Changes within the Company

On 15 September 2008 subsidiary Technische Handelsonderneming Bevar B.V. acquired the activities of TIP B.V. located in Zandvoort. The annual turnover amounts to less than € 1 million. The transaction have been accounted for by applying the purchase method of accounting. The purchase price was paid in cash.

On 16 December 2008 subsidiary Hoogendoorn Automatisering B.V. divested her installation department Hoogendoorn Projects with 8 employees to Elektro Limburg B.V.

The amount of combined and disposed assets, as well as the amount of purchase price and sales price, is of limited significance for the Company.

The book value of the combined and divested assets and liabilities acquired does not show material differences with the fair value at acquisition and disposal date. Changing the combined assets and liabilities to the accounting principles of Batenburg Beheer N.V. did not have a material impact on the balance sheet.