Hal Trust : Net asset value - Dividend proposal 2019

Press release

HAL

NET ASSET VALUE INCREASED BY APPROXIMATELY

• 2,600 MILLION IN 2019 DIVIDEND PROPOSAL OF € 5.80 PER SHARE
  (50% IN CASH, 50% IN SHARES)

Net asset value

The preliminary figures for 2019 indicate that the net asset value increased by approximately € 2,600 million. This increase is primarily due to the higher stock market value of GrandVision (effect € 1.7 billion) and Vopak (effect € 0.6 billion). After taking into account the cash portion of the 2018 dividend (€ 217 million) and the sale of treasury shares (€ 3 million), the net asset value amounted to € 13,624

million (€ 163.36 per share) on December 31, 2019, compared with € 11,238 million (€ 137.57 per share) on December 31, 2018.

The calculation of the net asset value is based on the market value of the quoted companies and the liquid portfolio and on the book value of the unquoted companies. On March 26, 2020, the audited results for 2019 will be published as well as information about estimated value of the unquoted companies on December 31, 2019.

The information in this press release has not been audited nor reviewed by the external auditor.

Dividend

The dividend policy is, barring unforeseen circumstances and provided sufficient liquid assets, to base the dividend on 4% of the volume-weighted average December share price of HAL Trust in the year prior to the year of the dividend payment. Accordingly, it will

HAL HOLDING N.V.

1

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

Commercial registry Curaçao 46339

TEL: [phone] FAX: [phone]

be proposed to distribute a dividend per share of € 5.80 over 2019 (2018: € 5.30) of which 50% will be paid in cash and 50% in shares.

Financial calendar

The financial calendar 2020 is included in the appendix to this press release.

HAL Holding N.V.

January 22, 2020

17h35

This press release contains inside information relating to

HAL Trust within the meaning of Article 7(1) of the EU

Market Abuse Regulation.

HAL HOLDING N.V.

2

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

Commercial registry Curaçao 46339

TEL: [phone] FAX: [phone]

FINANCIAL CALENDAR 2020

Publication of 2019 annual results	March 26, 2020
Shareholders meeting HAL Trust and
first quarter update	May 19, 2020
Ex-dividend date	May 21, 2020
Dividend record date	May 22, 2020
Determination and publication
dividend conversion ratio	June 11, 2020
	(after close of trading)
Delivery of shares and payment of
cash dividend	June 18, 2020
Publication of 2020 first half year results	August 27, 2020
Third quarter update	November 24, 2020

HAL HOLDING N.V.

3

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

Commercial registry Curaçao 46339

TEL: [phone] FAX: [phone]