Q1 Results 2012

Roadshow May / June 2012

■ WDP in a nutshell

■ Highlights Q1 2012

■ Acquisition Lake Side Portfolio

■ Operational review

■ Portfolio overview

■ Financing structure

■ Results analysis

■ WDP share

■ Outlook

Agenda

WDP in a nutshell

Pure player in warehouse sector

Developments■ New build

■ Refurbishments

Acquisitions■ Portfolios

■ Sale & rent back

CO2 abatement■ BREEAM

■ Renewable energy

Active & flexible investor■ Creating long-term partnerships

■ Focus on sustainability

■ Internal commercial, development &

property management teams

Built on solid foundations■ Supported by defensive REIT status

■ Geographic diversification

■ Long-dated experience with

dedicated strategy for > 35y

Highlights Q1 2012

(*) Based on the weighted average number of outstanding shares

■ Operational

■ Occupancy rate firm at 97% (stable q/q) & letting of Venlo project (15,000m²)

■ Strategic acquisition in second home market the Netherlands (Lake Side Portfolio)

■ Confirmation of Benelux market leadership (deployment in the Netherlands)

■ Financial

■ Renewed offering of an optional dividend (reinforcing equity base to fund growth)

■ Strengthening financing (2013 refinancing, new credit facilities)

■ Improvement of hedges (covered debt to acquire Lake Side Portfolio)

■ Results

■ Continued growth of the net current result in Q1 2012 (+5% on a per share basis) (*)

■ Dividend forecast of EUR 3.10 per share confirmed (+5% compared to 2011)

■ Guidance net current result increased to min. EUR 50m (after closing of LSP)

Highlights Q1 2012

KEY FIGURES

Operational 31.03.2012 31.12.2011

Fair value of real estate portfolio (incl. solar panels) (EUR m) 1.000,2 989,4

Gross rental yield (incl. vacancy) (%) 8,3% 8,3%

Net initial yield (EPRA) (%) 7,5% 7,5%

Average lease duration (till first break) (y) 7,0 7,2

Occupancy rate (%) 97,0% 96,7%

Like-for-like rental growth (%) 3,3% 2,8%

Operating margin (%) (Q1 2012 vs. Q1 2011) 90,6% 90,8%

Per share data (EUR) 31.03.2012 31.03.2011

Net current result (EPRA) 0,82 0,78

Result on portfolio 0,02 -0,20

IAS 39 result -0,30 0,86

Net result 0,53 1,44

NAV (IFRS) 29,93 31,03

NAV (EPRA) 34,05 33,13

NNNAV (EPRA) 29,93 31,03

Acquisition Lake Side Portfolio

■ Lake Side Portfolio transaction (*)

■ Acquisition of a high quality, long leased logistics portfolio in the Netherlands

■ 8 modern logistics/industrial facilities rented out to quality tenants

■ Financial details

■ Asset deal of 8 freehold properties for a total investment of EUR 105m (**)

■ Annualized rental income of EUR 8.2m generating a gross initial yield of 7.8% (***)

■ Strategic fit

■ Further deployment in second home market the Netherlands

■ Strengthening portfolio quality & lengthening lease duration

(*) See press releases of 22 March 2012 and 25 April 2012

(**) Including transaction costs

(***) Calculated by dividing the annualized gross rental income by the purchase price (including

transaction costs)

Strategic rationale

■ Excellent quality assets

■ Long duration leases

■ Complementary to existing portfolio

■ 2010-13 growth plan

■ Strengthening Benelux market leadership

■ Building strong platform in the Netherlands

Overview assets Lake Side Portfolio

Location Type Tenant

Site area

(m²)

Gross Lettable

Area (m²)

Occupancy

rate

Gross annual

rent (EUR m)

Lease

duration (y)

Nieuwegein Logistic V&D 42.980 44.423 100% 2,5 15,3

Zwolle Logistic Kuehne + Nagel 35.826 19.765 100% 1,2 7,6

Helmond Industrial Prinsen 16.874 13.025 100% 0,7 15,0

Veghel Industrial Vetipak 10.000 9.820 100% 0,5 9,1

Oss Industrial Vetipak 10.089 11.074 100% 0,5 14,0

Roosendaal (*) Industrial BIS Industrial Services 32.000 9.091 100% 0,8 10,0

Oss Logistic Movianto 21.600 16.905 100% 0,9 10,0

Beek (Maastricht-Airport) (*) Logistic Koninklijke Mosa 38.200 25.197 100% 0,9 15,0

Total 207.569 149.300 100% 8,2 12,5

(*) Under construction with deliveries scheduled in 2H12

Impact on WDP portfolioW

DP

as

pe

r F

Y11

WD

P p

ro f

orm

a

Geographical breakdown (*) Lease duration (**) Breakdown by type (***)

(*) By fair value and excluding solar panels

(**) Including solar panels

(***) By rental income

Purchases

■ Lake Side Portfolio NL logistics portfolio EUR 105m (*)

■ Solar panels BE 0.6MWp on rooftops EUR 1m

Transaction Country Type Investment

� Total investment of > EUR 100m

� Profitable strengthening of market position

(*) Not yet reflected in Q1 2012 numbers. See press release of 25 April 2012

Disposals (under negotiation)

■ Various BE logistics EUR 14m

Transaction Country Type Divestment

� Currently EUR 14m disposals under negotiation (tbc)

� Smaller non-strategic assets

Projects executed

■ Mollem BE 3,200m² Q1 2012 Lactalis

� Total capex of EUR 4m

� Yield on total cost around 8%

Location Country Surface Completion Tenant

Projects in execution (pre-let)

■ Willebroek BE 15,000m² Q3 2012 Distrilog

■ Schiphol NL 10,000m² Q3 2012 Rapid

■ Venlo NL 15,000m² Q2 2012 Arrow Electronics

■ Ternat BE 10,000m² Q3 2012 ATS, Bpost etc

� Total capex of EUR 23m (EUR 8m expensed to date)

� Yield on total cost around 8%

Location Country Surface Completion Tenant

Total 50,000m²

Projects on hold (unlet)

■ n/a n/a n/a n/a

� No unfinished & unlet projects left, down y/y from 45,000m²

� Further optimization of balance sheet

Location Country Surface Strategy

Development potential (uncommitted)

■ St.-Niklaas BE 28,000m²

■ Nivelles BE 25,000m²

■ Courcelles BE 10,000m²

■ Trilogiport BE 50,000m² (**)

■ Heppignies BE 80,000m²

■ Libercourt FR 24,000m²

■ Neprevaska CZ 10,000m²

■ Various RO tbd

� Land positions with an investment value of EUR 45m

� Initiation subject to preletting, secured financing & permits

Location Country Buildable surface (*)

(*) Potential surfaces that could be built on the sites

(**) Concession

Sustainability

■ Investments renewable energy

■ Launched projects to cover rooftops of 2 sites in Belgium with 0.6MWp solar panels

■ Total of 15MWp solar panels in operation on rooftops in Belgium

■ 2011: solar panel income stands for 9% of revenues

■ Various initiatives to reduce CO2 footprint

■ Initiated sustainable lighting project (cfr. Mollem – first ‘fully-LED’ warehouse in BE)

■ BREEAM certification for new projects (Willebroek, Schiphol)

■ Constant dialogue with tenants to reduce heating and electricity consumption

■ Looking ahead

■ Political headwind reduces economic viability and lengthens project lead time

■ Examining various alternatives

■ Lake Side Portfolio – two buildings covering 40% of the surfaces BREEAM certified

Geographical footprint

•Value: EUR 933m

•Gross yield: 8.3%

•Vacancy rate: 3.3%

•1.7m m² buildings

•4.3m m² land

Total

•Value: EUR 83m

•Gross yield: 8.1%

•Vacancy rate: 0.7%

•142,000m² buildings

•376,000m² land

France

•Value: EUR 219m

•Gross yield: 9.5%

•Vacancy rate: 4.2%

•373,000m² buildings

•703,000m² land

Netherlands

•Value: EUR 25m

•Gross yield: 10.5%

•Vacancy rate: 0.0%

•39,000m² buildings

•131,000m² land

Czech Republic

•Value: EUR 25m

•Gross yield: 9.4%

•Vacancy rate: 0.0%

•7,000m² buildings

•861,000m² land

Romania

Portfolio fair value split Q1 2012 (*)

•Value: EUR 581m

•Gross yield: 7.7%

•Vacancy rate: 3.6%

•1,087,000m² buildings

•2,218,000m² land

Belgium

(*) Excluding solar panels

and including projects.

Vacancy rate excluding

solar panels

Belgium

63%

Netherlands

23%

France

9%

Czech

Republic

3%Romania

3%

Occupancy

■ Continued high occupancy

■ Occupancy rate 97.0% Q1 2012 (vs. 96.7% end 2011)

■ 2/3 of rental breaks in 2012 secured

■ Expected occupancy of min. 95% in 2012

Historical occupancy rate Lease maturity profile (till first break)

85,0%

87,5%

90,0%

92,5%

95,0%

97,5%

100,0%

Vacancy due to speculative developments

Reletting of Hazeldonk post closing of FY04

Occupancy rate

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

0%

5%

10%

15%

20%

25%

30%

35%

40%

Lease maturities (incl. solar income)

Weighted avg lease duration (y) (rhs)

Diversified client base=

■ Well-spread tenant profile

■ Active in multiple industries & predominantly large (inter)national corporates

■ Top tenants spread over multiple buildings / businesses / countries

■ Strong historical client retention rate

Top tenants Tenant industry activity

Univeg Group

15%

Solar panels

9%

DHL

8%

Kuehne +

Nagel

6%Philips

Lighting

5%

Top 6-10

13%

Other

44%

39%

15%

17%

8%

5%

4%

4%4%

2%2%1%

3 PL

Other

Food

Wholesale

Telecom & ICT

Automotive

Industry

Textile

Services

Media & Communication

Government & non-profit

=with long-term leases

■ Income visibility

■ Univeg & solar panels stand for a quarter of income for 17y

■ 35% of contracts have a duration of minimum 10y

■ Excluding Lake Side Portfolio with 12.5y weighted average lease length

Lease duration

(in years)

Avg duration

till first break

Avg duration

till expiration

Excl. solar income 6.0y 8.4y

Incl. solar income 7.0y 9.2y

Q1 2012 Consolidated results

EUR x 1.000 Q1 2012 Q1 2011 % Growth 2011

Net current profit

Net rental result 17.119 14.847 15,3% 63.103

Income from solar energy 960 1.011 -5,0% 6.209

Other operating income/charges -143 -120 19,2% -218

Property result 17.936 15.739 14,0% 69.094

Property costs -463 -414 11,8% -1.403

Corporate overheads -1.231 -1.027 19,9% -4.362

Net profit on property 16.242 14.297 13,6% 63.329

Financial result excl. IAS 39 result -5.016 -4.633 8,3% -18.917

Taxes on net current result -80 -67 19,4% -87

Deferred taxes on net current result -16 121 -113,2% -58

Net current profit 11.131 9.719 14,5% 44.268

Result on the portfolio - - -

Changes in fair value of property investments (+/-) 241 -2.611 n.r 3.399

Result on the disposals of property investments (+/-) -1 1 n.r 17

Deferred taxes on the result of the portfolio 24 85 n.r -708

Result on the portfolio 265 -2.525 n.r 2.708

IAS 39 result - - -

Variation in the fair value of financial instruments (IAS 39 impact) -4.136 10.817 n.r -17.272

Deferred taxes on revaluation of IRSs - - n.r -

IAS 39 result -4.136 10.817 n.r -17.272

NET PROFIT 7.260 18.012 n.r 29.705

Q1 2012 Consolidated results

(*) Based on the weighted average number of outstanding shares and based on EPRA Best Practices

Recommendations (www.epra.com).

(**) Based on the total number of dividend entitled shares

Per share data Q1 2012 Q1 2011 % Growth 2011

Net current result (EPRA) (*)

0,82 0,78 5,3% 3,42

Portfolio result 0,02 -0,20 n.r. 0,21

IAS 39 result -0,30 0,86 n.r. -1,33

Net profit 0,53 1,44 n.r. 2,29

Weighted average number of outstanding shares 13.638.521 12.533.938 8,8% 12.958.501

Net current result (**)

0,82 0,71 14,5% 3,25

Total number of dividend entitled shares 13.638.521 13.638.521 0,0% 13.638.521

Q1 2012 Consolidated B/S

EUR x 1.000 31.03.2012 31.12.2011 31.03.2011

Intangible fixed assets 278 310 390

Property investments 918.863 908.089 822.531

Other tangible fixed assets (incl. solar panels) 72.334 72.371 66.514

Financial fixed assets 11.407 11.418 12.231

Financial lease receivables - - 84

Trade receivables and other fixed assets 585 222 6.134

Deferred tax assets - - -

Fixed assets 1.003.467 992.410 907.884

Assets intended for sale 14.310 14.310 2.850

Financial leasing receivables - - 89

Trade debtors receivables 8.895 6.649 5.568

Tax receivables and other current assets 1.571 1.431 1.617

Cash and cash equivalents 1.916 1.704 2.922

Deferrals and accruals 4.204 2.380 2.383

Current assets 30.896 26.474 15.430

TOTAL ASSETS 1.034.364 1.018.884 923.314

Q1 2012 Consolidated B/S

EUR x 1.000 31.03.2012 31.12.2011 31.03.2011

Capital 106.323 106.336 97.853

Issue premiums 94.168 94.168 63.961

Reserves 200.477 171.127 209.159

Net result of the financial year 7.260 29.704 18.012

Equity capital 408.228 401.334 388.985

Long-term financial debt 421.243 422.536 372.181

Other long-term liabilities 59.168 55.058 26.474

Long-term liabilities 480.411 477.594 398.655

Short-term financial debt 129.546 126.187 124.829

Other short-term liabilities 16.179 13.770 10.845

Short-term liabilities 145.725 139.956 135.674

TOTAL LIABILITIES 1.034.364 1.018.884 923.314

Metrics

NAV (IFRS) 29,93 29,43 31,03

NAV (EPRA) 34,05 33,24 33,13

NNNAV (EPRA) 29,93 29,43 31,03

Share price 40,03 37,06 40,00

Premium / discount 17,6% 11,5% 20,7%

Debt ratio 54,5% 55,1% 54,7%

Financing structure

■ Solid debt metrics

■ Debt ratio at 54.5%

■ ICR at 3.1x

■ Cost of debt at 3.8%

Debt composition Evolution hedge ratio

Long-term

bilateral

credit

facilities

72%

Commercial

paper 22%

Leasing 5%

Straight

loans 1%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2012 2013 2014 2015 2016 2017 2018 2019 2020

Financing structure

■ Lengthening of debt maturities

■ Duration of outstanding debt of 3.2y

■ Duration of long-term credit facilities of min. 3.7y and max. 4.6y (*)

■ Committed undrawn long-term credit lines of EUR 90m

Debt maturities (min.) (*) Debt maturities (max.) (*)

(*) Some loans are structured with a renewal option at the discretion of the lenders. The minimum loan

duration assumes these renewal options are not exercised. The maximum loan duration assumes the

loans are rolled over at the date of the renewal.

-

20

40

60

80

100

120

140

160

2012 2013 2014 2015 2016 2017 2018 2019 >2019

Commercial paper & straight loans

Long-term credit facilities (undrawn)

Long-term credit facilities (drawn)

-

20

40

60

80

100

120

140

160

2012 2013 2014 2015 2016 2017 2018 2019 >2019

Commercial paper & straight loans

Long-term credit facilities (undrawn)

Long-term credit facilities (drawn)

WDP share

■ Share statistics

■ NAV (EPRA) per share of EUR 34.0 at Q1 2012

■ Market cap of >EUR 500m

■ Free float of 70% - Family Jos De Pauw 30%

WDP share price vs. NAV EPS & DPS history

-

0,50

1,00

1,50

2,00

2,50

3,00

3,50

4,00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EPS (EPRA) DPS

0

10

20

30

40

50

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

WDP share price Net Asset Value

WDP share

Return of WDP share

-10.4%GPR 250 Europe

-5.0%GPR 250 Belgium

WDP

Average since

IPO/Year

5.0%

4.7%

11.6%

BEL 20 -19.2% -3.2%

8.6%

2011

Delivering on strategic growth plan

■ Letting projects

■ CO2 investment plan

■ Investments

Strategic pillar

■ Reduction of vacancy standing portfolio

■ Secured pre-lettings for existing projects

■ Leasing up projects that were on hold

■ Today 15 of 30MWp

■ Investigating various opportunities

■ BREEAM & sustainable lighting projects

■ >EUR 100m investment volume realized

■ Optimizing balance sheet

■ New projects in execution in BE & NL

Achievements

2011 results per share and dividend

■ Net current result of EUR 3.25 per share

■ Based on the total number of dividend entitled shares

■ Compared to EUR 3.11 last year

■ Proposed dividend of EUR 2.94 approved by AGM

■ Based on a payout ratio of 90%

■ Under the form of an optional dividend (as decided by the Board prior to the AGM)

■ In cash: gross EUR 2.94 or net EUR 2.32

■ In shares: 16 x coupon 21 (EUR 2.32) equals EUR 37.1 = one new share + EUR

1.10 cash � issue price of EUR 36.0 per share (5.6% discount) (*)

■ Combination of cash and/or shares

(*) Based on the 5-day VWAP (volume-weighted average price) of the WDP share prior to the AGM

adjusted for the gross dividend of EUR 2.94 per share since the new shares to be created will be entitled

to a dividend as from January 1, 2012.

Outlook 2012

■ Expected net current result of minimum EUR 50mQ

■ Qincluding Lake Side Portfolio & based on good fundamentals

(high occupancy, long lease duration) (*)

■ Expected dividend +5% to EUR 3.10 per shareQ

■ Qbased on a payout ratio of 90%

■ Gearing ratio expected of around 57%

■ Expected occupancy rate of at least 95% in 2012

(*) Based on the present situation and barring unforeseen events (such as a material deterioration of the

economic and financial environment) and a constant level of solar irradiation.

Disclaimer

Warehouses De Pauw Comm.VA, abbreviated WDP, having its registered office at Blakebergen 15, 1861 Wolvertem (Belgium), is a closed-end

property investment company, incorporated under Belgian law and listed on Euronext Brussels.

By its very nature, any investment in financial instruments carries substantial risks. Investors are invited to carefully consider the risks, uncertainties

and all other relevant information contained before deciding to invest. These risks, if they actually occur, could adversely impact WDP's business,

results of operations, financial conditions and prospects and thereby the value of the shares and the dividend, and consequently, create a loss to

investors of all or part of their investment. This presentation combined with all the declarations, estimates and forecasts and in general all other

corporate information released by WDP contains selected and summarised information and does not express any commitment or acknowledgement

or creates any right expressed or implied to.

This presentation contains forward-looking information, forecasts and estimates prepared by WDP relating to the expected future performance of

WDP and the market in which WDP operates. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general

and specific, and risks exist that the forecasts, estimates and other forward-looking statements will not be achieved. Investors should be aware that a

number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions

expressed in such forward-looking statements. Such declarations, forecasts and estimates are based on various hypotheses and assessments of

known and unknown risks, uncertainties and other factors which seemed sound at the time they were made, but which may or may not prove to be

accurate. Some events are difficult to predict and can depend on factors on which WDP has no control.

This uncertainty is further increased due to financial, operational and regulatory risks and risks related to the economic outlook, which reduces the

predictability of any declaration, forecast or estimate made by WDP. Consequently, the reality of the earnings, financial situation, performance or

achievements of WDP may prove substantially different from the guidance regarding the future earnings, financial situation, performance or

achievements set out or suggested in such declarations, forecasts or estimates. Given these uncertainties, investors are advised not to give undue

weight to these forward-looking statements. Additionally, the forecasts and estimates only apply on the date of drafting this presentation and WDP is

not obliged to update these forecasts or estimates to reflect any changes in its expectations in this regard or any change in the events, conditions or

circumstances on which such forecasts or estimates are based on. WDP makes no representation, warranty or prediction that the results anticipated

by such forward-looking statements will be achieved.

Question time