(3) (in &euro

Texte intégral

(1)WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Investor presentation May 18, 2011.

(2) 2 WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Simplified organisation chart. As per 31/03/11.

(3) (in € mio). 2010. 2009. 2008. 2007. 2006. Contracting, dredging, conc. Real estate and related services Private banking Private equity Energy and materials Result from participations Private equity capital gains. 58.7 8.6 63.6 13.3 16.5 160.7 -0.3 0.3. 50.8 -0.7 45.3 3.4 12.8 111.6 4.4. 72.8 7.5 38.4 7.8 9.9 136.4 10.4. 53.8 27.1 44.3 47.2 10.8 183.2 18.1. 31.3 28.5 41.6 26.9 128.3 155.8. Result from participations (incl. capital gains). 160.4. 116.0. 146.8. 201.3. 284.1. AvH & subholdings Other non-recurrent result Consolidated group result. -0.1 0.5 160.8. 1.2 0.3 117.5. -36.0 3.7 114.6. 34.3 5.8 241.4. 6.8 16.7 307.6 3. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Consolidated group result.

(4) Highlights 2010 DEME Significant increase of turnover (+28%), EBITDA (+14%) and net result (+13%) in 2010 Continued strong order book of € 1,935 mio (vs € 2,122 mio per 31.12.09); € 500 mio new orders secured since i Jan 2011. PRIVATE BANKING Delen – Private Bank •Record AUM: € 15,272 mio (vs € 13,243 mio per 31.12.09) driven by strong net inflow of funds •No exposure to PIIGS countries Bank J.Van Breda & C° •Total client assets increased to € 6,369 mio (+13%); total loan portfolio increased to € 2,631 mio (+13%); loan loss provision 0.15% •Exposure to PIIGS countries limited to € 25 mio (€ 10 mio Greece, Greece € 15 mio Italy), Italy) less than 5% of total own investment portfolio PRIVATE EQUITY Improvement p of p private equity q y results confirming gp prudent economic recoveryy Increase of Sofinim participation in Hertel to 46.5% ENERGY AND MATERIALS Sipef: Record turnover and net result based upon higher sales prices; expansion continued Increase of AvH participation to 25.4% (1Q11) OQM: Increase of participation from 28% to 50% Alcofina: Sold back to partner, because no bioethanol production investment being realised (1Q11) 4. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. REAL ESTATE LRE: Portfolio value of € 494 mio; Occupancy rate 97.5%; Rental yield 7.41% Extensa : Land and real estate developments progressing well; return to positive result in 2010.

(5) Highlights 1Q11. DEME Strong renewel of order book to € 2,387 mio (vs € 1,935 mio per 31.12.10) Loss on Santos (Brazil) environmental project, but full fleet occupation in core business. PRIVATE BANKING Delen – Private Bank •Continued positive trend of AUM: € 15,585 mio (vs € 15,272 mio per 31.12.10) driven by strong net inflow of funds Bank J.Van Breda & C° •Total T l client li assets increased i d to € 6,696 6 696 mio i (vs ( € 6,369 6 369 mio i end d 2010) ; loan l portfolio f li increased i d to € 2,693 mio (€ 2,631 mio end 2010); exceptionally low loan loss provision PRIVATE EQUITY Continued improvement of private equity results in line with prudent economic recovery second half 2010 Groupe Flo: Increase of turnover (+2%) and net result (+48%) Increase of GIB participation in Trasys Group to 83.89% ENERGY AND MATERIALS Sipef: Strong increase of palm oil production (+18%); Increase of AvH participation to 25.4%. 5. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. REAL ESTATE LRE: Portfolio value of € 501 mio (vs € 494 mio end 2010); Occupancy rate 97.6% (vs 97.45% end 2010); R t l yield Rental i ld 7.59% 7 59% ((vs 7.41% 7 41% end d 2010) Extensa : Limited contribution from sale of land plots and promotion projects Anima Care: Acquisition of “Clos du Trimbleu” in Blegny (47 beds) (total beds in exploitation: 358).

(6) Other key figures (2010-1Q11). Consolidated balance sheet AvH group. 1Q11. 2010. 2009. 75.3. 1,711.4 1 711 4 77.7*. 1,595.5 1 595 5 122.1. (in € mio). Shareholders' Sh h ld ' equity i ((group share) h ) Net cash AvH and subholdings. Key figures per share Number of shares (#) Net result per share (€) Gross dividend Net equity Stock price: highest lowest close. 2010. 2009. 2008. 33,496,904 33 496 904 33,496,904 33 496 904 33,496,904 33 496 904 4.86 3.54 3.45 1.55. 1.44. 1.39. 51.09 64.9 45 7 45.7 62.5. 47.63 53.7 31 4 31.4 52.0. 45.29 70.9 33 8 33.8 36.4 6. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. * After € 48.2 mio dividends, € 41.1 mio investments (Hertel, Sipef, Financière Duval, OQM and Anima C ) and Care) d € 21.6 21 6 mio i divestments di t t (Engelhardt) (E lh dt).

(7) Evolution of AvH financials (in million euro). Net equity (share of group) vs market capitalization (31 dec). 2500 2000. Average annuall growth A h off 13.2% over the last 10 year. 1000 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010. 7. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. 1500.

(8) Evolution gross dividend. Gross dividend per share (in €) Average annual growth of 13.2% over the last 10 year. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010. 8. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. 1,8 16 1,6 1,4 1,2 1 0,8 0,6 04 0,4 0,2 0.

(9) AvH share performance vs. BEL 20 AVH rebased to 100. BEL20 rebased to 100. 9. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. AVH.

(10) Net cash position AvH group (2010-1Q11). Private equity. Total Total (31/12/2010) (31/03/2011). Investment portfolio. 26,603. 1. 26,604. 28,421. Term deposits. 61,626. 14,819. 76,445. 68,201. -50 835 -50,835. 50 835 50,835. 0. 0. 708. 151. 860. 4,348. -44,844. -44,844. -45,066. 17,782. 17,782. 18,887. 900. 534. 77,747 ,. 75,325 ,. Intercompany deposits Cash Short term debt - commercial paper Own shares (393 000 # per 31 (393,000 31.12.10; 12 10; 412 412,000 000 # per 31 31.03.11) 03 11). Net cash GIB (50%) and Other (equity consolidation). 11,041 ,. 65,806 ,. 10. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. (in € 000). AvH & subholdings.

(11) Pro forma group figures (2010). Consolidated turnover per segment G Group personnell per segmentt. (in € mio, (i i incl. i l pro rata t under d equity it method th d + private equity). 1455 516. 8354. 1025. Construction, dredging and concessions. 214. Real estate. 285. Financial services. 1112. Private equity. 121. Energy and materials + AvH and subholdings g. 4539. Personnell P 17,158. Turnover T € 2,758 mio. 11. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. 2294.

(12) Segment ‘Contracting, dredging and concessions concessions’ •. Dredging was at the origins of Ackermans & van Haaren in 1876 Later diversification towards (maritime) construction and concessions. DEME One of the largest and most diversified dredging and marine engineering companies in the world ld. VAN LAERE General contractor of large construction projects. NMP Operator p of pipelines for gas and chemicals. RENT-A-PORT Specialised p in p port development and logistics. Since 1876. Since 1989. Since 1994 (NIM). Established in 2007. 12. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. •.

(13) Contracting, dredging and concessions. Consolidated net result 2010. 2010 58.7 58.3 -1.5 0.5 1.5. 2009 50.8 51.5 -0.8 -1.4 1.6. 2008 72.8 57.4 1.4 2.4 11.6. Consolidated net equity 2010. 23.0% 36 5% 36.5%. 13. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Contribution to the AvH consolidated net result (part of the group) (in € mio) Contracting, dredging and concessions DEME Rent-A-Port A.A. Van Laere Nationale Maatschappij der Pijpleidingen.

(14) DEME: Creating land for the future. London Gateway Project (UK). Ruwais, Abu Dhabi (UAE). Sochi (Russia). Walney (UK). 14. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. One of the largest and most diversified dredging and marine engineering companies in the h world ld.

(15) Consolidated key figures (in € mio). 2010. 2009. 2008. 1,800.6. 1,402.6. 1,508.8. EBITDA. 328.7. 289.0. 302.0. EBIT. 176.9. 146.8. 174.7. Net result. 116.5. 103.0. 114.8. Net cash flow. 274.3. 246.2. 247.8. Shareholder's equity. 667.3. 569.5. 499.6. Net financial position. -481.0. -358.3. -373.4. Total assets. 2,172.5. 1,828.3. 1,788.7. # personnel. 3,635. 3,532. 3,577. Turnover. 15. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. DEME: key figures.

(16) DEME: operational highlights •Significant increase of turnover (+28%) and net result (+13%) in 2010 due to • Start of London Gateway project and numerous other projects worldwide • Strong S growth h in i offshore ff h oil il and d gas, windfarm i df and d environmental i l activities i ii •Strong capacity utilization of fleet in 2010: − hoppers 46 weeks (FY09: 43 weeks) − cutters 36,5 weeks (FY09: 31 weeks). Ruwais. 16. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Evolution net result - EBIT - EBITDA as a % of turnover.

(17) DEME: breakdown turnover. 14% 10% 17% 5% 12% 4% 38%. 2009 Europe EU Middle East Africa Asia & Oceania. Consolidated turnover per activity. Consolidated turnover per type off customer. 10%. 10%. 10%. 10%. 12%. 13%. 13% 3% 13% 5%. 7%. 10%. 18%. 16%. 27%. 53%. 51%. 48%. 2009. 2010. 2010. 46%. 2010 Europe ‐ non EU India, Pakistan America. Capital C it l d dredging d i Maintenance dredging Fallpipe & landfall Environmental Marine works*. 16% 4% 5%. Government Oil and gas Mining Renewables Other. * Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials 17. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Consolidated turnover per region.

(18) DEME: order book (2010-1Q11) Continuous strong order book, well-spread over different regions and activities 1Q11: Q 2,387 , mio ((vs € 1,935 , mio at the end of 2010)) New orders in Australia (Gladstone 5), Russia, Malaysia, UAE, Belgium (C-Power). Evolution order book 2003-2010 (in € mio). 2009. 2010. Other. 19%. 24%. Middle East + India. 12%. 7%. 9%. 8%. Europe. 29%. 37%. Benelux. 30%. 25%. Asia Pacific. 18. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Outlook 2011 • DEME profiting from mulidisciplinarity, offering broad range of integrated services (incl project financing capabilities) • Strong tender activity worldwide (see next slide) • Caution because of geopolitical unrest.

(19) DEME: market fundamentals remain strong g. Examples - EU: EU London L d G Gateway, Russia R i & Baltic, B l i Belgium, B l i N h l d Netherlands - Americas: Panama, Brazil, Mexico, Venezuela, … Scaldis, heavy lifting: Rambiz in Ormonde - Africa: South-Africa, Angola, Nigeria, Ghana, … gy islands), ), Qatar ((Doha Port)) - Middle-East: Abu Dhabi ((Ruwais,, Adnoc energy - Australia: Cape Lambert, Gladstone, Port Hedland, Wheatstone, … - Singapore: LDSS - Indian subcontinent: port and LNG related - Offshore wind: Belgium (C-Power), Germany (En BW Baltic), Ireland, UK, France - Fallpipe & landfalls: Nordstream,Russia - Environmental: Belgium, Belgium France France, Uk and new markets New initiatives - Offshore Wind Assistance (OWA) - Combined C bi d Terminal T i l Operation O i Worldwide W ld id (CTOW) (55%) - DEME Blue Energy - Deepsea Mining(OceanflORE, with IHC Merwede). Deepsea mining. 19. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Market driven by - Worldwide trade and population growth - Global world energy consumption: iron ore, ore oil & gas - Climat change: rising sea levels.

(20) DEME/RAP also acting as concession partner C Power (DEME beneficial: 11 11.7%) 7%). 318 MW. Otary (Rentel 288 MW + Seastar 246 MW). 534 MW. (RAP Energy 12.5%, DEME 12.5%, Power@Sea 12.5%). 20. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. DEME profiting from multidisciplinarity: offshore wind farms ((e.g. g Belgium) g ).

(21) Continued investment in competitive, multifunctional & versatile fleet. Congo River. Investment program 2010-2012: 4 units - € 260 mio • 1 trailer dredger Breughel (11,650 m3, operational 2011) • 1 seagoing g g rock cutter Ambiorix ((28,000 , kw – operational p 2012)) • 1 jumbo jack-up vessel Neptune (operational 2012) • 1 backhoe dredger (joint ownership) (operational end 2011) 21. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Investment program 2008-2011: 12 units - € 500 mio • 1 medium size cutter Ganga g ((6,250 , kw,, 2009)) • 1 medium trailer Artevelde (5,600 m³, 2009) • 1 jumbo jack-up platform Goliath (1,600 T, 2009) • 1 backhoe dredger Samson (40 m m³, 2010) • 2 self-propelled split hopper barges Sloeber and Pagadder (2,750 m³, operational 2010) • 1 water ater injection dredger Dhamra (12,000 (12 000 m³, m³ 2010) • 1 DP-DT fallpipe vessel Flintstone (19,000 T – Singapore, 2011) • 1 gravel trailer Victor Horta (5,000 m³ - IHC, 2011) • 2 seagoing rock cutters Al Jarraf and Amazone (13,000 kw - Singapore, 2011) • 1 megatrailer next generation plus Congo River(30,000 m³ - IHC, 2011).

(22) Rent-A-Port Specialized company for port development, port management and logistics setup around 2 former DEME senior executives. Consolidated key figures (in € mio). 2010. 2009. 2008. Turnover. 6.1. 7.1. 5.9. Net result. -3.8* 3 8*. 01 0.1. 30 3.0. -0.1. 0.1. 3.1. Shareholder's equity. 3.3. 5.3. 5.5. position Net financial p. -8.8. -6.8. -2.1. Net cash flow. *due to write down of terminated concession in Liberia. 22. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Main activities in Vietnam (Dinh Vu), Nigeria (OK Free Trade Zone), Oman (Port of Duqm) • Rentel (288 MW offshore wind farm concession in North Sea) – 50%.

(23) Van Laere. Highlights 2010 • Decrease in turnover due to highly competitive market and delays in the start of some new contracts • Positive net result after negative results in 2009 • Orderbook increased to € 173 mio (€ 109 mio end 2009) despite highly competitive market • New development towards exploitation of parkings (Bruges, (Bruges Roeselare, Roeselare …), ) leveraging the expertise of Van Laere as specialised contractor. Consolidated key figures (in € mio). 2010. 2009. 2008. 116.2 0.5. 161.0 -1.4. 135.6 2.4. Shareholder's equity. 33.0. 32.3. 34.1. Net financial position. 10.1. 15.8. 21.3. 466. 524. 542. Turnover Net result. # personnel. Leopold III tunnel (Evere). 23. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. General contractor of large construction projects.

(24) NMP / SNTC Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium. Consolidated key figures (in € mio). 2010. 2009. 2008. Turnover. 12.3. 12.8. 13.5. N t result Net lt. 20 2.0. 2 1 15 2.1 15.5 5(1). Net cash flow. 3.8. 4.0. 17.2. Shareholder's equity. 27.7 27.1(2). 50.0. Net financial position. 12 4 12.4. 9.9 9 9(2). 30 7 30.7. (1) (2). Impacted by exceptional capital gain (€ 12 mio) on sale of Corenox and Corepi After dividend of € 25 mio 24. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Highlights 2010 • Recurrent activities resulted in stable results.

(25) Segment ‘Real estate and related services services’ • •. First step in this sector through the acquisition of Leasinvest (via NIM in 1994) Afterwards, acquisition of Extensa, IPO of real estate investment trust LRE and internationalisation of activities (e.g. (e g Romania, Romania Turkey) Recent diversification towards related activities, such as security, holiday parks and senior care facilities. EXTENSA/ LEASINVEST Real estate management and development. COBELGUARD Security company focused on static and mobile security and store theft prevention (N° 3 in Belgium) (N. FIN. DUVAL Multidisciplinary real estate group with activities in RE promotion, tourism (100,000 beds), health care (1,102 beds) and parkings (5,200. ANIMA CARE Initiative in health & senior care sector. places in Paris)) p. Since 1994 (NIM). Since 2006. Since 2007. Since 2009. 25. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. •.

(26) Real estate and related services. Consolidated net result 2010. 2010 8.6 6.2 1.0 1.4 0.0. 2009 -0.7 -1.9 0.6 1.1 -0.5. 2008 7.5 4.7 0.6 2.2. Consolidated net equity 2010. 10.7% 5 4% 5.4%. 26. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Contribution to the AvH consolidated net result (part of the group) (in € mio) Real estate and related services Extensa - Leasinvest Real Estate Cobelguard Groupe Financière Duval Anima Care.

(27) Extensa Group Extensa: real estate development focused on residential and mixed development projects. Property development , m² ((Extensa share )): 50% residential,, 450,000 30% office, 15% retail, 5% logistics Home market: Belgium, Luxembourg New markets: Romania, Slovakia, Turkey. Tour & Taxis (Brussels). Leasinvest Real Estate: real estate management for offices, logistics and retail (Belgium, Luxembourg) Real estate portfolio value € 501 mio Strassen (Luxembourg). 27. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Land development 300,000 m m² – 400,000 m m² in Belgium.

(28) Extensa Group: conso balance sheet. Consolidated balance sheet (in € mio). RE investments & Leasings. 31/12/10. 48.5. 31/12/09. 58.1 Net equity. 31/12/10. 31/12/09. 124.8. 117.7. a.o. Tour T &Taxis &T i (50%) (50%): FV yield i ld off 7 7.25% 25%. 21 0 21.0. 19 0 (incl. 19.0 (i l SSub. b lloan A AvH H € 13 13.9 9 mio) i ). a.o Wegener -Halliburton: rental yield 6.1%. 19.5. 31.8. 8.0. 7.3. L d development Land d l t. 16 2 16.2. 17 7 17.7. Real estate projects. 53.3. 52.7. Leasinvest Real Estate. 80.9. 80.7 Financial debts(2). 97.7. 88.2. 42 8 42.8. 17 5 Other 17.5 Oth li liabilities biliti. 19 2 19.2. 20 8 20.8. 241.7. 226.7 Total liabilities. 241.7. 226.7. 173,072 shares Retail Estates. (1). 1,173,866 shares. Oth assets Other t a.o. Cash € 22.4 mio. Total assets (1) AvH holding directly 30,236 shares. (2) Net financial debt 2010: € 75.3 mio. 28. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. (Extensa – LRE combined).

(29) Extensa Group. Contribution to result AvH (in € mio) Extensa Leasinvest Real Estate. 2010. 2009. 2008. 1.2. -7.8(2). -1.7. 5.0(1). 5.9(3). 6.4(4). (incl. LREM) (1). After €-10 mio mark-to-market valuation on real estate portfolio (part AvH: € -3.0 mio) and € 0.7 mio capital gains. (2). After € 8.8 mio impairment/revaluation losses on development projects in Romania. (3). After € 15.2 mio capital gain on redevelopment of Bian (Lux) and € -17.8 mio mark to market valuation on real estate portfolio. (4). After negative mark-to-market of portfolio valuation of € -6.3 mio (part AvH: € -1.9 mio). 29. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. ((Extensa – Leasinvest RE combined)).

(30) Leasinvest Real Estate (2010-1Q11) (in € mio). 1Q11. 2010. 2009. Operational result Net result Net equity(1). 283.3. 30.9 14.3 275.4. 32.0 18.4 274.9. Portfolio real estate - fair value Rental yield (%) Occupancy p y rate (%) ( ). 500.6 7.59 97.6. 494.2 7.41 97.45. 537.5 7.48 97.74. 70.88 69 24 69.24. 68.92 63 36 63.36. 68.79 58 97 58.97. High. 68.89. 64.01. Low. 56.66. 45.68. Per share (€) Net asset value (1) S Stock k price i - closing l i. (1). Dividend per share of € 4 paid as of 24/05/10. • Acquisition 1° phase Canal Logistics (Brussels) of 27,700 m² logistics and 1,250 m² offices in March 2010 • Sale Axxes Business Park for € 44.4 mio in July 2010 • Sale of leasehold rights on Avenue Louise 250 (Brussels) in October 2010 (€ 24.1 mio) • Total debt 2010: € 220 mio (debt ratio: 44.13%) • 1Q11: Stable net current result; debt ratio 44.03%. 30. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Real Estate Investment Trust (bevak – sicafi).

(31) Leasinvest Real Estate: portfolio (31/12/2010) Total portfolio of 52 buildings with a value of € 494 million and 348,703 m². 15 buildings € 222 million (45%) ( ) 85,961 m² 31. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. 37 buildings € 272 million (55%) 262 262,742 2 m²².

(32) Leasinvest Real Estate: tailor-made ((re)developments ) p 2010. State archives Bruges • In consortium with Van Laere • Renovation of a building, the construction of new state archives with a library, 29 running km of archives and a public underground parking • Fixed rental contract for 25 years with Federal “Building Agency” • Construction started in November 2010 Diekirch (Luxembourg) • Development started end 2010 for a new 1,000 m² retail warehouse to be finished in 05/2011 • Pre-leased P l d for f 12.5 12 5 years • Potential unrealized capital gain expected by mid 2011 32. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Canal Logistics (Neder-Over-Heembeek) • Acquisition of a strategically situated development project of 50,000 m² (+ 2,500 m² offices) state-ofthe-art logistics site • 1st phase delivered 1H10 • 2nd phase will be finished mid 2011.

(33) Extensa: land development Location. Total area. Project (share Extensa). Permit. Saleable land (Extensa). Sold as per 31/12/10. Average sales price. Gh GhentWondelgem W d l. 171 900 m²² 171,900. Phase 1 Ph 1: 118 parcels, l project land for 100 apartments and social housing. A l 2006 April. 72 000 m²² 72,000. 58 000 m²² 58,000. 260 €/m² €/ ². Phase 2: 56 parcels. July 2008. 14,540 m². 14,540 m². 320 €/m². Phase 3: 21 parcels. to be obtained. 3,450 m². Plot 337: project land for 14 apartments. to be obtained. 1,000 m². HasseltKuringen. AntwerpKontich. 33,400 m². 254,000 m². Phase 1: 20 parcels & project land for 30 apartments Phase 2: 5 parcels. Phase 1: 162 parcels & project land for 45 apartments p Phase 2: 99 parcels & project land for 18 apartments Phase 3: 111 parcels & project land for 64 apartments. 90,990 m²². start sell end 2011 start sell end 2011 72,540 m²². January 2008. 22,370 m². 22,370 m². 180€/m². March 2010. 3,740 m². 1,784 m². 180€/m². 26,110 m². 24,154 m². delayed due to appeal pp ((2012?)) delayed due to appeal (2012?) delayed due to appeal (2012?). 63,870 m² 41,470 m² 48,600 m² 153,940 m². LeuvenHeverlee. 65,000 m². 38 parcels & project land for 24 delayed due to appeal (2011?) park houses. 25,500 m² 33. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Book value per 31/12/2010: € 16.2 mio.

(34) Extensa: project development Book value per 31/12/2010: € 53.27 mio. Roeselare, De Munt (50% Extensa). Permit. Total units (Extensa). Sold as per 31/12/10. Phase 1B: apartments. February 2009. 38 units. 30 units. Phase 1A: apartments. February 2009. 13 units. 2 units. Phase 2C: apartments. 46 units. Retail A+B+C+D. To be obtained 2011‐2012 To be obtained 2013‐2014 February b 2009. 8,634 m²². 1,410 m²². Parkings. February 2009. 468 places. 237 places. September 2008. 46 units. 22 units. 27 units. Phase 2: 73 houses. September 2008. Permit change introduced To be obtained. Phase 3: 144 apartments. To be obtained. 144 units. Phase 2D: apartments. HasseltRunkst, CederPark Phase 1A&B: 25 houses and 21 apartments Phase 1C: 27 houses. 46 units. 73 units. 34. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Major active projects.

(35) Extensa: project development Belux Brussels, Tour & Taxis (50%): 30 ha – 370,000 m². BIM/IBGE. 35. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Royal Depot 44,880 m² (32,064 m² offices, 5,557 m² archives, 7,259 m² retail: fully let) • The Warehouses: trade fair and exhibition center: 17,500 m² Æ Royal Depot/Warehouses valued at implicit yield of 7.25% (€ 105.4 mio vs debts of € 47.2 mio) • Development potential of 370,000 m² secured by Brussels Government decision in 3Q09 • Building permit obtained for 218,000 m² mixed use 1Q10 • First office building of 16,500 m m² secured with BIM/IBGE to be delivered 4Q12.

(36) Extensa: project development Belux. G D Luxembourg, G.D. Luxembourg Cloche d d’Or Or (50%): 20 ha – 400,000 400 000 m². 36. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Development potential of 400,000 m² • Master plan approved, PAP obtained 3Q10 • Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure) under development; retail permissions obtained; hypermarket Auchan secured.

(37) Extensa: project development New markets • Turkey, Istanbul - 100% • Building B ildi permission i i ffor 200 apartment t t building in central Istanbul (Bomonti) • Construction started in 3Q10 and apartments sold for 48% • Studio building (# 114) permit obtained, adjacent to apartments: foundation works started •Romania, R i partnership t hi iin retail t il parks k • 2008: Focsani (20%) – 51,000 m²: 77% rented out; valued at yield of 9.5% • 2009: Deva (20%) - 39,000 m²: delayed until confirmation by anchors • Extensa ((Romania)) – 50% Land positions acquired (2008) in Bucarest (offices, 24.000 m²) and Arad (residential/ retail) •Slovakia, Sl ki Trnava T - 50% • Total of 36 ha for development of a business park (retail, logistics and industrial): 4 ha of land re-sold to end users since 2008. 37. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bomonti.

(38) Cobelguard. Security company focused on static guarding and surveillance by unarmed d security guards d on private property. Highlights 2010 • Continued strong commercial performance, due to new customers and additional volume from existing customers • Significant increase of net result thanks to scale advantages due to larger sales volumes • Creation of BeMARC (67.2%): new cooperative initiative for alarm monitoring and technical assistance (operational 2H11). Key figures (in € mio). 2010. 2009. 2008. Turnover EBIT Net result Shareholder's equity Net financial position. 58.6 4.3 2.9 10.3 0.7. 53.0 3.2 2.1 8.0 -2.3. 46.6 3.0 2.0 5.9 -3.1 38. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Largest – purely Belgian – security company, employing 1,210 security agents.

(39) Groupe Financière Duval. Highlights Hi hli h 2010 • Real estate promotion activities (CFA): Economic crisis caused delays in some large projects, but pipeline increased • Services (Yxime) (4.5 mio m m² property under management) • Tourism (Odalys, NGF): holiday parks (100,000 beds, 283 sites), golf sites (26) • Health (Residalya) (1,102 beds, 18 sites) • Parkings (ParkA’) (5,200 parking places) • Increase I A AvH H participation ti i ti ffrom 30% tto 39 39.2% 2% (50% off jjoint i t control t l stake t k off 78.37%) in 4Q10. Key figures (in € mio) Turnover EBIT Net result Shareholder's equity(1) Net financial position. 2010 321.3 11 7 11.7 3.2 94.8 -72.8 72 8. 2009 308.3 12 1 12.1 3.7 83.3 -81.6 81 6. 2008 318.3 16 2 16.2 5.2 78.9 -69.4 69 4. Granvelle. (1) Incl. subordinated loan AvH in 2008 and 2009 39. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. French group focused on real estate projects, services and residences.

(40) Anima Care. Highlights 2010 • Significant improvement of operational result in two existing senior care facilities: Aalst (90 licensed nursing home beds and 38 service flats) and Berlare (93 licensed nursing home beds) • Acquisitions in 2010: • July: first acquisition in Wallonia (Haut-Ittre, 49 beds) • December: acquisition in Zoutleeuw (41 beds) • Acquisition in February 2011: Blegny (47 beds) • Total portfolio of 766 beds and service flats (320 beds and 38 service flats operational). Key figures (in € mio) Turnover EBITDA Net result Shareholder's equity Net financial position. 2010 88 8.8 1.2 0 99 9.9 -8.4. 2009 46 4.6 0.2 -0.5 57 5.7 -8.6 40. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Anima Care focuses on the health and care sector in Belgium, primarily in the higher market segment of senior care residences.

(41) Segment ‘Financial services’. • •. 1992: Merger with Bank Delen (50/50) 1998: Acquisition of Bank J.Van J Van Breda & Co and creation of Finaxis (60/40) 2004: Buy out Finaxis minority: AvH share increases to 75% (2008: 78.75%). DELEN – PRIVATE BANK Private bank focused on discretionary asset management and d patrimonial advice for private clients Since 1992. BANK J.VAN BREDA & CO Specialised advisory bank for entrepreneurs and lib l professions liberal f i. ASCO-BDM Insurance group focused on marine and i d industrial i l insurance i. Si Since 1998. Si Since 2000. 41. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. •.

(42) Financial services. Contribution C t ib ti tto th the A AvH H consolidated lid t d nett result lt (part of the group) (in € mio) Private banking Finaxis (Delen - Private Bank Bank, Bank JJ.Van Van Breda & C°) C ) BDM-ASCO. 39.6%. 2009 45.3 44 5 44.5 0.7. 2008 38.4 39 7 39.7 -1.4. C Consolidated lid t d nett equity it 2010. 28.2%. 42. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. C Consolidated lid t d nett result lt 2010. 2010 63.6 62 7 62.7 0.9.

(43) Finaxis (2010-1Q11) Private and entrepreneurial banking in Belgium Delen – Private Bank • Private bank • Focused on discretionary asset management for private clients. Total assets under management. 1Q11. 2010. 2009. 79.6. 56.5. 15,585. 15,272. 13,243. 1,432 2,081 2 768 2,768. 1,414 1,968 2 597 2,597. 1,309 1,668 2 359 2,359. (in € mio). Net result Finaxis Bank Delen: private banking AUM Van Breda: bancassurance products Van Breda: AUM at Delen* V B Van Breda: d deposits d it (*) Already included in Delen: private banking AUM. 43. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bank J.Van J Van Breda & C° C Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions.

(44) Consolidated key figures (in € mio) Gross revenues Net result Equity Assets under management Cost / income ratio ROE (IFRS) Core Tier 1 Capital Ratio # personnell. 2010. 2009. 2008. 141.0 54.3 344.1 15,272. 103.3 34.6 303.6 13,243. 104.5 32.5 281.1 10,343. 41.7% 16 8% 16.8% 25.3%. 48.3% 11 8% 11.8% 33.1%. 46.1% 12 3% 12.3% 30.6%. 232. 214. 215. 44. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Delen – Private Bank: key figures.

(45) Conso (in € 000) Net interest income Gross fee income Other income Gross revenues. 2010 3 116 3,116 133,805 4,080 141,000. 2009 6 706 6,706 93,605 2,970 103,281. 2008 10 581 10,581 97,232 -3,328 104,485. Fees paid. -13,805. -11,089. -12,299. Operational expenses Amortisations & provisions Other expenses Loan loss provision Expenses. -47,811 -4,018 4,018 -293 -15 -52,136. -39,223 -3,791 3,791 -808 24 -43,797. -39,767 -4,296 4,296 -368 145 -44,286. 405. 337. 135. Profit before tax. 75,464. 48,733. 48,035. Income taxes. -21,014. -13,978. -15,453. Profit of the period Minority interests Share of the group. -169 54,281. -185 34,570. -113 32,469. Share of profit (loss) from equity accounted investments. 45. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Delen – Private Bank: income statement.

(46) (in € 000). 2010. 2009. 2008. Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for trading - Loans and receivables - Other Tangibles assets Goodwill and other intangible assets Other assets Total assets. 334,545. 355,756. 557,283. 837,878 12,396 65,559 1,640 31 609 31,609 177,419 21,008 1,482,054. 754,907 11,856 43,188 1,235 20 016 20,016 152,285 4,731 1,343,974. 887,364 5,288 75,427 4,030 17 590 17,590 150,260 6,008 1,703,250. Financial liabilities - Deposits from credit institutions - Deposits from clients - Other Provisions, tax and other liabilities Equity q y ((includingg minorityy interests)) Total liabilities. 5,506 1 060 937 1,060,937 8,451 62,644 344,516 , 1,482,054. 8,385 990 916 990,916 4,630 36,189 303,855 , 1,343,974. 4,474 1 379 810 1,379,810 2,053 35,654 281,259 , 1,703,250. 46. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Delen – Private Bank: balance sheet.

(47) Delen – Private Bank: funds under management g (2010-1Q11) ( ). Capfi. AuM CAGR 1992-2010: 20.3% Start cooperation with Bank J.Van Breda & C°. BI&A Havaux. (in € mio) Discretionary mandates. 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 2010 1Q11. 118 1,270 2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748. 5,579. 8,719 7,049 8,901 10816 11120. Advisory clients. 428 1,149 1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723. 2,837. 3,407 3,294 4,342. Total. 546 2,419 3,595 4,075 4,693 4,726 4,024 4,535 5,445 7,471. 8,416 12,126 10,343 13,243 15272 15585. 4456. 4465. 47. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. De Ferm.

(48) Highlights 2010 • AuM grown to new record level of € 15,272 15 272 mio (vs € 13,243 13 243 mio as of 31.12.09), thanks to substantial net inflows of both existing and new clients (2/3 of inflow originating from outside Antwerp homebase) • Gross revenues positively impacted by conversion of high proportion of cash in client portfolios since 2H09 and growth of AuM last 3 years • Cost income ratio decreased to 41.7% (2009: 48.3%) • Net equity increased to € 344 mio • Strong solvency (Core Tier1: 25 25.3%) 3%) and liquidity ratio • No exposure to PIIGS countries Outlook O l k 2011 • Evolution of revenues and profits supported by continued strong inflows throughout last years • Continued interest in strengthening private banking franchise in Belgium and selected other European markets • 1Q11: Continued positive trend in line with record year 2010. Increase of assets under management to € 15,585 mio. 48. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Delen – Private Bank: highlights and outlook 2010-1Q11.

(49) (in € mio) Bank product Net result Equity Total assets Total client assets * Cost / income ratio ROE CAD (solvency ratio) Core Tier 1 Capital Ratio Net loan write-offs / avg loan portfolio # personnel. 2010. 2009. 2008. 93.4 25.7 258.7 3,202.8 6,368.9. 85.0 23.3 243.7 3,025.6 5,644.3. 79.9 20.6 222.6 2,943.8 5,009.2. 57.2% 10.2% 14.7% 11 3% 11.3% 0.15%. 59.9% 10.0% 14.6% 11 8% 11.8% 0.09%. 59.6% 9.6% 12.5% 10 1% 10.1% 0.19%. 418. 399. 403. * deposits & entrusted funds. 49. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bank J.Van Breda & C°: key figures.

(50) Conso (in € 000) - IFRS. 2010. 2009. 2008. 65,805 23,796 3,840 93,441. 65,744 21,348 -2,123 84,969. 56,559 22,628 673 79,860. -50,563 -2,916 -3,826 3 826 -57,305. -48,358 -2,508 -1,978 1 978 -52,844. -45,359 -2,265 -4,082 4 082 -51,706. 144. 169. 65. Profit before tax. 36,280. 32,294. 28,219. Income taxes. -10,581 10,581. -8,926 8,926. -7,542 7,542. Profit of the period Minority interests Share of the group. -35 25 664 25,664. -51 23 317 23,317. -58 20 619 20,619. Net interest income Net fee income Other income Gross revenues Operational expenses Amortisations & provisions Loan loss provision Expenses Share of profit (loss) from equity accounted investments. 50. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bank J.Van Breda & C°: income statement.

(51) (in € 000). 2010. 2009. 2008. Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for tradingg - Loans and receivables (including finance leases) - Other Tangibles assets G d ill and Goodwill d other th iintangible t ibl assets t Other assets Total assets. 71 646 71,646. 97 239 97,239. 193 785 193,785. 444,929 9,081 , 2,631,485 857 29,314 6 814 6,814 8,693 3,202,819. 539,862 15,716 , 2,328,371 270 29,581 5 968 5,968 8,594 3,025,601. 478,561 22,310 , 2,202,059 2,802 29,944 4 518 4,518 9,839 2,943,818. Financial liabilities - Deposits from credit institutions - Deposits from clients - Debt D bt certificates tifi t (i (incl. l b bonds/ d / CP) - Subordinated liabilities - Other Provisions,, tax and other liabilities Equity (including minority interests) Total liabilities. 176,365 2,475,108 129 705 129,705 109,816 27,186 25,968 , 258,671 3,202,819. 251,922 2,264,848 134 090 134,090 80,758 29,929 20,322 , 243,732 3,025,601. 275,910 2,129,883 195 072 195,072 73,671 27,939 18,745 , 222,599 2,943,818 51. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bank J.Van Breda & C°: balance sheet.

(52) Bank J.Van Breda & C°(2010-1Q11) (€ mio). 2003. 2004. 2005. 2006. 2007. 2008. 2009. 2010. 1Q11. Total deposits and funds. 2,673. 3,118. 3,547. 4,077. 4,701. 5,009. 5,645. 6,369. 6,696. - Entrusted funds, funds of which. 1 292 1,292. 1 647 1,647. 2 071 2,071. 2 417 2,417. 2 802 2,802. 2 788 2,788. 3 286 3,286. 3 772 3,772. 3 928 3,928. AUM at Delen. 612. 815. 1,037. 1,220. 1,463. 1,370. 1,668. 1,968. 2,081. Bancassurance. 452. 596. 739. 880. 1,044. 1,174. 1,309. 1,414. 1,432. - Client deposits. 1,381. 1,471. 1,476. 1,660. 1,899. 2,221. 2,359. 2,597. 2,768. 972. 1,164. 1,401. 1,505. 1,755. 1,872. 2,005. 2,285. 2,345. Loans to target group. 4000 3500. Total deposits & funds CAGR 2003-2010: 13.2%. 3000 2500 2000 1500 1000 500 0 2003. 2004. 2005. Entrusted funds. 2006. 2007 Client deposits. 2008. 2009. 2010. 1Q11. Loans to target group 52. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Continuous solid commercial performance.

(53) Highlights 2010 • Solid commercial performance − Continued growth of loan portfolio: € 2,285 mio (+14%) − Client deposits and entrusted funds: € 6,369 mio (+12.8%) • Limited net loan loss provisions: 0.15% (vs 0.09% for FY09) • Slight decrease of cost/income ratio at 57% • Net equity increased to € 259 mio (vs € 244 mio as of 31.12.09) • Bank J.Van Breda & Co: already fully compliant with Basle III regulation • Strong solvency: Core Tier 1 ratio 11.3% • Strong liquidity base: very favourable loan to deposit ratio (<1) • Leverage ratio: 12.4x • Exposure to PIIGS countries limited to € 25 mio (€ 10 mio Greece, € 15 mio Italy), less than 5% of total own investment portfolio Outlook 2011 • Challenging market environment for deposits putting pressure on interest income, but growing bank product expected based upon increased volume of deposits/funds and loans • Friendly and conditional counter-takeover bid launched on Antwerps Beroepskrediet (ABK), an Antwerp based niche bank catering towards small enterprises i and d retail il clients li • 1Q11: Strong first quarter with volume growth in all products. Increase of total client assets to € 6,696 mio. 53. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Bank J.Van Breda & C°: highlights & outlook 2010 2010-1Q11 1Q11.

(54) Segment ‘Private equity’. • •. First experience in private equity through acquisition of Brouwerij Maes, first buyout in Belgium (1988) No fund structure Investing own cash resources through • Sofinim, a portfolio of minority participations, owned by AvH since 1994 (acquisition of NIM) • GIB: 50/50 partnership with CNP. EuroMediaGroup. Hertel. NMC. Groupe Flo. Spano. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. •.

(55) Private equity. Consolidated net result 2010. 2010 13.3 -0.5 05 13.8. 2009 3.4 00 0.0 3.4. 2008 7.8 63 6.3 1.5. Consolidated net equity 2010. 8.1% 20.7%. 55. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Contribution C ib i to the h A AvH consolidated lid d net result (part of the group) (in € mio) Private equity S fi i Sofinim Contribution Sofinim / GIB participations.

(56) Private equity portfolio. (31/03/2011). Amsteldijk Beheer is the former Cindu 56. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. *.

(57) (in € mio - AvH group share). 2010. 2009. 2008. Sofinim. -0.5 0.5. 0.0. 6.3. Contribution from portfolio cies Sofinim(1). 10.6. 2.0. 10.8. 3.2. 1.4. -9.3. 13.3(2). 3.4. 7.8. Capital gains. -0.3. 4.4. 10.4. Total contrib contribution tion PE. 13 0 13.0. 78 7.8. 18 3 18.3. Contribution from portfolio cies GIB Contribution PE before capital gains. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies (2) Taking into account goodwill impairment within Distriplus of € 4.8 mio (part AvH): current contribution from Sofinim: € 18.1 18 1 mio. 57. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Private equity: key figures.

(58) (in € mio) Sofinim Unrealised capital gains Atenor(1) Market value Groupe Flo / Trasys(2) Total private equity. 2010. 2009. 2008. 437 1 437.1. 429 9 429.9. 428 5 428.5. 7.3. 6.6. 7.6. 24.0. 11.6. 2.8. 468.5. 448.1. 438.8. (1) Underlying end-of-period stock price Atenor (# 604,880): € 33.54 per 31.12.10 (2) Underlying end-of-period stock price Flo (# 28,135,815): € 4.89 per 31.12.10. 58. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Private equity: adjusted net asset value.

(59) Private equity: highlights & outlook 2010 2010-1Q11 1Q11. • Investment/divestment activity y -Investments € 14.8 mio: increase of share in Hertel from 40.5% to 46.5% -Divestments € 18.8 mio: -AR Metallizing: as a result of a change in capital structure after the acquisition of R t fl Rotoflex, S fi i ’ participation Sofinim’s ti i ti decreased d d to t 70% -Sale of Engelhardt to an industrial group Rahning (December 2010) -Sale of Cindu Chemicals to Koppers (March 2010) -Sale of Blomhof/ Coditel US (ex-Coditel) ( ) Outlook 2011 • Further strengthening of operational results expected on the back of economic recovery • General caution ca tion because beca se of uncertain ncertain impact of macroeconomic and geopolitical challenges • 1Q11: Further improvement of results in line with economic recovery in 2H10 • Increase of GIB participation in Trasys Group to 83.89% • Participation p of Corelio in acquisition q of televsion activities SBS Belgium g ((via De Vijver) j ) • No major investments and divestments 59. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Highlights 2010 • Porfolio P f li cies: significant i ifi t improvement i t (see ( nextt slide) lid ) -Most participations realized a better result, confirming a prudent economic recovery.

(60) Private equity: key figures portfolio 2010. Sofinim (74%) Alural Group AR Metallizing Atenor Axe investments Amsteldijk Beheer (ex-Cindu) Corelio Distriplus Egemin International (1) Euro Media Group (2) Hertel Holding (2) Manuchar NMC Spano Invest Turbo's Hoet Groep GIB (50%) Groupe Flo Trasys. Turnover 60,00% 70,00% 12,01% 48,34% 50,00% 20,15% 50,00% 29 76% 29,76% 22,17% 46,55% 30,00% 30,66% 72,92% 50,00%. 2010 31 684 69 346 10 944 858. 2009 30 379 39 494 35 490 907. 378 079 230 779 86 517 288 720 853 689 599 989 174 152 210 971 275 577. 47,68% 81,90%. 378 838 61 541. EBITDA. Net Result. Net Equity. Net Fin. Position. 381 876 234 675 106 598 262 768 758 946 447 138 155 543 181 383 246 453. 2010 2 397 11 110 4 253 357 -273 36 115 10 090 4 379 47 925 48 355 18 783 27 118 24 460 11 218. 2009 2 148 1 127 13 489 342 1 738 30 920 12 344 4 295 44 814 42 441 20 664 21 386 16 586 12 793. 2010 751 5 844 -1 599 241 3 201 4 274 -18 186 2 706 -1 672 11 714 7 708 12 241 3 361 1 863. 2009 -200 -1 583 7 316 1 576 514 1 725 -7 358 1 170 8 067 10 157 11 434 6 510 -2 910 3. 2010 6 229 11 542 101 092 16 126 4 079 56 466 55 908 9 462 157 669 91 868 50 204 82 797 70 739 75 313. 2009 2010 2009 5 421 -397 248 5 874 -6 837 -4 703 117 807 -46 993 -71 567 16 250 9 359 9 274 5 278 1 613 948 56 768 -31 695 -45 361 74 094 -70 357 -62 856 6 489 18 861 15 097 157 336 -121 642 -110 357 76 700 -130 414 -83 975 41 278 -192 493 -104 897 71 005 -10 541 -19 999 66 892 -65 359 -41 164 73 439 -91 636 -115 004. 364 469 71 315. 48 790 4 049. 35 087 6 387. 15 328 359. 5 855 2 127. 138 944 16 186. 122 113 15 767. -88 144 -112 152 -13 809 -13 680. (1) Egemin: gross operating income (instead of turnover) (2) 2009 IFRS restated. 60. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. in K€.

(61) Operational performance of portfolio companies (2010, 1/2) • AR Metallizing: Successfull acquisition of Italian competitor Rotoflex. As a result, ARM is now worldwide market leader and significantly improved turnover and net result. result. • Euro Media Group: Acquisitions of Aerial Camera Systems (UK) and 3ZERO2 (Italy) resulted in increase of turnover. IPO being prepared, but delayed because of market conditions in Dec 10 • Hertel: Acquisition of Modern Industries (Australia) and of the mechanical b i business off Yanda Y d (Shanghai) (Sh h i) in i 2H10 2H10, and d off OTC (S (Saudi di A Arabia) bi ) and d SSwift ift (Azerbaijan) leading to stronger position in Far East, Middle East and Caspian Sea region. Increase of Sofinim share to 46.5%.. Distriplus. Euro Media Group. Hertel. 61. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Distriplus: Facing difficult market circumstances, the retail chains of Distriplus record diverging results. Positive impact of turnaround of Di partially compensated weak results from Planet Parfum and Club..

(62) Operational performance of portfolio companies (2010, 2/2) • Manuchar: Strong turnover increase driven by additional volumes, but high margin i pressure (mainly ( i l in i Brazil). B il). • Spanogroup: Significant improvement of volumes only partially reflected in margins due to higher raw material costs. costs A&S biomass power station (25 MW) successfully launched mid 2010. • Turbo’s Hoet Groep: p Strong g second half of the yyear resulting g in 12% turnover increase and improved net result. Reduction of inventories to normal level.. Manuchar. Spanogroep (A&S). Turbo’s Hoet Groep. 62. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • NMC: Increase of turnover and operational result in most regions, driven by g the impact p of higher g raw material additional volumes and notwithstanding prices..

(63) Groupe Flo (2010-1Q11). Key figures (in € mio) Turnover EBITDA Net result Net financial position. 1Q11 95.4 (+2%) 11.0. 2010 378.8. 2009 364.5. 48.8. 35.1. 3.1 (+48%). 15.3. 5.9. -88.1. -112.2. Highlights g g 2010 • Higher sales in a difficult market environment thanks to agressive commercial policy, incl. development of new franchise restaurants, evolution of the offer, quality of services and dynamic brands • Sustained improvement of net result thanks to sales increase and structural measures taken at the beginning of the crisis 63. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Leading player in casual dining in France, operating various formats - Hippopotamus: 150 grill restaurants (62 franchise) (137 in 2009) - Bistro Romain: 29 Italian restaurants (3 franchise) (32 in 2009) - Brasseries: 33 ‘institutional brasseries’ and 40 Tavernes de Maître Kanter (34 and 11 in 2009) - Tablapizza: 28 pizzerias (9 franchise) (26 in 2009).

(64) Segment ‘Energy and materials’. •. In 2009, 2009 creation of a fifth segment ‘Energy Energy and materials materials’ Focus on emerging markets and sectors such as renewable energy. HENSCHEL Development and manufacturing of loading platforms and kippers, kippers mainly in Poland. SIPEF Agro industrial group with plantations in Indonesia en Papua New Guinea for palm oil, rubber and tea. SAGAR CEMENTS Production of cement and clinkers. Together with the Reddy family. Since1994 (NIM). Since 1997. Since 2008. ORIENTAL QUARRIES & MINES Stone quarries for building aggregates. Together with the Bakshi family. MAX GREEN Renewable energy based on biomass (wood pellets) Joint venture with Electrabel. Since 2009. Since 2009 64. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. •.

(65) Energy and materials. Consolidated net result 2010 10.3%. 2010 16.5 14.3 0.9 0.0 1.3. 2009 12.8 8.7 3.1 0.5 0.5. 2008 9.9 7.8 2.0 0.1. Consolidated net equity 2010. 6.5%. 65. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Contribution to the AvH consolidated net result (part of the group) (in € mio) Energy and materials Sipef Henschel/ Telemond Sagar Cements Other.

(66) Sipef (2010-1Q11) A Belgian agro-industrial group operating and managing tropical plantation businesses (62,604 (62 604 ha, ha of which 50 50,880 880 ha palm oil and 9 9,287 287 ha rubber) rubber), mainly in Indonesia and Papua New Guinea. • Slight decrease of palm oil production due to climate conditions • Higher sales prices resulted in record increase of net result • Expansion continued • 1Q11: Strong increase of palm oil production (+18%); Increase of AvH participation to 25.4%. (in USD mio). 1Q11. 2010. 2009. € 1 = USD 1.32 (2010) (1). Group production (in T) Palm oil 59,461 239,141 246,857 Rubber 2,776 10,881 10,360 Tea 625 3,108 3,121 Average market prices (in USD/T) Palm oil 1,251 901 Rubber 5,733 3,654. 683 1,921. Turnover EBIT Net result Net equity. 279.4 118.2 84.8 368 5 368.5. 237.8 82.7 60.2 297 0 297.0. 56.5. 36.1. Net cash position (1) Own + outgrowers. 66. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Highlights 2010.

(67) Henschel Group Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks. Highlights 2010. • Move of the production from Henschel Belgium to Telehold Poland finalised. Key figures (in € mio). 2010(1) 2009(2) 2008(2). Turnover. 59.2. 60.8. 78.6. Net result Net financial position. 2.2 -9.4. 4.3 2.5. 3.8 (3) -5.8. ( ) Co (1) Consolidated sol dated figures gu es Henschel, e sc el, Teleskop, eles op, Telemond ele o d (2) Consolidated figures Henschel, Teleskop (3) Including exceptional negative mark-to-market revaluation for currency hedges 67. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Sales impacted by the recession on the crane market.

(68) Sagar Cements Cement plant, located in Hyderabad (Andra Pradesh), India Highlights 2010 • Successful transformation from small to large cement producer, driven by capacity expansion to 2.5 MTPA • Substantial increase of produced and sold volumes of cement. • New plant of 5.5 MTPA planned in Karnataka (Sagar 49%, VICAT 51%): total cost of Rs 25 bn (Sagar: 1.96 billion / € 29 mio). To be operational in 2012/2013. Key figures (in € mio). 2010. 2009. € 1 = INR 60.61 € 1 = INR 67.57. Turnover EBITDA Net result. 81.9 86 8.6 -0.2. 72.9 14 7 14.7 3.8. Shareholder's equity q y. 34.4. 31.5. Net financial position. -40.5. -32.3 68. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Overcapacity in southern region resulted in price decreases and decline of net result.

(69) Oriental Quarries & Mines. Aggregates quarries, India (in partnership with Oriental Structural Engineers ) Highlights 2010 • First two operational plants in Rajastan, Bharatpur District with capacity of 1.2 MTPA • Two new crushing plants operational since 2010: in Gwalior and in Bangalore, resulting in capacity increase to 3.0 MTPA • Increase of AvH share: 50% by means of capital increase. Key figures (in € mio). 2010. 2009. € 1 = INR 60.61 € 1 = INR 67.57. Turnover EBITDA Net result. 6.5 06 0.6 0.3. 2.7 04 0.4 0.2. Shareholder's equity q y. 8.7. 3.4. Net financial position. 4.4. 1.0 69. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • Negative impact from heavy monsoon on sales volumes en result.

(70) Max Green Renewable energy based on biomass / wood pellets (joint venture with Electrabel) Highlights 2010. •L Last phase h off the h conversion i started d in i A August 2010 and d to be b finalised in May 2011 • Turnover from sales to Electrabel of green energy and from green energy certificates • Turnover of 96.6 million euros in 2010 (€ 48.0 mio in 2009) and EBITDA of 9.7 million euros in 2010 (€ 5.9 mio in 2009). 70. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. • First project: conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit with 180 Mwel capacity (after conversion) (320,000 households)..

(71) ‘The geopolitical ‘Th li i l unrest and d the present economic climate still call for caution. However, the board of directors of AvH expects the current results of the group to grow again in the current year 2011.’ 2011 ’. 71. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Outlook 2011.

(72) Contact. For further questions or additional information, please consult our website: www.avh.be Contact: Luc Bertrand Jan Suykens Member of the Executive Committee. Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E [email protected]. 72. WorldReginfo - 6e7cf3f3-aea9-4f0b-adf4-b92b32895668. Ch i Chairman off th the E Executive ti C Committee itt.

(73)