Got it Overall Portfolio Diversification and performance EN Portefeuille global 38%38% 62%62% Listed securities Private equity 30 June 2021 Brederode’s portfolio consists of two distinct and complementary operational sectors: non-listed, or Private Equity, holdings, and listed securities. The unique combination of these two portfolios allows optimal management of the liquidity risks linked to the uncalled Private Equity commitments while remaining fully invested overall. CONCENTRATION OF TALENTS, ALIGNMENT OF INTERESTS AND CREATION OF VALUE Private Equity Brederode’s Private Equity portfolio consists mainly of commitments in fixed-term (10-12 year) associations usually referred to as Limited Partnerships, or simply Funds. The managers of these funds invest the called amounts in various projects which they then manage until such time as they resell (exit) them, which is typically after a period of 4 to 7 years. The Brederode group chooses to participate in Funds that generally pursue a buyout strategy, in other words buying, through appropriate financial leverage (leveraged buyout), an interest – in principle, a controlling interest – in already mature businesses that have predictable cash flow and offer expansion or consolidation opportunities. Brederode also analyses all opportunities for direct co-investment in certain projects identified as promising, in parallel with certain Funds. Brederode’s Private Equity operations date back to 1992. With its extensive experience and its network of contacts, the Brederode group is able to focus on the most promising projects, led by the best teams of managers. Mid and long term performance For information, the performance of BREDERODE in Private Equity over the past ten years, drawn up in accordance with IFRS standards and based on net annual cash flows, is as follows: (in € million) 10 years 5 years 3 years Value at the beginning of the period 463,92 719,28 877.79 Cash flow during the period 131,63 -104,12 -100,72 Value at the end of the period (*) 1.554,83 1.554,83 1.554,83 IRR (Internal Rate of Return) % % % (*) 30.12.2020 The valuations at the beginning and at the end of the financial year relate to the NAVs reported in the IFRS-accounts on the basis of preliminary information available at the time of the closing of the accounts. The performance variances with the final valuations are not significant. Advantages of the Private Equity 1. Alignment of interests of the parties involved 2. Long-term value creation 3. Optimisation of financial leverage 4. Rigor and discipline 5. Talent Breakdown by style Current investments 30 June 2021 FR Investissements en cours styles 06/2021 54%54% 19%19% 16%16% 6%6% 5%5% Buyout Growth Co-investments Secondary Venture Capital Uncalled commitments 30 June 2021 FR Engagements non appelés styles 06/2021 61%61% 18%18% 8%8% 12%12% 1%1% Buyout Growth Co-investments Secondary Venture Capital Geographical breakdown Current investments 30 June 2021 EN Investissements en cours geo 06/2021 63%63% 28%28% 9%9% USA Europe Asia / Pacific Uncalled commitments 30 June 2021 EN Engagements non appelés geo 06/2021 62%62% 34%34% 4%4% USA Europe Asia / Pacific Geographical breakdown of Private Equity activity in June 2021 (in € million) 2002 226 167 2003 202 127 2004 218 122 2005 263 173 2006 270 271 2007 304 321 2008 309 313 2009 363 306 2010 464 261 2011 512 300 2012 525 287 2013 518 326 2014 628 453 2015 719 532 2016 795 673 2017 878 699 2018 1049 894 2019 1300 1059 2020 1555 991 2021 2052 1064 0 500 1000 1500 2000 2500 3000 Undrawn commitments Investments Cash-flow trend (in € million) 2002 25 -58 2003 40 -55 2004 74 -51 2005 114 -64 2006 125 -82 2007 115 -99 2008 38 -100 2009 18 -35 2010 77 -93 2011 104 -90 2012 147 -114 2013 151 -82 2014 180 -132 2015 202 -138 2016 187 -167 2017 196 -219 2018 232 -224 2019 257 -316 2020 272 -323 2021 170 -202 -400 -300 -200 -100 0 100 200 300 400 500 Distributions Capital calls Net cash flows Breakdown of Private Equity investments by vintage year Current investments FR Private Equity par année de souscription - Investissement en cours 33%33% 13%13% 13%13% 14%14% 13%13% 12%12% 1%1% 1%1% <2015 2015 2016 2017 2018 2019 2020 2021 Uncalled commitments FR Private Equity par année de souscription - Engagements non appelés 8%8% 3%3% 5%5% 9%9% 16%16% 23%23% 19%19% 17%17% < 2015 2015 2016 2017 2018 2019 2020 2021 Our main partners in Private Equity Ardian Providence Equity Partners Catterton Partners EQT BC Partners The Carlyle Group HIG Capital Bain Capital Capital Today Vista Equity Partners List of the main Private Equity managers as 30 June 2021 (in € million) [table “10” not found /] The top 25 General Partners included in this list represent 74% of the total commitments. QUALITY, DIVERSIFICATION AND LIQUIDITY Listed securites The listed securities portfolio focuses on around twenty high quality companies. It is rigorously managed in order to balance its defensive nature with the profitability, liquidity and growth objectives. Breakdown of the listed portfolio By industry 30 June 2021 EN Répartition du portefeuille de titres cotés par secteurs 06/2021 31%31% 23%23% 12%12% 11%11% 10%10% 4%4% 9%9% Technology Investment companies Consumer goods Electricity Health care Oil & Gas Miscellaneous Performance by investment and by industry as 30 June 2021 Description (€ mil) % Technology 388,52 30,7% Samsung Electronics Co., Ltd. produces electronic products for consumers and industry, semi-conductors, PC’s, peripheral equipment, screens, televisions and household appliances such as air conditioners and microwave ovens. The company also produces internet access systems, telecommunication equipment and mobile phones. 110,29 8,7% MasterCard, Inc. offers payment solutions through its credit and debit services and payment programmes with financial institutions. The company also offers transaction services for debit and credit cards, transferable money, automated counters and traveller cheques. 96,45 7,6% The company Intel develops, produces and sells IT-parts and related products. The main products are microprocessors, computer mice, integrated processors, microcontrollers and memory cards, graphic products, network and communication products, operating software, conference systems and digital imaging products. 53,24 4,2% Relx PLC provides information solutions for professional customers across industries. The Company publishes information for the scientific, medical, legal, and business sectors. Relx serves customers worldwide. 44,61 3,5% Investment companies 294,59 23,3% Sofina SA is an investment company listed on the Brussels stock exchange. 167,87 13,3% Brederode S.A. 126,72 10,0% Health care 123,06 9,7% Novartis AG manufactures pharmaceuticals and health care products for the general public, including medicine for the treatment of cardiovascular diseases, breathing difficulties and infectious diseases, internal and urological pathologies, products in the field of oncology, dermatology, eyesight, arthritis, vaccines, diagnoses and animal health. 50,68 4,0% Sanofi is a worldwide pharmaceutical company focusing on the research, development and production of medicine and vaccines for the treatment of cardiovascular diseases, thrombosis, metabolism disruptions, tumours, the nervous system and internal medicine. 41,53 3,3% Fresenius SE & Co KGaA is a worldwide group offering health products, dialysis treatment and health care products for home use, perfusion-, transfusion-and diagnostic equipment, blood-plasma separators and hemofilters, food supplements and solid and liquid pharmaceutical products. 30,85 2,4% Consumer goods 150,39 11,9% Unilever SA produces well-known brands and consumables such as food products, detergents, perfumes, hygiene and household products. The company is also listed on the London stock exchange. 79,57 6,3% Nestlé SA is an international company producing and selling a wide range of food products such as milk, chocolate, sweets, mineral water, coffee, cream, herbs and pet foods. 70,82 5,6% Electricity 143,08 11,3% Iberdrola S.A. produces, distributes, commercializes and sells electricity in the United Kingdom, the US, Spain, Portugal and Latin America. The company specializes in clean energy, wind energy in particular. 80,22 6,3% Enel SpA operates as an integrated electricity and gas distributions company. The Company generates, distributes, and sells electricity and gas. Enel also provides electric transportation and storage services. Enel serves customers worldwide. 62,86 5,0% Oil & Gas 57,76 4,6% Royal Dutch Shell PLC – via its subsidiaries – explores for, produces and refines petroleum. The company produces fuels, chemical products and lubricants. The company owns and manages a worldwide fuel station network. 31,07 2,5% TotalEnergies SA explores for, produces, refines and sells petroleum and natural gas. The company also has a chemical division producing polypropylene and polystyrene, rubber, paint, ink, glues and resins. Total also operates a fuel station network in Europe, the United States and Africa. 26,69 2,1% Miscellaneous 108,71 8,6% Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide. 38,15 3,0% 3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company’s businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world. 36,9 2,9% Telenor ASA develops and supplies telecommunication, information and media services. The company offers telephone services and operates IT-systems. It offers telephone cards and telephone services, mobile data, satellite communication and television messages. It is represented in Norway and various other countries. 27,45 2,2% Other holdings < € 10 MM 6,69 0,5% TOTAL 1.265,91 100% Portfolio on 30 June 2021 Securities (In € millions) Number of shares ISIN-code Technology Samsung Electronics (GDR) 73.490 US7960508882 Mastercard 313.950 US57636Q1040 Intel 1.127.000 US4581401001 Relx 1.994.965 GB00B2B0DG97 Alphabet (C) 19.525 US02079K1079 Prosus 284.536 NL0013654783 Alibaba 100.000 US0160W1027 Investment companies Sofina 461.433 BE0003717312 Brederode 1.204.575 LU1068091351 Electricity Iberdrola 7.693.494 ES0144580Y14 Enel 8.026.056 IT0003128367 Consumer goods Unilever 1.611.788 NL0000009355 Nestlé 674.872 CH0038863350 Health care Novartis 660.000 CH0012005267 Sanofi 470.000 FR0000120578 Fresenius SE & Co 701.191 DE0005785604 Oil & Gas Royal Dutch Shell 1.827.439 GB00B03MLX29 TotalEnergie 699.506 FR0000120271 Miscellaneous Royal Bank Of Canada 447.200 CA7800871021 3M 219.722 US88579Y1010 Telenor 1.923.895 NO0010063308 Other holdings < € 10 MM n.a. 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