Deleveraging and improvement of result from operations
Negative revaluations particularly in South Eastern Europe

Highlights segments full year and Q4 of 2012:
Kardan N.V.
2012:
· EUR 43 million financial income through repurchase of debentures;
· EUR 32 million loss attributable to equity holders (2011: EUR 148 million loss);
Q4 – 2012:
· EUR 27 million loss attributable to equity holders;


Real Estate Asia
2012:
· Revenue up by 46% y-o-y to EUR 67 million;
· 2,272 residential apartments handed over (2011: 1,767 apartments);
· EUR 14 million profit attributable to Kardan
(2011: EUR 24 million profit, including the sale of 50% of Galleria Chengdu);
Q4 – 2012:
· Sale of SOHO apartments Europark Dalian started: 104 sold at year end;
· Increase in sale of apartments (554 versus 423 in Q3 – 2012);
· Fewer deliveries of apartments (455 versus 704 in Q3 – 2012);

Real Estate Europe
2012:
· GTC SA: improvement of financial position through sale of assets, rights issue and restructuring of debt;
· Result before tax but excluding revaluations and provision for share based payments increased to EUR 5 million (2011: loss of EUR 22 million);
· EUR 33 million loss attributable to Kardan (2011: EUR 84 million loss);
Q4 – 2012:
· Sale by GTC S.A. of Platinium Business Park(I-IV) in Warsaw completed;
· Devaluation of investment properties and impairment of inventory totaling EUR 78 million at GTC S.A. mainly for assets in Bulgaria, Romania and Croatia;


Water Infrastructure Assets
2012:
· Break even result attributable to Kardan (2011: profit of EUR 3 million);
Q4 – 2012:
· Expansion and construction of water facilities completed;


Water Infrastructure Projects
2012:
· Decrease in SG&A expenses following reorganization;
· Backlog position at year-end of USD 411 million (2011: USD 400 million);
· EUR 7 million loss attributable to Kardan (2011: EUR 14 million loss);
Q4 – 2012:
· Substantial y-o-y increase (51%) in revenue recognized due to projects in Africa;


Banking and Retail Lending
2012:
· Less provisioning, substantial cost savings and deleveraging;
· EUR 19 million loss attributable to Kardan (2011: EUR 53 million loss)
Q4 – 2012:
· Branch license for TBI Bank in Romania obtained;
· Strong growth in deposit taking in Bulgaria.