Annual results /03/2011

Michel Moortgat, CEO Daniel Krug, COO Herbert De Loose, CFO

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.

Financial year 2010 Sales Investments Key Figures Prospects 2011

Financial year 2010 Sales Investments Key Figures Prospects 2011

Evolution turnover since 2002

Turnover increases with 21,2 % to € 137 million. 13,5 % internal growth. 7,7 % growth through the acquisition of the De Koninck group Growth of 106,6 % in the last 5 years. 43,5 % of sale has been realised abroad.

Sales evolution per brand Duvel + 7,2% Maredsous + 9,7% Bel Pils - 3,8% Vedett + 12,7% Vedett White + 16,3% Liefmans + 125,5% Chouffe + 31,7% Bernard + 3,4% Ommegang + 46,6%

Turnover per brand

Sales evolution per Market Total Internal Belgium + 23,87% + 10,97% The Netherlands + 16,81% + 12,05% France + 9,86% + 9,43% UK + 8,49% + 7,94% US + 38,92% + 38,92% Czech Republic + 3,4% + 3,4% Other export + 17,78% + 16,96%

Foreign activities Duvel Moortgat

Financial year 2010 Sales Investments Key Figures Prospects 2011

In 2010 for € 16,2 million of investments  Continued expansion and renewal of buildings, bars and pubs in the amount of € 3,7 million  Renewal and additional investments in cases, bottles and kegs : € 4,4 million  A new visitors center (€ 0,5 million) and investments in the production site (€ 1,2 million) at Brasserie d’Achouffe  A new warehouse at Brewery Ommegang : € 0,8 million

Financial year 2010 Sales Investments Key Figures Prospects 2011

EBIT

EBIT rises with 22,3 % to € 29,3 million EBIT margin increases from 21,2 % in 2009 to 21,4 % Strongly influenced by : - the consolidation of the De Koninck group as from August 1, the expenses related to the acquisition - increased marketing efforts

Ordinary profit before tax

Net profit

EBITDA

Cash flow

Key figures per share Nominal number of shares Ordinary profit before tax 4,075,12 Group share of profits2,773,52 Cash flow4,945,91 Gross dividend1,121,30

Financial year 2010 Sales Investments Key Figures Prospects 2011

€ 17 million various investments in 2011  Production & bottling line improvements and renewals in Belgium, the Czech Republic and in the U.S.  Cases, bottles and kegs  Warehouse equipment  Horeca equipment  Environmental, safety and labo investments  IT and other

Ambition is Continued growth of turnover and net profit

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