Investor presentation Q1 2010 results

Q1 10 highlights

• Occupancy rate stabilised

• Cap rates virtually unchanged • Succesful refinancing of 2010 Syndicated Term Facility

• Additional reletting in Paris

• Acquisition of shopping centre ‘Koningshoek’ in Maassluis, the Netherlands for € 40m. Four small assets sold in UK for € 5m

• Completion office space San Antonio project in Q3 10

2

Business environment• Macro picture slowly improving with GDP forecasts, producer- and

consumer trust on the rise

• But consumer spending remained subdued in Q1 and outlook on further recovery is blurred by possible impact from ‘Greek crisis’

• Property markets: investment volumes gradually rising again (especially prime properties/long leases). ‘Forced selling’ remains limited, for now. Prime yields stable in most- and slightly lower in some markets

• Letting markets: no significant improvements yet. Office markets still mostly face negative net take-up and lowering rents. Retail rents stable in good shopping centres/locations but under pressure in weaker centres/locations

3

Q1 2010 key figures

• Direct result p/s: € 1.20 (-5% yoy)• Total result p/s: € 0.50• Revaluation portfolio: -0.5%• NAV p/s: € 75.19 (-11% yoy)• Investment portfolio: € 2,663m (+10%)• Development pipeline ± € 250m • LTV 36% (± 37% after ‘Maassluis’-acquisition in Q2 2010)

4

Total result (€m) Q1 10 Q1 09 yoy

Direct result 27.5 28.1 -2%

Indirect result - 15.0 - 29.6 +50%

Profit 12.6 -1.5 -Minority interest 2.0 1.9 +9%Profit for shareholders 10.6 -3.3 -

5

Direct result (€m) Q1 10 Q1 09 yoy

Gross rental income 54.0 53.6 +1%

Operational costs -17.6 -17.3 +2%

General costs -3.2 -3.1 +3%

Other 0.6 0.6 +5%

Net financial costs - 5.2 -4.9 +5%

Taxes - 1.2 -0.7 -77%

Direct result 27.5 28.1 -2%

Minority interest -1.9 -1.9 -2%

Direct Result Shareholders 25.6 26.2 -2%

6

Gross rental income (€ m)

Q1 10 % total yoy l-f-l

Total 42.4 100% +1% +1%*

Belgium 6.3 15% -3% -3%

Finland 7.2 17% -1% -1%

France 1.8 4% +26% +26%

The Netherlands 8.0 19% +11% +2%

Spain 2.8 7% -1% -1%

United Kingdom 5.1 12% -8% +9%*

U.S.A. 11.1 26% -6% -1%*

7

* in local currency

Retail Office Logistics Resi Total

Q1 10

Total

FY 09Belgium 99.7 82.6 - - 92.0 92.8

Finland 98.8 97.0 - - 98.8 99.0

France 100.0 41.8 - - 53.3 37.5

The Netherlands 99.2 93.8 99.9 100.0 99.2 99.4

Spain 74.4 93.6 100.0 - 89.2 89.9

United Kingdom 97.3 88.7 91.1 - 91.1 91.3

U.S.A. 79.1 89.8 - 85.4 88.8 90.2

Total Q1 10 97.3 83.0 99.3 85.6 90.2 89.7

Total FY 09 97.8 81.3 98.9 88.1 89.7

Occupancy Mar 010

8

Financial costs

Financial cost (€ m)

10

Q1 10 Q1 09 yoy

DIR IIR DIR IIR DIR IIR

Interest expense -5.1 -5.0 2%

Amortized costs of loans -0.4 -0.2 100%

Non-cash option expense convertible bonds

-0.8 -0.4 100%

Other non-cash costs -0.3 -1.4 -0.3 -1.0 0% 40%

Interest income +0.1 +0.2 -50%

Capitalized interest +0.5 +0.4 25%

Other non-cash income

Net financial cost -5.2 -2.2 -4.9 -1.4 5% 57%

Interest rate & currency sensitivity Mar 2010

• Floating rate loans 55% of debt (FY09: 38%)

• Average interest: 2.2% (2009: 2.6%)*

• 0.5% change in interest rates

EPS change: € 0,12 (or 2.5% of DR)

• Hedge on investments (end of period)

- USD 62% (2009: 62%, H1 09: 68%)

- GBP 60% (2009: 61%, H1 09: 66%)

• A change of 10% on period-end exchange rates has an impact of € 1.78 (or 2.4%) on the NAV p/s

• On earnings: a change of 10% of average exchange rates (USD+GBP) has an impact of € 0.17 (or 3.4%) on DIR p/s

* On nominal basis. On IFRS basis: 2.7% (2009: 3.3%)

11

Indirect result

Indirect result (€

m)

Q1 010 Q1 09

Revaluation -12.0 -31.8Result on sales -0.1 0Deferred tax -0.5 3.6Net financial -2.2 -1.4Other - -

Indirect result -14.9 -29.6Shareholders -15.0 -29.5Minority interest 0.1 -0

13

Revaluation Q1 2010

14

Retail Office Ind. Resi Cap rate

Belgium +0.1% 0.0% - - 6.3%

Finland 0.0% 0.0% - - 5.9%

France 0.0% 0.0% - - 6.4%

The Netherlands +0.1% 0.0% +0.1% 0.0% 6.4%

Spain 0.0% 0.0% 0.0% - 7.1%

United Kingdom -0.4% -0.2% +0.5% - 7.9%

U.S.A. 0.0% 0.0% - 0.0% 7.1%

Cap rate 6.1% 7.0% 7.6% 7.3% 6.6%

Cap rate movement total portfolio -4 bps in Q1 2010

Yield movements & cap rates Q1 2010

15

Cap rate = net market rent divided by gross market value including transaction costs

Balance sheet & Debt profile

Sound Balance sheet (€ m)

Q1 2010 2009 2008

Total assets 2,867.7 2,597.0 2,823.2

Interest bearing debt long - 553.3 - 572.1 - 715.6

Interest bearing debt short - 398.0 - 140.8 - 24.0

Deferred tax liabilities - 121.4 - 119.0 - 151.8

Other liabilities - 76.1 - 78.6 - 71.6

Equity 1,718.8 1,686.5 1,860.2

NAV per share (IFRS) 75.19 73.77 83.74

NAV per share (EPRA) 80.62 79.25

NNNAV per share (EPRA) 72.12 73.65

17

Debt: conservative ratio’s at low cost

• Interest bearing debt: € 951m (2009: 713m)

• Fixed/floating: 45%/55% (2009: 62%/38%)

• Average cost: 2.2% (2009: 2.6%)*

• LTV: 36% (37% after ‘Maassluis’-acquisition; 2009: 28%)

• ICR: 7.0x (2009: 8.1x)

• ± € 90m of committed credit facilities and cash available after € 40m ‘Maassluis’-acquisition, dividend payment and EUR 270m refinancing of 2010 STF

Wereldhave in top 5 of lowest geared listed property companies in Europe

18

* On nominal basis. On IFRS basis: 2.7% (2009: 3.3%)

Debt profile Pro forma after € 40m ‘Maassluis’ acquisition, dividend payment and refinancing 2010 STF*

*STF: syndicated term facility** on nominal basis

19

Development pipeline overview

Project Location Total investment

Capex sofar

Expected net yield

Estimatedcompletion

Remarks

San Antonio I* Texas, US $ 190m $ 78m 7.0-7.5% 2010-2011 offices completed in early Q3 2010

Nivelles I** Belgium € 42m € 6m 7.0-7.5% 2012 Start construction in June 2010, contractor hired

Tournai I Belgium € 23m 0 7.0-7.5% 2012

Tournai II Belgium € 15m 0 7.0-7.5% 2012

Leiderdorp Neth. € 35m € 1m 6.0-6.5% 2012-2014

Total ±€ 250m € 61m

20

*Phase II USD 140m; decision based on success of phase I** Phase II decision based on success of phase I and granting of permits

Future: 2010 and onwards

• Focus on increasing occupancy rate. Expiries in US and Belgian office portfolio challenging in current markets

• Portfolio size per country to increase to > € 400m

• Focus on retail to increase from 50% to 50-60%

• Main targets: UK (retail), France (offices) and Spain (offices); opportunities in other countries also pursued

• Dutch portfolio: focus on next stage → active management and refurbishments- /extension-plans

• Sale of industrial assets and assets < € 20m

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

21

Expanding in Dutch retail

Appendix I

23

Maassluis: De Koningshoek

Maassluis: De Koningshoek

• Function: City’s dominant shopping centre

• Owners: Wereldhave and ASR

• Opening: 1971

• Refurb/Extension: 1985

GLA: Total :20,500 m2

W’ have :12,600 m2 retail

3,900 m2 other

• Catchment area: Primary :31.500 persons

Secundary :6.500 persons

• Gross rent: € 2.8 m

• Parking: 1000 p.p. (owned by city)

• Anchor tenants: Hema, Albert Heijn, Hoogvliet, Supercoop

• Remarks: Plans for refurbishment & extension with 8,000 - 10,000 m2, targeting

net yield of 7%

24

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

25

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

26

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

27

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

28

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

29

Primary shopping centres in Holland

• 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

Kronenburg

Woensel XL

Etten-Leur

De Roselaar

De Koperwiek

Winkelhof

Eggert

30

Development pipeline

Appendix II

Nivelles, BelgiumDescription: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 installationsUse of materials

Investment: Extension shopping center: € 42 mln

Planning: Shopping centre: 2012Other functions: 2012 - 2015

32

Nivelles, Belgium

33

Belgium, TournaiDescription: Extension current shopping center

Size: Existing: 15,540 m2Extension: 4,500 m2 (shopping center)

10,000 m2 (retail park)500 parkings26 apartments

Sustainability: Energy saving installationsUse of materials

Investment: € 38m

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

34

San Antonio, Texas, USA

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 330mPhase I: USD 190m

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

35

San Antonio, progress report

Number or m2

Completion Market rent USD

Comments

Offices 20,000 2010 Q3 21 – 22 per sqf, net

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

36

Hotel

37

Office

38

Residential

39

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

40

41

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

42

Profile, objectives, strategy

Appendix III

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 68%, UK 8% and USA 24%• ± 85 properties; average size ± € 30m• Market cap: ± € 1.3bn• Free float: ± 100%• High dividend yield (± 7.5 %)• Pay-out ratio: 95% • Included in major indices: AEX, EPRA, GPR, MSCI

44

Diversification of investments Mar 2010

45

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

46

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

47

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

48

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

49

Sustainability I

• 1998: In-house development and letting of ‘XX-building’ (Delft, NL)

• 2003: Formal introduction business principle: “focus on sustainable, innovative property products providing enhanced user value, lower life-cycle costs and reduced environment impact”

• 2003: Procedure sustainable investment as internal guideline

• 2006: First privately developed LEED Platinum office building (Mc Kinney) realized in Dallas, Texas

• 2008: Internal sustainability manual compiled, defining objectives and plans of action

• 2009: start carbon footprint evaluation; stimulation sustainability of suppliers; cooperation contract with construction companies; appointment of sustainability development manager

50

Sustainability II

• 2009: choice to invest in inner-city areas offering ample public transport and variety of facilities

• 2010 and onwards: in development of new buildings, sustainability starts in initiation phase. Performance criteria continually tightened. Core themes: energy, water, materials, vicinity, flexibility and interior environment (health and comfort).

→ Example: new 3000 sqm project on Ypenburg industrial park (2009)

→ Example: BREEAM sustainability-upgrade ‘Ilot-Kleber’, Paris (2009) *

• Objective: BREEAM rating GOOD on all new development projects

• Sustainability themes in property management: green electricity, accessibility physically challenged, assessing energy labels, sustainability brochures for tenants

* Examples of measures taken: sustainable cooling: ground water combined with ice storage; upgrade to an energy-efficient heating system; high-frequency lighting; cradle-to-cradle carpeting (Desso).

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Historic perspective

Appendix IV

Direct Result and dividend per share

0123456

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Direct Result Dividend

53

Net asset Value / Share Price

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Net Asset Value Share price

54

Sector allocation (in %)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

56 58 52 48 44 48 44 45 45 45

30 28 36 39 42 41 45 46 46 46

14 14 12 13 12 9 9 7 7 72 2 2 2 2 2

Offices Retail Logistics Residential

55

02 03 04 05 06 07 08 09

Belgium 96 91 80 83 84 87 92 93

Finland 99 98 90 99 99 99 99 99

France 98 94 96 97 98 96 96 38

The Netherlands 90 86 88 89 94 97 98 99

Spain 99 95 92 93 99 99 95 90

United Kingdom 99 98 91 97 98 92 91 91

U.S.A. 96 94 93 90 89 92 93 90

Total 96 94 91 92 93 94 95 90

Occupancy (in %)

56

02 03 04 05 06 07 08 09

Belgium 3.9 0.9 0.7 2.3 7.6 5.6 1.2 -1.8

Finland -0.9 2.7 2.2 9.3 22.9 9.5 0.9 -12.2

France 1.2 1.8 0.1 4.6 32.2 8.2 -11.1 -6.1

The Netherlands -2.6 1.1 1.3 3.5 7.0 10.2 -0.5 -6.4

Spain -2.5 -3.3 2.2 0.8 12.8 4.7 -4.3 -11.1

United Kingdom 0.5 -0.6 9.7 1.6 11.3 -3.1 -22.6 -9.9

U.S.A. -4.4 -5.3 3.3 8.0 4.0 2.1 -2.0 -12.3

Total -1.1 -0.2 3.1 4.8 12.0 5.1 -3.7 -9.1

Revaluation (in %)

57

06 07 08 09 Q1 10

Belgium 6.2 5.8 6.1 6.2 6.3

Finland 5.6 5.1 5.3 5.9 5.9

France 5.7 5.6 6.0 6.4 6.4

The Netherlands 6.5 5.9 6.0 6.5 6.4

Spain 6.4 6.1 6.6 7.1 7.1

United Kingdom 6.3 6.6 7.9 8.2 7.9

U.S.A. 6.9 6.2 6.3 7.1 7.1

Total 6.3 5.9 6.2 6.7 6.6

Cap rates (in %)

58

* = net market rent divided by gross market value including transaction costs

Quarterly result

Investments and Equity

0

500

1000

1500

2000

2500

3000

2000 2001 2002 2003 2004 IFRS>

2005 2006 2007 2008 2009

Investments Equity

60

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

40

45

50

55

60

65

70

75

80

2000 2001 2002 2003 2004 IFRS>

2005 2006 2007 2008 2009

61

Wereldhave: long-term outperformance vs EPRA and AEX

62

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