Belron sa - D'Ieteren

D’IETEREN CORPORATE

D’IETEREN GROUP 2Contents• Group pp. 3 - 7• Belron pp. 8 - 13• D’Ieteren Auto pp. 14 - 17

D’IETEREN GROUP 3A family-controlled, publicly listed companyFree floatEuronext BrusselsD’Ieteren familyCobepaBelgian private equity co.34.5%*60.7%* 3.5%*Own shares1.3%*D’Ieteren s.a.100%92.7%FoundingPartners & familyholding of Belron’sCEOD’Ieteren AutoBelron s.a.7.3%* In voting rights.

D’IETEREN GROUP 4An international group serving around 13million motorists in 33 countriesVehicle Glass Repair and ReplacementAutomobile Distribution and Vehicle Glass Repair and Replacement

D’IETEREN GROUP 5Two branded service businesses – BtoB and BtoCBelron‣ #1 specialist vehicle glass repair & replacement (VGRR) group worldwide‣ 33 countries, 2,027 branches, 9,193 mobile unitsAutomobileDistributionin BelgiumVehicleGlassD’Ieteren Auto‣ #1 Car distributor in Belgium‣ Around 300 independent dealers‣ 17 corporately-owned car centers‣ Vehicle financing and long-term carrental: Volkswagen D’Ieteren Finance

D’IETEREN GROUP 6Segment contribution to FY 2011 resultsSales: EUR 5,977.3 millionCurrent operating result:EUR 377.2 million46%54%70%30%Current result before tax, group'sshare*Average staff: 26,884 FTE6%36%64%94%Vehicle Glass Repair and ReplacementAutomobile Distribution & Corporate* Excluding financial charges (EUR 26.5 million) in the Automobile Distribution & Corporatesegment, resulting from the net investment in the Car Rental and Vehicle Glass segments.

D’IETEREN GROUP 7Key consolidated figures FY 2011€m FY 2011 FY 2010 % changeConsolidated resultsSales* 5,977.3 5,533.8 8.0%Current operating result* 377.2 348.2 8.3%Current result before tax, group's share* 305.8 276.2 10.7%Group's share in the result for the period 312.6 218.8 42.9%Financial StructureEquity (share of the Group) 1,530.5 1,250.6 22.4%Minority interest 1.6 214.1 -99.3%Equity 1,532.1 1,464.7 4.6%Net debt 850.2 1,823.0 -53.4%* Continuing operations only

BELRON S.A. 8

BELRON S.A. 9Illustrative figuresBelron present in 33 countries, i.e. about 75% of the world’s total vehicle parkTotal jobs (in million units)14,012,010,08.49.410.711.711.38,06,04,02,00,02007 2008 2009 2010 201130.000Average workforce (in FTE)25.00020.00018,28120,83322,39915.00010.0005.00024,790 25,199 MobileRepair30%Replacement70%Branches45%55%02007 2008 2009 2010 2011

BELRON S.A. 10The Belron process3. Identifythecorrectpiece ofglass4. Validateinsurance (online)5. Check stockavailability6. Book anappointmentKL 51 ABCKM 51 ABC2. Collectcustomerdetails andidentify thecorrect vehicle7. Take anyexcesspayment1. Customer accesse.g. call centre/web8. Provideservice where andwhen customerdesires

BELRON S.A. 11Market and Strategy Summary‣The VGRR market• Large, stable and growing• Consumer service industry• Professional influence of insurers and fleet managers‣The strategy• Market leadership through balanced focus on consumers and influencers• Organic growth through brand strength and key account relationships• Highly successful geographic, multi-national expansion through over 800acquisitions over the past 40 years• Outstanding operations leveraging economies of scope and scale• No peer anywhere in the world – the "natural choice"‣The results• Consistently strong and improving financial performance• Conservative financing and investment grade financing ratios

BELRON S.A. 12Belron now present in 33 countries1999: Belron present in 13 countries2000: Switzerland, Greece2001: Denmark, Turkey, Slovenia2002: Sweden, Italy2003: Norway, Serbia-Montenegro2005: Hungary, United States2006: Romania2007: Austria2009: China, Chile, Finland, Lithuania2010: Estonia, Russia2011: Croatia

BELRON S.A. 13The Belron Sales & Marketing StrategyAdvertisingInternetWord of mouthInsurer leafletsYellow PagesBranch locationMarketingMotoristInsurer DirectBroker, AgentKey AccountsRegionalBelronfittingbusinessesDealer, Garagebody shopTradeTradeOtherSpecialistsTrade

D’IETEREN AUTO 14

D’IETEREN AUTO 15Business description9 makes in Belgium:• Importation and distribution ofVolkswagen, Audi, Seat, Skoda,Bentley, Lamborghini, Bugatti andPorsche vehicles in Belgium;• Distribution of Yamaha productsin Belgium and Luxemburg byD’Ieteren Sport;5 distribution networks withsome 300 independent dealersthroughout Belgium;Used car sales through two “MyWay” centers in the Brussels region,and around 125 dealers affiliated tothe “My Way Network”;17 corporate-ownedD’Ieteren Car Centers ofwhich 5 Porsche Centerslocated mainly in the Brusselsand Antwerp regions;Importation and distributionof spare parts andaccessories to all dealers.Vehicle financing and long-term carrental through Volkswagen D’IeterenFinance (50% -1 share owned);

D’IETEREN AUTO 16Business summary1948 1950 1974 1975 1984 1992 20002001 2006A relationship of more than 60 years with the Volkswagen GroupAn in-depth knowledge of the Belgian automobile marketA proven network organisationAn IT, logistics and marketing know-howMain wholesaler rolesMarketing, IT, logisticsDealer network managementCRMTraining

D’IETEREN AUTO 17Belgian car market and D’Ieteren Auto marketshare 700New carregistrations(000s units)600500400300452 490 515 489468 459 485 480 526 525 536188196191201176197192194200216205476203547227572246H2200100264293324290292262293286326309331273320326H101998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011D’Ieteren Automarket share (%)22212019181719.8220.1119.6119.8318.02 18.1117.7619.0119.4319.9719.7619.3420.1321.89161998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

D’IETEREN GROUP 18For further informationFinancial CommunicationT.: + 32 2 536 54 39F.: + 32 2 536 91 39e-mail: financial.communication@dieteren.bewww.dieteren.com2010.dieteren.com