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Experience. Our greatest asset. An introduction to GBL An introduction to GBL November 2018 VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE I. Overview p.2 Key facts & figures Core values Investment mandate

  1. Experience. Our greatest asset. An introduction to GBL An introduction to GBL November 2018

  2. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE I. Overview p.2 Key facts & figures Core values Investment mandate & universe Portfolio rotation & overview II. Value creation throughout the investment cycle p.9 Value creation levers Investment criteria Portfolio monitoring Portfolio risk assessment III. Case study - adidas p.14 IV. Performance update p.20 V. Management team p.26 2

  3. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE Leading investor in Europe focused on long-term value creation € 19bn >60 years 10 € 15bn Net Asset Value Stock exchange Disclosed investments in listed Market listing in 1956 (« NAV ») assets, leaders in their sector capitalization 2 nd 50% € 484m € 2.7bn Largest listed investment Stable and supportive Solid liquidity profile Dividends company in Europe (after ownership by the Frère from cash and distributed in 2018 Investor AB) and Desmarais families undrawn credit lines € 16bn 2018 13.1% 3.4% ESG commitment Asset rotation carried out 2012-18 YTD annualised Next-12-month since the initiation of our to Total Shareholder Return dividend yield new strategy in 2012 (« TSR ») Note: information as of September 30, 2018 3

  4. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE Solid core values Active and Patrimonial Engaged • Through-the-cycle investor • Creative, challenging and supportive board member aiming at unlocking long term value • Permanent capital with long-term investment outlook (strategy, selection of Chairman & CEO, remuneration policy, capital structure, M&A) Conservative net financial leverage • Willing to tackle complex situations • Solid and stable family shareholder base • We create value Flexible Focused mandate Equity investments ranging in size from • • Team sourcing a sizeable deal flow but € 250m up to € 2bn selecting and overseeing a limited number Majority stakes or minority positions with • of core investments influence • Public or private companies Geographical and sector focus • Growing exposure to alternative assets • Demonstrated co-investment capability • 4

  5. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE A broad and flexible investment mandate in Europe Investment themes Investment universe Anticipating megatrends and • Target companies are headquartered in Europe and may be listed or private; upcoming disruptions Equity investments range primarily between € 250m and € 2bn, potentially in • co-investment alongside other leading investment institutions; Shift in global economic power GBL aspires to hold a position of core shareholder in the capital of its portfolio • towards emerging countries companies and play an active role in the governance, through majority stakes or minority positions with influence; Demographic shift GBL intends to reinforce the diversification of its portfolio by pursuing the • (e.g. ageing population) development of its alternative investments through its subsidiary Sienna Capital. Health & lifestyle Key sector focus Industry/manufacturing • Services Healthcare Consumer • • • Accelerating urbanization – Green economy – Luxury – Natural resources – Entertainment – Sustainability – E-commerce/digital Technology & digital Out-of-scope sectors Utilities • Real Estate • • Regulated industries Sustainability • Oil & Gas Telecom • Biotech • & resource scarcity Financials • 5

  6. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE A rebalanced portfolio in terms of sectors and geography Beginning of 2012 September 30, 2018 Other Sienna Capital Energy 4% 1% 7% Sienna Capital 3% Services Consumer 15% 15% Sector € 12bn € 20bn Energy 54% Industry Industry 28% 39% Consumer 34% Other 8% Spain 1% Other France 3% 33% Belgium 12% Geography Germany France 19% 97% Switzerland 27% 6 Note: asset split presented in terms of portfolio value

  7. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE A rotation towards growth assets and a higher resilience through the cycle Beginning of 2012 September 30, 2018 Other Yield Sienna Capital 1% 5% 7% Sienna Capital 3% Growth Value Growth/Yield Asset type 15% 28% 15% € 12bn € 20bn Yield 56% Value 26% Growth 44% Other Counter-cyclical Sienna Capital 1% 2% 7% Other 3% Resilient 15% cyclicality Asset Resilient 47% Cyclical 82% Cyclical 43% 7 Note: asset split presented in terms of portfolio value

  8. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE A well-diversified portfolio of solid companies, leaders in their sector Sienna Listed investments Capital Process Sports Wines & Specialty Cement & Materials Hygienic Leisure Alternative Oil & Gas technology Sector TIC equipment Spirits minerals aggregates technology consum. parks assets food sector Sector ranking #2 #1 #2 #1 #1 Top 3 Top 5 #1 Top 3 Top 3 n.a. BBB / Ratings (1) n.r. / BBB / BBB / A+ / n.r. / BB / - (1) 0.9x (1) 3.2x (1) n.a. (S&P / Moody’s) A3 Baa2 Baa2 Baa2 Aa3 Baa2 Ba2 GBL’s ranking in #1 #1 #1 #3 #2 #1 #16 #3 #1 #1 n.a. the shareholding Date of first 2015 2013 2006 1987 2005 2013 1998 2017 2015 2017 2013 investment Board           n.a. representation GBL ownership 7.8% 53.8% 16.6% 7.5% 9.4% 16.9% 0.6% 7.3% 19.98% 21.2% 100% (% in capital) Value of GBL’s 3.3 2.9 2.8 2.7 2.4 2.0 0.9 0.4 0.3 0.2 1.3 stake ( € bn) 17% 15% 14% 14% 12% 10% 5% 2% 2% 1% 7% (% of total) (1) For unrated companies, we present the leverage ratio (i.e. net debt to EBITDA) as of June 30, 2018, it being specified that (i) adidas was in net cash position and (ii) the leverage ratio is calculated based on the recurring EBITDA for Umicore and Parques Reunidos and Adjusted Net Debt (excluding intra-year Working Capital needs) for Parques Reunidos 8 Note: information as of September 30, 2018, except where superseded by more recent public disclosures

  9. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE I. Overview p.2 Key facts & figures Core values Investment mandate & universe Portfolio rotation & overview II. Value creation throughout the investment cycle p.9 Value creation levers Investment criteria Portfolio monitoring Portfolio risk assessment III. Case study - adidas p.14 IV. Performance update p.20 V. Management team p.26 9

  10. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE Value creation throughout the investment lifecycle 1 Through rigorous investment criteria • We actively screen our investment universe, focusing on companies: headquartered in Europe; - excluding specific sectors (Utilities, Oil & Gas, Construction, Financials, Real Estate, Telecom and regulated Biotech and - Tech sectors) and with market capitalizations between € 3.5bn and € 30bn; and ruling out companies held by reference shareholders. - • We conduct significant work and extensive analysis on the way in, focusing as much on the potential upside as on the downside protection 2 Acting as an owner We roll up our sleeves and get involved on the Boards of Directors in order to contribute in creating value over the long term • We act like owners in our capacity as active Board members, focusing on: • the strategic roadmap (including M&A); - the selection, nomination and remuneration of the key Executive Management; and - the shareholder remuneration (dividend policy and share buyback). - 3 Through ongoing review of the risk profile of our portfolio We rigorously and constantly monitor risks, looking at (i ) valuation, (ii) specific company’s risks and (iii) concentration risks • We focus on capital preservation and limiting our downside risk • 10

  11. VALUE CASE PERFORMANCE MANAGEMENT OVERVIEW CREATION STUDY UPDATE 1 Rigorous investment criteria Upside Downside potential protection Sector Exposure to long-term growth drivers • Resilience to economic downturn • Favorable competitive industry dynamics • Barriers to entry • Build-up opportunities • Company 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 • Valuation Attractive valuation • Potential for shareholder return • Governance • Potential to become first shareholder, with influence • Potential for Board representation • Seasoned management ESG CSR/ESG strategy, reporting and relevant governance bodies being in place • for listed investment opportunities 11

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