Experience. Our greatest asset. September 2019 BUSINESS INVESTMENT - PowerPoint PPT Presentation

Experience. Our greatest asset. September 2019

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK Overview of GBL p.2 Business update p.10 Investment case & Outlook p.16 Appendix p.19 1. Asset rotation 2. adidas case study 3. Sienna Capital 4. Management & IR 2

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK Leading investor in Europe focused on long-term value creation € 19bn 9 >60 years € 14bn Indicative Disclosed investments 1 in listed Stock exchange Market Net Asset Value listing in 1956 assets, leaders in their sector capitalization (“NAV”) 2 nd 50% € 495m € 3.6bn Largest listed investment Stable and supportive Solid liquidity profile Dividends company in Europe (after ownership by the Frère from cash and distributed in 2019 Investor AB) and Desmarais families undrawn credit lines 2018 € 17bn 11.1% 3.6% 2012-19ytd annualized ESG commitment Asset rotation carried out Total Shareholder Return Next-12-month since the initiation of our to (“TSR”), vs. 7.9% for GBL’s dividend yield new strategy in 2012 reference index Note: All information as of June 30, 2019 with the exception of indicative NAV, market capitalisation, TSR and NTM dividend yield as of August 30, 2019 (1) Excluding the participation into Total which was fully exited in March and April 2019 through forward sales maturing in January 2020 3

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

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK Shareholding & governance A stable and solid family ownership GBL’s simplified Relations with the shareholding structure controlling shareholder • The Frère and Desmarais families joined Frère family Desmarais family forces to invest together in Europe in the Power Corporation of Frère group Canada group early 1980s A shareholders’ agreement between the – two families was created in 1990 and 50% 50% Parjointco has been extended twice, once in 1996 and again in 2012 56% (75%) 25+ years of formal partnership – Swiss listed company • Multi-generational collaboration • The current agreement, effective until % ownership 50% (51%) (1) 2029 and with the possibility of extension, (% voting rights) establishes a parity control in Pargesa and GBL 3% (1) Taking into account the treasury shares whose voting rights are suspended 5 Note: June 30, 2019 figures

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK A broad and flexible investment mandate in Europe Targeted sectors Out-of-scope sectors Consumer Industry Utilities • • Telecom Services • Oil & Gas Regulated • Luxury • Green economy • • Entertainment • Natural resources Financials industries • Healthcare • E-commerce/digital • Sustainability • Real Estate • Biotech Industry features Long-term investment Industry features we seek tailwinds we look for we avoid Long-term Demographic shift Complexity requiring sustained growth (e.g. ageing population) specific expertise knowledge Resilience Reliance on governments ’ Increased health awareness to economic downturn spending and regulation Barriers to entry Accelerating urbanization Significant ESG risks Fragmentation and Shift in global economic power Poorly positioned vis-à-vis build-up opportunities towards emerging countries threats from digital disruption Well-positioned vis-à-vis digital disruption opportunities (Artificial Intelligence, automation, etc.) Sustainability & resource scarcity 6

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK A portfolio of solid companies, leaders in their sector, where GBL is influential Process Sports Wines & Cement & Specialty Materials Hygienic Leisure Alternative Sector TIC technology CRM - BPO equipment Spirits aggregates minerals technology consum. parks assets food sector European Sector ranking #2 #2 #1 #1 #1 Top 3 #1 Top 3 Top 3 n.a. leader GBL’s ranking in #1 #3 #1 #1 #1 #1 #3 #1 #2 n.a. #1 shareholding (1) Date of first 2015 2006 2013 2005 1987 2013 2017 2015 2017 2013 2019 investment Board           n.a. representation GBL’s 6.80% 7.49% 16.75% 9.29% 53.99% 17.99% 8.51% 19.98% 21.19% 100% n.d. ownership (2) Stock price ∆ (1) + 48% + 21% + 10% + 15% (12%) (17%) + 9% (16%) + 27% n.a. n.a. YTD Market cap. 54.1 46.1 16.9 26.5 2.9 7.1 4.4 1.2 1.1 n.a. n.a. ( € bn) (1) FY18 n.a. 2.6x 0.6x 2.2x 1.6x 1.2x 0.1x 3.2x 4.2x n.a. ~5.5x net leverage Ratings BBB / n.r. / BBB / BBB / n.r. / BB- / B / Unrated Unrated Unrated n.a. (S&P / Moody’s) Baa2 A3 Baa2 Baa2 Baa2 Ba3 B2 GBL’s stake value 3.7 3.5 2.8 2.5 1.6 1.3 0.4 0.2 0.2 1.4 ( € bn) & % of n.d. 20% 19% 15% 13% 9% 7% 2% 1% 1% 8% NAV (3) (1) Information as of August 30, 2019 7 (2) Figures as of June 30, 2019, except where superseded by more recent public disclosures (3) Information calculated based on ownership as of June 30, 2019 and stock prices as of August 30, 2019

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK A portfolio materially rebalanced since 2012 Sectorial Geographic Investment Asset exposure (1) split (1) type (1) cyclicality (1) Other Sienna Capital Other 3% Sienna Capital 3% 3% Resilient 3% 15% Energy Consumer Growth 54% 15% 15% 2012 € 12bn € 12bn € 12bn € 12bn Value 26% Yield France 97% Industry 56% Cyclical 28% 82% Sienna Capital & Counter-cyclical 1% Other 9% Sienna Capital & Spain France Sienna others 9% others 9% 1% 28% Capital & Growth others Growth/ 50% Belgium 10% Services yield 9% 16% 16% 2019 € 19bn € 19bn € 19bn € 19bn Consumer Germany Cyclical 43% 23% Value 25% Resilient Switzerland 32% 57% Industry 30% 32% 8 (1) Information (i) computed based on ownership as of June 30, 2019 and stock prices as of August 30, 2019 and (ii) excluding the participation into Total which was fully exited in March and April 2019 through forward sales maturing in January 2020

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK A European base and a global footprint France Belgium Portfolio companies operating in 100+ countries across all continents Switzerland Netherlands Portfolio companies headquartered in Europe Germany Spain Consolidated Net asset value (1) revenue (2) Other 9% Spain France 1% 28% Belgium 9% EMEA Asia 34% 36% € 19bn c. € 77bn Americas Germany 30% 23% Switzerland 30% 9 (1) Breakdown of indicative NAV (excluding (i) the treasury shares and the net debt position and (ii) the participation into Total) by country of incorporation (2) Portfolio companies’ geographical mix weighted by contribution to GBL’s portfolio value

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK Overview of GBL p.2 Business update p.10 Investment case & Outlook p.16 Appendix p.19 1. Asset rotation 2. adidas case study 3. Sienna Capital 4. Management & IR 10

BUSINESS INVESTMENT APPENDIX OVERVIEW UPDATE CASE & OUTLOOK 2019 highlights Total annualized Key highlights shareholder return (1) 11.1% Portfolio rebalancing Increased exposure to & deconcentration private assets 7.9% 7.0% € 0.7bn capital gain 5.1% Europe 50 € 17bn asset rotation since 2012 Stoxx € 250 M share buyback program 94% executed 2012-19ytd 15 years Net asset value’s growth Dividend yield through the cycle Exceeding the portfolio’s weighted average ( € bn) 18.6 (1) 19.7 18.9 6.2% 17.0 16.8 16.2 15.2 14.9 15.3 15.2 14.3 4.3% 13.2 12.8 3.6% 11.6 3.5% 11.1 3.3% 3.3% 3.0% 2.8% 8.9 7.5 1.8% 1.8% 1.4% adidas Pernod SGS LH Imerys Umicore GEA Ontex Parques Combined GBL 2003 2006 2009 2012 2015 2018 Ricard Reunidos 11 (1) Information in terms of TSR, NTM dividend yield and indicative NAV as of August 30, 2019 (source: Bloomberg & GBL)