Outlook and 2016 guidance

We expect 2016 to be a challenging year. Difficult market conditions continue in Brazil, China and Russia. No significant improvement is anticipated in Europe, particularly in the Buildings and Infrastructure segment. Deflationary pressures continue and currency tailwinds are moderating.

Please refer to our website for more information on our ambitions and the strategic focus areas.

Amsterdam, February 10, 2016
The Board of Management