Responsible Asset Management

since 1936

2 I DELEN PRIVATE BANK

4 Foreword

5 A brief look at Delen

8 A bank with (added) value

8 Sustainable – our services

14 Prudent – our philosophy

16 Personal – our approach

18 Family run – our roots

20 Efficient – our digital offer

22 Delen and COVID-19

24 Delen Private Bank and your business

4 I DELEN PRIVATE BANK

How does Delen Private Bank make a difference? This is the crucial question that you ask yourself when you are considering entrusting us with your assets.

Our answer is simple. We organise our core task – the management and planning of your assets – according to five core values: sustainability, prudence, personal touch, family run and efficiency. They form the character of the bank and determine what we do and how we do it.

This means that we can be unconventional at times. Our focus is just slightly different. We offer customers a powerful digital platform. But we do not impose it on them. Our customers are just as welcome to visit our office. In the past four years, we have opened seven new offices. Also, we are convinced of the added value of sustainable investments. But, in contrast with our colleagues, we apply sustainable management to the entire portfolio of every customer. Every service and every solution is given our own twist.

How do we make a difference? Let’s call it the Delen touch. You will discover here whether our slightly unconventional nature suits you too. If you wish to become even better acquainted with our bank, you are always welcome at our office.

Kind regards,

René Havaux Chairman of the Executive Committee

Welcome

125Relationship managers, legal experts and estate planners

5countries

94%

of customers are (very) satisfied with the bank

13offices in Belgium

4 x

winner of a Best Digital Private Bank

Belgium award

since

1936

A brief look at DelenFigures of Delen Private Bank unless otherwise specified

6 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 7

1996

2019

DELEN PRIVATE BANK I 7

Delen Private Bank can face the challenges of the future with confidence thanks to the collaboration within the group, our solid balance sheet and our efficiency.

Eric Lechien, CFO

€ 43.6 billion

assets under management Delen Private Bank Delen Group

118.6million euros in net profits

Delen Group

809.6million euros in equity

Delen Group

25%

share of Bank J.Van Breda in assets under management

43.6%

cost-income ratio

94%

of the accounts are managed under a discretionary mandate

Delen Private Bank

Ackermans & van Haaren

The Delen family

Bank J. Van Breda

DELEN PRIVATE BANK I 9

Our sustainable investment policy is a powerful instrument for making the world a better place. We are at the start of a long irreversible process.

Katrin Eyckmans, board member

Sustainable

With discretionary asset management, you place the management of your assets in the hands of experts who keep close track of financial and economic developments.

With Estate Planning or succession planning, you are preparing yourself for a sustainable and sound financial future for yourself and for the generations that will follow.

The following four pages provide more detail as to just what these two services entail.

Asset management with a long-term vision

The mission of Delen Private Bank is fundamentally sustainable: protecting your assets throughout the generations. Creating peace of mind in the long term is the underlying theme that runs through our two core tasks: discretionary asset management and Estate Planning.

What can you expect from discretionary asset management?

■ You invest your assets intelligibly and transparently.

■ Our specialists put your assets to work in the best possible manner.

■ You link a good long-term return to sustainable investments.

■ Our experts search for long-term investment opportunities.

■ You can follow your portfolio in the Delen app and Delen Online.

What are the benefits of Estate Planning?

■ You receive a total overview of your assets through Delen Family Services.

■ You can take decisions based on forward-looking planning.

■ You are given clear solutions by our legal experts and tax advisers.

■ Our lawyer or tax adviser in your area will follow your situation closely.

■ You can rely on 25 years of experience and expertise in the field.

In a nutshell

10 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 11

Exclusion

Businesses with activities or a company culture that does not agree with our sustainable

values are not included in the portfolios.

In practice

Our sustainable investment process is based on three pillars: exclusion,

engagement and integration.

Integration

Non-financial parameters (concerning the environment, society and good governance) are also important in the selection of businesses. Sustainalytics, our specialist partner, provides us

with support in this.

Engagement

Via our partner Hermes EOS the bank enters into dialogue with businesses to improve their

sustainability policy. If necessary, we use the right to vote at general meetings to promote strategic

choices – or to prevent them.

Responsible Asset Management

Delen Private Bank and its fund manager Cadelam apply the investment philosophy of common sense: invest wisely and respond alertly to long-term opportunities. This requires a fundamental analysis of businesses, sectors and economies. For many years now, we have added an extra dimension to this: responsible investment.

It is our core expertise that allows us – and requires us – as a financial institute, to guide businesses in their growth towards responsible entrepreneurship.

Delen Private Bank and Cadelam endorse the United Nations Principles for Responsible Investment (UN PRI), the United Nations’ framework that strives for a more sustainable global financial system. We have been part of this international initiative since 2017. Two times in a row, in 2019 and 2020, we received the maximum score of A+ from the UN PRI for the module “strategy and policy”. This score reflects a fundamental review of the entire responsible investment policy.

Sustainable Development Goals (or SDG's) shape our sustainable policy. These are drawn up by the United Nations to protect the planet and to improve prosperity. We can generate a true substantial impact for four SDGs in particular.

Direct impact through the organisation:

Decent work and economic growth

Peace, justice and strong institutions

Indirect impact through investments:

Responsible consumption and production

Climate action

Our investment philosophy has a significant impact on the ‘climate action’ and ‘responsible consumption and production’ goals. This is because, in contrast with our peers, we apply the sustainable investment process to the totality of each managed portfolio for all customers. The total amount in funds to which the responsible investment policy is applied is more than 26 billion euros. That's a powerful lever!

12 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 13

Estate Planning: planning for today and tomorrow

The second section of coherent asset management focuses on the structural analysis and planning of your global assets. Delen Family Services allows you to map out your financial and family situations. This allows the estate planners to draw up tailor-made simulations and produce an integrated asset and succession plan. This gives you all the parameters you need to make informed choices.

The Estate Planning team consists of legal experts and tax advisers who advise you about the latest developments including:

■ Matrimonial property law and inheritance law

■ The succession or acquisition of your family business or company

■ Structuring of your movable and immovable assets, either through companies or not

■ Inheritance tax and gift tax

■ The tax position of investments for private persons and companies

■ Direct taxes

A personal matter

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

Tailor-made flexible credit facilities

Do you need a temporary loan because of the purchase or renovation of your private residence? Ask your relationship manager for our range of loans. We guarantee a quick handling of your loan file. With the digital signature function on the Delen app, you can even sign your documents remotely.

Does your company need a loan? Take a look at the chapter about companies on page 24.

Continuity in asset management is invaluable. We already knew that in 1996. This is what makes Delen a pioneer in asset planning.

DELEN PRIVATE BANK I 15

My father was a very prudent man. He always said: you can't be cautious just-in-time.

Baron Jacques Delen, Chairman of the Board of Directors

Prudent

Asset management according to the philosophy of due care and diligence: this has always been the signature dish of Delen Private Bank. The philosophy focuses on the sustainable protection and growth of the assets. It is a guarantee of financial peace of mind, now and in the future.

In discretionary asset management, we translate this philosophy into an investment strategy that focuses on the long term. Our fund manager Cadelam invests in comprehensible, clear investments with an acceptable risk. It also engages in the opportunities that are offered. Specifically, Cadelam invests in solid businesses that pick up on structural themes for the future (including the fields of demography, technology and ecology). Their fund managers select businesses on the basis of fundamental analysis, keeping a close eye on the balance between risk and return. The result? A robust, diversified portfolio of liquid shares and bonds.

Estate Planning applies the due care and diligence approach through its clear and correct solutions for succesion and estate planning. Our optimisation is transparent without any tax loopholes. This correct approach means that you and your children have free access to the assets to do business and to invest, which means it will yield a better profit.

Capfi Delen Asset Management (CADELAM)

Cadelam, our subsidiary and the fund manager of the group, is an expert in the financial and administrative management of funds. Since it is an independent player, it offers the best guarantee for objective investment decisions.

In essence, its management is based on:

■ building a balanced, well-diversified portfolio.

■ the conviction and vision of a team of experienced specialists.

■ the choice for responsible, qualitative and liquid investments.

With due care and diligence

DELEN PRIVATE BANK I 17Personal

It must ‘click’ between the customer and his/her relationship manager. That is the basis for trust, creating room for a good discussion.

Matthieu Cornette, board member

Personal customer contact is the basis of trust. After all, the management of your assets does assume a certain discretion and accessibility.

This is exactly what your trusted relationship manager offers: he/she is your direct and personal contact at the bank. He knows your personal situation, your goals and plans, your preferences and risk profile. If necessary, you discuss the planning and transfer of your assets with your estate planner. These permanent discussion partners assure a quick, continuous and coherent follow-up.

The Delen touch

If you come to visit us, we want you to feel right at home. Because every confidential discussion begins in a trusted environment. This is why our offices have a warm, homely atmosphere. In the past few years, we have opened seven new offices in Belgium, bringing the total up to thirteen. That means you will find an office close to your home or office. You can consult your trusted representative about your financial matters in peace and comfort.

Our customers can also be close to their relationship manager from a distance using our Delen app and Delen Online or, if coming to the office is difficult, by participating in a video call. There is also an increasing number of information sessions that can be followed online. The combination of personal and digital efficiency is what forms the core of our modern, close-to-the-customer service. Read more about this on pages 20 and 21.

Close to you

DELEN PRIVATE BANK I 19

Anne-Sophie and Marie-Alix Delen

Delen Private Bank has the typical authenticity and flexibility of a family-run business. At the same time, with respect to professionalism, it operates like a multinational business.

Paul De Winter, board member

Family run

Over a period of eighty years, an exchange office in Antwerp grew into Delen Private Bank, a modern niche player in asset management and planning. The secret? Holding onto authentic family values and a stable shareholder structure. And possibly: being unconventional in a healthy manner.

Our history of sustainable growth

Delen Private Bank’s story begins in 1936 with André Delen who established the exchange office 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 banking landscape that was constantly changing, they took every opportunity to implement a sustainable growth strategy. Carefully considered mergers, acquisitions (Oyens & Van Eeghen in the Netherlands and JM Finn in the United Kingdom) and cooperation agreements (with sister Bank J.Van Breda & C°) had but one purpose in mind: to serve customers even better.

Throughout its history, another trend became visible: the bank was quick to jump on the bandwagon of information technology and to achieve efficiency gains. From the 1970s on, it embraced the newest technological developments that speed up its operations and made them safer – most unusual for that time. Today, the bank is a pioneer in the area of digitisation too.

Involved shareholders

The bank is supported by two stable, historically anchored shareholders: the Delen family and the investment company Ackermans & van Haaren. The collaboration between both shareholders goes back to 1992. Their partnership is logical: Ackermans & van Haaren shares the same family values as our bank. The combination of family share ownership and a strategic participation in a large group guarantees that your assets are in strong and safe hands. Moreover, this also allows the bank to pursue an autonomous and independent course.

The Delen family continues to be very involved in the operations of the bank: Jacques Delen is Chairman of the Board of Directors and his wife Marie-Alix Delen is responsible for the fitting out of the offices. Alexandre Delen is a member of the board and IT manager and Anne-Sophie Delen is the Marketing manager. Their presence strengthens the Delen DNA: personal service, long-term thinking and efficiency.

A close relationship

DELEN PRIVATE BANK I 21

Digitisation allows for a safe and efficient remote service. A major plus point, especially in these challenging times.

Alexandre Delen, board member

Efficient

Technology as the engine of efficiency

For the administrative management of your banking matters

The Delen app and Delen Online are digital tools that allow you to manage the administrative side of your financial matters, from start to finish. You receive a detailed overview of the return, the evolution and the composition of your portfolio. Important documents can be safely stored in your digital archive, neatly ordered and accessible at all times. The digital signature allows you to open an account and choose a form of credit remotely. That leaves us more time for conversations that do require a human touch.

For an efficient communication with your relationship manager

Are you unable to come to our office? Yet, do you have a question that requires some discretion and nuance? Request a video call through your Delen app so that you are able to speak with your relationship manager privately. All communication – via messages, telephone and video calls – take place within the bank’s highly secure IT systems.

For an overview, analysis and planning of your total assets

Delen Family Services, our new inventory tool, assists you in making the right decisions when planning all of your family assets. You receive a detailed overview of all of the assets including your immovable assets, group insurance contracts, works of art, etc. A family tree enables you to summarise all ownership rights. Next, we create a simulation of your asset evolution and the inheritance tax burden. From there, our estate planners can help you consider an asset plan that adapts flexibly to each change in your personal or professional situation. In short, this tool makes us an all-round discussion partner for all of your assets.

Delen app and Delen Online

One hundred percent transparency – from your computer, laptop, tablet or smartphone:

■ Check your portfolio down to the smallest detail.

■ Combine various portfolios for a total overview.

■ Sign your contract or document digitally and remotely.

■ Add documents to your digital archive.

■ Consult Delen Family Services for a total overview of your family assets.

■ Contact your relationship manager knowing discretion and security are guaranteed.

■ Log in quickly and securely via the itsme®-app.

Tailor-made, contemporary services go hand-in-hand with technology. Digitisation is the tool of choice to serve you even better: more comfortable, safer and quicker. But the choice is yours: you decide if and when you wish to make use of our digital tools.

22 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 23 22 I DELEN PRIVATE BANK

It all boils down to reinventing the bank at many different levels. The Delen Digital Talks are a good example of our answer to a new reality.

Bart Menten, board member

Delen and COVID-19

In times of crisis, people show who they are. How have we shown what the bank stands for when the coronavirus hit like a bomb? Delen Private Bank took action in three domains, with a focus on the protection of customers and employees and the continuity of our service.

The bank – reinventing ourselves in a new world

The bank was coronavirus-proof from day 1 of the lockdown. Our Delen offices made way for a network of almost 400 home offices that were connected digitally with the customer and with each other. Colleagues met online daily to exchange ideas and to ensure that each team was operational. Events, very much appreciated by our customers, were redesigned to become digital. Customers could participate in the Delen Digital Talks, interactive presentations in small groups about a current topic, while in their sitting rooms with a tasty lunchbox next to their laptop, offered by Delen Private Bank.

Personal – yes, but remotely

Communication was particularly important. Customers wanted stability in the midst of the glut of information. This is why almost every customer received a telephone call from his/her relationship manager, reporting on the state of affairs of the markets, his/her portfolio and our strategy. Customers also received a newsletter or video message regularly, and they could speak with their relationship manager personally through a video call. By remaining close to the customer mentally, we were successful in bridging the physical distance.

Your assets – protected during volatile stock exchanges

Our mission is: to protect your assets This is needed even more during extreme conditions. When the stock exchange adjusted at the time that the pandemic erupted in all its force, our motto was: “Don’t jump ship during the storm.” Because whoever gets out will miss the possible recovery of the stock market later on. Moreover, our fund manager Cadelam had already reduced the risks of the portfolios significantly prior to the crisis. The choice for businesses that were sound, rich in cash and future-oriented meant that the portfolios held up well. Your peace of mind takes precedence, especially when the world around us changes in one fell swoop.

Coronavirus crisis in figures

99%of customers continued to invest

during the coronavirus crisis

105IT staff on standby,

day and night

400home offices

104Delen Digital Talks

between May and August 2020

38,000times of reassuring customers

between March and May 2020

24 I DELEN PRIVATE BANK DELEN PRIVATE BANK I 25

Delen Private Bank and your business

Do you have a business? Delen Private Bank can provide responsible asset management for you company as well.

Tax-efficient investments for your company

It is possible to put the assets within your company to work optimally by making use of our expertise in asset management. This is done in a fiscally attractive manner using the Definitively Taxed Income (or DTI) formula. If your company invests in one of our DTI funds, the capital gains and dividends from the equity share of the fund are as good as exempt from corporation tax.

Has your company established a liquidation reserve? These resources will then be freed up again after a period of five years. The amount that is transferred to your private assets can then be invested through the discretionary asset management of Delen Private Bank.

Legal and tax advice for your company

The Estate Planning teams specialise in the legal and taxation aspects of business operations, succession and the transfer and Tax of your company. In addition to general topics about matrimonial property and inheritance law and inheritance and gift tax, our legal experts and tax advisers can advise you on:

■ The fiscal aspects of the succession or acquisition of your family business or company.

■ The structuring of your movable and immovable assets through companies.

■ The tax position for companies.

Credit facilities for your company

You can approach us for a loan for your business, for example, to invest in property, for a guarantee for the sale of your business or for the restructuring of the share ownership. We provide loans for three to five years. We guarantee a quick handling of your loan file. With the digital signature function on the Delen app, you can even sign your loan file remotely.

Delen Family Services for your company

Delen Family Services allows you to link your private and professional assets.

A family tree enables you to map out your family and your participating interests. The overview of your total assets enables you to take the step to a well-considered plan that will shape your assets in the future. Read more about Delen Family Services on page 21.

Editor responsible at law: René Havaux – Jan Van Rijswijcklaan 184 – 2020 Antwerp/Artwork on cover: Jo Delahaut Delen Private Bank NV, Register Of Legal Persons of Antwerp, Antwerp Division, 0453 076 211 CB 2.0

Our offices in Belgium

AntwerpJan Van Rijswijcklaan 162/11

2020 Antwerp +32 (0)3 244 55 66

Antwerp – NorthAugustijnslei 52

2930 Brasschaat +32 (0)3 244 57 50

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 4 4000 Liège +32 (0)4 232 28 11

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

NamenChaussée de Liège 654C 5100 Jambes +32 (0)81 32 62 62

RoeselareKwadestraat 151b/51 8800 Roeselare +32 (0)51 24 16 16

WaregemVredestraat 53/11 8790 Waregem +32 (0)56 24 20 50

WaterlooDrève Richelle 167 1410 Waterloo +32 (0)2 741 28 00

Get in touch with one of our employees for an appointment or visit our website

www.delen.be

Our branch in the Netherlands

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

Our subsidiaries

Delen Private Bank Luxembourgwww.delen.lu

JM Finn UKwww.jmfinn.com