WDP shares

Return⁸

The return was 27,39% in 2009, versus -29,11% in 2008. WDP is accordingly performing roughly on a par with the Bel20 index (31,59%). According to Global Property Research’s ‘GPR 250 EUROPE’ index, returns on European listed property averaged 41,21% in 2009. But WDP significantly outstripped the average return on Belgian property shares, which was 10,83% in 2009 according to the ‘GPR 250 BELGIUM’ index.

Viewed over a period of ten years, since the flotation in 1999, WDP continues to outperform the European and Belgian averages, with a return of 11,77%. By comparison: the return for European listed property is 5,55% and 5,53% for Belgian listed property. The Bel20 index scored -2,07% in the past decade.

In this connection also see the monthly update on www.wdp.be.

The positive turnaround of the return is the result of several factors. A first explanation is the capital increase with pre-emptive rights, enabling existing shareholders to subscribe at an attractive price or sell their rights. The favourable share price development also played a part, as did the fact that WDP distributes an attractive dividend year after year and in this regard continues to offer good prospects for the future.

8    The share return in a certain period equals the gross return. This gross return is the sum

of the following elements:

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

- the gross dividend (the dividend before deduction of the withholding tax);

- the gross dividend of the dividend obtained if this is reinvested in the same share.