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Overview Holding Companies HOLDING & INVESTMENT COMPANIES OVERVIEW June 20th 2007 Tom Simonts +32 2 417 47 48 [email protected] Copyright 2007 KBC Securities Table of contents p. 2 General information & Financial calendar .............................................................................................. 3 Valuation matrix & Recommendation overview ...................................................................................... 4 Dividend data ............................................................................................................................................... 5 Valuation graphs .......................................................................................................................................... 6 Average holding discount & historical sector performance .................................................................. 7 Cascade structured holdings • The Albert Frère structure .................................................................................................................... 8 - GBL ................................................................................................................................................ 9 - NPM/CNP ...................................................................................................................................... 13 - Pargesa ......................................................................................................................................... 17 • The UCB structure ............................................................................................................................... 21 - Tubize ........................................................................................................................................... 22 • The Solvay structure ............................................................................................................................ 25 - Solvac ............................................................................................................................................. 26 • The KBC structure ............................................................................................................................... 29 - Almancora ..................................................................................................................................... 30 • The Boël structure ............................................................................................................................... 33 - Henex ............................................................................................................................................ 34 - Moustier ......................................................................................................................................... 38 - Sofina ............................................................................................................................................ 42 • The Brederode structure ..................................................................................................................... 46 - Auximines ..................................................................................................................................... 47 - Brederode ..................................................................................................................................... 50 • The Bolloré structure ........................................................................................................................... 54 - Nord Sumatra Investissements ................................................................................................... 55 Private Equity & Privak companies • GIMV ..................................................................................................................................................... 59 • Quest for Growth ................................................................................................................................. 65 • KBC Biotech ........................................................................................................................................ 70 Diversified holding companies • Ackermans & van Haaren .................................................................................................................... 74 • Atenor ................................................................................................................................................... 78 • BIP Investment Partners ...................................................................................................................... 81 • Bois Sauvage ....................................................................................................................................... 85 • Mitiska .................................................................................................................................................. 89 • Punch International .............................................................................................................................. 92 • RHJ International .................................................................................................................................. 96 • Texaf ..................................................................................................................................................... 103 Copyright 2007 KBC Securities June 20th 2007 General information p. 3 Financial calendar Relative sector performance Date Com pany Eve nt 25% 27-Jun-07 GIMV General Assembly 30-Jun-07 Moustier Results 1H 20% 2-Jul-07 Bois Sauvage NAV update 2-Jul-07 GIMV Dividend: 4.18 (FY) 15% 2-Jul-07 GIMV Dividend: 2.85 (FI) 22% 4-Jul-07 Quest For Grow th NAV update 10% 14% 16-Jul-07 BIP NAV update 14% 5% 10% 10% 10% 9% 8% 8% 8% 7% 7% 17-Jul-07 BIP Results 1H 7% 7% 7% 6% 6% 5% 4% 4% 4% 4% 4% 3% 20-Jul-07 Quest For Grow th Analyst Meeting 2% 2% 0% 20-Jul-07 Quest For Grow th Results 1H 0% -5% -5% -6% 2-Aug-07 Bois Sauvage NAV update -5% 3-Aug-07 Brederode Results 1H 3-Aug-07 Quest For Grow th NAV update -10% 7-Aug-07 BIP NAV update Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Holding Companies Bel 20 (BE) DJ Euro Stoxx Bench 10-Aug-07 GBL Results 1H 20-Aug-07 Pargesa Holding Results 1H 30-Aug-07 Ackermans Results 1H Recent news flow 30-Aug-07 Aedifica Results FY Date Company Title 30-Aug-07 NPM/CNP Results 2Q 31-Aug-07 Auximines Results 1H 20 Jun Ackermans Acquisition of a 20% stake in Manuchar 31-Aug-07 Bois Sauvage Results 1H 20 Jun Sofina Acquires more Delhaize shares 31-Aug-07 KBC Ancora Results FY 20 Jun Mitiska Target price upgrade 31-Aug-07 Punch International Results 1H 2-Sep-07 Bois Sauvage NAV update 19 Jun RHJI CEO grants € 4m in shares to co-CEO 5-Sep-07 Quest For Grow th NAV update 19 Jun GIMV Raising target price and low ering rating 5-Sep-07 RHJ International Dividend: 0 (FY) 18 Jun NPM/CNP € 5m investment in IRIS 7-Sep-07 BIP NAV update 18 Jun Ackermans Investments in IRIS and Leasinvest RE 20-Sep-07 GIMV Trading update 1Q 15 Jun KBC Ancora Major corporate action today 25-Sep-07 KBC Biotech Results 1H 15 Jun Nord Sumatra Low ering target price to € 500 2-Oct-07 Bois Sauvage NAV update 15 Jun Bois Sauvage Increasing TP on Fortis TP change 3-Oct-07 Quest For Grow th NAV update 8-Oct-07 BIP NAV update 15 Jun Brederode Increasing rating to Buy, TP to € 34 9-Oct-07 Aedifica General Assembly 14 Jun Ackermans Sells Captor and puts Arcomet up for sale 10-Oct-07 Nord Sumatra Inv. Dividend: 70 (IN) 14 Jun GIMV Arcomet is up for sale 19-Oct-07 Quest For Grow th Analyst Meeting 14 Jun BIP IEE applies for an IPO 19-Oct-07 Quest For Grow th Results 3Q 12 Jun Punch International More details on PTX/PGX deal 26-Oct-07 KBC Ancora General Assembly 11 Jun KBC Ancora KBC Ancora to list on 15 June 1-Nov-07 Aedifica Dividend: 1.48 (FY) 11 Jun Punch International Going ahead w ith the PTX/PGX deal 2-Nov-07 Bois Sauvage NAV update 08 Jun Atenor Roadmap to sell ImaG stake 2-Nov-07 Quest For Grow th NAV update 6-Nov-07 GBL Results 3Q 08 Jun Ackermans Groupe Flo ventures into Belgium 8-Nov-07 BIP NAV update 08 Jun NPM/CNP Groupe Flo ventures into Belgium 8-Nov-07 NPM/CNP Results 3Q 07 Jun Atenor Exits Congo trhough Anagest sale 8-Nov-07 Pargesa Holding Results 3Q 07 Jun BIP VOXmobile supports May NAV Favourite list Company Rating Price Last price % change Target price Upside Adjusted Current Target eq. Implied 31 Dec 06 Y TD (TR) potential eq. value discount value discount - ---------- BIP Invest Partners BUY 78.1 98.0 26.78% 101.0 3.1% 120.65 18.8% 122.56 17.6% RHJI BUY 16.2 14.3 -11.73% 16.0 11.9% 15.47 7.6% 15.47 -3.4% Sofina BUY 83.0 93.3 14.12% 98.5 5.6% 123.50 24.5% 124.75 21.0% Solvac BUY 138.7 144.0 4.09% 165.0 14.6% 183.43 21.5% 206.18 20.0% Punch International BUY 88.1 102.0 15.87% 120.0 17.6% 124.57 18.1% 130.32 7.9% Copyright 2007 KBC Securities June 20th 2007 Valuation overview p. 4 Valuation Matrix 25% Texaf 20% Punch International BUY 15% Solvac Moustier RHJI 10% Henex AckermansMitiska GIMV Tubize Brederode Bois Sauvage Sofina 5% Atenor Auximines BIP Invest Partners ACCUM. Upside potential Upside 0% Quest for Growth -5% Nord Sumatra Inv. REDUCE -10% SELL -15% 0% 5% 10% 15% 20% 25% 30% 35% Current discount Recommendation overview Company Last price Adjusted equity Current Target equity Target discount Target price Upside Rating value discount value potential Ackermans 73.00 78.94 7.5%
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