The forecast balance sheet was prepared as follows:

• An update was made for 2010, taking account of factors that could be reasonably estimated. Therefore this estimate includes neither the impact of IAS 39 nor the impact of market fluctuations on the portfolio.

• Investment property
  This category comprises the consolidated investment property portfolio, valued using the policies set out in IAS 40. The movements as presented in the balance sheet forecast relate solely to the current project developments in Genk, Tilburg and Nijmegen, for which some EUR 17,7 million in construction costs are still expected in 2010.
  This projected balance sheet does not take account of the effects of potential movements in fair values in 2010.

• Other fixed assets (including solar panels)
  The other fixed assets consist mainly of the market value of solar panels (EUR 55 million) and other fixed assets for own use – including vehicles, furniture and equipment – in accordance with the recognition and measurement criteria defined in IAS 16. All investments in solar panels were completed in the course of 2009, except the ongoing investment for the project in Genk amounting to EUR 2,4 million. The forecast balance sheet does not take account, however, of the effect of potential movements in the market value of these solar panels.

• Other fixed assets
  This category comprises mainly the long-term receivables provided to the joint venture WDP Development RO. It also comprises deferred taxation, the positive market value of financial derivatives and all other fixed assets of WDP.

• Current assets
  WDP’s current assets comprise mainly outstanding trade and tax receivables, cash and cash equivalents, assets held for sale and all other current assets of WDP.

• Shareholders’ equity
  WDP’s shareholders’ equity takes account of the forecast result for 2010 and the distribution in 2010 of the dividend for the 2009 financial year.

• Debt position (financial, trade and tax liabilities)
  This category consists of the outstanding debt position (as used to calculate WDP’s gearing). Accordingly, it relates mainly to financial debts (except the market value of financial derivatives) and trade and tax debts.

• Other liabilities
  The other liabilities of WDP comprise mainly provisions, deferred taxation, accruals and deferred income and the negative market values of derivative financial instruments.
  
  The derivative financial instruments of the company are carried at market value, in accordance with IAS 39. In view of the current uncertainties in the financial markets, no assumptions were made for movements in fair values. The value as presented in the balance sheet forecast is equal to the market values as determined on 31 December 2009.

The forecasts with regard to the consolidated balance sheet and the net current result are forecasts whose actual realisation depends specifically on developments in the financial markets and property markets. They are not binding on the company and are unaudited. The auditors, Deloitte Bedrijfsrevisoren BV ovve CVBA, represented by Rik Neckebroeck, have confirmed that the outlook is adequately prepared on the stated basis and that the accounting basis applied for this outlook is consistent with the accounting policies applied by WDP, as part of preparing its consolidated financial statements in line with IFRS as adopted by the European Union.

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