Wereldhave Results 2004

Wereldhave NV
25 February 2005


Press release Wereldhave results 2004

- profit EUR 171.2 mln (2003: EUR 104.7 mln)
- direct investment result EUR 5.73 per share (2003: EUR 5.91)
- purchase of shopping centre in the United States
- positive property revaluation EUR 58.9 mln
- proposed dividend EUR 4.50 per share (2003: EUR 4.45)

Profit 2004
Profit increased from EUR 104.7 mln in 2003 to EUR 171.2 mln, mainly as a result
of a positive property revaluation. The property revaluation and result of
disposals, at average exchange rates, amounted to EUR 55.9 mln in 2004 (2003:
EUR - 1.7 mln) and the movement in tax liabilities amounted to EUR - 2.8 mln
(2003: EUR - 10.1 mln). Profit per share for 2004 amounts to EUR 8.31 (2003: EUR
5.31).

Direct investment result
The direct investment result rose EUR 1.6 mln to EUR 118.1 mln. The increase is
the result of EUR 3.1 mln lower interest costs, EUR 2.0 mln lower taxes on
result and EUR 1.0 mln lower general costs. Net rental income decreased by EUR
4.5 mln, of which EUR 2.3 mln was caused by lower exchange rates. The direct
investment result per share decreased by EUR 0.18 to EUR 5.73 (2003: EUR 5.91)
as a result of the increased number of shares coupled with a portfolio that
remained virtually unchanged.

Prospects
In Wereldhave's view, the current geographic spread offers possibilities,
particularly in large, liquid markets. As such, our focus in 2005 will be
primarily on acquiring new projects yet to be constructed, which can be added to
our portfolio in the coming years. Our target to achieve a portfolio volume of
EUR 2.5 billion remains unchanged.

We pursue an expansion of the portfolio with developments and standing
investments. In view of our current solvency ratios, an expansion of the
investment portfolio will immediately contribute to the direct investment result
per share. Leasing is on the recovery in several property markets, not just in
the United States, but also in Europe.

For further information: www.wereldhave.com



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