COMPANY PRESENTATION - Prosegur

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COMPANY PRESENTATION - Prosegur
COMPANY
    PRESENTATION
    INVESTOR RELATIONS
        DEPARTMENT

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COMPANY PRESENTATION - Prosegur
DISCLAIMER

    This presentation contains forward-looking statements and information relating to        regulation in countries in which the Company and its subsidiaries do business;
    [Prosegur Compañía de Seguridad, S.A.] (the “Company”) and its subsidiaries              acquisitions, investments or divestments which the Company and its subsidiaries
    that are based on the current beliefs of the Company’s management, key                   may make in the future; the Company and its subsidiaries capital expenditures
    expectations and assumptions, as well as information currently available to the          plans; their estimated availability of funds; their ability to repay debt with
    Company and projections of future events as well as assumptions made and                 estimated future cash flows; security threats worldwide and losses of customer
    information currently available to the Company. These forward-looking                    valuables; failure to maintain safe work environments; effects of catastrophes,
    statements speak only as of the date they are made. These forward-looking                natural disasters, adverse weather conditions, unexpected geological or other
    statements are often, but not always, made through the use of words or phrases           physical conditions, or criminal or terrorist acts; public perception of the
    such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,”        Company and its subsidiaries businesses and reputation; insufficient insurance
    “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,”   coverage and increases in insurance cost; loss of senior management and key
    “intends,” and similar words or phrases. Other forward-looking statements can be         personnel; unauthorized use of the Company’s intellectual property and claims of
    identified in the context in which the statements are made or by the forward-            infringement by the Company or its subsidiaries of others’ intellectual property;
    looking nature of discussions of strategy, plans or intentions. Such forward-            changes in business strategy and various other factors. Should one or more of
    looking statements, as well as those included in any other material discussed at         these risks or uncertainties materialize, or should any other unknown risk occur,
    any management presentation, reflect the current views of the Company with               or should any of the underlying assumptions prove incorrect, actual results may
    respect to future events and are subject to known and unknown risks,                     vary materially from those described herein as anticipated, believed, estimated,
    uncertainties and key assumptions about the Company and its subsidiaries and             expected or targeted.
    investments, including, among other things, the development of their businesses,          No one intends, or assumes any obligations, to update or revise these forward-
    trends in their operating industry, and future capital expenditures. In light of         looking statements, whether as a result of new information, future events or
    these risks, uncertainties and assumptions, the events or circumstances referred         otherwise nor to update the reasons why actual results could differ from those
    to in the forward-looking statements may not occur. None of the future                   reflected in the forward-looking statements.
    projections, expectations, estimates or prospects in this presentation should be
    taken as forecasts or promises nor should they be taken as implying any                  As a result of these risks, uncertainties and assumptions, you should not place
    indication, assurance or guarantee that the assumptions on which such future             undue reliance on these forward-looking statements as a prediction of actual
    projections, expectations, estimates or prospects have been prepared are                 results or otherwise.
    correct or exhaustive or, in the case of the assumptions, fully stated in the            Not for general release, publication or distribution, directly or indirectly, in
    presentation.                                                                            or into The United States, Canada, Australia or Japan or any other
     Many factors could cause the actual results, performance or achievements of             Jurisdiction in which the distribution or release would be unlawful.
    the Company and its subsidiaries to be materially different from any future              These materials do not constitute an offer to sell, or a solicitation of offers to
    results, performance or achievements that may be expressed or implied by such            purchase or subscribe for any securities in the United States or any other
    forward-looking statements, including, among others: changes in general                  jurisdiction. The securities referred to herein have not been, and will not be,
    economic, political, governmental and business conditions globally and in the            registered under the U.S. Securities Act of 1933, as amended, and may not be
    countries in which the Company and its subsidiaries do business; changes in              offered or sold in the United States absent registration or an applicable
    interest rates; changes in inflation rates; changes in prices; trends affecting the      exemption from registration requirements. There is no intention to register any
    Company and its subsidiaries businesses, financial condition, results of                 portion of any offering in the United States or to conduct a public offering of
    operations or cash flows; the impact of current, pending or future legislation and       securities in the United States.

                                                                                                                                           COMPANY PRESENTATION 2019

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COMPANY PRESENTATION - Prosegur
ONE
    GROUP,
    THREE
    BUSINESSES

        COMPANY PRESENTATION FY 2019

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COMPANY PRESENTATION - Prosegur
PROSEGUR GROUP

    Prosegur: a success story
    Since its foundation in 1976, Prosegur has grown to become one of the undisputable global leaders in the security
    industry…
                                                                                                                               3,939

                                                                                      3,783

                                                   2,052

                                                                                                                              2015
                                                                                     2009                                     2018
                                                                                     2014
                                                                                                                              Focus on Business Lines
           480
                                                  1998                               Consolidation of the integrated          Profitability and continual
                                                                                     model and expansion into Asia-           expansion
                                                  2008                               Pacific                                  • Reorganization of structure
                                                                                     • Specialization in Security Solutions     around business lines vs.
                                                  Expansion in LatAm & Europe                                                   geographies
                                                                                       for different client sectors
                                                  and Increase of services
                                                  portfolio                          • 2011: Entry into Singapore, India      • Initiated Global CyberSecurity
         1976                                     • Focus on Security: disposal of
                                                                                       and Germany                              services business unit
                                                                                                                              • 2016: Entry in South Africa
         1997                                       FM and Cleaning businesses       • 2012: Entry into China
                                                  • 2001: Full entry in LatAm and    • 2013: Rated BBB Stable by S&P.         • 2017: Prosegur Cash IPO
         Foundation and initial Expansion
                                                    France                             Issuance of a € 500 million Bond and   • 2018: Entry in Central America
         • Incorporated in 1976                                                        Entry into Australia                     & Philippines
                                                  • Creation of the Technology
         • 1980: Entry into Portugal                Business Unit                                                             • 2019: Entry in the US
         • 1987: Publicly Listed on Madrid        • 2008: Entry into Mexico and
           Stock Exchange                           Colombia

         • 1995: Initiating activities in LatAm

                                                                                                                    COMPANY PRESENTATION FY 2019

4           Yearly revenues of last year in the period in €Million
COMPANY PRESENTATION - Prosegur
PROSEGUR TODAY

            25          +170,000               >9,000
            COUNTRIES   EMPLOYEES              ARMORED
                        WORLDWIDE              VEHICLES

            >100,000    +550,000 ALARM         OVER 220 FULLY
            MANAGED     CONNECTIONS            INTEGRATED
            ATMS                               ACQUISITIONS

                                         COMPANY PRESENTATION FY 2019

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COMPANY PRESENTATION - Prosegur
A GLOBAL SECURITY COMPANY WITH A LEADERSHIP POSITION IN FOCUS MARKETS

    WE ARE MARKET LEADERS IN 16 OUT OF OUR 25 GEOGRAPHIES

                                                                                                                                                                                                          1
                                                                                                                                    Guarding and       Cash in transit & cash        Alarm        Position in the market
                                                                                                                                     technology           management                Monitoring       share ranking

                                                                                                             GERMANY
                                                                                                              1
                                                                                                    FRANCE

                        USA                                                                     3
                       n/a
                                                                                          PORTUGAL
                                                                                      1
                                                                                                                                                                   CHINA
                                   MEXICO                                                                                   TURKEY
                                                                                                    SPAIN                                                          5
     GUATEMALA                 3                                                            1
                                                                                                                            n/a

     HONDURAS
     COSTA RICA                                                                                                                                    INDIA                            PHILIPPINES
     NICARAGUA                                                                                                                                     2
                                                      COLOMBIA
                                                                                                                                                                                      1
     EL SALVADOR
                                              1
       1                                                                                                                                                   SINGAPORE

                                                          PERU                                                                                              1
                                              1                                                 BRAZIL
                                                                                            1
                                                          PARAGUAY
                                                      1
                                                                                          URUGUAY
                                                          CHILE                   1
                                                  1                                                                          SOUTH AFRICA                                  AUSTRALIA
                                                                                 ARGENTINA
                                                                                                                                  n/a                                           2
                                                                             1

            Prosegur         Intl’ Player 1       Intl’ Player 2     Intl’ Player 3       Intl’ Player 4

                  #2                                      #4                #1                  #3
                                                                                                                  Source: DBK, Aproser and internal sources
                  #3               #1                     #2
                                                                                                                                                                 COMPANY PRESENTATION FY 2019
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COMPANY PRESENTATION - Prosegur
DELIVERING SUPERIOR GROWTH AND SHAREHOLDER RETURNS

     Figures in €m

           Revenue (€m)                     EBIT (€m)     Market Cap (€m)

               +286%                          +270%            +352%
                                                                            CUMULATIVE DIVIDEND
                                                   392
                     4,291                                          4,042
                                                                            DISTRIBUTED 2004-2017:
                                                                            €985m
                                                                     (1)
             1,112                          106               894

             2004    2017                   2004   2017      2004   2017

     (1)   Market Cap as of December 2017

                                                                                COMPANY PRESENTATION FY 2019
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COMPANY PRESENTATION - Prosegur
ORGANISATIONAL MODEL: “ONE GROUP, THREE BUSINESSES”

                                                                              ONE GROUP, THREE BUSINESSES
              RATIONALE

              ▪       Accelerate growth
              ▪       Increase specialization and efficiency
              ▪       Simplify the organisation

                                                                              A                B                    C
                  IMPLICATIONS / BENEFITS                       Publicly
                                                                 listed
                  ▪     All businesses have reached the
                        maturity to be managed separately       in 2017
                  ▪     Different capital needs and KPIs                   PROSEGUR        PROSEGUR            PROSEGUR
                                                                             CASH           SECURITY             ALARMS
                  ▪     Customer centric model across
                        regions
                  ▪     Accelerates sharing of best practices
                        across regions
                                                                                              PGA
                                                                                      (Financial and support
                                                                                            functions)

                                                                                                        COMPANY PRESENTATION FY 2019
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COMPANY PRESENTATION - Prosegur
A. CASH IS A SUCCESS STORY: A GLOBAL LEADER WITH
    RESILIENT GROWTH AND STRONG CASH GENERATION

                 SALES*           EBIT Margin(%)*        Countries / empl.
                 €1,732MM         15,5%                  20 / 60,000

                                                          *FY18 business figures

           OUR BUSINESS

           ▪   #2 globally with 14% market share (vs. 7% in 2007)
           ▪   #1 in our focus Cash markets (14/20 countries)
           ▪   Leading scale, density and market share
           ▪   Outperforming the market (business has grown x4 in € sales
               in the last 7 years)
           ▪   Solid fundamentals → already growing in new products and
               capturing the next “outsourcing wave”

           OUR OBJECTIVES

           ▪   Continue delivering above-market organic growth at constant
               currency
           ▪   Lead industry consolidation player
           ▪   Lead the third wave of outsourcing (Cash Automation in Client,
               IAD, Back Office Management, Branch Teller Staff, etc.)
           ▪   Strong cash generation to fuel Group’s growth

                                                                                   COMPANY PRESENTATION FY 2019
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COMPANY PRESENTATION - Prosegur
B. SECURITY IS A BUSINESS TO TRANSFORM AND GROW,
     TO BECOME AN “INDUSTRY CHAMPION” AGAIN

                SALES              EBIT Margin(%)             Countries / empl.
                €1,946 MM          2.8%                       15 / 103,000

            OUR BUSINESS

            ▪   #5 global player with a leading position in selected markets
            ▪   Industry leading technology-based solutions
            ▪   Differentiated growth strategies for each market based on
                development stage
            ▪   Expanding into mature markets with disruptive value proposition.
            ▪   Main player in LatAm leading the transformation of the industry

            OUR OBJECTIVES

            ▪   Continue transformation towards technology-based products
            ▪   Improve margins → all geographies with profitability in line with peers
                and Group’s best practices
            ▪   Grow and expand in US
            ▪   Complete integration of legacy businesses and operational
                improvements in Brazil
            ▪   Build a solid “Cybersecurity” platform

                                                                                          COMPANY PRESENTATION FY 2019
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C. ALARMS IS A HIGH GROWTH AND HIGH RETURN BUSINESS
     WHICH WE WANT TO ACCELERATE WITH ADEQUATE INVESTMENTS

                SALES*            Total Connections*          Countries / empl.
                €262 MM           547,000                     10 / 7,000

            OUR BUSINESS

            •   Unparalleled platform → significant investments undertaken over the
                last 5 years to enter and reach critical mass in 10 countries
            •   Developed state-of-the-art products and launched next generation
                alarm “SMART”
            •   Strengthened sales force, tripled from 2011
            •   Best in class and improving churn from 12% in 2011
            •   Rapid and consistent growth benefiting from low penetration in focus
                markets

            OUR OBJECTIVES

            •   Accelerate customer acquisition through investments in sales &
                marketing (e.g., sales team, lead generation)
            •   Selective new geographies (big city approach)
            •   Continue to grow ARPU through penetration of SMART
            •   Roll out SMART product in all geographies
            •   Continue to improve churn levels
            •   Focus on product innovation to capture “the smart home” opportunity
                                                                                       COMPANY PRESENTATION FY 2019
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PGA - CENTRALIZED EXTERNAL SUPPORT TO THE THREE BUSINESSES…

                                                     PROSEGUR HOLDING

                    CASH                               SECURITY                            ALARMS
                    Commercials & Operations           Commercials & Operations            Commercials & Operations
                    Cash Internal Support              Security Internal Support           Alarm Internal Support

                                                           5% Mark Up

                                                     PGA – External support

     ONE                                             SERVICES OFFERED

                               ▪   Human Resources    ▪ Corporate Development      ▪ Insurance

     GROUP                     ▪
                               ▪
                               ▪
                                   Finance/Tax
                                   Legal
                                   Security
                                                      ▪ IT
                                                      ▪ Real Estate
                                                      ▪ Brand
                                                                                   ▪ Purchase
                                                                                   ▪ Marketing

                                                                                                           COMPANY PRESENTATION FY 2019
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… SUPPORTED BY STABLE INVESTMENT GRADE RATINGS

              BBB/A-2
              Outlook Stable
              October 2018

                      SUSTAINED STRONG
                      LIQUIDITY PROFILE

                      MODERATE
                      LEVERAGE

                      EXCELLENT CASH FLOW GENERATION
                      WITH MODERATE CAPITAL EXPENDITURE
                      AND WORKING CAPITAL REQUIREMENTS

                      MINIMAL TRAPPED CASH
                      ACROSS OPERATIONS

                                                          COMPANY PRESENTATION FY 2019
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PROSEGUR
     CASH
     Leading the consolidation process
      of the Cash industry while fueling
                    the Group’s growth

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                          COMPANY PRESENTATION 2019
CASH, STRONG GROWTH OF THE UNDERLYING DRIVER…

            USE OF CASH IN TERMS OF VALUE (MN)

                                                                                                    USD                                                                                     1.517
                                                                                                                                      +5%                                           1.463
           EUR                                                                                                                                                              1.380
                                                     +7%                      1.126 1.170                                                                           1.299
                                                                          1.083                                                                             1.198
                                                                     1.017                                                                          1.127
                                                              956                                                                           1.035
                                                      889 913                                                                         942
                                             840
                                     763 806                                                                              853   888
                              677                                                                   759       784 792
                       628                                                                  690 720
                 565
           501
     436

     2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017             2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

                                                                                                                                                                                             297
                                                                                                                                                                                     270
            GBP                                                                                    BRL
                                                     +6%                             73                                               +14%                           215 220
                                                                                68                                                                           199
                                                                          64                                                                         183
                                                                58   60
                                                           55                                                                                158
                                             50      52
                                       49                                                                                             147
                                45                                                                                              128
      36          37     38                                                                                               113
            35                                                                                                      101
                                                                                                               84
                                                                                                   61    68
                                                                                              50

     2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017                   2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

           Source: Central bank data, IE Economics
                                                                                                                                 COMPANY PRESENTATION FY 2019
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…BOOSTS THE GROWTH OF THE CASH SECTOR, ALTHOUGH AT DIFFERENT LEVELS IN EACH REGION

                                      CASH MARKET SIZE                                 EXPECTED GROWTH BY
                                      (USD BN)                                         GEOGRAPHY 2015-2020

                                                +4,4%
                                                        18.8

                                        15.2                                                                                 8,3%

                     Africa &            1.4
                                                                                                                      5,6%
                     Middle East        (9%)
                                          2.4
                     Latam              (16%)
                                                                                                             4,0%
                     US & Canada          2.7
                                        (18%)
                     Asia Pacific
                                          4                                                      2,1%
                                        (26%)
                     Europe

                                                                                                1,6%
                                          4.7
                                        (31%)

                                        2015            2020

                                      Main characteristics of attractive markets:
                                      (i)   Growing economies;
                                      (ii) Moderated elevated inflation and interest rates;
                                      (iii) Certain level of insecurity;
                                      (iv) Degree of sophistication of banking sector

      Source: Freedonia 2017 report
                                                                                                        COMPANY PRESENTATION FY 2019
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PROSEGUR HAS BECOME A GLOBAL RELEVANT PLAYER IN THE LAST FEW YEARS…

      CASH GLOBAL                                                                       COMPETITOR’S MARKET
      MARKET SHARES (2018) (1)                                                          SHARE EVOLUTION

      Intl’ Player 1                                                                        0bps            -200bps          +700bps        0bps               -800bps      -100bps
      Prosegur

      Intl’ Player 2
                                                                                             40%
                                                                                                     40%
      Intl’ Player 3
                                                                                          37%
      Intl’ Player 4

                                                          20%

                                                                                                           22%
        Others                                                                                                   20% 20%
         40%
                                                                                                                                                          17%
                                                                                                                             14% 14%   13% 13% 13%
                                                                                                                                                                9% 9%
                                                     #2          14%                                                        7%
                                                                                                                                                                                     4%
                                                                                                                                                                            4% 5%

                                                                                            Local          Intl’ Player 1              Intl’ Player 2      Intl’ Player 3   Intl’ Player 4
                                                                                           Players

                       4%                            13%
                                   9%                                                                       Change in Market Share                      2007      2015      2018
                                                                                                            '07-18

(1)   Market share calculated based on companies revenues: Prosegur Cash , Brinks & Loomis are based on
      2018 results; G4S and Garda are based on estimations. Prosegur Cash market share includes India.

                                                                                                                                   COMPANY PRESENTATION FY 2019
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…WITH STRONG POSITIONS IN EACH OF THE LOCAL MARKETS

                                                                                                                   2018 MARKET SHARE
               PROSEGUR CASH GLOBAL FOOTPRINT                                                                      PROSEGUR
               #2 GLOBAL MARKET POSITION

                                                                                                                                                         57%
                                                                                                                   Latam
                                                                                                                   Europe                       10%

                                                                                                                   Africa & Middle East           10%

                                                                                                                   Asia Pacific                4%
                                                          FRANCE
                                                                         GERMANY                                   US and Canada             0%
                                                         3
                                                                          1
                                                    SPAIN
                                                    1
                                                  PORTUGAL
           MEXICO                                   2                                                          ▪   Undisputed market leader in LatAm –
           3                                                                                                       leadership position in fastest growing
                                                                                                 PHILIPPINES       markets
•   GUATEMALA                                                                       INDIA          1           ▪   Benefitting from growing security market
•   HONDURAS             COLOMBIA                                                  2
•   COSTA RICA                                                                                                 ▪   Relying on its strong density, reputation,
•   NICARAGUA
                          2
•   EL SALVADOR                                         BRAZIL                                                     brand and close relationship with clients
                             PERU                       1
     1                      1
                           URUGUAY
                            1                    PARAGUAY

                           CHILE
                                                   1                                                           ▪   Solid presence in key European countries
                                                                                            AUSTRALIA
                           1                ARGENTINA                                                          ▪   Expected to be the fastest growing
                                                                                              2
                                              1                                                                    economies in the area

                                                                                                               ▪   Growing footprint in Asia / Africa
                                                                                                               ▪   Highest Cash market growth regions
                  #   Market positioning
                                                                                                                   globally
                       Cash in transit & cash management

            Source: Freedonia 2017, DBK, Aproser and internal sources.
                                                                                                                    COMPANY PRESENTATION FY 2019
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DENSITY & SCALE AND PRODUCTIVITY GAINS: SEARCH FOR CONTINUOUS MARGIN IMPROVEMENT

                                                1. DENSITY & SCALE                               2. EBITDA (€m) and EBITDA margin (%)

                                                                                          382               382                    428                340
     Prosegur Cash EBIT Margin (%)

                                                                                         21,9%              22,2%                 22,2%              19,7%

                                                                                         13,3%              14,8%                 16,0%              15,1%

                                                                                          2015               2016                 2017                2018

                                                                                           EBITDA           EBITDA Margin            Peers Average

                                                                                                        EBIT (€m) and EBIT margin (%)
                                               Prosegur Cash Market Share in
                                                   selected markets (%)
                                                                                          282                314                  360                 268

                                                      Positive correlation
                                                     between market share                18,0%              18,6%                 18,7%              15,5%
                                                        and profitability

                                           •   Leadership position in focus regions      7,5%                9,1%                 10,2%              10,2%
                                           •   Footprint optimisation / higher density
                                           •   Profitability programs and best
                                               practices
                                                                                          2015               2016                 2017                2018
                                           •   Shift in revenue mix towards more
                                               value added cash services                         EBIT               EBIT Margin            Peers Average

                                                                                                                         COMPANY PRESENTATION FY 2019
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FOR THE FUTURE: UNPARALLELED POSITIONING TO BENEFIT FROM THREE KEY GROWTH LEVERS

        1       EXPECTED GROWTH                            2            > 500 CASH COMPANIES                                                    3    OUTSOURCING
                IN OUR FOOTPRINT                                        GLOBALLY                                                                     OPPORTUNITIES

                                                                                                                                                      Back office management
                    CAGR
                    7.7%
                                                                                                                                                      Cash automation in clients
                                                                                  Room for further
                                                                                  consolidation

                                                                                                                                                      Branch teller staff

                2015    2020                               #1   #2 #3   #4 #5 #6 #7 #8 #9 #10 #11 #12 #13 #14 #15 #16 #17 #18 #19 #20 …
                                                                                                                                                      IAD (Independent ATM
                                                                                                                                                      Deployer)

                Today                     Traditional market growth                     Consolidation play                           Third Wave of             Third Wave of
                                                  (Organic)                                (inorganic)                                Outsourcing               Outsourcing

                                                       1                                          2                                       3

     Source: IMF Nominal GDP forecast from 2016 – 2019. Expected growth calculated as a weighted average between our sales and the expected GDP

                                                                                                                                                      COMPANY PRESENTATION FY 2019

20
OUTSOURCING OPPORTUNITIES

                                                                                                     BRANCH TELLER
                                                                                                     STAFF
                                                                       BACK OFFICE
       Efficiencies

                                                                       MANAGEMENT

                                                                                          IAD
                                                     CASH AUTOMATION                      (INDEPENDENT ATM
                                                     IN CLIENTS
                                                                                          DEPLOYER)

                                                                                                        Third wave of outsourcing
                                CASH PLANNING &                    DAILY RECONCILIATION
                                FORECASTING                        ▪   Incidence Mgmt.
                                ▪   Branch Network                 ▪   Branch Network
                                ▪   Displaced ATMs                 ▪   Central Services

                       CASH LOGISTICS &                   ATM MGMT.
                       PROCESSING                         ▪ Maintenance
                       • Bank Branches                    ▪ Fixing
                       • ATMs                             ▪ Replacement
                       • Retail Clients
                                                          ▪ Full lifecycle
                       • Central Bank

                                                                         Business process outsourcing

                                                                                                  COMPANY PRESENTATION FY 2019
21
PROSEGUR
     SECURITY
     Moving from manned guarding
     to technological solutions

                                   COMPANY PRESENTATION FY 2019
22
LARGE MARKET WITH TECHNOLOGY AS A CATALYST
     FOR FUTURE GROWTH

     SECURITY GLOBAL MARKET                          SECURITY GLOBAL MARKET SHARES
     EVOLUTION ($BN)                                 (2018)
                                                                                             8%
                                                                                                     6%
                  +6.1%
                                                                                                           5%
                           168                            Player 1
                                                                                                            4%
                                                                                                             2%
                                                          Player 2
                125
                                                          Player 3
                                                                                    Others
                                                          Player 4                   75%

                                                          Prosegur

                2015       2020
                                                                 Source: Freedonia 2017 report and internal

     PROSEGUR
                                                                              company data
      KEY MARKET TRENDS

     + Increasing  outsourcing from Public Sector and higher development of services to companies in
        emerging countries

     SECURITY
     + Design  of integral offers that combine electronic systems with traditional guarding services improving
        revenue mix

     + Intensive  use of technology and its combination with human factor

     +  Trend towards   mobile services (dynamic guarding/patrolling) as an alternative

     +
     Moving
        Growing  market,
                              from manned guarding
                           with significant potential in emergent countries

     - Commoditization,    due to its low capital intensity and entry barriers. Competitiveness intensification and

     to     technological
                in staff turnover, scarcity of qualified solutions
       considerable price pressure impacting margins, even with Facility Management companies
     - Increase                                           personnel. Increasing labor pressure
     - Budgeting  restrictions  in Public Sector
     - Double market:
        ▪    Client sophistication. Every time the client knows more and it gets more difficult to add value
        ▪    Stagnant sector that keeps the same criteria for some years and is into a mature phase
                                                                                                                      COMPANY PRESENTATION FY 2019
23
PROSEGUR SECURITY HAS GLOBAL PRESENCE ACROSS LATAM, ASIA AND EUROPE

                                                               PROSEGUR SECURITY GLOBAL FOOTPRINT
                EMPLOYEES *                                    #5 GLOBAL MARKET POSITION
                * OPERATIONAL PERSONAL ONLY

 Argentina                                            11,37%

         Peru                                 8,27%

     Colombia                               7,29%

     Portugal                         5,93%                                                                FRANCE

                                                                             USA                      PORTUGAL
         USA                        5,08%
                                                                                                           SPAIN             CHINA

       France                    4,65%                              MEXICO
                                                                                           COLOMBIA
        Chile                  4,15%
                                                                                                                       SINGAPORE
      Mexico             2,50%
                                                                                                         BRAZIL
                                                                                    PERU
 Singapour             1,91%                                                                           PARAGUAY

     Uruguay                                                                                      URUGUAY
                      1,39%
                                                                                   CHILE

     Paraguay       0,82%                                                                      ARGENTINA

        China       0,72%

                                                                                                                    COMPANY PRESENTATION FY 2019
            Source: internal data
24
WITH A LEADING POSITION IN SELECTED MARKETS ENABLING A SIGNIFICANT OPPORTUNITY
              FOR CONSOLIDATION

                 GUARDING MARKET SHARES (%)

                                   #2             #2           #2       #4       #1       #2      #4        #1       N.A       N.A       #4       #7       #2     N.A

                                                 42%
                                                                                                                                                                  49%
                                   56%
                                                               67%     66%

     Local Players                                                               80%      82%                                  79%       81%
                                                                                                            85%
                                                                                                  90%                91%
     Largest National Player                                                                                                                      99%     100%

     Intl´ Players                                                                                                                                                23%
                                                 40%
                                   17%
     Prosegur
                                                               16%
                                                                       22%

                                   27%                                           11%      9%                                                                      28%
                                                                                                                               17%       15%
                                                 18%                                                        9%
                                                               17%                                3%                  3%
                                                                       12%       9%       9%      7%        6%        6%        4%       4%       1%       0%      1%

                                 Spain        Uruguay       Portugal Argentina Colombia   Peru   Brazil   Paraguay Singapore   Chile    France   Mexico   China   EEUU

            Source: DBK, Investors presentations, internal estimates                                                                   COMPANY PRESENTATION FY 2019

25
PROSEGUR’S GUARDING BUSINESS MODEL
     IS BASED ON THREE KEY LEVERS

            TECHNOLOGICAL                             HIGHER MARGIN
            TRANSFORMATION                            PRODUCTS                              STREAMLINING

            ▪   Value proposition to client; moving   ▪   Moving towards a high margin      ▪   Size reduction
                towards integrated solutions with         product portfolio                 ▪   Efficiency implementation
                technology                                                                  ▪   Growth recovery
                                                                                            ▪   Margin expansion

                                                                                         COMPANY PRESENTATION FY 2019

26
2. KEY DIFFERENTIATING FACTORS – MOVING TOWARDS A HIGH MARGIN PRODUCT PORTFOLIO

      GROSS MARGIN (%) PER PRODUCT TYPE FY15 (ALL COUNTRIES)

                                 Indirect costs

                                       Traditional Guarding
          % of total sales

                                                   Other     Electronic                                                        ARC             Mobile
                                                                          ATM      Maintenance   Fire detection   Cyber   (Alarms Reception
                                                  Services   Systems                                                                          Guarding
                                                                                                                               Center)

                             -                Increasing focus
                                                                                % Gross Margin                                                           +
                                              on products with
                                              higher margins

                                                                                                                          COMPANY PRESENTATION FY 2019

27
US Market Entry

                                                                                                                                                                    • Activity initiated in December 2018

                                                                                                                                                                    • Acquisition of a group of companies
               WA                                                                                                                                                     with high specialization in their
                                   MT
                                                  ND
                                                                                                                                  VT
                                                                                                                                                 ME
                                                                                                                                                       NH
                                                                                                                                                                      respective service offerings
          OR
                                                                                                                                                                V
                                                                  MN                                                                                       MA
                    ID
                                                  SD
                                                                             WI                                                   NY

                                                                                                                                                                    • Creation of a “Pure Player” in
                                        WY                                                                                                                 RI
                                                                                                  MI
                                                                                                                                                      CT
                                                                   IA
               NV

                              UT
                                                   NE

                                                                                                       OH
                                                                                                                       PA                    NJ
                                                                                                                                                                      Enterprise Risk Security
                                                                                             IN                                             DE
     CA
                                             CO
                                                                                  IL
                                                                                                             WV
                                                                                                                       C
                                                        KS                                                                             MD
                                                                        MO                        KY                    VA

                                                                                        TN
                                                                                                                             NC                                     • Focus on Integrated and Advanced
                                                             OK

                                                                                                                                                                      Security Solutions
                         AZ             NM
                                                                        AR
                                                                                                                  SC

                                                                                             AL         GA
                                                                                   MS

                                                  TX
                                                                        LA
                                                                                                                   B                                                • Relevant presence in regions with
                                                                                                                  FL
                                                                                                                                                                      the highest growth potential

                                                                                                                                                                    • Strategy based on both organic and
  Guarding
                                                                                                                                                                      inorganic growth
  Monitoring / Technology
  Systems Integrator
  Cybersecurity

28
                                                                                                                                                                               COMPANY PRESENTATION FY 2019
PROSEGUR
       ALARMS
       Betting on growth
             and shaping
               the future

       COMPANY PRESENTATION FY 2019

29
ALARMS MARKET: SIGNIFICANTLY UNDERPENETRATED

     ALARMS PENETRATION
     RATES BY COUNTRY (%)

     % of households with a connected alarm

         ▪     World market is under-penetrated
         ▪     US is the most penetrated market globally and has only 20%
               penetration
         ▪     Prosegur core markets are all
ALARMS MARKET: FROM SINGLE DIGIT TO DOUBLE DIGIT GROWTH IN FOCUS REGIONS

       GLOBAL ALARM MONITORING MARKET ($BN)                          PROSEGUR’S FOCUS REGIONS
       EXPECTED TO GROW AT 5.0% P.A.                                 EXPECTED TO LEAD THIS GROWTH

                                     CAGR:
                                      5.0%           75

                                                                     Alarm monitoring market
                                      58                             2015-20 CAGR Revenue expected growth by Region
                                                                                                                              8,35%
                 44                                                                                                                   Asia Pacific

                                                                                                                                       World
                                                                                                                              5,03%

                2015                 2020           2025                                                                      4,12%   LATAM

                                                                                                                                        Western Europe
                       KEY DRIVERS
                                                                                                                                        North America
                                                                                                                             1.93%
                       • Increasing role of crimes and
                         burglaries                                                                                          1.67%

                       • Rapid implementation of home
                         automation and security systems

                       • Integration of biometric technology in   2015                                                2020
                         smartphones

     Source: Freedonia report 2017
                                                                                                       COMPANY PRESENTATION FY 2019
31
ALARMS: A DIFFERENT BUSINESS MODEL, SIGNIFICANT VALUE CREATION

       VERY ATTRACTIVE RETURNS WITH UPFRONT CAPITAL REQUIREMENTS

       CLIENT CONTRACT CASH FLOW

                                                                                                                                   ▪   Payback period over
                                                                       ARPU
                                                                                                                                       4 years
     Installation
      Revenues
                                                                                                                                   ▪   Average subscription
                                                                                                                                       period of 10 years

                                                                                                                   …               ▪   Increasing ARPU on local
        Product                                                                                                                        currency basis
           cost
                                                         Operating costs (Including monitoring,                                    ▪   Very attractive returns
     Installation                                          customer care, maintenance,...)                                             with upfront capital
             cost                                                                                                                      requirements

     Sales cost

      Marketing
           cost

                    Year 0 Year 1   Year 2   Year 3   Year 4   Year 5 Year 6    Year 7   Year 8   Year 9 Year 10   …   Year N

                                                                   Average life-cycle

                                                                                                                            COMPANY PRESENTATION FY 2019

32
1. KEY DIFFERENTIATING FACTORS – PRODUCT (1/2)

          PORTFOLIO OF PRODUCTS OFFERING A FULL RANGE OF SOLUTIONS ADAPTED TO CLIENTS’ NEEDS

                                                                                                                                                             HOME
                                                                                                                                                          AUTOMATION
                                                                                                                                  HAWK
                                                                                                   E-HEALTH                        EYE
                                                                                                                                                      ▪    Internet of
                                                                           LOCATION
                                                      VIDEO                                                                ▪   Intelligent security        Things applied
                          INCLUSION                                                            ▪   Mobile E-Health             services                    to security
                                                                       ▪    Vehicle Security
     B2C                                          ▪   Video in the          Systems
                                                                                                   Solutions ‘Smartlife’
                      ▪    Wireless System
     (residential                                     Cloud                                                                                                       2020
                           (video-verification)
     & small                                      ▪   Professional
     business)        ▪    Professional                                                                                    2018
                                                      CCTV Solutions
                           Hybrid & Wired
                           Solutions                                               2015

                                              2012

             2010

     B2B
     (transferred
     to Security)            ▪ Complex hybrid                ▪ Complex CCTV            ▪ Anti-theft systems,           ▪ SMART solutions
                               and wired                       systems                                                   for Technology-
                               systems                                                 ▪ Smoke screen
                                                                                                                         Security integration

                                                                                                                               COMPANY PRESENTATION FY 2019

33
1. KEY DIFFERENTIATING FACTORS – PRODUCT (2/2)

      SMART PLATFORM AS THE CORE TOOL TO INTERACT WITH OUR CLIENTS
      AND BUILD LOYALTY

       SMART PLATFORM                                                          RESPONSE

       ▪   SMART: Platform to interact with our clients which builds loyalty   ▪   Protection: In case of need, we send our response teams to
                                                                                   provide protection
       ▪   Launched in 2016
                                                                               ▪   Police: Critical in those countries where Police does not have
       ▪   Productivity increase: Lower service costs                              the resources to provide reliable response

       ▪   Churn reduction: Connected clients have lower churn rates           ▪   Even in countries where Police provides a response we
           (empirically proven 2-4% below average)                                 provide value added services

                                                                                                         COMPANY PRESENTATION FY 2019

34
2. KEY DIFFERENTIATING FACTORS – SCALE

      UNPARALLELED PLATFORM WITH CRITICAL MASS IN 11 COUNTRIES AND OVER 550,000 CONNECTIONS

                Presence in 11 countries with
                high potential growth

                Close to 7,000 employees                                              SPAIN
                                                                                      2

                                                                                PORTUGAL               TURKEY
                11 monitoring centres                                             2                     n/a
                duplicated
                                                                 COLOMBIA                                       INDIA
                                                                   2                                            n/a
                More than 1,100
                response professionals
                                                 PERU
                                                 1
                Base of over 550,000
                connections
                                                PARAGUAY
                                                     3
              More than 20,000 vehicles                                    URUGUAY
              tracked                                                       1
                                                                                              SOUTH AFRICA
                                                         CHILE                                   n/a
                                                         3
                                                                   ARGENTINA
                                                                       2
      Commercial                        45%

       Residential                        55%

     Source: FY 2018 business figures
                                                                                                                        COMPANY PRESENTATION FY 2019
35
SOLID FINANCIAL PERFORMANCE BEING THE FASTEST GROWING
     BUSINESS LINE WITHIN THE GROUP DRIVEN BY OUR FOCUS TO
     INCREASE OUR CUSTOMER BASE

       CUSTOMER BASE EVOLUTION                                   AVERAGE REVENUE
       (# CONNECTIONS)                                           PER UNIT (ARPU)

                                                                          38               38
                                                         36.8     35
                      +11,4%             547                                       36               36
                                 499            Ø 36.5
                        424
                389
     355

     2014      2015     2016    2017     2018            2013     2014   2015    2016     2017      2018

      ▪     Net additions Increment of 10%               ▪   Recurrent quota remains in line in the
            over same period in 2017                         long term despite the adverse macro
                                                             economic environment in Ibero-America
      ▪     Growth still over industry
            average despite Argentina                    ▪   Positive evolution in local currency
            slowdown                                         terms

                                                                                                           COMPANY PRESENTATION 2019
36
Strategic Measures in the Alarm Business

               Bancarisation of client portfolio
               • Bancarisation level of total BTC (as of Dec-18): 74%
               • Bancarisation level of 4Q18 new additions:         83%

                     Consumer financing of the up-front payment to be
                     offered to potential clients
                     • Initiative already being rolled-out with leading
                       financial institutions in Spain
                     • Customer solvency screening

               Back-office automation through Smart platform
               • Smart penetration level of total BTC (as of Dec-18):     15%
               • Smart penetration level of 4Q18 new additions:           58%

37                                                                              COMPANY PRESENTATION 2019
Environmental
     Social
     Governance

        COMPANY PRESENTATION FY 2019
38
THE BEST HUMAN TEAM

     We ensure the utmost respect for
     the principle of equal treatment.    +2 MILLION                    +€12.MM
                                          HOURS                         INVESTED IN
                                          OF TRAINING                   TRAINING
     We take no risks when it comes to
                                          DELIVERED
     safeguarding the physical safety
     and integrity of our
     professionals, raising their image
     and profiles.                        +1,000                        +170,000
                                          PROFESSIONALS WITH
                                          DISABILITIES                  PROFESSIONALS

39                                                             COMPANY PRESENTATION FY 2019
PROSEGUR IS A GLOBAL BENCHMARK IN THE PRIVATE SECURITY INDUSTRY

      TRADE-UNION FREEDOM AND FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING

                                                                     SOCIAL CASH FLOW
                        +200 UNIONS

                                                                        69% OF ANNUAL
                        +2,000                                         REVENUES DISTRIBUTED
                        UNION DELEGATES                                TO EMPLOYEES

                        +200 COLLECTIVE                                2 million HOURS OF
                        BARGAING AGREEMENTS                            TRAINING

                        16%
                        OF EMPLOYEES ARE MEMBERS                        1.6 million hours
                        OF A TRADE UNION                                OF ONLINE TRAINING
                                                                        THROUGH THE
                        * OECD average rate (2016): 12%                 PROSEGUR UNIVERSITY

                                                                        27% OF ANNUAL
                          EUROPEAN                                      REVENUES DISTRIBUTED
                          WORKS COUNCIL                                 TO SUPPLIERS
                          UGT, CC.OO y USO (ESP)
                          VERDI (GER)                                   EFFECTIVE TAX RATE IN
                          CGT (FRA)                                     2017 FOR PROSEGUR
                          STAD y SITESE (POR)                           WAS 36,6%
                          *Advisor: UNI GLOBAL UNION

                                                                                  COMPANY PRESENTATION FY 2019

40
PROSEGUR, A RESPONSIBLE COMPANY

          COMMITMENT WITH OUR EMPLOYEES AND HSE                               ADHERENCE TO STANDARDS AND REGULATIONS

                                  Priority IN ALL OF                              “PROSEGUR CODE OF                   WHISTLEBLOWER
                                                                                  ETHICS AND CONDUCT”                 CHANNEL
                                  OUR BUSINESSES

                                                                                                                      CORPORATE
                                                                                                                      COMPLIANCE PROGRAM
                              PREVENTIVE APPROACH WITH                            CODE FROM THE LIGUE
                              THREE ACTION LEVELS:                                INTERNATIONALE DES
                                                                                                                      APPLICATION OF THE
                                                                                  SOCIÉTÉS DE
                              ▪     Training                                      SURVEILLANCE
                                                                                                                      RIGHTS LISTED IN THE
                              ▪     Monitoring and follow up                                                          UNIVERSAL DECLARATION
                              ▪     Technological innovation                       Code from the Confederation        OF HUMAN RIGHTS (UDHR)
                                                                                   of European Security
                                                                                   Services (CoESS)
                                                                                                                      TRANSPARENCY
                                                                                                                      We draw up our Annual
                              “ZERO INJURIES” GOAL,                                                                   Reports using the Global
                              REGARDLESS OF OUR                                   UN GLOBAL COMPACT                   Reporting Initiative (GRI)
                              BUSINESS DIFFICULTIES                                                                   standards

                                  FATALITIES IN 2017                                       RISK MANAGEMENT CYCLE

      Attacks                                                                  MONITOR     4                                1      IDENTIFY

       Traffic

      Others
                         PROSEGUR         COMPETITOR 1         COMPETITOR 2     MANAGE     3                                 2      ANALYZE

     Fatality rate per
     10.000 employees
                           0.41                 0,43               0.20

                                                                                                          COMPANY PRESENTATION FY 2019
41
PROSEGUR, A RESPONSIBLE COMPANY

         COMMITMENT WITH OUR EMPLOYEES AND HSE     ADHERENCE TO STANDARDS AND REGULATIONS

                        Priority IN ALL OF
                                                       “PROSEGUR CODE OF                  WHISTLEBLOWER
                        OUR BUSINESSES                 ETHICS AND CONDUCT”                CHANNEL

                                                                                          CORPORATE
                    PREVENTIVE APPROACH WITH                                              COMPLIANCE PROGRAM
                                                       CODE FROM THE LIGUE
                    THREE ACTION LEVELS:               INTERNATIONALE DES
                                                                                          APPLICATION OF THE
                    ▪   Training                       SOCIÉTÉS DE
                                                                                          RIGHTS LISTED IN THE
                    ▪   Monitoring and follow up       SURVEILLANCE
                                                                                          UNIVERSAL DECLARATION
                    ▪   Technological innovation        Code from the Confederation       OF HUMAN RIGHTS (UDHR)
                                                        of European Security
                                                        Services (CoESS)
                                                                                          TRANSPARENCY
                    “ZERO INJURIES” GOAL,                                                 We draw up our Annual
                    REGARDLESS OF OUR                                                     Reports using the Global
                                                      UN GLOBAL COMPACT                   Reporting Initiative (GRI)
                    BUSINESS DIFFICULTIES
                                                                                          standards

                                                                             COMPANY PRESENTATION FY 2019
42
WE ARE COMMITTED TO PEOPLE

                                                         46
                                                         PIECITOS
                                                         COLORADOS
                                                         SCHOOLS

             PROSEGUR                                    +43,000
                                                         BENEFICIARIES
            F O U N D AT I O N                           IN 2018

      Prosegur Foundation channels the company’s
        social and cultural activities to help build a   10
            more giving society while generating         COUNTRIES
      opportunities for personal development, thus
      making tangible our commitment to contribute
       to the development of the regions the Group       4
                        operates in.                     FIELDS
                                                         OF ACTION
      Our institution works to educate and improve
      the job prospects of people with intellectual
      disabilities and is also involved in corporate     €3MM INVESTED
           volunteering and cultural outreach            IN 2018

         We develop our own projects that are
       sustainable, transparent and replicate best
                        practices
                                                         34
                                                         PROJECTS
                                                         COMPLETED IN
                                                         2018

                                                                         COMPANY PRESENTATION FY 2019
43
FY 2018
 FINANCIAL INFORMATION

44                       COMPANY PRESENTATION FY 2019
P&L                                                                                                                                                           %

                                                                                                                                                                           %
                                                                                                                                                                                    Growth in Local Currency(1)

                                                                                                                                                                                    Growth in Euros
                                                                                                                                                                                                                        FY 2017
                                                                                                                                                                                                                        FY 2018

            Consolidated Results                                         FY 2017(1)                        FY 2018(2)                                                              Revenues by Region
                                                                                                                                   % Variation

            In millions of Euros                                                                                                                                  +4.5%                        +10.7%                   +2.6%

                                                                                                                                                                                               -17.2%
            Sales                                                                       4,291                          3,939 (8.2)%
            EBITDA                                                                          522                           456 (12.6)%                              +4.5%

                                                        Margin                            12.2%                           11.6%                                                          2,467                           -0.6%
                                                                                                                                                                                                        2,042
                                                                                                                                                           1,665
            Depreciation                                                                   (104)                          (129)                                            1,740                                  159            158

            EBITA                                                                           417                           327 (21.7)%                             Europe                  IberoAmerica                   AOA

                                                        Margin                              9.7%                           8.3%

            Amortisation of intangibles and others                                           (25)                           (26)

            EBIT                                                                            392                           301 (23.2)%
                                                        Margin                              9.1%                           7.7%                                                    Revenues by Business
            Financial Result                                                                 (45)                           (21)                            +12.0%                         +3.2%                    +20.6%

            Profit before Taxes                                                             347                           280 (19.4)%
                                                                                                                                                                                               -8.0%
                                                        Margin                              8.1%                           7.1%                                  -10.0%

            Taxes                                                                          (127)                           (100)
                                                                                                                                                                                       2,116
                                                       Tax rate                           36.6%                           35.7%                                                                                         +4.4%
                                                                                                                                                         1,924
                                                                                                                                                                          1,732                        1,946
            Net profit                                                                      220                           180 (18.3)%                                                                             251            262
            Minority Interests                                                                48                              48                                 Cash                       Security                    Alarms

            Net Consolidated Profit                                                         172                           132 (23.2)%
            Earnings per share
            (Euros per share)
                                                                                             0.3                             0.2

                                                                                                                                                                                    COMPANY PRESENTATION FY 2019
(1)   2017 figures exclude extraordinary non-recurring effects of Prosegur CASH IPO.   (2) 2018   figures have been elaborated applying IAS 21 and 29.
PROSEGUR Cash

                                         -10.0%
                                          +3.4%                 -22.0%
                             +8.5%

                 1,924                                                                                                 Acceleration of growth in local currency to 12%,
      Sales                                                                        1,732                               including the adverse effect of France and
                                                                                                                       Australia

                FY 2017       Org         Inorg                 FX(1)            FY 2018

                                         -25.6%

                           360
     EBIT &                                                           268                                              Margin contraction in Euro-terms deriving mainly
     Margin                                                                                                            from FX, IAS 21&29 and integration costs
                          18.7%
                                                                      15.5%

                          FY 2017                                FY 2018

50                                   EBIT Margin                       EBIT                                                            COMPANY PRESENTATION FY 2019
                                        In millions of Euros.   (1)   Includes exchange rate effect and IAS 21 & 29.
PROSEGUR Security

                                                                   -8.0%
                                                  +3.5%             -0.3%             -11.3%
                              2,116

                                                                                                            1,946                              Client portfolio optimization leads to a temporary
      Sales                                                                                                                                    deterioration of organic growth

                            FY 2017               Org              Inorg              FX(1)               FY 2018

                                                                  -18.1%

                                              66
                                                                                             54
     EBIT(2) &                                                                                                                                 Profitability affected by the slowdown of the
                                             3.1%
     Margin                                                                                 2.8%                                               Brazilian economy and LatAm FX

                                          FY 2017                                       FY 2018

                                                           EBIT Margin                      EBIT
51                                                                                                                                                             COMPANY PRESENTATION FY 2019
                 In millions of Euros. (1) Includes exchange rate effect and IAS 21 & 29.   (2)   Security profitability excluding Overhead Costs.
PROSEGUR Alarms

                                                                                                      547
                                                            +11.4%              499

                                                               424
                                              389                                                                                              Net additions increase of 10% vs. same period in 2017
      BTC                    355
                                                                                                                                               Growth still above industry average, despite Argentina
                                                                                                                                               slowdown
                            2014             2015             2016             2017                  2018

                                                             +4.4%

                                             +18.9%           +1.7%            -16.3%
                                                                                                                                               Sustained organic growth in revenues
     Sales                                                                                                                                     close to 20%
                                                                                                      262                                      Strong currency impact
                              251

                          FY 2017             Org             Inorg            FX(1)               FY 2018

                                               38               36               38                                                            Recurring monthly fee remains in line with historic
                              35                                                                       36
                                                                                                                        Ø 36.5                 trend, in spite of the adverse macro environment in
     ARPU                                                                                                                                      Ibero-America

                                                                                                                                               Positive evolution in local currency terms

                            2014             2015             2016             2017                  2018

52                                                                                                                                                              COMPANY PRESENTATION FY 2019
             BTC in thousands of connections - Sales in millions of Euros - ARPU in Euros.   (1)   Includes exchange rate effect and IAS 21 & 29.
Consolidated Cash Flow
              In millions of Euros                                                         FY 2017(1)                   FY 2018(2)

               EBITDA                                                                                522                      456
                                     Provisions and other non-cash
                                     items
                                                                                                       33                         14                     Operating Cash Flow Generation
                                     Tax on profit (ordinary)                                      (124)                     (102)
                                                                                                                                                                            +3.9%
                                     Changes in working capital                                      (67)                      (5)
                                     Interests payments                                              (34)                     (20)                                                      343
                                                                                                                                                              330
              Operating cash flow                                                                    330                      343
                                     Acquisition of property, plant &
                                                                                                   (208)                     (214)                                                     75.2%
                                     equipment
                                     Payments for acquisitions of
                                                                                                     (59)                      (83)                          63.2%
                                     subsidiaries
                                     Dividend payments                                             (330)                     (118)
                                     Other flows                                                     757                      (35)
              Cash flow from investing / financing                                                   160                   (450)

              Total net cash flow                                                                    490                   (107)                             FY 2017                   FY 2018

              Initial net financial position                                                      (712)                    (252)
                                                                                                                                                                        % Cash/EBITDA
                                     Net increase / (decrease) in cash                               490                     (107)
                                     Exchange rate                                                   (30)                     (66)                                      Operating Cash Flow
              Final net financial position                                                        (252)                    (425)

                                                                                                                                                                       COMPANY PRESENTATION FY 2019
(1)   2017 figures exclude extraordinary non-recurring effects of Prosegur CASH IPO.   (2) 2018   figures have been elaborated applying IAS 21 and 29.
Financial Result Breakdown
       In millions of Euros                                                        FY 2017     FY 2018
                                                                                                                         •   The Group’s debt optimization process has lead to a
                                                                                                                             reduction of financial expense of more than 50%
       Financial Expenses                                                              (57)      (28)                    •   Average cost of debt decreases close to 60 bps vs. the
                                                                                                                             same period in 2017 (1.65% vs. 2.23%)
       FX(1)                                                                            12            7
                                                                                                                         •   Successful amend and extend exercise of RCFs (February
                                                                                                                             2019), improving margin and
       Financial Result                                                                (45)      (21)                        extending tenor

                                                                                                  Net Financial Debt / EBITDA             0.9x
                                                                                                  Net Financial Debt / Equity             0.4x
                       2.23%
                                                                     2.02%
                                                                                               1.80%
                                                                                                                        1.71%                     1.65%
                                                                                                                                                                        Average Cost of Debt
                                                                                                                                                                        Net Financial Debt

                                                                                                391                      458                       425
                                                                       350
                         252

                   Dec. 2017                                     Mar. 2018                    Jun. 2018               Sep. 2018                  Dec. 2018

                                                                                                                                                   COMPANY PRESENTATION FY 2019

Amounts in millions of Euros.   (1) Includes   exchange rate effect and IAS 21 & 29.
Balance Sheet

           In millions of Euros                                                             FY 2017     FY 2018(1)

             Non-current Assets                                                                1,481       1,721
                                   Tangible fixed assets and real estate investments             587          745
                                                                        Intangible assets        765          842
                                                                                  Others         128          133
             Current Assets                                                                    2,343       2,099
                                                                               Inventory          71            76
                                                       Customer and other receivables           1,151         975
                                     Cash and equivalents and other financial assets            1,121        1,048
             TOTAL ASSETS                                                                      3,824       3,820

             Net Equity                                                                        1,143       1,066
                                                                           Share capital          37            37
                                                                         Treasury shares         (53)         (53)
                                                Retained earnings and other reserves            1,085        1,013
                                                                       Minority interests         74            69
             Non-current Liabilities                                                             948       1,676
                                       Bank borrowings and other financial liabilities           717         1,392
                                                            Other non-current liabilities        230          285
             Current Liabilities                                                               1,733       1,077
                                      Bank borrowings and other financial liabilities            701          151
                                         Trade payables and other current liabilities           1,031         926
             TOTAL NET EQUITY AND LIABILITIES                                                  3,824       3,820
     (1)   2018 figures have been elaborated applying IAS 21 and 29.

47                                                                                                                   COMPANY PRESENTATION FY 2019
Recent M&A
                                                     • 18 Operations completed (10 in 2018)

                                                     • Across all business lines
                                                        • Cash (CIT, AVOS, ATM)
                                                        • Security (Guarding, Monitoring, Cybersecurity)
                                                        • Alarms
                                           Germany
                                                     • Close to €150 million in revenues (± 100 in 2018)

                                   Spain

USA

                            Colombia
                                                                                                       Philippines
      Central America
                                                                              Singapore
                                       Brazil
                   Peru

                 Paraguay
                                                                                    Australia
                                 Uruguay                   South Africa

  53
                                                                             COMPANY PRESENTATION FY 2019
Digital Transformation – an ongoing transformational project to reshape the group

                                                                  50%
                                                                 Reduced cost in the monitoring of 2,600
                                                                 armoured vehicles using IOT

             Scalable
             Growth
                                                                                         Car Sharing
                                                                                          Use of electric and low consumption vehicles
                                                                                          in "car sharing" model for Alarms and Security
                                                                                          operational fleet
THANK
        YOU
www.prosegur.com

CONTACT INFORMATION:
      Antonio de Cárcer
  Investor Relations Director
    Tel: +34 91 589 83 29
antonio.decarcer@prosegur.com

       Cristina Casado
   Investor Relations Officer
    Tel: +34 91 589 83 29
Cristina.casado@prosegur.com
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