Brunel International N.V.

Earnings Release • Nov 5, 2014

Appendix to the press release 5 November 2014 Q3 2014

Highlights for the period ended 30 September

Brunel International (unaudited)
P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	348.5	343.0	2% *	1,029.9	943.7	9% **
Gross Profit	63.7	62.6	2%	183.5	167.1	10%
Gross margin	18.3%	18.2%		17.8%	17.7%
Operating costs	43.7	40.0	9%	127.8	117.6	9%
EBIT	20.0	22.5	-11%	55.7	49.5	13%
EBIT %	5.7%	6.6%		5.4%	5.2%
Average directs Average indirects Ratio direct / Indirect	12,039 1,638 7.3	11,529 1,481 7.8	4% 11%	12,197 1,610 7.6	11,131 1,499 7.4	10% 7%

* 3% at constant currencies

** 13% at constant currencies

Brunel Oil & Gas (unaudited)

P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	246.7	244.2	1% *	727.5	655.0	11% **
Gross Profit	28.8	28.2	2%	85.4	71.8	19%
Gross margin	11.7%	11.5%		11.7%	11.0%
Operating costs	17.2	15.3	12%	49.6	44.8	11%
EBIT	11.6	12.9	-10%	35.8	27.0	33%
EBIT %	4.7%	5.3%		4.9%	4.1%
Average directs	7,534	7,145	5%	7,736	6,810	14%
Average indirects	777	680	14%	775	695	12%
Ratio direct / Indirect	9.7	10.5		10.0	9.8

* 3% at constant currencies

** 17% at constant currencies

Brunel Energy (unaudited)

Change %
8%*
15%
12%
21%
12%
13%

* 13% at constant currencies

Brunel Projects

(unaudited)
P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	44.4	39.8	12%	131.5	102.3	29% *
Gross Profit	4.7	4.1	15%	13.5	9.5	42%
Gross margin	10.6%	10.3%		10.2%	9.3%
Operating costs	1.2	1.2	2%	3.4	3.8	-9%
EBIT	3.5	2.9	20%	10.0	5.7	76%
EBIT %	7.8%	7.2%		7.6%	5.6%
Average directs	567	513	11%	623	456	37%
Average indirects	27	32	-15%	29	32	-9%
Ratio direct / Indirect	21.0	16.2		21.5	14.3

* 39% at constant currencies

Brunel Europe (unaudited)

P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	101.8	98.8	3%	302.4	288.7	5%
Gross Profit	35.0	34.4	2%	98.1	95.2	3%
Gross margin	34.3%	34.8%		32.4%	33.0%
Operating costs	23.9	22.4	6%	70.6	65.3	8%
EBIT	11.1	12.0	-7%	27.5	29.9	-8%
EBIT %	10.9%	12.2%		9.1%	10.4%
Average directs	4,505	4,384	3%	4,461	4,321	3%
Average indirects	846	788	7%	820	791	4%
Ratio direct / Indirect	5.3	5.6		5.4	5.5

Brunel Germany

(unaudited)

P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	52.9	53.3	-1%	153.1	152.0	1%
Gross Profit	20.5	20.6	0%	55.5	55.5	0%
Gross margin	38.8%	38.7%		36.3%	36.6%
Operating costs	12.7	12.0	6%	36.4	34.5	6%
EBIT	7.8	8.6	-9%	19.1	21.0	-9%
EBIT %	14.8%	16.1%		12.5%	13.8%
Average directs	2,169	2,220	-2%	2,176	2,180	0%
Average indirects	431	405	7%	420	409	3%
Ratio direct / Indirect	5.0	5.5		5.2	5.3

Brunel Netherlands (unaudited)

P&L amounts in EUR million
	Q3 2014	Q3 2013	Change %	YtD 2014	YtD 2013	Change %
Revenue	42.4	39.1	8%	129.0	116.2	11%
Gross Profit	12.6	12.2	3%	37.4	34.9	7%
Gross margin	29.6%	31.3%		29.0%	30.1%
Operating costs	9.4	8.6	9%	28.7	25.5	12%
EBIT	3.2	3.6	-12%	8.7	9.4	-7%
EBIT %	7.6%	9.3%		6.8%	8.1%
Average directs	2,009	1,839	9%	1,957	1,794	9%
Average indirects	352	320	10%	336	317	6%
Ratio direct / Indirect	5.7	5.7		5.8	5.7