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Shareholding structure

At year-end 2015, GBL’s share capital totalled EUR 653.1 million, representing 161,358,287 shares. GBL’s shareholding is characterised by a controlling shareholder, Pargesa Holding S.A., which holds 50.0% of the outstanding shares and 52.0% of the voting rights(1). Pargesa Holding S.A. itself is held jointly by the Power Corporation of Canada (Canada) and Frère (Belgium) groups, providing GBL with a stable, solid shareholder base. Since 1990, the two groups have been bound by a shareholders agreement. This agreement, which was renegotiated in December 2012, has been extended to 2029 and may be further extended. At 31 December 2015, GBL held 6,079,926 GBL shares directly and through its subsidiaries, representing 3.8% of the issued capital. The company concluded an agreement with a third party to improve the market liquidity of the GBL share. This liquidity agreement is executed on a discretionary basis on behalf of GBL within the limits of the authorisation granted by the General Shareholders’ Meeting and in accordance with the applicable rules. GBL did not hold shares in that respect in its portfolio at 31 December 2015.

(1) Taking into account the treasury shares, whose voting rights are suspended

Shareholding structure at 31 December 2015



Control chart at 31 December 2015 updated on 18 March 2016

Control Chart

( ) Voting rights
(1) Previously named Desmarais Family Trust
(2) Updated on 18 March 2018
(3) Taking into account the suspended voting rights relating to treasury shares