Q1 2018 revenue

Analysts & Investors Presentation

ContentsI. Q1 2018 results

II. Outlook

III. Conclusion

Q1 2018 revenue2

01Q1 2018 results

Q1 2018 revenue3

Q1 2018 results

Key figures

Revenue (1)

Q1Reported

Q1Organic

France€221.8m

+5,5% +5,4%

International€77.0m

+9,5% +8,7%

Group€298.8m

+6,5% +6,2%

Q1 2018 revenue4

(1) Reported revenue with application of IFRS 15 – Impact on Q1 2018 revenue: +€1m

• Q1 revenue growth of 5.5% to €221.8 million,

including 5.4% organic growth

• Negative comparison base with one less working day

in France, i.e. 7.7% economic growth

• Cynapsys' French activities entered the business

scope in Q1

• Employees came to 9,924, compared with 9,576 in Q1

last year

• 627 new recruitments over the period with a net

growth of 111, despite a turnover of 18.67%, up 2.8

bp versus Q1 2017

• Average daily rate and activity rate in services up €11

and 1.2bp respectively

• France represents 74% of Group revenue

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Financial data (France)

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Q1 2018 revenue

Q1 2018 results

Continued growth in France

5

International revenue of €77.0 million in Q1 2018, i.e. 26% of Group revenue, up 9.5% yoy., of which 8.7% organic growth:

• Iberia - Latam (€58.4m) - Strong recorded growth of 7.9%, including 6.9% organic growth. Organic growth was robust across theregion (Spain +2.7% and Portugal +6.7%). Both countries are benefiting from supportive market conditions and commercialsynergies with the Group, particularly following recent acquisitions. Good growth in LatAm, fuelled by the ramp-up of Brazil andMexico in historical businesses and Gesfor's entry into the business scope.

• Northern and Eastern Europe (€13.9m) - This region recorded an excellent quarter with organic growth of 11.4%, driven bycontinued growth in Poland and Belgium, as well as in Switzerland with the expansion of our Telco activities outsourced by Nokia.

• Africa (€3.7m) – Organic growth of 28.3%, mainly driven by Morocco.

• An overall international workforce of 5,026 at the end of Q1 versus 4,685 in 2017. 452 recruitments in Q1 for a net growth of 133people with a turnover of 22.15% growth of 1bp versus Q1 2017.

Q1 2018 revenue

Org. chg. yoy.

Financial data (International)

Q1 2018 results

International: a solid growth channel

6

02Outlook

Q1 2018 revenue7

2018 growth

› Drivers unchanged› Account management across our whole footprint: Growth of +8.1% on « TOP 10 »› New opportunities emerging with our eligibility for large deals› Strong growth in specialised offers › Development of our systems integration offers internationally› Stronger commercial synergies with countries

France and international geared for business growth

Q1 2018 revenue8

› Strong sales momentum in France› At end-Q1 2018

› 12-month rolling B-to-B ratio: 1.33, an improvement from the start of the year

› Weighted pipeline: +23.2% y-o-y

› Significant signatures in France from our Key Accounts in the Transport and Upper Mid Market: food and pharmacy

› Strong growth in international activities› Continued momentum in Southern Europe› Eastern Europe is growing strongly› Confirmation of the emergence of the LATAM region with Brazil and Mexico, strengthened by the

arrival of Gesfor› Robust organic growth in Morocco/Africa, boosted by the arrival of Cynapsys and shortly of

ValuePass, with increasingly large projects in integration

2018 profitability

› Tangible improvement factors

› Strong growth in France and internationally

› Commercial synergies on recent acquisitions

› Delivery improvement programmes

› Development of new offers

› ROI phase on the plan for driving the group's expansion, especially outside France

› Another marked seasonal variation between the first and second halves of the year

› Selective M&A strategy

› Gfi Informatique will continue its acquisitions strategy in solutions and internationally in inherently earnings-enhancing markets or those allowing it to optimise cost structures within the existing footprint

Confirmation, at constant business conditions, of the targets for revenue growth

and an improvement in the operating margin in 2018

Sources of productivity activated

Q1 2018 revenue9

Overview of Realdolmen

11Transaction presentation

› Leading BeLux ICT provider established in 2008 as a result of a merger between Real Software and Dolmen

› Supporting clients throughout the complete ICT lifecycle, combining support services in both infrastructure andapplications with products

› Especially strong position in the upper midmarket segment

› Over 1,000 customers in the Benelux region and over 1,200 professionals

› 7 offices in Belgium and Luxembourg

Realdolmen at a glance

Source: Realdolmen

Business description

IT & Business

consulting services

1

IT & Business support services

Business & IT Alignment

› Providing clients with a bridge between their strategy and the technologysubstructure needed to achieve it

Customer Centricity › Software packages around CRM and ERP functionalities

Engaged workplace› Helping to build the workplace of the future by bringing together all components

(communication, collaboration, security, mobility and data) on a single platform

Hybrid cloud› Cloud roadmap enabling client to understand the impact of a migration to the

cloud

Professional services› Provides clients with the talent they need (IT sourcing) for both infrastructure and

application matters

2IT Outsourcing › Outsourcing of IT workplaces, infrastructure, application and telephony

Products & Licenses › Distributes hardware and third-party software

Company financials

12Transaction presentation

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Key figures

Source: Realdolmen

2017a revenues by sector

2017a revenues split by operating segment

IT & Business Support Services

58%

IT & Business Consulting

42%

Public27%

Industry12%

Banking & Insurance

13%

Services10%

Healthcare10%

Information & communication

8%

Distribution8%

Other12%

(m€ - FYE 31/03) 2015a 2016a 2017a CAGR 15'-17'

Operating revenues 224.7 237.6 245.4 4.5%

% growth 1.6% 5.8% 3.3%

REBIT 8.5 10.6 12.0 18.8%

% of revenues 3.8% 4.5% 4.9%

REBITDA 11.1 13.0 14.2 13.4%

% of revenues 4.9% 5.5% 5.8%

Bal

ance

sh

eet

Financial debt and bank overdrafts 17.4 3.5 0.5

Cash & cash equivalents (29.1) (26.9) (28.3)

Net Debt (11.7) (23.4) (27.8)

x LTM REBITDA (1.1x) (1.8x) (2.0x)

Total assets 216.3 205.3 211.4

Net cash flow from operating activities 9.9 12.9 9.2 (3.5%)

% of revenues 4.4% 5.4% 3.7%

Net cash flow from investment activities (3.5) (0.5) (2.0) (24.9%)

% of revenues (1.6%) (0.2%) (0.8%)

Cash flow from financing activities (0.7) (14.5) (5.8) 188.5%

% of revenues (0.3%) (6.1%) (2.4%)

Changes in cash and cash equivalents 5.7 (2.2) 1.4 (49.9%)

Transaction presentation13

Adding Realdolmen’s capacities to Gfi’s operations overBelgium and Luxemburg would give:

- A solid champion with more than € 1,400m in Revenueand a comprehensive coverage of Europe with strongpresence in all regions and 3 core markets, namely France(€ 900m), Spain (€ 250m) and BeLux (€ 280m). The latter isnot a big market but still a dynamic one and a naturalextension for top accounts with many potential synergies.

- A enlarged group with complementary portfolios, in termsof both customers and offerings, with strong synergiesexpected in the Public and Banking verticals.

- A platform to expand to Netherlands on selected topics.

First major step in European expansion

A transaction supporting global ambitions

Gfi Informatique intends to focus on business continuity and develop joint actions in services offerings by

leveraging both companies’ solutions

14Transaction presentation

Transaction key featuresTransaction perimeter Key features

Source: Realdolmen, Factset Note: * at the same price as the offer price

Realdolmen NV(Operating)

Based in Huizingen

Real software Nederland BV

Dormant compaybased in

Amersfoort

Real Solutions SA (Operating)

Software consultancy& supply company

based in Luxembourg city

Frankim NV

Real Estatecompany based in

Zevergem

Antwerp Digital Mainport NV

Dormant companybased in Antwerp

Public tender offer on 100% of Realdolmen NV

Offer

Voluntary public tender offer in cash on 100% of the share capital of Realdolmen

Offer price of €37.00 per share and €11.03 per warrant translating into a maximum offer amount of €194 million

Undertakings

Undertakings to tender from reference shareholders (Colruyt family and affiliates, Quaeroq) representing 21.94% of the share capital of Realdolmen

Conditions Minimum acceptance threshold set at 75% of

the shares and voting rights of Realdolmen

No antitrust filling required

Colruyt 12.7%

Quaeroq 9.2%

Others78.1%

Squeeze-out

Gfi Informatique may implement a squeeze-out procedure* if it holds >95% of the sharesand has obtained >90% of the shares not owned pre-bid as a result of the offer

Indicative timetable

April, 26 : Opening of the Offer

May, 31 : Closing of the Offer

June, 4 : announcement of the Result of the Offer

Disclaimer

› This presentation does not constitute a formal notification of a voluntarypublic takeover bid, an offer, or a solicitation of any offer, to buy or subscribefor any securities. Any offer will be made only in compliance with and bymeans of a prospectus approved by the FSMA according to the Belgian Lawdated 1 April 2007 relating to public takeover bids. This presentation is not forrelease, publication or distribution, in whole or in part, in or into, directly orindirectly, any jurisdiction in which such release, publication or distributionwould be unlawful. Any non-compliance with these restrictions mayconstitute a breach of financial laws and regulations in such jurisdictions. GfiInformatique expressly disclaims any liability for such a breach of theserestrictions by anyone.

Transaction presentation15

16

05Conclusion

Q1 2018 revenue

› With the support of Mannai, Gfi is implementing its three-year strategic plantargeting revenue of €2 billion, underpinned by strong international growthand an operating margin in line with those of the sector leaders

› A roadmap based on:› Gaining market share in our existing markets

› Enhancing value through integration of high value-added solutions› An organisation that best captures our markets' growth potential› Strengthening our hiring strategy› Improving delivery efficiency (automation, near/offshoring, etc.)

› Acceleration potential including:› Major European deals (Iberia, BeLux, Italy, etc.) enabling us to target a leadership

position› Adding or reinforcing Skills Centres with high AV (Digital Transformation, Big Data, etc.)

and building on them Group-wide

› Expanding in recently entered markets (LatAm and Eastern Europe) with strong growth potential and a positive competitive environment

17

Conclusion

A new expansion phase

Q1 2018 revenue

FRANCE | SPAIN | PORTUGAL | BELGIUM | SWITZERLAND | LUXEMBOURG | UNITED KINGDOM | POLAND | ROMANIA | MOROCCO | COTE D’IVOIRE | ANGOLA | USA | MEXICO | COLOMBIA | BRAZIL

Q1 2018 revenue19

Appendix: quarterly sales

Revenue 3 months 3 months

(in euros '000) 03.31.2018 03.31.2017

France 221,8 210,3 5,5% 5,4%

International 77,0 70,3 9,5% 8,7%

Iberia-Latam 58,4 54,1 7,9% 6,9%

Spain 33,3 32,5 2,7% 2,7%

Portugal 19,6 18,3 6,7% 6,7%

LatAm 5,5 3,3 66,2% 56,5%

Northern and Eastern Europe 13,9 12,5 11,1% 11,4%

Belux 7,1 7,0 2,1% 2,1%

Switzerland 2,5 1,9 34,3% 46,3%

Poland 4,2 3,6 16,6% 12,8%

Africa 3,7 2,8 32,3% 28,3%

Rest of the World 1,0 0,9 16,9% 25,2%

Total 298,8 280,5 6,5% 6,2%

Reported

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