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(1)WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Investor presentation November 15, 2010.

(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 23%. 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%. BDM-ASCO 50%. NMP 75%. Financière Duval 30%. Oriental Quarries & Mines – 50%. Anima Care 100%. Alcofina 30%. Sagar Cements 15%. Max Green 20%. 2. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. As p per 30/09/10.

(3) (in € mio). 1H10. 1H09. 2009. 2008. 2007. Contracting, dredging, conc. Real estate and related services. 27.4 -0.3. 20.7 1.4. 50.8 -0.7. 72.8 7.5. 53.8 27.1. Private banking Private equity Private equity capital gains Energy and materials. 33.2 70 7.0 -0.8 8.4. 20.8 -0.8 08 1.6 7.7. 45.3 34 3.4 4.4 12.8. 38.4 78 7.8 10.4 9.9. 44.3 47 2 47.2 18.1 10.8. Result from participations Before capital gains. 74.8 75.6. 51.3 49.7. 116.0 111.6. 146.8 136.4. 201.3 183.2. AvH & subholdings Other non-recurrent result Consolidated group result. -1.5 0.2 73.5. -0.9 -0.1 50.3. 1.2 0.3 117.5. -36.0 3.7 114.6. 34.3 5.8 241.4. 3. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Consolidated group result.

(4) Net result by activity (in € mio) Contracting, dredging and concessions DEME Rent-A-Port A.A. Van Laere pp j der Pijpleidingen jp g (NMP/SNTC) ( ) Nationale Maatschappij Real estate and related services Extensa - Leasinvest Real Estate Cobelguard G Groupe Financière Fi 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/ Telemond Sagar Cements/Oriental Quarries & Mines Other (Alcofina, Max Green) Result from participations (before capital gains). 1H10 27.4 27 8 27.8 -1.5 0.4 0.7 -0.3 1.7 0.5 -2.5 25 -0.1 33.2 31.8 1.4 7.0 0.2 6.8 8.4 5.4 1.8 0.2 1.0 75.6. 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 4.4 2.8 0.5 -. 49.7. 2009 50.8 51 5 51.5 -0.8 -1.4 1.6 -0.7 -1.9 0.6 11 1.1 -0.5 45.3 44.5 0.7 3.4 0.0 3.4 12.8 8.7 3.1 0.6 0.4 111.6. 4. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Result from participations.

(5) Highlights 1H10. DEME Significant increase of turnover (+37%) and net result (+34%) in 1H10 Strong order book of € 2,073 mio (vs € 2,060 mio per 31.03.10 and € 2,122 mio per 31.12.09). PRIVATE BANKING Bank Delen •AUM: € 13,996 mio (vs € 13,243 mio per 31.12.09) driven by strong net inflow of funds •No exposure to PIGS countries Bank J.Van Breda & C° •Total client assets increased to € 5,969 mio (versus € 5,644 mio per 31.12.09); total loan portfolio grown to € 2,482 mio; loan loss provision 0.12% •Exposure to PIGS countries limited to € 25 mio (€ 10 mio Greece, € 15 mio Italy), less than 5% of total own investment portfolio PRIVATE EQUITY Improvement of the results in the first half confirming prudent economic recovery Increase of Sofinim participation in Hertel to 41.5% ENERGY AND MATERIALS Sipef: Increased turnover and net result based upon higher sales prices; expansion continued OQM: Increase of participation from 28% to 50%. 5. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. REAL ESTATE LRE: Portfolio value of € 559 mio; Occupancy rate 97.8%; Rental yield 7.57% Extensa : Land and real estate developments progressing well; break-even result 1H10.

(6) Highlights 3Q10. DEME Strong order book of € 2,122 mio (vs € 2,073 mio per 30.06.10 and € 2,122 mio per 31.12.09). PRIVATE BANKING Bank Delen •AUM: € 14,587 mio (vs € 13,996 mio per 30.06.10) driven by strong net inflow of funds & market effect Bank J.Van Breda & C° •Total client assets increased to € 6,341 mio (versus € 5,969 mio per 30.06.10); loans to target group € 2,180 mio; loan loss provision 0.16% PRIVATE EQUITY R lt in Results i line li with ith previous i quarters t confirming fi i prudent d t economic i recovery Increase of Sofinim participation in Hertel to 46.5% (October) Euro Media Group: preparation for IPO and listing at Euronext Paris ENERGY AND MATERIALS Sipef: Decrease of production volumes reduced by half. Price of palm oil at highest year level at end 3Q10 Sagar Cements: Merger with Amareswari Cement 6. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. REAL ESTATE LRE: Portfolio value of € 516 mio; Occupancy rate 97.86%; Rental yield 7.55%. Debt ratio down to 44%. Extensa : Improvement of its results in third quarter Financière Duval: Increase of stake to co-control (50/50 of 75.59%) in 4Q10 Anima Care: 268 beds in exploitation and 180 beds under development.

(7) Other key figures. Consolidated balance sheet AvH group. 3Q10. 1H10. 2009. Shareholders' Sh h ld ' equity i ((group share) h ) Net cash AvH and subholdings. 94.7. 1,632.7 1 632 7 97.8. 1,595.5 1 595 5 122.1. Key figures per share. 1H10. Number of shares (#) Net result per share (€). 1H09. 33,496,904 33 496 904 33,496,904 33 496 904 33,496,904 33 496 904 2.22 1.52 3.54. Gross dividend Net equity Stock price: highest lowest close. 2009. 1.44 48.74 55.8 45 7 45.7 50.8. 45.06 47.8 31 0 31.0 47.1. 47.63 53.7 31 4 31.4 52.0 7. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. (in € mio).

(8) Evolution gross dividend. Gross dividend per share (in €) 1,6. 1,2. Average annual growth of 12.6% over the last 10 year. 1 0,8 0,6 0,4 0,2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009. 8. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. 1,4.

(9) Net cash position AvH group. (in € 000) Investment portfolio. AvH & subholdings. Private equity. Total (30/6/2010). Total (30/9/2010). 26,594. 1. 26,595. 29,015. Term deposits. 104,864. 11,688. 116,552. 91,628. Intercompany deposits. -61,335 61 335. 61 335 61,335. 0. 0. 1,930. 198. 2,128. 1,813. -64,781. -64,781. -44,841. 16,113. 16,113. 16,077. 1,234. 1,005. 97,841 ,. 94,697 ,. Cash Short term debt - commercial paper Own shares (370,800 #) Net cash GIB (50%) and Other (equity consolidation). 23,385 ,. 73,222 ,. 9. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. ( (30/9/2010) ).

(10) DEME: Creating land for the future. Dredging: Breydel in Panama. DBM, building materials: Charlemagne. DEC, environmental techniques: Santos Brazil. Dredging: Brabo in Sochi Russia. Scaldis, heavy lifting: Rambiz in Walney UK. GeoSea, drilling: Goliath in Alpha Ventus 10. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. One of the largest and most diversified dredging and marine engineering companies in the world.

(11) Consolidated key figures (in € mio). 1H10. 1H09. 2009. Turnover. 887.8. 647.3. 1,402.6. EBITDA. 155.3. 124.4. 289.0. EBIT. 83.8. 59.5. 146.8. Net result. 55.6. 41.4. 103.0. Net cash flow. 131.2. 106.9. 246.2. Shareholder's equity. 604.1. 509.8. 569.5. Net financial position. -511.1. -472.9. -358.3. Total assets. 2,135.1. 1,762.3. 1,828.3. # personnel. 3,583. 3,526. 3,532. 11. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. DEME: key figures.

(12) DEME: operational highlights •Significant increase of turnover (+37%) and net result (+34%) in 1H10 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, offshore ff h windfarm i df and d environmental activities •Strong capacity utilization of fleet in 1H10: − hoppers 22 weeks (FY09: 43 weeks) − cutters 20 weeks (FY09: 31 weeks). Ruwais 12. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Evolution net result - EBIT - EBITDA as a % of turnover.

(13) DEME: breakdown turnover. Consolidated turnover per activity. 14%. 13%. 10%. 10%. 10%. 7%. 12%. 14%. 12% 3% 15% 3%. 7% 18%. 47%. 53%. 50%. 1H10. 2009. 1H10. 17% 5% 12% 4% 38%. 2009 Europe EU Middle East Africa Asia & Oceania. Europe ‐ non EU India, Pakistan America. 10% 16%. Capital C it l dredging d d i Maintenance dredging Oil & Gas* Environmental Marine works** * Only Tideway ** Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials 13. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Consolidated turnover per region.

(14) DEME: continued strong renewal of order book (1H10 (1H10-3Q10) 3Q10) Continuous strong order book renewal at very high levels: 3Q10: € 2,122 2 122 mio (vs € 2,073 2 073 mio per 30/6/10 and 2 2,122 122 mio at the end of 2009). Evolution order book 2003-1H10 (in € mio). 2009. 1H10. Other. 19%. 25%. Middle East + India. 12%. 10%. 9%. 9%. Europe. 29%. 32%. Benelux. 30%. 25%. Asia Pacific. 14. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Outlook 2010 • Continued strong activity expected with major dredging projects worldwide in tender or yet to be executed • DEME profiting from mulidisciplinarity, offering broad range of integrated services (incl project financing capabilities).

(15) Dredging projects worldwide yet to be executed or in tender Examples of projects to be executed • Deepening of Scheldt (started February 2010) • Panama : deepening and widening Panama Canal (Pacific entrance/Gatun Lake) • UK: London Gateway container port gas clients (Ruwais ( in execution)) • Abu Dhabi : different works for oil & g • South America : Brazil (Santos, Itaquai), Mexico (Manzanillo), Venezuela • Strong activity in Australia, India, Russia and Africa Drilling ship Dong007 in Panama. • Offshore wind: Ireland, Germany, Belgium • Environmental: Belgium, Ireland, Brazil Examples of projects in tender • Long distance sand sourcing Singapore • Belgium-Netherlands : coastal protection works (see next slide) • Australia : different harbour extension works and LNG works • Qatar : New Doha Port • Saudi-Arabia : different works • Brazil : PAC tenders. 15. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Oil & gas : Nordstrom.

(16) Vlaamse Baaien (Flanders Bays) • A comprehensive plan (11 projects) that combines a long-term vision for sustainable coastal protection with proposals for short short-term term action • Fosters an integrated, flexible development of the Belgian coast and Scheldt mouth. 16. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Changes threats (climate change) into opportunities: • restoring attractiveness of an overbuilt coast • generating green and blue energy production • harmoniously expanding urbanisation, urbanisation tourism and harbour activities.

(17) Investment program 2008-2011: 12 units - € 500 mio • 1 medium size cutter Ganga (6,250 kw, operational 2009) • 1 medium trailer Artevelde (5,600 m³, operational 2009) • 1 jumbo jack-up platform Goliath (1,600 T – 80 m spuds, operational 2009) Dhamra • 1 bac backhoe oe d dredger edge Sa Samson so ((40 0 m³,, ope operational at o al 2010) 0 0) • 2 self-propelled split hopper barges Sloeber and Pagadder (2,750 m³, operational 2010) • 1 water injection dredger Dhamra (Singapore, operational 2010) • 1 DP-DT fallpipe vessel Flintstone (19,000 (19 000 T – Singapore, Singapore 2011) • 1 gravel trailer Victor Horta (5,000 m³ - IHC, 2011) • 2 seagoing rock cutters Al Jarraf and Amazone (13,000 kw - Singapore, 2010/2011) • 1 megatrailer g t il nextt generation g ti plus l Congo C g River(30,000 Ri (30 000 m³³ - IHC, IHC 2011) Investment program 2010-2012: 3 units - € 260 mio • 1 trailer dredger Breughel (11,650 m3, operational 2011) • 1 seagoing rock cutter Ambiorix (28,000 kw – operational 2012) • 1 jumbo jack-up vessel Neptune (operational 2011). 17. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Continued investment in competitive, multifunctional & versatile fleet.

(18) Van Laere. General contractor of large construction projects Highlights 1H10 • Decrease in turnover due to highly competitive market and delays in the start of some new contracts. • Orderbook O d b k remained i d more or less l stable t bl despite d it highly hi hl competitive titi market k t. Consolidated key figures (in € mio). 1H10. 1H09. 2009. Turnover. 65.0. 73.5. 161.0 WVEM Torhout. Net result Shareholder's equity # personnel. 04 0.4. -1.3 13. -1.4 14. 32.9. 32.5. 32.3 524 18. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Positive net result after negative results in 2009.

(19) NMP / SNTC Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium. Consolidated key figures (in € mio). 1H10. 1H09. 2009. Turnover. 6.2. 6.9. 12.8. N t result Net lt. 09 0.9. 12 1.2. 21 2.1. Net cash flow. 1.8. 2.1. 4.0. Shareholder's equity. 26.6. 26.2. 27.1. position Net financial p. 10.1. 7.6. 9.9. Kruibeke. 19. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Highlights 1H10 • Recurrent activities resulted in stable results.

(20) Extensa Group. Leasinvest Real Estate: real estate management for offices, offices logistics and retail (Belgium, Luxembourg) Real estate portfolio value € 516mio. Real estate investments (CFM). Tailor-made redevelopment (Montimmo). Property development (Tour & Taxis). 20. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Extensa: real estate development focused on residential and mixed development projects Land development: 300,000 m² – 400,000 m² in Belgium Property development (450,000 m²) H Home market: k t Belgium, B l i L Luxembourg b New markets: Romania, Slovakia, Turkey.

(21) Extensa Group: conso balance sheet. Consolidated balance sheet (in € mio). RE iinvestments t t &L Leasings i. 30/06/10. 57 2 57.2. 31/12/09. 58 1 Net 58.1 N t equity it. 30/06/10. 31/12/09. 119 0 119.0. 117 7 117.7. Tour &Taxis (50%): FV yield of 7.4%. 19.5. 19.0 (incl. Sub. Loan AvH € 13.9 mio). Tervurenlaan-Wegener-Halliburton - rental yield: 6.83%. 30.0. 31.8. 7.7. 7.3. Land development. 17.2. 17.7. Real estate projects. 51 0 51.0. 52 7 52.7. Leasinvest Real Estate. 77.0. 80.7 Financial debts. 98.4. 88.2. 36.5. 17.5 Other liabilities. 21.5. 20.8. 238.9. 226.7 Total liabilities. 238.9. 226.7. 173,072 shares Retail Estates. (1). 1,173,866 shares. Other assets a.o. Cash € 18.2 mio. Total assets (1) AvH holding directly 30,236 shares. 21. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. ((Extensa – LRE combined)).

(22) Extensa Group. Contribution to result AvH (in € mio) Extensa Leasinvest Real Estate. 1H10. 1H09. 2009. 0.0. -0.2. -7.8(1). 1.7(4). 4.1(3). 5.9(2). (incl. LREM) (1). After € 8.8 mio impairment/revaluation losses on development projects in Romania. (2). After € 15.2 mio capital gain on redevelopment of Bian (Lux) and € -17.8 mio mark to market valuation on real estate portfolio. (3). Incl. capital gain of € 15.2 Incl 15 2 mio on sale Bian building in Luxembourg (part AvH: € 4.5 4 5 mio), mio) but after negative mark-to-market portfolio valuation of € -12 mio (part AvH: € -3.6 mio). (4). After negative mark-to-market of portfolio valuation of € -6.3 mio (part AvH: € -1.9 mio). 22. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. ((Extensa – Leasinvest RE combined)).

(23) Leasinvest Real Estate (in € mio). 3Q10. 1H10. 1H09. 2009. Operational result Net result Net equity(1). 267.4. 16.5 5.6 262.1. 16.5 12.8 269.4. 32.0 18.4 274.9. Portfolio real estate - fair value Rental yield (%) O Occupancy rate t (%). 515.8 7.55 97 86 97.86. 559.0 7.57 97 81 97.81. 535.3 7.50 97 67 97.67. 537.5 7.48 97 74 97.74. 66.90 66 90 63.75. 65.60 65 60 58.61. 67.41 67 41 50.59. 68.79 68 79 58.97. High. 66.48. 66.48. 57.48. 64.01. Low. 56.71. 56.71. 45.68. 45.68. Per share (€) Net asset value (1) Stock price - closing. (1). Dividend per share of € 4 paid as of 24/05/10. • 1H10: Increase fair value portfolio due to the acquisition 1° phase Canal Logistics (Brussels) of 27,700 m² logistics and 1,250 m² offices • Total debt 1H10: € 313 mio (debt ratio 1H10: 51.64%, 51 64% vs 2009: 47 47.61%) 61%) • 3Q10: Sale Axxes Business Park for € 44.4 mio in July 2010; debt ratio 47.07% • Sale of leasehold rights on Avenue Louise 250 (Brussels) in October, leading to 23 debt ratio of 44.46%. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Real Estate Investment Trust ((bevak – sicafi)).

(24) Leasinvest Real Estate: portfolio ( (30/06/2010) ) Total portfolio of 59 buildings with a value of € 559 million and 382.370 m². 15 buildings € 221 million (40%) ( ) 85,961 m² 24. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. 44 buildings € 338 million (60%) 296 09 m²² 296,409.

(25) State archives Bruges. Canal Logistics (Neder-Over-Heembeek). • 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 • Building permit in process. • Acquisition q of a strategically g y situated development project of 50,000 m² (+ 2,500 m² offices) state-of-the-art logistics site • 1st phase delivered 1H10 • 2nd phase will be finished 1Q11. 25. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Leasinvest Real Estate: tailor-made tailor made (re)developments 2010.

(26) Extensa: land development Book value 1H10: € 17.2 mio Location. Total area. Project (share Extensa). Permit. Saleable land (Extensa). Sold as per 30/06/10. Average sales price. Ghent­Wondelgem. 171,900 m². Phase 1: 118 parcels, project land for 100 apartments and social housing. April 2006. 72,000 m². 56,000 m². 260 €/m². Phase 2: 56 parcels. July 2008. 14,540 m². 14,540 m². 320 €/m². Phase 3: 21 parcels. to be obtained. 3,450 m². to be obtained. 1,000 m². Hasselt­Kuringen. 33,400 m². Phase 1: 20 parcels & project land for 30 apartments Phase 2: 2 5 parcels arcels. 90,990 m². 70,540 m². January 2008. 22,370 m². 22,370 m². March 2010. 3 740 m²² 3,740 26,110 m². Antwerp­Kontich. 254,000 m². Phase 1: 162 parcels & project land for 45 apartments Phase 2: 99 parcels & project land for 18 apartments Phase 3: 111 parcels & project land for 64 apartments. to be obtained. 63,870 m². to be obtained. 41,470 m². to be obtained. 48,600 m². 180€/m². start sell Sept 2010 22,370 m². 153,940 m² Leuven­Heverlee. 65,000 m². 38 parcels & project land for 24 December 2009 park houses. 25,500 m². 26. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Plot 337: project land for 14 apartments p. start sell end 2010.

(27) Extensa: project development. Major active projects Roeselare, De Munt (50% Extensa). Permit. Total units (Extensa). Sold as per 30/06/10. Phase 1: apartments. February 2009. 38 units. 28 units. Ph Phase 2 apartments 2: t t. F b February 2009. 13 units it. Phase 3: apartments. To be obtained. 46 units. Phase 4: apartments. To be obtained. 46 units 143 units. Retail. February 2009. 8,634 m². Parkings. February 2009. 468 places. September 2008. 46 units. September 2008. 27 units. Phase 2: 73 houses. To be obtained. 73 units. Phase 3: 144 apartments. To be obtained. 144 units. Hasselt­Runkst, CederPark Phase 1A&B: 25 houses and 21 apartments Phase 1C 1C: 27 houses. 290 units. 28 units. 18 units. 18 units 27. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Book value 1H10: € 51.0 mio.

(28) Extensa: project development. • 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 17,500 500 m m² Æ Royal Depot/Warehouses valued at implicit yield of 7.4% (€ 103 mio vs debts of € 48 mio) • Development potential of 370,000 m² secured by Brussels Government decision in 3Q09 • Building permit obtained for 218,000 m² mixed use 1Q10 BIM/IBGE • First office building of 16,500 m² secured with BIM/IBGE to be delivered 4Q12. • G.D. Luxembourg, g, Cloche d’Or ((50%): ) 20 ha • Development potential of 400,000 m² • Master plan approval process ongoing (PAG obtained 1Q09, 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. 28. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Belux.

(29) Extensa: project development. 29. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Belgium g – Tour & Taxis.

(30) Extensa: project development New markets. •Slovakia, Trnava - 50% • Total of 36 ha for development of a business park (retail, logistics and industrial) • 3 ha of land re-sold to end users in 2008 and 2009 Bomonti, Istanbul • Retail unit of 5,000 m² under negotiation for pre-lease • Turkey, Istanbul - 100% • Building B ildi permission i i ffor 200 apartment t t building b ildi in i central Istanbul (Bomonti) • Pre-sales ongoing and construction started in 3Q10 Extensa share of total property development potential Belux and new markets (excl. land development): approx. 450,000 m² (50% residential, 30% office, 15% retail, 5% logistic) 30. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Romania, partnership in retail parks • 2008: 2008 Focsani F i (20%) – 51,000 51 000 m²² First phase opened in autumn 2008; 2nd phase 4Q09, 3rd phase 2Q11 • 2009: Deva (20%) - 39,000 m² Delivery delayed to 2011 • Extensa (Romania) – 50% Land positions acquired (2008) in Bucarest (offices, 25.000 m²) and Arad (residential).

(31) Cobelguard. Security company focused on static guarding and surveillance by unarmed security guards on private property. Highlights 1H10 • Continued strong commercial performance, due to new customers and additional dditi l volume l from f existing i ti customers t • Significant increase of net result thanks to scale advantages due to larger sales volumes. Key figures (in € mio). 1H10. 1H09. 2009. Turnover EBIT Net result Sh Shareholder's h ld equity i Net financial position. 29.2 29 2 2.2 1.7 9 9.1 -1.4. 25.0 25 0 1.8 1.1 7.0 0 -4.2. 53.0 53 0 3.2 2.1 80 8.0 -2.3 31. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Largest – pure Belgian – security company, employing 1,330 security agents.

(32) Groupe Financière Duval. Highlights 1H10 • Real estate promotion activities (CFA): Economic crisis caused delays in some large projects • Services (Yxime) (4 mio m² property under management) • Tourism (Odalys, NGF): Good results despite negative impact from low season in holiday parks (93,000 beds, 250 sites) and significant impact from bad weather on golf sites (22 sites). 3Q10: FY results on budget • Health (Residalya) (1,100 beds, 17 sites) • Parkings (ParkA’) (5,200 parking places) • Agreement to increase AvH participation from 30% to 37 37.8% 8% (50% of joint control stake of 75.59%) in 4Q10. Key figures (in € mio) Turnover EBIT Net result Sh h ld ' equity Shareholder's it (1) Net financial position (1) Incl. subordinated loan AvH. 1H10 118 0 118.0 -14.6 -8.3 74 9 74.9 -104.1. 1H09 126 8 126.8 -12.4 -7.2 72 3 72.3 -87.7. 2009 308 3 308.3 12.1 3.7 83 3 83.3 -81.6. Palais du Congres, Congres Antibes. 32. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. French group focused on real estate projects, services and residences.

(33) Anima Care. Highlights 1H10 • Two senior care facilities: Aalst (91 licensed nursing home beds and 38 service flats) and Berlare (90 licensed nursing home beds) • Preparation of greenfield developments (180 beds) • July 2010: first acquisition in Wallonia (Haut (Haut-Ittre Ittre, 49 beds) • Total portfolio of 534 beds (268 beds in exploitation). Key fi K figures (in (i € mio) i ) Turnover EBITDA Net result Shareholder's equity Net financial p position. 1H10 3.9 0.5 -0.1 6.0 -8.4. 1H09 1.8 0.0 -0.3 6.0 -3.3. 2009 4.6 0.3 -0.5 5.7 -8.6. 33. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. New AvH initiative in health & care sector with primary focus on senior care business.

(34) Finaxis Private and entrepreneurial p banking g in Belgium g Bank Delen • Private bank • Focused on discretionary asset management. Total assets under management. 3Q10. 1H10. 1H09. 2009. 40.4. 25.7. 56.5. 14,587. 13,996. 11,423. 13,243. 1,390 1,857 2 731 2,731. 1,379 1,761 2 480 2,480. 1,248 1,538 2 393 2,393. 1,309 1,668 2 359 2,359. (in € mio). Net result 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. 34. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank J.Van J Van Breda & C° C Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions.

(35) 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. 1H10. 1H09. 2009. 72.1 72 1 27.7 318.1 13 996 13,996. 50.6 50 6 14.8 282.2 11 423 11,423. 103.3 103 3 34.6 303.6 13 243 13,243. 38.2% 17.8% 23.0%. 48.6% 10.5% 32.8%. 48.3% 11.8% 33.1% 214. 35. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank Delen: key figures.

(36) Conso (in € 000) Net interest income Gross fee income Other income G Gross revenues. 1H10 1,052 69,706 1,343 72 101 72,101. 1H09 5,291 43,481 1,835 50 607 50,607. 2009 6,706 93,605 2,970 103 281 103,281. Fees paid. -6,777. -5,305. -11,089. -22,658 22,658 -2,034 -114 -4 -24,811 24 811. -19,748 19,748 -2,293 -137 -3 -22,181 22 181. -39,223 39,223 -3,791 -808 24 -43,797 43 797. 209. 148. 337. Profit before tax. 40,722. 23,270. 48,733. Income taxes. -12,911. -8,417. -13,978. Profit fi off the h period i d Minority interests Share of the group. -96 27,715. -79 14,774. -185 34,570. Operational expenses Amortisations & provisions Other expenses Loan loss provision Expenses Share of profit (loss) from equity accounted investments. 36. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank Delen: income statement.

(37) (in € 000). 1H10. 2009. 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 T t l assets Total t. 739,422. 355,756. 765,572 765 572 21,855 69,964 1,444 20,448 173,292 7,363 1 799 360 1,799,360. 754,907 754 907 11,856 43,188 1,235 20,016 152,285 4,731 1 343 974 1,343,974. Financial liabilities - Deposits p from credit institutions - Deposits from clients - Other Provisions, tax and other liabilities E i (i Equity (including l di minority i i iinterests)) Total liabilities. 14,376 , 1,387,572 16,549 62,403 318 460 318,460 1,799,360. 8,385 , 990,916 4,630 36,189 303 855 303,855 1,343,974 37. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank Delen: balance sheet.

(38) Bank Delen: funds under management g Discretionary mandates. Capfi p. Advisory clients. 15.000. 12.500. Start cooperation with Bank J.Van Breda & C°. 10.000. BI&A Havaux. 7.500. 5.000. 2.500. 0 1992. (in € mio) Discretionary mandates. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 1H10. 3Q10. 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 1H10. 3Q10. 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. 9,796. 10288. Ad i Advisory clients li. 428. 1 149 1,149. 1 553 1,553. 1 393 1,393. 1 643 1,643. 1 530 1,530. 1 232 1,232. 1 437 1,437. 1 900 1,900. 2 723 2,723. 2 837 2,837. 3 407 3,407. 3 294 3,294. 4 342 4,342. 4 200 4,200. 4299. 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 13,996. 14587 38. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. De Ferm.

(39) Highlights 1H10 • AUM grown to record level of € 13,996 13 996 mio (vs €13,944 €13 944 mio as of 31.3.2010 and € 13,243 mio as of 31.12.09), thanks to substantial net inflows of both existing and new clients • 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 below 40%: 38.2% (2009: 48.3%) • Net equity increased to € 318 mio • Strong solvency (Core Tier1: 23 23.0%) 0%) and liquidity ratio • No exposure to PIGS countries Outlook O l k 2010 – 3Q10 • Evolution of revenues and profits supported by continued strong inflows and gradual conversion of cash in client portfolios • Continued interest in strengthening private banking franchise in Belgium and selected other European markets • 3Q10: Strong third quarter. Increase of assets under management to € 14,587 mio. 39. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank Delen: highlights and outlook 2010 3Q10 2010-3Q10.

(40) (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. 1H10. 1H09. 2009. 46.7 13.1 247.8 3,141.0 5,968.8. 42.4 11.9 226.6 3,084.9 5,448.7. 85.0 23.3 243.7 3,025.6 5,644. 57.8% 10.7% 14.1% 10 9% 10.9% 0.12%. 61.0% 10.6% 14.1% 11 4% 11.4% 0.05%. 59.9% 10.0% 14.6% 11 8% 11.8% 0.09% 399. * deposits & entrusted funds. 40. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank J.Van Breda & C°: key figures.

(41) Conso (in € 000) - IFRS Net interest income Net fee income Other income Gross revenues Operational expenses Amortisations & provisions Loan loss provision Expenses Share of p profit (loss) ( ) from equity q y accounted investments Profit before tax Income taxes Profit of the period Minority interests Share of the group. 1H10. 1H09. 2009. 32,719 12,637. 32,343 10,304. 65,744 21,348. 1,346 46,702. -216 42,431. -2,123 84,969. -25,406 -1,586 -1,411 -28,403. -24,698 -1,173 -527 -26,398. -48,358 -2,508 -1,978 -52,844. 196. 207. 169. 18,495. 16,239. 32,294. -5,363. -4,279. -8,926. -19 13,113. -29 11,931. -51 23,317 41. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank J.Van Breda & C°: income statement.

(42) (in € 000). 1H10. 2009. 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. 88,040. 97,239. 508,382 19 096 19,096 2,482,334 350 28,762 6,222 7,804 3,140,989. 539,862 15 716 15,716 2,328,371 270 29,581 5,968 8,594 3,025,601. 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. 252,935 2,374,406 116,696 92,136 40,122 16 895 16,895 247,799 3,140,989. 251,922 2,264,848 134,090 80,758 29,929 20 322 20,322 243,732 3,025,601 42. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank J.Van Breda & C°: balance sheet.

(43) Bank J.Van Breda & C° Continuous solid commercial performance p (€ mio). 2003. 2004. 2005. 2006. 2007. 2008. 2009. 1H10. 3Q10. 1,292 ,. 1,647 ,. 2,071 ,. 2,417 ,. 2,802 ,. 2,788 ,. 3,286 ,. 3,489 ,. 3,610 ,. AUM at Delen. 612. 815. 1,037. 1,220. 1,463. 1,370. 1,668. 1,761. 1,857. Bancassurance. 452. 596. 739. 880. 1,044. 1,174. 1,309. 1,379. 1,390. Client deposits. 1,381. 1,471. 1,476. 1,660. 1,899. 2,221. 2,359. 2,480. 2,731. 972. 1 164 1,164. 1 401 1,401. 1 505 1,505. 1 755 1,755. 1 872 1,872. 2 005 2,005. 2 115 2,115. 2 180 2,180. Entrusted funds,, off which. L Loans to t ttarget g tg group. 4000. 3000 2500 2000 1500 1000 500 0 2003. 2004. 2005. Entrusted funds. 2006. 2007 Client deposits. 2008. 2009. 1H10. Loans to target group. 3Q10 43. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. 3500.

(44) Highlights 1H10 • Solid commercial performance − Continued growth of loan portfolio: € 2,115 mio − Client deposits and entrusted funds: € 5,969 mio (vs € 5,938 mio per 31.3.10 and € 5,644 mio per 31.12.09) • Limited net loan loss provisions: 0.12% 0 12% (vs 0.09% 0 09% for FY09) • Slight decrease of cost/income ratio at 58% • Net equity increased to € 248 mio (vs € 244 mio as of 31.12.09) • Strong solvency: Core Tier 1 ratio 10.9% • Strong liquidity base: very favourable loan to deposit ratio • No toxic assets, only loans to core clients • Exposure to PIGS countries limited to € 25 mio (€ 10 mio Greece, € 15 mio Italy), less than 5% of total own investment portfolio Outlook 2010-3Q10 • Challenging market environment for deposits, but growing bank product expected based upon increased volume of deposits/funds and loans • Caution for impact of recession on loan portfolio • Strong client satisfaction ratio well above market average trends, thanks to quality of asset management skills and personal relationships • 3Q10: Strong commercial third quarter. Increase of total client assets to € 6,341 mio. Loans to target groups more or less stable. Net loan loss provisions 44 0.16%. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Bank J.Van Breda & C°: highlights & outlook 2010 2010-3Q10 3Q10.

(45) 45 WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Private equity portfolio (30/09/2010).

(46) (in € mio - AvH group share). 1H10. 1H09. 2009. Sofinim. 0.2. 1.0. 0.0. Contribution from portfolio cies Sofinim(1). 5.8. -1.4. 2.0. Contribution from portfolio cies GIB. 1.0. -0.4. 1.4. Contribution PE before capital gains. 7.0. -0.8. 3.4. -0.8. 1.6. 4.4. 61 6.1. 08 0.8. 78 7.8. Capital gains Total contribution PE. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies. 46. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Private equity: key figures.

(47) Private equity: highlights & outlook 2010 2010-3Q10 3Q10. Highlights 1H10. • Li Limited it d investment/divestment i t t/di t t activity ti it -Investments: increase of share in Hertel with 1% to 41.5% -Sale of Cindu Chemicals to Koppers Outlook 2010-3Q10 • Evolution of turnover and results indicating a gradual economic recovery, depending on the relative market position and geographical exposure of the companies i • 3Q10: Third quarter results in line with previous quarters, indicating a prudent economic recovery; participation p in Hertel to 46.5% ((October); ); • Increase of Sofinim p • Euro Media Group: preparation for stock market listing at Euronext Paris 47. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Porfolio cies: mixed performance (see next slide) -Significant improvement of the results of most participations in first half 2010, with 2Q10 improved compared to 1Q10.

(48) Comments on operational performance of portfolio companies (1H10, 1/2). • Hertel: Clear improvement of turnover and results, despite negative impact from bad weather conditions in the beginning of the year and a continued difficult market climate. li t Increase I off AvH A H share h t 41 to 41.5%. 5% Acquisition A i iti off Modern Industries (Australia) and of the mechanical business of Yanda (Shanghai) in 2H10.. Distriplus. Hertel. • Manuchar: Strong turnover increase driven by additional volumes, but high margin pressure (mainly in Brazil).. Manuchar 48. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Distriplus: Facing reluctant consumer spending, the retail chains of Distriplus record diverging results. A reinforced management team continues to work on the repositioning of the formats and the turnaround of the central functions..

(49) Comments on operational performance of portfolio companies (1H10, 2/2). • NMC: Increase of turnover and operational p results in most regions, driven by additional volumes as well as higher prices. • Spano: Significant improvement of volumes and operational result thanks to commercial focus on specialties and capacity reductions in the market. • Turbo’s Hoet Groep: More or less stable results. Significant reduction of inventories and first signs of improving market conditions.. Spano. 49 Turbo’s Hoet Groep. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. NMC.

(50) (in € mio). 1H10. 1H09. 2009. Sofinim. 430 9 430.9. 422 8 422.8. 429 9 429.9. 6.9. 7.9. 6.6. 21.7. 4.8. 11.6. 459.6. 435.5. 448.1. Unrealised capital gains Atenor(1) Market value Groupe Flo / Trasys(2) Total private equity. (1) Underlying end-of-period stock price Atenor (# 604,880): € 33.01 per 30.06.10 (2) Underlying end-of-period stock price Flo (# 28,043,358): € 4.65 per 30.06.10. 50. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Private equity: adjusted net asset value.

(51) Groupe Flo Leading player in casual dining in France, operating various formats - Hippopotamus: 141 grill restaurants (57 franchise) - Bistro Romain: 32 Italian restaurants (3 franchise) - Brasseries: 34 ‘institutional brasseries’ and 38 Tavernes de Maître Kanter - Tablapizza: 26 pizzerias (9 franchise). EBITDA Net result Net financial position. 3Q10 276.5. 1H10 188.4. 1H09 175.3. 2009 364.5. 32.7. 21.2. 13.2. 35.1. 8.8. 5.4. 1.2. 5.9. -108.8. -147.8. -112.2. Hippopotamus. Highlights 1H10 • Higher sales due to lowered VAT rates and agressive commercial policy • Improved net result thanks to sales increase, productivity improvements and a strict focus on cost control • Continued improvement of net financial debt supported by limited expansion capex and good working capital management 51. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Key figures (in € mio) Turnover.

(52) • 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 industries such as renewable energy and materials Brazil, (e.g. Alcofina, Sagar Cements, OQM, Max Green). • • • • • •. 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. 52. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Energy and materials.

(53) Sipef A Belgian agro-industrial group operating and managing tropical plantation businesses (approx p ( pp 70,000 , ha), ), mainly y in Indonesia and Papua New Guinea. (in USD mio) (1) Group production (in T). 3Q10. 1H10. 1H09. 2009. 172,931 8,544 2,360. 108,238 5,981 1,610. 117,393 5,496 1,487. 246,857 10,360 3,121. Turnover EBIT Net result. 128.0 46.4 32.7. 118.3 40.0 30.1. 237.8 82.7 60.2. Net equity. 315 3 315.3. 266 9 266.9. 297 0 297.0. 46.8. 32.7. 36.1. Indonesia/PNG/Ivory Coast. Palm oil. Indonesia/PNG. Rubber. Indonesia. Tea. Net cash position (1) Own + outgrowers. 53. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Highlights 1H10 • Negative N ti impact i t off climatic li ti conditions diti on production d ti off palm l oil il • Higher sales prices resulted in increase of turnover and net result • Expansion continued.

(54) Henschel 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 g g 1H10. • Increase in net result driven by flexible labour conditions in Poland and di diversification ifi i off activities i ii • Move of the production from Belgium to Poland finalised by September. Key figures (in € mio). 1H10. 1H09. 2009. Turnover EBITDA. 28.4 46 4.6. 35.3 80 8.0. 60.2 86 8.6. Net result. 3.5. 4.5. 4.2. Shareholder'ss equity Shareholder. 33.8. 28.7. 30.8. Net financial position. -3.4. -0.7. 2.5 54. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Sales impacted by the recession on the crane market.

(55) Sagar Cements Cement plant, located in Hyderabad (Andra Pradesh), India Highlights 1H10 • Successful transformation from small to large cement producer, driven by capacity expansion to 2.5 MTPA. price decreases and decline of net • Weaker market circumstances resulted in p result • 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 INR mio) € 1 = INR 67,57 (31/12/2009). Turnover EBITDA Net result. 31/03/10. 31/03/09. 12 months*. 12 months*. 5,230.0 5 230 0 864.6 191.2. 3,342.7 3 342 7 657.8 190.5. Shareholder's equity. 2,064.4. Net financial position. -2,395.4. 55. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. • Substantial increase of produced and sold volumes of cement to 806,619 tons for the first six months.

(56) New investments 2009 Oriental Quarries & Mines - Aggregates plants • AvH share: 50%; Partnership with Oriental Structural Engineers • In 2009 (starting April): turnover of 182 mio INR • First two operational plants in Rajastan, Bharatpur District with capacity of 1.2 MTPA • Pipeline of new crushing plants: Production in third quarry (in Gwalior) started in Jan 2010; Investment in fourth quarry (in Bangalore) approved (capacity increase to 3.0 MTPA). • AvH share: 30%; Partnership with Sibco; Alcofina owns 45% of Alcotra • Alcotra (Swiss trading company) turnover in 2009: 285 mio USD g bio ethanol exporters p from Brazil with dedicated storage g • Alcotra is one of the largest facilities, setting up branch in Singapore and developing into US and france • Ambition to invest in the production of sugar cane bio ethanol in Brazil. Max Green - Renewable energy based on biomass / wood pellets • AvH share: 20%; Joint venture with Electrabel • Turnover in 2009 (starting September): € 48 mio • First project: conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit with 180 Mwel capacity (after conversion) (320,000 households). Capex € 125 mio. To be delivered 1H11 • Long term contracts for supply of wood pellets. 56. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Alcofina - Bio ethanol.

(57) ‘Despite the fragile economic i recovery, th the board of directors of AvH is convinced that the current results of the group will show an important growth in the current year 2010. 2010 ’. 57. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Outlook 2010.

(58) 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. 58. WorldReginfo - 5e9da4e3-b23a-4c72-a1dc-0d0cfb5b4b60. Contact: Luc Bertrand.

(59)

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