Brunel International N.V.

Earnings Release • Aug 29, 2008

Press Release

Brunel increased EBIT with 41% in first half of 2008

Amsterdam, 29 August 2008 – Net turnover increased in first six months with 23%. Ebit increased with 41% to € 31,2 million, group net income increased to € 23,0 million.

Brunel International
X € 1 million	H1 2008	H1 2007	Change %
Turnover	336.5	274.1	23%
Gross Profit	81.6	64.9	26%
Gross margin	24.2%	23.7%
Ebit	31.2	22.1	41%
Ebit %	9.3%	8.1%

Highlights 1st half 2008:

• Overall growth for the period is 23%
• Gross margin improved by 0.5 percent point to 24.2%
• EBIT grows with 41% to € 31.2 million.
• Brunel Netherlands: turnover up 10%
• Brunel Germany: turnover up 13%
• Brunel Energy: turnover up 32%

Over the first six months of 2008, Brunel International realised a turnover of € 336,5 million; up 23% compared to the same period in 2007.

Gross profit increased with 26%, from € 65 million to € 82 million. Gross margin further improved from 23.7% to 24.2%. EBIT amounted to € 31.2 million, being 9.3% of turnover (first 6 months of 2007: 8.1%). The company achieved a group net income of € 23 million.

Brunel's core activities are project management, secondment and consultancy. The company performs these activities through the flexible deployment of highly skilled specialists in the fields of Engineering, Oil & Gas, Aerospace, Automotive, ICT, Finance, Legal and Insurance & Banking. Brunel offers its core

activities globally from its own international network of 90 own offices in 25 countries. Brunel Netherlands, Brunel Germany and Brunel Energy are the company's largest business divisions. In the first half of this year these divisions accounted for respectively 22%, 20% and 53% of the global net turnover.

Jan Arie van Barneveld, CEO of Brunel International: "The current economic environment provides Brunel International with excellent opportunities. In both Germany and the Netherlands revenue growth percentages are still written with double digits. The Energy division shows a considerable revenue growth of 32%. Overall both gross margin and Ebit continue the upward trend. We do believe that the continuous growth of the company is a reflection of the strength and reliability of our organisation which reduces the dependency on general economic circumstances".

Traditionally Brunel International holds on to a strong balance sheet. Solvency remained high with a ratio over 60% while the capitalised goodwill is relatively insignificant. Trade and other receivables expressed in relation to the turnover decreased.

The average workforce of Brunel International increased with 12% from 6,997 during the first 6 months of 2007 to 7,835 over the first half of 2008. The number of fee-earners and service organisation employees rose by 12% and 26% respectively.

Brunel Netherlands

Brunel Netherlands recorded a net turnover of € 74.8 million, a 10% growth compared to the first half of last year. The gross profit increased by 11% from € 26.5 million in H1 2007 to € 29.4 million over the first six months of this year. Most of our business lines contributed to these positive developments. The impact of the current economic developments on Dutch market for temporary specialist staffing appears to be limited. Brunel Netherlands is still able to grow revenue and improve gross margin and Ebit. Brunel outperformed the market with these achievements.

Brunel Netherlands
X € 1 million	H1 2008	H1 2007	Change %
Turnover	74.8	68.0	10%
Gross Profit	29.4	26.5	11%
Gross margin	39.3%	39.0
Ebit	13.8	12.2	14%
Ebit %	18.5%	17.9%

We foresee that the growth will continue. We do foresee that the challenges in maintaining the current growth path will increase, at the same time we feel confident that our organization is capable in meeting these challenges.

Brunel Germany

In 2008 Brunel Germany achieved a turnover of € 67.3 million, a growth of 13%. The sharp increase of the German EBIT from € 4.1 million to € 7.7 million could be realised as last years Ebit was negatively affected by the disappointing results from the competence centers. The turnaround of these competence centers has contributed sharply to the improvement of the results.

Brunel Germany
X € 1 million	H1 2008	H1 2007	Change %
Turnover	67.3	59.5	13%
Gross Profit	25.5	19.0	34%
Gross margin	37.9%	31.9%
Ebit	7.7	4.1	88%
Ebit %	11.4%	6.9%

The German market for technical project management and engineering secondment is still growing and we expect this to continue for Brunel Germany. We still expect the 2008 results to be significantly better than 2007.

In the second half year 2008 some Rail engineering activities will be transferred to a client. This will result in a one off gain of about € 2.8 million. These activities represent about € 5 million revenue on an annual basis.

Brunel Energy

Brunel Energy increased its net turnover with 32% to € 179 million, despite the negative impact of the higher value of the Euro compared to most currencies in which we realize our revenue. Gross margins are increasing, from 11.8% in the 2nd half of 2007 to 12.5% in the first half year 2008. A major driver is a more critical attitude towards the profitability of new projects and assignments. Gross profit was up 40%, from € 15.9 million to € 22.3 million.

Brunel Energy
X € 1 million	H1 2008	H1 2007	Change %
Turnover	178.6	135.0	32%
Gross Profit	22.3	15.9	40%
Gross margin	12.5%	11.8%
Ebit	9.1	5.9	55%
Ebit %	5.1%	4.4%

In its market segment Brunel Energy is the leading global supplier for technical expertise and capacity. Worldwide demand for energy continues to increase. The division had commercial successes with new

and existing clients, leading to the higher turnover. We do foresee that the high growth as realised in the first half year will continue in the remainder of 2008.

Other regions

Other regions contributed to the global results in the first half year. Brunel Belgium and Brunel Canada generated a mutual turnover of € 15.8 million and a gross profit of € 4.3 million resulting in an EBIT of € 1.2 million (1st half 2007: € 0.8 million).

Outlook for 2008

The Brunel International Board of Directors expects turnover and profit figures to continue to grow in all main regions in the second half of 2008.

For the full year we expect to achieve an EBIT of over € 62 million. Net turnover is forecasted to grow significantly compared to previous year.

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For further information:

Jan Arie van Barneveld CEO Brunel International tel.: +31(0)20 312 50 00

Financial Calendar

4 November 2008 Trading update Q3 2008 (before start of trading)

Certain statements in this

document concern prognoses about the future financial condition and the results of operations of Brunel International NV as well as plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include general economic conditions, a shortage on the job market, changes in the demand for (flexible) personnel, changes in employment legislation, future currency and interest fluctuations, future takeovers, acquisitions and disposals and the rate of technological developments. These prognoses therefore apply only on the date on which the document was compiled.

Brunel International N.V. is an international service provider specialized in the flexible deployment of knowledge and capacity in the fields of Engineering, Oil & Gas, Aerospace, Automotive, Rail, ICT, Finance, Legal and Insurance & Banking. Services are provided in the form of Project Management, Secondment and Consultancy. Incorporated in 1975, Brunel has since become a global company with over 7,000 employees and an annual turnover of € 600 million. The company is listed at Euronext Amsterdam N.V. For more information on Brunel International visit our website www.brunel-international.nl

Interim figures 2008 Appendix to press release 29 August 2008

Financial highlights
	2008	2007	%
(X € 1,000)	H1	H 1
Net turnover	336,498	274,139	22.7%
Gross profit	81,588	64,907	25.7%
Operating profit (ebit)	31,177	22,087	41.2%
Group result after taxes	22,986	15,133	51.9%
Result participations	17	-20
Net income	23,003	15,113	52.2%
Gross margin in % of net turnover	24.2%	23.7%	0.5
Net result in % of net turnover (excluding result participations)	6.8%	5.5%	1.3

Workforce

Direct employees (average)	6,830	6,161	10.9%
Indirect employees (average)	1,005	836	20.2%
Total	7,835	6,997	12.0%
Direct employees (period end)	7,178	6,418	11.8%
Indirect employees (period end)	1,051	837	25.6%
Total	8,229	7,255	13.4%

Shares (in euros)

Earnings per share for ordinary shareholders	1.00	0.65
Earning per share (excluding result participations)	1.00	0.65

Condensed consolidated income statement for the period ended 30 June (unaudited)

	2008	200 7
(X € 1,000)	H1	H1
Net turnover	336,498	274,139
Direct personnel expenses	254,910	209,232
Gross profit	81,588	64,90 7
Indirect personnel expenses	31,195	24,522
Depreciation property, plant and equipment	1,494	1,538
Other general and administrative expenses	17,722	16,760
Total operating costs	50,411	42,820
Operating profit	31,177	22,087
Interest income	409	91
Result before tax	31,586	22,178
Tax	8,600	7,045
Group result after tax	22,986	15,133
Result participations	17	-20
Group net incom e	23,003	15,113

Attributable to ordinary shareholders

Net income Minority interests	23,003 -250	15,113 -440
Net income for ordinary shareholders	22,753	14,673
Basic earnings per share *	1.00	0.65

* the diluted earnings per share are equal to the basic earnings per share

Condensed consolidated balance sheet (unaudited)

		2008		2007
(X € 1,000)		June 30		December 31
Fixed assets
Goodwill	3,969		4,024
Software	767		909
Property, plant and equipment	8,675		8,457
Financial Assets	401		384
Deferred income tax assets	4,168		3,536
		17,980		17,310
Current assets
Trade and other receivables	155,758		139,645
Income tax receivables	2,516		1,253
Cash	26,173		39,665
Total current assets	184,447		180,563
Current liabilities	56,642		58,751
Income tax payables	6,846		3,213
Total current liabilities	63,488		61,964
Working capital		120,959		118,599
Non-current liabilities
Deferred income tax liabilities		458		462
		138,481		135,447
Group equity
Shareholder equity	137,922		134,890
Minority interest	559		557
		138,481		135,447
		138,481		135,447
Balance sheet total		202,427		197,873
Other balance sheet items / key figures
Current assets / current liabilities		2.91		2.91

Shareholder equity / Balance sheet Total 68.4% 68.5% Issued ordinary shares (x 1,000) 22,870 22,742

Condensed consolidated statement of changes in shareholders'equity (unaudited)

	Share	Share	Reserves	Unappropriated	Attributable	Minority	To tal
(X € 1,000)	capital	premium		result	to ordinary	interest
					shareholders
Balance at 1 Jan uary 2008	1,137	36,59 5	61,02 5	36,133	134,89 0	557	135,447
Exchange differences arising on translation of
foreign operations			-4,886		-4,886	-11	-4,897
Result financial year				22,753	22,753	250	23,003
Cash dividend				-15,998	-15,998	-237	-16,2 35
Approprioation of result			22,880	-22,880	0		0
Share based payments			475		475		475
Option rights exercised					0		0
Issue of share capital	6	683			689		689
Balance at 30 Ju ne 2008	1,143	37,27 8	79,49 4	20,008	137,923	559	138,48 1

Condensed consolidated cash flow statement for the period ended 30 June (unaudited)

	2008	2007
(X € 1,000)	H1	H1
	31,586	22,178
Result before tax
Adjustments for:	1,494	1,538
Depreciation	-409	-91
Interest income	606
Other non-cash expense	475	125
Share based payments
Changes in:	-20,858	-3,242
Receivables
Current liabilities	582	7,587
Cash flow from operations	13,476	28,095
Taxes	-8,392	-2,205
Cash flow from operational activities	5,084	25,890
Additions to property, plant and equipment	-1,635	-1,727
Additions to software	-128	-508
Disposals of property, plant and equipment	100	51
	0	0
Joint ventures	0	93
Financial fixed assets	409	91
Interest income Cash flow from investments	-1,254	-2,000
Option rights exercised	689	408
Disposals of participations	0	0
Minority interest	-237	-107
Dividend	-15,998	-11,370
Cash flow from financial operations	-15,546	-11,069
Net cash flow	-11,716	12,821
Cash position at start of financial period	39,665	25,091
Net cash flow	-11,716	12,821
Exchange rate fluctuations	-1,776	543
Cash position at end of financial period	26,173	38,455

Notes to the condensed consolidated financial statements for the period ended 30 June 2008

Basis of preparation

The condensed financial statements have not been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

Significant accou nting policies

The accounting policies adopted are consistent with those followed in the preparation of Brunel's annual financial statements for the year ended on 31 December 2007.

Income tax (charge) credit

Interim period income tax is accrued based on the estimated average annual effective income tax rate of 27.2 % (period ended 30 June 2007: 31.8 %)

Share capital

The authorized capital is € 5,000,000 divided into one priority share with a nominal value of € 10,000 and 99.8 million ordinary shares with a nominal value of € 0.05. The subscribed capital consists of 22,869,979 ordinary shares.

Earnings per share

The calculation of the basic and dilluted earnings per share is based on the following data:

Number of share s	2008	2007
	H 1	H 1
Weighted average number of ordinary shares for
the purpose of basic earnings per share	22,806,118	22,699,000
Effect of dilutive potential ordinary shares from
share based payments	153,000	24,000
Weighted average number of ordinary shares for
the purpose of diluted earnings per share	22,959,118	22,723,000

Divide nds

During the interim period, a dividend of € 0.70 (2007: € 0.50) was appropriated to the shareholders.

Primary reporting (unaudited)

Geographical		Turnover		Operating profit	Depreciation
	2008	2007	2008	2007	2008	2007
(X € 1,000)	H1	H1	H1	H1	H1	H1
Netherlands	74,805	67,999	13,842	12,153	234	208
Worldwide Energy	178,587	134,960	9,122	5,896	266	235
Germany	67,285	59,481	7,682	4,095	838	949
Unallocated	15,821	11,699	1,051	787	133	131
Corporate	-	-	(520)	(844)	23	15
	336,498	274,139	31,177	22,087	1,494	1,538

Employees

The total number of direct and indirect employees with the group companies is set out below:

Average workforce	2008		2007
	H1		H1
	Direct	Indirect	Direct	Indirect
Netherlands	1,697	305	1,581	269
Worldwide Energy	3,290	310	2,853	248
Germany	1,500	305	1,458	235
Other regions	343	85	269	84
	6,830	1,005	6,161	836
Total workforce		7,835		6,997
Workforce at 30 June	2008		2007
	Direct	Indirect	Direct	Indirect
Netherlands	1,749	323	1,602	269
Worldwide Energy	3,555	326	2,982	247
Germany	1,522	316	1,530	239
Other regions	352	86	304	82
	7,178	1,051	6,418	837
Total workforce		8,229		7,255

Secondary reporting (unaudited)

Professional	Turnover			Operating profit		Depreciation
specialization	2008	2007	2008	2007	2008	2007
(X € 1,000)	H1	H1	H1	H1	H1	H1
Engineering	112,090	97,121	15,897	10,396	910	1,018
Energy	178,587	134,960	9,122	5,896	266	235
ICT	25,968	23,699	3,303	3,531	53	55
Unallocated	19,853	18,359	2,855	2,264	265	230
	336,498	274,139	31,177	22,087	1,494	1,538

Employees

The total number of direct and indirect employees with the group companies is set out below:

Average workforce	2008		2007
		H1		H1
	Direct	Indirect	Direct	Indirect
Engineering	2,478	453	2,368	378
Energy	3,290	310	2,853	248
ICT	573	79	536	68
Unallocated	489	163	404	142
	6,830	1,005	6,161	836
Total workforce		7,835		6,997
Workforce at 30 June		2008		2007
	Direct	Indirect	Direct	Indirect
Engineering	2,552	480	2,487	376
Energy	3,555	326	2,982	247
ICT	591	85	563	69
Unallocated	480	160	386	145
	7,178	1,051	6,418	837
Total workforce		8,229		7,255