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BAVA 23 juni 2014

Goedkeuring aankoop 78% belang in ATIC Services SA e n verkoop 50,1% belang in OVET Holding B.V. BAVA 23 juni 2014. Focus op Fos sur Mer Sosersid. ONDERWERPEN. Overzicht belangrijke operaties. Binnenvaart CNFR. Focus op Polen MTMG. UPDATE 05/03/2014. ATIC Services SA. 100 %.

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BAVA 23 juni 2014

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  1. Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop 50,1% belang in OVET Holding B.V. • BAVA 23 juni 2014

  2. Focus op FossurMer • Sosersid ONDERWERPEN • Overzicht belangrijke • operaties • Binnenvaart CNFR • Focus op Polen • MTMG

  3. UPDATE 05/03/2014 ATIC Services SA 100 % ARCELORMITTAL France 2,94% EDF TradingLogistics 60% CFNR 0,01% PATIN SA 20% Port Autonome de Strasbourg 3,08 % 99,9 % 100 % 100 % 94,97 % 40 % 100 % 97,06% 80 % STMC6 AS Finance MANUFRANCE MTMG ASA SOSERSID CFNR SCI Organigramme du Groupe ATIC Services 100 % COGEMA 30% BARRA SNM 30% SNV 43% HES 31% THSU 43% HES 31% HES Beheer 33,33 % CFNR Lux AM MEDITERRANEE 60% 100 % 66,6 % 100 % 40 % 26 % 40 % 100 % 26 % EMO OVET Holding CEMP SOMARSID CITA Logistics STE RHEA EKOM 50 % 50 % 100 % DHUG ASTRAKHAN 100 % 70 % BMA Cargadoors 25% HES Beheer 50% 50 % 50 % OXBOW COAL BV 32, 5% STEM SOMEF AMESHA 100 % 50 % 67,5 % 75 % 99 ,94% ARCELORMITTAL Belgium 29,9 % VULCAIN Holding 0,1 % 50 % OVET Screening OVET Shipping OVET BV DESCHIETER JOSHUA OBA Group 50 % 20 % 100 % ATIC Services SA 0,06% PROVAART GERJEAN OBA 50 % IMPERIAL Mobility International 55% DE JONG Holding Group B.V. 25% Brussel Shipping 50 % DUFERCO 50% SMET 40 % 100 % NAVIS Transports NAVIS Filiales ATIC Services 100 % 100 % CFNR Innovation Filiales Manufrance CFND Ports 50 % Filiales OVET Holding ATIC Services SA 36% TFMN 100 % Filiales ASA CFND Services 64 % CFND 100 % Filiales SOSERSID CFND Logistics 75 % Filiales STE RHEDA 2 100 % BC Projects Log. Filiales CFNR 33 % NANCY Port Sous filiales CFNR 15,9 % STF

  4. 29 april : overeenkomst getekend met ArcelorMittal over de aankoop door HES van 77,8% ATIC services (en 3% Manufrance) voor € 155.400.000. 29 april : overeenkomst getekend met Oxbow Coal BV over de verkoop door HES van 50,1% van de aandelen OVET Holding voor € 65.200.000.

  5. EMO / EKOM van 36,6% naar 57,0% OVET van 47,7% naar 49,9% OBA van 73,8% naar 74,9% MTMG (Polen) MANUFRANCE (binnenvaart, terminals en boten) Belangen in zeehavens : SOSERSID, SOMARSID, (Fos, Marseille) Duinkerken, Le Havre

  6. Rotterdam Mapping of operations Terneuzen Rotterdam Gdynia Amsterdam Vlissingen Amsterdam Strasbourg Paris Beocin Fossurmer + Operations in USA and Australia 8

  7. SOSERSID – Fos sur Mer MTMG - Gdynia • SOSERSID manages the ArcelorMittal private terminal in the port of FossurMer on the French Mediterranean coast.2.5Mt are handled yearly. • Operations on two quays: steel quay (L: 410 m, max. draft : 11 m) and ore quay (L: 640 m, max. draft: 19,50 m). • Sosersid operates the logistic activity of AM plant: discharge and handling on inbound raw materials (mainly core and ores), and handling / dispatching of AM products (mainly coils) • In parallel, Sosersid operates handling of finished goods and heavy lift products for third part clients • Equipment: 2 cranes (45 t at 18 m), 1 crane (240 t at 14 m), 4 loaders, 8 elevators, 1 reachstacker, 2 power shovels • MTMG is an operator of the bulk terminal in the port of Gdynia, Poland, and is a relevant alternative to Gdansk nearby, in the Baltic Sea • 4 Mt of bulk handled yearly at Gdynia • MTMG operates bulk terminal in Gdynia and renders the services of reloading, warehousing, big-bagging and sorting all kinds of bulk cargoes in port • Terminal is composed of 5 different quays • MTMG disposes of 1 657 m of quays with maximum draft of 13,5 m and an open storage area of 74.348 m2 • Equipment: 17 grab-hook cranes of the lifting capacities of 8, 10, 16 & 25 t, 2 self - propelled grab - hook cranes of the lifting capacity of 24 t, post for handling liquid chemicals, stationary pneumatic-mechanical conveyor, covered device for grain reloading with the electronic container scales, hoppers, wheel loaders and other movable equipment Focus on MTMG and Sosersid will follow

  8. STE – Dunkirk STMC6 – Le Havre • STE is a terminal operator in Dunkirk public port, specialized in steel products • STE terminal is located on the North Sea in Dunkirk. This terminal is involved in the handling of the ArcelorMittal and Dillinger Hütte (GTS) products going from Dunkirk, such as slab, coils, flat products. • The quay is 640 m long with a maximum draft of 11,60 m.  • The 130 000 m2 terminal has a 50 000 m2 outside storage area and 5 200 m2 covered storage area. It is equipped for coasters and inland waterways vessels. • Equipment: 2 cranes (32 t and 40 t), bridge for coasters and river boats and mobile equipment : 3 stackers, 2 locotractors, 3 tugs/eight 80 t trailers, 4 elevators (30 t and 16 t). • Not controlled by ATIC Services (40% share) • STMC6 is the future operator of the coal terminal in the port of Le Havre • STMC6 is a joint venture company between ATIC Services and EDF Trading • The terminal handles coal destined to power plants of its major client EDF Trading • Accessible 300m long vessels and 180 000t capacity • Draft of 20m depth • 3 open storage areas for coal : West – capacity of 200,000t; East – capacity of 35,000 MT; both of them equipped with reclaimers and Parc 2 – capacity of 280,000t • Equipment: 2 gantry cranes with a capacity of 30,000t/day • Not controlled by ATIC Services (40% share)

  9. FOCUS ON MTMG MaritimeBulk Terminal Gdynia ltd

  10. The terminal is located at the main entrance to the Port of Gdynia.

  11. MTMG handles mainly dry bulk and liquid bulks 1. Including chemicals of the 3rd, 6th, 8th and 9th classes according to the IMDG code

  12. Main figures

  13. FOCUS ON SOSERSID

  14. Specialist for steel products, heavy lift, project cargo & drybulk cargo • Terminal operations, Vessel operations • Transferring • L/S/D under IMO CODE • WAREHOUSING • Logistic solutions (especially for oversize cargos): • Inland transport (road transport/river transport) in France/Europe

  15. Sosersid is located in the exceptional geographic area Fos-sur-mer, in South of France, on the French Mediterranean coast • SOSERSID is connected by sea, river and railways • Connect to the economic centres of the Rhone/Saone axix • Reach all the main European capitals in 24h by river & rail ways

  16. Overview of operations Steelquay Ore quay RORO rampe Darse III Quay Gloria

  17. Focus on Steel quay : handling of outbound steel products for AM and projects cargo for third part clients Steel quay

  18. Mapping of operations • Freight forwarding • CFNR freight forwarding organizes shipments for companies to get goods from the manufacturer or producer to a final point of distribution • The services include picking up, handling, storage, warehousing, stock management, delivery • Freight forwarding is strongly connected to inland ports • 47 FTE are dedicated to this activity (of which 1 in Danube) • Freight forwarding is operated by almost all CFNR agencies, CFND, Deschieter, Somef and TFMN • Inland ports • CFNR operates in 9 inland ports terminals • CFNR operates in 3 main geographical areas : Moselle-Saar, Belgium, Danube • CFNR handles mainly dry bulk : coal, ore, cement, but also coils, and finished goods (heavy lift products) • CFNR tends to growing diversification of products, namely cereals • 77 people are dedicated to this activity (of which 14 in Danube) • Inland ports are operated by CFNR subsidiaries mainly (Deschieter, Somef, CFND, Nancy Port, DHUG, SMET, NAVIS), and Thionville (CFNR SA) Lille Ghlin + operations in Danube basin Inland port + freight forwarding Inland port Freight forwarding 20

  19. CFNR handling activity is sustainable due to long term operative rights Example of operations inland ports DHUG- SaarlouisDilingen SOMEF - Liège CFNR SA – Thionville-Uckange DESCHIETER - Ghlin • Equipment adapted to containers and bulk handling • 1 reachstaker for containers, 3 cranes • 7 FTE in handling • Investments in modern equipment • Omnidirectional crane (35 t) for big tonnages • 6 FTE in handling • Trimodal terminal • 2 external quay and one covered dock • 32 FTE in handling • Equipment adapted for the service provided to steel and coal industry • 4 portal cranes from 5 to 35 t • 15 FTE in handling 21

  20. Own fleet – strategic interest for shareholders in discussions • CFNR, as fleet owner, has significantly invested over the past few years. Business model has been transferred from push boats and barges to self propelled convoys which are the most effective technology package for long haul river transportation • Amesha, Astrakhan, Ger-Jan and Joshua Lany are vessels equipped with the most recent technologies for inland waterways with self propelled and pushing barges (Koppelverband) • Enable transport of bulk or containers – flexible usage according to market demand • Ameshaand Ger-Jan work 100% for ArcelorMittal supply and are under contract (till July 2014) – These contracts will not be renewed, which leads to a significant decrease of the vessels value • Astrakhan and Joshua Lany work on spot market • Somef fleet is dedicated to ArcelorMittal and is consistent with the inland ports activity • Deschieter fleet was mainly dedicated to the client CBR, which has been lost in 2012 • 72 people are dedicated to own fleet (of which 12 on Danube) • Own fleet concerns CFNR SA, CFNR Lux, RHEA, Somef, Deschieter, CFND KVs 2 30 4 22

  21. CFNR Group is actually in strategic transition : It is currently finishing the restructuring part of the turnaround plan • Historically, CFNR has offered a large scale of services in the domain of inland waterway logistics : Transportation, freight forwarding, containers, handling, barging • CFNR had the particularity of being the “unique French fleet on the Rhine” • It has a built a significant fleet over the years. It has been a pioneer in transportation, first by introducing pushing of barges instead of pulling on the Rhine, and more recently by transferring from push boats and barges to self-propelled convoys on long haul destinations (upper Rhine /French Moselle/Saare) • In 2012/2013, CFNR management has implemented a restructuration plan and a strategic reorientation : from a assets company, CFNR has become a service provider • It is today focusing on 3 core businesses : Freight forwarding, Inland ports, International operations • Restructuring of the Own fleet activity is still in progress: decision to divest this activity has been taken CFNR has incurred high losses in 2012 and 2013 to divest or close some activities and to reduce “non values” 2013 actual : (13.9M€) 2014 budget : (0.2M€) Net result 2012 : (6.2M€) 2015 budget : 0.6M€ 23

  22. Consolidated P&L ATIC Services Group and new scope proforma P&L Including 66.7% of OVET BV Including 16.6% of OVET BV Of which 9 845k€ recurring 24 24

  23. Consolidated Balance sheet and balance sheet proforma new scope

  24. Financials per entity 26

  25. Poland as a major player on coal market 27

  26. Aannames en opmerkingen • De balans van HES is gebaseerd op de wijziging per 1 januari 2014 van IFRS 11, waardoor OBA en RBT niet langer worden geconsolideerd. • De geconsolideerde balans van ATIC is gelijk aan de balans in de door de accountant van ATIC gecontroleerde jaarrekening van ATIC per 31 december 2013. Wijzigingen in de ATIC-groep na 31 december 2013 zijn niet in deze balans verwerkt, met uitzondering van de verkoop van OVET Holding (50,1%) en de koop van Manufrance (2,26%). • De consequenties van de verkoop van OVET Holding op de balans van ATIC zijn berekend door het management van ATIC en niet gecontroleerd door HES. Onjuistheden in deze berekening kunnen invloed hebben op de balans van HES (nieuw). • De transacties koop 78% ATIC, koop 2,5% Manufrance en ‘’verkoop 50,1% OVET holding’’ worden als 1 samengestelde transactie beschouwd. • Er heeft nog geen purchasepriceallocation (PPA) plaatsgevonden. Dit kan grote wijzigingen in balanswaardering en resultaatbepaling tot gevolg hebben. De verschillen tussen de boekwaarde en koop-/verkoopprijs zijn verantwoord als goodwill. Ook de opwaardering van het reeds door HES gehouden aandeel van 22,2% is als goodwill verwerkt. • De koop- en verkoopprijs zijn afhankelijk van verschillende factoren. Wij hebben de prijzen gebruikt zoals berekend op 18 juni 2014. 28

  27. Proformabalans HES Beheervóór de aankoop van ATIC 292929

  28. Proformabalans HES Beheernaaankoop van ATIC 303030

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