FIRST QUARTER 2015 M AY 2 0 , 2 0 1 5

AvH at a glance (31/12/2014)

ACKERMANS & VAN HAAREN at a glance

A diversified group active in 5 segments

Limited Li i d number of strategic participations ti i ti

Net result

Equity

Gross dividend

€ 215 mio

€ 2,402 mio

€ 1.82

2014

Total payout: € 61 mio

Market capitalization

Personnel

€ 3,420 mio(1)

22,633

We work for growth

Share price: € 102.10 (31/12/2014) (1) 19/5/2015: € 3,753 mio

2

Ackermans & van Haaren: Introduction (1/3)

•

Family y controlled public p company p y • 1876: First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans • 1924: Incorporation of Ackermans & van Haaren NV • 1984: IPO • 2007: Inclusion in Bel20 index • Still controlled and inspired by founding families & by family values

•

Providing development capital • From an industrial background g term focus • With a long • Financed with its own financial resources • Working for growth

3

Ackermans & van Haaren: Introduction (2/3)

•

Company values • Discretion • Independence • Common sense (“Hollandse nuchterheid”)

•

C Company strategy t t g • Long term vision • Diversificiation in a limited number of strategic participations • Sound financial policy: positive net cash position • Opportunistic approach

•

Corporate governance • Board of Directors (9 members): majority of family representatives • Management (7 members): meritocracy 4

Ackermans & van Haaren: Introduction (3/3)

•

Acting as a pro-active shareholder within the participations • Selection of top-management •

Definition of long-term strategy

•

Strategic focus

•

Strict operational and financial discipline

•

A ti b Active board d representations t ti

•

•

Value creation fully aligned with management

Not a holding company •

No holding company inefficiencies

•

No shared financing structure / cross guarantees

5

AvH strategy: We work for growth Ensure equity growth

Focus on strategic participations

Average annual growth of 11.6% (2004-2014)

Create shareholder value

AvH Belgian all share index

AvH share: x50 Stock index: x8 (1984-2014)

(until 24/2/15)

Dividend of € 1.82 Average annual growth of 10.8% (2004-2014)

6

AvH equity and share since IPO ((index rebased to share p price))

Evolution of AvH equity and share price since IPO

CAGR (1984‐2014)  (1984 2014) Equity per share Equity per share incl. dividend

13.4%  14.2% 

CAGR (1984‐2014)  (1984 2014) Share price Share price incl. dividend

13.9%  14.5% 

Evolution of AvH equity and share price since 2004

CAGR (2004‐2014)  (2004 2014) Equity per share Equity per share incl dividend

11.6%  13.5% 

CAGR (2004‐2014)  (2004 2014) Share price Share price incl dividend

14.8%  16.2% 

10

Consolidated group result

((in € mio))

2014

2013

2012(2)

Marine Engineering & Infrastructure Private Banking Real Estate, Leisure & Senior Care Energy & Resources Development Capital

106.2 91.4 14.7 19.5 -6 7 -6.7

59.7 84.5 15.8 8.7 -6 6 -6.6

51.7 71.5 3.6 16.4 59 5.9

Result from participations C it l ggains Capital i d development l t capital it l Result from participations (incl. capital gains)

225.1 -15.4 15 4 209.7

162.1 29 5 29.5 191.6

149.1 22 7 22.7 171.8

-7.1

-7.2

-3.9

12.5 109.5(1) (1) 215.1 293.9

-0.6

AvH & subholdings Other non-recurrent result Consolidated group result

167.3

(1) Incl. € 109.4 mio result on the “remeasurement” of AvH’s existing 50% stake in DEME when taking full control over DEME in December 2013 (2) Restated financial statements 2012 (IAS19) 11

Highlights 2014 The consolidated net result of AvH amounts to 215.1 million euros for 2014 • 30.6 million euro increase (+ 16.6%) on the previous year (184.5 million euros, excluding remeasurement). This profit increase illustrates the strength of the results of the subsidiaries. • DEME recorded a strong result for 2014. A net profit of 169.0 million euros was realized on an (economic) turnover of 2,587 million euros, making a contribution of 103.0 million euros to AvH AvH’ss group result. • In the banking segment, both Bank J.Van Breda & Co (+12.5%) and Delen Investments (+6.3%) continued the trend of increasing results in 2014 and jointly contributed 91.6 million euros to the group result. • The Th contribution ib i off the h reall estate and d services i segment turned d out slightly li h l llower than h in 2013. Leasinvest Real Estate ended 2014 with a result of 32.6 million euros, a substantial increase (+21%) on 2013. • As a result of the considerable expansion investments in recent years, Sipef was able to increase its palm oil production volume to 268,488 tonnes (+5.7%). • Performance in the Development Capital segment is mixed, with the results of Groupe Flo and Euro Media Group in France being adversely affected. Sofinim successfully sold it 30% stake its t k iin NMC with ith an IRR off 14.8% 14 8% and d a capital it l gain i off 4 4.9 9 million illi euros (AvH (A H share). 12

Other key figures (1Q15) Consolidated balance sheet AvH group (i € mio) (in i )

Shareholders' equity (group share) g Net cash AvH and subholdings

1Q15

2014

2013

-11.8*

2,402.2 21.3

2,251.5 -3.1

* Excl. the announced transactions related to Hertel and Egemin Handling Automation, incl. the  acquisition of Residalya

Key figures per share

(in €) Number of shares (#) Net result per share Gross dividend Net equity Stock price: highest (29/12) lowest (3 (3/2)) close (31/12)

2014

2013

2012

33,496,904 33,496,904 33,496,904 6.49 8.87 5.05 1.82

1.70

1.67

71.71 103.40 78.71 8. 102.10

67.22 85.16 62.74 6 . 85.16

59.92 65.09 56.50 62.27 13

Pro forma group figures by segment (based on consolidated results 2014; pro forma: all (exclusive) control interests incorporated in full, the other interests proportionally) Group personnel

‘Consolidated’ turnover (in € mio)

22,706

22,633

5,669

5,862

14

AvH share performance vs. BEL 20 AVH

AVH rebased to 100

BEL20 rebased to 100

15

Marine Engineering & Infrastructure: Contribution to the AvH consolidated net result

(in € mio)

2014

2013

2012

DEME CFE Van Laere Rent-A-Port NMP

103.0 -3.4 3.4 0.9 4.0 1.7

53.7 0.7 3.8 1.5

44.7 1.2 4.8 1.0

Total

106.2

59.7

51.7

16

Marine Engineering & Infrastructure

DEME

• One of the largest and most diversified dredging and marine engineering companies in the world

CFE

• An industrial g group p active in Contracting, g, Real Estate Development, Public-Private Partnership and Concessions

VAN LAERE

• General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings • 2014: Increase of turnover to € 167 mio • Order book at € 176 mio

RENT-A-PORT

• Specialised in port development and logistics • 2014: Lower net result, as 2014 is transition year for Dinh Vu (Vi t (Vietnam) )

NMP

• Operator of pipelines for chemicals • 2014: Results in line with expectations 17

DEME (AvH 60.40%) One of the largest and most diversified dredging and marine engineering companies in the world

Rollingstone - Gwynt-Y-Mor

D’Artagnan - Sabetta Port Yamal (Russia)

Innovation - West of Duddon Sand (UK)

Ambiorix - Wheatstone (Australia)

De Otter and Melinna – Suez Canal (Egypt)

Ganga – Jurong Island (Singapore) 18

DEME: key figures (1/2)

(in € mio) Turnover EBITDA EBIT Net result Net cash flow Shareholder's equity Net financial position Total assets Net capex (IAS16) # personnel

2014

2013

2012

(1) 2,419.7 443.6 223.5 169.0

(2) 2,586.9 501.5 259.1 169.0

(2) 2,531.6 437.8 216.5 109.1

1,914.9 350.9 140.4 89.4

389.2 986.7 -126 8 -126.8 2,901.5

410.7 986.7 -212 8 -212.8 3,132.7 146

330.9 847.7 -711 3 -711.3 2,920.5 209

300.9 773.7 -741 9 -741.9 2,725.4 343

4,311

4,582

4,011

(1) Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME are accounted for using the equity method with effect from 1 January 2014. ((2)) In this p presentation,, the g group p companies p that are jjointlyy controlled byy DEME are still p proportionally p y integrated. g Although g this is not in accordance with the new IFRS10 and IFRS11 accounting standards, it nevertheless gives a more complete picture of the operations and assets/liabilities of those companies. In the equity accounting as applied under (1), the contribution of the group companies is summarized under one single item on the balance sheet and in the income statement. 19

DEME: key figures (2/2)

Consolidated key figures in % of economic turnover

*

**

* Turnover impacted by procurement of supplies (2013: € 230 mio, 2014: € 38 mio) 20

DEME: breakdown of economic turnover

Per region 2013

2014

2013

2014

2013

2014

Per activity

Per type of customer

DEME: highlights (1Q15) Highlights 2014 • Increase of economic turnover to € 2,587 mio (2013: € 2,532 mio) and net result to € 169.0 mio (2013: € 109.1 109 1 mio), mio) driven by high activity level in different activities • Execution of major projects (Australia, Qatar) in line with expectations. First phase of Yamal project finalized. Several projects ongoing in Africa (a.o. Egypt), as well as GeoSea projects for Borkum Riffgrund 1, Baltic 2, Westermost Rough and Northwind windfarms • Impact AvH result reinforced by increase of shareholding percentage from 50% to 60.4% 60 4% after acquisition of control over DEME/CFE at the end of 2013 • Order book of € 2,420 mio at end 2014. New contracts of € 1,600 mio announced early 2015 (see next page) • Limited capex (€ 176.5 mio, € 146.5 mio net of divestments) and positive working capital evolution resulting in decrease of net financial debt to € 213 mio • GeoSea announced agreement on acquisition of offshore assets from HOCHTIEF, leading to full ownership p of Innovation in 2015. GeoSea taking g over staff and certain obligations g of HOCHTIEF,, without significant impact on consolidated balance sheet of DEME • New investments announced: Apollo (2017), Living Stone (2017), Rambiz4000 (2017) • Construction of new office building in Zwijndrecht (Belgium) started Highlights 1Q15 • Increase of economic turnover to € 641.5 mio (1Q14: € 600.5 mio) • Slight decrease of net financial debt to € 179.9 mio • Major projects New Port Project (Qatar), (Qatar) Wheatstone (Australia) and Suez Canal (Egypt) ahead of schedule • Further expansion announced of dredging fleet with decision to build four new trailing suction 22 hopper dredgers

DEME: order book (1Q15) (€ mio)

33% Other 7% Middle East + India 14% Asia 26% Europe 20% Benelux

Order book 1Q15 significantly increased to € 3,530 mio (vs 2,420 mio end of 2014), with orders across different regions g and activities • Early 2015, new contracts signed for a total value of € 1,600 mio. Most important one is Tuas project in Singapore: construction of 8.6 km quay wall, reclamation of 300 ha new land and dredging of fairways over period of 6 years • Development of offshore wind farm MEG I (Germany) 23

DEME: diversification of activities (1/2) Marine and civil engineering Tideway

Rock dumping, landfalls and cable laying

DEME (100%)

GeoSea

Nearshore and offshore foundation works for offshore energy projects and oil & gas projects

DEME (100%)

Scaldis

Hoisting of heavy loads at sea and salvaging services

DEME (54%), Jan De Nul, Herbosch-Kiere

HGO Infra Solutions

Jack-up p vessels for offshore windfarm construction and oil&gas services

Hochtief Solutions and GeoSea (50%)

OWA

Services for offshore wind assistance

GeoSea (100%)

Innovation

Flintstone

Neptune 24

DEME: diversification of activities (2/2) Environmental services DEC/ Ecoterres

Environmental group of DEME companies

DEME (75%) and SRIW

Purazur

High technological treatment of industrial waste water

DEC (100%)

Fluvial and marine aggregates DEME Building Materials (DBM)

Extraction, processing and sales of marine aggegrates for construction industry

DEME (100%)

OceanflORE

Deepsea mining

DEME (50%) and IHC Merwede

Marine services for sea terminals

DEME (54%), HerboschKiere and Multraship

Maritime services CTOW

Renewable energy and concessions: offshore wind C-Power

Offshore wind farms

DEME (11%)

Renewable energy and concessions: wave and tidal energy DEME Blue Energy

Wave and tidal energy

DEME (70%)

25

DEME: long term track record of long term shareholding and entrepreneurial growth (in 000 euro)

Turnover

Equity

2.500.000  2.000.000  1.500.000  1.000.000  500.000  ‐ 1974 97

1990

1992

1994

1996

1998

2000

Scaldis Creation Dredging International (AvH + CFE dredging)

Creation DEME Holding (Acquisition Decloedt)

Tideway Power@Sea

Consolidation AvH 45%

AvH 39.5%

AvH 48.5%

2002

2004

2006

2008

2010

2012

2014

DEC DBM (Building Materials)

G S GeoSea

CTOW DEME Blue Energy Oceanflore

Partnership

Control

AvH 50%

AvH 60.4% 26

Solutions for global challenges

27

Structural growth drivers of global dredging market Global population increase and tourism

Global warming leading to rising sea levels

Northwind

Seaborne trade in line with GDP

Source: Rabobank

Energy & raw materials consumption growing

28

CFE (AvH 60.40%) Belgian industrial group active in Contracting, Real Estate Development, l Public-Private bl Partnership h and d Concessions

Railway tunnel (Delft)

Az Sint Maarten (Mechelen)

Red Cross Flanders (Mechelen)

Police station (Charleroi)

Chapelle musicale Queen Elizabeth (Brussels)

29

CFE: key figures (excl. DEME and Rent Rent-A-Port) A Port) (in € mio)

2014(1)

2013(1)

Turnover Net result

1,090.9 -14.0

984.9 -47.8

Sh h ld ' equity Shareholders' it (t (total, t l iincl. l DEME)

1 313 6 1,313.6

1 193 2 1,193.2

Net financial position Order book

-54.0 1,146

1,339

# personnel

3,653

(1) Excluding DEME and Rent-A-Port

Turnover (in € mio)

Net result

2014

2013

2014

2013

Contracting

1 073 3 1,073.3

971 0 971.0

-14 5 -14.5

-37 7 -37.7

Real Estate

45.6

18.8

4.3

1.8

0.8 -28.8 28 8

0.7 -5.6 56

-0.3 -3.5 35

-2.8 -9.1 91

1,090.9

984.9

-14.0

-47.8

PPP-Concessions Holding Total

30

CFE: highlights (1Q15) (excl. DEME and Rent Rent-A-Port) A Port) Highlights 2014 • New segment “Contracting” groups all construction activities, multitechnics and rail infra • Piet Dejonghe (AvH) appointed as second managing director, responsible for Contracting • Increase of turnover in Contracting (+10.5%) driven by increase of construction activities in Benelux, Poland and Chad, but lower volumes in Algeria, Hungary and civil engineering • Important improvement of operational result in construction and increase of activities in rail and road and multitechnics • Decrease of order book to € 1,146 mio (compared to a exceptionally high order book in 2013 for buildings) due to difficult market in civil engineering and decrease in Africa; CFE wants to limit exposure on Chad, considering the amount of receivables of which recovery is a challenge for 2015 • Sale of road activities Van Wellen announced, leading to a capital gain of € 10 mio in 2015 Highlights 1Q15 • Decrease of turnover to € 208.6 mio across all divisions, but most in civil engineering and buildings-international • Increase of Contracting order book to € 1,169 mio 31

Van Laere (AvH 100%) General contractor of construction and civil engineering projects (in € mio) Turnover Net result q y Shareholder's equity Net financial position # personnel

2014 166 9 166.9 0.9

2013 122 3 122.3 0.7

2012 161 2 161.2 1.2

37.0 8.1

36.6 6.1

35.7 4.0

460

463

500

Campus Hardenvoort (Antwerp)

Highlights 2014 • Strong improvement of turnover thanks to better weather conditions than in 2013 • Positive contribution from Van Laere as well as from subsidiaries Thiran and Arthur Vandendorpe. Negative contribution from Anmeco and AlfaPark • Order book of € 176 mio (2013: € 169 mio)

32

Rent-A-Port (AvH 72.18%) Specialized company for port development, port management and logistics consultancy (in € mio)

Turnover Net result Shareholder's equity q y Net financial position

2014 60 6.0 5.9

2013 68 6.8 12.3

2012 26 5 26.5 12.3

33.5 -6.7

25.9 0.5

13.7 -3.8 Dinh Vu (Vietnam)

Highlights 2014 • 2014 is transition year for engineering projects and port investments • Dinh Vu (Vietnam): Expansion to 2,000 2 000 ha industrial land should contribute to the result as from 2017 • Official concession contract for management for port and industrial zone in Duqm (Oman) signed in March 2014 • Limited loss (€ 0.3 mio) for Rent-A-Port Energy 33

Nationale Maatschappij der Pijpleidingen (NMP) (AvH 75%) Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium (in € mio)

Turnover Net result Net cash flow Shareholder's equity Net financial position

2014 13.6 2.3

2013 13.9 2.0

2012 15.9 1.4

4.6 28.2 17.2

4.3 27.5 13.5

3.2 26.8 13.4 Pipeline Antwerp Antwerp-Feluy Feluy

Highlights 2014 • Results in line with expectations • Oxygen pipeline for Ducatt in Lommel put into use • Start of construction of oxygen pipeline for Praxair and of extension of nitrogen pipeline Lommel-Beringen

34

Private Banking: Contribution to the AvH consolidated net result

(in € mio)

2014

2013

2012

Finaxis-Promofi Delen Investments o Bank J.Van Breda & C ASCO-BDM

-0.6 63.6 28.0 0.4

-0.4 59.9 24.8 0.2

-0.2 49.3 21.9 0.5

Total

91.4

84.5

71.5

35

Private Banking

DELEN INVESTMENTS

• Discretionary asset management and patrimonial advice for private clients

BANK J.VAN J VAN BREDA & CO • Specialised advisory bank for entrepreneurs and liberal professions

ASCO-BDM

• Insurance group focused on marine and property insurance

36

Finaxis organisation chart

15%

AvH 75%

Promofi 25%

Finaxis 99%

100%

Delen Investments CVA 100%

Delen Private Bank

73%

JM Finn & Co

Bank JJ.Van Van Breda & Co 99.9%

ABK

37

Assets under management (1Q15)

Total assets under management

(in € mio) Delen Investments Delen Private Bank JM Finn & Co Van Breda: bancassurance products Van Breda: AuM at Delen* Van Breda: client deposits

1Q15 36,579 25,363 11,216 1,603 4,073 3,819

2014 2013 32,866 29,536 22,808 20,210 10,058 9,326 1,567 3,603 3,815

1,507 3,036 3,683

(*) Already included in Delen Private Bank AuM

38

Delen Investments: funds under management (1Q15) (AvH 78.75%) g and wealth management. g Focused on discretionary y Private banking asset management for private clients, in Belgium and UK AuM CAGR 2005-2014: 17 9% 17.9%

JM Finn

C fi Capfi

39

Delen Investments: key figures

(in € mio)

2014(2)

2013

2012

Gross revenues G Net result Equity Assets under management

278.5 278 5 80.8 517.4 32,866

255.2 255 2 76.0 464.1 29,536

214.8 214 8 62.6 414.5 25,855

55.0% 16.5% 27.7%

54.8% 17.3% 25.3%

55.2% 16.1% 23.1%

563

552

551

Cost - income ratio(1) ROE (IFRS) Core Tier1 capital ratio # personnel

(1) Excl. JM Finn = 43.5% (2014), 42.4% (2013) (2) Contribution of JM Finn to revenues of € 75.5 mio, to net result of € 6.4 mio

Brussels

Ghent

40

Delen Investments: highlights and outlook (1Q15) Highlights 2014 • Continued g growth of AuM to € 32,866 , mio ((€ 22,808 , mio Delen Private Bank,, € 10,058 , mio JM Finn), positively impacted by strong inflow as well as by exchange rate £/€ • Stable cost - income ratio at 55.0% (2013: 54.8%): Delen Private Bank 43.5%, JM Finn & Co 82.7% • Net equity increased to € 517 mio (€ 464 mio end 2013), 2013) largely exceeding Basel II and III requirements • Core Tier1 of 27.8%, well above sector average • Net result of € 80.8 mio ((of which € 6.4 mio from JM Finn & Co)) • Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remains chairman of the board Highlights 1Q15 • Continued growth of AuM to € 36,579 mio (€ 25,363 mio Delen Private Bank, € 11,216 mio JM Finn), positively impacted by strong inflow as well as by financial market and exchange g rate £/€ Outlook 2015 • Delen Delen Private Bank: well positioned to further grow AUM thanks to continued strong inflows • JM Finn & Co: continued focus on strengthening JM Finn business model towards discretionary asset management, with focus on front office efficiency and commercial strategy leading to net inflows

41

Bank J.Van Breda & C°: client assets (1Q15) (AvH 78.75%) 78 75%) Relationship p bank focused on p private as well as professional p needs for entrepreneurs and liberal professions Total deposits & funds CAGR 2005-2014: 12.2%

42

Bank J.Van Breda & C°: key figures

(in € mio) Bank product Net result Equity (group share) Total assets Total client assets((1)) Cost - income ratio ROE CAD (solvency ratio) Core Tier 1 capital ratio Net loan write-offs / avg loan portfolio Leverage (equity/assets) # personnel

2014

2013

2012

119.4 35.5 475.0 4,487 10 018 10,018

117.7 31.5 447.9 4,410 9 018 9,018

113.9 27.7 427.3 3,993 8 011 8,011

59.7% 7.7% 16.8% 14.9% 0.01% 95 9.5

58.9% 7.2% 15.6% 13.7% 0.04% 10 2 10.2

58.3% 6.7% 16.4% 14.2% 0.08% 11 1 11.1

459

466

465

(1) Deposits and entrusted funds

43

Bank J.Van Breda & C°: highlights & outlook (1Q15) Highlights 2014 • Continued steady growth of commercial volumes at Bank J.Van Breda & Co (incl. ABK) • Total client deposits and entrusted funds increased to € 10.018 mio (vs € 9,018 mio as of 31.12.13), of which € 3,815 mio client deposits and € 6.203 mio entrusted funds • Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,639 mio ((€ 3,455 , mio as of 31.12.13)) • Very limited net loan loss provisions: 0.01% • Cost - income ratio of 59.7% (vs 58.9% for 2013) • Net equity increased to € 475 mio (vs € 448 mio as of 31.12.13), with a Core Tier1 ratio of 14 9% and financial leverage (equity/assets) of 9.5% 14.9% 9 5% • Net result of € 35.5 mio driven by strong financial results of Bank J.Van Breda & Co and ABK bank • Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014 Highlights 1Q15 • Total client deposits and entrusted funds increased to € 10,643 mio, of which € 3,819 mio client deposits and € 6,824 mio entrusted funds • Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,706 mio Outlook 2015 • Bank J.Van Breda & Co: continued focus on growing core clientele franchise, leading to continuous volume growth of both deposits and AuM as well as loan portfolio. portfolio Interest margins will remain under pressure in low yield environment, but to be compensated by successful ‘asset gathering’ strategy 44 • ABK bank: continued focus on repositioning of brand

Structural growth drivers of the Belgian private banking market High level of net financial assets per capita

High level of household savings rate

Source: Rabobank

45

Real Estate, Leisure & Senior Care: Contribution to the AvH consolidated net result

(in € mio)

2014

2013

2012

Leasinvest Real Estate Extensa Groupe Financière Duval Anima Care

10.3 3.4 0.5 0.5

8.7 4.5 2.0 0.6

6.5 -5.3 5.3 1.8 0.6

Total

14.7

15.8

3.6

46

Real Estate, Leisure & Senior Care LEASINVEST REAL ESTATE

• Public regulated real estate comany for retail, offices and logistics in Luxembourg Luxembourg, Belgium and Switzerland

EXTENSA

• Real estate and land development in Belgium and Luxembourg

FINANCIERE DUVAL

• Real estate group with activities in real estate promotion, tourism (Odalys: 118,000 beds, 350 sites) and golf (NGF: 47 golf sites of which 20 in Paris) • 2014 negatively impacted by lower real estate activities and impact of VAT increase on tourism; Disposal of parking activities Park’A • 2015: Sale of Residalya to AvH. AvH will swap first part (20.57%) of stake in Fin. Duval with stake of 37.2% in Patrimoine & Santé (RE assets of Residalya) g • Health & senior care sector in Belgium • 2014: Increase of turnover driven by portfolio expansion, start up costs linked to opening of new buildings • Total portfolio of more than 1,300 beds and service flats (971 beds and 120 service flats in operation) • Senior care sector in France 47

ANIMA CARE

RESIDALYA

Leasinvest Real Estate (AvH 30%) Public regulated real estate company for retail, offices and logistics in Luxembourg, Luxembourg Belgium and Switzerland

Royal20 (Luxembourg)

Hornbach (Luxembourg)

Knauf Pommerloch (Luxembourg)

Yverdon-les-Bains (Switzerland)

Pré Neuf Villeneuve (Switzerland)

Littoral Park Etoy (Switzerland) 48

Leasinvest Real Estate: key figures (1Q15)

(in € mio) Operational result Net result Net equity o t ol o real eal estate ((fair a value) Portfolio Rental yield (%) Occupancy rate (%) Net debt ratio ((%))(1)

1Q15 3.6 3 6 343.8

2014 38.6 32 6 32.6 336.4

2013 34.2 26 9 26.9 335.3

758.1 58. 7.30 98.4 52.9

756.3 56.3 7.23 96.2 54.3

718.2 8. 7.31 96.9 53.5

Per share (€) Net asset value Stock price - closing High/Low

Dividend (1) Total net debt: € 406 mio (2013), € 407 mio (1H14)

Real estate portfolio tf li (2014) Retail Offices Logistics/semi-industral g

20% 45% 35%

Luxembourg

Belgium

Switzerland

68.10 91.61

67.90 73.60

93.90/73.10

82.45/65.10

4.55

4.50

5% 36% 59%

49

Leasinvest Real Estate: highlights (1Q15) Highlights 2014 • Strategic g reorientation (more ( retail,, less offices,, g geographical g p diversification)) leading g to higher rental income • In November, LRE acquired 3 retail properties in Switzerland (€ 37.8 mio; 11,649 m²; fully rented to international retailers). Geographical split is now: Luxembourg (59%), Belgium (36%) and Switzerland (5%) • Increase of real estate portfolio to € 756 mio (€ 718 mio end 2013), mainly driven by acquisitions in Switzerland • Occupancy p y rate increased to 96.2% ((2013: 96.9%); ); average g duration stable at 5.1 yyears (2013: 5.2 years) thanks to several long term rental contracts (SKF in Tongeren, CVC Capital in Luxembourg) • Operational result positively impacted by acquisitions of shopping center Knauf Pommerloch (Luxembourg) and Hornbach (in 2013) and Swiss retail acquisitions (from November onwards) • Successful redevelopment of Royal20 (former Hotel Rix site), with 10 years lease contract starting g in 2016 • In November, LRE changed its legal status from real estate investment trust into public regulated real estate company Highlights 1Q15 • Sale of office building Kiem (Lux.) to private investor for € 6.3 mio (excl. costs), in line with fair value. Future sales agreement signed in April for Royal20 under construction 50 (Lux.) for € 62 mio (excl. VAT)

Extensa Group (AvH 100%) Real estate developer with focus on residential and mixed projects in Belgium and Luxembourg

Tour&Taxis (Brussel)

Brussels Environment (Tour&Taxis)

De Meander (Tour&Taxis) (artist impression)

Cloche d’Or (Luxembourg) (artist impression)

Cloche d’Or (Luxembourg) (artist impression)

Trnava (Slowakia) 51

Extensa Group: consolidated balance sheet (Extensa – LRE combined)

(in € mio) Land development

31/12/14 31/12/13 (historical cost)

Real estate projects (fair value)

16.5

16.2 Net equity

150.9

81.7 Minorities

45.5

41.9

Tour&Taxis (50%): FV yield of 6.5%

31.5

26.7

Other assets

14.0

15.2

RE investments & Leasings

(fair value)

( it method) th d) Leasinvest Real Estate (equity

98 4 98.4

98 1 Financial debts((3)) 98.1

20.0

331.3

31/12/14 31/12/13 135.3

125.1

2.2

166 2 166.2

125 9 125.9

29.1 Other liabilities

27.6

16.0

267.0 Total liabilities

331.3

267.0

1,444,754 shares(1,2)

Other assets a.o. cash € 11.5 mio (2014), € 13.2 mio (2013)

Total assets

(1) AvH holding directly 37,211 shares (2) Market value of LRE shares (31/12: € 91.61): € 132.4 mio

(3) Net financial debt 2014: € -154.7 mio; 2013: € 112.6 mio

52

Extensa Group: highlights (1Q15)

Highlights 2014 • Slight decrease of net result to € 3.4 mio (2013: € 4.5 mio) • Good progress in 2 large city development projects (Tour&Taxis - Brussels and Cloche d’Or - Luxembourg) g) • Tour&Taxis (Extensa 50% - 100% as from 2015) delivery and sale of Building for Brussels Department of Environment • Development of 105 apartments, 48,000 m² office and underground car park (187 places) planned. planned • Agreement with Flemish government to accomodate all civil servants in new building (De Meander, 48,096 m²) on T&T site, to be developed by 2017 • Cloche d’Or (Luxembourg) (Extensa 50%, 20 ha – 400,000 m²): Financial closing (Ilot A, 70,000 m²) finalized; Commercialization of first phase of residential development started Highlights 1Q15 • Extensa increased its stake in Tour&Taxis to 100%. As a result, Extensa must remeasure its original (50%) interest in Tour&Taxis (according to IFRS) to the transaction value with IRET and Royal Property Group. This has a positive impact of € 42 mio on Extensa’s results for 2015. 53

Groupe Financière Duval (1Q15) (2014: AvH 41.14%) French group focused on real estate projects and tourism (in € mio) Turnover EBIT Net result Shareholder's equity Net financial position

2014 469.9 13.2 2.5

2013 501.1 13.4 4.7

2012 514.1 11.9 3.9

108.3 -116.2

107.1 -96.1

102.3 -80.0

Aren’Ice and Aren’Park (Cergy-Pontoise)

Highlights 2014 • Decrease of turnover due to lower volume of real estate activities, divestment of Park’A and impact of TVA increase on tourism activities • Sale of Park’A activity to Interparking. Interparking Limited impact on consolidated result • 2014: Exploitation activities: Tourism – holiday parks (Odalys) (118,000 beds, 350 sites); NGF (47golf sites); Senior Care (Residalya) (1,991 beds, 26 sites) Highlights 1Q15 • Sale of Residalya to AvH should allow the group to focus on core activities and improve 54 profitability

Anima Care (1Q15) (AvH 100%) Anima Care focuses on high quality senior care residences in Belgium (exploitation and real estate) (in € mio) 2014 2013 2012 Azur Soins et Santé Turnover 37.9 27.4 20.5 EBITDA 54 5.4 34 3.4 24 2.4 Net result 0.5 0.6 0.6 Shareholder's Sh h ld ' equity it Net financial position

35.7 35 7 -60.2

32.4 32 4 -40.8

21.2 21 2 -15.2

Zonnesteen (Zemst)

Highlights 2014 • Increase of turnover driven by portfolio expansion with new built residences: Zemst (93 beds, 24 service flats) and Haut-Ittre (127 beds, 36 service flats) • Net result impacted by startup losses from opening of new residences • Total portfolio of more than 1,300 beds and service flats (of which 965 beds and 120 service flats in operation), spread over 10 senior care residences Highlights 1Q15 • Opening Aquamarijn residence in Kasterlee (143 beds beds, 63 service flats flats, 25 places in day care centre) in March 2015 • Total portfolio of more than 1,300 beds and service flats (of which 971 beds and 120 service flats in operation), spread over 11 senior care residences 55

Acquisition of Residalya (from 2015: AvH 70%) Residalya operates 2,184 beds spread over 28 retirement homes in France

(in € mio) Turnover Net result

2014 80 8 80.8 1.5

2013 73 2 73.2 1.3

q y Shareholder's equity Net financial position

23.7 -15.0

22.0 -16.0 Résidence Marguerite (Meyzieu)

56

From real estate leasing over real estate development to real estate services (€ mio)

160 

Extensa

140 140 

equity it

120  100  80  60  40 40  20  ‐

AvH 60% (equipment & real estate leasing)

AvH 100%

Diversification into ‘Real estate services’:

Acquisition Extensa (real estate development)

-Creation of LRE (investment trust) -Acquisition Brixton (real estate management)

Groupe Duval (41%) France (real estate exploitation & services)

Anima Care (100%) Senior care facilities & services

Residalya (70%) Senior care in France 57

Energy & Resources: Contribution to the AvH consolidated net result

(in € mio)

2014

2013

2012

Sipef Sagar Cements Telemond Other

11.4 6.0 1.8 0.3

11.2 -0.4 0.4 3.0 -5.1

14.1 0.3 1.0 1.0

Total

19.5

8.7

16.4

58

Energy & Resources

SIPEF

• Agro industrial group with plantations of palm oil, rubber and d tea t iin IIndonesia d i and dP Papua N New G Guinea i

SAGAR CEMENTS

• Production of cement. In partnership with the Reddy family • 2014: Difficult market conditions continued. Increase in net result thanks to capital gain on sale of participation in Vicat JV. Acquisition of BMM Cements announced.

ORIENTAL QUARRIES & MINES

• Stone quarries producing building aggregates. In partnership with the Bakshi family • 2014: Positive impact from turnaround Bidadi and Bilaua sites, process streamlining in Moth and start-up of Mau resulting in significant increase of turnover and net result

MAX GREEN

• Renewable energy based on biomass (wood pellets), in JV with Electrabel • 2014: 2014 Decrease D off production d ti and d result lt d due tto shutdown h td from April until August

TELEMOND GROUP

• Development & manufacturing (Poland) of welded steel structures and equipment • 2014: Difficult market resulted in lower net result. Start up of new production site in Stettin

59

Sipef (AvH 26.78%) A Belgian agro-industrial group operating and managing tropical plantation businesses (55,693 (55 693 ha oil palm and 9 9,596 596 ha rubber) rubber), in Indonesia and Papua New Guinea

Immature oil plantings (North Sumatra)

Oil palm nursery

Hargy Oil Palms (Papua New Guinea)

Young rubber plantation

Cibuni tea plantation (Java)

Selection of banana bunches 60

Sipef: key figures (1Q15) (in ton)

Group production((1))

(in USD mio)

1Q15

2014

2013

60,542

268,488

253,912

2 839 2,839

10 411 10,411

10 403 10,403

740

2,816

2,850

2014

2013(2)

2012

€ 1 = USD 1.32 € 1 = USD 1.33 € 1 = USD 1.29

Turnover EBIT Net result

285.9 71.4 56.3

286.1 66.4 55.6

332.5 94.2 68.4

Shareholders' equity Net financial position

547.5 -24.6

508.1 -35.1

472.6 18.2

64.00/45.10

65.03/50.00

71.89/54.51

426.8

516.5

523.7

Share high/low (in €)

Market cap (€ mio) (1) Own and outgrowers

(2) Restated in line with IFRS11

61

Sipef: highlights & outlook (1Q15) Highlights 2014 • Higher maturity from new oil palm plantations leading to higher production volumes in palm oil (+6%) • Stable turnover despite higher production due to lower market prices for palm oil, which suffer from large offer of vegetable oils, lower demand from China and India and weaker petroleum p p prices

(in USD/ton)

1Q15

2014

2013

2012

684 1,733

821 1,958

857 2,795

999 3,377

€ 1 = USD 1.32 (2014)

Palm oil Rubber

• Increase of net result to USD 56.3 thanks to strict cost control and despite lower profitability of rubber and tea • Expansion plans continued. Two extraction plants for palm oil (in Indonesia and Papua New Guinea) completed and new oil palms planted in Papua New Guinea and in South Sumatra Highlights 1Q15 • Expected decline of palm oil production (-2%) • Significantly lower prices as a result of large supply of other vegetable oils and weak demand for p palm oil from most important p import p countries Outlook 2015 • Sipef expects a result and cash flow generation considerably lower than in 2014

62

Sagar Cements (AvH 18.55%) Cement plant, located near Hyderabad (Andra Pradesh - India), with capacity of 2 2.5 5 million tonnes cement per year (in € mio)

2014

2013

2012

€ 1 = INR 80.65 € 1 = INR 77.52 € 1 = INR 68.97

Turnover EBITDA Net result

65.9 46.3 32.7

61.7 3.7 -2.4

85.6 11.4 2.2

Shareholder's equity Net financial position

65.3 -0.5

29.7 -25.0

37.7 -27.5

Highlights 2014 • Continued overcapacity and weak demand despite improved market environment • Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value of approx € 53 mio (AvH share of capital gain: € 6 mio). Investment multiplied by 5 since 2008 • Annoucement of acquisition of BMM Cements (1 million tonnes cement per year year, 25 MW captive power plant). Transaction to be completed in 2015 63

Oriental Quarries & Mines (AvH 50%) Aggregates quarries, India (in partnership with Oriental Structural Engineers ) (in € mio)

2014

2013

2012

€ 1 = INR 80.65 € 1 = INR 77.52 € 1= INR 68.97

Turnover EBITDA Net result

8.0 0.7 0.7

4.9 0.2 0.1

3.6 -0.5 -0.4

Shareholder's equity Net financial position

7.3 1.4

6.0 1.5

7.0 2.1

Bidadi quarry

Highlights 2014 • Limited demand for aggegrates due to low infrastructure and construction activities • Despite difficult market, significant improvement of turnover thanks to upgrading of Bidadi and Bilaua quarries, streamlining of production process in Moth and restart of Mau quarry Quarries in Moth,, Gwalior and Bangalore g with total crushing g capacity p y of 1.5 million tons •Q

64

Max Green (AvH 18.9%) Renewable energy based on biomass / wood pellets (joint venture with Electrabel) Highlights 2014 • Conversion of Rodenhuize 4 p plant ((Ghent)) into 100% biomass fired unit (180 -200 Mwel capacity) • Changing legal framework for green certificates resulted in shutdown of production in April 2014 • Restart of production at the end of August • Lower production volumes (2014: 0.86 TWh, 2013: 1.26 TWh) and turnover (2014: € 101 mio, 2013: € 157 mio)) due to shutdown • Net loss of € 15 mio, without impact on AvH results

Rodenhuize (Ghent)

65 65

Telemond Group (AvH 50%) Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks (in € mio)

2014

2013

2012

Turnover Net result

79.6 3.8

78.7 6.6

74.3 3.1

-17.2

-10.9

-14.1

Net financial position

Stettin (Poland)

Highlights 2014 • Strong market positioning despite negative trend in infrastructure investments, construction and energy sector • New production site in Stettin (Poland) put into operation • Good result, but lower than 2013 due to increasing volatility of markets and important changes g in product p p portfolio

66

Development Capital: Contribution to the AvH consolidated net result

(in € mio)

2014

2013

2012

Sofinim Contribution participations Sofinim C Contribution ib i participations i i i GIB

-2.9 3.0 -6.8 68

-2.8 -6.3 25 2.5

-1.3 4.3 29 2.9

Development capital

-6.7

-6.6

5.9

Capital gains/ impairments

-15.4

29.5

22.7

Total (including capital gains)

-22.1

22.9

28.6

67

68

Development Capital

Atenor: Brasseries de Neudorf (Luxembourg)

Egemin: Handling Automation

Corelio: Mediahuis

Distriplus: Planet Parfum (Antwerp)

Euro Media Group

Hertel

Turbo’s Hoet Groep

Manuchar

Trasys

69

Development Capital: adjusted net asset value

(in € mio)

2014

2013

2012

Sofinim

492.1

493.2

466.4

10.8

8.2

6.2

40.00

34.25

32.05

5.8

10.0

8.4

2 50 2.50

3 00 3.00

3 00 3.00

508.7

511.4

481.0

Unrealised capital p ggain Atenor Share price Atenor (in €)

Market value Groupe Flo / Trasys Sh Share price i G Groupe Fl Flo (i (in €)

Total Development Capital

70

Development Capital: key figures portfolio 2014

in € mio

Turnover

Sofinim (74%) 2014 110.8 Atenor 0.6 Axe investments 398.3 Corelio 199.9 Distriplus 128 4 128.4 Egemin 317.8 Euro Media Group 815.6 Hertel 1,084.6 Manuchar NMC 366.5 Turbo's Hoet Groep GIB (50%) 313 6 313.6 Groupe Flo 75.6 Trasys

EBITDA

2013 110.1 0.6 299.9 247.2 105 0 105.0 301.3 767.4 1,010.5 197.3 405.5

2014 30.8 0.1 27.3 12.0 10 2 10.2 39.3 21.6 43.4 15.0

2013 24.0 0.1 21.3 13.7 68 6.8 59.2 3.3 42.0 27.2 17.9

346.8 346 8 73.2

20.2 20 2 4.7

35.3 35 3 4.8

Net Result

Net Equity

2014 15.3 0.3 1.8 3.7 43 4.3 -9.9 -3.3 8.3

2014 112.9 15.5 59.3 66.4 26 4 26.4 180.7 128.8 70.3

0.4

2013 12.0 0.3 -42.3 -0.0 24 2.4 9.4 -34.4 4.6 11.9 5.6

-35.7 35 7 1.9

8.0 8 0 2.8

Net Fin. Position 2014 -199.6 5.1 -69.0 -54.2 59 5.9 -68.8 -43.7 -297.9

81.0

2013 104.8 15.6 37.8 62.7 21 9 21.9 189.0 128.7 56.4 100.0 88.1

-96.2

2013 -174.9 5.2 -72.8 -61.3 12 6 12.6 -82.0 -36.0 -257.5 -15.9 -96.0

126.7 126 7 22.9

165.8 165 8 22.0

-68.5 68 5 -7.7

-57.7 57 7 -8.6

71

Development Capital: highlights (1Q15) Highlights 1Q15 • Sale of Hertel to Altrad expected to be closed in 2Q15. 2Q15 Positive impact of approx approx. € 85 mio on cash position of AvH and limited capital gain. Hertel Offshore changed its name in CKT Projects and will be acquired by Sofinim and NPM Capital • Agreement between Egemin Group and KION Group on the sale of Handling Automation for an entreprise value of € 72 mio. Transaction expected to be closed in 3Q15 and will result in a capital gain of approx. € 30 mio (AvH share). Other activities (Process Automation Life Sciences, Automation, Sciences Infra Automation and Consulting & Services) remain under the control of Sofinim Highlights 2014 • Divergent results in development capital segment but clear improvement of results of most participations • Capital gain of € 4.9 4 9 mio (AvH) on sale of NMC at the end of June. June IRR of 14.8% 14 8% over 12 years • Atenor: Result impacted by delivery of UP-site (Brussels) in June, the construction and sales of the Trebel project (Brussels), sale of appartments of Port du Bon Dieu (Namur) and Brasseries de Neudorf (Luxembourg) 72

Development Capital: highlights Highlights 2014 • Corelio: Start of joint-venture joint venture Mediahuis (Corelio 60% 60%, Concentra 38%) in 2014 2014. Significant improvement of net result thanks to restructuring of loss making entities and stronger market positioning. Acquisition of NRC Media announced early 2015. • Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel. Distriplus concentrates now on the world of beauty. Focus on further growth of number of shops at Di and on new strategy at Planet Parfum. • Egemin Automation: Significant improvement of turnover and net result in all segments thanks to good control of internal processes, better order selection and stronger focus on specific markets and concept solutions • Euro Media Group: Strong financial year in Belgium (Videhouse), UK and Netherlands. Weak results in France. Restructuring of shareholding structure of EMG with PAI entering as new lead investor; Sofinim maintaining its stake. stake Spin-off of rental activities (Transpalux), of which Sofinim acquired 45% • Groupe Flo: Decrease of turnover with 10% due to decrease of restaurant visits in France. Decrease across all brands, although more expensive brasseries and concessions resisted better. Measures taken include changes in management team, strategic plan and organizational structure

73

Development Capital: highlights Highlights 2014 • Hertel: Higher turnover mainly driven by maintenance activities (scaffolding, (scaffolding insulation, painting, mechanical) and some large projects in Germany and Australia. New management team successfully restructured the company, profitable as from 2H14. Full year result still negative due to restructuring costs, non-recurring elements in its offshore division and liquidation of a subsidiary in Germany. • Manuchar: Investment in new warehouses and preparation of start-up of production facility in Mexico (planned for 2015). 2015) Positive results from trading in steel steel, non ferro and other raw materials • Trasys: Renewal of significant number of contracts, especially ESP-DESIS for European Commission. Increase of turnover and net result • Turbo’s Hoet Groep: Difficult market environment leading to lower results of new trucks in all regions, regions especially in Russia Russia. Strong activity and fleet expansion at Turbolease. Lower net profit mainly due to unrealized exchange rate losses

74

Groupe Flo (1Q15) (GIB 47.13%) Leading player in casual dining in France, with a portfolio of complementary brands of theme restaurants (Hippopotamus (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and famous brasseries (in € mio) Turnover EBITDA Net result

1Q15 74.1 -1.1 -5.0

Net financial position

2014 313.6 20.2 -35.7

2013 346.8 35.3 8.0

-68.5

-57.7

Hippopotamus Highlights 2014 • Decrease of turnover and net result in a difficult market environment, negatively impacted by the VAT increase and increasing price sensitivity from the customers • Impairments and provisions (€ 42 mio, without impact on financial position) made on the assets, mainly at La Taverne de Maître Kanter and Bistro Romain • Measures taken to adapt the operating model include changes in management team, strategic plan and organizational structure • Agreement with bankers to reschedule financing

Highlights 1Q15 • Slight improvement of gross margin 75

Development Capital: overview of major divestments 2002 2003

2004 2005

2006

2007 2008

2009

2010 2012 2013 2014

64 1 64.1 IRR %

53.7

39.0 34.1

31 9 31.9

28.3

26.7 16 5 16.5

25.5

24.9

22.6

19.0

16 5 16.5 11.1

-0.8

3

14 8 14.8

5

3

10

10

4

5.7

3.4

-1.3

8

14 8 14.8

9

11

4

6

8

8

7

15

2

5

2.2

6

11

6

12

Investment term (# years) 76

Outlook 2015

‘AvH made a positive start to 2015 with some significant transactions such as the acquisition of 100% of the Tour&Taxis site, the restructuring of the shareholding of Holding Groupe Duval, the sale of Hertel and the H dli g Automation Handling A t ti divison di i off Egemin. Eg i In I addition, dditi DEME was able in 1Q15 to win 1.6 billion euros worth of new orders, orders while the performance of the banks is buoyed by favourable financial markets. The board of directors is confident for the year 2015.’

77

For further questions or additional information, please consult our website: www.avh.be Contact: Luc Bertrand Ch i Chairman off th the E Executive ti C Committee itt

Jan Suykens Member of the Executive Committee

Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E [email protected]

78

Annexes

79

Multidisciplinary and experienced team

Born Luc Bertrand 1951 Jan Suykens 1960 Piet Dejonghe 1966 Piet Bevernage 1968 Tom Bamelis 1966 Koen Janssen 1970 André-Xavier Cooreman 1964

with AvH since 1986 (Bankers Trust) 1990 (Generale Bank) 1995 (Allen & Overy - LCV, Boston Consulting Group) 1995 (Allen & Overy - LCV) 1999 (Touche Ross, GBL) 2001 ((Recticel,, ING)) 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)

Marc De Pauw Hilde Delabie Sofie Beernaert John-Eric Bertrand Katia Waegemans Ben De Voecht Jens Van Nieuwenborgh A H An Herremans

1994 1998 2005 2008 2008 2010 2014 2014

1953 1968 1975 1977 1969 1979 1982 1982

(NIM) (Deloitte) (Eubelius) (Deloitte, Roland Berger) (McKinsey, Agfa-Gevaert) (ExxonMobil) (McKinsey) (Roland Berger, Barco)

80

Historical overview 1880

Foundation by H.W. Ackermans & Nicolaas van Haaren

1964

Foundation of Forasol SA

1974

Merger g of dredging g g activities with SGD ((CFE-SGB))

1984

I.P.O.

1988

1st diversification into brewery sector (Alken-Maes) (Alken Maes)

1991

Acquisition of Creyf’s Interim (renamed Solvus)

1992

Acquisition of Belcofi – Delen (start of Private banking)

1994

Acquisition of privatised Société Nationale d’Investissement (start of private equity via Sofinim and of real estate via Leasinvest)

1996

Sale of Forasol – Foramer to Pride Petroleum

1998

Creation of joint holding company (Finaxis) of Bank Delen with Bank J. Van Breda & C° (AvH 60% / beneficial 30%) 81

Historical overview

(2)

1999

IPO of Leasinvest Real Estate

2000

Increase of stake in DEME from 39.5% to 48.5%

2002

Acquisition 50% stake in GIB (Quick), together with CNP

2004

Increase of stake in Finaxis from 30% to 75 % Increase of stake in DEME from 48.5% to 50%

2005

Sale of Solvus to USG

2006

Strong investment (Flo, Trasys, Turbo’s Hoet Group, Cobelguard) as well as (Quick,, SCF)) activityy divestment (Q

2007

Bank Delen: acquisition of CAPFI (€ 2,747 mio) DEME: 2nd phase of fleet investment program q y strong g investment activityy (Sp (Spano,, Iris,, Manuchar,, Distriplus: p Private equity: € 154 mio)

2008

Investment in Rombouts (20%) and Sagar Cements Sale of Arcomet, Oleon Holding and Oleon Biodiesel

82

Historical overview

(3)

2009

Sale of IDIM to R.D.C.B. and S.R.I.B. and sale of I.R.I.S. to Canon Investments in Oriental Quarries & Mines, Alcofina and Max Green

2010

Creation of Rent-A-Port Energy g Groupe p Duval Co-control Holding RSPO certification of Sipef Sale of Engelhardt Druck

2011

Listing of AvH options on NYSE Liffe Acquisition ABK by Bank J.Van Breda & Co Acquisition JM Finn & Co by Delen Investments

2012

Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)

2013

Sale by Sofinim of stake in Spano Invest (73%) Acquisition of CFE (60%) and exclusive control of DEME

2014

Sale by Sofinim of stake in NMC (27%)

2015

Acquisition of Residalya (70%) from Financière Duval Acquisition of 100% Tour&Taxis by Extensa

83

Evolution of the AvH share ((index rebased to 20/6/1984)) AvH Belgian all share index

1984-2014 AvH share: x50 Stock index: x8

(until 15/5/2015)

Market capitalization (€ mio, end of year): 55 317

1,066

590

2,244

3,420 84

Return AvH vs market

Source: KBC Securities

85

Net cash position AvH group

(in € 000) Investment portfolio portfolio* Term deposits Intercompany deposits Cash Long term debt Short term debt - commercial paper Own shares ((#360,243) , ) Net cash GIB (50%) and Other (equity consolidation)

AvH & Development Total subholdings capital (31/12/2014)

Total (31/3/2015)

24,651 24 651 24,333 -146,380 4,838 -60,000 -29,902 24,505 ,

2,509 2 509 28,710 146,380 1,230

27,160 27 160 53,043 0 6,068 -60,000 -29,902 24,505 , 414

29,332 29 332 19,248 0 5,543 -60,000 -29,902 23,573 , 355

-157,955 ,

178,829 ,

21,288 ,

-11,850 ,

* Primarily Delen Private Bank funds

86

Delen Investments: income statement Conso (in € 000)

2014

2013

2012

Net interest income Gross fee income Other income Gross revenues

3,346 269,329 5,871 278,546

2,994 245,800 6,417 255,211

4,192 212,444 -1,800 214,836

Fees paid

-26,994

-21,892

-19,430

-117,394 -13,047 -7,391 -29 -137,861 ,

-112,725 -11,243 -2,328 -27 -126,324 ,

-96,162 -9,948 -2,172 -25 -108,307 ,

0

0

507

113,692

106,996

87,606

Income taxes

-30,110

-28,804

-23,602

Profit of the period Minority interests Share of the group

-2,757 80,825

-2,159 76,033

-1,387 62,617

Operational expenses Amortisations & provisions Other expenses Loan loss provision p Expenses Share of profit (loss) from equity accounted investments Profit before tax

87

Delen Investments: balance sheet

(in € 000)

2014

2013

2012

Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for trading - Loans and receivables Tangibles assets G d ill and Goodwill d other th iintangible t ibl assets* t* Other assets Total assets

298,393

658,767

698,990

915,022 , 5,655 148,767 59,455 244 696 244,696 28,589 1,700,577

537,717 , 33,633 125,987 55,070 248 607 248,607 25,240 1,685,021

494,015 , 33,073 102,316 52,157 249 258 249,258 24,588 1,654,397

Financial liabilities - Deposits from credit institutions - Deposits from clients - Other Oth Provisions, tax and other liabilities Equity (including minority interests)* Total liabilities

3,842 1,055,471 11 395 11,395 112,130 517,738 , , 1,700,577

2,403 1,080,732 30 267 30,267 107,247 464,372 1,685,021 , ,

1,603 1,120,207 28 146 28,146 89,653 414,788 1,654,397 , ,

* JM Finn at 100% taking into account put/call rights on minority stake of 26.51% 88

Delen Private Bank: Annualized returns (after all costs) since inception

10/04/2015

1 year

2 years

3 years

4 years

5 years

10 years

Annualized

Annualized

Annualized

Annualized

Annualized

Since inception Annualized

Low

12 54% 12,54%

7 27% 7,27%

6 86% 6,86%

5 44% 5,44%

4 67% 4,67%

4 10% 4,10%

6 21% 6,21%

Peer Group Low

11,11%

6,87%

6,91%

5,41%

4,60%

3,52%

3,54%

7 78% 7,78%

6 78% 6,78%

5 72% 5,72%

5 74% 5,74%

7,23%

6,23%

4,55%

3,91%

9 14% 9,14%

6 76% 6,76%

7 65% 7,65%

8,86%

7,24%

4,65%

4,16%

9,45%

7,92%

6,80%

9,18%

4,94%

4,53%

4,06%

6,20%

Medium Peer Group Medium

Hi h High Peer Group High

Flexible Peer Group Flexible

18 68% 11,23% 18,68% 11 23% 10,66% 10 66% 16,44%

10,81%

9,95%

24 49% 16,07% 24,49% 16 07% 15,81% 15 81% 10,07% 10 07% 23,06%

14,95%

13,12%

17,50% 14,40% 13,97% 14,47%

8,57%

8,21%

Source: Morningstar 89

Bank J.Van Breda & C°: income statement

(in € 000)

2014

2013

2012

Net interest income Net fee income Other income Gross revenues Operational expenses Amortisations & provisions

82,086 32,020 5,271 119,377 -65,096 -6,126

76,767 31,601 9,348 117,716 -64,756 -4,544

79,144 26,772 7,992 113,908 -62,914 -3,543

Loan loss provision Impairment AFS Expenses Share of profit (loss) from equity accounted investments Exceptional income/cost Profit before tax Income taxes Profit of the period Minority interests Share of the group

-237 -376 -71,835

-1,488 -13 -70,801

-2,391 -2,292 -71,141

153 2,902 50,598 -15,020

220 47,135 -14,760

278 -60,112* -17,067 17,067 45,049

-84 35,494

-828 31,546

-243 27,739

* Exit Beroepskrediet statute 90

Bank J.Van Breda & C°: balance sheet (in € 000)

2014

2013

2012

Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for trading and fvo -L Loans and d receivables i bl (i (including l di fi finance lleases)) - Derivatives used for hedging Tangible assets Goodwill Goodw ll and a d ot other e intangible ta g ble assets Other assets Total assets

164,785

243,164

91,104

606,966 1,864 3 639 208 3,639,208 9,901 37,907 8,949 8,9 9 17,852 4,487,430

640,743 1,243 3 455 495 3,455,495 931 33,156 12,359 ,359 23,204 4,410,294

517,209 5,462 3 306 419 3,306,419 3,747 31,764 10,629 0,6 9 26,431 3,992,765

Financial Fi i l li liabilities biliti - Deposits from credit institutions - Deposits from clients - Debt certificates ((incl. bonds/ CP)) - Subordinated liabilities - Other Provisions, tax and other liabilities Mi it iinterests Minority t t Equity (group share) Total liabilities

12,432 3,735,928 138,661 , 79,513 14,228 31,544 143 474,981 4,487,430

106,320 3,598,537 128,019 , 84,473 5,815 38,856 367 447,907 4,410,294

68,647 3,327,944 18,200 , 87,305 19,086 27,341 16 975 16,975 427,267 3,992,765 91

Sipef: Expansion

Planted area (in hectares) – beneficial interest 120.000

100.000

80.000 80 000

South Sum expansion PNG expansion PNG

60.000

Bengkulu expansion Bengkulu North Sum expansion

40.000

North Sum

20.000

0 2005

Source: Sipef company presentation

2008

2012

2020 92

AvH: long term track record of growth and value creation: Sofinim NAV (in € mio)

Adjusted net asset value

600 500 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

NAV • Conservative benchmark (acquisition cost + group’s share of results) • No transaction value, value nor P/E based revaluations 93

For further questions or additional information, please consult our website: www.avh.be Contact: Luc Bertrand Ch i Chairman off th the E Executive ti C Committee itt

Jan Suykens Member of the Executive Committee

Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E [email protected]

94