Private equity

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(1)WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Investor presentation November 16, 2009.

(2) Simplified organisation chart. Contracting, dredging and concessions. Real estate and related services. Private banking. Private equity. Energy and materials. DEME 50%. Extensa Group 100%. Bank Delen 79%. Sofinim 74%. Sipef 21%. A.A. Van Laere 100%. Leasinvest Real Estate 30%. Bank J.Van Breda & Co 79%. GIB 50%. Henschel 50%. Rent-A-Port 45%. Cobelguard 40%. Sagar Cements 15%. Financière Duval 30%. Oriental Quarries & Mines – 28%. Anima Care 100%. 2. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. As per 30/9/09.

(3) (in € mio). 1H09. 1H08. 2008. 2007. 2006. Contracting, dredging, conc. Real estate and related services. 20.7 1.4. 37.3 4.8. 72.8 7.5. 53.8 27.1. 31.3 28.5. Private banking Private equity Private equity capital gains Energy and materials. 20.8 -0.8 08 1.6 7.7. 21.3 17 4 17.4 5.4 6.8. 38.4 78 7.8 10.4 9.9. 44.3 47 2 47.2 18.1 10.8. 41.6 26 9 26.9 155.8. Result from participations Before capital gains. 51.3 49.7. 93.0 87.6. 146.8 136.4. 201.3 183.2. 284.1 128.3. AvH & subholdings Other non-recurrent result Consolidated group result. -0.9 -0.1 50.3. 7.3 0.3 100.6. -36.0 3.7 114.6. 34.3 5.8 241.4. 6.8 16.7 307.6. 3. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Consolidated group result.

(4) Net result by activity (in € mio) Contracting, dredging and concessions DEME Rent-A-Port A.A. Van Laere NMP Real estate and related services Extensa - Leasinvest RE Cobelguard G Groupe Fi Financière iè D Duvall Anima Care Private banking Finaxis (Bank Delen Delen-Bank Bank J.Van Breda & C C°)) BDM-ASCO Private equity Sofinim Contribution Sofinim / GIB participations Energy and materials (Sipef, Henschel, Sagar) Result from participations Capital gains private equity Result from participations (incl. capital gains private equity) AvH & subholdings + exceptional results Net conso result. 1H09 20.7 20 7 20.7 0.4 -1.3 0.9 1.4 3.9 0.2 -2.4 24 -0.3 20.8 20.2 0.6 -0.8 1.0 -1.8 7.7 49.7 1.6 51.3 -1.0 50.3. 1H08 37.3 32 1 32.1 2.7 1.2 1.2 4.8 5.6 0.3 -1.1 11. 2008 72.8 57 4 57.4 1.4 2.4 11.6 7.5 4.7 0.6 22 2.2. 21.3 21.5 -0.2 17.4 0.0 17.4 6.8 87.6 5.4 93.0 7.6 100.6. 38.4 39.7 -1.4 7.8 6.3 1.5 9.9 136.4 10.4 146.8 -32.3 4 114.6. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Results.

(5) Highlights 1H09 DEME L Lower t turnover (€ 647 mio) i ) and d nett profit fit (€ 41 mio), i ) compared d to t strongest t t ever 1H08 Strong order book of € 2,127 mio (vs € 1,906 mio per 31.12.08, excl. Port Rashid) Strongly diversified, both geographically and by segment. PRIVATE BANKING B kD Bank Delen l •AUM: € 11,423 mio (vs € 10,343 mio per 31.12.08) with strong net inflow of funds •Net equity stable at € 282 mio; core Tier1 of 32.8% Bank J.Van Breda & C° •Total Total client assets: € 5,449 5 449 mio (versus € 5,009 5 009 mio per 31 31.12.08) 12 08) •Net equity slightly increased to € 227 mio (versus € 223 mio per 31.12.08) •Core Tier1: 11.4%, with no toxic assets and fully client driven loan portfolio (loan losses 0.05%) PRIVATE EQUITY Weak results due to economic slowdown and consumer uncertainties resulting from financial crisis Impact of exceptional restructuring charges Sale of IDIM (€ 1.6 mio capital gains). Sale I.R.I.S. 2H09. ENERGY AND MATERIALS •New reporting segment to reflect growing contribution and focus on energy and materials in emerging markets •Acquisition of participation in OQM (28%, aggregates, India) and in Alcofina (pending, 30%, bio ethanol, Brazil) 5. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. REAL ESTATE LRE: Portfolio value of € 535 mio; Occupancy rate 97.67%, Rental yield 7.50% Extensa : Slowdown in sales of residential land parcels and project development.

(6) Highlights 3Q09 DEME Consistently strong order book of € 2,081 mio (vs € 2,127 mio per 30.06.09 and € 1,906 mio per 31.12.08)). PRIVATE BANKING Bank Delen: AUM: € 12,574 mio (vs € 11,423 mio per 30.06.09) with strong net inflow of funds Bank J.Van Breda & C°: Total client assets: € 5,610 mio (versus € 5,449 mio per 30.06.09) PRIVATE EQUITY Some sign of recovery in Q3 amid continuous impact of economic recession Sale of I.R.I.S. (€ 2.8 mio capital gain) G Groupe Fl capital Flo: it l increase i off € 20 mio i (increase (i off AvH A H share h t 23 to 23.65%) 65%) Increase in stake in Manuchar to 30% ENERGY AND MATERIALS Sipef: significant increase (18%) of palm oil production Max Green: Joint venture with Electrabel (AvH controlling 27%) in renewable energy based on biomass 6. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. REAL ESTATE LRE: Portfolio value of € 537 mio; Occupancy rate 98.43%, Rental yield 7.58% Extensa : Increased activity in project development in BeLux and sales of residential projects in Belgium ; Realization of Central European projects delayed.

(7) Other key figures – 3Q09 C Consolidated lid t d b balance l sheet h t AvH A H group. 3Q09. 1H09. 2008. 1,509.2. 1,517.1. (in € mio). Shareholders' equity (group share) Shareholders Net cash AvH and subholdings. 135.4. (2). 123.4. (1). 106.4. Key figures per share Number of shares (#) Net result per share (€). 1H09. 1H08. 2008. 33,496,904 33 496 904 1.52. 33,496,904 33 496 904 3.03. 33,496,904 33 496 904 3.45. Gross dividend Net equity Stock price: highest lowest close. 1.39 45.06 47.8 31 0 31.0 47.1. 46.74 70.7 59 2 59.2 64.3. 45.29 70.9 33 8 33.8 36.4 7. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. (1) After € 46.6 mio dividend payments, € 16.1 mio investments and € 62.7 mio divestments (Oleon, IDIM) (2) After Q3 investments of € 12.5 mio and sale of I.R.I.S. (€ 8 mio).

(8) AvH share performance vs. vs BEL 20 Evolution of the share since 2008. AVH. AVH rebased to 100. BEL20 rebased to 100. 110. 100. 80. 70. 60. 50. 40. 30 2/01/2008. 2/03/2008. 2/05/2008. 2/07/2008. 2/09/2008. 2/11/2008. 2/01/2009. 2/03/2009. 2/05/2009. 2/07/2009. 2/09/2009. 2/11/2009. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. 90.

(9) Net cash position AvH group. (in € 000). AvH A H& subholdings. Private P i equity. Totall T (30/06/09). Totall T (30/09/09). Investment portfolio. 28,452. 1. 28,453. 31,524. Term deposits. 44,518. 58,453. 102,971. 119,079. -12,840. 12,840. 0. 0. 2,062. 136. 2,198. 4,813. -25,917. -25,917. -36,401. 14,352. 14,352. 14,352. 1,336. 1,336. 1,860. 51,962. 46 123,439. 123 135,351. Intercompany deposits Cash Short term debt - commercial paper Own shares (359,300 #) Net cash GIB (50%) (equity consolidation) Other. 71,430. 9. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. (30/06/09-30/09/09).

(10) Details investment portfolio as of 30/09/09 (# shares). AvH & subholdings. Sofinim. 2,782,844 Fortis 95,044 CNP 0 Telenet (-24,935 in 1H09). 0 Telenet (-225,378 in 1H09). > € 5.3 mio Others. 10. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. 400,000 KBC (-100,000 in 1H09, -683,429 in 3Q09).

(11) DEME: Creating land for the future. Fluvial & marine aggregates. Environmental techniques. Dredging and land reclamation Marine & civil engineering 11. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. One of the largest and most diversified dredging and marine engineering companies in the world.

(12) C Consolidated lid t d key k figures fi (i € mio) (in i ). 1H09. 1H08. 2008. Turnover. 647.3. 721.4. 1,508.8. EBITDA. 124.4. 159.9. 302.0. EBIT. 59.5. 100.8. 174.7. Net result. 41.4. 64.3. 114.8. Net cash flow. 106.9. 126.1. 247.8. Shareholder's equity. 509.8. 447.4. 499.6. Net financial position. <472.9>. <382.9>. <373.4>. Total assets. 1,762.3. 1,606.8. 1,788.7. # personnel. 3 577 3,577. 12. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. DEME: key figures.

(13) DEME: operational highlights 1H09 •Turnover and operational result 1H09 impacted by •Concentration of dockings of 4 large vessels in 1H09 •Delay start London Gateway to 1Q10 •Strong capacity utilization of fleet: − hoppers 42.2 42 2 weeks (FY08: 44 44.4 4 wks) − cutters 35 weeks (FY08: 34 wks). 25%. 18%. 16%. 19.2%. 16%. 14%. 15%. 11% 9%. 10% 6% 5%. 20.0%. 19.7%. 20%. 8%. 7% 5%. 5%. 12% 9%. 7%. 8%. 7%. 5%. 4%. 0% 2003. 2004. 2005. 2006. NET RESULT. EBIT. 2007 EBITDA. 2008. 1H09 13. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Evolution net result - EBIT - EBITDA as a % of turnover.

(14) DEME: breakdown of turnover 1H09. 7% 7%. 11%. 14%. 12%. 13%. 10%. 11%. 10%. 7%. 19% 14% 8%. 6%. 18%. 17%. 14% 3%. 22% 3% 34%. 40%. 2008. 1H2009. Europe EU. Europe ‐ non EU. Middle East. India, Pakistan. Africa. America. Asia & Oceania. Consolidated turnover per activity. 49%. 53%. 2008. 1H09 Capital dredging Maintenance dredging Oil & Gas Environmental Marine works*. * Including marine heavy lifting (Scaldis), offshore services 14 (GeoSea), DEME building materials. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Consolidated turnover per region.

(15) DEME: continued strong renewal of order book throughout 2009 Order book at the end of 3Q09: € 2,081 2 081 mio (vs € 2,217 2 217 mio per 30/6/09, € 1,972 mio per 31/3/09 and € 1,906 mio per 31/12/08 – excl. impact cancellation Port Rashid € -286 mio) • DEME well diversified, both by geography as by segment • Major dredging projects worldwide in tender or yet to be executed, notwithstanding longer lead times • 3Q/2H09 in line with operational performance 2008. Evolution order book 2003-1H09 (in € mio) 2500 2000. Other. 1500. Middle East + India. 1000 500. 2008. 1H09. 13%. 13%. 9%. 15%. Asia Pacific. 17%. 16%. Europe. 25%. 26%. Benelux. 36%. 30%. 0 2003. 2004. 2005. 2006. 2007. 2008. 1H09. 15. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Outlook 2009.

(16) Dredging projects worldwide yet to be executed or in tender. • Deepening of Scheldt • Panama : deepening and widening Panama Canal. • Australia : different harbour extension works • Abu Dhabi : different works for oil & gas clients • Qatar : New Doha Port • Saoudi-Arabia : different works • Netherlands, coastal protection works “Nieuwe DELTA plan” • Brazil : PAC tenders. 16. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Long distance sand sourcing Singapore.

(17) DEME: continued investment in competitive, competitive multifunctional & versatile fleet Executed program 2005-2008: 7 units - € 460 mio • Megacutter d’Artagnan (28,000 kw). New investment program 2008-2011: 10 units - € 500 mio • 3 medium sized cutters: 13,000 kw (Singapore, 2010/2011) + 6,250 kw (Malaysia, operational 2H09) pp 30,000 , m³ next g generation p plus ((IHC,, 2011)) + 5,600 , m³ Artevelde ((IHC,, • 2 hoppers: operational Nov 2009) • 1 backhoe dredger Samson (40 m³- China, operational 2H09) • 2 self-propelled split hoppers (2,750 m³ - Singapore, delivery 2H09) • 1 water injection dredger (Singapore, (Singapore operational 2H09) • 1 DP-DT fallpipe vessel (17,000 T – Singapore, 2011) • 1 jumbo jack-up Goliath (1,600 T – 80 m depth – Belgium, delivered August 2009) •1g gravel dredger g Victor Horta ((5,000 , m³ - IHC,, 2011)). 17. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Hopper dredgers: Marieke (5,600 m³), Reynaert (5,600 m³), Mellina (3,650 m³), Brabo (11,650 m³), Breydel (9,000 m³) • Backhoe dredger: Pinnocchio (21.5 m³).

(18) Rent-A-Port: Rent A Port: highlights 1H09 Specialised company for port development & logistics set up around 2 former DEME senior executives Expertise: analysis, design, construction, development & management of port, logistic & marine infrastructure as well as free trade zones worldwide. Consolidated key figures (in € mio). 1H09. 1H08. 2008. Turnover. 3.6. 3.0. 5.9. Net result. 0.8. 6.0*. 3.0*. Shareholder's equity. 6.2. 9.2. 5.4. Shareholders: AvH: 45%, 45% CFE 45% 45%, management 10% * incl. capital gain of € 6 mio on sale of a participation (2008) 18. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Main contracts in India, Vietnam, Congo, Liberia and Nigeria.

(19) Van Laere: highlights 1H09 General contractor of large construction projects Highlights 1H09 • Increase in turnover despite p highly g y competitive p market. Decrease in net result due to losses on some sites. Consolidated key figures (in € mio). 1H09. 1H08. 2008. Turnover. 73.5. 65.2. 135.6. N t result Net lt. -1.3 13. 12 1.2. 24 2.4. Shareholder's equity. 32.5. 32.9. 34.1. # personnel. 542. Collegebrug Kortrijk. 19. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Orderbook: decent renewal in highly competitive market.

(20) NMP / SNTC: highlights 1H09 Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium. Consolidated key figures (in € mio). 1H09. 1H08. 2008. Turnover. 6.9. 7.2. 13.5. N t result* Net lt*. 12 1.2. 16 1.6. 15 5 15.5. Net cash flow. 2.1. 2.4. 17.2. Shareholder's equity. 26.2. 36.2. 50.0. position Net financial p. 7.6. 23.6. 30.7. * Results FY08: impacted by exceptional capital gains (€ 12 mio) on sale of Corenox (to Air Liquide) and Corepi 20. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Highlights 1H09 • Decrease in net result due to sale of Corenox in 2008.

(21) Extensa Group. Leasinvest Real Estate: real estate management for offices, offices logistics and retail (Belgium, Luxembourg) Real estate portfolio value € 537 mio. Real estate investments (Wommelgem). Tailor-made redevelopment (Bian). Property development (Tour & Taxis). 21. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Extensa: real estate development focused on residential and mixed development projects Land development: 150 ha in Belgium (300,000 m² -400,000 m²) Property development (430,000 m²) H Home market: k t Belgium, B l i L Luxembourg b New markets: Romania, Slovakia, Turkey.

(22) Extensa Group: conso balance sheet. Consolidated balance sheet (in € mio). RE investments & Leasings. 30/6/09. 51.9. 31/12/08. 52.1 Net equity. 30/6/09. 31/12/08. 123.4. 119.3. 121.1. 98.4. a.o. Tour &Taxis (50%): FV yield of 7.25%. 19.8. 19.6 (incl. Sub. Loan AvH € 13.9 mio). a.o. Tervurenlaan-Wegener-Halliburton - rental yield: 7.2%. 32.0. 32.5. Land development. 17.4. 18.8. Real estate projects. 50 7 50.7. 49 6 49.6. Leasinvest Real Estate. 79.1. 77.6 Financial debts (2). 60.1. 36.5 Other liabilities. 14.6. 16.9. 259.1. 234.6 Total liabilities. 259.1. 234.6. (1). 1,173,866 shares. Other assets a.o. Cash € 38.8 mio, 173,072 shares Retail Estates (€ 6.7 mio). Total assets (1) AvH holding directly 30,236 shares. (2) Net financial debt 1H09: € 82.3 mio. 22. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. (Extensa – LRE combined).

(23) Extensa Group. Contribution to result AvH (in € mio) Extensa Leasinvest RE. 1H09. 1H08. 2008. -0.2. -0.6 (3). -1.7 (1). 4.1 (5). 6.2 (4). 6.4 (2). (incl. LREM) (1). After 2 exceptional items (- € 7.6 mio): loss on sale of Kinesis project: - € 3.2 mio; adjustment to capital gains (FY07) on sale of Targu Mures: - € 4.4 mio. (2). After - € 3.5 mio mark-to-market valuation of interest rate hedges (part AvH: - € 1.0 mio). (3). Impairment of - € 2.3 2 3 mio on Kinesis project. (4). Incl. fair value adjustment (€ 14.4 mio) upon completion of CFM project in Luxembourg (part AvH: € 4.3 mio). (5). Incl. capital gain of € 15.2 mio on sale Bian building in Luxembourg (part AvH: € 4.5 mio), but after negative mark-to-market portfolio valuation of - € 12 mio (1H08: + € 11.3 mio) 23. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. (Extensa – Leasinvest RE combined).

(24) Leasinvest Real Estate: 3Q09 Real Estate Investment Trust (bevak – sicafi) (in € mio). 3Q09. 1H09. 1H08. 2008. Operational result Net result Net equity. 273.2. 16.5 12.8 269.4. 12.5 21.3 281.2. 26.3 22.8 264.4. Portfolio real estate - fair value (1) Rental yield (%) Occupancy rate (%). 536.9 7 58 7.58 98.43. 535.3 7 50 7.50 97.67. 502.7 7 15 7.15 97.06. 563.2 7 27 7.27 97.29. 68.37 57.57. 67.41 50.59. 71.1 68.44. 66.17 48.05. High. 64.01. 57.48. 75.45. 78.00. Low. 45 68 45.68. 45 68 45.68. 61 73 61.73. 46 13 46.13. Per share (€) Net asset value (2) Stock price - closing. (1) (2). Values from 2008 onwards recalculated to include project development (in line with the changes in IFRS rule IAS 40) Dividend per share of € 3.85 paid as of 15/10/08 and of € 1.85 paid as of 25/05/09. • No important rental breaks in 2009 • Total net debt 3Q09: € 248 mio (debt ratio: 47.37%) 24. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. (12 mths to 31.12).

(25) Leasinvest Real Estate: spread total portfolio in operation (30/06/2009) 41 buildings b ildi € 321 million (60%) 261,135 m². Offices Brussels Offices Luxembourg Offices Ghent. 12,1%. Total 55 buildings g in operation p and 3 projects p j € 535 million (345,336 m²). 25,6%. Offices Mechelen. 4,4% 3,7%. Offices Antwerp Logistics Belgium. 17,0%. Logistics Luxembourg. 0,5% 5 2% 5,2%. 7 9% 7,9%. 23,6%. Retail Belgium Retail Luxembourg. 25. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. 14 buildings € 214 million (40%) 84 201 m² 84,201.

(26) Leasinvest Real Estate: acquisitions ‘08/ 08/ projects under development ‘09. •Agreement for acquisition of 50,000 m2 of logistics in Neder-over-Heembeek in 2H09/2010 Æ Expected fair value: € 37 mio. Luxembourg: Office project Montimmo SA • 1,585 m2 office project (end 2009) Æ Total investment of € 10 mio Acquisitions of 3 top retail locations • Strassen (22,721 m²), Diekirch (8,843 m²) and Foetz (4,219 m²) • Investment value: l € 47.5 47 5 mio i • Gross initial yield: 7.68% • Additional development potential. Neder-over-Heembeek Montimmo. Wommelgem. Foetz. 26. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Belgium: Focus on logistics and storage • 28,000 m2 of logistics in Wommelgem • 13,000 m2 of storage in Meer • 4,800 m2 retail building in Merksem Æ Total investment of € 27.1 27 1 mio Æ Rental yield: 7%.

(27) Leasinvest Real Estate: tailor-made (re)developments 1H09 Grand Duchy of Luxembourg. 27. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bian • Office Off building, b ld entirely l stripped d and db being extended d d to 5,700 00 m²² Æ Important capital gain of € 15 mio in 1H09.

(28) Extensa: land development Land development (book value 1H09: € 17.4 mio) •Total land portfolio of 150 ha, of which 100 ha under development • Salable residential parcels (2008-2012): between 300,000 m² and 400,000 m² • Projects in area of Ghent, Hasselt, Leuven, Antwerp Permits obtained (salable m²). 2007. 2008. 2. 2. 56,000 m. 30,000 m. 2. 186,600 m. Permits in process (salable m²) Parcels sold. 2009/2012. 2. 21,030 m. 27,285 m². 6,241 m². •Hasselt-Kuringen g - Total project permitted (100% Extensa): 15,000 m2 (salable parcels phase 2) - Sold as per end 2008: 9,800 m² > in 1H09: 4,522 m² - Average sales prices: 180 €/m2 - 1H09: 1H09 P Permit it for f development d l t off 30 apartments/ t t / 38 parkings ki g obtained bt i d •New project in Roeselare (50%) 28 - 1H09: Permit for development of 3,738 m² retail, 49 apartments and parkings obtained. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Cederpark Hasselt. • Ghent-Wondelgem - Total project permitted: 125,000 m2, of which part Extensa 71,500 m2 (salable parcels) - Sold as per end 2008: phase 1: 35,460 m2 – phase 2: 3,055 m2 > in 1H09: 1,719 m² - Average A sales l prices: i 285 330 €/m 285-330 €/ 2 - Development of 114 apartments/114 parkings, of which 44 ap/44 p to be obtained in 2H09.

(29) Extensa: land development. Location : Roeselare, Grote Markt. Design : Architects : BURO II and BAU Construction: Coussée-Bostoen and Algemene Aannemingen Van Laere. Project proposal: pp 9,261 m² Mix of approx. retail, 150 apartments and 532 parking spaces 29. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. De Munt Roeselare.

(30) Extensa: property development -. Belux. • Brussels, Tour & Taxis (50%): 30 ha • Royal Depot – 44,880 m² (32,064 m² of offices + 5,557 m² of archives + 7,259 m² of retail: fully let) • The Warehouses: trade fair and exhibition center: 17,500 m² Æ Royal Depot/Warehouses valued at implicit yield of 7.25% (€ 106.0 mio vs debts of € 88.5 mio)) • Development potential of 335,000 m²: building permits introduced • Permits approval process for Tour & Taxis development progressing well (first building of 16,500 m² secured for BIM/IBGE to be delivered 2011) • Land fully acquired from NMBS/SNCB in FY08 • G.D. Luxembourg, Cloche d’Or (50% - previously 25%): 30 ha • Development potential of 400,000 m² • Master plan approval process ongoing (PAG obtained 1Q09, PAP exp 2010) • Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure) under development; retail permissions obtained; hypermarket secured. 30. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Real estate projects (book value 1H09: € 50.7 50 7 mio).

(31) Extensa: property development. 31. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Belgium – Tour & Taxis.

(32) Extensa: property development - New markets. •Slovakia, Trnava - 50% • Total of 36 ha for development p of a business p park ((retail,, logistics g and industrial)) •3 ha of land re-sold to end users in 3Q08 and 2Q09 • Retail unit of 5,000 m² under negotiation for pre-lease • Turkey, T k I t b l - 50% Istanbul • Building permission for 200 apartment building in central Istanbul (Bomonti) awaited for 4Q09 • Start of p pre-sales targeted g 4Q09 Q Extensa share of total property development potential Belux and new markets (excl. land development): approx. 430,000 m² (50% residential, 30% office, 15% retail, 5% logistic) 32. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Romania, partnership in retail parks • 2008: 2008 Focsani F i (20%) – 47,000 47 000 m²² First phase opened in autumn 2008 Second phase 4Q09 • 2009: Deva (20%) - 39,000 m m² To be delivered 2010 • Extensa (Romania) Istanbul New land positions acquired E l i opportunities Exploring t iti iin Bucarest B t (offices, ( ffi 25.000 25 000 m²) ²) and dA Arad d ((residential) id ti l).

(33) Cobelguard: highlights 1H09 Security company focused on static guarding and surveillance by unarmed security guards on private property. Highlights 1H09 • Continued strong commercial performance, due to additional volume from new customers t • Negative impact from economic crisis, stronger competition and higher personnel costs on net result. Key figures (in € mio). 1H09. 1H08. 2008. Turnover EBIT Net result. 25.0 25 0 1.8 1.1. 22.7 22 7 2.1 1.3. 46.6 46 6 3.0 2.0. 7.0. 5.8. 5.9. Shareholder's equity. 33. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Largest – pure Belgian – security company, employing 1,072 security agents.

(34) Groupe Financière Duval: highlights 1H09 French g group p focused on real estate projects, p j , services and residences. Real estate (2008) •Promotion and construction (CFA): € 104 mio turnover (2007: € 93 mio) •Services (Yxime): € 19 mio turnover (4 mio m² property under management) Exploitation (2008) •Tourism: Odalys, NGF: € 167 mio turnover; 90,000 beds, 250 sites; Vacances Bleues: € 83 mio •Health (Residalya): € 24 mio turnover ; 1,020 beds, 15 sites •Parkings: 4,000 places in Paris. Key figures (in € mio) Turnover EBIT N t result Net lt Shareholder's equity Net financial position. 1H09 158.8 -16.9 -8.1 81 71.4 -86.9. 1H08 124.3 -7.9 -5.1 51 68.5 -89.0. 2008 401.1 19.3 58 5.8 79.5 -68.8. Poitiers Porte Sud 34. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Highlights 1H09 •Sales increase driven by acquisition of Vacances Bleues in 2H08 •First First half year is traditionally weaker due to seasonality of tourism activities •Negative impact from economic crisis on real estate promotion activities.

(35) Anima Care (AvH 100%). • • • • • •. Feb 09: Acquisition of first senior care facility in Aalst (Belgium) with 85 licensed nursing home beds and 38 service flats Oct 09: Acquisition of second senior care facility in Berlare (Belgium) with 90 licensed nursing home beds I total In t t l 213 residents id t h housed db by A Anima i C Care Several acquisitions under study (over 600 beds) Pipeline of new project developments Long term ambition to be provider of quality services (including real estate) to the senior care/ health care markets in Belgium and potentially abroad. Key figures (in € mio) Turnover EBITDA Net result Shareholder's equity Net financial position. 1H09 1.8 0.0 -0.3 6.0 -3.3 35 Aalst. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. New AvH initiative in health & care sector with p primary y focus on senior care business.

(36) Finaxis Private and entrepreneurial banking in Belgium Bank B kD Delen l • Private bank • Focused on discretionary asset management. Consolidated key figures (in € mio). 1H09. 1H08. 2008. Net result. 25.7. 27.9. 51.1. 4 347 5 4,347.5. 4 341 7 4,341.7. 4 507 3 4,507.3. Assets under management. 11,423. 11,293. 10,343. 'Bancassurance' products. 1,248. 1,148. 1,174. Total assets. 36. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank J.Van Breda & C° Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions.

(37) Consolidated key figures (in € mio) Gross revenues Net result Equity A Assets under d management Cost / income ratio ROE (IFRS) Core Tier 1 Capital Ratio # personnel. 1H09. 1H08. 2008. 50.6 50 6 14.8 282.2 11 423 11,423. 52.1 52 1 17.1 263.1 11 293 11,293. 104.5 104 5 32.5 281.1 10 343 10,343. 48.6% 10.5% 32.8%. 45.7% 13.4% 16.4%. 46.1% 12.3% 30.6% 215. 37. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank Delen: key figures.

(38) Conso (in € 000) Net interest income Gross fee income Other income G Gross revenues. 1H09 5,291 43,481 1,835 50 607 50,607. 1H08 3,865 49,016 -769 52 112 52,112. 2H08 6,716 48,216 -2,559 52 373 52,373. 2008 10,581 97,232 -3,328 104 485 104,485. Fees paid. -5,305. -6,361. -5,938. -12,299. -19,748 19,748 -2,293 -137 -3 -22,181 22 181. -18,486 18,486 -2,359 -190 130 -20,904 20 904. -21,281 21,281 -1,937 -178 15 -23,382 23 382. -39,767 39,767 -4,296 -368 145 -44,286 44 286. 148. 107. 28. 135. 23,270. 24,954. 23,081. 48,035. -8,417. -7,812. -7,641. -15,453. -79 14,774. -29 17,114. -84 15,355. -113 32,469. Operational expensens Amortisations & provisions Other expenses Loan loss provision Expenses Share of profit (loss) from equity accounted investments Profit before tax Income taxes Profit fi off the h period i d Minority interests Share of the group. 38. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank Delen: income statement.

(39) (in € 000) 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 Financial liabilities - Deposits from credit institutions - Deposits from clients - Other Provisions,, tax and other liabilities Equity (including minority interests) Total liabilities. 1H09. 2008. 384,329. 557,283. 761,278 8,147 56,077 1 046 1,046 17,441 149,680 5,193 1,383,191. 887,364 5,288 75,427 4 030 4,030 17,590 150,260 6,008 1,703,250. 5,242 5 242 1,059,728 3,673 32,155 , 282,393 1,383,191. 4,474 4 474 1,379,810 2,053 35,654 , 281,259 1,703,250 39. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank Delen: balance sheet.

(40) Bank Delen: funds under management 3Q09 Capfi Discretionary mandates. Advisory mandates. 12.500. BI&A. Start cooperation with Bank J.Van Breda & C°. 10.000. De Ferm. 5.000. 2.500. 0 1992. (in € mio) Discretionary mandates Advisory mandates Total. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 1H09. 3Q09. 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 1H09. 3Q09. 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 ,. 7,537 ,. 8,398 ,. 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. 3,886. 4,176. 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 11,423 12,574 40. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Havaux. 7 500 7.500.

(41) Bank Delen: highlights 1H09 and outlook 3Q09. • AUM: € 11,423 mio (vs € 10,615 mio as of 31.03.09 and € 10,343 mio as of 31.12.08) driven by strong underlying net inflows and positive stock market effect • Gross revenues: impacted by high proportion of cash in client portfolios • Cost income ratio: 48.6% (2008: 46.1%) • Net equity remains stable at € 282 • Strong solvency (Core Tier1: 32.8%) and liquidity ratio. Outlook 2009-3Q09 • Strong niche position, extremely transparent balance sheet, consistent conservative asset management and very decent relative portfolio returns reassuring clients and strengthening franchise through net inflow of funds • Evolution of revenue and profits supported by strength of recovery of equity markets • 3Q09: Assets under management at € 12.574 mio, above 2007 record level. 41. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Highlights 1H09.

(42) (in € mio) Bank product N result Net l 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. 1H09. 1H08. 2008. 42.4 11 9 11.9 226.6 3,084.9 5,448.7. 41.9 11 9 11.9 218.2 2,709.6 4,826.2. 79.9 20 6 20.6 222.6 2,943.8 5,009. 61.0% 10.6% 14.1% 11.4% 0.05%. 58.6% 11.2% 12.4% 9.9% 0.04%. 59.6% 9.6% 12.5% 10.1% 0.19% 403. * deposits p & off balance sheets investments. 42. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank J.Van J Van Breda & C°: C : key figures.

(43) Conso (in € 000) - IFRS Net interest income Net fee income Other income Gross revenues Operational expensens A Amortisations ti ti & provisions i i Loan loss provision Expenses Share of profit (loss) from equity accounted investments Profit before tax Income taxes Profit of the period Minority interests Share of the group. 1H09. 1H08. 2H08. 2008. 32,343 10,304. 28,178 12,028. 28,381 10,600. 56,559 22,628. -216 216 42,431. 1,658 1 658 41,864. -985 985 37,996. 673 79,860. -24,698 -1,173 1 173 -527 -26,398. -23,219 -1,302 1 302 -816 -25,337. -22,140 -963 963 -3,266 -26,369. -45,359 -2,265 2 265 -4,082 -51,706. 207. 115. -50. 65. 16,239. 16,641. 11,578. 28,219. -4,279. -4,676. -2,866. -7,542. -29 29 11,931. -33 33 11,932. -25 25 8,687. -58 58 20,619 43. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank J.Van J Van Breda & C°: C : income statement.

(44) (in € 000). 1H09. 2008. Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for trading - Loans and receivables (including finance leases) - Other Tangibles assets Goodwill and other intangible assets Other assets Total assets. 215,327. 193,785. 572,990 20 478 20,478 2,230,873 690 29,972 5,296 9,305 3,084,931. 478,561 22 310 22,310 2,202,059 2,802 29,944 4,518 9,839 2,943,818. Financial liabilities - Deposits from credit institutions - Deposits from clients - Debt certificates (incl. bonds/ CP) - Subordinated liabilities - Other Provisions tax and other liabilities Provisions, Equity (including minority interests) Total liabilities. 259,099 2,302,430 162,567 75,072 41,641 17 558 17,558 226,564 3,084,931. 275,910 2,129,883 195,072 73,671 27,939 18 745 18,745 222,599 2,943,818 44. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank J.Van J Van Breda & C°: C : balance sheet.

(45) Bank J.Van J Van Breda & C° C Solid commercial performance 2008-3Q09 ((€ mio)). 2003. 2004. 2005. 2006. 2007. 2008. 1H09. 3Q09 Q. Entrusted funds. 1,292. 1,647. 2,071. 2,417. 2,802. 2,788. 3,056. 3,208. Client deposits. 1,381. 1,471. 1,476. 1,660. 1,899. 2,221. 2,393. 2,402. 972. 1,164. 1,401. 1,505. 1,755. 1,872. 1,887. 1,911. Loans to target group. 3500. 2500 2000 1500 1000 500 0 2003. 2004. 2005. 2006. Off-balance sheet investments. 2007. Client deposits. 2008. 1H09. 3Q09. Loans to target group 45. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. 3000.

(46) Highlights 1H09 • Solid commercial performance − Continued growth of loan portfolio: € 1,887 mio − Client deposits and investments: € 5,449 mio (vs € 4,826 mio per 30.06.08 30 06 08 and d € 5,009 009 mio per 31.12.08) 3 2 08 • Increase of gross revenues supported by interest income (+15%) • Net loan loss provisions remain extremely low, despite economic recession: 0.05% or € 0.5 mio (vs 0.19% for FY08) • Slight increase of cost/income ratio to 61.0% (59.6% in 2008) • Net equity more or less stable at 227 mio (vs € 223 mio as of 31.12.08) • Strong solvency: Core Tier 1 ratio 11.4% • No N toxic i assets, only l loans l to core clients li • Strong liquidity base: very favourable loan to deposit ratio Outlook 2009-3Q09 • Return R t tto positive iti ttransformation f ti margin i (th (thanks k tto normall yield i ld curve), ) positively iti l impacting net interest income • Recovery of equity markets offering clients alternative to cash potentially impacting net fee income • Potential impact of recession on loan loss provision still to be cautioned for • 3Q09: Total client assets amounted to € 5,610 mio, a 12% increase over the first 9 46 months of the year. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Bank J.Van J Van Breda & C°: C : highlights 1H09 & outlook 3Q09.

(47) 47 WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Private equity portfolio. (30/9/2009).

(48) (in € mio - AvH group share). 1H09. 1H08. 2008. 1.0. 0.0. 6.3. Contribution from portfolio cies Sofinim(1). -1.4. 16.7. 10.8. Contribution from portfolio cies GIB (2). -0.4. 0.7. -9.3. Contribution PE before capital gains. -0.8. 17.4. 7.8. Capital gains. 1.6. 5.4. 10.4. Total contribution PE. 08 0.8. 22 8 22.8. 18 3 18.3. Sofinim. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies 2008: Distriplus: impairment € 16 mio (share AvH – € 5.9 mio) (2) Groupe Flo 2008: impairment Bistro Romain € 48.8 48 8 mio (share AvH - € 11.4 11 4 mio). 48. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Private equity: key figures.

(49) Highlights g g • Sofinim NV Capital gains on sale of Telenet shares: € 1.0 mio, part AvH • Porfolio cies: mixed performance (see next slide) -Operational Operational results impacted by recession and extraordinary restructuring costs • Limited investment/divestment activity (YTD 09) -Investments: € 14.9 mio primarily follow-up investments (capital increase Groupe Flo,, increase stake Manuchar to 30%)) -Divestments (€ 17 mio, excl. Oleon) -sale of 37.5% in IDIM (capital gain € 1.6 mio, part AvH, cash € 5 mio); -sale of shares in I.R.I.S. in 2H09 (impact of sale to Canon € 2.8 mio part AvH, incl in FV in 1H09 incl. 1H09,;; cash in 2H09 € 8 mio); -sale of Oleon in 2008 (capital gain € 5 mio, part AvH, included in 2008 result; cash € 48 mio in 2009 ) Outlook 2009 • Conservative leverage ratios for PE investments, but operational performances impacted by economic recession for more cyclical and consumer related businesses • 3Q09: small positive contribution; first prudent signs of economic recovery, recovery although continued slow activity of consumer related and cyclical businesses due to economic recession 49. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Private equity: highlights 3Q09 & outlook 2009.

(50) Private equity: comments on operational performance of portfolio companies (1H09). • Egemin: The large number of projects and the restructuring g and saving g initiatives resulted in an increase in turnover and operational result • Hertel: Stable turnover driven by geographical expansion of Industrial Services in Asia and the Middle East Egemin. • Manuchar: Strong result (mainly in Brazil and South Africa) despite turnover decrease, caused by global drop in steel consumption and price pressure. Increase of AvH share to 30% in August 2009 • Spano: Very low demand (in line with weak construction and furniture markets throughout Europe) results in pressure on volumes and sales prices 50. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Distriplus: Positive trend in turnover and results of Club and Planet Parfum has been offset by restructuring plan for DI. An agreement-in-principle has been reached to close 17 shops. shops.

(51) Private equity: key figures portfolio 2008 Turnover. EBITDA. Net Result. Net Equity. Net Fin. Position. 2008. 2007. 2008. 2007. 2008. 2007. 2008. 2007. 2008. 2007. 100%. 29,863. 29,827. 2,939. 2,491. 1,587. 1,008. 7,479. 5,910. -1,025. -4,014. Alural Group. 60,00%. 37,161. 37,393. 3,243. 2,828. 613. -834. 5,587. 5,131. 674. -1,789. Atenor. 12.01%. 39,217. 33,918. 41,664. 31,530. 41,292. 35,414. 125,878. 102,968. -28,220. 42,734. Axe investments. 48.34%. 335. 36. 89. -54. -5,178. 782. 14,674. 19,852. 3,624. 5,040. Cindu. 50,00%. 369. 1,543. 1,490. 3,541. 5,618. 4,855. 1,776. 889. Corelio. 20.15%. 388,205. 37,743. 34,535. 3,479. 6,402. 57,400. 62,891. -65,812. -43,776. Distriplus. 50,00%. 236,359. Egemin International. 28.91%. 64,682. 79,190. 3,318. -653. 1,387. -3,842. 5,340. 4,143. 7,300. 3,219. Euro Media Group. 22,00%. 311,115. 268,170. 58,415. 49,697. 739. 14,948. 153,749. 157,009. -118,206. -76,298. 97.5%. 65,858. 65,178. 5,243. 5,171. 713. 940. 10,620. 9,907. -5,945. -5,538. Hertel Holding. 40.68%. 799,941. 676,570. 49,327. 52,121. 13,974. 22,697. 69,505. 64,326. -55,240. -41,150. IDIM. 37.47%. 79. 243. -440. -221. -905. -658. 8,547. 9,453. -5,949. -5,413. IRIS. 6.22%. 109,326. 95,062. 9,816. 9,031. 6,188. 5,733. 53,637. 49,226. 14,109. 19,227. Manuchar. 20,00%. 714,309. 571,727. 45,501. 24,827. 8,203. 8,607. 32,171. 24,703. -162,258. -110,240. NMC. 27.63%. 170,027. 157,625. 20,150. 24,100. 7,587. 11,245. 68,011. 70,603. -34,714. -15,801. Spano Invest. 72.92%. 233,692. 264,643. 23,802. 42,053. 2,384. 17,205. 69,721. 67,408. -60,297. -61,408. Synvest. 49.99%. 1,444. 1,397. 19,824. 16,472. -1,484. 4,417. Turbo's Hoet. 50,00%. 375,032. 346,331. 21,094. 24,697. 6,576. 11,450. 73,558. 67,025. -120,957. -75,359. Groupe Flo. 23.29%. 389,525. 379,982. 32,508. 46,000. -38,400. 19,065. 96,867. 144,700. -141,448. -123,800. Trasys. 41.39%. 71,594. 62,934. 5,284. 6,149. 3,531. 3,314. 9,816. 9,360. 1,974. -641. Alupa. Engelhardt. 356,572. 8,764. -19,830. 81,452. -41,379. 51. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. %.

(52) (in € mio). 1H08. 2008. 422.8. 433.2. 428.5. Unrealised capital gains Atenor. 7.9 (1). 13.4. 7.6. Market value Groupe Flo / Trasys. 4.8 (2). 22.9. 2.8. Total private equity. 435.5. 469.5. 438.8. Sofinim. 1H09. (1) Underlying end-of-period stock price Atenor (# 604,880): € 37.45 (2) Underlying end-of-period stock price Flo (# 20,828,173): € 3.16. 52. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Private equity: adjusted net asset value.

(53) Private equity: overview of major divestments. 1999 1995 1998 2000 1994 1995 2001 1996 1995 2002 2001 1999 2000 2001 1994 2007. Divestment year 2002 2003 2003 2003 2004 2005 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009. Tibotec Virco (Sofinim) Coditel (Sofinim) LeJeune (NIM) M di Medisearch h (S (Sofinim) fi i ) BIAC (NIM) Aviapartner (Sofinim) Cyril Finance (Sofinim) Telenet (Sofinim) SCF (Sofinim) Quick (GIB) UBF contribution in EMG (Sofinim) Corn Van Loocke (Sofinim) Arcomet (Sofinim) Oleon (Sofinim) IDIM (NIM) I.R.I.S. (Sofinim). Realised (€ mio) (AvH group share) -0.3 3.3 3.7 39 3.9 41.5 25.1 -0.2 13.4 3.6 150.4 14.9 3.1 5.4 5.0 15 1.5 2.8. IRR% -0.84% 34.06% 28.27% 53 74% 53.74% 22.57% 16.53% -1.28% 26.72% 16.49% 64.10% 24.94% 31.92% 11.09% 14.8% 3 41% 3.41% 25.46% 53. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Investment year.

(54) Groupe Flo: highlights 3Q09. Key figures (in € mio) Turnover EBITDA Net result Net financial position. 3Q09 261.8. 1H09 175.3. 1H08 197.4. 2008 389.5. 21.6. 13.2. 16.0. 32.5. 35 3.5. 12 1.2. 54 5.4. -38 4 -38.4. <140.9> <147.8> <153.0> <141.4>. Highlights 3Q09 • Lower consumer spending resulted in 9% lower sales YTD but improvement in Q3 (-4.3% vs 3Q08) as a result of lowered VAT rates as of July 1st g of COGS p purchase p prices and p productivityy improvements p counterbalance • Renegotiation lower sales resulting in an EBITDA decrease of only 5.4% • Net financial debt improved persuant to @ 20 mio capital increase (increase of AvH share to 23.65%). WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Leading g player p y in casual dining g in France,, operating p g various formats - Hippopotamus: 135 grill restaurants (49 franchise) - Bistro Romain: 33 Italian restaurants (4 franchise) - Brasseries: 34 ‘institutional brasseries’ and 8 Tavernes de Maître Kanter - Tablapizza: T bl i 26 pizzerias i i (9 franchise) f hi ).

(55) • Creation of a fifth reporting segment “Energy and materials” • Reflection of the increasing importance of the contribution to the result of Sipef, Henschel and Sagar Cements, and on the other hand the potential of the new participations in Alcofina and Oriental Quarries & Mines (OQM) • In line with the strategy of AvH to focus on emerging markets (e.g. India, Brazil Indonesia) and on sectors such as renewable energy and materials Brazil, (e.g. Alcofina, Sagar Cements, OQM). • • • • • •. Sipef Henschel Sagar Cements OQM Alcofina Max Green. Palm oil, rubber, tea Welded steel structures Cement Aggregates Sugar cane, bio ethanol Biomass green energy. Indonesia, Papua New Guinea Poland India India Brazil Belgium. 55. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Energy and materials.

(56) Sipef: highlights 3Q09 A Belgian g agro-industrial g group g p operating p g and managing g g tropical p plantation businesses (approx 70,000 ha), mainly in Indonesia and Papua New Guinea. (in USD mio) (1) Group production (in T). 3Q09. 1H09. 1H08. 2008. 228,146 , 7,795 2,168. 158,017 , 5,496 1,487. 144,235 , 6,160 2,778. 262,168 , 11,300 7,418. Turnover EBIT Net result. 118.3 118 3 40.0 30.1. 140.8 140 8 53.1 40.3. 279.4 279 4 81.4 58.8. N equity Net i. 266 9 266.9. 230 1 230.1. 247 1 247.1. 32.7. 14.9. 14.5. Indonesia/PNG/Ivory Coast. Palm oil. Indonesia/PNG. Rubber. Indonesia/Vietnam. (2). Tea. Net cash position (1) Own + outgrowers. (2) Vietnam divested in 2008. 56. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Highlights • Very good production increase of palm oil • Expansion continued.

(57) Henschel: highlights 1H09 Development p and manufacturing g 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 1H09 • Second half of the year expected to be impacted by the recession on the crane market. Key figures (in € mio). 1H09 1H08 (1) 2008 (1). Turnover EBITDA. 35.3 8.0. 37.6 5.4. 78.6 12.7. Net result. 4.5. 3.4. 3.8 (2). Shareholder's equity (group share). 28.7. 31.4. 25.9. Net financial position. -0.7. -7.1. -5.8. (1) BGAAP in 1H08 (2) Including exceptional mark-to-market revaluation for currency hedges. 57. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Good net result in 1H09 driven by the tail end of the order book.

(58) Sagar Cements: highlights 1H09 Cement plant • Located in Hyderabad (Andra Pradesh), India • AvH share: 14.8%. • New plant of 5.5 MTPA planned in Karnataka (Sagar 49%, 49% VICAT 51%): total cost of Rs 25 bn (Sagar: 1.96 billion / € 29 mio). Key figures (in INR mio). 30/06/09. 31/03/09. 31/03/08. 3 months. 12 months*. 12 months*. Turnover EBITDA Net result. 1,499.7 356.9 141.9. 3,342.7 657.8 190.5. 2,746.2 639.3 329.5. Shareholder's equity. 2,064.2. 2,064.4. 1,177.2. Net financial position. -2,301.2. -2,395.4. -2,008.0. * Consolidated figures € 1 = INR 67.11 (30/6/2009). 58. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • Capacity expanded to 2.5 MTPA: second line commissioned in August 2008.

(59) New investments 2009: Oriental Quarries & Mines Aggregates plants • Headquarter q in Delhi ((India)). p y 1.2 MTPA,, with the ambition to • Current capacity: substantially increase this over the coming years • Partnership with Oriental Structural Engineers – OSE (Bakshi family) • AvH share: 28% with gradual step up towards 50% by means of capital calls • Pan Indian pipeline of new crushing plants. 59. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • First two operational plants in Rajastan, Bharatpur District.

(60) New investments 2009 (pending): Alcofina Bio ethanol • Partnership with Sibco (Philippe Meeùs). • In 2008, 2008 Alcotra realized a turnover of 643 million USD and a net result of 6.8 million USD • Alcotra is one of the largest bio ethanol p from Brazil. It has dedicated storage g exporters facilities in Santos • AvH considering investment in new developments in Brazil for the production of bio ethanol, targeting sugar cane plantations fulfilling high sustainability criteria. 60. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • AvH share: 30% in Alcofina. Alcofina owns 45% of Alcotra (Swiss trading company).

(61) New investments 2009: Max Green Renewable energy based on biomass / wood pellets • Joint venture with Electrabel • AvH controls 27%. • Capacity (after conversion) 180 MWel • The conversion involves an investment of €125 mio produce p power to supply pp y 320 000 households. and will p • Timing : Max Green is operational since September 2009. Conversion is planned 2H2010 – 1H2011 • Long term contracts for supply of wood pellets. 61. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. • First project: conversion of Rodenhuize 4 plant ((Ghent Harbour)) into 100% biomass fired unit.

(62) ‘The present economic crisis still calls for great caution. DEME, Leasinvest Real Estate Estate, Finaxis and the new segment ‘Energy and materials’ offer g good prospects p p even in the current market circumstances. The real estate promotion and private equity activities remain subject to the impact of the present economic recession and the strength of the potential recovery.’. 62. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Outlook 2009.

(63) Contact. For further questions or additional information, please consult our website: avh.be. Chairman of the Executive Committee. Jan Suykens Member of the Executive Committee. Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E dirsec@avh.be. 63. WorldReginfo - c8197a2e-eb9b-4692-8ab2-a565df2079d4. Contact: L Bertrand Luc B t d.

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