REAL ESTATE PATRIMONY Total lettable surface area (m²) Debt ratio RD 21 June 2006 (max. 65%) (%) 39 % 43 %

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1 Regulated information embargo 03/11/2008, 17:45 Interim statement for the third quarter of 2008 of the board of directors covering the period to Positive results for Intervest Retail Antwerp, 3 November Public property investment fund Intervest Retail 1 releases today its results for the third quarter of Operating activities for the third quarter of 2008 Rental activity In 2008, the demand for commercial real estate on the rental and investment market remains still high. In spite of more difficult market circumstances in the retail trade, retailers are prepared to pay higher rents for good locations. New lease contracts and rental renewals in the commercial portfolio of Intervest Retail are still concluded at higher rents. The commercial real estate portfolio which is mainly let to national and international companies is to a certain degree sensitive to the conjuncture. On the short term however, no direct risks are recognized that can influence fundamentally the results of the financial year Furthermore, within the property investment fund there are on the level of debtors risks clear and effective internal control procedures to limit this risk. Evolution real estate portfolio REAL ESTATE PATRIMONY Total lettable surface area (m²) Occupancy rate 2 (%) 99,2 % 99,3 % Fair value of the portfolio ( 000) investment properties ( 000) development projects ( 000) Debt ratio RD 21 June 2006 (max. 65%) (%) 39 % 43 % On 30 September 2008, the fair value of the portfolio, including the development projects, amounts to 335 million ( 313 million on 31 December 2007). This rise with 22 million is mainly due to the increase in value of the commercial real estate portfolio (by 14,5 million or 5 % compared to 31 December 2007), the capital gain resulting from the opening of the Julianus project in Tongeren (by 4,9 million) and investments in the existing portfolio. On 30 September 2008, the debt ratio of the property investment fund amounts to 39 % (43 % on 31 December 2007). The decrease of the debt ratio results mainly from the positive revaluation of the real estate portfolio during Intervest Retail is a public property investment fund listed on NYSE Euronext Brussels. 2 The occupancy rate is calculated as the ratio of the actual rental income to the same rental income plus the estimated rental value of the vacant locations for rent. 1 / 6

2 Vilvorde For the commercial-residential project at the corner of the Leuvensestraat and the Jean-Baptiste Nowélei in Vilvorde, the opening on 24 September 2008 of a new store of the international fashion retailer H&M was particularly successful and the works for 11 luxury apartments on the floors are in progress. The sale on plan of the apartments evolves favourably. Currently 9 apartments are already sold. Olen At the beginning of August 2008 the manager of the wooncenter Van de Ven (sprl Het Genoegen) has been declared bankrupt. In spite of uncertain market circumstances there is a reasonable interest from retailers for this new project. The start of the project will largely depend on the evolution of the prelettings in this project which are currently ongoing Financial results Third quarter of RESULTS ( 000) Net rental income Property management costs and income -5-7 Property result Property charges General costs and other operating cost and income Operating result before result on portfolio Result on portfolio Operating result Financial result Net profit Operating distributable result Result on portfolio Revaluation of financial instruments (IAS 39) and other non-distributable elements During the third quarter of 2008 the net rental income of Intervest Retail amounts to 4,9 million ( 4,1 million). This increase with 0,8 million results for 0,3 million from the new commercial centre Julianus in Tongeren which opened successfully on 13 March 2008, for 0,3 million from rental income of the warehouses portfolio let to Decor Heytens, acquired end 2007, and for 0,2 million from higher rental income from the existing portfolio and from indexations. During the third quarter of 2008 the property charges decrease with 0,5 million to 0,6 million ( 1,1 million), mainly due to the fact that marketing and service charges for Factory Shopping Messancy are no longer incurred because of the sale of this centre at the end of With the decrease of the property charges and the increase of rental income, the operating result before the result on portfolio increases in the third quarter of 2008 with 1,4 million to 4,2 million ( 2,8 million). 3 Between brackets comparable figures of the third quarter 2007 ( ). 2 / 6

3 For the third quarter of 2008, the result on portfolio of the investment property fund amounts to 3,4 million ( 5,6 million) as a result of the increases in value of the commercial real estate portfolio. The financial result amounts to - 1,6 million (- 1,1 million) due to the increase of the interest charges as a result of investments in the commercial centre Julianus and the acquisition of the Heytens portfolio end Currently, 64 % of the credit facilities portfolio consists of loans with a fixed interest rate or fixed through interest rate swaps and 70 % of the credit withdrawals are long term financings, with an average duration of 2,9 years. Furthermore, on 30 September 2008, the property investment fund still disposes of 8 million of non-withdrawn credit facilities at financial institutions for the financing of future investments. For the third quarter of 2008, the average interest rate of the property investment fund amounts to 5,0 % (2007: 4,7 %). In October 2008 Intervest Retail has concluded an interest rate swap at a rate of 4,105 % (3M-euribor - excl. margin) with a duration of 5 years for a credit of 20 million in replacement of the existing credit with a fixed interest rate that expires mid December For the renewal of this credit facility negotiations with the financial institutions are almost in a final phase. During the third quarter of 2008, the net profit of the property investment fund Intervest Retail amounts to 6,0 million ( 7,3 million) and can be divided in: the operating distributable result of 2,6 million compared to 1,7 million during the same period of prior year. This increase of 57 % results from the opening of the commercial centre Julianus in Tongeren, the acquisition of the Heytens portfolio and the sale of the badly performing outlet center Factory Shopping Messancy. the result on portfolio of 3,4 million compared with 5,6 million during the same period of prior year. the revaluation of the financial instruments according to IAS 39 and other non-distribuable elements of - 0,1 million Cumulative figures for the first nine months of 2008 RESULTS ( 000) Operating distributable result Result on portfolio Revaluation of financial instruments (IAS 39) and other non-distributable elements Net profit RESULT PER SHARE ( ) Number of shares entitled to dividend Net profit ( ) 5,41 4,22 Gross dividend for the first nine months ( ) 1,58 1,10 Net dividend for the first nine months ( ) 1,34 0,94 The operating distributable profit of Intervest Retail increases during the first nine months of 2008 to 8,0 million ( 5,6 million). This increase leads to distributable earnings per share of 1,58 for the first nine months of 2008 compared to 1,10 for the same period of prior year, which corresponds to the earlier formulated expectations for the financial year / 6

4 DATA PER SHARE ( ) Number of shares Net asset value per share (fair value) ( ) 40,93 36,51 Net asset value per share (investment value) ( ) 42,58 37,90 Share price on closing date ( ) 30,54 30,60 Discount to net asset value (fair value) (%) - 25 % - 16 % On 30 September 2008 the net asset value (fair value) of the share amounts to 40,93. Given that the share price of Intervest Retail on 30 September 2008 is 30,54, the share is quoted on 30 September 2008 with a discount of 25 % compared to the net asset value (fair value). 3. Forecast As already mentioned in the half-yearly financial report of the property investment fund, Intervest Retail expects, on the basis of its financial results on 30 September 2008, that in spite of difficult market circumstances in the retail sector and the financial sector, the earnings per share will increase significantly compared to the dividend of 2007 which amounted to 1,47. Intervest Retail expects to propose its shareholders for the financial year 2008 a gross dividend per share between 2,05 and 2,10. This higher dividend results from the sale of the outlet center Factory Shopping Messancy, the acquisition of the Heytens portfolio end 2007, the opening of the commercial center Julianus in Tongeren and a thorough rental grow in the existing portfolio. On the basis of the share price on 30 September 2008 ( 30,54), this represents a gross dividend yield between 6,7 % and 6,9 %. On the short term, the efforts of the property investment fund will be concentrated on the optimisation of the rental income of the existing portfolio and the realisation of ongoing projects. On the long term, it is also the aim to let the portfolio grow depending on the investment opportunities which occur on the investment market. Note to the editors: for more information, please contact: INTERVEST RETAIL SA, Jean-Paul Sols - CEO or Inge Tas - CFO, tel , 4 / 6

5 - annexes Consolidated income statement (9 months) ( 000) Rental income Rental related expenses NET RENTAL INCOME Property management costs and charges PROPERTY RESULT Technical costs Commercial costs Charges and taxes on unlet properties Property management costs Other property charges -3-1 Property charges OPERATING PROPERTY RESULT General costs Other operating income and expenses OPERATING RESULT BEFORE RESULT ON PORTFOLIO Result on disposals of investment properties Changes in the fair value of investment properties and development projects OPERATING RESULT Financial income Interest charges Other financial charges Revaluation financial instruments - IAS Financial result RESULT BEFORE TAXES Taxes NET PROFIT Attributable to: Equity holders of the parent Minority interests 0 0 Note: Operating distributable profit Result on portfolio Revaluation financial instruments - IAS 39 and other non-distributable elements / 6

6 Consolidated balance sheet ASSETS ( 000) Non-current assets Intangible fixed assets Investment properties Development projects Other tangible fixed assets Financial fixed assets Trade receivables and other non-current assets Current assets Assets held for sale Trade receivables Tax receivables and other current assets Cash and cash equivalents Deferred charges and accrued income TOTAL ASSETS SHAREHOLDERS EQUITY AND LIABILITIES ( 000) Shareholders equity Shareholders equity attributable to the shareholders of the parent company Share capital Share premium Reserves Result Impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties Changes in the fair value of financial assets and liabilities Minority interests 3 3 Liabilities Non-current liabilities Provisions Non-current financial debts Credit institutions Financial lease 8 21 Other non-current liabilities Deferred taxes - liabilities Current liabilities Current financial debts Credit institutions Financial lease 1 5 Trade debts and other current debts Other current liabilities Accrued charges and deferred income TOTAL SHAREHOLDERS EQUITY AND LIABILITIES / 6