The Board of Directors held on October 31, 2018 had authorized the company to purchase treasury shares up to EUR 250 million. This buyback envelope has been fully executed.

The Board of Directors held on September 19, 2019 has authorized a second treasury share buyback program of up to EUR 250 million. This buyback envelope has been fully executed.

The Board of Directors held on September 17, 2020 has authorized a third treasury share buyback program of up to EUR 250 million. This share buyback program is currently being executed.

List of the last transactions

Date

% of issued capital

Own shares

December 31, 2020

5.4%

8,749,816

December 31, 2019

3.2%

5,238,989

December 31, 2018

1.6%

2,642,982

December 31, 2017

3.5%

5,660,482

December 31, 2016

3.7%

5,924,416

December 31, 2015

3.8%

6,076,926

December 31, 2014

3.8%

6,147,123

December 31, 2013

3.8%

6,308,090

December 31, 2012

3.8%

6,134,514

December 31, 2011

3.8%

6,099,444

December 31, 2010

3.8%

6,099,444

December 31, 2009

3.8%

6,054,739

Legal details

The Extraordinary General Shareholders’ Meeting of April 28, 2020 renewed the authorisation given to the company’s Board of Directors, for a period of five years, to buy a maximum of 32,271,657 GBL shares, in accordance with the legal provisions. The unit price may not be more than 10% lower than the lowest price in the 12 months preceding the transaction, and more than 10% higher than the highest share price out of the last 20 quotes.

This authorisation also covers acquisitions by GBL’s direct and indirect subsidiaries.

The same Extraordinary General Shareholders’ Meeting also renewed the Board of Directors’ authorisation to acquire and dispose of its treasury shares when such an acquisition or disposal is necessary to prevent serious and imminent harm to the company.

The Extraordinary General Shareholderss Meeting authorized the Board of Directors to dispose of GBL shares on or off the stock market without the prior intervention of the General Shareholders’ Meeting and with unlimited effect.

Within this context, the company has set up a liquidity agreement to improve the market liquidity of the GBL share. This agreement is executed on a discretionary basis by a third-party on behalf of GBL within the limits of the authorisation granted by the April 28, 2020 General Shareholders’ Meeting and in compliance with the applicable laws.