: consistent andlongtermoutperformance 2,30% p.a.
since inception
* EPRANR since 2004
-100%
0%
100%
200%
300%
400%
500%
Petercam
Real Estate 450.3%
PEPS 288.0% EPRA* 278.6%

21 Brussels, 28/09/16
Track Record vs PEPS index
Continuous outperformance with lower volatility
Performance vs Benchmark - 16 Years to August, 2016
Annual returns (gross of fees)
Petercam
Real Estate
PEPS EPRA
7%
8%
9%
10%
11%
12%
15.8% 16.0% 16.2% 16.4% 16.6% 16.8% 17.0% 17.2%
AnnReturn
Ann Std Dev
Risk / Return
10.77% 8.48% 8.32%
Petercam
Real Estate
PEPS
Annualised
standard dev
15.91% 16.65% 16.95%
EPRA*
Annualised
Returns
Annual Returns (gross of fees)
Year
Petercam
RealEstate
PEPS EPRA*
2000 14.71% 13.03% 16.87%
2001 2.03% 0.91% -0.59%
2002 9.36% 7.82% 1.95%
2003 22.08% 19.53% 19.85%
2004 40.01% 35.76% 41.17%
2005 29.46% 25.17% 25.45%
2006 49.23% 47.29% 48.79%
2007 -25.10% -28.58% -32.19%
2008 -49.15% -49.40% -48.94%
2009 43.31% 41.77% 34.84%
2010 15.44% 16.88% 15.97%
2011 -9.77% -11.85% -10.04%
2012 27.45% 25.11% 27.52%
2013 10.99% 6.95% 10.35%
2014 27.97% 23.73% 25.01%
2015 20.56% 16.03% 17.99%
2016 YTD 4.93% 4.00% 0.14%
* FT EPRADEV EUR NR€

22
Relative performance analysis Q3, 2016
Positive contributors
StrongallocationandselectioninAustriancompanies exposedto the Germanmarket (+47bp)
with Buwog(17bp) and Conwert (15bp)
Goodallocationandselection onthe UK(+21bp) with underweights on Capco (13bp)and
Derwent London(6bp)
GoodpositioningonSwitzerlandbeing underweight (+15bp)
Negative contributors
Weak selectionandallocationto France (-19bp)withUW on Gecina (-21bp)
Weak selection to Spain(-11bp) with UW onHispania (-7bp)
Underweight onSwedennot optimal with(-9bp) with underweight on Hufvudstaden (-8bp)
+0,39% for Retail share class,
+0,60% for Institutional share class

23
Performance attribution/countryQ3, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
30/06/2016 to 30/09/2016
Euro
DPAM INVEST B Real Estate Europe PEPS Attribution Analysis
Port. Port. Port. Bench. Bench. Bench.
Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total
Country of Domicile Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 4,10 100,00 100,00 3,55 0,73 -0,17 0,55
Austria 5,75 6,48 0,87 2,28 2,21 0,30 0,42 0,05 0,47
United Kingdom 21,44 21,43 0,39 25,00 25,09 0,24 0,06 0,15 0,21
Switzerland 4,97 4,43 -0,15 6,72 6,43 -0,22 0,14 0,01 0,15
Norway 0,55 0,96 0,12 -- -- -- 0,10 -- 0,10
Finland 1,01 1,02 0,12 -- -- -- 0,08 -- 0,08
Netherlands 2,75 2,93 0,29 1,22 1,22 0,15 0,14 -0,06 0,08
Luxembourg 2,26 2,39 -0,01 1,41 1,39 -0,08 -0,09 0,14 0,04
Germany 19,71 20,73 0,76 22,34 22,33 0,87 -0,06 0,06 0,00
[Unassigned] -- 0,00 -0,00 -- -- -- 0,00 -- 0,00
Bulgaria 0,21 0,11 0,00 -- -- -- -0,00 -- -0,00
[Cash] 0,79 0,32 -0,00 -- -- -- -0,04 -- -0,04
Belgium 4,15 4,01 0,09 10,00 10,02 0,36 -0,01 -0,06 -0,07
Italy 0,47 0,43 -0,07 -- -- -- -0,08 -- -0,08
Sweden 5,19 5,19 0,24 6,57 6,53 0,41 -0,03 -0,06 -0,09
Spain 3,93 3,76 0,24 3,94 4,17 0,35 -0,01 -0,10 -0,11
France 26,82 25,79 1,22 20,53 20,61 1,17 0,11 -0,31 -0,19

24
Top & Worstperformance/company Q3, 2016
30/06/2016 to 30/09/2016
Euro
Security Name Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 4,10 100,00 100,00 3,55 0,55 -- 0,55
BUWOGAG 1,89 2,46 0,36 1,11 1,10 0,16 0,17 -- 0,17
conwert Immobilien Invest SE 0,53 1,17 0,16 -- -- -- 0,15 -- 0,15
Swiss Prime Site AG 2,67 2,26 -0,09 4,21 4,02 -0,16 0,13 -- 0,13
Capital & Counties Properties PLC 0,24 -- -0,00 1,40 1,30 -0,08 0,13 -- 0,13
CA Immobilien Anlagen AG 1,35 0,99 0,17 -- -- -- 0,11 -- 0,11
Entra ASA 0,55 0,96 0,12 -- -- -- 0,09 -- 0,09
Mercialys SA 1,18 0,99 0,12 -- -- -- 0,09 -- 0,09
Citycon Oyj 1,01 1,02 0,12 -- -- -- 0,08 -- 0,08
Wereldhave N.V. 1,90 2,23 0,25 1,22 1,22 0,15 0,07 -- 0,07
Argan SA 1,66 1,67 0,13 -- -- -- 0,07 -- 0,07
Befimmo SA 0,51 0,65 -0,01 1,34 1,36 -0,04 0,06 -- 0,06
Derwent London plc 1,40 1,13 -0,02 2,00 2,09 -0,07 0,06 -- 0,06
TAGImmobilien AG -- 0,41 0,00 0,92 0,99 0,09 -0,05 -- -0,05
Terreis 1,89 1,45 0,02 -- -- -- -0,05 -- -0,05
Frey SA 0,69 0,67 -0,03 -- -- -- -0,06 -- -0,06
Aroundtown Property Holdings Plc 1,77 1,45 -0,01 -- -- -- -0,06 -- -0,06
Hispania Activos Inmobiliarios, SOCIMI, S.A. -- -- -- 0,68 0,71 0,09 -0,07 -- -0,07
Hufvudstaden AB Class A -- -- -- 1,23 1,22 0,12 -0,08 -- -0,08
Aedifica -- -- -- 1,24 1,25 0,13 -0,09 -- -0,09
COIMA RES S.p.A. 0,47 0,43 -0,07 -- -- -- -0,09 -- -0,09
Gecina SA 1,49 1,08 0,20 3,10 3,19 0,48 -0,21 -- -0,21

25
Perf attribution by market cap Q3, 2016
30/06/2016 to 30/09/2016
Euro
MarketCap (EUR) Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 4,10 100,00 100,00 3,55 0,14 0,42 0,55
MarketCap (EUR) Bin 5: 1000.0 - 3000.0 27,43 29,03 1,81 22,23 22,03 0,92 0,05 0,69 0,74
[N/A] -- 0,00 -0,00 -- -- -- 0,01 -- 0,01
[Cash] 0,79 0,32 -0,00 -- -- -- -0,04 -- -0,04
MarketCap (EUR) Bin 1: > 10000.0 26,76 27,68 1,07 29,42 29,41 1,19 -0,02 -0,03 -0,05
MarketCap (EUR) Bin 6: 0.0 - 1000.0 12,08 10,91 0,35 4,52 4,44 0,20 0,04 -0,19 -0,15
MarketCap (EUR) Bin 2: 7000.0 - 10000.0 9,87 9,55 0,23 13,14 13,52 0,48 -0,02 -0,14 -0,16

26
Relative performance analysis YTD, 2016
Positive contributors
StrongallocationandselectioninFrance (+84bp)goodperformance ofsmaller capcompanies
as Terreis (43bp) and Argan (27bp)
Goodpositioningon indirect Germanplays through Austrian (+59bp) and Luxembourg
(+49bp) listedcompanies as ADO Properties (+34bp)
Goodselectiononthe UK(+45bp) withunderweights on Capco (59bp) andINTU (20bp)
Negative contributors
Underweight positioningon defensive Belgium(-78bp)with UW on Cofinimmo (-31bp)
Germany not optimal (-23bp) with underweight on Vonovia (-30bp)
Underweight positioningon defensive Switzerland (-10bp)withUW onSPS (-10bp)
+0,61% for Retail share class,
+1,25% for Institutional share class

27
Performance attribution/countryYTD, 2016
31/12/2015 to 30/09/2016
Euro
Country of Domicile Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 3,15 100,00 100,00 1,92 -0,26 1,49 1,23
France 25,61 25,79 2,98 20,94 20,61 1,79 0,36 0,49 0,84
Austria 4,69 6,48 0,76 3,29 2,21 0,14 0,35 0,23 0,59
Luxembourg 1,57 2,39 0,23 1,53 1,39 -0,27 -0,12 0,61 0,49
United Kingdom 25,14 21,43 -6,38 25,00 25,09 -6,46 0,08 0,37 0,45
Norway 0,50 0,96 0,22 -- -- -- 0,20 -- 0,20
[Cash] 0,88 0,32 -0,01 -- -- -- 0,03 -- 0,03
Bulgaria 0,40 0,11 0,01 -- -- -- 0,01 -- 0,01
[Unassigned] -- 0,00 -0,00 -- -- -- 0,01 -- 0,01
Spain 1,84 3,76 -0,08 4,54 4,17 -0,19 0,12 -0,13 -0,00
Netherlands 3,33 2,93 -0,19 2,92 1,22 -0,22 0,11 -0,13 -0,03
Finland 1,09 1,02 -0,05 -- -- -- -0,05 -- -0,05
Sweden 4,40 5,19 0,49 5,43 6,53 0,68 -0,16 0,07 -0,09
Italy -- 0,43 -0,09 -- -- -- -0,09 -- -0,09
Switzerland 5,63 4,43 0,60 6,31 6,43 0,74 -0,08 -0,02 -0,10
Germany 20,86 20,73 4,17 20,04 22,33 4,37 -0,33 0,10 -0,23
Belgium 4,04 4,01 0,51 10,00 10,02 1,34 -0,69 -0,09 -0,78

28
Top & Worstperformance/company YTD,2016
31/12/2015 to 30/09/2016
Euro
Security Name Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 3,15 100,00 100,00 1,92 1,23 -- 1,23
Capital & Counties Properties PLC 0,89 -- -0,35 1,79 1,30 -0,89 0,59 -- 0,59
Terreis 1,49 1,45 0,52 -- -- -- 0,43 -- 0,43
ADO Properties S.A. 1,00 1,63 0,37 -- -- -- 0,34 -- 0,34
Argan SA 1,53 1,67 0,34 -- -- -- 0,27 -- 0,27
BUWOGAG 1,22 2,46 0,43 0,95 1,10 0,21 0,21 -- 0,21
Entra ASA 0,50 0,96 0,22 -- -- -- 0,19 -- 0,19
Intu Properties plc -- 0,44 -0,06 1,45 1,52 -0,26 0,20 -- 0,20
VIB Vermoegen AG 0,98 1,07 0,18 -- -- -- 0,15 -- 0,15
conwert Immobilien Invest SE -- 1,17 0,18 -- -- -- 0,19 -- 0,19
Patrimoine et Commerce 0,78 0,78 0,16 -- -- -- 0,14 -- 0,14
Hufvudstaden AB Class A -- -- -- -- 1,22 0,13 -0,09 -- -0,09
Swiss Prime Site AG 3,03 2,26 0,40 3,88 4,02 0,54 -0,11 -- -0,11
TAGImmobilien AG -- 0,41 0,00 0,92 0,99 0,16 -0,13 -- -0,13
KENNEDY WILSON REAL ESTATE PLC ORD NPV (WI)0,77 1,01 -0,29 -- 0,51 -0,11 -0,19 -- -0,19
Vonovia SE 6,87 7,03 1,58 8,00 7,97 1,78 -0,30 -- -0,30
NewRiver REIT plc 0,98 1,08 -0,24 -- -- -- -0,24 -- -0,24
Workspace Group PLC 0,64 0,40 -0,25 -- -- -- -0,25 -- -0,25
Aedifica -- -- -- 1,14 1,25 0,31 -0,28 -- -0,28
Gecina SA 1,74 1,08 0,44 2,76 3,19 0,79 -0,32 -- -0,32
Cofinimmo SA 0,44 0,30 0,07 2,83 2,67 0,43 -0,31 -- -0,31

29
Perf attribution by market cap YTD, 2016
31/12/2015 to 30/09/2016
Euro
MarketCap (EUR) Weight Weight To Return Weight Weight To Return Effect Interaction Effect
Total 100,00 100,00 3,15 100,00 100,00 1,92 1,79 -0,56 1,23
MarketCap (EUR) Bin 3: 5000.0 - 7000.0 9,64 6,96 -1,17 14,17 13,51 -1,92 0,84 0,11 0,95
MarketCap (EUR) Bin 6: 0.0 - 1000.0 12,29 11,62 1,46 4,26 4,44 0,69 0,99 -0,47 0,51
MarketCap (EUR) Bin 4: 3000.0 - 5000.0 14,77 14,34 0,00 18,37 17,56 -0,24 0,11 0,21 0,32
MarketCap (EUR) Bin 5: 1000.0 - 3000.0 24,17 29,10 1,29 21,30 21,56 1,15 0,20 -0,09 0,11
[Cash] 0,88 0,32 -0,01 -- -- -- 0,04 -- 0,04
[N/A] -- 0,43 -0,09 -- -- -- -0,09 -- -0,09
MarketCap (EUR) Bin 1: > 10000.0 29,91 28,68 -0,50 32,86 32,40 -0,33 0,11 -0,33 -0,22
MarketCap (EUR) Bin 2: 7000.0 - 10000.0 8,34 8,55 2,17 9,04 10,53 2,56 -0,40 0,02 -0,38

30
Invest min. 75% in
listed European
property shares
activein thevarious
sub-sectors with a
dividend yield above
the sectoraverage
Invest in RE fixed
income (up to 25%)
The fund’s performance
objective is to exceed
the underlying gross
dividend yield with a
significantly lower
volatility than the
sector.
The strategyis not
benchmarked and
therefore only uses an
index as a performance
reference(FTSE EPRA
Net Return)
Higherconcentration
in high conviction with
a higherexpected TSR
Fixed income positions
in niche products
issued by strong
companies well
covered by the
portfolio managers
Bias towardsunder-
researchedand
undervalued mid cap
companies generating
a significant alpha
Dynamicand proactive
management style
maximizing ‘total
shareholder return’
Maximum fixed
income weight 25%
Single holdings do
not exceed 5%
Typically 35-60 lines
Fully invested, cash
capped at 5%
Petercam Real Estate Europe Dividend2.2

31
Correlation: lower Beta for the Dividend fund
0,00
0,10
0,20
0,30
0,40
0,50
0,60
0,70
0,80
0,90
1,00
12-2012
02-2013
04-2013
06-2013
08-2013
10-2013
12-2013
02-2014
04-2014
06-2014
08-2014
10-2014
12-2014
02-2015
04-2015
06-2015
Beta
Beta EPRA Index
Petercam Real Estate Europe
Dividend
Beta Petercam Securities Real Estate
Europe
Beta versus MSCI Europe

32
Petercam Real Estate Europe Dividend vs FTSE EPRA Eurozone
Performance since inception(31/12/2010)
Gross of fee performances,31/08/2016
Year Fund
Gross offees
EPRA Eurozone (TR) Excess Return
vs. theEPRA Eurozone(TR)
2011 -8.36% -14.28% 5.92%
2012 17.11% 29.24% -12.13%
2013 15.02% 6.54% 8.48%
2014 23.83% 23.07% 0.76%
2015 19.63% 17.39% 2.24%
08/2016 YTD 8.64% 12.83% -4.19%
Cumulative 98.90% 92.40% 6.50%
Annualized 12.88% 12.24% 0.64%

33
Good efficiencyof DPAM Real Estate Dividend fund
Data asfrom Dec 28, 2010
to April 30, 2016

34
Maximum drawdown Real Estate Dividend fund (up to end April 2016)
Eurozone crisis
Recent correction

Securities of the
Eurozonerealestate
sector (REITs, shares,
convertible bonds)
+/- 100 securities
To invest in the Euro
zone RealEstate
sector
To give the highest
return possible on a
long term basis,
always remaining
within the
boundaries of a strict
risk control.
Geographicallyand
sector diversified
Higherconcentrationin
conviction stories with a
higher expectedTSR and
lower Beta
The investment style is
primarily quantitative
but is combined with a
qualitativelayer
Visibility and healthy
growthof cash flows,
quality of management
and portfolio, good
compliance areof key
importance
Strong opinion of
companies thanks to
frequent contactswith
company management
and visit of assets
Liquidity is a priority !
Defensivestance
Buy and Hold
UCITS-compliant fund
FF Market cap: >€ 100 m
Minimum averageliquidity
per day for eachsecurity: €
50,000 (last 6 months)
Totalweight of the
positions with adaily
volumebetween € 50k-
100k: <2.5%of theassets
Out of benchmark
securities: <=5%AUM;
<2% per security
Over-/underweight per
country : 15% relativeand
3% absolute
Over-/underweight per
individualholding <3%
Fully invested, cash <5%
Ex-anteTracking <3%
Atlas Real Estate EMU2.3
35

36
Atlas Real Estate EMU: breakdowns (30/06/16)
Gross dividend yield (%) 4.09

Current sector dynamics
3
Outlook and strategy going forward.
37
Strategy going forward
Investment themes
Return expectations
The case for the UK

38
Current sector dynamics3.1
Hunt for yieldagainimportant driver in 2016 :
lower for longer interest rates andstrongdemandforassets indirect market
 further yield compressiononthe Continent withupside to NAVs
Further deleveragingin the sectoris very healthy. Weightedaverage loanto value inEurope is
now 36%. External growthis mostly equity financedorthrough portfolio recycling.
 should cushionaneventual downturn whenthe market turns (unlike 2007)
BREXIT andendof UKproperty cycle are now a fact:
Values will go downin months to come andrents will stoprising
Balance sheet of UKcompanies are strongenoughto absorb20% decline in values
Shares are pricing in more than that and funding costs are at very low levels.
Financing of maturingdebt and refinancingof existingdebt is big theme withrates low cost of
debt. Will continue to fuel bottomline by decreasingfinancingcosts.
Valuationof experts lagginglevel of transactions : formost companies it wouldbe impossible
to replicate a similar portfolioincurrent markets and at current NAVs
 explains premiums to NAV of part of the universe

39 Brussels, 21/01/16
Current valuation of the sector3.2
NAV growth,especially for the UK,is in now under review afterBrexit vote …
Discount to NAV’s is 1% on average onNAV,withthe UKat around20% discount to post-
Brexit NAV assumptions.
Cashflow yieldis 5%,Dividend yield close to 4%, with bothCF andDividends expectedto
grow in 2016 and 2017

40
Strategy going forward3.3
On market caps
We still see more value in smallercaps but no intentiontoincrease exposure further
On country level
For the moment we are comfortable withcurrent UW on the UK (preference foroperationallygeared
companies)
OW on France, because of small cap growth stocks, UW on Frenchblue chips (Gecina, Unibail,FDR, …)
LT convictionon German residential,increase onpotential weakness
UW on Belgiumon valuation,especiallyoffice players,onlybuy on weaknessor at a discountfrom placings
Continue to focus on quality for its low cost of capital and accretive acquisition potential
Strong balance sheets& average long lease duration,strong tenants
Sustainabilityof cash-flowsanddividends
Superiortotal return= DY + NAV growth (targetis close to double digit)
Monitor closelycredible restructuringstories
Capital markets deals
Will continue to be a theme and a wayto enterintoa stock with a discount

41
Our stance on the UK3.4
In 2015 en 2016 YTD the UK was a major contributor to our relative performance
We reducedour overweight from4% at the end of H1 2015 to end EW at the end of 2015
(25% of portfolio). We soldto 5% UW andbought back onweakness in the secondpart of
February 2016. We were slightly UW goinginto the Brexit vote andare +/- 3% UW today.
We hada stronger active share (more OW’s andUW’s)in the UKthan in the past
We are OW operationally gearedcompanies,strongretail operators,student housingand self
storage (Unite,Safestore,NRR,…,)
We are UW Londonoffice companies,retail operators,industrials andhigh street shopping
We have almost no exposure to the expensive residential market
Debate on UK cycle, whereare we now?
The yield shift (= value increases due to lower yields)is behind us
How severe will the downturnbe, unclearas of today: estimates range from0 to 20%
Comparedto 2008,balance sheets are significantly stronger andbondyields are significantly lower

42
The case for the UK3.5
Valuation looks attractivewhen looking at discountto NAV growth
After correctionshares are now tradingat a substantial discount to NAV’s (around21%)
But uncertainty is high concerningfuture NAV evolution

43
Virtuous circle in for companies trading at a premium3.3
Companies trade
at premiums to NAV
Issue newequity
above NAV
Buy assets at an
attractive risk premium
Finance 30% to 50%
with cheapdebt
Refinanceexisting
debt at lower cost
Growth in cash-flow/share,
NAV/share,
size of the company
and liquidity of the share
1 2
3
5 4
6

44
Investmentthemes (1)
Drivers Companies
German
residential
OnlyEuropean country where residential pricesare
belowconstruction costs (<1.000€/m²)
Rentsare low (5€/m²/month) due to regulationbutare
risinggradually(around 2x inflation) while newleases
are oftensigned50%+ above previouslevels
Onlyinstitutionalizedresidential marketinEurope
Strong TSR withbelowaverage sector risk
ADO Properties
Vonovia
LEG Immobilien
Deutsche Wohnen
Buwog
Conwert
Continental
Europe retail:
alternatives to
the majors
Majors -Unibail & Klepierre- deserve apremium
valuationgiventheirstrong position forthe future
Some companiesoffera similar track but are cheaper
Others trade at a (too) deepdiscount
Withinmajors Klepierre’s discountto
Unibail appears historicallyhigh
Altarea– Mercialys
AtriumERE, Citycon,Wereldhave
Positioned
forgrowth
In a low growth environment,companiesthatcan
show CF growth will make the difference
War chestfor accretive acquisitionsor autonomous
growth of pipeline.Nonear–termrefinancingissues
Altarea-Cogedim
Vonovia
Balder
WDP

45
Drivers Companies
Dividend yield In a lowrate environment 3,5%+ dividendyieldsare
attractive
Dividendyieldsof Continental EuropeanREITs more
attractive than in UK
Dividendofferssatisfactoryreturnevenwhen
excludingshare price upside
TLG Immobilien
Warehouses De Pauw
Foncière des Régions
NewRiverRetail
Wereldhave
UK post Brexit
Selectivity
needed
UK REITS, especiallythe London exposed,reacheda
cyclical peakin H1 2016 while Brexitislikelyto
accelerate the inflectionpoint=> NAV declinesare
most likelythroughout2018 with insufficientdivyield
to avoidNAV discount
Higher dividendyieldsofferabettersupport
Models withgood operatingleverage alsobetter
protected
UnderweightLondon exposure
(Capital & Counties,BritishLand,
DerwentLondon, Land
Securities,…)
NewRiverRetail, Tritax BigBox
Safestore ,Big Yellow,Unite,
Empiric StudentProperty

46
Drivers Companies
Specific
business
models
Propertyowners but withfocus on operatingand
developmentactivities
Potential highergrowth
Altarea
NewRiverRetail
Safestore andBig YellowGroup
Buwog
Aroundtown Properties
Almost fully
invested but
keeping small
pockets of cash
In the current environment,we see noreason to hold
large cash positions
Still,we like tokeepa small pocket of cash (<2%) to be
able to participate to opportunitiesat attractive entry
points
Recentplacements:
Altarearights, Buwog,
Intervest,…
Selected
smallcaps /
deep value
Financiallysound
Sustainable CFand dividendyields
Companiescombiningan attractive valuationand a
growth story to compensate for a lowerliquidity(LT
buy & hold)
France:
Terreïs, Argan,Altarea,Frey,
Patrimoine & Commerce
Germany: VIB Vermögen
UK: ESP, Workspace
Spain: Axiare

47
Drivers Companies
E-commerce Is viewedasa threatfor retail
But is an opportunityfordistributionpremises,
Specificallyinthe European logistichubsand inareas
close to large cities
Tritax Big Box
WDP, Montea
VIB Vermoegen
Argan
Urbanisation InnerCity retail
Well locatedresidential
Prime assets in bestcity districts
Shafterburry
Deutsche Wohnen
Hufvudstaden,Terreïs,Société
Foncière Lyionnaise
M & A Valuationmust be compellingstandalone
Analysisof the shareholder’ssituation
Qualityof portfolioiskey
Potential furtherconsolidationinGerman residential
Generallysmall & mid cap companies
Conwert,Buwog, Ado Properties
Terreis, Argan
Empiric StudentProperties
Capital & Regional
…

49
Lipper Fund Awards4.1
20152014

50
Cutting Edges4.2
1 Long-termsuccessful track record
and expertise in listedreal estate
Stability and experience
of the team
Close relationship
with management teams
of property companies
Better risk return proposal than
benchmark and EPRAindex
Bias towards under-researched
'close to home' mid-caps
(France,Belgium,TheNetherlands, Germany)
2
3
4
5
Hands-onpragmatic
decision-makingprocess
Bias towards
‘quality-growth’companies
Actively managed
core-satellite strategy against
tailor-made benchmark
Size of funds
enables rapidly implementing
investment decisions
Commitment to enhance sector
knowledge by being locally present
(seminars,property tours,managementmeetings)
6
7
8
9
10

Presentdocumentsdon’t constitute an investmentadvice nor do theyform part of an offeror solicitationfor
shares. bondsor mutual funds.or an invitationtobuyor sell the products or instrumentsreferredtoherein.
Applicationstoinvestinany fund referredtointhis document can only validlybe made on the basis of the Key
InvestorInformationDocument(KIID). the prospectusand the latestavailable annual and semi-annual reports.
These documentscan be obtainedfree of charge at the financial service provideror at the website
funds.degroofpetercam.com. All opinionsandfinancial estimateshereinreflectasituationon the date of
issuance of the documents and are subject to change withoutnotice. Indeed. past performancesare not
necessarilya guide to future performances and may not be repeated. Degroof PetercamAssetManagement S.A.
(“DPAM”) has made its besteffortsinthe preparationof thisdocument and is acting in the bestinterestsof its
clients. withoutcarrying any obligationtoachieve any resultor performance whatsoever.The informationis
based on sources which DPAMbelievestobe reliable. However. itdoes not guarantee that the informationis
accurate and complete.Presentdocumentmay not be duplicated. inwhole or in part. or distributedto other
personswithout prior writtenconsentof DPAM. This document may not be distributedtoprivate investorsand
is solelyrestrictedtoinstitutional investors.
The informationcontainedin this mailand attachments (hereafterthe ‘documents’)
is provided forpureinformation purposes only.
Disclaimer
51

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