Ackermans & van Haaren is a diversified group active in 5 key segments: Infrastructure & Marine Engineering (DEME, one of the largest dredging companies in the world - CFE and A.A. Van Laere, two construction groups with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK - Bank J.Van Breda & C°, niche bank for entrepreneurs and liberal professions in Belgium), Real Estate, Leisure & Senior Care (Leasinvest Real Estate, a listed real-estate investment trust - Extensa, an important land and real estate developer focused on Belgium, Luxembourg and Central Europe), Energy & Resources (Sipef, an agro-industrial group in tropical agriculture) and Development Capital (Sofinim and GIB). In 2013, through its share in its participations (incl. CFE), the AvH group represented a turnover of 5.7 billion euros and employed 22,706 people. The group concentrates on a limited number of strategic participations with significant potential for growth.

1. Investor
Presentation
2013
AUGUST 28, 2014

2. ACKERMANS &
VAN HAAREN A diversified
group active in
Limited
number of
at a glance
1H14
5 segments
strategic
participations
Net result Equity Gross dividend
€ 96 mio € 2,294 mio € 1.70
Total payout: € 57 mio
Market
capitalization Personnel
We work for
€ 3,085 mio
Share price: € 92.09
(30/6/2014)
22,706 growth
2

3. Ackermans & van Haaren: Introduction (1/3)
• Family controlled public company
• 1876: First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans
• 1924: Incorporation of Ackermans & van Haaren NV
• 1984: IPO
• 2007: Inclusion in Bel20 index
• Still controlled and inspired by founding families & by family values
•• Providing development capital
• From an industrial background
• With a long term focus
• Financed with its own financial resources
• Working for growth
3

4. Ackermans & van Haaren: Introduction (2/3)
• Company values
• Discretion
• Independence
• Common sense (“Hollandse nuchterheid”)
• Company strategy
• Long term vision
• Diversificiation in a limited number of strategic participations
• Sound financial policy: positive net cash position
• Opportunistic approach
• Corporate governance
• Board of Directors (9 members): majority of family representatives
• Management (7 members): meritocracy
4

5. Ackermans & van Haaren: Introduction (3/3)
• Acting as a pro-active shareholder within the participations
• Selection of top-management
• Definition of long-term strategy
• Strategic focus
• Strict operational and financial discipline
• Active board representations
• Value creation fully aligned with management
• Not a holding company
• No holding company inefficiencies
• No shared financing structure / cross guarantees
5

6. AvH strategy: We work for growth
Ensure equity growth above 10% Focus on strategic participations
Average annual growth of
12.0% (2004-2013)
Create shareholder value AvH Dividend payout of € 1.70
Belgian all
Average annual growth of
11.3% (2004-2013)
share index
AvH share: x42
Stock index: x8
(1984-2013)
6
(until 19/8/14)

7. 7

8. Consolidated group result
(in € mio) 1H14 1H13 2013
Marine Engineering & Infrastructure 42.2 20.4 59.7
Private Banking 44.6 45.0 84.5
Real Estate, Leisure & Senior Care 3.6 -0.3 15.8
Energy & Resources 6.9 5.6 8.7
Development Capital -1.3 -6.6 -6.6
Result from participations 96.0 64.1 162.1
Capital gains development capital 4.9 34.0 29.5
Result from participations (incl. capital gains) 100.9 98.1 191.6
AvH & subholdings -4.5 -3.3 -7.2
Other non-recurrent result 0.0 0.0 109.5(1)
Consolidated group result 96.4 94.8 293.9(1)
8
(1) Incl. € 109.4 mio result on the “remeasurement” of AvH’s existing 50% stake in DEME when
taking full control over DEME in December 2013

9. Highlights 1H14
The consolidated net result of AvH amounts to 96.4 million euros for 1H14
• Increase by 1.6 million euros (+1.6%) over last year, primarily thanks to a substantial
improvement (+31.9 million euros) in the result of the participations, amounting to 96.0
million euros (1H13: 64.1 million euros). In addition, a capital gain of 4.9 million euros
was realized on the sale of the participation in NMC.
• The substantial improvement in DEME’s result is reinforced by the higher shareholding
percentage (from 50% to 60.40%) following the CFE transaction at the end of 2013.
• Delen Investments and Bank J.Van Breda & Co performed well again and were both
able to realize a further growth in assets under management.
• The sale by Extensa of the building for the Brussels Department of Environment
ensured a significant increase in the result and a positive contribution from the Real
Estate, Leisure & Senior Care segment.
• Favourable weather conditions boosted Sipef’s production and its contribution to the
group result.
• A clear, albeit early, improvement in results was recorded in the Development Capital
segment. AvH realized a capital gain of 4.9 million euros on Sofinim’s sale of its
participation in NMC. Last year, capital gains accounted for a greater share of the result
th k t th 34 0 illi i th l f S
9
thanks to the 34.0 million euros gain on the sale of Spano.

10. Other key figures
Consolidated balance sheet AvH group
in mio) Shareholders' equity (group share) 2,293.7 2,251.5 2,003.3
Net cash AvH and subholdings -14.6 -3.1 87.9
(i € i ) 1H14 2013 2012
Key figures per share
in €) Number of shares (#) 33,496,904 33,496,904 33,496,904
Net result per share 2.91 2.86 8.87
Gross dividend 1.70
Net equity 68.47 60.99 67.22
Stock price: highest (12/5) 95.53 70.59 85.16
(i 1H14 1H13 2013
lowest (3/2) 78.71 62.74 62.74
close (30/6) 92 09 64 45 85 16
10
92.09 64.45 85.16

11. Pro forma group figures
(based upon conso results 2013, incl. pro rata
under equity method)
Group personnel per segment ‘Consolidated’ turnover per segment
(in € mio)
18,752 22,706 3,308 5,669
11
* Taking into account acquisition of control of CFE and DEME (both taken for 100%)

12. AvH share performance vs. BEL 20
AVH AVH rebased to 100 BEL20 rebased to 100
12

13. Marine Engineering & Infrastructure:
Contribution to the AvH consolidated net result
(€ mio) 1H14 1H13 2013
DEME 17.2
37.8 53.7
CFE 2.7 - -
A.A. VAN
LAERE
RENT A
1.0 -0.5 0.7
RENT-A-PORT
NMP
3.0
0 7
3.8
1 5
-0.1
0 8
TOTAL
0.7
20.4
1.5
59.7
0.8
42.2
13

14. Marine Engineering & Infrastructure
CFE
• One of the largest and most diversified dredging and marine
engineering companies in the world
DEME
• An industrial g group p active in , Construction, Rail and ,
Road,
Multitechnics, Real Estate Development and Management
Services, Public-Private Partnership and Concessions
VAN LAERE
G l t t f l g id ti l ffi d i il
(see slide 56)
• General contractor of large residential, office and civil
construction projects; focus on PPS projects and parkings
• 1H14: Increase of turnover to € 88 mio
•• Order book at €€ 239 mio
• Specialised in port development and logistics
• 1H14: Decrease in net result. 2014 is transition year for Dinh Vu
RENT-A-PORT
(see slide 57)
(Vietnam). Expansion to 1,600 ha expected by year-end
NMP • Operator of pipelines for chemicals
14
NM
(see slide 58)
Ope ato o p pel es o c e cals
• 1H14: Slightly higher results in line with expectations

15. DEME: key figures (1/2)
(AvH 60.40%)
One of the largest and most diversified dredging and
marine engineering companies in the world
(in € mio) 1H14
1H13 2013
(1) (2) (2) (2)
Consolidated key figures
Turnover 1,212.3 1,305.6 1,207.0 2,531.6
EBITDA 191.7 215.4 181.1 437.8
EBIT 90.7 104.0 71.9 216.5
Net result 62.6 62.6 34.4 109.1
Net cash flow 164.0 174.5 143.2 330.9
Shareholder's equity 881.7 881.7 776.1 847.7
Net financial position -416.3 -536.1 -821.8 -711.3
Total assets 2,767.1 2,951.3 2,812.9 2,837.0
Capex 40 40 190 209
# personnel 4,357 4,582
(1) Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME
15
are accounted for using the equity method with effect from 1 January 2014.
(2) In this presentation, the group companies that are jointly controlled by DEME are still proportionally integrated. Although this
is not in accordance with the new IFRS10 and IFRS11 accounting standards, it nevertheless gives a more complete picture of the
operations and assets/liabilities of those companies. In the equity accounting as applied under (1), the contribution of the group
companies is summarized under one single item on the balance sheet and in the income statement.

16. DEME: key figures (2/2)
Evolution as % of economic turnover Capacity utilization (# weeks)
* *
* Turnover impacted by procurement of supplies (2013: € 230 mio, 1H14: € 28 mio)
Valdemarsvik (Sweden) Lazaro Cardenas (Mexico) Amoras (Antwerp) SARB energy island (Abu Dhabi)
16

17. DEME: breakdown of economic turnover
Turnover per type
Turnover per region Turnover per activity of customer
17

18. DEME: highlights
Highlights 1H14
Si ifi • Significant increase of economic turnover to €€ 1,306 mio (1H13: €€ 1,207 mio) and net
result to € 62.6 mio (1H13: € 34.4 mio) driven by high activity level, good fleet utilization
and order book of € 2,805 mio
• Impact of increase strenghtened by increase of shareholding percentage from 50% to 60.4%
after acquisition of control over DEME/CFE at the end of 2013
• Limited capex and positive working capital evolution resulting in lower debt
• Australia and Qatar according to plan. Execution of Jurong Island Westward Extension
(Singapore) and installation works of Westmost Rough wind farm (UK). Works for
Northwind (Belgium), Amrumbank West and Butendiek (Germany) wind farms finalized.
Second phase of Soa Rap project (Vietnam) inaugurated.
Innovation at Westermost Rough (UK) Marieke in Abidjan (Africa) Northwind (Belgium)
18

19. DEME: examples of projects
Waterdunen (Netherlands) Pallieter on Seine (France)
19
Innovation at West of Duddon Sand (UK) Pearl River in Sepetiba (Brazil)

20. DEME: order book
Order book 1H14 maintained at a high level: € 2,805 mio (vs € 3,049 mio end 2013), with
orders across different regions and activities
• Deepening of channel and turning basin of port in Sepetiba Bay (Rio de Janeiro, Brazil)
• Construction of approach channel and harbour basis of service port for new LNG terminal in
Yamal (Russia)
• Maintenance dredging works of Pacific entrance of Panama Canal and in channels and
turning basis of Dhamra Port (India)
• Maintenance and deepening works in ports of Tema and Takoradi (Ghana)
• Cable protection works in Canada and rock installation works in China by Tideway
Evolution order book (€ mio)
Other
Middle East + India
A i
20%
7%
20%
Asia
Europe
32%
20
21% Benelux

21. DEME: diversification of activities (1/2)
Marine and civil engineering
Tideway Rock dumping, landfalls and cable laying DEME (100%)
GeoSea Nearshore and offshore foundation works for
offshore energy projects and oil & gas projects
DEME (100%)
Scaldis Hoisting of heavy loads at sea and salvaging
services
DEME (54%), Jan De
Nul, Herbosch-Kiere
HGO Infra Jack-p
up vessels for offshore windfarm construction Hochtief Solutions
Solutions
and oil&gas services and GeoSea (50%)
OWA Services for offshore wind assistance GeoSea (100%)
21
Innovation Flintstone Neptune

22. DEME: diversification of activities (2/2)
Environmental services
DEC/ Ecoterres Environmental group of DEME companies DEME (75%) and SRIW
Purazur High technological treatment of
industrial waste water
DEC (100%)
TerraSea GLDD and DEC
Fluvial and marine aggregates
DEME Building E t ti Extraction, i processing d and l sales f of i marine
DEME (100%)
Materials (DBM)
aggegrates for construction industry
OceanflORE Deepsea mining DEME (50%) and IHC
Merwede
Maritime services
CTOW Marine services for sea terminals DEME (54%), Herbosch-Kiere
and Multraship
Renewable energy and concessions: offshore wind
C-Power Offshore wind farms DEME ( 11%)
22
)
Renewable energy and concessions: wave and tidal energy
DEME Blue Energy Wave and tidal energy DEME (70%)

23. DEME: long term track record of stable long term
shareholding and entrepreneurial growth
(in 000 euro) Turnover Equity
2.500.000
2.000.000
1.500.000
1.000.000
500.000
‐
1974 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Scaldis
DEC
Creation Dredging CTOW
International (AvH
Tideway
Creation DEME DBM
Holding
G S
(Building
Materials)
(Acquisition
Decloedt)
GeoSea DEME Blue Energy
Oceanflore
+ CFE dredging) Power@Sea
23
Consolidation Partnership
AvH 39.5% AvH 48.5% AvH 50% AvH 60.4%
AvH 50%
Control

24. Structural growth drivers of global
dredging market
Global population increase and tourism Global warming leading to rising sea levels
Northwind
Seaborne trade in line with GDP Energy & raw materials consumption growing
24
Source: Rabobank

25. CFE: key figures (excl. DEME and Rent-A-Port)
(AvH 60.40%)
Belgian industrial group active in Construction, Rail and Road, Multitechnics, Real Estate
p Development and g Management Services, , Public-Private p
Partnership and Concessions
(in € mio) 1H14(1)
Turnover 561.2
EBITDA 14 14.5
5
EBIT 2.7
Net result 0.9
Order book 1,116
Net financial debt -136.2
(1) Excluding DEME and Rent-A-Port
Police station (Charleroi)
Highlights 1H14
• Increase of turnover (+19%) driven by significantly higher construction activities (in
Benelux and internationaly, despite lower volumes in civil engineering). Increase of more
than 10% in multitechnics and rail and road
• Important improvement in operational result in construction and increase in rail and road
and multitechnics
•• Positive impact on consolidated AvH result (€€ 2.2 mio)
• Decrease of order book to € 1,116 mio (compared to a exceptionally high order book in
2013 for buildings) due to difficult market in civil engineering and decrease in Africa
25

26. CFE: key figures by segment
Turnover Operational result result(1) Net result
(in € mio) 1H14 1H13 1H14 1H13 1H14 1H13
Construction 427.3 337.7 1.7 -7.5 0.1 -9.0
Rail & Road 51 51.1 1 44 44.2 2 2 2.2 2 1 1.4 4 1 1.2 2 0 0.8
8
Multitechnics 86.2 77.7 1.9 -6.1 0.9 -6.9
Real Estate 3.9 3.7 0.7 1.3 -0.1 0.0
PPP-Concessions 0.3 0.6 -1.2 2.1 0.0 2.1
Holding -7.6 7.8 -2.6 -5.7 -1.2 -4.0
Total 561.2 471.7 2.7 -14.5 0.9 -17.0
(1) EBIT + equity method
Belview (Brussels) Green Hill (Luxembourg) Jan Palfijn (Ghent) Schaarbeek
26

27. CFE: a multidisciplinary contractor
Multitechnics
PPP-Concessions
 19% stake in PPP Schulen Eupen
 45% stake in Rent-A-Port, Rent-A-Port
Energy
25% t k i L il
 Electrical contracting
 Railroad electrification and
signalisation
 Installation of high
tension 0%
 stake in Locorail
 18% stake in Coentunnel
 25% stake in Bizerte
 Study costs concessions
lines
 Industrial & process automation
 HVAC
Rail & Road
Order book 1H14:
€ 1,116 mio
11%
7%
4%
 signalization and track-laying works
 railway works, railway overhead lines
 transport of energy high and low voltage
lines
,  road and rail works
78%  asphalt works
Real Estate and
Construction
Management services
 Real estate development
 Specific associated services:
- Project management
- Property management
 Civil Engineering
 Infrastructure projects - tunnels,
bridges, roads
 Buildings – offices, industrial,
commercial 27
and residential
 Renovation & rehabilitation
 Bonded laminates

28. Private Banking:
Contribution to the AvH consolidated net result
(€ mio) 1H14 1H13 2013
FINAXIS-PROMOFI
-0.5 -0.3
-0.4
DELEN
INVESTMENTS 31.2 31.0 59.9
BANK J.VAN
BREDA & CO 14.1 24.8 13.4
ASCO-BDM
TOTAL
0.2
45 0
0.2
84 5
0.5
44.6 45.0 84.5
28

29. Private Banking
• advice for private clients
DELEN INVESTMENTS Discretionary asset management and patrimonial
• Specialised advisory bank for entrepreneurs and
BANK J VAN BREDA & CO liberal professions
J.C
ASCO-BDM • Insurance group focused on marine and property
insurance
29

30. Finaxis organisation chart
15%
AvH Promofi
75% 25%
Finaxis
99% 100%
Delen Investments CVA Bank J J.Van Breda & C
Co
100% 73% 99.9%
Delen JM Finn & Co
Private Bank ABK
30

31. Assets under management
Total assets under management
(in € mio) 1H14 1H13 2013
Delen Investments 31,492 27,103 29,536
Delen Private Bank 21,703 18,746 20,210
JM Finn & Co 9,789 8,357 9,326
Van Breda: bancassurance products 1,536 1,511 1,507
Van Breda: AuM at Delen* 3,308 2,765 3,036
Van Breda: client deposits 3,800 3,621 3,683
(*) Already included in Delen Private Bank AuM
31

32. Delen Investments: funds under management
JM Finn
AuM CAGR 2004-2013: 20.7%
Start cooperation
with Bank J.Van
Breda & C°
BI&A
Capfi
Havaux
(in € mio) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14
Discretionary
mandates 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 15,416 18,075 20,939 22,454
Advisory
clients 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 7,154 7,780 8,597 9,038
Total 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 25,855 29,536 31,492
Acquisitions 610 757 117 2,748 6,377
32

33. Delen Investments: key figures
(AvH 78.75%)
Private banking and wealth management. Focused on discretionary asset
management for private clients clients, in Belgium and UK
(in € mio) 1H14(2) 1H13 2013
G 137 0 127 9 255 2
Brussels
Gross revenues 137.0 127.9 255.2
Net result 39.6 39.4 76.0
Equity 477.6 448.8 464.1
Assets under management 31,492 27,103 29,536
Cost - income ratio(1) 53.4% 53.5% 54.8% Ghent
ROE (IFRS) 16.8% 18.3% 17.3%
Core Tier1 capital ratio 24.8% 24.9% 25.3%
# personnel 552
(1) Excl. JM Finn = 41.0% (1H14), 42.4% (2013)
(2) Impact of JM Finn on revenues of € 37.9 mio, on net result of € 3.3 mio (after
amortization of intangibles (clients) and 26% minorities of € 1 8 33
1.8 mio)

34. Delen Investments: highlights and outlook
Highlights 1H14
• Continued growth of AuM to € 31,492 mio (€ 21,703 mio Delen Private Bank, € 9,789 mio
JM Finn), positively impacted by markets and exchange rate and continued strong inflow
• Stable cost - income ratio to 53.4% (1H13: 53.5%): Delen Private Bank 41.0%, JM Finn & Co
81.4%
• Net equity (after dividend payment) increased to € 478 mio (€ 464 mio end 2013), largely
exceeding Basel II and III requirements
• Core Tier1 of 24.8%, well above sector average
• Net result of € 39.6 mio (of which € 3.3 mio from JM Finn & Co), partially impacted by
non-recurrent elements related to the acquisition of JM Finn & Co and its exchange rate
effect £/€
• Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remains
chairman of the board
Outlook 2014
• Delen Private Bank: well positioned thanks to continued strong inflows
• JM Finn & Co: continued focus on strengthening JM Finn model towards discretionary asset
management, a.o. via launching Coleman Street Investment services and efficient
commercial strategy with focus on new inflows
34

35. Bank J.Van Breda & C°: client assets
(incl. ABK and Van Breda Car Finance)
6000 Total deposits & funds
5000
4000
3000
CAGR 2004-2013: 12.5%
2000
1000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14
Entrusted funds Client deposits Private loans
(€ mio) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14
Total deposits and funds 3,118 3,547 4,077 4,701 5,009 5,645 6,369 7,469 8,010 9,018 9,566
- Entrusted funds,
of which 1,647 2,071 2,417 2,802 2,788 3,286 3,772 4,015 4,586 5,335 5,766
AuM at Delen 815 1,037 1,220 1,463 1,370 1,668 1,968 2,115 2,504 3,036 3,308
Bancassurance 596 739 880 1,044 1,174 1,309 1,414 1,438 1,496 1,507 1,536
Client deposits 1 471 1 476 1 660 1 899 2 221 2 359 2 597 3 453 3 424 3 683 3 800
- 1,471 1,476 1,660 1,899 2,221 2,359 2,597 3,453 3,424 3,683 3,800
Private loans(1) 1,671 1,670 1,798 2,057 2,202 2,328 2,631 3,044 3,306 3,455 3,536
(1) Van Breda Car Finance included
35

36. Bank J.Van Breda & C°: key figures
(AvH 78.75%)
Relationship bank focused on private as well as professional needs for
entrepreneurs and liberal professions
(in € mio) 1H14 1H13 2013
Bank product 60.3 60.6 117.7
Net result 17.0 17.9 31.5
Equity (group share) 455.2 430.9 447.9
Total assets 4,424.1 4,192.9 4,410.3
Total client assets(1) 9,565.8 8,596.3 9,017.9
Cost - income ratio 60.1% 56.5% 58.9%
ROE 7.5% 7.3% 7.2%
CAD (solvency ratio) 17.1% 16.4% 15.6%
Core Tier 1 capital ratio 15.0% 14.3% 13.7%
Net loan write-offs / avg loan portfolio 0.02% 0.06% 0.04%
Leverage (equity/assets) 10.3 9.4 10.2
# personnel 466
36
p
(1) Deposits and entrusted funds

37. Bank J.Van Breda & C°: highlights & outlook
Highlights 1H14
C i d d h • Continued steady growth of commercial volumes at Bank J.Van Breda & Co (incl. ABK)
• Total client deposits and entrusted funds increased to € 9,566 mio (vs € 9,018 mio as
of 31.12.13), of which € 3,800 mio client deposits and € 5,766 mio entrusted funds
• Continued growth of private loans (incl. ABK and Van Breda Car Finance): €€ 3,536 mio
(€ 3,455 mio as of 31.12.13)
• Very limited net loan loss provisions: 0.02%
• Cost - income ratio of 60.1% (vs 56.5% for 1H13)
• Net equity increased to €€ 455 mio (vs €€ 448 mio as of 31.12.13), with a Core Tier1 ratio
of 15.0% and financial leverage (equity/assets) of 10
• Net result of € 17.0 mio: absence of major capital gains on investment portfolio and
positive hedging results compared to 1H13 (net effect of €€ 2.3 mio)
• Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014
Outlook 2014
• Bank J.Van Breda & Co: strong commercial franchise, leading to continuous volume
growth of both deposits and AuM as well as loan portfolio. Interest margins under
pressure due to highly competitive deposit market, but compensated by successful ‘asset
37
p gy p p , p y
gathering’ strategy
• ABK: continued focus on repositioning of brand

38. Structural growth drivers of the Belgian
private banking market
High level of net financial assets per capita
High level of household savings rate
38
Source: Rabobank

39. Real Estate, Leisure & Senior Care:
Contribution to the AvH consolidated net result
(€ mio) 1H14 1H13 2013
LEASINVEST REAL
ESTATE 4.3
4.5 8.7
EXTENSA 4.6 -0.6 4.5
GROUPE
FINANCIERE DUVAL -4.6 2.0 -5.7
ANIMA CARE
TOTAL
0.6
0 3
0.6
0.2
3 3.6 6 -0.3 15 15.8
8
39

40. Real Estate, Leisure & Senior Care
LEASINVEST REAL ESTATE • Real Estate Investment Trust for offices, logistics and
retail in Belgium and Luxembourg
EXTENSA • Land development in Belgium
• Real estate p
development in B/Lux
FINANCIERE DUVAL
(see slide 59)
• Real estate group with activities in RE promotion,
tourism, golf sites and senior care
• Odalys: 115,000 beds, 329 sites; NGF: 33 golf sites;
Residalya: 1,957 beds, 26 sites
• 1H14 traditionally impacted by seasonality of
tourism activities
• Disposal of parking activities Park’A
ANIMA CARE • Health & senior care sector in g
Belgium
(see slide 60)
• 1H14: Increase of turnover driven by portfolio
expansion, startup costs linked with opening of new
builds
40
• Total portfolio of more than 1,300 beds and service
flats (922 beds and 78 service flats in operation)

41. Leasinvest Real Estate
(AvH 30%)
Real Estate Investment Trust (bevak – sicafi) for offices, logistics and retail in
Belgium and Luxembourg
(in € mio) 1H14 1H13 2013
Operational result 19.9 15.6 34.2
Real estate porfolio
Retail
Offi
Net result 13.5 13.0 26.9
Net equity 324.2 318.3 335.3
Offices
Logistics/semi-industral
22%
Portfolio real estate (fair value) 708.8 598.1 718.2
Rental yield (%) 7.28 7.36 7.31
Occupancy rate (%) 96.3 95.9 96.9
N t d bt ti (%)(1) 53 8 47 1 53 5
43%
35%
Net debt ratio 53.8 47.1 53.5
Per share (€)
Net asset value 65 6 64 5 67 90
Luxembourg Belgium
65.6 64.5 67.90
Stock price - closing 81.75 66.01 73.60
39%
High/Low 84.50/73.00 80.52/65.15 82.45/65.10
Dividend 4.50 61%
41
(1) Total net debt: € 406 mio (2013), € 407 mio (1H14)

42. Leasinvest Real Estate: highlights
Highlights 1H14
• Strategic reorientation leading to higher rental income
• Luxembourg (portfolio value: € 431.0 mio, 18 sites) most important investment market,
compared to Belgium (portfolio value: €€ 277.8 mio,14 sites) and retail most important asset
class (41%)
• Limited decrease of real estate portfolio to € 709 mio (€ 718 mio end 2013), due to the sale
of office building Louizalaan 66, Brussels, and the semi industrial site in Meer, as part of the
strategy to sell smaller, non-strategic sites. Capital gain of € 1.8 mio on these disposals
• Occupancy rate increased to 96.3% (1H13: 95.9%); average duration increased to 5.0 years
(1H13: 4.4 years)
• Operational result positively impacted by acquisitions in 2013 of shopping center Knauf
Pommerloch (Luxembourg) and Hornbach
• Dividend distribution of € 20.2 mio in 1H14
42

43. Leasinvest Real Estate: examples of projects
and properties
Knauf Pommerloch (Luxembourg)
43
Hornbach
Royal 20 (Luxembourg) (artist impression)

44. Extensa Group: consolidated balance sheet
(Extensa – LRE combined) (AvH 100%)
Real estate developer with focus on residential and mixed projects in Belgium
and Luxembourg
(in € mio) 30/06/14 31/12/13 30/06/14 31/12/13
Land development (hi t i l t) 16 3 14 6 Net equity 132 7 125 1
historical cost) 16.3 14.6 132.7 125.1
Real estate projects (fair value) 86.5 81.7
RE investments & Leasings (fair value) 41.9 41.9
Tour&Taxis (50%): FV yield of 7.0% 27.3 26.7
Other assets 14.6 15.2
Leasinvest Real Estate (equity method) 94.8 98.1 Financial debts(3) 123.9 125.9
1,444,754 shares(1,2)
Other assets 32.9 29.1 Other liabilities 15.8 16.0
a.o. cash € 23.2 mio (1H14), € 13.2 mio (2013)
Total assets 272.4 267.0 Total liabilities 272.4 267.0
(1) AvH holding directly 37,211 shares
(2) Market value of LRE shares (30/6: € 81.75): € 118.1 mio
(3) Net financial debt 1H14: € 100.8 mio; 2013: € 112.6 mio
44

45. Extensa: highlights
Highlights 1H14
• Significant improvement of net result, thanks to delivery and sale of Building for Brussels
Department of Environment (Tour&Taxis). Development of 105 apartments, 48,000 m²
office and underground car park (187 places) planned.
• Agreement in principle by Flemish government to accomodate all civil servants in new
building (De Meander, 45,737 m²) on T&T site, to be developed by 2017
• Limited contribution from sale of land and from other development activities
• Cloche d’Or (Luxembourg) (Extensa 50%, 20 ha – 400,000 m²): Financial closing (Ilot A,
70,000 m²) finalized. Commercialization of first phase of residential development to be
started in 2H14
45
Brussels Environment (Tour&Taxis) De Meander (Tour&Taxis) (artist impression)

46. From real estate leasing over real estate
development to real estate services
Extensa
it
(in million euro) 140
equity
120
100
80
60
40
20
‐
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
AvH 60%
Acquisition -Creation of LRE
AvH 100% Extensa
(real estate
development)
(investment trust)
-Acquisition Brixton
(real estate management)
(equipment & real
estate leasing)
46
Recent diversification into ‘Real
estate services’:
Groupe Duval (41%)
- France (real estate
exploitation &
services)
Anima Care (100%)
Senior care
facilities & services

47. Energy & Resources:
Contribution to the AvH consolidated net result
(€ mio) 1H14 1H13 2013
SIPEF 4.2
6.4 11.2
SAGAR
CEMENTS -0.2 -0.4 -0.4
TELEMOND 0.7 1.5 3.0
OTHER
TOTAL
0.1
5 6
-5.1
8 7
0.2
6.9 5.6 8.7
47

48. Energy & Resources
SIPEF • Agro industrial group with plantations of palm oil, rubber
and tea in Indonesia and Papua New Guinea
• Production of cement and clinkers. In partnership with the
Reddy family
SAGAR CEMENTS
(slide 61) • 1H14: Lower turnover and net result due to difficult market
conditions.
see sl de 6 )
ORIENTAL QUARRIES • Stone quarries producting building aggregates. In
& MINES
(see slide 62)
Sto e qua es p oduct g bu ld g agg egates.
partnership with the Bakshi family
• 1H14: Positive impact from turnaround Bilaua site,
resulting in increase of turnover and positive net result
MAX GREEN
(see slide 63)
• Renewable energy based on biomass (wood pellets), in JV
with Electrabel
• 1H14: Difficult to manage under continuously changing
legal framework. Production shutdown since April 2014
TELEMOND GROUP • Development & manufacturing (Poland) of welded steel
l d 6
48
structures and equipment
• 1H14: Lower order book resulted in lower turnover and
net result
(see slide 64)

49. Sipef: key figures
(AvH 26.78%)
A Belgian agro-industrial group operating and managing tropical plantation
businesses (53,899 ha oil palm and 9,661 ha rubber), in Indonesia and Papua
New Guinea
(in USD mio) 1H14 1H13(2) 2013
€ 1 = USD 1.37 (1H14)
Group production (in T)(1)
Palm oil 131,415 120,616 253,912
Rubber 5,547 5,276 10,403
Tea 1,369 1,400 2,850
Turnover 157.7 149.5 291.7
EBIT 36.3 28.9 79.0
Net result 32.7 20.5 55.6
Net equity 526.1 472.4 508.1
Net cash position -20.1 -12.0 -31.9
Share high/low (in €) 63.31/54.60 65.03/51.62 65.03/50.00
Market cap (€ mio) 558 6 462 1 516 5
49
(1) Own + outgrowers
(2) Adjusted in line with IFRS11
558.6 462.1 516.5

50. Sipef: highlights & outlook
Highlights 1H14
• Favorable agronomic conditions leading to higher production volumes in palm oil (+9%), both
from mature and young plants, and rubber
• Increase of turnover to USD 157.7 mio and of net result (+60%) to USD 32.7 mio thanks to
higher volumes and slightly higher sales prices
(in USD/ton) 1H14 1H13 2013
€ 1 = USD 1.37 (1H14)
P l il 899 852 857
Palm oil Rubber 2,187 3,030 2,795
• Expansion plans continued. Two extraction plants (in Indonesia and Papua New Guinea)
l completed d d and new l oil l palms l d planted in Papua New G Guinea d and in S h South S
Sumatra
Outlook 2014
• Taking into account the positive production outlook and the forward sales, Sipef expects the
2014 result to be higher than in 2013
50

51. Development Capital:
Contribution to the AvH consolidated net result
(€ mio) 1H14 1H13 2013
-1.1 -2.8
SOFINIM -0.7
CONTRIBUTION
PORTFOLIO SOFINIM -0.7 -7.2 -6.3
CONTRIBUTION
PORTFOLIO GIB 0.5 1.3 2.5
CONTRIBUTION BEFORE
CAPITAL GAINS
CAPITAL GAINS
-6.6
34 0
-6.6
29 5
-1.3
4 4.9
9 34.0 29.5
TOTAL CONTRIBUTION
DEVELOPMENT CAPITAL
3.6 27.4 22.9
51

52. 52

53. Development Capital: adjusted net
asset value
(in € mio) 1H14 2013
Sofinim 495.2 493.2
Unrealised capital gain Atenor 10.6 8.2
Share price Atenor (in €) 37.90 34.25
Market value Groupe Flo / Trasys 9.8 10.0
Share price Groupe Flo (in €€) 2.94 3.00
Total Development Capital 515.6 511.4
53

54. Development Capital: overview of major
divestments
2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014
64 1
53.7
64.1
IRR %
34.1
31 9
39.0
28.3
22.6
16 5
26.7
16 5
24.9
31.9
14 8
25.5
19.0
14 8
-0.8
16.5
-1.3
16.5
11.1
14.8
3.4 5.7 2.2
14.8
3 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 6 11 6 12
Investment term (# years)
54

55. Other participations
55

56. Van Laere
(AvH 100%)
General contractor of construction and civil engineering projects
Consolidated key figures
(in € mio) 1H14 1H13 2013
Turnover 88 3 88.3 48 8 48.8 122 3
122.3
Net result 1.0 -0.5 0.7
Shareholder's equity 37.4 35.4 36.6
Net financial position 4.9 0.6 6.1
# personnel 463
Regatta (Antwerp)
Highlights 1H14
• Strong improvement of turnover thanks to better weather conditions than in 2013
• Order book of € 239 mio (2013: € 169 mio)
56

57. Rent-A-Port
(AvH 72.18%)
Specialized company for port development, port management and
logistics consultancy
Consolidated key figures
(in € mio) 1H14 1H13 2013
Turnover 2.2 4.7 6.8
Net result 0.0 6.7 12.3
Shareholder's equity 25.6 20.2 25.9
Net financial position -8.2 -7.5 0.5
Highlights 1H14
• 2014 is transition year for Dinh Vu (Vietnam). Expansion to 1,600 ha expected by
year-end
57

58. Nationale Maatschappij der Pijpleidingen (NMP)
(AvH 75%)
Operator of 700 km of pipelines for transport of industrial gases
and chemicals in Belgium
Consolidated key figures
( in € ) mio) 1H14 1H13 2013
Turnover 6.8 7.1 13.9
Net result 1.0 0.9 2.0
Net cash flow 2.1 1.9 4.3
Shareholder's equity 26.9 26.4 27.5
Net financial position 13.3 9.7 13.5
Highlights 1H14
• Slightly higher results in line with expectations
58

59. Groupe Financière Duval
(AvH 41.14%)
French group focused on real estate projects, services and residences
Consolidated key figures
(in € mio) 1H14 1H13 2013
Turnover 193.7 218.5 501.1
EBIT 25 5 21 0 13 4
-25.5 -21.0 13.4
Net result -13.8 -11.1 4.7
Sh h ld ' Shareholder's it equity 91 8 91.8 91 1 91.1 107 1
107.1
Net financial position -143.5 -146.5 -96.1 Residalya – La Carrairade (Le Rove)
Hi hli ht Highlights 1H14
• Turnover and results of first 6 months traditionally impacted by seasonality of tourism
activities (Odalys)
•• Sale of Park’A activity to Interparking. Limited impact on consolidated result.
• Exploitation activities: Tourism – holiday parks (Odalys) (115,000 beds, 329 sites); NGF (33
golf sites); Senior Care (Residalya) (1,957 beds, 26 sites)
• Positive impact from new senior care residences of Residalya.
59

60. Anima Care
(AvH 100%)
Anima Care focuses on high quality senior care residences in Belgium
(exploitation and real estate)
Consolidated key figures
( in € )
mio) 1H14 1H13 2013 Azur Soins et Santé
Turnover 17.9 11.3 27.4
EBITDA 2.3 1.2 3.4
Net result 0.2 0.6 0.6
Shareholder's equity 34.7 28.6 32.4
Net financial position -49.5 -18.9 -40.8
Highlights 1H14
• Increase of turnover driven by portfolio expansion
Zonnesteen (Zemst)
y p p
• Net result impacted by startup losses from opening of new build residences: Zemst (93
beds, 23 service flats; opening April 2014), Haut-Ittre (127 beds, 36 service flats;
opening 2H14) and Kasterlee (142 beds, 63 service flats; opening 2015)
T t l tf li f th 1 300 b d d i fl t f hi h b d d 60
• Total portfolio of more than 1,300 beds and service flats ( of which 922 beds and 78
service flats in operation)

61. Sagar Cements
(AvH 18.55%)
Cement plant, located near Hyderabad (Andra Pradesh, India), with capacity
2 5 of 2.5 million tonnes cement per year
(in € mio) 1H14 1H13 2013
€ 1 INR 83 33 € 72 46 € 77 52
Consolidated key figures
= 83.33 1 = INR 72.46 1 = INR 77.52
Turnover 33.8 35.8 61.7
EBITDA -0.2 2.0 3.7
Net result -2.4 -1.2 -2.4
Shareholder's equity 28.4 33.8 29.7
Net financial position -29.4 -27.8 -25.0
Share high/low (in INR) 323.6/134.1 297.4/190.0 291.4/162.0
Market cap (INR mio) 5,331 3,373 2,960
Highlights 1H14
• Continued strong competition leading to lower prices and decrease of turnover and net
result
61
esult
• Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value of
approx € 53 mio (AvH share: € 6 mio). Investment multiplied by 5 since 2008

62. Oriental Quarries & Mines
(AvH 50%)
Aggregates quarries, India (in partnership with Oriental Structural Engineers )
(in € mio) 1H14 1H13 2013
€ 1 = INR 83 33 € 1 = INR 72 46 € 1 = INR 77 52
Consolidated key figures
83.33 72.46 77.52
Turnover 3.9 1.9 4.9
EBITDA 0.4 -0.1 0.2
Net result 0.4 -0.3 0.1
Shareholder's equity 6.6 6.3 6.0
Net financial position 1.5 1.5 1.5 Bangalore quarry
Highlights 1H14
• Opening of new site in Bilaua resulted in doubling of sales volumes and increase of
profitability
• Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tons
62

63. Max Green
(AvH 18.9%)
Renewable energy based on biomass / wood pellets
(joint venture with Electrabel)
Highlights 1H14
• Conversion of Rodenhuize 4 plant (Ghent) into 100%
biomass fired unit
• 180 -200 Mwel capacity
• Decreasing market prices for electricity and green
certificates and changing legal framework resulted in
shutdown of production in April 2014
Rodenhuize (Ghent)
63

64. Telemond Group
(AvH 50%)
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
Consolidated key figures
(in € mio) 1H14 1H13 2013
Turnover 38.6 43.8 78.7
Net result 1 7 3 0 6 6
1.7 3.0 6.6
Net financial position -12.3 -12.5 -10.9
Highlights 1H14
• Decrease of turnover and net result due to lower order book
• Investment in development of new site in Poland
64

65. Development Capital: highlights
Highlights 1H14
• Clear, but still early, improvement of results
• Capital gain of € 4.9 mio (AvH) on sale of NMC at the end of June. IRR of 14.8% over 12
years. Closing expected early October 2014
• Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel.
Distriplus will concentrate on the world of beauty
• Euro Media Group: Restructuring of shareholding structure of EMG with PAI entering on
July 29 as new lead investor. Sofinim maintains its 22.5% stake in EMG. This transaction
has no cash impact for Sofinim.
• Corelio: Results influenced by extraordinary elements (a.o. provisions for social plan
for Mediahuis and Corelio Printing, the capital gain on sale of Editions de l’Avenir,
impairments within De Vijver Media). De Vijver Media strenghtened by partnership with
Telenet (purchase of shares Sanoma, capital increase)
• Hertel: Improved result under new management team, but still negative due to
restructuring costs and non-recurrent elements in its offshore division
65

66. Groupe Flo
(GIB 47.13%)
Leading player in casual dining in France, with a portfolio of complementary brands
of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and
famous brasseries
Consolidated key figures
(in € mio) 1H14 1H13 2013
Turnover 157.5 175.1 346.8
EBITDA 12.4 18.6 35.3
Net result 1.8 5.0 8.0
Net financial position -61.0 -68.4 -57.7
Highlights 1H14
• Decrease of turnover in a difficult market environment, negatively impacted by the VAT
increase and increasing price sensitivity from the customers
• Measures taken to adapt the operating model to lower volumes could only partially offset
the impact of the lower turnover
66

67. Outlook 2014
‘The board of directors remains positive
about the group’’s outlook for the current
financial year, and expects an increase in
net profit over last year’s result, adjusted
for the 109.4 million euros remeasurement
income following the acquisition of control
over DEME/CFE.’
67

68. For further questions or additional information,
please consult our website: www.avh.be
Contact:
Luc Bertrand
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
68

69. Annexes
69

70. Multidisciplinary and experienced team
Born with AvH since
Luc Bertrand 1951 1986 (Bankers Trust)
Jan Suykens 1960 1990 (Generale Bank)
Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group)
Piet Bevernage 1968 1995 (Allen & Overy - LCV)
Tom Bamelis 1966 1999 (Touche Ross, GBL)
Koen Janssen 1970 2001 (Recticel, ING)
André-Xavier Cooreman 1964 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)
Marc De Pauw 1953 1994 (NIM)
Hilde Delabie 1968 1998 (Deloitte)
Matthias De Raeymaeker 1975 2005 (Arthur D. Little)
Sofie Beernaert 1975 2005 (Eubelius)
John-Eric Bertrand 1977 2008 (Deloitte, Roland Berger)
Katia Waegemans 1969 2008 (McKinsey, Agfa-Gevaert)
Ben De Voecht 1979 2010 (ExxonMobil)
70

71. Historical overview
1880 Foundation by H.W. Ackermans & Nicolaas van Haaren
1964 Foundation of Forasol SA
1974 Merger of dredging activities with SGD (CFE-SGB)
1984 I.P.O.
1988 1st diversification into brewery sector (Alken-Maes)
1991 Acquisition of Creyf’s Interim (renamed Solvus)
1992 Acquisition of Belcofi – Delen (start of Private banking)
1994 Acquisition of privatised Société Nationale d’Investissement
(start of private equity via Sofinim and of real estate via Leasinvest)
1996 Sale of Forasol – Foramer to Pride Petroleum
1998 Creation of joint holding company (Finaxis) of Bank Delen
with Bank J. Van Breda & C° (AvH 60% / beneficial 30%)
71

72. Historical overview (2)
1999 IPO of Leasinvest Real Estate
2000 Increase of stake in DEME from 39.5% to 48.5%
2002 Acquisition 50% stake in GIB (Quick), together with CNP
2004 Increase of stake in Finaxis from 30% to 75 %
Increase of stake in DEME from 48.5% to 50%
2005 Sale of Solvus to USG
2006 Strong investment (Flo, Trasys, Turbo’s Hoet Group, Cobelguard) as well as
divestment (Quick, SCF) activity
2007 Bank Delen: acquisition of CAPFI (€ 2,747 mio)
DEME: 2nd phase of fleet investment program
Private equity: strong investment activity (Spano, Iris, Manuchar, Distriplus:
€ 154 mio)
2008 Investment in Rombouts (20%) and Sagar Cements
Sale of Arcomet, Oleon Holding and Oleon Biodiesel
72

73. Historical overview (3)
2009 Sale of IDIM to R.D.C.B. and S.R.I.B. and sale of I.R.I.S. to Canon
Investments in Oriental Quarries & Mines, Alcofina and Max Green
2010 Creation of Rent-A-Port Energy
Co-control Holding Groupe Duval
RSPO certification of Sipef
Sale of Engelhardt Druck
2011 Listing of AvH options on NYSE Liffe
Acquisition ABK by Bank J.Van Breda & Co
Acquisition JM Finn & Co by Delen Investments
2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)
2013 Sale by Sofinim of stake in Spano Invest (73%)
Acquisition of CFE (60%) and exclusive control of DEME
2014 Sale by Sofinim of stake in NMC (27%)
73

74. Evolution of the AvH share
(index rebased to 20/6/1984)
AvH
Belgian all
share index
1984-2013
AvH share: x42
Stock index: x8
(until 19/8/14)
74
Market capitalization (€ mio, end of year):
55 317 1,066 590 2,244 2,853

75. Return AvH vs market
75
Source: KBC Securities

76. Evolution of the consolidated group result
(in € mio)
+106.8 293.9
167.3
+6.8
-12.5
-7.7
+12.2
+8.0 +13.0
76

77. Net cash position AvH group
(in € 000)
AvH &
subholdings
Development
capital
Total
(30/6/2014)
Investment portfolio* 24,162 2,378 26,540
Term deposits 32,438 26,802 59,240
Intercompany deposits -115,865 115,865 0
Cash 3,649 1,591 5,240
Long term debt -87,990 -87,990
Short term debt - commercial paper -38,849 -38,849
Own shares (#350,278) 20,800 20,800
Net cash GIB (50%) and Other 428
(equity consolidation)
-161,655 146,636 -14,591
* Primarily Delen Private Bank funds
77

78. AvH gained exclusive control over DEME,
through the acquisition of CFE (1/2)
Sep 19, 2013: AvH and Vinci reach an agreement
Dec 24, 2013: AvH acquires a 60.39% stake in CFE
•AvH contributes to CFE its 50% stake in DEME (€ 550 mio) in exchange for
12,222,222 new CFE shares
•AvH acquires 3,066,440 CFE shares of Vinci’s stake (€ 45 per share or € 138
mio in total)
AvH evolves to exclusive control of DEME
•Impact on income statement in 2013 limited to mandatory remeasurement
of 50% stake in DEME (IFRS). Capital gain of € 109.4 mio recorded.
•Higher % in DEME and Rent-A-Port will be applied as from 2014.
Feb 7, 2014: AvH launches mandatory public offer on CFE (€ 45 per share)
78

79. AvH gained exclusive control over DEME,
through the acquisition of CFE (2/2)
Public
Structure on May 16, 2014
60.4% 12.1%
27.5%
100%
79

80. Delen Investments: income statement
Conso (in €€ 000) 1H14 1H13 2013
Net interest income 1,834 768 2,994
Gross fee income 133,173 122,608 245,800
Other income 1,964 4,475 6,417
Gross revenues 136,971 127,851 255,211
Fees paid -13,081 -10,279 -21,892
Operational expenses -59,531 -55,117 -112,725
Amortisations & provisions -6,361 -5,424 -11,243
Other expenses -568 -1,133 -2,328
Loan loss provision -14 -13 -27
Expenses -66,474 -61,688 -126,324
Profit before tax 57,416 55,884 106,996
Income taxes -16,373 -15,356 -28,804
Profit of the period
Minority interests -1,418 -1,103 -2,159
80
Share of the group 39,624 39,425 76,033

81. Delen Investments: balance sheet
(in € 000) 1H14 2013 2012
Cash & loans and advances to banks 661,695 658,767 698,990
Financial assets
- Financial assets available for sale 746,258 537,717 494,015
- Financial assets held for trading 30,834 33,633 33,073
- Loans and receivables 131,000 125,987 102,316
Tangibles assets 55,776 55,070 52,157
Goodwill and other intangible assets* 247,202 248,607 249,258
Other assets 26,149 25,240 24,588
Total assets 1,898,914 1,685,021 1,654,397
Financial liabilities
- Deposits from credit institutions 4,282 2,403 1,603
- Deposits from clients 1,246,241 1,080,732 1,120,207
- Other 25,389 30,267 28,146
Provisions, tax and other liabilities 145,168 107,247 89,653
Equity (including minority interests)* 477,833 464,372 414,788
Total liabilities 1,898,914 1,685,021 1,654,397
81
* JM Finn at 100% taking into account put/call rights on minority stake of 26.51% as from 2011

82. Delen Private Bank: Annualised returns
(after all costs) since inception
31/12/2013 1 year 3 5 years
Since
years years 10 inception
Fixed Income* -2,04% 0,94% 1,73% 2,12% 1,69%
Peer G Group 1,04% % % 4,36% % 4,92% % 3,74% %
5,12%
Low 2,17% 2,70% 5,96% 3,85% 5,80%
Peer Group 3,97% 3,57% 5,66% 3,25% 3,97%
Medium 4,91% 4,07% 8,82% 5,35% 4,69%
Peer Group 7,68% 4,41% 8,15% 3,86% 2,63%
High 9,81% 5,61% 12,43% 6,13% 6,72%
Peer Group 12,40% 5,94% 10,90% 4,58% 3,52%
Flexible 12,12% 6,83% 10,79% 6,87% 8,73%
Peer Group 3,76% 2,03% 6,29% 3,45% 6,14%
* Returns tot 31/12/2013 van Universal Invest Low, Medium, High, Flexible en een selectie van fondsen uit de betreffende Morningstar categorie..
82
Source: Morningstar

83. JM Finn & Co
• End of June 2011, Delen Investments announced agreement to acquire a major stake in
JM Fi Finn & Co: Delen 73.5% with current management retaining 26.5% (closing Sep 11)
• 100% transaction value: £ 85 mio (net equity as per sep 2011: £ 19 mio)
UK private client wealth management firm
• Established in 1945 as partnership, incorporated in 2006
• 305 headcount of which 190 Front Office, 45 Central Services and 70 Back Office
• 90 investment managers, making each independent investment decisions for their clients
• Head office in London, offices in Leeds, Bristol, Ipswich, Bury St Edmunds and Cardiff
18% AuM per type
23% 59%
Discretionary (63% per Sep 13)
Portfolio advisory
Non portfolio advisory and
execution only
83
AuM: £ 5.5 billion (30.09.11)
 £ 7.8 billion (31.12.13)

84. Bank J.Van Breda & C°: income statement
(in € 000) 1H14 1H13 2013
Net interest income 40,279 38,413 76,767
Net fee income 17,801 15,514 31,601
Other income 2,170 6,694 9,348
Gross revenues 60,251 60,621 117,716
Operational expenses -33,231 -32,107 -64,756
Amortisations & provisions -2,982 -2,165 -4,544
Loan loss provision -387 -1,087 -1,488
Impairment AFS 0 -13 -13
Expenses -36,600 -35,373 -70,801
Share of profit (loss) from equity
accounted investments 78 315 220
Profit before tax 23,728 25,563 47,135
Income taxes -6,664 -7,234 -14,760
Profit of the period
Minority interests -44 -462 -828
84
Share of the group 17,020 17,867 31,546

85. Bank J.Van Breda & C°: balance sheet
(in € 000) 1H14 2013 2012
Cash & loans and advances to banks 147,532 243,164 91,104
Financial assets
- Financial assets available for sale 662,294 640,743 517,209
- Financial assets held for trading and fvo 903 1,243 5,462
- Loans and receivables (including finance leases) 3,535,568 3,455,495 3,306,419
- Derivatives used for hedging 6,798 931 3,747
Tangible assets 36,420 33,156 31,764
Goodwill and other intangible assets 12,253 12,359 10,629
Other assets 22,318 23,204 26,431
Total assets 4,424,085 4,410,294 3,992,765
Financial liabilities
- Deposits from credit institutions 11,782 106,320 68,647
- Deposits from clients 3,716,696 3,598,537 3,327,944
- Debt certificates (incl. bonds/ CP) 110,147 128,019 18,200
- Subordinated liabilities 82,802 84,473 87,305
- Other 10,706 5,815 19,086
Provisions, tax and other liabilities 36,658 38,856 27,341
Minority interests 116 367 16,975
Equity (group share) 455,178 447,907 427,267
Total liabilities 4,424,085 4,410,294 3,992,765
85

86. Solvency of banks
Bank J.Van Breda & C° 
Evolution financial strength
banks Source: IMF
86
86

87. ABK
• 1997-2010: Consistent track record of profitable internal growth
o Stable number of branches: 40
o Increase of number of relationship managers: from 49 (1998) to 135 (2010)
• 2010: Acquisition of 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
• Acquisition cost for 91.76%: € 57 mio
• Participation in ABK increased to 99.9% in Dec 2013
o LT strategic rationale: Development of new client segment close to Bank
J.Van Breda core clientele and competences
ST financial implications:
87
o o Conso equity boosted from € 258 mio to € 413 mio
o Core tier 1 equity ratio strengthened from 11.3% to 14.6%

88. Sipef: Expansion
Planted area (in hectares) – beneficial interest
120.000
100.000
80.000
80 000
60.000
South Sum expansion
PNG expansion
PNG
Bengkulu expansion
40.000
Bengkulu
North Sum expansion
North Sum
20.000
0
2005 2008 2012 2020
88
Source: Sipef company presentation

89. Sipef: Palm oil
89

90. Development Capital: key figures
portfolio 2013
(see slides 91-93 for highlights)
in € mio Turnover EBITDA Net Result Net Equity Net Fin. Position
Sofinim (74%) 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Atenor 110.133 45.943 24.016 8.935 12.028 9.489 104.786 98.605 -174.932 -131.849
Axe Investments 0.587 0.733 0.123 0.249 0.278 0.870 15.613 16.088 5.157 5.185
Amsteldijk Beheer -0.124 0.049 -0.489 0.031 1.230 1.719 0.267 -18.599
Corelio 300.054 349.453 21.339 19.443 -26.660 -3.864 53.421 73.933 -74.750 -71.602
Distriplus 247.230 246.785 13.728 14.856 -0.039 2.661 62.665 62.704 -61.267 -61.307
Egemin International 105.040 107.521 6.753 5.957 2.363 1.754 21.914 20.323 12.586 2.228
Euro Media Group 301.344 333.020 68.226 76.126 9.425 21.557 189.000 179.828 -81.011 -89.521
Hertel Holding 767.418 907.246 3.259 24.455 -34.356 -32.939 128.655 161.513 -35.994 -102.639
Manuchar 1,010.521 921.433 41.967 27.039 4.558 3.560 56.410 50.942 -257.521 -231.139
NMC 197.645 195.712 27.145 24.561 11.852 10.175 99.994 93.277 -15.873 -15.274
Turbo's Hoet Groep 405.553 471.255 17.870 19.487 5.638 7.755 88.109 87.717 -95.955 -79.863
GIB (50%)
Groupe Flo 346.843 365.837 35.347 41.778 7.966 12.522 165.824 159.101 -57.702 -74.711
Trasys 73.185 69.283 4.913 5.102 2.781 1.908 21.959 18.985 -8.562 -12.077
90

91. Development Capital: highlights
Highlights 2013
• Divergent results in development capital segment: capital gain of € 34
mio (AvH) on sale of Spano-group. Lower contribution from other
companies due to restructuring costs and impairments.
• Atenor: Result impacted by the sale of apartments in UP-site (Brussels),
the start of the Trébel project and the construction of Port du Bon Dieu
(Namur)
• Corelio and Concentra merged their Flemish newspapers and digital
activities in Mediahuis (Corelio 62%, Concentra 38%). Agreement signed
with Tecteo for sale of French speaking newspaper activities in Sep,
regulatory approval still pending. Due to exceptional amortizations of
intangibles by De Vijver Media (Corelio 33%) and other restructuring
charges, Corelio realized a net loss.
• Distriplus: Stable turnover despite a difficult economic environment
thanks to commercial strategy of the 3 chains. Due to exceptional
costs, Distriplus booked a breakeven result.
• Egemin Automation: Delays in new projects and longer decision cycles
due to economic climate. Margin improvement thanks to better
selection of orders and strict control of implementation.
91

92. Development Capital: highlights
Highlights 2013
•• Euro Media Group: Acquisition of the technical resources from Alfacam,
specialised in the recording and broadcasting of images internationally.
Decrease of net result due to restructuring costs in French activity,
exceptional impairment on rentals and capital gain on the sale of real
estate. As a consequence, Sofinim recorded an impairment.
• Groupe Flo: Decrease of turnover (-4.6% like-for-like) and net result in a
persistently difficult market. Focus on strengthening Hippopotamus (9
new restaurants in 2013). Continued decrease of debt.
• Hertel: Turnover decrease of 15% due to divestitures in 2012, closing of
activities and critical selection of projects. Disappointing result due to
restructuring costs, goodwill impairment and other non-recurring
elements. Solid financial basis thanks to refinancing early 2013, when
shareholders Sofinim and NPM Capital injected €€ 75 mio cash, and
working capital management. Net debt decreased to € 36 mio
• Manuchar: Strong recovery with increase of turnover and net result. On
its way to become a top 3 player in distribution of chemicals in emerging
markets. Trading in steel and non-ferro also performed well. Acquisition
of one of its main suppliers in hardwood.
92

93. Development Capital: highlights
Highlights 2013
• NMC: Stable turnover but significant growth (+18%) in net result, due to
internal improvement program focused on productivity. Sales prices
adjusted to the increasing cost of raw materials.
• Trasys: Increase of turnover (+6%) and net result (+47%) in a very
competitive IT market.
• Turbo’s Hoet Groep: Decline of market of new trucks leading to
decrease of sales of Turbotrucks, mainly in Russia and Belarus.
Increasing revenues at Turboparts and stable, but profitable, leasing
and renting activities. New workshop and warehoude opened in
Moscow, garage in Namur renovated and Torhout site closed.
93

94. AvH: long term track record of growth and
value creation: Sofinim
NAV
Adjusted net asset value (in € mio)
600
500
400
300
200
100
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NAV
• Conservative benchmark (acquisition cost + group’s share
of results)
• No transaction value, nor P/E based revaluations
94

95. Notes
95