Innovation inspired by people Annual Report 2019 Conference call - - PowerPoint PPT Presentation

Innovation inspired by people Annual Report 2019 – Conference call presentation, February 5, 2020

Safe Harbor Statement

The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Factors that may cause actual results to deviate materially from expectations include – but are not limited to – general economic developments and developments in the financial markets, technological developments, changes and amendments to legislation and regulations governing GN’s markets, changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies and developments in ongoing litigation (including but not limited to class action and patent infringement litigation in the United States). This presentation should not be considered an offer to sell or buy securities in GN Store Nord.

Agenda

Group highlights 2019 GN Hearing update GN Audio update Strategy for 2020 and beyond Financial outlook and mid-term targets

Delivering on promises… again

We are delivering on our promises and targets set by our 2017-19 strategy In the period, both businesses have delivered successful product introductions and have taken market shares consistently We have created significant shareholder value – share price development, dividends and share buybacks We are delivering on our annual guidance for 2019 Our business remains asset light and highly cash generating

Outstanding performance during the 2017 – 2019 strategy period

Revenue growth

+45%

+13% CAGR EBITA growth

+47%

+14% CAGR EPS growth

+51%

+15% CAGR Share price increase

+114%

+29% CAGR Cash conversion

59%

Shareholder distribution

4.0

DKK billion

2019: very strong performance – delivered on guidance

✓ GN Hearing organic growth: 7% ✓ GN Hearing EBITA margin: 20.2% ✓ GN Audio organic growth: 26% ✓ GN Audio EBITA margin: 20.0%1 ✓ GN Store Nord effective tax rate: 23%

GN Hearing revenue (DKKm) GN Hearing EBITA margin GN Store Nord effective tax rate (%) GN Audio EBITA margin GN Audio revenue (DKKm)

5,833 6,351 2018 2019 2018 2019 20.2% 20.5% 4,774 6,223 2018 2019 14 16 18 20 19.0% 20.0%1 2019 2018 2018 23% 2019 22% Organic growth

Organic growth

Group financial highlights 2019

Double digit organic growth drives strong EBITA growth and 20% EPS growth

• Organic growth was 15%. Revenue growth was 19%

including an impact of around 3% from FX and 1% from M&A

• Continued solid gross profit increase driven by strong

business performance

• Reported EBITA increased by 19%, driven by strong

execution across GN Hearing and GN Audio

• Net profit reached DKK 1,468 million, 18% increase

compared to 2018

• EPS growth of 20%
• 1 percentage point increase in ROIC, driven by

increased earnings level as well as strict focus on the balance sheet during the years

DKK million FY 2019 FY 2018 Growth Revenue 12,574 10,607 +19% Organic grow th 15% 13% Gross profit 7,582 6,574 +15% Gross margin 60.3% 62.0% (1.7)%p EBITA 2,321 1,956 +19% EBITA margin 18.5% 18.4% +0.1%p Profit before tax 1,913 1,606 +19% Net profit 1,468 1,247 +18% EPS 11.12 9.25 +20% ROIC* 25% 24% +1%p Free cash flow excl. M&A 1,296 1,110 17% Cash conversion 56% 57% (1)%p NIBD/EBITDA 2.0x 1.5x

• 95
• 962
• 426

• 312
• 911
• 649

2018 2019

• 219
• 189

• 168
• 315
• 160

Continued strong cash generation

GN Hearing GN Audio GN Store Nord

• 204
• 618
• 150

• 146
• 435
• 496

GN’s strong focus on cash conversion continues

• GN Hearing’s free cash flow excl. M&A in 2019

reflects growth in operating cash flow and a stable net working capital, but to some extent off-set with the timing of corporate tax payments

• Continued strong free cash flow excl. M&A in GN

Audio on top of investment activities and significant topline growth

• Strong group cash conversion of 56% in 2019
• Focused and prudent management of net working

capital continues

• 3 year average cash conversion of ~60%

Creating shareholder value through efficient capital structure

Shareholder distribution

DKKm

NIBD / EBITDA development

• GN distributed DKK 1.4 billion to shareholders in

2019

• DKK 197 million dividend was paid out in March

2019 (DKK 1.35 per share)

• DKK 1,195 million share buybacks
• By the end of 2019, net interest-bearing debt was

within 1.5-2.0x EBITDA as expected

• Annual General Meeting on March 11, 2020:
• GN will propose a dividend of DKK 1.45 per share

in respect of the fiscal year 2019, total DKK 206 million

• Ambition to continue to buy back shares,

subject to AGM approval

Earnings per share

DKK 4.79 7.34 8.07 9.25 11.12 4% 6% 8% 10% 12% 2015 2016 2018 2017 2019 500 1,000 1,500 2017 2015 2016 1,364 2018 2019 1,198 1,443 1,168 1,392 Share buyback Dividends 2015 1.4x 1.9x 2.0x 2018 2016 1.6x 2017 1.5x 2019

Diversified funding profile provides flexibility and de-risks balance sheet

• Refinancing of Convertible Bond

resulted in extended debt profile, locked in zero coupons, raised strike price to DKK 474 and reduced equity dilution with roughly 1 million shares

• Eurobond issuance of EUR 220 million

placed in November. 4-year maturity, issued at 99.683% to a coupon of 0.75%

• Diversified funding profile with mid-

term maturity profile that provides flexibility based on very strong cash- generative business

• Access to liquidity via undrawn RCF
• Sufficient flexibility to fund the growth

prospects of the company

Maturity profile (DKKbn)

0.6 0.7 1.6 2.5 1.1 0.0 0.5 1.0 1.5 2.0 2.5 0.1 0.1 2020 2023 2021 2022 2024 Commercial Papers NIB loan Convertible Bond EIB loan Bond

Agenda

Group highlights 2019 GN Hearing update GN Audio update Strategy for 2020 and beyond Financial outlook and mid-term targets

GN Hearing financial highlights 2019

Strong performance by ReSound LiNX Quattro creates a solid growth platform for 2020 and onwards

• Organic growth of 7% in 2019 (4% in Q4 2019).

Revenue growth of 9%, including impact of around 2% from FX

• Gross margin was slightly lower than in 2018 due to

mix effects

• EBITA increased 8%. The EBITA margin reached

20.2%, in line with financial guidance

• Cash conversion of 52%, with stable development in

net working capital on top of timing of corporate tax payments

DKK million FY 2019 FY 2018 Growth Revenue 6,351 5,833 +9% Organic grow th 7% 7% Gross profit 4,380 4,034 +9% Gross margin 69.0% 69.2% (0.2)%p EBITA 1,284 1,194 +8% EBITA margin 20.2% 20.5% (0.3)%p ROIC* 19% 19% +0%p Free cash flow excl. M&A 672 574 +17% Cash conversion 52% 48% +4%p

The strong organic growth of 7% was driven across regions and countries

GN Hearing has taken market shares 9 years in a row Europe Strong growth in Europe with particularly strong performance in Italy, Spain and the UK North America Solid performance across channels, off-set by the loss of

• ne large customer in 2018.

Strong contribution from VA Rest of World Solid organic growth. China, India and Japan as the main drivers

Committed to developing the best AndroidTM streaming

Q3 2018 ASHA Specification released from Google Q2 2019 ASHA made available in Android “Q” Beta* Q3 2019 Release of ASHA in Android 10 for Pixel 3 Future Further implementations

*Android 10 was formerly called Android Q in the beta version

Q4 2019 Samsung starting to roll out Android 10 in newer phones

Strong performance during 2017-2019 strategy period

• Development and launch of two new families of hearing aids that set new industry standards:
• ReSound LiNX 3D and ReSound LiNX Quattro
• The first manufacturer to enable direct streaming from Android devices
• Expanding collaboration with Cochlear including joint research and development, shared

technology and strengthened global commercial collaboration

• Market share gains achieved throughout all three years
• More structured commercial organization and execution
• Fostering talent pipeline
• Increasing diversity throughout the organization

People excellence Commercial excellence Innovation excellence

Hear More, Do More, Be More

Agenda

Group highlights 2019 GN Hearing update GN Audio update Strategy for 2020 and beyond Financial outlook and mid-term targets

DKK million FY 2019 FY 2018 Growth Revenue 6,223 4,774 +30% Organic grow th 26% 21% Gross profit 3,202 2,540 +26% Gross margin 51.5% 53.2% (1.7)%p EBITA 1,192 905 +32% EBITA margin 19.2% 19.0% +0.2%p Transaction related costs (52) EBITA excluding transaction related costs 1,244 905 37% EBITA margin excluding transaction related costs 20.0% 19.0% +1%p ROIC* 57% 59% (2)%p Free cash flow excl. M&A 849 798 +6% Cash conversion 71% 88% (17)%p

GN Audio financial highlights 2019

GN Audio delivered outstanding 26% organic growth in 2019, driven by strong performance across the business

• Organic growth of 26% (24% in Q4 2019). Revenue

growth of 30%, including impact of around 3% from FX and around 1% from M&A

• Gross margin decreased compared to 2019 reflecting

product mix, an adverse development in FX and the impact from tariffs in the last part of the year

• EBITA increased 32%, equaling an EBITA margin of

19.2%. Excluding the transaction related costs associated with the Altia acquisition, EBITA increased 37% equal to an EBITA margin of 20.0%, reflecting

• perational leverage, partly off-set by continued

investments in future growth opportunities and the development in FX

• Strong cash conversion of 71% for 2019 driven by strict

focus on balance sheet items on top of the significant revenue growth

Strong and broad-based organic growth in Enterprise continues

GN Audio’s professional business continues its strong momentum Europe Strong double-digit organic growth North America Double-digit organic growth Rest of World Strong double-digit organic growth

Continuing innovation leadership by leveraging group competencies

Jabra MySound - First step in future user experiences

• GN will set new industry standards through best-in-class

individualized customer experiences

• Enables users to tailor an audio play-book based on

their unique hearing profile, thus delivering a truly individualized audio experience

• Whilst these products are launched for the benefit of GN

Audio’s customers, it is based on an algorithm developed using GN Hearing’s database of 85,000 hearing tests

• Available in newly launched Jabra Elite 45h and Jabra

Elite Active 75t*

Strong performance during 2017-2019 strategy period

People excellence Commercial excellence Innovation excellence

Hear More, Do More, Be More

• Introduced world-class and highly relevant products families for businesses and private consumers

alike

• Acquisitions of VXI and Altia, and technology investment in audEERING supporting innovation and

commercial capabilities, as well as broadening channel access

• Introduced the world’s first AI-enabled Panoramic-4k 180-degree plug-and-play video solution
• Solidified position as the undisputed global leader in Unified Communication headsets and speaker

solutions with Jabra Evolve and Speak series

• Turnaround of the consumer business driven by product innovation and channel execution
• Scaling the business with outstanding profitable growth, while still investing in future growth
• pportunities
• Fostering talent pipeline
• Increasing diversity throughout the organization
• Building a stronger organization capable of scaling with the business

Agenda

Group highlights 2019 GN Hearing update GN Audio update Strategy for 2020 and beyond Financial outlook and mid-term targets

GN strategy for 2020 and beyond Individualized customer experience Innovation leadership Commercial & ecosystem excellence

Engagement & focus Lean & efficient Sustainability

Deep dive into GN Hearing’s strategy for 2020 and beyond

03 01 02 04

• Users of hearing aids tend to

choose hearing aids based

• n inputs from their hearing

care professional

• Sticky distribution as hearing

care professionals tend to partner with same manufactures

• 75+ years of knowhow in the

hearing aid space

• Significant investments

required into R&D

• Extensive intellectual

property rights in the hearing aid space

Multiple attractive megatrends driving market growth ~4-6% expected unit CAGR in coming years1 Room for penetration growth Increasing entry barriers to the market

• FDA regulations (Medical

Class II devices)

• Increasing requirements

from the EU Medical Device Regulation

• Extensive investments

needed into quality management systems

Distribution Technology Regulations

Penetration still low, especially for less severe hearing loss

• 65+ population expected to grow significantly in the years to come
• Baby boomers generation reaching retirement age
• Increasing noise pollution drives prevalence of hearing loss
• Increasing wealth among larger middle class

Global hearing aids market growth1 (unit growth) ~4-6%

‘16 ’15 ‘11 ‘08 ’14 ‘05 ‘06 04 ‘01 ‘10 ’13 ‘12 ‘02 ‘03 ‘09 ‘07 ‘17 ‘18

Strong global hearing aid market development supported by attractive megatrends

Profound Severe Moderately severe Moderate Mild

Current industry obstacles driving low penetration and high return rates…

People often fail to notice that they have a hearing loss The first 90 days are a mountain for first-time users to

• vercome

Too many revisits at the HCP Myth: ”Hearing aids are for old people” Product has little value unless it is tuned and customized

Strategic themes for GN Hearing

Individualized customer experience We will obsess about customer experience for users of hearing aids and business support for hearing care professionals Innovation leadership We will continue to lead in innovation – in individualized hearing experience, in overall user experience, in connectivity, and in customer care Commercial & ecosystem excellence We will build more and stronger relationships with hearing care professionals and ecosystem partners

Individualized customer experience Innovation leadership Commercial & ecosystem excellence

Engagement & focus Lean & efficient Sustainability

Master all steps in the customer journey based on a data driven approach to ensure ease of journey, by addressing user’s key pain points to ultimately ensure ease of use Proven digital solutions to assist users and HCPs, from pre- to post purchase, in experiences, infrastructure and integration to broader eco- systems Enhance customer experience by enabling artificial intelligence and machine learning in product and service solutions Customer journey Need for digital AI

GN Hearing strategic themes: Individualized customer experience

Continued focus on innovation to deliver superior and personalized sound quality and hearing aid performance while maintaining leadership in connectivity Focus on next generation technologies and efficient technology partnerships to continue to deliver first-to-market solutions that are sustainable Continuous focus on efficient R&D through our winning formula of structured, result-driven innovation frameworks and processes to reduce time to market Core technologies New technologies R&D efficiency

GN Hearing strategic themes: Innovation excellence

Expand and refresh Beltone through value-added partnership tools,

• perational excellence and network transition

Focus on US and acceleration of under-indexed countries by winning new points-of-sales with clear channel strategy and best-in-class execution Strong customer eco-systems by providing structured, scalable support and improve end-to-end services to customers, as well as drive integration with

• ther eco-system partners

Beltone Core markets

GN Hearing strategic themes: Commercial & ecosystem excellence

Eco-systems

Deep dive into GN Audio’s strategy for 2020 and beyond

GN Audio is strongly positioned in an attractive portfolio of markets

Contact Center Office “Calls for a living“ Office-based knowledge workers Market driver Market trend Characteristics Collaboration Plug-and-play collaboration in the huddle room Enterprise Consumer Preference for great calls, music and an active lifestyle From desk-phones using on- premise infrastructure to laptop-based cloud calling From desk-phone telephony in private offices to UC&C in

• pen offices

From built-in legacy equipment to UC&C-enabled plug-and-play solutions From corded headbands to True Wireless as the preferred form factor Market share* Gross margins* Market size (USD)*

~13bn, double-digit growth

#2 #1 Market position New Differs by segments

~1.4bn with ~10% growth ~0.4bn, double-digit growth

03 01 02 04

• Exclusive distribution

through distributors and resellers

• Broad and deep product

portfolios required

• Long term relationship drives

future growth

• Product complexity, open-
• ffices, and increasing

background noise require superior technology

• Advances in technology, incl.

AI to support the improvement of efficiency for customers

UC&C growth driven by attractive megatrends ~10% expected value CAGR Penetration of office headsets increasing Increasing entry barriers to the market

• Extensive collaboration and

integration with software vendors

• Certification process through

software vendors requires extensive investments

Distribution Technology Integration

• Millennials – representing 75% of work force by 2025 – require flexibility in working

style

• Emerging focus on cloud-based solutions making UC&C widely available
• Improvement of technologies, including 5G, enable further application of UC&C

platforms and usages

• Corporates seeking to reduce travel costs and carbon footprint; whilst improving

productivity and efficiency

2014 2018 2025 USD ~1.4bn

CAGR: ~7% CAGR: ~10%

• Management estimates

current penetration rates

• f office headsets only at

~15%

• Penetration rate expected

to double by 2025 0% 10% 20% 30% 40% 50% 100 200 300 400 500 600 2014 ~525 ~15% 2018 2025

Attractive megatrends support strong growth in core Enterprise headset markets

Increased demand for products and services related to communication and media consumption

• Growing demand for

communication and collaboration

Connected society

• Consumption of

digital services and communication in B2B and B2C – ever- increasing adaptation

• f technology

Accelerating digital society

• Society is becoming

increasingly concerned about sustainability and the impact on the environment

Sustainability

GN Audio markets are driven by favorable megatrends

• Companies and

consumers are increasingly looking to become more productive

Productivity focus

Strategic themes for GN Audio

Individualized customer experience We will offer customers best-in-class experiences as we transform from strict product focus to a more segment- and experience driven approach Ecosystem-led innovation We will lead in innovation and develop world-class and highly relevant audio and video products and solutions together with leading ecosystem partners Sustainable commercial & operational excellence We will excel in go-to-market execution in enterprise, retail and online channels and support our high growth with agile, sustainable and scalable operations

Individualized customer experience Innovation leadership Commercial & ecosystem excellence

Engagement & focus Lean & efficient Sustainability

Drive industry-leading innovation - engineered for purpose - and leverage capabilities across GN to bring segment focused and highly differentiated experiences to market Enable individual experiences by combining strong and data-driven user insights with adaptable technology Empower developers to deliver specific user experiences based on our solutions Experience focus Engineered for purpose Developer community

GN Audio strategic themes: Individualized customer experience

Leverage existing and new alliance partnerships to co-develop and innovate within key markets Transform product-creation by investing in next-gen technologies including artificial intelligence/machine learning Prepare for the future through strong focus and investments into new growth waves linked to our world-class sound and video processing capabilities Co-development Next-gen technologies New growth waves

GN Audio strategic themes: Ecosystem-led innovation

Further develop a best-in-class commercial organization with global tools, skills, and practices across Enterprise, Retail and Online together with our key partners Continue to build a stronger product and innovation-led brand Support high growth and complexity with strong focus on sustainability, drive scalable operating models and ensure a continued focus on cost leverage Best-in-class execution Evolving brand Sustainable and

• perational

excellence

GN Audio strategic themes: Sustainable commercial & operational excellence

Agenda

Group highlights 2019 GN Hearing update GN Audio update Strategy for 2020 and beyond Financial outlook and mid-term targets

GN strategy for 2020 and beyond Individualized customer experience Innovation leadership Commercial & ecosystem excellence

Engagement & focus Lean & efficient Sustainability

The GN investment case is intact

Leading positions in attractive markets with high entry barriers Clear strategy underpinned by deep technology expertise and strategic global partnerships Strong cash conversion and asset light business model Focused growth model, dedicated developer, manufacturer and distributor, refraining from vertical integration Profitability in line with or better than peers Focused innovation within sound processing in selected market segments

Ambitious mid-term targets

Organic revenue growth EBITA margin Growth in EPS GN Hearing >market growth1 >20% GN Audio >market growth2 >20% GN Store Nord >10% >10%

• Moreover, GN Store Nord expects to maintain a conservative capital structure policy of net interest-bearing debt to EBITDA of 1.0 - 2.0x, where

excess liquidity will be distributed to shareholders through share buybacks and dividends

Financial guidance for 2020

Organic revenue growth EBITA margin Growth in EPS GN Hearing >6% >20% GN Audio >14% >20% Other (DKK million) ~(185) GN Store Nord ~15%

The financial guidance does not include any impact from the Coronavirus outbreak. Based on our current knowledge we expect to see an impact on Q1

• financials. Provided that the situation resolves during February, we assume to follow guidance for the rest of the year.

Current situation in China related to the coronavirus (2019-nCoV)

• Holiday of the production due the Chinese New Year has been extended until February 9 (and

February 12 for part of the Xiamen facility) following the authorities’ guidance; includes sales offices and contract manufacturing facilities in China

• Materials and components for our products are partly sourced in China – safety stock built outside

China to accommodate for Chinese New Year

• Low single-digit share of GN sales in China

Save the date – AAA 2020

Investor and analyst meeting

AAA 2019 New Orleans, Louisiana 9.30 am (local time), April 2, 2020

Save the date – Meet the Management 2020

Meet the Management 2020

London, United Kingdom September 28, 2020

Q&A

www.gn.com E-mail: investor@gn.com Morten P. Toft, VP - IR & Treasury, Tel.: +45 4575 4607 Rune Sandager, Senior Manager – IR, Tel.: +45 4575 9257

Appendix

GN Store Nord – five-year performance

DKK million 2015 2016 2017 2018 2019 GN Store Nord Revenue 7,755 8,651 9,585 10,607 12,574 Organic growth 6% 6% 8% 13% 15% Gross margin 61.2% 62.4% 62.7% 62.0% 60.3% EBITA 1,383 1,583 1,744 1,956 2,321 EBITA margin 17.8% 18.3% 18.2% 18.4% 18.5% Operating profit 1,149 1,445 1,558 1,796 2,002 Financial items

• 138
• 52
• 60
• 203
• 92

Profit before tax 1,016 1,395 1,504 1,606 1,913 Effective tax rate 26% 22% 25% 22% 23% Net profit 747 1,086 1,122 1,247 1,468 ROIC (EBITA/Invested capital) 20% 20% 21% 24% 25% Free cash flow excl. M&A 607 1,179 1,134 1,110 1,296 Cash conversion* 44% 74% 65% 57% 56% EPS 4.79 7.34 8.07 9.25 11.12

DKK million 2015 2016 2017 2018 2019 GN Hearing Revenue 4,526 5,156 5,615 5,833 6,351 Organic growth 9% 6% 6% 7% 7% Gross margin 67.4% 69.0% 69.4% 69.2% 69.0% EBITA 921 1,062 1,153 1,194 1,284 EBITA margin 20.3% 20.6% 20.5% 20.5% 20.2% ROIC (EBITA/Invested capital) 16% 17% 18% 19% 19% Free cash flow excl. M&A 456 704 866 574 672 Cash conversion* 50% 66% 75% 48% 52%

GN Hearing – five-year performance

DKK million 2015 2016 2017 2018 2019 GN Audio Revenue 3,229 3,495 3,970 4,774 6,223 Organic growth 2% 7% 10% 21% 26% Gross margin 52.6% 52.7% 53.2% 53.2% 51.5% EBITA 540 597 721 905 1,192 EBITA margin 16.7% 17.1% 18.2% 19.0% 19.2% ROIC (EBITA/Invested capital) 47% 41% 46% 59% 57% Free cash flow excl. M&A 271 523 481 798 849 Cash conversion* 50% 88% 67% 88% 71%

GN Audio – five-year performance

2017-2019 financial performance compared to strategy target ranges

6% 3% 4% 9% 5% 7% 8% 6% 2017 7% 2018 7% 2019

GN Hearing

Organic growth EBITA margin

GN Store Nord GN Audio

16% 17% 18% 19% 20% 21% 22% 23% 20.5% 2018 2017 20.5% 20.2% 2019 22% 23% 0% 5% 10% 15% 20% 25% 30% 2018 25%* 2017 2019 EBITA margin Organic growth Effective tax

10% 21% 26% 0% 5% 10% 15% 20% 25% 30% 2018 2017 2019 16% 17% 18% 19% 20% 21% 22% 23% 18.2% 2017 2019 19.0% 2018 19.2%

20.0%**

GN FalCom – first tender won

Business highlights

• In early 2018, GN introduced FalCom, a revolutionary intelligent

communication solution with unparalleled spacial hearing and noise management for defense and security forces

• In November 2019, GN won its first tender with an Australian

Tactical Operations Unit with its FalCom communications

• solution. GN is currently preparing for several other tenders

relevant for the FalCom solution in other NATO countries

~2bn

Current tender Market* (USD)

~0.5bn

Average yearly Market* (USD)

~4 year procurement intervals FalCom OTE2000 FalCom ITE2000

...growing with +5%

Share price development (3 years) Financial calendar

GN Store Nord share overview

Share information

• GN has a share capital of DKK 569,072,400, which is consisting
• f 142,268,100 shares, each carrying four votes. GN has one

share class, and there are no restrictions on ownership or voting rights

• GN is, among others, included in the C25 and Large Cap

indexes on Nasdaq Copenhagen as well as the Stoxx Europe 600 index

• Ticker symbols: GN:DC (Bloomberg) and GN.CO (Reuters)
• Number of registered shareholders: Around 25,000 (End 2019)
• Treasury shares: 13,315,900. 9.4% of share capital (End 2019)
• Market cap: DKK 40 billion (End 2019)
• Largest shareholders:
• APG Asset Management N.V. (>5%)
• NN Group N.V. (>5%)

Date Event March 11, 2020 Annual general meeting April 29, 2020 Q1 2020 August 19, 2020 Q2 2020 September 28, 2020 Meet the Management November 11, 2020 Q3 2020

50 100 150 200 250 30-12-2016 30-12-2017 30-12-2018 30-12-2019 GN C25 CAP Stoxx 600