May 15, 2008 - General Meeting of Shareholders

  • Gross dividend of € 2.76 per share approved
  • Dr Alan Begg appointed as independent Director

Today Bekaert’s ordinary General Meeting of Shareholders took place, with Baron Buysse, Chairman of the Board of Directors, in the chair.

The meeting approved the balance sheet and the income statement as at 31 December 2007, as submitted by the Board of Directors, including the distribution of a gross dividend of € 2.760 per share. This corresponds to a net dividend per share of € 2.070. The net dividend on shares with VVPR strip, giving entitlement to a reduced withholding tax of 15%, thus amounts to € 2.346 per share. The dividend will be payable as from 21 May 2008 onwards upon presentation of dividend coupon no. 9 at the following banks: ING Belgium, Bank Degroof, Fortis Bank, KBC Bank and Dexia Bank in Belgium, Société Générale in France, ABN-AMRO Bank in the Netherlands and UBS in Switzerland.

The meeting discharged the Directors and the Statutory Auditor for the performance of their duties during the financial year 2007.

Mr Gary J. Allen leaves the Board of Directors as he has reached the retirement age set by the bylaws. In his address, Baron Buysse thanked the Director for his longstanding commitment and expertise in promoting the interests of the shareholders.

The meeting appointed Dr Alan Begg as independent Director in accordance with Article 524 of the Companies Code and the Belgian Corporate Governance Code, for a term of 3 years. Dr Begg is Senior Vice President of SKF, Sweden. He has a PhD in metallurgy and material sciences from Cambridge University and has a wide ranging list of professional achievements and activities to his name.

The meeting also approved the remuneration of the Directors and the Statutory Auditor.

Today the Extraordinary General Meeting of Shareholders took place as well. The meeting extended the authority granted to the Board of Directors to purchase shares of the Company. The authority of the Board in respect of the authorized capital was also extended. The Articles of Association were adapted to the new legislation concerning the notification of major holdings.

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