Annual Results maart 2007

2 Michel Moortgat - CEO Daniel Krug – COO Herbert De Loose - CFO SPEAKERS

3 MISSION STATEMENT Mission statement Driven by quality, Duvel Moortgat is a niche player that aims to occupy a leading position in the profitable segments of specialty beers and premium brands… …both in Belgium and in its priority export markets.

4 Financial year 2006 Sales Investments Key figures Prospects 2007 AGENDA

5 Financial year 2006 SalesSales Investments Key figures Prospects 2007 AGENDA

6 SALES

7 Turnover increases with 12,5% to € 74,5 million. 2% external growth (3 months sales of Achouffe). Since IPO in 1999 sales doubled.

8 SALES Sales evolution per Brand Duvel + 6,4% Maredsous+ 19% Bel Pils + 19% Vedett + 71,4% Bernard+ 9,3% Ommegang+ 26,9% Chouffe+ 20,4%

9 SALES

10 SALES Sales evolution per Market Belgium + 9,08% The Netherlands+ 11,32% France+ 17,48% UK+ 39,62% US+ 25,70% Czech Republic+ 9,96%

11 SALES

12 Financial year 2006 Sales InvestmentsInvestments Key figures Prospects 2007 AGENDA

13 INVESTMENTS In 2006 for € 12,6 million (2005: € 10,4 million) investments: € 1,7 million for new warehouse MHS € 1,2 million in purchase and renovation of horeca outlets € 1,6 million for cases, bottles and kegs

14 INVESTMENTS In 2006 for € 12,6 million (2005: € 10,4 million) investments: € 1 million in the new visitor center € 1 million in production machinery with Bernard Brewery € 4,1 million in production technical investments among which € 2,4 million prelimenary work for the new brewhouse

15 Financial year 2006 Sales Investments Key figuresKey figures Prospects 2007 AGENDA

16 KEY FIGURES EBIT +12,1%

17 KEY FIGURES Ebit margin rises from 20,58% (30/06/2006) to 21,74% Strong growth of EBIT in 2nd semester Exceptional depreciation for demolition of a warehouse Depreciation of leashold improvements of Belga Bar

18 KEY FIGURES Ordinary profit before tax +10,7%

19 KEY FIGURES Negative financial results caused by: Recalculation of foreign currency Higher intrest cost because of additional long term loans

20 KEY FIGURES Net profit +10,2%

21 KEY FIGURES Taxes: The effect for Belgian companies of the notional intrest is approximately 4%

22 KEY FIGURES EBITDA +11,3%

23 KEY FIGURES Cash Flow +9,9%

24 KEY FIGURES Key figures per share: Number of shares Ordinary profit before tax 2,753,03 Group share of profits1,821,99 Cash flow3,193,50 Gross dividend0,650,72

25 KEY FIGURES Changes in the scope of consolidation: 07/09/2006: take over of 100% of shares of Brasserie d’ Achouffe 01/07/2006: Start of Duvel Moortgat UK Ltd as commercial agent End of 2006: LFB group opens a new bar in Nancy

26 Financial year 2006 Sales Investments Key figures Prospects 2007Prospects 2007 AGENDA

27 PROSPECTS € 20 million investments in 2007: The completion of the new brewhall: € 7.5 mio Ecological investments like the installation of solar panels, a gasturbine working on methane coming from the water purification station CO2 recycling installation.

28 PROSPECTS € 20 million investments in 2007: Extension of the maturation capacity (building + 6 CCT’s): € 3.5 mio Czech Republic & US: increase capacity of the fermentation and lagering: €1.3 mio purchase and renovation of horeca outlets: €1.5 mio

29 PROSPECTS € 20 million investments in 2007: Achouffe: capacity increase & water treatment & packaging: € 2 mio. Packaging Duvel Moortgat: € 2 mio

30 PROSPECTS Further expand the growth of the group in all priority markets. Start with export of Vedett. Optimizing and internationalizing the image of Maredsous.

31 PROSPECTS A good start in the first months but: Growing prices of raw materials and energy prices From 1st of april levy of ‘eco taxes’ on reusable packaging Uncertainty about ‘packaging duties’

32 PROSPECTS Rising prices of raw materials and energy: € 2.2/hl = +-1.5% From 1st of april levy of ‘eco taxes’ on reusable packaging: € 1.4/hl = < 1% Uncertainty about ‘packaging duties’

33 PROSPECTS Intention is to realize a growth in turnover of 10% And a growth of EBITDA of 10%

34 PROSPECTS QUESTIONS & ANSWERS

35 PROSPECTS QUESTIONS & ANSWERS