Brunel International N.V.

Earnings Release • Nov 4, 2016

Appendix to the press release 4 November 2016 Q3 2016

Highlights for the period ended 30 September

Brunel International (unaudited)

P&L amounts in EUR million
	Q3 2016	Q3 2015	Change %	YtD 2016	YtD 2015	Change %
Revenue	204.7	290.9	-30% a	674.3	941.7	-28% b
Gross Profit	45.3	58.8	-23%	140.9	172.4	-18%
Gross margin	22.1%	20.2%		20.9%	18.3%
Operating costs	37.2	43.8	-15% c	116.2	133.9	-13% d
EBIT	8.1	15.0	-46%	24.7	38.5	-36%
EBIT %	4.0%	5.1%		3.7%	4.1%
Average directs	8,931	10,806	-17%	9,398	11,041	-15%
Average indirects	1,456	1,601	-9%	1,494	1,632	-8%
Ratio direct / Indirect	6.1	6.8		6.3	6.8

a -29% at constant currencies b

-28% at constant currencies c

-15% at constant currencies d

-12% at constant currencies

Brunel Energy (unaudited)
P&L amounts in EUR million
	Q3 2016	Q3 2015	Change %	YtD 2016	YtD 2015	Change %
Revenue	98.3	186.9	-47%a	346.7	639.3	-46%b
Gross Profit	10.5	23.2	-55%	37.8	76.2	-50%
Gross margin	10.7%	12.4%		10.9%	11.9%
Operating costs	11.1	16.7	-34%c	36.1	52.2	-31%d
EBIT	-0.6	6.5	-110%	1.7	24.0	-93%
EBIT %	-0.6%	3.5%		0.5%	3.8%
Average directs	4,275	6,189	-31%	4,700	6,560	-28%
Average indirects	554	707	-22%	587	736	-20%
Ratio direct / Indirect	7.7	8.8		8.0	8.9

a -46% at constant currencies

b -44% at constant currencies

c -32% at constant currencies

d -28% at constant currencies

Brunel Europe (unaudited)

Q3 2016	Q3 2015	Change %	YtD 2016	YtD 2015	Change %
					8%
		0%			8%
25.0	25.2	-1%	74.3	75.3	-1%
10.6	10.4	2%	29.7	21.0	41%
9.9%	10.0%		9.1%	6.9%
					5%
867	879	-1%	866	881	-2%
5.4	5.3		5.4	5.1
	106.4 35.6 33.4% 4,656	104.1 35.6 34.2% 4,617	2% 0%	327.7 104.0 31.7% 4,698	302.4 96.3 31.8% 4,481

Brunel Germany (unaudited)

P&L amounts in EUR million

	Q3 2016	Q3 2015	Change %	YtD 2016	YtD 2015	Change %
Revenue	54.4	51.1	7%	156.9	145.6	8%
Gross Profit	20.5	19.8	4%	56.3	51.7	9%
Gross margin	37.8%	38.8%		35.9%	35.5%
Operating costs	12.6	13.2	-5%	37.1	38.8	-4%
EBIT	7.9	6.6	21%	19.2	12.9	49%
EBIT %	14.6%	12.9%		12.2%	8.9%
Average directs	2,247	2,083	8%	2,188	2,050	7%
Average indirects	399	435	-8%	410	445	-8%
Ratio direct / Indirect	5.6	4.8		5.3	4.6

Brunel Netherlands (unaudited)

P&L amounts in EUR million
	Q3 2016	Q3 2015	Change %	YtD 2016	YtD 2015	Change %
Revenue	44.1	45.9	-4%	145.0	134.2	8%
Gross Profit	12.9	13.9	-7%	41.4	38.9	7%
Gross margin	29.3%	30.2%		28.5%	28.9%
Operating costs	10.4	10.1	3%	31.1	30.4	3%
EBIT	2.6	3.8	-32%	10.3	8.5	21%
EBIT %	5.8%	8.2%		7.1%	6.3%
Average directs	2,081	2,199	-5%	2,177	2,086	4%
Average indirects	399	374	7%	385	366	5%
Ratio direct / Indirect	5.2	5.9		5.7	5.7