Responsible Asset Management

since 1936

2 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 3

Welcome to Delen Private Bank.

How do we make the difference? That is the crucial question whenever you entrust your assets to an asset manager.

Our answer is simple: Delen Private Bank sets itself apart because of the five values it has embraced since its creation. Those personal characteristics – call it our DNA – are: sustainable, prudent, personal, familial and efficient. These values set the direction for our mission, strategy and philosophy. They are the compass for everything we do.

Delen Private Bank is a slightly out-of-the-ordinary player in the private banking niche. That role fits us perfectly. Our focus is on managing and planning your assets – we offer a coherent and integrated package called "Responsible Asset Management". This brochure explains how exactly we implement this approach.

To get to know our bank even better, you are always welcome to call in at one of our offices.

Enjoy reading the brochure!

René Havaux Chairman of the Executive Committee

The values of the bank are our compass for everything we do.

René Havaux, CEO

4 I DELEN PRIVATE BANK

Content

I Foreword

I Delen in a nutshell

I A bank with (added) value

Sustainable - our services

Prudent - our philosophy

Personal - our approach

Familial - our roots

Efficient - our digital offering

I An open mind

2

4

8

20

Figures of Delen Private Bank, in euro, as of 2018, unless stated otherwise.

Delen in a nutshell

relationship managers

100families

35,000

countries

5offices in Belgium

11

Award Estate Planning 2018 Award Digital Private Bank 2019

DELEN PRIVATE BANK I 7

A niche player with happy customers, efficient operations and historically

anchored shareholdership.

assets under management Delen Private Bank Delen Group

37.7 billion

cost-income ratio

44.7%93%

discretionary asset

management

1936since

Delen in a nutshellFigures of Delen Private Bank, in euro, as of 2018, unless stated otherwise.

consolidated equity

742.9 million

20181996

DELEN PRIVATE BANK I 9

Discretionary asset management in a nutshell

■ simple and transparent

■ entrusting your assets to specialists

■ sustainably composed portfolio

■ alert to trends and investment opportunities in the long term

■ always viewable on the Delen app and Delen OnLine

Estate planning in a nutshell

■ a single integrated plan, tailored to your needs

■ independent and crystal-clear solutions

■ a diverse team of lawyers and tax specialists

■ personal monitoring by a legal specialist near you

■ pioneer since 1995

Whether your assets have a long history or were accrued recently, the future of your assets is a long-term story. At Delen Private Bank, it is this long-term perspective that is the leitmotif of our two core tasks: discretionary asset management and estate planning.

Discretionary asset management means you entrust the management of your assets to experts who keep a sharp eye on the latest financial and economic reality.

With estate planning, or succession planning, you prepare for the smooth transfer of your assets to the next generations to ensure continuity of management.

The next two pages explain these two services in detail.

You automatically arrive at a sustainable approach if you’re committed to all your stakeholders: clients, employees and society.

Eric Lechien, board member

Coherent management of your assets

Sustainable

10 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 11

Exclusion

Our bank will never invest in companies such as manufacturers of controversial weapons.

Engagement

The bank enters into dialogue with the companies in which it invests, together with an external partner, on matters concerning the environment, society and good governance.

Responsible asset management in practice

Impact

By focusing on inherently sustainable companies. Financial return and a sustainable influence on people, environment and society go hand in hand.

Integration

Non-financial parameters concerning the environment, society and good governance form an important criterion in the selection and monitoring of the portfolios.

Responsible Asset Management

Portfolio management is one of the cornerstones of our expertise. Delen Private Bank applies a commonsense investment philosophy: invest carefully, while responding alertly to opportunities that arise in the long term. This requires fundamental analysis, regardless of the fads of the day. On top of this we add an extra dimension: responsible investment.

Through our core expertise we can and must guide enterprises in their growth towards responsible entrepreneurship. That is why Cadelam, the fund manager of the group, injects sustainability into all portfolios. This is done in four steps: through exclusion, engagement, integration and impact.

Delen Private Bank endorses the UN Principles for Responsible Investment (UN PRI), the framework of the United Nations that aims at a more sus-tainable global financial system. Delen Private Bank has been part of this international initiative since 2017.

In July 2019, Delen Private Bank received the maximum score (A+) from the UN PRI for the 'Strategy & Governance' module. The score reflects a funda-mental judgement of the full range of responsible investment policies.

Today as in the future, Cadelam’s portfolio strategy will focus on companies and sectors that have a positive impact on society.

A personal matter

Our asset planning extends beyond technical issues. After all, the planning and transfer of your assets is also a personal, emotional matter. Our experts create the optimum conditions for dialogue and consultation, with complete discretion.

Estate Planning: planning for today and for tomorrow

The second part of coherent asset management focuses on a structural inventorisation and planning of your global assets. Using bespoke simulations, our Estate Planning team will work out an integrated asset and succession plan for you. This gives you all the parameters you need in order to make informed choices.

The Estate Planning team consists of lawyers and tax specialists who advise you on the very latest developments in such fields as:

■ matrimonial property and inheritance law

■ inheritance and gift tax

■ succession or takeover of your family business or company

■ structuring your movable and immovable assets, through companies or otherwise

■ direct taxes

■ taxation of investments for private individuals and companies

As far back as 1995, Delen Private Bank recognised the added value of continuity and coherence in asset management. This makes our bank an absolute pioneer in the field of estate planning. In 2018, we received the Euromoney Award for Best succession planning advice and trust Belgium.

DELEN PRIVATE BANK I 13

Asset management according to the prudent man philosophy has been the credo of Delen Private Bank for many years. The philosophy focuses on the sustainable protection and growth of assets. It is your assurance of financial peace of mind, now and in the future.

In discretionary asset management, we translate that philosophy into a long-term investment strategy. We make understandable, clear investments with an acceptable risk. In addition, we proactively respond to opportunities that arise. Cadelam, the group's fund manager, invests in companies that offer decisive and sustainable solutions to future challenges. It selects the companies based on a thorough fundamental analysis.

Estate Planning applies the prudent man approach through its clear and honest estate planning solutions. Indeed, optimisation can also be transparent. We simply do not engage in fiscal high-tech manoeuvring for which the authorities subsequently close off the road. Thanks to a correct approach, you and your children will have unhindered access to the assets so as to do business and invest, thus producing a better return.

Capfi Delen Asset Management (CADELAM)

Cadelam, our subsidiary and partner in asset management, is an expert in the financial and administrative management of funds. As it is an independent player, it offers the best guarantee for objective investment decisions. Their asset management is essentially:

■ tailored to fit each risk profile

■ placed in the hands of experienced specialists

■ based on conviction and vision

Acting as a prudent manMy father was a very careful man. He repeatedly said: You can’t be prudent just in time. It’s too late then.

Baron Jacques Delen, Chairman of the Board of Directors

Prudent

DELEN PRIVATE BANK I 15

Personal contact with the client is the bedrock of trust. After all, the management of your assets calls for a certain discretion and accessibility.

This is exactly what your trusted relationship manager can offer you: he is your direct and dedicated contact person at the bank. He knows your personal situation, your objectives and your plans, your preferences and your risk profile. And he knows which event matches your interests. Your personal estate planner constantly consults with you and your family, with a view to the smooth planning of your assets. Thanks to these regular interlocutors, you are assured of fast, continuous and coherent action.

The Delen touch

If you visit us, we want you to feel at home immediately. Because every confidential conversation starts in familiar surroundings. That is why our offices radiate a warm, homely atmosphere.

Thanks to the new offices we have opened in recent years, we are always close to you. And you can always discuss your financial affairs with your trusted person, in peace and comfort, without any traffic stress or time pressure. We complement our physical proximity with digital solutions such as the Delen app and Delen OnLine. The combination of face-to-face contact and digital efficiency lies at the heart of our modern close-to-the-customer service.

Clients know us. They trust us. This requires time, and especially good personal contact between the client and the bank's relationship manager.

Arnaud Van Doosselaere, board member

Close to you

Personal

DELEN PRIVATE BANK I 17

Anne-Sophie and Marie-Alix Delen

Over the course of eighty years, a foreign currency exchange office in Antwerp has grown into Delen Private Bank, a modern niche player in asset management and estate planning. What’s the secret? Stick to the authentic family values and a stable shareholder structure. And maybe also: keep your outspoken character.

Our history of sustainable growth

The story of Delen Private Bank starts back in 1936, with André Delen, who established a bureau de change called Delen and Co. In 1975, Jacques Delen, the youngest of eight children, took over the torch together with his brothers Paul and Jean-Pierre. In a constantly changing banking landscape, they availed of every opportunity to implement a sustainable growth strategy. Well-considered mergers, acquisitions (Oyens & Van Eeghen in the Netherlands, JM Finn in the UK) and cooperation agreements (with sister bank Bank J. Van Breda & C°) had one goal in mind: to serve clients even better.

Throughout its history, another trend emerged: the bank adopted information technology at an early stage in order to achieve efficiency gains. From the 1970s onwards, it embraced the latest technological evolutions to make its operations faster and safer - highly exceptional in those days. Also today the bank is a frontrunner in digitisation.

Committed shareholders

The bank is built upon two stable, historically anchored shareholders: the Delen family and the Ackermans & van Haaren holding company. Cooperation between the two shareholders goes back to 1992. Their partnership makes sense: the holding company adheres to the same family values as our bank. The combination of family ownership and the strategic participation of a large group guarantees that your assets are in strong and safe hands. It also allows the bank to pursue an autonomous and independent course.

The Delen family remains very involved in the ins and outs of the bank: Jacques Delen is chairman of the board of directors, his wife Marie-Alix Delen is responsible for the furnishing of the offices, Alexandre Delen is a board member and IT manager, and Anne-Sophie Delen is in charge of marketing. Their presence reinforces the Delen DNA: personal service, long-term thinking and efficiency.

A close relationshipDelen Private Bank has the typical authenticity and flexibility of a family business. At the same time, when it comes to professionalism, it operates like a big corporation.

Paul De Winter, board member

Familial

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The seven benefits of the Delen app and Delen OnLine

■ simple login process, user-friendly screens

■ see the return on your portfolio at a glance

■ transparency down to the level of individual securities

■ discrete and secure messaging module

■ access to and download of digital documents

■ access to market information and news articles

■ digital archive

Modern private banking tailored to the client’s needs is impossible without technology. Digitisation is not a goal, but the perfect means for serving you even better: more comfortable, more secure and faster.

The Delen app and Delen OnLine

If you opt for the Delen app and Delen OnLine, you will have an insight into the return and composition of your portfolio any time you want. You get one hundred percent transparency, from your laptop, tablet or smartphone. The app also gives you access to a handy news tool and a digital archive. This leaves more time for those conversations that do need a human touch.

Delen Family Services

Delen Family Services is our new inventory and decision-making tool that helps you to plan all your assets optimally. A digital archive collects all your documents in one central place, safely, organized and always available. This provides the basis for dynamic estate planning that adapts flexibly to every change. Our specialists then process all information into one coherent piece of advice.

Digitization enables secure, fast and efficient service. Exactly what you may expect from a modern private bank.

Alexandre Delen, board member

Technology as a driverof efficiency

Efficient

20 I DELEN PRIVATE BANK

Delen Private Bank does not operate on its own island. We open our doors to what is going on in the world. We share our passion through well-considered partnerships. And we support carefully selected good causes.

Pieters and Detry: supporter right from the start

The bank has been active on the greens for more than 25 years. That is no coincidence. Golf is a question of balance between moving and thinking, concentration and calm. A golfer acts thoughtfully and decisively. As does Delen Private Bank. It is the reason why we sponsor top talents such as Thomas Pieters and Thomas Detry.

A heart for art and interior

Protection of assets is also a question of taking care of our Belgian heritage. For its offices, the bank chooses buildings that have a rich history and brightens them up with a touch of Belgian art. For many years the bank has also been a proud partner of the Brafa art and antiques fair and of Musica Mundi.

Broad commitment to good causes

The bank supports a number of good causes based on a caring, pedagogical or artistic commitment. It also pushes these initiatives by such means as lectures and events.

An open mind

Publisher: René Havaux - Jan Van Rijswijcklaan 184 - 2020 Antwerp / Artwork: Obijn

AntwerpJan Van Rijswijcklaan 162/11

2020 Antwerp+32 (0)3 244 55 66

BrusselsTervurenlaan 72

1040 Brussels +32 (0)2 511 84 10

GhentCoupure Rechts 102

9000 Ghent+32 (0)9 210 47 60

Hasselt Thonissenlaan 11

3500 Hasselt+32 (0)11 71 10 10

KempenNijverheidsstraat 13

2260 Westerlo+32 (0)14 27 90 00

KnokkeElizabetlaan 92

8300 Knokke+32 (0)50 23 05 85

LiègeBoulevard d’Avroy 44000 Liège+32 (0)4 232 28 11

LeuvenBondgenotenlaan 140 3000 Leuven+32 (0)16 29 89 89

NamurChaussée de Liège 654C5100 Jambes+32 (0)81 32 62 62

RoeselareKwadestraat 151b/518800 Roeselare+32 (0)51 24 16 16

WaterlooDrève Richelle 1671410 Waterloo+32 (0)2 741 28 00

Our offices in Belgium

Welcome at one of our offices for an appointment or visit our website at www.delen.be

Oyens & Van Eeghen - Part of Delen Private Bankwww.oyens.com

Our branche in the Netherlands

Delen Private Bank Luxembourgwww.delen.lu

JM Finn United Kingdomwww.jmfinn.com

Our subsidiaries abroad