Investor Presentation November, 2009. Profile Independent property company, founded in 1930 Dutch REIT status Property portfolio: ± 2.5 bn Activities.

Investor Presentation November, 2009

Profile

• Independent property company, founded in 1930• “Dutch REIT” status• Property portfolio: ± € 2.5 bn• Activities in Europe and the USA• 3 activities to create value: a) active management of

shopping centers, b) smart timing of acquisitions and sales of offices and residential properties and c) project development

• ± 85 properties; average size ± EUR 30 mln• Market cap.: ± € 1.4 bn• Free float: : ± 95%• High dividend yield (± 7 %)• Pay-out ratio: 95% • Included in major indices: AEX, EPRA, GPR, MSCI

2

Strategy rebalanced

Financial objectives

• Stable growth direct result and dividend

• Pay-out ratio 85-95% direct result

• Maintaining solid balance sheet ratios; solvency between 55% - 65%

4

Strategy: value creation• Investment in and management of shopping

centres:– active management

• Investment in offices and residential complexes:– timing

• In-house project development:– cost price

5

Strategy: risk diversification

•Diversifying risk over countries and asset classes;•Selection of mature, stable, liquid and professional property

markets

6

Market approach

• Local knowledge and presence:– experienced local teams in all countries/regions

• In-house property management:– direct relations with tenants and markets

• In-house market research: – timing of acquisitions and sales is supported by

in-house market analyses

7

Ambitions and plans• Stable growth of direct result and dividend by• Value creation through

– Active management of the shopping centres by in-house experts => 50-60%

– Smart timing of acquisitions and sales of office buildings and residential projects, based on in-house market analyses => 30-45%

– Project development => 5-10%

• Risk diversification by– Spread of assets over 6 countries in Europe and 3 regions

in the USA and over 3 sectors

• Portfolio size per country– > EUR 400 mln; growth in the UK, France and Spain (opportunities in

other countries also pursued)– Sale of projects < EUR 20 mln

• Sector specialisation per country/region– Sale of industrial/logistic properties over time

8

Financials

2009 Q3 in a nutshell• Direct result: EUR 85.8 mln (+ 6 %)• Direct result per share: EUR 3.82 (+ 5 %)• Loss: EUR 106.5 mln • Loss per share: EUR 5.20 • Net Asset value: EUR 73.20 (- 13 %)• Real Estate portfolio: EUR 2,412 mln (-9%)• Equity: EUR 1,672 mln (- 10 %)• Negative revaluation: 8.3 %• EUR 4.65 of dividend paid (or stock option)• Solvency unchanged at 69%• San Antonio development continues as planned• Succesful lettings achieved in Paris and Washington DC

10

Profit (x € 1 mln) 9 m

2009 9 m 2008 2008

Direct result 85.8 80.9 109.4

Indirect result - 192.3 - 15.6 -100.6

Profit - 106.5 65.3 8.8

Minority interest - 3.0 - 6.4 - 8.3

Profit for shareholders - 109.5 58.9 0.5

11

Direct result (x € 1 mln)9 m 2009 9 m 2008 2008

Gross rental income 124.6 122.7 168.3

Other income 2.7 2.4 3.4

Operating costs - 16.5 - 13.1 - 19.7

Interest costs - 10.8 - 16.9 - 23.6

Other financial - 1.3 - 1.3 - 1.7

General costs - 11.3 - 10.8 - 14.5

Taxes on result - 1.6 - 2.1 - 2.8

Direct result 85.8 80.9 109.4

Minority interest - 5.3 - 5.3 - 7.1

Direct Result Shareholders 80.5 75.6 102.3

12

Net rental income per country ( x € 1 mln)

9 m 2009 9 m 2008 2008

Total 108.1 109.6 148.6

Belgium 17.8 17.0 22.9

Finland 21.1 21.5 29.5

France 2.4 8.4 11.2

The Netherlands 19.1 18.4 24.2

Spain 7.4 8.1 10.4

United Kingdom 13.1 14.7 19.8

U.S.A. 27.2 21.5 30.6

13

Balance sheet (x € 1 mln)

2009 Q3 2008 2007

Total assets 2,606.3 2,823.2 2,803.1

Interest bearing debt long - 568.2 - 715.6 - 535.9

Interest bearing debt short - 174.2 - 24.0 - 56.7

Deferred tax liabilities - 124.7 - 151.8 - 163.2

Other liabilities - 66.9 - 71.6 - 74.0

Equity 1,672.3 1,860.2 1,973.3

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Investments and Equity

0

500

1000

1500

2000

2500

3000

1998 1999 2000 2001 2002 2003 2004 IFRS>

2005 2006 2007 2008 2009 Q3

Investments Equity

15

Equity in % of total assets(before distribution of dividend)

404550556065707580

1998 1999 2000 2001 2002 2003 2004 IFRS>

2005 2006 2007 2008 2009 Q3

16

Interest rate sensitivity 2009

• Floating rate loans 42% of debt (2008: 75% and 2009 H1: 73%)

• Average interest period-end at 3.3% (2008: year end 3.7% and 2009H 1: 2.2%)

• 0.5% change in interest rates EPS change: € 0,07 (or 1.4% of DR)

17

Currency sensitivity 2009 Q3• Hedge on investments (end of period)

- USD 64% (2008: 68%) - GBP 65% (2008: 61%)

• A change of 10% on year-end exchange rates has an impact of EUR 1.57 (or 2.1%) on the NAV/Share

• On earnings: a change of 10% of average exchange rates (USD+GBP) has an impact of EUR 0.17 (or 3.5%) on the Direct Result

18

Sound financial situation• Low gearing: 69 % solvency (equity / debt + equity) or 29%

Loan To Value • Solid ratio’s maintained after negative revaluation Q3• Wereldhave is in top 5 of listed European Property Cie’s with

the lowest gearing• Diversified tenant base• EUR 350 mln of committed credit facilities available

19

Net asset Value / Share Price

0

20

40

60

80

100

120

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q3

Net Asset Value Share price

20

Direct Result and dividend per share

0

1

2

3

4

5

6

199719981999200020012002200320042005200620072008

Direct Result Dividend

Growth in %         IFRS IFRS IFRS IFRS IFRS

  1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

DR 2.7 8.1 17.4 12.1 8.3 0.1 p.m. -1.7 -3.0 -5.1 +1.0

Dividend 0 3.4 13.2 6.5 7.3 1.1 + 1.1 +1.1 +1.1 +1.1 0

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Portfolio

Geographical distribution of investments

at 30 September 2009

16

22

7156

8

26 Belgium 16

Finland 22

France 7

Netherlands 15

Spain 6

United Kingdom 8

United States 26

23

Distribution of investment properties(at 30 September 2009)

50 53 56 58 52 48 44 48 44 45 45 45

36 32 30 28 36 39 42 41 45 46 46 46

14 15 14 14 12 13 12 9 9 7 7 7

0%20%40%60%80%

100%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q3

Offices Shops Industrial Residential

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Revaluation of properties:

2009 Q3 2008 2007

- 8.3 % - 3.7% +5.1%

Belgium - 1.9 % + 1.2% 5.6%

Finland - 11.8 % + 0.9% 9.5%

France - 11.3 % -11.1% 8.2%

The Netherlands - 6.4 % - 0.5% 10.2%

Spain - 10.0 % - 4.3% 4.7%

United Kingdom - 14.2 % -22.6% -3.1%

U.S.A. - 6.7 % - 2.0% 2.0%

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Cap Rates per country, at period-end (weighted average)

2009 Q3 2008 2007

Total Portfolio 6.6 % 6.2% 5.9%

Belgium 6.2 % 6.1% 5.8%

Finland 5.9 % 5.3% 5.1%

France 6.5 % 6.0% 5.6%

The Netherlands 6.5 % 6.0% 5.9%

Spain 7.1 % 6.6% 6.1%

United Kingdom 8.5 % 7.9% 6.6%

U.S.A. 6.8 % 6.3% 6.2%

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• Yield -7.3%• Rent/Other -0.9%• Total portfolio -8.3%

Revaluation per country as per Q3 2009

-15% -10% -5% 0% 5%

BE

ES

F

UK

NL

SF

US

ALL

-2.7%

-6.7%

-8.8%

-7.5%

-9.1%

-9.2%

-6.9%

-7.3%

0.8%

-3.3%

-2.5%

-6.7%

2.8%

-2.5%

0.3%

-0.9%

BE ES F UK NL SF US ALL

YIELD -2.7% -6.7% -8.8% -7.5% -9.1% -9.2% -6.9% -7.3%

RENTS 0.8% -3.3% -2.5% -6.7% 2.8% -2.5% 0.3% -0.9%

Revaluation as per 30-9-2009:Yield effect - Rent & Oth. effect

YIELD

RENTS

TOTAL -1.9% -10.0% -11.3% -14.2% -6.4% -11.8% -6.7% -8.3%

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2009 Q3 2008 2007

Belgium 93 % 92 % 87 %

Finland 99 % 99 % 99 %

France 37 % 96 % 96 %

The Netherlands 99 % 98 % 97 %

Spain 90 % 95 % 99 %

United Kingdom 92 % 91 % 92 %

U.S.A. 91 % 93 % 92 %

Total 89.7 % 94.7 % 94.0 %

Occupancy by country

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2009 Q3 2008 2007

Offices 82 % 91 % 90 %

Retail 98 % 99 % 99 %

Industrial 99 % 97 % 95 %

Residential 88 % 92 % 92 %

Total 89.7 % 94.7 % 94.0 %

Occupancy by sector

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Development projects• Managed by Wereldhave organization;

• No 3rd party commitments

• USA, San Antonio: - Phase I: 2010 – 2011; USD 190 mln (backward scheduling 6 -12 months)- Phase II: decision based on success of phase I

• Belgium, Nivelles: - Phase I: 2011; EUR 62 mln- Phase II: 2011 – 2015; EUR 83 mln

• Belgium, Tournai: - Phase I: 2011 - 2012; EUR 20 mln- Phase II: 2011 – 2012; EUR 14 mln

• The Netherlands, Leiderdorp: - 2012 – 2014; EUR 35 mln

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Future

Future: 2009 - to let, to rebalance & to prepare ……• Priority to focus all efforts on leasing and higher occupancy rates• Successful lettings achieved in Paris and Washington• At present EUR 350 mln of committed credit facilities available• Well prepared to take advantage of opportunities in the market• Forecast Direct Result 2009: EUR 4.85 – 4.90 per share

32

Future: 2010 and forwards

• First acquisitions, then divestment of assets < EUR 20 mln and industrial/logistic

• Investment opportunities especially target UK (retail), France (offices) and Spain (offices); opportunities in other countries also pursued

• Portfolio size per country to increase to > EUR 400 mln in the coming 5 years

• Completion of developments projects to contribute to results from 2011 onwards

• Value creation by active management of shopping center portfolio

33

www.wereldhave.com

Development Portfolio

Belgium, Nivelles, Shopping Center & Mixed-use area

Description:Extension shopping center & Mixed-use

area

Size: Existing: 16,143 m2 (renovation

completed)Extension I: 12,000 m2 (shopping

center) 11,500 m2 (retail park)

Extension II: 12,500 m2 (multi-functional) offices, apartments &

hotel

Sustainability: Energy saving installationsUse of materials

Investment: Extension shopping center and retailpark: € 62 mln Adjacent area with offices, apartments,multifunctional and hotel: €83 mln

Planning: Retail: 2011Offices & multi-functional: 2011- 2012Apartments & hotel: 2012 - 2015

36

Belgium, Nivelles, Shopping Center & Mixed-use area

37

Belgium, Tournai, Shopping Center Les Bastions

Description: Extension current shopping center

Size: Existing: 14,178 m2Extension: 4,500 m2 (shopping

center)10,000 m2 (retail park)500 parkings26 apartments

Sustainability: Energy saving installationsUse of materials

Investment: € 34 mln.

Planning: Retail park phase I: 2011 – 2012Extension shopping: 2011 – 2012Retail park phase II: 2012Apartments: 2012

38

USA, Texas, San Antonio (maps: Google Earth)

39

USA, Texas, San Antonio, mixed-use area

Description: Mixed use area with 1,400apartments; 20,000 m2

offices;6,500 m2 retail and a 165

roomHotel; amphitheater; chapel

Size: Land: 119 acres

Sustainability: Water recycling; solar energy

Investment: Total USD 330 mln,Phase I: USD 190 mln.

Planning: Phase I: 532 apartments; 6,500 m2 retail; 20,000 m2offices; hotelCompletion: 2010 – 2011

40

Vision The concept

• Luxury Living

• Human interaction

• Outdoor Living

• Convenience

• Live: 1,400 residential units; 165 rooms hotel with spa

• Work: 20,000 m² office; 6,500 m² retail & grocer

• Play: 1,000 seat amphitheatre; chapel, parks, sporting facilities, trolley / tram

41

Hotel

42

Office

43

Residential

44

San Antonio, progress reportUSD mln

Land: 18Investments as per 2009 Q3: 48 (design, infrastructure, roads, start of offices)

Number or m2

Completion

Market rent USD

Comments

Offices 20,000 2010 Q1 21 – 22 per sqf, net

Topping out in march; marketed

Hotel 165 rooms 2011 Q2 100 net Rev.PAR

Management contract with Gemstone; upscale hotel

Retail 6,500 2011 Q1 10 per sqf, net Grocer

Apartments

532 2011 Q1 – 2011 Q3

1.- per sqf net Mostly apartments of 800 sqf

Amenities 2011 Q3 Restaurant, amphitheater, fitness, chapel, trolley

45

Unemployment rate in %, Texas, Dallas, San Antonio

(end of period; not seasonally adjusted)

0

2

4

6

8

10

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q3

Texas Dallas San Antonio

46

Source: The Economist July 11th, 2009

Texas triangle: map

4747

• Low tax burden attracts business and people • “right to work “ state; low participation in unions• Sound public finances• Local government favourable to business; benefits• Larger in area than any European Union country• Low land prices lead to cheaper housing costs for employees• Energy state: oil, coal, natural gas and wind power• University of Texas with largest single campus• Major airport Dallas-Fort Worth• Military basis (three large one’s)• Electronics industry developed from defence contracts• Banking industry in reasonable shape• Leading trading state with the “Trans-Texas Corridor” from Mexico• Many corporate headquarters as well as start-ups

Texas triangle: Economic topics

Source: The Economist , July 11th, 2009

48

Dallas• Telecoms (Silicon Prairie)• Aerospace• Distribution• Banking• Dallas Fort Worth’s major international airport• AT&T

Austin• “quality of place” for living, Greenest City in the US• University of Texas• State government• High-tech cluster• Dell

San Antonio• Military bases (3 large ones)• Toyota

Texas triangle: Major cities for Wereldhave

Source: The Economist , July 11th, 2009

49

S&P/Case Schiller US home price indices, Jan 1987 – Aug 2009

50

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