Wereldhave Belgium — Earnings Release 2016

Apr 21, 2016

Interim statement of the Statutory Management Company 31 March 2016

• Rental income for the first quarter 2016 increased to € 12.2 mln (2015: 11.6 mln)
• Value real estate portfolio, including development projects: € 774.5 mln
• Opening retail park 'Les Bastions' in Tournai on 19 February 2016

Operational activities

Portfolio investment property

During the first quarter of 2016, the fair value of the investment property portfolio – including development projects – remains stable at € 774.5 mln (31 December 2015: € 774.0 mln).

On 19 February 2016, the retail Park (10,000 m²), adjacent to the shopping centre 'Les Bastions' in Tournai became operational. The Epra-occupancy rate amounts to 84.5 %; negotiations with potential tenants for the remaining spaces are ongoing.

The structural renovation and extension of the shopping centre 'Les Bastions' in Tournai has started. The end of works are scheduled for the first quarter 2018. The total investment amounts to about € 55 mln; the expected initial yield fully let, is 6.5% -7.00 %.

Investment property portfolio
(x € 1,000)	31/03/2016	31/12/2015
Fair value development projects excluded Development projects	750 132 24 376	733 482 40 547
Debt ratio	26.5%	27.5%
Net asset value per share (€) * Share price on 31 March 2016	83.08 113.85	81.76 110.00
Epra - occupancy rate	94.2%	94.6%

* including profit current financial year and before dividend distribution

Shopping centres

Wereldhave Belgium focuses on mid-sized centres that are dominant in their catchment area, and preferably with the potential for further expansion. By means of a proactive approach, the RREC aims to maintain and strengthen the market position of its shopping centres. The importance of shopping centres in the investment properties portfolio amounts to about 83%. In the first quarter 2016, the shopping centres' Epra-occupancy rate amounts to 94.9% (31 December 2015: 94.9%).

Wereldhave Belgium continues to look for new opportunities to further expansion of its portfolio through acquisitions and new developments.

Offices

The Epra-occupancy rate increased from 91.4% at 31 December 2015 to 91.9% at 31 March 2016.

Consolidation of the current occupancy rate and renegotiation of lease agreements at maturity is of prime importance.

Development projects

On 31 March 2016, the fair value of the development projects portfolio amounts to € 24.4 mln (31 December 2015: € 40.5 mln).

During the first quarter, the development project in Tournai (Retail Park) has been transferred to the operational investment property portfolio.

Dividend

On 13 April 2016, the General Meeting of Shareholders approved the statutory and consolidated statements for the year ending on 31 December 2015, as well as the approbation of the result. For the fiscal year 2015, a gross dividend of € 4.90 (net dividend € 3.577) per share is attributed. The dividend is payable as of 22 April 2016.

Results

The direct result evolves in line with the expectations of the Management Company. During the first quarter of 2016, rental income increased from € 11.6 mln to € 12.2 mln due to the opening of the retail park in Tournai and a higher rental income in the shopping centre 'Shopping 1' in Genk.

The Statutory Management Company - NV Wereldhave Belgium SA

Financial calendar

• 20.07.2016 Half-year results 2016
• 20.10.2016 Third quarter results 2016
• February 2016 Annual figures 2016
• March 2016 Financial report 2016
• 12.04.2017 Annual General Meeting of Shareholders

For further information: E. De Landtsheer - Finance director - + 32 2 732 19 00 investor.relations@wereldhavebelgium.com

Wereldhave Belgium focuses on shopping centres that are dominant in their catchment area.

The shares are listed on the Euronext Brussels stock exchange. On 31 March 2016, Wereldhave Belgium's market

capitalisation amounts to € 790 million.

For more information: www.wereldhavebelgium.com