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

— H1 2019 Edition —

1 1 Our mission

Our goal at is to create economic value with a human face. 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 globalized market. Our mission is to provide patient capital, expertise and advice to growing companies led by entrepreneurs and families and aspire to be their preferred partner, coupled with a long-term horizon that few other investors can match.

Our heritage and culture are what makes 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 this way, we aspire to become the preferred investment partner for all those who share our beliefs and vision.

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

~€ 5 bn Global reach net6. asset value6 * A family run 3 US Asia and controlled complementary investment Change over the last 20 years (1) investment company pillars

6.56 6.75 6.00 5.25 4.50 Four focus sectors 3.75 Long-term minority 3.00 1.70 investments 2.25 1.50 Offices in % NAV * 0.75 46 0 , Luxembourg Consumer 1997 2H2018 and Investments in venture and growth capital funds Digital 30% NAV * Roots going back ~ 5 Education Sofina Growth ─ 2 Investments in fast-growing investment businesses professionals * 120 Healthcare 17% NAV years across our 3 offices

(1) Shareholders’ equity is net asset value as from 2017. (*) As at 31 December 2018 (net asset value based on preliminary and unaudited data). Note that Sofina values all its holdings at their fair value (whe- never fair value is required or permitted in accordance with IFRS) , as Sofina has qualified as an investment entity in accordance with IFRS 10/IAS 28 since 1 January 2018. As such, it does not apply the equity method for its interest in associates, since using fair value is more relevant.

4 | Sofina | Purpose & Patience 5 | Highlights 1898 - 2018 Founded more than 120 years ago as an engineering conglomerate, Sofina is now a listed investment company holding equity participations in Europe, the United States and Asia. We are invested across many sectors with a focus on Our history Consumer, Digital, Education and Healthcare. 3

2016 2014 2015 First direct investment in 2017 Fifth anniversary of the 2018 Opening of an office in the United States through 2013 More than 50% ‘Platform for Education and Exceeding €6bn Singapore and reinforcement a shareholding in Mérieux of Sofina’s portfolio Talent’, Sofina’s CSR project Investment in Flipkart in net asset value of Sofina Growth NutriSciences is invested The investment team counts mainly in , China outside Europe Sir David Verey 20 professionals and the United States becomes Chairman

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

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

1898 1956 Foundation of Sofina 1910 Yves Boël is appointed as (‘Société Financière de First1910 investment 1938 1950s Sofina’s Managing Director Transport et d’Entreprises in a IPOPrivate Opening of First investment of current Industrielles’), an engineering Equity fund in India Luxembourg office family shareholders Since 1956, Sofina conglomerate, active in has increased its dividend per the energy and share without interruption transportation sectors

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

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. Sofina DNA, which Sofina also does which are less mature than invests in healthy companies through its investments in the long-term minority with sustainable growth top tier fund managers with a investments and have a higher in closely held businesses strong bias towards venture and risk-return profile. alongside a family or an growth strategies. entrepreneur with meaningful The approach consists of skin in the game. As this activity is generating a investing alongside trusted high-quality transaction flow, partners in transactions where The investment size is ideally it represents an important Sofina Growth can invest up to between €75m and €300m network for the development of €50m. The portfolio has global for a minority stake. Sofina Growth. ambitions (Asia, Europe, US). The portfolio consists mainly of companies headquartered in Europe, with worldwide activities.

8 | Sofina | Purpose & Patience 9 | Investment Strategy What makes us unique 5

We understand family & entrepre- neurial dynamics and Our We deliver a expertise in our core We take a We only work for successive investments sectors providing 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 pillars. communities.

We offer decades of cumulated We are reactive experience and Through the three investment Common vision and have a fast expertise in a wide pillars, 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

Sofina 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 Sofina comes number of subjects in our boards and to benefit Feng Ge, across as a group from all the experience of Sofina. Managing Partner of Trustbridge Partners and CEO of Carebridge Holdings of passionate, Philippe Sans, high CEO of Mérieux NutriSciences integrity and hardworking Sofina is a supportive and constructive people. long term partner. They understand Sofina has been a very our business well, and have contributed strong partner and Sachin Bansal, Given Sofina’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 Sofina 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 offerings for every user a long term and of the app. We are happy mutually beneficial that the team at Sofina In Sofina 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

~46% Investment size Minority stakes of net asset between in privately owned and value* €75m and €300m listed companies

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

For more than 60 years, Sofina has been the partner We are active and constructive members of the of 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 growth Our large capital base affords us patience and the path; we strive for seamless alignment with our ability to support our companies growth through minority partner shareholders oftentimes involved in the capital expenditures or acquisitions. investments management of the company. Our approach is flexible and next to growth initia- Our long-term view, our strategic and sector experi- tives we are also able to provide liquidity to existing ence, financial wherewithal, further enhanced by shareholders or support with other like-minded and Sofina’s broad and global network are the contribution aligned partners sponsor-less buy outs. we bring to our portfolio companies’ growth projects.

(*) As at 31 December 2018 (based on preliminary and unaudited data).

14 | Sofina | Purpose & Patience 15 | Long-term minority investments As a family of entrepreneurs and as a company, We have a trustful bioMérieux BioTech Dental Cambridge Associates M Chapoutier we have seen over more relationship with Sofina. www.biomerieux.com www.biotech-dental.com www.cambridgeassociates.com www.chapoutier.com www.colruytgroup.com than 40 years that Indeed we share 2009 | FR 2018 | FR 2018 | US 2007 | FR Sofina’s mission corresponds 1975 | BE the same managerial bioMérieux is a global leader Biotech Dental is one of the Cambridge Associates helps Chapoutier is a wine producer to reality. And what has Colruyt is a leading Belgian values and the same in in vitro diagnostics and European leaders in restorative endowments, foundations, from the Rhone Valley, retailer with several really cemented our future long-term vision. provides diagnostics solutions and regenerative dentistry. pensions, private clients, Roussillon, Alsace, Portugal and chains: Colruyt that improve patient health and The group is a leading player governments, and Australia. Highly regarded in is above all the constant (soft discounter), Okay (smaller ensure consumer safety. in and operates companies build custom Parker’s ratings, Chapoutier is convenience stores), support in difficult times. Alexandre Mérieux, in more than 40 countries institutional-quality portfolios active in “appellations” such as Dreamland (toys and leisure) CEO of bioMérieux across the world. aimed at exceeding their Crozes Hermitage, Chateauneuf and Bioplanet (organic investment objectives within du Pape and St. Joseph. Jef Colruyt, products). Colruyt is also active defined risk parameters. CEO of Colruyt Group in France as a retailer.

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

1987 | FR 2016 | US 2012 | FR 2016 | DE 1992 | LU 2014 | US Danone is the world’s leading First Eagle is a closely-held GL events is a provider of JF Hillebrand is the global Luxempart is a Luxembourg With 100 laboratories worldwide, producer of fresh and dairy leading asset management firm integrated solutions and services leading service provider in the holding company with Mérieux NutriSciences offers a products, baby food and based in New York serving both for events operating across the forwarding, transport and participating interest in Europe- range of services to medical nutrition. Danone is investors and institutional main market segments. GL events logistics of beverages and based listed and non-listed the food, environment and also the second largest global clients. Its products include provides services and equipment products that require special companies. It has two main nutrition value chain through player in the mineral water mutual funds, separate for large events (e.g. Olympic care. The company serves investment strategies: strategic three business units: food safety segment. accounts, and private funds. Games), organizes 300+ more than 40,000 customers long-term shareholdings and short & quality, innovation for tradeshows and manages across 91 countries with a team to medium-term private equity nutrition and analytical & safety 40 venues (e.g. exhibition halls) of 2,500 professionals. investments. services. around the world.

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 Petit Forestier SES be the right partners for us The Hut Group vente-privee www.orpea.com of exceptional help and that www.petitforestier.com www.ses.com at a time of rapid growth at www.thg.com wwww.vente-privee.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 an European leader Petit Forestier is the European SES is a world-leading The Hut Group is an online vente-privee in nursing homes offering have contributed supporting leader in refrigerated vehicle telecommunications satellite pleased to count on their health and beauty retailer and is the European leader residence and medical the performance and container rental, with operator with a global fleet of continued support as we set brand owner. The company is in flash sales. The company, treatments for elderly and/or more than 15,000 clients and a more than 50 geostationary active in Europe, the US and in specialized in online psychically dependent people. and the development fleet of over 50,000 vehicles. satellites that can reach 99% of about delivering on our Asia, in which it sells a wide destocking of major As at 2017 year-end, the of our activities. The company also provides the world’s population. ambitious global expansion. variety of products covering brands, counts more company operated 86,650 beds bodywork services under the sport nutrition, vitamins, than 72 million members in nursing homes located Lecapitaine brand. health, cosmetics, clothing and across 14 countries. in Europe and China. Yves Forestier, Matthew Moulding, accessories. CEO of Groupe Petit Forestier CEO of The Hut Group

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

~30% Equity Commitment Mainly of net asset between venture and growth value* €15m and €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 & • GGV Capital with global footprint: China) • InvAscent • Abry • SilverLake • Kedaara • Andreessen Horowtiz • Spark Capital • LYFE Capital • Bain Capital • Summit • Multiples • Battery Venture • TA Associates • Source Code Capital • Bessemer Venture Partners • Thoma Bravo • Trust Bridge Partners • DST Global • Thrive Capital • Founders Fund • Tiger Global Management Selected GPs based in Europe: • Foundry • Venrock • Atlanticlabs • General Atlantic • Atomico • H.I.G. Capital Selected GPs based in Asia: • Blossom • Insight Venture Partners • Ascendent Capital Partners • Felix • IVP • China Renaissance • Highland Capital Partners • Kleiner Perkins • ChrysCapital • Lake Star • Lightspeed Venture Partners • Crescent Point • Local Globe • Lux Capital • Everstone • Mérieux Equity Partners • NEA • Falcon House Partners • Northzone • Redpoint • Genesis Capital • Sofindev

(*) As at 31 December 2018 (based on preliminary and unaudited data).

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

~17% Investment size High growth of net asset between sectors value* €15m and €50m and/or markets

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

Under the Sofina Growth investment style, Sofina Furthermore, Sofina’s added value includes the has built a portfolio of companies focusing on growth ability for its partners to tap into its vast network of themes within the Consumer, Digital, Education and portfolio companies, investors and other relations Sofina Growth─ Healthcare sectors. globally.

Investments We invest in Asia (India, China and South-East Asia), Sofina focuses on rapidly growing companies with in fast-growing Western Europe and the United States. prospects of attaining profitability in the near future. businesses Sofina has developed a rapid decision-making process These companies are generally in a development to assess potential new investments opportunities phase, where technology risk and product-market within this investment style. fit risk have been substantially reduced.

We focus on situations where we can provide capital Sofina Growth typically invests alongside well-aligned to companies in late venture/early growth funding and trusted partners, frequently one of our GPs or rounds. another reputable investors.

Our holding periods would typically be tied to those Target companies are privately-owned with a of the other investors, but given the evergreen concentrated shareholder base and a founding nature of our capital, Sofina is able to be present in team who continues to play a significant role in the the cap table and re-invest successive round after company’s ownership and management. successive round.

(*) As at 31 December 2018 (based on preliminary and unaudited data).

20 | Sofina | Purpose & Patience 21 | Sofina Growth — Investments in fast-growing businesses 1stdibs ACT Aohua Bira 91 Byju’s Carebridge Clover Health F&B Asia Grand Rounds www.1stdibs.com www.actcorp.in www.aohua.com www.bira91.com www.byjus.com www.jiahui.com www.cloverhealth.com www.fb-asia.com www.grandrounds.com

2015 | US 2016 | IN 2018 | CN 2018 | IN 2016 | IN 2016 | CN 2018 | US 2014 | SG US 1stdibs is a leading US online Atria Convergence Technologies Aohua is a leading Chinese Bira 91 is an Indian beer brand Byju’s is a leading provider of Anchored by Clover Health F&B Asia is an investment Grand Rounds is a US marketplace for decorative arts. (ACT) is a provider of endoscopy equipment and emerging as a leader on the supplemental education Jiahui International Hospital, is a health insurer providing holding company which aims healthcare company that Its main categories of products broadband internet access and consumables manufacturer with premium segment. solutions. Byju’s developed Carebridge is an integrated Medicare Advantage plan. to build a Pan-Asia provides an employer-based are furniture, fine arts, cable TV distribution in India, more than 20 subsidiaries and Founded in 2013, the company effective, adaptive and healthcare services network It aims to improve healthcare food & beverage services (F&B) technology solution connecting jewellery & watches and with more than 1.5m branch offices globally. stands out due to a clear product engaging learning programs, based in Shanghai which quality while reducing platform, with assets across patients with local and remote fashion. subscribers. The company is range of essential and flavourful focused on the K-12 segment. delivers differentiated quality costs through preventive multiple geographies, formats specialty care. Grand Rounds active in Hyderabad, Bangalore beers and a differentiated The company is active in India and impact in clinical care, healthcare management. and cuisines. helps patients identifying and and Chennai and expanding in marketing strategy. and the Middle East. clinical research and connecting with the doctors other cities. professional training. best equipped for their needs.

Graphcore Hector Beverages IHS Knewton MedGenome Missfresh Opseo Pine Labs Postmates www.graphcore.ai www.paperboatdrinks.com www.ihstowers.com www.knewton.com www.medgenome.com www.missfresh.cn www.opseo-intensivpflege.de www.pinelabs.com www.postmates.com

2018 | UK 2015 | IN 2014 | NIG 2015 | US 2017 | IN 2018 | CN 2016 | DE 2015 | IN 2016 | US Graphcore is a chip Hector Beverages is an IHS is one of Africa’s leading Knewton is an adaptive MedGenome is a leading Missfresh is a leading Opseo Intesivpflege is a leading Pine Labs is a company that Postmates, a San Francisco manufacturer who built the Indian company, specialized in providers of telecom tower learning company that provides Indian genomics research and e-commerce platform which player in the German outpatient provides payment, loyalty and based company, operates fastest and most flexible the production and distribution infrastructure for mobile education technology to genetic diagnostics company provides high quality fresh intensive care market (patients retail automation systems. a network of couriers who Intelligence Processing Unit for of beverages based on phone operators. The group institutions and publishers with offices and labs in groceries to the rising middle requiring full-time supervision), It developed a technology deliver goods locally. It is the the artificial intelligence traditional Indian recipes builds, leases, and manages in the United States and Bangalore, Singapore and class in China, delivering taking care of more than disrupting the way stakeholders leader of US on-demand market. through its flagship brand telecommunications towers internationally. the Bay Area. fresh food and products 800 patients. (merchants, brands, customers, industry in terms of revenues Paper Boat. which it owns or are owned to its customers issuers and acquirers) interact and client base. by others. within one hour. at the PoS level.

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 an healthcare Spartoo is the second TCNS Clothing Company ThoughtSpot is a technology Wynd is a software provider Xinyu is the largest watch Zhangmen is a leading player Zilingo is a leading technology company offering largest online shoes and bags is India’s leading player company that produces specialized in supporting the retailer and wholesaler in China, in China’s K-12 after-school fashion-focused e-commerce access to medical care (doctor retailer in Europe. on the women’s branded Business Intelligence analytics digital transformation of points offering watches from tutoring space, which connects player in South-East Asia. appointment and discovery apparel market. software. The company was of sale and brands, unifying mid- to high-end and K-12 students with teachers It operates a B2C online 2013 ➜ 2015 | IN 2013 ➜ 2016 | ES portal, online consultations), TCNS owns 3 brands founded in May 2012 by Ajeet sales for online and offline luxury watches from online, offering personalized marketplace for apparel, shoes online retail of OTC and (W, Aurelia and Wishful) Singh, Co-founder of Nutanix, channels. world-renowned brands. tutoring programs. and accessories, and also a prescription medicines and positioned on the alongside a team of engineers B2B business serving health-related subscription ethnic/fusion segment. from Google. customers around the world. plans, mostly in India. 2014 ➜ 2014 | IN 2015 ➜ 2017 | UAE

22 | Sofina | Purpose & Patience 23 | Sofina Growth — Investments in fast-growing businesses Portfolio companies Our four in our focus sectors 7 focus sectors

Sector knowledge is key: we have built dedicated We have gathered significant industry expertise The more we progress with Sofina’s global development, teams based on our four preferred sectors with the and investment experience in those areas through the more sector focus appears to be a condition for belief, in line with our mission, that these sectors our investment pillars. This knowledge, alongside adding meaningful value to growing companies. These are well positioned to contribute to global growth, our partners’ industry experience, enables us to sectors, Consumer, Digital, Education and Healthcare, development and innovation. support the growth of our portfolio companies. have long been a playing field for our teams. As your partner, we believe our sector knowledge and dedicated resources allow us to provide guidance, market ER HEALTH UM C S AR knowledge and a global network. N E O C

DIGITAL Bira 91 Colruyt Aohua Danone bioMérieux F&B Asia 1stdibs BioTech Dental Hector Beverages Missfresh Carebridge M Chapoutier Postmates MedGenome TCNS Spartoo Clover Health Opseo Xinyu The Hut Group Grand Rounds Orpea vente-privee Practo Wynd ACT Zilingo Graphcore Pine Labs SES ThoughtSpot

Byju’s Knewton Zhangmen

ED UCATION

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

As an evergreen investment holding, we aim to Net asset value (€bn) (1) create long-term shareholder value across three 6.56 investment pillars valued as one portfolio. 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.70 1.50 0.75 0 1997 2000 2005 2010 2015 2H2018

Average yearly performance (%) (2)*

16 15.2 14 11.7 12 10.4 10.4 9.8 10 8 6.7 6.9 5.8 6 3.5 4 2 1.3 0 -2 -4 -6 -4.8 -8 -10 -12 -14 -12.5 -16 1-year performance 4-year performance 7-year performance 15-year performance

Sofina’s net asset value (3) MSCI AC WI (€) (4) EURO STOXX 50

(1) Shareholders’ equity is net asset value as from 2017. (2) Average yearly annual growth rate over the period ending on the 31st of December. (3) Per share, gross dividends reinvested. (4) MSCI AC World NETR EUR Index - NDEEW. (*) As at 31 December 2018 (based on preliminary and unaudited data).

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 Sofina invests in Asia through direct (“Sofina Growth”) and top tier venture and growth capital funds investments. Sofina is focusing QSR operator in India Premium Producer of Indian mainly on China, India and South-East Asia, and covers these and South-East Asia beer brand ethnic beverages markets from an office located in Singapore. Sofina also leverages 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 closed in Asia in South-East in China 20 GPs Asia (Zilingo) (Carebridge)

Online fashion marketplace Payments technology Broadband internet in South-East Asia company provider 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 Victor Casier Xavier Coirbay Chief Executive Officer Executive Committee Executive Committee • Joined in 2008 as CEO, • Joined in 2006 • Joined in 1992 member of the controlling • P reviously at Roland Berger, • Previously at Générale family Transwide Ltd and Banco de Banque • Previously at Usines Gustave Urquijo • Solvay Brussels School of Boël and Corus • Louvain School of Management, Economics & Management • Brown University (Chem.), University of (MBA) and Insead (IDP-C*) École Polytechnique Lausanne and Insead (IDP-C*) • Boards: Cambridge Associates (Mat. Sc.) and Insead (IDP-C*) • Boards: Arcomet, SES Global and Orpea • Boards: bioMérieux and and vente-privee Mérieux Nutrisciences

Wauthier de Bassompierre François Gillet Edward Koopman Executive Committee Executive Committee Executive Committee

• Joined in 1999 • Joined in 1988 • Joined in 2015 • Previously at CMS DeBacker • Previously at Union Minière • Previously at BNPP, Barings, • Catholic University of Louvain • Louvain School of Management Bain & Co. and Electra (Law), ICHEC (Tax), Vleckho and Insead (IDP-C*) Partners Europe/Cognetas (Business Communication) • Boards: Colruyt, JF Hillebrand, • EM Lyon Business School and Insead (IDP-C*) Luxempart and Groupe Petit • Boards: GL events and • Committee member of Forestier The Hut Group the Platform for Education and Talent

* International Directors Programme - Certificate in Corporate Governance

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

Stéphanie Delperdange Xiao-Tian Loi Ainhoa Manterola Solans Jean-François Burguet Alexi Gantelme Yana Kachurina Head of Luxembourg Senior Investment Manager Senior Investment Manager Investment Manager Investment Manager Investment Manager • Joined in 2007 • Joined in 2015 • Joined in 2017 • Joined in 2014 • Joined in 2014 • Joined in 2016 • Previously at KPMG • Previously at Allianz Capital • Previously at Bain Capital • Previously at Deloitte • Previously at Exane BNP • Previously at Roland Berger and Kredietbank Partners, Monetary Authority and McKinsey • Polytechnique Louvain (Elec. Paribas and KPMG Corporate and a French family office • ICHEC and Certified of Singapore and Singapore • Institut Supérieur de Eng.) and Wharton (MBA) Finance • Solvay Brussels School of Luxembourg Accountant Economic Development Board l’Aéronautique et de l’Espace • Boards: The Hut Group, • Louvain School of Management Economics & Management • Board: Postmates • UC Berkeley (Chem. Eng.) and (Aero. Eng.) Knewton, 1stdibs and Arcomet • Board: Opseo Intensivpflege Columbia University (Fin. Eng.) • Board: BioTech Dental • Boards: Carebridge and MedGenome

Mathieu Poma Maxence Tombeur Giulia Van Waeyenberge Anthony Keusters Benjamin Sabatier Tanya Sen Senior Investment Manager Head of Asia Senior Investment Manager Investment Manager Investment Manager Investment Manager • Joined in 2008 • Joined in 2008 • Joined in 2010 • Joined in 2013 • Joined in 2016 • Joined in 2017 • Previously at • Previously at ING • Previously at De Eik • Previously at Deloitte • Previously at Deloitte and • Previously at Bain & Co. Bridgestone Europe • Louvain School of Management and Merrill Lynch • University of Antwerp Cube Infrastructure Managers and Deutsche Bank • Solvay Brussels School of • Boards: Practo, Hector • Catholic University of Leuven (Law & Tax), ICHEC (Tax) • Arts et Métiers ParisTech • Oxford University (Eng., Econ. Economics & Management Beverages, Pine Labs, (Elec. Eng.) and Singapore and EMS (Fin.) (Mech. Eng.), Georgia Tech & Mgmt.) and Wharton (MBA) • Boards: M Chapoutier and Byju’s and Bira 91 Management University (Econ.) (Mech. Eng.) and HEC Paris (Fin.) • Board: Zilingo Spartoo • Boards: Cambridge Associates and GL events

34 | Sofina | Purpose & Patience 35 | Team Investment Team Corporate and Tax & Legal Team International team with more than 10 nationalities

João Vale de Almeida Yashvin Singh Boparai Hadrien Duhem Frédéric Docquier Amélie Lagache Jean-François Lambert Investment Manager Investment Associate Investment Associate Group Business Controller Head of Tax Head of Operations • Joined in 2015 • Joined in 2017 • Joined in 2018 • Joined in 2016 • Joined in 2014 • Joined in 2009 • Previously at ING • Previously at Barclays and • Previously at Bain & Co. • Previously at PwC, SCA • Previously at PwC • Previously at Robeco Bank • Solvay Brussels School of Royal Bank of Scotland • Solvay Brussels School of Packaging, TNT, Avnet • Catholic University of Louvain , Kaupthing Bank Economics & Management • Oxford University (Fin. Econ.) Economics & Management and bpost. (Law) and Solvay Brussels and Callataÿ & Wouters and Insead (MBA) and HEC Paris (Fin.) •  Solvay Brussels School of School of Economics & • Louvain School of Management • Boards: Groupe Petit Forestier Economics & Management Management (Elec. Eng.), Solvay Business and BioTech Dental • Certified in-house tax advisor School (IT) and Vlerick (IEC-IAB) Business School (IMP)

Bertrand Fawe Linda Mulyani Carine Leroy Emilie van de Walle de Ghelcke Investment Associate Investment Associate Head of Human Resources Senior Legal Counsel • Joined in 2017 • Joined in 2018 • Joined in 2005 • Joined in 2016 • Previously at Mediobanca • Previously at Goldman Sachs • Previously at Belgacom • Previously at Freshfields and LFPI • Singapore Management Skynet, Colgate Palmolive, Bruckhaus Deringer • Solvay Brussels School of University (Econ.) Levis Strauss, Lintas & IBM • Catholic University of Louvain Economics & Management • EHSAL Management School, (Law), Free University of Vlerick Business School and Brussels (Econ. Law) and the Solvay Brussels School of London School of Economics Economics & Management and Political Science (LLM)

36 | Sofina | Purpose & Patience 37 | Team Corporate social Philanthropy 12 responsibility

Sofina has translated its CSR commitment, values and contemplated actions into a clear policy that allows the Company to meet the €1m +320 +160 aspirations of its stakeholders and to create empathy for a broader Annual budget for the “Platform Scholarships granted by the Students supported by the “Purpose and Patience” project. The cornerstone of the project is our for Education and Talent” Platform since its foundation “Boost for Talents” programme commitment to implement the recommendations on CSR issued by the in our investment processes. Our CSR policy is Sofina is the co-founder and active member of the Platform for Education and Talent, an organization set divided into four main themes that are in turn divided into specific up in 2011 with its family shareholders aimed at supporting education and training of talent in Belgium. commitments. The Platform, supported by the King Baudouin Foundation, is managed by a Monitoring Committee Our 1. Sofina shall implement the recommendations on CSR issued by composed of representatives of the founders and chaired by an independent member, Jacques investments the United Nations in its investment processes to better manage risk and Levy-Morelle. With an annual budget of €1m, the Platform’s ambition is to “support the emergence and generate sustainable long-term returns. reinforcement of talent by either giving individual grants or by supporting the projects or organizations committed to comparable objectives” (source: Charter of the Platform).

The Platform has identified three intervention areas:

Our people 2. We promote 3. We build a good 4. We support diversity and work as place to work for all life-long learning 1. Granting scholarships to 2. Granting scholarships to 3. “Boost for Talents”: one team. people and aim to be and have a growth students from Belgian talented young Belgian To help the transition a responsible mindset approach. universities to enable craftsmen to support their between secondary school employer. them to complete their training in the heritage and higher education or education at a renowned arts. This allows them to university for teenagers university abroad. work with the best profes- from socially deprived Our 5. We are socially 6. We comply with 7. We strive to communities engaged and support laws and regulations implement the best sionals and trainers of environments. initiatives promoting and favour spirit over governance practices their discipline in Europe. cultural and social the let ter. at all levels. development in our Further details regarding our philanthropic activities can be found in our Annual Report and on the platform communities. website: www.sofinaboel.be

Our 8. We strive to 9. We raise environment reduce our environ- awareness on mental footprint. environmental issues.

38 | Sofina | Purpose & Patience 39 | Corporate social responsibility Our offices 13

BRUSSELS LUXEMBOURG SINGAPORE

Rue de l’Industrie, 31 Boulevard Joseph II, 8a 108 Amoy Street, #03-01 B-1040 Brussels L-1840 Luxembourg 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]

40 | Sofina | Purpose & Patience 41 | Our offices 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