Activity RepoRt 2011

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table of contents

Message of the chairman and ceo 2

Mitiska nv in a nutshell 4

Mission and values 5

Mitiska’s track record 6

Highlights of 2011 8

evolution of Mitiska’s net asset value 10

overview of Mitiska’s Key activities 10

private equity 11

real estate 23

asset Management 31

social responsibility 34

Moving forward

2011 has been a challenging year. Uncertainty about the future of the euro and a slump in

consumer confidence, amongst other things, have had a negative impact on most sectors of

the economy … Mitiska has not been immune, but benefited from a balanced diversification.

As you will read in our 2011 Activity Report, we have been moving forward; we made progress

in most of our activities, increased investments internationally and laid the foundations for

our future developments. These developments have always been made with a very safe

approach in order to limit the risks and optimise the rewards. For Mitiska, 2011 has been

characterised by a high level of activity in terms of transactions and the development of our

core businesses. However, the difficult economic environment has had a normal impact on

the Net Asset Value.

Message froM tHe cHairMan and ceo

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In the area of Private Equity, we supported management in their ambitions and further

invested in some of our participations such as Nanocyl (capital increase). We have also

made an investment in Eden Chocolates, a chocolate production and distribution company

in China. This provides a very important signal in a difficult environment and is additional

proof of our commitment to value creation: our retail participations continue to expand

with the opening of new stores. We have also continued to diversify our investment base in

Private Equity by investing in a Brazilian fund.

Over the last three years, Mitiska has continued to develop its Retail Real Estate activity.

As a result, we have secured an attractive pipeline of development and investment projects

in Belgium and Romania. This pipeline represents an investment potential of more than

EUR 100 million for a total of eight secured projects. In 2012, we started in joint venture

with historical partners the construction of a 22,000 m2 retail park in Mouscron, Parc

Commercial Les Dauphins. We also signed a purchase agreement to acquire, together

with professional Belgian and German/Romanian partners, a retail warehouse portfolio in

Romania. Beginning 2012, we also acquired the football stadium of KV Mechelen.

With a strengthened project portfolio and the current volume of projects in our pipeline we

have decided to set up an investment vehicle to allow external investors to invest alongside

Mitiska in these interesting projects. This will be a focus for 2012.

The Asset Management activity has been instrumental in its role of lowering the volatility

of our portfolio and providing the necessary reserves for investments in Private Equity and

Real Estate.

Together with the whole Mitiska team, we would like to thank our partners, as well as the

management and employees of our investment companies for their continued support,

hard work and motivation in this challenging economic environment.

After our stock delisting, we have established the tradition of publishing an activity report

partly in replacement of the annual report which we used to provide and we hope you

will find this second Activity Report both helpful and useful for gaining an insight on what

Mitiska stands for.

Luc Geuten

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MitisKa in a nutsHell

Mitiska’s core activities are Private Equity, Real Estate and Asset Management

in Private Equity, Mitiska is an active investor in development capital. new investments are being considered in promising european companies across sectors, mainly in their expansion stage. We work together with entrepreneurs and company managers to enable them to reach their next phase of development by benefiting from our extensive track record, expertise, local presence and operational approach to value creation. new retail and consumer goods  investments are being channeled through vendis capital.

Mitiska is an active developer and investor in out of town Retail Real Estate in europe (currently mainly in belgium and romania).

Mitiska is also active in Asset Management, investing directly in listed companies and in funds with various profiles to diversify its investment basis and as a reserve for the core direct investments.

Mitiska’s core activities are distributed as follows: private equity (35%), real estate (31%), and asset Management including cash (34%).

Mitiska Portfolio

Asset Management(including cash)

Real Estate

34%

31%

35%Private Equity

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as an investment firm is to create personal development and financial value for all stakeholders by selecting the right investment opportunities with above average returns.

Entrepreneurial spirit is at the cornerstone of the company’s foundation. it will remain a performance driver for the future;

Partnership is the way we work. We build long-term relationships with entrepreneurs, partners and management in order to share and leverage our respective strengths;

Passion is our way of life allowing for diligence and sense of urgency;

Integrity is the guarantor of success and long term relationships.

Our values

Mission and values

Our mission

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Mitiska was founded in 1990 and has a strong track record, mainly in retail and related real estate sectors

based on previous investments in retail (carpetland, pizzaland, new vanden borre, Heytens), Mitiska was set up in 1990 as a holding company for the founders to diversify its retail basis.

over the last 20 years, Mitiska has been an active partner in more than 30 retail participations such as brantano, as adventure, proxis/club, etc. but Mitiska Management has also successfully invested in several non-retail companies, as illustrated.

besides investment in retail companies, Mitiska has built up considerable expertise in retail-related real estate development. as a result of experience gained in the development of several retail companies, Mitiska has a good understanding of retailers’ needs. this expertise was of direct benefit to the various Mitiska shareholdings and was the founding basis for the property investment fund “reit” retail estates, which was listed in 1998.

in recent years, Mitiska has also successfully co-developed and exited significant real estate portfolios related to its participations:

w Carpetland - total value approximately eur 27 m - belgium/netherlands

w Brantano - total value approximately eur 35 m - belgium

w Cap Nord (Mondial Moquette) - total value approximately eur 23 m - france

w Fun - total value approximately eur 15 m - belgium

the management of Mitiska has been involved in 4 successful ipos: brantano (1990); innogenetics (1996), retail estates (1998) and Mitiska (1999). Mitiska was delisted in 2009.

MitisKa’s tracK record

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Retail

Non Retail

FOOTWEAR

Pizzaland

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HigHligHts of 2011(1)

Private Equity

(1) including transactions up to end May 2012

Cassis / Paprika

Fatboy

Fun

Helixir

Eden Chocolates

Eryplast

Callataÿ & Wouters

fashion retailw reinforcement of management teamw launch of an e-commerce websitew 11 new store openings in 2011 bringing the total number of stores to 117w turnover eur 74 m

designer brandw succession of ceo and reinforcement of management team w turnover eur 18 m

toys, baby articles and seasonal productsw new openings – expansion to 34 storesw turnover eur 82 m

smoothies kiosk operatorw opening of valenciennes and closure of la defense 2w strengthening of the new openings’ pipelinew turnover eur 3.7 m

plastic pallet production w strong interest in the pallet pooling activityw reinforcement of the commercial teamw turnover eur 5 m

it solutionsw in february 2012, callataÿ & Wouters signed an

agreement with sopra group to form a major european banking software company

w Minority shareholders (i.e. Mitiska) step out

chocolate production and distribution in china w reinforcement of the management teamw investment in senz brandw signing of a licensing agreement with disneyw turnover eur 4.8 m

EXIT

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Real Estate

Belgium

Romania

Nanocyl

Portfolio

w start of the construction of a 22,000 m2 retail park in Mouscron, parc commercial les dauphins

w purchase of Kv Mechelen football stadiumw several investment opportunities under control (e.g. groot-bijgaarden, ninove,

Wevelgem)w development of a strong project pipeline

w purchase agreement for the acquisition of a 50% share in a portfolio of retail parksw establishment of a joint venture in romania with alpha property development for

future retail park developmentsw development of a strong project pipeline

nanotube production w further development of r&dw capital increase of eur 9 m

w development of a well-balanced portfolio in terms of risksw further development of the relationship with tier 1 asset managers

Asset Management

Inside Secure

Gávea Investimento

private equity fund with focus on growth in brazil w first investment in July 2011w five investments in 2011

semiconductors production w in february 2012, inside secure launched its initial public

offering on the nyse euronext in parisw turnover usd 151 m

IPO

NEW

evolution of MitisKa’s net asset value

overvieW of MitisKa’s Key activities

in 2011, the net asset value of the Mitiska portfolio decreased by c. 15% mainly due to the decreased value of our private equity and asset Management portfolios. Mitiska’s gearing is only approximately 5%.

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115

110

105

100

95

90

85

80dec. 2009 June 2010 dec. 2010 June 2011 dec. 2011

100

110

102

Retail Real Estate

Retail Non Retail Funds

Private Equity Asset Management

Belgium

Romania

Funds

the index 100 represents the net asset value at the end of december 2009.

index

99

94

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private equity

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private equity

Mitiska has a strong track record in private equity, mainly in the retail sector. over the last 20 years, Mitiska has invested in more than 30 participations and has had numerous success stories.

Mitiska helps to finance growth and provides input in important decisions with a permanent focus on sustainable growth

We work together with entrepreneurs and company managers to enable them to reach their next phase of development by benefiting from our expertise, local presence and operational approach to value creation.

We work closely with partners and managers by taking an active role on the board and by acting as a sounding board providing:

w specific sector analysis/expertise; 

w functional expertise and support in a number of key areas: strategy; organizational development/Hr; operations/sales; reporting/control/finance and administration;

w access to an extensive network; 

w ad hoc support for specific projects.

Investment year: 2008

Activity: fashion retail

Shops: 117

Sales: eur 74 m (2011)

cassis is a well-established chain with a clothing line for the active, fashion-conscious woman and enjoys a high reputation. 

paprika is a fast growing, innovative concept that offers a youthful and dynamic collection for women with fuller figures.

in 2011, cassis and paprika continued to expand with the opening of 11 new shops. Most of this expansion was in out-of-town locations as well as the deployment of the paprika concept in the north of france. 2011 also saw the successful launch of a transactional e-commerce website.

Key Figures

Overview

2011Achievements

Private equity - retail Portfolio

Investment year: 2008

Activity: designer brand

Distribution: 50 countries

Sales: eur 18 m (2011)

fatboy (‘s Hertogenbosch, nl) aims to be an iconic brand, positioning itself as original, high end and fun loving: an “urban flirt”. its original product is a high quality bean bag. the company diversified its product line into headdemocks, seats for dogs & cats, bags, ... .

in 2011, the company strengthened its sales force in germany, france, and the us.  new products were developed in the lighting segment and several existing product lines were extended. in april 2012, patrick Wauters joined fatboy as ceo. previously, patrick was vice president north & eastern europe at chiquita.

Key Figures

Overview

2011Achievements

Private equity - retail Portfolio

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Investment year: 1999

Activity: retail chain specialised in toys, baby articles and seasonal items

Shops: 34

Sales: eur 83 m (2011)

fun is a retail chain specialising in the sale of toys, baby articles and seasonal goods. school and office supplies are also an important part of the product range.

the renovated shops were designed to offer a pleasant, inviting shopping environment for parents and children alike. they are mainly to be found on the outskirts of city centres with surfaces up to 2,000 m2.

in 2011, fun continued to extend its shop base with the opening of three new shops and two existing shops that were completely renovated. fun also decided to optimise its asset base and some of its real estate properties were transferred to retail estates.

Key Figures

Overview

2011Achievements

Private equity - retail Portfolio

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Investment year: 2007

Activity: Juices and smoothies kiosks operator

Kiosks: 15

Sales: eur 3.7 m (2011)

Helixir is active in the smoothie bar market with 9 kiosks in france and 6 in belgium, where fresh and natural smoothies and fruit juices are served. the kiosks are mostly located in high-traffic locations such as shopping centres (e.g. la défense, paris - Woluwe shopping centre, brussels) and airports (brussels).

after two years of improvements in operations and further development of the concept, Helixir reinitiated the opening of new kiosks in 2011. valenciennes (fr) was opened in october and the pipeline of new openings was further developed with nivelles (b) and charleroi (b). but the focus continued to be on the growth of like-for-like sales through personnel training, operations improvement, etc. as a result the like-for-like sales grew by 8%.

Key Figures

Overview

2011Achievements

Private equity - retail Portfolio

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Investment year: 2008

Activity: affordable design furniture retailer

Shops: 350

Sales: eur 138 m (year end april 2012)

boconcept is listed on the danish oMX stock exchange. it is an international retail brand (franchising) in the furniture and home decoration sector. in recent years, the company has successfully transformed itself from a furniture manufacturer into a lifestyle retail concept (“urban design”) with more than 350 retail outlets (mostly franchising) in 45 countries.

for more information about 2011 Achievements please visit boconcept’s website www.boconcept.com

Investment year: 2008

Activity: discount retail chain

Shops: 142

Sales: eur 153 m (2011)

vet’affaires is listed on the paris stock exchange. it is a french discount retail chain offering ready-to-wear  clothing and household linen. the company offers a range of products for men, women and children, falling into such categories as clothing, comprising essential everyday items, such as jeans, jerseys, shirts and jackets; underclothing, which  consists of socks, underwear and nightwear; accessories, including belts, hats, scarves and gloves and household linen including towels, among other things. 

for more information about 2011 Achievements please visit vet’affaires’ website www.vetaffaires.fr

Key Figures

Overview

Key Figures

Overview

Private equity - retail Portfolio - listed

urban design

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Private equity - NoN retail Portfolio

Key Figures

Overview

2011Achievements

Investment year: 2011

Activity: chocolate production and distribution in china

Sales: eur 4.8 m (2011)

eden chocolates was founded in 2007 with the aim of marketing a modern luxury chocolate made by belgian master chocolate confectioners in the emerging chinese market. the modern production plant of suzhou (china) is fully dedicated to the chinese market.in china, eden chocolates was the first brand to bring a premium dark 100%-cocoa butter chocolate to the mass market at affordable prices. senz is the first exclusively dark chocolate brand in china. in order to accelerate the route to market, eden chocolates works with tier-1 partners, including the nearby barry callebaut. senz is distributed to more than 2,600 retail stores in china by sims distribution, a company of the Hong Kong stock exchange-listed dcH holding.

in 2011, the company further developed its distribution capacity and heavily invested in marketing which led to strong market penetration by senz in some of the top chinese regions. the chinese production site fulfills the highest hygiene standards and it is the only chinese chocolate production site to have a brc a certificate (audited by a uK company). in addition, the company has signed a major licensing agreement with disney.  these events have lead to strong interest from major retailers outside of china who wish to import eden chocolates products. the management team has been further strengthened with high profile chinese managers.

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Private equity - NoN retail Portfolio

Investment year: 2010

Activity: plastic pallet production

Sales: eur 5 m (2011)

eryplast is listed on euronext brussels. founded in 1993, eryplast has established itself as one of the european leaders in plastic pallet production. With the second largest production capacity in europe and its own technology, the company employs around thirty people and specialises in the manufacturing of large items made from plastic materials.

in 2011, the launch of the plastic pallet pooling activity attracted significant interest laying the basis for some new contracts in 2012. a new commercial director has been recruited to further develop the sale of pallets across europe and north africa. the combination of the financial pooling activity and the new commercial initiative should increase the utilisation of capacity at the Herstal production site.

Key Figures

Overview

2011Achievements

P L A S T I C P A L L E T M A N U F A C T U R E R

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Investment year: 1998

Activity: provider of it solutions

Sales: eur 67 m (2010)

callataÿ & Wouters is a leading provider of innovative it solutions and services to retail, private and direct banks. their success is built on the quality of the products, their focus on the financial industry and extensive experience with customers that include international institutions such as bnp-paribas, rabobank, record bank ing and commonwealth bank of australia.

on april 1, 2012, callataÿ & Wouters joined forces with sopra group’s banking software business, forming one of the major banking software players in europe, with 1,200 specialists around the world.

for more information about 2011 Achievements please visit callataÿ & Wouters’ website www.cw-thaler.com

Investment year: 1997

Activity: provider of semiconductors and embedded software

Sales: usd 151 m (2011)

inside secure is transforming the ways in which people make payments, present identification credentials and exchange information. With the acquisition of the secure Microcontroller solutions division of atmel, inside offers a comprehensive portfolio of secure, complementary solutions, backed by extensive market experience and technological expertise.

in february 2012, inside secure launched its initial public offering on the nyse euronext in paris.

for more information about 2011 Achievements please visit inside secure’s website www.insidesecure.com

Key Figures

Overview

2011Achievements

Key Figures

Overview

2011Achievements

Private equity - NoN retail Portfolio

B A N K I N G S O L U T I O N S

EXIT

IPO

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Key Figures

Overview

2011Achievements

Investment year: 2002

Activity: nanotube production

Sales: eur 2 m (2011)

nanocyl is the leading global manufacturer of specialty and industrial carbon nanotubes technologies (cnts). nanocyl helps its customers to successfully nano-engineer their future with value-added products, industry-leading r&d, advanced production capabilities and world-class technical support.

nanocyl focuses its technology and expertise on the practical application of carbon nanotubes. they integrate carbon nanotubes into new and existing materials, resulting in the improved performance of polymers, metals, composites and biomaterials.

they offer a host of high-performance, carbon nanotubes-based products which go beyond their customers’ expectations. they produce, for example, synthetic materials and manufacture equipment for the automotive and electronic industries. Moreover, they are developing tailor-made solutions for the aeronautic, construction, sports and marine industries.

in 2011, the company continued to invest in r&d in order to develop new applications. additional equity - eur 9 m - was provided by new investors to finance r&d and commercial activities. the company has intensified development activities with key clients on major applications.

Private equity - NoN retail Portfolio

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Investment year: 2009

Activity: retail and consumer goods

Fund size: eur 111.5 m

vendis capital was founded in 2009 by the former retail investment team of Mitiska. it is an independent private equity fund, providing growth and buyout capital to non-food retail and consumer businesses in europe. invested amounts vary between eur 5 m and eur 15 m. vendis capital seeks to form partnerships with strong entrepreneurs and managers to support the development of their companies.

in 2011, vendis capital invested in the belgian company panarôm, active in aromatherapy. at the beginning of 2012, vendis capital announced its investment in yarrah organic petfood, a european leader in the organic cat and dog food sector.

Investment year: 2011

Activity: pe growth in brazil

Fund size: usd 1.5 bn

gávea is one of brazil’s premier alternative investment managers with lines of business focused on hedge funds and private equity. the company was founded in 2003 by arminio fraga, former governor of the central bank of brazil and luiz fraga, former president of latinvest asset Management. the company has approximately usd 6.8 bn assets under management and has more than 100 employees. in october 2010, a majority interest in gávea was sold to Jp Morgan asset Management and a strategic alliance with Highbridge capital Management was formed.

at the end of 2011, gávea investment fund iv had already invested in five companies in different sectors in brazil such as energy, consumer goods, healthcare, transportation and retail.

Key Figures

Overview

2011Achievements

Key Figures

Overview

2011Achievements

Private equity - fuNd

NEW

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real estate

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real estate

Mitiska has over 20 years’ experience in European retail real estate and more specifically in the retail warehousing niche market

some key figures illustrate Mitiska’s expertise in retail real estate:

w > 20 years experience in european retail and retail real estate

w approximately 152,000 m2 retail warehouse space developed, managed and sold

w approximately eUR 149 m retail warehouse space developed, managed and sold

previously, Mitiska’s real estate activities were focused on the expansion of its portfolio companies (brantano, carpetland, Mondial Moquette, etc.).

since its delisting in 2009, Mitiska decided to enlarge its investment focus to retail real estate as one of its strategic investment activities. Mitiska’s investment strategy is to develop, acquire, own, operate, manage and sell retail warehouse properties, both as standalone units and in retail parks.

Within the retail warehouse niche, Mitiska focuses on ‘opportunistic’ and ‘value-add’ types of investments whereby it applies its preferred relationships with the retailers and contributes its retail expertise and experience. Mitiska’s geographic focus is europe with an initial focus on belgium and romania. other countries with strong retail warehouse fundamentals could be added in the future essentially through partnerships with local country partners. 

three projects developed in 2010 remain in Mitiska’s portfolio and are directly managed by Mitiska:

w Aarschot - 907 m2. tenant: Brantano;

w Denderleeuw – 2,235 m2. tenants: cassis & paprika, pearl, torfs, and Zeb;

w Dilbeek - 536 m2. tenant: Heytens.

2011 Achievements

during 2011, additional investment projects were secured in belgium and romania. in 2012, the construction of a 22,000 m2 retail park in Mouscron, parc commercial les dauphins, was started and most of the units are already leased. at the beginning of 2012, the Kv Mechelen football stadium was acquired and a purchase agreement was signed for a 50% stake in a portfolio of retail parks in romania with a total of 33,000 m2.

Mitiska currently has a pipeline (under its control) of more than 110,000 m2 gla in belgium and romania. numerous investment opportunities are being assessed in france, slovakia, the czech republic and Hungary.

real estate belgium - Projects iN develoPmeNt

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Location: groot-bijgaarden, dansaertlaan

Investment type: Mixed development project (retail, offices, semi-industrial)

Area: 4.5 hectares of land

Completion: 2013 – 2014 (rezoning completed)

Location: 9400 ninove, brakelsesteenweg

Investment type: development project (retail park)

Area: 2.5 hectares of land

Completion: 2013

Groot-Bijgaarden

Ninove

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real estate belgium - Projects iN develoPmeNt

Location: Mouscron, rue du père damien

Investment type: Mixed development project (in partnership with abli nv)

Area: retail (22,000 m2), hotel (70 rooms), housing (38 apartments)

Completion: beginning 2013

Tenants: action, avance, bel&bo, brantano, camaïeu, club, damart, delhaize,

escapade, Hans anders, H&M, Hunkemöller, Jules, Krëfel, l&l, lunch garden,

pizza Hut, planet parfum, veritas, yves rocher, Zeb, etc.

Website: www.parclesdauphins.be

Mouscron

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Mitiska is active in Romania through its exclusive partnership with Alpha Property Development

for investments in countries outside belgium, Mitiska believes that it is important to have, where possible, a partnership with a local country partner who has extensive experience in the retail warehouse sector in that specific country.

While finding the right local country partner is not always an easy exercise, Mitiska has already secured an exclusive partnership for romania with the austrian/romanian developer alpha property development. alpha property development is a romanian company specialised in developing and investing in retail warehousing in romania. the company is part of the intercora group, a german backed real estate investor and developer active in the czech republic, slovakia and romania. alpha property development was founded in 2008 and since then has finalised the developments of 11 Kaufland hypermarkets and of 3 retail parks. another 12 Kaufland stores and a total of 22,000 m2 gla of retail parks are currently under development. before the foundation of alpha property development, the intercora group finalised the development of an additional 44 Kaufland hypermarkets and 8 retail parks with a total gla of approximately 32,000 m2 in romania. Kaufland is part of the schwarz group (lidl)and can be considered the most important anchor tenant for retail parks in romania.

preliminary contacts are ongoing for other ‘Western’ and ‘central & eastern’ european countries such as france, Hungary, the czech republic and slovakia. other european countries with strong retail warehouse fundamentals could be added in the future through partnerships with local country partners.

Purchase agreement for a 50% stake in Intercora in Romania

in 2012, Mitiska signed a purchase agreement to acquire a 50% share in an existing, income-generating retail-park portfolio with a total gla of 33,000 m2 spread over 8 retail parks in 8 romanian cities with a good demographic and economic outlook. the properties are multi-tenanted and each anchored through the traffic generated by food retailers Kaufland and/or lidl.

real estate rest of euroPe

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real estate romaNia - New iNvestmeNt - iNtercora Portfolio

Location: soseaua alba-iulia, sibiu

Investment type: lidl-anchored retail park

Area: 1,723 m2 retail warehouse space

(+ 875 m2 offices on 1st floor)

Opening date: 2005

Tenants: lidl, dM, emag

Location: soseaua sibiului, Medias

Investment type: Kaufland-anchored retail park

Area: 1,876 m2 retail warehouse space

(+ 1,174 m2 extension possibility)

Opening date: 2010

Tenants: deichmann, takko, flanco, bioromoil

Location: boulevardul republicii, resita

Investment type: Kaufland-anchored retail park

Area: 2,611 m2 retail warehouse space

Opening date: 2009

Tenants: deichmann, takko, flanco, dM, bioromoil

Location: drum national - bucuresti, slobozia

Investment type: Kaufland-anchored retail park

Area: 2,802 m2 retail warehouse space

Opening date: 2009

Tenants: deichmann, takko, proges, flanco, bioromoil

Sibiu

Medias

Resita

Slobozia

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Location: banu Maracine, arad

Investment type: Kaufland & lidl-anchored retail park

Area: 5,294 m2 retail warehouse space

Opening date: 2007

Tenants: deichmann, takko, dM, flanco, altex, lidl, Kfc,

bioromoil

Location: strada frasinet, buzau

Investment type: Kaufland-anchored retail park

Area: 6,901 m2 retail warehouse space

Opening date: 2009

Tenants: deichmann, takko, dM, flanco, domo, proges,

Zoomania, lem’s bioromoil

Location: boulevardul republicii, ploiesti

Investment type: Kaufland-anchored retail park

Area: 2,797 m2 retail warehouse space

Opening date: 2011

Tenants: deichmann, takko, lem’s, c&a

Location: Mihai bravu, bucharest

Investment type: Kaufland-anchored retail park

Area: 6,151 m2 retail warehouse space

Opening date: 2012

Tenants: deichmann, takko, dM, domo, Kfc,

Maxi pet

Arad

Buzau

Ploiesti

Bucharest

real estate romaNia - New iNvestmeNt - iNtercora Portfolio

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real estate - fuNd

Investment year: 2010

Activity: real estate investments in peripheral retail property

Number of properties: 455 (total area of 431,774 m2)

retail estates is a listed real estate fund (euronext brussels), specialising in investments in peripheral retail property on the arterial roads into urban centers in belgium and luxembourg.

during the financial year 2011/2012, retail estates implemented several initiatives which resulted in growth and strong operational results. the company continued to optimise its real estate portfolio through acquisition and the sale of properties with a view to long-term profitability and through the development of its own projects in tongeren, bruges and namur. the overall fair value of the real estate portfolio increased to eur 550.6 m with an occupancy rate of 98.19%.

Investment year: 2008

Activity: real estate investments in the yangtze river delta region

Fund size: usd 15 m

the fund Hedc Keijser (managed by Huangpu asset Management) invests in, owns, develops and/or acquires land, residential and commercial properties, offices, hotels/resorts, serviced apartments and logistics/industrial-related properties and assets in the yangtze river delta region in china.

in 2011, the Jiaxing project (Wangdian town, Zhejiang province) was developed further. phase ii of the residential project has been completed. approximately 80% of the residential units have been sold including phase i, phase ii, and phase iii (i.e. low-rise, mid-rise, and townhouses). phase i of the specialised market is under construction and leasing and sales of the units have started. the whole development will comprise various low to medium-sized apartment blocks, townhouses, serviced apartments, offices, specialised markets, hotels and retail units.

Key Figures

Overview

2011Achievements

Key Figures

Overview

2011Achievements

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asset ManageMent

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asset ManageMent

The third ‘pillar’ of Mitiska’s investment activities is Asset Management, i.e. investments in well-diversified portfolios of liquid financial instruments including government and corporate bonds, shares and derivative instruments, as well as investments in mutual funds and hedge funds

our aim is threefold:

w to improve the overall liquidity profile of our assets by having part of our assets invested in the financial markets with contractual liquidity ranging from three days to three months;

w to improve the overall diversification of our assets by having part of our assets invested across various geographical locations, industries and asset classes;

w to decrease the overall risk profile of our assets by having part of our assets invested with a reduced risk/lower return profile, i.e. preserving purchasing power ‘plus’, over five-year rolling periods.

to optimise the management of this activity, we work with third-party advisors who have significant experience in this type of asset allocation.

the asset Management portfolios also serve as cash reserves for unexpected cash calls in private equity and real estate.

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2011 Achievements

in 2011, Mitiska continued to broaden its relationship base with outstanding asset managers, some of whom are part of internationally integrated financial institutions, while others work in specialised investment boutiques. this should allow Mitiska to have access to a very diverse base of investment expertise and execution skills.

the quality of the asset managers selected has helped our portfolio to outperform the markets.

asset maNagemeNt

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Mitiska was instrumental in the introduction of nfte (network for training entrepreneurship) into belgium alongside other belgian entrepreneurs. the management of Mitiska still is an active member of its board.

nfte aims to stimulate young disadvantaged or low-income people through entrepreneurship education and the development of their hidden talents and potential. this helps them to broaden their social and professional assertiveness in society. a no-nonsense approach and a practice-based transfer of knowledge allow them to discover the power of autonomous entrepreneurship. at the same time, nfte prepares the young people for an active, enterprising role in their own lives.

since its inception, nfte belgium has trained more than 3,500 underprivileged young people.

the success of the impact of a nfte training on young people has been proven by numerous scientific researches.

nfte: eMpoWering youtH tHrougH entrepreneurial attitude

2011 Achievements

in 2011, nfte trained more than 387 young people. in addition, nfte launched a new module created to increase young people’s understanding of spending and to help them to manage their own budget. nfte is aware that it has an important role and accepts this responsibility; it seeks to reach out more young people by offering more courses. therefore, a new communications officer was hired and a brand new website was developed.

if you want to be involved in this great “people development adventure”, do not hesitate to contact us or contact lena bondue or erik dauwen at info@nfte.be directly.

More info on the nfte website: www.nfte.be

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social resPoNsability

pontbeekstraat 2 | b-1702 dilbeek (groot-bijgaarden)t +32 (0)2 583 19 50 | f +32 (0)2 583 19 64 | www.mitiska.com