D'IETEREN AUTO AVIS EUROPE BELRON

10 HISTORY OF D’IETEREND’IETEREN ANNUAL REPORT 2010A FAMILY AFFAIRD’Ieteren is one of the oldest Belgianfamily companies. The D’Ieterenfamily established the business andmanaged it for over two centuries!To date, the family character of thecompany is still ever-present, as theD’Ieteren family is still the company’smajority shareholder. Without callinginto question the family control,a major event takes place in 2005when Roland D’Ieteren (sixth generation),who leads the company since1975 and is the primary factor in itsinternational expansion, hands overthe reins to Jean-Pierre Bizet. Thelatter, experienced in internationalmanagement, is the first non-familyCEO in the history of D’Ieteren. TheD’Ieteren family continues, however,to play a role as active shareholderand sits on the company’s Board ofDirectors.D’Ieteren Sport’s scope of activitywould later extend to motorizedrecreations in general.Today, and more than ever, D’Ieterencelebrates its passion for automobiles:in 2010, the company representedmore than one in five registered newvehicles in Belgium!”Whilst the acquisition ofAvis Europe is merely thefinal stage in a long history,it turns D’Ieteren truly intoan international group.”From Belgium… to the world1989 marked a decisive turning pointfor D’Ieteren: after three decades ofpartnership, the Belgian company becamemajority shareholder in Avis Europe,a short-term car rental companylisted on the London stock exchangesince 1986. The relationship betweenthe two companies was not by chance:in 1956, one decade after the establishmentof Avis Rent-A-Car in the USAby Warren Avis, D’Ieteren broke intothe short-term car rental business. Afirst partnership with Avis took placein 1958 at the Brussels World’s Fair, asDit’Rent-a-Car, D’Ieteren’s car rentaldivision, becomes an Avis licensee. In1971, the company Locadif s.a. is createdin partnership between D’Ieterenand Avis Inc. Locadif quickly becomesleader on the Belgian short and longtermcar and truck rental market.Whilst the acquisition of Avis Europe,today held at 59.6%, is merely the finalstage in a long history, it turnsD’Ieteren truly into an internationalgroup. The rental company, through itstwo brands Avis and Budget, operatesthrough more than 3,900 locations inmore than 100 countries. With its internationallysuccessful “We Try Harder.”slogan, Avis Europe is the second largestshort-term car rental company inEurope.Vehicle glass repair andreplacementIn 1999, D’Ieteren continues its diversificationstrategy and invests in anew market by acquiring – in partnershipwith Cobepa – Belron, the vehicleglass repair and replacement specialist.The origins of the South-Africanfamily enterprise date back to 1897.At this time, Belron is still specialisedin mirror making and decorative glass.From the sixties, the company transformsinto an international group, undergoingconstant expansion. Today,Belron operates more than 15 differentbrands, of which the most widelyknown are Carglass, Autoglass andSafelite AutoGlass. Belron is the onlyglobal operator with a presence in 33countries, 1,900 branches and around9,500 mobile vans.Whilst having initially acquired 56%of Belron, the D’Ieteren group graduallyincreased its stake. Today it holds92.7% of the company, following theacquisition of Cobepa’s shares andthose from some Belron family shareholders.D’Ieteren intends to increaseits share to at least 95% in 2014.“Just like D’Ieteren, Belronis a family business witha history of more thanone century, as its originsdate back to 1897.”