Befimmo : Presentation - Halfyearly results 2020

2

▪ Dynamic & growing letting activity	33,500 m² of lettings in H1 2020, up compared to H1 2019
▪	Ongoing developments	81% office pre-letting rate
		Paradis Express 100% pre-let & Quatuor 49% pre-let
▪	Operating portfolio	9 yr. lease extension of the Poelaert building
		with reorganization of the duration of 10 Fedimmo leases
		economic result of €14 million
▪	Asset rotation	After close, integration of the Loi 52 building
▪	Solid occupancy rate	93.6%
▪ High duration of leases	7.2 years (up to next break)
▪	Coworking	opening of Bailli
		79% occupancy rate of mature spaces
▪	Fair value (inv. properties)	€2.9 billion - stability over H1 (+0.01%) at constant perimeter
▪	NAV	€59.32 per share (consolidated, group share)
▪	Net result	€0.91 per share (consolidated, group share)
▪	EPRA earnings	€1.53 per share (consolidated, group share)
▪	Debt ratio (LTV)	Stable and solid LTV ratio of 40.2%
▪	Financing cost	2.0%
▪	Strengthening of financing	Financing needs covered until end of the year 2021
▪	Debt maturity	4.8 years

• Little impact of COVID-19 crisis on the results of the first half of 2020
• Increase of the EPRA earnings forecast for the year: estimated at around €2.80 per share
• Dividend forecast for the year: based on EPRA earnings estimated at around €2.80 per share, a minimum of €2.24 per share

4

• COVID-19
  = acceleration of the evolution of our ways of working and living
• Offices will be used differently: focus on collective efficiency
• Long-termimpact on office demand still uncertain but focus on cost reduction and flexibility is likely
• New equilibrium between an increase in m² (social distancing) and a reduction m² (increase in teleworking) has yet to be defined
• Global study of Cushman & Wakefield:
  50% will work in an ecosystem of workplaces with a balance between the office, home and other places
• Befimmo and Silversquare are well positioned:
  Joint "hybrid offer", ranging from traditional offices to full flexibility and a mix of both, which allows clients to combine several innovative workspaces
  that promote creativity and networking in a BeLux network

Survey CW - May 2020: 2.5 million datapoints, 50,000 people, 99 countries, 38 companies

6

7

Source: Cushman & Wakefield

8

14%
12%
10%
8%
6%
4%
2%
0%
Vacancy Rate	Average Vacancy Rate

Sources: Cushman & Wakefield

350
300
250
200
150
100
50
Prime Rent	Weighted Average Rent

400000

350000

300000

250000

200000

150000

100000

50000

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Completed		Under construction | Available
Under construction | Pre-let		Project With Building Permit
Project Without Building Permit

9

In € million

3000

2500

2000

1500

1000

500

0

7%

6%

5%

4%

3%

2%

1%

0%

2012

2013

2014

2015

2016

2017

2018

2019

2020 H1

Invested volumes Brussels (in € million)

Invested volume Finance Tower (in € million)

Prime Yields (in %)

• €2.4 bn invested in H1
  (including Finance Tower sold for €1.3 bn)
• 45 transactions:
  highest number ever recorded in a semester (most launched before COVID-19)
• COVID-19impact felt in Q2 with 16 transactions for only €340 M (including Silver Tower sold for >€200 M)
• Prime yields stable at 4.0%
  (linked to high demand and strong activity before COVID-19)
• Long term prime yield slight compression to 3.5%

Source: Cushman & Wakefield

10

12

1% 1% 1%		Public sector
1%		Financial sector
		Audit & Consulting
4%		Services
3%		IT, Media & Telecommunications
5%
	Chemistry, Energy & Pharma
6%		Other industries
		Legal sector
8%	59%	Marketing & Communication
	Horeca & Tourism

Others

11%

100%

95%

90%

85%

80%

75%

70%

2011

2012

2013

2014

2015

2016

2017*

2018

2019

H1 2020

10

9

8

7

6

5

4

3

2

1

0

2015	2016	2017*	2018	2019	H1 2020
		Duration of leases until first break (in years)		Duration of leases until final break (in years)

*Since 2017, Befimmo doesn't take into account future signed leases in the calculation of the average duration of leases and the occupancy rate.

P 13

	140 000	1 year
		6 months
	120 000
		ZIN 70 000 m²
		Paradis Express 10 900 m²
	100 000
m²	80 000		Brederode
	Quatuor 22 000 m²	Corner 7 000 m²
In
	Eupen 7 000 m²
	60 000
	40 000
	20 000
	0

20152016201720182019H1 2020

Lease of 3 950 m² signed in the Quatuor after the end of the half-year

Renegociations

New lettings (single tenant > 5 000 m²) Other new lettings

Limited impact of COVID-19 crisis during H1:

33,500 m² let or renegotiated, an increase on the 20,000 m² in H1 2019 (excluding ZIN for 70,000 m² of office space)

Main transactions:

Operational portfolio:

• Poelaert | Brussels CBD:
  extension for 9-yr term + early termination of 10 leases (full or partial in 2020 and in 2021) in Fedimmo buildings with compensations
  Economic result: €14 million
  IRR: 7.1%
• Axento | Grand-Duchyof Luxembourg:several lease extensions (5,000 m²)
• Blue Tower | Brussels CBD:
  lease renewals (1,000 m²) and new leases (1,300 m²)

Developments:

• Paradis Express (Liège):additional 5,640 m² let
  Paradis Express now 100% pre-let
  Value creation: €15 million
• Quatuor | Brussels CBD:
  After half year close, additional 3,950 m² let to high quality tenant, Quatuor now 49% pre-let

Source: Cushman & Wakefield

P 14

						4
	120
						3
	70					2
						1	(in € billion)
million	20
					0
in €	2015	2016	2017	2018	2019	2020	value
	-30						Fair
	-80
	-130

Strategic acquisition

Strategic acquistion for redevelopment

Disposal - value cristalization on mature assets

Disposal - non strategic assets

Fair value of the portfolio (in € billion)

Solid track record

• Strategic acquisitions
• • 2015/2016: Gateway at 4.65%
  • 2018: Arts 56 at 4.5%
• Strategic acquisitions for redevelopment
• • WTC (tower 1), Loi 44 and Loi 52 for redevelopment of Joseph 2 site
• Disposals for value cristalization on mature assets
• • 2017: Brederode complex at 3.65%
  • 2019: Pavilion at 4.95%
• Disposal of non-strategic assets
• • 2019: Eagle building with capital gain
  • Fedimmo buildings: 12 buildings over 5 years at ±fair value

Source: Cushman & Wakefield

P 15

16

81% of office pipeline pre-let

• Prudent management of development pipeline
• • Market analysis before launching projects at risk of occupancy
  • Focus on maximizing the pre-letting rate before the start of the works

Attention is paid to the decrease of the weight of its portfolio in the North area of Brussels, now that a firm 18-year lease has been signed and the permits have been delivered for the ZIN project.

H1 development highlights:

Brederode Corner | Brussels CBD:		ZIN | Brussels CBD:		Paradis Express | Liège:		Quatuor| Brussels CBD:
delivery and start of lease		permits delivered		new leases signed		new lease signed*

Yield of 5.5%

Works about to start

Now 100% pre-let

Now 49% pre-let

17

*After H1 close.

	Projected	Occupancy	Total	%	Completion
	return on		investment	Completion*	date
	investment		(excluding
	(including		land)
	land)		(in € million)
Main committed ongoing projects
Paradis Express	> 6%		100% pre-let	54	29%	2021
	3 800 m² coworking
Quatuor	> 5.3%		49% pre-let	170**	51%	2021
		7 000 m² coworking
ZIN	±4.3%			411	14%
	(on all functions)
Offices			100% pre-let			2023
Coworking & sport			5 000 m² coworking			2024
Hotel			Negotiation in progress			2024
Residential			Commercialisation in			2024
		2023
Main ongoing projects to be committed
PLXL	Targeted return of	-	49	-	2023
±6%
(re)development	Targeted return of
Joseph 2 - Loi 44 &	-	60	-	2024
±5%
52
(re)development	Targeted return of	-	37	-	2024
Pachéco	±5%
			Development in case			Implementa-
WTC 4	-		140	-	tion of the
	of pre-letting
					permit

Joseph 2 | 12,820 m² | Brussels CBD, Leopold district:

• End of lease: Mid 2021
• Acquisition of Loi 44 (6,290 m²) and Loi 52 (6,800 m²), adjacent to Joseph 2
• Significant potential for value creation:
  new complex (±30,000 m²) which will meet the needs of institutional occupants looking for quality new working environments by 2024

Pachéco | 5,770 m² | Brussels CBD, centre:

• End of lease: December 2021
• Multifunctional of ±12,500 m² in an exceptional location

COVID-19:

Delay in hand-over of Quatuor, ZIN and Paradis Express currently estimated at ±6 months

= delayed effect on EPRA earnings (at the horizon 2022-2024)

*Costs spent/total investment (excluding land).	18
**The increase in the estimated cost of the Quatuor project corresponds mainly to additional investments to enhance the qualities of the building that will lead to an improved rental situation.

19

Current operational spaces	Surface	Location
Silversquare Bailli	7 200 m²	Louise district, Brussels CDB
Silversquare Europe	4 100 m²	Leopold district, Brussels CDB
Silversquare Louise	3 300 m²	Louise district, Brussels CDB
Silversquare Luxembourg	2 200 m²	Railway station district,
Luxembourg city, Grand Duchy of Luxembourg
Silversquare Stéphanie	2 100 m²	Leopold district, Brussels CDB
Silversquare Triomphe	4 300 m²	University district, Brussels decentralised
Silversquare Zaventem	2 600 m²	Brussels periphery
Total	26 000 m²

Current pipeline until 2022	Surface	Surface	Total surface
commited	not commited
Extensions 2020	+ 2 000 m²
Portfolio end 2020	28 000 m²			28 000 m²
New openings 2021	+ 20 000 m²	+ 4 100 m²
Portfolio end 2021	48 000 m²	4 100 m²	52 100 m²
New openings 2022	+ 3 800 m²	+ 10 000 m²
Portfolio end 2022	51 800 m²	14 100 m²	65 900 m²
Central Gate		Quatuor				Paradis Express
2021		2021				2022

* The coworking spaces planned in the Befimmo buildings are generally fitted out by Befimmo (real-estate operator) and handed over to Silversquare as "turnkey" premises.	P 20
Silversquare (coworking operator) invests in the furniture and IT for these spaces. For the spaces provided in third-party buildings, Silversquare invests in the fitting-out as well as in furniture and IT.
Delivery dates and investment amounts excluding COVID-19 impact.

• 6% of Befimmo's consolidated rental income, proportion in consolidated income will remain relatively low until 2023
• However, the attractiveness and flexibility of the Befimmo and
  Silversquare common "hybrid offering" are essential elements of tomorrow's world of work

P 21

23

24

Offices as at 30.06.2020	Fair value	% of the	6 months	Gross intial
	(in € million)	portfolio	like-for-like	yield
			change
Brussels CBD and similar	1 408.2	49.2%	+1.1%	4.7%
Brussels decentralised	82.9	2.9%	-1.3%	8.3%
Brussels periphery	120.6	4.2%	-0.9%	7.9%
Flanders	441.6	15.4%	-3.0%	6.2%
Wallonia	232.5	8.1%	+0.9%	4.7%
Luxembourg city	141.5	4.9%	+2.1%	3.9%
Properties available for lease	2 427.4	84.8%	+0.1%
Properties that are being
constructed or developed for	424.4	14.8%	1.2%
own account in order to be
leased
Investment properties	2 851.7	99.6%	0.3%
Properties held for sale	11.2	0.4%	-42.1%
Total	2 863.0	100.0%	0.0%

			30.06.2020	31.12.2019
EPRA NAV (in € per share)		61.42	60.80
(group share)
EPRA NNNAV (in € per share)		58.33	58.54
(group share)

The change in value of -42.1% in "Properties held for sale" is related to the early termination of Fedimmo leases in return for compensations, which is more than offset by the capital gain of €24 million on the extension of the lease in the Poelaert building

* Experts point out that valuations as at 30 June 2020 are reported on the basis of "material uncertainty of valuation" as provided for in the RICS guidelines	26

(in € thousand)	30.06.2020	30.06.2019
Net rental result	69 384	69 482
Net rental result excluding spreading	69 205	68 541
Spreading of gratuities/concessions	179	941
Net property charges	-7 523	-6 689
Property operating result	61 861	62 793
Corporate overheads	-8 473	-7 078
Other operating income & charges	- 179	- 917
Operating result before result on portfolio	53 209	54 798
Operating margin	76.7%	78.9%
Gains or losses on disposals of investment properties	-	10 317
Net property result	53 209	65 116
Financial result (excl. changes in fair value of financial assets and	-10 177	-12 907
liabilities)
Taxes	- 839	- 762
Net result before changes in fair value of investment properties and	42 192	51 446
financial assets and liabilities
Changes in fair value of investment properties	73	77 430
Changes in fair value of financial assets and liabilities	-16 673	-28 322
Changes in fair value of investment properties & financial assets	-16 601	49 108
and liabilities
Net result	25 591	100 555
EPRA earnings	42 477	43 776
Net result (in € per share)	0.95	3.93
EPRA earnings (in € per share)	1.57	1.71

Coworking activity (6% of consolidated rental income)

• Spaces open and operational, members encouraged to work from home during lockdown
• During lockdown, normal services provided (apart from catering and events)
• Fully flex and Dedicated desk membership fees (0.8% of consolidated rental income) were cancelled for April
• Turnover H1 2020: €4 million, below expectations due to
  COVID-19 crisis
• Contribution of -€0.04 per share to the consolidated EPRA earnings, explained by the development phase in an economic context penalized by the COVID-19 crisis

Consolidated results:

• Net rental result of € 72.9 million, stable compared to last year
• Net result (group share) of €24.7 million
• EPRA earnings (group share) of €1.53 per share compared to €1.72 last year (impact of private placement in December 2019)

27

50%

40%

30%

20%

40.2%

3%

2%

2.0%

2015

2016

2017

2018

2019

S1 2020

• Befimmo intends to maintain its LTV ratio below 50% throughout the execution of its development pipeline
• In addition to value crystallization, asset rotation should make it possible to finance ongoing projects, ensure growth capacity and even absorb any exceptional decreases in values related to the COVID-19 crisis

1%

0%

2015

2016

2017

2018

2019

H1 2020

28

200

180

160

140

120

100

80

60

40

20

0

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Q3 2020

• Financing needs covered until the end of 2021 (at constant perimeter)
• Weighted average duration of financing: 4.8 years
• Confirmed credit facilities: €1,457 million (of which 72% in use)
• Large remaining headroom to covenants
• BBB/Stable/A-2rating by S&P (July '20)
• Extension of hedging policy up to 20 years
• All of Befimmo's short-term commercial paper is covered by long- term bank back-up lines

1.600
1.400				Financing
			306
			reserve
1.200
		CP with full
1.000	280	back-up	280
		bank lines

800

600		414	414
400		49		49
200		408		408	34% of total
		financing
0
	Debt		Financing

EUPP

Sales of receivables

Bilateral bank lines (used)

Commercial paper*

Bilateral bank lines (back up CP)

Bilateral bank lines (reserve)

Amortizing loans

29

• With confirmed back-up bank lines in excess of one year. Information as at 30 June 2020 or most recent information.

May 2020 | COVID-19 pandemic uncertainty

• Withdrawal of the outlook and the dividend forecast published in the 2019 Annual Financial Report
• 2020 EPRA earnings forecast reviewed to minimum €2.70 per share
• Dividend forecast for fiscal year 2020 is reduced to at least the regulatory level (80%)

June 2020 | COVID-19 pandemic shows limited impact on 2020 figures

• At constant perimeter and on the basis of the known information at the date of publication of the Half-yearly Financial Report, the projected EPRA earnings forecast should amount to about €2.80 per share
• Dividend forecast for fiscal year 2020 should be a minimum of €2.24 per share

Dividend policy

• Dividend of at least 80% of the EPRA earnings for the year
• As the case may be, dividend may be supplemented by realised capital gains (in the framework of Befimmo's asset rotation policy)
• Retained financial ressources will contribute to ensuring the capital requirements useful for the development of its activities

(in €/share)	2015	2016	2017	2018	2019
Dividend in € per share	3.45	3.45	3.45	3.45	3.45
EPRA earnings in € per share	3.89	3.68	3.74	3.68	3.29
Dividend/EPRA earnings	89%	94%	92%	94%	105%
Net result in € per share	4.41	3.82	5.32	3.24	6.95
Dividend/net result	78%	90%	65%	107%	50%	31

33

Thank you!

Happy to answer your questions!

34

BENOÎT DE BLIECK

• CEO of Befimmo since 1999
• Extensive experience (38 years) in various businesses across the real estate value chain (contracting, development, asset investment and management)
• Fellow member of the Royal Institution of Chartered Surveyors (RICS)
• Member of the board of the Belgian Professional Union of the Real-Estate Sector (UPSI)

LAURENT CARLIER

• CFO of Befimmo since 2006
• 20 years of experience as Finance Director
• President of the BE-REIT association (Belgian REITs)
• Member of the EPRA Reporting & Accounting Committee

CAROLINE KERREMANS

• Head of IR & Communication since 2013
• 11 years of experience in IR and communication (of which 9 years in real estate)
• Member of the EPRA IR Committee

35

	2019	2018
EPRA BPR	Gold	Gold
EPRA sBPR	Gold	Gold
CDP	Awareness C	A- Leadership
GRESB	83% Green Star	81% Green Star
MSCI	A	A
OEKOM*	-	Prime C+
VIGEO EIRIS	Not publicly	Not publicly
available	available
Standard Ethics*	-	EE-
Sustainalytics	56/100	64/100

*Befimmo hasn't received a OEKOM questionnaire in 2019. Befimmo wasn't contacted by Standard Ethics
in 2019. Other participation on voluntary basis.	37

Brussels office market	30.06.2020	31.12.2019	31.12.18	31.12.2017
Take-up (m²)	127 845	543 000	361 000	399 513
Vacancy rate (%)	7.61%	7.57%	7.98%	8.78%
Prime rent (€/m²/yr)	320	320	315	305
Investment volume offices (€)	2.4 billion	2.1 billion	1.9 billion	1.4 billion
Prime yield (%)	4.00%	4.10%	4.25%	4.40%

Liège

38

• Building and environmental permit delivered in Q1 2020
• 70,000 m² of offices
• Offices 100% pre-let
• Multifunctional site (in addition to offices: 5,000 m² of coworking, 111 apartments, 240 hotel rooms, sports, leisure, restaurant, rooftop, etc.)
• Construction cost (all functions) of €411 million
• Yield on total investment of 4.3%
• Completion in 2023
• "be.exemplary award 2019" category "Big private projects"

39

• 60,000 m² of offices
• 49% pre-let
• Multifunctional site
• Construction cost (all functions) of €170 million
• Yield on total investment > 5.3%
• Completion in 2021
• Take a look =>

40

• 21,000 m² of offices
• 100% pre-let
• Multifunctional site
• Construction cost (offices) of €54 million
• Yield on total investment > 6%
• Completion in 2021

41

(in € million)	30.06.2020	31.12.2019
Investment and held for sale properties	2 909.5	2 814.8
Other assets	103.0	97.4
Total assets	3 012.5	2 912.3
Shareholders' equity	1 604.7	1 603.9
Financial debts	1 203.6	1 134.7
non current	908.3	637.6
current(a)	295.3	497.2
Other debts	204.2	173.6
Total equity & liabilities	3 012.5	2 912.3
LTV	40.2%	39.0%

(a) According to IAS 1, the commercial paper needs to be recorded as a current liability. It is important to note that the Company has confirmed bank lines in excess of one year as a back-up for the commercial	43
paper.

• Extension of hedging policy up to 20 years

Annual average		2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2039
	Notional	47	20	0	0	0	0	0	0	0	0	0	0	0
	(€ million)
CAP
Average rate (a)	0.9%	1.2%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	(in %)
	Notional	20	20	0	0	0	0	0	0	0	0	0	0	0
	(€ million)
FLOOR
Average rate (a)	0.5%	0.5%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
	(in %)
Fixed-rating	Notional	1109	1072	1083	1025	958	881	741	545	252	150	125	125	62
(€ million)
financing
(incl. IRS)	Average rate (a)	0.8%	0.8%	0.8%	0.8%	0.8%	0.8%	0.8%	0.8%	0.7%	0.6%	0.6%	0.6%	0.4%
	(in %)

(a) Average fixed rate excluding credit margin and including options on swaps (SWAPTIONS) considered at the maximum rate.

44

Interim statement as at 30 September 2020	Thursday 28 October 2020(a)
Payment of the interim(b) dividend of the 2019 fiscal year on presentation of coupon No 40
- Ex-date	Wednesday 16 December 2020
- Record date	Thursday 17 December 2020
- Payment date	Friday 18 December 2020
Publication of the annual results as at 31 December 2020	Thursday 18 February 2021(a)
Online publication of the Annual Financial Report 2020	Friday 26 March 2021
Ordinary General Meeting of the fiscal year closing as at 31 December 2020	Tuesday 27 April 2021
Payment of the final(c) dividend of the 2019 fiscal year on presentation of coupon No 41
- Ex-date	Wednesday 5 May 2021
- Record date	Thursday 6 May 2021
- Payment date	Friday 7 May 2021

(a) Publication after closing of the stock exchange.
(b) Subject to a decision of the Board of Directors.	45
(c) Subject to a decision of the Ordinary General Meeting.

• Specific regulation and high degree of transparency, accounts in IFRS
• Real-estateassets quarterly valued by independent real-estate experts
• Controlled by the Financial Services and Markets Authority (FSMA)
• Risk diversification: maximum 20% of portfolio invested in one property unit
• Listing on stock exchange, minimum free float of 30%
• Debt ratio <65% (internal target: Loan-To-Value ratio around 50%)
• Distribution of 80% of "cash flows" as dividend
• "Tax transparency": reduced base for corporation tax, taxation at investor level (withholding tax)
• Partnerships allowed

46

This presentation is made for the sole benefit of financial analysts and qualified institutional investors and is not to be considered as an incentive to invest or as an offer to acquire Befimmo shares under any laws of European countries or the USA or Canada.

The information provided herein is extracted from Befimmo's annual reports, half-yearly reports and press releases but does not reproduce the whole content of these documents, which prevail and ought to be analyzed before any recommendation or operation regarding Befimmo shares is made.

This presentation contains statements and estimates about anticipated future performances. These statements and estimates are not to be construed as implying a commitment from Befimmo to achieve them. Whether or not they will actually be achieved depends on a number of factors which are beyond the reach of Befimmo's control, such as developments in the real estate and financial markets.

Such statements and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct.

Actual events are difficult to predict and may depend upon factors that are beyond the Company's control. Therefore, actual results, financial condition, performances or achievements of Befimmo, or market results, may turn out to be materially different from any future results, performances or achievements expressed or implied by such statements and estimates.

Given these uncertainties, investors are invited not to unduly rely on these forward-looking statements and estimates. Furthermore, forward- looking statements and estimates only speak as of the date of this presentation.

Befimmo disclaims any obligation to update any such forward-looking statements or estimates to reflect any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement or estimate is based , except to the extent required by the Belgian law and in particular the Royal Decree of November 14, 2007. In no event Befimmo may be held liable for obligations which are incumbent on financial analysts and disclaims any liability in that regard.

Any reference to the portfolio, assets, figures or activities of Befimmo should be understood on a consolidated basis, including those of its subsidiaries, unless it is clear from the context or expressly stated that the contrary is intended.

47

Befimmo SA

Chaussée de Wavre 1945, 1160 Brussels

[e-mail]

[e-mail]

[e-mail]

Tel.: [phone]

www.befimmo.be

48