This Slidecast presents a financial analysis of the Duvel Moortgat company. Also some relevant information for prospective investors is available.

1. DUVEL MOORTGAT Financial Analysis by Dieter De Vos

2. Overview DuvelMoortgat? Turnover By Market Turnover Per Product Foreign Activities Financial Analysis Comparing the yearly results 2008 versus 2009 Prospects 2010 Worth The Investment? – Prospective Investors Conclusion Sources 1

3. DuvelMoortgat? (1) The Assortment variety of products 2

4. Duvel Moortgat? (2) Worldwide 3

5. Turnover By Market Improvement Belgium = Local Market; 6.2% 4

6. Turnover Per Product 2008 2009 5

7. Foreign Activities 2008 2009 6

8. Financial Analysis The Global Numbers Turnover: 2008  2009; 12% Belgian Market: 2009 (15%)  2010 (54%) Export Market: 2009; 21.8% Result after Taxes: 2008  2009; 22% EBITDA: 2008  2009; 15.5% Profits: 2008 2009; 9% = 115.3 million Activities: 2008  2009; 21.2% EBIT: 2008 (18.8%)  2009 (21.2%) Tax Pressure: 2008 (33%)  2009 (32%) 7

9. Prospects 2010 Further Expend In Own And Foreign Countries 2010 => New Investments Puurs: New Production Line Achouffe Brewery: More Automation Visitor Center Coopers Town (America): More Quality and Efficiency Raw Materials… 8

10. Prospective Investors Double Digit Increased by 12% to 113.10 million Company’s estimates increased New Target Price € 66 / a share A Strong Number for A Strong Beer 9

11. Conclusion Growing Path Turnover Increased By 10% Improving Achievements Decreased Prices For Raw Materials The Future 10

12. The End Thank You for Listening and Viewing 11 Dieter De Vos

13. Sources http://www.duvelmoortgat.be/upload/documents/JVS_Duvel_2009_NL.pdf http://www.duvelmoortgat.be/upload/documents/JVS2008_Duvel_NL.pdf http://www.duvel.be/ 12