Outlook

We are not expecting any major changes in the current low oil prices and are therefore not foreseeing an immediate or significant recovery of the oil and gas market. Investment programs in the energy segment are expected to remain at a relatively low level. However, there is slight optimism concerning the economic conditions in Europe and it is our expectation that activity within the various European industry segments will increase. Furthermore, the upward trend in the price of materials will continue in the first half of 2017.

Market volumes in the industry, as well as the energy segment, continue to be at a low level in comparison to previous years. However, there is sufficient potential for Van Leeuwen to further strengthen its market position at the expense of the competition. Our global presence with strategic locations and access to important markets play a determining role in this.

Even more so than in previous years, we will invest in our employees and attract new employees in order to provide our customers worldwide with optimal services. Product and skill-based training, the international exchange of employees and an international trainee program also form part of this.

In 2017, Van Leeuwen will continue to invest in improving synergy within the Group, in more efficiency and in added value for its customers. Significant investment will be made in the implementation of an improved ERP platform. An innovative approach will be the key to permanent success over the coming years.

We are positive about the coming year and expect our profitability to improve, in part due to the previously implemented cost reduction measures. Our global market share and strong financial position will enable us to optimally deploy our services and global stocks in the coming year. Based on our strong network and talented and experienced staff, we will further strengthen our market position
and continue to optimally serve our loyal customer base.

Zwijndrecht, the Netherlands, 23 March 2017

Management Board
P.L. Rietberg (Chairman)
J.M. Sassen