Real estate &amp

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(1)WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Investor presentation May 2009.

(2) Simplified organisation chart As per 31/3/09. Real estate & related l t d services i. Pri ate banking Private. Pri ate equity Private eq it. D.E.M.E. 50%. EXTENSA 100%. BANK DELEN 79%. SOFINIM 74%. A A VAN LAERE A.A. 100%. LEASINVEST 30%. BANK J.VAN J VAN BREDA & CO 79%. GIB 50%. RENT-A-PORT 45%. COBELGUARD 40% FINANCIERE DUVAL 30%. 2. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Contracting, D d i & Dredging Concessions.

(3) (in € mio). 2008 IFRS. 2007 IFRS. 2006 IFRS. 2005 IFRS. 2004 IFRS. Contracting C t ti g Real estate & related services Private banking Private equity. 72.8 72 8 7.5 38.4 7.8. 53.8 53 8 27.1 44.3 47.2. 31.3 31 3 28.5 41.6 26.9. 23.3 23 3 11.6 57.0 -3.0. 14.3 14 3 1.2 33.0 9.7. Private equity capital gains Other companies. 10.4 9.9. 18.1 10.8. 155.8. 36.2. -9.2. Result from participations. 146.8. 201.3. 284.1. 125.1. 49.0. Before capital gains. 136.4. 183.2. 128.3. 88.9. 58.2. AvH & subholdings. -36.0. 34.3. 6.8. 23.4. 43.9. 3.7. 5.8 241.4. 16.7 307.6. 126.6 39 3.9 279.0. 37.6 43 4.3 134.8. Other non-recurrent result Discontinued operations Consolidated group result. 114.6. 3. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Consolidated group result 2008.

(4) Net result by activity (in € mio) Contracting DEME Rent-A-Port A.A. Van Laere NMP Real estate & related services Extensa - Leasinvest RE Cobelguard Groupe Financière Duval Private banking Finaxis (Bank Delen-Bank J.Van Breda & C°) BDM-ASCO Private equity Sofinim Contribution Sofinim / GIB participations Other companies (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. 2008 72.8 57.4 1.4 2.4 11.6 7.5 4.7 0.6 2.2 38.4 39.7 -1.4 7.8 6.3 15 1.5 9.9 136.4 10.4 146.8 -32.3 114.6. 2007 53.8 45.1 0.8 3.2 4.7 27.1 25.0 0.5 1.6 44.3 43.4 0.9 47.2 6.2 41 0 41.0 10.8 183.2 18.1 201.3 40.1 241.4. 4. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Results 2008.

(5) Highlights 2008 DEME Strong increase of TO ((+15%, 15% € 1,509 1 509 mio) and net profit ((+27%, 27% € 115 mio) Order book increased to € 2,192 mio (vs € 1,811 mio per 31.12.07) Strongly diversified, both geographically and by segment. FINAXIS Bank Delen •AUM: € 10,343 mio (vs € 12,126 mio per 31.12.07) with strong net inflow of funds •Net equity increased to € 281 mio (versus € 246 mio per 31.12.07); core Tier1 of 30.6% Bank J.Van Breda & C C° •Total client assets: € 5,009 mio (versus € 4,701 mio per 31.12.07) •Net equity increased to € 223 mio (versus € 207 mio per 31.12.07) •Core Tier1: 10.1%, with no toxic assets and fully client driven loan portfolio PRIVATE EQUITY Feeling impact as of 4Q08 of economic slowdown and consumer uncertainties resulting from financial crisis Sale of Arcomet and Oleon Holding/Biodiesel (€ 10.4 mio capital gains) Impact of impairments at Flo and Distriplus: - € 17.3 mio (AvH share) AvH & SUBHOLDINGS •Net cash decreased to € 106.4 million (versus € 363.6 mio at 31.12.07) •Impact mark to market KBC and Fortis: - € 44 mio via P&L (Fortis) and - € 101 mio via net equity (KBC). 5. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. REAL ESTATE LRE: Portfolio value increased to € 534 mio; Occupancy rate 97.3%, Rental yield 7.27% Extensa : Slowdown in sales of residential land parcels and project development Exceptional losses on profit recognition in Romania and sale of project in Brussels (- € 7.6 mio).

(6) Other key figures 2008 2008-1Q2009 1Q2009 C Consolidated lid db balance l sheet h AvH A H group. 1Q2009. 2008. 2007. 1 517 1 1,517.1. 1 580 1 1,580.1. (1). 363.6(2). Shareholders' equity (group share) Shareholders Net cash AvH and subholdings. 143.7. 106.4. (1) After investments of € 96 mio, of which € 19 mio in private equity and € 77 mio in AvH & subholdings, € 61.3 mio of divestments and € 159 mio of negative fair value corrections in the investment portfolio. (2) After investments of € 248 mio, of which € 154 mio in private equity and € 94 mio in AvH & subholdings, and € 37.9 mio divestments. Key y figures g per p share Number of shares (#) Net result per share (€) Gross dividend Net equity Stock price: highest lowest close. 2008. 2007. 33,496,904 3.45. 33,496,904 7.27. 1.39. 1.39. 45.29 70 9 70.9 33.8 36.4. 47.17 76 9 76.9 63.3 67.0. 6. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. (in € mio).

(7) Evolution gross dividend Gross dividend per share (in €). 7. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Average annual growth of 16.1% over the last 10 year.

(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. 8. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. 90.

(9) Net cash position AvH group (31/12/08-31/03/09) Private Total Equity (31/12/08). Total (31/03/09). Investment portfolio. 36,385. 2,774. 39,159. 27,379. Term deposits. 77,649. 18,365. 96,014. 125,618. 1,165. 75. 1,241. 3,825. -46,625 46 625. -. -46,625 46 625. -27,151 27 151. 12,668. -. 12,668. 12,670. 3,961. -. 3,961. 1,377. 21 214 21,214. 9 106 426 106,426. 24 143 742 143,742. Cash Short term debt - commercial paper Own shares (314,346 #) Net cash GIB (50%) (equity consolidation) Other. 85 203 85,203. 9. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. (in € 000). AvH & subholdings.

(10) Details investment portfolio as of 31/03/09 (# shares). AvH & subholdings. Sofinim. 2,782,844 Fortis 95,044 CNP 0 Telenet (- 65,065 in 1Q08, -24,935 in 1Q09) > € 4.2 mio Others. 120,245 Telenet (-105,133 in 1Q09). 0 SES Global (-1,200,000 in 4Q08). 10. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. 1,183,429 KBC (-234,098 in 4Q08).

(11) DEME: Creating land for the future. Fluvial & marine aggregates. Environmental techniques. Dredging and land reclamation Marine & civil engineering 11. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. One of the largest and most diversified dredging and marine engineering companies in the world.

(12) (conso in € mio) (conso,. 2008. 2007. Turnover. +15%. 1,508.8. 1,313.9. EBITDA. +16%. 302 0 302.0. 259 4 259.4. EBIT. +18%. 174.7. 148.6. Net result. +27%. 114 8 114.8. 90 2 90.2. Net cash flow. 247.8. 204.0. Shareholder's equity. 499.6. 410.6. Net financial position. <373.4>. <363.8>. Total assets. 1,788.7. 1,472.6. #p personnel. 3,577 ,. 2,836 ,. 12. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. DEME: Key figures 2008.

(13) DEME: operational highlights 2008 • Strong capacity utilization of fleet: − hoppers 44.4 weeks (FY07: 44.6 wks) − cutters 33.9 weeks (FY07: 32.3 wks) • TO increase of 15% to € 1,508.8 mio vs. EBITDA increase of 16% to € 302.0 mio. 25%. 18%. 16%. 16%. 14%. 15%. 11% 9%. 10% 6% 5%. 20%. 20%. 20%. 7% 5%. 5%. 8%. 7%. 12% 8%. 5%. 4%. 0% 2003. 2004. 2005 NET INCOME. 2006 EBIT. 2007 EBITDA. 2008 13. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Evolution net income - EBIT - EBITDA as a % of turnover.

(14) DEME: breakdown of turnover 2008 Consolidated turnover p per activity y Marine works* 14% Environmental 10%. America 7%. Oil & Gas 10%. Asia & Oceania 7% Europe EU 34%. Africa 19%. Maintenance dredging 17% * Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials. India Pakistan India, 8%. Europe - non EU 3% Middle East 22%. 14. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Consolidated turnover per region. Capital dredging 49%.

(15) DEME: order book 2008 2008-1Q2009 1Q2009 Strong renewal of order book in 1Q2009 to € 1,972 mio, vs € 2,192 mio per 31/12/08 and € 1,811 mio per 31/12/07 (impact cancellation Port Rashid € -286 mio). Outlook 2009. Evolution order book 2003-2008 (in € mio) 2500. 2000 OTHER. 1500. 11%. MIDDLE EAST+INDIA 21% 1000. 500. ASIA PACIFIC. 15%. EUROPE. 22%. BENELUX. 31%. 0 2003. 2004. 2005. 2006. 2007. 2008. 15. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • DEME well diversified, both by geography as by segment • Major dredging projects worldwide in tender or yet to be executed • Caution to be maintained due to uncertain impact of banking environment and l g lead longer l d times ti i th in the granting g ti g off tender t d projects j t.

(16) Dredging projects worldwide yet to be executed or in tender Projects yet to be executed • Maasvlakte • Deepening of Scheldt. • Long distance sand sourcing Singapore • Australia : different harbour extension works • Abu Dhabi : different works for oil & gas clients • Qatar : New Doha Port Saoudi-Arabia Arabia : different works • Saoudi • Panama : deepening and widening Panama Canal (Atlantic side) • Netherlands, coastal protection works “Nieuwe DELTA plan”. 16. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Projects in tender (some examples).

(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, 2009) • 2 hoppers: 30,000 m³ next generation plus (IHC, 2011) + 5,600 m³ Artevelde (IHC, 2009)) • 1 backhoe dredger (40 m³- China, 2009) • 2 self-propelled split hoppers (2,750 m³ - Singapore, 2009) • 1 water injection dredger (Singapore, 2009) • 1 DP-DT DP DT fallpipe vessel (17,000 (17 000 T – Singapore, Singapore 2011) • 1 jumbo jack-up (1,600 T – 80 m depth – Belgium, 2009) • 1 gravel dredger Victor Horta (5,000 m³ - IHC, 2011). 17. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • 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 2008 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. Key figures (conso, in € mio). 2008. 2007. Turnover. 5.9. 4.6. Net result*. 3.0. 1.9. Shareholder's equity. 5.4. 3.2. Shareholders: AvH: 45%, 45% CFE 45% 45%, management 10% * incl. capital gain of € 6 mio on sale of a participation (2008) 18. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Main contracts in India, Vietnam, Congo, Liberia and Nigeria.

(19) Van Laere: highlights 2008. • Good operational performance despite highly competitive market. Key figures (conso, in € mio). 2008. 2007. Turnover. 135.6. 133.5. Net result. 2.4. 3.2. 34.1. 32.0. 542. 569. Shareholder's equity # personnel. Silvertop Antwerpen. 19. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. •O Orderbook d b k renewed d - as off 31/12/08 € 174 mio: i major j projects j t in Kortrijk (shopping center), Vilvoorde (residential), Machelen (office), Zoetermeer (Nl, retail), Antwerpen (logistics).

(20) NMP / SNTC: highlights 2008 Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium. Key figures. 2008. 2007. Turnover. 13.5. 14.5. Net result. 15.5. 6.3(1). Net cash flow. 17 2 17.2. 83 8.3. Shareholder's equity. 50.0. 35.8. Net financial position. 30.7. 22.9. (conso in € mio, IFRS). (1) Incl. € 3.2 mio capital gain on sale of affiliate. 20. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Results FY08: impacted by exceptional capital gains (€ 12 mio) on sale of Corenox (to Air Liquide) and Corepi.

(21) Extensa Group. Leasinvest Real Estate: real estate management for offices, offices logistics and retail (Belgium, Luxembourg) Real estate portfolio value € 571 mio. Real estate investments (Wommelgem). Tailor-made redevelopment (Bian). Property development (Tour & Taxis). WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Extensa: real estate development focused on residential and mixed development projects Land development: 150 ha in Belgium (300,000-400,000 m²) Property development (430,000 m²) H Home market: k t B Belgium, l i L Luxembourg b New markets: Romania, Slovakia, Turkey.

(22) Extensa Group: 2008. Consolidated balance sheet( in € mio). RE investments & Leasings. 31/12/08. 52.1. 31/12/07. 53.6 Net equity. 31/12/08. 31/12/07. 119.3. 121.2. a.o. Tour &Taxis (50%): FV yield of 7.25%. 19.6. 15.4 (incl. Sub. Loan AvH € 13.9 mio). a.o. Tervurenlaan-Wegener-Halliburton - rental yield: 7.2%. 32.5. 38.2. Land development. 18.8. 18.9. Real estate projects. 49 6 49.6. 41 0 41.0. Leasinvest Real Estate. 77.6. 76.5 Financial debts (2). 98.4. 79.6. 36.5. 26.5 Other liabilities. 16.9. 15.8. 234.6. 216.5 Total liabilities. 234.6. 216.5. (1). 1,173,866 shares. Other assets a.o. Cash € 18.2 mio, 173,072 shares Retail Estates (€ 5.9 mio). Total assets (1) AvH holding directly 30,236 shares. (2) Net financial debt end FY08: € 80 mio. 22. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Conso balance sheet (Extensa – LRE combined).

(23) Extensa Group: 2008 (Extensa – Leasinvest RE combined). Extensa Leasinvest RE. 2008. 2007. -1.7. (1). 15.2(3). 6.4. (2). 9.8. (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 Recurring revenues from land development (€ 4.3 mio). (2). After € 3.5 mio mark-to-market valuation of interest rate hedges (part AvH: € 1.0 mio). (3). 2007: Capital gain on sale of Targu Mures (€ 10.1 mio), fair value valuation T&T (€ 5.75 mio). 23. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Contribution to result AvH ( in € mio).

(24) Leasinvest Real Estate: 2008 2008-1Q2009 1Q2009 Real Estate Investment Trust (bevak – sicafi) (in € mio). 1Q2009. 2008. 2007. Operational result Net result (1) Net equity. 272.0. 26.7 20.9 264.4. 22.7 33.4 260.7. Portfolio real estate - fair value (2) Rental yield (%) Occupancy rate (%). 570.9 7 45 7.45 98. 563.2 7 27 7.27 97.29. 441.1 7 21 7.21 97.74. 68.05 47.30. 66.17 48.05. 65.21 66.64. High. 54.25. 78.00. 84.50. Low. 45 68 45.68. 46 13 46.13. 62 00 62.00. Per share (€) Net asset value (3) Stock price - closing (1) (2) (3). 2007: Including € 11.9 mio fair value adjustments and € 5.8 mio capital gains (Extensa Square, Wommelgem & Aubépines in GDL); 2008: € 8,0 mio fair value adjustments Values from 2008 onwards recalculated to include project development (in line with the changes in IFRS rule IAS 40) Dividend per share of € 3.8 paid as of 22/10/07, € 3.85 paid as of 15/10/08. • No important rental breaks in 2009 • Total net debt: € 262 mio (debt ratio: 52%). 24. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. (12 mths to 31.12).

(25) Leasinvest Real Estate Spread total portfolio in operation (31/12/2008). 14 buildings € 206 million (38.6%) 84 201 m² 84,201. Total 55 buildings in operation nearly € 560 million (345 000 m²) (345,000. Offices Brussels Offices Luxembourg Offices Ghent. 11,8%. 4,5%. 26,0%. 3,6%. 17,3% 0,5% 5 4% 5,4%. 7,8%. 23,2%. Offices Mechelen Offices Antw erp Logistics g Belgium Logistics Luxembourg Retail Belgium Retail Luxembourg. 25. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. 41 buildings b ildi € 328 million (61.4%) 261,135 m².

(26) Leasinvest Real Estate: acquisitions 2008. •Agreement for acquisition of 50,000 m2 of logistics in Neder-over-Heembeek in 2H09 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 - 48cc518f-1ecb-4002-9c1a-92c621d08057. 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 2008 Grand Duchy of Luxembourg. CFM. Bian • Office building, entirely stripped and being extended to 5,700 5 700 m²² Æ Important capital gain foreseen on completion in April 2009 (no rental income current financial year). Belgium Bian. Real estate leasing agreement with tenant Cegelec • agreement for construction and financing of regional branch (3,500 m2 offices + 1,000 m2 workplace/warehouse) at Alpha Campus in Zwijndrecht (Antwerp) Æ Total investment of € 6.2 mio (initial yield: 7.5%) 27. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. CFM project • Renovation off current site with h extension off 4,000 000 m²² of storage and 1,200 m² of offices, on behalf of current tenant (long term pre-let: fixed for 10y), completed Æ Important revaluation gain of € 14.4 mio (gross rental yield: 8.9%).

(28) Extensa: land development 2008 Land development (book value: € 18.8 mio) •Total land portfolio of 150 ha, of which 100 ha under development • Salable residential parcels (2008-2012): between 300,000 and 400,000 m² • Projects in area of Ghent, Hasselt, Leuven, Antwerp Permits obtained (salable m²). 2007. 2008. 2. 2. 56,000 m. Parcels sold. 30,000 m. 2. 26,000 m. Permits in process (salable m²) 2. 21,030 m. 2009/2012 2. 160,600 m. 27,285 m². •Hasselt-Kuringen g - Total project permitted (100% Extensa): 15,000 m2 (salable parcels phase 2) - Sold as per end 2008: 9,800 m2 - Average sales prices: 180 €/m2 PM development PM: d l t potential t ti l for f 30 apartments/ t t / 38 parkings ki g •New project in Roeselare (50%) - 9,261 m² retail, 150 apartments, 532 parkings. 28. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. 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 - Average A sales l prices: i 285 330 €/m 285-330 €/ 2 PM: development potential for 114 apartments/ 114 parkings.

(29) Extensa: land development. Location : Hasselt/Runkst, Spoorwegstraat : approx. 40,000 m². Design : p : West-8 from Rotterdam ((NL)) Masterplan Architects : Crepain Binst Architecture, a2oarchitecten, m² architecten, cleuren-merken Engineering firm Geotec (Bilzen) Engineering firm Arcadis-Gedas (Hasselt). Project proposal: pp 305 Mix of approx. residential units 29. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Cederpark Hasselt.

(30) Extensa: property development 2008 - Belux Real estate projects (book value: € 49.6 49 6 mio). • 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: fullyy let)) • The Warehouses: exhibition center: 17,500 m² Æ Royal Depot/Warehouses valued at implicit yield of 7.25% (€ 106.0 mio vs debts of € 77 mio) • Development potential of 335,000 335 000 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 (25%): 30 ha • Development potential of 400,000 m² • Master plan approval process ongoing (PAG obtained, obtained 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 - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Brussels-Evere: ‘Kinesis’-project: sold in FY08 (impact net result - € 3.2 mio and cash + € 10.5 mio).

(31) Extensa: property development. 31. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Belgium – Tour & Taxis.

(32) Extensa: property development 2008 - New markets. Istanbul • Extensa ((Romania)) New land positions acquired Exploring opportunities in Bucarest (offices, 25.000 m²) and Arad (residential). • Slovakia, Sl ki Trnava T - 50% • Total of 36 ha for development of logistics/retail project • Turkey, y, Istanbul - 50% • Control of 7,000 m² in central Istanbul (Bomonti) • Development potential of 200 apartments • Start of pre-sales delayed because of local RE market slowdown 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 - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Romania: partnership in retail parks • 2008: Focsani (20%) - 51,500 m² First phase opened in autumn 2008 Second phase September 2009 • 2009: 2009 Deva D (20%) - 48,000 48 000 m²² To be delivered early 2010.

(33) Cobelguard: highlights 2008 Security company focused on static guarding and surveillance by unarmed security guards on private property • Largest – pure Belgian – security company, employing 1,076 security agents g. •N New iinitiatives iti ti b broadening d i service i offering ff i and d geographic hi coverage under d study: license GDLux obtained. Key financials (in € mio). 2008. 2007. Turnover. 46.6. 40.2. EBIT. 3.0. 2.4. Net result. 1.9. 1.7. Shareholder's equity. 6.5. 5.0 33. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Highlights 2008 • Continued strong commercial performance.

(34) Groupe Financière Duval: highlights 2008 French group focused on real estate projects, services and residences. Real estate •Promotion and construction (CFA): € 104 mio turnover (2007: € 93 mio) •Services (Yxime): € 19 mio turnover (4 mio m² property under management) Exploitation •Tourism: Odalys, NGF: € 167 mio turnover; 90,000 beds, 250 sites; Vacances Bleues: € 83 mio •Health (Residalya): € 24 mio turnover ; 1 1,020 020 beds beds, 15 sites •Parkings: 4,000 places in Paris. Key financials (in € mio) Turnover EBITDA Net result Shareholder's equity Long term debt. 2008 401.1 29.5 58 5.8 79.5 83.3. 2007 261.3 26.5 75 7.5 62.3 78.0. Poitiers Porte Sud. 34. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • AvH-stake increased from 21% to 30% (as of June 2008) – through exercise of warrants • Sales increase driven by exploitation activities and acquisition of Vacances Bleues.

(35) Anima Care (AvH 100%). •. • • •. Acquisition of first senior care facility ‘De Toekomst/Sautstraetpoorte’ in february 2009 in Aalst (Belgium) with: • 85 licensed nursing home beds • 38 service flats Several acquisitions under study 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. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. New AvH initiative in health & care sector with primary focus on senior care business.

(36) Finaxis : 2008 Private and entrepreneurial banking in Belgium. Bank Delen • Private bank b k • Focused on discretionary asset management. AvH has increased stake in Finaxis from 75% to 78.75% (via 15% stake in Promofi). Consolidated key figures (in € mio). 2008. 2007. Net result. 51.1. 57.9. 4,507.3. 3,957.0. Assets under management. 10,343. 12,126. 'Bancassurance' products. 1,174. 1,044. Total assets. 36. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank B k J.Van J V Breda B d & C° Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions.

(37) Conso ((in € mio)) - IFRS Gross revenues Net result Equity Assets under management Cost / income ratio ROE (IFRS) Core Tier 1 Capital Ratio # personnel. 2008. 2007. 104.5 32.5 281.1 10,343. 108.4 36.7 246.0 12,126. 46.1% 12.3% 30 6% 30.6%. 44.6% 18.6% 24 8% 24.8%. 215. 210. 37. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank Delen: key figures 2008.

(38) Conso (in € 000) - IFRS Net interest income Gross fee income Other income G Gross revenues. 2008 10,581 97,232 -3,328 104 485 104,485. 2007 8,185 99,433 811 108 429 108,429. Fees paid. -12,299. -14,132. Operational expensens Amortisations & provisions Other expenses Loan loss provision Expenses. -39,767 39,767 -4,296 -368 145 -44,286 44 286. -38,677 38,677 -137 -210 203 -38,821 38 821. 135. 759. Profit before tax. 48,035 ,. 56,235 ,. Income taxes. -15,453. -19,476. Profit of the period Minority Mi it iinterests t t Share of the group. -113 113 32,469. -45 45 36,714. -3.6% 3 6%. Share of profit (loss) from equity accounted investments. -11.5%. 38. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank Delen: income statement 2008.

(39) (in € 000) Cash & loans and advances to banks Financial assets - Financial assets available for sales & 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 q y ((includingg minorityy interests)) Total liabilities. 2008. 2007. 557,283. 460,791. 892,652 75,427 4,030 17 590 17,590 150,260 6,008 1,703,250. 751,603 79,191 5,621 16 521 16,521 151,808 7,321 1,472,856. 4,474 1 379 810 1,379,810 2,053 35,654 281,259 , 1,703,250. 2,928 1 183 63 1,183,63 5,835 34,351 246,112 , 1,472,856 39. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank Delen: balance sheet 2008.

(40) Bank Delen: funds under management (1Q2009) Capfi Discretionary mandates. Advisory mandates. 12.500. Start cooperation with Bank J.Van Breda & C°. 10.000. BI&A. De Ferm. 5.000. 2.500. 0 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. (in € mio) Discretionary mandates Advisory mandates Total. 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 118 428 546. 1,270 1 270 1,149 2,419. 2,042 2 042 1,553 3,595. 2,682 2 682 1,393 4,075. 3,050 3 050 1,643 4,693. 3,196 3 196 1,530 4,726. 2,792 2 792 1,232 4,024. 3,098 3 098 1,437 4,535. 3,545 3 545 1,900 5,445. 4,748 4 748 2,723 7,471. 5,579 5 579 2,837 8,416. 8,719 8 719 3,407 12,126. 2008. 1Q2009. 2008 1Q2009 7,049 7 049 3,294 10,343. 6,929 6 929 3,686 10,615 40. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Havaux 7 500 7.500.

(41) Bank Delen: highlights 2008 and outlook 2009-1Q2009. • AUM: € 10,343 mio ( vs € 12,126 mio as of 31.12.07) − Economic situation & financial sector turmoil causing declining stock markets − Strong underlying net inflows in line with last year • Cost income ratio: 46 46.1% 1% (2007: 44 44.6) 6) • Acquisition Capfi (AUM as of 31.12.07: € 2,747 mio): smooth integration of personnel and clients • Net equity remains solid: € 281.1 mio (vs € 246 mio as of 31.12.07) • Extremely strong solvency (Core Tier1: 30.6%) and liquidity ratio • No toxic assets: not at bank, not in client portfolios • Bank portfolio: mostly sovereign risk. Outlook 2009-1Q2009 • Strong niche position, absence of any subprime risk or other ‘toxic’ assets and very decent relative portfolio returns reassuring clients and strengthening franchise through net inflow of funds • Evolution of revenue and profits depending on volatile markets • 1Q2009: Assets under management amounted to € 10,615 mio 41. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Highlights 2008.

(42) (in € mio) Bank product Net result Equity T Total l assets Total client assets * Cost / income ratio ROE CAD (solvency ratio) Core Tier 1 Capital Ratio Net loan write-offs / avg loan portfolio # personnel. 2008. 2007. 79.9 20.6 222.6 2 943 8 2,943.8 5,009. 81.5 22.4 206.6 2 631 6 2,631.6 4,701. 59.6% 9.6% 12.5% 10.1% 0.19%. 58.5% 10.4% 11.8% 9.5% 0.13%. 403. 399. * deposits & off balance sheets investments 42. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank J.Van J Van Breda & C°: C : key figures 2008.

(43) Conso (in € 000) - IFRS Net interest income Net fee income Other income Gross revenues. - 2%. Operational expensens A Amortisations ti ti & provisions ii Loan loss provision Expenses Share of profit (loss) from equity accounted investments Profit before tax I Income ttaxes Profit of the period Minority interests Share of the group. -7.9%. 2008. 2007. 56,559 22,628 673 79,86. 55,951 22,449 3 096 3,096 81,496. -45,359 -2,265 2 265. -45,691 -1,947 1 947. -4,082 -51,706. -2,421 -50,059. 65. -15. 28,219. 31,421. -7,542 7 542. -8,936 8 936. -58 20,619. -101 22,384 43. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank J.Van J Van Breda & C°: C : income statement 2008.

(44) ((in € 000)). 2008. 2007. Cash & loans and advances to banks Financial assets - Financial assets available for sales & held for trading - Loans and receivables (including finance leases) - Other Tangibles assets Goodwill and other intangible assets Other assets Total assets. 193,785. 131,727. 500,871 2,202,059 2,802 29,944 4 518 4,518 9,839 2,943,818. 396,534 2,056,606 6,717 28,549 4 348 4,348 7,091 2,631,572. Financial liabilities - Deposits from credit institutions - Deposits from clients - Debt D bt certificates tifi t (i (incl. l b bonds/ d / CP) - Subordinated liabilities - Other Provisions,, tax and other liabilities Equity (including minority interests) Total liabilities. 275,910 2,129,883 195 072 195,072 73,671 27,939 18,745 , 222,599 2,943,818. 289,235 1,806,861 227 858 227,858 70,640 9,777 20,625 , 206,576 2,631,572 44. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank J.Van J Van Breda & C°: C : balance sheet 2008.

(45) Bank J.Van J Van Breda & C° C Solid commercial performance 2008-1Q2009 ((€ mio)). 2003. 2004. 2005. 2006. 2007. Off-balance sheet investments. 1,292. 1,647. 2,071. 2,417. 2,802. 2,788. 2,880. Client deposits. 1,381. 1,471. 1,476. 1,660. 1,899. 2,221. 2,383. 972. 1,164. 1,401. 1,505. 1,755. 1,872. 1,864. Loans to target group. 2008 1Q2009 Q. 3000. 2000. 1500. 1000. 500. 0 2003. 2004. 2005. Off-balance sheet investments. 2006. 2007. Client deposits. 2008. 1Q2009. Loans to target group. 45. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. 2500.

(46) Highlights 2008 • Solid commercial performance − Continued growth of loan portfolio: € 1,872 mio (+6.7%) − Stable off-balance investments: € 2,788 , mio − Client deposits increased 17% to € 2,221 mio • Gross revenues remained stable supported by fee income (+1%) • Net loan loss provisions remain low, despite economic slowdown: 0 19% or € 4.1 0.19% 4 1 mio (vs 0.13% 0 13% for FY07) • Cost/income ratio stable at 59.6% (58.5% in 2007) • Net equity increased to 223 mio (vs € 207 mio as of 31.12.07) • Strong g solvency: y Core Tier 1 ratio 10.1% • No toxic assets, only loans to core clients • Very low leverage ratio (total assets/net equity): 13.2x (vs average Eurobanks 23.2) • Strong liquidity base: Very favourable loan to deposit ratio; Almost no interbank funding Bank portfolio: mostly sovereign risk Outlook 2009-1Q2009 • Return to positive transformation margin (thanks to normal yield curve), but potentially partly offset by higher loan loss provision due to economic recession • Strong client focus should somewhat protect results, even through economic crisis • 1Q2009:loan portfolio: € 1,864 mio , off-balance investments: € 2,880 mio, client 46 deposits at € 2,383 mio. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Bank J.Van J Van Breda & C°: C : highlights 2008 & outlook 2009-1Q2009.

(47) 47 WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Private equity portfolio.

(48) (in € mio - AvH group share). 2008. 2007. 63 6.3. 62 6.2. Contribution from portfolio cies Sofinim(1). 10.8. 37.0. Contribution from portfolio cies GIB. -9.3. 4.0. 7.8. 47.2. Capital gains. 10.4. 18.1. Total contribution PE. 18.3. 65.3. Sofinim. (2). Contribution PE before capital p gains g. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies 2007: Distriplus (6 months), Manuchar (6 months) 2008: Distriplus: impairment € 16 mio (share AvH – € 5.9 5 9 mio) (2) Groupe Flo 2008: impairment Bistro Romain € 48.8 mio (share AvH - € 11.4 mio) 48. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Private equity: key figures 2008.

(49) Highlights 2008 • Sofinim NV Capital gains on sale of SES Global shares: € 6.8 mio, part AvH (2007: € 7.6 mio on sale off T Telenet l t shares) h ) • Porfolio cies: mixed performance (see next slide) -Operational results impacted by consumer sentiment and 4Q08 effect of threatening recession ecess o - Impairments at Groupe Flo and Distriplus (total impact - € 17.3 mio, part AvH) • Limited investment/divestment activity -Investments: € 19 mio primarily follow-up investments in Hertel (36.00% to 40.68%) and C li (15 Corelio (15.86% 86% tto 20 20.15%, 15% ii.e. 49 49.99% 99% SSynvestt off 40 40.31% 31% C Corelio) li ) -Divestments: sale of 10% in Arcomet (capital gain € 5.4 mio, cash € 11.2 mio); sale of shares in Oleon Holding/ Biodiesel (capital gain € 5.0 mio, part AvH; cash € 48.2 mio) Outlook 2009-1Q2009 • Conservative leverage ratios for PE investments, but operational performances impacted by economic recession for the more cyclical and consumer related businesses • AvH/Sofinim A H/S fi i cautiously ti l considering id i g new iinvestment t t opportunities t iti • Although some ‘industrial appetite’, not many capital gains expected 49. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Private equity: highlights 2008 & outlook 2009.

(50) Private equity: comments on operational performance of portfolio companies (1/2) • Stable,, p positive results at Alupa, p , Alural,, Atenor,, Egemin, g , Engelhardt, Corelio, Trasys. Egemin. • Hertel: turnover growth to € 800 mio driven by strong M&A activity (Germany, UK, Singapore, Thailand, Bahrein) • Manuchar: successfull move from trading to logistics (10 new foreign branches) with strong cash flow improvement Atenor. EuroMediaGroup. 50. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Euro Media Group: The acquisition of Transpalux and autonomous growth lead to a record turnover of € 311 mio (+17%), but competitive environment and high investments impact margin development.

(51) Private equity: comments on operational performance of portfolio companies (2/2). • Turbo’s Hoet Group: further development into France, Russia, Bulgaria; 2H08 strongly impacted by lower demand • Groupe Flo: volumes impacted by recession; impact i impairment i ‘Bi ‘Bistro R Romain’: i ’ € 48.8 48 8 mio i ((share h A AvH H - € 11.4 mio). Spano. • Distriplus: increasing cost base harming performance at Planet Parfum and Club; integration and repositioning cost harming Di. Impact impairment Distriplus: € 16 mio (share AvH - € 5.9 mio) Turbo’s Hoet Groep 51. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Spano: strong impact of lower consumer spending on sales l after f record d FY07 0 ffigures.

(52) 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. 52. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. %.

(53) Private equity: adjusted net asset value. Sofinim (2). 2008. 2007. (1) 428.5 414.9. Unrealised capital gains Atenor (3). 7.6. 13.0. Market value Groupe Flo / Trasys (4). 2.8. 50.8. 438.8. 478.7. Total private equity. (1) After distribution of € 8 mio dividend (2) Of which € 322.4 mio portfolio companies, € 106.9 mio cash and other (3) Underlying year-end stock price Atenor (# 604,880): € 38.00 (2007: € 41.30) (4) Underlying year-end stock price Flo (# 20,828,173): € 2.76 (2007: € 9.83). 53. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. (in € mio).

(54) Private equity: overview of major divestments. 1999 1995 1998 2000 1994 1995 2001 1996 1995 2002 2001 1999 2000 2001 1994. Divestment year 2002 2003 2003 2003 2004 2005 2005 2005 2006 2006 2007 2007 2008 2008 2009. Tibotec Virco (Sofinim) Coditel (Sofinim) LeJeune (NIM) Medisearch (Sofinim) 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). Realised (€ mio) (AvH group share) -0.3 3.3 3.7 3.9 41.5 25.1 -0.2 02 13.4 3.6 150.4 14.9 3.1 5.4 5.0 1.5. IRR% -0.84% 34.06% 28.27% 53.74% 22.57% 16.53% -1.28% 1 28% 26.72% 16.49% 64.10% 24.94% 31.92% 11.09% 14.8% 3.41% 54. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Investment year.

(55) Groupe Flo 2008 2008-1Q2009 1Q2009. Key figures (in € mio) Turnover EBITDA Net result Net financial position. 1Q2009 88 3 88.3. 2008 389 5 389.5. 2007 380 0 380.0. 5.3. 32.5. 46.0. -0.9. -38.4. 19.0. <141.4> <123.8>. Highlights 2008 • 2.5% sales growth thanks to 23 restaurant openings and 12 closures, but -4.6% like-for-like in line with sharply falling consumer spending in France • EBITDA margin of 8 8.3% 3% (vs 12.1% 12 1% in 2007) affected by loss of employment aids • Net result impacted by € 48.8 mio impairment charge on Bistro Romain (outlets will be transformed into other restaurant formats or sold) 55. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Leading player in casual dining in France, operating various formats - Hippopotamus: 125 grill restaurants (40 franchise) - Bistro Romain: 36 Italian restaurants (4 franchise) - Brasseries: 28 ‘institutional brasseries’ and 8 Tavernes de Maître Kanter - Tablapizza: 24 pizzerias (7 franchise).

(56) Other investments: Sipef 2008 2008-1Q2009 1Q2009 A Belgian agro-industrial group operating and managing tropical plantation businesses (approx 70,000 ha), mainly in Indonesia and Papua New Guinea. G Group production d ti (i (in T). (1). Indonesia/PNG/Ivory Coast. Palm oil. Indonesia/PNG. Rubber. Indonesia/Vietnam. Tea. 1Q2009. 2008. 2007. 74,243 2,919 0,732. 262,168 11,300 7,418. 246,498 11,955 7,277. Turnover. USD 279.4 mio USD 207.3 mio. Net result Dividend per share # shares held by AvH %. 1,760,200 (2) 19.7%. USD 58.8 mio. USD 47.3 mio. € 0.8. € 0.8. 1,760,200. 1,749,930. 19.7%. 19.5%. (1) Own + outgrowers (2) AvH acquired additional shares on the stock market after Q1 and holds now 20.0%.. 56. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • High commodity price in 2008 lead to record profit • Positive net cash position of USD 14 mio per 31/12/2008.

(57) Other investments: Henschel 2008 • Development D l t and d manufacturing f t i g off welded ld d structures t t with ith a particular ti l emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks • Good operational result in 2008 driven by strong demand for telescopic cranes. 2008 (1). 2007. Turnover. 78 6 78.6. 61 7 61.7. EBITDA. 12.7. 11.2. 3.8 (2). 8.5. Shareholder's equity (group share). 25.9. 22.4. Net financial position. -5.8. -4.8. Key figures (in € mio). Net result. (1) IFRS (2) Including exceptional mark-to-market revaluation for currency hedges. 57. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Investment in additional production facilities suited for larger crane models, mainly used for wind mills and large infrastructure projects.

(58) New investments 2008: Koffie Rombouts. • Leading Belgian coffee processing and marketing company covering Benelux France & UK Benelux, • Leading quality brands: Rombouts (Benelux, UK), Malongo (France). Key figures (in € mio). 2007. 2006. 122 5 122.5. 118 6 118.6. 13.0. 12.8. Net result. 3.4. 3.1. Net equity. 24.8. 22.4. <1.9>. 1.6. Net sales EBITDA. Net financial position. 58. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. g 20% stake next to familyy in Q Q1 2008 • AvH taking.

(59) New investments 2008: Sagar Cements Cement plant • Located in Mattampally (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) • Allotment of 1 million shares to VICAT at 700 Rs. K fi Key figures (conso, ( iin INR mio) i ). 31/12/2008 31/03/2008 9 months*. 12 months. Turnover. 1,804.0. 2,746.2. Net result. 95.9. 329.5. 1 897 1 1,897.1. 1 124 9 1,124.9. Shareholder'ss equity Shareholder. * Only the last 6 months of 2008 have been taken into account for consolidation (INR 1,314 mio turnover, INR 25 mio net result) € 1 = INR 68.027211 (31/12/2008) 59. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Capacity expanded to 2.5 MTPA: second line commissioned in August 2008.

(60) New investments 2009: Oriental Structural Engineers Aggregates plants • Headquarter in Delhi (India) • Fi Firstt two t operational ti l plants l t iin R Rajastan, j t Bharatpur District. • AvH share: 28% with gradual step up towards 50% by means of capital calls • Current capacity: 1 1.2 2 MTPA, MTPA with the ambition to substantially increase this over the coming years • Pan Indian pipeline of new crushing plants. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. • Partnership with Oriental Structural Engineers – OSE (Bakshi family).

(61) ‘The present economic crisis calls for great g caution. This doesn’t alter the fact that the board of directors of AvH is confident that most group g p participations are well positioned.’ p. 61. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Outlook 2009.

(62) 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. 62. WorldReginfo - 48cc518f-1ecb-4002-9c1a-92c621d08057. Contact: L Bertrand Luc B t d.

(63)