Belron - D'Ieteren

D’IETEREN GROUP 2Contents‣ General description• Group pp. 3 - 7• Belron pp. 8 - 17• D’Ieteren Auto pp. 18 - 23Avis Europe is presented as a “Discontinued operation” in the FY 2011 results,in light of the sale of this activity, which took effect on 3 October 2011. Consequently, unlessotherwise stated, the FY 2011 results concern the “continuing operations” only.

D’IETEREN GROUP 3A family-controlled, publicly listed company

D’IETEREN GROUP 4An international group serving around13 million motorists in 33 countriesVehicle Glass Repair and ReplacementAutomobile Distribution and Vehicle Glass Repair and Replacement

D’IETEREN GROUP 5Two branded service businesses – BtoB and BtoCAutomobileDistributionin BelgiumVehicleGlassD’Ieteren AutoBelron‣ #1 Car distributor in Belgium‣ Around 300 independent dealers‣ 17 corporately-owned car centers‣ Vehicle financing and long-term carrental: Volkswagen D’Ieteren Finance‣ #1 specialist vehicle glass repair &replacement (VGRR) group worldwide‣ 33 countries, 2,000 branches, 9,200mobile units

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 2011 figuresBelron present in 33 countries, i.e. about 75% of the world’s total vehicle parkTotal jobs (in million units)14.0012.0010.008.49.410.711.711.38.006.004.002.00.002007 2008 2009 2010 2011Average workforce (in FTE)30,00025,00020,00018,28120,833 22,399 24,790 25,19915,00010,0005,00002007 2008 2009 2010 2011Repair30%Replacement70%Branches45%Mobile55%

BELRON S.A. 10The Belron process3. Identifythecorrectpiece ofglass4. Validateinsurance (online)5. Check stockavailability6. Book anappointment2. Collectcustomerdetails andidentify thecorrect vehicle7. Take anyexcesspayment1. Customer accesse.g. call centre/web8. Provideservice where andwhen customerdesires

BELRON S.A. 11Market & Strategy Summary‣ VGRR market• Large, stable and growing• Consumer service industry• Professional influence of insurers and fleet managers‣ VGGR market drivers• Medium/Long Termo Miles driveno Vehicle designo Driver behaviourso Government policy• Short Termo Weather Conditions

BELRON S.A. 12Market & Strategy Summary‣ Strategy• Belron concentrates only on repairing and replacing vehicle glass so it isable to share best practice globally• 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“‣ Results• Consistently strong and improving financial performance• Conservative financing and investment grade financing ratios

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

BELRON S.A. 14Belron now present in 33 countries1999: Belron present in 13 countries:Australia, Belgium, Brazil,Canada, France, Germany,Ireland, Luxembourg,Netherlands, New-Zealand,Portugal, Spain, United Kingdom2000: Switzerland, Greece2001: Denmark, Turkey, Slovenia*2002: Sweden, Italy2003: Norway, Serbia-Montenegro*2005: Hungary*, United States2006: Romania*2007: Austria2009: China, Chile*, Finland*, Lithuania*2010: Estonia*, Russia2011: Croatia** Franchisee

BELRON S.A. 15Emerging marketsMillion Vehicles1600140012001000800600Possible Future Car Parc266689• Circa 2/3 rds of the world’s motorvehicles could access us at thebeginning of 2009…• But the car park is evolving…• This is why Belron buildsits presence in emergingmarkets40020055367402009 2019Belron Countries Non-Belron Countries*assuming 2% growth in developed economies vs 10% in developing economies

BELRON S.A. 16Sales and current operating result over 5 yearsExternal sales (€m)10.0%Current operating margin (%)3000.02500.02000.02000.02156.12423.22800.9 2769.0CAGR:8.5%9.0%8.0%7.0%8.1%9.1%8.9%7.8%Current operating result (€m)9.5%1500.01000.0300250200150156.5173.9215.5255.6 262.3CAGR:13.8%500.0100500.02007 2008 2009 2010 201102007 2008 2009 2010 2011

BELRON S.A. 17Cash generation of Belron (€m)20112010*EBITDA347.1334.1Change in WCR-53.6-22.9Net capex (incl.Finance Leases)-116.7-145.6Free cash flow before tax176.8165.6Acquisitions (incl. debt acquired)-23.2-37.0* Excluding the 2005-2009 ELTIP payment

D’IETEREN AUTO 18

D’IETEREN AUTO 19Business 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 20Business summary1948 1950 1974 1975 1984 1992 2000A 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-how2001 2006Main wholesaler rolesMarketing, IT, logisticsDealer network managementCRMTraining

D’IETEREN AUTO 21Belgian car market and D’Ieteren Auto marketshareNew carregistrations(000s units)H2H1D’Ieteren Automarket share (%)

D’IETEREN AUTO 22Sales and current operating result over 5 yearsExternal sales (€m)5.0%Current operating margin (%)35003208.34.0%3.3%300025002642.4 2679.42453.82732.93.0%2.0%3.7%3.4%2.7%Current operating result (€m)3.6%2000150014012010098.788.592.6114.910008065.860500402002007 2008 2009 2010 201102007 2008 2009 2010 2011

D’IETEREN GROUP 24Forward-looking statement"To the extent that any statements made in this presentation contain information that is nothistorical, these statements are essentially forward-looking. The achievement of forwardlookingstatements contained in this presentation is subject to risks and uncertaintiesbecause of a number of factors, including general economic factors, interest rate andforeign currency exchange rate fluctuations; changing market conditions, productcompetition, the nature of product development, impact of acquisitions and divestitures,restructurings, products withdrawals; regulatory approval processes and other unusualitems. Consequently, actual results may differ materially from those expressed or implied bysuch forward-looking statements. Forward-looking statements can be identified by the useof words such as "expects", "plans", "will", "believes", "may", "could", "estimates","intends", "targets", "objectives", "potential", and other words of similar meaning. Shouldknown or unknown risks or uncertainties materialize, or should our assumptions proveinaccurate, actual results could vary materially from those anticipated. The Companyundertakes no obligation to publicly update any forward-looking statements."

D’IETEREN GROUP 25For further informationFinancial CommunicationT.: + 32 2 536 54 39F.: + 32 2 536 91 39e-mail: financial.communication@dieteren.bewww.dieteren.com2011.dieteren.com