building leading companies through long-term engaged ... roadshow (maart 2020 – en).pdfseeking...

Building leading companies through

long-term engaged & responsible ownership

March 2020

INVESTMENT CASE

APPENDIXOVERVIEW

2

BUSINESS UPDATE & OUTLOOK

€20.3bn

Net asset value

+ 25.7% vs. year-end 2018

€15.2bn

Market capitalization

+ 23.5% vs. year-end 2018

12.0%

Annualized TSR+ 326 bps vs. reference index since the launch of the new

strategy in 2012

14.1

Sustainalytics rating

Low Risk

0.95

Raw beta

Low volatility vs. reference index

€4.0bn

Liquidity profile

In support to the strategy’s deployment

< 20 bps

Holding opex1

< 15 bps taking into account yield enhancement income

3.4%

NTM dividend yield

vs. 2.6% on a weighted average for the listed portfolio

3.7%

LTV

Conservative financial policy at holding level

Note: All information as of December 31, 2019

(1) Ratio of operating expenses vs. net asset value

2019 key figures

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BUSINESS UPDATE & OUTLOOK2019/20 highlights

€3.9bn asset rotation

Disposal€499m

Capital gain€333m

6.8% residual stake

Sound & resilient portfolio

performance

• Good operational performance in FY19 across the portfolio, with the exception of Imerys

• Resilient portfolio from a net leverage perspective

Strengthened ESG

disclosures

• Increased transparency with FY19 disclosures under the GRI framework and first UNPRI reporting

• Continued dialogue with the portfolio companies through our representatives at the Boards of Directors

Solid financial position

• Issuance of €750m of bonds exchangeable into LafargeHolcim shares at attractive terms

• Significant financial flexibility in support to the strategy’s deployment

• Execution of the share buyback authorizations

Acquisition€867m

Majority ownership

Private asset

Disposal€499m

Capital gain€106m

7.6% residual stake

Asset rotation€0.7bn

Net asset value reaching €1.8bn

(9% of GBL’s net asset value)

Acquisition€374m

Stake increased from 16.7% to

18.9%

February 2020

✓ Exit from the energy sector finalized

✓ Portfolio rebalancing

✓ Cross-asset agility

€771m disposal

Capital gain€411m

Forward sales maturing in

January 2020

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22.6%

19.3%

16.1% 16.0%

13.7% 14.2%

9.9%

12.0%

9.6%

13.6%

15.6%

12.5%11.1%

9.0% 9.1%

6.2%

8.7%

7.0%

2011-12 2011-13 2011-14 2011-15 2011-16 2011-17 2011-18 2011-19 2011-20ytd

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Total Shareholder Return outperforming our reference index

Note: Annualized TSR calculated as from year-end 2011 / GBL stock price (in dark blue) vs. our reference index (in grey - rebased) / Source: Bloomberg (March 6, 2020)

Sto

xx

Eu

rop

e 5

0

Dec-19

+ 326bps

+ 82%

+ 44%

+ 56%

+ 27%

+ 260bps COVID-19

impact+ 367bps

+ 505bps+ 466bps

+ 487bps+ 357bps

+ 366bps

+ 904bps

INVESTMENT CASE

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BUSINESS UPDATE & OUTLOOKActive portfolio rotation and capital allocation in the context of the new strategy

Disposals

€10.1bn

Including €6.3bn through the exit from the energy & utilities

sectors

Dividends received

€3.9bn

From the portfolio companies and Sienna Capital

Investments

€9.6bn

Including €5.9bn invested in the consumer goods and business services sectors

Dividends & share buybacks

€3.9bn

Including €3.6bn distributed to our shareholders

• Geographic and sector diversification

• Strengthening of the portfolio’s growth and

resilience profile

• Increased exposure to private and alternative

assets

• Successful redeployment of the disposal

proceeds from the high-yielding assets of the

energy and utilities sectors

• Share buyback programs authorized in 2018

and 2019

Dynamic asset rotation carried out since 2012 in the context of the portfolio rebalancing strategy

Note: 2012-20ytd flows

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19.9%

16.0%

15.6%11.6%

9.7%

8.2%

4.4%

9.0%

Investment grade ("IG")

63%

Sub-IG2%

Unrated35%

European mandate with a global footprint(2)

A diversified portfolio of solid and resilient companies, leaders in their sector

• Solid and resilient base of high-quality listed companies, leaders in their

sector and operating across all continents

• Conservative net leverage of 1.4x1 on a weighted average across the listed

portfolio

• Cross-asset agility with private & alternative assets representing 15% of

GBL’s portfolio

Portfolio breakdown

€20bn(1)

S&P &

Moody’s

ratings

Resilient profile of our listed investments

(1) Information as of December 31, 2019, excluding treasury shares, net debt position and the participation into Total which was fully exited in March and April 2019

(2) Combined sales’ geographic split calculated on a weighted average basis, on the information disclosed by the listed portfolio companies as of March 6, 2020

EMEA34%

Americas29%

Asia37%

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BUSINESS UPDATE & OUTLOOKEngaged investor acting in support of its portfolio companies’ strategy (1/2)

• Continuous support to

the strategic roadmap

• Governance changes

• Increased return to

shareholders

2015

19.4%

of NAV

38%

TSR1

Path towards value creation

Engaged presence in the Board of Directors of all our portfolio companies with a focus on:

• Strategic roadmap

• Selection, nomination and remuneration of the key executive management

• Capital allocation adequacy and notably shareholder remuneration

Seeking double-digit TSRs through the cycle

Note: Annualized TSRs calculated with reinvested dividends and on the period running from year-end 2011 or first investment (if more recent) and until Dec. 31, 2019

• Support to the active

portfolio management


• New cost savings plan

• Enhanced shareholders’

remuneration

2006

15.6%

of NAV

13%

TSR1

• Accelerating M&A

• Improved profitability

objective

• Changes to the Executive

Management and the

Board of Directors

2013

15.2%

of NAV

9%

TSR1

• Strengthening of

sustainability

• Active portfolio

management

• Support to the financial

discipline and further

deleveraging

2005

11.3%

of NAV

6%

TSR1

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BUSINESS UPDATE & OUTLOOKEngaged investor acting in support of its portfolio companies’ strategy (2/2)


• ‘Connect & Shape’

transformation program

• Talc litigation

• M&A

1987

7.9%

of NAV

4%

TSR1

• Support to the changes

to the Executive

Management team

• New organizational

structure

• Strategic measures in

terms of IT and ERP

2017

2.2%

of NAV

(6)%

TSR1


• Increased involvement

within Ontex’s Board

• ‘Transform2Grow’

strategic plan

2015

1.5%

of NAV

(8)%

TSR1

• Delisting of the company

effective in December

2019

• 23% ownership alongside

EQT and Corporación

Financiera Alba

2017

1.2%

of NAV

• Long-term growth

strategy

• Short-term capital

spending adjustment

• Mid- to long-term

fundamentals on the

RBM activity remaining

intact

2013

9.4% of

NAV

20%

TSR1

• Acquisition closed in

November 2019

• €0.9bn investment

• 64.7% ownership

alongside the

co-founders and 400+

managers

2019

4.3%

of NAV

Note: Annualized TSRs calculated with reinvested dividends and on the period running from year-end 2011 or first investment (if more recent) and until Dec. 31, 2019

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BUSINESS UPDATE & OUTLOOKFocus on GBL’s investment thesis into Webhelp

• Shared strategic vision with the co-founders and

the top management

• Long term perspective

• Engaged and supportive owner

• Far reaching global network

• Financial ressources to fuel M&A

2019201220062001

• Offshore

first

mover

€1.5bn

National player

• Expansion of French

onshore operations

• Organisation by

sectoral business unit

• First M&A deal

European champion

• 20+ acquisitions since

2013

• Worldwide coverage with

a presence in

35+ countries

• 50.000+ employees with

an expertise in 40+

languages

✓ Strong management team led by co-founders

displaying a solid track record

✓ Large players to increase market share by

leveraging scale and access to differentiating

technology

✓ Growth potential organically and through M&A in

a fragmented market

Transition to Global Leader

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Cumulative capital invested

Undrawn capital committed

Stake value (8.8% of GBL’s NAV)

Realized proceeds since inception

Total value since inception

Implied multiple of invested capital

Dynamic development of Sienna Capital, GBL’s alternative investments platform

Underlying operating companies

+150

9 external managers4 Direct investment/

Co-investment

€2.5bn of capital committed since inception

18 funds

€5.7bn of capital committed by other

LPs

€2.1bn

€0.5bn

€1.8bn

€1.2bn

€3.0bn

1.4x

Active asset rotation in 2019

new commitments

capital invested

realized proceeds

€403m

€459m

€247m

At year-end 2019

INVESTMENT CASE

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Consumer

• Luxury

• Entertainment

Industry

• Green economy

• Natural resources

• Sustainability

Business services

Healthcare

Targeted sectors

Long-term tailwindswe look for

Growing middle class in emerging countries, leading to

a global demographic and economic shift

Health awareness

Digital opportunities & disruptions

Sustainability& resource scarcity

Digital

A broad and flexible mandate to deploy further capital into listed and private assets in Europe

Industry featureswe seek

Industry featureswe avoid

Resilienceto economic downturn

Barriers to entry

Long-term sustained growth

Fragmentation andbuild-up opportunities

ESG compliance

Reliance on governments’ spending and regulation

Complexity requiringspecific expertise knowledge

Significant ESG risks

Poorly positioned vis-à-vis threats from digital disruption

Out-of-scope sectors

• Utilities

• Oil & Gas

• Financials

• Real Estate

• Telecom

• Regulated

industries

• Biotech

INVESTMENT CASE

APPENDIXOVERVIEW

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BUSINESS UPDATE & OUTLOOKAn efficient governance framework in support to the deployment of our strategy

Investment Committee

• Proprietary deal sourcing by an

experienced investment team

focused exclusively on Europe

• Differentiated access to

investment opportunities derived

from the strength of GBL’s

reputation in that area

• High-quality input from GBL

network

Investment team Board of Directors

• Committee headed by

GBL’s CEO

• Stringent deal screening

• In-house (financial, legal,

tax, ESG…) and tier 1

external competencies in

support to the deal

analysis

• Composition reflecting GBL’s holding

structure

• Parity control between the Frère and

Desmarais families (agreement in place

until 2029)

• Strong support from both families to

GBL’s strategic asset rotation

• Sound Board diversity

Investment process(1)

Stake disclosure

• No ownership

disclosure

Stakebuilding phase Engagement with the portfolio companies

• Positioning as an

engaged and

supportive investor

• Progressive entry into

the governance bodies

• Governance bodies’ meetings

Investment process post-authorization

• Executive Management

• General Assembly Meetings (systematic vote)

(1) Excluding Sienna Capital having a dedicated governance

INVESTMENT CASE

APPENDIXOVERVIEW

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BUSINESS UPDATE & OUTLOOKStrengthened approach to sustainability with increased transparency

GBL as a responsible company

GBL as a responsible investor

✓ Compliance with the obligation of reporting of non-financial information since 2017

Reporting frameworks:

✓ GBL’s commitment to UNGC in 2018 with a yearly reporting in place since 2019

✓ 2019 annual report prepared in accordance with the GRI (Global Reporting Initiative) Standards – Core option with a

third-party to issue an ISAE 3000 limited assurance

✓ Dedicated ESG focus included in GBL’s asset rotation guidelines since 2017

✓ GBL’s commitment to UNPRI in 2018 with a first reporting under that framework in March 2020

✓ Direct engagement with our portfolio companies based on a yearly in-house Compliance questionnaire sent to their

Boards of Directors through our representatives since 2018

✓ Yearly risk assessment of GBL’s portfolio companies using a proprietary tool developed by GBL and mapping the

ESG risks based on the following information:

• Analysis by tier 1 independent ESG-rating providers

• Knowledge and expertise of external ESG specialists

• Proprietary knowledge derived from the Compliance questionnaire

• Expertise of GBL’s investment team

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BUSINESS UPDATE & OUTLOOKSustainability targets for 2020-22

• Carbon neutrality sought at GBL level from 2020 onwards

• Engagement with all ESG-rating providers to ensure the appropriate positioning and assessment of GBL

• Ongoing trainings of GBL teams

Listed and private assets:

• Climate risk’s assessment in 2020 as part of the portfolio monitoring

• Map the climate impact across the portfolio

• Understand the portfolio’s exposure to physical and climate transition risks

Objective:

• Identify the portfolio’s maturity degree and exposure to carbon pricing mechanisms

• Embed the identified risks into GBL’s ESG risk assessment carried out on a yearly basis across the portfolio

• Translate the assessment’s outcome into potential adjustments to the investment theses

• Sector benchmarking for the portfolio companies to be carried out over the 2020-22 period

Sienna Capital

• Commitment to UNPRI in 2020

• UNPRI commitment requirement from Sienna Capital to the external fund managers it is invested in from 2021

onwards

GBL as a responsible company

GBL as a responsible investor

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Appendices

INVESTMENT CASE

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Sector Sports

equipmentWines & Spirits

TICCement & aggregates

Materials technology

Specialty minerals

CRM - BPOProcess

technology food sector

Hygienic consum.

Leisure parks

n.a.

Sector ranking #2 #2 #1 #1 Top 3 #1European

leader#1 Top 5

#2in Europe

n.a.

GBL’s ranking in shareholding(1)

#1 #3 #1 #1 #1 #1 #1 #3 #1 #3 n.a.

Date of first investment

2015 2006 2013 2005 2013 1987 2019 2017 2015 2017 2013

Board representation(2) 1/16 2/14 3/10 2/11 2/10 3/13 3/5 1/12 2/8 1/9 n.a.

GBL’sownership(2)

6.80% 7.49% 18.93% 7.57% 17.99% 53.99% 64,72% 8.51% 19.98% 23.00% 100%

Unrealized capital gains / (losses)

2.9 2.3(3) 0.9 1.0(3) 1.0 0.1 - (0.1) (0.1) (0) n.a.

Realized capital gains / (losses)(4) 0.3 - - 0.1(3) - - - - - - n.a.

TSR(5) 38% 13% 9% 6% 20% 4% n.a. (6)% (8)% n.a. n.a.

FY19net leverage(6) - 2.6x 0.9x 1.4x 1.9x 2.2x n/a 0.6x 3.5x n/a n.a.

GBL’s stake value (€bn) &

% of NAV

4.019%

3.216%

3.115%

2.311%

1.99%

1.68%

0.94%

0.52%

0.32%

0.21%

1.89%

Information as of December 31, 2019 (excluding the participation into Total which was fully exited in March and April 2019 through forward sales having matured in January 2020)(1) Source: Bloomberg(2) Information as of December 31, 2019, except where superseded by more recent public disclosures(3) Taking into account all impairments (including €0.4bn in 2008 on Pernod Ricard and €2.2bn primarily in 2016 on LafargeHolcim) accounted until December 31, 2017 (i.e. before the entry into

force of the IFRS 9 standard)(4) Information since 2012(5) Calculated with reinvested dividends and with regards to the period running from year-end 2011 (source: Bloomberg) or first investment (if more recent – source: GBL) and until Dec. 31, 2019(6) Information referring to FY19 (with the exception of GEA for which available data is as of September 30, 2019) and post-IFRS 16 (with the exception of LafargeHolcim)

Diversified portfolio of resilient industry leaders

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APPENDIXOVERVIEW

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1.3%

2.1%

3.0%

3.7%

5.7%

1.7%

2.9%

0.9%

2.6%

3.4%

adidas PernodRicard

SGS LH Imerys Umicore GEA Ontex Combined GBL

Note: NTM dividend yield as of March 6, 2019 (source: Bloomberg)

Dividend yield

Structural outperformance vs. listed portfolio

1.3%

2.1%

3.0%

3.7%

5.7%

1.7%

2.9%

0.9%

2.6%

3.4%

adidas PernodRicard


1.3%

2.1%

3.0%

3.7%

5.7%

1.7%

2.9%

0.9%

2.6%

3.4%

adidas PernodRicard


INVESTMENT CASE

APPENDIXOVERVIEW

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BUSINESS UPDATE & OUTLOOKMajor portfolio rebalancing since 2012

Note: Information as of December 31, 2019, excluding treasury shares, net debt position and the participation into Total which was fully exited in March and April 2019 through forward sales having matured in January 2020

Sectorialexposure

Energy54%

Industry28%

Consumer15%

Sienna Capital3%

Geographic split

France 97%

Other3%

Asset cyclicality

Resilient15%

Cyclical82%

Other 3%

Investment type

Yield56%

Value26%

Growth 15%

Sienna Capital 3%

2012

2019

€12bn

€20bn €20bn €20bn €20bn

€12bn €12bn €12bn

Growth 53%

Value22%

Growth/yield16%

Sienna Capital & others 9%

Resilient57%

Cyclical32%

Sienna Capital &

others9%

Counter-cyclical 2%

Consumer39%

Industry32%

Services20%

Sienna Capital & others 9%

France29%

Switzerland27%

Germany22%

Belgium11%

Spain1%

Other 10%

INVESTMENT CASE

APPENDIXOVERVIEW

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BUSINESS UPDATE & OUTLOOKOverview of Sienna Capital at year-end 2019

Direct investments/co-investments

Year of initial investment

2005 2002 2013 2014 2015 2015 2017 2019 2019 2018 2019 2019 2019

Share in Sienna Capital’s portfolio

16% 13% 12% 3% 11% 7% 3% 9% 0% 18% 1% 5% 2% 100%

In EUR millionIn 2019

New commitment

- - - - - - 50 150 49 - 9 100 45 403

Capital invested

51 39 26 6 - 35 16 150 - - 9 88 38 459

Distribution 185 - 46 9 0 6 - - - - - - - 247

In EUR millionAs of December 31, 2019

Initial commitment

863 385 300 75 150 97 75 150 49 250 9 100 45 2,547

Capital invested

672 302 237 61 150 95 36 150 - 250 9 88 38 2,087

Remaining commitment

191 83 63 14 - 7 39 - 49 - 0 13 7 466

Realized proceeds

778 286 122 10 0 9 - - - - - - - 1,204

GBL’s stake value (€bn) & % of NAV

287 237 221 59 199 117 47 155 (1) 325 9 87 38 1,779(1)

Total

Investment managers

(1) Difference between Sienna Capital’s stake value of €1,779m and its net asset value of €1,785m primarily corresponding to Sienna Capital’s cash position

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For each portfolio company: if risks assessed as material, reporting to GBL’s Audit Committee and ultimately to GBL’s Board of Directors, with the aim to ensure

their monitoring by GBL’s representatives through the governance bodies of the portfolio companies

Sustainability – GBL’s in-house ESG risk assessment methodology

ESG reportsInformation derived from reports issued by

a tier 1 third-party ESG-rating provider (the “ESG-rating Provider”)

Proprietary dataIn-house Compliance questionnaire sent

by GBL to portfolio companies (the “Compliance Review”)

Market dataStatistics and analyses collected by GBL’s

third-party ESG expert (the “ESG Expert”) on impacts related to the risks identified by

the ESG-rating Provider

Likelihood score Inherent impact Mitigation factor

Using the risk exposure scores in the ESG-rating

reports

Using market data and applying the

ESG-rating Provider’s methodology if no ESG-rating

report available

Risk exposure assessment

Assessment by the ESG Expert of impacts based on the following impact categories: (i) financial, (ii) Compliance /

legal, (iii) reputational and (iv) business-related

Impact assessment

Using the risk management scores in the ESG-rating

reports

Adjusting the scores based on answers received in the context of the Compliance

Review

Risk management assessment

Company dataPublic information made available by the

portfolio companies (Annual Reports, Sustainability Reports, etc)

Input from GBL’s investment teamReview and adjustments based on in-house knowledge of the portfolio companies and their sectors

Likelihood score

Adjusted inherent impact Adjusted mitigation factor

Residual impact score

ESG Risk mapping: For each portfolio company, mapping the key risks (based on their probability of occurrence and impact assessment)

Stage 1 – Data collection

Stage 2 – Initial risk assessment

Stage 3 – Adjusted risk assessment

Stage 4 – Reporting

Assessment extracted from the ESG-rating reports

Analysis performed by the ESG Expert

Actions and analyses performed by GBL

INVESTMENT CASE

APPENDIXOVERVIEW

21


Earlier in his career, Mr. Gallienne worked at the private equity firm Rhône Group in New York and London. In 2005, he founded and was Managing Director of the private equity funds of Ergon Capital Partners in Brussels.

He has been a Director of Groupe Bruxelles Lambert since 2009 and became Co-CEO in 2012. Since 2019, he assumes sole operational management of GBL as CEO.

He holds an MBA from INSEAD in Fontainebleau.

Mr. Gallienne serves as a Director of adidas, Imerys, Pernod Ricard, SGS and Webhelp.

Ian Gallienne – CEO

Mr. Hall began his career in the Merchant Banking Division of Morgan Stanley and later worked for the private equity firm Rhône Group. He was also the co-founder of a hedge fund sponsored by Tiger Management.

In 2012 he joined, as CEO, Sienna Capital. In 2016, he was appointed to the role of Head of Investments at GBL.

He holds an MBA from Stanford University.

Mr. Hall serves as a Director of Imerys, LafargeHolcim, Webhelp and GEA.

Colin Hall – Head of Investments

GBL’s team

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Mr. Raets began his career in Corporate Finance at Deloitte in 2002 as an M&A consultant.

He joined GBL in December 2006 as an analyst in the Participations Department and became Deputy Head of Investments in 2016. He became Head of Portfolio Monitoring in 2020.

He holds a degree in business engineering from the Solvay Business School in Brussels.

Mr. Raets serves as a Director of Umicore and is Observer on the Board of Directors of Imerys.

Laurent Raets – Investor director& Head of Portfolio Monitoring

Mr. Gheysens began his career in M&A at Goldman Sachs in Paris and London, before moving to the private equity sector. After three years at Sagard, he joined KKR in 2004 where he held various positions before becoming Managing Director in charge of the development of the French activities in 2018.

He joined GBL in 2019, bringing almost 20 years of experience in international private equity and a significant Board experience in public and private companies.

He graduated from IEP and holds a Master in Management from the ESSEC business school in France.

Mr. Gheysens serves as a Director of Webhelp.

Nicolas Gheysens – Investment director

Mr. Bredael began his career in 2003 as a consultant at Towers Watson in the US (Atlanta and New York), before he joined the BNP Paribas Group in 2007. Mr. Bredael held various positions in Investment Banking in offices in New York, Paris, Brussels and London, and focused on cross-border M&A transactions. From 2014 to 2016, he managed the M&A Execution Group of BNP Paribas London.

He joined GBL’s investment team in 2016.

He holds a master degree in applied economics from EHSAL (now KU Leuven).

Mr. Bredael serves as a Director of Ontex and Upfield.

Michael Bredael – Investment director

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Mr. Likin started his career in Central Africa in the car distribution sector where he held various administrative and financial positions at MIC. In 1997, he joined PwC where he became Senior Manager and was designated as C.P.A. by the Institut des Réviseurs d’Entreprises. In 2007, he joined Ergon Capital Partners as Chief Financial Officer. Later, in June 2012, he was appointed Group Controller of GBL. Since August 1, 2017, he assumes the CFO function.

Mr. Likin holds a M.Sc. in Commercial Engineering and certificates in Tax Administration from the Solvay Brussels School of Economics & Management (ULB).

Xavier Likin – CFO

Mrs. Maters began her career in 2001 with law firms in Brussels and London (including at Linklaters), where she specialised in mergers-acquisitions, capital markets, financing and business law.

She joined GBL in 2012 and is now carrying the function of Chief Legal Officer and General Secretary.

Mrs. Maters has a law degree from Université Libre de Bruxelles and from the London School of Economics (LLM).

Priscilla Maters – General Secretary & Chief Legal Officer

Sophie Gallaire began her career in 1999 at Arthur Andersen in statutory audit in Paris. She then moved to the banking sector, working successively in the structured finance departments of Halifax Bank of Scotland, Bank of Ireland and Barclays Bank PLC. After 12 years of experience in LBO, real estate and corporate financing, she joined GBL in April 2014.

She is in charge of Investor Relations, Financial Communication and Corporate Finance at GBL.

Sophie Gallaire holds a Master in Management from the ESCP Europe business school in Paris.

Sophie Gallaire – Head of IR, Communication & Corporate Finance

INVESTMENT CASE

APPENDIXOVERVIEW

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This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This presentation isincomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by GBL.

This document should not be construed as an offer, invitation to offer, or solicitation, or any advice or recommendation to buy, subscribefor, issue or sell any financial instrument, investment or derivative thereof referred to in this document or as any form of commitment toenter into any transaction in relation to the subject matter of this document.

This presentation has not been reviewed or registered with any public authority or stock exchange. Persons into whose possession thispresentation come are required to inform themselves about and to comply with all applicable laws and regulations in force in anyjurisdiction in or from which it invests or receives or possesses this presentation.

Prospective investors are required to make their own independent investigations and appraisals of GBL before taking any investmentdecision with respect to securities of GBL.

GBL does not make any representation or warranty (expressed or implied) as to the accuracy or completeness of the informationcontained in this document and as to the accuracy of the projections, estimates, assumptions and figures contained in this document. Byreceipt of this document, the recipient agrees that GBL (or either of its shareholders, directors or employees) shall have no liability forany misstatement or omission or fact or any opinion expressed herein, nor for the consequences of any reliance upon any statement,conclusion or opinion contained herein. All value indications included in this document are derived from the financial markets as of thedate of this report. It is therefore obvious that a modification of the conditions prevailing in the financial markets will have an effect onthe figures present hereafter.

This document is the exclusive property of GBL. Recipient of this presentation may not reproduce, redistribute or pass on, in whole or inpart, this presentation to any person.

In the context of the management of its public relations, GBL processes information about you which constitutes “personal data”. GBL hastherefore adopted a General Privacy Policy available on its website (http://www.gbl.be/en/General_Privacy_Policy). We invite you tocarefully read this General Privacy Policy, which sets out in more detail in which context we are processing your personal data andexplains your rights and our obligations in that respect.

By using or retaining a copy hereof, user and/or retainer hereby acknowledge, agree and accept that they have read this disclaimer andagreed to be bound by it.

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