Kempen IR Roadshow

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Kempen IR Roadshow Amsterdam London 24-25
September 08
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WDP, the long term industrial real estate
Partner in the logistic heart of Western and
Central Europe
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Logistic real estate partner

• By renting
• Our existing warehouses
• new developments and refurbishments at risk
• By tailormade developments
• By sale- and rentback operations
• By buying warehouses
• Always starting from the value of the real estate
  
• Using the Belgian an French REIT-system

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In Western and Central Europe

• WDP wants to be a LT real estate partner in
• The logistic gate to Western Europe
• from Le Havre to Rdam
• the south of the Netherlands, Belgium and
  Northern France
• The new logistic south-east gate to Central
  Europe
• Romania by the Black Sea
• and the Czech Republic
• Today 29 of the portfolio is outside Belgium

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CW 2008 European Distribition Report Belgium
number 1
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Our European presence
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June 2008 A portfolio to look at !

• Market leader in Belgium
• gt 70 sites at logistic crossroads
• with spaces from 1.000 m² to 65.000 m²
• A portfolio of 1.000.000 m² warehouse space
• Fair value of the standing portfolio 600 million
  euro (30-6)
• Land projects in execution (on balance) 88 mio
  euro

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Occupancy rate 2008 2009

• Total occupancy rate on June 30th 2008 of 98,5
• Share of short leases lower than 2 of total
• lease income
• 2HY 2008 Only maximum 23,000m² lease contracts
  will expire
• negotiations for all sites
  ungoing
• 2009 75.000m² (2,7 mio income/y) lease contracts
  can expire
• different negotiations are ungoing

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Operational realisations 2008

• Opening WDP office in The Netherlands
• (Waddinxveen)
• Insourcing of finance function completed
• Staffing almost complete

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A Euronext quoted Company

• Euronext Brussels Paris
• Member of BEL MID, NEXT Prime and EPRA-index
• Market capitalisation 350 mio EUR
• Reference shareholder Family Jos De Pauw 30
  !
• Free float of 70
• Velocity gt 35

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2007Return of the WDP share
Average since IPO/Year
31/8/2008
WDP
14.30
-4.24
GPR 250 Belgium
7.21
3.03
GPR 250 Europe
-17.37
8.42
BEL 20
-24.02
0.00
Bron Global Property Research (Kempen BV)
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2008Outlook

• Expected net operating result for 2008 of minimum
  28 million euro
• Net operating result per share of 3.25 in 2008
• ( 2007 8)
• Total expected dividend of gross 2.94 euro per
  share
• With gross closing dividend of 1.53 euro per
  share (May 09)

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Overview gross yield per country
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Real estate projects for 2009-2010 total
overview and gearing evolution
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Financing further growth

• Todays gearing is 54.33
• With execution of all projects in pipeline
  gearing will grow to maximum 64 by end of 2009
• (based on the current valuation without capital
  gains on project pipeline and profit retention
  into retained earnings)
• WDP today disposes of sufficient short and long
  term credit facilities to finance these projects
• We opt for further growth in our different
  regions by
• Continuously searching for profitable projects
• Continuously anticipating on growth
  opportunities
• This means we will start to evaluate all options
  to strengthen our capital base

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Evolution debt and intrest costs
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Overview credit facilities
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Conclusion

• Value and growth-potential of WDP
• is based on
• a clear focused real estate strategy,
• supported by the still growing underlying
  business needs of the
• European Supply Chain

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Question time
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2008-2009Financial Calendar

• Interim dividend payment September 3rd 2008
• Results Q3 2008 November 19th 2008
• FY Results 2008 February 24th 2009
• General Meeting April 29th 2009
• Dividend Payment May 6th
  2009