DREDGING, ENVIRONMENTAL AND CONSTRUCTION SERVICES
Deme continues to realise a strong operational result over the first 9 months of 2005, thanks to the nearly full utilisation of the fleet. The order book could be maintained thanks to new works in Scandinavia, Latin America, Africa and Australia.
Significant contracts are still expected in late 2005/early 2006. The new, large seagoing cutter d'Artagnan (38,000 hp) was commissioned in October, and it is already fully booked for the coming months.
DEC, the environmental subsidiary of DEME, has gained a long-term contract for the decontamination of a sludge deposit on the premises of Umicore in Balen.

Algemene Aannemingen Van Laere is experiencing a normal course of operations and will be able to top up its order book with new sites in Antwerp, Ghent, Bruges and in the North of France.

FINANCIAL SERVICES
In the third quarter, Bank Delen achieved a further increase in assets under management to a total of EUR 8,700 million (30.06.2005: EUR 8,164 million), in part thanks to the sustained favourable stock market conditions.

Bank J.Van Breda & C° also experienced further favourable growth in operations and results in line with the first six months. The 'small-ticket vendor lease' activities (Leasing J.Van Breda & C°) were sold to BNP Paribas Lease Group in September. Bank J.Van Breda & C° realised a capital gain of approximately EUR 22 million on this sale (AvH share EUR 17 million).

The Leasinvest Group also experienced a normal course of operations.
The market value of the property portfolio of Leasinvest Real Estate increased slightly to EUR 277.8 million. The occupancy rate remained at a healthy level of 91.9%. Leasinvest-Extensa is continuing to develop several significant property development and real estate projects. The Koninklijk Pakhuis on the Tour & Taxis site is now 96% occupied.

PRIVATE EQUITY
With the exception of Illospear, most of the investments continued to evolve favourably in the third quarter as well.
The sale of Aviapartner to a consortium formed by 3i and management was completed in September. Sofinim realised a capital gain of EUR 33 million on this sale (AvH share EUR 24 million).
In October, Sofinim realised a capital gain of approximately EUR 17.5 million (AvH share EUR 13 million) on the sale of 1,427,922 Telenet shares (of a total of 2,077,545) on the occasion of the IPO.

Quick also continued to perform well with a 5.2% increase of brand-name sales in the third quarter. Quick is thus still on course to achieve an increase in annual net earnings.

Sale of Solvus to USG People
In August, AvH sold its entire interest in Solvus in the context of the successful friendly takeover bid for Solvus made by USG.
This sale generated cash revenue of EUR 242 million and a (consolidated) capital gain of EUR 132 million.

Outlook for the AvH group for the year 2005
The AvH Group expects to realise exceptionally strong profit growth in the 2005 fiscal year, thanks to the favourable course of events in most of the operational holdings, and naturally also due to the significant extraordinary gain (EUR 187 million) realised on the sale of Solvus, Aviapartner, Telenet and Leasing J.Van Breda & C°.

Calendar 2005
10 March 2006 announcement of the annual results 2005
22 May 2006 general shareholders' meeting and quarterly update Q1 2006
8 September 2006 announcement of the semestrial results 2006
27 November 2006 quaterly update Q3 2006