Warehouses De Pauw : Conditions concerning the optional dividend

PRESS RELEASE

REGULATED INFORMATION

26 APRIL 2023, 12.00 PM

This announcement is not intended for release, publication or distribution or disclosure otherwise, either directly or indirectly, in full or in part, in or to the United States, Canada, Japan, Australia, Switzerland and South-Africa or any other jurisdiction where this would lead to a violation of the relevant legislation.

Conditions concerning the optional dividend

The Board of Directors of WDP decided to offer this year once again the optional stock dividend to the shareholders. Following today's General Meeting, the shareholders are informed about the specific conditions of the optional dividend, of which the issue price and the choice period. The General Meeting approved the dividend for 2022.

The Board of Directors of WDP decided to offer once again the optional dividend to the shareholders, which implies that the shareholders are given the choice (1) to reinvest the amount of their receivable which arises from the profit sharing with regards to the fiscal year 2022, as capital for the Company in exchange for the issue of new shares1, or (2) to receive the dividend in cash, or (3) to opt for a combination of the two foregoing options. The new WDP shares will contribute to the result as from 1 January 2023, hence the first dividend will be payable in the second quarter of 2024. The contribution in kind in exchange for the issue of shares in the context of the optional dividend will lead to retention of resources within the Company that will strengthen its equity position, and will be used for further growth in the framework of the Company's strategic growth plan 2022-25.

The shareholders thus have a choice between:

• Payment of the dividend in cash:

Coupon no. 4 entitles to a dividend of 1.00 euro gross or 0.70 euro net per share (after deduction of 30% withholding tax2).

• Investment of the dividend in return for new WDP shares:

A subscription can be made for one new share by the investment of 35 no. 4 coupons (each for the amount of the net dividend of 0.70 euro, or in total 24.50 euros).

These modalities were determined on the basis of the volume-weighted average price (or VWAP) of the WDP share in the last two trading days on Euronext Brussels (from 24 April 2023 until 25 April 2023), which amounted to 27.42 euros. Since the new shares are dividend-entitled as from 1

1. For optional dividends, the net dividend receivable linked to a specific number of existing shares entitles the owner to a single new share, at an issue price per share that may involve a discount in relation to the share price (based on an average share price for a specific period or otherwise). The issue of shares as part of the optional dividend is subject to the general company law regarding capital increases. The special rules regarding payment in kind in a GVV/SIR, as provided for in Section 26, paragraph 2 of the GVV/SIR Law of 12 May 2014 also do not apply, provided that special conditions are satisfied.
2. See also section 269 of the Wetboek van de inkomstenbelastingen 1992, as renewed in the Programme Act (articles 93 until 95) of 25 December 2016.

Press release - 26 April 2023

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Calendar for the shareholder

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