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(1)WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Investor presentation August 25, 2011.

(2) 2 WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Simplified organisation chart. As per 30/06/11.

(3) (in € mio). 1H11. 1H10. 2010. 2009. 2008. Contracting, dredging, conc. Real estate and related services. 20.5 -0.8. 27.4 -0.3. 58.7 8.6. 50.8 -0.7. 72.8 7.5. Private banking. 59.3. 33.2. 63.6. 45.3. 38.4. Private equity. 3.1. 7.0. 13.3. 3.4. 7.8. Energy and materials. 9.4. 8.4. 16.5. 12.8. 9.9. Result from participations. 91.5. 75.6. 160.7. 111.6. 136.4. Private equity capital gains. 0.3. -0.8. -0.3. 4.4. 10.4. 91.8. 74.8. 160.4. 116.0. 146.8. AvH & subholdings. 1.4. -1.5. -0.1. 1.2. -36.0. Other non-recurrent result. 0.2. 0.2. 0.5. 0.3. 3.7. Consolidated group result. 93.4. 73.5. 160.8. 117.5. 114.6. Result from participations (incl. capital gains). 3. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Consolidated group result.

(4) Highlights 1H11 DEME Strong increase of order book to € 2,422 mio (€ 2,387 mio per 31.03.11 and € 1,935 mio per 31.12.10) Loss on environmental project in Santos (Brazil), but strong fleet occupation. PRIVATE BANKING Delen – Private Bank •Continued strong inflow of AUM to € 15,829 mio (vs € 15,585 mio per 31.03.11) •Agreement to acquire majority stake (73.5%) in JM Finn & Co Bank J.Van Breda & C° •Takeover of Antwerps Beroepskrediet (ABK) finalized: conso impact (badwill) € 27.9 mio (group share) •Total client assets increased to € 7,174 mio, of which € 308,0 mio from ABK (vs 6,696 mio per 31.03.11); loan portfolio increased to € 2,960 mio, of which € 230,9 mio from ABK (vs € 2,693 mio (per 31.03.11); stable low loan loss provision PRIVATE EQUITY Continued improvement of most private equity results; non recurring charges at Hertel Groupe Flo: Increase of turnover and net result (+27%) despite slow market Increase of GIB participation in Trasys Group to 83.89% and Groupe Flo to 47.6% ENERGY AND MATERIALS Sipef: Strong increase of palm oil production (+13%), turnover (+38%) and net result (+77%) Increase of AvH participation to 25.64%. 4. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. REAL ESTATE LRE: portfolio value of € 504 mio; Occupancy rate 94.1%; Rental yield 7.33% Extensa : limited contribution from recurring sales of land plots and promotion projects Cobelguard: agreement to sell to Securitas (pending ‘competition’ clearance) Duval: turnover increase from promotion. Profitability impacted by seasonal effect holiday parks. Anima Care: acquisition of “Clos du Trimbleu” (Blegny, 47 beds) and “Zevenbronnen” (Walshoutem, 64 beds).

(5) Other key figures. Consolidated balance sheet AvH group. 1H11. 2010. 2009. 1,743.6 69.7*. 1,711.4 77.7**. 1,595.5 122.1. (in € mio). Shareholders' equity (group share) Net cash AvH and subholdings. Key figures per share Number of shares (#) Net result per share (€). 1H11. 1H10. 33,496,904 33,496,904 33,496,904 2.82 2.22 4.86. Gross dividend Net equity Stock price: highest lowest close. 2010. 1.55 52.05 71.72 61.03 66.99. 48.74 55.8 45.7 50.8. 51.09 64.9 45.7 62.5 5. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. * After € 51.3 mio dividends, € 23.2 mio investments (Sipef, Anima Care) and € 7.8 mio divestments ** After € 47.7 mio dividends, € 41.1 mio investments (Hertel, Sipef, Financière Duval, OQM and Anima Care) and € 21.6 mio divestments (Engelhardt).

(6) Net equity vs market capitalization (in million euro). Net equity (share of group) Market capitalization. 2500 2000. Average annual growth of 13.2% over the last 10 year (2000-2010). 1000 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H11. 6. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. 1500.

(7) AvH share performance vs. BEL 20 AVH rebased to 100. BEL20 rebased to 100. 7. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. AVH.

(8) Net cash position AvH group. Private equity. Total (30/06/2011). Investment portfolio. 22,929. Term deposits. 40,747. 9,900. 50,647. -67,035. 67,035. 0. 4,681. 420. 5,101. Intercompany deposits Cash Short term debt - commercial paper Own shares (#380,900). 22,929. -37,782. -37,782. 17,956. 17,956 10,856. Net cash GIB (50%) and Other (equity consolidation). -18,504. 77,355. 69,708. 8. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. (in € 000). AvH & subholdings.

(9) Segment ‘Contracting, dredging and concessions’ •. Dredging was at the origins of Ackermans & van Haaren in 1876 Later diversification towards (maritime) construction and concessions. DEME One of the largest and most diversified dredging and marine engineering companies in the world. VAN LAERE General contractor of large construction projects. NMP Operator of pipelines for gas and chemicals. RENT-A-PORT Specialised in port development and logistics. Since 1876. Since 1989. Since 1994 (NIM). Established in 2007. 9. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •.

(10) Contribution to the AvH consolidated net result (group share) (in € mio) Contracting, dredging and concessions DEME Rent-A-Port A.A. Van Laere Nationale Maatschappij der Pijpleidingen 21.9%. 1H11 20.5 20.5 -1.5 0.8 0.7. 1H10 27.4 27.8 -1.5 0.4 0.7. 2010 58.7 58.3 -1.5 0.5 1.5. 22.7%. 10. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Contracting, dredging and concessions.

(11) DEME: Creating land for the future. London Gateway Project (UK). Ruwais, Abu Dhabi (UAE). Scaldis, heavy lifting: Rambiz on Thornton Bank (C-Power wind farm). Walney (UK). 11. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. One of the largest and most diversified dredging and marine engineering companies in the world.

(12) Consolidated key figures (in € mio). 1H11. 1H10. 2010. Turnover. 825.5. 887.8. 1,800.6. EBITDA. 138.2. 155.3. 328.7. EBIT. 61.9. 83.8. 176.9. Net result. 41.0. 55.6. 116.5. Net cash flow. 112.3. 131.2. 274.3. Shareholder's equity. 674.0. 604.1. 667.3. Net financial position. -602.3. -511.1. -481.0. Total assets. 2,277.1. 2,135.1. 2,172.5. # personnel. 3,734. 3,583. 3,635. 12. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. DEME: key figures.

(13) DEME: operational highlights 1H11 • Turnover of € 825 mio with strong capacity utilization (see next slide) • Decrease of EBITDA and net result due to loss on environmental project in Santos (Brazil) • Underlying recurring EBITDA FY11 (excl. non-recurring results) in line with FY10 • 50% partnership announced with Hochtief for construction and management of lifting vessels for offshore windfarms. Ruwais. 13. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Evolution net result - EBIT - EBITDA as a % of turnover.

(14) Ruwais. 14 WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. DEME: capacity utilization.

(15) DEME: breakdown turnover. Consolidated turnover per region 3% 10%. 10% 13% 3% 13% 5%. 46%. 2010 Europe EU Middle East Africa Asia & Oceania. 10%. 11%. 13%. 12%. 10%. 7%. 15%. 16%. 17%. 4%. 18% 5% 4% 6%. Consolidated turnover per type of customer 20%. 20%. 54%. 1H11 Europe - non EU India, Pakistan America. 51%. 53%. 2010. 1H11. 41%. Capital dredging Maintenance dredging Fallpipe & landfalls Environmental Marine works*. 1H11. Government Oil and gas Mining Renewables Other. * Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials. 15. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. 10%. Consolidated turnover per activity.

(16) DEME: order book Strong renewal of order book, well-spread over different regions and activities 1H11: € 2,422 mio (vs € 2,387 mio at 31.03.11 and € 1,935 mio end 2010) New orders in Belgium (C-Power offshore wind), Australia (ao Gladstone), Russia, Malaysia, UAE, South America. Evolution order book 2003-1H11 (in € mio) 1H11. 2010. 14%. 24%. 9%. 7%. Asia Pacific. 22%. 8%. Europe. 26%. 37%. Benelux. 29%. 25%. Other Middle East + India. 16. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Outlook 2011 • Strong tender activity worldwide (see next slide) • Given the loss on Santos and several new large projects which will only fully contribute from 2012, results will probably remain below the record level of 2010.

(17) DEME: market fundamentals remain strong. Examples - EU: London Gateway, Russia & Baltic, Belgium, Netherlands - Americas: Panama, Brazil, Mexico, Venezuela, Colombia… - Africa: South-Africa, Angola, Nigeria, Ghana, … - Middle-East: Abu Dhabi (Ruwais, Adnoc energy islands), Qatar (Doha Port) - Australia: Iron ore: Port Hedland; Coal: Newcastle, Abott Point, Gladstone, Hay Point; LNG: Wheatstone, Gladstone, Ichtys - Singapore: Reclamation projects for port & industrial estate - Indian subcontinent: port and LNG related - Offshore wind: Belgium (C-Power), Germany (En BW Baltic), Ireland, UK, France - Fallpipe & landfalls: Nordstream,Russia - Environmental: Belgium, France, UK and new markets. Deepsea mining. New diversifications - OWA (services for offshore wind assistance) - Combined Terminal Operation Worldwide (CTOW) (55%) - DEME Blue Energy (wave and tidal energy) Innovation - OceanflORE (deepsea mining, with IHC Merwede) - HGO InfraSea Solutions (jack-up vessels for offshore windfarm construction and oil&gas services). 17. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Market driven by - Worldwide trade and population growth - Global world energy & commodities: coal, iron ore, oil & gas, renewable energy - Climate change: rising sea levels, coastal protection.

(18) 18. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. DEME profiting from multidisciplinarity: offshore wind farms before Belgian coast.

(19) DEME: Thornton Bank project (offshore wind farms) Location: North Sea (±30 km offshore of Belgian coast) Phase I: Completed in 2008. Total of 54 Wind Turbine Generator (WTG) Offshore Transformation Station (OTS). 19. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Phase II & III: Started in 2010 Phase 2: 24 Jackets & WTG’s (6.15MW) + OTS to be operational in 2012 (147,6 MW) Phase 3: 24 Jackets & WTG’s + 2nd 150 kV Marine Cable to be operational in 2013 (147,6 MW).

(20) DEME: Gladstone Western Basin dredging project (Australia) - Customer: Gladstone Ports Corporation - Will make this LNG and raw materials port into one of the largest of Australia. Gladstone. Deepsea mining. 20. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Four contracts: value of € 720 mio - Early works dredging: € 26 mio - Timing: from 4/2010 till 3/2011 - Contractor: Dredging International (Australia) - Parcel 5 dredging and reclamation works: € 190 mio - Enable the construction of LNG terminals - Contractor: Dredging International (Australia) – Van Oord Australia (50/50) - Timing: from 6/2011 till 3/2012 - Parcels 1, 3 en 4 dredging and reclamation works: € 415 mio - Follow-up of works on Parcel 5 - Contractor: Dredging International (Australia) – Van Oord Australia (50/50) - Timing: till 12/2014 - Parcel 7: dredging and reclamation works: € 90 mio - Construction of coal terminal for Wiggins Island Coal Terminal - Contractor: Dredging International (Australia) – Van Oord Australia (50/50) - Timing: 8/2011 till 12/2014.

(21) Continued investment in competitive, multifunctional & versatile fleet (2011-2012) • 1 DP-DT fallpipe vessel Flintstone (19,000 T – Singapore, in use as of July ‘11) • 1 gravel trailer Victor Horta (5,000 m³ - IHC, in use as of July ‘11) • 2 seagoing rock cutters Al Jarraf and Amazone (13,000 kw – Singapore, in use as of Aug ‘11 resp. Jan ‘12) • 1 megatrailer next generation plus Congo River (30,000 m³ - IHC, in use as of July ‘11) • 1 seagoing rock cutter Ambiorix (28,000 kw – IHC, operational 2012) • 1 jumbo jack-up vessel Neptune (IHC, operational 2012) • 1 backhoe dredger (joint ownership) (Ravestein, operational end 2011) • 1 multipurpose jack-up vessel Innovation (joint ownership) (Poland, operational 2012). Breughel. Congo River. 21. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • 1 trailer dredger Breughel (11,650 m3 - IHC, operational 2011).

(22) Rent-A-Port Specialized company for port development, port management and logistics setup around 2 former DEME senior executives. Consolidated key figures (in € mio). 1H11. 1H10. 2010. Turnover. 1.6. 2.2. 6.1. Net result. -3.3. -0.5. -3.8. Shareholder's equity. -0.8. 7.4. 3.3. Net financial position. -9.6. -7.6. -8.8. 22. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • Main activities in Vietnam (Dinh Vu), Nigeria (OK Free Trade Zone), Oman (Port of Duqm) • Rentel (288 MW offshore wind farm concession in North Sea) – 50%.

(23) Van Laere. General contractor of large construction projects. Consolidated key figures (in € mio). 1H11. 1H10. 2010. Turnover Net result. 56.5 0.8. 65.0 0.4. 116.2 0.5. Shareholder's equity. 33.8. 32.9. 33.0. Net financial position. 6.4. 8.7. 10.1. # personnel. 466. State archives (Bruges). 23. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights 1H11 • Increase of net result thanks to better project margins • Order book: € 174 mio • Agreement to acquire construction activity of project developer Vooruitzicht (from August 1, 2011) to consolidate position in Belgian market.

(24) NMP / SNTC Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium. Consolidated key figures (in € mio). 1H11. 1H10. 2010. Turnover. 6.2. 6.2. 12.3. Net result. 1.0. 0.9. 2.0. Net cash flow. 1.9. 1.8. 3.8. Shareholder's equity. 27.3. 26.6. 27.7. Net financial position. 12.3. 10.1. 12.4. 24. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights • Recurrent activities resulted in stable results.

(25) Segment ‘Real estate and related services’ • •. First step in this sector through the acquisition of Leasinvest (via NIM in 1994) Afterwards, acquisition of Extensa, IPO of real estate investment trust LRE and internationalisation of activities (e.g. Romania, Turkey) Recent diversification towards related activities, such as security, holiday parks and senior care facilities. EXTENSA/ LEASINVEST Real estate management and development. COBELGUARD Security company focused on static and mobile security and store theft prevention (N°3 in Belgium). FIN. DUVAL Multidisciplinary real estate group with activities in RE promotion, tourism (100,000 beds), health care (1,102 beds) and parkings (5,200 places. ANIMA CARE Initiative in health & senior care sector. in Paris). Since 1994 (NIM). Since 2006. Since 2007. Since 2009. 25. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •.

(26) Contribution to the AvH consolidated net result (group share) (in € mio) Real estate and related services Extensa. (1) (2). Leasinvest Real Estate Cobelguard Groupe Financière Duval Anima Care (1). 1H11 -0.8. 1H10 -0.3. 2010 8.6. -1.4. 0.0. 1.2. 3.1 0.1 -2.8 0.1. 1.7 0.5 -2.5 -0.1. 5.0 1.0 1.4 0.0. - Contribution from ongoing land sales (Wondelgem, Kuringen) - Ongoing project development (% completion): Roeselare, Hasselt Cederpark, Istanbul. (2). After negative mark-to-market of portfolio valuation (share AvH - 1H11: € -0.7 mio, 1H10: € -1.9 mio, 2010: € -3.0 mio). 26. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Real estate and related services.

(27) Extensa Group. Land development 300,000 m² – 400,000 m² in Belgium Property development 450,000 m² (Extensa share): 50% residential, 30% office, 15% retail, 5% logistics Home market: Belgium, Luxembourg New markets: Romania, Slovakia, Turkey De Munt (Roeselare). Leasinvest Real Estate: real estate management for offices, logistics and retail (Belgium, Luxembourg) Real estate portfolio value € 504 mio. The Crescent (Brussels). 27. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Extensa: real estate development focused on residential and mixed development projects.

(28) Extensa Group: conso balance sheet. Consolidated balance sheet (in € mio). RE investments & Leasings. 30/06/11. 51.2. 31/12/10. 50.9 Net equity. 30/06/11. 31/12/10. 127.5. 124.8. a.o. Tour &Taxis (50%): FV yield of 7.25%. 21.5. 21.0 (incl. Sub. loan AvH € 13.9 mio). a.o Wegener -Halliburton: rental yield 6.1%. 18.7. 19.5. 8.5. 8.0. Land development. 15.5. 16.2. Real estate projects. 57.6. 50.9. Leasinvest Real Estate. 79.5. 80.9 Financial debts. 90.5. 97.7. 31.8. 42.8 Other liabilities. 17.6. 19.2. 235.6. 241.7 Total liabilities. 235.6. 241.7. 173,072 shares Retail Estates. (2). (1). 1,173,866 shares. Other assets a.o. Cash € 17.2 (1H11), € 22.4 mio (2010). Total assets (1) AvH holding directly 30,236 shares. (2) Net financial debt 2010: € 75.3 mio, 1H11: € 73.4 mio. 28. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. (Extensa – LRE combined).

(29) Leasinvest Real Estate (in € mio). 1H11. 1H10. 2010. Operational result Net result (1) Net equity. 15.8 10.3 270.7. 16.5 5.6 262.1. 30.9 14.3 275.4. Portfolio real estate - fair value Rental yield (%) Occupancy rate (%). 503.7 7.33 94.1. 559.0 7.57 97.8. 494.2 7.41 97.5. 67.74 69.05. 65.60 58.61. 68.92 63.36. High. 70.00. 66.48. 68.89. Low. 64.75. 56.71. 56.66. Per share (€) (1). Net asset value Stock price - closing Dividend. 4.10. • Operational result impacted by lower rental income from sale of Axxes Business Park and Avenue Louise 250 in 2010, only partially offset by the transaction with Redevco on Brixton Business Park • Increase of net result after negative mark-to-market of portfolio valuation (100% 1H11: € -2.5 mio, 1H10: € -6.3 mio, 2010: € -10 mio) 29 • Total debt 1H11: € 240 mio (debt ratio: 46.72% vs 44.13% end 2010). WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Real Estate Investment Trust (bevak – sicafi).

(30) Leasinvest Real Estate: portfolio (30/06/2011) Total portfolio of 54 buildings with a value of € 504 million and 350,059 m². 16 buildings € 227 million (45%) 87,317 m² 30. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. 38 buildings € 277 million (55%) 262,742 m².

(31) Leasinvest Real Estate: tailor-made (re)developments 1H11. The Crescent (Brussels) • Transformation into ‘green intelligent’ business center by the end of 2011 • Service contract agreements signed for 45% of surface. Diekirch (Luxembourg) • Development started end 2010 for a new 1,356 m² retail warehouse finished in 05/2011 • Pre-leased for 12.5 years • Positive mark-to-market valuation booked in 2Q11 31. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Canal Logistics (Neder-Over-Heembeek) • Acquisition of a strategically situated development project of 47,000 m² (+ 2,500 m² offices) state-of-theart logistics site • 1st phase purchased 1H10, first tenant starting 3Q11 (7,200 m² with option to increase to 10,000 m²) • 2nd phase to be acquired 2H11.

(32) Extensa: land development Location. Total area. Project (share Extensa). Permit. Saleable land (Extensa). Sold as per 30/06/11. Average sales price. Ghent-Wondelgem. 171,900 m². Phase 1: 118 parcels, project land for 100 apartments and social housing. April 2006. 72,000 m². 70,940 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. Plot 337: project land for 14 apartments. to be obtained. 1,000 m² 90,990 m². start sell Q2 2012 start sell Q2 2012 85,480 m². January 2008. 22,370 m². 22,370 m². 180€/m². March 2010. 3,740 m². 3,011 m². 180€/m². 26,110 m². 25,381 m². Hasselt-Kuringen. Antwerp-Kontich. 33,400 m². 254,000 m². Phase 1: 20 parcels & project land for 30 apartments Phase 2: 5 parcels. Phase 1: 162 parcels & project land for 45 apartments Phase 2: 99 parcels & project land for 18 apartments Phase 3: 111 parcels & project land for 64 apartments. delayed due to appeal (2012?) delayed due to appeal (2012?) delayed due to appeal (2012?). 63,870 m² 41,470 m² 48,600 m². 153,940 m² Leuven-Heverlee. 65,000 m². 38 parcels & project land for 24 park houses. delayed due to appeal (2012?). 25,500 m² 32. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Book value per 30/06/2011: € 15.47 mio.

(33) Extensa: project development Book value per 30/06/2011: € 57.60 mio. Roeselare, De Munt (50% Extensa). Permit. Total units (Extensa). Sold as per 30/06/11. Phase 1B: apartments. February 2009. 38 units. 34 units. Phase 1A: apartments. February 2009. 13 units. 4. Phase 2C: apartments. 46 units. Retail A+B+C+D. To be obtained 2011 To be obtained 2012 February 2009. 8,634 m². 1,875 m². Parkings. February 2009. 471 places. 247 places. September 2008. 46 units. 24 units. 27 units. Phase 2: 73 houses. September 2008. Permit change introduced To be obtained. Phase 3: 144 apartments. To be obtained. 144 units. Phase 2D: apartments. Hasselt-Runkst, CederPark Phase 1A&B: 25 houses and 21 apartments Phase 1C: 27 houses. Units. 46 units. 73 units. 33. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Major active projects.

(34) Extensa: project development Belux. • Royal Depot 44,880 m² (32,064 m² offices, 5,557 m² archives, 7,259 m² retail: fully let) • The Warehouses: trade fair and exhibition center: 17,500 m² Royal Depot/Warehouses valued at implicit yield of 7.25% (€ 103.5 mio vs debts of € 46 mio) • Development potential of 370,000 m² secured by Brussels Government decision in 3Q09 • Building permit obtained for 218,000 m² mixed use 1Q10 • First office building of 16,500 m² secured with BIM/IBGE to be delivered 1Q13 • Underground car park 250 cars to be deliverd 4Q12. BIM/IBGE. 34. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Brussels, Tour & Taxis (50%): 30 ha – 370,000 m².

(35) Extensa: project development Belux. G.D. Luxembourg, Cloche d’Or (50%): 20 ha – 400,000 m². 35. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • Development potential of 400,000 m² • Master plan approved, PAP obtained 3Q10, infrastructure approvad 3Q11 • Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure) under development; retail permissions obtained; hypermarket Auchan secured • Ilot A residential part to be developed first.

(36) Extensa: project development New markets. • Turkey, Istanbul - 100% • Building permit for 200 apartment building in central Istanbul (Bomonti) • Construction started in 3Q10, delivery in 3Q11 and sold for 69% • Studio building (# 114) permit obtained, adjacent to apartments: foundation works started Bomonti. •Slovakia, Trnava - 50% • Total of 36 ha for development of a business park (retail, logistics and industrial): 11 ha of land re-sold to end users since 2008. 36. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •Romania, partnership in retail parks • 2008: Focsani (20%) – 51,000 m²: 77% rented out; valued at yield of 9.5% • 2009: Deva (20%) - 39,000 m²: delayed until confirmation by anchors • Extensa (Romania) – 50% Land positions acquired (2008) in Bucarest (offices, 24.000 m²) and Arad (residential/ retail).

(37) Cobelguard Security company focused on static guarding and surveillance by unarmed security guards on private property. Highlights 1H11: Agreement to sell Cobelguard to Securitas (competition approval expected before year end 2011) • Increase of turnover not reflected in net result due to start of new activities and strong competition • Creation of BeMARC (67.2%): new cooperative initiative for alarm monitoring and technical assistance (operational 2H11). Key figures (in € mio). 1H11. 1H10. 2010. Turnover EBIT Net result Shareholder's equity Net financial position. 32.8 1.3 0.9 10.7 -2.6. 29.2 2.2 1.7 9.1 -1.4. 58.6 4.3 2.9 10.3 0.7 37. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • Largest – purely Belgian – security company, employing 1,642 security agents • Startup of CIT (cash in transit)-transport activities (greenfield developed out of Brinks bankruptcy).

(38) Groupe Financière Duval. Highlights 1H11 • Real estate promotion activities (CFA): Increased activity leading to improved results with improved quality of projects pipeline • Services (Yxime) (4.5 mio m² property under management) • Tourism (Odalys, NGF): holiday parks (100,000 beds, 283 sites), golf sites (26). Successful summer leading to improved results in 2H11 • Health (Residalya) (1,102 beds, 18 sites) • Parkings (ParkA’) (5,200 parking places). Key figures (in € mio) Turnover EBIT Net result Shareholder's equity Net financial position. 1H11 178.0 -13.6 -7.2 85.7 -104.2. 1H10 118.0 -14.6 -8.3 72.7 -106.3. 2010 321.3 11.7 3.2 94.8 -72.8. Granvelle. 38. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. French group focused on real estate projects, services and residences.

(39) Anima Care. Highlights 1H11 • Increase of turnover and net result • Acquisition in February 2011: Blegny (47 beds), with new-building of 120 beds being prepared • Acquisition in June 2011: Walshoutem (64 beds), currently extended (+41 beds) • Total portfolio of 888 beds and service flats (384 beds and 38 service flats in operation). Key figures (in € mio) Turnover EBITDA Net result Shareholder's equity Net financial position. 1H11 7.1 1.0 0.1 12.1 -11.4. 1H10 3.7 0.5 -0.1 6.0 -8.4. 2010 8.8 1.2 0 9.9 -8.4 39. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Anima Care focuses on the health and care sector in Belgium, primarily in the higher market segment of senior care residences.

(40) Segment ‘Financial services’. • •. 1992: Merger with Bank Delen (50/50) 1998: Acquisition of Bank J.Van Breda & Co and creation of Finaxis (60/40) 2004: Buy out Finaxis minority: AvH share increases to 75% (2008: 78.75%). DELEN – PRIVATE BANK Private bank focused on discretionary asset management and patrimonial advice for private clients Since 1992. BANK J.VAN BREDA & CO Specialised advisory bank for entrepreneurs and liberal professions. ASCO-BDM Insurance group focused on marine and industrial insurance. Since 1998. Since 2000. 40. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •.

(41) Contribution to the AvH consolidated net result (group share) (in € mio) Financial services Finaxis-Promofi Delen - Private Bank Bank J.Van Breda & C ASCO-BDM. o. Total assets under management. 1H11 59.3 -0.1 23.4. 1H10 33.2 -0.3 21.8. 2010 63.6 -0.3 42.7. 36.1 -0.1. 10.3 1.4. 20.2 0.9. 1H11. 1H10. 2010. 15,829 13,996. 15,272. (in € mio). Bank Delen: private banking AUM Van Breda: bancassurance products Van Breda: AUM at Delen* Van Breda: deposits. 1,437 2,119 3,182. 1,379 1,761 2,480. 1,414 1,968 2,597. (*) Already included in Delen: private banking AUM. 41. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Financial services.

(42) Delen – Private Bank: key figures. Consolidated key figures (in € mio) Gross revenues Net result Equity Assets under management Cost / income ratio ROE (IFRS) (1). Core Tier 1 capital ratio # personnel. 1H11. 1H10. 2010. 76.7 29.7 356.6 15,829. 72.1 27.7 318.1 13,996. 141.0 54.3 344.1 15,272. 39.1% 17.0%. 38.2% 17.8%. 41.7% 16.8%. (2). 23.0%. 25.3%. 13.3%. 232 (1) Including capital commitments (100%) re acquisition of JM Finn & Co (3Q11) (2) Excluding JM Finn: 29.3%. 42. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Delen – Private Bank • Private bank • Focused on discretionary asset management for private clients.

(43) Conso (in € 000) Net interest income Gross fee income Other income Gross revenues. 1H11 3,852 72,423 377 76,652. 1H10 1,052 69,706 1,343 72,101. 2010 3,116 133,805 4,080 141,000. Fees paid. -7,850. -6,777. -13,805. -24,024 -2,696 -240 -11 -26,971. -22,658 -2,034 -114 -4 -24,811. -47,811 -4,018 -293 -15 -52,136. 200. 209. 405. Profit before tax. 42,031. 40,722. 75,464. Income taxes. -12,413. -12,911. -21,014. Profit of the period Minority interests Share of the group. 74 29,692. -96 27,715. -169 54,281. Operational expenses Amortisations & provisions Other expenses Loan loss provision Expenses Share of profit (loss) from equity accounted investments. 43. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Delen – Private Bank: income statement.

(44) (in € 000). 1H11. 1H10. 2010. Cash & loans and advances to banks Financial assets - Financial assets available for sale - Financial assets held for trading - Loans and receivables - Other Tangibles assets Goodwill and other intangible assets Other assets Total assets. 494,121. 739,422. 334,545. 952,126 25,888 84,630 1,841 32,587 179,290 10,562 1,781,045. 765,572 21,855 69,964 1,444 20,448 173,292 7,363 1,799,360. 837,878 12,396 65,559 1,640 31,609 177,419 21,008 1,482,054. Financial liabilities - Deposits from credit institutions - Deposits from clients - Other Provisions, tax and other liabilities Equity (including minority interests) Total liabilities. 125,824 1,214,657 21,439 62,383 356,742 1,781,045. 14,376 1,387,572 16,549 62,403 318,460 1,799,360. 5,506 1,060,937 8,451 62,644 344,516 1,482,054. (1) Before acquisition of JM Finn 44. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Delen – Private Bank: balance sheet(1).

(45) Delen – Private Bank: funds under management. Capfi. AuM CAGR 1992-2010: 20.3% Start cooperation with Bank J.Van Breda & C°. BI&A Havaux. (in € mio) Discretionary mandates. 1992. 1997. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 2010 1H11. 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 10,816 11,419. Advisory clients. 428 1,149 1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723. 2,837. 3,407 3,294 4,342 4,456 4,410. 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 15,829 45. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. De Ferm.

(46) Delen – Private Bank: highlights and outlook. Outlook 2011 • Highly volatile markets potentially impacting value of AuM although compensated by continuous strong inflow of new AuM and conservative asset allocation • Closing acquistion JM Finn expected in 3Q11. 46. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights 1H11 • AuM grown to new record level of € 15,829 mio (vs 15,272 mio as of 31.12.10 and to € 15,585 mio as of 31.03.11), despite a slightly negative stock effect • Cost income ratio remained below 40% (39.1% vs 38.2% in 1H10) • Net equity increased to € 357 mio (€ 345 mio end 2010) • Agreement to acquire majority stake in JM Finn & Co (see next slide) • Core Tier1 impacted by JM Finn acquisition: 13.3% • No exposure to PIIGS countries.

(47) JM Finn & Co. UK private client wealth management firm • Established in 1945 as partnership, incorporated in 2006 • 13 directors and 279 employees • Head office in London, offices in Leeds, Bristol, Ipswich, Bury St Edmunds and Cardiff. Cardiff. Bristol. Leeds. Bury StE Ipswich 47. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • End of June 2011, Delen Investments announced agreement to acquire a major stake in JM Finn & Co: Delen 73.5% with current management retaining 26.5% • 100% transaction value: £ 85 mio • Regulatory approval expected in 3Q11.

(48) JM Finn & Co – financials (last fiscal year – ending April 2011) Evolution of AuM (in £m). AuM per type. 48. • £ 6.3 billion assets under management (54% discretionary, 23% advisory) • Number of customers 17,430 (> £ 1 mio = 46% of AuM) • Key figures (April 2011): • Revenues of £ 43.3 million • Profit after taxation (after exceptional costs of £ 1.4 million) of £ 4.1 million • Net equity of £ 14.9 million 48. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. TOTAL £6,306m.

(49) Bank J.Van Breda & C°: key figures. (in € mio) Bank product Net result(1) Equity Total assets Total client assets(2) Cost / income ratio ROE CAD (solvency ratio) Core Tier 1 Capital Ratio Net loan write-offs / avg loan portfolio. 1H11. 1H10. 2010. 50.2 46.4 297.9 4,077.1 7,174.0. 46.7 13.1 247.8 3,141.0 5,968.8. 93.4 25.7 258.7 3,202.8 6,368.9. 58.5% 8.0% 17.2% 14.6% 0.06%. 57.8% 10.7% 14.3% 11.2% 0.12%. 57.2% 10.2% 14.7% 11.3% 0.15%. # personnel. 418. (1) Including 1 month of ABK at 40.8%, with negative acquisition goodwill of € 35.5 mio (2) Deposits and entrusted funds. 49. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Bank J.Van Breda & C° Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions.

(50) Conso (in € 000) - IFRS. 1H11. 1H10. 2010. Net interest income Net fee income Other income Gross revenues. 34,300 13,329 2,572 50,201. 32,719 12,637 1,346 46,702. 65,805 23,796 3,840 93,441. Operational expenses Amortisations & provisions. -27,770 -1,578. -25,406 -1,586. -50,563 -2,916. -810 -3,773. -1,411. -3,826. -33,931. -28,403. -57,305. 65. 196. 144. 51,807. 18,495. 36,280. -4,700. -5,363. -10,581. -728. -19. -35. 46,379. 13,113. 25,664. Loan loss provision Impairment AFS Expenses Negative goodwill Share of profit (loss) from equity accounted investments Profit before tax Income taxes Profit of the period Minority interests Share of the group. 35,472. 50. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Bank J.Van Breda & C°: income statement.

(51) (in € 000). 1H11. 1H10. 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 Tangibles assets Goodwill and other intangible assets Other assets Total assets. 339,083. 88,040. 71,646. 714,562 9,968 2,959,672 1,894 30,940 7,465 13,504 4,077,088. 508,382 19,096 2,482,334 350 28,762 6,222 7,804 3,140,989. 444,929 9,081 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. 162,190 3,069,638 198,019 94,244 24,781 114,074 116,267 297,875 4,077,088. 252,935 2,374,406 116,696 92,136 40,122 16,895 85 247,714 3,140,989. 176,365 2,475,108 129,705 109,816 27,186 25,968 51 258,620 3,202,819 51. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Bank J.Van Breda & C°: balance sheet.

(52) Bank J.Van Breda & C° (€ mio). 2003. 2004. 2005. 2006. 2007. 2008. 2009. 2010. 1H11. 1H11. 1H11. BVB. ABK. Total. 308. 7,174. Total deposits and funds. 2,673. 3,118. 3,547. 4,077. 4,701. 5,009. 5,645. 6,369. 6,866. - Entrusted funds, of which. 1,292. 1,647. 2,071. 2,417. 2,802. 2,788. 3,286. 3,772. 3,993. 3,993. AUM at Delen. 612. 815. 1,037. 1,220. 1,463. 1,370. 1,668. 1,968. 2,119. 2,119. Bancassurance. 452. 596. 739. 880. 1,044. 1,174. 1,309. 1,414. 1,437. 1,437. - Client deposits. 1,381. 1,471. 1,476. 1,660. 1,899. 2,221. 2,359. 2,597. 2,874. 308. 3,182. 972. 1,164. 1,401. 1,505. 1,755. 1,872. 2,005. 2,285. 2,381. 231. 2,612. Loans to target group. 4000 3500. Total deposits & funds CAGR 2003-2010: 13.2%. 3000 2500 2000 1500 1000 500 0 2003. 2004. 2005. Entrusted funds. 2006. 2007 Client deposits. 2008. 2009. 2010. 1H11. Loans to target group 52. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Continuous solid commercial performance.

(53) Highlights 1H11 • Solid commercial performance − Client deposits and entrusted funds: € 7,174 mio, of which € 308,0 mio from ABK (€ 6,369 mio as of 31.12.10) − Continued growth of loan portfolio: € 2,960 mio, of which € 230,9 mio from ABK (€ 2,631 mio as of 31.12.10) • Limited net loan loss provisions: 0.06% (vs 0.15% for FY10) • Results positively impacted by first consolidation of Antwerps Beroepskrediet (badwill of € 35.5 mio, part AvH € 27.9 mio)(see next slide) • Cost/income ratio of 58.46% • Net equity increased to € 298 mio (vs € 259 mio as of 31.12.10). Core Tier 1 ratio 14.6% (incl. ABK) and solvency ratio of 17.2% • Impairment on Greek bonds (€ 5 mio, 2013/ € 5 mio, 2016): mark-to-market impairment of 38%, resulting in net impact through P&L of € -2.5 mio as of 30.06.11 Outlook 2011 • Challenging market environment for deposits putting pressure on interest income, but growing bank product expected based upon increased volume of deposits/funds and loans. 53. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Bank J.Van Breda & C°: highlights & outlook.

(54) ABK (Antwerps Beroepskrediet). Antwerp based niche bank catering towards small enterprises • Cooperative bank • 56 employees, 16 agencies • Last fiscal year (ending December 2010): • Loans of € 239.7 mio (€ 231 mio as of 30.06.11) • Deposits of € 293.2 mio (€ 308 mio as of 30.06.11) • Net equity of € 229.4 mio • Net equity (after provisions and IFRS) as of May 31, 2011: € 195 mio, leading to conso badwill of € 35.5 mio for 40.8% stake. 54. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • End of January 2011, friendly and conditional counter-takeover bid launched on ABK • May 20, 2011: 40.8% of shares (87.33% of voting rights) • July 8, 2011: after final closing, Bank J.Van Breda & Co owns 49.7% of shares (89.2% of voting rights) • Participation will be increased above 90% (3Q11) • Price (€ 490 per share or € 120 mio for 100%) takes into account the cooperative structure of bank (limited dividend payment, capital reserves not to be distributed).

(55) Segment ‘Private equity’. • •. First experience in private equity through acquisition of Brouwerij Maes, first buyout in Belgium (1988) No fund structure Investing own cash resources through • Sofinim, a development capital portfolio, originating from acquisition of NIM in 1994 • GIB: 50/50 partnership with CNP. Hertel. NMC. EuroMediaGroup. Groupe Flo. Spano. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •.

(56) *. 56 WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Private equity portfolio (30/06/2011).

(57) (in € mio - AvH group share) Sofinim (1). 1H11. 1H10. 2010. -0.3. 0.2. -0.5. Contribution from portfolio c. ies. Sofinim. 2.1. 5.8. 10.6. Contribution from portfolio c. ies. GIB. 1.3. 1.0. 3.2. Contribution PE before capital gains. 3.1. 7.0. Capital gains. 0.3. -0.8. -0.3. Total contribution PE. 3.4. 6.1. 13.0. (2). 13.3. (1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies (2) Taking into account goodwill impairment within Distriplus of € 4.8 mio (part AvH): current contribution from Sofinim: € 18.1 mio. 57. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Private equity: key figures.

(58) (in € mio). 1H11. 1H10. 2010. Sofinim. 434.0. 430.9. 437.1. 7.5. 6.9. 7.3. 40.5. 21.7. 24.0. 482.0. 459.6. 468.5. (1). Unrealised capital gains Atenor. (2). Market value Groupe Flo / Trasys Total private equity. (1) Underlying end-of-period stock price Atenor (# 604,880): € 33.5 per 30.06.11 (2) Underlying end-of-period stock price Flo (# 28,280,716): € 6.49 per 30.06.11. 58. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Private equity: adjusted net asset value.

(59) Highlights 1H11 • Porfolio cies -Most participations (esp. AR Metallizing, Manuchar, Spano, Turbo’s Hoet Group) confirming positive trend of previous quarters. -Corelio: Participation in acquisition of television activities SBS Belgium (via De Vijver). -Distriplus: Encouraging results with increase in turnover and net result, thanks to the commercial repositioning of the three chains. -Hertel: Focus by new management on consolidation of fast growth in past years. Limited increase of turnover driven by activities in Western Europe and Australia. Restructuring costs and non-recurring elements will probably result in loss for 2011. -NMC: Acquisition of polyethylene packaging division from Armacell (from Sep 2011). • Limited investment/divestment activity -Investments € 3.3 mio: Increase of GIB participation in Trasys Group to 83.89% and in Groupe Flo to 47.6% -Divestments € 5.6 mio. 59. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Private equity: highlights 1H11.

(60) Groupe Flo. Key figures (in € mio) Turnover EBITDA Net result Net financial position. 1H11 190.6. 1H10 188.4. 2010 378.8. 22.6. 21.2. 48.8. 6.8. 5.3. 15.3. -88.5. -108.8. -88.1. Highlights 1H11 • Notwithstanding a volatile market environment in 2Q11, turnover increased 1.1% vs 1H10 (1.1% like-for-like) and EBITDA margin increased from 11.3% to 11.9% • Transformation of Bistro Romain on schedule and generating positive contribution as expected 60. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Leading player in casual dining in France, operating various formats - Hippopotamus: 158 grill restaurants (68 franchise) (150 end 2010) - Bistro Romain: 26 Italian restaurants (4 franchise) (29 end 2010) - Brasseries: 34 ‘institutional brasseries’ and 40 Tavernes de Maître Kanter (33 and 40 end 2010) - Tablapizza: 28 pizzerias (9 franchise) (28 end 2010).

(61) Segment ‘Energy and materials’. •. In 2009, creation of a fifth segment ‘Energy and materials’ Focus on emerging markets and sectors such as renewable energy. HENSCHEL Development and manufacturing of loading platforms and kippers, mainly in Poland. SIPEF Agro industrial group with plantations in Indonesia en Papua New Guinea for palm oil, rubber and tea. SAGAR CEMENTS Production of cement and clinkers. Together with the Reddy family. Since1994 (NIM). Since 1997. Since 2008. ORIENTAL QUARRIES & MINES Stone quarries for building aggregates. Together with the Bakshi family. MAX GREEN Renewable energy based on biomass (wood pellets) Joint venture with Electrabel. Since 2009. Since 2009 61. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. •.

(62) Contribution to the AvH consolidated net result (group share) (in € mio) Energy and materials Sipef Henschel Group Sagar Cements Other. 1H11 9.4 9.9 -1.2 0.9 -0.2. 1H10 8.4 5.4 1.8 0.1 1.1. 2010 16.5 14.3 0.9 0.0 1.3. 62. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Energy and materials.

(63) Sipef A Belgian agro-industrial group operating and managing tropical plantation businesses (62,562 ha, of which 50,816 ha palm oil and 9,320 ha rubber), mainly in Indonesia and Papua New Guinea • Increase (+13%) of palm oil production due to climate conditions and more areas coming to maturity • Higher sales prices resulted in record increase of turnover (+38%) and net result (+77%) • Expansion continued: license obtained in South Sumatra: 8,400 ha + 2,100 ha outgrowers. • Increase of AvH participation to 25.64% • Successful takeover bid on Jabelmalux (Luxembourg stock exchange) increasing beneficial ownership in group plantations with 2,657 ha. (in USD mio). 1H11. 1H10. 2010. € 1 = USD 1.42 (1H11) (1). Group production (in T) Palm oil 122,511 108,238 239,141 Rubber 5,224 5,981 10,881 Tea 1,292 1,610 3,108 Average market prices (in USD/T) Palm oil 1,199 810 Rubber 5,517 3,457. 901 3,654. Turnover EBIT Net result Net equity Net cash position Share high/low (in €) Market cap (€ mio). 177.1 71.7 58.0 395.6. 128.0 46.4 32.7 315.3. 279.4 118.2 84.8 368.5. 52.3. 46.8. 56.5. 74.30/64.10 48.98/36.11 71.93/36.11 624.4. 422.1. 635.6. (1) Own + outgrowers 63. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights 1H11.

(64) Henschel Group. Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks. • Results impacted by the recession on the crane market and startup losses from new products. Key figures (in € mio). 1H11 1H10(1). 2010. Turnover. 32.8. 28.4. 52.1. -2.4 -11.5. 3.5 -3.4. 2.2 -9.3. Net result Net financial position (1) Pro forma consolidation. 64. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights 1H11.

(65) Sagar Cements Cement plant, located in Hyderabad (Andra Pradesh), India Highlights 1H11 • Good result thanks to return to stability on cement market with more stable pricing and improved capacity utilization • Significant increase of net result • Merger with Amareswari Cement finalized (April 2011), AvH stake diluted to 12.94%. Key figures (in € mio). 1H11. 1H10. 2010. € 1 = INR 63.29 € 1 = INR 60.98 € 1 = INR 60.61. Turnover EBITDA Net result. 65.6 13.2 5.9. 51.1 4.7 0.1. 81.9 8.6 -0.2. Shareholder's equity. 37.8. 36.4. 34.4. Net financial position. -36.8. -38.2. -40.5. 152.8/121.1 2,400. 209.5/145.0 2,175. 209.5/115.0 2,265. Share high/low (in INR) Market cap (INR mio). 65. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • July 2011: AvH stake increased to 14.98%.

(66) Oriental Quarries & Mines. Aggregates quarries, India (in partnership with Oriental Structural Engineers ) Highlights 1H11 • Increase of sales volumes offset by less profitable sales mix and negative impact from monsoon • Quarries in Nangal, Ghatoli, Gwalior and Bangalore. Key figures (in € mio). 1H11. 1H10. 2010. € 1 = INR 63.29 € 1 = INR 60.98 € 1 = INR 60.61. Turnover EBITDA Net result. 4.0 0.3 0.3. 4.0 0.5 0.4. 6.5 0.6 0.3. Shareholder's equity. 8.4. 9.3. 8.7. Net financial position. 3.4. 5.5. 4.4. 66. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. • Total crushing capacity of 2.3 million tons.

(67) Max Green. Renewable energy based on biomass / wood pellets (joint venture with Electrabel). • First project: conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit with 180 Mwel capacity (after conversion) (320,000 households). • Last phase of the conversion finalised • Conversion in first half 2011 resulted in limited production and negative contribution. 67. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Highlights 1H11.

(68) ‘The uncertain economic climate, the impact of unavoidable budget cuts in the Western world and the volatility on the financial markets still call for caution. However, the board of directors of AvH expects the results of the group to grow in the current year 2011.’. 68. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Outlook 2011.

(69) Contact. For further questions or additional information, please consult our website: www.avh.be Contact: Luc Bertrand Jan Suykens Member of the Executive Committee. Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E dirsec@avh.be. 69. WorldReginfo - 90ce1737-5a60-4a73-921d-8a72525793d1. Chairman of the Executive Committee.

(70)