FINANCIAL RESULTS Q3 2015INVESTOR CALL | 24 November 2015

WIM SARENSCEO

MAGNUS BJORKMANCFO

1

AGENDA

Q3 2015 results

Capital structure

Outlook

Appendix

Disclaimer

2

DISCLAIMER

The information set out in this presentation (the “Presentation”) has been produced by Sarens Bestuur NV (the “Company”) and is being madeavailable to recipients for information purposes only. It does not constitute, nor is it intended to be an offer to sell, or an invitation to subscribefor, or purchase, any securities in the Company or any subsidiary. The financial information set out in this Presentation has not been subject toan independent audit. Other information has not been verified and may be subject to updating, completion, revision and amendment. ThePresentation does not purport to summarize all the conditions, risks and other attributes of an investment in the Company. It should be notedthat the past performance is not indicative of future performance. The future performance of the Company and its subsidiaries will depend onnumerous factors which are subject to uncertainty.

The Presentation and its contents are strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person.By receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the marketposition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential futureperformance of the Company’s business. No representation or warranty (express or implied) is made as to, and no reliance should be placedon, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to anyerrors, omissions or misstatements contained herein, and, accordingly, Sarens nor any of its directors, officers or employees accepts anyresponsibility for the information, statements, matters, facts or opinions stated herein, or any liability whatsoever arising directly or indirectlyfrom the use of or any act or omission undertaken in reliance on the Presentation.

Certain information contained herein may include forward-looking statements relating to the business, financial performance and results of theCompany. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimesidentified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”,“may”, “will”, “should” and similar expressions. The forward-looking statements contained in the Presentation, including assumptions, opinionsand views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and otherfactors that may cause actual events to differ materially from any anticipated development. The Company nor any of its subsidiaries or anydirectors, officers or employees thereof provide any assurance that the assumptions underlying such forward-looking statements are free fromerrors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the Presentation or the actualoccurrence of the forecasted developments. Neither the Company nor its directors or officers assumes any obligation to update any forward-looking statements or to conform these forward-looking statements to the Company’s actual results.

3

HIGHLIGHTS

Q3 2015 GROUP PERFORMANCE

4

Financial highlights – Stabilized turnover in Q3 with better occupation in several countries.– Continued price pressure in some geographies.– EBITDA result still below last year despite positive FX impact and bringing equipment onto the

balance sheet.

Market Highlights– Positive trends: Renewable energy projects in Eastern Europe, shut down and maintenance work

in petro chemical industry.– Negative trends: Delay of new infrastructure project decisions in oil & gas due to price volatility,

with Australia and USA experiencing most impact.

Key projects– Giant crane working on refinery in India at good rates– Start up of second power plant project in Poland– Secured infrastructure project in Quebec and maintenance project in Alberta

Outlook– Mixed outlook for Q4 as global market continue to be uncertain

SAFETY STATISTICS CONTINUE TO IMPROVE

GROUP OPERATIONS

Fewer accidents with less impact on people health as a result of continued focus on safe working environment

Lost time and total recordable cases continue to decrease

Additional people in the growth regions of Asia and Eastern Europe.

5

Q3 2015 2014

Severity rate 27,2 29,3

Lost time Incident Rate 0,9 1,2

Total Recordable Case Incident Rate

1,9 2,2

FTE's 4.437 4.373

‐13,6%

‐25,0%

‐7,2%

1,5%

CHANGE

LOW OIL AND COMMODITY PRICES HAVE NEGATIVE IMPACT ON NEW BUILD PROJECTS, LEADING TO PRICE PRESSURE

GROUP PROFIT & LOSS

6

€ M Q3 2015 YTD Q3 2014 YTD

Turnover 443,7 475,6

EBITDA 110,3 116,8

EBITDA% 24,9% 24,6% 0,2 pps

Net result ‐26,8 10,5

Debt charges ‐25,5 ‐23,4

CHANGE

‐6,7%

‐5,6%

‐354,6%

9,0%

Drop in turnover in Europe, Africa & North America only partially compensated by stronger growth in Asia and Latin America

Price pressure and lower than expected sales, not fully compensated by cost reductions, lead to lower margins, particularly in Middle East and Oceania

A weak Euro continuous to have a positive impact on EBITDA compared to previous year (+5.9m)

Short term volatility in emerging market currencies has a negative un-realized FX impact of 17.6m

GEOGRAPHICAL DIVERSIFICATION CONTINUES

GROUP PERFORMANCE

7

OPERATING EXPENSES ARE REDUCED TO COMPENSATE FOR LOWER TURNOVER

OPERATING EXPENSES

Subcontracting costs is coming down as less cranes are cross hired

Purchases are reducing mainly in fuel costs and spare parts consumption

Personnel costs have not reduced in line with sales

8

BOND PROCEEDS IMPACTS NUMBERS

GROUP BALANCE SHEET & CASH FLOW

Net Working Capital has increased compared to last year, mainly from accounts payables

Exceptionally high overdue receivables as a result of the current economic situation

Net investments are largely influenced by the one time effect of bringing off balance financed equipment onto the balance sheet (EUR 86.3m)

Other investments have been further reduced to protect cash flow

9

€ MQ3 2015     YTD

Q3 2014      YTD

Balance sheet Total 1.216 1.154Tangible Fixed Asset

895,1 817,1

Net investments (*) 137,1 64,8Net Working Capital (**)

97,7 80,6Consolidated Free Cash Flow

‐92,0 5,7

(*) Tangible Fixed Assets Investments ‐ Disposals

(**) Inventory + Trade Rec. ‐ Trade Pay.

CHANGE

5,3%

9,5%

111%

21%

‐1712%

FURTHER REDUCTION IN CAPEX

CAPITAL EXPENDITURE OVERVIEW

10

Q3 2015 Q3 2014Lattice Boom Crane 12% 43% -31,2 ppsTele Crane 46% 27% 19,1 ppsSPMT 32% 16% 16,1 ppsOther (*) 10% 14% -3,9 ppsNet Capital Expenditure (**)

43,2 71,7

Number of cranes 1.568 1.593Number of SPMT axles

2.100 1.788

(*) Trailers, Special Lifting Solutions,…

(**) in €m, Excluding On Balance transaction

17%

-2%

-39,8%

CHANGE Investments in SPMT axle lines for projects in Norway, China, and Kazakhstan

Net Capex is excluding the assets brought on balance with proceeds of the bond

The focus of equipment investments is still on larger capacity cranes and SPMTs

Investments continue to be reduced as market conditions are difficult

NET DEBT INCREASED DUE TO BOND TRANSACTION

CAPITAL STRUCTURE: OVERVIEW

11

€ M Q3 2015 YTD Q3 2014 YTD

Cash & Equivalents 31,6 35,6

LT Debt 568,9 496,8

ST Debt 133,5 114,8

Gross leverage (*) 4,69 4,05

Net Debt 670,8 575,9

Net Debt/LTM Adj. EBITDA 4,48 3,81

 (*) Tot.fin.debt / LTM Adjusted EBITDA for Q3‐2015 (pro forma adjustment for full year impact of bringing operating leases on balance)

17,4%

CHANGE

‐11,4%

14,5%

16,3%

15,7%

16,5%

Cash position is stable with sufficient liquidity headroom

Increase in Net Debt due to bringing off balance financed equipment onto the balance sheet

FINANCIAL RATIOS CLOSELY MONITORED

CAPITAL STRUCTURE: CREDIT KPI’S

12

Q3 2015 YTD Q3 2014

Liquidity (*) 97.8% 97.2% 0.6 pps

Solvency 19.7% 21.4% ‐1.7 pps

Gearing (**) 2.2 1.7

Net Sr. Financial Debt 501.8 533.2

Net Sr. Debt / EBITDA (***) 3.35 3.53

Interest coverage 4.85 4.89

(*) Curr Assets / Curr Liabilities(**) Net Sr. financial debt / Equity excl Minority interest

CHANGE

29.4%

(***) Adjusted LTM EBITDA (pro forma adjustment for full year impact of bringing operating leases on balance)

‐5.9%

‐5.1%

‐0.7%

Net senior debt is reducing

Interest coverage impacted by higher bond interests

SUFFICIENT LIQUIDITY TO MEET SHORT TERM COMMITMENTS

DEBT PROFILE

13

KEY PRIORITIES FOR 2016

OUTLOOK

Continued focus on quality and safety, always improving our safety record towards the goal of zero accidents

Increased focus on margin improvements and asset utilization in response to volatile global market environment

Continue to keep a young and modern fleet of cranes and trailers within financial capabilities

Continue to develop our people and further develop a high performance culture

14

2016

FINANCIAL CALENDAR

15

SUBJECT DATE

Financial results Q4-2015 Last week April 2016

Financial results Q1-2016 Last week May 2016

Financial results Q2-2016 August 2016

Financial results Q3-2016 November 2016

QUESTIONS & ANSWERS

16

INVESTOR RELATIONSCONTACTS

Wim SarensCEO

Magnus BjörkmanCFO

Ludo Verrijken Investor Relations

ir@sarens.com

tel. +32 (0)52 319 319

17

SEPTEMBER 30TH 2015 - CONSOLIDATED INCOME STATEMENT

APPENDIX 1

18

SEPTEMBER 30TH 2015 - CONSOLIDATED BALANCE SHEET

APPENDIX 2

19

SEPTEMBER 30TH 2015 - CONSOLIDATED CASH FLOW STATEMENT

APPENDIX 3

20

Q3 FOREIGN EXCHANGE IMPACT

APPENDIX 4

21

GLOBAL REACH

APPENDIX 5

AlgeriaArgentinaAustraliaBahreinBelgiumBoliviaBotswanaBrazilCanadaChileColombiaCongo-BrazzavilleCzech RepublicEcuadorEgyptEthiopiaFranceGermanyIndiaIndonesia

IraqIrelandItalyIvory CoastKazakhstanLithuaniaMalaysiaMauritiusMexicoMoroccoMozambiqueNamibiaNetherlandsNew CaledoniaNigeriaNorwayOmanPanamaPeruPhilippines

PolandQatarRussiaSaudi ArabiaSerbiaSingaporeSouth AfricaSouth KoreaSwedenTanzaniaThailandTunisiaTurkeyUkraineUnited Arab EmiratesUnited KingdomUnited StatesVenezuelaVietnamZambia

22