We Aspire to Be the Preferred Partner of Entrepreneurs and Families Who Lead Growing Companies by Backing Them with Patient Capital and Supportive Advice

Purpose & Patience We aspire to be the preferred partner of entrepreneurs and families who lead growing companies by backing them with patient capital and supportive advice

— Q3 2019 Edition —

1 1 Our mission

Our goal at Sofina is to create economic value with a human approach We believe that the entrepreneurial spirit that characterises many family businesses and growth companies is a source of progress. By supporting these entrepreneurs and innovators, we intend to contribute to global growth, development and innovation.

We believe entrepreneurs become successful by being competitive in a globalised market Our mission is to provide patient capital, expertise and advice to growing companies led by entrepreneurs and families. We aspire to be their preferred partner, and have a long-term horizon that few other investors can match.

Our heritage and culture are what make us unique We put human relationships at the heart of what we do. All our investments are stories of shared values, friendships and ambitious projects with talented entrepreneurs and their management teams. By continuously working in this way, we aspire to become the preferred investment partner of those sharing our beliefs and vision.

2 | Sofina | Purpose & Patience 3 | Our mission Highlights 2

EUR 7.01bn Global reach 3 shareholders’ equity A family run complementary US Europe Asia and controlled investment investment company styles Change over the last 20 years (2) 8.00 7.01 7.00

6.00

5.00

Long-term minority 4.00 Four focus sectors 2.78 investments 3.00 43% 2.00 Oﬃ ces in 1.00 of shareholders’ equity (1) 0 Brussels, Luxembourg

1999 2019 Consumer and retail Investments in venture and Singapore and growth capital funds 31% Digital transformation (1) of shareholders’ equity Sofi na Growth ─ Roots going back ~ 5 Education Investments in 2 fast-growing businesses investment 19% professionals (1) 120 Healthcare of shareholders’ equity years across our 3 oﬃ ces

(1) Percentage based on the portfolio in transparency. (2) Since 1 January 2018, Sofina has adopted the status of investment entity in accordance with IFRS 10 and IAS 28. Since then, its shareholders’ equity, also referred to as net asset value is equal to the fair value of its portfolio companies, direct subsidiairies and their portfolio companies and other assets and liabilities. In order to ensure a better comparison of its performance with regard to previous financial years, Sofina has adjusted its shareholders’ equity for the financial years 2016 and 2017 in accordance with IAS 28, §18. Financial reports are established in accordance with IFRS since 31 December 2004. Shareholders’ equity for the financial years prior to 2004 correspond to the estimated value of the assets.

4 | Sofina | Purpose & Patience 5 | Highlights 1898 - 2019 Founded more than 120 years ago as an engineering conglomerate, Sofi na is now a listed investment company with equity holdings in Europe, the United States and Asia, across many sectors with a particular focus on consumer and Our history retail, digital transformation, education and healthcare. 3

2016 2014 2017 2015 2019 The fi fth anniversary of the The Singapore oﬃ ce First direct investment in the 2018 More than half Shareholders’ equity ‘Platform for Education and opens and Sofi na Growth United States through a share- Exit from Flipkart of Sofi na’s portfolio exceeding EUR 7bn Talent’, Sofi na’s CSR project is reinforced, mainly holding in Mérieux NutriSciences is invested The investment team in India, China Sir David Verey CBE outside Europe comprises 20 professionals and the United States becomes Chairman

2011 2005 2007 2009 Strategic move towards 2012 Partnership with the growth and more 2013 First investments Investment First investment Forestier family for the international exposure Investment in Flipkart in venture and growth in bioMérieux in e-commerce delisting of Groupe Count Goblet d’Alviella capital funds in India Petit Forestier is appointed Executive Chairman

1988 Yves Boël is appointed 1998 Chairman and Count Goblet 1987 1978 1975 1965-70 First investments Investment d’Alviella co-Managing Director Investment in Danone Investment in Colruyt Sofi na becomes an in venture and growth in SES Reinforcement of the family investment company capital funds shareholders following the in the United States acquisition of Société Générale de Belgique’s stake

1898 1956 Foundation of Sofi na 1910 Yves Boël is appointed as (‘Société Financière de First1910 investment 1938 1950s Sofi na’s Managing Director Transport et d’Entreprises Initialin Public a Private Oﬀ ering The Luxembourg First investment by current Since 1956, Sofi na Industrielles’), an engineering Equity fund in India oﬃ ce opens family shareholders has increased its annual conglomerate, active in dividend per share without the energy and interruption transportation sectors

6 | Sofina | Purpose & Patience 7 | Our history Our strategy Our three investment styles 4 “Our strategy is simple. Wherever strong relationships can be created with like-minded partners as interested as we are by what makes Long-term Investments Sofina Growth – companies grow, we will be present.” minority in venture and Investments in Harold Boël Chief Executive Officer investments growth capital fast-growing funds businesses

Long-term minority investments Supporting founders and Sofina Growth invests globally represent the main part of entrepreneurs is part of Sofina’s in fast-growing companies Sofina group’s activities. DNA. This is also done through which are less mature than Sofina invests in healthy and its investments in top-tier the long-term minority closely-held companies with investment funds with a strong investments and have a higher sustainable growth alongside a bias towards venture and risk-return profile for investors. family or an entrepreneur with growth strategies. meaningful skin in the game. The approach consists of The key regions of the portfolio investing alongside trusted The investment size is ideally include North America, Asia partners in transactions where between EUR 75 million and Pacific (APAC) and Europe. Sofina Growth can invest up to EUR 300 million for a Due to the high quality of the EUR 50 million. The portfolio minority stake. The portfolio fund managers we are backing, has a global footprint (Asia, consists mainly of companies the fund investment activity Europe, US). headquartered in Europe, with functions as an important deal worldwide activities. flow feeder for Sofina Growth.

8 | Sofina | Purpose & Patience 9 | Our strategy What makes us unique 5

We understand family and entrepreneurial dynamics and Our We provide expertise in our core We take a We only work for successive investments sectors through guidance, long-term view take minority generations. ownership have a global market knowledge and invest our positions. footprint. and global network. equity only.

We are a partner through cycles, We back entrepreneurial and We strive to be We are in good and bad a responsible growing companies from start-ups pragmatic and times. investor and care to mature companies through solution-oriented. for our our three investment styles. communities.

We oﬀ er decades of cumulated We are reactive experience and Through the three investment Common vision and have a fast expertise in a wide styles, we bring our partners an and alignment decision-making range of board international network of of interests guide all our decisions. process. situations. key decision-makers.

10 | Sofina | Purpose & Patience 11 | What makes us unique What our partners say... 6

The Sofi na team has asimple , Beyond the sharing of strong family entrepreneurial values, we appreciate the collaborative approach with listening, openness and pragmatism sharp industry focus and insight of their teams. A balanced and trusting and builds true partnership with relationship was built very quickly. The quality local managers and entrepreneurs. of this relationship allows us to discuss the greatest Sofi na comes number of subjects in our boards and to benefi t Feng Ge, across as a group from all the experience of Sofi na. Managing Partner of Trustbridge Partners and CEO of Carebridge Holdings of passionate, Philippe Sans, high CEO of Mérieux NutriSciences integrity and hardworking Sofi na is a supportive and constructive people. long term partner. They understand Sofi na has been a very our business well, and have contributed strong partner and Sachin Bansal, Given Sofi na’s own Founder and CEO of Flipkart in implementing our international buy has supported us in focus on providing our exponential growth. and build strategy, particularly in Latin patient capital to Working closely with Sofi na America and in Asia. has further enriched our Olivier Ginon, entrepreneurs, we have understanding on how we Founder and CEO of GL events been fortunate to build can innovate and optimize our oﬀ erings for every user a long term and of the app. We are happy mutually beneﬁ cial that the team at Sofi na In Sofi na we have a true partner shares our vision of who shares our vision to positively partnership. revolutionizing education and is there to guide us. impact the world while creating Bill Ford, economic value. CEO of General Atlantic Byju Raveendran, Founder and CEO of Byju’s Sam Santhosh, Founder and Chairman of MedGenome

12 | Sofina | Purpose & Patience 13 | What our partners say... Activity description

43% Investment size Minority stakes of shareholders’ between EUR 75m in privately owned and equity* and EUR 300m listed companies

Mainly European-based Companies with an enterprise Patient capital companies with a global value between EUR 250m Long-term reference exposure and EUR 4.5bn shareholder

For more than 60 years, Sofina has partnered with We are active and constructive members of the entrepreneurs, families and management teams company’s board and are involved in the develop- to support growth and create sustainable value. ment of strategic initiatives.

Long-term Sofina invests in companies on a long term Our large capital base affords us patience and growth path; we strive for seamless alignment the ability to support our companies’ growth minority with our partner shareholders who are often through capital expenditures or acquisitions. investments involved in the management of the company. Our approach is flexible and next to growth initia- We bring our long-term view, strategic and sector tives, we are also able to provide liquidity to experience, financial wherewithal, and our broad existing shareholders or support other like-minded and global network to our portfolio companies’ and aligned partners in sponsor-less buy outs. growth projects.

(*) As at 31 December 2018.

14 | Sofina | Purpose & Patience 15 | Long-term minority investments bioMérieux Biotech Dental Cambridge Associates Chapoutier Cognita Colruyt Group www.biomerieux.com www.biotech-dental.com www.cambridgeassociates.com www.chapoutier.com www.cognita.com www.colruytgroup.com

2009 | FR 2018 | FR 2018 | US 2007 | FR 2019 | UK 1975 | BE bioMérieux is a global leader Biotech Dental is a European Cambridge Associates Chapoutier is one of the leading Cognita is an independent Colruyt Group is a Belgian in in vitro diagnostics and dentistry leader. It is is a global investment firm wine producers in the Rhône school platform that owns family business that is active in provides diagnostics solutions recognised for its exclusive that provides portfolio Valley (France), and is also and operates K-12 private food distribution in Belgium, that improve patient health and digital products and services management and advisory present in other regions. The schools in Asia, Europe France and Luxembourg. ensure consumer safety. offering, including design and services to endowments, business has built an international and Latin America. It manages stores directly manufacturing of implants, foundations, pension plans, reputation thanks to exceptional (Colruyt, OKay, Bio-Planet and dental prostheses, intraoral and private clients. domain names, a longstanding Cru), through a network of scanners and custom-made high-quality standard and a independent retailers (Spar and transparent aligners. pioneering position in biodynamic Alvo) and is active in non-food wine-growing. retail and food wholesale.

Danone Drylock Technologies First Eagle GL events JF Hillebrand Luxempart Mérieux Nutrisciences www.danone.com www.drylocktechnologies.com www.feim.com www.gl-events.com www.jfhillebrandgroup.com www.luxempart.lu www.merieuxnutrisciences.com

1987 | FR 2019 | BE 2016 | US 2012 | FR 2016 | DE 1992 | LU 2014 | US Danone is a global leader in Drylock Technologies is a First Eagle is a leading GL events is a fully integrated JF Hillebrand is a global Luxempart is an investment Mérieux NutriSciences offers bringing health through food global designer and private label closely-held investment international event company leading provider of shipping, company that manages analysis and support services with its four businesses: manufacturer of hygiene products management firm based across the three main market transportation and logistics a portfolio of listed and for new product development Essential Dairy and Plant-Based for daily comfort & care in New York, serving both segments: congresses, services for products that non-listed firms mainly in the food industry. It operates Products, Waters, Early Life (for babies and females mostly). retail investors and conferences and conventions; require special care. in Luxembourg, Belgium, a network of laboratories Nutrition and Medical Nutrition. The company focuses strongly institutional clients. cultural, sports, institutional, The company focuses on two France and Germany. around the world. Its brand portfolio includes on innovation and now owns a corporate and political events; specific niche markets: beer, Evian, Nutrilon, Activia, Alpro unique patent portfolio. The trade shows and consumer fairs. wine and spirits, and industrial and Mizone. company operates 72 production bulk such as mineral oils lines in America and Europe. and chemicals.

We are delighted to observe Over the year 2016, Sofina that Sofina’s entry in Petit and its team have proved to Orpea Forestier’s capital has been Groupe Petit Forestier SES be the right partners for us The Hut Group Veepee www.orpea.com of exceptional help and that www.corporate.petitforestier.com www.ses.com at a time of rapid growth at www.thg.com www.veepee.com the experience and the THG. We value Sofina’s 2013 | FR 2007 | FR 1998 | LU 2016 | UK 2016 | FR thoroughness of its analysis long-term approach and are Orpea is a European leader Groupe Petit Forestier SES is the world-leading The Hut Group is an Veepee, formerly vente-privee, in providing long-term have contributed supporting is the European leader satellite operator. It provides pleased to count on their international technology is a European leader in online dependency, physical and the performance in refrigerated vehicle, global video distribution and continued support as we set company focusing on online flash sales and specializes mental care, both at home and display unit and data connectivity services for retail in the beauty and in selling brand overstock in an institution. To become a and the development container rental. broadcast, telecom, corporate about delivering on our wellbeing sectors. It is active exclusively to its members. global group with the highest of our activities. and government customers. ambitious global expansion. in Europe, US and Asia. The company is active in quality standards in the best several sectors, including locations, the company has fashion, travel, entertainment expanded internationally with Yves Forestier, Matthew Moulding, and wine. presence in China and Brazil. CEO of Groupe Petit Forestier CEO of The Hut Group

16 | Sofina | Purpose & Patience 17 | Long-term minority investments Activity description

31% Equity Commitment Mainly of shareholders’ between EUR 15m venture and growth equity* and EUR 40m capital funds

Active in the US, ~60 First investments Asia and Europe General Partners 1978

With more than 40 years of experience investing cycles. In addition, our ability to introduce portfolio in alternative assets, Sofina is a long-standing companies to relevant relationships within our institutional Limited Partner (LP) with a global large network, across different industries and Investments and diverse network. As a long-term minded, geographies, makes Sofina a valuable partner. evergreen investment holding, Sofina has been Finally, through our Sofina Growth strategy, we can in venture and building relationships with General Partners (GPs) support these GPs’ portfolio companies financially growth capital over decades, supporting them across fundraising by investing in late-stage rounds. funds Selected GPs based in US or • Sequoia Capital (US, India & • InvAscent with global footprint: China) • Kedaara • Abry • Silver Lake • LYFE Capital • Andreessen Horowtiz • Spark Capital • Multiples • Bain Capital • Summit • Source Code Capital • Battery Ventures • TA Associates • Trustbridge Partners • Bessemer Venture Partners • Thoma Bravo • Cathay Capital • Thrive Capital Selected GPs based in Europe: • DST Global • Tiger Global Management • Atlanticlabs • Founders Fund • Venrock • Atomico • Foundry Group • Blossom • General Atlantic Selected GPs based in Asia: • EMH Partners • H.I.G. Capital • Ascendent Capital Partners • Felix • Insight Venture Partners • China Renaissance • Highland Capital Partners • IVP • ChrysCapital • Lake Star • Kleiner Perkins • Crescent Point • Local Globe • Lightspeed Venture Partners • Everstone • Mérieux Equity Partners • Lux Capital • Falcon House Partners • Northzone • NEA • Genesis Capital • Sofindev • Redpoint • GGV Capital

(*) As at 31 December 2018.

18 | Sofina | Purpose & Patience 19 | Investments in venture and growth capital funds Activity description

19% Investment size High growth of shareholders’ between EUR 15m sectors equity* and EUR 50m and/or markets

Global In partnership with Transparent and fast footprint trusted partners investment process

Under the Sofina Growth investment style, Sofina Our sweet spot is in situations where we can provide has built a portfolio of companies focusing on capital in late venture / early growth financing growth themes within the Consumer and retail, rounds to companies that have significantly reduced Sofina Growth─ Digital transformation, Education and Healthcare scientific, technology and product-market fit risk. sectors. Investments Given the evergreen nature of our capital, we in fast-growing Across Asia (India, China and Southeast Asia), are able to support the growth of companies by Western Europe and the United States, Sofina investing additional capital in subsequent rounds. businesses Growth invests in rapidly growing companies that are on track to achieve profitability in the near term. We also support such growth by providing access to relevant stakeholders within our vast network Often investing alongside our trusted General of portfolio companies, investors and other Partners or other reputable investors, our target partners across multiple geographies. companies are typically privately-owned and led by a founding team that continues to play a significant role both in terms of ownership and management.

(*) As at 31 December 2018.

20 | Sofina | Purpose & Patience 21 | Sofina Growth — Investments in fast-growing businesses 1stdibs ACT Adjust Aohua Bira 91 Byju’s Carebridge Clover Health Dailyhunt Giphy www.1stdibs.com www.actcorp.in www.adjust.com www.aohua.com www.bira91.com www.byjus.com www.jiahui.com www.cloverhealth.com https://m.dailyhunt.in www.giphy.com

2015 | US 2016 | IN 2019 | DE 2018 | CN 2018 | IN 2016 | IN 2016 | CN 2018 | US 2019 | IN 2019 | US 1stdibs is a leading US online Atria Convergence Technologies Adjust, a global SaaS business Aohua is a leading Chinese Bira91 is an Indian beer brand, Byju’s is a leading provider of Anchored by Clover Health is a US-based Dailyhunt is an Indian Giphy is the leading online marketplace for decorative arts. (ACT) is a provider of provides high-quality analytics, endoscopy equipment and emerging as a leader in the supplemental education Jiahui International Hospital, health insurer providing vernacular content aggregator database and search engine for Its main categories of products broadband internet access and accurate measurement, consumables manufacturer with premium segment. solutions. Byju’s developed Carebridge is an integrated Medicare Advantage plans. offering personalized GIFs (short looping videos with are furniture, fine arts, cable TV distribution in India, fraud prevention and cyber more than 20 subsidiaries and The company produces effective, adaptive and healthcare services network It aims to improve healthcare high-quality content to users no sound). It has developed jewellery & watches and with more than 1.5 million security solutions for over branch offices globally. a range of flavourful beers engaging learning programs, based in Shanghai which quality while reducing costs in their own language. products across content fashion. subscribers. The company is 25,000 mobile apps worldwidey. and has a differentiated focused on the K-12 segment. delivers differentiated quality through preventive healthcare formats, aiming to become an active in Hyderabad, Bangalore, marketing strategy. The company is active in India and impact in clinical care, management. ad platform for messaging. Delhi, Chennai and is and the Middle East. clinical research and expanding in other cities. professional training.

Grand Rounds Graphcore HeathKart Hector Beverages IHS MedGenome MissFresh Morphe opseo Pine Labs Postmates www.grandrounds.com www.graphcore.ai www.healthkart.com www.paperboatdrinks.com www.ihstowers.com www.medgenome.com www.missfresh.cn www.morphe.com www.opseo-intensivpflege.de www.pinelabs.com www.postmates.com

US 2018 | UK 2019 | IN 2015 | IN 2014 | NIG 2017 | IN 2018 | CN 2019 | US 2016 | DE 2015 | IN 2016 | US Grand Rounds is a US Graphcore is a chip Indian manufacturer Hector Beverages is an IHS is one of Africa’s leading MedGenome is a leading MissFresh is a leading Founded as a professional opseo Intensivpflege is a Pine Labs is a provider of Postmates is a US delivery healthcare company that manufacturer who built the and retailer of health and Indian company, specialized in providers of telecom tower Indian genomics research and e-commerce platform which makeup brush company in leading player in the German innovative IT solutions that company managing a network provides technology solutions fastest and most flexible fitness supplements. the production and distribution infrastructure for mobile genetic diagnostics company provides high quality fresh Los Angeles in 2008, Morphe outpatient intensive care simplify payments for of local couriers. Through its to identify and connect the Intelligence Processing Unit for of beverages based on phone operators. The group with offices and labs in groceries. With its integrated has developed an innovative, market. merchants, with terminals mobile application, it connects most appropriate specialist the artificial intelligence traditional Indian recipes builds, leases, and manages Bangalore, Singapore and supply chain and network of influencer-led platform, suitable for all types of customers and couriers, doctors based on the medical market. through its flagship brand telecommunications towers the Bay Area. mini-warehouses across major becoming a global beauty electronic payments. and organises local minute- needs of the individuals. Paper Boat. which it owns or are owned Chinese cities, the company brand with a highly engaged The company is a market deliveries from any restaurant Its services help to reduce by others. delivers fresh groceries to its and loyal base of customers. leader in India and is or store. medical costs and enhance customers within an hour. expanding internationally. efficiency.

Some former investments

Practo Spartoo TCNS ThoughtSpot Wynd Xinyu Zhangmen Zilingo www.practo.com www.spartoo.com www.wforwoman.com www.thoughtspot.com www.wynd.eu www.censh.com www.zhangmen.com www.zilingo.com 2013 ➜ 2018 | IN 2010 ➜ 2016 | UK 2015 | IN 2012 | FR 2016 | IN 2017 | US 2018 | FR 2018 | CN 2018 | CN 2018 | SG Practo is a provider of Spartoo is a French leader TCNS Clothing Company is a ThoughtSpot provides a Wynd is a software provider Xinyu is the largest watch Zhangmen is a leading player Zilingo is a leading tech-enabled solutions in omni-channel leading player in the women’s business-intelligence analytics specialized in supporting the retailer and wholesaler in China, in China’s K-12 online fashion-focused e-commerce connecting stakeholders in the shoe sales and is active branded apparel market in search software for large digital transformation of points offering a comprehensive after-school tutoring space. player in South-East Asia. Indian healthcare value chain throughout Europe. India. It owns three brands (W, enterprises. It helps of sale and brands, unifying portfolio of mid- to high-end It connects students with It operates a B2C online 2013 ➜ 2015 | IN 2013 ➜ 2016 | ES (patients, doctors, hospitals Aurelia and Wishful) in the non-technical users to easily sales for online and offline and luxury watches from teachers online, offering marketplace for apparel, shoes and service providers). contemporary ethnic segment. explore, analyse and channels. world-renowned brands. personalised tutoring programs. and accessories, a B2B business share real-time business for bulk purchases and offers analytics data. multiple value-added services for sellers. 2014 ➜ 2014 | IN 2015 ➜ 2017 | UAE

22 | Sofina | Purpose & Patience 23 | Sofina Growth — Investments in fast-growing businesses Selected portfolio companies Focus sectors in our focus sectors 7

We believe intimate knowledge of an industry to be a condition for adding meaningful value to growing companies. Over the years, we have built a long track record of investing in our Focus Sectors: Consumer and Sector knowledge is paramount. We have built We have gathered significant industry expertise dedicated teams based on our four preferred and investment experience in those areas through retail, Digital transformation, Education, and Healthcare. sectors with the belief, in line with our mission, that our investment styles. This knowledge, alongside By being closer to these industries and their people, these sectors are well positioned to contribute to our partners’ industry experience, enables us to we can better identify the trends and themes that will global growth, development and innovation support the growth of our portfolio companies. drive future growth. As your partner, we believe our sector knowledge and dedicated resources allow us to provide guidance, market knowledge and a global network. Consumer Digital Healthcare Education and retail transformation

24 | Sofina | Purpose & Patience 25 | Focus sectors Long-term Key figures 8 growth of assets

(1) As an evergreen investment holding, we aim to Shareholders’ equity (EUR bn) create long-term shareholder value across three 8.00 7.01 investment styles valued as one portfolio. 7.00

6.00

5.00

4.00 2.78 3.00

2.00

1.00

0 (2) (2) 2014 2010 2011 2018 2013 2015 2012 1999 2001 2007 2002 2003 2005 2009 2008 2004 2006 2000 2019 2016 2017

(3) Annual average return (%) 16 14.8 14 11.6 11.6 12 10.4 9.6 9.8 10 8 6.7 5.1 6.9 6 3.5 4 2 0 -2 -4 -6 -4.8 -8 -10 -12 -14 -12.5 -16 1-year performance 7-year performance 10-year performance 15-year performance

Shareholders’ equity of Sofina (4) MSCI AC WI (EUR) (5) EURO STOXX 50

(1) The financial reports are prepared under IFRS standards since financial year closed at 31 December 2004. The shareholders’ equity for financial years prior to 2004 corresponds to the estimated value of the assets. (2) Figures relating to 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity for 2016 and 2017 can be compared to 2018. (3) Average annual growth rate over the reference period ending on 31 December 2018. (4) Per share, gross dividends reinvested. The figures relating to 2016 and 2017 have been restated according to IAS 28, §18 to ensure that the shareholders’ equity for 2016 and 2017 can be compared to 2018. (5) MSCI AC World Net Total Return EUR Index – NDEEWNR Index.

26 | Sofina | Purpose & Patience 27 | Long-term growth of assets Asian companies Investing and in our focus sectors 9 contributing to growth in Asia Consumer and retail Sofi na invests in Asia through direct (“Sofi na Growth”) and top tier venture and growth capital funds investments. Sofi na is focusing Indian manufacturer Premium and retailer of Producer of Indian mainly on China, India and South-East Asia, and covers these beer brand health and fitness ethnic beverages markets from an oﬃ ce located in Singapore. Sofi na also leverages supplements on its local presence to provide support and access to its network to portfolio companies from other regions.

Leading women’s Online grocery Largest watch retailer 2018 2018 2016 2015 apparel brand company in China and wholesaler in China

20th “Sofina First “Sofina First “Sofina The fund Growth” Growth” Growth” portfolio investment investment investment reaches Digital transformation in Asia in South-East in China 20 GPs Asia (Zilingo) (Carebridge)

Online fashion Leading vernacular marketplace Payments technology Broadband internet content aggregator in South-East Asia company provider in India in India 2015 2013 2005

Opening First First of the “Sofina investments Education Singapore Growth” in venture and office investment growth capital in India funds in Asia (Flipkart) Online provider Leading player in of supplemental China’s K-12 education content after-school tutoring space Healthcare

Provider of tech- Genomics research Integrated healthcare Chinese endoscopy enabled solutions for and genetic services company equipment and the healthcare sector diagnostics company in China consumables manufacturer

28 | Sofina | Purpose & Patience 29 | Investing and contributing to growth in Asia Board of Directors 10

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)

(1) Guy Verhofstadt * (3) Michèle Sioen * (6) Nicolas Boël (9) Sir David Verey CBE (12) Charlotte Strömberg * (14) Laura Cioli * Former Belgian Prime CEO of Sioen Industries Chairman of the Board Chairman Chairwoman of the Board CEO of GEDI Gruppo Minister and Chairman ALDE of Solvay Senior Adviser at of Castellum Editoriale in the EU Parliament (4) Jacques Emsens Lazard & Co. Board member of Sibelco (7) Robert Peugeot * (13) Dominique Lancksweert (15) Michel Tilmant * (2) Laurent de Meeûs Chairman and CEO of FFP (10) Harold Boël Vice-Chairman Board member of d’Argenteuil (5) Anja Langenbucher * Chief Executive Officer Managing Director at BNP Paribas Group Senior Partner at Egon European Director of (8) Gwill York * Morgan Stanley Zehnder International the Bill and Melinda Gates Co-founder and Managing (11) Analjit Singh * (16) Catherine Soubie * Foundation Director of Lighthouse Founder & Chairman CEO of Arfilia Capital Partners Emeritus, Max Group

* Independent directors

30 | Sofina | Purpose & Patience 31 | Board of Directors Team Executive Committee 11

Harold Boël • Joined in 2008 as CEO, Victor Casier • Joined in 2006 Chief Executive member of the controlling Executive • P reviously at Roland Officer family Committee Berger, Transwide Ltd • Previously at Usines Gustave and Banco Urquijo Boël and Corus • Louvain School of • Brown University (Chem.), Management, University École Polytechnique of Chicago (MBA) and Lausanne (Mat. Sc.) and INSEAD (IDP-C*) INSEAD (IDP-C*) • Boards: SES Global, • Boards: bioMérieux, Mérieux Veepee, Wynd and Drylock Nutrisciences and Cognita

Xavier Coirbay • Joined in 1992 Wauthier • Joined in 1999 Executive • Previously at Générale de Bassompierre • Previously at CMS Committee de Banque Executive DeBacker • Solvay Brussels School of Committee • Catholic University of Economics & Management Louvain (Law), ICHEC and INSEAD (IDP-C*) (Tax), Vleckho (Business • Boards: Cambridge Communication) Associates and Orpea and INSEAD (IDP-C*) • Committee member of the Platform for Education and Talent

François Gillet • Joined in 1988 Edward Koopman • Joined in 2015 Executive • Previously at Union Minière Executive • Previously at BNPP, Committee • Louvain School of Committee Barings, Bain & Co. Management and INSEAD and Electra Partners (IDP-C*) Europe/Cognetas • Boards: Colruyt, JF • EM Lyon Business School Hillebrand, Luxempart and • Boards: GL events and Groupe Petit Forestier The Hut Group

32 | Sofina | Purpose & Patience 33 | Executive Committee Investment Team International team with more than 10 nationalities

Stéphanie • Joined in 2007 Maxence • Joined in 2008 Alexi Gantelme • Joined in 2014 Tanya Sen • Joined in 2017 Delperdange • Previously at KPMG Tombeur • Previously at ING Investment • Previously at Exane BNP Investment • Previously at Bain & Co. Head of and Kredietbank Head of Asia • Louvain School of Manager Paribas and KPMG Corporate Manager and Deutsche Bank Luxembourg • ICHEC and Certified Management Finance • Oxford University (Eng., Luxembourg Accountant • Boards: Practo, Hector • Louvain School of Econ. & Mgmt.) and • Boards: Postmates and Beverages, Pine Labs, Management Wharton (MBA) Cambridge Associates Byju’s and Bira 91 • Board: opseo Intensivpflege • Boards: Zilingo, Cognita and HealthKart

Xiao-Tian Loi • Joined in 2015 João Vale de • Joined in 2015 Yana Kachurina • Joined in 2016 David Birget • Joined in 2019 Senior Investment • Previously at Allianz Capital Almeida • Previously at ING Investment • Previously at Roland Berger Investment • Previously at the Boston Manager Partners, Monetary Authority Senior Investment • Solvay Brussels School of Manager and a French family office Associate Consulting Group (BCG) of Singapore and Singapore Manager Economics & Management • Solvay Brussels School of • HEC Paris (Fin. Econ.) Economic Development Board and INSEAD (MBA) Economics & Management • UC Berkeley (Chem. Eng.) • Boards: Groupe Petit • Boards: Dailyhunt and and Columbia University Forestier and Biotech Hector Beverages (Fin. Eng.) Dental • Boards: Carebridge and MedGenome

Ainhoa • Joined in 2017 Giulia Van • Joined in 2010 Anthony Keusters • Joined in 2013 Yashvin Singh • Joined in 2017 Manterola Solans • Previously at Bain Capital Waeyenberge • Previously at De Eik Investment • Previously at Deloitte Boparai • Previously at Barclays and Senior Investment and McKinsey Senior Investment and Merrill Lynch Manager • University of Antwerp Investment Royal Bank of Scotland Manager • Institut Supérieur de Manager • Catholic University of (Law & Tax), ICHEC (Tax) Associate • Oxford University l’Aéronautique et de l’Espace Leuven (Elec. Eng.), and EMS (Fin.) (Fin. Econ.) (Aero. Eng.) Singapore Management • Boards: Sofindev and • Board: Biotech Dental University (Econ.) and Drylock INSEAD (IDP-C*) • Board: GL events

Mathieu Poma • Joined in 2008 Jean-François • Joined in 2014 Benjamin Sabatier • Joined in 2016 Hadrien Duhem • Joined in 2018 Senior Investment • Previously at Burguet • Previously at Deloitte Investment • Previously at Deloitte and Investment • Previously at Bain & Co. Manager Bridgestone Europe Investment • Polytechnique Louvain Manager Cube Infrastructure Associate • Solvay Brussels School of • Solvay Brussels School of Manager (Elec. Eng.) and Wharton Managers Economics & Management Economics & Management (MBA) • Arts et Métiers ParisTech and HEC Paris (Fin.) • Boards: Chapoutier and • Boards: The Hut Group, (Mech. Eng.), Georgia Tech Spartoo 1stdibs, Uperio, Graphcore (Mech. Eng.) and HEC Paris and Adjust (Fin.) • Board: Giphy

34 | Sofina | Purpose & Patience 35 | Team Investment Team Corporate and Tax & Legal Team

Bertrand Fawe • Joined in 2017 Linda Mulyani • Joined in 2018 Amélie Lagache • Joined in 2014 Emilie van de • Joined in 2016 Investment • Previously at Mediobanca Investment • Previously at Goldman Head of Tax • Previously at PwC Walle de Ghelcke • Previously at Freshfields Associate and LFPI Associate Sachs • Catholic University of Senior Legal Bruckhaus Deringer • Solvay Brussels School of • Singapore Management Louvain (Law) and Solvay Counsel • Catholic University of Economics & Management University (Fin.) Brussels School of Louvain (Law), Free Economics & Management University of Brussels • Certified in-house tax (Econ. Law) and the London advisor (IEC-IAB) School of Economics and Political Science (LLM)

Yizhen Lim • Joined in 2019 Carine Leroy • Joined in 2005 Pascal Bossiroy • Joined in 2019 Investment • Previously at Venturecraft Head of Human • Previously at Belgacom Co-Head of Human • Previously at Sumitomo Associate & Ark Bio Holdings, KPMG Resources Skynet, Colgate Palmolive, Resources Mitsui Banking Corporation, and Singapore Economic Levis Strauss, Lintas & IBM Leleux Associated Brokers, Development Board • EHSAL Management School, Robeco/Kaupthing Bank • Peking University (Econ.) Vlerick Business School and Belgium and RaboRobeco Solvay Brussels School of Bank Luxembourg. Economics • University of Nancy II (DESS & Management DGHR) and Institut Supérieur Lucien Cooremans (Fin.)

Frédéric Docquier • Joined in 2016 Jean-François • Joined in 2009 Group Business • Previously at PwC, SCA Lambert • Previously CIO at Robeco Controller Packaging, TNT, Avnet Head of Operations Bank Belgium & Kaupthing and bpost. Bank Belgium, Consultant • Solvay Brussels School of at Callataÿ & Wouters Economics & Management • École Polytechnique Louvain (Civil Eng.), INSEAD (TGM), Vlerick Business School (IMP), Solvay Business School (IT), Louvain School of Management

36 | Sofina | Purpose & Patience 37 | Team Corporate Social Our CSR commitments 12 Responsibility

As a long term investor, Sofi na believes that Corporate Our CSR policy is divided into four main themes that are in turn divided into specific commitments Social Responsibility is a value creation driver. We therefore adopted a clear policy setting out our CSR commitments, values and actions to create empathy for a broader “Purpose & Patience” project and to meet the aspirations of all those involved in our growth, including our shareholders, the Our Our Our Our families and entrepreneurs we accompany and as well as investments people communities environnement our existing and future employees. Sofina adhered to We promote We are socially We strive to reduce the UNPRI and will diversity and a engaged and our environmental implement the collaborative support initiatives footprint and raise recommendations organization. promoting awareness on this The cornerstone of our project is our adherence to the on CSR issued by cultural and social issue. United Nations Principles for Responsible Investment and the United Nations development in in its investment our communities. their implementation in our investment decision process. process.

We build a good We comply with place to work in laws and and aim at being regulations and a responsible favor spirit over employer. the letter.

We support We strive to permanent learning, implement the personal develop- best governance ment and practices at all dynamic career levels. management.

38 | Sofina | Purpose & Patience 39 | Corporate Social Responsibility Our offices 13

Brussels Luxembourg Singapore

Rue de l’Industrie, 31 Rue Léon Laval, 12 108 Amoy Street, #03-01 B-1040 Brussels L-3372 Leudelange Singapore 069928 Belgium Luxembourg Singapore

Tel. +32 2 551 06 11 Tel. +352 45 61 92 Tel. +65 6327 1700 [email protected] [email protected] [email protected]

Postal address: Sofina Partners SA BP 16 L-3205 Leudelange

40 | Sofina | Purpose & Patience 41 | Our offices Graphic design and publishing The Crew Communication s.a. Printing Snel SOFINA | Société anonyme

Brussels Office – Registered Office Rue de l’Industrie, 31 | B-1040 Bruxelles Tel. : (+32) 2 551 06 11 [email protected] | www.sofinagroup.com