WDP

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Review of the

consolidated property portfolio

1. Description of the portfolio at 31 December 2009

The independent surveyors Cushman & Wakefield and Stadim CVBA have estimated the fair value⁷ of the property portfolio of WDP (excluding solar panels) in accordance with IAS 40 at EUR 817,3 million as at 31 December 2009. This value was adjusted to EUR 815,4 million owing to the impairment recognised on a number of projects in progress. The comparative figure at year-end 2008 was EUR 742,13 million.

The portfolio can be subclassified as follows:

Fair value (x EUR million)	Belgium	Abroad	Total
Existing properties	486,18	226,86	713,04
Buildings in project phase	34,10	29,18	63,28
Land	7,47	31,61	39,08
Total	527,75	287,65	815,40

7 Fair value: under Belgian market practice, there is a ceiling of 2,5% of the transaction costs that can be deducted for property valued at more than EUR 2,5 million. On smaller properties and foreign property the full transaction costs can be deducted.
In line with IAS 40, investment properties (including project developments) are carried at fair value.

Changes in WDP’s portfolio (EUR million)

Annual Report 2009