45HC44_cv_EN 07-06-2007 15:08 Pagina 1 PUBLIC SUBSCRIPTION OFFER OF 14,190,621 NEW SHARES WITH VVPR STRIPS in the framework of a capital increase in cash with a preferential subscription right and ADMISSION TO TRADING OF THOSE SHARES AND OF THOSE VVPR STRIPS ON EUROLIST BY EURONEXT BRUSSELS @Joint Lead Managers Co-Lead Managers June 2007 WorldReginfo - 6ae09c07-d1e2-4ee8-96ba-ccbfa625f1e1 APPROVAL OF THE PROSPECTUS On 5 June 2007, the Banking, Financing and Insurance Commission (BFIC) approved the prospectus consisting of this share securities note, the annual report for the financial year 2006, the press release on the first quarter 2007 and the press release on the investment in Iberdrola in appendix, in accordance with Article 23 of the Belgian law of 16 June 2006 concerning public offers of investment instruments and admission of investment instruments for trading on regulated markets. This approval does not imply an approval of the suitability and the quality of the transaction or of the position of the persons who are making this offer. On 5 June 2007, the BFIC accepted the annual report for the financial year 2006 as the registration document, which, accompanied by a share securities note, may be used for any market call during a period of 12 months. The prospectus is also available in French and Dutch. The Company is responsible for checking the coherence between the three languages. In case of dispute, only the French version of the prospectus will be legally binding; the Dutch and the English version being free translations. AVAILABILITY OF THE PROSPECTUS The prospectus is available, in the three languages, at the registered office of the Company, avenue Marnix 24, B-1000 Brussels, during office hours. Copies can be requested at: • Fortis on the free phone number 0800/90.301 • ING on 02/464.60.04 • KBC Bank on 03/283.29.70 Subject to certain conditions related to applicable legal and regulatory provisions in certain jurisdictions, the prospectus may also be viewed on the following website: www.gbl.be. WorldReginfo - 6ae09c07-d1e2-4ee8-96ba-ccbfa625f1e1 Groupe Bruxelles Lambert Public Limited Liability Company Registered office: Avenue Marnix 24 – B-1000 Brussels Register of legal entities n°: 0407.040.209 SHARE SECURITIES NOTE for THE PUBLIC SUBSCRIPTION OFFER OF 14,190,621 NEW SHARES WITH VVPR STRIPS in the framework of a capital increase in cash with a preferential subscription right and THE ADMISSION TO TRADING OF THOSE SHARES AND OF THOSE VVPR STRIPS ON EUROLIST BY EURONEXT BRUSSELS Main terms and conditions of the offer Issue price: 84 EUR per share with VVPR strip Subscription period: • from 14 to 28 June 2007 inclusive with preferential subscription • on 2 July 2007 for the accelerated private placement with qualified investors of the preferential subscription rights that were not exercised in the form of scrips Subscription right: Coupon N° 9 separated from the old shares on 13 June 2007 after closing of the stock exchange Listing of the new shares on Eurolist by Euronext Brussels, in principle on 2 July 2007 for the shares and VVPR strips and VVPR strips resulting from the subscription with preferential subscription rights and in principle on 4 July 2007 for the shares and VVPR strips resulting from the subscription with scrips Selling agents: Fortis, ING and KBC Bank 1 WorldReginfo - 6ae09c07-d1e2-4ee8-96ba-ccbfa625f1e1 2 WorldReginfo - 6ae09c07-d1e2-4ee8-96ba-ccbfa625f1e1 SUMMARY OF THE PROSPECTUS ................................................................................................................................................................. 6 A. Key features of the offer .......................................................................................................................................................................... 6 Background of the offer and use of proceeds................................................................................................................ 6 Expected timetable of the offer .................................................................................................................................... 6 Number of new shares offered ..................................................................................................................................... 7 Issue price.................................................................................................................................................................. 7 Proceeds and expenses related to the capital increase .................................................................................................. 7 Percentage represented by new shares......................................................................................................................... 7 Date as of which the new shares carry rights ................................................................................................................ 7 Preferential subscription right....................................................................................................................................... 7 Subscription periods.................................................................................................................................................... 8 Payment of the subscribed shares................................................................................................................................ 8 Selling agents ............................................................................................................................................................. 8 Financial service.......................................................................................................................................................... 8 Admission to trading of the new shares and the VVPR strips on Eurolist by Euronext Brussels .......................................... 8 Underwriting................................................................................................................................................................ 8 Condition precedent for the underwriting....................................................................................................................... 9 Intention of the principal shareholders to subscribe........................................................................................................ 9 Dilution ....................................................................................................................................................................... 9 Lock-up agreement...................................................................................................................................................... 9 Stabilisation – Interventions on the market .................................................................................................................... 10 Restrictions applicable to the offer ............................................................................................................................... 10 Summary of the principal risk factors in relation to the issuer and the shares offered ...................................................... 11 B. Information relating to the issuer.......................................................................................................................................................... 12 History and development of GBL .................................................................................................................................. 12 Overview of the activities of GBL .................................................................................................................................. 12 General information on GBL.......................................................................................................................................... 12 Key information relating to selected financial data of the Company ................................................................................. 15 1. RESPONSIBILITIES FOR THE PROSPECTUS....................................................................................................................................... 17 1.1. Parties responsible for the prospectus .................................................................................................................................... 17 1.2. Declaration of the parties responsible for the prospectus ............................................................................................... 17 2. RISK FACTORS .............................................................................................................................................................................................. 18 2.1. Risks related to the securities offered ..................................................................................................................................... 18 2.2. Risks relating to the Company .................................................................................................................................................... 18 3. KEY INFORMATION...................................................................................................................................................................................... 20 3.1. Net working capital .........................................................................................................................................................................