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55 SeptemberSeptember 20122012 Umicore, global leader in …

Automotive catalysts for passenger cars

Key materials for rechargeable batteries used in portable and hybrid & electric cars

Germanium substrates and other materials which are used in new photovoltaic

Recycling precious from old mobile phones, laptops, electronic and spent catalyst material

3 Umicore’s business approach

We transform metals into hi-tech materials Application We use application know-how to create know-how tailor-made solutions in close collaboration with our customers Chemistry material Material Metals Material science We close the loop and secure supply by solutions solutions Metallurgy production scrap and end-of-life materials

We aim to minimize our environmental Recycling impact and be the best employer and neighbour

4 Umicore in figures

Key financials for H1 2012 Global positioning at end 2011

Turnover €6.9 bn 14,572 77 15 people industrial sites R&D/technical Revenues €1.2 bn centres

Recurring EBIT € 192 m

7,635 ROCE 17.4% 34 866 7 R&D € 87 m 11 3,251 3 24 Capex € 95 m 4

Gearing ratio 12.5% 1,195 Market cap. € 4.5 bn* 5 1 1,625 Recurring EPS € 1.31/share 3 Interim € 0.50/share Dividend * at 03/09/2012 excluding treasury shares

5 Umicore’s business groups

Recycling

• We operate a unique recycling process to • We develop technologies to treat deal with complex industrial residues and automotive emissions end-of-life materials • The business is driven by increasingly • The business is driven by materials scarcity stringent emission norms to promote clean and recycling legislation air

Performance Materials Energy Materials

• We produce a range of essential materials • We develop materials which enable the and chemicals based on precious metals clean production and storage of energy and • The business is driven by the demand for • Diverse applications, such as high-purity clean, low-carbon energy solutions , , pharma, electrics/electronics

6 Organised in decentralised business units

Rechargeable Energy Zinc Performance Battery Chemicals Materials Materials Materials

Thin Electro- Building Technical Electro- Film Optic Products Materials plating Products Materials

Cobalt & Specialty Engineered Materials Materials

Precious Precious Precious Metals Metals Metals Management Chemistry

Jewellery & Battery Automotive Industrial Recycling Recycling Catalysts Catalysis Metals

8 Strategy based on clear focus on key development areas • Key growth areas responding to global megatrends

• Innovation as a differentiator for success in all areas

Potential to achieve average annual double digit growth between now and 2015/2020 in the business groups Catalysis, Energy Materials and Recycling

• Growth will not be equal over all activities

• Growth will not be linear • Growth will not be pursued at the expense of value creation

Goal to generate an average ROCE of 15%+ between now and 2015

Performance-based environmental and social objectives

10 Sustainability objectives for 2011-2015

Economic We aim to achieve double digit revenue growth and our goal is to Growth and returns performance generate an average return on capital employed of more than 15%

Zero lost time accidents We aim to have ZERO lost time accidents

Occupational exposure We will reduce the body concentrations of specific metals to which our Great place reduction employees have an exposure: Cd, Pb, Co, Ni, As, Pt to work All employees will receive an annual appraisal to discuss individual People development development We will target our actions based on the results of the 2010 People Preferred employer Survey We aim to reduce our CO emissions by 20% vs 2006 levels and based Reduce carbon footprint 2 on 2006 industrial scope Eco- We aim to reduce by 20% the impact of emissions to water and Emission reduction efficiency air vs 2009 levels We will invest in tools to better understand and measure the life Product sustainability cycles and impacts of our products We will implement the new Sustainable Procurement Charter Sustainable procurement Stakeholder throughout our business engagement All our sites will be expected to make further steps in identifying key Local community stakeholders and engaging with the local community

11 Growth strategy based on key megatrends

Resource scarcity More stringent emission control

Renewable energy Electrification of the automobile

12 Umicore well aligned with key megatrends

Resource scarcity More stringent emission control

Market position Market position Umicore is the largest recycler of precious metals, Umicore provides catalysts for 1 out of 3 cars in able to recycle more than 20 different metals the world as well as for trucks & non-road vehicles

Growth opportunity Growth opportunity Expand recycling through UHT Expand autocat activity into new segments

Renewable energy Electrification of the automobile

Market position Market position Umicore supplies key innovative materials for Umicore is a leading producer of key materials for high-efficiency solar cells and other photovoltaic rechargeable batteries for po rtable electronics applications

Growth opportunity Growth opportunity Develop Umicore’s presence in PV materials Expand battery materials activity into (H)EVs

13 AgAg AuAu IndustrialIndustrial PtPt PdPd RhRh RuRu IrIr residuesresidues BusinessBusiness groupgroup InIn SeSe TeTe SnSn BiBi

CuCu PbPb NiNi CoCo SbSb End-of-lifeEnd-of-life CeCe LaLa PrPr NdNd materialsmaterials AsAs SS RecyclingRecycling

Business group Recycling

Business group offering recycling services for complex and precious metals containing raw materials, considered as a world leader in the recycling of precious metals • Recovery of 26 metals* including precious metals (gold, silver, platinum, ..), minor metals (, indium, …) and base metals (, , …)

• Main feed materials are by-products of the non-ferrous metals industry, industry, spent automotive and industrial catalysts and electronic scrap (including rechargeable batteries)

• Service offering of hedging, leasing, purchasing and sale of precious metals

Growth driven by scarcity of raw materials and tightening waste legislation

Precious Precious Jewellery & Battery Metals Metals Industrial Recycling Refining Management Metals

* 24 metals in the business group Recycling and 2 in the other business groups 17 Business group Recycling Business units

Precious Metals Refining

• Largest and most complex precious metals • Proprietary new UHT technology for the recycling operation in the world treatment of spent rechargeable batteries • Proprietary processes mastering a complex • Business driven primarily by the feed with the highest degree of flexibility electrification of the automobile • Efficient recovery of 17 different metals • Unique and clean process

Jewellery & Industrial Metals Precious Metals Management

• Leading provider of Ag and Au materials for • Superior precious metals management jewellery and industrial applications service to Umicore’s BUs and customers • Closed loop offering including recycling of • Proprietary trading, within strict risk control high-value & sweeps parameters • This offering makes a strong fit with the • Marketing bars/ for Recycling segment investment

18 Business Group Recycling 2012 H1 figures

Revenues

800 Key figures H1 H1 637 (in million €) 2011 2012 506 600 508 327 427

400 255 252 Revenues 309.8 342.0 +10.4% 204 342 200 310 Recurring EBITDA 153.6 144.6 -5.9% 253 254 222 0 (in € Recurring EBIT 132.9 121.9 -8.3% million) 2008 2009 2010 2011 2012 EBIT 137.7 114.3 -17.0%

300 267 R&D 6.1 9.9 +62.3% 250 202 134 195 Capex 27.7 26.6 -4.0% 200 93 106

150 118 REBIT margin 42.9% 35.6% -7.3% 100 133 52 ROCE 65.1% 83.3% +18.2% 122 95 50 102 66 0 Recurring EBIT

J H1 J H2

19 Recycling Business drivers and impact on Umicore

Resource scarcity Increasing metal prices Supply limitations vs growing demand

Eco-efficiency Increasing need for recycling Reduce eco impact of metal supply

Increasing need for Legislation & business ethics eco-efficient refining

Material complexity Increasing need for refining/ More different metals in smaller % recycling of complex feed

With its unique competences Umicore is ideally positioned to answer the Above trends positively impact above themes Umicore’s profitability

20 PreciousPrecious MetalsMetals RefiningRefining Precious Metals Refining At a glance

Largest and most complex precious metals recycling operation in the world

Processes around 350,000 tonnes/year of more than 200 different types of raw materials • Wide range of complex precious metals bearing materials

• Efficient recovery of 18 different metals • Focus on high added value processes (throughput time, efficiency)

Applying world class environmental and quality standards

25 Production configuration

Maxton Hoboken USA

• Autocat collection & pre- • Headquarters processing • R&D centre • All metals refining • Sampling & assaying • Autocat collection & pre- Guarulhos processing Brazil

& pre- processing of Au, Ag & Bangkok Thailand PGM containing materials • Au refining • Sampling & assaying • Autocat collection & pre- processing • Autocat collection & pre- processing

Total headcount end of June 2010: 1469 people

26 Position in the market

End-of-life materials

Production scrap

Ores & SMELTERS Refined Products MINES concentrates & REFINERS metals INDUSTRY e.g. computers CONSUMERS

Complex Smelting Complex Complex Recycled Recycled & refining production end-of-life concentrates metals metals residues scrap materials & residues

27 Core competences

Foster Flexibility Master Complexity Ensure Reliability

Materials Pyrometallurgy Sampling & assaying

Knowledge Operations Hydrometallurgy management

Market Employees Pd Au Se intelligence Ir Risk Cu Ru management Ag Rh Te Pt Integrity Pb As Ni In Sb Environmental management Bi Sn

28 Positive net value recycling

Positive net value recycling Negative net value recycling

Lost metals Value Value

Supplier’s return Contained metals Recovered metals Lost metals Recycler’s Recycler’s return Contained return metals Recovered metals Recycling Recycling cost cost Supplier’s recycling fee

Umicore Precious Metals Refining is mainly a positive net value recycler ⇒ Customers are incentivised to come to Umicore for the return they get Regulation helps where the incentive on an individual basis is low (e.g. e-scrap)

In case of negative net value recycling, government incentives or legislation is needed This can be for certain supply streams (e.g. battery recycling), and for certain metals in the supply

29 Pricing mechanism

RAW MATERIAL Umicore offers a treatment and refining service to the raw SUPPLIER material supplier, returning the metal (value) to the supplier → Toll refining or purchase contracts Pass-through metal (value) Secondary & end-of-life • Umicore charges the supplier a charge for this service materials Recycling fee

• Umicore returns metal to the supplier according to a contractually agreed recovery rate per metal (or returns the metal value) Pass-through metal

• Umicore assumes the risk of recovery under or above the contractually agreed recovery rate Free metal Free Metal yield

By-products • Umicore also recovers non-metallic, which are sold By-products

METAL/ Return split between recycling fee and metal yield varies per MATERIAL CONSUMER contract and per metal in the contract, depending on commercial negotiation 30 Impact of supply changes

Input feed optimised continuously to maximise profitability within capacity and contractual constraints Recycling supply pyramid • The recycling plant works continuously at maximum input capacity (350,000 tonnes/year) Feed Umicore • Contracts typically longer term based • Flexibility of processes allow to adapt input feed Value & complexity & Value

Total Changing market conditions triggers change in supply available recyclable material mix and profitability

• Growing economy creates higher availability of materials, allowing more selective supply strategy Availability • Higher complexity of raw materials increases competitive advantage of Umicore’s process

• Metal prices influence value of raw materials

31 Impact of metal prices

Umicore Precious Metals Refining has a metal price exposure • Directly → Metal yield component

• Indirectly → Availability of raw materials Certain materials only worth recycling when the metal price above certain threshold (i.e. value of metal contained becomes higher than the cost of the recycling)

Securing metal price exposure on earnings • Transactional exposure → Systematic hedging of to eliminate residual risk on pass-through metal

• Structural exposure → Mitigated by securing the metal price component over a longer time period, through contractual arrangements

Managing metal price impact on working capital • Toll refining contracts → Metals remain the property of the supplier

• Purchase contracts → Payment terms optimised vs throughput time, limiting impact on NWC

32 Supply streams and metal output

Supply market Metal Product Market

Precious External metals customers Secondary Pt Pd Rh • Catalysts & materials chemicals Pb Zn (Residues • Jewellery & refiners refiners from non- decoration ferrous Au Ag Ir Ru • Electronics & Precious metal Cu metals • Banks & brokers General industry) refiners refiners market

Specialty metals Complex mining Internal customers concentrates Bi Sb Sn • Umicore BUs

End-of-life In Se Te As materials Automotive Electronic catalysts scrap Base Various H2SO4 metals Fertilisers Industrial production By-products catalysts Pb Cu Ni scrap

Slags 33 Construction SupplySupply MarketMarket Supply Market Supply market

Umicore is supplied from a wide range of sources of Recyclables 20% two main categories Breakdown • Secondaries: by volume Waste/residues from industry/refining/mining

• End-of-life materials By-products 80% Environmental aspects • The more complex the raw material, the more environmental “hazards" are involved

• Some competitors have trouble operating seen the Recyclables Breakdown 37% environmental impact and the strengthening of the by revenues legislation worldwide • Customers are looking for transparent supply streams By-products 63%

37 Residues from the non-ferrous metals industry Umicore offer

Umicore focuses on complex residues containing different metallic substances

• Residues from non-ferrous metal smelters and refiners mainly containing lead, , copper, zinc and precious metals

• Certain complex primary materials which are difficult to treat by conventional smelters and refiners

Often in partnership to create win-win situation • Optimisation of the residue treatment is using Umicore’s technical expertise and tailor-made treatment

• Providing economies of scale and flexible processing capacity

• Umicore’s dedicated business model supports development of partnerships • Partnerships are built on Umicore values, thus takes time to develop

Global supply base directly with non-ferrous metal industrial players

38 Residues from the non-ferrous metals industry Market growth

Non-ferrous metal residues supply driven by • Growing demand and production of primary refining for base metals, precious metals and specialty metals

• Increasing complexity of feed, leading to more complex residues to treat

Evolution of global metal refining 1980-2011 (Source: WBMS, for Pt mining production up to 2010 only) Pb Zn Cu Pt (in ktonnes) (in ktonnes) (in tonnes) (in tonnes) 10 14 20 250 12 8 16 200 10

6 8 12 150

4 6 8 100 4 2 4 50 2

0 0 0 0

39 Electronic Scrap Umicore offer

Umicore focuses on complex, high-end scrap, containing multiple metals/elements

• Mobile phones

• Printed circuit boards • Shredded e-scrap fractions

Supply through professional collector organisations • Collection of electrical equipment

• Dismantling (and pre-processing) the material • Supplying the high-end fractions to Umicore

Main competitors are copper smelters that have adapted their flowsheet to be able to handle e-scrap to fill up their capacity. Their focus remains on simple, high copper fractions

40 Electronic Scrap Market growth

E-scrap supply driven by Worldwide availability of high-end e-scrap (printed circuit boards) • Growing use of electronic products (Source: Umicore, in tonnes) 350,000 • Increasing complexity of electronic products

• Legislation 300,000

E-scrap recycling situation in EU today 250,000

• WEEE directive in place (recast on-going) 200,000 • < 50% of total e-waste is recycled 150,000 • < 10% of mobile phones are recycled 100,000 • Non recycled part is either dumped, not collected or exported as “re-use” 50,000 ⇒ Hardly any recycling

or “backyard” recycling 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

41 Spent automotive catalysts

Spent automotive catalysts primarily contain platinum, palladium and rhodium

Supply comes from collectors and through own collection network • It is the only supply stream where Umicore is vertically integrated for the whole recycling process

• Most of the competition covers only part of the flowsheet

Collecting Pre-processing Concentration Refining

A1 (US)

Multimetco (US), Nippon PGM (Japan)

Inco (Ca), Impala (SA)

Heraeus (De), Tanaka (Ja), (UK)

Umicore

42 Spent automotive catalysts

Use of pgms in autocats (Source: Johnson matthey, in tonnes/year) Autocat supply driven by 350 • Growing automotive production Recycling potential Forthcoming so far “Mine on wheels” 300 • Larger and more complex engines • Tightening legislation increases metal 250 Pt Pd Rh loading per car 200

Only some 50% of spent car catalysts 150 are recycled today, with significant 100 regional variances 50

0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

43 Spent industrial catalysts

Spent industrial catalysts can contain different metals; Umicore targets the ones containing platinum, palladium and rhodium

Current recycling rate above 90% • Industrial loops are very efficiently organized

• Close cooperation between catalyst manufacturers, catalyst users and spent catalyst reclaimers.

Umicore’s original sampling capabilities are unique in the market, assuring accurate and reliable assaying of metal contents

Different competitors in the different sub-segments of this market, such as Johnson-Matthey (UK), Heraeus (De), Sabin (US), local Chinese refiners, …

44 International supply base

Europe

• E-scrap • Automotive catalysts North America • Industrial catalysts Asia • Residues from non- ferrous metals industry • E-scrap • E-scrap • Automotive catalysts • Automotive catalysts • Industrial catalysts • Industrial catalysts • Residues from non- • Residues from non- ferrous metals industry ferrous metals industry • Residues from non- ferrous metals mining

South America Oceania

• E-scrap • Automotive catalysts • Automotive catalysts • Residues from non- • Industrial catalysts ferrous metals industry • Residues from non- Africa • Residues from non- ferrous metals industry ferrous metals mining • Residues from non- ferrous metals mining • E-scrap • Automotive catalysts

• Industrial catalysts • Residues from PGM industry 45 MetalsMetals MarketMarket Precious metals

AgAg AuAu PtPt PdPd RhRh IrIr RuRu

Capacity 2,400 100 25 25 5 tonnes / year

Output 1,200 25 20 20 4 tonnes / year

Flexible capacity for precious metals allows flexibility in the feed composition and volume

Production volumes are determined by the supply of materials, not by demand from the metal markets

End-of-life materials, particularly catalysts, are an important source of PGMs

Recovered metal is used primarily in Umicore’s product businesses

48 Specialty metals

SbSb SnSn BiBi InIn SeSe TeTe AsAs

Capacity 3,000 1,000 400 50 600 150 tonnes / year

The main source of these metals are the residues of the non-ferrous industry.

Specialty metals are key metals in the production of photovoltaic cells, electronics (such as LCD displays), and metallurgical applications (processes & alloys).

Primary supply is constrained, which can lead to high prices when demand increases.

Indium is used by the Thin Film Products business unit to make ITO targets, other metals are mainly sold to external customers

49 Base metals

PbPb CuCu NiNi

Capacity 125,000 30,000 2,000 tonnes / year

Base metals are important as they form the core of the technology for recovery of precious and specialty metals

Base metals can, however, be considered as a by-products: Although high in volumes, they are less important for direct value creation

Produced metal mainly sold on the market • A large part of the Umicore lead is sold to the battery industry

• Umicore sells its copper in the form of copper cathodes • Nickel is further transformed in chemical compounds in the & Specialty Materials business unit

50 By-products

HH22SOSO44 SlagsSlags Capacity 100,000 140,000 tonnes / year

Umicore’s valorises its waste products through the production of by-products

Sulphuric acid (H2SO4) • Sold in the region

• Share of voluntary production has decreased in past decade, as result of involuntary production increase (e.g. as by-product from Hoboken plant)

Slags are used in the concrete industry (certified product)

51 CompetitiveCompetitive positionposition

Core competitive strengths

Umicore Precious Metals Recycling creates value through • High recovery yields for metals

• Short throughput times • Recovery of 19 different metals

Supply of raw materials therefore focused on • High value metals contained: precious & specialty metals

• Complexity (multiple metals contained)

Operational flexibility in supply is key to optimise and sustain profitability • Short term: to continuously optimise profitability depending on market circumstances • Long term: to be able to treat new types of recyclable materials

55 Competitive position

Umicore Typical competitor

Lost metals Value Value

Lost metals Supplier’s return Contained Contained metals Recovered metals metals Supplier’s Recycler’s return return Recovered metals Recycler’s return Recycling cost Recycling cost

Umicore is a dedicated recycler with focus on higher value supply streams • Competitors typically are dedicated smelters with focus on high volume base metals

• Umicore’s complex flowsheet allows higher recovery yield on highest added value metals in a shorter throughput time

Umicore’s operation is highly competitive due to its operational excellence which enables higher returns and the sharing of these with suppliers 56 HobokenHobokenHoboken Plant plantplant

Presence in Belgium

Hoboken Olen

• Precious Metals Refining • Cobalt & Specialty Materials • Battery Recycling • Electro-Optic Materials • Group R&D

Brugge Overpelt • Cobalt & Specialty Materials • Zinc Chemicals 3,170 people

Vilvoorde Heusden Zolder • Building Products • Zinc Chemicals

Brussels Angleur • Corporate • Cobalt & Specialty Materials • Zinc Chemicals

59 Hoboken plant 100 years of history

1800 1850 1900 1950 2000 2010

1853 Asturienne des Mines 1985

1805 Vieille-Montagne 1989

Compagnie des Métaux d’Overpelt 1928 1970

1908 Soc. Gén. Métallurgique de Hoboken MHO 1989

Usine de Désargentation 1887 1919 (Degussa) 2005 Traxys

1919 Société Générale de Minerais 1985 2005

1959 Mechim 1989 2007

1906 Union Minière du Haut-Katanga 1981

Union Minière 1981

1901 ACEC UM 2001

1919 SIBEKA 1990

1873 Degussa (DM) DMC² PMG 2003

1994 Delphi AC 2007

60 Hoboken plant Recent history

Lead and precious metals refiner Precious and specialty metals recycler

Transformation process started in late nineties

Continued process improvements and innovations since

61 Hoboken plant Major flowsheet investments

Sulphuric acid plant Sampling & assaying 2005 Double absorption 2011-2013 Make-over

Water treatment 2012 Make-over

Smelter Lead blast furnace 1997 New plant 1995-2000 Plant make-over 2007-2009 Spent industrial 2007 Glas cleaning catalysts installation

Leaching & Lead Refinery electrowining 1999-2005 Plant make-over 2003 New plant 2008 Gas burners

PM refining Special Metals Refinery 1995-2001 Make-over 2006-2008 Make-over 2008 New concentration plant 2008 Rh capacity increase

62 Raw Materials Hoboken plant Sampling Process flowsheet

Precious Metals Operations Cu Base Metals Operations matte Sulphuric acid plant Smelter Blast furnace

SO2 Pb slags

Cu bullion Pb-bullion Ni Leaching & electrowinning speiss Lead refinery

Ag residue PM residue In/Te residue

Nickel refinery Precious metals refinery Special Metals refinery PM Se residue residue

H2SO4 Ni Cu Ag, Au, Pt, Pd, Rh, Ir, Ru In, Se, Te Pb, Bi, Sb, Sn, As Slags

63 BatteryBattery RecyclingRecycling Umicore Battery Recycling

Unique recycling process • Based on ultra high temperatures (UHT)

• Maximum valorisation of metals

• Clean process with minimum energy use, CO2 and waste generation

Battery recycling • Closed loop offering

• Flexibility to treat all Li-ion and NiMH chemistries

Other recyclable materials being tested

67 Investments & technology

Pilot plant in Hoboken • € 25 million investment

• Initial treatment capacity of 7,000 tonnes • Equates to some 250 million batteries • Equates to some 150,000 (H)EV batteries

• Operational since September 2011 Uses Ultra High Temperature (UHT) technology • >3000°C temperatures

• Allows to extract Co, Ni, Cu and REEs from Li-Ion, Li-polymer and NiMH batteries

Investment is expected to bring opportunities for • New recyclable material types

• Optimisation of existing UPMR flowsheet

68 Value chain & business model

Umicore Battery Recycling

Spent Trans- Sampling Dismantling Smelting Separation batteries formation

Treatment Recycling Refining Production

Sampling Treatment charge Refining charge charge (SC) (TC) (RC)

Service is more important than metal value

Safety and sustainability are decisive elements

Value of recovered metals will probably not be enough to pay for cost of recycling (different model than Precious Metal Refining)

69 Why do people recycle (now) ?

There is money to be made Jewellery, copper scrap, Value automotive catalysts, …

Long-term sustainability

The waste volume is so big that There is a threat to the environment, it can’t be left “on the street” Volume EHS to human health, to human safety Household waste, cars, NiCd batteries construction waste, …

“Value” driven recycling is taken care of by the market, pays for itself

“EHS” and “Volume” driven recycling are mostly society driven, at a cost, often have an ethical component, need policy / legislation

70 Legislative Framework

Waste Framework Directive

WEEE ELV BD Waste vs. by-products Waste End-of-Life Battery Electrical & Vehicles Directive Hazardous Electronic waste list Equipment Transport rules

The Waste Framework Directive contains the basic framework for handling waste, this is complemented by more specific directives in particular instances

71 Forward-looking statements

This presentation contains forward-looking information that involves risks and uncertainties, including statements about Umicore’s plans, objectives, expectations and intentions.

Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore.

Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected.

As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.

73 InvestorInvestor RelationsRelations GeoffroyGeoffroy RaskinRaskin [email protected] [email protected] +32-2-227 +32-2-227 7171 4747