1

KredietbankandKredietbankLuxembourg–OwnershipStructuresKredietbankandKredietbankLuxembourg–OwnershipStructures....................................1

1. 1978–1998..................................................................................................................2

2. 1996–BankContiAbsorbed.......................................................................................3

3. 1998–2005..................................................................................................................4

4. 2005-2012...................................................................................................................5

5. 2012-Present–KredietbankLuxembourg(KBLEPB)..................................................6

6. KredietbankOfficialPresenceinSouthAfricaovertime...........................................7

7. Inter-AlphaGroupofBanksMembership–1970sandNow......................................8

2

1. 1978–1998

EntiregroupofsubsidiariesandcompaniescontrolledbythebankthroughAlmanij.Thenewstructure, instituted in 1978, created three pools, one centered around the commercialbusinessoftheKredietbank,anotherheadedbyAlmanijtoprovidespecialfinancialservices,and a third using theKredietbank S.A. Luxembourg as the focal point for developing aninternationalmerchant and investment-banking operation. Although international growthslowedtemporarilyintheearly1980sasmanyfinancialinstitutionssufferedlossesduringtheworldwiderecession,thebankfinished1984withassetsofBF671billion(2016valueisZAR268billion)andnetprofitofBFr2billion(2016valueisZAR805million).1• Pool 1 includes Kredietbank (42.39%), Kredietbank in turn controls Credit General

(63.26%)[CreditGeneralistheWalooniancounterpartofFlemishKredietbank]aswellastheHypoteekenSpaarmaatschappijvanAntwerpen.

• Pool 2 focuses on financial services and contains Belgian companies such as Investco(64.64%)which is involved inVentureCapital (andwhereAndreVlerickwasDirector),Almaver(insurancebroker),Kredietcorp,Fidelitas(57.3%),Fidelisetc.

• Pool3containsInternationalandMerchantInvestmentBanking,centeredaroundKBLux (49.22%),which controls the Kredietbank Suisse (81.66%). Almanij consolidatedprofitswereapproximatelyBF1billioninboth1981and1982.2

1http://www.referenceforbusiness.com/history2/53/KREDIETBANK-N-V.html2ArticleTitled“AlmanijVertrouwtinFinanciëleRoeping”,January1984,KADOC–ArchiefWalterdeBock(BankenenBedrijven,Banken,bedrijven,Belgie,2.20,4).

Almanij

KredietbankNV

CreditGeneralHypoteeken

SpaarmaatschappijvanAntwerpen

Investco

VentureCapital AlmaverInsurance Kredietcorp

KredietbankLuxembourg

KredietbankSuisse BancoAmbrosiano

KortrijkClan- VlerickFamily AntwerpClan-

FernandCollin

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2. 1996–BankContiAbsorbedKredietbank Luxembourg absorbs BanqueContinental (“BankConti”) in 1996 – Contiwaspreviously owned by Nadmi Auchi in the 1980s and then BIL (Banque Internationale deLuxembourg)andParibasrespectivelyuntil1996.

Almanij

KredietbankNV

CreditGeneralHypoteeken

SpaarmaatschappijvanAntwerpen

Investco

VentureCapital AlmaverInsurance Kredietcorp

KredietbankLuxembourg

KredietbankSuisse BanqueContinental(Conti)

4

3. 1998–2005TheKBCGroupProspectus2013statesthattheKBCGroupN.V.legalstructureismadeupofKBCBankNVandKBCInsuranceNV,eachwithitsownsubsidiaries.• On3June1998KredietbankNVcontributeditstotalitytoKBCBankNV.Atthesametime

KredietbankNVchangeditsnametoKBABBCeraBankandInsuranceHoldingCompanyNV.

• On27April2000KBABBCeraBankandinsuranceHoldingCompanyNVchangeditsnameintoKBCBankandInsuranceHoldingCompanyNV.

• On2March2005KBCBankandInsuranceHoldingCompanyNVchangeditsnametoKBCGroupNV.TheCompanyoperatesunderBelgianlaws,andhasitsregisteredofficeat2Havelaan,BE-1080Brussels,Belgium.ThisrestructuringincludedthemergerofKBCwithitsparentAlmanij,makingitthe10thlargestfinancialinstitutioninEurope.3

3http://www.wsj.com/articles/SB110380532007008181.

Almanij

Geveart NV Almafin NV KredietbankLuxembourg NV

KBCBankverzekeringsholding NV(nowKBCGroupNV)

KBCInsuranceNV KBCBankNV

CBCBanqueNV(merger ofCrédit

GénéralandFrenchSpeaking

CERA)

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4. 2005-2012KBCmergeswithparentcompanyAlmanijtoformKBCGroupNV:Thestructureoftheentityremainsmuchthesame.KBCGorupNVhavearound250subsidiariesthatareavailableinanexcelspreadsheet.ThebusinessissplitintoaBelgianBusinessUnit,aCzechRepublicBusinessunitandanInternationalMarketBusinessUnit(whichincludesSlovakia,Hungary,BulgariaandIreland).TheVlerickfamily,acoreshareholderofKBC,haveincreasedtheirinterestsinthe banking and insurance group. In October 2015, Philippe Vlerick (nephew of AndreVlerick)purchased58518sharesinKBContheBrusselsStockExchange,atatotalcostof3.2millionEuros.VlerickisDeputyChairoftheBoardofDirectorsatKBC.TheVlerickfamilyisoneofthebiggestshareholdersinKBC,theirinterestandthatofotherfamiliesarespreadover various associations, making it difficult to determine an exact percentage ofownership.VlerickisalsothespokespersonoftheFlemishbusinessfamilieswhoagreedlastyeartorenewtheirholdingasshareholdersinKBCforafurther10years.Collectively,theycontrol40%oftheshares.4TherestoftheBoardofDirectorscanbefoundhere.

4http://www.tijd.be/ondernemen/banken/Vlerick_verhoogt_belang_in_KBC.9684188-3095.art?ckc=1.

VlerickFamilyAssociationof

FlemishBusinessFamies

OtherShareholders

PhilippeVlerick(NephewofAndre)

KBCGroupNV(Merger ofKBCandAlmanij)

KBCBankNV

AlmafinKBCAsset

ManagementLuxembourg

CBCBank KBCSecuritiesKredietbankLuxembourg

(EPB)

KBCInsuranceNV

KBCVerzekeringen NV

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5. 2012-Present–KredietbankLuxembourg(KBLEPB)Duringthe2008financialcrisis,theKBCGroupreceivedasignificantgovernmentbailout,andby2012wererequiredtoselloff‘non-coreassets’torepaythis.Aspartofthis,KBCsoldofKredietbankLuxembourgEPB(EuropeanPrivateBankers)toPrecisionCapital.KBLEPBhassubsidiariesin6keyEuropeanmarkets.

In 2011, the KBCGroup finalized the sale of its private banking subsidiary KBL EuropeanPrivateBankers("KBLepb")toPrecisionCapitalS.Aforaround€1bn.PrecisionCapitalSAisaLuxembourgcompanyrepresentingthebusinessinterestsofaQatariinvestor.5RegardingPrecisionCapital,theKBLwebsitesaysthefollowing:“RepresentingtheprivateinterestsofmembersoftheAl-ThanifamilyofQatar,PrecisionCapitalholds99.9%ofKBLepband89.9%ofBanqueInternationaleàLuxembourg(BIL),withthebalanceofthelatterinvestmentheldby the Grand Duchy of Luxembourg….Precision Capital itself holds only the two assetsmentionedabove...RegisteredandheadquarteredinLuxembourg.PrecisionCapitalisownedbyHamadbin Jassimbin JaberbinMohammedbinThaniAlThani (born1959)a formerpolitician inQatar6. Hewas the PrimeMinister of Qatar from 2007 to 2013, and foreignministerfrom1992to2013.KnownasHBJ–hewasinvestigatedbyauthoritiesinJerseyforreceivingaGBP7millionpaymentfromBAEaspartofaGBP500millionarmsdealbetweenQatarandBAEin2000.AsaresultofthePanamapaperleaksweknowthatHBJisworthareportedUSD$1,2billionandisoneofthe140politiciansimplicatedinthefilesofPanamanianlawfirmMossackFonesca.7Healsoco-ownsnumerouspropertiessuchasOneHydeParkinKnightsbridgeandHarrodsinLondon.

5http://www.investmenteurope.net/regions/benelux/kbc-group-sells-private-banking-business-to-precision-capital/.6SeeinterviewwithGeorgeNasraintheLetzebuergerJournal(Luxembourg)confirmingthis:http://www.journal.lu/article/der-strippenzieher-aus-katar/(12December2015)7www.forbes.com/sites/chloesorvino/2016/04/13/panama-papers-leak-helps-show-that-qatars-former-prime-minister-is-a-billionaire/#d81ad6e25eed

HamadbinJassimbinJaberbin

MohammedbinThaniAlThani

PrecisionCapital

KredietbankLuxembourgEPB

Group

BrownShipleyLondon

TheodoorGilisen -Amsterdam

Merck,Finck &Co.- Munich

KBLRichelieu -Paris

KBLMonacoPrivateBankers

KBLEspaña-Madrid

BanqueInternationaleaLuxembourg(BIL)

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6. KredietbankOfficialPresenceinSouthAfricaovertime

RepresentativeOfficeopenedinJohannesburg1970s

•OfficeinPretoria-LeendertDekker

•OfficeinStellenbosch -JeremySibley

? -2001

•Office inStellenbosch-JeremySibley•DifferentAddressEveryYear

2002-2005

ConsenttomaintainarepresentativeofficeinSAwithdrawnfrom31December2005

2006

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7. Inter-AlphaGroupofBanksMembership–1970sandNow

1970s

Kredietbank(Belgium)

BancoAmbrosiano

(Italy)

Williams&Glyn’s(unitofRBS– UK)

NederlandscheMiddenstandsb

ank(Netherlands)

CreditCommercialde

France

BHFBank(Germany)

Privatbanken(Denmark)

addedin1972

Current

KBCBank,Belgium

BancoEspíritoSanto,Portugal

Commerzbank,Germany

INGGroup,Netherlands

IntesaSanpaolo,Italy

AIBGroup,Ireland

Nordea,Denmark,FinlandandSweden

NationalBankofGreece,Greece

RoyalBankofScotlandGroup,

UK

Santander,Spain

SociétéGénérale,France•BranchinSANow