Seb Sa · EURONEXT:SK
Seb Sa — Groupe SEB — Shareholder Meeting (May 2024)
147 slides from Seb Sa's shareholder meeting presentation, May 23, 2024
Slide 1: Groupe SEB 2024 Annual General Meeting
GROUPE SEB Paris | May 23, 2024 www.groupeseb.com
Slide 2: Slide 2
Slide 3: 2024 Annual General Meeting agenda
2024 ANNUAL GENERAL MEETING. O01 Strong performance in 2023, confirmed in Q12024- 02 Anambitious growth strategy ens O03 Update on PFAS 04 Capital, share price & dividend 05 Governance 06 Information prior to the vote on the resolutions O07 Statutory auditors’ reports O08 Questions & Answers 09 Vote
Slide 4: Introduction
Slide 5: Strong performance in 2023, confirmed in Q1 2024
— ~ 701.) 20235 full-year= results __| | | > | | : z ; eZ 23/05/2024
Slide 6: 2023 key figures
Sales Operating margin | We. in 2022 : — Dividend fi vs €620m in 2022 vs. 2022 vs €7,960m in 2022 LFL* vs 2022 Net profit Net financial debt vs. €316m in 2022 vs end-2022 EBITDA proposed at AGM Leverage
Slide 7: Clear return to organic growth since Q2 2023
2024 ANNUAL GENERAL MEETING. SEB Clear return to organic growth | since Q2 2023 Group quarterly organic sales growth -8.1% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 23/05/2024
Slide 8: Sales growth 2022 to 2023
SEB Salesin €m +46 Organic growth Currency effect Scope effect +5.3% -5.3% +0.6% T Reported growth 2022 2023
Slide 9: Excellent performance in Professional, return to growth in Consumer
2024 ANNUAL GENERAL MEETING Excellent performance in Professional Return to organic growth in Consumer saLes €8,006m +0.6% +5.3% LFL Professional Consumer €962m €7,045m +32.6% -2.6% +26.5% LFL +3.2% LFL 23/05/2024 10
Slide 10: Record year for Professional Coffee
SEB Record year for Professional Coffee > Strong growth in strategic markets: China, US and Germany > Successful roll-out of large contracts and in core business > Q4 performance confirmed the 2023 momentum > Expanded range to include traditional coffee machines with the acquisition of La San Marco
Slide 11: Consumer: organic growth back on track since Q2
2023 €7,045m 43.2% LFL Organic growth back on track since Q2 > Activity in all regions driven by a steady stream of product launches > Strong contribution from most emerging markets (other EMEA countries, Latin America) > Return to organic growth in most mature markets > Slight growth in China
Slide 12: Clear recovery in sales growth in H2
2024 ANNUAL GENERAL MEETING. Clear recovery in sales growth in H2 Other EMEA +25.0% +20.5% Western Europe North America 42.2% +6.8% all = H2 3.7% South America + 21.5% Organic sales growth in Consumer segment, by semester
Slide 13: Strong sequential growth in operating margin in 2023
2024 ANNUAL GENERAL MEETING. Strong sequential growth in operating margin in 2023 Gradual recovery of operating margin since Q2 Operating Result from Activity €726m (ORFA) +17.0% vs. 2022 Operating 9.1% margin +180 bps vs. 2022 Q2 Q3 m2022 m2023 23/05/2024 A
Slide 14: Growth in operating profit
2024 ANNUAL GENERAL MEETING. Growth in operating profit thanks to our efforts to increase volumes, improve price mix and lower costs ORFAin€m
Slide 15: Free cash flow generation
2024 ANNUAL GENERAL MEETING. Amortization/ Employee profit- sharing* 2023 1 d EBITDA Chg. operating WCR Chg. non- operating WCR and others FCF *Statutory and discretionary employee profit-sharing 16
Slide 16: Net debt reduction
2024 ANNUAL GENERAL MEETING. ... leading notably to net debt reductio : Free cash flow 31/12/2022 31/12/2023 * Incl. SEB Alliance #* SEB SA and Supor
Slide 17: A balanced capital allocation policy
2024 ANNUAL GENERAL MEETING. A balanced capital allocation policy... _ Steady growth in dividends per Su bstantial share Sao of €780m in SEB SA dividends si 2017, c. min ividends since free cash flow with an average payout > 30% More than €3bn generated since Ambitious acquisitions strategy 201 7 c.
Slide 18: Significant reduction in debt since WMF acquisition
2024 ANNUAL GENERAL MEETING. ... alongside a significant reduction in debt since the WMF acquisition Ratios at 31/12 1.6 A 1.4 Excl. M&A and IFRS 16 @ 15 16 7 18 19 20 2l -@Net financial debt/Adjusted EBITDA ==Net financial debt/Adjusted EBITDA (excl. IFRS 16)
Slide 19: Financial information for Q1 2024
Financial — information for 2024 ©
Slide 20: Q1 2024 key figures
vs. Q1 2023 Net financial debt vs. 31/03/2023 Operating margin vs. Q1 2023
Slide 21: Robust organic sales growth
2024 ANNUAL GENERAL MEETING. Robust organic sales growth Salesin€m Organic growth Currency effect +7.3°% -4.1% +3.9% Q12023 Q12024 23/05/2024 ol
Slide 22: Q1 Professional and Consumer
2024 ANNUAL GENERAL MEETING. Excellent performance in,Professional Solid growth in Consumer SALES €1,893mM +3.9% +7.3% LFL Professional Consumer €258m €1,655m 423.3% +1.4% +18.5% LFL +5.8% LFL 23/05/2024 23
Slide 23: Strong Q1 growth in Professional
SEB Strong Q1 growth (+18.5% LFL) ona demanding comparison base (Q1 2023 +29% LFL) Professional Coffee: Very good quarter in Germany, China and Italy Continued international expansion: Mexico, Taiwan, Malaysia, Eastern Europe... ..with a wider customer base: tea chains in China Roll-out phasing of l
Slide 24: Consumer Q1 2024
Q12024 €1,635m +1.4% +5.8%LFL Another quarter with organic growth exceeding 5% New product launches and gains in Group market share Increased number of countries trending upward, particularly in Europe 8% growth in France excluding loyalty programs effects Slight growth in China in an unfavorable co
Slide 25: Increasing number of countries in growth
Increasing number of countries in growth Momentum still favorable in our categories 6 HOME AND PERSONAL CARE @ +18.4% 14 4 KITCHEN ELECTRICS +4.7% H12023 H2 2023 Q12024 mu # growing countries # declining countries COOKWARE Organic growth for 17 top 20 countries in Q1 2024 45.1% (excl. LP) Excl. LP,
Slide 26: Confirmed strong rebound in operating result
2024 ANNUAL GENERAL MEETING. Q1-24 Confirmed strong rebound in operating Operating margin Result from €1 1 a | mM > Support from volumes in both Professional and Activity Consumer segments (@) RFA) +70.1% vs. Q1 2023 Product mix bolstered by innovation Declining cost of goods sold Negative FX impact
Slide 27: 2024 Annual General Meeting
2024 ANNUAL GENERAL MEETING:
Slide 28: Uncertain macroeconomic and geopolitical context
Still uncertain macroeconomic and geopolitical context Slow economic recovery, especially in China Resilient Consumer market Continued brisk development in Professional markets Consumer: More widespread return to growth in mature countries Gradual year-round recovery in China Continued good dynamic
Slide 29: An ambitious growth strategy
Slide 30: Section 02.1
2024 ANNUAL GENERAL MEETING. 02:1
Slide 31: Mid-term targets
LFLsales CAGR at least 5% Continued substantial free cash-flow generation a inane Operating margin toward 11% 32
Slide 32: Robust historical baseline
2024 ANNUAL GEN! may ed toa robust historical baseline... , | es isa Organic sales growth since 2013 Free cash flow generatedin €m since 2013 15.5% 8.0% 9.2% 7.8% 5.4% 4.6% ~ EE 5.3% 752 -3.8% Loa B 4 18 16 ”7 18 a) 20 21 22 23 367 Operating margin since 2013 306 a inacnsil a 9.9% 10.1% 10.2% 10.1%
Slide 33: Strategic vision for the Consumer division
2024 ANNUAL GENERAL MEETING. Fd .. driven by a strategic vision for the Consumer division... A Z 4 y Innovative _ New trengthen y products categories dership 23/05/2024 on
Slide 34: Strategic vision for the Professional division
2024 ANNUAL GENERAL MEETING. .. the Professional division... Become a reference player 23/05/2024 35
Slide 35: Strong competitive assets
EXTENSIVE COMPETITIVE STRONG GLOBAL CONTINUOUS GO-TO-MARKET PRODUCT INDUSTRIAL BRANDS PRESENCE INNOVATION EXCELLENCE OFFERING FOOTPRINT PROVEN EXPERTISE IN M&A PIONEERING ROLE IN CORPORATE SOCIAL RESPONSIBILITY
Slide 36: Consumer: life-centric innovation
RT ide) onsumer: ife-centric innovation
Slide 37: Our mission
2024 ANNUAL GENERAL MEETING. Our mission _ “Make consumers’ everyda
Slide 38: Market leader drives category momentum
2024 ANNUAL GENERAL MEETING. Groupe SEB, market leader, drives category momentum Linen care Innovative solutions and range expansion in 2023 to meet changing consumer demand ¥ Consolidated global leadership > Delegation, last-minute touch-ups: Pure Pop & Care For You ® Market share c. 30% > Pride in
Slide 39: Cookware leadership and innovation
Leadership on traditional materials — PTFE and stainless steel Innovation for all materials Growing positions on new materials - Ceramics Significant growth reserves Mass market and Premium brands
Slide 40: Healthier, quick cooking
Healthier, quick cooking High value-added products: breakthrough technologies, daring design... Single-living households, students, silver economy... Infrared cooking I Next-generation spherical bow! > Wind-cooling system (Xpress) P 360 IH heating Spherical pot technology units sold since rice cooke
Slide 41: Range across all price points
RRP* <€149 €149 - €319 €319 - €499 >€500 F coon) BETTER BEST PREMIUM q 4 ) / ] ff No. Tor No. 2in 5 countries in the region ] | = ‘ Complete renewal of the range in 18 months (2022-H1 2023) ~10% No. 2in the region Portfolio addresses all price ranges and consumer uses/personas Growth market bolstere
Slide 42: Product range quickly completed and expanded
SEB Product range quickly - Multifunction completed and expanded RRP €229 - €289 NEW in 2023 Dual drawers RRP €159 - €229 El Single drawer Ei RRP* €79 - €159 NEW in 2023 see Fy fil inspired the category NEW in 2023 Et fl
Slide 43: Cookeo range
Cookeo Cookeo USB Cookeo Cookeo+ Cookeo+ Cookeo Cookeo Cookeo Connect Connect Touch Touch Mini Touch Pro ★
Slide 44: Sales from products launched since 2021
i] bl 2024 ANNUAL GENERAL MEETING. £4) _ Pa‘ In 2023 €2.5)N sales achieved with products launched since 2021 \ 23/05/2024)
Slide 45: Professional
2024 ANNUAL GENERAL MEETING. 3/05/2024 ¥ SEB
Slide 46: Professional market attractiveness
Hot and cold beverages (including coffee) Food preparation Cookware Cooking Hotel equipment Fast growing markets : 5 to 10% p.a. Quick return on investment for operators Recurring revenue from services High barriers to entry and value to leadership -> Higher profitability (>15%) SEB
Slide 47: Strong competitive assets
EXTENSIVE COMPETITIVE STRONG GLOBAL CONTINUOUS PRODUCT GO-TO-MARKET INDUSTRIAL BRANDS PRESENCE INNOVATION OFFERING EXCELLENCE FOOTPRINT PROVEN EXPERTISE IN M&A PIONEERING ROLE IN CORPORATE SOCIAL RESPONSIBILITY
Slide 48: Professional coffee leadership
#1 In fully automatic machines
Slide 49: Geographic expansion and portfolio extension
2024 ANNUAL GENERAL MEETING. . geographic expansion and extension of our, : portfolio... de Extension into other categories FF] FILTER COFFEE TRADITIONAL Sales outside Europe . worldwide ; : <30% in 2016 . : >50% in 2023 . in fully : automatic : ‘ i Geographic expansion machines Ce LaSanMarco 23/05/
Slide 50: Professional coffee customer segments
CHAINS/PUBLIC OFFICES CONVENIENCE STORES HOTELS/RESTAURANTS SPACES
Slide 51: Professional portfolio and brands
Filter and Traditional coffee I 1 1 i 1 _¥ ! Eo 2 1 8 Au Kraffpouz We Ge = zmmo: Ala W pacojet | METALCRAFTERS LLC M i Me | i i i i i i i i Cookware Hotel Food Pro and semi- equipment preparation pro cooking Full-Auto coffee Cold beverages WwW FORGE ADOUR ym Me schaerer .ocmacca Tefal Indirect histo
Slide 52: Acquisition of Groupe Sofilac
2024 ANNUAL GENERAL MEETING: Closing of the acquisition of Groupe Sofila¢ High-end professional and semi-professional cooking equipment in 2023, mostly in Professional segment Present in more than from @ AMBASSADE ry ple High-end High-end professional Cooking Reheating a cooking ranges cooking appli
Slide 53: Section 02.4
Slide 54: CSR roadmap: 4 pillars and 20 KPIs
4 pillars and 20 KPIs 119% achievement PEOPLE CLIMATE CIRCULAR SUSTAINABLE MATTER ACTION REVOLUTION INNOVATION • • • • • • • • • • • • • • • • • • • •
Slide 55: CSR standout successes against targets
2024 ANNUAL GENERAL MEETING. ..with standout success to meet ambitious: Products/packaging with growing percentage of recycled materials: Increase in the percentage of women in management target gender parity in managerial positions target 50% = % women managers ™ % women employees at Group 42% 43%
Slide 56: Carbon emissions reduction
2024 ANNUAL GENERAL MEETING. SEB >) SCIENCE BASED / TARGETS PLANTS - SCOPES 1&2 Trend in CO2 emissions from our plants per product manufactured Levers + Replace machinery, insulate buildings + On-site solar panels + Renewable energy purchases PRODUCT USAGE - SCOPE 3 TrendinCO2 ns from produce use pe
Slide 57: Acting for All, Responsibly, Nature
PEOPLE: NATTER 2 a © wine SUSTAINABLE NNOVATION ACTING FOR ALL ACTING RESPONSIBLY & ETHICALLY ACTING FOR NATURE
Slide 58: o w a a I a << 3)
o w a a I a << 3)
Slide 59: Update on PFAS
Slide 60: Products containing PFAS
PFAS OF CONCERN Small molecules Water soluble Volatile Bioavailable Bioaccumulative Mobile Toxic POLYMERS Large molecules Water insoluble Non-volatile Non-bioavailable Non-bioaccumulative Non-mobile Non-toxic SEB
Slide 61: 2 types of PFAS
2024 ANNUAL GENERAL MEETING. International organizations recoc¢ Since PTFE was invented in the 1940s, it has been examined jin numerous studies and publications by regulatory authorities. Fi BFR Risiken erkennen — Gesundheit schiitzen U'innocuité du PTFE Organisation Mondiale de la Santé (OMS) recon
Slide 62: International organizations recognize PTFE safety
1979 & 1987 2009 2011 2015 2016 2018 2020 2021 2023 2023 2024 International International Europe United States Europe Germany Europe United States United States United Kingdom United States The World Health Organization OECD European regulation FDA EFSA BFR EFSA Emergency Care Research Institute FDA
Slide 63: Regulatory assessments of PTFE
2024 ANNUAL GENERAL MEETING. Our priority : the safety and security of our employe and customers The health and safety of both its employees and consumers have always been a priority for Groupe SEB. From the first questions regarding PFOA, tests were carried out on our Rumilly site. They ended in 20
Slide 64: Safety of employees and customers
2024 ANNUAL GENERAL MEETING. Consultation underway at European level Transition period Naren 2088 932025 between 3 and 12 public Extended Commission years consultation assessment proposal period From 2 months to nearly 15 months ] February 2023 September Q12025 Q3 2026 Restriction 2023 End of Target
Slide 65: European consultation timeline
2024 ANNUAL GENERAL MEETING. Countries whose position has evolved These proposals are based After signing the ona 2021 OECD definition. European restriction The United Kingdom does proposal, the German That entity itself noted not distinguish between government has reversed that its definition was n
Slide 66: Countries whose position has evolved
2024 ANNUAL GENERAL MEETING. The French PFAS regulation proposal National Assembly French Senate roy March 2024 April 4, 2024 May 22, 2024 May 30, 2024 Submission of the bill a Vote in Vote in plenary Vote in Vote in plenary Commission session Commission session 23/05/2024 67
Slide 67: French PFAS regulation proposal
Ls LHEMICYC HELLY LA REVUE QUI AIME LA POLITIQUE i LE Ss SEB Various sources of support: - Interunion organizations in France - European Group Works Council - Political leaders of all stripes
Slide 68: Support from various sources
2024 ANNUAL GENERAL MEETING. Groupe SEB's position on the issue: The health and safety of its employees and consumers has always been a priority for Groupe SEB. Groupe SEB supports the plan to ban hazardous PFAS, but not all PFAS indiscriminately. Groupe SEB is also applying a diversification strate
Slide 69: Groupe SEB position on PFAS
23/05/2024
Slide 70: Tefal
Tefal Vous voulez tout savoir sur Tefal, ses revétements anti-adhésifs, le process de fabrication... Nos revetements antiachésifs, sontreconnus comme tant SEB
Slide 71: Tefal communication on non-stick coatings
ET... W444 JAAR RBAA WS
Slide 72: Capital, share price & dividend
* Shareholders from the Founder Group ** Shareholders from the Founder Group continuing the initial concerted voting block including VENELLE INVESTISSEMENT, GÉNÉRACTION, HRC and other family shareholders
Slide 73: Share capital breakdown
* Shareholders from the Founder Group ** Shareholders from the Founder Group continuing the initial concerted voting block including VENELLE INVESTISSEMENT, GÉNÉRACTION, HRC and other family shareholders
Slide 74: Share capital breakdown
* Shareholders from the Founder Group ** Shareholders from the Founder Group continuing the initial concerted voting block including VENELLE INVESTISSEMENT, GÉNÉRACTION, HRC and other family shareholders
Slide 75: Voting rights breakdown
* Shareholders from the Founder Group ** Shareholders from the Founder Group continuing the initial concerted voting block including VENELLE INVESTISSEMENT, GÉNÉRACTION, HRC and other family shareholders
Slide 76: Shareholder breakdown
2024 ANNUAL GENERAL MEETING: SEB: share price evolution since January 2025 At May 17, 2024- Share price: €114.80 / Market capitalization: €6,353m 442.5% Jul-23 Sep-23 Nov-23 —-SEB ——SBF 120 (rebased)
Slide 77: Share price evolution since January 2023
4 ANNUAL GENERAL MEETING SEB: 15-year share price evolution At May 17, 2024- Share price: €114.80 / Market capitalization: €6,353m €0 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-I6 May-17 | May-I8 May-19 May-20 May-21 May-22 May-23 —sEB 9—SBF 120 (rebased)
Slide 78: 15-year share price evolution
SEB stration | Bscommensssn Alpha Value Buy Berenberg Buy Bryan Garnier Buy cic Buy 12 financial Equita Hold #12 analysts ene Buy recommendations Gilbert Dupont Buy Kepler Cheuvreux Buy Oddo Buy Portzamparce Buy Bernstein/SG Buy TP ICAP Midcap Buy 23/05/2024
Slide 79: Analyst coverage
2024 ANNUAL GENERAL MEETING. Dividend trend over 15 years In€ per share +7% Average annual growth * Proposed at AGM of May 23, 2024 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 862023
Slide 80: Dividend trend over years
Slide 81: Governance
Employee directors Chairman 4A Laurent Henry Nora Bey Thierry de La Tour d’Artaise a Oo OVO . T4MEMBERS Brigitte Forestier Director representing employee 7 shareholders . . Family member directors £7274 48 8 | William Gairard Thierry Lescure JérémeLescure Aude de Vassart Caroline Chevalley DamarysBr
Slide 82: Board of Directors
* The employee directors and employee-shareholder director are not included when calculating the percentages of women and independent members in accordance with the provisions of the French Commercial Code and the AFEP-MEDEF code.
Slide 83: Board composition
2024 ANNUAL GENERAL MEETING. Highly active Board committees | GOVERNANCE AND COMPENSATION COMMITTEE AUDIT AND COMPLIANCE COMMITTEE Chairwoman: Catherine POURRE Chairman: Jean-Pierre DUPRIEU GPO 5 100 % attendance members ret A Chet O 202 100 % attendance members ale 75 = 50 % Independent Indi dent d
Slide 84: Highly active Board committees
2024 ANNUAL GENERAL MEETING. Evaluation of 2023 Boa d ¥ Strong relationship between the Board and the management team Main strengths of (successful splitting of CEO/GM) Board vY Business oversight and involvement in strategy/M&A v¥ Three energetic and proactive committees under the guidance of their
Slide 85: Evaluation of 2023 Board
Slide 86: Information prior to the vote on the resolutions
Ordinary resolutions Extraordinary resolutions "Traditional" resolutions + Approval of the accounts (1&2) + Determination of dividend (3) + Share buybacks (14) Governance (4 to 7) + Reappointment of Thierry de la Tour d’Artaise + Reappointment of Ms. Catherine Pourre + Reappointment of Ms. Damarys B
Slide 87: Overview of resolutions
Ordinary resolutions Extraordinary resolutions Governance (4 to 7) Reappointment of Thierry de la Tour d’Artaise Reappointment of Ms. Catherine Pourre Reappointment of Ms. Damarys Braida Appointment of Frangois Mirallié
Slide 88: Governance resolutions 4 to 7
2024 ANNUAL GENERAL MEETING. SEB Reappointment Thierry de La Tour d’Artaise Profile Graduate of Ecole Supérieure de Commerce de Paris : (ESCP), chartered accountant From 1983 to 1994 au Since July 1, 2022 Broupe Chargeurs: Chiet Financial Officer, then Chief Chairman, Groupe SEB Board of Directors x
Slide 89: Reappointment of Thierry de La Tour d'Artaise
2024 ANNUAL GENERAL MEETING. SEB Reappointment Catherine Pourre (FSP) Profile fae Graduate of ESSEC, chartered accountant and law i degree (Faculté Catholique de Paris) Currently member of the Supervisory Board of Unibail From1999 to 2002 © , : ; Rodamco Westfield NV and Director of Groupe Executive
Slide 90: Reappointment of Catherine Pourre (FSP)
2024 ANNUAL GENERAL MEETING. Reappointment Damarys Braida (VENELLE INVESTISSEMENT) Profile Contributions to Board > + Extensive experience on the Board of Directors Graduate of Ecole des Mines de Paris + Research and innovation expertise Since 2022 Director of Innovation Management at L'Oréal From 1
Slide 91: Reappointment of Damarys Braida
• •
Slide 92: Appointment of François Mirallié
• • • • • • • • • • • • • • • • • •
Slide 93: Board composition after AGM
Slide 94: Compensation overview
ANNUAL Variable owed in respectCOMPENSATION of fiscal year
Slide 95: 2023 compensation for the Chairman of the Board of Directors
In-kind benefits
Slide 96: 2023 compensation for the CEO
Slide 97: 2024 compensation policy for the CEO: annual variable
Slide 98: 2024 compensation policy for the CEO: long-term
(calculated based on annual performance)
Slide 99: 2024 compensation policy for directors
Slide 100: Compensation policy for directors
• • • • • • • • • • • • • • • • •
Slide 101: Share buyback authorization
Slide 102: Financial authorizations and delegations
Slide 103: Statutory auditors' reports
• • • •
Slide 104: Auditors' reports
• • • • • • •
Slide 105: Auditors' reports
• • • • • • • • •
Slide 106: Auditors' reports
• • • •
Slide 107: Auditors' reports
• • • • • • • • • •
Slide 108: Auditors' reports
• • • • • • • •
Slide 109: Auditors' reports
Slide 110: Questions & Answers
Slide 111: Questions
Slide 112: Vote on the resolutions
Slide 113: Ordinary resolutions
Slide 114: Resolution 1: separate financial statements
Slide 115: Resolution 2: consolidated financial statements
Slide 116: Resolution 3: allocation of result and dividend
Slide 117: Resolution 4: reappointment of Thierry de La Tour d'Artaise
Slide 118: Resolution 5: reappointment of Fonds Stratégique de Participations
Slide 119: Resolution 6: reappointment of Venelle Investissement
Slide 120: Resolution 7: appointment of Mr. Mirallié
Slide 121: Resolution 8: remuneration of executive officers
Slide 122: Resolution 9: remuneration of Thierry de La Tour d'Artaise
Slide 123: Resolution 10: remuneration of Stanislas de Gramont
Slide 124: Resolution 11: Chairman remuneration policy
Slide 125: Resolution 12: CEO remuneration policy
Slide 126: Resolution 13: directors remuneration policy
Slide 127: Resolution 14: share buyback authorization
Slide 128: Resolution 15: appointment of Deloitte & Associés
Slide 129: Resolution 16: appointment of KPMG SA
Slide 130: Resolution submitted by Fédéractive, not approved by the Board
Slide 131: Resolution A: appointment of Pascal Girardot
Slide 132: Extraordinary resolutions
Slide 133: Resolution 17: cancellation of own shares
Slide 134: Resolution 18: share capital increase with pre-emption rights
Slide 135: Resolution 19: issuance waiving pre-emption rights, public offering
Slide 136: Resolution 20: issuance waiving pre-emption rights
Slide 137: Slide 137
Slide 138: Slide 138
Slide 139: Slide 139
Slide 140: Slide 140
Slide 141: Slide 141
Slide 142: Slide 142
Slide 143: Slide 143
Slide 144: Slide 144
Slide 145: Slide 145
Slide 146: Slide 146
Slide 147: Slide 147