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)• Unused credit facilities > € 100m (March 2010)• Dividend proposal: € 4.65 cash (or € 3.20 cash + € 1.45 in

stock)

2

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

3

Total result (€m) 2009 2008 yoy

Direct result 111.1 109.4 +1.6%

Indirect result - 213.4 - 100.6 -112%

Profit - 102.3 8.8 -Minority interest 4.8 - 8.3 -Profit for shareholders -107.1 0.5 -

4

Direct result (€m) 2009 2008 yoy

Gross rental income 166.7 168.7 -1%

Operational costs -23.5 -19.8 +19%

General costs -12.8 -11.5 +12%

Other 0.8 0.8 0%

Net financial costs - 17.6 - 26.1 -33%

Taxes - 2.5 - 2.8 -10%

Direct result 111.1 109.4 +2%

Minority interest -7.0 -7.1 -1%

Direct Result Shareholders 104.0 102.3 +2%

5

Country highlights

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: $ 871mDevelopment pipeline: $ 190-330mRevaluation: -12.3%Cap rate: 7.1%Occupancy: 90.2%Gross rental income: $ 70.8mRent l-f-l: -1.6% (loc. cur.)

2008 2009 2010 2011

GDP 0.4 -2.5 2.5 2.8

Consumer spending

-0.2 -0.6 1.3 2.4

CPI 2.1 1.3 0.9 1.0

Unemployment

5.8 9.2 9.9 9.1

7

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

2008 2009 2010 2011

GDP 0.8 -6.9 0.4 2.4

Consumer spending

1.5 -2.8 0.2 1.8

CPI 2.0 1.0 1.2 1.5

Unemployment

6.4 8.3 9.7 9.7

Source: OECD, Nov 09

Portfolio: € 520mRevaluation: -12.2%Cap rate: 5.9%Occupancy: 99.0%Gross rental income: € 30.6mRent l-f-l: -1.8% Rent-to-sales ratio: 7.4%

8

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

2008 2009 2010 2011

GDP 0.8 -3.1 0.8 1.7

Consumer spending

1.0 -1.7 0.6 1.4

CPI 1.9 1.3 1.1 0.8

Unemployment

7.0 7.9 8.9 9.2

Source: OECD, Nov 09

Portfolio: € 382mDevelopment pipeline: € 80mRevaluation: -1.8%Cap rate: 6.2%Occupancy: 92.8%Gross rental income: € 26.2mRent l-f-l: +3.5%

9

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)

2008 2009 2010 2011

GDP 2.0 -4.3 0.7 2.0

Consumer spending

1.3 -2.6 0.1 1.7

CPI 2.7 -0.3 0.2 0.7

Unemployment

2.9 3.7 5.2 5.5

Source: OECD

Portfolio: € 375mDevelopment pipeline: € 35mRevaluation: -6.4%Cap rate: 6.5%Occupancy: 99.4%Gross rental income: € 29.0mRent l-f-l: +4.4%

10

Gross rental income (€ m)

2009 % total yoy l-f-l

Total 166.7 100% -1% -4%*

Belgium 26.2 16% +4% +4%

Finland 30.6 18% -2% -2%

France 5.4 3% -57% -57%

The Netherlands 29.0 18% +4% +4%

Spain 11.4 7% -3% -3%

United Kingdom 18.7 11% -13% -2%*

U.S.A. 45.4 27% +17% -2%*

11

* in local currency

Retail Office Logistics Resi Total

Belgium 99.7 85.1 - - 92.8

Finland 99.1 97.0 - - 99.0

France 100.0 23.3 - - 37.5

The Netherlands 99.6 93.8 99.8 - 99.4

Spain 78.2 93.4 97.6 89.9

United Kingdom 95.9 89.3 91.8 - 91.3

U.S.A. 87.0 90.7 - 88.1 90.2

Total 97.8 81.3 98.9 88.1 89.7

Occupancy

12

Financial costs

Financial cost (€ m)

14

2009 2008 yoy

DIR IIR DIR IIR DIR IIR

Interest expense -17.5 -27.5 -36%

Amortized costs of loans -1.0 -0.8 +23%

Non-cash option expense convertible bonds

-2.1 -1.6 +27%

Other non-cash costs -1.1 -1.1 0%

Interest income 0.7 1.2 -43%

Capitalized interest 1.3 2.1 -39%

Other non-cash income 0.1 -

Net financial cost -17.6 -2.0 -26.1 -1.6 -33% +25%

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)

15

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

16

Indirect result

Indirect result (€

m)

2009 2008

Revaluation -247.0 -108.0Result on sales 0.8 4.3Deferred tax 34.8 10.0Net financial -2.0 -1.6Other 0.0 -5.3

Indirect result -213.4 -100.6Shareholders - 211.1 -101.8Minority interest -2.2 1.2

18

Revaluation Dec 09

19

Retail Office Ind. Resi Total

Belgium 5.8% 6.9% - - 6.2%

Finland 5.9% 6.3% - - 5.9%

France 7.5% 6.2% - - 6.4%

The Netherlands 5.9% 7.5% 7.4% - 6.5%

Spain 7.5% 6.7% 7.5% - 7.1%

United Kingdom 8.4% 8.0% 8.9% - 8.1%

U.S.A. 7.8% 7.0% - 7.5% 7.1%

Total 6.1% 7.0% 7.5% 7.5% 6.7%

Cap rate total portfolio +4 bps in Q4, +49 bps in FY 09

Cap rates Dec 09

20

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

Cap rates bandwidth (high – w. average –low)

7,50%

10,00%

7,50%9,00%

7,50%

12,00%10,50%

6,23% 5,89% 6,35% 6,50% 7,10%8,15%

7,08%

5,75% 5,75% 6,00% 5,75% 6,25% 5,00%6,25%

Bel Fin Fra Neth Spa UK US

21

Bel FraFin Neth Spa UK US

Top 10 largest assets

Market value Dec 09 (€m)

56

56

57

88

95

109

113

121

145

463

NY Avenue

Towers Business Park

Winkelhof

Mint Building

Diamond View Tower

Kronenburg

Broadway Tower

Ilot Kléber

Belle-Ile

Itakeskus sh.centre Helsinki, Fin Retail 19.2%

Liege, Bel Retail 6.0%

Paris, Fra Office 5.0%

San Diego, US Office 4.7%

Arnhem, NL Retail 4.5%

San Diego, US Office 3.9%

Washington, US Office 3.6%

Leiderdorp, NL Retail 2.3%

Manchester, UK Office 2.3%

Washington, US Office 2.3%

Location sector % portfolio

22

Top 10 largest tenants

Gross rent Dec 09 (€m)

2,2

2,3

2,4

2,5

2,9

3,2

4,7

5,8

6,5

7,0

Advanced Equities …

Makro …

Ergo Services KDV

Black & Veatch

Cisco Systems

DHL Express Nederland

EDF

Coughlin Stoia Geller …

United States Mint

Stockmann

% total rent sector

3.8% Retail trade

3.5% Government

3.1% Legal

2.6% Energy

1.7% Logistics

1.6% ICT

1.3% Engineering

1.3% Financial

1.2% Wholesale trade

1.2% Financial

23

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 May 2010

Nivelles I** Belgium € 42m € 6m 7.0-7.5% 2012 Start construction in June 2010, retail park not (yet) approved

Tournai I Belgium € 23m 0 7.0-7.5% 2011-2012 Start construction in Q1 2011

Tournai II Belgium € 15m 0 7.0-7.5% 2011-2012

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

Total ±€ 250m € 61m

24

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

Balance sheet & Debt profile

Sound Balance sheet (€ m)

2009 2008 2007

Total assets 2,597.0 2,823.2 2,803.1

Interest bearing debt long - 572.1 - 715.6 - 535.9

Interest bearing debt short - 140.8 - 24.0 - 56.7

Deferred tax liabilities - 119.0 - 151.8 - 163.2

Other liabilities - 78.6 - 71.6 - 74.0

Equity 1,686.5 1,860.2 1,973.3

26

Shareholder equity (€ m)

Shareholder equity Dec 08 1,740.3

Net result -107.1

Other movements 10.1

Dividend -73.8

Shareholder equity Dec 09 1,569.6

NNAV per share 73.77 -12% yoy

Deferred tax per share 5.59

NAV per share 79.36 -13% yoy

27

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

28

Debt profile Dec 09

29

Debt profile pro forma after € 220m Dutch acquisition and refinancing STF*

* STF: syndicated term facility

30

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

31

Development pipeline

Appendix I

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

33

Nivelles, Belgium

34

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

35

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

36

San Antonio, progress report

Number or m2

Completion Market rent USD

Comments

Offices 20,000 2010 Q2 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

37

Hotel

38

Office

39

Residential

40

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

41

42

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

0

2

4

6

8

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

Texas Dallas San Antonio

43

Profile, objectives, strategy

Appendix II

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

45

Diversification of investments Dec 09

Retail46%

Office45%

Logistics7%

Resi2%

sectorBel16%

Fin21%

Fra7%Neth

16%

Spa6%

UK9%

US25%

country

46

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

47

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

48

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

49

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

50

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

51

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).

52

Historic perspective

Appendix III

Direct Result and dividend per share

0123456

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Direct Result Dividend

54

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

55

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

56

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 %)

57

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 %)

58

06 07 08 09

Belgium 6.2 5.8 6.1 6.2

Finland 5.6 5.1 5.3 5.9

France 5.7 5.6 6.0 6.4

The Netherlands 6.5 5.9 6.0 6.5

Spain 6.4 6.1 6.6 7.1

United Kingdom 6.3 6.6 7.9 8.2

U.S.A. 6.9 6.2 6.3 7.1

Total 6.3 5.9 6.2 6.7

Cap rates (in %)

59

* = 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

61

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

62

Wereldhave: long-term outperformance vs EPRA and AEX

63

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