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Investor presentation March 2010

Investor presentation March 2010. FY 09 key figures. Direct result p/s: € 4.93 (+0.2%) Total result p/s: € -5.07 Revaluation portfolio: -9.1 % NAV p/s: € 73.77 (-12%) Investment portfolio: € 2,418m (-9%) Development pipeline ± € 250m LTV 29% (± 36% after € 220m acquisition in Feb 2010)

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Investor presentation March 2010

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  1. Investor presentation March 2010

  2. FY 09 key figures • Direct result p/s: € 4.93 (+0.2%) • Total result p/s: € -5.07 • Revaluation portfolio: -9.1 % • NAV p/s: € 73.77 (-12%) • Investment portfolio: € 2,418m (-9%) • Development pipeline ± € 250m • LTV 29% (± 36% after € 220m acquisition in Feb 2010) • Unused credit facilities > € 100m (March 2010) • Dividend proposal: € 4.65 cash (or € 3.20 cash + € 1.45 in stock)

  3. FY 09 highlights • New executive board in place • Strategy update: balanced growth in core countries and shopping centres, sale of industrials and assets <20m • Issue of 230m convertible bond • Succesful relettings in Paris, Washington DC and Manchester • Development pipeline continues as planned • Acquisition of four shopping centres in the Netherlands for € 220m in February 2010

  4. Country highlights

  5. US • Recession ended in Q3 09, mainly due to stimulus-package induced consumer spending. But recovery is fragile… • Office markets in general: vacancy up, rents lowering , prime yields 6.5-7.5% • Washington performing above-average in terms of vacancy and rents • San Diego: net take-up turned positive in H2 09, rents stable in centre, high vacancy in suburbs. Prime yields 7-7.5% • San Antonio: slight take-up recovery in Q4; vacancy and rents both marginally up • Housing market: seems to have bottomed out at year-end; San Antonio less impacted by downturn Source: OECD, Nov 09 Portfolio: $ 871m Development pipeline: $ 190-330m Revaluation: -12.3% Cap rate: 7.1% Occupancy: 90.2% Gross rental income: $ 70.8m Rent l-f-l: -1.6% (loc. cur.) 7

  6. Finland • Economy hit hard, first signs of improvement at year-end • Sunday-opening introduced in Dec • Retail vacancy rate rising in suburbs; Helsinki at 2.0% with stable outlook • Rents stabilized in shopping centres and increased on high-street • Prime retail yields at 5.75-6.25% • Itakeskus holding up in competitive environment Source: OECD, Nov 09 Portfolio: € 520m Revaluation: -12.2% Cap rate: 5.9% Occupancy: 99.0% Gross rental income: € 30.6m Rent l-f-l: -1.8% Rent-to-sales ratio: 7.4% 8

  7. Belgium • Economy : subdued recovery • Shopping centres ± ‘recession proof’ with footfall decreasing but tenant turnover stabilizing • Big box retailing and secondary locations suffering • Shopping centre rents stabilized but key-money lowered • Low shopping centre density; prime yields 5.75-6.25% • Brussels office market: increasing vacancy rate, lowering rents. Prime office yields now > 6%-level Source: OECD, Nov 09 Portfolio: € 382m Development pipeline: € 80m Revaluation: -1.8% Cap rate: 6.2% Occupancy: 92.8% Gross rental income: € 26.2m Rent l-f-l: +3.5% 9

  8. The Netherlands • Economic recovery mainly export driven for now • Consumer spending bottomed out in Q4 • Retailers in core locations holding up while secondary locations suffer • Vacancy rates up, rental levels stabilizing or lowering in some locations • Prime retail yields 5.75-6.25% • Strong shopping centre performance • Office market take-up -40%..., recovery not expected in short-term • Vacancy rates rising, rents continue to slide (-5% in 2009) Source: OECD Portfolio: € 375m Development pipeline: € 35m Revaluation: -6.4% Cap rate: 6.5% Occupancy: 99.4% Gross rental income: € 29.0m Rent l-f-l: +4.4% 10

  9. Gross rental income (€ m) * in local currency

  10. Occupancy

  11. Financial costs

  12. Financial cost (€ m)

  13. Interest rate sensitivity Dec 09 • Floating rate loans 40% of debt (FY08: 75% and Q3 09: 42%) • Average interest: 2.6% (2008: 3.7% and Q3 09: 2.9%) • 0.5% change in interest rates EPS change: € 0,07 (or 1.4% of DR)

  14. Currency sensitivity Dec 09 • Hedge on investments (end of period) - USD 62% (2008: 68%, H1 09: 68%) - GBP 61% (2008: 61%, H1 09: 66%) • A change of 10% on year-end exchange rates has an impact of € 1.66 (or 2.3%) on the NAV p/s • On earnings: a change of 10% of average exchange rates (USD+GBP) has an impact of € 0.20 (or 4%) on DIR p/s

  15. Indirect result

  16. Revaluation Dec 09 19

  17. Cap rates Dec 09 Cap rate = net market rent divided by gross market value including transaction costs

  18. Cap rates bandwidth (high – w. average –low) Bel Fin Fra Neth Spa UK US

  19. Top 10 largest assets Market value Dec 09 (€m) 22

  20. Top 10 largest tenants Gross rent Dec 09 (€m) 23

  21. Development pipeline overview *Phase II USD 140m; decision based on success of phase I ** Phase II decision based on success of phase I and granting of permits

  22. Balance sheet & Debt profile

  23. Shareholder equity(€ m)

  24. Debt: conservatively financed at low cost • Interest bearing debt: € 713m (FY08: 740m) • Fixed/floating: 62/38% (FY08: 25%/75%) • Average cost: 2.6% (FY08: 3.7%) • LTV: 28% (36% after recent acquisition; FY08: 27%) • ICR: 8.5x (FY08: 6.3x) • > € 100m of committed credit facilities and cash available after recent € 220m acquisition Wereldhave in top 5 of lowest geared listed property companies in Europe

  25. Debt profile Dec 09 29

  26. Debt profile pro forma after € 220m Dutch acquisition and refinancing STF* * STF: syndicated term facility 30

  27. Future: 2010 and onwards • Focus on further increasing occupancy rate • Portfolio size per country to increase to > € 400 mln • Main targets: UK (retail), France (offices) and Spain (offices); opportunities in other countries also pursued • Sale of industrial assets and assets < € 20m • Focus on retail to increase from 46% to 50-60% • Completion of developments projects to contribute to results from 2011 onwards

  28. Appendix I Development pipeline

  29. Nivelles, Belgium Description: Extension shopping center & Mixed-use area Size: Existing: 16,195 m2 (renovation completed) Extension I: 12,000 m2 (shopping center) Extension II: offices, apartments & hotel Sustainability: Energy saving installations Use of materials Investment: Extension shopping center: € 42 mln Planning: Shopping centre: 2012 Other functions: 2012 - 2015 33

  30. Nivelles, Belgium 34

  31. Belgium, Tournai Description: Extension current shopping center Size: Existing: 15,540 m2 Extension: 4,500 m2 (shopping center) 10,000 m2 (retail park) 500 parkings 26 apartments Sustainability: Energy saving installations Use of materials Investment: € 38m Planning: Retail park phase I: 2011 – 2012 Extension shopping: 2011 – 2012 Retail park phase II: 2012 Apartments: 2012 35

  32. San Antonio, Texas, USA Description: Mixed use area with 1,400 apartments; 20,000 m2 offices; 6,500 m2 retail and a 165 room Hotel; amphitheater; chapel Size: Land: 119 acres Sustainability: Water recycling; solar energy Investment: Total USD 330m Phase I: USD 190m Planning: Phase I: 532 apartments; 6,500 m2 retail; 20,000 m2 offices; hotel Completion: 2010 – 2011 36

  33. San Antonio, progress report 37

  34. Hotel

  35. Office

  36. Residential

  37. S&P/Case Shiller home price indices (sa) 41

  38. 42

  39. Unemployment rate, Texas (%, end of period; nsa)

  40. Appendix II Profile, objectives, strategy

  41. Wereldhave profile Independent property company, founded in 1930 Dutch REIT status Property portfolio: ± € 2.7 bn Development pipeline max. 10% of assets Present in Continental Europe 64%, UK 9% and USA 25% ± 85 properties; average size ± € 30m Market cap.: ± € 1.4bn Free float: : ± 100% High dividend yield (± 7 %) Pay-out ratio: 95% Included in major indices: AEX, EPRA, GPR, MSCI

  42. Diversification of investments Dec 09 46

  43. Financial objectives • Stable growth direct result and dividend… • … while maintaining solid balance sheet ratios; solvency between 55% - 65% • Pay-out ratio 85-95% of direct result

  44. Strategy: value creation • Investment in and management of shopping centres: • in-house active management • Investment in offices and residential complexes: • timing acquisitions and sales • In-house property development: • cost control • quality control • retaining development margin

  45. Strategy: risk management • Portfolio well diversified over 7 countries and 3 sectors • Only mature, liquid and professional property markets • Diversified tenant base • Portfolio renewal: development max. 10% of assets • Solid balance sheet: solvency 55-65% • Currency exposure hedged

  46. Market approach • Local knowledge and presence: • experienced local teams in all countries/regions • In-house property management and development: • direct relations with tenants and markets • In-house market research:  • timing of acquisitions and sales supported by in-house market analyses

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