EXEL Industries // 2020 Universal registration document

Message from the Chairman of the Board of Directors and the Chief Executive Officer

family business has achieved an extraordinary track record of sustained growth since the 1980s, entirely self-financed. Arriving at the head of a Group with such a record is both reassuring and makes for a lot of pressure. It’s no secret that I’m a believer in rigorous management for operating and capital expenses. I also like the leanness of the holding company focused on the big picture, with a small headcount. I was also impressed by the agility in decision-making, an asset for the Group’s growth, and the teams’ ability to adapt to the Covid-19 crisis. Patrick BALLU, EXEL Industries is a family‑owned group, but nevertheless publicly traded. Why continue with a free float of just 16%? In 1997, we went public to be able to raise capital quickly to finance further growth. Indeed, since 1980, through acquisitions and organic growth, we have doubled our sales every 6 years – 6 times in a row! Thanks to the confidence of our bankers, we were able to take on a lot of debt to acquire companies that were sometimes loss-making, but the rapid recovery in their profitabi l ity and the sharp drop in their working capital requirements has consistently allowed our cash position to become positive again. All things considered, this know-howmeant that we never needed to increase our capital over that period. So why stay public with just 16%? It’s true that the disclosure requirements imposed on our business and earnings may have prompted

Patrick BALLU, you appointed a new Chief Executive Officer from outside the family a year ago. What is your assessment of the new situation? Having a CEO who is not from my family is a profound change, but it avoids mixing professional and family relationships. Yves BELEGAUD brings us his fresh and experienced perspective, both in industry and in the agricultural sector, with which he has proven affinity. I like his way of managing: he’s a decision-maker, but at the same time friendly and consensual; he also knows how to listen and how to make our teams work in a network. In this period of pandemic and significant transformation of our Agricultural Spraying activity, he is showing courage and is proving himself capable of quickly embracing major issues. It’s impressive: he’s been so quick to adopt our DNA and embrace our family business values that you could be forgiven for thinking he’s been with us for many years. Finally, while remaining the Group’s decision- maker, he knows how to keep me regularly informed of the direction he wishes to take, and does not hesitate to ask me for advice, taking advantage of my experience and knowledge of our business. Yves BELEGAUD, what has impressed you the most since your arrival at EXEL Industries? I knewPatrick BALLU’s reputation as a captain of industry from afar. On closer inspection, this

Patrick BALLU, Chairman of the Board of Directors

EXEL Industries group I 2020 Universal Registration Document 2