Gimv : Auditor's report (statutory

T : [phone]	Uitbreidingstraat 72/1
F : [phone]	B-2600 Antwerpen
www.bdo.be

GIMV NV

Statutory auditor's report to the general meeting

for the year ended 31 March 2020

[Free translation]

BDO BedrijfsrevisorenCVBA / BTW BE 0431.088.289 / RPR Brussel

BDO Bedrijfsrevisoren CVBA, a cooperative company with limited liability, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

T : [phone]	Uitbreidingstraat 72/1
F : [phone]	B-2600 Antwerpen
www.bdo.be

[Free translation]

STATUTORY AUDITOR'S REPORT TO THE GENERAL MEETING OF GIMV NV FOR THE YEAR ENDED 31 MARCH 2020

In the context of the statutory audit of the annual accounts of Gimv NV ("the Company"), we hereby present our statutory auditor's report. It includes our report on the audit of the annual accounts and the other legal and regulatory requirements. This report is an integrated whole and is indivisible.

We have been appointed as statutory auditor by the general meeting of 26 June 2019, following the proposal formulated by the board of directors issued upon recommendation of the Audit Committee. Our statutory auditor's mandate expires on the date of the general meeting deliberating on the annual accounts closed on 31 March 2022. We have performed the statutory audit of the annual accounts of Gimv NV for one year.

REPORT ON THE ANNUAL ACCOUNTS

Unqualified opinion

We have audited the annual accounts of the Company, which comprise the balance sheet as at 31 March 2020, the profit and loss account for the year then ended and the notes to the annual accounts, characterised by a balance sheet total of 1.370.038.292 EUR and a profit and loss account showing a loss for the year of 67.590.820 EUR.

In our opinion, the annual accounts give a true and fair view of the Company's net equity and financial position as at 31 March 2020, as well as of its results for the year then ended, in accordance with the financial reporting framework applicable in Belgium.

Basis for unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Our responsibilities under those standards are further described in the 'Statutory auditor's responsibilities for the audit of the annual accounts'section in this report. We have complied with all the ethical requirements that are relevant to the audit of annual accounts in Belgium, including those concerning independence.

We have obtained from the administrative body and the officials of the Company the explanations and information necessary for performing our audit.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

BDO BedrijfsrevisorenCVBA / BTW BE 0431.088.289 / RPR Brussel

BDO Bedrijfsrevisoren CVBA, a cooperative company with limited liability, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

Emphasis of matter

Without prejudice our opinion expressed above, we draw attention to note 6.19 of the financial statements, which contains a description of the consequences of the Covid-19 pandemic on the activities of the company.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current year. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of the financial fixed assets Description of the key matter

As an investment company, Gimv NV participates in various portfolio companies, which are valued at purchase price and are presented in the header "financial fixed assets" of the balance sheet for an amount of 1.001.430.555 EUR. These represent 73,1% of the balance sheet. As described in VOL 6.19 of the financial statements, write-downs are recorded in the event of permanent capital loss or depreciation, justified by the status, profitability or prospects of the company in which the shares are held. The determination of a possible sustainable loss or depreciation is based on estimates made by management. Changes in the underlying assumptions and estimates could lead to a significant deviation in the impairments recorded or to be booked.

The global pandemic "COVID-19" is causing uncertainty in the market regarding the current and future performance of companies. This increases the risk of a significant deviation in the written or booked write-downs.

Summary of procedures performed With regard to the aforementioned key matter, we have conducted additional procedures in areas with an increased risk of subjectivity in the valuation process. This included, amongst others, that:

• We have engaged our internal valuation specialists to assess the assumptions and estimates used by management. The adequacy and consistency of the applied valuation method was assessed. The correctness of the calculation was also checked. In addition, it was assessed that management took sufficient account of the impact of the"COVID-19" pandemic on the valuation of the portfolio companies.
• We discussed and analysed the valuation method used for the investments;
• We have reconciled the source data used with, where available, audited data and the published annual accounts;
• We have investigated potential indications of impairment by analysing the performance of the underlying investment.

Responsibilities of administrative body for the drafting of the annual accounts

The administrative body is responsible for the preparation of annual accounts that give a true and fair view in accordance with the financial reporting framework applicable in Belgium, and for such internal control as the administrative body determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the administrative body is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the administrative body either intends to liquidate the

GIMV NV:
Statutory auditor's report to the general meeting of the company
on the annual accounts for the year ended 31 March 2020	2

Company or to cease operations, or has no realistic alternative but to do so.

Statutory auditor's responsibilities for the audit of the annual accounts

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

When executing our audit, we respect the legal, regulatory and normative framework applicable for the audit of annual accounts in Belgium. However, a statutory audit does not guarantee the future viability of the Company, neither the efficiency and effectiveness of the management of the Company by the administrative body.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting

from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the administrative body;
• Conclude on the appropriateness of the administrative body's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the annual accounts and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of

GIMV NV:
Statutory auditor's report to the general meeting of the company
on the annual accounts for the year ended 31 March 2020	3

the audit and significant audit findings, including any significant deficiencies in internal control that we identified during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year, and are therefore the key audit matters. We describe these matters in our statutory auditor's report, unless law or regulation precludes public disclosure about the matter.

OTHER LEGAL AND REGULATORY REQUIREMENTS

Responsibilities of the administrative body

The administrative body is responsible for the preparation and the content of the management report, as well as for the compliance with the legal and regulatory requirements regarding bookkeeping, with the Code of companies and associations and with the Company's by-laws.

Responsibilities of the statutory auditor

In the context of our mandate and in accordance with the Belgian standard (version revised in 2020) which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, it is our responsibility to verify, in all material aspects, the

management report, and compliance with certain provisions of the Code of Companies and Associations and of the Company's by-laws, as well as to report on these elements.

Aspects related to the management report

In our opinion, after having performed specific procedures in relation to the management report, the management report is consistent with the annual accounts for the same financial year, and it is prepared in accordance with articles 3:5 and 3:6 of the Code of Companies and Associations.

In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge we have obtained during the audit, whether the management report contains any material misstatement, i.e. any information which is inadequately disclosed or otherwise misleading. Based on the procedures we have performed, there are no material misstatements we have to report to you.

Statement related to the social balance sheet

The social balance sheet, to be deposited at the National Bank of Belgium in accordance with article 3:12, §1, 8° of the Code of companies and associations, includes, both in terms of form and content, the information required by the said Code, and does not present any material inconsistencies with the information that we have at our disposition during the performance of our mission.

GIMV NV:
Statutory auditor's report to the general meeting of the company
on the annual accounts for the year ended 31 March 2020	4

Statement related to independence

• Our audit firm and our network did not provide services which are incompatible with the statutory audit of annual accounts and our audit firm remained independent of the Company during the terms of our mandate.
• The fees related to additional services which are compatible with the statutory audit of annual accounts as referred to in article 3:65 of the Code of companies and associations, were duly itemised and valued in the notes to the annual accounts.

Other statements

• Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in accordance with the legal and regulatory requirements applicable in Belgium.
• The appropriation of results proposed to the general meeting complies with the legal provisions and the Company's by- laws.
• We do not have to report to you any transactions undertaken or decisions taken in breach of theby-laws or of the Company Code, or from January 1, 2020, in breach of the Code of companies and associations.
• This report is in compliance with the contents of our additional report to the Audit Committee as referred to in article 11 of regulation (EU) No 537/2014.
• The decision of the administrative body on 18 June 2019 relating to the reappointment of the chair of the Board of Directors has the following property effects:

The fee for the mandate as chair of the board of directors amounts to

175.000 EUR per year, in addition to an expense allowance of 48.000 EUR.

• The decision of the administrative body on 16 July 2019 relating to the bonus of the managing director has the following property effects: Granting of a variable remuneration of 130.000 EUR.

Antwerp, 20 May 2020

BDO Réviseurs d'Entreprises SCRL Statutory auditor Represented by David Lenaerts

BDO Réviseurs d'Entreprises SCRL Statutory auditor Represented by Veerle Catry

GIMV NV:
Statutory auditor's report to the general meeting of the company
on the annual accounts for the year ended 31 March 2020	5