GIMV ACHIEVES EUR MILLION PROFIT IN

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1 Press release, annual figures, financial year Antwerp, Thursday 22 May :00 CET GIMV ACHIEVES EUR MILLION PROFIT IN GIMV PROPOSES FINAL DIVIDEND OF EUR 2.36 PER SHARE TOTAL DIVIDEND OF EUR 4.36 PER SHARE FOR FY In GIMV changed its financial year, which now runs from 1 April to 31 March. As a result the financial year ended on 31 March The publication dates for the half yearly and annual results have been adapted accordingly, and GIMV will from now on be publishing its annual figures in May. Exceptionally, the figures for FY covered a period of 15 months and are therefore not comparable with those of FY KEY ELEMENTS (limited consolidation) 1 Results Net profit (limited consolidation group s share) of EUR million Net realised capital gains: EUR million. Net unrealised capital gains: EUR 37.3 million. Return on equity of 12.6% (growth in equity + dividends paid). Dividend The Board of Directors will be proposing to the General Meeting of 25 June 2008 that it pay a closing dividend of EUR 2.36 gross (EUR 1.77 net) per share. Taken together with the extraordinary interim dividend of EUR 2.00 gross (EUR 1.50 net) per share paid at the end of 2007, GIMV will have paid out in respect of the financial year a total dividend of EUR 4.36 gross per share (net EUR 3.27). Investments Total investments of EUR million, plus another EUR 70.6 million invested by funds managed by GIMV 2. 57% (EUR million) in Corporate Investment, 29% (EUR 67.6 million) in ICT, 8% (EUR 18.4 million) in Life Sciences and 6% (EUR 14.0 million) in new initiatives (Cleantech, Infrastructure and Corporate Investment France). 53% (EUR million) in Belgium, 9% (EUR 21.7 million) in the Netherlands, 9% (EUR 22.3 million in France, 13% (EUR 30.7 million) in Germany, 7% (EUR 16.5 million) in the rest of Europe, 6% (EUR 14.3 million) in the USA and 3% (EUR 6.0 million) elsewhere. 40% (EUR 93.4 million) in 11 new direct investments, 48% (EUR million) in direct followup investments and 12% (EUR 29.2 million) in third party funds. 1 The limited consolidation enables investors and other stakeholders to evaluate the group s financial performance, because this limited consolidation clearly shows the evolution of value and the income and costs that are directly linked to the investment activities. GIMV s shareholdings are valued at fair market value in accordance with the international valuation guidelines for private equity companies. 2 This amount is the total investment by the funds under management (Halder-GIMV Germany Fund, Eagle Russia Fund, Biotech Fonds Vlaanderen, GIMV-Arkiv ICT Fund), net of GIMV s share in the funds in question.

2 The main investments during the financial year were Grandeco, Lintor-Verbinnen, VAG Armaturen, Le Cobourg, Numac, Metris, Telenet, Acertys, Barco, Verhaeren, Terstal, Halder- GIMV Germany Fund, Ablynx, Inside Contactless, Dialog Imaging Systems and Movea. Divestments Total divestment revenues of EUR million, plus EUR 95.6 million of divestments by funds under management. 62% (EUR million) Corporate Investment, 35% (EUR million) ICT and 3% (EUR 9.9 million) Life Sciences. 47% (EUR million) in Belgium, 25% (EUR 93.4 million) in the Netherlands, 16% (EUR 59.0 million) in France, 6% (EUR 24.7 million) in Germany, 3% (EUR 12.8 million) in the rest of Europe and 3% (EUR 10.3 million) in the United States. 4% loans (EUR 15.8 million), 37% (EUR million) listed shareholdings, 41% (EUR million) unlisted shareholdings and 18% (EUR 68.0 million) funds. The sold shareholdings also generated EUR 8.6 million of dividends, interest and management fees. Divestment revenues in FY showed an uplift of 53.1% on the opening equity of the respective shareholdings at 31 March 2007 and around 2.2 times their original purchase value. The main divestments during the financial year were Alfacam, Lyceum Capital I, Jensen Group, Dujardin Foods, DTS, Halder-GIMV Germany Fund, Bever Zwerfsport, Geveke, Hebu, Holonite, Telenet, Business Architects and Devgen. Balance sheet at 31 March 2008 Balance sheet total of EUR 1,394.0 million. Financial assets of EUR million, of which 14% listed shareholdings, 26% unlisted shareholdings valued on the basis of multiples, 12% loans, 32% unlisted shareholdings valued using other valuation methods (recent transaction price, discounted cash flows), and 16% based on the net asset value of the underlying private equity funds. Net cash position of EUR million. Equity Equity (group s share) of EUR 1,327.6 million (EUR per share), compared with EUR 1,278.5 million (EUR per share) on 31 March During the financial year, dividends of EUR million were paid out. Most significant events after the balance sheet date Sale of the shareholding in Westerlund Group to Babcock & Brown. New investment in Spanish ICT company Openbravo. Follow-up investment in German-US company CoreOptics. COMMENTS GIMV achieved an attractive result for the financial year as a whole, making it one of the best performing private equity and venture capital investors in Europe, and this despite the less favourable market circumstances since autumn GIMV s good results, the net asset value of the portfolio and the healthy cash position once again confirm GIMV s strength, says CEO Dirk Boogmans, about GIMV s profit in FY GIMV's strong position is also shown in our solid track record and the successive profits over the past five years. During this period we have invested nearly EUR 700 million, divested over EUR 1.5 billion and successfully floated 12 companies on the stock market.

3 Chairman Herman Daems, on the valuation of the GIMV portfolio: Given that GIMV s portfolio is valued, as required by law, under IFRS, the value of the portfolio can fluctuate significantly from one quarter to the next. In order to determine the fair value of our portfolio in a professional, objective and balanced manner, we use the recommendations of the International Private Equity Valuation Guidelines Board. This fair value valuation is a snapshot at a particular point in time, which means that GIMV s result can fluctuate over time. EXPLANATION OF THE FIGURES (limited consolidation) Results: GIMV posts net profit of over EUR 160 million For the 12 months of FY , GIMV posted a net profit (group share) of EUR million. This compares with EUR million for the extended FY (15 months). This profit is strongly influenced by favourable divestments, with shareholdings sold above their most recent carrying value. Moreover, there was also the positive development in the value of the GIMV portfolio. Since the application of IFRS, GIMV s profit has been largely based on the evolution in the value of the portfolio, including both realised and unrealised value fluctuations. Net realised capital gains in FY totalled EUR million. Of this amount, 81% (EUR million) came from the Corporate Investment activities (Belgium, the Netherlands and Germany), 17% (EUR 21.9 million) from ICT and 2% (EUR 2.3 million) from Life Sciences. Net unrealised capital gains amounted to EUR 37.3 million. This breaks down into net unrealised capital gains of EUR 60.1 million on Corporate Investment activities, of EUR 0.2 million from the new activities, and negative contributions of EUR 21.6 million and EUR 1.4 million from Life Sciences and ICT respectively. Here it was primarily the listed shareholdings and the negative exchange rate effects which produced the negative value movements. On top of this came an other operating result 3 of -EUR 9.4 million and a net financial result of EUR 12.2 million, including EUR 4.7 million hedging results on USD-denominated assets. After deducting taxes (EUR 0.1 million) and minority interests (EUR 6.6 million), GIMV realised in FY a net profit (group share) of EUR million. Investments: 88% in direct investments and 91% in European companies GIMV invested in all EUR million during FY Another EUR 70.6 million was invested by funds managed by GIMV. GIMV invested EUR million in Corporate Investment (99.3 in Belgium, 19.5 in the Netherlands and 16.0 in Germany), EUR 67.6 million in ICT, EUR 18.4 million in Life Sciences and EUR 14.0 million in new initiatives (Cleantech, Infrastructure and Corporate Investment France). 53% of the total investment amount went to Belgium and 39% to the rest of Europe. The remaining 9% was invested principally in the United States. The largest investments by business unit in were Grandeco and Lintor-Verbinnen for Corporate Investment Belgium, Numac and Terstal for Corporate Investment Netherlands, and Alukon and VAG Armaturen for Corporate Investment Germany. During this same period GIMV ICT invested, among others, in Metris and Telenet (conversion of warrants), while GIMV Life Sciences invested in Ablynx and Ambit Biosciences. 3 Dividends, interest, management fees, turnover and other operating income, after deducting services and other goods, personnel costs, amortisation of intangible assets, depreciation of property, plant and equipment and other operating costs.

4 Total direct investments amounted to EUR million, of which EUR 93.4 million (40%) in the form of new investments and EUR million (48%) of follow-up investments. 12% of total investments (EUR 29.2 million) went to funds managed by third parties, in most cases in line with GIMV s strategy of first developing new activities and regions in conjunction with partners. EUR million of divestments across the different business units During FY GIMV sold, among others, its shareholdings in Alfacam, Jensen Group, Dujardin Foods, DTS, Bever Zwerfsport, Geveke, Hebu, Holonite, Telenet, Business Architects and Devgen. In total GIMV sold shareholdings in an amount of EUR million. 62% (EUR million) of these divestments were undertaken in Corporate Investment, 35% (EUR million) in ICT and 3% (EUR 9.9 million) in Life Sciences companies, plus a further EUR 95.6 million of divestments by funds under management. These divestments were carried at 31 March 2007 at a total value of EUR million. In addition the shareholdings sold by GIMV in generated EUR 8.6 million of dividends, interest and management fees. In this way these sold shareholdings produced a total of EUR million, or an uplift of 53.1% (EUR million) on their opening equity at 31 March 2007 (valued at fair value in the limited consolidation) and 119.1% (EUR million) above their original purchase value of EUR million, or a multiple of 2.2. Portfolio value rises to EUR million The balance sheet total at 31 March 2008 amounted to EUR 1,394.0 million, of which EUR million consisted of financial assets. These financial assets can be broke up in 62% (EUR million) Corporate Investment 20% (EUR million) ICT, 16% (EUR million) Life Sciences and 2% (EUR 15.4 million) in new initiatives (Cleantech, Infrastructure and Corporate Investment France). 51% (EUR million) of the value of these financial assets are located in Belgium, 9% (EUR 77.5 million) in France, 7% (EUR 56.1 million) in Germany, 16% (EUR million) in the Netherlands, 7% (EUR 61.5 million) in other European countries, 9% ( EUR 77.5 million) in the United States and 1% (EUR 7.9 million) elsewhere. Of these financial assets 14% (EUR million) are listed shareholdings, 26% (EUR million) unlisted shareholdings valued on the basis of multiples, 12% (EUR million) loans, 6% (EUR 49.4 million) unlisted shareholdings valued at investment cost, 15% (EUR million) unlisted shareholdings valued at the price of the last financing round, 16% (EUR million) based on the net asset value of the underlying private equity funds, and 11% (EUR 91.1 million) based on other valuation methods (e.g. exit-value). GIMV had at this date a net cash position of EUR million. Equity rises further to EUR 1,327.6 million or EUR per share The value of equity (group's share) (replaces the former net asset value) at 31 March 2008 amounted to EUR 1,327.6 million, giving a value of EUR per share. The growth in equity during FY plus the dividends of EUR million paid out in FY mean that GIMV achieved a return on equity of 12.6% during FY

5 GIMV is paying a total gross dividend of EUR 4.36 per share (net EUR 3.27) in respect of FY Of this amount EUR 2.00 gross (EUR 1.50 net) has already been paid out in the form of an interim dividend. The Board of Directors will be proposing to the Ordinary General Meeting of 25 June 2008 that the company declare a gross dividend of EUR 4.36 (EUR 3.27 net) per share in respect of FY In December 2007 GIMV already paid an interim dividend of EUR 2.00 gross (EUR 1.50 net) per share, reflecting the strong results achieved in the first half of the year. Following the proposal of the Board of Directors it can be expected that on 3 July 2008 a closing dividend of EUR 2.36 gross (EUR 1.77 net) per share will be made available for payment (coupon no. 15). This brings the gross dividend yield on the average share price for FY to 9.0%. Significant events after the balance sheet date In mid-may, GIMV sold its shareholding in Westerlund Group, a Belgian logistics company that specialises in wood products, to international investment and consulting firm Babcock & Brown. This sale adds EUR 9.2 million (EUR 0.40 per share) to the value of GIMV s equity at 31 March At the same time GIMV has made a follow-up investment of USD 7 million in CoreOptics, a German-US company in the optical networks sector. EUR 3 million has also been also invested in Openbravo, a Spanish company that develops open-source ERP software. NOTE TO THE CONSOLIDATED FIGURES The above figures for FY follow the limited consolidation method. This gives a realistic view of GIMV s performance as a company. From FY 2005 onwards GIMV has prepared its consolidated annual accounts in accordance with the International Financial Reporting Standards (IFRS) as approved by the European Union. A consequence of IFRS is that a number of companies in the investment portfolio over which the Group is deemed to exercise control in accordance with IAS 27 (scope of consolidation) have to be fully consolidated in the statutory consolidation. This has a major effect on the presentation of the balance sheet and income statement as these now include elements like sales, operating profit, personnel costs, inventories, receivables etc. from a number of companies in the investment portfolio. Given that these investments have been made expressly with a view to creating capital gains and generating income, we believe that the consolidation of enterprises included in the investment portfolio is not a relevant yardstick for measuring the Group s performance and can even be potentially misleading. GIMV has therefore decided to produce two separate types of consolidated financial statements. These are the statutory consolidation, in which all IFRS rules are complied with including IAS 27 (scope of consolidation) and a limited consolidation in which all companies belonging to the investment portfolio are included at fair value. The commentary on GIMV s results for FY given below is based on the statutory consolidation.

6 RECONCILIATION OF THE LIMITED AND STATUTORY CONSOLIDATIONS The main difference between the limited and the statutory consolidations lies in the fact that the statutory consolidation fully consolidates a number of companies in place of showing them at real value, as in the limited consolidation. In FY financial year these companies were Bever Zwerfsport Investments, De Groot International Investments, Geveke Investments, Hebu Investments, Interbrush, Lowland Fashion and Operator Groep Delft. In FY they were again De Groot International Investments, Interbrush, HVEG Investments (formerly Lowland Fashion) and Operator Group Delft but also Grandeco Wallfashion Group, Verlihold, Numac Investments and Terstal Investments. The shareholdings in Bever Zwerfsport Investments, Geveke Investments and Hebu Investments were sold in the course of the past financial year. Reconciliation of equity 31/03/ /03/2007 (attributable to the shareholders of the parent company) Limited consolidation 1,327,554 1,278,526 Inclusion of Bever Zwerfsport Investments - -6,185 Inclusion of De Groot International Investments -8,714-7,449 Inclusion of Geveke Investments - -6,881 Inclusion of Grandeco Wallfashion Group Inclusion of Hebu Investments Inclusion of Interbrush Inclusion of HVEG (Lowland Fashion) 2, Inclusion of Numac Investments Inclusion of Operator Group Delft -6, Inclusion of Terstal Investments Inclusion of Verlihold Statutory consolidation 1,315,124 1,259,562 Reconciliation of profit 31/03/ /03/2007 (attributable to the shareholders of the parent company) Limited consolidation 161, ,319 Inclusion of Bever Zwerfsport Investments 6,184-8,867 Inclusion of De Groot International Investments -1,270-7,927 Inclusion of Geveke Investments 6,880-5,955 Inclusion of Grandeco Wallfashion Group Inclusion of Konrad Hornschuch - 13,279 Inclusion of Hebu Investments Inclusion of Interbrush 2, Inclusion of HVEG (Lowland Fashion) 2, Inclusion of Numac Investments Inclusion of Operator Group Delft -7, Inclusion of Terstal Investments Inclusion of Verlihold Statutory consolidation 168, ,290

7 EXPLANATION OF THE FIGURES (statutory consolidation) Income statement The net profit of GIMV (group s share) for FY amounts to EUR million compared with a net profit of EUR million for FY (15 months). The profit reflects both the divestments made at above their opening equity and the positive development of the value of the GIMV portfolio. Under IFRS, GIMV s profit is based largely on the evolution in the value of the portfolio, including both realised and unrealised value movements. Added to this is the profit of the companies included in the statutory consolidation, after deconsolidating any divestments. In FY , realised and unrealised value movements of EUR million were recorded. This difference with the EUR million in the limited consolidation can be explained mainly by the elimination of the unrealised value movements of the companies that are fully consolidated in the statutory consolidation. The other operating result amounts to EUR 30.9 million. This figure conceals, however, major differences in its composition compared with the EUR -9.4 million operating result shown in the limited consolidation. The fact is that by including the above-mentioned companies in the statutory consolidation, GIMV is at once confronted with considerably higher figures for turnover, personnel costs, depreciation of tangible assets and other operating costs compared with the figures recorded in the limited consolidation. Together with the financial result of EUR -0.1 million, and after deduction of taxes (EUR 8.1 million) and minority interests (EUR 17.4 million), GIMV realised a net profit (group s share) of EUR million in FY Balance sheet Assets Non-current assets Non-current assets in the statutory consolidation rose to EUR 1,119.0 million, compared with EUR million at Goodwill and other intangible assets almost doubled to EUR million (+ EUR million) with the acquisitions of Numac, Terstal, Verlihold (Lintor-Verbinnen) and the add-on acquisitions at HVEG (Lowland Fashion) and the inclusion in the consolidation of their respective purchasing holding companies, and also the deconsolidation of Bever Zwerfsport, Geveke and Hebu following the sale of these companies. For the same reasons, property, plant and equipment rose by EUR 53.2 million to EUR 90.5 million. Financial assets at fair value through P&L and loans to investee companies fell by EUR 28.2 million to EUR million, primarily because of a significantly higher volume of divestments than investments in the past financial year. The difference of EUR million between the financial assets in the statutory and the limited consolidations corresponds to the fair value of the shareholdings that are consolidated in the statutory consolidation.

8 Current assets During FY , current assets rose sharply by EUR million to EUR million. The EUR 50.3 million of inventories come entirely from the buy-outs consolidated in the statutory consolidation. This amount is somewhat higher than at Trade receivables almost doubled to EUR million. These trade receivables are mainly coming from buy-out shareholdings in the statutory consolidation, which explains the significant difference with the amount of the trade receivables in the limited consolidation (EUR 17.2 million). There was also a decrease in leans to investee companies (EUR 4.8 million vs. EUR 46.5 million) and a sharp increase in cash and cash equivalents from EUR million at to EUR million at The latter change is the net effect of divestments, investments, loan repayments and dividend payments. Equity and liabilities Equity Equity increased from EUR 1,285.6 million to EUR 1,366.3 million. On the one hand this amount consists of the equity of the limited consolidation, which rises with the profit for the financial year (EUR million) after payment of dividends of EUR million (final dividend in respect of FY paid in July 2007 and an interim dividend for paid in December 2007). On the other hand it includes the reserves shown in the accounts of De Groot International Investments, Interbrush, HVEG Investments (formerly Lowland Fashion), Operator Groep Delft, Grandeco Wallfashion Group, Verlihold, Numac Investments and Terstal Investments after eliminating any revaluations of these shareholdings in the GIMV Group limited consolidation. Minority interests rose from EUR 26.0 million to EUR 51.2 million, mainly from the consolidation of a number of new investments. Liabilities Total liabilities rose from EUR million to EUR million. Non-current liabilities rose in FY to EUR million from EUR million at This is the composite result of increased provisions (+ EUR 8.1 million), a very sharp rise in financial liabilities ( million) and a slight reduction in deferred taxation (- EUR 0.8 million). The financial liabilities figure stands in sharp contrast to the total absence of long-term financial liabilities in the limited consolidation. This reflects the presence of buy-out debts in the purchasing holdings included in the statutory consolidation. It should, however, be emphasized that these debts are not debts of GIMV nv. GIMV s risk is therefore limited to its investment in the various shareholdings. Current liabilities rose by nearly 50% to EUR million. This is explained mainly by a EUR 17.0 million increase in short-term financial liabilities and a EUR 29.8 million rise in trade and other liabilities. Here too, financial liabilities stand in sharp contrast to the total absence of current financial liabilities in the limited consolidation, for the same reasons as given above.

9 FINANCIAL CALENDAR Annual report (Dutch version) available on website 23 May 2008 General and Extraordinary Shareholders Meetings in respect of FY June 2008 Ex-date of the final dividend (coupon no. 15) 30 June 2008 Record date of the final dividend (coupon no. 15) 2 July 2008 Payment date of the final dividend (coupon no. 15) 3 July 2008 Business update first quarter FY end July / beginning August 2008 Announcement of first half results 20 November 2008 STATEMENT BY THE STATUTORY AUDITOR CONCERNING THE ACCOUNTING DATA GIVEN IN THE GIMV NV ANNUAL PRESS RELEASE The statutory auditor, Ernst & Young Bedrijfsrevisoren BCVBA, represented by Mr Rudi Braes, has delivered an unqualified opinion in respect of the statutory consolidated financial statements. The statutory auditor has also verified the limited consolidation. He has concluded that the limited consolidation has, in all material aspects, been drawn up in accordance with the accounting principles that are mentioned in note 5 to the annual report. The statutory auditor has confirmed that the financial data included in the present release do not contain any unmistakable inconsistencies with the statutory consolidated financial statements or the limited consolidation. Annexes: 1. GIMV GROUP Consolidated balance sheet at 31 March 2008 (Limited and statutory consolidations) 2. GIMV GROUP Consolidated income statement for the 12 months to 31 March 2008 (Limited and statutory consolidations) 3. GIMV GROUP Consolidated statement of changes in equity at 31 March 2008 (Statutory consolidation) 4. GIMV GROUP Consolidated cash flow statement for the 12 months to 31 March 2008 (Statutory consolidation) For further information, please contact: Mr Frank De Leenheer Investor Relations Manager GIMV Tel: frankdl@gimv.be Mr Marc Vercruysse Chief Financial Officer GIMV Tel marcv@gimv.be Since its incorporation in 1980 GIMV has grown into the largest private equity and venture capital player in Belgium and into a major European and international market player. GIMV invests in management buy-outs (MBOs) and growth financing of companies in more traditional sectors. It also invests in the future-oriented fields of information and communication technology, biotechnology and cleantech, both in Belgium and abroad. Another focus in the Benelux is infrastructure projects. GIMV manages around EUR 2 billion of assets (including third party funds). GIMV has been listed on Euronext Brussels since For more information on GIMV, please go to

10 Attachment 1: GIMV GROUP - Consolidated balance sheet at 31 March 2008 (Limited and statutory consolidation) GIMV GROUP - Consolidated balance sheet (in EUR 000) ASSETS Limited consolidation Statutory consolidation 31/03/ /03/ /03/ /03/2007 I. NON -CURRENT ASSETS Goodwill and other intangible assets Property, plant and equipment Participation in non-consolidated subsidiaries Investments in associates Participations in joint ventures Financial assets at fair value through P&L Loans to investee companies Other financial assets Deferred taxes Pension assets Other non-current assets II. CURRENT ASSETS Inventories Current income tax receivables Trade and other receivables Loans to investee companies Cash and cash equivalents Other current assets TOTAL ASSETS GIMV GROUP - Consolidated balance sheet (in EUR 000) LIABILITIES Limited consolidation Statutory consolidation 31/03/ /03/ /03/ /03/2007 I. EQUITY A. Equity attributable to equity holders of the parent Issued capital Share premium account Retained earnings Of which net unrealised gains (losses) on fin. assets at fair value through P&L 4. Translation differences B. Minority interest II. LIABILITIES A. Non-current liabilities Pension liabilities Provisions Deferred tax liabilities Financial liabilities Other liabilities B. Current liabilities Financial liabilities Trade and other payables Income tax payables Other liabilities TOTAL EQUITY AND LIABILITIES

11 Attachment 2: GIMV GROUP - Consolidated income statement for the 12 months to 31 March 2008 (Limited and statutory consolidation) GIMV GROUP - Consolidated income statement (in EUR 000) Limited consolidation Statutory consolidation 31/03/ /03/ /03/ /03/ Operating income Dividend income Interest income Gain on disposal of investments Unrealised gains on financial assets at fair value trough P&L Management fees Turnover Other operating income Operating expenses (-) Realised losses on disposal of investments Unrealised losses on financial assets at fair value through P&L Impairment losses Purchase of goods and services Personnel expenses Depreciation of intangible assets Depreciation of property, plant and equipment Other operating expenses Operating result, profit (loss) Finance income Finance cost (-) Share of profit (loss) of associates Result before tax, profit (loss) Tax expenses (-) Net profit (loss) of the period Minority interests Attributable to equity holders of the parent EARNINGS PER SHARE (in EUR) 1. Basic earnings per share 6,97 10,76 7,25 10,41 2. Diluted gains earnings per share (*) 6,97 10,76 7,25 10,41 (*) Assumed that all stock options/warrants which were in the money as at the end of the period would be exercized

12 Attachment 3: GIMV GROUP Consolidated statement of changes in equity at 31 March 2008 (Statutory consolidation) GIMV GROUP - Consolidated statement of changes in equity (in EUR 000) Statutory Consolidation Issued capital Attributable to equity holders of the parent Share premium account Uncalled capital Retained earnings Translation differences YEAR TOTAL 01/04/ Total profit (loss) for the year recognised directly in equity Exchange differences on translating foreign operations Tax on items taken directly to or transferred from equity Net profit (loss) of the period Capital increase Repayment of capital ( - ) Acquisition/disposal of treasury shares Dividends to shareholders Other changes Treasury shares TOTAL Minority interest TOTAL EQUITY TOTAL 31/03/ Issued capital Attributable to equity holders of the parent Share premium account Uncalled capital Retained earnings Translation differences YEAR TOTAL 01/01/ Total profit (loss) for the year recognised directly in equity Exchange differences on translating foreign operations Tax on items taken directly to or transferred from equity Treasury shares TOTAL Minority interest TOTAL EQUITY 2 Net profit (loss) of the period Capital increase Repayment of capital ( - ) Acquisition/disposal of treasury shares Dividends to shareholders Other changes TOTAL 31/03/

13 Attachment 4: GIMV GROUP Consolidated cash flow statement for the 12 months to 31 March 2008 (Statutory consolidation) GIMV GROUP - Consolidated cash flow statement (in EUR 000) Statutory consolidation 31/03/ /03/2007 I. NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES (1 + 2 ) Cash generated from operations ( ) Operating result Adjustment for Interest income ( - ) Dividend income ( - ) Gain on disposal of investments Losses on disposal of investments Depreciation and amortisation Impairment losses Translation differences Unrealised gains (losses) on financial assets at fair value through P&L Increase (decrease) in provisions Increase (decrease) pension liabilities (assets) Other adjustments Change in working capital Increase (decrease) in inventories Increase (decrease) in trade and other receivables Increase (decrease) in trade and other payables ( - ) Other changes in working capital Income taxes paid (received) II. NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES ( ) 1. Purchase of property, plant and equipment ( - ) Purchase of investment property (-) Purchase of intangible assets ( - ) Proceeds from disposal of property, plant and equipment ( + ) Proceeds from disposal of investment property (+) Proceeds from disposal of intangible assets ( + ) Proceeds from disposal of financial assets at fair value through P&L (+) Proceeds from repayment of loans granted to investee companies (+) Investment in financial assets at fair value through P&L (-) Loans granted to investee companies (-) Net investment in other financial assets Acquisitions of subsidiaries, associates or joint ventures, net of cash acquired ( - ) Interest received Dividends received Government grants received Other cash flows from investing activities III. NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES ( ) 1. Proceeds from capital increase Proceeds from borrowings Proceeds from finance leases Proceeds from the sale of treasury shares Capital repayment Repayment of borrowings ( - ) Repayment of finance lease liabilities ( - ) Purchase of treasury shares ( - ) Interest paid ( - ) Dividends paid ( - ) Other cash flows from financing activities IV. NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (II + III + IV) V. CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD VI. EFFECT OF EXCHANGE RATE DIFFERENCES ON CASH AND CASH EQUIVALENTS - - VII. CASH AND CASH EQUIVALENTS, END OF PERIOD (I + V + VI)