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ANNUAL RESULTS RESULTS 2014 FEBRUARY 27, 2015

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ANNUALRESULTSRESULTS

2014FEBRUARY 27, 2015

ACKERMANS & Li i d ACKERMANS & VAN HAAREN at a glance

2014

A diversified group active in

5 segments

Limited number of strategic ti i ti2014

5 segments participations

Net result

€ 215 mio

Equity

€ 2,402 mio

Gross dividend

€ 1.82

Market

Total payout: € 61 mio

Market capitalization

€ 3,420 mio

Personnel

22,633We work for

growthShare price: € 102.10

(31/12/2014)

2

Ackermans & van Haaren: Introduction (1/3)

• Family controlled public companyy p 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• Providing development capital• From an industrial background

• With a long term focusg

• 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 t t g• Company strategy• Long term vision

• Diversificiation in a limited number of strategic participationsDiversificiation 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

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 d t ti• Active board representations

• 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

Focus on strategic participationsEnsure equity growthAverage annual growth of

8.9% (2005-2014)

Create shareholder value Dividend of € 1.82AvHBelgian all

Average annual growth of 8.1% (2005-2014)

AvH share: x50Stock index: x8

(1984-2014)

Belgian all share index

6(until 24/2/15)

7

Consolidated group result

(in € mio) 2014 2013 2012(2)( )

Marine Engineering & Infrastructure 106.2 59.7 51.7Private Banking 91.4 84.5 71.5Private Banking 91.4 84.5 71.5Real Estate, Leisure & Senior Care 14.7 15.8 3.6Energy & Resources 19.5 8.7 16.4Development Capital -6 7 -6 6 5 9Development Capital -6.7 -6.6 5.9

Result from participations 225.1 162.1 149.1C it l g i d l t it l 15 4 29 5 22 7Capital gains development capital -15.4 29.5 22.7Result from participations (incl. capital gains) 209.7 191.6 171.8

AvH & subholdings -7.1 -7.2 -3.9

Other non-recurrent result 12.5 109.5(1) -0.6Consolidated group result 215.1 293.9(1) 167.3

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

(2) Restated financial statements 2012 (IAS19)8

Highlights 2014

The consolidated net result of AvH amounts to 215.1 million euros for 2014

• 30.6 million euro increase (+ 16.6%) on the previous year (184.5 million euros, excluding remeasurement). This profit increase illustrates the strength of the results of the subsidiaries.

• DEME recorded a strong result for 2014. A net profit of 169.0 million euros was realized on an (economic) turnover of 2,587 million euros, making a contribution of 103.0 million euros to AvH’s group result.million euros to AvH s group result.

• In the banking segment, both Bank J.Van Breda & Co (+12.5%) and Delen Investments (+6.3%) continued the trend of increasing results in 2014 and jointly contributed 91.6 million euros to the group result.Th ib i f h l d i d li h l l h • The contribution of the real estate and services segment turned out slightly lower than in 2013. Leasinvest Real Estate ended 2014 with a result of 32.6 million euros, a substantial increase (+21%) on 2013.

• As a result of the considerable expansion investments in recent years, Sipef was able to As a result of the considerable expansion investments in recent years, Sipef was able to increase its palm oil production volume to 268,488 tonnes (+5.7%).

• Performance in the Development Capital segment is mixed, with the results of Groupe Flo and Euro Media Group in France being adversely affected. Sofinim successfully sold it 30% t k i NMC ith IRR f 14 8% d it l i f 4 9 illi (A Hits 30% stake in NMC with an IRR of 14.8% and a capital gain of 4.9 million euros (AvHshare).

9

Other key figures

(i € i ) 2014 2013 2012Consolidated balance sheet AvH group(in € mio) 2014 2013 2012

Shareholders' equity (group share) 2,402.2 2,251.5 2,003.3Net cash AvH and subholdings 21.3 -3.1 87.9g

(i €) 2014 2013 2012Key figures per share(in €) 2014 2013 2012

Number of shares (#) 33,496,904 33,496,904 33,496,904Net result per share 6 49 8 87 5 05Net result per share 6.49 8.87 5.05

Gross dividend 1.82 1.70 1.67

Net equity 71 71 67 22 59 92Net equity 71.71 67.22 59.92Stock price: highest (29/12) 103.40 85.16 65.09 lowest (3/2) 78.71 62.74 56.50 close (31/12) 102 10 85 16 62 27 close (31/12) 102.10 85.16 62.27

10

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

Group personnel ‘Consolidated’ turnover(in € mio)

22,633 5,86222,706 5,669

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 resultContribution to the AvH consolidated net result

(in € mio) 2014 2013 2012(in € mio) 2014 2013 2012

DEME 103.0 53.7 44.7CFE -3.4 - -CFE 3.4Van Laere 0.9 0.7 1.2Rent-A-Port 4.0 3.8 4.8NMP 1.7 1.5 1.0

Total 106.2 59.7 51.7

13

Marine Engineering & Infrastructure

• One of the largest and most diversified dredging and marine DEME

CFE

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

DEME

• An industrial group active in Contracting, Real Estate CFE

VAN LAERE • General contractor of large residential, office and civil

g p g,Development, Public-Private Partnership and Concessions

construction projects; focus on PPS projects and parkings• 2014: Increase of turnover to € 167 mio• Order book at € 176 mio

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

(Vi t )

RENT-A-PORT

NMP • Operator of pipelines for chemicals2014: Results in line with expectations

(Vietnam)

• 2014: Results in line with expectations

14

DEME(AvH 60.40%)

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

(AvH 60.40%)

engineering companies in the world

Gwynt-Y-Mor West of Duddon Sand (UK) Wheatstone (Australia)

15

Waterdunen (Netherlands) New Port Doha (Qatar)Sabetta Port Yamal (Russia)

DEME: key figures (1/2)

(in € mio) 2013 2012

(1) (2) (2)Turnover 2,419.7 2,586.9 2,531.6 1,914.9

2014

EBITDA 443.6 501.5 437.8 350.9EBIT 223.5 259.1 216.5 140.4Net result 169.0 169.0 109.1 89.4

Net cash flow 389.2 410.7 330.9 300.9Shareholder's equity 986.7 986.7 847.7 773.7Net financial position -126 8 -212 8 -711 3 -741 9Net financial position -126.8 -212.8 -711.3 -741.9Total assets 2,901.5 3,132.7 2,920.5 2,725.4Net capex (IAS16) 146 209 343

# personnel 4,311 4,582 4,011

(1) Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME are accounted for using the equity method with effect from 1 January 2014.(2) In this presentation, the group companies that are jointly controlled by DEME are still proportionally integrated. Although this ( ) p , g p p j y y p p y g gis 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.

16

DEME: key figures (2/2)

Consolidated key figures in % of economic turnover

** ** *

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

17

DEME: breakdown of economic turnover

Per region

2013 2014

Per activity

2013 2014

Per type of customer

2013 2014

DEME: capacity utilization(# weeks)(# weeks)

Cutters

Hopperspp

19

DEME: highlights

Highlights 2014Increase of economic t rno er to € 2 587 mio (2013: € 2 532 mio) and net res lt to • Increase of economic turnover to € 2,587 mio (2013: € 2,532 mio) and net result to € 169.0 mio (2013: € 109.1 mio), driven by high activity level in different activities

• Execution of major projects (Australia, Qatar) in line with expectations. First phase of Yamal project finalized. Several projects ongoing in Africa (a.o. Egypt), as well as p j p j g g ( gyp ),GeoSea projects for Borkum Riffgrund 1, Baltic 2, Westermost Rough and Northwind windfarms

• Impact AvH result reinforced by increase of shareholding percentage from 50% to 60.4% after acquisition of control over DEME/CFE at the end of 2013after acquisition of control over DEME/CFE at the end of 2013

• Order book of € 2,420 mio at end 2014. New contracts of € 1,600 mio announced early 2015 (see next page)

• Limited capex (€ 176.5 mio, € 146.5 mio net of divestments) and positive working p ( , ) p gcapital evolution resulting in decrease of net financial debt to € 213 mio

• GeoSea announced agreement on acquisition of offshore assets from HOCHTIEF, leading to full ownership of Innovation in 2015 GeoSea taking over staff and certain to full ownership of Innovation in 2015. GeoSea taking over staff and certain obligations of HOCHTIEF, without significant impact on consolidated balance sheet of DEME

• New investments announced: Apollo (2017), Living Stone (2017), Rambiz4000 (2017)p ( ), g ( ), ( )• Construction of new office building in Zwijndrecht (Belgium) started

20

DEME: order book (€ mio)(€ mio)

Other 33%

Middle East + IndiaAsia

Europe

7%14%

26%

O d b k 2014 i i d hi h l l € 2 420 i ( 3 049 i d f 2013)

Benelux20%

Order book 2014 maintained at a high level: € 2,420 mio (vs 3,049 mio end of 2013), with orders across different regions and activities• Construction of approach channel and harbour basis of service port for new LNG terminal

in Yamal (Russia)in Yamal (Russia)• Deepening and widening of Suez canal (Egypt): contract of € 421 mio (DEME 75%)• Offshore wind farms Gode Wind (2013) and Nordsee One (Germany)

E l 2015 i d f l l f € 1 600 i M i i • Early 2015, new contracts signed for a total value of € 1,600 mio. Most important one is Tuas project in Singapore: construction of 8.6 km quay wall, reclamation of 300 ha new land and dredging of fairways over period of 6 years

21

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 Jack-up vessels for offshore windfarm construction Hochtief Solutions Solutions

pand oil&gas services and GeoSea (50%)

OWA Services for offshore wind assistance GeoSea (100%)

Innovation Flintstone Neptune22

DEME: diversification of activities (2/2)

Environmental services

DEC/ Ecoterres Environmental group of DEME companies DEME (75%) and SRIW

Purazur High technological treatment of industrial waste water

DEC (100%)

Fluvial and marine aggregates

DEME Building Materials (DBM)

Extraction, processing and sales of marine aggegrates for construction industry

DEME (100%)Materials (DBM) aggegrates for construction industry

OceanflORE Deepsea mining DEME (50%) and IHC Merwede

Maritime services

CTOW Marine services for sea terminals DEME (54%), Herbosch-Kiere and Multraship

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%)23

DEME: long term track record of long term shareholding and entrepreneurial growthshareholding and entrepreneurial growth

(in 000 euro) Turnover Equity

2.000.000 

2.500.000 

1.000.000 

1.500.000 

500.000 

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 20141974 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 201497

ScaldisDBM Creation DEME

Holding G SCTOWCreation Dredging

International (AvH Tideway

DEC

(Building Materials)

Holding(Acquisition Decloedt)

GeoSea DEME Blue EnergyOceanflore

International (AvH + CFE dredging) Power@Sea

Tideway

AvH 39.5% AvH 48.5% AvH 50% AvH 60.4%

Consolidation Partnership

AvH 45%

Control

24

Structural growth drivers of global dredging marketdredging market

Global population increase and tourism Global warming leading to rising sea levels

Northwind

Seaborne trade in line with GDP Energy & raw materials consumption growing

Source: Rabobank 25

CFE(AvH 60.40%)(AvH 60.40%)

Belgian industrial group active in Construction, Multitechnics, Real l bl h dEstate Development, Public-Private Partnership and Concessions

Railway tunnel (Delft) Az Sint Maarten (Mechelen)

26

Chapelle musicale Queen Elizabeth (Brussels)

Red Cross Flanders (Mechelen) Police station (Charleroi)

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

(in € mio) 2014(1) 2013(1)

Turnover 1,090.9 984.9Net result -14.0 -47.8

Sh h ld ' it (t t l i l DEME) 1 313 6 1 193 2Shareholders' equity (total, incl. DEME) 1,313.6 1,193.2Net financial position -54.0Order book 1,146 1,339

# personnel 3,653

(1) Excluding DEME and Rent-A-Port

(in € mio) 2014 2013 2014 2013

Contracting 1 073 3 971 0 -14 5 -37 7

Turnover Net result

Contracting 1,073.3 971.0 -14.5 -37.7Real Estate 45.6 18.8 4.3 1.8PPP-Concessions 0.8 0.7 -0.3 -2.8Holding 28 8 5 6 3 5 9 1

27

Holding -28.8 -5.6 -3.5 -9.1

Total 1,090.9 984.9 -14.0 -47.8

CFE: highlights

Highlights 2014• New segment “Contracting” groups all construction activities, multitechnics and rail

infra• Piet Dejonghe (AvH) appointed as second managing director, responsible for

ContractingContracting• Increase of turnover in Contracting (+10.5%) driven by increase of construction

activities in Benelux, Poland and Chad, but lower volumes in Algeria, Hungary and civil engineering

• Important improvement of operational result in construction and increase of activities in rail and road and multitechnics

• Decrease of order book to € 1,146 mio (compared to a exceptionally high order book in 2013 for buildings) due to difficult market in civil engineering and decrease in Africa; 2013 for buildings) due to difficult market in civil engineering and decrease in Africa; CFE wants to limit exposure on Chad, considering the amount of receivables of which recovery is a challenge for 2015

• Sale of road activities Van Wellen announced, leading to a capital gain of € 10 mio in 2015

28

Van Laere(AvH 100%)(AvH 100%)

General contractor of construction and civil engineering projects

(in € mio) 2014 2013 2012Turnover 166 9 122 3 161 2Turnover 166.9 122.3 161.2Net result 0.9 0.7 1.2

Shareholder's equity 37.0 36.6 35.7q yNet financial position 8.1 6.1 4.0

# personnel 460 463 500Campus Hardenvoort (Antwerp)

Highlights 2014• Strong improvement of turnover thanks to better weather conditions than in 2013• Positive contribution from Van Laere as well as from subsidiaries Thiran and Arthur

Campus Hardenvoort (Antwerp)

• Positive contribution from Van Laere as well as from subsidiaries Thiran and Arthur Vandendorpe. Negative contribution from Anmeco and AlfaPark

• Order book of € 176 mio (2013: € 169 mio)

29

Rent-A-Port(AvH 72.18%)(AvH 72.18%)

Specialized company for port development, port management and logistics consultancylogistics consultancy

(in € mio) 2014 2013 2012Turnover 6 0 6 8 26 5Turnover 6.0 6.8 26.5Net result 5.9 12.3 12.3

Shareholder's equity 33.5 25.9 13.7q yNet financial position -6.7 0.5 -3.8

Dinh Vu (Vietnam)

Highlights 2014• 2014 is transition year for engineering projects and port investments• Dinh Vu (Vietnam): Expansion to 2 000 ha industrial land should contribute to the Dinh Vu (Vietnam): Expansion to 2,000 ha industrial land should contribute to the

result as from 2017• Official concession contract for management for port and industrial zone in Duqm

(Oman) signed in March 2014• Limited loss (€ 0.3 mio) for Rent-A-Port Energy

30

Nationale Maatschappij der Pijpleidingen (NMP)(AvH 75%)(AvH 75%)

Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgiumand chemicals in Belgium

(in € mio) 2014 2013 2012Turnover 13.6 13.9 15.9Turnover 13.6 13.9 15.9Net result 2.3 2.0 1.4

Net cash flow 4.6 4.3 3.2Net cash flow 4.6 4.3 3.2Shareholder's equity 28.2 27.5 26.8Net financial position 17.2 13.5 13.4

Pipeline Antwerp-Feluy

Highlights 2014• Results in line with expectations• Oxygen pipeline for Ducatt in Lommel put into use

Pipeline Antwerp Feluy

• Oxygen pipeline for Ducatt in Lommel put into use • Start of construction of oxygen pipeline for Praxair and of extension of nitrogen pipeline

Lommel-Beringen

31

Private Banking: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

(in € mio) 2014 2013 2012(in € mio) 2014 2013 2012

Finaxis-Promofi -0.6 -0.4 -0.2Delen Investments 63.6 59.9 49.3Delen Investments 63.6 59.9 49.3Bank J.Van Breda & Co 28.0 24.8 21.9ASCO-BDM 0.4 0.2 0.5

Total 91.4 84.5 71.5

32

Private Banking

DELEN INVESTMENTS Discretionary asset management and patrimonial DELEN INVESTMENTS

• Specialised advisory bank for entrepreneurs and

• Discretionary asset management and patrimonial advice for private clients

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

BANK J.VAN BREDA & C

• Insurance group focused on marine and property ASCO-BDMinsurance

33

Finaxis organisation chart

AvH Promofi15%

75% 25%

Finaxis

75% 25%

Bank J Van Breda & CoDelen Investments CVA

99% 100%

Bank J.Van Breda & CDelen Investments CVA

100% 73% 99.9%

JM Finn & CoDelen Private Bank ABK

34

Assets under management

(in € mio) 2014 2013 2012

Total assets under management

Delen Investments 32,866 29,536 25,855 Delen Private Bank 22,808 20,210 17,884 JM Finn & Co 10,058 9,326 7,971

Van Breda: bancassurance products 1,567 1,507 1,496Van Breda: AuM at Delen* 3,603 3,036 2,504Van Breda: client deposits 3,815 3,683 3,424(*) Already included in Delen Private Bank AuM

35

Delen Investments: funds under management(AvH 78.75%)(AvH 78.75%)

Private banking and wealth management. Focused on discretionary g g yasset management for private clients, in Belgium and UK

AuM CAGR 2005-2014:

JM Finn

17.9%

Capfi

36

Delen Investments: key figures

(in € mio) 2014(2) 2013 2012

G 278 5 255 2 214 8Gross revenues 278.5 255.2 214.8Net result 80.8 76.0 62.6Equity 517.4 464.1 414.5Assets under management 32,866 29,536 25,855

Cost - income ratio(1) 55.0% 54.8% 55.2%

Brussels

ROE (IFRS) 16.5% 17.3% 16.1%Core Tier1 capital ratio 27.7% 25.3% 23.1%

# personnel 563 552 551(1) Excl. JM Finn = 43.5% (2014), 42.4% (2013)(2) Contribution of JM Finn to revenues of € 75.5 mio, to net result of € 6.4 mio Ghent

37

Delen Investments: highlights and outlook

Highlights 2014• Continued growth of AuM to € 32,866 mio (€ 22,808 mio Delen Private Bank, € 10,058

mio JM Finn), positively impacted by strong inflow as well as by exchange rate £/€• Stable cost - income ratio at 55.0% (2013: 54.8%): Delen Private Bank 43.5%, JM Finn &

Co 82 7%Co 82.7%• Net equity increased to € 517 mio (€ 464 mio end 2013), largely exceeding Basel II and

III requirements• Core Tier1 of 27.8%, well above sector average• Net result of € 80.8 mio (of which € 6.4 mio from JM Finn & Co)• Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remains

chairman of the board

Outlook 2015• Delen Delen Private Bank: well positioned to further grow AUM thanks to continued

strong inflows• JM Finn & Co: continued focus on strengthening JM Finn business model towards

discretionary asset management, with focus on front office efficiency and commercial strategy leading to net inflows

38

Bank J.Van Breda & C°: client assets(AvH 78 75%)(AvH 78.75%)

Relationship bank focused on private as well as professional needs p p pfor entrepreneurs and liberal professions

Total deposits & fundsCAGR 2005-2014: 12.2%

39

Bank J.Van Breda & C°: key figures

(in € mio) 2014 2013 2012

Bank product 119.4 117.7 113.9Net result 35.5 31.5 27.7Equity (group share) 475.0 447.9 427.3Total assets 4,487 4,410 3,993Total client assets(1) 10 018 9 018 8 011Total client assets( ) 10,018 9,018 8,011

Cost - income ratio 59.7% 58.9% 58.3%ROE 7.7% 7.2% 6.7%CAD (solvency ratio) 16.8% 15.6% 16.4%Core Tier 1 capital ratio 14.9% 13.7% 14.2%Net loan write-offs / avg loan portfolio 0.01% 0.04% 0.08%Leverage (equity/assets) 9 5 10 2 11 1Leverage (equity/assets) 9.5 10.2 11.1

# personnel 459 466 465

(1) Deposits and entrusted funds

40

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

Highlights 2014Continued steady growth of commercial volumes at Bank J Van Breda & Co (incl ABK)• Continued steady growth of commercial volumes at Bank J.Van Breda & Co (incl. ABK)

• Total client deposits and entrusted funds increased to € 10.018 mio (vs € 9,018 mio as of 31.12.13), of which € 3,815 mio client deposits and € 6.203 mio entrusted funds

• Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,639 mio g p ( ) ,(€ 3,455 mio as of 31.12.13)

• Very limited net loan loss provisions: 0.01% • Cost - income ratio of 59.7% (vs 58.9% for 2013)

Net equity increased to € 475 mio (vs € 448 mio as of 31 12 13) with a Core Tier1 ratio • Net equity increased to € 475 mio (vs € 448 mio as of 31.12.13), with a Core Tier1 ratio of 14.9% and financial leverage (equity/assets) of 9.5%

• Net result of € 35.5 mio driven by strong financial results of Bank J.Van Breda & Co and ABK bank

• Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014

Outlook 2015• Bank J.Van Breda & Co: continued focus on growing core clientele franchise, leading to

continuous volume growth of both deposits and AuM as well as loan portfolio. Interest margins will remain under pressure in low yield environment, but to be compensated by successful ‘asset gathering’ strategysuccessful asset gathering strategy

• ABK bank: continued focus on repositioning of brand

41

Structural growth drivers of the Belgian private banking marketprivate banking market

High level of net financial assets per capita

High level of household savings rateHigh level of household savings rate

Source: Rabobank 42

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

(in € mio) 2014 2013 2012(in € mio) 2014 2013 2012

Leasinvest Real Estate 10.3 8.7 6.5Extensa 3.4 4.5 -5.3Extensa 3.4 4.5 5.3Groupe Financière Duval 0.5 2.0 1.8Anima Care 0.5 0.6 0.6

Total 14.7 15.8 3.6

43

Real Estate, Leisure & Senior Care

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

EXTENSA • Real estate and land development in Belgium and Luxembourg

and logistics in Luxembourg, Belgium and Switzerland

FINANCIERE DUVAL • Real estate group with activities in real estate promotion, tourism (Odalys: 118,000 beds, 350 sites) and golf (NGF: 47 golf sites of which 20 in Paris)

• 2014 negatively impacted by lower real estate activities • 2014 negatively impacted by lower real estate activities and impact of VAT increase on tourism; Disposal of parking activities Park’A

• 2015: Sale of Residalya to AvH. AvH will swap first part 2015: Sale of Residalya to AvH. AvH will swap first part (20.57%) of stake in Fin. Duval with stake of 37.2% in Patrimoine & Santé (RE assets of Residalya)

ANIMA CARE • Health & senior care sector in Belgiumg• 2014: Increase of turnover driven by portfolio

expansion, start up costs linked to opening of new buildings

• Total portfolio of more than 1,300 beds and service flats (965 beds and 120 service flats in operation)

44RESIDALYA • Senior care sector in France

Leasinvest Real Estate(AvH 30%)(AvH 30%)

Public regulated real estate company for retail, offices and logistics in Luxembourg Belgium and Switzerlandin Luxembourg, Belgium and Switzerland

Hornbach (Luxembourg) Knauf Pommerloch (Luxembourg)Avenue Monterey (Luxembourg)

45

Yverdon-les-Bains (Switzerland) Pré Neuf Villeneuve (Switzerland) Littoral Park Etoy (Switzerland)

Leasinvest Real Estate: key figures

Real estate portfolio

(in € mio) 2014 2013 2012Operational result 38.6 34.2 29.0Net result 32 6 26 9 20 5

Retail

Offices

Logistics/semi-industral

portfolio

Net result 32.6 26.9 20.5Net equity 336.4 335.3 256.0

Portfolio real estate (fair value) 756.3 718.2 617.8 45%

20%

g

o t ol o eal estate ( a value) 56.3 8. 6 .8Rental yield (%) 7.23 7.31 7.30Occupancy rate (%) 96.2 96.9 94.9Net debt ratio (%)(1) 54.3 53.5 56.2

35%

( )

Per share (€) Net asset value 68.10 67.90 63.80

5%

Luxembourg Belgium

Switzerland

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

Stock price - closing 91.61 73.60 67.10 High/Low 93.90/73.10 82.45/65.10 69.58/61.50

Dividend 4.55 4.50 4.40

59%36%

46

Leasinvest Real Estate: highlights

Highlights 2014S i i i ( il l ffi hi l di ifi i ) l di • Strategic reorientation (more retail, less offices, geographical diversification) leading to higher rental income

• In November, LRE acquired 3 retail properties in Switzerland (€ 37.8 mio; 11,649 m²; fully rented to international retailers). Geographical split is now: Luxembourg (59%), fully rented to international retailers). Geographical split is now: Luxembourg (59%), Belgium (36%) and Switzerland (5%)

• Increase of real estate portfolio to € 756 mio (€ 718 mio end 2013), mainly driven by acquisitions in SwitzerlandO t i d t 96 2% (2013 96 9%) d ti t bl t 5 1 • Occupancy rate increased to 96.2% (2013: 96.9%); average duration stable at 5.1 years (2013: 5.2 years) thanks to several long term rental contracts (SKF in Tongeren, CVC Capital in Luxembourg)

• Operational result positively impacted by acquisitions of shopping center KnaufOperational result positively impacted by acquisitions of shopping center KnaufPommerloch (Luxembourg) and Hornbach (in 2013) and Swiss retail acquisitions (from November onwards)

• Successful redevelopment of Royal20 (former Hotel Rix site), with 10 years lease t t t ti i 2016contract starting in 2016

• In November, LRE changed its legal status from real estate investment trust into public regulated real estate company

47

Extensa Group(AvH 100%)(AvH 100%)

Real estate developer with focus on residential and mixed projects in Belgium and LuxembourgBelgium and Luxembourg

Tour&Taxis (Brussel) Brussels Environment (Tour&Taxis) De Meander (Tour&Taxis) (artist impression)

48

Cloche d’Or (Luxembourg) (artist impression) Cloche d’Or (Luxembourg) (artist impression) Trnava (Slowakia)

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

(in € mio) 31/12/14 31/12/13 31/12/14 31/12/13(in € mio) 31/12/14 31/12/13 31/12/14 31/12/13

Land development (historical cost) 16.5 16.2 Net equity 135.3 125.1

Real estate projects (fair value) 150.9 81.7 Minorities 2.2

RE investments & Leasings (fair value) 45.5 41.9Tour&Taxis (50%): FV yield of 6.5% 31.5 26.7

Other assets 14.0 15.2

Leasinvest Real Estate ( it th d) 98 4 98 1 Financial debts(3) 166 2 125 9Leasinvest Real Estate (equity method) 98.4 98.1 Financial debts( ) 166.2 125.91,444,754 shares(1,2)

Other assets 20.0 29.1 Other liabilities 27.6 16.0a.o. cash € 11.5 mio (2014), € 13.2 mio (2013)

Total assets 331.3 267.0 Total liabilities 331.3 267.0(1) AvH holding directly 37,211 shares(2) Market value of LRE shares (31/12: € 91.61): € 132.4 mio

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

49

Extensa Group: highlights

Highlights 2014Highlights 2014• Slight decrease of net result to € 3.4 mio (2013: € 4.5 mio)• Good progress in 2 large city development projects (Tour&Taxis - Brussels and Cloche

d’Or - Luxembourg)g)• Tour&Taxis (Extensa 50% - 100% as from 2015) delivery and sale of Building for Brussels

Department of Environment • Development of 105 apartments, 48,000 m² office and underground car park (187

places) planned places) planned. • Agreement with Flemish government to accomodate all civil servants in new building

(De Meander, 48,096 m²) on T&T site, to be developed by 2017• Cloche d’Or (Luxembourg) (Extensa 50%, 20 ha – 400,000 m²): Financial closing (Ilot A,

70,000 m²) finalized; Commercialization of first phase of residential development started

2015: Extensa increases its stake in Tour&Taxis to 100% leading to a positive impact of 2015: Extensa increases its stake in Tour&Taxis to 100%, leading to a positive impact of approx. € 40 mio on Extensa’s 2015 results

50

Groupe Financière Duval(2014: AvH 41.14%)(2014: AvH 41.14%)

French group focused on real estate projects and tourism

(in € mio) 2014 2013 2012Turnover 469 9 501 1 514 1Turnover 469.9 501.1 514.1EBIT 13.2 13.4 11.9Net result 2.5 4.7 3.9

Shareholder's equity 108.3 107.1 102.3Net financial position -116.2 -96.1 -80.0

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

Highlights 2014• Decrease of turnover due to lower volume of real estate activities, divestment of

Park’A and impact of TVA increase on tourism activities

Aren Ice and Aren Park (Cergy Pontoise)

Park A and impact of TVA increase on tourism activities• Sale of Park’A activity to Interparking. Limited impact on consolidated result• 2014: Exploitation activities: Tourism – holiday parks (Odalys) (118,000 beds, 350 sites);

NGF (47golf sites); Senior Care (Residalya) (1,991 beds, 26 sites)

2015: Sale of Residalya to AvH should allow the group to focus on core activities and improve profitability

51

Anima Care(AvH 100%)(AvH 100%)

Anima Care focuses on high quality senior care residences in Belgium ( l it ti d l t t )(exploitation and real estate)

(in € mio) 2014 2013 2012Turnover 37 9 27 4 20 5 Azur Soins et SantéTurnover 37.9 27.4 20.5EBITDA 5.4 3.4 2.4Net result 0.5 0.6 0.6

Shareholder's equity 35.7 32.4 21.2Net financial position -60.2 -40.8 -15.2

Zonnesteen (Zemst)

Highlights 2014• Increase of turnover driven by portfolio expansion with new built residences: Zemst (93

beds, 24 service flats) and Haut-Ittre (127 beds, 36 service flats)

Zonnesteen (Zemst)

beds, 24 service flats) and Haut Ittre (127 beds, 36 service flats) • Net result impacted by startup losses from opening of new residences• Total portfolio of more than 1,300 beds and service flats (of which 965 beds and 120

service flats in operation), spread over 10 senior care residencesA ij id i K l (143 b d 63 i fl 25 l i d • Aquamarijn residence in Kasterlee (143 beds, 63 service flats, 25 places in day care centre) opening spring 2015

52

Acquisition of Residalya(from 2015: AvH 70%)(from 2015: AvH 70%)

Residalya operates 2,184 beds spread over 28 retirement homes in France

(in € mio) 2014 2013Turnover 80 8 73 2Turnover 80.8 73.2Net result 1.5 1.3

Shareholder's equity 23.7 22.0q yNet financial position -15.0 -16.0

Résidence Marguerite (Meyzieu)Résidence Marguerite (Meyzieu)

53

From real estate leasing over real estate development to real estate servicesdevelopment to real estate services

Extensa

it140

160 (€ mio)

equity

100 

120 

140 

40

60 

80 

20 

40 

AvH 100% Acquisition -Creation of LRE AvH 60% AvH 100% Extensa(real estate development)

(investment trust)-Acquisition Brixton(real estate management)

AvH 60%(equipment & real estate leasing)

Diversification into ‘Real estate services’:

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

Anima Care (100%)Senior care facilities & services

54

Residalya (70%)Senior care in France

Energy & Resources: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

(in € mio) 2014 2013 2012(in € mio) 2014 2013 2012

Sipef 11.4 11.2 14.1Sagar Cements 6.0 -0.4 0.3Sagar Cements 6.0 0.4 0.3Telemond 1.8 3.0 1.0Other 0.3 -5.1 1.0

Total 19.5 8.7 16.4

55

Energy & Resources

SIPEF• Agro industrial group with plantations of palm oil, rubber

d t i I d i d P N G i SIPEF and tea in Indonesia and Papua New Guinea

• Production of cement. In partnership with the Reddy family• 2014: Difficult market conditions continued. Increase in net

SAGAR CEMENTS

result thanks to capital gain on sale of participation in Vicat JV. Acquisition of BMM Cements announced.

ORIENTAL QUARRIES • Stone quarries producing building aggregates. In & MINES partnership with the Bakshi family

• 2014: Positive impact from turnaround Bidadi and Bilaua sites, process streamlining in Moth and start-up of Mau resulting in significant increase of turnover and net resultresulting in significant increase of turnover and net result

MAX GREEN • Renewable energy based on biomass (wood pellets), in JV with Electrabel2014 D f d ti d lt d t h td • 2014: Decrease of production and result due to shutdown from April until August

• Development & manufacturing (Poland) of welded steel TELEMOND GROUPstructures and equipment

• 2014: Difficult market resulted in lower net result. Start up of new production site in Stettin

56

Sipef(AvH 26.78%)(AvH 26.78%)

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

Immature oil plantings (North Sumatra) Oil palm nursery Hargy Oil Palms (Papua New Guinea)Immature oil plantings (North Sumatra) Oil palm nursery Hargy Oil Palms (Papua New Guinea)

57

Selection of banana bunchesYoung rubber plantation Cibuni tea plantation (Java)

Sipef: key figures

(in ton) 2014 2013 2012

268,488 253,912 265,778

10 411 10 403 10 641Group

production(1) 10,411 10,403 10,641

2,816 2,850 2,923

production( )

(in USD mio) 2014 2013(2) 2012€ 1 = USD 1.32 € 1 = USD 1.33 € 1 = USD 1.29

Turnover 285.9 286.1 332.5EBIT 71.4 66.4 94.2Net result 56.3 55.6 68.4

Shareholders' equity 547.5 508.1 472.6Net financial position -24.6 -35.1 18.2

(1) Own and outgrowers

Share high/low (in €) 64.00/45.10 65.03/50.00 71.89/54.51

Market cap (€ mio) 426.8 516.5 523.758(2) Restated in line with IFRS11

Sipef: highlights & outlook

Highlights 2014Highlights 2014• Higher maturity from new oil palm plantations leading to higher production volumes in

palm oil (+6%) • Stable turnover despite higher production due to lower market prices for palm oil,

which suffer from large offer of vegetable oils, lower demand from China and India and weaker petroleum prices

(in USD/ton) 2014 2013 2012(in USD/ton) 2014 2013 2012€ 1 = USD 1.32 (2014)

Palm oil 821 857 999Rubber 1,958 2,795 3,377

• Increase of net result to USD 56.3 thanks to strict cost control and despite lower profitability of rubber and tea

• Expansion plans continued. Two extraction plants for palm oil (in Indonesia and Papua Expansion plans continued. Two extraction plants for palm oil (in Indonesia and Papua New Guinea) completed and new oil palms planted in Papua New Guinea and in South Sumatra

O l k 2015Outlook 2015• If prices for main products of palm oil, rubber and tea are maintained at current

market level, Sipef expects the 2015 result to be lower than in 201459

Sagar Cements(AvH 18.55%)

Cement plant, located near Hyderabad (Andra Pradesh - India), with capacity of 2 5 million tonnes cement per year

(AvH 18.55%)

capacity of 2.5 million tonnes cement per year

(in € mio) 2014 2013 2012€ 1 = INR 80.65 € 1 = INR 77.52 € 1 = INR 68.97

Turnover 65.9 61.7 85.6EBITDA 46.3 3.7 11.4Net result 32.7 -2.4 2.2

Shareholder's equity 65.3 29.7 37.7Net financial position -0.5 -25.0 -27.5

Highlights 2014• Continued overcapacity and weak demand despite improved market environment• Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value

of approx € 53 mio (AvH share of capital gain: € 6 mio). Investment multiplied by 5 since 2008

• Annoucement of acquisition of BMM Cements (1 million tonnes cement per year 25 MW • Annoucement of acquisition of BMM Cements (1 million tonnes cement per year, 25 MW captive power plant). Transaction to be completed in 2015

60

Oriental Quarries & Mines(AvH 50%)(AvH 50%)

Aggregates quarries, India (in partnership with Oriental StructuralEngineers )Engineers )

(in € mio) 2014 2013 2012€ 1 = INR 80.65 € 1 = INR 77.52 € 1= INR 68.97

Turnover 8.0 4.9 3.6EBITDA 0.7 0.2 -0.5Net result 0.7 0.1 -0.4

Shareholder's equity 7.3 6.0 7.0Net financial position 1.4 1.5 2.1

Bidadi quarry

Highlights 2014• Limited demand for aggegrates due to low infrastructure and construction activities• Despite difficult market, significant improvement of turnover thanks to upgrading of

Bidadi quarry

Despite difficult market, significant improvement of turnover thanks to upgrading of Bidadi and Bilaua quarries, streamlining of production process in Moth and restart of Mau quarry

• Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tonsQ , g g p y

61

Max Green(AvH 18.9%)(AvH 18.9%)

Renewable energy based on biomass / wood pellets (joint venture with Electrabel)

Highlights 2014• Conversion of Rodenhuize 4 plant (Ghent) into 100%

(joint venture with Electrabel)

p ( )biomass fired unit (180 -200 Mwel capacity)

• Changing legal framework for green certificates resulted in shutdown of production in April 2014Restart of production at the end of August• Restart of production at the end of August

• Lower production volumes (2014: 0.86 TWh, 2013: 1.26 TWh) and turnover (2014: € 101 mio, 2013: € 157 mio) due to shutdown Rodenhuize (Ghent))

• Net loss of € 15 mio, without impact on AvH resultsRodenhuize (Ghent)

6262

Telemond Group (AvH 50%)(AvH 50%)

Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as

(in € mio) 2014 2013 2012

emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks

(in € mio) 2014 2013 2012

Turnover 79.6 78.7 74.3Net result 3.8 6.6 3.1

Net financial position -17.2 -10.9 -14.1Stettin (Poland)

Highlights 2014• Strong market positioning despite negative trend in infrastructure investments,

construction and energy sectorconstruction and energy sector• New production site in Stettin (Poland) put into operation• Good result, but lower than 2013 due to increasing volatility of markets and important

changes in product portfoliog p p

63

Development Capital: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

(in € mio) 2014 2013 2012

Sofinim -2.9 -2.8 -1.3Contribution participations Sofinim 3.0 -6.3 4.3C ib i i i i GIB 6 8 2 5 2 9Contribution participations GIB -6.8 2.5 2.9

Development capital -6.7 -6.6 5.9

Capital gains/ impairments -15.4 29.5 22.7

Total (including capital gains) -22.1 22.9 28.6

64

65

Development Capital

Atenor: Brasseries de Neudorf (Luxembourg) Egemin: Handling Automation Corelio: Mediahuis

HertelDistriplus: Planet Parfum (Antwerp) Euro Media Group

66Turbo’s Hoet Groep Manuchar Trasys

Development Capital: adjusted net asset valueasset value

(in € mio) 2014 2013 2012

Sofinim 492.1 493.2 466.4

Unrealised capital gain Atenor 10.8 8.2 6.2p gShare price Atenor (in €) 40.00 34.25 32.05

Market value Groupe Flo / Trasys 5.8 10.0 8.4Sh i G Fl (i €) 2 50 3 00 3 00Share price Groupe Flo (in €) 2.50 3.00 3.00

Total Development Capital 508.7 511.4 481.0

67

Development Capital: key figures portfolio 2014portfolio 2014

in € mio Turnover EBITDA Net Result Net Equity Net Fin. Position

Sofinim (74%) 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013Atenor 110.8 110.1 30.8 24.0 15.3 12.0 112.9 104.8 -199.6 -174.9

Axe investments 0.6 0.6 0.1 0.1 0.3 0.3 15.5 15.6 5.1 5.2

Corelio 398.3 299.9 27.3 21.3 1.8 -42.3 59.3 37.8 -69.0 -72.8

Distriplus 199.9 247.2 12.0 13.7 3.7 -0.0 66.4 62.7 -54.2 -61.3

Egemin 128 4 105 0 10 2 6 8 4 3 2 4 26 4 21 9 5 9 12 6Egemin 128.4 105.0 10.2 6.8 4.3 2.4 26.4 21.9 5.9 12.6

Euro Media Group 317.8 301.3 39.3 59.2 -9.9 9.4 180.7 189.0 -68.8 -82.0

Hertel 815.6 767.4 21.6 3.3 -3.3 -34.4 128.8 128.7 -43.7 -36.0

Manuchar 1,084.6 1,010.5 43.4 42.0 8.3 4.6 70.3 56.4 -297.9 -257.5

NMC 197.3 27.2 11.9 100.0 -15.9

Turbo's Hoet Groep 366.5 405.5 15.0 17.9 0.4 5.6 81.0 88.1 -96.2 -96.0

GIB (50%)313 6 346 8 20 2 35 3 35 7 8 0 126 7 165 8 68 5 57 7Groupe Flo 313.6 346.8 20.2 35.3 -35.7 8.0 126.7 165.8 -68.5 -57.7

Trasys 75.6 73.2 4.7 4.8 1.9 2.8 22.9 22.0 -7.7 -8.6

68

Development Capital: highlights

Highlights 2014g g• Divergent results in development capital segment but clear improvement of results of

most participations

C it l g i f € 4 9 i (A H) l f NMC t th d f J IRR f 14 8% 12 • Capital gain of € 4.9 mio (AvH) on sale of NMC at the end of June. IRR of 14.8% over 12 years

• Atenor: Result impacted by delivery of UP-site (Brussels) in June, the construction and p y y ( ) ,sales of the Trebel project (Brussels), sale of appartments of Port du Bon Dieu (Namur) and Brasseries de Neudorf (Luxembourg)

Corelio: Start of joint venture Mediahuis (Corelio 60% Concentra 38%) in 2014 • Corelio: Start of joint-venture Mediahuis (Corelio 60%, Concentra 38%) in 2014. Significant improvement of net result thanks to restructuring of loss making entities and stronger market positioning. Acquisition of NRC Media announced early 2015.

• Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel. Distriplus concentrates now on the world of beauty. Focus on further growth of number of shops at Di and on new strategy at Planet Parfum.

69

Development Capital: highlights

Highlights 2014g g• Egemin Automation: Significant improvement of turnover and net result in all

segments thanks to good control of internal processes, better order selection and stronger focus on specific markets and concept solutions

• Euro Media Group: Strong financial year in Belgium (Videhouse), UK and Netherlands. Weak results in France. Restructuring of shareholding structure of EMG with PAI entering as new lead investor; Sofinim maintaining its stake. Spin-off of rental g ; g pactivities (Transpalux), of which Sofinim acquired 45%

• Groupe Flo: Decrease of turnover with 10% due to decrease of restaurant visits in France Decrease across all brands although more expensive brasseries and concessions France. Decrease across all brands, although more expensive brasseries and concessions resisted better. Measures taken include changes in management team, strategic plan and organizational structure

• Hertel: Higher turnover mainly driven by maintenance activities (scaffolding, insulation, painting, mechanical) and some large projects in Germany and Australia. New management team successfully restructured the company, profitable as from 2H14 Full year result still negative due to restructuring costs non recurring elements 2H14. Full year result still negative due to restructuring costs, non-recurring elements in its offshore division and liquidation of a subsidiary in Germany.

70

Development Capital: highlights

Highlights 2014g g• Manuchar: Investment in new warehouses and preparation of start-up of production

facility in Mexico (planned for 2015). Positive results from trading in steel, non ferro and other raw materials

• Trasys: Renewal of significant number of contracts, especially ESP-DESIS for European Commission. Increase of turnover and net result.

• Turbo’s Hoet Groep: Difficult market environment leading to lower results of new trucks in all regions, especially in Russia. Strong activity and fleet expansion at Turbolease. Lower net profit mainly due to unrealized exchange rate losses

71

Groupe Flo(GIB 47.13%)(GIB 47.13%)

Leading player in casual dining in France, with a portfolio of complementary brands of theme restaurants (Hippopotamus Tablapizza

(in € mio) 2014 2013 2012

complementary brands of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and famous brasseries

( )Turnover 313.6 346.8 365.8EBITDA 20.2 35.3 41.8Net result -35.7 8.0 12.5

Net financial position -68.5 -57.7 -74.7Hippopotamus

Highlights 2014• Decrease of turnover and net result in a difficult market environment, negatively

impacted by the VAT increase and increasing price sensitivity from the customers

Hippopotamus

impacted by the VAT increase and increasing price sensitivity from the customers• Impairments and provisions (€ 42 mio, without impact on financial position) made on the

assets, mainly at La Taverne de Maître Kanter and Bistro Romain• Measures taken to adapt the operating model include changes in management team,

i l d i i l strategic plan and organizational structure• Agreement with bankers to reschedule financing

72

Development Capital: overview of major divestmentsdivestments

64 1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014

53.7

64.1

IRR %

34.131 9

39.0

28.3

22.6

16 5

26.7

16 5

24.9

31.9

14 8

25.5

19.014 8

-0.8

16.5

-1.3

16.5

11.114.8

3.4 5.7 2.2

14.8

3 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 6 11 6 12

Investment term (# years)73

Outlook 2015

‘AvH made a positive start to 2015 with some AvH made a positive start to 2015 with some significant transactions such as the acquisition of 100% of the Tour&Taxis site the restructuring of 100% of the Tour&Taxis site, the restructuring of the shareholding of Holding Groupe Duval, where the acquisition of Residalya has given AvHwhere the acquisition of Residalya has given AvHaccess to the French retirement home market, and above all the 1 6 billion euros worth of new and above all the 1.6 billion euros worth of new orders won by DEME.

The board of directors is confident for the year 2015 ’ 2015.

74

For further questions or additional information, please consult our website: www.avh.be

Contact:Luc BertrandCh i f th E ti C ittChairman of the Executive Committee

Jan SuykensMember of the Executive Committee

Tom BamelisMember of the Executive Committee

T +32 3 231 87 79E [email protected]

75

Annexes

76

Multidisciplinary and experienced team

Born with AvH sinceBorn 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 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)( , )

André-Xavier Cooreman 1964 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)

Marc De Pauw 1953 1994 (NIM)

Hilde Delabie 1968 1998 (Deloitte)

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)

Jens Van Nieuwenborgh 1982 2014 (McKinsey)

A H 1982 2014An Herremans 1982 2014 (Roland Berger, Barco)

77

Historical overview

1880 Foundation by H.W. Ackermans & Nicolaas van Haaren

1964 Foundation of Forasol SA

1974 Merger of dredging activities with SGD (CFE-SGB)g g g ( )

1984 I.P.O.

1988 1st diversification into brewery sector (Alken Maes)1988 1st diversification into brewery sector (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)(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 Delenwith Bank J. Van Breda & C° (AvH 60% / beneficial 30%)

78

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 divestment (Quick, SCF) activity(Q , ) y

2007 Bank Delen: acquisition of CAPFI (€ 2,747 mio)DEME: 2nd phase of fleet investment programPrivate equity: strong investment activity (Spano, Iris, Manuchar, Distriplus: q y g y (Sp , , , p€ 154 mio)

2008 Investment in Rombouts (20%) and Sagar CementsSale of Arcomet, Oleon Holding and Oleon BiodieselSale of Arcomet, Oleon Holding and Oleon Biodiesel

79

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 Green

2010 Creation of Rent-A-Port EnergyCo-control Holding Groupe Duvalg pRSPO certification of SipefSale of Engelhardt Druck

2011 Listing of AvH options on NYSE Liffe2011 Listing of AvH options on NYSE LiffeAcquisition 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%)2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)

2013 Sale by Sofinim of stake in Spano Invest (73%) Acquisition of CFE (60%) and exclusive control of DEME

2014 Sale by Sofinim of stake in NMC (27%)

2015 Acquisition of Residalya (70%) from Financière Duval Acquisition of 100% Tour&Taxis by ExtensaAcquisition of 100% Tour&Taxis by Extensa

80

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

AvHBelgian all share index

1984-2014AvH share: x50Stock index: x8

(until 24/2/2015

81

Market capitalization (€ mio, end of year):55 317 2,2445901,066 3,420

(until 24/2/2015

Return AvH vs market

Source: KBC Securities 82

Net cash position AvH group

(in € 000)AvH &

subholdingsDevelopment

capitalTotal

(31/12/2014)

Investment portfolio* 24 651 2 509 27 160Investment portfolio 24,651 2,509 27,160Term deposits 24,333 28,710 53,043Intercompany deposits -146,380 146,380 0Cash 4,838 1,230 6,068Cash 4,838 1,230 6,068Long term debt -60,000 -60,000Short term debt - commercial paper -29,902 -29,902Own shares (#382,544) 24,505 24,505( , ) , ,Net cash GIB (50%) and Other 414(equity consolidation)

-157,955 178,829 21,288, , ,

* Primarily Delen Private Bank funds

83

Delen Investments: income statement

Conso (in € 000) 2014 2013 2012

Net interest income 3,346 2,994 4,192Gross fee income 269,329 245,800 212,444Other income 5,871 6,417 -1,800Gross revenues 278,546 255,211 214,836Gross revenues 278,546 255,211 214,836

Fees paid -26,994 -21,892 -19,430

Operational expenses -117,394 -112,725 -96,162Amortisations & provisions -13,047 -11,243 -9,948Other expenses -7,391 -2,328 -2,172Loan loss provision -29 -27 -25Expenses -137,861 -126,324 -108,307p , , ,

Share of profit (loss) from equity accounted investments 0 0 507

Profit before tax 113,692 106,996 87,606

Income taxes -30,110 -28,804 -23,602

Profit of the periodProfit of the period Minority interests -2,757 -2,159 -1,387 Share of the group 80,825 76,033 62,617

84

Delen Investments: balance sheet

(in € 000) 2014 2013 2012

Cash & loans and advances to banks 298,393 658,767 698,990Financial assets - Financial assets available for sale 915,022 537,717 494,015, , , - Financial assets held for trading 5,655 33,633 33,073 - Loans and receivables 148,767 125,987 102,316Tangibles assets 59,455 55,070 52,157G d ill d th i t ibl t * 244 696 248 607 249 258Goodwill and other intangible assets* 244,696 248,607 249,258Other assets 28,589 25,240 24,588Total assets 1,700,577 1,685,021 1,654,397

Financial liabilities- Deposits from credit institutions 3,842 2,403 1,603- Deposits from clients 1,055,471 1,080,732 1,120,207 Oth 11 395 30 267 28 146- Other 11,395 30,267 28,146

Provisions, tax and other liabilities 112,130 107,247 89,653Equity (including minority interests)* 517,738 464,372 414,788Total liabilities 1,700,577 1,685,021 1,654,397, , , , , ,

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

85

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

Source: Morningstar

86

Bank J.Van Breda & C°: income statement

(in € 000) 2014 2013 2012

Net interest income 82,086 76,767 79,144Net fee income 32,020 31,601 26,772Other income 5,271 9,348 7,992Other income 5,271 9,348 7,992Gross revenues 119,377 117,716 113,908Operational expenses -65,096 -64,756 -62,914Amortisations & provisions -6,126 -4,544 -3,543Loan loss provision -237 -1,488 -2,391Impairment AFS -376 -13 -2,292Expenses -71,835 -70,801 -71,141Share of profit (loss) from equity Share of profit (loss) from equity accounted investments 153 220 278Exceptional income/cost 2,902 -60,112*Profit before tax 50,598 47,135 -17,067Profit before tax 50,598 47,135 17,067Income taxes -15,020 -14,760 45,049Profit of the period Minority interests -84 -828 -243 Share of the group 35,494 31,546 27,739

* Exit Beroepskrediet statute

87

Bank J.Van Breda & C°: balance sheet

(in € 000) 2014 2013 2012

Cash & loans and advances to banks 164,785 243,164 91,104Cash & loans and advances to banks 164,785 243,164 91,104Financial assets - Financial assets available for sale 606,966 640,743 517,209 - Financial assets held for trading and fvo 1,864 1,243 5,462 L d i bl (i l di fi l ) 3 639 208 3 455 495 3 306 419 - Loans and receivables (including finance leases) 3,639,208 3,455,495 3,306,419 - Derivatives used for hedging 9,901 931 3,747Tangible assets 37,907 33,156 31,764Goodwill and other intangible assets 8,949 12,359 10,629Goodw ll a d ot e ta g ble assets 8,9 9 ,359 0,6 9Other assets 17,852 23,204 26,431Total assets 4,487,430 4,410,294 3,992,765

Fi i l li bilitiFinancial liabilities- Deposits from credit institutions 12,432 106,320 68,647- Deposits from clients 3,735,928 3,598,537 3,327,944- Debt certificates (incl. bonds/ CP) 138,661 128,019 18,200( ) , , ,- Subordinated liabilities 79,513 84,473 87,305- Other 14,228 5,815 19,086Provisions, tax and other liabilities 31,544 38,856 27,341Mi it i t t 143 367 16 975Minority interests 143 367 16,975Equity (group share) 474,981 447,907 427,267Total liabilities 4,487,430 4,410,294 3,992,765

88

Sipef: Expansion

Planted area (in hectares) – beneficial interest

120.000

80 000

100.000

60.000

80.000South Sum expansion

PNG expansion

PNG

Bengkulu expansion

40.000

Bengkulu

North Sum expansion

North Sum

20.000

02005 2008 2012 2020

Source: Sipef company presentation 89

AvH: long term track record of growth and value creation: Sofinimvalue creation: Sofinim

NAV

600

Adjusted net asset value(in € mio)

300

400

500

100

200

300

02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

NAVNAV• Conservative benchmark (acquisition cost + group’s share

of results)No transaction value nor P/E based revaluations• No transaction value, nor P/E based revaluations

90

For further questions or additional information, please consult our website: www.avh.be

Contact:Luc BertrandCh i f th E ti C ittChairman of the Executive Committee

Jan SuykensMember of the Executive Committee

Tom BamelisMember of the Executive Committee

T +32 3 231 87 79E [email protected]

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