| Contents | 2 |
| MESSAGE FROM BIC'S CHIEF EXECUTIVE OFFICER | 5 |
| BIC AT A GL ANCE | 6 |
| EXTRACTS FROM THE INTEGRATED REPORT | 9 |
| 1. GROUP PRESENTATION, PERSPECTIVES, AND STRATEGY | 25 |
| 1.1. HISTORY | 26 |
| 1.2. KEY FIGURES | 29 |
| 1.2.1 KEY FINANCIAL FIGURES | 29 |
| 1.2.2 KEY NON-FINANCIAL FIGURES | 33 |
| 1.3. STRATEGY | 35 |
| 1.4. 2020 AND LONG-TERM PERSPECTIVES | 36 |
| 1.5. BUSINESS PRESENTATION | 38 |
| 1.5.1 BUSINESS PRESENTATION BY CATEGORY | 38 |
| 1.5.2 RESEARCH AND INNOVATION | 43 |
| 1.5.3 MANUFACTURING FOOTPRINT | 44 |
| 2. RISKS MANAGEMENT | 47 |
| INTRODUCTION | 48 |
| 2.1. MAIN RISKS AND RISK ASSESSMENT | 48 |
| 2.2. DESCRIPTION AND MITIGATION OF MAIN RISK FACTORS | 49 |
| 2.3. VIGILANCE PLAN | 55 |
| 2.3.1 REGULATORY FRAMEWORK | 55 |
| 2.3.2 GOVERNANCE | 55 |
| 2.3.3 RISK MAPPING | 55 |
| 2.3.4 ORGANIZATION AND MEASURES FOR THE PREVENTION OF MAJOR NON-FINANCIAL RISKS | 56 |
| 2.4. RISK MANAGEMENT AND INTERNAL CONTROL PROCEDURES IMPLEMENTED BY THE COMPANY AND INSURANCE | 59 |
| 2.4.1 RISK MANAGEMENT AND INTERNAL CONTROL DEFINITIONS AND OBJECTIVES | 59 |
| 2.4.2 COMPONENTS OF RISK MANAGEMENT AND INTERNAL CONTROL OF THE COMPANY AND ITS SUBSIDIARIES | 60 |
| 2.4.3 RISK MANAGEMENT AND INTERNAL CONTROL PARTICIPANTS, SPECIFIC STRUCTURE(S) IN CHARGE/RESPECTIVE ROLES AND INTERACTIONS | 64 |
| 2.4.4 INSURANCE – COVERAGE OF RISKS | 66 |
| 3. OUR ENVIRONMENTAL, SOCIAL, AND SOCIETAL RESPONSIBILITY | 67 |
| 3.1. THE BIC SUSTAINABLE DEVELOPMENT PROGRAM AND NON-FINANCIAL PERFORMANCE | 69 |
| 3.1.1 WRITING THE FUTURE TOGETHER, A COMMITMENT FOR 2025, ROOTED IN OUR HISTORY AND CONVICTIONS | 69 |
| 3.1.2 GOVERNANCE OF POLICIES AND ACTIONS TAKEN TO PREVENT, REDUCE AND CORRECT THE MAIN CSR RISKS | 79 |
| 3.2. RESPONSIBILITY CONCERNING OUR PRODUCTS | 81 |
| 3.2.1 THE PRODUCTS’ ENVIRONMENTAL PERFORMANCE | 81 |
| 3.2.2 PRODUCT SAFETY | 86 |
| 3.2.3 PRODUCTS DESIGNED TO MEET AND ANTICIPATE CONSUMERS’ EXPECTATIONS | 89 |
| 3.2.4 OPTIMIZED PACKAGING | 90 |
| 3.3. ENVIRONMENTAL RESPONSIBILITY CONCERNING OUR OPERATIONS | 92 |
| 3.3.1 PARTICIPATING IN THE FIGHT AGAINST CLIMATE CHANGE | 92 |
| 3.3.2 REDUCING OUR FACTORIES AND OFFICES’ OTHER ENVIRONMENTAL IMPACTS | 96 |
| 3.4. OUR SOCIAL RESPONSIBILITY TO OUR TEAM MEMBERS | 100 |
| 3.4.1 THE WORKFORCE | 100 |
| 3.4.2 SHARING OUR VALUES, LISTENING TO OUR TEAM MEMBERS | 102 |
| 3.4.3 HEALTH/SAFETY IN THE WORKPLACE | 102 |
| 3.4.4 HEALTH AND WELL-BEING IN THE WORKPLACE | 104 |
| 3.4.5 TEAM MEMBER DEVELOPMENT | 106 |
| 3.4.6 THE REMUNERATION SYSTEM | 108 |
| 3.4.7 PROMOTING DIVERSITY | 109 |
| 3.4.8 SOCIAL DIALOGUE | 111 |
| 3.5. RESPONSIBILITIES RELATED TO OUR SUPPLY CHAIN | 112 |
| 3.5.1 THE RESPONSIBLE PURCHASING APPROACH | 112 |
| 3.5.2 ENSURING RESPECT FOR HUMAN RIGHTS IN THE WORKPLACE | 113 |
| 3.5.3 ETHICS AND THE FIGHT AGAINST CORRUPTION | 115 |
| 3.6. SOCIETAL BENEFITS RELATED TO BIC® PRODUCTS | 117 |
| 3.6.1 WRITING THE FUTURE, TOGETHER– #5 IMPROVING LIVES THROUGH EDUCATION | 117 |
| 3.6.2 PHILANTHROPIC ACTIONS BY BIC AND ITS SUBSIDIARIES | 118 |
| 3.6.3 MAKING OUR PRODUCTS AFFORDABLE TO ALL | 120 |
| 3.6.4 EXPERIMENTING WITH INNOVATIVE ALTERNATIVE DISTRIBUTION MODES THROUGH A SOCIAL BUSINESS INITIATIVE | 120 |
| 3.7. MILESTONES | 121 |
| 3.7.1 EXTRA-FINANCIAL RATINGS | 121 |
| 3.7.2 PERIMETER AND SELECTION OF INDICATORS | 121 |
| 3.7.3 INDICATORS TABLE | 124 |
| 3.7.4 REPORT OF ONE OF THE STATUTORY AUDITORS, APPOINTED AS INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED NON-FINANCIAL STATEMENT | 127 |
| 4. CORPORATE GOVERNANCE | 129 |
| 4.1. ADMINISTRATIVE AND MANAGEMENT BODIES | 130 |
| 4.1.1 COMPOSITION AND FUNCTIONING OF ADMINISTRATIVE AND MANAGEMENT BODIES | 130 |
| 4.1.2 FUNCTIONING OF THE BOARD OF DIRECTORS | 148 |
| 4.2. CORPORATE OFFICERS’ COMPENSATION | 154 |
| 4.2.1 COMPENSATION POLICY FOR THE CHAIRMAN, CHIEF EXECUTIVE OFFICER AND EXECUTIVE VICE-PRESIDENTS OF SOCIÉTÉ BIC FOR 2020 | 154 |
| 4.2.2 COMPENSATION AND BENEFITS | 158 |
| 5. COMMENTS ON THE YEAR | 173 |
| 5.1. OPERATIONS AND CONSOLIDATED RESULTS | 174 |
| THE GROUP IN 2019 | 174 |
| 2019 GROUP NON-FINANCIAL PERFORMANCE | 177 |
| 2019 GROUP PERFORMANCE BY CATEGORY | 177 |
| 2019 GROUP PERFORMANCE BY GEOGRAPHICAL AREA | 179 |
| 5.2. FINANCIAL SITUATION AND CASH | 182 |
| 5.3. DIVIDENDS | 183 |
| 5.4. INVESTMENTS | 184 |
| PRINCIPAL INVESTMENTS OVER RECENT YEARS | 184 |
| PRINCIPAL INVESTMENTS IN 2019 | 185 |
| PRINCIPAL INVESTMENTS IN PROGRESS: GEOGRAPHIC DISTRIBUTION AND FINANCING METHODS | 185 |
| PRINCIPAL FUTURE INVESTMENTS | 185 |
| 6. FINANCIAL STATEMENTS | 187 |
| 6.1. CONSOLIDATED FINANCIAL STATEMENTS | 188 |
| 1. CONSOLIDATED INCOME STATEMENT | 189 |
| 2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 190 |
| 3. CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 191 |
| 4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 193 |
| 5. CONSOLIDATED CASH FLOW STATEMENT | 194 |
| 6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 195 |
| 6.2. STATUTORY AUDITOR'S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 246 |
| I. OPINION | 246 |
| II. BASIS FOR OPINION | 246 |
| III. JUSTIFICATION OF ASSESSMENTS - KEY AUDIT MATTERS | 247 |
| IV. SPECIFIC VERIFICATIONS | 247 |
| V. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS | 248 |
| VI. RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS | 248 |
| VII. STATUTORY AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS | 248 |
| 6.3. PARENT COMPANY FINANCIAL STATEMENTS OF SOCIÉTÉ BIC (FRENCH GAAP) | 250 |
| 1. INCOME STATEMENT | 251 |
| 2. BALANCE SHEET | 252 |
| 3. CASH FLOW STATEMENT | 254 |
| 4. NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS | 255 |
| 5. ADDITIONAL INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS | 268 |
| 6.4. STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS | 269 |
| I. OPINION | 269 |
| II. BASIS FOR OPINION | 269 |
| III. JUSTIFICATION OF ASSESSMENTS - KEY AUDIT MATTERS | 269 |
| IV. SPECIFIC VERIFICATIONS | 270 |
| V. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS | 271 |
| VI. RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS | 271 |
| VII. STATUTORY AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS | 271 |
| 6.5. STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS | 273 |
| 7. INFORMATIONS ABOUT THE ISSUER | 275 |
| 7.1. INFORMATION ON THE COMPANY | 276 |
| HISTORY AND DEVELOPMENT OF THE ISSUER | 276 |
| MEMORANDUM AND ARTICLES OF INCORPORATION | 276 |
| 7.2. SHARE CAPITAL | 278 |
| 7.3. SHAREHOLDING | 280 |
| SHARE CAPITAL BREAKDOWN | 280 |
| EMPLOYEES’ SHAREHOLDING | 281 |
| CROSSING OF LEGAL THRESHOLDS | 281 |
| ELEMENTS THAT COULD HAVE INFLUENCE ON A TAKE-OVER BID OR THAT COULD DELAY OR PREVENT A CHANGE OF CONTROL (ARTICLE L. 225-100-3 OF THE FRENCH COMMERCIAL CODE) | 281 |
| 7.4. TREASURY SHARES AND SHARE BUYBACK | 282 |
| SHARE BUYBACK PROGRAM – OPERATIONS CARRIED OUT IN 2019 | 282 |
| DESCRIPTION OF THE SHARE BUYBACK PROGRAM SUBMITTED TO THE SHAREHOLDERS’ MEETING OF MAY 20, 2020 | 282 |
| 7.5. INVESTOR RELATIONS | 283 |
| 7.6. SHARE INFORMATION | 284 |
| SHARE CUSTODIAL SERVICE | 284 |
| 8. BOARD OF DIRECTORS’ REPORT AND DRAFT RESOLUTIONS OF THE SHAREHOLDERS’ MEETING OF MAY 20, 2020 | 285 |
| 8.1. ORDINARY SHAREHOLDERS’ MEETING | 287 |
| DRAFT RESOLUTIONS 1 TO 3 | 287 |
| Approval of the financial statements – Appropriation of earnings and setting of dividend | 287 |
| DRAFT RESOLUTION 4 | 288 |
| Determination of the amount of the Directors’ fees | 288 |
| DRAFT RESOLUTION 5 | 289 |
| Authorization to be given to the Board of Directors to undertake operations with regard to the shares of the Company | 289 |
| DRAFT RESOLUTIONS 6 TO 7 | 292 |
| Renewal of Marie-Pauline Chandon-Moët et Candace Matthews as Directors | 292 |
| DRAFT RESOLUTION 8 | 294 |
| Ratification of the co-optation of Timothée Bich as a Director to succeed a Director who has resigned | 294 |
| DRAFT RESOLUTION 9 | 295 |
| Renewal of Timothée Bich as Director | 295 |
| DRAFT RESOLUTION 10 | 295 |
| Appointment of Jake Schwartz as Director | 295 |
| DRAFT RESOLUTIONS 11 TO 14 | 297 |
| Approval of the compensation elements and benefits of any type paid or granted for 2019 to the Chairman of the Board, the Chief Executive Officer and the Executive Vice-Presidents | 297 |
| DRAFT RESOLUTION 15 | 304 |
| Compensation policy of the Chairman, Chief Executive Officer and Executive Vice-President | 304 |
| 8.2. EXTRAORDINARY SHAREHOLDERS’ MEETING | 305 |
| DRAFT RESOLUTION 16 | 305 |
| Authorization to be given to the Board of Directors to reduce the share capital by cancellation of shares acquired in accordance with Article L. 225-209 of the French Commercial Code | 305 |
| DRAFT RESOLUTION 17 | 306 |
| Delegation of authority to be given to the Board of Directors to increase the share capital by issuing new ordinary shares and/or securities giving access to the share capital, with preservation of Shareholders’ preferential rights of subscription | 306 |
| DRAFT RESOLUTION 18 | 308 |
| Delegation of authority to be given to the Board of Directors to increase the number of securities to be issued in the event of a share capital increase decided by the Board of Directors under resolution 17 | 308 |
| DRAFT RESOLUTION 19 | 308 |
| Delegation of authority to be given to the Board of Directors in order to decide to increase the share capital on one or several occasions by incorporation of reserves, profits or premiums or other sums of money whose capitalization shall be accepted | 308 |
| DRAFT RESOLUTION 20 | 310 |
| Delegation of authority to be given to the Board of Directors in order to proceed with one or several share capital increase(s) reserved for employees | 310 |
| DRAFT RESOLUTION 21 | 311 |
| Cancellation of preferential rights of subscription in the event of a share capital increase(s) reserved for employees as described in Resolution 20 | 311 |
| DRAFT RESOLUTION 22 | 312 |
| Amendment to Article 10 bis of the Articles of incorporation in order to comply with the new legal requirements concerning the appointment of Directors representing employees | 312 |
| DRAFT RESOLUTION 23 | 313 |
| Amendment to Article 11 of the Articles of incorporation in order to enable the Board of Directors to take decisions by way of written consultation as permitted by the applicable laws and regulations | 313 |
| DRAFT RESOLUTION 24 | 313 |
| Amendment to Article 13 of the Articles of incorporation related to the directors' compensation | 313 |
| 8.3. ORDINARY AND EXTRAORDINARY SHAREHOLDERS’ MEETING | 314 |
| DRAFT RESOLUTION 25 | 314 |
| Authorization to perform formalities | 314 |
| 9. ADDITIONAL INFORMATION | 315 |
| 9.1. DOCUMENTS ON DISPLAY | 316 |
| MEMORANDUM AND ARTICLES OF INCORPORATION | 316 |
| HISTORICAL FINANCIAL INFORMATION | 316 |
| 9.2. MAIN PRESS RELEASES | 317 |
| 9.3. DECLARATION BY RESPONSIBLE PERSON OF THE UNIVERSAL REGISTRATION DOCUMENT | 318 |
| 9.4. STATUTORY AUDITORS AND FEES | 319 |
| NAMES AND ADDRESSES | 319 |
| CHANGE OF STATUTORY AUDITORS | 319 |
| FEES OF THE AUDITORS AND THE MEMBERS OF THEIR NETWORKS | 319 |
| AUDITING OF HISTORICAL ANNUAL FINANCIAL INFORMATION | 319 |
| INTERIM AND OTHER FINANCIAL INFORMATION | 319 |
| 9.5. GLOSSARY | 320 |
| CROSS REFERENCE TABLE FOR UNIVERSAL REGISTRATION DOCUMENT | 323 |
| CROSS REFERENCE TABLE WITH THE ANNUAL FINANCIAL REPORT | 325 |
| CROSS REFERENCE TABLE WITH THE MANAGEMENT REPORT | 326 |
| CROSS REFERENCE TABLE FOR ENVIRONMENTAL AND SOCIAL INDICATORS | 328 |
| CROSS REFERENCE TABLE OF THE CORPORATE GOVERNANCE REPORT | 329 |