1. Income Statement. ( in euros x 1000 ) financial year 2010 financial year 2009 financial year 2008

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3 Annual accounts Comments on the annual accounts 1. Income Statement The Port Authority s Income Statement is summarised in the following table. ( in euros x 1000 ) financial year 2010 financial year 2009 financial year 2008 Operating income 306, , ,968 Operating charges (241,876) (209,218) (235,203) Operating profit 65,036 87,904 87,765 Financial proceeds 15,959 16,683 19,544 Financial charges (1,189) (1,655) (6,970) Profit on ordinary activities 79, , ,339 Extraordinary income 1,251 2,576 12,204 Extraordinary charges (971) (40,975) (540) Profit before taxes 80,086 64, ,003 Taxes (13) (18) (67) Profit for the financial year 80,073 64, ,936 Antwerp Port Authority made a profit of 80.1 million euros in The main components of this result, which is higher than in 2009, are as follows: While rates remained the same, turnover rose by 2% as a result of the higher level of activity in the port throughout the whole year. The operating costs increased slightly compared with In 2009, within the operating results the provisions led to a net write-back of 15.7 million euros, mainly due to the decision to completely phase out the provision for major overhauls. In 2010, by contrast, there was a net charge of 9.8 million euros due to additional provisions for environmental risks. There were no significant extraordinary results in This is in contrast to 2009, when the extraordinary charges amounted to 41 million euros, due mainly to the impact of the protocol signed on 3 February 2009 with the City of Antwerp for transfer of the Eilandje area. 3 Annual Accounts

4 1.1 Operating income The breakdown of the different sources of income is as follows: Floating cranes 1% Dock cranes 3% Miscellaneous 1% Electricity 5% Tugging fees 13% Barge dues 3% Concessions 43% Shipping dues 31% The variation in the different income categories over the past three years was as follows: TREND IN TURNOVER IN EURO x 1, Miscellaneous Floating cranes Dock cranes Electricity supply Tugging fees Barge dues Shipping dues Concessions Despite the main rates being frozen in 2010, the income from concessions rose by 1.3%, due mainly to a limited increase in site area. 4 Port of Antwerp / 2010 Annual Report / Comments on the accounts

5 Although freight volumes rose from to million tonnes, the income from shipping dues did not follow this increase. The main reason for this can be found in the measures taken by the Port Authority to keep the rates charged to customers commercially attractive, such as freezing the rates in 2010 and the substantial reduction in berthing dues for breakbulk freight. Barge dues on the other hand experienced an increase following the higher level of activity. The tugging department for its part saw a slight fall in its activity. The number of tugging jobs was down by 2%, while the number of slings invoiced remained stable. Due to the higher fuel prices in 2010 there was an increase in the amount of fuel supplements, so that the total turnover from tugging activities rose by 1.6%. The statistics show that the increasing capacity of ships (such as Ultra Large Container Ships) had a significant impact on tugging activity, with fewer tugging jobs but a higher gross tonnage. The turnover from sales of electricity remained again more or less stable, at 11.4 million euros compared with 11.7 million in As in 2009 and 2008 the tarrifs remain dependent on a long-term rate being approved. However there is a dispute pending with the Commission for Regulation of Electricity and Gas (CREG) concerning the valuation of the Regulated Asset Base and the initial value of the latter. This is also described in the notes annexed to the annual accounts. Furthermore the Board of Directors of the Port Authority decided in December 2010 to sell off the electricity grid activity to another grid operator. The various arrangements for transfer of the activity are now being worked out with the chosen candidate, IVEG. While dock cranes and floating cranes both registered a significant drop in turnover in 2009, in 2010 they experienced clear recovery, with activity up by 20.7% for dock cranes and 42.7% for floating cranes. The efforts towards greater collaboration between dock cranes and floating cranes, both internally and commercially, continued in The other operating income amounted to 54.2 million euros in 2010, compared with 48.6 million euros in This operating income consists to a large extent of operational subsidies from the Flemish Region (27.6 million euros in 2010 and 25.2 million euros in 2009). The subsidies are a contribution towards the costs that the Port Authority incurs in carrying out tasks that are actually incumbent upon the Flemish Region under the terms of the Port Decree. The other operating income in 2010 included the amounts passed on for withholding tax on income from real estate and water supplies, totalling 16.9 million euros (16.2 million euros in 2009). 5 Port of Antwerp / 2010 Annual Report / Comments on the accounts

6 1.2 Operating charges The following chart shows a comparison of the various sub-categories. TREND IN OPERATING CHARGES IN EURO X 1, Other operating expenses Provisions Write-downs Depreciation Personnel costs Services + miscellaneous goods Purchases goods Purchases of goods, services and miscellaneous goods rose by 1.6 million euros overall due to: increased expenditure on fuel for vessels and floating equipment, caused by higher fuel prices; increased expenditure for additional IT support, made necessary by a number of important ongoing projects; increased expenditure for studies concerning the Amoras project; decreased advertising expenditure. costs for temporary employees remained stable. The personnel costs amounted to million euros, compared with million euros in This means payroll costs rose by 3.4%. The main reasons for the increase are as follows: an increase in the contribution rate for social security in pool 2 of RSZ-PPO (i.e. State Social Security Provincial & Local Government Departments); an impact of the new Collective Labour Agreement for a higher end-of-year bonus and the scrapping of certain transition scales; a very slight increase in the number of members of personnel, expressed in full-time equivalents; the consumer prices index rising above a trigger point, so that wages were raised by 2% as of October In the operating expenses there is an increase in the provisions of 9.8 million euros. A new study was carried out to determine the financial consequences of the known environmental risks faced by the Port Authority. As a result of this a number of adjustments were made, but the overall effect was more or less neutral. As mentioned last year in 6 Port of Antwerp / 2010 Annual Report / Comments on the accounts

7 the notes to the annual accounts, at that time it was not yet possible to make a reasonable estimate of the risk associated with the Fort Filip site. This risk has now been assessed, leading to an increase in the provision. However, the Port Authority is of the opinion that various other parties are also liable for these environmental risks. The main components of the other operating charges are the withholding tax on income from real estate and the tax on water supply points. 1.3 Financial income The financial result decreased slightly from 15.0 million to 14.8 million euros, due to the following factors: lower amortisation of investment grants, which were down from 15.3 to 13.5 million euros. Last year these amortisations were higher due to the full depreciation of investment grants for certain assets of the Eilandje area, with the net book value being written off as extraordinary charges; higher income from cash at bank and in hand and current investments significantly lower debt charges. This effect was amplified by part of the write-downs on last year s current investments being partially reversed. 1.4 Extraordinary result The extraordinary results in 2010 are limited, and are mainly generated by certain capital gains and losses on the disposal of fixed assets. 7 Port of Antwerp / 2010 Annual Report / Comments on the accounts

8 2. Balance Sheet The Balance Sheet is summarised in the table below. (in EUROs x 1,000) 31/12/ /12/ /12/ /12/2009 Assets Liabilities II/III. Intangible/tangible assets 985, ,042 I. Capital 307, ,110 IV. Financial assets 8,589 1,214 III. Revaluation surplus 11,461 12,458 V. Receivables > 1 year 8,182 7,682 IV. Reserves 432, ,566 VI. Stocks 2,548 2,471 VI. Investment grants 248, ,878 VII. Receivables < 1 year 56,160 33,101 VII. Provisions 137, ,025 VIII. Investments 182, ,386 VIII. Amounts payable > 1 year 19,556 21,556 IX. Liquid assets 12,732 38,702 IX. Amounts payable < 1 year 75,579 94,162 X. Deferred charges and accrued income 5,577 7,050 X. Accrued charges and deferred income 29,580 29,893 Total 1, ,219,648 Total 1,262,376 1,219, Assets The amount of tangible and intangible assets has fallen by 10.4 million euros. This net amount is made up as follows: Million euros Investments Depreciation & amortisation Retirals/write-downs The investments are made up mainly of the following components: Investments in docks (12.2 million euros) Buildings (3.7 million euros) Tugs (9.4 million euros) The long-term trade accounts receivable are concession fees for which a schedule of payments over a longer period has been agreed. As last year, the other long-term accounts receivable are a partial contribution by the Port Authority for a pre-ground bank (land reserve). The trade accounts receivable have remained fairly stable, up by just 2.1 million euros. Other accounts receivable, have risen sharply since no subsidies were paid out in 2010 under the terms of the Port Decree. The amounts for the first three quarters of 2010 (20.3 million euros) were received in February Thanks to the positive result overall and the positive cashflow for the financial year, the balance of cash at bank and in hand and the current investments has risen from million euros to million euros. 8 Port of Antwerp / 2010 Annual Report / Comments on the accounts

9 2.2 Liabilities The equity increases because out of the total net result of 80.1 million euros, 67.3 million euros was appropriated to equity and 12.8 million euros was appropriated as profit to be distributed. The provisions has increased overall by 7.3% as a result of the higher provision for environmental risks. The financial debts were repaid in 2010 according to the agreed due dates. There were also no opportunities to reimburse early certain debts at financially advantageous terms. The amounts payable within 1 year have decreased, from 94.2 million euros at the end of 2009 to 75.6 million euros at the end of According to the loan repayment schedule, the amounts due to be repaid in 2011 are significantly less (4.2 million euros compared with 15.2 million euros). In addition, an amount of 6 million euros was effectively repaid to the City of Antwerp in 2010 under the terms of obligations arising from the Protocol concerning the Eilandje area. Like last year, the profit of 12.8 million euros to be distributed, has been included under the heading Other amounts payable. 3. Cashflow Statement The summary table provides insight in the main incoming and outgoing cashflows As in the two previous years, the cashflow ultimately generated is positive Short-term investments and liquid assets at start of year 172, ,500 95,733 Cashflow generated from operating activities 85, , ,085 Cashflow devoted to investment activities (36,461) (36,499) (65,930) Cashflow devoted to financing activities (25,791) (25,952) (49,388) Short-term investments and liquid assets at year end 195, , ,500 The cashflow from operational activities decreases due to the increase in working capital, which in turn is due to the higher amount of Other amounts receivable, and to turnover rising less rapidly than operating costs (decrease EBITDA and EBITDA margin). The cashflow devoted to investment and financing activities remains stable. 9 Port of Antwerp / 2010 Annual Report / Comments on the accounts

10 4. Other required information Apart from the information mentioned in the annual accounts, there were no significant events after the closing date of the Balance Sheet. The points regarding R&D and the existence of branch offices are not applicable. No procedures were carried out under application of art. 523 of the Companies Act. No use is made of financial instruments of any significance in judging the assets, liabilities, financial position and result. As regards the risks and uncertainties facing the Port Authorities, these are mainly in the following areas: developments in legislation as a result of the Port Decree and its implementation; developments in legislation in the field of town and country planning and the delimitation of the port area; the inplementation and evolution in the field of environmental law. On the one hand are risks which in principle are borne by concession holders, but if the latter fail to meet them (e.g. in case of bankruptcy) then these obligations could fall upon the Port Authority. On the other hand there is still a possible risk posed by as yet unknown pollution of (underwater) soil that might have to be cleaned up. Finally, changes in the law governing (underwater) soil remediation could impose additional obligations on the Port Authority. The attractiveness of ports in general is determined by factors such as accessibility, the efficiency of the port activities and the quality of the hinterland connections. Antwerp, 5 april 2011 For the Board of Directors Eddy Bruyninckx CEO Marc Van Peel Chairman of the Board of Directors 10 Port of Antwerp / 2010 Annual Report / Comments on the accounts

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12 Balance sheet (in euros) assets codes period previous period fixed assets 20/28 994,268, ,255,463,03 Formation expenses (Note 1) 20 Intangible fixed assets (Note 2) 21 2,130, ,592, Tangible fixed assets (Note 3) 22/27 983,549, ,448, Land and buildings ,772, ,349, Plant, machinery and equipment 23 57,898, ,063, Furniture and vehicles 24 23,173, ,090, Leasing and other similar rights , , Other tangible fixed assets , , Assets under construction and advance payments 27 77,180, ,394, Financial fixed assets (Note 4 & 5.1) 28 8,589, ,214, Affiliated enterprises (Note 4.1 & 14) 280/1 7,375, Participating interests 280 7,375, Amounts receivable 281 Other enterprises linked by participating interests (Note 4.2 & 14) 282/3 1,206, ,206, Participating interests 282 1,206, ,206, Amounts receivable 283 Other financial assets 284/8 8, , Shares 284 8, , Amounts receivable and cash guarantees 285/8 current assets 29/58 268,107, ,391, Amounts receivable after more than one year 29 8,181, ,681, Trade debtors 290 3,898, ,898, Other amounts receivable 291 4,283, ,783, Stocks and contracts in progress 3 2,548, ,471, Stocks 30/36 2,548, ,471, Raw materials and consumables 30/31 2,543, ,471, Work in progress 32 Finished goods 33 Goods purchased for resale 34 Immovable property intended for sale 35 Advance payments 36 5, Contracts in progress 37 Amounts receivable within one year 40/41 56,159, ,100, Trade debtors 40 22,370, ,06 Other amounts receivable 41 33,788, ,847, Current investments (Note 6) 50/53 182,908, ,386, Own shares 50 Other investments and deposits 51/53 182,908, ,386, Cash at bank and in hand 54/58 12,732, ,702, Deferred charges and accrued income (Note 6) 490/1 5,576, ,049, total assets 20/58 1,262,376, ,219,647, Financial Report

13 EQUITY AND LIABILITIES codes period previous period EQUITY 10/15 1,000,344, ,011, Capital (Note 7) ,109, ,109, Issued capital ,109, ,109, uncalled capital 101 Share premium account 11 Revaluation surpluses 12 11,461, ,458, Reserves ,827, ,565, Legal reserve ,710, ,710, Reserves not available ,511, ,522, In respect of own shares held 1310 Other ,511, ,522, untaxed reserves 132 Available reserves ,605, ,331, Accumulated profits (losses) (+) ( ) 14 Investment grants ,946, ,878, Advance to associates on the sharing out of the assets 19 provisions and deferred taxes ,316, ,025, Provisions for liabilities and charges 160/5 137,316, ,025, Pensions and similar obligations 160 Taxation 161 Major repairs and maintenance 162 Other liabilities and charges (Note 8) 163/5 137,316, ,025, Deferred taxes 168 amounts payable 17/49 124,714, ,610, Amounts payable after more than one year (Note 9) 17 19,555, ,555, Financial debts 170/4 19,555, ,555, Subordinated loans 170 unsubordinated debentures 171 Leasing and other similar obligations 172 Credit institutions ,555, ,555, Other loans 174 Trade debts 175 Suppliers 1750 Bills of exchange payable 1751 Advances received on contracts in progress 176 Other amounts payable 178/9 Amounts payable within one year 42/48 75,578, ,161, Current portion of amounts payable after more than one year falling due within one year (Note 9) 42 4,211, ,202, Financial debts 43 Credit institutions 430/8 Other loans 439 Trade debts 44 28,799, ,327, Suppliers 440/4 28,799, ,327, Bills of exchange payable 441 Advances received on contracts in progress 46 97, Taxes, remuneration and social security (Note 9) 45 27,107, ,090, Taxes 450/3 1,900, ,522, Remuneration and social security 454/9 25,207, ,568, Other amounts payable 47/48 15,461, ,443, Deferred charges and accrued income (Note 9) 492/3 29,580, ,893, total liabilities 10/49 1,262,376, ,219,647, Annual Accounts

14 income statement (in euros) codes period previous period Operating income 70/74 306,911, ,121, Turnover ,018, ,961, Increase (decrease) in stocks of finished goods, work and contracts in progress (+)( ) 71 Own construction capitalised , ,532, Other operating income (Note 10) 74 54,179, ,627, Operating charges 60/64 241,875, ,217, Raw materials, consumables 60 6,436, ,980, Purchases 600/8 6,635, ,133, Decrease (increase) in stocks (+)( ) , , Services and other goods 61 47,271, ,107, Remuneration, social security costs and pensions (Note 10) (+)( ) ,507, ,669, Depreciation and amounts written off formation expenses, intangible and tangible fixed assets ,612, ,910, Amounts written off stocks, contracts in progress and trade debtors Appropriations (write-backs) (+)( ) 631/4 1,041, , Provisions for risks and charges Appropriations (utilisation and write-backs) (Note 10) (+)( ) 635/7 9,808, ,747, Other operating charges (Note 10) 640/8 20,198, ,045, Operation charges carried to assets as restructuring costs ( ) 649 Operating profit (loss) (+)( ) ,036, ,904, Financial income 75 15,959, ,683, Income from financial fixed assets , , Income from current assets , , Other financial income (Note 11) 752/9 14,991, ,906, Financial charges 65 1,188, ,655, Debt charges 650 2,012, ,062, Amounts written down on current assets except stocks, contracts in progress and trade debtors (+)( ) , ,454, Other financial charges 652/9 27, , Gain (Loss) on ordinary activities before taxes (+)( ) ,806, ,932, Financial Report

15 codes period previous period Extraordinary income 76 1,250, ,575, Write-back of depreciation and amounts written off intangible and tangible fixed assets 760 Write-back of amounts written off financial fixed assets 761 Write-back of provisions for extraordinary liabilities and charges 762 Gain on disposal of fixed assets 763 1,063, ,414, Other extraordinary income 764/9 187, , Extraordinary charges , ,975, Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets 660 1,191, ,149, Amounts written off financial fixed assets , Provisions for extraordinary liabilities and charges Appropriations (utilisation) (+)( ) , ,378, Loss on disposal of fixed assets , ,092, Other extraordinary charges 664/8 6,000, Extraordinary charges carried to assets as restructuring costs ( ) 669 Profits (Loss) for the period before taxes (+)( ) ,085, ,532, Transfer from postponed taxes 780 Transfer to postponed taxes 680 Income taxes (Note 12) (+)( ) 67/77 12, , Income taxes 670/3 12, , Adjustment of income taxes and write-back of tax provisions 77 Profit (Loss) for the period (+)( ) ,073, ,514, Transfer from untaxed reserves 789 Transfer to untaxed reserves 689 Profit (Loss) for the period available for appropriation (+)( ) ,073, ,514, Annual Accounts

16 appropriation account codes period previous period Profit (Loss) to be appropriated (+)( ) ,073, ,514, Gain (loss) to be appropriated (+)( ) (9905) 80,073, ,514, Profit (loss) to be carried forward (+)( ) 14P Transfers from capital and reserves 791/2 From capital and share premium account 791 From reserves 792 Transfers to capital and reserves 691/2 67,273, ,714, To capital and share premium account 691 To the legal reserve 6920 To other reserves ,273, ,714, Profit (Loss) to be carried forward (+)( ) (14) Owner s contribution in respect of losses 794 Profit to be distributed 694/6 12,800, ,800, Dividends 694 Director s or manager s entitlements 695 Other beneficiaries ,800, ,800, Financial Report

17 notes 2. STATEMENT OF INTANGIBLE ASSETS 2.2 concessions, patents, licences, know-how, brand and similar rights codes period previous period Acquisition value at the end of the period 8052P xxxxxxxxxxxx 4,252, Acquisitions, including produced fixed assets , Sales and disposals , Transfers from one heading to another (+)( ) 8042 Acquisition value at the end of the period ,816, Depreciation and amounts written down at the end of the period 8122P xxxxxxxxxxxx 1,659, Recorded ,149, Written back 8082 Acquisitions from third parties 8092 Cancelled owing to sales and disposals , Transfers from one heading to another (+)( ) 8112 Depreciation and amounts written down at the end of the period ,686, Net book value at the end of the period 211 2,130, Annual Accounts

18 3. STATEMENT OF TANGIBLE FIXED ASSETS 3.1 LAnd and buildings codes period previous period Acquisition value at the end of the period 8191P xxxxxxxxxxxx 1,244,301, Acquisitions, including produced fixed assets ,045, Sales and disposals ,178, Transfers from one heading to another (+)( ) ,194, Acquisition value at the end of the period ,252,362, Revaluation surpluses at the end of the period 8251P xxxxxxxxxxxx 23,741, Recorded 8211 Acquisitions from third parties 8221 Cancelled , Transfers from one heading to another (+)( ) 8241 Revaluation surpluses at the end of the period ,659, Depreciation and amounts written down at the end of the period 8321P xxxxxxxxxxxx 422,693, Recorded ,925, Written back 8281 Acquisitions from third parties 8291 Cancelled owing to sales and disposals , Transfers from one heading to another (+)( ) 8311 Depreciation and amounts written down at the end of the period ,249, Net book value at the end of the period (22) 824,772, Financial Report

19 3.2 plant, machinery and equipment codes period previous period Acquisition value at the end of the period 8192P xxxxxxxxxxxx 210,600, Acquisitions, including produced fixed assets ,186, Sales and disposals ,343, Transfers from one heading to another (+)( ) , Acquisition value at the end of the period ,562, Revaluation surpluses at the end of the period 8252P xxxxxxxxxxxx 4,846, Recorded 8212 Acquisitions from third parties 8222 Cancelled , Transfers from one heading to another (+)( ) 8242 Revaluation surpluses at the end of the period ,804, Depreciation and amounts written down at the end of the period 8322P xxxxxxxxxxxx 151,383, Recorded ,272, Written back 8282 Acquisitions from third parties 8292 Cancelled owing to sales and disposals ,187, Transfers from one heading to another (+)( ) 8312 Depreciation and amounts written down at the end of the period ,468, Net book value at the end of the period (23) 57,898, Annual Accounts

20 3.3 Furniture and vehicles codes period previous period Acquisition value at the end of the period 8193P xxxxxxxxxxxx 71,936, Acquisitions, including produced fixed assets ,393, Sales and disposals ,051, Transfers from one heading to another (+)( ) ,196, Acquisition value at the end of the period ,474, Revaluation surpluses at the end of the period 8253P xxxxxxxxxxxx 3,056, Recorded 8213 Acquisitions from third parties 8223 Cancelled , Transfers from one heading to another (+)( ) 8243 Revaluation surpluses at the end of the period ,016, Depreciation and amounts written down at the end of the period 8323P xxxxxxxxxxxx 51,903, Recorded ,429, Written back 8283 Acquisitions from third parties 8293 Cancelled owing to sales and disposals ,014, Transfers from one heading to another (+)( ) 8313 Depreciation and amounts written down at the end of the period ,317, Net book value at the end of the period (24) 23,173, Financial Report

21 3.4 LEASIng and other similar rights codes period previous period Acquisition value at the end of the period 8194P xxxxxxxxxxxx 813, Acquisitions, including produced fixed assets 8164 Sales and disposals 8174 Transfers from one heading to another (+)( ) 8184 Acquisition value at the end of the period , Revaluation surpluses at the end of the period 8254P xxxxxxxxxxxx 80, Recorded 8214 Acquisitions from third parties 8224 Cancelled 8234 Transfers from one heading to another (+)( ) 8244 Revaluation surpluses at the end of the period , Depreciation and amounts written down at the end of the period 8324P xxxxxxxxxxxx 402, Recorded , Written back 8284 Acquisitions from third parties 8294 Cancelled owing to sales and disposals 8304 Transfers from one heading to another (+)( ) 8314 Depreciation and amounts written down at the end of the period , Net book value at the end of the period (25) 464, WHEREOF Land and buildings , Plant, machinery and equipment 251 Furniture and vehicles Annual Accounts

22 3.5 Other tangible fixed assets codes period previous period Acquisition value at the end of the period 8195P xxxxxxxxxxxx 63, Acquisitions, including produced fixed assets 8165 Sales and disposals 8175 Transfers from one heading to another (+)( ) 8185 Acquisition value at the end of the period , Revaluation surpluses at the end of the period 8255P xxxxxxxxxxxx Recorded 8215 Acquisitions from third parties 8225 Cancelled 8235 Transfers from one heading to another (+)( ) 8245 Revaluation surpluses at the end of the period 8255 Depreciation and amounts written down at the end of the period 8325P xxxxxxxxxxxx 3, Recorded 8275 Written back 8285 Acquisitions from third parties 8295 Cancelled owing to sales and disposals 8305 Transfers from one heading to another (+)( ) 8315 Depreciation and amounts written down at the end of the period , Net book value at the end of the period (26) 59, Financial Report

23 3.6 ASSEts under construction and ADVANCED PAYMENTS codes period previous period Acquisition value at the end of the period 8196P xxxxxxxxxxxx 60,394, Acquisitions, including produced fixed assets ,295, Sales and disposals 8176 Transfers from one heading to another (+)( ) ,509, Acquisition value at the end of the period ,180, Revaluation surpluses at the end of the period 8256P xxxxxxxxxxxx Recorded 8216 Acquisitions from third parties 8226 Cancelled 8236 Transfers from one heading to another (+)( ) 8246 Revaluation surpluses at the end of the period 8256 Depreciation and amounts written down at the end of the period 8326P xxxxxxxxxxxx Recorded 8276 Written back 8286 Acquisitions from third parties 8296 Cancelled owing to sales and disposals 8306 Transfers from one heading to another (+)( ) 8316 Depreciation and amounts written down at the end of the period 8326 Net book value at the end of the period (27) 77,180, Annual Accounts

24 4. STATEMENT OF FINANCIAL FIXED ASSETS 4.1 AFFILIAted enterprises participating interests and shares codes period previous period Acquisition value at the end of the period 8391P xxxxxxxxxxxx 528, Acquisitions, including produced fixed assets ,500, Sales and disposals 8371 Transfers from one heading to another (+)( ) 8381 Acquisition value at the end of the period ,028, Revaluation surpluses at the end of the period 8451P xxxxxxxxxxxx Recorded 8411 Acquisitions from third parties 8421 Cancelled 8431 Transfers from one heading to another (+)( ) 8441 Amounts written down at the end of the period 8521P xxxxxxxxxxxx 528, Recorded 8471 Written back 8481 Acquisitions from third parties 8491 Cancelled owing to sales and disposals 8501 Transfers from one heading to another (+)( ) 8511 Amounts written down at the end of the period , Uncalled amounts at the end of the period 8551P xxxxxxxxxxxx (+)( ) ,125, Uncalled amounts at the end of the period ,125, net book value at the end of the period (280) 7,375, AFFILIATED ENTERPRISES amounts receivable net book value at the end of the period 281P xxxxxxxxxxxx Additions 8581 Repayments 8591 Amounts written down 8601 Amounts written back 8611 Exchange differences (+)( ) 8621 Other (+)( ) 8631 net book value at the end of the period (281) accumulated amounts written off on amounts receivable at the end of the period Financial Report

25 4.2 OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS participating interests and shares codes period previous period Acquisition value at the end of the period 8392P xxxxxxxxxxxx 3,878, Acquisitions, including produced fixed assets 8362 Sales and disposals 8372 Transfers from one heading to another (+)( ) 8382 Acquisition value at the end of the period ,878, Revaluation surpluses at the end of the period 8452P xxxxxxxxxxxx Recorded 8412 Acquisitions from third parties 8422 Cancelled 8432 Transfers from one heading to another (+)( ) 8442 Revaluation surpluses at the end of the period 8452 Amounts written down at the end of the period 8522P xxxxxxxxxxxx Recorded 8472 Written back 8482 Acquisitions from third parties 8492 Cancelled owing to sales and disposals 8502 Transfers from one heading to another (+)( ) 8512 Amounts written down at the end of the period 8522 Uncalled amounts at the end of the period 8552P xxxxxxxxxxxx 2,672, (+)( ) 8542 Uncalled amounts at the end of the period ,672, Net book value at the end of the period (282) 1,206, OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS amounts receivable net book value at the end of the period 283P xxxxxxxxxxxx Additions 8582 Repayments 8592 Amounts written down 8602 Amounts written back 8612 Exchange differences (+)( ) 8622 Other (+)( ) 8632 net book value at the end of the period (283) accumulated amounts written off on amounts receivable at the end of the period Annual Accounts

26 4.3 Other enterprises participating interests and shares codes period previous period Acquisition value at the end of the period 8393P xxxxxxxxxxxx 13, Acquisitions, including produced fixed assets 8363 Sales and disposals 8373 Transfers from one heading to another (+)( ) 8383 Acquisition value at the end of the period , Revaluation surpluses at the end of the period 8453P xxxxxxxxxxxx Recorded 8413 Acquisitions from third parties 8423 Cancelled 8433 Transfers from one heading to another (+)( ) 8443 Amounts written down at the end of the period 8523P xxxxxxxxxxxx Recorded 8473 Written back 8483 Acquisitions from third parties 8493 Cancelled owing to sales and disposals 8503 Transfers from one heading to another (+)( ) 8513 Amounts written down at the end of the period 8523 Uncalled amounts at the end of the period 8553P xxxxxxxxxxxx 5, (+)( ) 8543 Uncalled amounts at the end of the period , Net book value at the end of the period (284) 8, other enterprises accounts receivable Net book value at the end of the period 285/8P xxxxxxxxxxxx Additions 8583 Repayments 8593 Amounts written down 8603 Amounts written back 8613 Exchange differences (+)( ) 8623 Other (+)( ) 8633 Net book value at the end of the period (285/8) ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD Financial Report

27 5. INFORMATION RELATING TO THE SHARE IN THE CAPITAL 5.1 SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES List of both enterprises in which the enterprise holds a participating interest (recorded in the heading 28 of assets), and other enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets) in the amount of at least 10% of the capital issued. shares held by information from the most recent period for which annual accounts are available Name, full address of the registered directly subsidiaries PRIMARY MONE- capital and net office and, for the enterprise governed number % % financial tary reserves result by Belgian law, COMPANY NUMBER statement unit (+) or ( ) (in monetary units) Maatschappij voor het Haven-, Grond- 31/12/2009 EUR 136,875,627 7,098,022 en Industrialisatiebeleid van het Linkerscheldeoevergebied CVBA Steenlandlaan 9130 Kieldrecht (Beveren) België , Antwerp Port Consultancy NV 31/12/2010 EUR 7,099, ,016 Entrepotkaai Antwerpen België , Wandelaar Invest NV 31/12/2009 EUR 2,396,827-43,173 Oude Graanmarkt Brussel 1 België , Trilogiport ESV EUR 0 0 Quai de Maastricht Liège 1 België Annual Accounts

28 6. OTHER INVESTMENTS AND DEPOSITs, DEFERRED CHARGES AND ACCRUED INCOME (ASSETS) INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS Shares 51 Book value increased with the uncalled amount 8681 uncalled amount 8682 codes period previous period Fixed income securities 52 Fixed income securities issued by credit institutions 8684 Fixed term deposits with credit institutions 53 54,507, Falling due less or up to one month ,000, between one month and one year ,507, over one year 8688 Other investments not yet shown separately ,400, ,386, DEFERRED CHARGES AND ACCRUED INCOME period Allocation of the heading 490/1 of assets if the amount is significant Wages January ,004, Prepaid costs 696, Other 2,876, Financial Report

29 7. STATEMENT OF CAPITAL and STRUCTURE OF SHAREHOLDINGS STATEMENT OF CAPITAL codes period previous period Share capital Issued capital at the end of the period 100P xxxxxxxxxxxx 307,109, Issued capital at the end of the period (100) 307,109, Changes during the period codes amounts number of shares Structure of the capital Different categories of shares No shares issued considering legal structure Registered 8702 xxxxxxxxxxxx Bearer 8703 xxxxxxxxxxxx uncalled capital called, codes capital but not paid Uncalled capital uncalled capital (101) xxxxxxxxxxxx Capital called, but not paid 8712 xxxxxxxxxxxx Shareholders having yet to pay up in full 8. provisions FOR OTHER LIABILITIES AND CHARGES ALLOCATION OF THE HEADING 163/5 OF LIABILITIES IF THE AMOUNT IS CONSIDERABLE period Pending litigations and risks 7,917, Environment 106,480, Social plans for personnel 1,555, Other 21,363, Annual Accounts

30 9. STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED INCOME breakdown by current portions of amounts initially payable AFter more than one year codes period Amounts payable after more than one year, not more than one year Financial debts ,211, Subordinated loans 8811 unsubordinated debentures 8821 Leasing and other similar obligations 8831 Credit institutions ,211, Other loans 8851 Trade debts 8861 Suppliers 8871 Bills of exchange payable 8881 Advance payments received on contracts in progress 8891 Other amounts payable 8901 total amounts payable after more than one year, not more than one year (42) 4,211, Amounts payable after more than one year, between one and five years Financial debts ,000, Subordinated loans 8812 unsubordinated debentures 8822 Leasing and other similar obligations 8832 Credit institutions ,000, Other loans 8852 Trade debts 8862 Suppliers 8872 Bills of exchange payable 8882 Advance payments received on contracts in progress 8892 Other amounts payable 8902 TOTAL amounts payable after more than one year, BETWEEN one and five years ,000, Amounts payable after more than one year, over five years Financial debts ,555, Subordinated loans 8813 unsubordinated debentures 8823 Leasing and other similar obligations 8833 Credit institutions ,555, Other loans 8853 Trade debts 8863 Suppliers 8873 Bills of exchange payable 8883 Advance payments received on contracts in progress 8893 Other amounts payable 8903 TOTAL amounts payable after more than one year, OVER five years ,555, Financial Report

31 Amounts payable for taxes, remuneration And social security codes period Taxes (heading 450/3 of liabilities) Expired taxes payable 9072 Non expired taxes payable ,900, Estimated taxes payable 450 Remuneration and social security (heading 454/9 of liabilities) Amounts due to the National Office of Social Security 9076 Other amounts payable relating to remuneration and social security ,207, Accrued charges period Allocation of the heading 492/3 of liabilities if the amount is considerable Deferred income long-term contract 2,096, Invoicing concessions 1st quarter ,955, Other 527, Annual Accounts

32 10. Operating results Operating income codes period previous period Net turnover Broken down by categories of activity Allocation into geographical markets Other operating income Total amount of subsidies and compensatory amounts obtained from public authorities ,558, ,464, operating costs codes period previous period Employees recorded in the personnel register Total number at the closing date ,675 1,671 Average number of employees calculated in full-time equivalents , ,659.4 Number of actual worked hours ,327,124 2,310,651 Personnel costs Remuneration and direct social benefits ,232, ,235, Employers social security contributions ,926, ,872, Employers premiums for extra statutory insurances 622 1,783, ,400, Other personnel costs 623 5,560, ,150, Old-age and widows pensions 624 4, , Provisions for pensions Additions (utilisation and write-back) (+)( ) 635 Amounts written off Stocks and contracts in progress Recorded , , Written back 9111 Trade debtors Recorded , , Written back 9113 Provisions for risks and charges Additions ,410, ,002, uses and write-back ,602, ,750, Other operating charges Taxes related to operations ,567, ,395, Other charges 641/8 8,631, ,649, Hired temporary staff and persons placed at the enterprise s disposal Total number at the closing date Average number calculated as full-time equivalents ,6 11,2 Number of actual worked hours ,108 15,633 Charges to the enterprise , , Financial Report

33 11. FInancial and EXTRAORDINARY results FInancial results codes period previous period Other financial income Amount of subsidies granted by public authorities, credited to income for the period Capital subsidies ,530, ,306, Interest subsidies 9126 Allocation of other financial income Surplus to current assets 1,453, , Interest swap Amounts written down on loan issue expenses and repayment premiums 6501 Interest recorded as assets 6503 Value adjustments to current assets Appropriations , Write-backs ,256, ,454, Other financial charges Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable 653 Provisions of a financial nature Appropriations 6560 uses and write-backs 6561 EXTRAORDINARY RESULTS period Allocation of other extraordinary income Bankruptcy collection costs (Maruni) 187, Allocation of other extraordinary charges 33 Annual Accounts

34 12. INCOME TAXES AND OTHER TAXES Income taxes codes period Income taxes on the result of the current period , Income taxes paid and withholding taxes due or paid , Excess of income tax prepayments and withholding taxes recorded under assets 9136 Estimated additional taxes 9137 Income taxes on previous periods 9138 Taxes and withholding taxes due or paid 9139 Estimated additional taxes estimated or provided for 9140 Insofar as income taxes for the current period are materially affected by differences between the profit before taxes, as stated in the annual accounts, and the estimated taxable profit The Antwerp Port Authority is not subject to corporate taxation but to legal entity taxation TOTAL AMOUNT OF VALUE ADDED TAX AND TAXES BORNE BY THIRD PARTIES codes period previous period Total amount of value added tax charged To the enterprise (deductible) ,413, ,265, By the enterprise ,158, ,624, Amounts retained on behalf of third parties for Payroll withholding taxes ,777, ,000, Withholding taxes on investment income Financial Report

35 13. rights AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, held BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK to AND FOR THE BENEFIT OF THE ENTERPRISE codes period Substantial commitments to acquire fixed assets Committed purchases fixed assets 11,304, INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER commitments NOT MENTIONED ABOVE The firm Seaport Terminals NV instituted a claim in 2003 against the Port Authority for damages to the sum of 86,762,734 euros. This concerns damages for alleged complicity in breach of contract by the Cast shipping company in connection with the Flanders Container Terminal. The Board of Directors considers on the basis of a legal analysis of the available data that insufficient arguments have been formulated against the Port Authority of Antwerp in connection with this claim that would justify including a provision for this in the accounts. IF THERE IS A SUPPLEMENTARY RETIREMENT OR SURVIVORs PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN AND OF THE MEASURES TAKEN BY the ENTERPRISE TO COVER THE RESULTING CHARGES The Port Authority has taken out a non-statutory pension insurance policy in favour of contractual members of personnel, of the fixed contribution type. These contributions are paid monthly, and are taken into account under the heading Employer s premiums for non-statutory insurance policies. NATURE AND BUSINESS PURPOSE OF THE OFF BALANCE SHEET OPERATIONS To the extent that the risks or benefits arising from such operations are of any significance, and also to the extent that their disclosure is necessary to assess the financial position of the company; if necessary the financial consequences for the company of such transactions must also be mentioned: No off balance sheet operations of significance for assessing the financial position of the Port Authority. 35 Annual Accounts

36 14. relationships WITH AFFILIATED ENTERPRISES and ENTERPRISES LINKED by PARTICIPATING INTERESTS AFFILIATED ENTERPRISES codes period previous period Financial fixed assets (280/1) 7,375, Investments (280) 7,375, Amounts receivable subordinated 9271 Other amounts receivable 9281 Amounts receivable , , After one year 9301 Within one year , , Current investments 9321 Shares 9331 Amounts receivable 9341 Amounts payable 9351 After one year 9361 Within one year 9371 Personal and real guarantees Provided or irrevocably promised by the enterprise, as security for debts or commitments of affiliated enterprises 9381 Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise 9391 Other substantial financial commitments 9401 Financial results Income from financial fixed assets 9421 Income from current assets 9431 Other financial income 9441 Debts charges 9461 Other financial costs 9471 Disposal of fixed assets Realized gains 9481 Realized losses Financial Report

37 ENTERPRISES LINKED BY PARTICIPATING INTERESTS codes period previous period Financial fixed assets (282/3) 1,206, ,206, Investments (282) 1,206, ,206, Amounts receivable subordinated 9272 Other amounts receivable 9282 Amounts receivable 9292 After one year 9302 Within one year 9312 Amounts payable , After one year 9362 Within one year , FINANCIAL RELATIONSHIPS WITH AUDITORS OR PEOPLE THEY ARE LINKED TO codes period Auditors fees , Fees for exceptional services or special missions executed in the company by the auditor Other attestation missions Tax consultancy Other missions external to the audit , Fees for exceptional services or special missions carried out within the company by people they are linked to Other attestation missions Tax consulting Other missions external to the audit Disclosures pursuant to art. 133, para. 6 of the Companies Act. 37 Annual Accounts

38 Social REPORT Numbers of joint industrial committees which are competent for the enterprise: statement of the persons employed Employees recorded in the staff register full-time part-time total (T) or total (T) or During the period and total in full-time total in full-time the previous period equivalents (fte) equivalents (fte) codes (period) (period) (period) (previous period) Average number of employees 100 1, ,669.2 (FTE) 1,659.4 (FTE) Number of hours actually worked 101 2,319,229 7,895 2,327,124 (T) 2,310,651 (T) Personnel costs ,104, , ,503, (T) 113,660, (T) Advantages in addition to wages 103 xxxxxxxxxx xxxxxxxxxxx (T) (T) At the closing date of the period CODES full-time part-time total in full-time Equivalents Number of employees recorded in the personnel register 105 1, ,671.2 By nature of the employment contract Contract for an indefinite period 110 1, ,650.2 Contract for a definite period Contract for carrying out specifically assigned work 112 Replacement contract According to gender and level of education Male 120 1, ,373.7 primary education secondary education higher education (non-university) university education Female primary education secondary education higher education (non-university) university education By professional category Management staff Employees Workers Other Financial Report

39 HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE S DISPOSAL temporary personnel placed During the period personnel at the disposal codes of the enterprise Average number of employees Number of hours actually worked ,108 Charges of the enterprise , TABLE OF PERSONNEL CHANGES DURING THE PERIOD ENTRIES CODES FULL-time part-time total in full-time Equivalents Number of employees recorded on the personnel register during the financial year By nature of the employment contract Contract for an indefinite period Contract for a definite period Contract for the execution of a specifically assigned work 212 Replacement contract DEPARTURES CODES FULL-time part-time total in full-time Equivalents Number of employees with a date of termination listed in the staff register for the contract during the period By nature of the employment contract Contract for an indefinite period Contract for a definite period Contract for carrying out specifically assigned work 312 Replacement contract According to the reason for termination of the employment contract Retirement Early retirement 341 Dismissal Other reason Of which: the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis Annual Accounts