Brunel International N.V.

Earnings Release • Feb 29, 2008

Press Release

Brunel increases EBIT by 45% in 2007.

Net turnover up 16%. Net income 2007 increased to € 36.1. Earnings per share € 1.59 (2006: € 1.16). Proposed dividend € 0.70 per share (2006: € 0.50).

Brunel International
X € 1 million	2007	2006	Change %
Turnover	579.9	499.1	16%
Gross Profit	136.3	115.3	18%
Gross margin	23.5%	23.1%
Ebit	51.2	35.3	45%
Ebit %	8.8%	7.1%
Net income	36.1	26.3	38%

Highlights 2007:

• Turnover of Brunel International increased by 16% to € 580 million
• Gross profit up by 18% to € 136 million
• EBIT increased from € 35.3 million to € 51.2 million, +45%
• Net income increased by 38%.
• Brunel Netherlands: turnover up 18%
• Brunel Germany: turnover up 24%
• Brunel Energy: turnover up 13%

Amsterdam, 29 February 2008 – Over 2007, Brunel International achieved a turnover of € 580 million; up 16% compared to 2006 (€ 499 million). The gross profit increased by 18%, from € 115 million to € 136 million. Gross margin further climbed to 23.5%. EBIT amounted to € 51.2 million, being 8.8% ofturnover (2006: 7.1%). The company realised a net income of € 36.1 million.

Brunel's core activities are project management, personnel 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, Rail, ICT, Finance, Legal and Insurance

& Banking. Brunel offers its core activities globally from its own network of 90 branch offices in 25 countries. Brunel Netherlands, Brunel Germany and Brunel Energy are the company's largest business regions. In 2007 these divisions accounted for 24%, 22% and 50%, respectively, of the global net turnover.

All main business regions contributed significantly to the strong growth in turnover. In 2007 market share increased by each ofthese three divisions. A sound account management organization, a highly attractive proposition to job seekers and a global market approach are important foundations for the growth shown in 2007.

Brunel International held on to a strong balance sheet. Solvency at year-end 2007 was 69 %. The capitalised goodwill € 4 million, representing less than 3% of the shareholders equity. Accounts receivable amount to € 111.7 million at 2007 year end (2006: € 105.4 million). Brunel's cash position as at December 31st is € 39.7 million.

The average workforce of Brunel International increased by 18% from 6,148 in 2006 to an average of 7,248 in 2007.

Jan Arie van Barneveld, CEO of Brunel International: 'The excellent growth and profitability achieved in 2007, particularly in the Netherlands, Germany, Middle East and Asia, is the result of a great effort by our very professional and dedicated management teams throughout the whole organization.

Our continuous drive to improve all aspects of our business is key to our success and achieving a lead position in our market place. We will continue our efforts to further improve our quality of service and profitability which, we believe, will protect us against any possible negative economic factors that may arise. Based on the strong foundation we have in all our operating areas we can look forward again, with confidence,to a very successful 2008.'

Brunel Netherlands

Brunel Netherlands recorded a turnover figure of € 138.1 million, an 18% growth compared to 2006 (€ 117.5 million). The gross profit increased by 22% from € 45.5 million in previous year to € 55.5 million in 2007. Gross margin % improved by 1.5 percentage point due to continued improvement of quality resulting in higher productivity. All business lines have increased their turnover and gross profits. The leverage further improved. Brunel Netherlands recorded an EBIT of € 27.6 million or 20.0% of net turnover (2006: € 16.8 million or 14.3%).

The Dutch market for temporary specialist staffing continues to grow. At this point there are still no signs that the demand for hired flexible labor will decrease, at the same time we foresee an increasing shortage in highly skilled professionals in the market. Brunel sees these developments as an opportunity, not a threat.

Brunel Germany

In 2007 Brunel Germany achieved a turnover of € 129.3 million and a gross profit of € 41.8 million, representing increases of 24% and 22% respectively compared to 2006. The performance ofthe Competence Centres was disappointing, reorganization of these business activities directly resulted in an improvement of EBIT from 6.9% in the first half year to 11% in the second half of 2007. EBIT increased by 15% or € 1.5 million to € 11.5 million in 2007. The overall 2007 EBIT margin is 8.9%, this percentage is expected to improve.

The German market for technical project management and engineering secondment is growing and we expect this to continue well into 2008. Brunel Germany has with its Competence Centres a unique strategy for attracting top class technicians and rendering engineering services in the fields of aerospace, automotive, rail, electronics, information technology and communications. Brunel Germany is able to maintain the high level of professionalism with its depth of knowledge in several niche markets which sets us apart from our competitors.

Brunel Energy

Brunel Energy increased its net turnover by 13% to € 287.3 million (2006: € 255.3 million). The gross profit was up 9%, from € 28.8 million to € 31.4 million. The 2007 gross margin was 10.9%. A single large but lowyielding contract predominantly caused a low gross margin compared to the previous year. Overhead costs increased by 5% to € 19.7 million (2006: € 18.7 million). One-off costs of a reorganizational nature are included in the 2007 amount.

In its market segment Brunel Energy is the leading supplier for technical expertise and capacity. Worldwide demand for energy continued during 2007. The division had commercial successes with new and existing clients, leading to the higher turnover. Due to the nature of the business i.e. projects executed for our customers, revenues as well as gross margins are more volatile than in the other Brunel divisions. In the longer term profit margins will average between 11% to 12%. For 2008 the EBIT margin is expected to be between 5% and 6%.

Other regions

Other regions contributed to the global results in 2007. Brunel Belgium and Brunel Canada booked a combined turnover of € 25.1 million and a gross profit of € 7.6 million resulting in an EBIT of € 1.8 million (2006: € 0.7 million).

Outlook for 2008 In the current circumstances the Brunel International Board of Directors expects turnover figures in all main regions to grow. The operating profit percentages of both Brunel Germany and Brunel Energy will improve. We expect a significant growth of revenue and profitability in 2008.

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For further information:

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

The 2007 financial statements of Brunel International NV have not been compiled yet. The 2007 annual results of Brunel International NV are not audited yet.

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 some 7000 employees and an annual turnover of € 600 million. The company is listed at Euronext Amsterdam N.V.

Financial highlights (unaudited)

Profit
	2007	2006	%
(X € 1,000)
Net turnover	579,889	499,070	16%
Gross profit	136,306	115,275	18%
Gross margin	23.5%	23.1%
Operating profit	51,247	35,276	45%
Operating profit %	8.8%	7.1%
Group result after taxes	36,878	24.185	52%
Result participations	34	2,517
Group net income	36,912	26,702	38%
Net income for ordinary shareholders	36,134	26,274	38%

Workforce

Direct employees (average)	6,393	5,396	19%
Indirect employees (average)	855	752	14%
Total	7,248	6,148	18%
Direct employees (period end)	6,976	5,979	17%
Indirect employees (period end)	920	813	13%
Total	7,896	6,792	16%
Shares (in euros)
Earnings per share	1.59	1.16

Earnings per share (excluding result participations) 1.58 1.05

Condensed consolidated income statement (unaudited)

(X € 1,000) Net turnover 579,889 499,070 Direct personnel expenses 443,583 383,795 Gross profit 136,306 115,275 Indirect personnel expenses 49,841 44,346 Depreciation property, plant and equipment 3,114 2,981 Impairment 0 0 Other general and administrative expenses 32,104 32,672 Total operating costs 85,059 79,999 Operating profit 51,247 35,276 Interest income 43 57 Result before tax 51,290 35,333 Tax 14,412 11,148 Group result after tax 36,878 24,185 Result participations 34 2,517 Group net income 36,912 26,702 Attributable to ordinary shareholders Group net income 36,912 26,702 Minority interests -778 -428 Net income for ordinary shareholders 36,134 26,274 Basic earnings per share 1.59 1.16 Diluted earnings per share 1.58 1.15	2007	2006

Condensed consolidated balance sheet (unaudited)

		2007		2006
(X € 1,000)		December 31		December 31
Non-current assets
Goodwill	4,024		4,154
Property, plant and equipment	8,457		7,661
Software	909		740
Financial assets	384		593
Deferred tax assets	3,536		1,939
		17,310		15,087
Current assets
Trade and other receivables	139,645		137,795
Income tax receivables	1,253		518
Cash	39,665		25,091
Total current assets	180,563		163,404
Current liabilities	58,751		61,557
Income tax payables	3,213		2,897
Total current liabilities	61,964		64,454
Working capital		118,599		98,950
Non-current liabilities
Deferred income tax liabilities		462		445
		135,447		113,592
Group equity
Shareholder equity	134,890		113,205
Minority interest	557		387
		135,447		113,592
Balance sheet total		197,873		178,491
Other balance sheet items / key figures
Current assets / current liabilities		2.91		2.54
Shareholder equity / total equity		68.5%		63.6%
Issued ordinary shares (x 1,000)		22,742		22,659

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

	2007	2006
Balance at 1 January	113,205	96,683
Exchange differences arising on translation of	-2,604	-3,134
foreign operations
Net income recognised directly in equity	-2,604	-3,134
Transfer to profit on disposal foreign operations	0	-557
Result financial year	36,133	26,274
Total recognised income and expense for the year	33,529	22,583
Cash dividend	-11,370	-6,795
Approprioation of result	0	0
Share based payments	723	414
Acquisition minority interest	-1,623	0
Option rights exercised	426	320
Balance at 31 December	134,890	113,205

Condensed consolidated cash flow statement

(unaudited)

(X € 1,000)	2007	2006
Result before tax	51,290	35,333
Adjustments for:
Depreciations	3,114	2,981
Impairment	0	0
Interest income	-43	-57
Share based payments	723	414
Changes in:
Receivables	-1,850	-28,941
Current liabilities	-2,806	8,085
Cash flow from operations	50,428	17,815
Taxes	-16,411	-12,005
Cash flow from operational activities	34,017	5,810
Additions to property, plant, equipment and software	-4,334	-4,532
Disposals of property, plant and equipment	201	356
Acquisitions	0	-246
Proceeds from divestment of business	0	1,473
Financial assets	-243	-500
Interest income	43	57
Cash flow from investments	-4,333	-3,392
Issue of new shares	426	0
Re-issue of purchased ordinary shares	0	323
Minority interest	-1,520	-94
Dividend	-11,370	-6,795
Cash flow from financial operations	-12,464	-6,566
Net cash flow	17,220	-4,148
Cash position at start of financial period	25,091	28,952
Exchange rate fluctuations	-2,646	287
Cash position at end of financial period	39,665	25,091

Primary reporting (unaudited)

		Turnover	Gross profit		Operating profit
	2007	2006	2007	2006	2007	2006
Netherlands	138,101	117,465	55,453	45,494	27,624	16,779
Worldwide Energy	287,322	255,251	31,419	28,816	11,711	10,080
Germany	129,334	103,961	41,832	34,365	11,478	9,947
Other regions	25,132	22,393	7,602	6,600	1,567	681
Corporate					-1,133	-2,211
	579,889	499,070	136,306	115,275	51,247	35,276

Employees

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

Average workforce	2007		2006
	Direct	Indirect	Direct	Indirect
Netherlands	1,610	277	1,359	246
Worldwide Energy	2,934	252	2,511	230
Germany	1,529	243	1,256	195
Other regions	320	83	270	81
	6,393	855	5,396	752
Total workforce		7,248		6,148
Workforce 31 December	2007		2006
	Direct	Indirect	Direct	Indirect
Netherlands	1,740	296	1,600	267
Worldwide Energy	3,123	264	2,742	241
Germany	1,681	278	1,388	222
Other regions	432	82	249	83
	6,976	920	5,979	813
Total workforce		7,896		6,792

Secondary reporting (unaudited)

	Turnover		Gross profit		Operating profit
	2007	2006	2007	2006	2007	2006
Engineering	207,157	169,514	72,773	59,433	24,886	18,086
Energy	287,322	255,251	31,419	28,816	11,711	10,080
ICT	48,797	38,850	16,956	12,743	7,206	3,824
Unallocated	36,613	35,455	15,158	14,283	7,444	3,286
	579,889	499,070	136,306	115,275	51,247	35,276

Employees

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

Average workforce	2007		2005
	Direct	Indirect	Direct	Indirect
Engineering	2,480	389	2,084	335
Energy	2,934	252	2,511	230
ICT	558	69	468	64
Unallocated	421	145	333	123
	6,393	855	5,396	752
Total workforce		7,248		6,148
Workforce 31 December	2007		2006
	Direct	Indirect	Direct	Indirect
Engineering	2,734	433	2,275	364
Energy	3,123	264	2,742	241
ICT	589	71	525	64
Unallocated	530	152	437	144
	6,976	920	5,979	813
Total workforce
		7,896		6,792