(3) (in &euro

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(1)November 15, 2012 WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. INVESTOR PRESENTATION.

(2) WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. 2.

(3) (in € mio). 1H12. 1H11. 2011. Marine Engineering & Infrastructure. 17.4. 20.5. 54.6. P i t B Private Banking ki. 36 7 59.3* 36.7 59 3* 88.1* 88 1*. Real Estate, Leisure & Senior Care Energy & Resources. -4.9 7.9. -0.8 9.4. 4.5 19.0. 9.8. 3.1. 8.6. Development Capital Result from participations Capital gains development capital. 66.9 2.0. 91.5 174.8 0.3 -0.9. Result from participations (incl. capital gains). 68.9. 91.8 173.9. AvH & subholdings. -0.5. Other non-recurrent result Consolidated group result. -0.6 0.2 4.5 67 8 93 67.8 93.4 4* 177 177.5 5*. 1.4. -0.9. * Incl. € 27.9 mio negative goodwill contribution upon acquisition of ABK, leading to 1H11 implicit contribution from Private Banking of € 31.4 mio and consolidated group result of € 65.5 mio 3. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Consolidated group result.

(4) Other key figures (update 3Q12). Consolidated balance sheet AvH group. 3Q12. 1H12. 2011. 82 7 82.7. 1,904.2 11 6 11.6. 1,882.6 73 0 73.0. 1H12. 2011. Shareholders' equity (group share) N t cash Net hA AvH H and d subholdings bh ldi. Key figures per share (€). 3Q12. Number of shares (#) Net result per share. 33,496,904 33,496,904 2.05 5.36. Gross dividend q y Net equity Stock price: highest lowest close. 1.64 65.09 56.50 62.58. 56.85 65.09 56.50 61.90. 56.20 71.72 50.57 57.64. 4. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. (in € mio).

(5) AvH share performance vs. BEL 20 AVH rebased to 100. BEL20 rebased to 100. 5. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. AVH.

(6) (in € 000) Investment portfolio* Term deposits Intercompany deposits Cash Short term debt - commercial paper Own shares (#357,500). AvH & Development subholdings capital. Total (30/6/2012). Total (30/9/2012). 20,414. 0. 20,414. 22,321. 7,865. 1,496. 9,361. 76,629. -49 49,885 885. 49 885 49,885. 0. 0. 1,495. 330. 1,825. 3,777. -38,767. -38,767. -38,790. 18,419. 18,419. 18,419. 314. 314. 11,566. 82,669. Net cash GIB (50%) and Other (equity consolidation). -40,459. 51,711. * Primarily Bank Delen funds. 6. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Net cash position AvH group (update 3Q12).

(7) DEME. • One of the largest and most diversified d d dredging and d marine engineering companies in the world • Since 1876. VAN LAERE. • General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings • Since 1989. RENT-A-PORT. • Specialised in port development and logistics • Established in 2007 (together with former DEME CEO). NMP. • Operator of pipelines for gas and chemicals • Since 1994 ((via acquisition q NIM)). 7. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Segment ‘Marine Engineering & Infrastructure’.

(8) Contribution to the AvH consolidated net result (group share) (in € mio) Marine Engineering & Infrastructure DEME A.A. Van Laere Rent-A-Port Nationale Maatschappij der Pijpleidingen 21.9%. 1H12 17.4 13.9 1.8 1.3 0.4. 1H11 20.5 20.5 0.8 -1.5 0.7. 2011 54.6 52.1 1.7 -0.8 1.6. 22.7%. 8. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Marine Engineering & Infrastructure.

(9) DEME: Creating land for the future (AvH 50%). Gladstone (Australia). Scaldis, heavy lifting: Rambiz on Thornton Bank (C-Power wind farm) Shetland Islands. Olympic Site (UK) Panama Canal. Thornton Bank (B) 9. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. One of the largest and most diversified dredging and marine engineering companies in the world.

(10) Consolidated key figures (in € mio). 1H12. 1H11. 2011. Turnover. 904.1. 825.5. 1,765.8. EBITDA. 144.6. 138.2. 300.4. EBIT. 51.1. 61.9. 137.1. Net result. 27.7. 41.0. 104.1. Net cash flow. 122.6. 112.3. 264.5. Shareholder'ss equity Shareholder. 715 9 715.9. 674 0 674.0. 731 0 731.0. Net financial position. -740.7. -602.3. -651.1. 2 740 7 2,740.7. 2 277 1 2,277.1. 2 496 3 2,496.3. Capex. 243.0. 138.6. 372. # personnel. 4,001. 3,734. 3,815. Total assets. 10. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. DEME: key figures (1H12).

(11) DEME: operational highlights (1H12) • Increase of turnover to € 904 mio driven by strong international presence and diversified order book • Decrease of net result - despite significantly better second quarter - due to higher personnel costs (>4000 employees), higher depreciations and some difficult small contracts as well as significant maintenance and repair works and lower capacity contracts, utilization in 1Q12. • Fleet: Peter the Great, Neptune and Ambiorix baptised and operational; Innovation operational as of September 2012 Capacity utilization (# weeks). Gladstone, Australia 11. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Important p new orders: New Port Project j in Qatar (Medco), ( ) Wheatstone LNG p project j in Australia, Northwind in Belgium (GeoSea).

(12) DEME: breakdown turnover (1H12) Consolidated turnover per activity. Consolidated turnover per type off customer. * Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials 12. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Consolidated turnover per region.

(13) 13. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. DEME: Evolution net result - EBIT - EBITDA as a % of turnover (1H12).

(14) DEME: order book and outlook (1H12 & update 3Q12) Market fundamentals remain strong g – worldwide demand. Outlook 2012 and beyond • Current order book leading to favourable outlook for 2013-2014 vs transition year 2012 (cfr comments 1H12 + delayed start-up on Wheatstone and New Doha Port) • Focus on reduction of net debt as of 2013, after heavy investment program 2009-2012 • Strong tender activity worldwide remaining, remaining especially oil & gas and renewable enery related (although bigger projects take more decision time). Evolution order book (in € mio) 2011. 1H12. 16%. 9%. 6%. 15%. Asia Pacific. 19%. 32%. Europe. 30%. 22%. Benelux. 29%. 22%. Other Middle East + India. 14. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Order book maintained at high level, well-spread over different regions and activities 3Q12: Q € 3,298 , mio ((vs € 3,446 , mio 1H12 and € 2,404 , mio end 2011)) Major new contracts in Wheatstone, Australia (€ 916 mio), in Qatar (€ 941 mio, via Medco DEME 44%) and for Northwind Belgium (€ 230 mio, GeoSea).

(15) DEME: diversification of activities. New entrepreneurial p initiatives creating g new p potential for future growth - OWA: services for offshore wind assistance - HGO InfraSea Solutions: jack-up vessels for offshore windfarm construction and oil&gas services - DEME Blue Energy: wave and tidal energy - OceanflORE: deepsea mining (with IHC Merwede). - Combined Terminal Operation Worldwide (CTOW) (55%): marine services for sea terminals. Innovation Wave and tidal energy. Deepsea mining 15. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. - Purazur: high tech treatment of industrial polluted water.

(16) DEME: competitive, multifunctional & versatile fleet ((deliveries 2011-2012)). • 1 DP-DT DP DT fallpipe vessel Flintstone (19,000 (19 000 T – Singapore, Singapore operational July ‘11) 11) • 1 gravel trailer Victor Horta (5,000 m³ - IHC, operational July ‘11) • 1 megatrailer next generation plus Congo River (30,000 m³ - IHC, operational July ‘11) • 2 seagoing i rock k cutters Al JJarraff and d Amazone A (13 000 k (13,000 kw – Singapore, Si operational i lA August ’11, resp. 4Q12) • 1 trailer dredger Breughel (11,650 m3 - IHC, operational October ‘11) • 1 jumbo jack-up vessel Neptune (IHC, operational February ‘12) • 1 backhoe dredger Peter the Great (operational April ‘12) • 1 seagoing rock cutter Ambiorix (28,000 kw – IHC, operational May ‘12) • 1 multipurpose jack-up vessel Innovation (Poland, operational 3Q12). Peter the Great. Ambiorix. Innovation 16. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. (Total capex 2009-2012/2013: € 1,350 mio).

(17) Van Laere (update 3Q12) (AvH 100%). Highlights 1H12 • Increase of turnover and net result driven by better project margins • Order book: € 140 mio • Diversification into complementary (less cyclical) activities ((such as p parkings) g ) 3Q12: turnover and order book maintained in very competitive market. State Archives, Bruges. Consolidated key figures (in € mio) Turnover Net result. 1H12 87.5 18 1.8. 1H11 56.5 08 0.8. 2011 137.3 17 1.7. Shareholder's equity Net financial p position. 36.5 2.0. 33.8 6.4. 34.7 5.8. # personnel. 482 17. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. General contractor of construction and civil engineering projects.

(18) Rent-A-Port (AvH 45%). Specialized company for port development development, port management and logistics consultancy. Consolidated key figures (in € mio) Turnover Net result Shareholder's equity N t fi Net financial i l position iti. 1H12 13.8 2.9. 1H11 1.6 -3.3. 2011 5.6 -1.7. 4.5 -7.9 79. -0.8 -9.6 96. 1.5 -8.1 81. Dinh Vu (Vietnam). 18. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Highlights 1H12 • High activity as a result of the sale of 102 ha land in Dinh Vu industrial zone (Vietnam) in 2H11 to Bridgestone • Consulting activities in Port of Duqm (Oman) and Qatar developing well.

(19) Nationale Maatschappij der Pijpleidingen (NMP) (AvH 75%) Operator p of 700 km of pipelines pp for transport p of industrial gases and chemicals in Belgium. Consolidated key figures (in € mio) Turnover Net result. 1H12 8.9 0.5. 1H11 6.2 1.0. 2011 12.5 2.1. Net cash flow Shareholder's equity Net financial position. 1.4 25.9 11 3 11.3. 1.9 27.3 12 3 12.3. 3.9 28.4 14 4 14.4. 19. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Highlights 1H12 • No major expansion projects or modification works in 1H12.

(20) Segment ‘Private Banking’ • Delen Private Bank Bank, fully focused on discretionary asset management and patrimonial advice for private clients • Since 1992 • 2011: Acquisition of 73.5% stake in JM Finn & Co (UK). BANK J.VAN BREDA & CO • Specialised advisory bank for entrepreneurs and liberal professions • Since 1998 ASCO-BDM. • Insurance group focused on marine and property insurance • Since 2000. 20. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. DELEN INVESTMENTS.

(21) Contribution to the AvH consolidated net result (group share) (in € mio) Private Banking Finaxis-Promofi Delen Investments Bank J.Van Breda & C ASCO-BDM. o. 1H12 36.7 0.0 23.6. 1H11 59.3 -0.1 23.4. 2011 88.1 -0.2 45.0. 12.8 0.3. 36.1* -0.1. 43.1* 0.2. * Incl. € 27.9 mio negative goodwill contribution upon acquisition of ABK. 21. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Private Banking.

(22) Finaxis organisation chart. 15%. AvH 75%. Promofi 25%. Finaxis 100%. Delen Investments CVA 100%. Delen Private Bank. 73%. JM Finn & Co. Bank J.Van Breda & Co 92%. ABK. 22. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. 99%.

(23) Assets under management (update 3Q12). Van Breda: bancassurance products Van Breda: AuM at Delen* Van Breda: client deposits. 3Q12 1H12 2011 25 220 24 25,220 24,007 007 22,570 22 570 17,407 16,653 15,666 7,813 7,354 6,904 1,487 2,386 3,472. 1,478 2,255 3,460. 1,438 2,115 3,453. (*) Already included in Delen Private Banking AuM. 23. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Total assets under management (in € mio) D l Investments Delen I Delen Private Bank JM Finn & Co.

(24) Delen Investments (incl. JM Finn & Co since 2011): funds under management (update 3Q12) AuM CAGR 2002-2011: 21.6%. JM Finn. Discretionary mandates. Advisory clients. 25.000. Capfi p. Start cooperation with Bank J.Van Breda & C°. 15.000. BI&A Havaux. De Ferm 10.000. 5.000. 0 1992. (in € mio) Discretionary mandates. 1997. 1998. 1992. 1997. 1999. 2000. 2002. 2002. 2004. 2003. 2005. 2006. 2007. 2008. 2009. 2010. 5,579. 8,719 7,049 8,901 10,816 15,416 17,328. Ad i Advisory clients li t. 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 3,294 3,407 3 294 4,342 4 342 4,456 4 456 7,154 7 154 7,892 7 892. 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 15,272 22,570 25,220 117. 2,748. 2010. 3Q12. 118 1,270 2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748. 757. 2008 2009. 2011. 2007. 610. 2001. 2003. 2006. 50. 1999. 2001. 2004 2005. Acquisitions. 1998. 2000. 2011 3Q12. 6,377 24. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. 20.000.

(25) Delen Investments: key figures (AvH 78.75%) 78 75%). Consolidated key figures (in € mio). 1H12(3). 1H11. 2011(4). Gross revenues Net result Equity Assets under management. 106.0 29.9 394.6 24,007. 76.7 29.7 356.6 15,829. 162.5 57.2 364.3 22,570. Cost - income ratio(1) ROE (IFRS). 53.0% 15.8%. 39.1% 17.0%. 44.2% 16.1%. Core Tier 1 capital ratio(2). 20 1% 20.1%. 13 3% 13.3%. 20 0% 20.0%. # personnel. 530. (1) Excl. JM Finn = 39.1% (1H12), 40% (2011) (2) Including capital commitments (100%) re acquisition of JM Finn & Co (3Q11) (3) Impact JM Finn: revenues of € 29 mio, net result of € 1.7 mio (4) JM included for 3 months 25. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Private banking and wealth management • Focused Foc sed on discretionar discretionary asset management for private pri ate clients, clients in Belgium and UK.

(26) Delen Investments: highlights and outlook (1H12 & update 3Q12). 3Q12: AuM Delen Investments continued to grow to € 25,220 mio, of which € 17,407 mio at Delen Private Bank and € 7,813 at JM Finn & Co Outlook 2012 • Delen Private Bank: well positioned thanks to strong commercial franchise and highly competitive cost-income cost income • JM Finn & Co: first full year consolidation of results: focus on strengthening JM Finn model, in line with expectations. 26. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Highlights 1H12 • Continued inflow at Delen Private Bank and JM Finn & Co, Co positively impacted by market (although erratic movements throughout 1H12) • AuM Delen Investments grown to new record level of € 24,007 mio (vs 22,570 mio as of 31.12.11), ), of which € 16,653 , mio at Delen Private Bank and € 7,354 , at JM Finn & Co • Cost - income ratio at 53.0% (44.2% end 2011), including JM Finn for the whole reporting period (excl. JM Finn: 39.1% vs 40% over 2011) • Net equity increased to € 395 mio (€ 364 mio end 2011) • Core Tier 1 increasing to 20.1% 20 1%.

(27) Conso (in € 000) Net interest income Gross fee income Other income Gross revenues. 1H12 2 701 2,701 103,973 -724 105,950. 1H11 3 852 3,852 72,423 377 76,652. 2011 7 220 7,220 151,271 4,028 162,519. -9,421. -7,850. -15,849. -46,070 -5,117 5,117 -668 -6 -51,861. -24,024 -2,696 2,696 -240 -11 -26,971. -58,783 -6,182 6,182 -861 -22 -65,848. 214. 200. 240. Profit before tax. 44,882. 42,031. 81,063. Income taxes. -14,260. -12,413. -23,513. Profit of the period Minority interests Share of the group. -675 29,948. 74 29,692. -379 57,171. Fees paid Operational expenses Amortisations & provisions Other expenses Loan loss provision Expenses Share of profit (loss) from equity accounted investments. 27. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Delen Investments: income statement.

(28) (in € 000). 1H12. 2011. 2010. Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial Fi i l assets t h held ld for f ttrading di g - Loans and receivables - Other Tangibles g assets Goodwill and other intangible assets* Other assets Total assets. 635,917. 739,481. 334,545. 594,450 13 539 13,539 80,946 2,095 46,219 , 241,872 23,546 1,638,584. 675,580 36 603 36,603 87,342 1,881 38,823 , 243,016 23,685 1,846,411. 837,878 12 396 12,396 65,559 1,640 31,609 , 177,419 21,008 1,482,054. Financial liabilities - Deposits from credit institutions p from clients - Deposits - Other Provisions, tax and other liabilities Equity (including minority interests)* T t l liabilities Total li biliti. 2,768 1,127,758 , , 17,187 96,040 394,831 1 638 584 1,638,584. 1,468 1,350,950 , , 33,949 95,523 364,521 1 846 411 1,846,411. 5,506 1,060,937 , , 8,451 62,644 344,516 1 482 054 1,482,054. * JM Finn at 100% taking into account put/call rights on minority stake of 26.51% as from 2011 28. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Delen Investments: balance sheet.

(29) Bank J.Van Breda & C°: client assets (update 3Q12) (€ mio). 2003. Total deposits and funds. 2004. 2005. 2006. 2007. 2008. 2009. 2010. 2011. 2011. 2011. 3Q12. BVB. ABK. Total. Total. 334. 7,469. 7,880. 2,673 3,118. 3,547 4,077 4,701. 5,009 5,645 6,369. 7,135. 1,292 1,647. 2,071 2,417 2,802. 2,788 3,286 3,772. 4,015. 4,015. 4,408. 1 037 1,220 1,037 1 220 1,463 1 463. 1 370 1,668 1,370 1 668 1,968 1 968. 2 115 2,115. 2 115 2,115. 2 386 2,386. 880 1,044. 1,174 1,309 1,414. 1,438. 1,438. 1,487. 1,381 1,471. 1,476 1,660 1,899. 2,221 2,359 2,597. 3,119. 334. 3,453. 3,472. 972 1,164. 1,401 1,505 1,755. 1,872 2,005 2,285. 2,477. 226. 2,703. 2,860. of which AuM at Delen. 612. 815. Bancassurance. 452. 596. - Client deposits Loans to target group. 739. Total deposits & funds (incl. ABK since 2011). 5000 4000 3000 2000 1000 0 2003. 2004. 2005 Entrusted funds. 2006. 2007. 2008. Client deposits. 2009. 2010. 2011. 3Q12. Loans to target group 29. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. - Entrusted funds,.

(30) Bank J.Van Breda & C°: key figures (AvH 78.75%) Relationship bank focused on private as well as professional needs for entrepreneurs and d lliberal b l professions (in € mio). 1H12. 1H11. 2011. Bank product Net result Equity (group share) Total assets Total client assets(1) Cost - income ratio ROE CAD (solvency ratio) Core Tier 1 capital ratio Net loan write write-offs offs / avg loan portfolio Leverage # personnel. 58.8 16.3 409.4 4 001 8 4,001.8 7,698.2. 50.2 46.4* 297.9 4 077 1 4,077.1 7,174.0. 99.8 54.9* 395.0 3 979 6 3,979.6 7,469.1. 57.0% 8.2% 16.8% 14.5% 0 02% 0.02% 9.4. 58.5% 8.0% 17.2% 14.6% 0 06% 0.06% 9.8. 61.1% 16.4% 17.3% 14.7% 0 06% 0.06% 9.7. 465. 462. * Incl. € 35.5 mio of negative goodwill on acquisition of ABK (1) Deposits and entrusted funds 30. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. (incl. 6 months ABK) (incl. 1 month ABK) (incl. 7 months ABK).

(31) Highlights 1H12 • Continued solid commercial performance of Bank J.Van J Van Breda & Co (incl. (incl ABK) − Total client deposits and entrusted funds (+3%): € 7,698 mio (€ 7,469 mio as of 31.12.11), of which € 3,460 mio client deposits and € 4,238 mio entrusted funds − Continued growth of loan portfolio: € 3,182 mio (€ 3,044 mio as of 31.12.11) (+5%), of which to core clients € 2,839 mio • Limited net loan loss provisions: 0.02% (vs 0.06% for FY11) • Cost - income ratio of 57.0% • Net equity increased to € 409 mio (vs € 395 mio as of 31.12.11). 31 12 11) Core Tier 1 ratio 14.5% 14 5% and solvency ratio of 16.8% • Significant increase of net result to € 16.3 mio, compared to € 10.9 mio in 1H11 (excl. negative goodwill of € 35.5 mio, share AvH 27.9 mio) (2011: € 54.9 mio or € 19.4 mio excl. negative goodwill) 3Q12: Total client deposits and entrusted funds: € 7,880 mio, of which € 3,472 mio client deposits and € 4,408 mio entrusted funds; Loans to core clients: € 2,860 mio; Continued limited net loan loss provisions (0.05%) Outlook 2012 • Bank J.Van J Van Breda & Co: strong commercial franchise, franchise but caution because of volatile financial markets and competitive deposit market, as well threat of economic recession • ABK: first full year of consolidation of results: focus on integration and repositioning 31. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Bank J.Van Breda & C°: highlights & outlook (1H12 & update 3Q12).

(32) Conso (in € 000) - IFRS. 1H12. 1H11. 2011. 39,270 39 270 13,675. 34,300 34 300 13,329. 73,472 73 472 25,027. Other income Gross revenues. 5,891 58,836. 2,572 50,201. 1,323 99,822. Operational expenses. -31,923. -27,770. -57,884. -1,585. -1,578. -3,073. -370. -810. -1,675. -1,285. -3,773. -9,802. -35,162. -33,931. -72,434. 35,472 ,. 35,472 ,. 100. 65. 200. 23 774 23,774. 51 807 51,807. 63 059 63,059. -7,290. -4,700. -7,697. -219. -728. -482. 16,266. 46,379. 54,880. Net interest income Net fee income. Amortisations & provisions Loan loss provision Impairment AFS Expenses g goodwill g Negative Share of profit (loss) from equity accounted investments Profit before tax Income taxes Profit of the period Minority interests Share of the group. 32. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Bank J.Van Breda & C°: income statement.

(33) (in € 000). 1H12. 2011. 2010. 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 Tangible assets Goodwill and other intangible assets Other assets Total assets. , 141,009. 237,881 ,. 71,646 ,. 616,256 8,088 3 184 539 3,184,539 263 31,910 9,080 10,666 4,001,811. 630,919 8,825 3 045 969 3,045,969 725 31,320 7,990 15,937 3,979,566. 444,929 9,081 2 631 485 2,631,485 857 29,314 6,814 8,693 3,202,819. Financial liabilities - Deposits from credit institutions - Deposits from clients - Debt certificates (incl. bonds/ CP) - Subordinated liabilities - Other Provisions, tax and other liabilities Minority interests Equity (group share) Total liabilities. 14,925 3,356,070 32,952 89,209 26,289 56,333 16 614 16,614 409,418 4,001,811. 12,818 3,343,184 30,522 93,974 24,254 63,849 15 996 15,996 394,969 3,979,566. 176,365 2,475,108 129,705 109,816 27,186 25,968 51 258,620 3,202,819 33. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Bank J.Van Breda & C°: balance sheet.

(34) Segment ‘Real Estate, Leisure & Senior Care’ EXTENSA. • Land development in Belgium • Real estate development (450,000 m²) in B/Lux, as well as Central Europe and Turkey • Since 1994 (NIM) ( ) (300 000 m² (300,000 m - 400,000 400 000 m²) m ). 367,661 m²). • Since 1994 (NIM) FINANCIERE DUVAL • Multidisciplinary l d l reall estate group with h. activities in RE promotion, tourism (105,000 beds), golf sites (30 sites), senior care (1,355 beds) and d parkings ki (5,500 places in Paris) • Since 2007 ANIMA CARE. • Health & senior care sector (505 beds and 60 service flats in operation). • Since 2009 34. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. LEASINVEST REAL • Real Estate Investment Trust for ESTATE offices, logistics and retail in Belgium and d Luxembourg b (RE portfolio value € 506 mio;.

(35) Contribution to the AvH consolidated net result (group share) (in € mio) Real Estate, Leisure & Senior Care Extensa Leasinvest Real Estate Cobelguard (divested in 2011) Groupe Financière Duval Anima Care. 1H12 -4.9 -3.3 2.8 -4.6 0.2. 1H11 -0.8 -1.4 3.1 0.1 -2.8 0.1. 2011 4.5 -2.8 4.2 0.1 2.6 0.4. 35. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Real Estate, Leisure & Senior Care.

(36) Leasinvest Real Estate (update 3Q12) (in € mio). 3Q12. 1H12. 2011. Operational result Net result Net equity. 14.0 250.6. 12.9 8.7 249.5. 28.5 12.6 261.8. Portfolio real estate - fair value Rental yield (%) Occupancy rate (%) Net debt ratio (%). 600.3 600 3 7.34 94.5 56 1 56.1. 505.7 505 7 7.32 93.4 48 9 48.9. 504.4 504 4 7.23 92.6 47 3 47.3. 62.47 66.00. 62.17 64.86. 65.51 64.99. 69.58/61.50. 69.58/61.50. 70.00/58.27. Per share (€) Net asset value Stock price - closing High/Low. Dividend. 4.15. • 1H12 in i li line with ith expectations t ti th thanks k tto positive iti evolution l ti off severall successful f l rental t l contracts t t • Decrease of net result due to exceptional rental guarantee income (2011) and sale of one building (2011) • Increase of participation in Retail Estates to 7.65% per 30/6/12 (August: 10.03%) • Total net debt € 259 mio • 3Q12: in line with expectations. Increase of portfolio value thanks to Schmiede (Lux) and State Archives (Bruges) 36. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Real Estate Investment Trust (bevak – sicafi) (AvH 30%).

(37) Leasinvest Real Estate: portfolio analysis based on fair value Total portfolio of 55 buildings with a value of € 600 million and 409,442 m² Relative decrease of office space and growing importance of Luxemburg (B 49%, Lux 51%) 30/9/2012. 37. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. 30/6/2012.

(38) Leasinvest Real Estate: activityy overview 2012 State Archives (Bruges) ( g ) • RAB Invest acquired in 3Q12 • Fixed rental contract for 25 years to Buildings Agency (Belgian State). Canal Logistics (Neder-Over-Heembeek) (Neder O er Heembeek) • Strategically situated 47,000 m² (+ 2,500 m² offices) state-of-the-art logistics site • 90% is let,, with letting g options p to existing g tenants for the remaining g 10% • Lead tenants: Cameleon, MSF, Caterpillar The Crescent (Brussels) • Transformation into ‘green intelligent’ business center since 2011 • Renovated office building let for almost 50%. State Archives. Schmiede. The Crescent 38. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. IInvestment t t in i shopping h i center t (L (Luxembourg) b ) • Subscription of 100% of the privately issued real estate certificates (€ 74.5), within the framework of the refinancing of the shopping center Knauf located in Schmiede • 32,228 m² retail and 2,277 m² offices • Fully let to major international and local retailers.

(39) Extensa Group: conso balance sheet. Consolidated balance sheet (in € mio). 30/06/12. 31/12/11. 30/06/12. 31/12/11. 107.4. 109.8. 110 4 110.4. 104 6 104.6. Land development. 15.1. 15.5 Net equity. Real estate projects. 70.1. 66.4. RE investments & Leasings. 42.9. 43.4. Tour &Taxis (50%): FV yield of 7.0%. 23.6. 23.3. Other assets (a.o Wegener -Halliburton). 19.3. 20.1. Leasinvest Real Estate. 73 0 73.0. 76 9 Financial debts((2)) 76.9. 36.2. 29.9 Other liabilities. 19.5. 17.7. 237.3. 232.1 Total liabilities. 237.3. 232.1. 1,173,866 shares (1). Other assets a.o. Cash € 21.1 mio (1H12), €15.8 (2011). Total assets (1) AvH holding directly 30,236 shares. (2) Net financial debt 1H12: € 89.3 mio; 2011: € 88.8 mio. 39. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. (Extensa – LRE combined) (AvH 100%).

(40) Extensa: land development in Belgium 150 ha, ha of which almost 380,000 380 000 m m² saleable potential. De Lange Velden (Wondelgem) • 90,990 m² of saleable land; 171,900 m² total area • Phases 1 and 2 completely sold • Permit for p phase 3 ((22 p parcels)) expected p 3Q12. Parkveld (Heverlee) • 25,500 m² of saleable land; 65,000 m² total area • 38 parcels & project land for 24 park houses • Permit delayed y due to legal g p procedures Parkveld. Groeningen (Kontich) • 153,940 m² of saleable land; 254,000 m² total area • 372 parcels & project land for 127 apartments, over 3 phases • Permit delayed due to legal procedures Groeningen 40. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. De Lange Velden.

(41) Extensa: residential projects. Cederpark (Hasselt Runkst) (Extensa 100%) • 125 houses and 165 apartments • First phase sold for 41%. Phases 1A and 1B: 100% delivered, 1C: 69% Cederpark. De Munt. Immobilière du Cerf (La Hulpe) (Extensa 33%) • Masterplan presented for 350 apartments (35 (35,000 000 m²). 41. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. De Munt (Roeselare) (Extensa 50%) • 145 apartments, 8,634 m³ retail and 471 parking spaces • First retail phase completely rented. rented • Apartments phase 1: Sold 77%. Delivered 100%. • Apartments phase 2: Sold 46%. Delivered 55%. • Apartments phase 3: Sold 2%. Delivered 10%..

(42) Extensa: Tour & Taxis (Brussels) (Extensa 50%) 30 ha – 370,000 m m². • Real estate Project: Development potential of 370,000 m² secured by Brussels Government decision in 3Q09 • Building g permit p obtained for 218,000 , m² mixed use 1Q10 Q • Permit received (July 2012) for BIM building (16,725 m² + 77 parking places; 18 yr lease) and public underground car park (187 places): construction started August 2012 (delivery early 2014). BIM/IBGE 42. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Real estate Investment: Royal Depot 44,880 m² (32,053 m² offices, 5,383 m² archives,, 6.277 m² retail: fullyy let)) • The Warehouses: trade fair and exhibition center: 17,275 m²  Royal Depot/Warehouses valued at implicit yield of 7%/7.5% (€ 110 mio vs debts of € 45.2 mio).

(43) Extensa: Cloche d’Or (Luxembourg) (Extensa 50%) 20 ha – 400,000 m m². Ilot A: residential. 43. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Real R l estate t t Project: P j t Development D l t potential t ti l off 400 400,000 000 m²² • Master plan approved, PAP obtained 3Q10, infrastructure approval 3Q11 • Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure)) under development; p ; retail p permissions obtained • Ilot A (70,000 m²) residential part to be developed first: construction expected to start in 2013.

(44) Extensa: New markets. •Romania, partnership in retail parks • Focsani F i (20%) – 44,262 44 262 m²: ² 90% rented; t d valued l d att yield i ld off 9 9.5%. 5% Third phase opened in Sep 2011 (anchor C&A) • Deva (20%) - 39,000 m²: delayed until confirmation by anchors • Extensa ((Romania)) – 50% Land positions acquired (2008) in Bucarest (office/retail 24.000 m²) and Arad (residential/ retail 295,000 m²) •Slovakia, 50% Total of 36 ha for development of two business parks: • Business Park Trnava – 27 ha of which 8,7 , ha have been sold (Skonto, Fremach, McDonalds,…); retail project on 15 ha • Industrial Park Selpice – 9 ha of which 3 ha have been sold. B Bomonti i Apartman A. Focsani Bucharest. Trnava 44. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Turkey, Istanbul (Sisli municipality, Bomonti area) - 100% • Apartment A t t building b ildi (92 apt., t share h E t Extensa 75) delivered d li d in i 3Q11: 3Q11 55 sold (June 2012) • Apartment tower (98 apt., share Extensa 52) delivery 4Q12: 17 sold (June 2012).

(45) Groupe Financière Duval (update 3Q12) ((AvH 41.14%)). Highlights 1H12 • Turnover increase driven by promotion activities, senior care residences and new golf sites • Real estate promotion activities (CFA): Increased activity despite weak economic environment • Services Ser ices (Yxime) (Y ime) (approx. (appro 4 4.5 5 mio m² property propert under nder management) • Tourism – holiday parks (Odalys) (105,000 beds, 294 sites): traditional seasonal effect: losses in 1H (winter) to be largely compensated in 2H (summer season) • NGF (30 golf sites): new golf sites (9 in 2011) delivering as expected • Health (Residalya) (1,355 beds, 19 sites): new residences and higher occupancy • Parkings (ParkA’) (5,500 parking places in Paris) • Increase of (seasonal) net loss due to increased scope of tourism activities 3Q12: Q Exploitation p and p promotion activities in line with expectations. p Negative g impact p from losses in project management subsidiaries. Key figures (in € mio) Turnover EBIT Net result. 1H12 208.8 -20.7 -11.7. 1H11 178.0 -13.6 -7.2. 2011 430.4 16.3 6.6. Shareholder's equity Net financial position. 87.2 -114.7. 85.7 -104.2. 99.1 -63.4. Le Phare des Alizés - Nantes 45. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. French group focused on real estate projects, services and residences.

(46) Anima Care (update 3Q12) (AvH 100%). Highlights 1H12 • Strong increase of turnover and net result driven by portfolio expansion and improvement of existing residences • Two acquisitions in 2012: “Résidence Parc des Princes” in Oudergem (49 beds) and “Azur Soins et Santé” in Braine-L’Alleud (42 beds) • Extension of the residence in Landen with 21 beds and 22 service flats to 107 beds in total • Total portfolio of more than 1,000 beds and service flats (505 beds and 60 service flats in operation) (30.06.12) 3Q12: positive result in line with 1H12. Key figures (in € mio) Turnover EBITDA Net result. 1H12 9.7 1.2 0.2. 1H11 7.1 1.0 0.1. 2011 15.4 2.1 0.4. Shareholder's equity Net financial position. 18.9 -13.8. 12.1 -11.4. 12.0 -13.7. Azur Soins et Santé 46. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Anima Care focuses on the healthcare sector in Belgium, primarily in the market segment of high quality senior care residences.

(47) SIPEF. • Agro industrial group with plantations in Indonesia en Papua New Guinea for palm oil, rubber and tea • Since 1997. SAGAR CEMENTS. • Production of cement and clinkers. In partnership with the Reddy family • Since 2008. ORIENTAL QUARRIES • Stone quarries for building aggregates. In & MINES partnership with the Bakshi family • Since 2009 MAX GREEN. • Renewable energy based on biomass (wood pellets) • Joint venture with Electrabel • Since 2009. HENSCHEL GROUP. • Development & manufacturing of welded steel structures and equipment, equipment mainly in Poland • Since 1994 (NIM) 47. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Segment ‘Energy & Resources’.

(48) Contribution to the AvH consolidated net result (group share) (in € mio) Energy & Resources Sipef Sagar Cements Henschel Group Other. 1H12 7.9 6.8 0.1 0.5 0.5. 1H11 9.4 9.9 0.9 -1.2 -0.2. 2011 19.0 16.9 1.3 -0.1 0.9. 48. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Energy & Resources.

(49) Sipef: key figures (update 3Q12) (AvH 26.69%) 26 69%) A Belgian agro-industrial group operating and managing tropical plantation b businesses sinesses (52,019 (52 019 ha palm oil and 9,298 9 298 ha rrubber), bber) in Indonesia and Papua New Guinea ((in USD mio)). 3Q12 Q. 1H12. 2011. Group production (in T)(1) Palm oil 191 052 121,246 191,052 121 246 258,099 258 099 Rubber 8,322 5,672 9,545 Tea 2,038 1,447 2,641 Turnover EBIT Net result Net equity Net cash position Share high/low (in €) Market cap (€ mio). 174.6 45.9 33.2 439.2. 367.7 129.3 95.1 425.3. 48.0. 47.5. 71.89/54.51 71.89/54.51 75.78/49.01 575.1. 509.4. 519.2. (1) Own + outgrowers 49. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. € 1 = USD 1.30 (1H12).

(50) Sipef: highlights (update 3Q12) Highlights 1H12 • Slight decrease of palm oil production due to tough climate conditions in Papua New Guinea, despite overall favourable growing conditions. Increase of production of rubber, bananas and tea • Impact of IAS 41 effect on results (after tax): 30/6/2012: € +1.0 mio; 31/12/2011: € +10.4 mio; 30/6/2011: € +8.1 mio • Lower owe sales p prices ces for o palm pal oil o l and a d rubber ubbe and a d increase c ease of o production p oduct o costs resulted esulted in ssignificant g ca t decrease of net result (in USD mio) 3Q12 1H12 2011 2010. A Average market k t prices i (i (in USD/T) Palm oil 1,063 1,097 Rubber 3,471 3,722. 1,125 4,823. 901 3,654. • Expansion E i continued: ti d li licenses obtained bt i d iin SSouth th SSumatra: t 9 9,000 000 h ha ((early l 2012) 2012); planting l ti started t t d on MMAS estate in the province of Bengkulu; expansion of the newly planted oil palm areas of UMW estate in Indonesia and of Hargy Oil Palms in Papua New Guinea 3Q12: Increase of palm oil production (+5.5%) offset slight decrease from first half year. Continued increase of production of rubber, bananas and tea. Outloo 2012 Outlook 0 • Despite attractive forwards sales and a positive outlook in general for palmoil, the results over the full year 2012 will probably be lower than in 2011 due to lower sales prices for palm oil and rubber and increased production costs 50. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. € 1 = USD 1.30 (1H12).

(51) Sagar Cements (AvH 15.68%) Cement plant, located in Hyderabad (Andra Pradesh), India Highlights 1H12 • Stable pricing, but low capacity utilization in a difficult market • Net result impacted by high energy costs • Construction of cement plant with Vicat Group in Karnataka on schedule and expected to be operational by end of 2012. Key figures (in € mio). 1H12. 1H11. 2011. € 1 = INR 68 68.03 03 € 1 = INR 63 63.29 29 € 1 = INR 64 64.94 94. Turnover EBITDA Net result Shareholder's equity Net financial position Share high/low (in INR) Market cap (INR mio). 51.4 4.5 10 1.0. 52.9 13.2 59 5.9. 103.0 23.1 93 9.3. 37.5 -28.7 28.7. 37.8 -36.8 36.8. 38.3 -29.7 29.7. 190.6/137.6 3,134. 152.8/121.1 2,400. 150.0/121.1 2,480 51. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • AvH stake slightly increased to 15 15.65% 65%.

(52) Oriental Quarries & Mines (AvH 50%) Aggregates quarries, India (in partnership with Oriental Structural Engineers ) Highlights 1H12 • Sales volumes impacted by operational problems and temporary inactivity of three quarries • Quarries in Nangal, Ghatoli, Gwalior and Bangalore with total crushing capacity of 2.3 million tons. Key figures (in € mio) Turnover EBITDA Net result Shareholder's Sh h ld ' equity it Net financial position. 1H12. 1H11. 2011. € 1= INR 68.03. € 1= INR 63.29. € 1= INR 64.94. 1.8 -0.2 -0.2. 4.0 0.3 0.3. 6.8 0.3 0.2. 7.5 7 5 2.9. 8.4 8 4 3.4. 7.8 7 8 3.1 52. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Sales prices increased by 14%.

(53) Max Green (AvH 18.9%) Renewable energy based on biomass / wood pellets Highlights 1H12. • Plant performed operationnally very well in 1H12 • Turnover of € 95.7 mio and EBITDA of € 4.9 mio g y impacted p byy a change g in market dynamics y negatively and an altered legal framework (leading to additional costs). 53. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. • Joint venture with Electrabel after conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit with 180 Mwel capacity (after conversion) (320,000 households). ).

(54) Henschel Group (AvH 50%) 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. • Slight recovery of the crane market and diversification towards p parts for container handling and dredging sector resulted in 14% increase of turnover p • Positive net result thanks to improved production efficiency. Key y figures g ((in € mio)) Turnover Net result Net financial position. 1H12 37.3. 1H11 32.8. 2011 64.4. 1.6. -1.2. -0.7. -14.5. -11.5. -14.2 54. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Highlights 1H12.

(55) WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. 55.

(56) (in € mio - AvH group share). 1H12. 1H11. 2011. -0.4 0.4. -0.3 0.3. -0.8 0.8. Contribution from portfolio cies Sofinim(1). 8.9. 2.1. 6.3. Contribution from portfolio cies GIB. 1.3. 1.3. 3.1. Contribution before capital p gains g. 9.8. 3.1. 8.6. Capital gains. 2.0. 0.3. -0.9. 11.8. 3.4. 7.7. Sofinim. Total contribution Development Capital. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies. 56. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Development Capital: key figures.

(57) (in € mio). 1H12. 1H11. 2011. Sofinim. 445 6 445.6. 434 0 434.0. 437 3 437.3. 3.8. 7.5. 1.5. 27.43. 33.50. 24.21. 11.3. 40.5. 12.9. 3.31. 6.49. 3.56. 460.6*. 482.0*. 451.7. Unrealised capital gains Atenor Share price Atenor (in €). Market value Groupe Flo / Trasys Share price Groupe Flo (in €). Total Development Capital * After dividend distribution of € 6 mio in 1H. 57. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Development Capital: adjusted net asset value.

(58) Development Capital: highlights (1H12 & update 3Q12) Highlights 1H12 - Increase of contribution from Development Capital, Capital thanks to recovery of the results of participations. - Capital gain of € 2.0 2 0 mio from the sale of the participation in Alural Belgium to Reynaers group and from the earn-out on the sale of Engelhardt Druck (in 2010, to German industrial printer Rahning) 3Q12 - Mixed operational performance in 3Q12 whithin portfolio companies due to some restructuring costs and increased uncertainties in global economic environment - AR Metallizing (63% fully diluted) sold to H.I.G. European Capital Partners and the company’s management in September. Capital gain on this transaction of more than 20 million euros (AvH) (IRR 39.0%).. 58. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. - Hertel: Focus on consolidation and strenghtening g g of operational p organisations g under new management led to stable turnover and a recovery of results. Reference shareholders (NPM Capital and Sofinim) increased capital by € 50 mio.

(59) Groupe Flo (update 3Q12) (AvH 47.8%) Leading player in casual dining in France - Hippopotamus: Hi t 172 grill ill restaurants t t (78 franchise) f hi ) (164 in i 2011) - Bistro Romain: 20 Italian restaurants (3 franchise) (22 in 2011) - Brasseries: 34 ‘institutional brasseries’ and 40 Tavernes de Maître Kanter (34 and 39 in 2011) - Tablapizza: 30 pizzerias (11 franchise) (28 in 2010) Highlights g l g ts 1H12 • Decrease of turnover (-3.4% like-for-like) due to declining customer confidence, but impact limited thanks to commercial strategy. • Impact on profitability significantly offset by tight cost control and productivity increase 3Q12 D 3Q12: Decrease off turnover t ((-5.5%) 5 5%) in i line li with ith d declining li i customer t spending di iin F France. Impact on result limited thanks to tight cost control. Key figures (in € mio) Turnover EBITDA Net result Net financial position. 3Q12 267.8 29.4 8.6. 1H12 183.4 21.7 6.2. 2011 382.2 48.1 15.0. -83.0. -79.0 59. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Hippopotamus.

(60) ‘Although g certain companies p of the AvH group are experiencing growing pressure from the slowing economy since 3Q12 and Hertel’s contribution to the results will once more be distorted in 2012 by the impact of reorganizations the board of reorganizations, directors of Ackermans & van Haaren believes the group is still well positioned.’ 60. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Outlook 2012.

(61) 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 dirsec@avh.be. 61. WorldReginfo - 51f534ff-103f-4e73-8819-38c421fd4894. Ch i Chairman off th the E Executive ti C Committee itt.

(62)