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

— Q1 2020 Edition —

OUR MISSION

Our goal at 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 OUR MISSION 3 KEY FIGURES

Highlights

EUR 7.63 BN GLOBAL SHAREHOLDERS’ EQUITY REACH

A FAMILY RUN 3 US EUROPE ASIA AND CONTROLLED COMPLEMENTARY Change over the last 20 INVESTMENT COMPANY INVESTMENT years (2) STYLES 8.00

7.00

6.00

5.00

FOUR FOCUS 4.00 SECTORS Long-term minority 3.00 investments 2.00 1.00 43% OF SHAREHOLDERS’ EQUITY (1) Offices in , 0 Luxembourg and Singapore Consumer and 1999 2019 Sofina Private Funds – Investments in venture and growth capital funds

Digital Transformation 31% OF SHAREHOLDERS’ EQUITY (1)

Roots going back 26 Sofina Growth – Investments in Education investment fast-growing businesses professionals 120+ YEARS across our 20% OF SHAREHOLDERS’ EQUITY (1) 3 offices Healthcare

(1) Considering the portfolio in transparency. (2) Since 1 January 2018, Sofina has adopted the status of investment entity in accordance with IFRS 10. Figures relating to the financial years 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity can be compared to that of following years. Accounting data 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 HIGHLIGHTS 5 MILESTONES 1898 - 2019 Founded more than 120 years ago as an engineering conglomerate, Sofina 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 Retail, Digital Transformation, Our history Education and Healthcare.

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

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 capital funds in India Count Goblet d’Alviella is Petit Forestier appointed Executive Chair

1988 Yves Boël is appointed Chair 1998 and Count Goblet d’Alviella co- 1987 1978 1975 1965-70 Managing Director First investments Investment Investment in Investment in Colruyt Sofina becomes an in venture and growth in SES Reinforcement of the family investment company shareholders following the capital funds acquisition of Société Générale in the United States 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 Private Initial Public Offering The Luxembourg First investment by current Since 1956, Sofina Industrielles’), an engineering Equity fund in India office opens family shareholders has increased its annual conglomerate, active in the dividend per share without energy and interruption transportation sectors

6 SOFINA - PURPOSE & PATIENCE OUR HISTORY 7 STRATEGY

Our strategy Our strategy could be looked at like a multi-dimensional network : by investment style, by region and by sector

LONG-TERM SOFINA PRIVATE FUNDS SOFINA GROWTH – MINORITY – INVESTMENTS INVESTMENTS IN INVESTMENTS IN VENTURE AND FAST-GROWING GROWTH CAPITAL BUSINESSES FUNDS

CONSUMER AND RETAIL

EUROPE “Our strategy is simple. Wherever strong relationships can be created with like-minded HEALTHCARE ASIA partners as interested as we are by what makes companies grow, we will be present.”

HAROLD BOËL CHIEF EXECUTIVE OFFICER DIGITAL TRANSFORMATION US

EDUCATION

SIGNATORY OF THE UNPRI 8 SOFINA - PURPOSE & PATIENCE OUR STRATEGY 9 OUR APPROACH

What makes us unique

WE UNDERSTAND FAMILY AND WE ONLY WE PROVIDE EXPERTISE IN OUR CORE SECTORS ENTREPRENEURIAL OUR TAKE DYNAMICS AND WORK THROUGH INVESTMENTS MINORITY FOR SUCCESSIVE GUIDANCE, HAVE A GLOBAL WE TAKE A OWNERSHIP GENERATIONS MARKET KNOWLEDGE FOOTPRINT LONG-TERM VIEW POSITIONS AND GLOBAL NETWORK AND INVEST OUR EQUITY ONLY

WE ARE A PARTNER WE DO OUR THROUGH CYCLES, WE BACK ENTREPRENEURIAL AND BEST TO BE GROWING COMPANIES IN GOOD AND BAD WE ARE PRAGMATIC TIMES A RESPONSIBLE FROM START-UPS TO MATURE AND SOLUTION- INVESTOR. WE CARE FOR COMPANIES OUR COMMUNITES, OUR ORIENTED PEOPLE AND THE PLANET THROUGH OUR THREE INVESTMENT STYLES

WE ARE AGILE AND HAVE A FAST WE OFFER DECADES DECISION- OF CUMULATED COMMON VISION EXPERIENCE AND MAKING THROUGH THE THREE INVESTMENT EXPERTISE IN A WIDE AND ALIGNMENT PROCESS STYLES, WE BRING OUR PARTNERS AN RANGE OF BOARD OF INTERESTS GUIDE ALL OUR INTERNATIONAL NETWORK OF DECISIONS SITUATIONS KEY DECISION-MAKERS

10 SOFINA - PURPOSE & PATIENCE WHAT MAKES US UNIQUE 11 TESTIMONIALS

What our partners say...

Given Sofna’s own focus on The Sofna team has a simple, Sofna is a fantastic partner for Drylock has been growing at an providing patient capital to collaborative approach with Graphcore. We are working incredible fast pace over the last entrepreneurs, we have been sharp industry focus and insight hard to build a large technology seven years. At a certain moment fortunate to build a long term and builds true partnership with business based in Europe with in time you come to a point and mutually beneficial local managers and global reach and Sofna’s strategy where you have to attract a partnership. entrepreneurs. is perfectly aligned. We highly good, stable partner with a long value their long term focus and term growth mindset. Sofna is BILL FORD, FENG GE, MANAGING PARTNER CEO OF GENERAL ATLANTIC OF TRUSTBRIDGE PARTNERS AND CEO OF strong support for our mission perfect for that. We had been in CAREBRIDGE HOLDINGS to build a new type of processor contact for several years and the that will let innovators in AI relations has therefore grown achieve the next breakthroughs. systematically. I was very happy Sofna is a supportive and to welcome them on board. NIGEL TOON, constructive long term partner. Sofna has been a very strong CO-FOUNDER & CEO OF GRAPHCORE Together we will further roll out They understand our business partner and has supported our ambitious growth plans well, and have contributed in us in our exponential growth. based on our technological and implementing our international Working closely with Sofna patented product portfolio. The background, culture, buy and build strategy, has further enriched our thoughtfulness and experience BART VAN MALDEREN, particularly in Latin America and understanding on how we of Sofna made them a highly CEO DRYLOCK TECHNOLOGIES in Asia. can innovate and optimize our desirable, excellent investor for us. offerings for every user of the […] They take the long-term view and OLIVIER GINON, FOUNDER AND CEO OF GL EVENTS app. We are happy that the team have the rare ability to guide us at Sofna shares our vision of strategically, but also act as a “critical revolutionizing education and is friend” operationally. We couldn’t be there to guide us. happier with Sofna, and look forward to the years ahead, as we strive to BYJU RAVEENDRAN, create a genuine world leader in FOUNDER AND CEO OF BYJU’S education.

CHRIS JANSEN, GROUP CHIEF EXECUTIVE OFFICER OF COGNITA

12 SOFINA - PURPOSE & PATIENCE WHAT OUR PARTNERS SAY... 13

OUR THREE INVESTMENT STYLES (1/3)

43 % Investment size Minority stakes of shareholders’ between EUR 75MIO in privately owned and (1) listed companies equity and EUR 300MIO

Mainly European-based In partnership with Patient capital companies with a global entrepreneurs and Long-term reference exposure families shareholder

Why? How? For more than 60 years, Sofna has partne- Our long-term minority investment portfolio red with entrepreneurs, families and mana- consists mainly of European-based compa- Long-term gement teams to support them over their nies having a global exposure in which we long-term growth and create sustainable generally invest between EUR 75 and 300 minority value. million for a minority stake. We are active and constructive members of the company’s To our portfolio companies we bring our investments board and are involved in the development long-term view, strategic and sector expe- of strategic initiatives. Our large capital base rience, fnancial expertise, as well as our glo- affords us patience and the ability to sup- bal network. port growth through capital expenditures or acquisitions. Our approach is flexible and besides growth initiatives, we are also able to provide liqui- dity to existing shareholders or support other like-minded and aligned partners in sponsor-less buy outs. We strive for seamless alignment with our partner shareholders who are often involved in the management of the company.

14 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 15 GROUPE PETIT FORESTIER COGNITA DANONE THE HUT GROUP CAMBRIDGE ASSOCIATES

www.corporate.petitforestier.com www.cognita.com www.danone.com www.thg.com www.cambridgeassociates.com www.colruytgroup.com

2007 | FR 2019 | UK 1987 | FR Over the year 2016, Sofna and its 2016 | UK 2018 | US 1975 | BE team have proved to be the right Groupe Petit Forestier Cognita is an independent Danone is a global leader in The Hut Group is an Cambridge Associates Colruyt Group is a Belgian family partners for us at a time of rapid is the European leader school platform that owns bringing health through food growth at THG. We value Sofna’s international technology is a global investment frm business that is active in food in refrigerated vehicle, and operates K-12 private with its four businesses: long-term approach and are pleased company focusing on online that provides portfolio distribution in , France display unit and schools in Asia, Europe Essential Dairy and Plant- to count on their continued support retail in the beauty and management and advisory and Luxembourg. container rental. and Latin America. Based Products, Waters, Early as we set about delivering on our wellbeing sectors. It is active services to endowments, It manages stores directly Life Nutrition and Medical ambitious global expansion. in Europe, US and Asia. foundations, pension plans, (Colruyt, OKay, Bio-Planet and Nutrition. Its brand portfolio and private clients. Cru), through a network of MATTHEW MOULDING, includes Evian, Nutrilon, CEO OF THE HUT GROUP independent retailers (Spar and Activia, Alpro and Mizone. Alvo) and is active in non-food retail and food wholesale.

I am delighted with Sofna entering into BIOMÉRIEUX the capital of the Group. It represents a NUXE GL EVENTS DRYLOCK TECHNOLOGIES ORPEA HILLEBRAND great opportunity to further develop the www.biomerieux.com success story of NUXE in France and fr.nuxe.com www.gl-events.com www.drylocktechnologies.com www.orpea.com www.hillebrand.com abroad. Sofna’s expertise in consumer 2009 | FR goods will enable NUXE, a pioneer 2019 | FR 2012 | FR 2019 | BE 2013 | FR 2016 | DE brand in natural cosmetics and bioMérieux is a global leader NUXE is a pioneering French GL events is a fully integrated Drylock Technologies is a Orpea is a European leader Hillebrand is a global leading renowned for its innovative and in in vitro diagnostics and brand which became the international event company global designer and private label in providing long-term service provider in the shipping, audacious character, to accelerate its provides diagnostics solutions growth. We will pool our strengths and reference player in natural across the three main market manufacturer of hygiene products dependency, physical and transportation and logistics of that improve patient health share our entrepreneurial values of cosmetology, No. 1 in France segments: congresses, for daily comfort & care mental care, both at home and beverages and products that and ensure consumer safety. commitment, to build together and over with operations in conferences and conventions; (for babies and females mostly). in an institution. To become a require special care. the long term. 60 countries. cultural, sports, institutional, The company focuses strongly global group with the highest The company focuses on two corporate and political events; on innovation and now owns a quality standards in the best specifc niche markets: beer, ALIZA JABÈS, PRESIDENT AND FOUNDING MEMBER OF THE trade shows and consumer unique patent portfolio. The locations, the company has wine and spirits, and industrial NUXE GROUP fairs. company operates 72 production expanded internationally with bulk such as mineral oils and lines in America and Europe. presence in China and Brazil. chemicals.

FIRST EAGLE MÉRIEUX VEEPEE LUXEMPART BIOTECH DENTAL CHAPOUTIER NUTRISCIENCES www.feim.com www.veepee.com www.luxempart.lu www.biotech-dental.com www.chapoutier.com www.merieuxnutrisciences.com

2016 | US 2016 | FR 1992 | LU 2018 | FR 2007 | FR 2014 | US First Eagle is a leading Veepee, formerly vente- Luxempart is an investment Biotech Dental is a European Chapoutier is one of the leading closely-held investment Mérieux NutriSciences offers privee, is a European leader company that manages dentistry leader. It is wine producers in the Rhône management frm based analysis and support services in online flash sales and a portfolio of listed and recognised for its exclusive Valley (France), and is also present in New York, serving both for new product development specializes in selling brand non-listed frms mainly digital products and services in other regions. The business has retail investors and in the food industry. It operates overstock exclusively to its in Luxembourg, Belgium, offering, including design and built an international reputation institutional clients. a network of laboratories members. The company is France and Germany. manufacturing of implants, thanks to exceptional domain around the world. active in several sectors, dental prostheses, intraoral names, a longstanding high- including fashion, travel, scanners and custom-made quality standard and a pioneering entertainment and wine. transparent aligners. position in biodynamic wine- growing.

16 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 17

OUR THREE INVESTMENT STYLES (2/3)

31% ~60 Venture and growth of shareholders’ Core GPs capital funds equity

+ Equity commitment between First investments Active in the US, Asia between EUR 10 m 1978 and Europe and EUR 40 m

Why? How? Sofina As a long-term minded evergreen invest- The investment in venture and growth capi- Private Funds ment holding, Sofna has been building a tal funds can be summarized as follows: typ- global and diverse network of Private Funds ically investments take the form of Limited – Investments focusing on venture capital and develop- Partnerships for a period of 10 to 12 years. ment capital (“Venture & Growth”), support- Funds are managed by specialized teams: in venture and ing them across fundraising cycles since the the General Partners who raise funds from end of the 1970s. growth capi- institutional investors such as Sofna (the Our ability to make connections within our “Limited Partners”) who are committed for tal funds large network of relationships across dif- a fxed investment amount (the “Commit- ferent industries and geographies, makes ment”). Sofna a valuable partner. General Partners usually have a limited The activity of Sofna Private Funds also period of fve to six years to make invest- serves as a catalyst and generator of busi- ments which ft their investment strategy. ness flows for the direct investment activi- When GPs exit from these investments, pro- ties of Sofna Growth as we can support GPs’ ceeds are distributed to their Limited Part- portfolio companies by investing in late- ners and GPs receive a performance fee on stage rounds. the results of their portfolio.

18 SOFINA - PURPOSE & PATIENCE SOFINA PRIVATE FUNDS – INVESTMENTS IN VENTURE AND GROWTH CAPITAL FUNDS 19

OUR THREE INVESTMENT STYLES (3/3)

20 % Investment size High growth between EUR m of shareholders’ 15 sectors equity and EUR 50 m

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

Sofina Why? Initiated in 2013, Sofna Growth focuses on As a long-term partner, Sofna is repre- Growth – investments in fast-growing companies, sented in governance bodies when its pre- positioned on the most dynamic themes sence is desired and aims to maintain close Investments within of our focus sectors (Consumer and relationships with the founders whose eco- Retail, Digital Transformation, Education nomic interests are aligned with ours. in fast- and Healthcare). The strategy consists of leveraging Sofna’s experience in direct Given the evergreen nature of our capital, growing investments, its permanent capital base and we support the growth of companies by businesses its network of investors in order to access investing additional capital in subsequent high-quality investment opportunities wor- rounds. We also support such growth by ldwide. providing access to relevant stakeholders within our vast network of portfolio com- How? panies, investors and other partners across Sofna Growth usually invests equity tickets multiple geographies. between EUR 15 and 50 million per com- Sofna Growth has a global geographic pany, as part of “late stage” venture capital coverage oriented towards regions driving or “early growth” capital rounds. Priority is growth and innovation. Initially, most of our given to investment opportunities where efforts were concentrated on Asia (India, trusted partners are present within the China, South-East Asia) and the United shareholders’ base, whether they are Gene- States. More recently, we have been paying ral Partners from Sofna Private Funds’ port- increasing attention to the European mar- folio or other reputable investors. Thanks to ket, and several investments have been a fast decision-making process for assessing made. new opportunities, we are able to follow our partners as soon as an investment meets our criteria.

20 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 21 BYJU’S IHS ZILINGO POSTMATES PINE LABS THOUGHTSPOT CAREBRIDGE MISSFRESH XINYU GRAPHCORE

www.byjus.com www.ihstowers.com www.zilingo.com www.postmates.com www.pinelabs.com www.thoughtspot.com www.jiahui.com www.missfresh.cn www.censh.com www.graphcore.ai

2016 | IN 2014 | NIG 2018 | SG 2016 | US 2015 | IN 2017 | US 2016 | CN 2018 | CN 2018 | CN 2018 | UK Byju’s is a leading provider of IHS is one of Africa’s leading Zilingo is a platform that aims to Postmates is a US delivery Pine Labs is a provider of ThoughtSpot provides a Anchored by MissFresh is a leading Xinyu is the largest watch Graphcore is a chip supplemental education providers of telecom tower make the global apparel supply company managing a innovative IT solutions that business-intelligence Jiahui International Hospital, e-commerce platform which retailer and wholesaler in China, manufacturer who built the solutions. Byju’s developed infrastructure for mobile chain fair, connected and network of local couriers. simplify payments for analytics search software for Carebridge is an integrated provides high quality fresh offering a comprehensive fastest and most flexible effective, adaptive and engaging phone operators. The group transparent. Its software and Through its mobile merchants, with terminals large enterprises. It helps healthcare services network groceries. With its integrated portfolio of mid- to high-end Intelligence Processing Unit learning programs, focused on builds, leases, and manages marketplace help businesses in application, it connects suitable for all types of non-technical users to easily based in Shanghai which supply chain and network of and luxury watches from for the artifcial intelligence the K-12 segment. The company telecommunications towers the apparel sector with sourcing customers and couriers, electronic payments. explore, analyse and delivers differentiated quality mini-warehouses across world-renowned brands. market. is active in India and the Middle which it owns or are owned and production effciency. and organises local minute- The company is a market share real-time business and impact in clinical care, major Chinese cities, the East. by others. deliveries from any restaurant leader in India and is analytics data. clinical research and company delivers fresh or store. expanding internationally. professional training. groceries to its customers within an hour.

TCNS 1STDIBS ADJUST DAILYHUNT ZHANGMEN MEDGENOME GRAND ROUNDS GIPHY HECTOR BEVERAGES VINTED HEALTHKART

www.wforwoman.com www.1stdibs.com www.adjust.com https://m.dailyhunt.in www.zhangmen.com www.medgenome.com www.grandrounds.com www.giphy.com www.paperboatdrinks.com www.vinted.com www.healthkart.com

2016 | IN 2015 | US 2019 | DE 2019 | IN 2018 | CN 2017 | IN US 2019 | US 2015 | IN 2019 | LT 2019 | IN TCNS Clothing Company is a 1stdibs is a leading US online Adjust, a global SaaS business, Dailyhunt is an Indian vernacular Zhangmen is a leading player in MedGenome is a leading Grand Rounds is a US healthcare Giphy is the leading online Hector Beverages is an Vinted is the leading European HealthKart is an Indian leading player in the marketplace for decorative arts. provides high-quality analytics, content aggregator offering China’s K-12 online Indian genomics research and company that provides database and search engine Indian company, specialized online marketplace and manufacturer and retailer of women’s branded apparel Its main categories of products accurate measurement, personalized after-school tutoring space. genetic diagnostics company technology solutions to identify for GIFs (short looping videos in the production and community that allows its users health and ftness market in India. It owns three are furniture, fne arts, jewellery & fraud prevention and cyber high-quality content to users It connects students with with offces and labs in and connect the most with no sound). It has distribution to sell, buy and swap second- supplements. brands (W, Aurelia and watches and fashion. security solutions for over 25,000 in their own language. teachers online, offering Bangalore, Singapore and appropriate specialist doctors developed products across of beverages based on hand clothing items and Wishful) in the contemporary mobile apps worldwidey. personalised tutoring programs. the Bay Area. based on the medical needs of content formats, aiming to traditional Indian recipes accessories. ethnic segment. the individuals. become an ad platform for through its flagship brand Its services help to reduce messaging. Paper Boat. medical costs and enhance effciency.

SOME FORMER INVESTMENTS

OPSEO ACT MORPHE PRACTO LENSKART CLOVER HEALTH BIRA 91 AOHUA SPARTOO

www.opseo-intensivpflege.de www.actcorp.in www.morphe.com www.practo.com www.lenskart.com www.cloverhealth.com www.bira91.com www.aohua.com www.spartoo.com 2013 › 2018 | IN 2010 › 2016 | UK

2016 | DE 2016 | IN 2019 | US 2015 | IN 2019 | IN 2018 | US 2018 | IN 2018 | CN 2012 | FR opseo Intensivpflege is a Atria Convergence Technologies Founded as a professional Practo is a provider of tech- Lenskart manufactures eyewear Clover Health is a US-based Bira91 is an Indian beer brand, Aohua is a leading Chinese Spartoo is a French leader leading player in the German (ACT) is a provider of broadband makeup brush company in enabled solutions connecting brands Vincent Chase and John health insurer providing emerging as a leader in the endoscopy equipment and in omni-channel outpatient intensive care internet access and cable TV Los Angeles, Morphe has stakeholders in the Indian Jacobs and sells its products Medicare Advantage plans. premium segment. consumables manufacturer shoe sales and is active 2013 › 2015 | IN 2013 › 2016 | ES market. distribution in India, with more developed an innovative, healthcare value chain (patients, through an omnichannel It aims to improve healthcare The company produces with more than 20 throughout Europe. than 1.5 million subscribers. The influencer-led platform, doctors, hospitals and service platform that includes 500 quality while reducing costs a range of flavourful beers subsidiaries and branch company is active in Hyderabad, becoming a global beauty brand providers). physical stores across India, an through preventive healthcare and has a differentiated offces globally. Bangalore, Delhi, Chennai and is with a highly engaged and loyal online store and a home management. marketing strategy. expanding in other cities. base of customers. eye-check up service. 2014 › 2014 | IN 2015 › 2017 | UAE

22 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 23 FOUR FOCUS SECTORS Selected portfolio companies Focus sectors in our focus sectors

Sector knowledge is paramount. We have built We have gathered signifcant industry exper- dedicated teams based on our four preferred sec- tise and investment experience in those areas tors with the belief, in line with our mission, that through our investment styles. This knowledge, these sectors are well positioned to contribute to alongside our partners’ industry experience, global growth, development and innovation. enables us to support the growth of our portfolio companies.

Consumer Digital Healthcare Education and Retail Transformation

We believe intimate knowledge of an industry to be a condi- tion for adding meaningful value to growing companies. Over the years, we have built a track record of investing in our Focus Sectors: Consumer and Retail, Digital Transformation, Education, and Healthcare. By being closer to these industries and their people, we can better identify the trends and themes that will 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.

24 SOFINA - PURPOSE & PATIENCE FOCUS SECTORS 25 OUR STORY IN ASIA

Investing and contributing Asian companies to growth in Asia in our focus sectors

Consumer and Retail

Indian manufacturer Fashion-focused Premium and retailer of Producer of Indian e-commerce player in beer brand health and ethnic beverages South-East Asia fitness supplements

Leading eyewear Leading women’s Online grocery Largest watch retailer and manufacturer and apparel brand company in China wholesaler in China retailer in India

Digital Transformation

Since 2005 we have held the belief, that has in the meantime turned into fact, that growth in Asia and especially, growth of its domestic Payments technology Leading vernacular company content aggregator in consumption was going to be a secular driver of global growth. India

Education

Online provider Leading player in of supplemental China’s K-12 education content after-school 2019 2018 2018 2016 tutoring space More than 20 Exit of First First direct investments Flipkart investment in investment Healthcare in Asia South-East Asia (Zilingo) in China (Carebridge)

Provider of tech-enabled Genomics research Integrated healthcare 2015 2015 2013 2005 solutions for the and genetic services company healthcare sector diagnostics company in China The fund portfolio Opening of the First First investments reaches 20 GPs Singapore office investment in India in venture and growth (Flipkart) capital funds in Asia

Chinese endoscopy equipment and consumables manufacturer

26 SOFINA - PURPOSE & PATIENCE INVESTING AND CONTRIBUTING TO GROWTH IN ASIA 27 CSR

Corporate Social Our CSR commitments Responsibility As a long term investor, Sofna believes that Cor- The cornerstone of our CSR commitment is to porate Social Responsibility (CSR) is key to its implement the United Nations Principles for sustainable growth. It is now a main focus in the Responsible Investment (UNPRI) since 2019, on selection of our new investments and in the mon- which we will report for the frst time for the itoring of our portfolio companies. fnancial year 2020. We are also implementing internal policies to put CSR as a key criteria in our We therefore adopted a CSR policy setting out and investment decision making process. our CSR commitment, values and actions to cre- ate empathy for a broader “Purpose & Patience” CSR is also at the heart of what we do as an project and to meet the aspirations of all those employer, as an active community member and involved in our sustainable growth, including our when Sofna considers its environmental foot- shareholders, the families and entrepreneurs we print. This focus is present in how we work and accompany and as well as our existing and future interact with each other in and outside the work- employees. place, our presence in volunteering and non- proft organisations as well as on our willingness to reduce our environmental footprint.

These undertakings are further illustrated in the below chart which set outs our four main themes divided into specifc commitments:

The cornerstone of our CSR project as a long term investor is our adherence to the United Nations Principles for Res- ponsible Investment (UNPRI) and their implementation in our Our Our Our Our investment decision and monitoring process. Investments People Communities Environnement

Sofina will imple- We promote diversity We are socially We strive to reduce ment the recommen- and a collaborative engaged and our environmental dations issued by the organization. support initiatives footprint United Nations on promoting CSR in its investment We build a fulfilling cultural and social We raise awareness process in order to workplace for development in on environmental better manage risks everyone and aim at our communities. issues. while generating being a responsible sustainable returns employer. We comply with laws over the long term and regulations and We support perma- favor spirit over nent learning, the letter. personal develop- ment and dynamic We strive to career management implement the with a growth best governance minded approach. practices at all levels.

28 SOFINA - PURPOSE & PATIENCE CORPORATE SOCIAL RESPONSIBILITY 29 GOVERNANCE Board of Directors

1. 2. 3. 4. 1. Dominique 6. Jacques Emsens 12. Charlotte Strömberg * Lancksweert Board Member of UFB Chair of the Board Chair of the board of Sofi na of Castellum Dominique Lancksweert Laura Cioli Harold Boël Nicolas Boël Senior Advisor at Morgan 7. Anja Langenbucher * Stanley European Director of 13. Michel Tilmant * 5. 6. 7. 8. the Bill and Melinda Gates Board member of 2. Harold Boël Foundation BNP Paribas Group Chief Executive Offi cer 8. Robert Peugeot 14. Guy Verhofstadt *

Laurent de Meeûs d’Argenteuil Jacques Emsens Anja Langenbucher Robert Peugeot 3. Nicolas Boël Chair of FFP Former Belgian Prime Chair of the Board of Solvay Minister and Member of 9. 10. 11. 12. 9. Analjit Singh * Renew Europe in the EU 4. Laura Cioli * Founder and Chair Parliament Board member of Max Group of Pirelli and Brembo 15. Gwill York * 10. Michèle Sioen * Analjit Singh Michèle Sioen Catherine Soubie Charlotte Strömberg Co-founder and Managing 5. Laurent de Meeûs CEO of Sioen Industries Director of Lighthouse d’Argenteuil 13. 14. 15. Capital Partners Senior Partner at Egon 11. Catherine Soubie * Zehnder International CEO of Arfi lia

Michel Tilmant Guy Verhofstadt Gwill York

* Independent directors

30 SOFINA PURPOSE & PATIENCE BOARD OF DIRECTORS 31 TEAM

We are Sofina Executive Committee

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 family • Boards: Veepee and Drylock • Boards: Cambridge Associates and • Boards: bioMérieux, Mérieux • Previously at Roland Berger, Orpea NutriSciences and Cognita Transwide Ltd • Previously at Générale • Previously at Usines Gustave Boël and Banco Urquijo de Banque and Corus • Louvain School of Management, • Solvay Brussels School of Economics • Brown University (Chem.), University & Management école Polytechnique Lausanne of Chicago (MBA) and INSEAD and INSEAD (IDP-C*) (Mat. Sc.) and INSEAD (IDP-C*) (IDP-C*)

WAUTHIER FRANÇOIS EDWARD DE BASSOMPIERRE GILLET KOOPMAN Executive Committee Executive Committee Executive Committee

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

* International Directors Programme - Certifcate in Corporate Governance

32 SOFINA - PURPOSE & PATIENCE EXECUTIVE COMMITTEE 33 Investment Team International team with more than 10 nationalities

JEAN-FRANÇOIS BURGUET STÉPHANIE DELPERDANGE MAXENCE TOMBEUR YANA KACHURINA ANTHONY KEUSTERS BENJAMIN SABATIER Senior Investment Manager Head of Luxembourg Head of Asia Investment Manager Investment Manager Investment Manager

• Joined in 2014 • Joined in 2007 • Joined in 2008 • Joined in 2016 • Joined in 2013 • Joined in 2016 • Boards: The Hut Group, 1stdibs, • Boards: Postmates and Cambridge • Boards: Practo, Hector Beverages, • Boards: Dailyhunt and • Boards: Sofndev, Drylock and • Board: Giphy Uperio, Graphcore and Adjust Associates Pine Labs, Byju’s and Bira 91 Hector Beverages Lillydoo • Previously at Deloitte and Cube • Previously at Deloitte • Previously at KPMG • Previously at ING • Previously at Roland Berger and a • Previously at Deloitte Infrastructure Managers • Polytechnique Louvain (Elec. Eng.) and Kredietbank • Louvain School of Management French family offce • University of Antwerp • Arts et Métiers ParisTech (Mech. and Wharton (MBA) • ICHEC and Certifed Luxembourg • Solvay Brussels School of (Law & Tax), ICHEC (Tax) Eng.), Georgia Tech (Mech. Eng.) Accountant Economics & Management and EMS (Fin.) and HEC Paris (Fin.)

AINHOA MANTEROLA SOLANS MATHIEU POMA XIAO-TIAN LOI TANYA SEN DAVID BIRGET YASHVIN SINGH BOPARAI Senior Investment Manager Senior Investment Manager Senior Investment Manager Investment Manager Investment Associate Investment Associate

• Joined in 2017 • Joined in 2008 • Joined in 2015 • Joined in 2017 • Joined in 2019 • Joined in 2017 • Board: Biotech Dental • Boards: Chapoutier and Spartoo • Boards: Carebridge and • Boards: Zilingo, Cognita • Previously at the Boston • Previously at Barclays and Royal • Previously at Bain Capital • Previously at MedGenome and HealthKart Consulting Group (BCG) Bank of Scotland and McKinsey Bridgestone Europe • Previously at Allianz Capital • Previously at Bain & Co. • HEC Paris (Fin. Econ.) • Oxford University • Institut Supérieur de • Solvay Brussels School of Partners, Monetary Authority and Deutsche Bank (Fin. Econ.) l’Aéronautique et de l’Espace Economics & Management of Singapore and Singapore • Oxford University (Eng., Econ. & (Aero. Eng.) Economic Development Board Mgmt.) and Wharton (MBA) • UC Berkeley (Chem. Eng.) and Columbia University (Fin. Eng.)

JOÃO VALE DE ALMEIDA GIULIA VAN WAEYENBERGE ALEXI GANTELME HADRIEN DUHEM BERTRAND FAWE YIZHEN LIM Senior Investment Manager Senior Investment Manager Investment Manager Investment Associate Investment Associate Investment Associate

• Joined in 2015 • Joined in 2010 • Joined in 2014 • Joined in 2018 • Joined in 2017 • Joined in 2019 • Boards: Groupe Petit Forestier • Board: GL events • Previously at Exane BNP Paribas • Previously at Bain & Co. • Previously at Mediobanca • Previously at Venturecraft and Biotech Dental • Previously at De Eik and KPMG Corporate Finance • Solvay Brussels School of and LFPI & Ark Bio Holdings, KPMG • Previously at ING and Merrill Lynch • Louvain School of Management Economics & Management • Solvay Brussels School of and Singapore Economic • Solvay Brussels School of • Catholic University of Leuven (Elec. and HEC Paris (Fin.) Economics & Management Development Board Economics & Management Eng.), Singapore Management • Peking University (Econ.) and INSEAD (MBA) University (Econ.) and INSEAD (IDP-C*) * International Directors Programme - Certifcate in Corporate Governance

34 SOFINA - PURPOSE & PATIENCE TEAM 35 Investment Team Corporate and Tax & Legal Team

AMÉLIE EMILIE VAN DE WALLE CARINE MARKUS KREUS LINDA MULYANI LAGACHE DE GHELCKE LEROY Investment Associate Investment Associate Head of Tax Senior Legal Counsel Head of Human Resources • Joined in 2019 • Joined in 2018 • Joined in 2014 • Joined in 2016 • Joined in 2005 • Previously at PwC • Previously at Goldman Sachs • Previously at PwC • Previously at Freshfelds Bruckhaus • Previously at Belgacom Skynet, • Maastricht University School of • Singapore Management University • Catholic University of Louvain (Law) Deringer Colgate Palmolive, Levis Strauss, Business and Economics (SBE) (Fin.) and Solvay Brussels School of • Catholic University of Louvain Lintas & IBM Economics & Management (Tax) (Law), Free University of Brussels • EHSAL Management School, • Certi fed in-house tax advisor (Econ. Law) and the London Vlerick Business School and Solvay (IEC-IAB) School of Economics and Political Brussels School of Economics Science (LLM) & Management

PASCAL BOSSIROY FRÉDÉRIC DOCQUIER JEAN-FRANÇOIS LAMBERT Co-Head of Human Resources Group Business Controller Head of Operations

• Joined in 2019 • Joined in 2016 • Joined in 2009 • Previously at Sumitomo • Previously at PwC, SCA Packaging, • Previously CIO at Robeco Bank Mitsui Banking Corporation, Leleux TNT, Avnet and bpost Belgium & Kaupthing Bank Associated Brokers, Robeco/ • Solvay Brussels School of Belgium, Consultant at Callataÿ & Kaupthing Bank Belgium and Economics & Management Wouters RaboRobeco Bank Luxembourg • École Polytechnique Louvain • University of Nancy II (DESS DGHR) (Civil Eng.), INSEAD (TGM), Vlerick and Institut Supérieur Lucien Business School (IMP), Solvay Cooremans (Fin.) Business School (IT), Louvain School of Management

36 SOFINA - PURPOSE & PATIENCE TEAM 37 CREATING VALUE

Long-term growth of assets Key figures

SHAREHOLDERS’ EQUITY (MIO EUR) (1)

9,000 (2)

8,000 7,629 7,629

7,000

6,000

5,000

4,000

3,000 2,781

2,000

1,000

0 (3) (3) 2011 2013 2015 2012 1999 2019 2018 2014 2001 2010 2003 2002 2005 2007 2006 2009 2008 2004 2000 2017 2016

ANNUAL AVERAGE RETURN (%) (4)

35

30 28.9 28.2

25 As an evergreen investment holding, we aim to 20 create long-term shareholder value across three 18.4 15 12.9

investment styles valued as one portfolio. 12.3 11.5 10.5

10 9.3 8.2 8.0 5.4

5 4.6

0

1 YEAR 7 YEARS 10 YEARS 15 YEARS

Shareholders’ equity of Sofina (5) MSCI AC WI (EUR) (6) EURO STOXX 50 (7)

(1) The accounting data are prepared under IFRS standards since fnancial year closed at 31 December 2004. The shareholders’ equity for fnancial years prior to 2004 corresponds to the estimated value of the assets. (2) As at 31 December 2019, based on audited data. (3) 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 that of following years. (4) Average annual growth rate over the reference period ending on 31 December 2019. (5) Per share, gross dividends reinvested. The fgures 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 that of following years. (6) MSCI AC World Net Total Return EUR Index – NDEEWNR Index. (7) Euro Stoxx 50 Net Return Index EUR - SX5T Index.

38 SOFINA - PURPOSE & PATIENCE LONG-TERM GROWTH OF ASSETS 39 CONTACT

Our offices

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: Sofna Partners SA BP 16 L-3205 Leudelange

40 SOFINA - PURPOSE & PATIENCE OUR OFFICES 41

SOFINA | Société anonyme

Brussels Office – Registered Office Rue de l’Industrie, 31 | B-1040 Brussels – Belgium Tel. : (+32) 2 551 06 11

[email protected] | www.sofinagroup.com

44 SOFINA - PURPOSE & PATIENCE