Return*

The return as at 30 June 2009 is -11.09% on an annualised basis. WDP is therefore substantially outperforming most European and Belgian property shares, and by far outperforming the Bel20 index. According to the ‘GPR 250 EUROPE’ index of Global Property Research the return on the European listed property shares at the end of June was -38.69%. According to the ‘GPR 250 BELGIUM’ index the return on Belgian property shares in the same period was -13.56%. The gross return of the Bel20 index at 30 June was -35.90%. In this connection, also see the monthly update on www.wdp.be.

The good performance of WDP shares is also evident from a comparison of the return of WDP, the EPRA Europe property index, the Bel 20 index and European government bonds. Taking the situation at the time of the IPO, ten years ago, as the baseline 100 (more specifically 30 June 1999), WDP had advanced to 245.43 on 28 May 2009, government bonds to 174.15, EPRA Europe to 134.19 and the Bel20 had slipped to 92.36**. The chart also shows that WDP generally followed the evolution of the EPRA Europe index, but that the fall in returns since 2007 is far less pronounced.

The negative return of the WDP shares in the first half of 2009 is obviously attributable to the credit crisis, and the uncertain economic prospects causing investors to fear its impact on the value of property. WDP is, however, continuing its efforts, despite the economic climate, to generate a robust cash flow as a basis for an attractive dividend. WDP also remains confident that the quality of the property portfolio, together with the fact that the closed-end property investment company distributes an attractive dividend year after year, offer favourable prospects for the longer term future. The success of the most recent capital increase has already attested to the continued faith of investors in WDP.

* The return on a share in a specific period is equal to the gross return. This gross return is the sum of the following components:

- the difference between the price of the share at the end and the beginning of the period;

- the gross dividend (i.e. the dividend before deduction of the withholding tax on income from movable property);

- the gross return on the dividend received if reinvested in the same share.

** Source ING Belgium. The figures of 28 May are the most recent figures available permitting the four categories to be compared.