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Expanding in Dutch retail Investor presentation, 16 Februari 2010

Expanding in Dutch retail Investor presentation, 16 Februari 2010. Agenda. Transaction highlights Wereldhave strategy Funding Overview Dutch retail portfolio. 2. Highlights.

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Expanding in Dutch retail Investor presentation, 16 Februari 2010

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  1. Expanding in Dutch retailInvestor presentation, 16 Februari2010

  2. Agenda Transaction highlights Wereldhave strategy Funding Overview Dutch retail portfolio 2

  3. Highlights • Wereldhave acquires five well established shopping centres in the Netherlands for an amount of € 249.5m including transaction costs, expanding the portfolio by 9% • Acquisition of fifth shopping centre (‘Overvecht’ in Utrecht) for € 28m contingent upon right of first refusal anchor tenant • Acquisition fits well in strategy: increasing focus on retail and growing portfolio-size per country • Transaction fully funded by existing credit lines • Net initial yield on acquisition of 6.1% including transaction costs (6.2% excluding ‘Overvecht’). • Cash flow accretive: at least € 0.16 increase in Direct Investment Result per share (or +3.3% annualized; using cost of debt of convertible bond issued in Sept 2009) 3

  4. Wereldhave strategy • Increasing focus on shopping centres  • In-house active management  (3 out of 4/5 centres) • Focus on quality  • Dominant centres, core retail locations  • Contributing to direct result  • Focus in the Netherlands on retail  • Sizeable portfolio per country  (from € 375m to ± € 610m in NL) (from € 250m to ± € 485m NL retail) • Expansion and focus in UK, Spain ≈ and France 4

  5. Funding • Using existing credit facilities • LTV rises to around 38%, well within 35-45% range • Transaction in FBI (Dutch REIT)  tax efficient • Remaining credit facilities > € 100m 5

  6. Outlook Dutch retail: economy Source: OECD, Nov 2009 •  Above-average growth in consumer spending expected •  Lowest unemployment rate in EU 6

  7. Outlook Dutch retail: markets • Dutch retail market: below-average risk profile in European perspective • Rental income from retail relatively resilient: No turnover based rent: less volatility on up- and downside Rent reviews: ‘smoothening’ impact due to legal framework • Supply: new developments subdued due to long planning process and physical restrictions • Increasing divergence in performance of core- and secondary locations expected to continue; Wereldhave only present on core locations with well established centers 7

  8. Primary shopping centres in Holland Eggert Winkelhof Kronenburg De Koperwiek Etten-Leur Woensel XL De Roselaar Around 53 shopping centres larger than 20.000 m2 GLA Strong concentration around the larger cities / ‘ Randstad XL’ After the acquisition Wereldhave owns >13% in this segment of primary shopping centres 8

  9. Purmerend: Eggert • Function: Part of city centre retail structure • Opening: 1979 • Refurbishment: 1992 • GLA: Total :20,555 m2 W’have :19,456 m2 retail :277 m2 other • Catchment area: Primary:78,450 persons Secundary:82,100 persons • Gross rent: € 5.0m • Parking: 390 p.p. (owned) • Remarks: - Growing catchment area - Solid market position - Strong tenant mix with further potential 9

  10. Capelle a/d IJssel: De Koperwiek • Function: City’s dominant shopping centre • Owners: Wereldhave and Van der Vorm Vastgoed • Opening: 1965 (Van der Vorm) • Extension: 1995 GLA: Total :22,000 m2 W’ have :9,021 m2 retail 78 m2 other 61 app. • Catchment area: Primary:63,350 persons Secundary:28,000 persons • Gross rent: € 2.8m • Parking: 925 p.p. (owned by city) • Remarks: - Above average spending power - Extension possibilities 10

  11. Eindhoven: Woensel XL • Function: Large district centre • Owners: Wereldhave, Redevco, IEF, private investors • Opening: 1967 • Refurb + extension: 2004-2006 • GLA: Total :41,000 m2 W’have :9,858 m2 retail 484 m2 office • Catchment area: Primary:100,800 persons Secundary:133,000 persons • Gross rent: € 3.7m • Parking: 1000 p.p. (not owned) • Remarks: - Growing catchment area - Solid market position - Expand ownership 11

  12. Roosendaal: De Roselaar • Function: Part of city centre retail structure • Opening: 1968 • Refurbishment: 1996 • GLA: Total :28,000 m2 W ‘have :12,407 m2 retail 167 m2 other • Catchment area: Primary :77,700 persons Secundary :50,000 persons • Gross rent: € 3.5m • Parking: 415 p.p. (not owned) • Remarks: - Expand ownership - Solid market position - Stable catchment area - Strong tenant mix with further potential 12

  13. Utrecht: Shopping centre Overvecht • Function: Medium sized district shopping centre • Owners: Wereldhave, Redevco, Fortis, Rabo, IEF, ING, and others • Opening: 1969 • Refurbishment: 1996 • GLA: Total : 26,600 m2 W’have : 8,702 m2 retail 1,409 m2 other • Catchment area: Primary: 31,830 persons Secundary: 75,300 persons • Gross rent: € 1.9m • Parking: 1000 p.p. (not owned) • Remarks: - Extension possibilities - Solid market position NB: Right of first refusal for anchor tenant Ahold vastgoed 13

  14. Good quality rental income • Focus on retail • retail € 16.2m 95.3% • parking € 0.4m 2.35% • residential € 0.4m 2.35% • TOTAL € 17.0m 100% • Solid tenants • (inter)national top tenants* € 9.1m 54% • Normal- to good tenants € 6.9m 41% • Smaller and more risky tenants € 1.0m 5% • TOTAL € 17.0m 100% • * 10 largest tenants generate 39% of rental income 14

  15. Top-10 tenants 15

  16. Overview Dutch retail portfolio 16

  17. Investor relations: Charles Bloema tel: +31(0)703469325 investor.relations@wereldhave.com www.wereldhave.com

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