Exclusive S A : View FY22 analyst presentation

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FY 2022 Earnings call

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IMPORTANT: Please read the following before continuing. This document has been prepared by and is the responsibility of Exclusive Networks SA (the "Company"). It comprises information concerning the Company and its subsidiaries (together, the "Group"). What follows applies to this document, the information in this document by members of the Company's management and to any question-and- answer session that follows the oral presentation (collectively, the "Information"), each of which should be considered together and not taken out of context.

This document does not purport to contain all information required to evaluate the Company or the Group or its financial position. The Information does not constitute a recommendation regarding any securities of the Company or any other member of the Group.

The Information is provided as of the date of the presentation or as otherwise indicated and is subject to change.

The Information may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time made, the Company's beliefs, intentions and current targets/aims concerning, among other things, the Company's or the Group's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward- looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company's or the Group's markets; the impact of regulatory initiatives; and the strength of the Company's or any other member of the Group's competitors.

Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in the Information are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records (and those of other members of the Group) and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors (including, without limitation, risks identified in Exclusive Networks' Registration Document available on Exclusive Networks' website) that are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of the Company and other members of the Group or the industry to differ materially from those results expressed or implied in the Information by such forward-looking statements. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement. No statement in the Information is intended to be nor may be construed as a profit forecast. No one undertakes to publicly update or revise any forward-looking statements.

To the extent available, the industry, market and competitive position data contained in the Information come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company or any of its respective Representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company and the other members of the Group operate. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Information.

Unless otherwise indicated, the financial information contained in the attached presentation relating to 2019 and 2020 has been extracted or derived from the Company's consolidated financial statements as of and for the years ended December 31, 2020 (including the year ended December 31, 2019 as a comparative), prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU (the "IFRS accounts"). In addition, financial information contained in the attached presentation relating to 2018 or prior periods has been derived or extracted from the Company's audited consolidated financial statements prepared in accordance with French GAAP. Consequently, the financial information provided herein may not be comparable across all of the periods presented.

Certain financial information and operating data relating to the Company contained in the Information has not been audited or reviewed and in some cases is based on management information and estimates. In addition, the Information includes certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, and which it regards as alternative performance measures ("APMs") for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations.

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2022 Business Review

Jesper Trolle, CEO

Q&A session

FY-22 Financial Review

Nathalie Bühnemann, CFO

Final remarks

Jesper Trolle, CEO

3

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A new record-breaking year in sales and profitability

SCALE	PROFITABLE GROWTH	VISIBLE & DIVERSIFIED
	PORTFOLIO
	Net Margin	113% in	FY-22 net vendor
	retention rate2
	+29% yoy
	FY-21
18% Gross Sales CAGR over 5 years	Adj. EBIT		FY-22 net customer
	+29% yoy	112% in	retention rate2
		FY-21

• 3 consecutive quarters over €1 bn in Gross Sales
• €1 bn quarterly sales reached in Q4 in EMEA
• Acceleration of growth in Americas confirmed
• +53% yoy annual Gross Sales
• Enabling further paths for growth:
• • €200m of Adjusted Operating FCF generated
  • 1.6x Leverage ratio of Net Debt /Adj. EBITDA

1.	Vs. FY-21 Reported Gross Sales	4
2.	Defined as Gross Sales generated in year N from vendors/customers active in year N-1 divided by Gross Sales from the same vendors/customers in year N-1

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Jesper Trolle

CEO