Brederode S A : Semi-annual press release – Financial information as at June 30th 2022

SEMI-ANNUAL PRESS RELEASE - FINANCIAL INFORMATION AS AT 30 JUNE 2022

(Regulated information - published on 15 September 2022 at 5.45 p.m.)

• Shareholders' Equity as at 30 June 2022 : € 3,587 (€ 122.40 per share)
• Private Equity generated a profit of € 178 million
• Listed securities lose € 235 million
• Changes in and reinforcement of the management team

Summary of the half-yearly result

The first half of 2022 saw a concurrence of unfavourable circumstances: war in Ukraine, energy crisis, rapidly rising inflation, interest rate hikes, worries about the impact of climate change, etc. These circumstances have given rise to some profound changes in political, economic and social behaviours, the outcome of which remains uncertain but whose consequences will be felt for a long time to come.

Against this particularly difficult backdrop, Brederode's investment portfolio has shown resilience, with its shareholder's equity per share falling only by about 1.5%, taking into account the distribution made to shareholders of € 1.15 per share in May 2022.

It's no surprise that its portfolio of listed securities suffered the most, recording a loss of € 235 million (-18%). By contrast, the Private Equity portfolio generated a positive result of € 178 million (+8%), thanks mainly to the stability of the American dollar.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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LONG-TERM PERFORMANCE (10 YEARS): 15.3% PER ANNUM (1)

1. Rate of Return (IRR) of shareholders' equity, based on the value of equity as at 30 June 2012 (€33.35) and as at 30 June 2022 (€122.40) as well as the distributions to shareholders over a period of 10 years.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)

(in € million)	30 06 2022	31 12 2021	30 06 2021
Shareholders' equity	3.586,94	3.676,32	3.245,40
Profit for the period	-55,68	1.035,56	604,64
Amounts distributed to shareholders	33,70	31,65	31,65
Adjusted figures per share (in €)
Shareholders' equity	122,40	125,45	110,74
Profit for the period	-1,90	35,34	20,63
Amounts distributed to shareholders	1,15	1,08	1,08
Market price at the end of the period	89,60	127,80	105,20
Ratios
Return on Equity (1)	-1,5%	32,6%	20,4%
Number of shares used in the profit
For shareholders' equity and basic earnings	29.305.586	29.305.586	29.305.586

1. Return on Equity: results for the financial year divided by the average shareholders' equity. This ratio measures the internal profitability of a company.

CONTRIBUTIONS TO THE INCOME FROM ASSETS HELD BY BREDERODE AND ITS SUBSIDIARIES

The following table provides details of the contribution of the main assets and liabilities of Brederode and its subsidiaries to the income as expressed in the separate Financial Statements of Brederode.

(in € million)	30 06 2022	31 12 2021	30 06 2021
Private Equity management result (2)	178,29	816,99	464,67
Listed Securities management result	-235,37	218,40	138,43
Other operating income and expenses (3)	-2,65	-3,70	-0,77
OPERATING RESULT	-59,73	1.031,69	602,33
Net financial Income	4,00	2,33	0,94
Taxes	0,05	1,54	1,37
PROFIT FOR THE PERIOD	-55,68	1.035,56	604,64

1. After deducting management fees and performance fees paid to the managers.
2. This includes all the general expenses specific to Brederode and its subsidiaries for a total of € 2.00 million in the first half of 2022 (€ 1.17 million for the first half of 2021), that is, an annualised 0.1% of the portfolio value.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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NET ASSETS HELD BY BREDERODE AND ITS SUBSIDIARIES

The following table provides details of the contribution of the main assets and liabilities of Brederode and its subsidiaries to shareholders' equity as expressed in Brederode's separate financial statements.

(in € million)	30 06 2022	31 12 2021	30 06 2021
NON CURRENT ASSETS	3,627.11	3,688.09	3,342.67
Intangible assets			11.30
Fixed assets	1.64	1.65	1.61
Non-current financial assets	3,625.48	3,686.44	3,317.50
- Private Equity Portfolio	2,542.81	2,343.73	2,051.59
- Listed Portfolio	1,082.67	1,342.70	1,265.91
Other non-current assets			12.26
CURRENT ASSETS	38.00	43.51	32.35
Cash and cash equivalents	32.56	35.14	18.87
Tax receivable	2.90	2.93	2.90
Receivables and other current assets	2.54	5.45	10.58
TOTAL ASSETS	3,665.11	3,731.60	3,375.02
NON CURRENT LIABILITIES			-0.06
CURRENT LIABILITIES	-78.14	-55.25	-129.52
Short-term debt	-67.00	-40.62	-100.00
Debts arising from purchases of financial assets	-6.74	-10.18	-5.84
Tax due	-2.18	-2.22	-2.22
Other current liabilities	-2.23	-2.23	-21.47
TOTAL LIABILITIES	-78.14	-55.25	-129.58
THIRD PARTY SHARE (minority shareholders)	-0.03	-0.03	-0.03
TOTAL NET ASSETS	3,586.94	3,676.32	3,245.40

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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PRIVATE EQUITY PORTFOLIO

The result of € 178.29 million in Private Equity during the first half-year is to be compared to that of € 464.67 million recorded in the first half of 2021.

Summary of Private Equity activities in the first half of 2022 (in € million)

Changes in the portfolio

(in € million)	30 06 2022	31 12 2021	30 06 2021
Private Equity portfolio at the beginning of the period	2,343.73	1,554.83	1,554.83
Investments	159.90	481.51	190.83
Disposals	-151.56	-533.23	-170.12
Change in fair value	190.74	840.63	476.05
Private Equity portfolio at the end of the period	2,542.81	2,343.73	2,051.59
Movements in uncalled commitments
(in € million)	30 06 2022	31 12 2021	30 06 2021
Commitments at the beginning of the period	1,015.54	990.92	990.92
Variation in existing commitments	-60.16	-392.91	-147.39
New commitments (*)	342.51	417.52	220.72
Commitments at the end of the period	1,297.89	1,015.54	1,064.25

(*) At historical exchange rate.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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