Wereldhave Belgium: Judicial dispute

Wereldhave Belgium has been summoned today, December 5, 2006, to
appear in court (before the Raadkamer / Chambre du Conseil) in the
matter of a penal dispute arising from the sale of a cash company in
1993. On February 20, 2007, the Raadkamer/Chambre du Conseil will
decide about a possible transfer to court.
 
The prosecutor is demanding the liquidation of Wereldhave Belgium;
the disqualification of several officials of the company and the
seizure of Belle-Ile. On September 30, 2006 the fair value of
Belle-Ile amounts to 119.7 million EUR.
 
The cash company in question was the result of the liquidation and
division of MLO LTD N.V. in Seceurimmo N.V. and MLO N.V. (Wereldhave
Belgium N.V.). The latter was merged with Comm. VA Wereldhave
Belgium.
 
The Belgian tax authorities contest the fiscal neutrality of the
split and have made supplementary charges in company tax and advance
income assessments.
Furthermore, a penal complaint was filed which is now being handled.
The amount of the contested tax charges alone has been guaranteed by
the Dutch company Wereldhave N.V.
 
Wereldhave Belgium is convinced that it has complied with all
applicable laws and regulations both in regard to the penal and the
fiscal dispute.