ZETES ANNUAL RESULTS 2014 EFFICIENT COLLABORATION SUSTAINABLE GROWTH IN NATURE THE SUCCESS STORIES ARE ALL ABOUT COLLABORATION IN EFFICIENCY

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1 ZETES ANNUAL RESULTS 2014 EFFICIENT COLLABORATION SUSTAINABLE GROWTH IN NATURE THE SUCCESS STORIES ARE ALL ABOUT COLLABORATION IN EFFICIENCY Regulated press release / Annual Results 2014

2 2 Revenue: million Up by 16% CONTENTS I. INCOME STATEMENT 4 II. 1. Goods ID 5 2. People ID 7 3. Group 8 BALANCE SHEET, INVESTMENTS AND CASH FLOW STATEMENT 9 III. ACQUISITION 11 IV. OUTLOOK 11 V. RISKS AND UNCERTAINTIES 11 VI. DIVIDEND 11 VII. DRAWING UP OF ACCOUNTS 11 VIII. WORK OF THE STATUTORY AUDITOR 12 IX. CALENDAR 12 X. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 14 ANNUAL RESULTS 2014 REGULATED PRESS RELEASE / 18.03,2015

3 ZETES INDUSTRIES / ANNUAL RESULTS GROWTH IN SALES AND SHARP RISE IN OPERATIONAL PROFITABILITY IN BOTH DIVISIONS GROUP Group sales of million sustained by increased recurring revenue Proposed dividend of 0.63 per share Up 15% from 2013 GOODS ID Confirmation of return to growth and significant improvement in operating performance Sales of million boosted by key solutions (+11.4% vs. 2013) Current EBITDA of 12.1 million (+33.4% vs. 2013) PEOPLE ID Clear growth in sales and structural improvement in performance Sales of 54.6 million (+35.6% vs. 2013) Sales amounted to million (vs million in 2013) and current EBITDA to 19.2 million ( 13.5 million in 2013). The Goods ID Division had a very good year, with confirmation of a return to organic sales growth and a marked improvement in results. Management is pressing ahead with the implementation of the strategy based on the sale of the 6 specialized Goods ID solutions, positioning its offer clearly and presenting its added value to customers. The People ID Division has also seen its sales increase, on the back of major commercial successes for short-term projects (delivery of electoral enrolment kits, AFIS) and execution of long-term contracts (Build and Operate). The launch of two contracts in 2014 increases the company s confidence in growth expectations for this sector. Cash flow from P&L amounted to 14.4 million, a significant increase from 2013 ( 10.3 million). Investments stood at 8.6 million, having reached 10.7 million in This was related to the development work in Goods ID and the preparation of the new long-term contracts in People ID. Allowing for share buybacks and dividend payments in 2014 ( 3.8 million in total), cash flow improved by 5.6 million. Based on the company s confidence in its performance in 2015, Zetes will be proposing to the General Meeting an ordinary dividend of 0.63 per share, compared with 0.55 for the 2013 financial year. Current EBITDA of 10.6 million (+37.4% vs. 2013)

4 4 +41,9 % EBITDA 19.2 million at Group level I. INCOME STATEMENT SEPARATE INCOME STATEMENT % Sales 214, , , % Cogs (120,427) (120,026) (141,690) Gross Margin 93,699 91, , % Gross Margin % 43.8% 43.2% 42.2% Employee Expenses (55,252) (54,250) (57,516) Other operating expenses (24,331) (23,661) (26,859) Total Operating expenses (79,583) (77,911) (84,374) Current EBITDA (1) 14,117 13,535 19, % Non current costs (1,207) (820) (1,015) EBITDA 12,910 12,715 18, % Provisions (189) (60) (165) Depreciation on fixed assets (5,033) (4,927) (5,501) Write-downs on stock (381) (638) (354) Write-downs on receivables (157) (185) (62) Write-downs on financial assets (26) (44) (1) Depreciation on development costs (1,686) (1,748) (2,324) Provisions, depreciation, amortisation, impairment (7,472) (7,604) (8,407) losses Operating profit (EBIT) 5,438 5,111 9, % Result from the disposal of fixed assets 61 (3) 30 Financial result excluding exchange differences (367) (503) (455) Exchange differences (175) (273) (111) Result before taxes 4,956 4,333 9, % Income tax (1,431) (935) (3,051) Profit of the period 3,526 3,397 6, % Non controlling interests (152) 12 (41) Net profit of the Group 3,677 3,385 6, % Current EBIT (REBIT) (1) 6,645 5,931 10, % Net current result (1) (3) 4,512 4,028 6, % (1) «Current» excludes restructuring expenses and non current income/costs (3) Attributable to equity holders of the parent company Group sales were up by 16.0% compared with 2013 and current EBITDA up by 41.9%, reflecting the positive performance of the two divisions. The Goods ID Division significantly improved its performance: sales (+11.4%) reached a historically high level of million. This performance is all the more remarkable since it is organic. For the People ID Division, the year contained a good mix of short and long-term products, leading to strong growth and excellent results. Overall, the Group s current EBITDA performance improved by 41.9%, standing at 19.2 million ( 13.5 million in 2013).

5 ZETES INDUSTRIES / ANNUAL RESULTS ZETES GROUP 1H H Turnover 118, , ,270 Gross Margin 50,070 53, ,579 % Gross Margin / Sales 42.2% 42.3% 42.2% Total Operating expenses (42,005) (42,370) (84,374) Current EBITDA 8,066 11,139 19,205 % Current EBITDA / Sales 6.8% 8.8% 7.8% EBITDA 7,701 10,489 18,190 The good performance in the first half of 2014 continued in the second. Group current EBITDA ( 11.1 million) rose again, compared with both the first half of 2014 ( 8.1 million) and the second half of 2013 (also 8.1 million). Finally, net current profit reached 6.9 million, with a net profit of 6.2 million (+82.4% compared with 2013). 1. Goods ID 2013 ended overall on a high note, and this trend continued throughout Order-taking was good, with a high level of customer interest in the Group s solutions. Apart from the retail sector, which is historically very important for Zetes, the postal services and logistics sectors also demonstrated a marked interest in mobility solutions. Growth was spread over most European countries and supported by a handful of major projects in Belgium, the UK, Switzerland and Germany, especially for the retail sector. These projects explain the decrease in the Gross Margin/Sales ratio as a lower margin traditionally applies to major deliveries of equipment. The Gross Margin increased significantly in absolute terms. Several major contracts were only partially executed in 2014 and will continue to affect the division s performance in In absolute terms, the division achieved a historically high level of current EBITDA for H2,2014. Goods ID 1H H Turnover 87, , ,639 Gross Margin 35,520 39,240 74,760 % Gross Margin / Sales 40.4% 38.2% 39.2% Total Operating expenses (31,371) (31,242) (62,613) Current EBITDA 4,149 7,998 12,147 % Current EBITDA / Sales 4.7% 7.8% 6.4% EBITDA 3,835 7,351 11,186 Zetes specialization in its six key solutions and unique service offer (life cycle management) for multinationals enables it to stand out and counteract the impact of the erosion of margins on mobile devices. This erosion is due to the concentration of equipment manufacturers and competition for consumer mobile devices, which are more fragile but also more affordable. Cost control coupled with internal productivity gains enabled Zetes to improve its performance once again. Generally speaking, interest in these six key solutions remains strong, especially for the mobility platform on which the various business applications run.

6 packaging execution RFID multimodal control direct store delivery wireless cloud quality barcode image id security 8 million current EBITDA in H2 historically highest level in Goods ID 6 20% Agile Flexible Collaborative, end-to-end supply chain execution solutions CUSTOMISATION 80% Proven Standard Cost-efficient FASE A STANDARD SOLUTIONS FUNCTIONALITIES MCL Mobility Platform Build Deploy Run Manage Windows Android Cloud Users Apps Devices SYSTEM Goods ID % Turnover 171, , % Gross Margin 68,334 74, % % Gross Margin / Sales 39.9% 39.2% Total Operating expenses (59,226) (62,613) 5.7% Current EBITDA 9,108 12, % % Current EBITDA / Sales 5.3% 6.4% EBITDA 8,415 11, % The current EBITDA/sales ratio increased by 1.1% from 5.3% in 2013 to 6.4% in As a reminder, this ratio stood at 4.3% in Changes in exchange rates had little impact on the division overall. Unfavourable exchange rate movements between the South African rand and the euro were offset by favourable movements of sterling against the euro. At constant exchange rates, sales and Gross Margin both increased by 0.2%. The impact on current EBITDA was in the order of 0,1 million. Goods ID Excluding currency impact % Turnover 171, , % Gross Margin 68,334 74, % % Gross Margin / Sales 39.9% 39.2% Total Operating expenses (59,226) (62,890) 6.2% Current EBITDA 9,108 12, % % Current EBITDA / Sales 5.3% 6.3% EBITDA 8,415 11, % In 2014, as in 2013, there was no significant change in consolidation scope. The only acquisition involved the purchase of the assets and integration of the staff 12 people of Rodata (Vienna) during the second quarter. The division s attention remains focussed on the implementation of the strategy of 6 flagship solutions, generating organic growth.

7 ZETES INDUSTRIES / ANNUAL RESULTS People ID Following the taking of orders in 2013 for long-term contracts in Belgium (passports), Senegal (biometric visas) and Gambia (passports), and preparations for their execution, all of these contracts generated revenue in Zetes also benefited from successful business development activities, with the delivery of a large batch of biometric registration kits to the Electoral Commission in Uganda (first half 2014) and the preparation of the register of electors in Togo (second half 2014 and first half 2015). Unsurprisingly, gross margin as a percentage of sales was down because electoral projects, with their high hardware component, give a lower gross margin than long-term contracts. However, in absolute terms, gross margin increased significantly to 28.8 million (+24.7%). Operating expenses were up 18.3% for carrying out long-term contracts. The People ID Division aims to remain abreast of market opportunities as well as benefiting from good geographic diversification and a good mix of long and short-term contracts. People ID % Turnover 40,285 54, % Gross Margin 23,112 28, % % Gross Margin / Sales 57.4% 52.8% Total Operating expenses (15,433) (18,265) 18.3% Current EBITDA 7,679 10, % % Current EBITDA / Sales 19.1% 19.3% EBITDA 7,552 10, % The launch of contracts for e-passports in Belgium (May 2014) and Gambia (December 2014) went as planned. They will generate revenue for the next 5 years at least. Under these Build and Operate contracts, Zetes has to invest in IT and industrial development and infrastructure. The Company then receives a fee whenever a document is issued throughout the lifetime of the contract. These new contracts, and the contracts for biometric visas for Senegal and Côte d Ivoire, structurally increase the division s visibility for future business. People ID 1H H Turnover 30,875 23,755 54,630 Gross Margin 14,550 14,269 28,819 % Gross Margin / Sales 47.1% 60.1% 52.8% Total Operating expenses (9,083) (9,182) (18,265) Current EBITDA 5,467 5,087 10,554 % Current EBITDA / Sales 17.7% 21.4% 19.3% EBITDA 5,467 5,085 10,552 The breakdown by half year reveals the impact of the different types of contract executed on the division s revenue. Although sales declined significantly in the second half, gross margin was down only 0.3 million in absolute terms. These phenomena are due to the impact of low-margin sales (supply of hardware) on the first half and the surge in long-term contracts, especially the launch of personalization of Belgian passports in May 2014 (100% of impact on the second half). Current EBITDA as a percentage of sales rose above 20% in the second half (19.3% for the year), in line with the types of contract performed.

8 8 Proposed dividend of 0.63 up by 15% 3. Group The costs of the Corporate Division amounted to 3.7 million (+7.5% compared with 2013). Its tasks remain strategy definition, financial control, marketing and external growth. Group sales revenue amounted to over 245 million. Recurring revenue continues to grow, sustained by the offer of rental solutions, maintenance contracts and sale of consumables in Goods ID. In People ID, the importance of long-term contracts continued to increase in Overall, this recurring revenue covers about 40% of consolidated sales revenue. Non-recurring charges amounted to a net 1 million ( 0.8 million in 2013). They relate mainly to restructuring in Goods ID to align the division with its software strategy. Depreciation on non-current assets amounted to 5.5 million, an increase from 2013 ( 4.9 million). This increase relates entirely to the surge in long-term contracts in People ID. Write-downs on inventory ( 0.4 million) and receivables ( 0.1 million) are in line with last year s figures. Amortization of product development costs amounted to 2.3 million, a significant increase from 2013 ( 1.7 million). These development costs are amortized over 3 years and the increase reflects the efforts made by the Group in the last few years. EBIT amounted to 9.8 million ( 5.1 million in 2013), with 65% being generated in the second half. The net financial result is composed of bank charges ( 0.3 million, cross-border payments and various guarantees such as bid or performance bonds, along with bank charges linked to investment finance), the foreign exchange result ( 0.1 million) and finally interest expense ( 0.2 million). The effective tax rate was 33.0%, giving a total tax charge of 3.1 million. Finally, net profit was 6.2 million, up 82.4% on EARNINGS PER SHARE ( per share) % Number of shares outstanding (2) 5,247,116 5,156,750 5,162,665 Net result (3) % Net current result (1) (3) % Number of shares fully diluted (2) 5,247,116 5,156,750 5,162,665 Net diluted result (3) % (1) «Current» excludes restructuring expenses and non current income/costs (2) Weighted average number of outstanding shares (3) Attributable to equity holders of the parent company The net current result per share is 1.34 ( 0.78 in 2013).

9 ZETES INDUSTRIES / ANNUAL RESULTS II. BALANCE SHEET, INVESTMENTS AND CASH FLOW STATEMENT FINANCIAL POSITION (Extracts) ASSETS Tangible assets 15,873 16,386 Intangible assets 6,659 6,489 Goodwill 39,924 40,033 Deferred tax assets 4,385 4,885 Non-current assets 69,545 69,859 Inventories 14,302 17,146 Current trade and other receivables 57,986 67,623 Current prepayments 10,588 13,116 Cash 10,585 16,290 TOTAL ASSETS 163, ,474 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent 76,109 78,731 Non controlling interests Total equity 77,072 79,539 Non current interests bearing borrowings 2, Deferred tax liabilities 2,550 2,698 Current interests bearing borrowings 10,983 14,208 Current trade and other payables 65,858 81,346 Current tax liabilities 1,288 3,727 Other current liabilities 1,450 1,040 TOTAL EQUITY AND LIABILITIES 163, ,474 In Goods ID, investments mainly relate to the development of Group solutions and equipment leased to customers, whereas in People ID they mainly relate to production infrastructure. These investments continue to have a significant impact on the Group s balance sheet. Inventories are up in the Goods ID Division (+ 2.1 million), almost entirely due to a handful of major roll-outs in progress involving equipment allocated to orders. Compared with 2013, trade and other current receivables are also up (+ 9.6 million), as are advance payments (+ 2.5 million). This increase relates to long-term projects in People ID ( 2.2 million) along with the increase in and acceleration of sales during the last quarter in Goods ID. Regular monitoring is carried out in the form of accounts receivable aging, without observing any significant difference in payment experience. As expected, the account containing construction contracts is down ( 0.3 million). This account ensures consistent profitability over time for the various long-term contracts. The good performance in 2014 has impacted the Group s indebtedness: net debt has moved from million at the end of 2013 to a positive cash position of 1.7 million at the end of 2014; available liquidity has also increased to 16.3 million ( 10.6 million in 2013). Total assets increased by 21.3 million from million to million. The net working capital requirement decreased to 13.2 million against 15.9 million in 2013, due to the current business situation. The working capital requirement should return to historical levels in the first half of 2015.

10 million Cash flows from operations With equity of 79.5 million on total assets of million, the solvency ratio remains at a very high 43.14% (against 47.23% in 2013). This relative decrease compared with 2013 is due to strong sales growth and the resulting major growth in the balance sheet. The increase in equity is significant in view of the dividend distribution of 2.9 million in 2014 and share buybacks amounting to 0.9 million net. Zetes attaches great importance to having a strong balance sheet structure as this allows it to bid for and, where applicable, handle very large deals as well as inspiring confidence in its customers to sign multi-year contracts. CASH FLOW STATEMENT (Extracts) CASH AND CASH EQUIVALENTS, BEGINNING BALANCE (I) 12,797 10,585 CASH FLOWS FROM OPERATIONS of which : 4,026 17,070 Cash flows from the P&L 10,337 14,369 Working capital (6,311) 2,701 CASH FLOWS RELATING TO INVESTING ACTIVITIES of which : (10,696) (8,497) Fixed Assets (7,986) (5,851) Subsidiaries, net of cash acquired (343) (322) Developments (2,756) (2,582) CASH FLOWS RELATING TO FINANCING ACTIVITIES of which : 4,672 (2,909) Proceeds from finance lease/bank loans 3,948 3,160 Repayments of finance lease liabilities/bank loans (2,108) (2,186) Bank overdrafts increase (decrease) 6, Dividends paid (2,875) (2,857) Own shares (250) (931) CASH AND CASH EQUIVALENTS, CLOSING BALANCE 10,585 16,290 Operations generated a cash flow of 17.1 million over the year. This amount is broken down into cash flow from P&L, which increased significantly to 14.4 million (against 10.3 in 2013), relating to the significant increase in operating profit, and a decrease in working capital requirements of 2.8 million. This decrease does not apply across the board: for instance, a specific project has a temporary impact assessed at 2.3 million. We also observe a major change in prepayments, with an increase of 2.4 million on the assets side of the balance sheet (corresponding to prepayments by Zetes, especially for certain second-level contracts with suppliers) and above all a 5.5 million increase on the liabilities side (this time corresponding to maintenance contracts sold, and relating to future periods and prebilling of customers). Investments by Goods ID amounted to 5.1 million, a decrease from 2013 ( 5.8 million). The largest investment ( 2.6 million) was in the development of MCL software and application solutions, based on the new strategy. In People ID, investments amounted to 3.3 million. These are residual investments relating to longterm contracts starting in A large part of the investments to be made for these contracts were already accounted for in the 2013 financial year ( 4.8 million). In total, the investments therefore amount to 8.4 million, including 2.5 million for the new passport contracts. The remainder represent what could be described as investments that have reached cruising speed within the Group, in the absence of external acquisitions. In 2014, the Group acquired own shares worth 0.9 million net. At 31 December 2014, it held 266,936 shares, representing 4.95% of the capital.

11 ZETES INDUSTRIES / ANNUAL RESULTS III. ACQUISITION In the summer of 2014, Zetes acquired the assets and staff of Rodata (Vienna, Austria), which was in difficulty. Reorganization and training the team in the Group s solutions brought about a rapid resurgence in activity, focussing on customer service. Organic growth is a major motivation for management. However, Zetes continues to pay close attention to opportunities for external growth, whether geographical or technological. IV. OUTLOOK The Goods ID Division saw solid growth in order-taking in 2014 and continues to pursue its strategy of offering value-added solutions. Naturally, the division remains vulnerable to its customers investment decisions, which are in turn influenced by the economic climate and geopolitical uncertainties. Nevertheless, recurrent business has grown constantly over the last two years. Recurrent business includes maintenance contracts, sale of consumables and, new since 2014, income from rental of solutions (managed services). Although they are not yet a major element of the Division s total revenue, they have a high gross margin since they combine the creation of software and the provision of services by Zetes. In People ID, visibility increased for long-term contracts with the launch of new e-passport and biometric visa projects. In conclusion, Goods ID s strategy combined with a structurally stronger revenue in People ID should lead to better results in 2015 than in 2014, while last year already followed two successive years of progress. V. RISKS AND UNCERTAINTIES Investing in Zetes shares has risks attached. These are described in the annual report and remain valid. VI. DIVIDEND The Board of Directors will be proposing to the Ordinary General Meeting that it declare a gross ordinary dividend of 0.63 per share. This represents a 15% increase on the previous year. VII. DRAWING UP OF ACCOUNTS The financial statements presented below are a summary of the annual report which will be available on 27 April They are drawn up in euros and are in conformity with IFRS standards as adopted by the European Union.

12 2.6 million in development Sustained effort 12 VIII. WORK OF THE STATUTORY AUDITOR The audit of the annual accounts is under way. The Statutory Auditor has confirmed that his audit procedures, which are substantially completed, have not revealed the need for any material correction to the accounting information contained in the press release. IX. CALENDAR Publication of the Annual Report: 27 April 2015 Ordinary General Meeting: 27 May 2015

13 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The elephant and the cattle egret are very close friends. The egret rids the elephant of his parasites and feeds from them. He also quickly informs him of any danger. A natural collaboration which inspires the Goods ID and People ID divisions of Zetes, as they mutually learn and benefit from their innovations and experiences.

14 14 X. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPARATE INCOME STATEMENT % Sales 214, , , % Cogs (120,427) (120,026) (141,690) Gross Margin 93,699 91, , % Gross Margin % 43.8% 43.2% 42.2% Employee Expenses (55,252) (54,250) (57,516) Other operating expenses (24,331) (23,661) (26,859) Total Operating expenses (79,583) (77,911) (84,374) Current EBITDA (1) 14,117 13,535 19, % Non current costs (1,207) (820) (1,015) EBITDA 12,910 12,715 18, % Provisions (189) (60) (165) Depreciation on fixed assets (5,033) (4,927) (5,501) Write-downs on stock (381) (638) (354) Write-downs on receivables (157) (185) (62) Write-downs on financial assets (26) (44) (1) Depreciation on development costs (1,686) (1,748) (2,324) Provisions, depreciation, amortisation, impairment losses (7,472) (7,604) (8,407) Operating profit (EBIT) 5,438 5,111 9, % Result from the disposal of fixed assets 61 (3) 30 Financial result excluding exchange differences (367) (503) (455) Exchange differences (175) (273) (111) Result before taxes 4,956 4,333 9, % Income tax (1,431) (935) (3,051) Profit of the period 3,526 3,397 6, % Non controlling interests (152) 12 (41) Net profit of the Group 3,677 3,385 6, % Current EBIT (REBIT) (1) 6,645 5,931 10, % Net current result (1) (2) 4,512 4,028 6, % TOTAL COMPREHENSIVE INCOME % Net profit of the Group Currency translation differences 3,677 3,385 6, % Net reevaluation of hedging instruments 106 (480) 142 Other comprehensive income, net of related tax effects (*) (13) (22) 95 Total comprehensive income of the Group (**) 94 (502) 237 3,771 2,883 6, % (*) «Other comprehensive income» (**) «Total comprehensive income» EARNINGS PER SHARE ( per share) % Number of shares outstanding (1) 5,247,116 5,156,750 5,162,665 Net result (2) % Net current result (2) (3) % Number of shares fully diluted (1) 5,247,116 5,156,750 5,162,665 Net diluted result (2) % (1) Weighted average number of outstanding shares (2) Attributable to equity holders of the parent company (3) «Current» excludes restructuring expenses and non current income/costs

15 ZETES INDUSTRIES / ANNUAL RESULTS FINANCIAL POSITION ASSETS Tangible assets 13,625 15,873 16,386 Intangible assets 5,433 6,659 6,489 Goodwill 39,878 39,924 40,033 Deferred tax assets 3,204 4,385 4,885 Financial assets and other non current assets 556 2,705 2,066 Non-current assets 62,697 69,545 69,859 Inventories 15,631 14,302 17,146 Current trade and other receivables 57,724 57,986 67,623 Trade receivables 53,852 54,183 63,974 Construction contracts 1,556 2,356 2,065 Other receivables 2,317 1,446 1,584 Current tax assets Current prepayments 9,900 10,588 13,116 Cash and cash equivalents 12,797 10,585 16,290 Current assets 96,268 93, ,614 TOTAL ASSETS 158, , ,474 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent 76,461 76,109 78,731 Issued capital 54,311 49,895 49,895 Reserves 21,725 26,332 27,032 Own shares (3,253) (3,502) (4,433) Profit of the period 3,677 3,385 6,237 Non controlling interests 1, Total equity 77,501 77,072 79,539 Non current interests bearing borrowings 798 2, Non current non-interests bearing borrowings Non current provisions Non current obligations Deferred tax liabilities 1,854 2,550 2,698 Non current liabilities 3,878 6,464 4,590 Current interests bearing borrowings 4,921 10,983 14,208 Current provisions Current obligations Current hedging instruments Current trade and other payables 68,168 65,858 81,346 Trade payables 31,524 28,957 37,859 Advances received 23,006 22,758 28,513 Other payables 13,638 14,144 14,973 Current tax liabilities 2,617 1,288 3,727 Other current liabilities 1,715 1,450 1,040 Current liabilities 77,586 79, ,345 TOTAL EQUITY AND LIABILITIES 158, , ,474

16 16 CASH FLOW STATEMENT CASH AND CASH EQUIVALENTS, BEGINNING BALANCE (I) 14,306 12,797 10,585 Cash flows from the P&L 10,541 10,337 14,369 Result before tax 4,956 4,333 9,247 Depreciation on fixed assets 5,033 4,927 5,501 Depreciation on development costs 1,686 1,748 2,324 Write-downs on stock & receivables Write-downs on financial assets Provisions (19) (200) 106 Net Financial charges Income tax paid (1,694) (1,504) (3,429) Other increase (decrease) (138) (68) 27 Working capital 1,840 (6,311) 2,701 Decrease (increase) in assets 3,235 (2,796) (14,126) Increase (decrease) in liabilities (1,395) (3,514) 16,827 CASH FLOWS FROM OPERATIONS (II) 12,381 4,026 17,070 Acquisitions (7,934) (11,086) (8,754) Fixed Assets (5,361) (7,986) (5,851) Subsidiaries, net of cash acquired (740) (343) (322) Developments (1,834) (2,756) (2,582) Disposals Fixed Assets Interests received (+) CASH FLOWS RELATING TO INVESTING ACTIVITIES (III) (7,662) (10,696) (8,497) Proceeds from cash flows from financing (1,395) 8,053 1,055 Capital Proceeds from finance lease/bank loans 0 3,947 3,160 Repayments of finance lease liabilities/bank loans (2,080) (2,108) (2,186) Bank overdrafts increase (decrease) 588 6, Cash restricted or pledged (8) 28 (35) Financial charges (224) (256) (277) Shareholders payments (4,580) (3,125) (3,788) Dividends paid (2,895) (2,875) (2,857) Own shares (1,685) (250) (931) CASH FLOWS RELATING TO FINANCING ACTIVITIES (IV) (6,199) 4,672 (3,009) NET INCREASE IN CASH AND CASH EQUIVALENTS (V)= (II)+(III)+(IV) (1,481) (1,998) 5,564 OTHER VARIATIONS ( incl. effect of exchange rate) (VI) (28) (214) 141 CASH AND CASH EQUIVALENTS, CLOSING BALANCE (VII)=(I)+(V)+(VI) 12,797 10,585 16,290

17 ZETES INDUSTRIES / ANNUAL RESULTS CHANGES IN SHAREHOLDERS EQUITY 2014 Issued capital Reserves Own shares Currency translation reserves Hedging reserves Total Non controlling interests Total equity Balance at 31 December ,895 30,465 (3,502) (714) (35) 76, ,072 Net result of the period 6,237 6,237 (41) 6,196 Result directly allocated to equity Total comprehensive income 6, ,474 (41) 6,433 Share-based payment Dividends (2,857) (2,857) (2,857) Acquisition / sales of own shares Increase (decrease) through changes in ownership interests in subsidiaries that do not result in change of control (931) (931) (931) (99) (99) (103) (202) Other variations (0) (0) (11) (11) Balance at 31 December ,895 33,780 (4,433) (572) 60 78, ,539 CHANGES IN SHAREHOLDERS EQUITY 2013 Reserves Issued capital Own shares Currency translation reserves Hedging reserves Total Non controlling interests Total equity Balance at 31 December ,311 25,649 (3,253) (234) (13) 76,461 1,039 77,501 Net result of the period 3,385 3, ,397 Result directly allocated to equity (480) (22) (502) (502) Total comprehensive income 3,385 (480) (22) 2, ,895 Dividends (2,875) (2,875) (2,875) Acquisition / sales of own shares Increase (decrease) through changes in ownership interests in subsidiaries that do not result in change of control (250) (250) (250) (110) (110) (82) (192) Other variations (4,416) 4,416 (0) (7) (7) Balance at 31 December ,895 30,465 (3,502) (714) (35) 76, ,072

18 18 SEGMENT REPORTING (P&L) % Sales Goods ID 171, , , % People ID 42,608 40,285 54, % Total sales 214, , , % Gross margin Goods ID 69,323 68,334 74, % In % of sales 40.4% 39.9% 39.2% People ID 24,377 23,112 28, % In % of sales 57.2% 57.4% 52.8% Total gross margin 93,699 91, , % Total gross margin in % of sales 43.8% 43.2% 42.2% Operating expenses Goods ID (61,884) (59,226) (62,613) 5.7% People ID (14,490) (15,433) (18,265) 18.3% Corporate (3,209) (3,252) (3,496) 7.5% Total operating expenses (79,583) (77,911) (84,374) 8.3% Current EBITDA Goods ID 7,439 9,108 12, % In % of sales 4.3% 5.3% 6.4% People ID 9,887 7,679 10, % In % of sales 23.2% 19.1% 19.3% Corporate (3,209) (3,252) (3,496) 7.5% Total current EBITDA 14,117 13,535 19, % Total current EBITDA in % of sales 6.6% 6.4% 7.8% EBITDA Goods ID 6,285 8,415 11, % People ID 9,879 7,552 10, % Corporate (3,254) (3,251) (3,547) 9.1% Total EBITDA 12,910 12,715 18, % Current EBIT Goods ID 2,296 3,201 6, % In % of sales 1.3% 1.9% 3.3% People ID 7,641 6,159 8, % In % of sales 17.9% 15.3% 15.1% Corporate (3,292) (3,429) (3,686) 7.5% Total current EBIT 6,645 5,931 10, % Total current EBIT in % of sales 3.1% 2.8% 4.4% EBIT Goods ID 1,142 2,508 5, % People ID 7,634 6,033 8, % Corporate (3,337) (3,429) (3,736) 9.0% Total EBIT 5,438 5,111 9, % Comments The Company is organized into two business units operating differently and, therefore, are reviewed separately: the Goods ID and the People ID. For the Goods ID, the company has built an international structure with physical infrastructures all over Europe, in Israel and in South Africa (15 countries). To the opposite, the People ID business is strongly centralized. The internal reporting for each business units is limited to the analysis of the sales, the gross margin, the operating expenses, the EBITDA and the depreciation. Zetes Group has also a «corporate» structure whose expenses are reviewed separately.

19 ZETES INDUSTRIES / ANNUAL RESULTS SEGMENT REPORTING (BS) % Goodwill Goods ID 36,569 36,615 36, % People ID 3,309 3,309 3, % Total goodwill 39,878 39,924 40, % Fixed assets Goods ID 14,289 14,660 14, % People ID 4,552 7,667 8, % Corporate Total fixed assets 19,058 22,531 22, % Inventories Goods ID 11,619 10,032 12, % People ID 4,012 4,269 5, % Total inventories 15,631 14,302 17, % Current trade and other receivables Goods ID 56,588 56,975 66, % People ID 9,024 10,361 13, % Corporate Total current trade and other receivables 65,752 67,434 79, % Total ASSETS Goods ID 119, , , % People ID 20,896 25,605 30, % Corporate and other non allocated assets 19,003 19,299 25,146 Total ASSETS 158, , , % Current trade and other payables Goods ID 60,432 58,294 72, % People ID 7,989 6,171 9, % Corporate ,403 Total current trade and other payables 69,150 65,234 82, % Total LIABILITIES Goods ID 60,432 58,294 72, % People ID 7,989 6,171 9, % Corporate and other non allocated liabilities 90,543 98, ,887 Total LIABILITIES 158, , , % Capital expenditures Goods ID 5,929 5,827 5,091 People ID 1,185 4,821 3,341 Corporate Total Capital expenditures 7,195 10,743 8,432

20 20 GOODS ID GROWTH Goods ID % Turnover 171, , % Gross Margin 68,334 74, % % Gross Margin / Sales 39.9% 39.2% Total Operating expenses (59,226) (62,613) 5.7% Current EBITDA 9,108 12, % % Current EBITDA / Sales 5.3% 6.4% EBITDA 8,415 11, % Goods ID Excluding currency impact % Turnover 171, , % Gross Margin 68,334 74, % % Gross Margin / Sales 39.9% 39.2% Total Operating expenses (59,226) (62,890) 6.2% Current EBITDA 9,108 12, % % Current EBITDA / Sales 5.3% 6.3% EBITDA 8,415 11, % PEOPLE ID GROWTH People ID % Turnover 40,285 54, % Gross Margin 23,112 28, % % Gross Margin / Sales 57.4% 52.8% Total Operating expenses (15,433) (18,265) 18.3% Current EBITDA 7,679 10, % % Current EBITDA / Sales 19.1% 19.3% EBITDA 7,552 10, %

21 ZETES INDUSTRIES / ANNUAL RESULTS ZETES GROUP ZETES GROUP 1H H Turnover 118, , ,270 Gross Margin 50,070 53, ,579 % Gross Margin / Sales 42.2% 42.3% 42.2% Total Operating expenses (42,005) (42,370) (84,374) Current EBITDA 8,066 11,139 19,205 % Current EBITDA / Sales 6.8% 8.8% 7.8% EBITDA 7,701 10,489 18,190 Goods ID 1H H Turnover 87, , ,639 Gross Margin 35,520 39,240 74,760 % Gross Margin / Sales 40.4% 38.2% 39.2% Total Operating expenses (31,371) (31,242) (62,613) Current EBITDA 4,149 7,998 12,147 % Current EBITDA / Sales 4.7% 7.8% 6.4% EBITDA 3,835 7,351 11,186 People ID 1H H Turnover 30,875 23,755 54,630 Gross Margin 14,550 14,269 28,819 % Gross Margin / Sales 47.1% 60.1% 52.8% Total Operating expenses (9,083) (9,182) (18,265) Current EBITDA 5,467 5,087 10,554 % Current EBITDA / Sales 17.7% 21.4% 19.3% EBITDA 5,467 5,085 10,552

22 22

23 ZETES INDUSTRIES / ANNUAL RESULTS

24 Zetes Corporate Marketing & Communication Pierre Lambert, CFO Da Vinci Science Park Rue de Strasbourg 3 B-1130 Brussels Design Layout e&t production This report was written in French. The Dutch and English versions are provided for the convenience of the reader. Only the French version is legally binding.

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