BIC - 2019 Universal Registration Document

COMMENTS ON THE YEAR

Operations and consolidated results

SENSITIVITY OF NET SALES TO KEY CURRENCY CHANGES

2019

2018

(in %)

+/-5% change in USD +/-5% change in BRL +/-5% change in MXN

+/-1.8

+/-1.8

+/-0.4

+/-0.4

+/-0.3

+/-0.3

Europe Europe includes Western and Eastern Europe. In 2019, Net Sales in Europe reached 558.9 million euros, a year-on-year increase of 2.3% on a comparative basis. Europe performance was driven by a price increase lighters, a strong Back-to-School season in France, and Russia’s outperformance in Shavers. In Stationery: Net Sales increased low-single digit. The ● Back-to-School season was successful in France where BIC gained market share for the 16th consecutive year in a row. Our added-value products such as BIC ® Gelocity Full Grip and recently launched BIC ® Intensity Medium felt pen drove performance. Our e-commerce business grew 14% versus the prior year. In Lighters: Net Sales increased low-single digit. We ● implemented a price adjustment across the region and launched an advertising campaign, to address our consumers directly, to reinforce BIC’s brand image of quality and safety. In Shavers: Net Sales increased mid-single-digit due to ● added-value products such as BIC ® Flex 3, BIC ® Miss Soleil and BIC ® Flex 5, as well as by recent launches with BIC ® Miss Soleil Sensitive in Western Europe. Performance in Russia was driven by further distribution gains with the on-going success of BIC ® Flex 3 Hybrid, and the effective launch of BIC ® Flex 5 Hybrid in the first quarter.

North America The North America region includes the U.S. and Canada. In 2019, Net Sales in North America reached 764.4 million euros, down 4.1% on a comparative basis, especially impacted by poor performance during Back-to-School Season in the U.S. and further deterioration in the U.S. lighters pocket market. In Stationery: Performance was impacted by a soft sell out ● during Back to School season. Despite this, we continued to see new products such as BIC ® Gelocity Ultra and BIC ® BodyMark tattoo marker performing successfully and gained market share in e-commerce. In Lighters: While the U.S. pocket lighter market declined 8.2% ● in volume and 5.9% in value  (1) , BIC maintained market share in both volume and value. However, growth in the utility market continued and BIC outperformed the market, gaining 3.8 points in value share driven by new distribution in the Modern Mass channel. In Shavers: The one-piece market continues to be highly ● competitive, declining 4.2% in value  (1) . BIC was able to regain momentum and market share for the first time since 2017. BIC gained 1.9 points in value to reach 28.1% in market share value thanks to the outperformance in the female one-piece segment. This success is attributed to the expanded distribution of BIC ® Silky Touch, the success of the BIC ® Soleil franchise, paired with our new product BIC ® Soleil Click 5.

IRI – period ending December 29, 2019 – in value. (1)

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• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •