Group timeline

Group timeline2005 - 2012New impetus and new strategic focus2012June: Sequana completed a share capital increase of €150 million with pre-emptive subscription rightsin order to strengthen its financial structure, accelerate the Group’s development in the distributionsector and bolster its specialty activities on the production side of the business.July: successful completion of the capital increase; the Fonds d’Investissement Stratégique (FSI)acquired a stake in Sequana’s capital.September: Sequana announced the closure of three plants (in Argentina, Denmark and the UK) andAntalis completed two new acquisitions in the packaging sector in addition to the two packagingdistributors already acquired in early 2012.2011Sequana continue its strategy of refocusing on businesses that help create value four ourshareholders with the sale of Decor/Abrasive paper businesses and Antalis’ office supplies business.2009April: Sequana transformed from a holding company into an operational group with the creation of anexecutive committee composed of executives of Sequana, Antalis and Arjowiggins.September: The decision of the Sequana Board to hold onto the Security division marked the end ofthe non-strategic asset divestment programme.2008June 5th : Sequana implements a new organization to improve its operational efficiency by favoringArjowiggins’ sales performance and by strengthening Antalis' position as the European leader inspecialised distributionMay 21th: The Annual General Shareholders Meeting approved the change of the company namefrom Sequana Capital to Sequana2007A new strategic focus: Sequana Capital has become a pure player in the paper sector with two 100%-owned subsidiaries: Arjowiggins and Antalis.The group also owns other non-strategic stakes: 100% of Antonin Rodet and 6.36% of the PermalGroup. The Permal Group will be definitively sold off in 2009, in compliance with the agreement signedwith Legg Mason and the Permal Group managers.2006March 2006, Change in Sequana Capital's shareholding structure: unwinding of the shareholdingagreement between the Worms, Barnaud, Meynial and Taittinger families, which lifts the free float to27.44% from 12.4%.Sequana Capital successfully completed a public share buyback offer through the exchange of SGSSA shares held in portfolio or the cash alternative. The offer covered a maximum of 57,646,980shares, or 54.31% of the company's share capital and voting rights. The reduction in share capital wasapproved by the Extraordinary General Meeting of Shareholders of 30 October 2006 and took effecton 14 December 2006.Following the operation, Sequana Capital no longer owns any shares in SGS SA.Sequana Capital now has 48,448,581 shares.2005A new company name : Sequana CapitalA new management structure : company with a Board of Directors.A new management team. November 2005, disposal of a 70.5% stake in the Permal Group to LeggMason for a capital gain od €450 millions. Sequana Capital still holds a 6.36% stake in Permal, whichit agrees to sell to Legg Mason in 2007 and 2009.1/4

1997 - 2004Construction of an industrial and services group2004Link-up between ArjoWiggins and Carbonless in order to benefit from the synergies offered betweenthe two businesses and optimize management of production facilities.Definitive sale of Accor shares, generating a capital gain of €21.6 million net of tax.Initiation of restructuring of Permal and conclusion of an agreement in principle with managers, with aview to changing the management structure of the parent company of the Permal group from a limitedpartnership with share capital ('société en commandite par actions' or SCA) to a limited company('société anonyme' or SA) in which the managers would hold 23% of shares.2003Continuing recovery of Antalis.Expansion of Permal Group following the restructuring initiated in 2002.Acquisition of additional shares in SGS, bringing Worms & Cie's stake to 23.77%.Definitive sale of Danone shares.1997 - 2002 Construction of an industrial and services group2002Arjo Wiggins and Antalis became simplified single-shareholder companies (sociétés par actionssimplifiées à actionnaire unique - SASU). Worms & Cie increased its holding in SGS to 20 % andappointed a new Chairman and a new Chief Executive Officer.2001AWA sold its 40% holding in Soporcel and was split into three separate subsidiaries, each whollyownedby Worms & Cie (ArjoWiggins, Carbonless Paper Europe and Antalis). Appleton Inc. was soldto an employee buyout. Worms & Cie sold the remaining 47% of Saint Louis Sucre, modernised themanagement and legal structure of SGS, following which two representatives of Worms & Cie wereappointed to its Board of Directors.2000The Group sold 53% of Saint Louis Sucre, made a cash bid for 100% of the Arjo Wiggins AppletonGroup (AWA) and acquired 11.34 % of Société Générale de Surveillance (SGS), the world leader ininspection, testing and certification.1999The Group bought out the minority interests in Arjomari Prioux, which was then delisted and its assetstransferred to Worms & Cie, before embarking on a plan to restructure Arjo Wiggins Appleton.1998Soméal, a subsidiary of Ifil, transferred its assets to Worms & Cie and the new entity was listed on themonthly settlement market of the Paris stock exchange.The Group sold its 54.4 % holding in Compagnie Nationale de Navigation to Compagnie MaritimeBelge and divested the remaining 20 % of Banque Demachy.1997Demachy Worms & Cie was sold to ABN-Amro. Athena was then sold to AGF following a cash offermade by Worms & Cie's principal shareholders (founding families, Ifil and AGF) to ward off a bid fromthe Pinault group.2/4

1970 - 1996Activities split into separate divisions1990 - 1996Arrival of foreign investors : Ifil, the Agnelli Group's holding company, in 1990, followed by TemasekHolding Pte, the Singapore government's industrial holding company, and the Abu Dhabi InvestmentAuthority (ADIA) in 1992 Pechelbronn, Worms and Saint Louis all transferred their businessesactivities to Worms & Cie, which became France's first quoted holding company in 1997.1990Pechelbronn's industrial holdings were merged with Saint Louis' investments in food processing (SaintLouis Sucre, formerly Générale Sucrière, Danone and Panzalim) and in paper manufacturing (ArjoWiggins Appleton, created as a result of Wiggins Teape Appleton's acquisition of Arjomari-Prioux).The Group's fund management activities - Permal Asset Management in New York and Ifabanque inParis, a company created jointly with Saudi and Kuwaiti partners - were consolidated within the PermalGroup.1989The Group's insurance interests (Préservatrice, La Foncière, GPA - Groupe des Populaires - and LaLilloise) were consolidated into Athena Assurances.1982Banque Wormswas nationalised and its banking operations transferred to Demachy Worms & Cie, inwhich the Group took a controlling stake (1983 - 1986).1970Worms acquired a controlling stake in Pechelbronn, former parent company of Antar. In 1971, itsshipping interests were regrouped within Compagnie Navale Worms, which became CompagnieNationale de Navigation in 1968, after its acquisition of CNN from Elf.1945 - 1970World expansion1960 - 1970Worms commissioned its first large container ships and supertankers. In 1964, the merchant bankingbusiness was transferred to a separate company called Banque Worms and a number of foreignshareholders brought in. Unibail, a property leasing company, was incorporated in 1968.1950 - 1960The merchant banking division began to offer financing facilities to major industrial groups basedabroad and strengthened its involvement in insurance through the 1950 merger with La Foncière.1948The coal importing business was closed down and Worms moved into direct distribution of oilproducts. Its was one of the founding members of Antar.3/4

1914 - 1945From shipyards to merchant banking1938Worms made its first investment in the insurance business.1928The merchant banking division was created to support companies affected by the economic crisis andto provide development aid.1917At the French government's request, Worms built the "Le Trait" shipyard near Le Havre. TheCapitaine-Bonelli was the first cargo ship to come out of Le Trait in 1921.1848 - 1914From coal merchant to shipping company1869A branch opened in Port Said branch on the day as the Suez Canal.1856Worms commissioned its own fleet to transport coal from Britain to France and all types of freight toNorthern Europe.1848The House of Worms, a coal merchant, was founded to import coal from Britain.4/4