Investor Presentation 2013

AUGUST 28, 2014

ACKERMANS & VAN HAAREN at a glance

A diversified group active in 5 segments

Limited number of strategic participations

Net result

Equity

Gross dividend

€ 96 mio

€ 2,294 mio

€ 1.70

1H14

Total payout: € 57 mio

Market capitalization

Personnel

€ 3,085 mio

22,706

We work for growth

Share price: € 92.09 (30/6/2014)

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 above 10%

Focus on strategic participations

Average annual growth of 12.0% (2004-2013)

Create shareholder value

AvH Belgian all share index

AvH share: x42 Stock index: x8 (1984-2013)

Dividend payout of € 1.70 Average annual growth of 11.3% (2004-2013)

(until 19/8/14)

6

7

Consolidated group result

((in € mio)) Marine Engineering & Infrastructure Private Banking Real Estate, Leisure & Senior Care Energy & Resources Development Capital Result from participations C it l ggains Capital i d development l t capital it l Result from participations (incl. capital gains) AvH & subholdings

1H14

1H13

2013

42.2 44.6 3.6 6.9 -1 3 -1.3

20.4 45.0 -0.3 5.6 -6 6 -6.6

59.7 84.5 15.8 8.7 -6 6 -6.6

96.0 49 4.9 100.9

64.1 34 0 34.0 98.1

162.1 29 5 29.5 191.6

-4.5

-3.3

-7.2

Other non-recurrent result

0.0

Consolidated group result

96.4

0.0 109.5(1) (1) 94.8 293.9

(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 8

Highlights 1H14 The consolidated net result of AvH amounts to 96.4 million euros for 1H14 • Increase by 1.6 million euros (+1.6%) over last year, primarily thanks to a substantial improvement (+31.9 million euros) in the result of the participations, amounting to 96.0 million euros (1H13: 64.1 million euros). In addition, a capital gain of 4.9 million euros was realized li d on the h sale l off the h participation i i i iin NMC. C • The substantial improvement in DEME’s result is reinforced by the higher shareholding percentage (from 50% to 60.40%) following the CFE transaction at the end of 2013. • Delen Investments and Bank J.Van Breda & Co performed well again and were both able to realize a further growth in assets under management. • The sale by Extensa of the building for the Brussels Department of Environment ensured d a significant i ifi iincrease in i the h result l and d a positive i i contribution ib i ffrom the h R Reall Estate, Leisure & Senior Care segment. • Favourable weather conditions boosted Sipef’s production and its contribution to the group result. • A clear, albeit early, improvement in results was recorded in the Development Capital segment. AvH realized a capital gain of 4.9 million euros on Sofinim’s sale of its participation in NMC. Last year, capital gains accounted for a greater share of the result th k tto th thanks the 34 34.0 0 million illi euros gain i on the th sale l off Spano. S

9

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

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

1H14

2013

2012

2,293.7 -14.6

2,251.5 -3.1

2,003.3 87.9

1H14

1H13

Key figures per share

(i €) (in Number of shares (#) Net result per share

33,496,904 33,496,904 33,496,904 2 91 2.91 2 86 2.86 8 87 8.87

Gross dividend Net equity Stock price: highest (12/5) lowest (3/2) close (30/6)

2013

1.70 68.47 68 47 95.53 78.71 92 09 92.09

60.99 60 99 70.59 62.74 64 45 64.45

67.22 67 22 85.16 62.74 85 16 85.16

10

Pro forma group figures (based upon conso results 2013, incl. pro rata under equity method) Group personnel per segment

‘Consolidated’ turnover per segment (in € mio)

18,752

22,706

3,308

5,669

* Taking into account acquisition of control of CFE and DEME (both taken for 100%) 11

AvH share performance vs. BEL 20 AVH

AVH rebased to 100

BEL20 rebased to 100

12

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

(€ mio)

1H14

1H13

2013

DEME

37.8

17.2

53.7

CFE

2.7

-

-

A.A. VAN LAERE

1.0

-0.5

0.7

RENT-ARENT A PORT

-0.1

3.0

3.8

NMP

08 0.8

07 0.7

15 1.5

TOTAL

42.2

20.4

59.7

13

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 Construction,, Rail and Road,, Multitechnics, Real Estate Development and Management Services, Public-Private Partnership and Concessions

VAN LAERE

• G Generall contractor t t off llarge g residential, id ti l office ffi and d civil i il construction projects; focus on PPS projects and parkings • 1H14: Increase of turnover to € 88 mio • Order book at € 239 mio

(see slide 56)

RENT-A-PORT (see slide 57)

NMP NM (see slide 58)

• Specialised in port development and logistics • 1H14: Decrease in net result. 2014 is transition year for Dinh Vu (Vietnam). Expansion to 1,600 ha expected by year-end • Ope Operator ato o of p pipelines pel es for o cchemicals e cals • 1H14: Slightly higher results in line with expectations 14

DEME: key figures (1/2) (AvH 60.40%) One of the largest and most diversified dredging and marine engineering companies in the world Consolidated key figures (in € mio)

1H14

1H13

2013

Turnover EBITDA EBIT Net result

(1) 1,212.3 191.7 90.7 62.6

(2) 1,305.6 215.4 104.0 62.6

(2) 1,207.0 181.1 71.9 34.4

(2) 2,531.6 437.8 216.5 109.1

Net cash flow Sh h ld ' equity Shareholder's i Net financial position Total assets Capex

164.0 881 7 881.7 -416.3 2,767.1 40

174.5 881 7 881.7 -536.1 2,951.3 40

143.2 776 1 776.1 -821.8 2,812.9 190

330.9 847 7 847.7 -711.3 2,837.0 209

4,357

4,582

# personnel

(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 presentation, the group companies that are jointly controlled by DEME are still proportionally integrated. Although 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.

15

DEME: key figures (2/2)

Evolution as % of economic turnover *

Capacity utilization (# weeks)

*

* Turnover impacted by procurement of supplies (2013: € 230 mio, 1H14: € 28 mio)

Valdemarsvik (Sweden)

Lazaro Cardenas (Mexico)

Amoras (Antwerp)

SARB energy island (Abu Dhabi) 16

DEME: breakdown of economic turnover

Turnover per region

Turnover per activity

Turnover per type of customer

17

DEME: highlights

Highlights 1H14 • Significant Si ifi increase i off economic i turnover to € 1,306 1 306 mio i (1H13 (1H13: € 1,207 1 207 mio) i ) and d net result to € 62.6 mio (1H13: € 34.4 mio) driven by high activity level, good fleet utilization and order book of € 2,805 mio • Impact of increase strenghtened by increase of shareholding percentage from 50% to 60.4% after acquisition of control over DEME/CFE at the end of 2013 • Limited capex and positive working capital evolution resulting in lower debt • A Australia t li and dQ Qatar t according di tto plan. l Execution E ti off JJurong IIsland l dW Westward t dE Extension t i (Singapore) and installation works of Westmost Rough wind farm (UK). Works for Northwind (Belgium), Amrumbank West and Butendiek (Germany) wind farms finalized. Second phase of Soa Rap project (Vietnam) inaugurated.

Innovation at Westermost Rough (UK)

Marieke in Abidjan (Africa)

Northwind (Belgium) 18

DEME: examples of projects

Waterdunen (Netherlands)

Pallieter on Seine (France)

Innovation at West of Duddon Sand (UK)

Pearl River in Sepetiba (Brazil) 19

DEME: order book Order book 1H14 maintained at a high level: € 2,805 mio (vs € 3,049 mio end 2013), with orders across different regions and activities • Deepening of channel and turning basin of port in Sepetiba Bay (Rio de Janeiro, Brazil) • Construction of approach channel and harbour basis of service port for new LNG terminal in Yamal (Russia) • Maintenance dredging works of Pacific entrance of Panama Canal and in channels and turning basis of Dhamra Port (India) • Maintenance and deepening works in ports of Tema and Takoradi (Ghana) • Cable protection works in Canada and rock installation works in China by Tideway Evolution order book (€ mio) 20%

Other

7%

Middle East + India

20%

A i Asia

32%

Europe

21%

Benelux

20

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 21

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%)

TerraSea

GLDD and DEC

Fluvial and marine aggregates DEME Building B ildi Materials (DBM)

Extraction, E t ti processing i and d sales l off marine i aggegrates for construction industry

DEME (100%)

OceanflORE

Deepsea mining

DEME (50%) and IHC Merwede

Marine services for sea terminals

DEME (54%), HerboschKiere and d Multraship l h

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%) 22

DEME: long term track record of stable 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 50%

AvH 39.5%

AvH 48.5%

2002

2004

2006

2008

2010

2012

DEC DBM (Building Materials)

G S GeoSea

CTOW DEME Blue Energy Oceanflore

Partnership

Control

AvH 50%

AvH 60.4% 23

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

24

CFE: key figures (excl. DEME and Rent-A-Port) (AvH 60.40%) Belgian industrial group active in Construction, Rail and Road, Multitechnics, Real Estate Development p and Management g Services,, Public-Private Partnership p and Concessions 1H14(1) (in € mio) Turnover EBITDA EBIT Net result Order book Net financial debt

561.2 14 5 14.5 2.7 0.9 1,116 -136.2

((1)) Excluding g DEME and Rent-A-Port Police station (Charleroi)

Highlights 1H14 • Increase of turnover (+19%) driven by significantly higher construction activities (in Benelux and internationaly, despite lower volumes in civil engineering). Increase of more than 10% in multitechnics and rail and road • Important improvement in operational result in construction and increase in rail and road and multitechnics • Positive impact on consolidated AvH result (€ 2.2 2 2 mio) • Decrease of order book to € 1,116 mio (compared to a exceptionally high order book in 2013 for buildings) due to difficult market in civil engineering and decrease in Africa

25

CFE: key figures by segment

Turnover

Operational result(1)

Net result

(in € mio)

1H14

1H13

1H14

1H13

1H14

1H13

Construction

427.3

337.7

1.7

-7.5

0.1

-9.0

Rail & Road Multitechnics

51.1 51 1 86.2

44.2 44 2 77.7

2.2 2 2 1.9

1.4 1 4 -6.1

1.2 1 2 0.9

0.8 0 8 -6.9

3.9

3.7

0.7

1.3

-0.1

0.0

0.3 0 3 -7.6

0.6 0 6 7.8

-1.2 12 -2.6

2.1 2 1 -5.7

0.0 0 0 -1.2

2.1 2 1 -4.0

561.2

471.7

2.7

-14.5

0.9

-17.0

Real Estate PPP-Concessions PPP C i Holding Total (1) EBIT + equity method

Belview (Brussels)

Green Hill (Luxembourg)

Jan Palfijn (Ghent)

Schaarbeek 26

CFE: a multidisciplinary contractor

Multitechnics PPP-Concessions

 Electrical contracting  Railroad electrification and signalisation  Installation of high tension lines  Industrial & process automation  HVAC

 19% stake in PPP Schulen Eupen  45% stake in Rent-A-Port, Rent-APort Energy t k iin L  25% stake Locorailil  18% stake in Coentunnel  25% stake in Bizerte  Study costs concessions

0% 11%

Order book 1H14: € 1,116 mio , 78%

Construction  Civil Engineering  Infrastructure projects - tunnels, bridges, roads  Buildings – offices, industrial, commercial and residential  Renovation & rehabilitation  Bonded laminates

Rail & Road

7% 4%

 signalization and track-laying works  railway works, railway overhead lines  transport of energy high and low voltage lines  road and rail works  asphalt works

Real Estate and Management services  Real estate development  Specific associated services: - Project management - Property management

27

Private Banking: Contribution to the AvH consolidated net result

(€ mio)

1H14

1H13

2013

FINAXISPROMOFI

-0.5

-0.3

-0.4

DELEN INVESTMENTS

31.2

31.0

59.9

BANK J.VAN BREDA & CO

13.4

14.1

24.8

ASCO-BDM

0.5

0.2

0.2

TOTAL

44 6 44.6

45 0 45.0

84 5 84.5

28

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

29

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

30

Assets under management

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

1H14 31,492 21,703 9,789 1,536 3,308 3,800

1H13 2013 27,103 29,536 18,746 20,210 8,357 9,326 1,511 2,765 3,621

1,507 3,036 3,683

(*) Already included in Delen Private Bank AuM

31

Delen Investments: funds under management

AuM CAGR 2004-2013: 20.7% JM Finn

Start cooperation with Bank J.Van Breda & C°

Capfi BI&A

Havaux

(in € mio) Discretionary mandates Advisory clients

1998 1999 2000 2001 2002 2003 2004 2005

2006

2007 2008 2009 2010 2011 2012 2013 1H14

2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748

5,579

8,719 7,049 8,901 10,816 15,416 18,075 20,939 22,454

1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723

2,837

3,407 3,294 4,342 4,456 7,154 7,780 8,597 9,038

Total

3,595 4,075 4,693 4,726 4,024 4,535 5,445 7,471

8,416 12,126 10,343 13,243 15,272 22,570 25,855 29,536 31,492

Acquisitions

610

757

117

2,748

6,377 32

Delen Investments: key figures (AvH 78.75%) Private banking and wealth management. Focused on discretionary asset management for private clients, clients in Belgium and UK (in € mio) Gross revenues G Net result Equity Assets under management Cost - income ratio(1) ROE (IFRS) Core Tier1 capital ratio

1H14(2)

1H13

2013

137.0 137 0 39.6 477.6 31,492

127.9 127 9 39.4 448.8 27,103

255.2 255 2 76.0 464.1 29,536

53.4% 16.8% 24.8%

53.5% 18.3% 24.9%

54.8% 17.3% 25.3%

# personnel

Brussels

Ghent

552

(1) Excl. JM Finn = 41.0% (1H14), 42.4% (2013) (2) Impact of JM Finn on revenues of € 37.9 mio, on net result of € 3.3 mio (after amortization of intangibles (clients) and 26% minorities of € 1.8 1 8 mio)

33

Delen Investments: highlights and outlook

Highlights 1H14 • Continued growth of AuM to € 31,492 mio (€ 21,703 mio Delen Private Bank, € 9,789 mio JM Finn), positively impacted by markets and exchange rate and continued strong inflow • Stable cost - income ratio to 53.4% (1H13: 53.5%): Delen Private Bank 41.0%, JM Finn & Co 81 4% 81.4% • Net equity (after dividend payment) increased to € 478 mio (€ 464 mio end 2013), largely exceeding Basel II and III requirements • Core Tier1 of 24.8%, well above sector average • Net result of € 39.6 mio (of which € 3.3 mio from JM Finn & Co), partially impacted by non-recurrent elements related to the acquisition of JM Finn & Co and its exchange rate effect £/€ • Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remains chairman of the board Outlook 2014 • Delen Private Bank: well positioned thanks to continued strong inflows • JM Finn & Co: continued focus on strengthening JM Finn model towards discretionary asset management a.o. management, a o via launching Coleman Street Investment services and efficient commercial strategy with focus on new inflows 34

Bank J.Van Breda & C°: client assets (incl ABK and Van Breda Car Finance) (incl. 6000 5000 4000 3000 2000 1000 0

Total deposits & funds CAGR 2004-2013: 12.5%

2004

2005

2006

2007

2008

Entrusted funds (€ mio)

2004

2010

2011

Client deposits 2006

2012

2013

1H14

Private loans

2007

2008

2009

2010

2011

2012

2013

1H14

3,118

3,547 4,077 4,701

5,009

5,645

6,369

7,469

8,010

9,018

9,566

1,647

2,071 2,417 2,802

2,788

3,286

3,772

4,015

4,586

5,335

5,766

AuM at Delen

815

1,037 1,220 1,463

1,370

1,668

1,968

2,115

2,504

3,036

3,308

Bancassurance

596

880 1,044

1,174

1,309

1,414

1,438

1,496

1,507

1,536

- Client deposits

1 471 1,471

1 476 1,660 1,476 1 660 1,899 1 899

2 221 2,221

2 359 2,359

2 597 2,597

3 453 3,453

3 424 3,424

3 683 3,683

3 800 3,800

1,671

1,670 1,798 2,057

2,202

2,328

2,631

3,044

3,306

3,455

3,536

Total deposits and funds

2005

2009

- Entrusted funds, of which

Private loans

(1)

739

(1) Van Breda Car Finance included 35

Bank J.Van Breda & C°: key figures (AvH 78.75%) 78 75%) Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions (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 N lloan write-offs Net i ff / avg lloan portfolio f li Leverage (equity/assets) #p personnel

1H14

1H13

2013

60.3 17.0 455.2 4,424.1 9,565.8

60.6 17.9 430.9 4,192.9 8,596.3

117.7 31.5 447.9 4,410.3 9,017.9

60.1% 7.5% 17.1% 15.0% 0 02% 0.02% 10.3

56.5% 7.3% 16.4% 14.3% 0 06% 0.06% 9.4

58.9% 7.2% 15.6% 13.7% 0 04% 0.04% 10.2 466

(1) Deposits and entrusted funds

36

Bank J.Van Breda & C°: highlights & outlook

Highlights 1H14 • Continued C i d steady d growth h off commercial i l volumes l at B Bank k J.Van J V Breda B d & Co (incl. (i l ABK) • Total client deposits and entrusted funds increased to € 9,566 mio (vs € 9,018 mio as of 31.12.13), of which € 3,800 mio client deposits and € 5,766 mio entrusted funds • Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,536 mio (€ 3,455 mio as of 31.12.13) • Very limited net loan loss provisions: 0.02% • Cost - income ratio of 60.1% (vs 56.5% for 1H13) • Net N t equity it increased i d to € 455 mio i (vs ( € 448 mio i as off 31.12.13), 31 12 13) with i haC Core Ti Tier1 1 ratio i of 15.0% and financial leverage (equity/assets) of 10 • Net result of € 17.0 mio: absence of major capital gains on investment portfolio and positive hedging results compared to 1H13 (net effect of € 2.3 mio) • Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014 Outlook O tl k 2014 • Bank J.Van Breda & Co: strong commercial franchise, leading to continuous volume growth of both deposits and AuM as well as loan portfolio. Interest margins under pressure due to highly p g y competitive p deposit p market,, but compensated p byy successful ‘asset gathering’ strategy • ABK: continued focus on repositioning of brand 37

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

38

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

(€ mio)

1H14

1H13

2013

LEASINVEST REAL ESTATE

4.5

4.3

8.7

EXTENSA

4.6

-0.6

4.5

GROUPE FINANCIERE DUVAL

-5.7

-4.6

2.0

ANIMA CARE

0.2

0.6

0.6

TOTAL

36 3.6

-0.3 03

15 8 15.8

39

Real Estate, Leisure & Senior Care LEASINVEST REAL ESTATE

• Real Estate Investment Trust for offices, logistics and retail in Belgium and Luxembourg

EXTENSA

• Land development in Belgium • Real estate development p in B/Lux

FINANCIERE DUVAL

• Real estate group with activities in RE promotion, tourism, golf sites and senior care • Odalys: Od l 115,000 115 000 b beds, d 329 sites; i NGF NGF: 33 golf lf sites; i Residalya: 1,957 beds, 26 sites • 1H14 traditionally impacted by seasonality of t i tourism activities ti iti • Disposal of parking activities Park’A

(see slide 59)

ANIMA CARE (see slide 60)

• Health & senior care sector in Belgium g • 1H14: Increase of turnover driven by portfolio expansion, startup costs linked with opening of new builds • Total portfolio of more than 1,300 beds and service flats (922 beds and 78 service flats in operation) 40

Leasinvest Real Estate (AvH 30%) Real Estate Investment Trust (bevak – sicafi) for offices, logistics and retail in Belgium and Luxembourg Real estate porfolio

(in € mio) Operational result Net result Net equity

1H14 19.9 13.5 324.2

1H13 15.6 13.0 318.3

2013 34.2 26.9 335.3

Retail Offi Offices Logistics/semi-industral

22%

Portfolio real estate (fair value) Rental yield (%) Occupancy rate (%) N t debt Net d bt ratio ti (%)(1) Per share (€) Net asset value Stock price - closing High/Low Dividend

708.8 7.28 96.3 53 8 53.8

598.1 7.36 95.9 47 1 47.1

718.2 7.31 96.9 53 5 53.5

43% 35%

Luxembourg

65.6 65 6 81.75

64.5 64 5 66.01

67.90 67 90 73.60

84.50/73.00

80.52/65.15

82.45/65.10

4.50

Belgium

39% 61%

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

41

Leasinvest Real Estate: highlights

Highlights 1H14 • Strategic S i reorientation i i lleading di to hi higher h rentall iincome • Luxembourg (portfolio value: € 431.0 mio, 18 sites) most important investment market, compared to Belgium (portfolio value: € 277.8 mio,14 sites) and retail most important asset class (41%) • Limited decrease of real estate portfolio to € 709 mio (€ 718 mio end 2013), due to the sale off office ffi b building ildi Louizalaan L i l 66 Brussels, 66, B l and d the th semii iindustrial d t i l site it iin M Meer, as partt off th the strategy to sell smaller, non-strategic sites. Capital gain of € 1.8 mio on these disposals • Occupancy rate increased to 96.3% (1H13: 95.9%); average duration increased to 5.0 years (1H13: 4.4 years) • Operational result positively impacted by acquisitions in 2013 of shopping center Knauf P Pommerloch l h (Luxembourg) (L b ) and d Hornbach H b h • Dividend distribution of € 20.2 mio in 1H14

42

Leasinvest Real Estate: examples of projects and properties

Knauf Pommerloch (Luxembourg)

Royal 20 (Luxembourg) (artist impression)

Hornbach

43

Extensa Group: consolidated balance sheet (Extensa – LRE combined) (AvH 100%) Real estate developer with focus on residential and mixed projects in Belgium and Luxembourg (in € mio) Land development

30/06/14 31/12/13 16 3 16.3

14 6 Net equity 14.6

Real estate projects (fair value)

86.5

81.7

RE investments & Leasings

41.9

41.9

Tour&Taxis (50%): FV yield of 7.0%

27.3

26.7

Other assets

14.6

15.2

(hi t i l cost) (historical t)

(fair value)

Leasinvest Real Estate (equity method)

30/06/14 31/12/13 132 7 132.7

125 1 125.1

123.9

125.9

94.8

98.1 Financial debts(3)

32.9

29.1 Other liabilities

15.8

16.0

272.4

267.0 Total liabilities

272.4

267.0

1,444,754 shares(1,2)

Other assets a.o. cash € 23.2 mio (1H14), € 13.2 mio (2013)

Total assets

(1) AvH holding directly 37,211 shares (2) Market value of LRE shares (30/6: € 81.75): € 118.1 mio

(3) Net financial debt 1H14: € 100.8 mio; 2013: € 112.6 mio 44

Extensa: highlights

Highlights g g 1H14 • Significant improvement of net result, thanks to delivery and sale of Building for Brussels Department of Environment (Tour&Taxis). Development of 105 apartments, 48,000 m² office and underground car park (187 places) planned. • Agreement in principle by Flemish government to accomodate all civil servants in new building (De Meander, 45,737 m²) on T&T site, to be developed by 2017 • Limited contribution from sale of land and from other development activities • Cloche d’Or ((Luxembourg) g) ((Extensa 50%,, 20 ha – 400,000 , m²): ) Financial closing g (Ilot ( A,, 70,000 m²) finalized. Commercialization of first phase of residential development to be started in 2H14

Brussels Environment (Tour&Taxis)

De Meander (Tour&Taxis) (artist impression) 45

From real estate leasing over real estate development to real estate services (in million euro)

140 

Extensa

120 

equity it

100  80 80  60  40 40  20  ‐ 19941995 19961997 19981999 20002001200220032004 20052006 20072008 20092010 20112012 2013 AvH 60% (equipment & real estate leasing)

AvH 100%

Acquisition Extensa (real estate development)

Recent diversification into ‘Real estate services’:

-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 46

Energy & Resources: Contribution to the AvH consolidated net result

(€ mio)

1H14

1H13

2013

SIPEF

6.4

4.2

11.2

SAGAR CEMENTS

-0.4

-0.2

-0.4

TELEMOND

0.7

1.5

3.0

OTHER

0.2

0.1

-5.1

TOTAL

69 6.9

56 5.6

87 8.7

47

Energy & Resources

SIPEF

• Agro g industrial g group p with p plantations of p palm oil,, rubber and tea in Indonesia and Papua New Guinea

SAGAR CEMENTS

• Production of cement and clinkers. In partnership with the Reddy family • 1H14: Lower turnover and net result due to difficult market conditions. • Sto Stone e qua quarries es p producting oduct g bu building ld g agg aggregates. egates. In partnership with the Bakshi family • 1H14: Positive impact from turnaround Bilaua site, resulting in increase of turnover and positive net result

(see slide sl de 6 61))

O N ORIENTAL QU QUARRIES S & MINES (see slide 62)

MAX GREEN (see slide 63)

TELEMOND GROUP (see slide ld 6 64)

• Renewable energy based on biomass (wood pellets), in JV with Electrabel • 1H14: Difficult to manage under continuously changing legal framework. Production shutdown since April 2014 • Development & manufacturing (Poland) of welded steel structures and equipment • 1H14: Lower order book resulted in lower turnover and net result

48

Sipef: key figures (AvH 26.78%) 26 78%) A Belgian agro-industrial group operating and managing tropical plantation businesses (53,899 (53 899 ha oil palm and 9,661 9 661 ha rubber) rubber), in Indonesia and Papua New Guinea (in USD mio)

1H14

1H13(2)

2013

131,415 , 5,547 1,369

120,616 , 5,276 1,400

253,912 , 10,403 2,850

157.7 36.3 32.7 526 1 526.1 -20.1

149.5 28.9 20.5 472 4 472.4 -12.0

291.7 79.0 55.6 508 1 508.1 -31.9

€ 1 = USD 1.37 (1H14)

Group production (in T)(1) Palm oil Rubber Tea

Turnover EBIT Net result N equity Net i Net cash position Share high/low (in €) Market cap (€ mio)

63.31/54.60 65.03/51.62 65.03/50.00 558 6 558.6

462 1 462.1

516 5 516.5

(1) Own + outgrowers (2) Adjusted in line with IFRS11 49

Sipef: highlights & outlook

Highlights 1H14 • Favorable agronomic conditions leading to higher production volumes in palm oil (+9%), both from mature and young plants, and rubber • Increase of turnover to USD 157.7 mio and of net result (+60%) to USD 32.7 mio thanks to higher volumes and slightly higher sales prices (in USD/ton)

1H14

1H13

2013

899 2,187

852 3,030

857 2,795

€ 1 = USD 1.37 (1H14)

P l oil Palm il Rubber

• Expansion plans continued. Two extraction plants (in Indonesia and Papua New Guinea) completed l d and d new oill palms l planted l d in Papua New G Guinea and d in SSouth h SSumatra Outlook 2014 • Taking into account the positive production outlook and the forward sales, Sipef expects the 2014 result to be higher than in 2013

50

Development Capital: Contribution to the AvH consolidated net result

(€ mio)

1H14

1H13

2013

SOFINIM

-1.1

-0.7

-2.8

CONTRIBUTION PORTFOLIO SOFINIM

-0.7

-7.2

-6.3

CONTRIBUTION PORTFOLIO GIB

0.5

1.3

2.5

CONTRIBUTION BEFORE CAPITAL GAINS

-1.3

-6.6

-6.6

CAPITAL GAINS

49 4.9

34 0 34.0

29 5 29.5

TOTAL CONTRIBUTION DEVELOPMENT CAPITAL

3.6

27.4

22.9

51

52

Development Capital: adjusted net asset value

(in € mio)

1H14

2013

Sofinim

495.2

493.2

10.6

8.2

37.90

34.25

9.8

10.0

2 94 2.94

3 00 3.00

515.6

511.4

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

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

Total Development Capital

53

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) 54

Other participations

55

Van Laere (AvH 100%) General contractor of construction and civil engineering projects Consolidated key figures (in € mio) Turnover Net result

q y Shareholder's equity Net financial position # personnel

1H14 88 3 88.3 1.0

1H13 48 8 48.8 -0.5

2013 122 3 122.3 0.7

37.4 4.9

35.4 0.6

36.6 6.1 463

Regatta (Antwerp)

Highlights 1H14 • Strong improvement of turnover thanks to better weather conditions than in 2013 • Order book of € 239 mio (2013: € 169 mio)

56

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

Turnover Net result Shareholder's equity Net financial position

1H14 2.2 0.0

1H13 4.7 6.7

2013 6.8 12.3

25.6 -8.2

20.2 -7.5

25.9 0.5

Highlights 1H14 • 2014 is transition year for Dinh Vu (Vietnam). Expansion to 1,600 ha expected by year end year-end

57

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

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

1H14 6.8 1.0

1H13 7.1 0.9

2013 13.9 2.0

2.1 26.9 13 3 13.3

1.9 26.4 97 9.7

4.3 27.5 13 5 13.5

Highlights 1H14 • Slightly higher results in line with expectations

58

Groupe Financière Duval (AvH 41.14%) French group focused on real estate projects, services and residences Consolidated key figures

(in € mio) Turnover EBIT Net result Shareholder's Sh h ld ' equity it Net financial position

1H14 193.7 -25.5 25 5 -13.8

1H13 218.5 -21.0 21 0 -11.1

2013 501.1 13 4 13.4 4.7

91.8 91 8 -143.5

91.1 91 1 -146.5

107.1 107 1 -96.1

Residalya – La Carrairade (Le Rove)

Highlights Hi hli ht 1H14 • Turnover and results of first 6 months traditionally impacted by seasonality of tourism activities (Odalys) • Sale of Park’A Park A activity to Interparking Interparking. Limited impact on consolidated result. result • Exploitation activities: Tourism – holiday parks (Odalys) (115,000 beds, 329 sites); NGF (33 golf sites); Senior Care (Residalya) (1,957 beds, 26 sites) • Positive impact from new senior care residences of Residalya.

59

Anima Care (AvH 100%) Anima Care focuses on high quality senior care residences in Belgium ( (exploitation l it ti and d reall estate) t t ) Consolidated key figures

( € mio)) (in Turnover EBITDA Net result

1H14 17.9 2.3 0.2

1H13 11.3 1.2 0.6

2013 27.4 3.4 0.6

Shareholder's equity Net financial position

34.7 -49 5 -49.5

28.6 -18 9 -18.9

32.4 -40 8 -40.8

Azur Soins et Santé

Zonnesteen (Zemst)

Highlights 1H14 • Increase of turnover driven byy p portfolio expansion p • Net result impacted by startup losses from opening of new build residences: Zemst (93 beds, 23 service flats; opening April 2014), Haut-Ittre (127 beds, 36 service flats; opening 2H14) and Kasterlee (142 beds, 63 service flats; opening 2015) • Total T t l portfolio tf li off more th than 1 1,300 300 b beds d and d service i fl flats t ((off which hi h 922 b beds d and d 78 service flats in operation) 60

Sagar Cements (AvH 18.55%) Cement plant, located near Hyderabad (Andra Pradesh, India), with capacity of 2.5 2 5 million tonnes cement per year Consolidated key figures

(in € mio)

1H14

1H13

2013

€ 1 = INR 83 83.33 33 € 1 = INR 72 72.46 46 € 1 = INR 77 77.52 52

Turnover EBITDA Net result Shareholder's equity Net financial position Share high/low (in INR) Market cap (INR mio)

33.8 -0.2 -2.4 24

35.8 2.0 -1.2 12

61.7 3.7 -2.4 24

28.4 -29.4 29.4

33.8 -27.8 27.8

29.7 -25.0 25.0

323.6/134.1 5,331

297.4/190.0 3,373

291.4/162.0 2,960

Highlights 1H14 • Continued strong competition leading to lower prices and decrease of turnover and net result esult • Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value of approx € 53 mio (AvH share: € 6 mio). Investment multiplied by 5 since 2008 61

Oriental Quarries & Mines (AvH 50%) Aggregates quarries, India (in partnership with Oriental Structural Engineers ) Consolidated key figures

(in € mio)

1H14

1H13

2013

€ 1 = INR 83.33 83 33 € 1 = INR 72.46 72 46 € 1 = INR 77.52 77 52

Turnover EBITDA Net result

3.9 0.4 04 0.4

1.9 -0.1 -0 3 -0.3

4.9 0.2 01 0.1

Shareholder's equity Net financial p position

6.6 1.5

6.3 1.5

6.0 1.5

Bangalore quarry

Highlights 1H14 • Opening of new site in Bilaua resulted in doubling of sales volumes and increase of profitability • Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tons

62

Max Green (AvH 18.9%) Renewable energy based on biomass / wood pellets (joint venture with Electrabel) Highlights 1H14 • Conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit • 180 -200 Mwel capacity • Decreasing market prices for electricity and green certificates and changing legal framework resulted in shutdown of production in April 2014

Rodenhuize (Ghent)

63

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 Consolidated key figures

(in € mio)

1H14

1H13

2013

Turnover Net result

38.6 17 1.7

43.8 30 3.0

78.7 66 6.6

-12.3

-12.5

-10.9

Net financial position

Highlights 1H14 • Decrease of turnover and net result due to lower order book • Investment in development of new site in Poland

64

Development Capital: highlights Highlights 1H14 • Clear, but still early, improvement of results • Capital gain of € 4.9 mio (AvH) on sale of NMC at the end of June. IRR of 14.8% over 12 years. Closing Cl i expected t d early l O October t b 2014 • Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel. Distriplus p will concentrate on the world of beautyy • Euro Media Group: Restructuring of shareholding structure of EMG with PAI entering on July 29 as new lead investor. Sofinim maintains its 22.5% stake in EMG. This transaction has no cash impact for Sofinim. Sofinim • Corelio: Results influenced by extraordinary elements (a.o. provisions for social plan for Mediahuis and Corelio Printing, g, the capital p g gain on sale of Editions de l’Avenir,, impairments within De Vijver Media). De Vijver Media strenghtened by partnership with Telenet (purchase of shares Sanoma, capital increase) • Hertel: Improved result under new management team, team but still negative due to restructuring costs and non-recurrent elements in its offshore division 65

Groupe Flo (GIB 47.13%) Leading player in casual dining in France, with a portfolio of complementary brands of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and famous brasseries Consolidated key figures

(in € mio) Turnover EBITDA Net result

1H14 157.5 12.4 18 1.8

1H13 175.1 18.6 50 5.0

2013 346.8 35.3 80 8.0

Net financial position

-61.0

-68.4

-57.7

Highlights 1H14 • Decrease of turnover in a difficult market environment, negatively impacted by the VAT increase and increasing price sensitivity from the customers • Measures taken to adapt the operating model to lower volumes could only partially offset the impact of the lower turnover

66

Outlook 2014

‘The board of directors remains positive about b t the th group’s ’ outlook tl k ffor th the currentt financial year, and expects an increase in net profit over last year’s result, adjusted for the 109.4 million euros remeasurement income following the acquisition of control over DEME/CFE.’

67

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]

68

Annexes

69

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 Matthias De Raeymaeker Sofie Beernaert John-Eric Bertrand Katia Waegemans Ben De Voecht

1994 1998 2005 2005 2008 2008 2010

1953 1968 1975 1975 1977 1969 1979

(NIM) (Deloitte) (Arthur D. Little) (Eubelius) (Deloitte, Roland Berger) (McKinsey, Agfa-Gevaert) (ExxonMobil)

70

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%) 71

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

72

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%)

73

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

1984-2013 AvH share: x42 Stock index: x8

(until 19/8/14)

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

1,066

590

2,244

2,853 74

Return AvH vs market

Source: KBC Securities

75

Evolution of the consolidated group result (in € mio)

+106.8 106 8

167.3

+8.0

+13.0

+12.2

293 9 293.9

+6.8 -7.7

-12.5

76

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 ((#350,278) , ) Net cash GIB (50%) and Other (equity consolidation)

AvH & Development subholdings capital

Total (30/6/2014)

24,162 24 162 32,438 -115,865 3,649 -87,990 -38,849 20,800 ,

2,378 2 378 26,802 115,865 1,591

26,540 26 540 59,240 0 5,240 -87,990 -38,849 20,800 , 428

-161,655 ,

146,636 ,

-14,591 ,

* Primarily Delen Private Bank funds

77

AvH gained exclusive control over DEME, through the acquisition of CFE (1/2) Sep 19, 2013:

AvH and Vinci reach an agreement

Dec 24, 2013: AvH acquires a 60.39% stake in CFE •AvH contributes to CFE its 50% stake in DEME (€ 550 mio) in exchange for 12,222,222 new CFE shares •AvH acquires 3,066,440 CFE shares of Vinci’s stake (€ 45 per share or € 138 mio in total) AvH evolves to exclusive control of DEME •Impact I t on iincome statement t t t iin 2013 li limited it d tto mandatory d t remeasurementt of 50% stake in DEME (IFRS). Capital gain of € 109.4 mio recorded. •Higher % in DEME and Rent-A-Port will be applied as from 2014. Feb 7, 2014:

AvH launches mandatory public offer on CFE (€ 45 per share)

78

AvH gained exclusive control over DEME, through the acquisition of CFE (2/2) Structure on May 16, 2014

Public 60.4%

12.1%

27.5%

100%

79

Delen Investments: income statement

Conso (in € 000)

1H14

1H13

2013

Net interest income Gross fee income Other income Gross revenues

1,834 133,173 1 964 1,964 136,971

768 122,608 4 475 4,475 127,851

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

Fees paid

-13,081

-10,279

-21,892

Operational expenses Amortisations & provisions Other expenses Loan loss provision Expenses

-59,531 -6,361 -568 -14 14 -66,474

-55,117 -5,424 -1,133 -13 13 -61,688

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

Profit before tax

57,416

55,884

106,996

Income taxes

-16,373

-15,356

-28,804

Profit of the period Minority interests Share of the group

-1,418 39,624

-1,103 39,425

-2,159 76,033

80

Delen Investments: balance sheet

(in € 000)

1H14

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

661,695

658,767

698,990

746,258 , 30,834 131,000 55,776 247 202 247,202 26,149 1,898,914

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

4,282 1,246,241 25 389 25,389 145,168 477,833 , , 1,898,914

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% as from 2011 81

Delen Private Bank: Annualised returns (after all costs) since inception 31/12/2013

1 year

3 years

5 years

10 years

Since inception

Fixed Income*

-2,04%

0,94%

1,73%

2,12%

1,69%

Peer Group G

1,04% %

4,36% %

4,92% %

3,74% %

5,12% %

Low

2,17%

2,70%

5,96%

3,85%

5,80%

Peer Group

3,97%

3,57%

5,66%

3,25%

3,97%

Medium

4,91%

4,07%

8,82%

5,35%

4,69%

Peer Group

7,68%

4,41%

8,15%

3,86%

2,63%

High

9,81%

5,61%

12,43%

6,13%

6,72%

Peer Group

12,40%

5,94%

10,90%

4,58%

3,52%

Flexible

12,12%

6,83%

10,79%

6,87%

8,73%

Peer Group

3,76%

2,03%

6,29%

3,45%

6,14%

* Returns tot  31/12/2013 van Universal Invest Low, Medium, High, Flexible en een selectie van fondsen uit de betreffende Morningstar categorie.. 

Source: Morningstar

82

JM Finn & Co • End of June 2011, Delen Investments announced agreement to acquire a major stake in JM Finn Fi & C Co: D Delen l 73 73.5% 5% with ith currentt managementt retaining t i i 26 26.5% 5% ((closing l i SSep 11) • 100% transaction value: £ 85 mio (net equity as per sep 2011: £ 19 mio) UK p private client wealth management g firm • Established in 1945 as partnership, incorporated in 2006 • 305 headcount of which 190 Front Office, 45 Central Services and 70 Back Office • 90 investment managers, making each independent investment decisions for their clients • Head office in London, offices in Leeds, Bristol, Ipswich, Bury St Edmunds and Cardiff

AuM per type

18%

23%

59%

Discretionary (63% per Sep 13) Portfolio advisory Non portfolio advisory and execution only

AuM: £ 5.5 billion (30.09.11)  £ 7.8 billion (31.12.13) 83

Bank J.Van Breda & C°: income statement

(in € 000) Net interest income Net fee income Other income Gross revenues Operational expenses Amortisations & provisions Loan loss provision Impairment AFS Expenses Share of profit (loss) from equity accounted investments Profit before tax Income taxes Profit of the period Minority interests Share of the group

1H14

1H13

2013

40,279 17,801 2,170 60,251 -33,231 -2,982 -387 0

38,413 15,514 6,694 60,621 -32,107 -2,165 -1,087 -13

76,767 31,601 9,348 117,716 -64,756 -4,544 -1,488 -13

-36,600 36 600

-35,373 3 3 3

-70,801 0 80

78 23,728 -6,664

315 25,563 -7,234

220 47,135 -14,760

-44 17,020

-462 17,867

-828 31,546

84

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

1H14

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

147,532

243,164

91,104

662,294 903 3 535 568 3,535,568 6,798 36,420 12,253 , 53 22,318 4,424,085

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

11,782 3,716,696 110,147 , 82,802 10,706 36,658 116 455,178 4,424,085

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 85

Solvency of banks

Bank J.Van Breda & C° C 

Evolution financial strength banks Source: IMF

86 86

ABK • 1997-2010: Consistent track record of profitable internal growth o Stable number of branches: 40 o Increase of number of relationship managers: from 49 (1998) to 135 (2010) • 2010: Acquisition of ABK (Antwerps Beroepskrediet) Antwerp based niche bank catering towards small enterprises • Cooperative bank • 56 employees, 16 agencies • Last L t fi fiscall year ((ending di g D December b 2010) 2010): • Loans of € 239.7 mio (€ 231 mio as of 30.06.11) • Deposits of € 293.2 mio (€ 308 mio as of 30.06.11) • Net equity q y of € 229.4 mio • Net equity (after provisions and IFRS) as of May 31, 2011: € 195 mio • Acquisition cost for 91.76%: € 57 mio • Participation in ABK increased to 99.9% 99 9% in Dec 2013 o LT strategic rationale: Development of new client segment close to Bank J.Van Breda core clientele and competences o ST financial implications: o Conso equity boosted from € 258 mio to € 413 mio o Core tier 1 equity ratio strengthened from 11.3% to 14.6% 87

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

88

Sipef: Palm oil

89

Development Capital: key figures portfolio 2013 p (see slides 91-93 for highlights)

in € mio

Turnover

Sofinim (74%)

2013

2012

2013

110.133

45.943

0.587

0.733

Atenor Axe Investments

EBITDA

Amsteldijk Beheer

Net Result

Net Equity

2012

2013

2013

24.016

8.935

12.028

0.123

0.249

-0.124

0.049

2012

2012

Net Fin. Position 2013

2012

9.489 104.786

98.605 -174.932 -131.849

0.278

0.870

15.613

16.088

-0.489

0.031

1.230

1.719

-3.864

53.421

73.933 -74.750 -71.602

5.157

5.185

0.267 -18.599

Corelio

300.054

349.453

21.339

19.443 -26.660

Distriplus

247 230 247.230

246 785 246.785

13 728 13.728

14 856 14.856

-0 0.039 039

2 661 2.661

62 665 62.665

62 704 -61 62.704 61.267 267 -61 61.307 307

Egemin International

105.040

107.521

6.753

5.957

2.363

1.754

21.914

20.323

Euro Media Group

301.344

333.020

68.226

76.126

9.425

Hertel Holding

767.418

907.246

3.259

1,010.521

921.433

41.967

27.039

4.558

3.560

56.410

50.942 -257.521 -231.139

NMC

197.645

195.712

27.145

24.561

11.852

10.175

99.994

93.277 -15.873 -15.274

Turbo's Hoet Groep

405.553

471.255

17.870

19.487

5.638

7.755

88.109

87.717 -95.955 -79.863

346.843

365.837

35.347

41.778

7.966

73.185

69.283

4.913

5.102

2.781

Manuchar

12.586

2.228

21.557 189.000 179.828 -81.011 -89.521

24.455 -34.356 -32.939 128.655 161.513 -35.994 -102.639

GIB (50%) ( ) Groupe Flo Trasys

12.522 165.824 159.101 -57.702 -74.711 1.908

21.959

18.985

-8.562 -12.077

90

Development Capital: highlights Highlights 2013 • Divergent results in development capital segment: capital gain of € 34 mio i (A (AvH) H) on sale l off SSpano-group. Lower L contribution ib i ffrom other h companies due to restructuring costs and impairments. • Atenor: Result impacted by the sale of apartments in UP UP-site site (Brussels), the start of the Trébel project and the construction of Port du Bon Dieu (Namur) • Corelio C li and d Concentra C t merged d th their i Fl Flemish i h newspapers and d di digital it l activities in Mediahuis (Corelio 62%, Concentra 38%). Agreement signed with Tecteo for sale of French speaking newspaper activities in Sep, regulatory approval still pending. Due to exceptional amortizations of intangibles by De Vijver Media (Corelio 33%) and other restructuring charges, Corelio realized a net loss. • Distriplus: Di t i l St Stable bl turnover t despite d it a diffi difficult lt economic i environment i t thanks to commercial strategy of the 3 chains. Due to exceptional costs, Distriplus booked a breakeven result. • Egemin Automation: Delays in new projects and longer decision cycles due to economic climate. Margin improvement thanks to better selection of orders and strict control of implementation.

91

Development Capital: highlights Highlights 2013 • Euro Media Group: Acquisition of the technical resources from Alfacam, Alfacam specialised in the recording and broadcasting of images internationally. Decrease of net result due to restructuring costs in French activity, exceptional impairment on rentals and capital gain on the sale of real estate. As a consequence, Sofinim recorded an impairment. • Groupe Flo: Decrease of turnover (-4.6% like-for-like) and net result in a persistently difficult market market. Focus on strengthening Hippopotamus (9 new restaurants in 2013). Continued decrease of debt. • Hertel: Turnover decrease of 15% due to divestitures in 2012, closing of activities and critical selection of projects. Disappointing result due to restructuring costs, goodwill impairment and other non-recurring elements. Solid financial basis thanks to refinancing early 2013, when shareholders Sofinim and NPM Capital injected € 75 mio cash cash, and working capital management. Net debt decreased to € 36 mio • Manuchar: Strong recovery with increase of turnover and net result. On its way to become b a top 3 player l in distribution d b off chemicals h l in emerging markets. Trading in steel and non-ferro also performed well. Acquisition of one of its main suppliers in hardwood. 92

Development Capital: highlights

Highlights g g 2013 • NMC: Stable turnover but significant growth (+18%) in net result, due to internal improvement program focused on productivity. Sales prices adjusted to the increasing cost of raw materials. • Trasys: Increase of turnover (+6%) and net result (+47%) in a very competitive IT market. • Turbo’s Hoet Groep: Decline of market of new trucks leading to decrease of sales of Turbotrucks, mainly in Russia and Belarus. Increasing revenues at Turboparts and stable, but profitable, leasing and renting activities. activities New workshop and warehoude opened in Moscow, garage in Namur renovated and Torhout site closed.

93

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

NAV • Conservative benchmark (acquisition cost + group’s share of results) • No transaction value, value nor P/E based revaluations 94

Notes

95