experience. our greatest asset. - gbl · contribution to gbl’s cash earnings in 2018 (up from...

Experience. Our greatest asset.

November 2019

INVESTMENT CASE

APPENDIXOVERVIEW

2

BUSINESS UPDATE & OUTLOOK

1. Shareholding & asset rotation

2. adidas case study

3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4

Business update & outlook p.8

Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

3


GBL’s investment case offers an attractive risk-reward

(1) TSR, dividend yield, discount to indicative NAV and portfolio value as of Nov. 8, 2019, with TSR on an annualized basis with reinvested dividends, as from Y/E 2011(2) Over the last 3 years(3) Information as of September 30, 2019

Diversified & resilient portfolio Solid track record of

returns to shareholders

Loan To Value

2.8%

Significant available liquidity

€4.2bnManagement

remuneration aligned with shareholders’

interests

Ability to move quickly

Ability to seize new quality investment opportunities

Active asset rotation Solid financial position(3) Sound governance

Transactions carried out since the initiation of our new strategy in 2012

€18bn(3)

TSR(1) outperforming by 41%

the reference Stoxx Europe 50 index

Attractive dividend policy and yield

Discount to NAV(1) evolving in a tight

range (21 to 27%(2))

Lean cost structure (measured as

opex to NAV(2)) with no tax leakage

12.1%vs. 8.6%

3.3%

23.4%

19bps

Portfolio composed of high-quality investments

with upside potential

- Investment Grade listed global companies in

which GBL contributes to value creation by being

an active investor

- Increasing exposure to private assets

- Valuable alternative assets through Sienna Capital €

INVESTMENT CASE

APPENDIXOVERVIEW

4




3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

5


Accelerating urbanization

Well-positioned vis-à-vis digitaldisruption opportunities

(Artificial Intelligence, automation, etc.)

Sustainability& resource scarcity

A broad and flexible investment mandate in Europe

Long-term investment tailwinds we look for

Shift in global economic power towards emerging countries

Increased health awareness

Demographic shift (e.g. ageing population)

Industry featureswe seek

Out-of-scope sectorsTargeted sectors

• Utilities

• Oil & Gas

• Financials

• Real Estate

• Telecom

• Regulated

industries

• Biotech

Reliance on governments’ spending and regulation

Complexity requiringspecific expertise knowledge

Significant ESG risks

Poorly positioned vis-à-vis threats from digital disruption

Industry featureswe avoid

Resilienceto economic downturn

Barriers to entry

Long-term sustained growth

Fragmentation andbuild-up opportunities

Consumer

• Luxury

• Entertainment

• E-commerce/digital

Industry

• Green economy

• Natural resources

• Sustainability

Services

Healthcare

ESG compliance

INVESTMENT CASE

APPENDIXOVERVIEW

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Sector Sports

equipmentWines & Spirits

TICCement & aggregates

Materials technology

Specialty minerals

Process technology food sector

Hygienic consum.

CRM - BPOPlant-based

spreadsLeisure parks

n.a.

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

leader#1 Top 3 n.a.

GBL’s ranking in

shareholding(2)

#1 #3 #1 #1 #1 #1 #3 #1 #1 n.d. #2 n.a.

Date of first investment

2015 2006 2013 2005 2013 1987 2017 2015 2019 2018 2017 2013

Board representation ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ n.a.

GBL’sownership(3) 6.80% 7.49% 16.75% 9.29% 17.99% 53.99% 8.51% 19.98%

Up to 61%

n.d. 23.34% 100%

Stock price ∆(2)

YTD (in €)+ 49% + 17% + 17% + 33% + 13% (12%) + 27% 0% n.a. n.a. + 27% n.a.

Market cap. (€bn)(2) 54.5 44.4 17.4 29.1 9.7 2.9 5.2 1.5 n.a. n.a. 1.1 n.a.

FY18net leverage

n.a. 2.6x 0.6x 2.2x 1.2x 1.6x 0.1x 3.2x ~5.5x n.d. 4.2x n.a.

GBL’s stake value (€bn) & % of NAV(4)

3.719%

3.317%

2.915%

2.714%

1.79%

1.68%

0.42%

0.32%

Up to 0.8Up to 4%

0.32%

0.21%

1.47%

A portfolio of solid companies, leaders in their sector, where GBL is influential

(1) Investment held by Sienna Capital(2) Information as of November 8, 2019(3) Figures as of September 30, 2019, except where superseded by more recent public disclosures(4) Information (i) computed based on ownership as of September 30, 2019 and stock prices as of November 8, 2019 and (ii) based on last disclosures for private assets

Alternative assets

Listed investments Private assets

(1)

INVESTMENT CASE

APPENDIXOVERVIEW

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France26%

Switzerland30%

Germany22%

Belgium11%

Spain1%

Other 10%

A European base and a global footprint

Switzerland

Spain

BelgiumFrance

Germany

Netherlands

Portfolio companies headquartered in Europe

Portfolio companies operating in 100+ countries across all continents

Consolidated revenue(2)

(1) Breakdown of indicative NAV (excl. (i) treasury shares and net debt position and (ii) participation into Total) by country of incorporation as of Nov. 8, 2019(2) Portfolio companies’ geographical mix weighted by contribution to GBL’s portfolio value

Net asset value(1)

EMEA34%

Americas30%

Asia36%

c.€77bn€20bn

INVESTMENT CASE

APPENDIXOVERVIEW

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3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

9


1.4%

1.9%

3.2%

3.9%

6.3%

2.1%

3.0%2.8%

1.8%

2.8%

3.3%

adidas PernodRicard

SGS LH Imerys Umicore GEA Ontex ParquesReunidos

Combined GBL

Exceeding the portfolio’s weighted average

12.1%

6.7%

8.6%

5.3%

2012-19ytd 15 years

Share buyback

€250m authorization in 10/2018 fully executed

€250m authorization in 09/2019 2% executed

€750missuance of

an exchangeable bond into LH shares

09/2019

Total annualized shareholder return

Net asset value’s growththrough the cycle

Sto

xx

Eu

rop

e 5

0

(€bn)

Note: Information in terms of TSR, NTM dividend yield, indicative NAV and execution of the share buyback program as of November 8, 2019 (source: Bloomberg & GBL)

Key highlights

2019 highlights

Portfolio rebalancing& deconcentration

€0.7bn capital gain

Increased exposure to private assets

Dividend yield

7.5

8.9

11.1

16.8

19.7

12.8

15.2 14.3

11.6

13.2

14.9 15.3 15.2

17.0

18.9

16.2

19.6

2003 2006 2009 2012 2015 2018

INVESTMENT CASE

APPENDIXOVERVIEW

10


€19.6bn

Solid performance of our largest investments

€8.0bn

(1) Presenting (i) unrealized capital gains across the whole portfolio, 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 IFRS9 standard), and computed based on (x) ownership as of September 30, 2019 (except if superseded by more recent public disclosures), and (y) stock prices as of November 8, 2019, and (ii) realized capital gains on the top 3 assets (i.e. €0.3bn generated in 2019 on adidas and €0.2bn generated in 2012 on Pernod Ricard)

(2) Information calculated based on ownership as of September 30, 2019 and stock prices as of November 8, 2019

(3) TSR calculated since 2012 for GBL (source: Bloomberg) / IRR computed since 2012 for Pernod Ricard and first investment date for adidas and SGS until November 8, 2019 (source: GBL)

2015 €2.9bn 1.4% 18.9% 37.2%

2006 €2.7bn 1.9% 17.0% 13.7%

2013 €0.7bn 3.2% 14.9% 7.9%

€3.7bn

€3.3bn

€2.9bn

Indicative NAV

Capital gains(1)

Dividend yield

% of NAV(2) TSR(3)

€10.0bn €6.4bn 2.1% 50.8%Top 3 assets 15.5%

3.3% 12.1%

INVESTMENT CASE

APPENDIXOVERVIEW

11


« Transform to Grow » plan implemented with the goal of improving the group’s competitiveness and returning it to sustainable growth

Stronger support through the appointment of a second GBL representative to the Board of Directors

New organizational structure built around the group’s technologies, with clear P&L responsibility and accountability bringing back financial transparency and aiming at increasing profitability

Progressive increase in the payout ratio (39% in FY19)

Ongoing execution of the share buyback programme authorized for a maximum amount

of €3.0bn over the 2018-21 period

« Connect & Shape » transformation programmeaiming to refocus the group on its markets and customers by simplifying its organization

Active and engaged investor, acting in support of its portfolio companies’ strategy

New strategic plans M&A activity

Disposal of activities in Indonesia, Malaysia and the Philippes, allowing group to accelerate its deleveraging

Reinforcement of the high-quality premium brand portfolio, notably through the acquisitions of the Italian gin brand Malfy, the Rabbit Hole Whiskey, TX Blended Whiskey and the Castle Brands portfolio including Jefferson’s Bourbon

Disposal process relating to Petroleum Service Corporation, a major step towards achieving the overall sales objective announced by the group in November 2018

Acquisition of cobalt refinery and cathode precursor operations in Finland

Authorization of a new share buyback

programme of up to CHF250m

in January 2019

Improving shareholders’ remuneration

Accelerated dividend distribution increase to c.50% payout from FY19

Up to €1bn share buyback programme across FY20 and FY21

INVESTMENT CASE

APPENDIXOVERVIEW

12


Focus on the Webhelp transaction

• European leader in customer relationship management business

process outsourcing ("CRM BPO")

• Founded in 2000 by Frederic Jousset and Olivier Duha and

headquartered in Paris

• Revenues of ~€1.5bn

• Employs over 50,000 people, serving 1,000+ clients across 35

countries and 35+ languages with 130+ sites across onshore,

nearshore and offshore locations

Company snapshot

• Completion within the course of Q4 2019, afterobtaining appropriate regulatory authorisations

Full suite of services

Process update

“Core” customer relationship management

• Commercial assistance: high quality omnichannel support and problem resolution

• Sales: assist customers to make purchases, increasing sales volumes, value and retention

• Technical support: fix customer software and hardware issues remotely

Specialised enterprise outsourcing

• Enterprise B2B sales• Helpdesk & specialist support• Healthcare services

Business process outsourcing

• Payment services• Digital processes• Legal & regulatory services

Customer experience solutions

• Advisory• Managed services• Technology services

• Impressive growth story led by successful co-founders alongside a

strong and invested management team

• Attractive, growing / underpenetrated and fragmented market

estimated at c.$75bn

• Resilient and counter-cyclical business model with diversified

end-markets & large customer base

• Continuous market outperformance, thanks to a strong

entrepreneurial culture

• Significant external growth opportunities combined with a

remarkable M&A track record and the potential to grow from a

European champion to a Global leader

• Robust financial profile in terms of both profitability and cash flow

generation

Strategic rationale to acquire Webhelp

INVESTMENT CASE

APPENDIXOVERVIEW

13


Sienna Capital continues its successful development

Recent co-investment

Cumulative capital invested

€1.7bn

Implied multiple of invested capital

1.4x

Undrawn capital committed to existing managers

€0.6bn

Contribution to GBL’s cash earnings in 2018 (up from €42m in 2017)

€48m

Total capital committed by Sienna Capital since inception

€2.2bn

€1.0bn€1.4bn

Stake value

+=

€2.4bnTotal value since inception

Distributions received

• €150m invested in July 2019

• Public equities fund based in London specialising in tech investments

Note: All information as of September 30, 2019 (excluding Upfield)

• Commitment of €100m

• Co-investment alongside Carlyle

• Global, integrated company operating across the entire oil and gas value chain (€22.1bn sales in 2018)

Recent investment

External fund managers

INVESTMENT CASE

APPENDIXOVERVIEW

14


Key milestones

✓ Dedicated ESG focus included in GBL’s asset rotation

guidelines since 2017

✓ GBL’s commitment to UNPRI in 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 a yearly questionnaire

sent to the Board of Directors of the portfolio companies

• Expertise of GBL’s investment team

Going forward

Deep dive on GBL’s portfolio

companies with a focus on:

• Climate change and

transition in 2020

• Positioning vs. peers

Key milestones

✓ Compliance with the obligation of reporting of

non-financial information since 2017

✓ GBL’s commitment to UNGC in 2018

Going forward

• UNGC yearly reporting

• Lobbying to set ESG methodologies dedicated to

investment holding companies (as observed in the

ratings space)

Progressive strengthening of our ESG in-house approach

GBL as a responsible company GBL as a responsible investor

INVESTMENT CASE

APPENDIXOVERVIEW

15


› Active management of our portfolio

› Further development of our influence within our participations

› Progressive increase in GBL’s exposure to private and alternative

investments towards c.30% of the portfolio

› Continuous structuring of our ESG approach and commitments

› Opportunistic execution of our share buyback program

15

Mid-term strategic objectives

INVESTMENT CASE

APPENDIXOVERVIEW

16




3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

17


Desmarais familyFrère family

Frère group

Parjointco50% 50%

56% (75%)

Power Corporation of Canada group

% ownership(% voting rights)

Swiss listed company

3%

50% (52%)(1)

• The Frère and Desmarais families joined

forces to invest together in Europe in the

early 1980s

– A shareholders’ agreement between the

two families was created in 1990 and

has been extended twice, once in 1996

and again in 2012

– 25+ years of formal partnership

• Multi-generational collaboration

• The current agreement, effective until

2029 and with the possibility of extension,

establishes a parity control in Pargesa and

GBL

GBL’s simplifiedshareholding structure

Relations with the controlling shareholder

Shareholding & governanceA stable and solid family ownership

(1) Taking into account the treasury shares whose voting rights are suspended

Note: September 30, 2019 figures

INVESTMENT CASE

APPENDIXOVERVIEW

18


Upside potential Downside protection

Continuous assessment of the portfolio assets, focusing on the following areas:

Strict selection of opportunities based on the following grid of investment criteria:

Continuous assessment of the portfolio is conducted, focusing on both protecting our downside and creating value

Investment assessment Divestment guidelines

• Exposure to long-term growth drivers

• Resilience to economic downturn

• Favorable competitive dynamics

• Barriers to entry

• Build-up opportunities

Sector

• Market leader with clear business model

• Foreseeable organic growth

• Strong cash flow generation capabilities

• Return on capital employed higher than WACC

• Low financial gearing

• Appropriate positioning vis-à-vis digital disruption

Company

• Attractive valuation

• Potential for shareholder return

Valuation

• Potential to become first shareholder, with influence

• Potential for Board representation

• Seasoned management

Governance

• ESG strategy, reporting and relevant governance bodies being in place for listed investment opportunities

ESG

• Business model’s disruption risk related to digital or technological

evolutions

• Other company risks including competition, geopolitics and ESG

Specific company risk

• Objective not to exceed around 20% in terms of:

• portfolio's exposure to a single asset

• cash earnings' contribution from a single asset

Portfolio concentration risk

• Multiples above historical average

• Prospective TSR below internal targets

Valuation risk

Potential for further value creation

INVESTMENT CASE

APPENDIXOVERVIEW

19


Resilient54%

Cyclical34%

Sienna Capital &

others10%

Counter-cyclical 2%

France26%

Switzerland30%

Germany22%

Belgium11%

Spain1%

Other 10%

Consumer40%

Industry34%

Services16%

Sienna Capital & others 10%

A portfolio materially rebalanced since 2012

Note: Information (i) computed based on ownership as of September 30, 2019 and stock prices as of November 8, 2019 and (ii) excluding treasury shares, net debt position and the participation into Total which was fully exited in March and April 2019 through forward sales maturing in January 2020

Sectorialexposure

Energy54%

Industry28%

Consumer15%

Sienna Capital3%

Geographic split

France 97%

Other3%

Assetcyclicality

Resilient15%

Cyclical82%

Other 3%

Investment type

Yield56%

Value26%

Growth 15%

Sienna Capital 3%

2012

2019

€12bn

€20bn €20bn €20bn €20bn

€12bn €12bn €12bn

Growth 49%

Value25%

Growth/yield16%

Sienna Capital & others 10%

INVESTMENT CASE

APPENDIXOVERVIEW

20




3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

21


272 +194%

+45%

0

50

100

150

200

250

300

350

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

adidas Stoxx Europe 600 Consumer Goods (rebased)

Source: Bloomberg / GBL as of November 8, 2019

adidas share price(since January 2014)

Stakevalue

Capital invested

IRR since first investment

Unrealized capital gain

€1.2bn

€3.7bn

€2.6bn

37%

New management team

- CEO: Kasper Rorsted

- CFO/COO: Harm Ohlmeyer

Market share gains in Asia and the USA

Operating margin improvement

Valuation rerating

Enhanced cash returns to shareholders

+ 372%Since Jan. 2015

Contrarianinvestment

Realized capital gain

€0.3bn

adidas’ performance has been very robust

Stock performance since 2014

INVESTMENT CASE

APPENDIXOVERVIEW

22


Over time, GBL has strengthened its influence, being involved into all key corporate governance decisions. We remain confident in the long-term prospects, backed by a strong management team, executing the right strategy, with the ambition to increase returns to shareholders

• Industry trends remain attractive

– Athleisure / health consciousness

– Sportswear adoption in China and other countries

• Top line growth will be supported by:

– High-quality management team

– Further market share gains in the US

– Digital transformation with online expected to reach €4.0bn in 2020 (from €1.0bn in 2016)

– The ongoing strong momentum in China

– Speed initiatives

– Successful franchises (e.g. Yeezy) and new partnerships (e.g. Beyoncé)

• Operating margin is expected to reach 11.5% in 2020 driven by:

– Operational excellence (speed program, operating leverage)

– Reebok turnaround

– Increasing share of online sales

– Margin expansion in the US

Why do we remain positive?

• Operations:

– Strong results

– adidas has closed the gap with Nike

– Streamlining of the portfolio (TaylorMadeand CCM Hockey)

– Digital roadmap acceleration

• Governance

– Kasper Rorsted has been appointed CEO

– Ian Gallienne has become Board member and joined the audit Committee

– Harm Ohlmeyer has been appointed CFO

– Attractive LTIP package for Management to further align interests

– Succession planning and strengthening of Board skills

• Shareholder remuneration

– Share buyback program of €3bn

– Progressive increase in payout, anticipated within the 30%-50% range

GBL’s involvement since 2016

GBL’s involvement

GBL’s involvement and positive long-term outlook

INVESTMENT CASE

APPENDIXOVERVIEW

23




3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

24


Overview of Sienna Capital

Note: figures as of September 30, 2019

(1) Commitments in CIEP II and CEPSA were signed on September 13, 2019 and no drawdowns were made as of September 30, 2019

(2) Cumulative figures excluding Upfield

Funds/InvestmentsYear of initial

investmentStrategy Funds Commitment

Capital invested

Remaining commitment

Distributionreceived to

date

Stake value

Implied money

multiple

2005 Private Equity ECP I, II, III, IV €863m €672m €191m €593m €445m 1.5x

2002 Private Equity Sagard I, II, III €385m €283m €102m €286m €206m 1.7x

2013 LBO Debt KCO III & IV €300m €219m €81m €115m €201m 1.4x

2014Healthcare

Growth Capital MP

I & II€75m €58m €17m €9m €55m 1.1x

2015Euro mid-cap public

equitiesPrimeStone €150m €150m - - €178m 1.2x

2015Long-term capital to

family businessesBDTCP II €112m €94m €16m €2m €120m 1.3x

2017 Digital technologies BACKED 1 €25m €23m €2m - €33m 1.5x

2019Public Equities tech

fundMarcho Partners €150m €150m - - €144m 1.0x

2019Direct Deal – Global ticketing platform

n/a €9m €9m - - €9m 1.0x

2019 Global energy fund CIEP II c.€50m - c.€50m - - n/a

2019Direct Deal –

European energy n/a c.€100m - c.€100m - - n/a

Cumulative(2) €2,220m €1,657m €561m €1,005m €1,391m 1.4x

INVESTMENT CASE

APPENDIXOVERVIEW

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3. Sienna Capital

4. Management & IR

Investment case p.2

Overview p.4


Appendix p.16

INVESTMENT CASE

APPENDIXOVERVIEW

26


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 and SGS.

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 and GEA.

Colin Hall – Head of Investments

INVESTMENT CASE

APPENDIXOVERVIEW

27


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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Disclaimer

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,subscribe for, issue or sell any financial instrument, investment or derivative thereof referred to in this document or as any form ofcommitment to enter 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.

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In the context of the management of its public relations, GBL processes information about you which constitutes “personal data”. GBLhas therefore 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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experience. our greatest asset. - gbl · contribution to gbl’s cash earnings in 2018 (up from...

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