BIC - 2018 Registration document

COMMENTS ON THE YEAR

Prospects for 2019 and strategy

PROSPECTS FOR 2019 AND STRATEGY 5.5.

2019 OPERATIONAL OUTLOOK We expect 2019 Group Net Sales to grow slightly on a comparative basis  (1) and Normalized Income from Operations margin to be between 16.5% and 18%. In a continued challenging trading environment, overall sales ● performance may be subject to macro-economic uncertainties and continued competitive pressure in Shavers in the U.S. Growth drivers include distribution gains and success with added-value products. Gross Profit will be impacted by increasing raw material ● costs, the impact of unfavorable foreign exchange trends and the potential impact of sales volumes on cost of production. Normalized Income from Operations will also be affected by additional Brand Support Investments. We expect CAPEX to be approximately in the range of 130 million euros to 140 million euros. OPERATIONAL AND STRATEGIC TARGETS FOR 2022 On February 13th 2019, BIC initiated an organizational review to reimagine the company, drive productivity andimprove efficiency to free up resources, and ultimately reinvest in future growth. To support the "BIC 2022- Invent the future" plan, BIC has set initial operational targets: Effectiveness: achieve at least 20 million euros original ● annualized savings reinvested to drive growth.

Innovation: increase the number of new patent submissions by ● 20% per year. Conumer-centric Brands: engage directly with 20% of our ● consumers. Omnichannel Distribution: reach 10% of Net Sales in ● ecommerce.

MISSION AND PURPOSE, LONG-TERM AMBITION Our mission and purpose: Provide high quality, inventive and reliable products and ● solutions that are respectful of ourenvironment, for everyone, everywhere; Create longterm value for all stakeholders: consumers, ● employees, local communities, customers, and shareholders; Improve equality in education for all, by enhancing learning ● conditions for students globally. Weare convinced this is a powerful way to build a sustainable future, for each and every one of us. Our long-term ambition: Drive profitable growth; ● Increase productivity while continuously investing in our People, ● Research and Development, New Products, and Brands; Sustain total Shareholder remuneration through strong cash ● generation.

For 2019 Net Sales, on a comparative basis will exclude Full Year 2018 BIC Sport’s Net Sales and 2019 Haco Industries’ incremental Net Sales. (1) Since Argentina is now considered as hyperinflationary, BIC will also exclude from its comparative basis the contribution of its Argentinian entity for both 2018 and 2019.

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• BIC GROUP - 2018 REGISTRATION DOCUMENT •