What are BIC s perspectives for 2016?

M.G.: In 2016, we foresee net sales growth of 5% on a comparative basis, and a decrease of our IFO margin, while maintaining operational cash flow to ensure the shareholders remuneration.

2016 will be an important year for BIC. We have decided to step up our investments in Research and Development and to reinforce our brand support investments. We will improve the Group s mid-term and long-term growth profile, while consolidating our current market positions and supporting the launch of new products in our three consumer categories around the world.

The acceleration of mid-term growth demands foresight and the expansion of our production capacities. To do so we have embarked upon an ambitious industrial investment program. Here too, all three categories are concerned

worldwide: stationery in France and India, lighters in France, Spain and the United States, and shavers in Greece, Brazil and in Mexico.

And what about BIC Graphic?

B.B.: The Board of Directors has decided to initiate a review of strategic alternatives for BIC Graphic. For the past two years, the teams at BIC Graphic have done a wonderful job; they have restored the confidence of their distributors, re-opening the path to growth. The Promotional Products industry has recently undergone a considerable evolution. We are seeing consolidation among manufacturers and distributors alike, as well as the emergence of new players. Our strategic review will focus on the best long-term solutions for BIC Graphic.

You have announced important changes at the helm of the Group as well as at the governance level. Can you elaborate?

B.B.: After 24 years with BIC, 10 of which were spent as Chief Executive Officer, Mario Guevara has decided to retire. Under his direction, BIC has reinforced its market edge around the world and has seen its sales and results progress significantly. I would like to

WE WILL IMPROVE THE GROUP S MID-TERM AND LONG-TERM GROWTH PROFILE, WHILE

CONSOLIDATING OUR CURRENT MARKET POSITIONS AND SUPPORTING THE LAUNCH OF

NEW PRODUCTS Mario Guevara

6.89 EARNINGS PER SHARE

(GROUP SHARE)

448 MILLIONS EUROS

NET CASH POSITION

ANNUAL REPORT 2015

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