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Investor Presentation October, 2007. 2007 H1 in a nutshell. Profit: EUR 114.7 mln (- 26%) Direct Result: EUR 56.7 mln (+ 0.2%) Direct Result per share: EUR 2.57 (+ 0.0%) Net Asset Value: EUR 85.81 (+0.4%) Investment properties: EUR 2,666 mln (+ 5.7%)

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2007 H1 in a nutshell

  • Profit: EUR 114.7 mln (- 26%)

  • Direct Result: EUR 56.7 mln (+ 0.2%)

  • Direct Result per share: EUR 2.57 (+ 0.0%)

  • Net Asset Value: EUR 85.81 (+0.4%)

  • Investment properties: EUR 2,666 mln (+ 5.7%)

  • Equity EUR 1,895 mln (+ 0.3%)

Investor Presentation, October 2007


2007 in a nutshell

  • Offices in Philadelphia and Pittsburg sold for USD 88 mln.

  • Norbury Trading Estate, UK sold for GBP 2.9 mln.

  • Acquisition of land in Frisco, USA (USD 7.4 mln) for 600 apartments.

  • Sale of 2 Dutch industrials (EUR 10.6 mln)

  • Incidental gain in Q1 of EUR 2.2 mln for early lease termination

  • Positive revaluation in all countries

  • Occupancy increased to 94.4%

  • Disposals to realize capital gains

  • Purchase of 35,200 m2 office building in San Diego, USA for USD 210 mln

  • Acquisition of 22,666 m2 retail- and leisure centre in Villalba, near Madrid, Spain for EUR 53 mln

  • Sale of 23,163 m2 office building in Rijswijk, The Hague, Netherlands for EUR 43.6 mln

  • Completion of congress center in Espo, Helsinki, EUR 4.4 mln

  • Sale of Belgian industrials in Meer for EUR 17 mln

Investor Presentation, October 2007





Investments and equity
Investments and Equity

Investor Presentation, October 2007


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

Investor Presentation, October 2007


Interest rate sensitivity 2007 h1
Interest rate sensitivity 2007 H1

  • Floating rate loans 58% of debt (2006: 48%)

  • 0.5% change in interest rates

     EPS change: € 0,06 (or 1.2% of DR)

Investor Presentation, October 2007


Currency sensitivity 2007 h1
Currency sensitivity 2007 H1

  • Hedge on investments (2007 Q1)

    - USD 64% (2006: 73%)

    - GBP 61% (2006: 63%)

  • On earnings: 10% fluctuation of currencies (USD+GBP)

     EPS change € 0.16 (or 3.1% of DR)

Investor Presentation, October 2007


Sound financial situation 2007 h1
Sound financial situation 2007 H1

  • Low gearing: 67% equity/total assets

  • Average interest at 5.3% (2006: 5.4%)

  • High dividend sustainability

  • Diversified tenant base

Investor Presentation, October 2007


Net asset value share price
Net asset Value / Share Price

Investor Presentation, October 2007


Net Asset Value per share

Investor Presentation, October 2007


Direct result and dividend per share
Direct Result and dividend per share

Investor Presentation, October 2007



Geographical distribution of investments at 30 june 2007
Geographical distribution of investmentsat 30 June 2007

Investor Presentation, October 2007


Distribution of investment properties
Distribution of investment properties

Investor Presentation, October 2007


Revaluation of properties
Revaluation of properties:

Investor Presentation, October 2007






Portfolio 2007 and after

Portfolio2007 and after


Portfolio changes 2007
Portfolio: changes 2007

Disposals (EUR 138 mln):

  • 3000 Park Lane, Pittsburgh (USD 12 mln)

  • 1515 Market Street, Philadelphia (USD 76 mln)

  • Norbury Trading Estate, UK (GBP 2.9 mln)

  • 2 Dutch industrials (EUR 10.6 mln)

  • Office building Rijswijk, The Hague, Netherlands (EUR 43.6 mln)

  • Belgian industrials in Meer (EUR 17 mln)

    Acquisitions (EUR 208 mln):

  • Plot of land in Frisco, near Dallas, USA (USD 7.4 mln) to develop 600 apartments (planned investment of USD 90 mln)

  • Office building in downtown San Diego, USA (USD 210 mln)

  • Retail- leisure centre in Villalba near Madrid, Spain (EUR 53 mln)

  • Congress center / hotel, Espoo, Helsinki, Finland (EUR 4.4 mln)

Investor Presentation, October 2007


2007 acquisition of land in frisco dallas usa
2007: acquisition of land in Frisco, Dallas, USA

Investor Presentation, October 2007


Frisco dallas texas
Frisco, Dallas, Texas

  • 3.6 hectares (9 acres); Intended Use:

  • 600 Luxury Residential Units

  • Service Retail

  • Structured Parking

Proposed development type

Investor Presentation, October 2007


Planetocio retail leisure centre collado villalba near madrid
Planetocio, retail- leisure centre, Collado Villalba, near Madrid

Acquired 6/2007 for EUR 53 mln

22,666 m2 GLA

3 floors

980 parkings

93 units (supermarket; fashion shops; cinema; fitness; ice skating track)

36% shops

33% leisure

31% restaurants

Investor Presentation, October 2007


Finland espoo hotel conference centre

Conference & training centre with Madrid

hotel located 20 min. driving distance

west of Helsinki

4,135 m2

Completed and purchased: 10/2007

for EUR 4.4 mln

1,591 m2 conference rooms

703 m2 restaurants

36 hotel rooms

80 parkings

Finland, Espoo – Hotel/conference centre

Investor Presentation, October 2007


Broadway 655 san diego usa

Broadway 655 Madrid

San Diego, USA


San diego broadway 655
San Diego, Broadway 655 Madrid

Investor Presentation, October 2007


San diego broadway 6551
San Diego, Broadway 655 Madrid

  • 23 floors

  • 35,200 m² offices

  • 12 apartments

  • 1,400 m² retail/restaurant

  • 752 parking's (ratio 1:50)

  • 80% leased

  • Built: 2005

  • Centrally located in down-town San Diego

Investor Presentation, October 2007


Broadway 655
Broadway 655 Madrid

  • First new class A plus building since 1991

  • 80% leased

  • Yield 5%

  • Only 12% of leased square ft to expire < 2015

  • Proximity to courts & government users

Investor Presentation, October 2007


Investing in the west coast of the usa why
Investing in the West Coast of the USA: why? Madrid

  • Demographic growth is strongest in coastal area’s

  • “Quality of life” has become an important factor for companies in choosing where to locate their offices

  • A tolerant and creative atmosphere attracts knowledge based companies (Silicon Valley, San Diego – biotechnology, Seattle – IT)

  • Commercial activity on the West Coast is increased by Trade with Asia : harbor cities show strongest growth

Investor Presentation, October 2007


Why san diego
Why San Diego? Madrid

  • Most attractive big city with entrepreneurial atmosphere and quality of life

  • Strong growth in knowledge based sector Biotechnology

  • Government institutions

  • High construction density makes land scarce

  • Increasing rents and real estate prices

Investor Presentation, October 2007


San diego
San Diego Madrid

Investor Presentation, October 2007


Downtown class a office rents 1999 1h2007 usd ft 2 yr
Downtown Class A office rents, 1999-1H2007 MadridUSD/ft2/Yr

Investor Presentation, October 2007


Broadway 6551
Broadway 655 Madrid

Investor Presentation, October 2007


Broadway 6552
Broadway 655 Madrid

Investor Presentation, October 2007



Washington renovation of 1401 new york avenue
Washington, renovation of 1401 New York Avenue Madrid

Investor Presentation, October 2007


Belgium shopping center nivelles

Nivelles Madrid

Description:

Expansion current shopping center

Size:

Existing 19,501 m2

Extension 9,804 m2

Sustainability:

Energy saving installations

Use of materials

Investment: € 38.5 mln

Planning: completion 2009 Q1

Belgium, Shopping Center Nivelles

Investor Presentation, October 2007


Doornik shopping center les bastions

Description: Madrid

Extension current shopping center

Size:

existing 14,178 m2

extension 14,500 m2

Sustainability:

Energy saving installations

Use of materials

Investment:

> € 40 mln.

Planning:

completion 2009 Q4

Doornik, Shopping Center Les Bastions

Investor Presentation, October 2007


Netherlands shopping center winkelhof leiderdorp
Netherlands, Shopping Center Winkelhof Leiderdorp Madrid

Description:

Extension with 7000 m2, 35

apartments, parking and central

square.

Size:

7000 m² extension to 25,000 m2.

Sustainable Items:

The relationship with the build up

surroundings; public safety;

attention to energy, water and

materials usage

Investment:

EUR > 25 mln.

Planning:

Completion 2009

Investor Presentation, October 2007


Texas san antonio maps google earth
Texas, San Antonio (maps: Google Earth)

Investor Presentation, October 2007


U s a san antonio texas

Description:

Mixed use area with 1,400

apartments; 17,000 m2 offices;

9000 m2 retail and a 200 room

hotel.

Size: Land: 119 acres

Sustainability:

Water recycling; solar energy

Investment:

Total USD 300 mln,

Phase I: USD 190 mln.

Planning:

Phase I: 500 apartments; 4000

m2 retail; office; hotel;

completion 2009 Q3

U.S.A., San Antonio, Texas

Investor Presentation, October 2007


Vision
Vision

The concept

  • Luxury Living

  • Human interaction

  • Outdoor Living

  • Convenience

  • Live: 1,400 residential units; 150 rooms hotel with spa

  • Work: 16,700 m2 office; 9,100 m2 retail & grocer

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

Investor Presentation, October 2007


Phase i
Phase I

500 Residential Units

150 Key Hotel

16,728 m2 Office

3,600 m2 Retail

5,500 m2 Grocer

Marketing Center

Chapel

Amphitheatre

Investor Presentation, October 2007


Marketing center to be converted to restaurant
Marketing Center – to be converted to restaurant

Investor Presentation, October 2007


Office building
Office building

Investor Presentation, October 2007




Residential
Residential

Investor Presentation, October 2007






Future1
Future

Policy of continuous portfolio renewal

Forecast Direct Result: EUR 4.75 – 4.85 per share

Development projects:

  • 6 projects, € 420 mln

  • Contribution to profit as from 2008

  • Expanding development portfolio

  • Study the entry of new markets of the west coast of the USA (San Diego region) and Turkey.

Investor Presentation, October 2007


Entrepreneurs in property

www.wereldhave.com

Entrepreneursinproperty


Profile
Profile

  • Independent property company, founded in 1930

  • “Dutch REIT” status

  • Property portfolio: ± € 2.7 bn

  • Diversified portfolio, geographically and per asset class

  • Market cap.: ± € 1.8 bn

  • Free float: : ± 95%

  • High dividend yield (± 5.25%)

  • Pay-out ratio: 89.5% (2006)

  • Included in major indices: EPRA, GPR, MSCI, DJSI

Investor Presentation, October 2007


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