Wallonie Region Funding Gap Analysis

Wallonie IMPORTANT NOTICE service public SPW This presentation has been prepared by Région wallonne for informational and background purposes only, and is subject to change, updating, completion or revision without notice at the discretion of Région wallonne and any information contained therein may change materially. No person is under any obligation to update or keep current the information contained herein and any opinions expressed in relation thereto are subject to change without notice (including the forward looking statements). In this document, references to "presentation" mean this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed in this context. The presentation comprises written material/slides which provide information on Région wallonne. Although the information in this presentation has been obtained from sources which Région wallonne believes to be reliable, Région wallonne and its representatives do not expressly or impliedly represent or warrant its accuracy, fairness, completeness of reasonableness and such information may be incomplete or condensed. No reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. Due to rounding, numbers presented in these materials may not add up precisely to the totals provided and percentages may not exactly reflect the absolute figures. This investor presentation contains certain statements which may constitute "forward-looking statements" based on current beliefs and expectations about future events. These statements are not guarantees or predictions of future performance, and are notably subject to risks, assumptions, uncertainties, and changes in economic conditions globally. Therefore, actual results or developments may materially differ from those expressed or suggested in the statements contained in this presentation. Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Région wallonne and its representatives expressly disclaim any obligation or undertaking to revise or update any of these statements or any information contained herein in light of new information or future events. Région wallonne and its representatives will not accept any liability (in negligence or otherwise) what so ever for any loss arising, directly or indirectly, from the use of this presentation or the information provided in this presentation or otherwise arising in connection with this presentation. This presentation does not form the basis of, and should not be relied on in connection with, any contract to purchase or subscribe for any securities of the Région wallonne. Any decision to invest in the securities of the Région wallonne in the framework of an offering must be based on your own research in respect of Région wallonne, any prospectus or offering circular (or memorandum) and information included by reference therein, including, but not limited to, the associated benefits and risks thereof, as well as the conditions of the placement. Investors must themselves assess, together with their advisors whether securities of Région wallonne are suitable for them, considering their personal income and financial situation. In case of doubt with respect to the risks involved in purchasing such securities, investors must abstain from investing. This presentation does not constitute any form of financial opinion or recommendation or investment advice. This presentation is for preliminary informational purposes only and does not constitute or form part of an offer or invitation to proceed to an acquisition of or subscription for the securities of Région wallonne and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any offer of securities, if made, will be made by means of a prospectus or offering circular (or memorandum) which would contain material information not contained herein, and which shall supersede and replace these materials and the information herein in its entirety. Investors should not subscribe for any securities unless they receive such a prospectus or offering circular (or memorandum), which they should carefully review, conduct such investigations as they deem necessary and consult their own financial, legal, accounting, regulatory and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities of Région wallonne. Without limiting the foregoing, this presentation does not constitute an offer or invitation to proceed to an acquisition of or subscription for the securities of Région wallonne in the United States or in any other jurisdiction where such offer or invitation is not allowed without registration or qualification under the applicable legislation of the relevant jurisdiction, or where such offer or invitation does not meet the required conditions under the applicable legislation of the relevant jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, or the securities laws of any state of the U.S. or other jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. This presentation is being submitted to selected recipients only and neither this presentation nor any other offering materials may be distributed, published or made available to the public in Belgium. This presentation may not be reproduced or passed on (in whole or in part) to any other person than the selected recipients. Neither this presentation nor any offering materials may be used in relation to any investment service in Belgium unless all conditions of Directive 2014/65/EU, as implemented in Belgium, are satisfied. Neither this presentation nor any offering materials can be used to publicly solicit, provide advice or information to, or otherwise provoke requests from, the public in Belgium in relation to the offering. Any offering in Belgium is made exclusively on a private basis in accordance with Article 2 of Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction or country. Any failure to comply with these restrictions may constitute a violation of such laws or regulations. The distribution of this presentation in other jurisdictions than Belgium, may be restricted by laws or regulations applicable in such jurisdictions. All persons in possession of this presentation must inform themselves about, and comply with, any such restrictions. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. [In the context of Région wallonne EMTN Programme: Full information on Région wallonne and the offer of any security issued by it in the context of the EMTN Programme is only available in the Offering Circular and the documents incorporated by reference therein]. By participating in this presentation or by accepting any copy of the materials presented, you irrevocably agree to be bound by all of the foregoing limitations. © May 2020 - Région wallonne. All rights reserved. 25 25