Brunel International N.V.

Earnings Release • May 5, 2017

Appendix to the press release 5 May 2017 Q1 2017

Highlights for the period ended 31 March

Brunel International (unaudited)
P&L amounts in EUR million
	Q1 2017	Q1 2016	Change %
Revenue	196.4	238.4	-18%	a
Gross Profit	47.2	47.9	-1%
Gross margin	24.0%	20.1%
Operating costs	41.5	38.8	7%	b
EBIT	5.7	9.1	-37%
EBIT %	2.9%	3.8%
Average directs	8,984	9,771	-8%
Average indirects	1,460	1,503	-3%
Ratio direct / Indirect	6.2	6.5

a -19 % at constant currencies

^b6 % at constant currencies

Brunel Global Business (unaudited)

P&L amounts in EUR million
	Q1 2017	Q1 2016	Change %
Revenue	82.1	128.8	-36%	a
Gross Profit	9.5	14.0	-32%
Gross margin	11.6%	10.9%
Operating costs	11.4	12.3	-7%	b
EBIT	-1.9	1.7	-212%
EBIT %	-2.3%	1.3%
Average directs	4,284	5,005	-14%
Average indirects	504	626	-19%
Ratio direct / Indirect	8.5	8.0

^a-39 % at constant currencies

^b-10 % at constant currencies

To reflect the diversification in our global infrastructure the division "Energy" has been renamed "Global Business".

Brunel Europe (unaudited)

P&L amounts in EUR million
	Q1 2017	Q1 2016	Change %
Revenue	114.3	109.6	4%
Gross Profit	37.8	34.0	11%
Gross margin	33.1%	31.0%
Operating costs	27.7	24.5	13%
EBIT	10.1	9.5	6%
EBIT %	8.8%	8.7%
Average directs	4,700	4,766	-1%
Average indirects	890	862	3%
Ratio direct / Indirect	5.2	5.5

Brunel Netherlands (unaudited)

Q1 2017	Q1 2016	Change %
47.9	51.7	-7%
14.4	15.0	-4%
30.1%	29.0%
11.9	10.5	13%
2.5	4.5	-44%
5.2%	8.6%
2,126	2,270	-6%
437	382	14%
4.9	5.9

Brunel Germany (unaudited)

P&L amounts in EUR million
	Q1 2017	Q1 2016	Change %
Revenue	56.3	49.6	14%
Gross Profit	20.9	16.9	24%
Gross margin	37.1%	34.2%
Operating costs	13.7	11.9	15%
EBIT	7.2	5.0	44%
EBIT %	12.8%	10.1%
Average directs	2,255	2,167	4%
Average indirects	402	408	-1%
Ratio direct / Indirect	5.6	5.3