Mercurius-I - Investor Report

Transcription

1 Mercurius-I - Investor Report Important Dates Current Collection Period Start Date (including the date stated) 1/07/2016 Current Collection Period End Date (including the date stated) 31/07/2016 Calculation Date 19/08/2016 Start Date of the Interest Period (including the date stated) 24/07/2016 End Date of the Interest Period (excluding the date stated) 24/08/2016 Payment Date 24/08/2016 Notes Issued on 12 May 2014 (the Closing Date) EUR 3,200,000,000 Class A Fixed Rate Notes due 24 April 2035 EUR 924,000,000 Class B Subordinated Fixed Rate Notes due 24 April 2037 Ratings (Initial/Current) Class A Notes DBRS A(high)(sf) / AA(sf) Fitch A+(sf) / A+(sf) Moody's A1(sf) / Aa2(sf) Class B Notes NR NR NR All Principal, Interest, Balance and Expense amounts in this report are denominated in euro Notes of Mercurius Funding N.V. - S.A., institutionele vennootschap voor belegging in schuldvorderingen naar Belgisch recht / société d investissement en créances institutionnelle de droit belge, acting through its Compartment Mercurius-I, can only be acquired, held by and transferred to institutional investors or professional investors as described in article 5 3 of the Law of 20 July 2004 on certain types of collective management of investment portfolios, as amended or replaced (an Institutional Investor) acting for their own account. Mercurius will suspend the payment of dividends or interests in relation to its securities of which it becomes aware that these are held by a person who is not an Institutional Investor acting for its own account. Issuer: Mercurius Funding N.V. - S.A., institutionele VBS naar Belgisch recht / SIC institutionnelle de droit belge acting through its Compartment Mercurius-I, Boulevard Pachéco 44, 1000 Brussels, Belgium Administrator: Belfius Bank N.V. - S.A., Boulevard Pachéco 44, 1000 Brussels, Belgium Despina Drougas - CMTSS@Belfius.be - Tel.: Security Trustee: Stichting Security Agent Mercurius, Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands Servicer: Belfius Bank N.V. - S.A., Boulevard Pachéco 44, 1000 Brussels, Belgium Michel Devos - Michel.Devos@Belfius.be - Tel.: Accounting Services Provider: Belfius Fiduciaire NV/SA, 44 Boulevard Pachéco, 1000 Brussels, Belgium Fabrice André - fabrice.andre@belfius.be - Tel.: Mercurius-I Investor Report Page 1 of 27

2 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Percentage of Delinquent Loans 1. Loan Portfolio Number of Loans Number of loans on the Closing Date Number of loans at the beginning of the Collection Period (excluding Written-Off Loans) Number of loans added during the Collection Period 0 Matured loans during the Collection Period 694 Fully Prepaid loans during the Collection Period 72 Loans Repurchased during the Collection Period (Excluding Written-Off Loans) 1 Loans which became Written-Off Loans during the Collection Period 7 Number of loans at the end of the Collection Period (excluding Written-Off Loans) Outstanding Balances Loan Outstanding Balances at the Closing Date (excluding Written-Off Loans) Loan Outstanding Balances at the beginning of the Collection Period (excluding Written-Off Loans) Loan Outstanding Balances added during the Collection Period (excluding Written-Off Loans) 0.00 Scheduled Principal Received during the Collection Period Prepaid Principal during the Collection Period Principal Amounts received from selling loans during the Collection Period (Excluding Written-Off Loans) 0.00 Outstanding Balance of new Written-Off Loans during the Collection Period Total Outstanding Balance at the end of the Collection Period (excluding Written-Off Loans) Delinquent Loans at the end of the Collection Period 1 Delinquency Status Number of Loans % of Number of Loans Outstanding Balance % of Balance A % % 0-30 days % % days % % days % % B % % C % % Total % % 1 Delinquent Loan is a loan in arrears or that has been assigned at least internnal code "A" by the Servicer and which is not a Written-Off Loan Status "A" - payments have remained overdue for more than 1 day but no more than 90 days Status "B" - payments have remained overdue for more than 90 days Status "C" - the Loan is due and payable and foreclosure procedures are initiated 4.00% Aggregated Arrears Evolution 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% Status C Status B Status A 0.50% 0.00% Mercurius-I Investor Report Page 2 of 27

3 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Prepayments (annualised CPR) Written-Off and Recovery Status as of the end of the Collection Period 1 Number of Written-Off Loans during the Collection Period 7 % of Number of Loans Outstanding at the end of the Collection Period 0.03% Outstanding Balance of Written-Off Loans during the Collection Period % of Oustanding Balance Loans at the end of the Collection Period 0.04% Cumulative Balance of Written-Off Loans since Closing Date % of Outstanding Balance Loans on the Closing Date 0.54% Recoveries received during the Collection Period Cumulative Balance of Principal Recoveries since Closing % to the Cumulative Balance of Written-Off Loans since Closing Date 43.80% Current Outstanding Balance of Written-Off Loans since Closing Date Written-Off Loan is a loan which (i) has been assigned Loan Reductions for an uninterrupted period of 2 years, (ii) has received an internal code "D" or "Z" or (iii) has Loan Reductions higher than zero and which has been repurchased Repurchase Details Number of Loans Principal Balance Loans repurchased during the Collection Period of which Written-Off Loans of which Optional Loan repurchases w.r.t. LSA Total balance of Optional Loan Repurchases over the last 12 months w.r.t. LSA % of total balance of Optional Loan Repurchases over the last 12 months 0.00% Optional Loan Repurchase Trigger (Pass/Fail - Fail if >1%) Pass Optional Loan repurchases w.r.t. LSA % Principal Balance of Loans repurchased during the Collection Period Principal Amount Received for Loans repurchased during the Collection Period Principal Shortfall on Repurchased Loans during the Collection Period Including Written-Off Loans 2. Prepayment Data (excl. Written-Off Loans) excl.repurchases incl. Repurchases Prepayments during the period 01/05/ /05/ Prepayments during the period 01/06/ /06/ Prepayments during the period 01/07/ /07/ Annualised CPR during the period 01/05/ /05/ % 2.37% Annualised CPR during the period 01/06/ /06/ % 12.81% Annualised CPR during the period 01/07/ /07/ % 2.82% Average annualised CPR since Closing 2.82% 4.16% Mercurius - I CPR EVOLUTION 14.00% CPR including Repurchases CPR excluding Repurchases 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Mercurius-I Investor Report Page 3 of 27

4 3. Cash Flows under the Interest Priority of Payments Interest Available Funds Interest received by the Issuer on the Loans Prepayment penalties and default interest All other moneys received in respect of the Loans to the extent not related to principal 0.00 Interest amounts received in respect of repurchase or sale of Loans 0.00 Amounts to be received from the Deposit Account 0.00 Amounts accrued on sums standing to the credit of the Issuer Accounts 0.00 Recoveries Reserve Fund Interest Cash Buffer Allocation amounts as of the previous Payment Date Any remaining amounts standing to the credit of the Transaction Account, not related to principal 0.00 Amounts of principal applied to meet Class A Interest Shortfall 0.00 Total Interest Available Funds Including the Indemnity for Repurchases in accordance with Clause 9.7 of the Loan Sale Agreement Interest Priority of Payments Amounts due Amounts paid Servicer Back-Up Servicer Back-Up Servicer Facilitator Corporate Services Provider Accounting Services Provider National Bank of Belgium FSMA Euronext Brussels CFI Fonds de traitement de surendettement Auditor Rating Agencies Account Bank Domiciliary Agent Security Agent Administrator Calculation Agent Issuer Directors Dividend Reserve Other third party expenses Accrued Interest on Class A Notes Replenishment of the Reserve Fund up to Reserve Fund Level Amounts to reduce Class A PDL Amounts to reduce Class B PDL Replenishment of the Reserve Fund up to Reserve Fund Level Overdue Interest on Class B Notes Accrued Interest on Class B Notes Deffered Purchase Price Total Aggregated Amount Paid Cash Flows under the Principal Priority of Payments Principal Available Funds Principal repayments and prepayments Other principal amounts Principal amounts received in connection to repurchased loans Principal Cash Buffer Allocation Principal amount brought forward from the previous Payment Date Principal amounts to be received from the Deposit Account 0.00 Excess over collateral (on the first Payment Date only) 0.00 Reserve Fund amounts (on the date when Class A Notes stand to be redeemed in full) 0.00 Total Principal Available Funds Principal Priority of Payments Principal redirected to cover Interest Shortfalls on the Class A Notes 0.00 Principal Redemption Class A Notes Principal Redemption Class B Notes 0.00 Deferred Purchase Price 0.00 Total Aggregated Amount Paid Rounding Difference Transferred to the Next Payment Date Total Amount Allocated Mercurius-I Investor Report Page 4 of 27

5 5. Principal Deficiency Ledger Balances Loan Reductions Variation (a) Aggregate Loan Reductions and Total Write-Offs until the Current Collection Period End Date (incl.) (b) Aggregate Loan Reductions and Total Write-Offs until the Current Collection Period Start Date (excl.) (c) Redirected Principal on the previous Payment Date 0.00 (a)-(b)+(c) Loan Reductions Variation Principal Deficiency Ledgers PDL Class A PDL Class B (a) End PDL on the previous Payment Date (b) Loan Reductions Variation (c)=max[(a)+(b) ; 0] Start PDL (d) PDL Allocation (e)=(c)-(d) End PDL Cash Buffer Cash Buffer Balance (a) Cash Buffer balance at the beginning of the Interest Period (b) - out of which Interest Cash Buffer Allocation determined on the previous Payment Date (c) = (a) - (b) Net Cash Buffer balance at the beginning of the Interest Period (d) Amounts added to the Cash Buffer on the current Payment Date (e) Principal Cash Buffer Allocation on the current Payment Date (f) Interest Cash Buffer Allocation (ICBA) to pay on the following Payment Date 0.00 (g) = (c) + (d) - (e) Cash Buffer balance at the end of the Interest Period (h) = (g) - (f) Cash Buffer balance at the end of the Interest Period excluding ICBA Amount equal to PDL Allocation to Class A and Class B on Payment Date Principal Cash Buffer Allocation (a) Net Cash Buffer balance at the beginning of the Interest Period (b) PDL Allocation (c)=(a)+(b) Cash Buffer Available for Principal (d) New Write-Offs in the current period (e) Unallocated Write-Offs from previous periods 0.00 (f)=(d)+(e) Cash Buffer Required for Principal (g) = min[(c);(f)] Principal Cash Buffer Allocation on the current Payment Date Interest Cash Buffer Allocation (a) Cash Buffer Available for Interest (b) Start PDL (c) Loan Reduction Variation (d) End PDL on the previous Payment Date 0.00 (e) = (b) - (c) - (d) Cash Buffer Required for Interest 0.00 (f) =min[(a); (e)] Interest Cash Buffer Allocation to form part of the Interest Available Funds on the following Payment Date Unallocated Write-Offs (a) Unallocated Write-Offs as of the previous Payment Date 0.00 (b) New Write-Offs (c) Redirected Principal on the Payment Date 0.00 (d) Principal Cash Buffer Allocation on the Payment Date (e)=(a)+(b)+(c)-(d) Unallocated Write-Offs 0.00 Mercurius-I Investor Report Page 5 of 27

6 7. Interest Deficiency Ledger Class B Interest Deficiency Ledger (a) Balance at the beginning of the Interest Period 0.00 (b) Amounts added to the IDL 0.00 (c) Class B Interest Surplus 0.00 (e)=(a)+(b)-(c) Balance at the end of the Interest Period Class B Waiver 1 (a) Aggregate Loan Reductions until the end of the current Collection Period (b) Aggregate Loan Reductions until December 2015 (c)=(a)-(b) Impairment Variation (d) (e)=max[0, (c)-(d)] (f) (g) (h)=min[(f)-(g); (e)] PDL Allocations from December 2015 till current Payment Date Net Variation Reserve Fund Required Amount Sum of Class B Waivers from the Closing Date Class B Waiver on the Payment Date 1 Class B waiver calculations are reported only on the Payment Date in December of every year. 9. Reserve Fund Opening Balance of the Reserve Fund Amounts drawn from the Reserve Fund Replenishment of the Reserve Fund Closing Balance of the Reserve Fund Netted Transfers between the Reserve Account and the Transaction Account Amount to be transferred from the Reserve Account to the Transaction Account Amount to be transferred from the Transaction Account to the Reserve Account 10. Deposit Amount 1 Deposit Amount The amounts should be deposited in case of a Deposit Event Mercurius-I Investor Report Page 6 of 27

7 11. Note Balances and Periodic Payments under the Notes Class A Notes ISIN code BE Common Code NBB Dossier number 2409 Number of Bonds Outstanding Balance at Closing Date (in EUR) Outstanding Balance at the beginning of the Interest Period (in EUR) Principal Redemption (in EUR) Outstanding Balance at the end of the Interest Period (in EUR) Bond Factor after Principal Redemption Annual Interest Rate for the Period 2.750% Accrued Interest due for the Interest Period (in EUR) Interest Paid (in EUR) Outstanding Balance per Bond before Principal Redemption (in EUR) Principal Redemption per Bond (in EUR) Interest Payment per Bond (in EUR) * Outstanding Balance per Bond after Principal Redemption (in EUR) * Interest per bond assuming the holder holds one bond. The interest per bond might be higher due to rounding differences in the clearing system in case a bondholder Class B Notes ISIN code BE Common Code N/A NBB Dossier number N/A Number of Bonds Outstanding Balance at Closing Date (in EUR) Outstanding Balance at the beginning of the Interest Period (in EUR) Principal Redemption (in EUR) 0.00 Principal Waiver (in EUR) 0.00 Notional of Principal Waiver adjusted for Bond Factor (in EUR) Outstanding Balance at the end of the Interest Period (in EUR) Bond Factor after Principal Redemption and Waiver Annual Interest Rate for the Period 4.500% Interest Rate applicable for the Interest Period 4.500% Accrued Interest due for the Interest Period (in EUR) Interest Paid (in EUR) Overdue Interest Paid (in EUR) 0.00 Outstanding Balance per Bond before Principal Redemption (in EUR) Principal Redemption per Bond (in EUR) 0.00 Principal Waiver per Bond (in EUR) 0.00 Interest Payment per Bond (in EUR) * Outstanding Balance per Bond after Principal Redemption and Waiver (in EUR) * Interest per bond assuming the holder holds one bond. The interest per bond might be higher due to rounding differences in the clearing system in case a bondholder 12. Current Counterparty Ratings and Triggers Minimum Ratings Current Ratings Notification Event and Ratings Downgrade Event Seller Short Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) F-3/ / F2/P-1(cr)/R-1(low) Seller Long Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) BB+/Ba1/BBB(low) A-/A2(cr)/A(low) Deposit Event Seller Short Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) F-2/ / F2/P-1(cr)/R-1(low) Seller Long Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) BBB+/Baa1/BBB(low) A-/A2(cr)/A(low) Account Bank Event Account Bank Short Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) F-2/P-2/ F2/P-2/R-1(low) Account Bank Long Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) BBB+/ /BBB(high) A-/A3/A(low) Servicer Event Servicer Long Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) BBB-/Baa3/BBB(low) A-/A2(cr)/A(low) Repurchase Event Seller Long Term Rating (Belfius Bank) (Fitch/Moody's/DBRS) /Baa3/ A-/A2(cr)/A(low) Mercurius-I Investor Report Page 7 of 27

8 13. Artical 122a Disclosure: Belfius Bank exposures Outstanding Balance of Notes Current Exposure (EoP) (EoP) in EUR in % Class A Notes Class B Notes % Total: % 14. Performance Comments Mercurius-I Investor Report Page 8 of 27

9 15. Portfolio Overview Distribution by Weighted Average Life (WAL) 1 Principal Outstanding End of Collection Period Years in EUR in % # Loans in % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % > Total % % Weighted Average Life of the Collateral Distribution by Loan-to-Mortgage (LTM) Principal Outstanding End of Collection Period LTM in EUR in % # Borrowers in % 50% % % 50% - 100% % % 100% - 150% % % 150% - 200% % % 200% - 250% % % 250% - 300% % % 300% - 350% % % 350% - 400% % % 400% - 450% % % 450% - 500% % % 500% - 550% % % 550% - 600% % % 600% - 650% % % 650% - 700% % % 700% - 750% % % 750% - 800% % % 800% - 850% % % 850% % % No LTM % % Total % % Geographical Distribution Excluding Written-Off loans with initial maturity date before the end of the Current Collection Period Principal Outstanding end of Collection Period Province in EUR in % # Loans in % Antwerpen % % Brabant Wallon % % Brussel % % Hainaut % % Liège % % Limburg % % Luxembourg % % Namur % % Oost-Vlaanderen % % Vlaams-Brabant % % West-Vlaanderen % % Total % % Mercurius-I Investor Report Page 9 of 27

10 Exposures to 20 Biggest Borrowers Principal Outstanding end of Collection Period in EUR in bp # Loans in bp Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Borrower Total Distribution by Industry (Mapped to Fitch Industry Classification) Principal Outstanding end of Collection Period Industry in EUR in % # Loans in % automobiles % % banking & finance % % broadcasting & media % % building & materials % % business services % % cable % % chemicals % % computers & electronics % % consumer products % % energy % % environmental services % % farming & agricultural services % % food & beverage & tobacco % % gaming & leisure & entertainment % % healthcare % % industrial/manufacturing % % lodging & restaurants % % metals & mining % % packaging & containers % % paper & forest products % % pharmaceuticals % % real estate % % retail (general) % % supermarkets & drugstores % % telecommunications % % textiles & furniture % % transportation % % utilities % % Total % % Mercurius-I Investor Report Page 10 of 27

11 Exposure per Borrower Principal Outstanding end of Collection Period Exposure per Borrower in EUR in % # Borrowers in % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % > % % Total % % Distribution by Principal Payment Frequency Principal Outstanding end of Collection Period Payment Frequency in EUR in % # Loans in % Annual % % Bullet % % Monthly % % Quarterly % % Semi-annual % % Total % % Distribution by Amortization Profile Principal Outstanding end of Collection Period Amortization Profile in EUR in % # Loans in % Annuity % % Bullet % % Fixed Instalment % % Tailor Made % % Total % % Mercurius-I Investor Report Page 11 of 27

12 Distribution by Current Interest Rates Principal Outstanding end of Collection Period Interest Rate in EUR in % # Loans in % 0.0% - 1.0% % % 1.0% - 2.0% % % 2.0% - 3.0% % % 3.0% - 4.0% % % 4.0% - 5.0% % % 5.0% - 6.0% % % 6.0% - 7.0% % % 7.0% - 8.0% % % 8.0% - 9.0% % % 9.0% % % % 10.0% % % % 11.0% % % % % % % % % % > 16.0% Total % % Weighted Average Interest Rate of the Collateral 4.11% Interest Reset Frequency Principal Outstanding end of Collection Period Reset Frequency in EUR in % # Loans in % Semi-annually % % Annually % % 3/3/ % % 5/5/ % % 10/5/ % % Fixed % % Total % % Distribution by Seasoning Principal Outstanding end of Collection Period Seasoning (months) in EUR in % # Loans in % % % % % % % % % % % % % % % % % % % % % > Total % % Mercurius-I Investor Report Page 12 of 27

13 Distribution by Type of Security Principal Outstanding end of Collection Period Security in EUR in % # Loans in % Cash % % Mortgage Inscription % % Mortgage Mandate % % Other % % Unsecured % % Total % % Distribution by Borrower Segment Principal Outstanding end of Collection Period Segment in EUR in % # Loans in % S % % S % % S % % Total % % Distribution by Master Scale Rating Principal Outstanding end of Collection Period Master Scale Rating in EUR in % # Loans in % 0.00% - AAA % - AAA % - AA % - AA % % 0.04% - AA % % 0.05% - A % % 0.06% - A % % 0.07% - A % % 0.18% - BBB % % 0.34% - BBB % % 0.71% - BBB % % 0.88% - BB % % 1.15% - BB % % 2.68% - BB % % 3.95% - B % % 9.07% - B % % 13.84% - B % % 30.87% - CCC % % % - D % - D % % % - NR Total % % Weighted Average 1-Year PD of the Collateral 2.34% Mercurius-I Investor Report Page 13 of 27

14 Appendix I: Written-Off Loans Loan ID Borrower ID Industry Segment Region Date of Default Nominal on Default Date Current Nominal Loan Reductions Principal Recoveries Interest Recoveries Total Recoveries Amount of Loss business services Wallonia 30/04/ retail (general) Flanders 30/04/ business services Wallonia 31/05/ retail (general) Wallonia 31/05/ real estate Wallonia 31/05/ real estate Wallonia 31/05/ consumer products Brussels 31/05/ real estate Wallonia 31/05/ real estate Wallonia 31/05/ retail (general) Wallonia 31/05/ consumer products Flanders 30/06/ retail (general) Brussels 30/06/ retail (general) Brussels 30/06/ consumer products Flanders 30/06/ consumer products Flanders 30/06/ lodging & restaurants Brussels 30/06/ lodging & restaurants Brussels 30/06/ retail (general) Flanders 30/06/ building & materials Flanders 30/06/ lodging & restaurants Wallonia 30/06/ business services Brussels 30/06/ supermarkets & drugstores Flanders 21/06/ lodging & restaurants Wallonia 30/06/ food & beverage & tobacco Wallonia 31/07/ food & beverage & tobacco Wallonia 31/07/ food & beverage & tobacco Wallonia 31/07/ transportation Wallonia 31/07/ transportation Wallonia 31/07/ transportation Wallonia 31/07/ supermarkets & drugstores Wallonia 31/07/ building & materials Flanders 31/08/ transportation Brussels 31/08/ building & materials Flanders 31/08/ healthcare Flanders 31/08/ building & materials Flanders 30/09/ building & materials Wallonia 30/09/ consumer products Wallonia 30/09/ building & materials Wallonia 30/09/ healthcare Wallonia 30/09/ consumer products Wallonia 30/09/ consumer products Flanders 30/09/ healthcare Brussels 30/09/ retail (general) Wallonia 30/09/ retail (general) Flanders 30/09/

15 industrial/manufacturing Flanders 31/10/ industrial/manufacturing Flanders 31/10/ retail (general) Flanders 31/10/ building & materials Brussels 31/10/ industrial/manufacturing Flanders 31/10/ lodging & restaurants Wallonia 31/10/ healthcare Brussels 31/10/ building & materials Flanders 31/10/ building & materials Wallonia 31/10/ building & materials Wallonia 31/10/ building & materials Flanders 31/10/ building & materials Flanders 31/10/ healthcare Brussels 31/10/ healthcare Brussels 31/10/ farming & agricultural services Wallonia 31/10/ farming & agricultural services Wallonia 31/10/ building & materials Flanders 31/10/ healthcare Wallonia 30/11/ business services Flanders 30/11/ retail (general) Flanders 30/11/ building & materials Flanders 30/11/ business services Wallonia 31/12/ building & materials Flanders 31/12/ lodging & restaurants Flanders 31/12/ retail (general) Wallonia 31/12/ banking & finance Wallonia 31/12/ building & materials Wallonia 31/01/ real estate Flanders 31/01/ building & materials Wallonia 31/01/ business services Flanders 31/01/ business services Flanders 31/01/ transportation Flanders 31/01/ retail (general) Wallonia 31/01/ building & materials Flanders 28/02/ transportation Wallonia 28/02/ retail (general) Flanders 28/02/ healthcare Wallonia 28/02/ retail (general) Wallonia 28/02/ building & materials Flanders 28/02/ industrial/manufacturing Flanders 28/02/ real estate Wallonia 31/03/ consumer products Brussels 31/03/ real estate Wallonia 31/03/ real estate Flanders 31/03/ retail (general) Wallonia 31/03/ real estate Flanders 31/03/ building & materials Flanders 31/03/ supermarkets & drugstores Flanders 31/03/

16 automobiles Flanders 31/03/ consumer products Brussels 31/03/ food & beverage & tobacco Wallonia 31/03/ healthcare Wallonia 31/03/ building & materials Wallonia 31/03/ consumer products Wallonia 31/03/ building & materials Flanders 31/03/ building & materials Flanders 31/03/ consumer products Wallonia 31/03/ healthcare Flanders 30/06/ healthcare Brussels 16/06/ real estate Wallonia 30/06/ industrial/manufacturing Flanders 30/06/ real estate Wallonia 30/06/ lodging & restaurants Flanders 31/07/ supermarkets & drugstores Wallonia 31/07/ lodging & restaurants Wallonia 25/07/ business services Wallonia 31/07/ business services Wallonia 31/07/ building & materials Flanders 31/07/ consumer products Brussels 31/07/ industrial/manufacturing Flanders 31/08/ building & materials Wallonia 31/08/ transportation Flanders 05/08/ building & materials Wallonia 31/08/ building & materials Flanders 30/09/ textiles & furniture Flanders 10/09/ lodging & restaurants Brussels 30/09/ consumer products Wallonia 30/09/ business services Flanders 30/09/ business services Wallonia 30/09/ business services Flanders 30/09/ consumer products Wallonia 30/09/ business services Wallonia 30/09/ consumer products Wallonia 30/09/ consumer products Flanders 30/09/ business services Flanders 30/09/ lodging & restaurants Brussels 15/09/ building & materials Flanders 30/09/ lodging & restaurants Brussels 30/09/ business services Flanders 31/10/ business services Flanders 31/10/ building & materials Flanders 31/10/ business services Wallonia 31/10/ food & beverage & tobacco Brussels 28/10/ building & materials Wallonia 31/10/ building & materials Brussels 10/10/ computers & electronics Flanders 31/10/

17 business services Flanders 31/10/ business services Brussels 29/10/ business services Flanders 31/10/ transportation Wallonia 31/10/ business services Flanders 31/10/ retail (general) Brussels 30/11/ retail (general) Wallonia 30/11/ retail (general) Flanders 30/11/ consumer products Wallonia 30/11/ business services Flanders 30/11/ retail (general) Wallonia 30/11/ business services Brussels 30/11/ industrial/manufacturing Wallonia 30/11/ lodging & restaurants Wallonia 19/11/ lodging & restaurants Flanders 31/12/ lodging & restaurants Brussels 31/12/ lodging & restaurants Brussels 31/12/ industrial/manufacturing Wallonia 31/12/ utilities Wallonia 31/12/ automobiles Brussels 31/01/ building & materials Flanders 31/01/ metals & mining Wallonia 31/01/ building & materials Flanders 31/01/ retail (general) Wallonia 05/01/ consumer products Wallonia 28/02/ gaming & leisure & entertainment Flanders 28/02/ gaming & leisure & entertainment Flanders 28/02/ gaming & leisure & entertainment Flanders 28/02/ real estate Flanders 28/02/ consumer products Wallonia 28/02/ retail (general) Wallonia 28/02/ building & materials Flanders 28/02/ building & materials Wallonia 28/02/ telecommunications Flanders 28/02/ business services Flanders 30/04/ business services Flanders 30/04/ building & materials Flanders 30/04/ broadcasting & media Brussels 13/05/ consumer products Wallonia 30/04/ building & materials Flanders 30/04/ food & beverage & tobacco Brussels 30/04/ building & materials Wallonia 30/04/ real estate Wallonia 13/05/ building & materials Flanders 31/05/ building & materials Flanders 31/05/ food & beverage & tobacco Brussels 30/04/ consumer products Flanders 31/05/ building & materials Wallonia 31/05/