Plateformes collaboratives : crowdfunding et …2019/12/02  · • Limited financial impact •...

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Plateformes collaboratives : crowdfunding et nouvelles opportunités d’investissements Samenwerkingsplatforms: crowdfunding en nieuwe investeringsmogelijkheden www.bfc.be Linkedin: Belgian Finance Center Twitter: @Belgian_Finance

Transcript of Plateformes collaboratives : crowdfunding et …2019/12/02  · • Limited financial impact •...

Page 1: Plateformes collaboratives : crowdfunding et …2019/12/02  · • Limited financial impact • Crowdfunding platform : a new form of financial intermediary • Limited changes for

Plateformes collaboratives : crowdfunding et

nouvelles opportunités d’investissements

Samenwerkingsplatforms: crowdfunding en nieuwe

investeringsmogelijkheden

www.bfc.beLinkedin: Belgian Finance Center

Twitter: @Belgian_Finance

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SPEAKERS:

Jacques Richelle - PwC Legal

Olivia Walravens - PwC

Xavier de Troostembergh - Bolero Crowdfunding

Dominique Wroblewski - Look&Fin

David Van der Looven - Edebex

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• 2 December 2019

Cooperative platformsCrowdfunding and new investment opportunities

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1. Introduction

• Several forms of crowdfunding

• Key figures and facts

• FSMA study

2. Regulatory aspects

• Law of 18 December 2016 on crowdfunding platforms

• Situation without a crowdfunding platform

• What does a crowdfunding platform change?

• Invoice trading

3. Conclusions

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Several forms of crowdfunding

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Donationbased

Rewardbased

Returnbased

(financialreturn)

Debt-based =crowdlending

Equity-based

Invoice trading

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Several forms of campaign

Public Private Mixed

! prospectus rules

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Key facts

7 licencedplatforms

• 1001Pact Impact Investments• Beebonds• Ecco Nova• Lookandfin

2 notifiedplatforms

• KBC Bank• Hands-on BV

• Participate• Spreds• Raizers SAS

Crowdfunding in 2016

• approx. 12 million in Belgium• approx. 170 million in the Netherlands• approx. 120 million in France

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Key figures•

Source: Febelfin 2018 dashboard6

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FSMA study

Scope • Survey of the 5 major platforms acting on the Belgian market• Campaigns launched from January 2012 to December 2017

Investors’ location

• Between 92% - 100% based in Belgium• Between 0% - 6% based in EEA• Between 0% - 2% based outside EEA

remains a local phenomenon

Investors’ age

• About a third of the investors are older than 55• About half of the investors are 46 yo or older• Only about 5% of the investors are under 25

Averagenumber of investors

per campaign

• Debt campaigns: 112 investors • Equity campaigns: 95 investors

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FSMA study

Campaigns • 273 crowdfunding campaigns launched• 232 campaigns funded

Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period 10

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FSMA study

Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period

• Amounts raised per type

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FSMA study• Number of successful campaigns per category

Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period12

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FSMA study• Amounts raised privately and publicly

Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period13

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Law of 18 December 2016

« service de financement alternatif », le service consistant à effectuer, parle biais de sites Internet ou par tout autre moyen électronique, lacommercialisation d'instruments de placement émis par des émetteurs-entrepreneurs, par des fonds starters ou par des véhicules de financement,dans le cadre d'une offre, qu'elle soit publique ou non, sans prestation d'unservice d'investissement relativement à ces instruments de placement.

« plateforme de financement alternatif », toute personne physique ou morale qui offre de fournir ou fournit sur le territoire belge, à titre d'activité professionnelle habituelle, même complémentaire ou accessoire, des services de financement alternatif et qui n'est pas une entreprise réglementée

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In a nutshell…

To at least 150 personsPer electronic means(incl. website)

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Law of 18 December 2016

FSMA notificationFSMA licence

Standaloneplatform

Part of a credit institution/

investment firm

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Law of 18 December 2016

• Governance requirements:

o Persons who control the company must have the necessary qualities to ensuresound and prudent management

o Effective management must be entrusted to at least 2 persons

o Adequate organization in place

• Underwriting professional liability insurance

• May exercise other professional activities subject to specific conditions

• May not receive/ hold cash or financial products belonging to clients

Licence conditions

Draft EU Regulation on crowdfunding under discussions

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Law of 18 December 2016

• Act in an honest, fair and professional manner that best serves theinterests of clients

• Provide specific information to clients on:o General information on the platform

o Costs

o Conflict of interest policy

o Main features of the investment instruments

• All information is correct, clear and not misleading• Perform an appropriateness test• Adequately store clients’ data• Additional requirements for platforms that provide investment

services (i.e., investment advice and RTO)

Rules applicable to the provision of crowdfunding services

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Situation without a crowdfunding platform

Stock marketvolatility

Investor growth expectations

Public offer

Law of 11 July 2018 Prospectus

Regulation

« offre au public d'instruments de placement », une communicationadressée sous quelque forme et par quelque moyen que ce soit à despersonnes et présentant une information suffisante sur les conditions del'offre et sur les instruments de placement à offrir, de manière à mettre uninvestisseur en mesure de décider d'acheter ou souscrire ces instrumentsde placement. Cette définition s'applique également au placementd'instruments de placement par des intermédiaires financiers.

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Situation without a crowdfunding platform

Public offer (without trading

admission)

Up to 100,000 euros No information required

Up to 500,000 euros(de minimis)

No information required, provided that

the max. subscription amount per

investor = 5,000 euros

Up to 5,000,000 eurosInformation note

More than 5,000,000 euros Prospectus

Information note

• Much more concise than a prospectus

• Contains the key information

• Written in Dutch, French or English

• Published on the website of the issuer/offeror/intermediary (at the latest on the day of launch of the public offer)

• No ex ante control nor prior approval by the FSMA but must be communicated to the FSMA

• Valid for 12 months

! Exceptions (< 150 persons or qualified investors only)

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What does a crowdfunding platform change ?

• The Crowdfunding Law does not impact the issuer’s obligations (prospectus, information note, etc.)

• The Crowdfunding Law does not impact the investor’s rights against the issuer

• But, it affords additional protections to the investor :

- obligations of crowdfunding platforms (information, appropriateness test, ...)

- insurance for crowdfunding platform's liability

- Governance/FSMA control

- credit insurance in certain cases

• Check platform’s general terms and conditions/agreement with the issuer

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What does a crowdfunding platform change ?

Specific case: financing vehicles

Investor

Issuer

Financing vehicle

Crowdfunding platform

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What does a crowdfunding platform change ?

• Features

• Advantages for the issuer

• Advantages for the investor

• Impact on the investor’s rights against the issuer

Specific case: financing vehicles

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Invoice Trading (Edebex)

• Specific nature of invoices/receivables :

the trading platform does not fall under the scope of the Crowdfunding Law

the seller of the invoice does not need to issue a prospectus/information notice

• Payment institution

• General terms and conditions

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Page 25: Plateformes collaboratives : crowdfunding et …2019/12/02  · • Limited financial impact • Crowdfunding platform : a new form of financial intermediary • Limited changes for

General conclusions

• Limited financial impact

• Crowdfunding platform : a new form of financial intermediary

• Limited changes for the issuer and the investor from a legal/regulatory perspective

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Q&A

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• Jacques Richelle

• PwC Legal

• +32 (0)475 52 25 61

[email protected]

• Olivia Walravens

• PwC

• +32 (0)499 555 755

[email protected]

Let’s discuss!

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Member of the KBC group

Bolero CrowdfundingBelgian Finance Center02-12-2019

Xavier de Troostembergh

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Member of the KBC group

1. Een KBC gebonden online platform dat fungeert als tussenpersoon

tussen enerzijds bedrijven die geld zonder waarborgen willen lenen en

anderzijds particulieren die geld willen beleggen in Belgische bedrijven

tegen een hoger rendement.

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Wat is Bolero Crowdfunding ?

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Member of the KBC group30

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Member of the KBC group

Enkel crowdlending

AANDELEN OBLIGATIE-LENING

CrowdlendingEquity crowdfunding

Start-ups KMO’s

onze focus

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Member of the KBC group

• Alle sectoren (niet enkel B2C of innovatieve sectoren)

• Lokale ondernemingen / KMO’s / snelle groeiers• Ondernemingen met historiek • Omzet, EBITDA en cashflow is vereist • Geen waarborgen vereist• Aanvulling op eigen vermogen/eigen inbreng

• Bedrag via crowdlending: €100.000 - €5.000.000• Juridische vorm: rechtspersoonlijkheid NV, BV, CV• Alle investeringen: bedrijfskapitaal, vastgoed, overname, groei,…

Niet voor bedrijven in nood

Welke bedrijven?

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Member of the KBC group

1.

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473.750 € 717.925 €1.179.600 €

2.870.050 €

9.261.800 €

0 €

1.000.000 €

2.000.000 €

3.000.000 €

4.000.000 €

5.000.000 €

6.000.000 €

7.000.000 €

8.000.000 €

9.000.000 €

10.000.000 €

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

2015 2016 2017 2018 2019

Volume (in €) Aantal leden

Onze groei in cijfers

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Member of the KBC group

Voor de onderneming:• Succesfee : 4,5% op het opgehaalde bedrag• geen dossierkost, geen beheerskost

Voor de investeerder:• geen instapkost• geen uitstapkost• in één woord: gratis

Wat kost het?

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Member of the KBC group35

Onze partners

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Member of the KBC group36

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Member of the KBC group

Hoe gaan we te werk?

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Member of the KBC group

1. Aanvaarding & selectie van de projecten:

• Een uitgebreide financiële analyse door onze experten.• Face to face bespreking met de ondernemer met veel aandacht voor de kwaliteit

van het management.

Wat doet Bolero Crowdfunding?

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Member of the KBC group

2. Begeleiding in de voorbereiding van de campagne:• Coachen en begeleiden van de ondernemer bij het invullen van de campagne.• Nazicht van de campagne en de info van de onderneming op ons platform.• Administratieve controles en verwerking van de deal.

Wat doet Bolero Crowdfunding?

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Member of the KBC group

Wat doet Bolero Crowdfunding?

3. Wanneer de campagne live staat:• Mailing naar onze leden en onze prospecten.

Advertising via social media.• Opvolgen van de investeringen.• Controle van investeringen en gegevens van de investeerders.

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Member of the KBC group

4. Na de campagne:• Opvolging terugbetalingen van investeerders• Algemene nazorg

Wat doet Bolero Crowdfunding?

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Member of the KBC group42

Waarom investeren in crowdlending?

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Member of the KBC group

Teken in op een obligatielening

van een Belgische KMO

Participeer vanaf € 100 tot € 25.000

per dossier

Diversifieer uw portefeuille

Word gratis lid eninvesteer zondertransactiekosten

Korte looptijd:maximum

7 jaar

Ontvang een hoger rendement:

tussen 5 – 8%

Investeer mee in Belgische KMO’s

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Member of the KBC group

Voorbeelden

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Member of the KBC group45

€ 5.000.000 in 2019

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Member of the KBC group

Opgehaald: € 500.000

Min. € 475.000

252

Interest: 6,00%Looptijd: 4 jaar (jaarlijkse terugbetaling)Max. €5.000 per investeerder

Max. € 500.000

Obligatielening

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Member of the KBC group47

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Member of the KBC group48

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Agenda

About us

What’s in it for SMEs

What’s in it for investors

Business cases

Q&A

1

2

3

4

5

© 2019 LOOK&FIN All rights reserved.

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© 2019 LOOK&FIN All rights reserved.

AboutLook&Fin

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© 2019 LOOK&FIN All rights reserved.

7 years of crowdlending

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© 2019 LOOK&FIN All rights reserved.

L&F in a nutshell

6% avg. IRRafter defaults

Crowdlending pioneerAnd market leader

100% yearly growth#2 Fintech of Deloitte Fast50

+70M EUR raised for +230 SME

Team of 30 people

FSMA RegulatedPFA

430k€ avg. Loan / avg duration 39 monthsAverage funding time < 4min

European lendersBe, Fr and Lu borrowers

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What’s in it for SMEs

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© 2019 LOOK&FIN All rights reserved.

Value proposition

Simple, fast andpaperless

No personnalguarantee

Flexible loans: bullets, amortizable loans,

capital grace periods

Loans from 50k€To 5M€

Duration from 12 to48 months

Rates fromde 2% to 9%

No funding loss

Credits by entrepreneurfor entrepreneur

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© 2019 LOOK&FIN All rights reserved.

The offer

Small business loans Corporate loans Real Estate

Working capital, small investments

Loans from 50k€ to 250k€

Starting rates : 2%

Junior debt (secured / unsecured)

Loans from 250k€ to 5M€

Starting rates : 5%

Fincancing / re-financing equity

Loans from 250k€ to 5M€

Hasslefree credit experiencewith competitive rate

Assuming the equity effort requested by the bank

Starting rates : 6%

Offering Leverage on equity / optimizing total return on

equity (up to x2)

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For who ?

Business loansEligibility criteria

© 2019 LOOK&FIN All rights reserved.

> 3 fiscal years

1M€ turnover

Refunding capacities EBITDA > 0

Real Estate loansEligibility criteria

Management : 10 years of experience in Real Estate

History : min 5 projects done, including 1 project > 2.5 M€

Min 5% equity

All purpose loans building permit submitted

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Borrower Fees

© 2019 LOOK&FIN All rights reserved.

No setup fee

Success fee : 2% - 4%

Management fees : 0,083% of outstanding amount (monthly)

No funding loss

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Fast, paperless and hassle-free process

Process

1 2 3 4

Project deposit

Analysis Fund raising Refunding

• Online application in 3 clics

• Realtime pre-scoring

• Due diligence

• Credit decision

• KYC / AML borrower

• Insurancesubmission

• Subscription

• KYC / AML investor

• Suitability test

• Bank levy payments

• Breakdown of repayments and fiscality handling

• One single point of contact : L&F

12 à 48 moisFew seconds 48h – 2 weeks Few minutes

Financing process

© 2019 LOOK&FIN All rights reserved.

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What’s in it for the investor ?

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© 2019 LOOK&FIN All rights reserved.

The offer

Insured loans Classic loans

Interest rate : 2 - 3 %100% of the investment mountis insured

Plateform performance since inception* In case of default : 100% of the remainingcapital + the 3 last month of interests are refunded by Atradius

Avg IRR : 6%

Interest rate : 6 - 9 %Observed default rate : 2%

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Look&Fin fees

© 2019 LOOK&FIN All rights reserved.

100% free for individuals

1% of refunded amounts for institutional investors

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© 2019 LOOK&FIN All rights reserved.

Risk vs Interest rate

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© 2019 LOOK&FIN All rights reserved.

Scoring components

Income and debt

Revenue Management

Business sector & market

Financial projections

Turnover history, revenue structureand recurrency, Client dependancy

Quality an track record of themanagement

Maturity and size of thecompany. Market positionand competition

Capacity of the company to rebayits debts. New debt / EBITDA,liquidity, fixed costs , stock.

Historical refunding capacities, netdebt / NOPAT and solvability ratios

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© 2019 LOOK&FIN All rights reserved.

IRR performance driven by diversification

IRR of our lenders by number their portfolio’s loans

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BusinessCases

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Sector / Turnover B2B /8M€ IT / 25M€ RE / 20M€ Food industry / 12M€

Need MBO Working Capital Real Estate Capex

Amount loaned 200 k€ 500 k€ 1,750 M€ 300 k€

Loan Type Amortizable Amortizable 24 month capitalgrace Amortizable

Duration 48 month 36 month 36 month 48 month

Interest rate 5,75 % 6,5 % 7 % 3,8 %

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© 2019 LOOK&FIN All rights reserved.

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Thanks

© 2019 LOOK&FIN All rights reserved.

www.lookandfin.com

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EdebexDisruptive finance solutionsAttractive investment opportunity

02/12/2019 Belgian Finance Center

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02/12/2019 Belgian Finance Center

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A double problem in the market

Companies in need

of working capital

Companies with excesscash

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A solution

Companies in need

of working capital

Companies with excesscash

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An online innovative financing platform

02/12/2019 Belgian Finance Center

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Edebex

• + 400 million € financed• 40 collaborators• + 1.500 sellers• + 20.000 invoices sold

02/12/2019 Belgian Finance Center

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02/12/2019 Belgian Finance Center

Sellers from 5 EU countriesDebtors from 8 EU countries

02/12/2019 Belgian Finance Center

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A highly motivated team

02/12/2019 Belgian Finance Center

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Security

Liquidity Return

The ideal investment ?

02/12/2019 Belgian Finance Center

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Security• Closed platform• 70% or 90% guarantee• Auditing of every individual invoice (up to 150 criteria check by algorithm)• Only invoices of delivered goods/services

02/12/2019 Belgian Finance Center

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Solid partners

PARTNERSHIP WITH EULER HERMES SINCE 2013

World market leader in credit-insurance and part of the solid Allianz Group

LICENSED AS PAYMENT INSTITUTE UNDER BELGIAN LAW

Supervised by the National Bank of Belgium and European passport for other European countries

Transactions on third party accounts

Security

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• Average investment period of 50 days

• Peace of mind – always take in account + 30 days

Liquidity

02/12/2019 Belgian Finance Center

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Track record of + 7 % annual return since 2013

Return expectation as from 01/11 – 5% net after default

Return

02/12/2019 Belgian Finance Center

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User friendly online portal

02/12/2019 Belgian Finance Center

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[Questions][Answers]

02/12/2019 Belgian Finance Center

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Q & A:

Jacques Richelle - PwC Legal

Olivia Walravens - PwC

Xavier de Troostembergh - Bolero Crowdfunding

Dominique Wroblewski - Look&Fin

David Van der Looven - Edebex

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• Next conference: Monday 27 January 2020: Marc Raisière, CEO BELFIUS: « The bank in 2030 »

• Membership 2020:oTariff: Unchanged : 150€ - valid 365 daysoNon member: 50€ / conference

Communication