Brederode S A : Interim Statement

INTERIM STATEMENT

(Unaudited regulated information published on 15 June 2023, at 5.45 p.m.)

• Shareholders' equity per share as of 31 March 2023 : € 125.23
• Profit in Private Equity: € 21.70 million
• Profit on the listed portfolio: € 80.00 million
• Pierre van der Mersch hands over the Chairmanship of the Board of Directors to Bruno Colmant

Summary of the result as of 31 March 2023

The unaudited result for the first three months of the year is positive, driven by the listed securities portfolio. This portfolio benefited from the market rebound, despite inflation fears. The Private Equity portfolio showed more measured progress, influenced by the increase in interest rates and the weaker US Dollar.

On 31 March 2023, the net asset value per Brederode share was €125.23, an increase of 2.8% since the beginning of the year. This valuation was based on the market prices for the listed securities and, for Private Equity, on the unaudited valuations as at 31 March 2023, obtained for more than 90% of the investments.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)

(in € million)	31 03 2023	31 12 2022
Shareholders' equity of the investment entity	3 669.99	3 569.31
Profit for the period	100.68	-73.30
Amounts distributed to shareholders	-	33.70
Adjusted figures per share (in €)
Shareholders' equity of the investment entity	125.23	121.80
Profit for the period	3.44	-2.50
Amounts distributed to shareholders	-	1.15
Market price at the end of the period	106.80	108.60
Ratios
Return on Equity (1)	2.8%	-2.0%

1. Return on Equity: results for the financial year divided by the average shareholders' equity. This ratio measures the internal profitability of a company. The return on average equity for the first quarter of 2023 is not annualised.

PRIVATE EQUITY

The private equity result during the first three months of the year was a profit of €21.70 million. Cash calls (€79.18 million) were slightly ahead of distributions (€57.57 million). Over the same period, new commitments represented €93.84 million. Total uncalled commitments amounted to €1,261.89 million as at 31 March 2023. The value of the investments in Private Equity was €2,539.66 million, over two thirds of Brederode's total assets.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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Evolution of commitments (in € million)

Evolution of cash flow (in € million)

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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List of Private Equity General Partners

(in € million)

Managers	Current	Uncalled	Total
investments	commitments
CARLYLE / ALPINVEST	150.32	82.90	233.21
EQT	130.60	72.67	203.27
L-CATTERTON	111.64	61.25	172.90
HIG	91.14	81.49	172.63
BAIN	91.24	66.60	157.85
ARDIAN	115.52	38.37	153.89
PSG	86.02	66.37	152.40
VISTA	99.97	50.58	150.55
ALPINE	84.96	50.31	135.27
HARVEST	75.30	37.16	112.46
GENSTAR	92.19	16.98	109.17
ARLINGTON	59.01	41.48	100.49
AMERICAN SECURITIES	85.17	13.77	98.93
BC	80.15	17.11	97.27
BV	46.35	49.74	96.09
STONEPOINT	61.38	30.83	92.21
HGGC	64.57	16.14	80.71
PAI	41.04	34.96	76.00
UPFRONT	66.55	9.31	75.86
PROVIDENCE	47.35	25.92	73.27
COMMITTED ADVISORS	41.17	27.48	68.66
TRITON	44.67	23.78	68.45
MERCATO	51.97	12.41	64.38
CUBERA	28.70	32.64	61.34
CAPITAL TODAY	60.12	0.00	60.12
OTHERS	632.54	301.63	934.17
TOTAL	2 539.66	1 261.89	3 801.54

The top 25 General Partners included in this list represent 75% of the total commitments.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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LISTED SECURITIES

The listed securities portfolio produced a positive result, including net dividends, of €80.00 million during the first three months of the year.

Main holdings in the portfolio of listed securities

Securities	31 12 2022	Acquisitions	Changes in fair	31 03 2023	Performance (1)
(Disposals)	value
(in € million)
Technology	364.55	-	38.29	402.84	10.6%
Mastercard	102.35	-	2.56	104.91	2.6%
Samsung Electronics (GDR)	76.14	-	6.88	83.02	9.0%
Relx	61.08	-	9.42	70.50	15.4%
Alphabet (C)	56.20	-	8.41	64.61	15.0%
Intel	27.93	-	5.93	33.86	22.4%
Prosus	24.78	-	2.88	27.66	11.6%
Alibaba	16.07	-	2.21	18.28	13.8%
Consumer goods	220.30	-	18.41	238.71	8.7%
Unilever	85.34	-	1.49	86.83	2.7%
Nestlé	73.43	-	2.03	75.46	2.8%
LVMH	61.53	-	14.89	76.42	24.2%
Investment companies	206.24	-	-1.87	204.37	-0.9%
Brederode	130.82	-	-2.17	128.65	-1.7%
Sofina	75.43	-	0.29	75.72	0.4%
Electricity	160.52	1.50	12.94	174.96	10.6%
Iberdrola	91.35	1.50	4.73	97.59	6.7%
Enel	69.17	-	8.21	77.38	15.8%
Healthcare	108.01	-	4.22	112.24	5.9%
Novartis	65.79	-	-0.67	65.12	2.3%
Sanofi	42.22	-	4.89	47.11	11.6%
Miscellaneous	59.27	-	-0.07	59.20	0.8%
Royal Bank of Canada	58.83	-	-0.30	58.53	0.4%
Other holdings < € 10 million	0.44	-	0.23	0.67	53.0%
TOTAL	1 118.89	1.50	71.93	1 192.32	7.2%

(1) Indicative performance taking into account the net dividends received.

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

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