Investor Presentaiton

Part. I Wallonia in Belgium - Key political acts 1 2 The Sixth State Reform (2014) AUTONOMY EMPOWERMENT The Sixth State Reform enhances the fiscal autonomy of the federated entities and transfers the majority of powers from the federal level to the regional / community levels. Increased fiscal autonomy: regional personal income tax (IPP regional) and fiscal expenses (ex: mortgage credits). List of new transferred powers: family benefits, healthcare, labour market, road safety, tenancy regulation, driving education, technical inspection, houses of justice ... Special Finance Act (1989, 1993, 2014) STATE FINANCIAL GUARANTEE Article 49 of the Special Finance Act organizes and supervises the delegation of debt management in the federated entities. For example, the role of CSF (Conseil Supérieur des Finances) is to evaluate the financial plans of the federated entities, to formulate recommendations and in some cases to decide to cap the entity's lending capacity. Article 54 §2 of the Special Finance Act specifies that in case of an insufficient payment or in the event of delay of payment by the federal state, the Communities and the Regions can contract a loan guaranteed by the Federal State and interest costs are taken on by the Federal State. Wallonie service public SPW 6

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