1. InvestorPresentation2013AUGUST 28, 2014

2. ACKERMANS &VAN HAAREN A diversifiedgroup active inLimitednumber ofat a glance1H145 segmentsstrategicparticipationsNet result Equity Gross dividend 96 mio 2,294 mio 1.70Total payout: 57 mioMarketcapitalization PersonnelWe work for 3,085 mioShare price: 92.09(30/6/2014)22,706 growth2 3. Ackermans & van Haaren: Introduction (1/3) Family controlled public company 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 With a long term focus Financed with its own financial resources Working for growth3 4. Ackermans & van Haaren: Introduction (2/3) Company values Discretion Independence Common sense (Hollandse nuchterheid) Company strategy 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): meritocracy4 5. 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 Active board representations Value creation fully aligned with management Not a holding company No holding company inefficiencies No shared financing structure / cross guarantees5 6. AvH strategy: We work for growthEnsure equity growth above 10% Focus on strategic participationsAverage annual growth of12.0% (2004-2013)Create shareholder value AvH Dividend payout of 1.70Belgian allAverage annual growth of11.3% (2004-2013)share indexAvH share: x42Stock index: x8(1984-2013)6(until 19/8/14) 7. 7 8. Consolidated group result(in mio) 1H14 1H13 2013Marine Engineering & Infrastructure 42.2 20.4 59.7Private Banking 44.6 45.0 84.5Real Estate, Leisure & Senior Care 3.6 -0.3 15.8Energy & Resources 6.9 5.6 8.7Development Capital -1.3 -6.6 -6.6Result from participations 96.0 64.1 162.1Capital gains development capital 4.9 34.0 29.5Result from participations (incl. capital gains) 100.9 98.1 191.6AvH & subholdings -4.5 -3.3 -7.2Other non-recurrent result 0.0 0.0 109.5(1)Consolidated group result 96.4 94.8 293.9(1)8(1) Incl. 109.4 mio result on the remeasurement of AvHs existing 50% stake in DEME whentaking full control over DEME in December 2013 9. Highlights 1H14The 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 substantialimprovement (+31.9 million euros) in the result of the participations, amounting to 96.0million euros (1H13: 64.1 million euros). In addition, a capital gain of 4.9 million euroswas realized on the sale of the participation in NMC. The substantial improvement in DEMEs result is reinforced by the higher shareholdingpercentage (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 bothable to realize a further growth in assets under management. The sale by Extensa of the building for the Brussels Department of Environmentensured a significant increase in the result and a positive contribution from the RealEstate, Leisure & Senior Care segment. Favourable weather conditions boosted Sipefs production and its contribution to thegroup result. A clear, albeit early, improvement in results was recorded in the Development Capitalsegment. AvH realized a capital gain of 4.9 million euros on Sofinims sale of itsparticipation in NMC. Last year, capital gains accounted for a greater share of the resultth k t th 34 0 illi i th l f S9thanks to the 34.0 million euros gain on the sale of Spano. 10. Other key figuresConsolidated balance sheet AvH groupin mio) Shareholders' equity (group share) 2,293.7 2,251.5 2,003.3Net cash AvH and subholdings -14.6 -3.1 87.9(i i ) 1H14 2013 2012Key figures per sharein ) Number of shares (#) 33,496,904 33,496,904 33,496,904Net result per share 2.91 2.86 8.87Gross dividend 1.70Net equity 68.47 60.99 67.22Stock price: highest (12/5) 95.53 70.59 85.16(i 1H14 1H13 2013lowest (3/2) 78.71 62.74 62.74close (30/6) 92 09 64 45 85 161092.09 64.45 85.16 11. Pro forma group figures(based upon conso results 2013, incl. pro rataunder equity method)Group personnel per segment Consolidated turnover per segment(in mio)18,752 22,706 3,308 5,66911* Taking into account acquisition of control of CFE and DEME (both taken for 100%) 12. AvH share performance vs. BEL 20AVH AVH rebased to 100 BEL20 rebased to 10012 13. Marine Engineering & Infrastructure:Contribution to the AvH consolidated net result( mio) 1H14 1H13 2013DEME 17.237.8 53.7CFE 2.7 - -A.A. VANLAERERENT A1.0 -0.5 0.7RENT-A-PORTNMP3.00 73.81 5-0.10 8TOTAL0.720.41.559.70.842.213 14. Marine Engineering & InfrastructureCFE One of the largest and most diversified dredging and marineengineering companies in the worldDEME An industrial g group p active in , Construction, Rail and ,Road,Multitechnics, Real Estate Development and ManagementServices, Public-Private Partnership and ConcessionsVAN LAEREG l t t f l g id ti l ffi d i il(see slide 56) General contractor of large residential, office and civilconstruction projects; focus on PPS projects and parkings 1H14: Increase of turnover to 88 mio Order book at 239 mio Specialised in port development and logistics 1H14: Decrease in net result. 2014 is transition year for Dinh VuRENT-A-PORT(see slide 57)(Vietnam). Expansion to 1,600 ha expected by year-endNMP Operator of pipelines for chemicals14NM(see slide 58)Ope ato o p pel es o c e cals 1H14: Slightly higher results in line with expectations 15. DEME: key figures (1/2)(AvH 60.40%)One of the largest and most diversified dredging andmarine engineering companies in the world(in mio) 1H141H13 2013(1) (2) (2) (2)Consolidated key figuresTurnover 1,212.3 1,305.6 1,207.0 2,531.6EBITDA 191.7 215.4 181.1 437.8EBIT 90.7 104.0 71.9 216.5Net result 62.6 62.6 34.4 109.1Net cash flow 164.0 174.5 143.2 330.9Shareholder's equity 881.7 881.7 776.1 847.7Net financial position -416.3 -536.1 -821.8 -711.3Total assets 2,767.1 2,951.3 2,812.9 2,837.0Capex 40 40 190 209# personnel 4,357 4,582(1) Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME15are 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 thisis not in accordance with the new IFRS10 and IFRS11 accounting standards, it nevertheless gives a more complete picture of theoperations and assets/liabilities of those companies. In the equity accounting as applied under (1), the contribution of the groupcompanies is summarized under one single item on the balance sheet and in the income statement. 16. 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 17. DEME: breakdown of economic turnoverTurnover per typeTurnover per region Turnover per activity of customer17 18. DEME: highlightsHighlights 1H14Si ifi Significant increase of economic turnover to 1,306 mio (1H13: 1,207 mio) and netresult to 62.6 mio (1H13: 34.4 mio) driven by high activity level, good fleet utilizationand 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 Australia and Qatar according to plan. Execution of Jurong Island Westward Extension(Singapore) and installation works of Westmost Rough wind farm (UK). Works forNorthwind (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 19. DEME: examples of projectsWaterdunen (Netherlands) Pallieter on Seine (France)19Innovation at West of Duddon Sand (UK) Pearl River in Sepetiba (Brazil) 20. DEME: order bookOrder book 1H14 maintained at a high level: 2,805 mio (vs 3,049 mio end 2013), withorders 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 inYamal (Russia) Maintenance dredging works of Pacific entrance of Panama Canal and in channels andturning 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 TidewayEvolution order book ( mio)OtherMiddle East + IndiaA i20%7%20%AsiaEurope32%2021% Benelux 21. DEME: diversification of activities (1/2)Marine and civil engineeringTideway Rock dumping, landfalls and cable laying DEME (100%)GeoSea Nearshore and offshore foundation works foroffshore energy projects and oil & gas projectsDEME (100%)Scaldis Hoisting of heavy loads at sea and salvagingservicesDEME (54%), Jan DeNul, Herbosch-KiereHGO Infra Jack-pup vessels for offshore windfarm construction Hochtief SolutionsSolutionsand oil&gas services and GeoSea (50%)OWA Services for offshore wind assistance GeoSea (100%)21Innovation Flintstone Neptune 22. DEME: diversification of activities (2/2)Environmental servicesDEC/ Ecoterres Environmental group of DEME companies DEME (75%) and SRIWPurazur High technological treatment ofindustrial waste waterDEC (100%)TerraSea GLDD and DECFluvial and marine aggregatesDEME Building E t ti Extraction, i processing d and l sales f of i marineDEME (100%)Materials (DBM)aggegrates for construction industryOceanflORE Deepsea mining DEME (50%) and IHCMerwedeMaritime servicesCTOW Marine services for sea terminals DEME (54%), Herbosch-Kiereand MultrashipRenewable energy and concessions: offshore windC-Power Offshore wind farms DEME ( 11%)22)Renewable energy and concessions: wave and tidal energyDEME Blue Energy Wave and tidal energy DEME (70%) 23. DEME: long term track record of stable long termshareholding and entrepreneurial growth(in 000 euro) Turnover Equity2.500.0002.000.0001.500.0001.000.000500.0001974 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012ScaldisDECCreation Dredging CTOWInternational (AvHTidewayCreation DEME DBMHoldingG S(BuildingMaterials)(AcquisitionDecloedt)GeoSea DEME Blue EnergyOceanflore+ CFE dredging) Power@Sea23Consolidation PartnershipAvH 39.5% AvH 48.5% AvH 50% AvH 60.4%AvH 50%Control 24. Structural growth drivers of globaldredging marketGlobal population increase and tourism Global warming leading to rising sea levelsNorthwindSeaborne trade in line with GDP Energy & raw materials consumption growing24Source: Rabobank 25. CFE: key figures (excl. DEME and Rent-A-Port)(AvH 60.40%)Belgian industrial group active in Construction, Rail and Road, Multitechnics, Real Estatep Development and g Management Services, , Public-Private pPartnership and Concessions(in mio) 1H14(1)Turnover 561.2EBITDA 14 14.55EBIT 2.7Net result 0.9Order book 1,116Net financial debt -136.2(1) Excluding DEME and Rent-A-PortPolice station (Charleroi)Highlights 1H14 Increase of turnover (+19%) driven by significantly higher construction activities (inBenelux and internationaly, despite lower volumes in civil engineering). Increase of morethan 10% in multitechnics and rail and road Important improvement in operational result in construction and increase in rail and roadand multitechnics Positive impact on consolidated AvH result ( 2.2 mio) Decrease of order book to 1,116 mio (compared to a exceptionally high order book in2013 for buildings) due to difficult market in civil engineering and decrease in Africa25 26. CFE: key figures by segmentTurnover Operational result result(1) Net result(in mio) 1H14 1H13 1H14 1H13 1H14 1H13Construction 427.3 337.7 1.7 -7.5 0.1 -9.0Rail & Road 51 51.1 1 44 44.2 2 2 2.2 2 1 1.4 4 1 1.2 2 0 0.88Multitechnics 86.2 77.7 1.9 -6.1 0.9 -6.9Real Estate 3.9 3.7 0.7 1.3 -0.1 0.0PPP-Concessions 0.3 0.6 -1.2 2.1 0.0 2.1Holding -7.6 7.8 -2.6 -5.7 -1.2 -4.0Total 561.2 471.7 2.7 -14.5 0.9 -17.0(1) EBIT + equity methodBelview (Brussels) Green Hill (Luxembourg) Jan Palfijn (Ghent) Schaarbeek26 27. CFE: a multidisciplinary contractorMultitechnicsPPP-Concessions 19% stake in PPP Schulen Eupen 45% stake in Rent-A-Port, Rent-A-PortEnergy25% t k i L il Electrical contracting Railroad electrification andsignalisation Installation of hightension 0% stake in Locorail 18% stake in Coentunnel 25% stake in Bizerte Study costs concessionslines Industrial & process automation HVACRail & RoadOrder book 1H14: 1,116 mio11%7%4% signalization and track-laying works railway works, railway overhead lines transport of energy high and low voltagelines, road and rail works78% asphalt worksReal Estate andConstructionManagement services Real estate development Specific associated services:- Project management- Property management Civil Engineering Infrastructure projects - tunnels,bridges, roads Buildings offices, industrial,commercial 27and residential Renovation & rehabilitation Bonded laminates 28. Private Banking:Contribution to the AvH consolidated net result( mio) 1H14 1H13 2013FINAXIS-PROMOFI-0.5 -0.3-0.4DELENINVESTMENTS 31.2 31.0 59.9BANK J.VANBREDA & CO 14.1 24.8 13.4ASCO-BDMTOTAL0.245 00.284 50.544.6 45.0 84.528 29. Private Banking advice for private clientsDELEN INVESTMENTS Discretionary asset management and patrimonial Specialised advisory bank for entrepreneurs andBANK J VAN BREDA & CO liberal professionsJ.CASCO-BDM Insurance group focused on marine and propertyinsurance29 30. Finaxis organisation chart15%AvH Promofi75% 25%Finaxis99% 100%Delen Investments CVA Bank J J.Van Breda & CCo100% 73% 99.9%Delen JM Finn & CoPrivate Bank ABK30 31. Assets under managementTotal assets under management(in mio) 1H14 1H13 2013Delen Investments 31,492 27,103 29,536Delen Private Bank 21,703 18,746 20,210JM Finn & Co 9,789 8,357 9,326Van Breda: bancassurance products 1,536 1,511 1,507Van Breda: AuM at Delen* 3,308 2,765 3,036Van Breda: client deposits 3,800 3,621 3,683(*) Already included in Delen Private Bank AuM31 32. Delen Investments: funds under managementJM FinnAuM CAGR 2004-2013: 20.7%Start cooperationwith Bank J.VanBreda & CBI&ACapfiHavaux(in mio) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14Discretionarymandates 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 22,454Advisoryclients 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 9,038Total 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 31,492Acquisitions 610 757 117 2,748 6,37732 33. Delen Investments: key figures(AvH 78.75%)Private banking and wealth management. Focused on discretionary assetmanagement for private clients clients, in Belgium and UK(in mio) 1H14(2) 1H13 2013G 137 0 127 9 255 2BrusselsGross revenues 137.0 127.9 255.2Net result 39.6 39.4 76.0Equity 477.6 448.8 464.1Assets under management 31,492 27,103 29,536Cost - income ratio(1) 53.4% 53.5% 54.8% GhentROE (IFRS) 16.8% 18.3% 17.3%Core Tier1 capital ratio 24.8% 24.9% 25.3%# personnel 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 (afteramortization of intangibles (clients) and 26% minorities of 1 8 331.8 mio) 34. Delen Investments: highlights and outlookHighlights 1H14 Continued growth of AuM to 31,492 mio ( 21,703 mio Delen Private Bank, 9,789 mioJM 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 & Co81.4% Net equity (after dividend payment) increased to 478 mio ( 464 mio end 2013), largelyexceeding 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 bynon-recurrent elements related to the acquisition of JM Finn & Co and its exchange rateeffect / Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remainschairman of the boardOutlook 2014 Delen Private Bank: well positioned thanks to continued strong inflows JM Finn & Co: continued focus on strengthening JM Finn model towards discretionary assetmanagement, a.o. via launching Coleman Street Investment services and efficientcommercial strategy with focus on new inflows34 35. Bank J.Van Breda & C: client assets(incl. ABK and Van Breda Car Finance)6000 Total deposits & funds500040003000CAGR 2004-2013: 12.5%2000100002004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14Entrusted funds Client deposits Private loans( mio) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14Total deposits and funds 3,118 3,547 4,077 4,701 5,009 5,645 6,369 7,469 8,010 9,018 9,566- Entrusted funds,of which 1,647 2,071 2,417 2,802 2,788 3,286 3,772 4,015 4,586 5,335 5,766AuM at Delen 815 1,037 1,220 1,463 1,370 1,668 1,968 2,115 2,504 3,036 3,308Bancassurance 596 739 880 1,044 1,174 1,309 1,414 1,438 1,496 1,507 1,536Client deposits 1 471 1 476 1 660 1 899 2 221 2 359 2 597 3 453 3 424 3 683 3 800- 1,471 1,476 1,660 1,899 2,221 2,359 2,597 3,453 3,424 3,683 3,800Private loans(1) 1,671 1,670 1,798 2,057 2,202 2,328 2,631 3,044 3,306 3,455 3,536(1) Van Breda Car Finance included35 36. Bank J.Van Breda & C: key figures(AvH 78.75%)Relationship bank focused on private as well as professional needs forentrepreneurs and liberal professions(in mio) 1H14 1H13 2013Bank product 60.3 60.6 117.7Net result 17.0 17.9 31.5Equity (group share) 455.2 430.9 447.9Total assets 4,424.1 4,192.9 4,410.3Total client assets(1) 9,565.8 8,596.3 9,017.9Cost - income ratio 60.1% 56.5% 58.9%ROE 7.5% 7.3% 7.2%CAD (solvency ratio) 17.1% 16.4% 15.6%Core Tier 1 capital ratio 15.0% 14.3% 13.7%Net loan write-offs / avg loan portfolio 0.02% 0.06% 0.04%Leverage (equity/assets) 10.3 9.4 10.2# personnel 46636p(1) Deposits and entrusted funds 37. Bank J.Van Breda & C: highlights & outlookHighlights 1H14C i d d h Continued steady growth of commercial volumes at Bank J.Van Breda & Co (incl. ABK) Total client deposits and entrusted funds increased to 9,566 mio (vs 9,018 mio asof 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 equity increased to 455 mio (vs 448 mio as of 31.12.13), with a Core Tier1 ratioof 15.0% and financial leverage (equity/assets) of 10 Net result of 17.0 mio: absence of major capital gains on investment portfolio andpositive hedging results compared to 1H13 (net effect of 2.3 mio) Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014Outlook 2014 Bank J.Van Breda & Co: strong commercial franchise, leading to continuous volumegrowth of both deposits and AuM as well as loan portfolio. Interest margins underpressure due to highly competitive deposit market, but compensated by successful asset37p gy p p , p ygathering strategy ABK: continued focus on repositioning of brand 38. Structural growth drivers of the Belgianprivate banking marketHigh level of net financial assets per capitaHigh level of household savings rate38Source: Rabobank 39. Real Estate, Leisure & Senior Care:Contribution to the AvH consolidated net result( mio) 1H14 1H13 2013LEASINVEST REALESTATE 4.34.5 8.7EXTENSA 4.6 -0.6 4.5GROUPEFINANCIERE DUVAL -4.6 2.0 -5.7ANIMA CARETOTAL0.60 30.60.23 3.6 6 -0.3 15 15.8839 40. Real Estate, Leisure & Senior CareLEASINVEST REAL ESTATE Real Estate Investment Trust for offices, logistics andretail in Belgium and LuxembourgEXTENSA Land development in Belgium Real estate pdevelopment in B/LuxFINANCIERE DUVAL(see slide 59) Real estate group with activities in RE promotion,tourism, golf sites and senior care Odalys: 115,000 beds, 329 sites; NGF: 33 golf sites;Residalya: 1,957 beds, 26 sites 1H14 traditionally impacted by seasonality oftourism activities Disposal of parking activities ParkAANIMA CARE Health & senior care sector in gBelgium(see slide 60) 1H14: Increase of turnover driven by portfolioexpansion, startup costs linked with opening of newbuilds40 Total portfolio of more than 1,300 beds and serviceflats (922 beds and 78 service flats in operation) 41. Leasinvest Real Estate(AvH 30%)Real Estate Investment Trust (bevak sicafi) for offices, logistics and retail inBelgium and Luxembourg(in mio) 1H14 1H13 2013Operational result 19.9 15.6 34.2Real estate porfolioRetailOffiNet result 13.5 13.0 26.9Net equity 324.2 318.3 335.3OfficesLogistics/semi-industral22%Portfolio real estate (fair value) 708.8 598.1 718.2Rental yield (%) 7.28 7.36 7.31Occupancy rate (%) 96.3 95.9 96.9N t d bt ti (%)(1) 53 8 47 1 53 543%35%Net debt ratio 53.8 47.1 53.5Per share ()Net asset value 65 6 64 5 67 90Luxembourg Belgium65.6 64.5 67.90Stock price - closing 81.75 66.01 73.6039%High/Low 84.50/73.00 80.52/65.15 82.45/65.10Dividend 4.50 61%41(1) Total net debt: 406 mio (2013), 407 mio (1H14) 42. Leasinvest Real Estate: highlightsHighlights 1H14 Strategic reorientation leading to higher rental income 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 assetclass (41%) Limited decrease of real estate portfolio to 709 mio ( 718 mio end 2013), due to the saleof office building Louizalaan 66, Brussels, and the semi industrial site in Meer, as part of thestrategy 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 KnaufPommerloch (Luxembourg) and Hornbach Dividend distribution of 20.2 mio in 1H1442 43. Leasinvest Real Estate: examples of projectsand propertiesKnauf Pommerloch (Luxembourg)43HornbachRoyal 20 (Luxembourg) (artist impression) 44. Extensa Group: consolidated balance sheet(Extensa LRE combined) (AvH 100%)Real estate developer with focus on residential and mixed projects in Belgiumand Luxembourg(in mio) 30/06/14 31/12/13 30/06/14 31/12/13Land development (hi t i l t) 16 3 14 6 Net equity 132 7 125 1historical cost) 16.3 14.6 132.7 125.1Real estate projects (fair value) 86.5 81.7RE investments & Leasings (fair value) 41.9 41.9Tour&Taxis (50%): FV yield of 7.0% 27.3 26.7Other assets 14.6 15.2Leasinvest Real Estate (equity method) 94.8 98.1 Financial debts(3) 123.9 125.91,444,754 shares(1,2)Other assets 32.9 29.1 Other liabilities 15.8 16.0a.o. cash 23.2 mio (1H14), 13.2 mio (2013)Total assets 272.4 267.0 Total liabilities 272.4 267.0(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 mio44 45. Extensa: highlightsHighlights 1H14 Significant improvement of net result, thanks to delivery and sale of Building for BrusselsDepartment of Environment (Tour&Taxis). Development of 105 apartments, 48,000 moffice and underground car park (187 places) planned. Agreement in principle by Flemish government to accomodate all civil servants in newbuilding (De Meander, 45,737 m) on T&T site, to be developed by 2017 Limited contribution from sale of land and from other development activities Cloche dOr (Luxembourg) (Extensa 50%, 20 ha 400,000 m): Financial closing (Ilot A,70,000 m) finalized. Commercialization of first phase of residential development to bestarted in 2H1445Brussels Environment (Tour&Taxis) De Meander (Tour&Taxis) (artist impression) 46. From real estate leasing over real estatedevelopment to real estate servicesExtensait(in million euro) 140equity120100806040201994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013AvH 60%Acquisition -Creation of LREAvH 100% Extensa(real estatedevelopment)(investment trust)-Acquisition Brixton(real estate management)(equipment & realestate leasing)46Recent diversification into Realestate services:Groupe Duval (41%)- France (real estateexploitation &services)Anima Care (100%)Senior carefacilities & services 47. Energy & Resources:Contribution to the AvH consolidated net result( mio) 1H14 1H13 2013SIPEF 4.26.4 11.2SAGARCEMENTS -0.2 -0.4 -0.4TELEMOND 0.7 1.5 3.0OTHERTOTAL0.15 6-5.18 70.26.9 5.6 8.747 48. Energy & ResourcesSIPEF Agro industrial group with plantations of palm oil, rubberand tea in Indonesia and Papua New Guinea Production of cement and clinkers. In partnership with theReddy familySAGAR CEMENTS(slide 61) 1H14: Lower turnover and net result due to difficult marketconditions.see sl de 6 )ORIENTAL QUARRIES Stone quarries producting building aggregates. In& MINES(see slide 62)Sto e qua es p oduct g bu ld g agg egates.partnership with the Bakshi family 1H14: Positive impact from turnaround Bilaua site,resulting in increase of turnover and positive net resultMAX GREEN(see slide 63) Renewable energy based on biomass (wood pellets), in JVwith Electrabel 1H14: Difficult to manage under continuously changinglegal framework. Production shutdown since April 2014TELEMOND GROUP Development & manufacturing (Poland) of welded steell d 648structures and equipment 1H14: Lower order book resulted in lower turnover andnet result(see slide 64) 49. Sipef: key figures(AvH 26.78%)A Belgian agro-industrial group operating and managing tropical plantationbusinesses (53,899 ha oil palm and 9,661 ha rubber), in Indonesia and PapuaNew Guinea(in USD mio) 1H14 1H13(2) 2013 1 = USD 1.37 (1H14)Group production (in T)(1)Palm oil 131,415 120,616 253,912Rubber 5,547 5,276 10,403Tea 1,369 1,400 2,850Turnover 157.7 149.5 291.7EBIT 36.3 28.9 79.0Net result 32.7 20.5 55.6Net equity 526.1 472.4 508.1Net cash position -20.1 -12.0 -31.9Share high/low (in ) 63.31/54.60 65.03/51.62 65.03/50.00Market cap ( mio) 558 6 462 1 516 549(1) Own + outgrowers(2) Adjusted in line with IFRS11558.6 462.1 516.5 50. Sipef: highlights & outlookHighlights 1H14 Favorable agronomic conditions leading to higher production volumes in palm oil (+9%), bothfrom 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 tohigher volumes and slightly higher sales prices(in USD/ton) 1H14 1H13 2013 1 = USD 1.37 (1H14)P l il 899 852 857Palm oil Rubber 2,187 3,030 2,795 Expansion plans continued. Two extraction plants (in Indonesia and Papua New Guinea)l completed d d and new l oil l palms l d planted in Papua New G Guinea d and in S h South SSumatraOutlook 2014 Taking into account the positive production outlook and the forward sales, Sipef expects the2014 result to be higher than in 201350 51. Development Capital:Contribution to the AvH consolidated net result( mio) 1H14 1H13 2013-1.1 -2.8SOFINIM -0.7CONTRIBUTIONPORTFOLIO SOFINIM -0.7 -7.2 -6.3CONTRIBUTIONPORTFOLIO GIB 0.5 1.3 2.5CONTRIBUTION BEFORECAPITAL GAINSCAPITAL GAINS-6.634 0-6.629 5-1.34 4.99 34.0 29.5TOTAL CONTRIBUTIONDEVELOPMENT CAPITAL3.6 27.4 22.951 52. 52 53. Development Capital: adjusted netasset value(in mio) 1H14 2013Sofinim 495.2 493.2Unrealised capital gain Atenor 10.6 8.2Share price Atenor (in ) 37.90 34.25Market value Groupe Flo / Trasys 9.8 10.0Share price Groupe Flo (in ) 2.94 3.00Total Development Capital 515.6 511.453 54. Development Capital: overview of majordivestments2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 201464 153.764.1IRR %34.131 939.028.322.616 526.716 524.931.914 825.519.014 8-0.816.5-1.316.511.114.83.4 5.7 2.214.83 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 6 11 6 12Investment term (# years)54 55. Other participations55 56. Van Laere(AvH 100%)General contractor of construction and civil engineering projectsConsolidated key figures(in mio) 1H14 1H13 2013Turnover 88 3 88.3 48 8 48.8 122 3122.3Net result 1.0 -0.5 0.7Shareholder's equity 37.4 35.4 36.6Net financial position 4.9 0.6 6.1# personnel 463Regatta (Antwerp)Highlights 1H14 Strong improvement of turnover thanks to better weather conditions than in 2013 Order book of 239 mio (2013: 169 mio)56 57. Rent-A-Port(AvH 72.18%)Specialized company for port development, port management andlogistics consultancyConsolidated key figures(in mio) 1H14 1H13 2013Turnover 2.2 4.7 6.8Net result 0.0 6.7 12.3Shareholder's equity 25.6 20.2 25.9Net financial position -8.2 -7.5 0.5Highlights 1H14 2014 is transition year for Dinh Vu (Vietnam). Expansion to 1,600 ha expected byyear-end57 58. Nationale Maatschappij der Pijpleidingen (NMP)(AvH 75%)Operator of 700 km of pipelines for transport of industrial gasesand chemicals in BelgiumConsolidated key figures( in ) mio) 1H14 1H13 2013Turnover 6.8 7.1 13.9Net result 1.0 0.9 2.0Net cash flow 2.1 1.9 4.3Shareholder's equity 26.9 26.4 27.5Net financial position 13.3 9.7 13.5Highlights 1H14 Slightly higher results in line with expectations58 59. Groupe Financire Duval(AvH 41.14%)French group focused on real estate projects, services and residencesConsolidated key figures(in mio) 1H14 1H13 2013Turnover 193.7 218.5 501.1EBIT 25 5 21 0 13 4-25.5 -21.0 13.4Net result -13.8 -11.1 4.7Sh h ld ' Shareholder's it equity 91 8 91.8 91 1 91.1 107 1107.1Net financial position -143.5 -146.5 -96.1 Residalya La Carrairade (Le Rove)Hi hli ht Highlights 1H14 Turnover and results of first 6 months traditionally impacted by seasonality of tourismactivities (Odalys) Sale of ParkA activity to Interparking. Limited impact on consolidated result. Exploitation activities: Tourism holiday parks (Odalys) (115,000 beds, 329 sites); NGF (33golf sites); Senior Care (Residalya) (1,957 beds, 26 sites) Positive impact from new senior care residences of Residalya.59 60. Anima Care(AvH 100%)Anima Care focuses on high quality senior care residences in Belgium(exploitation and real estate)Consolidated key figures( in )mio) 1H14 1H13 2013 Azur Soins et SantTurnover 17.9 11.3 27.4EBITDA 2.3 1.2 3.4Net result 0.2 0.6 0.6Shareholder's equity 34.7 28.6 32.4Net financial position -49.5 -18.9 -40.8Highlights 1H14 Increase of turnover driven by portfolio expansionZonnesteen (Zemst)y p p Net result impacted by startup losses from opening of new build residences: Zemst (93beds, 23 service flats; opening April 2014), Haut-Ittre (127 beds, 36 service flats;opening 2H14) and Kasterlee (142 beds, 63 service flats; opening 2015)T t l tf li f th 1 300 b d d i fl t f hi h b d d 60 Total portfolio of more than 1,300 beds and service flats ( of which 922 beds and 78service flats in operation) 61. Sagar Cements(AvH 18.55%)Cement plant, located near Hyderabad (Andra Pradesh, India), with capacity2 5 of 2.5 million tonnes cement per year(in mio) 1H14 1H13 2013 1 INR 83 33 72 46 77 52Consolidated key figures= 83.33 1 = INR 72.46 1 = INR 77.52Turnover 33.8 35.8 61.7EBITDA -0.2 2.0 3.7Net result -2.4 -1.2 -2.4Shareholder's equity 28.4 33.8 29.7Net financial position -29.4 -27.8 -25.0Share high/low (in INR) 323.6/134.1 297.4/190.0 291.4/162.0Market cap (INR mio) 5,331 3,373 2,960Highlights 1H14 Continued strong competition leading to lower prices and decrease of turnover and netresult61esult Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value ofapprox 53 mio (AvH share: 6 mio). Investment multiplied by 5 since 2008 62. Oriental Quarries & Mines(AvH 50%)Aggregates quarries, India (in partnership with Oriental Structural Engineers )(in mio) 1H14 1H13 2013 1 = INR 83 33 1 = INR 72 46 1 = INR 77 52Consolidated key figures83.33 72.46 77.52Turnover 3.9 1.9 4.9EBITDA 0.4 -0.1 0.2Net result 0.4 -0.3 0.1Shareholder's equity 6.6 6.3 6.0Net financial position 1.5 1.5 1.5 Bangalore quarryHighlights 1H14 Opening of new site in Bilaua resulted in doubling of sales volumes and increase ofprofitability Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tons62 63. 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 greencertificates and changing legal framework resulted inshutdown of production in April 2014Rodenhuize (Ghent)63 64. Telemond Group(AvH 50%)Development and manufacturing of welded structures with a particularemphasis on telescopic cranes for mobile crane vehicles as well as loadingplatforms and kippers for light trucksConsolidated key figures(in mio) 1H14 1H13 2013Turnover 38.6 43.8 78.7Net result 1 7 3 0 6 61.7 3.0 6.6Net financial position -12.3 -12.5 -10.9Highlights 1H14 Decrease of turnover and net result due to lower order book Investment in development of new site in Poland64 65. Development Capital: highlightsHighlights 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 12years. Closing expected early October 2014 Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel.Distriplus will concentrate on the world of beauty Euro Media Group: Restructuring of shareholding structure of EMG with PAI entering onJuly 29 as new lead investor. Sofinim maintains its 22.5% stake in EMG. This transactionhas no cash impact for Sofinim. Corelio: Results influenced by extraordinary elements (a.o. provisions for social planfor Mediahuis and Corelio Printing, the capital gain on sale of Editions de lAvenir,impairments within De Vijver Media). De Vijver Media strenghtened by partnership withTelenet (purchase of shares Sanoma, capital increase) Hertel: Improved result under new management team, but still negative due torestructuring costs and non-recurrent elements in its offshore division65 66. Groupe Flo(GIB 47.13%)Leading player in casual dining in France, with a portfolio of complementary brandsof theme restaurants (Hippopotamus, Tablapizza and Taverne de Matre Kanter) andfamous brasseriesConsolidated key figures(in mio) 1H14 1H13 2013Turnover 157.5 175.1 346.8EBITDA 12.4 18.6 35.3Net result 1.8 5.0 8.0Net financial position -61.0 -68.4 -57.7Highlights 1H14 Decrease of turnover in a difficult market environment, negatively impacted by the VATincrease and increasing price sensitivity from the customers Measures taken to adapt the operating model to lower volumes could only partially offsetthe impact of the lower turnover66 67. Outlook 2014The board of directors remains positiveabout the groups outlook for the currentfinancial year, and expects an increase innet profit over last years result, adjustedfor the 109.4 million euros remeasurementincome following the acquisition of controlover DEME/CFE.67 68. For further questions or additional information,please consult our website: www.avh.beContact:Luc BertrandChairman of the Executive CommitteeJan SuykensMember of the Executive CommitteeTom BamelisMember of the Executive CommitteeT +32 3 231 87 79E dirsec@avh.be68 69. Annexes69 70. Multidisciplinary and experienced teamBorn with AvH sinceLuc Bertrand 1951 1986 (Bankers Trust)Jan Suykens 1960 1990 (Generale Bank)Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group)Piet Bevernage 1968 1995 (Allen & Overy - LCV)Tom Bamelis 1966 1999 (Touche Ross, GBL)Koen Janssen 1970 2001 (Recticel, ING)Andr-Xavier Cooreman 1964 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)Marc De Pauw 1953 1994 (NIM)Hilde Delabie 1968 1998 (Deloitte)Matthias De Raeymaeker 1975 2005 (Arthur D. Little)Sofie Beernaert 1975 2005 (Eubelius)John-Eric Bertrand 1977 2008 (Deloitte, Roland Berger)Katia Waegemans 1969 2008 (McKinsey, Agfa-Gevaert)Ben De Voecht 1979 2010 (ExxonMobil)70 71. Historical overview1880 Foundation by H.W. Ackermans & Nicolaas van Haaren1964 Foundation of Forasol SA1974 Merger of dredging activities with SGD (CFE-SGB)1984 I.P.O.1988 1st diversification into brewery sector (Alken-Maes)1991 Acquisition of Creyfs Interim (renamed Solvus)1992 Acquisition of Belcofi Delen (start of Private banking)1994 Acquisition of privatised Socit Nationale dInvestissement(start of private equity via Sofinim and of real estate via Leasinvest)1996 Sale of Forasol Foramer to Pride Petroleum1998 Creation of joint holding company (Finaxis) of Bank Delenwith Bank J. Van Breda & C (AvH 60% / beneficial 30%)71 72. Historical overview (2)1999 IPO of Leasinvest Real Estate2000 Increase of stake in DEME from 39.5% to 48.5%2002 Acquisition 50% stake in GIB (Quick), together with CNP2004 Increase of stake in Finaxis from 30% to 75 %Increase of stake in DEME from 48.5% to 50%2005 Sale of Solvus to USG2006 Strong investment (Flo, Trasys, Turbos Hoet Group, Cobelguard) as well asdivestment (Quick, SCF) activity2007 Bank Delen: acquisition of CAPFI ( 2,747 mio)DEME: 2nd phase of fleet investment programPrivate equity: strong investment activity (Spano, Iris, Manuchar, Distriplus: 154 mio)2008 Investment in Rombouts (20%) and Sagar CementsSale of Arcomet, Oleon Holding and Oleon Biodiesel72 73. 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 CanonInvestments in Oriental Quarries & Mines, Alcofina and Max Green2010 Creation of Rent-A-Port EnergyCo-control Holding Groupe DuvalRSPO certification of SipefSale of Engelhardt Druck2011 Listing of AvH options on NYSE LiffeAcquisition ABK by Bank J.Van Breda & CoAcquisition JM Finn & Co by Delen Investments2012 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 DEME2014 Sale by Sofinim of stake in NMC (27%)73 74. Evolution of the AvH share(index rebased to 20/6/1984)AvHBelgian allshare index1984-2013AvH share: x42Stock index: x8(until 19/8/14)74Market capitalization ( mio, end of year):55 317 1,066 590 2,244 2,853 75. Return AvH vs market75Source: KBC Securities 76. Evolution of the consolidated group result(in mio)+106.8 293.9167.3+6.8-12.5-7.7+12.2+8.0 +13.076 77. Net cash position AvH group(in 000)AvH &subholdingsDevelopmentcapitalTotal(30/6/2014)Investment portfolio* 24,162 2,378 26,540Term deposits 32,438 26,802 59,240Intercompany deposits -115,865 115,865 0Cash 3,649 1,591 5,240Long term debt -87,990 -87,990Short term debt - commercial paper -38,849 -38,849Own shares (#350,278) 20,800 20,800Net cash GIB (50%) and Other 428(equity consolidation)-161,655 146,636 -14,591* Primarily Delen Private Bank funds77 78. AvH gained exclusive control over DEME,through the acquisition of CFE (1/2)Sep 19, 2013: AvH and Vinci reach an agreementDec 24, 2013: AvH acquires a 60.39% stake in CFEAvH contributes to CFE its 50% stake in DEME ( 550 mio) in exchange for12,222,222 new CFE sharesAvH acquires 3,066,440 CFE shares of Vincis stake ( 45 per share or 138mio in total)AvH evolves to exclusive control of DEMEImpact on income statement in 2013 limited to mandatory remeasurementof 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 79. AvH gained exclusive control over DEME,through the acquisition of CFE (2/2)PublicStructure on May 16, 201460.4% 12.1%27.5%100%79 80. Delen Investments: income statementConso (in 000) 1H14 1H13 2013Net interest income 1,834 768 2,994Gross fee income 133,173 122,608 245,800Other income 1,964 4,475 6,417Gross revenues 136,971 127,851 255,211Fees paid -13,081 -10,279 -21,892Operational expenses -59,531 -55,117 -112,725Amortisations & provisions -6,361 -5,424 -11,243Other expenses -568 -1,133 -2,328Loan loss provision -14 -13 -27Expenses -66,474 -61,688 -126,324Profit before tax 57,416 55,884 106,996Income taxes -16,373 -15,356 -28,804Profit of the periodMinority interests -1,418 -1,103 -2,15980Share of the group 39,624 39,425 76,033 81. Delen Investments: balance sheet(in 000) 1H14 2013 2012Cash & loans and advances to banks 661,695 658,767 698,990Financial assets- Financial assets available for sale 746,258 537,717 494,015- Financial assets held for trading 30,834 33,633 33,073- Loans and receivables 131,000 125,987 102,316Tangibles assets 55,776 55,070 52,157Goodwill and other intangible assets* 247,202 248,607 249,258Other assets 26,149 25,240 24,588Total assets 1,898,914 1,685,021 1,654,397Financial liabilities- Deposits from credit institutions 4,282 2,403 1,603- Deposits from clients 1,246,241 1,080,732 1,120,207- Other 25,389 30,267 28,146Provisions, tax and other liabilities 145,168 107,247 89,653Equity (including minority interests)* 477,833 464,372 414,788Total liabilities 1,898,914 1,685,021 1,654,39781* JM Finn at 100% taking into account put/call rights on minority stake of 26.51% as from 2011 82. Delen Private Bank: Annualised returns(after all costs) since inception31/12/2013 1 year 3 5 yearsSinceyears years 10 inceptionFixed Income* -2,04% 0,94% 1,73% 2,12% 1,69%Peer G Group 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..82Source: Morningstar 83. JM Finn & Co End of June 2011, Delen Investments announced agreement to acquire a major stake inJM Fi Finn & Co: Delen 73.5% with current management retaining 26.5% (closing Sep 11) 100% transaction value: 85 mio (net equity as per sep 2011: 19 mio)UK private client wealth management 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 Cardiff18% AuM per type23% 59%Discretionary (63% per Sep 13)Portfolio advisoryNon portfolio advisory andexecution only83AuM: 5.5 billion (30.09.11) 7.8 billion (31.12.13) 84. Bank J.Van Breda & C: income statement(in 000) 1H14 1H13 2013Net interest income 40,279 38,413 76,767Net fee income 17,801 15,514 31,601Other income 2,170 6,694 9,348Gross revenues 60,251 60,621 117,716Operational expenses -33,231 -32,107 -64,756Amortisations & provisions -2,982 -2,165 -4,544Loan loss provision -387 -1,087 -1,488Impairment AFS 0 -13 -13Expenses -36,600 -35,373 -70,801Share of profit (loss) from equityaccounted investments 78 315 220Profit before tax 23,728 25,563 47,135Income taxes -6,664 -7,234 -14,760Profit of the periodMinority interests -44 -462 -82884Share of the group 17,020 17,867 31,546 85. Bank J.Van Breda & C: balance sheet(in 000) 1H14 2013 2012Cash & loans and advances to banks 147,532 243,164 91,104Financial assets- Financial assets available for sale 662,294 640,743 517,209- Financial assets held for trading and fvo 903 1,243 5,462- Loans and receivables (including finance leases) 3,535,568 3,455,495 3,306,419- Derivatives used for hedging 6,798 931 3,747Tangible assets 36,420 33,156 31,764Goodwill and other intangible assets 12,253 12,359 10,629Other assets 22,318 23,204 26,431Total assets 4,424,085 4,410,294 3,992,765Financial liabilities- Deposits from credit institutions 11,782 106,320 68,647- Deposits from clients 3,716,696 3,598,537 3,327,944- Debt certificates (incl. bonds/ CP) 110,147 128,019 18,200- Subordinated liabilities 82,802 84,473 87,305- Other 10,706 5,815 19,086Provisions, tax and other liabilities 36,658 38,856 27,341Minority interests 116 367 16,975Equity (group share) 455,178 447,907 427,267Total liabilities 4,424,085 4,410,294 3,992,76585 86. Solvency of banksBank J.Van Breda & C Evolution financial strengthbanks Source: IMF8686 87. ABK 1997-2010: Consistent track record of profitable internal growtho Stable number of branches: 40o 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 fiscal year (ending December 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 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% in Dec 2013o LT strategic rationale: Development of new client segment close to BankJ.Van Breda core clientele and competencesST financial implications:87o o Conso equity boosted from 258 mio to 413 mioo Core tier 1 equity ratio strengthened from 11.3% to 14.6% 88. Sipef: ExpansionPlanted area (in hectares) beneficial interest120.000100.00080.00080 00060.000South Sum expansionPNG expansionPNGBengkulu expansion40.000BengkuluNorth Sum expansionNorth Sum20.00002005 2008 2012 202088Source: Sipef company presentation 89. Sipef: Palm oil89 90. Development Capital: key figuresportfolio 2013(see slides 91-93 for highlights)in mio Turnover EBITDA Net Result Net Equity Net Fin. PositionSofinim (74%) 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012Atenor 110.133 45.943 24.016 8.935 12.028 9.489 104.786 98.605 -174.932 -131.849Axe Investments 0.587 0.733 0.123 0.249 0.278 0.870 15.613 16.088 5.157 5.185Amsteldijk Beheer -0.124 0.049 -0.489 0.031 1.230 1.719 0.267 -18.599Corelio 300.054 349.453 21.339 19.443 -26.660 -3.864 53.421 73.933 -74.750 -71.602Distriplus 247.230 246.785 13.728 14.856 -0.039 2.661 62.665 62.704 -61.267 -61.307Egemin International 105.040 107.521 6.753 5.957 2.363 1.754 21.914 20.323 12.586 2.228Euro Media Group 301.344 333.020 68.226 76.126 9.425 21.557 189.000 179.828 -81.011 -89.521Hertel Holding 767.418 907.246 3.259 24.455 -34.356 -32.939 128.655 161.513 -35.994 -102.639Manuchar 1,010.521 921.433 41.967 27.039 4.558 3.560 56.410 50.942 -257.521 -231.139NMC 197.645 195.712 27.145 24.561 11.852 10.175 99.994 93.277 -15.873 -15.274Turbo's Hoet Groep 405.553 471.255 17.870 19.487 5.638 7.755 88.109 87.717 -95.955 -79.863GIB (50%)Groupe Flo 346.843 365.837 35.347 41.778 7.966 12.522 165.824 159.101 -57.702 -74.711Trasys 73.185 69.283 4.913 5.102 2.781 1.908 21.959 18.985 -8.562 -12.07790 91. Development Capital: highlightsHighlights 2013 Divergent results in development capital segment: capital gain of 34mio (AvH) on sale of Spano-group. Lower contribution from othercompanies due to restructuring costs and impairments. Atenor: Result impacted by the sale of apartments in UP-site (Brussels),the start of the Trbel project and the construction of Port du Bon Dieu(Namur) Corelio and Concentra merged their Flemish newspapers and digitalactivities in Mediahuis (Corelio 62%, Concentra 38%). Agreement signedwith Tecteo for sale of French speaking newspaper activities in Sep,regulatory approval still pending. Due to exceptional amortizations ofintangibles by De Vijver Media (Corelio 33%) and other restructuringcharges, Corelio realized a net loss. Distriplus: Stable turnover despite a difficult economic environmentthanks to commercial strategy of the 3 chains. Due to exceptionalcosts, Distriplus booked a breakeven result. Egemin Automation: Delays in new projects and longer decision cyclesdue to economic climate. Margin improvement thanks to betterselection of orders and strict control of implementation.91 92. Development Capital: highlightsHighlights 2013 Euro Media Group: Acquisition of the technical resources from 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 realestate. As a consequence, Sofinim recorded an impairment. Groupe Flo: Decrease of turnover (-4.6% like-for-like) and net result in apersistently difficult market. Focus on strengthening Hippopotamus (9new restaurants in 2013). Continued decrease of debt. Hertel: Turnover decrease of 15% due to divestitures in 2012, closing ofactivities and critical selection of projects. Disappointing result due torestructuring costs, goodwill impairment and other non-recurringelements. Solid financial basis thanks to refinancing early 2013, whenshareholders Sofinim and NPM Capital injected 75 mio cash, andworking capital management. Net debt decreased to 36 mio Manuchar: Strong recovery with increase of turnover and net result. Onits way to become a top 3 player in distribution of chemicals in emergingmarkets. Trading in steel and non-ferro also performed well. Acquisitionof one of its main suppliers in hardwood.92 93. Development Capital: highlightsHighlights 2013 NMC: Stable turnover but significant growth (+18%) in net result, due tointernal improvement program focused on productivity. Sales pricesadjusted to the increasing cost of raw materials. Trasys: Increase of turnover (+6%) and net result (+47%) in a verycompetitive IT market. Turbos Hoet Groep: Decline of market of new trucks leading todecrease of sales of Turbotrucks, mainly in Russia and Belarus.Increasing revenues at Turboparts and stable, but profitable, leasingand renting activities. New workshop and warehoude opened inMoscow, garage in Namur renovated and Torhout site closed.93 94. AvH: long term track record of growth andvalue creation: SofinimNAVAdjusted net asset value (in mio)60050040030020010002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013NAV Conservative benchmark (acquisition cost + groups shareof results) No transaction value, nor P/E based revaluations94 95. Notes95