30 06 2020

FFP presentation Investing at your side towards sustainable growth FFP AT A GLANCE

A listed investment company

A stable shareholding: 80% owned by 1929 Established in 1929 and listed since 1989 the Peugeot family group, ensuring continuity

A long term investment horizon ESG has always been at the heart of FFP ESG and its integration has been formalized in 2020

A successful investment strategy Headquartered in Paris with a through equity in diversified assets London branch

Key figures €4.5bn Free float €488m 20% Gross Asset Value Significant resources for an with a limited leverage(1) Shareholding ambitious development strategy: 21% €3.5bn 80% c. €500m of undrawn credit facilities(2) available, allowing for LTV NAV prompt execution

All figures as of 30/06/2020. 2 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices A WELL DEFINED BUSINESS MODEL

A specific DNA: An active minority a professional investor with investor, family values, attached to its involved in governance industrial history structures

A solid and long-term A responsible shareholder, shareholder able to support and finance the development of its investee companies over time

A consistent investment strategy over time

4 STRATEGIC POSITIONING

Groupe PSA Investments

Direct shareholdings

Private equity funds

Co-investments

Real estate

5 FFP IS ONE OF THE 3 MAIN SHAREHOLDERS OF GROUPE PSA Groupe PSA Investments Groupe PSA (28%(1) of the GAV)

A founding and core shareholder Fully engaged in the governance

bpifrance ◆ 2 board seats 12,2% ̶ R. Peugeot for FFP ̶ MH. Peugeot-Roncoroni for EPF Dong Feng 12,2% ◆ FFP chairs the Strategic Committee Free float ◆ 63,4% F. Banzet, CEO of FFP UK, is a non-voting member FFP of the Board Peugeot 9,3% family group EPF 12.2% 2,9%

Actively contributing to strategic decisions A resilient company ◆ Most profitable OEM worldwide in 2019 ◆ Stellantis : merger with FCA to create one of the world’s largest players in the automotive industry ◆ Profitable automotive business in H1 2020 despite the drop in volumes due to COVID-19 → Compelling industrial and strategic rationale → Strong financial logic (>5 bn€ annual synergies) ◆ Strong balance sheet (~€7bn auto net cash at → Balanced governance and strong management team 30/06/2020 before working capital reversal in H2 2020) ◆ Opel/Vauxhall : acquisition of GM european operations to become the second largest player in Europe

(1) As at 30/06/2020. 6 A LONG-TERM INVESTMENT STRATEGY Groupe PSA Investments Direct shareholdings (34%(1) of the GAV)

Constructive approach Long-term view Active shareholder Partnership with management > 10 years average holding duration

Well-defined strategy European companies with Geography and sector Minority stakes international exposure diversification

Strict selection process Stringent selection Extensive due diligence Pre-negotiated liquidity Structured and agile process before investing clause for private assets decision process

(1) As at 30/06/2020. 7 A LONG TERM INVESTMENT STRATEGY Groupe PSA Investments funds, co-investments and real estate (37%(1) of the GAV)

9% 18% 10% Private equity funds Co-investments Real estate

◆ Regular commitments in LBO & ◆ Co-investments with private equity ◆ Direct real estate shareholdings growth funds in Europe and in the funds & other investment US and growth funds in emerging companies ◆ Real estate trough funds or co- countries investment with experienced team ◆ Across various geographies ◆ Active relationships with more than (Europe, US, Asia, Africa…) ◆ Core and value-added investments 35 General Partners in France and abroad

426 Emerging 476 markets 451 30% X4 X3 339

247 North America 184 47% 181 Europe 135 23% 119 132

2016 2017 2018 2019 H1 2016 2017 2018 2019 H1 2020 2020 PE Valuation in M€ Real Estate Valuation in M€

8 (1) As at 30/06/2020. 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices A STRUCTURED GOVERNANCE & A STRONG TEAM OF PROFESSIONALS

Governance FFP’s leadership team

Chairman Chief Executive Officer

Robert Peugeot Bertrand Finet

Executive Committee 8 4 1 Family Independent Non-family members members member Frédéric Sébastien Frédéric Thierry Sophie Banzet Coquard Villain de Poncheville Vernier-Reiffers CEO of Head of CFO General Deputy General FFP UK Investments Counsel Counsel 3 Managing Committee Committees

Governance, Investments and Financial and Audit Appointments and Shareholdings Committee Remuneration Committee Marie Ahmadzadeh Guillaume Falguière Jean-Paul Lemonnier François Massut Committee Investment Director Investment Director Investment Director Head of Private Equity

10 ESG IS AT THE HEART OF WHAT WE DO

◆ Long-term approach of shareholding ◆ Systematic ESG due diligence on our investments Invest responsibly ◆ Long-term incentive plan for employees includes ESG criteria ◆ Ethics & compliance benchmark of all FFP shareholdings

◆ Board member in all our direct shareholding Support governance ◆ Active professional role in the Board and the different committees best practice ◆ Define vote policy in General Meeting ◆ Regular training for FFP representatives on governance best practice

◆ Environment : no-plastic policy : glass bottles and filtered water fountain Implement CSR ◆ Social : benefits in kind and profit sharing for FFP employees, company-wide trainings at FFP level ◆ Governance : efficient governance, with independent board members and 3 committees

◆ Philanthropy : supporting Demos, a charity supporting orchestra practice for children in need in the Doubs region, where the Peugeot family comes from Have a societal impact ◆ Ad hoc support : Notre Dame de Paris renovation, research against Covid-19 ◆ Investments triggered towards impact investing

11 EXPANDING OUR ESG FOOTPRINT SINCE 2016

2017 2019 ◆ Responsible ◆ Benchmark of ethics Investment Charter & compliance ◆ Formalization of our programmes of FFP’s ◆ Long term incentive ◆ CSR (Corporate ◆ ESG operational strategic investees plan for employees Social steering committee positionning Responsibility) ◆ Monitoring of the includes ESG criteria ◆ 2023 roadmap questionnaires for CSR indicators among investees FFP’s investees 2016 2018 H1 2020

◆ For each investment project, FFP includes ESG criteria into the investment lifecycle. Before investing, ESG due diligences are carried out, on a case-by-case basis, depending on the company’s profile.

◆ Review of our companies’ CSR main highlights

◆ FFP invested in several funds, which combine a positive impact on society and the environment with sustainable financial performance.

12 IN 2020 WE FORMALIZED OUR ESG STRATEGIC POSITIONING AND ROADMAP

BASED ON VALUES

FFP practices that meet very strict criteria - Exemplary gouvernance - Ethics WE ARE PROUD TO BE A - People-oriented HR - A controlled environmental footprint RESPONSIBLE INVESTOR WHO, - A positive contribution to Society THROUGH ITS VALUES AND - Transparent reporting ACTIONS, CONTRIBUTES TO An active and responsible investment philosophy SUSTAINABLE ECONOMIC GROWTH. - An approach rooted in our values - Systematic integration of ESG - Supporting our investees’ responsible transformation

SUPPORTING SUSTAINABLE GROWTH Detailed roadmap in appendix (sl 71-72)

13 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices OUR ASSETS AS AT 30/06/2020

28% 72% Groupe PSA Investments Direct shareholdings Co-investments

Listed

Private equity funds

Private Global US Europe Asia & RoW

(1)

Real estate

(1) Investment in Tikehau Capital Advisors. 15 NET ASSET VALUE AS OF 30/06/2020

% Gross Asset In €m % hold Valuation value

Peugeot SA (A) 9,3% 1 255 28%

Lisi 5,1% 51 1% CID (Lisi) 25,4% 141 3% SEB S.A. 5,0% 371 8% Safran 0,8% 286 6% Orpéa 5,0% 336 7% CIEL group 6,9% 9 0% Tikehau Capital 2,3% 75 2% SPIE 5,4% 113 3% Non listed holdings 148 3% Holdings (i) 1 529 34%

Private Equity funds 353 8% IDI 10,1% 30 1% Private equity vehicules (ii) 383 9%

Co-investments (iii) 787 18%

Immobilière Dassault 19,8% 87 2% Non listed Real Estate 380 8% Real Estate (iv) 467 10%

Other financial assets 34 1% Cash 30 1% Other Assets (v) 64 1%

Investment Gross Asset Value (i)+(ii)+(iii)+(iv)+(v) = (B) 3 230 72%

Gross Asset Value = (A) + (B) 4 485 100%

Debt (C) 945

Net Asset Value = (A) + (B) - (C) 3 540 i.e. per share 142,1 €

Note: please refer to FFP’s website or Registration Document for explanatory notes on valuation 16 PORTFOLIO GROSS ASSET VALUE AS OF 30/06/2020

Gross Asset Value Investments(1) Gross Asset Value

Real estate Others 1% 10% Others 2% LISI + CID 6% Real Estate 14% Safran 9% Co-investments PSA Group 18% 28%

SEB 11% Private equity funds Co- 9% investments Investments 24% Orpéa 10% CIEL Group <1% Tikehau Capital 2% Spie 3% Private Equity Non listed Direct Vehicles 12% assets 5% shareholding 34%

(1) Total assets except PSA Group 17 PORTFOLIO GROSS ASSET VALUE AS OF 30/06/2020 A well-diversified portfolio in terms of sectors and geographies

Investments(1) GAV by sector Investments(1) GAV by geography

Infrastructure Automotive industry Other sectors 3% 4% Asia/Africa/Latam 13% Aerospace 18% 17%

Real Estate 13%

43% Europe Logistics 4% 6% 39% Services 24% North America 5% Consumers goods Financial services 12% Healthcare

(1) Total assets except PSA Group. Sources: FFP’s estimates based on allocation of the revenues of all Investments by sectors and geographical areas. 18 NET ASSET VALUE DEVELOPMENT

(in M€) 4,472

3,540 3,871 3,746 1,796

3,295 1,255 1,430 3,113 1,572

1,307 2,362 2,381 1,366 1,973 957 1,554 1,524 1,402 636 3,469 646 369 3,230 2,905 2,745 2,317 1,964 1,599 1,692 1,341 1,088 1,210

-250 -302 -308 -262 -268 -217 -329 -464 -571 -793 -945

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

Source: GAV June 2020 19 FFP SHARE PRICE

-17%

-32% -36% -35%

Source: Factset 20 A DISCOUNT AT THE HIGHEST LEVEL

◆ The discount has increased over 50% in June 2020

◆ FFP is much more diversified than it used to with Groupe PSA accounting for 28% of assets (vs 75% in 2007)

PSA Investments PSA Investments

Great Double dip in the Market fall in Covid crisis financial automotive industry H2 following crisis FED rate increase

21 WHY DOES FFP HAVE A HIGH DISCOUNT ?

◆ Tax on capital gain limited to 4% as FFP has the long term holding regime (influence on Tax on capital gains not business) included in the NAV ?  ◆ Tax on dividend limited to 1.4% as FFP has the participation exemption regime

Structure cost? ◆ Cost is limited to 0.4% of Gross Asset Value 

◆ PSA as the largest asset accounts for 28% of the Gross Asset Value (comparable to other Asset concentration? listed investment company with lower discount) 

Correlation of the assets? ◆ Assets are well diversified in term of business cycle and geography 

◆ Largest asset is PSA with €10.6 bn net cash on its B/S (automotive division) and record level of margin and cash flow generation before Covid, and good resilience through the Risks of the assets / on the crisis  balance sheet ? ◆ High performance of Investments

◆ Limited use of leverage (LTV of 21%) and good liquidity (see slide 24)

◆ Free float of 20%

Liquidity ? ◆ Average daily volume of c. €1m, superior to other investment companies with lower ✓ discount

Note: figures as of 30/06/2020 22 PERFORMANCE(1) IN H1 2020

PSA Group - 32% Main listed assets +11.0% +9%

Investments - 12%

NAV - 21% -10%

FFP share price - 36% -27% -32% -35% -38% Stoxx Europe 600 - 12% SEB Tikehau Orpea SPIE PSA Safran LISI

(1) Dividends attached 23 DOUBLE DIGIT LONG TERM NAV PERFORMANCE

Strong overperformance of our investment activity

PSA share performance equivalent to market indices

24 GROSS & NET ASSET VALUE CHANGE DURING H1 20

Gross Asset Value change Net Asset Value change

5 265 4 472

-541 -541

-332 -332 100 25 10 4 485 12 -25 6 3 540 -48 6 -53

GAV Change Change Change New Disposal PE funds Others GAV H1 NAV Change Change Change Dividends Fees & Dividends NAV H1 2019 in value. in value in value Invest Cash 2020 2019 in value in value in value received others released 2020 PSA listed unlisted Flow PSA listed unlisted Assets Assets + Assets Assets + PE funds PE funds 25 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices PSA-FCA MERGER Building a leader in sustainable mobility

PSA and FCA announced they reached an agreement to merge on 18 December 2019 13 iconic brands

◆ 4th largest OEM by volume (~8.7m units) and the 3rd by revenue (~€170bn) ◆ Balanced geographical footprint with industry leading margins in Europe and North America Compelling industrial and ◆ Broad and complementary brand portfolio with solid market presence across strategic rationale all segments (luxury, premium, mainstream, etc.) ◆ Combination of both groups best-in class technologies regarding electrification and autonomous vehicle laying the ground for enhanced innovation and development capabilities

◆ >€5bn of annual run-rate synergies Strong financial logic ◆ Synergies to be cash-flow positive from year 1 ◆ Solid combined balance sheet

◆ 50/50 merger ◆ 11 members board of directors: Balanced governance and ̶ 5 from PSA, 5 from FCA and C. Tavares strong management ̶ John Elkann to become Chairman team ̶ Senior Independant Director and Vice Chairman from PSA ◆ Carlos Tavares to become CEO

27 PSA-FCA MERGER Implications for FFP : a stronger asset

◆ FFP/EPF will hold ~6.2% of the combined entity at closing − Double voting rights after 3 years

◆ FFP/EPF will be represented on the board of Stellantis and will be Vice-Chairman

◆ Reference shareholders of PSA and FCA committed to a 7-year standstill

− FFP/EPF has been granted the right to acquire up to 2.5% of Stellantis until 7 years after closing

▪ Equity swap on 2% of PSA @ €12.6 with June 2021 maturity

◆ FFP/EPF will be subject to a 3-year lock-up

◆ FFP/EPF will become direct shareholder of Faurecia

◆ Value creation expected with the implementation of synergies and the re-rating of Stellantis and Faurecia

> FFP strongly supports the merger that will create a global leader in the industry, ready to address new mobility trends and therefore strengthening its main asset

28 CO-INVESTMENTS

Livspace Lineage JAB III Jianke

$15m invested in $25m invested in $25m called* $15m invested in Livspace, the Indian Lineage, the world’s alongside JAB Holding, Jianke, a Chinese leading platform for leading cold storage to support its petcare online B2C pharmacy turnkey interior design. logistics operator. strategy. and healthcare services platform.

* Out of the $100m commitment signed in 2019 29 REAL ESTATE

ELV Arboretum

$5 invested in 2 new projects in €25m invested in a low carbon Washington DC and Boston, USA, campus project in La Défense, Paris alongside ELV Associates area, alongside Icawood

30 LIQUIDITY EVENTS

KDP distribution ELV exits

$40m in cash and $20m in KDP $13m distributed following the sale of shares distributed by JAB Holding 4 real estate projects in the USA

31 €87M COMMITTED TO 7 PRIVATE EQUITY FUNDS

Committed Fund Geography Fund type amount

SUMMIT PARTNERS EUROPE III €15m Europe Buy Out

MONTEFIORE V €15m Europe Buy Out

CONSONANCE II $15m USA Buy Out

INCLINE PARTNERS V $15m USA Buy Out

INSIGHT PARTNERS XI $12m USA Growth Technology

IMPACT CROISSANCE IV €3m Europe Impact Investing

K V $18m USA Growth Technology

32 POST CLOSING EVENTS

SEB Polyplus Roompot

FFP sold 500,000 SEB shares. FFP committed €25m in PAI Partners announced the This transaction resulted in a Polyplus, the world leader in sale of Roompot to KKR. It multiple of 5x over 16 years transfection reagents, a resulted in a distribution of (IRR > 10%) critical consumable for the over €30 million in FFP still holds 4% of the share development & September 2020 (>3x) capital (5.2% voting rights) manufacturing of gene and remains a director of SEB. therapy, alongside Archimed.

33 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices A REASONABLE LEVEL

Low leverage far from covenants (1) Debt maturity(1): no short term repayment (in €m) Loan to value (Net Debt/Gross Asset) 4 years Average duration 50% of credit lines

Regularly renewed

21% Liquidity insured; investment capacity (1) €392m €1,423m drawn bank loans as of 30/06/2020 488 €488m 53% 100% available capacity €243m Euro PP 392 Gearing (Net Debt/Equity) 8-year bond with 3 tranches and maturities in July 2025, January 2026 and December 2027 Strong balance sheet 243 Large liquidity €300m bond 300 Investment capacity inaugural 7-year Euro bond at 1.875% issued in October 2019 Undrawn bank loans Euro PP Drawn bank loans Bond (1) as of 30/06/2020 35 FFP CASH FLOWS

Regular stream of dividends from Investments Active management of the portfolio

(in €m) (in €m)

e Regular dividends Exceptionnal dividends PSA dividends Regular stream of dividends paid to shareholders Positive cash flows

2,15 € 2,15 € Cash-flow (€m) H1 2,0€ 2,00 € 2016 2017 2018 2019 1,80 € 2020 1,70 € 1,60 € 1,50 € 1,50 € 0,8€ Dividends 36 78 87 122 13 1,10 € SG&A (13) (17) (17) (23) (16) 0,70 € 0,70 € Taxes (12) (4) 8 (11) (6) 1,20 € Interest expenses (10) (10) (15) (19) (6) 0 € 0 € 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FFP cash flow 1 47 63 69 -15

36 CONSOLIDATED ACCOUNTS: P&L

Consolidated income statement 30/06/2020 30/06/2019 ◆ Decrease of Income in €M from ordinary Income from long term investments 8,6 124,3 of which Dividends 11,3 104,1 activities due to of which Disposal gains/losses 19,1 2,3 dividend cut of which Remeasurement at fair value Portfolio Investment Securities (21,7) 17,9 Other income 2,3 2,5 Income from ordinary activities 10,9 126,8 ◆ Increase of cost of General administrative expenses (13,5) (12,5) debt due to increase Impairment of available-for-sale securities - - Cost of debt (11,8) (8,4) of the debt and equity Pre-tax profit from consolidated companies (14,4) 105,9 swap costs

Share in earnings of companies at equity (14,6) 5,1 ◆ Consolidated pre-tax profit (29,0) 111,0 Share in earnings of companies at equity Income tax (including deferred tax) (3,3) (8,0) impacted by some Consolidated net profit (32,3) 103,0 depreciations - of which attributable to equity holders of the parent (32,2) 103,1

37 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices IMPACT OF COVID-19 : OUR ESTIMATION OF RISK FOR LISTED SHAREHOLDINGS €2.8bn at 30/06/2020

39 IMPACT OF COVID-19 : LIMITED IMPACT ON CO-INVESTMENTS TO DATE €787m at 30/06/2020

Limited impact Moderate impact Significant impact

Indulgence Pet care

PPHC

Significant impact 8% Moderate impact 7% Limited impact 85%

40 IMPACT OF COVID-19 : OUR REAL-ESTATE ASSETS €467m at 30/06/2020

Covid-19 exposure Significant risk 6% Moderate risk 13%

Limited risk 81%

Real estate commitment by geography Real estate commitment by asset type

3% 7% 8% 15% US 12% 9% Office France Retail Germany Residential Austria 34% 38% Others (hotels, etc.) Switzerland Rest of Europe 27% 47%

Note : Commitments at 31/03/2020 41 IMPACT OF COVID-19 : OUR PRIVATE EQUITY FUNDS €383m at 30/06/2020

Significant exposure to IT and healthcare sectors A balanced portfolio in terms of geography Real estate Communications Others 2% 3% 9% Emerging markets IT Financial services 17% 5% 26% Consumer Europe goods 45% 21%

Healthcare USA 24% 38% Industries 15%

12 main funds Exposure to Covid-19 Not yet estimated Significant impact 13%

Moderate impact 34% Limited impact 42%

42 FFP: STRIVING FOR GROWTH

◆ Groupe PSA: one of the most profitable OEM to become a global leader with the merger with FCA − Strong strategic rationale with geographical, brand and technology complementarities − > €5bn annual run-rate synergies − Strong balance sheet − Balanced governance

◆ Regular development of FFP’s Investments − Long term double digit performance

◆ Proven track record: strategy & performance

◆ A record-high discount for a diversified investment company

◆ Set for further growth: reinforced team and capacity to invest

43 1 FFP strategic positionning 2 Governance & ESG policy 3 H1 2020 NAV & performance 4 Key events 5 Group financial profile 6 Covid-19 impact 7 Appendices FFP’S PORTFOLIO HISTORY Direct investments and co-investments

▪ Zodiac/S ▪ Spie afran (€201m) (cash ▪ SIGNA ▪ Tikehau received Prime (€26m) €141m + (€211m) ▪ Total new ▪ Acteon ▪ Zodiac ▪ Sanef Eren invest. (€15m) (5.9%) (€102m) (€14m) €31m) ▪ Tikehau ▪ Im. ▪ Im. ▪ JAB ▪ JAB (€25m) Dassault Dassault ($150m) ($130m) ▪ The Lian (19.6%) (€5m) ▪ Lineage ▪ Big Cola ($20m) ▪ Guiraud ($25m) ($10m) ▪ Transact ▪ Arboretu IN ▪ IDI EM II (€11m) ▪ AmaWat ▪ Asmodee ($15m) m (€7.5m) ▪ Onet ▪ PSA right ▪ Tikehau erways (€20m) ▪ Lineage (€25m) (€72m) ▪ ORPEA issue (€73m) ($25m) ▪ MED capital ▪ Lineage ▪ DKSH (€115m) (€115m) ▪ JAB ▪ Entoria Platform increase capital (€85m) ▪ PSA ▪ LDAP ▪ IHS ($50m) (€15m) I (€80m ($15m) increase ▪ IPSOS ▪ Increase capital (€10m) ▪ Zodiac ▪ Roompot ▪ Capsa and up to ▪ JAB ($25m) (€22m) in Zodiac, increase ▪ LDAP ▪ CIEL (€77m) (€11m) ($18m) €160m) ($100m) ▪ Jianke ▪ PSA SEB and (€61m) (€16m (€16m) ▪ Total ▪ Real ▪ Real ▪ Real ▪ Real ($15m) (€21m) IDI ▪ Faurecia commit- ▪ IHS Eren estate estate estate estate ▪ Livspace ▪ IDI EM OCEANE ment) (€40m) (€14m) (€36m) ($14m) ($37m) (€61m) ($15m)

2006 - 2008 2010 - 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

▪ FCC ▪ DKSH ▪ DKSH ▪ Zodiac ▪ PSA ▪ Sanef ▪ Real ▪ DKSH ▪ KDP ($ (€72m) Partial partial partial warrants (€238m) estate (CHF 17m) ▪ OCEANE exit exit exit (€197m) ▪ Onet ($5m) 212m) ▪ Roompo OUT PSA (€92m) (€32m) (€83m) ▪ Onet (€48m) ▪ ORPEA t (€30m) ▪ Linedata ▪ Linedata ▪ PSA (€45m) ▪ Ipsos partial ▪ SEB partial (€4m) rights (€30m) exit ▪ OCEANE exit (€64m) PSA (€15m) (€21m

45 GROUPE PSA

OVERVIEW

◆ 200 years old group founded by the Peugeot family ◆ Europe’s second largest car manufacturer (16.8% market share). Five innovative brands with differentiated positioning ◆ Organic profitable growth plan “Push to pass”, which has two pillars: − A car maker with cutting edge efficiency (core model and technology strategy) − A mobility provider for a lifetime customer relationship ◆ 2014: €3bn capital increase. 3 main shareholders: Dongfeng Motor, Bpifrance and FFP/EPF at same level and 2 board seats each out of 16 ◆ 2017: acquisition of Opel-Vauxhall operations (+ JV with BNP Paribas to acquire Opel’s financing business) from General Motors for €2.2bn in total ◆ 2019 : merger agreement with FCA to create the second largest OEM worldwide (in terms of revenues) with leading positions in Europe and in the Americas and strong technological complementarities ◆ Carlos Tavares as Executive Board Chairman ◆ Board members : EPF (MH Roncoroni), FFP (Robert Peugeot) + F. Banzet (censeur) REVENUES SHAREHOLDERS FINANCIALS % of 2019 revenues(1) As of 31/12/2019 (% ofcapital)

M€ 2014 20152 2016 2017 2018 2019

80% Revenues 53 607 54 676 54 030 65 210 74 027 74 731

Growth (0.9%) 2.0% (1.2%) 20.7% 18.9% 1.0% €74.7bn EBIT 905 2 733 3 235 3 991 5 689 6 324

Margin 1.7% 5.0% 6.0% 6.1% 7.7% 8.5%

Net debt (net cash) (548) (4 560) (6 813) (6 194) (9 098) (7 914)

Dividend per share €0.0 €0.0 €0.5 €0.5 €0.8 €1.2* ◆ The Peugeot family group accounts for 12.2% Notes: * Proposed to the General Meeting. of Groupe PSA shares

Note: (1) Excluding Other Revenues; (2) 2015 numbers take into account changes in Banque PSA and Faurecia Automotive Exteriors division accounting 46 SAFRAN

OVERVIEW FFP INVESTMENT

◆ Worldwide leader in Aerospace & Defense industry, ◆ Listed company organised around three main activities: ◆ Entry in 2018 (through the Zodiac Exchange offer) 1. Aerospace Propulsion: leader in narrowbody aircraft engines through the CFMI JV (producers of ◆ FFP investment = €267m CFM56 and LEAP). Wide installed base conferring recurring revenues ◆ Shareholding = 0.8% (31/12/2019) 2. Aircraft Equipment, Defense and Aerosystems: ◆ producer of landing systems, nacelles, avionics, Value as at 31/12/2019 = €442m electronics & critical software for civil and defense ◆ Board representation: Robert Peugeot (acting as applications President of F&P, a 50/50 joint venture between FFP 3. Aircraft Interiors: seat & cabin interiors (through and Fonds Stratégique de Participation) Zodiac activities) ◆ Diversified client base with more than 100 customers such as Airbus, Boeing, Bombardier, airlines, etc. ◆ Historically resilient sector with positive outlook and strong long term trends

REVENUES SHAREHOLDERS FINANCIALS¹ % of 2019 revenues As of 31/12/2019 1% €m 2014 2015 2016 2017 2018 2019 7% adj. (IFRS 15) 13% 11% Revenues 13,825 15,536 15,781 15 953 21,050 24,640 Growth 0,8% 7.3% 12.4% 1.6% 4.7%² 32.0% 17.1% 49% €24.6bn EBIT 1,905 2,281 2,404 2,192 3,023 3,820

Margin 13.8% 14.7% 15.2% 13.7% 14.4% 15.5% 38% Reported Net Debt (Net 81% 1,503 748 1,383 (294) 3,269 4,114 Cash) Private FFP Invest Aerospace Propulsion Dividend / share €1.20 €1.38 €1.52 €1.60 €1.82 - Aircraft Equipment, Defense & Aerosystems French state Employees Treasury shares 1. Due to application of IFRS 5 in 2016 and IFRS 15 in 2018, reported data may differ from adjusted data Aircraft interiors shown in the table 2. As reported at 31/12/2017 (prior to IFRS 15 restatements)

47 LISI

OVERVIEW FFP INVESTMENT

◆ Specialist of fasteners and assembly components in the ◆ Listed company aerospace, automotive and medical sectors ◆ Entry in 1996 (CID) and 2002 (Lisi) ◆ Complementary markets in terms of cyclicality: Aerospace, Automotive and Medical ◆ FFP investment = €22m

◆ Exposure to European car manufacturers and ◆ Shareholding = 19% = 25.4% (CID) + 5.1% (LISI) international suppliers (31/12/2019)

◆ Acquisition of the American company Hi-Vol in 2018, ◆ Value as at 31/12/2019 = €312m engaged in the design and manufacture of safety ◆ Board members: Marie-Hélène Peugeot-Roncoroni, mechanical components Christian Peugeot and Thierry Peugeot ◆ Acquisition of a majority stake in Termax in 2017 (specializing in metal and plastic fastening systems)

◆ Building a new player in the medical sector. Acquisition of Remmele in 2016

REVENUES SHAREHOLDERS FINANCIALS % of 2019 revenues As of 31/12/2019 2% 8% 5% €m 2014 2015 2016 2017 2018 2019 6% Revenues 1,307 1,458 1,571 1,643 1,645 1,730

Growth 13.7% 11.6% 7.8% 4.6% 0.1% 5.1% €1.7bn 34% 55% EBIT 132 147 158 171 136 155 58% 32% Margin 10.1% 10.0% 10.0% 10.4% 8.2% 9.0%

Net debt 181 157 218 300 339 332 Treasury shares Medical Dividend / share €0.37 €0.39 €0.45 €0.48 €0.44 €0.00¹ FFP Invest Automotive VMC Aerospace Free float 1. Proposed to the General Meeting as at 30/03/2020 CID*

Note: * FFP Invest holds 25.4% of CID 48 GROUPE SEB

OVERVIEW FFP INVESTMENT

◆ World leader in Small Household Equipment and ◆ Listed company professional coffee machines, with ~34,000 employees ◆ Entry in 2004 + 0.7% (early 2008) – 0.8% (June 2010) ◆ Strong market shares in niche markets ◆ FFP Investment = €80m ◆ Three sectors: small domestic appliances, cookware, and professional coffee machines ◆ Shareholding = 5.0%, and 6.5% voting rights (31/12/2019) ◆ Products: cookware, personal care, linen care, home and personal care, kitchen electric, professional coffee ◆ Value as at 31/12/2019 = €334m machines… ◆ Board member: FFP Invest (represented by Bertrand ◆ Brands: SEB, Tefal, Krups, Calor, Lagostina, Supor, Finet) WMF…

◆ Growth in mature & emerging markets (45% of turnover in emerging markets, China is the largest contributor)

◆ E-commerce: close to 25% of total Group sales

REVENUES SHAREHOLDERS FINANCIALS % of 2019 revenues As of 31/12/2019 5% €m 2014 2015 2016 2017 2018 2019 7% 8% 36% Revenues 4,253 4,770 5,000 6,485 6,812 7,354 42% 9% €7.4bn 45% Growth 2.2% 12.1% 4.8% 29.7% 5.1% 8.0% EBIT 314 371 426 580 625 621 12% 23% Margin 7.4% 7.8% 8.5% 8.9% 9.2% 8.4% 3% 5% 5% Western Europe China Shareholders from Founding Group Net Debt 453 316 2,019 1,905 1,578 1,997(1) Other EMEA countries FSP (2) Professional FFP Invest Dividend / share €1.4 €1.5 €1.7 €2.0 €2.1 €1.4 North America Employees Notes: (1) Including 334 M€ of IFRS16 impact. (2) Proposed to the General Meeting. Other Asian countries Free float and others South America

49 ORPEA

OVERVIEW FFP INVESTMENT

◆ European leader in dependency, long and medium-term ◆ Listed company physical and psychiatric care (including nursing homes, post-acute & rehabilitation, psychiatric care clinics and ◆ Entry in 2011 – 0.9% (July 2018) home care) ◆ FFP Investment = €115m ◆ 104,234 beds through 1,014 facilities, including a ◆ Shareholding = 5.0%, and 7.8% voting rights development pipeline of 20,932 beds in 22 countries (31/12/2019). ◆ Development of an international network through − FFP sold 550k shares (0.85% of ORPEA’s equity) for acquisitions and greenfield across Europe, Latin America €64m in July (MoM: 3,8x on 7 years). and China ◆ Value as at 31/12/2019 = €373m ◆ In 2019, ORPEA opened 7,675 beds and realized acquisitions in Ireland (TLC, 674 beds) and France (55% ◆ Board member: FFP Invest (represented by Thierry remaining stake in Sinoué, 343 beds) Mabille de Poncheville)

REVENUES SHAREHOLDERS FINANCIALS % of 2019 revenues As of 31/12/2019 0% 5% 2% 5% €m 2014 2015 2016 2017 2018 20191 10% 0% Revenues 1,949 2,392 2,841 3,138 3,420 3,740 15% Growth 21.2% 22.7% 18.8% 10.5% 9.0% 9.4% €3.7bn 6% 26% Current EBIT 271 304 348 394 428 453

Margin 13.9% 12.7% 12.3% 12.6% 12.5% 12.1% 59% 72% Net Debt¹ 2,209 3,014 3,680 4,413 5,022 5,535 RoW Sofina FFP Invest Auto detention CPPIB Real estate 2,783 3,409 4,089 5,042 5,713 6,022 Péninsule Ibérique Dr Marian & Family Free float Europe de l'Est Dividend /share €0.8 €0.9 €1.0 €1.1 €1.2 €1.3* Europe centrale ◆ In January 2020, Dr Marian (founder) France Benelux sold its 6.3% stake in ORPEA Note: *Proposed to the General Meeting as at 31/03/2020.

Note: (1) Excluding IFRS 16 impact. Net debt excluding the impact of assets held for sale, excluding rental commitments related to IFRS 16 (€ 2,500 million in 2019) and rights to use the assets (€ 2,334 million in 50 2019). SPIE

OVERVIEW FFP INVESTMENT

◆ SPIE was founded 120 years ago and is now the ◆ Listed company independent European leader in multi-technical services in the areas of energy and telecommunications ◆ Entry in 2017

◆ SPIE has more than 47 000 employees and a strong local ◆ FFP Investment = €201m presence ◆ Shareholding = 5.4% (31/12/2019) ◆ After 2 successful LBOs, the Group was listed in 2015 on ◆ Value as at 31/12/2019 = €154m Euronext Paris ◆ Board member: FFP Invest (represented by Bertrand ◆ Following SAG acquisition in 2017, SPIE is a truly pan- Finet) European player with strong positions in France and Germany

◆ More than 120 bolt-on acquisitions realized since 2006

◆ ~35% of Green revenue in 2019, per E.U. taxonomy for sustainable activities

REVENUES SHAREHOLDERS FINANCIALS % of 2019 revenues As of 31/12/2019 €m 2014 2015 2016 2017 2018 2019(1) 8% 12% Revenues 5,220 5,264 5,145 6,127 6,671 6,927 21% 8% 38% 5% Growth 14.4% 0.8% (2.3)% 24.0% 8.9% 3.8% €6.9bn EBITA 334 353 352 388 400 416

75% Margin 6.4% 6.7% 6.8% 6.3% 6.0% 6.0% 33% France CDPQ Net Debt 2,145 925 909 1,532 1,349 1,251 Germany & Central Europe Employees Dividend /share n/a €0.50 €0.53 €0.56 €0.58 €0.17(2) North-Western Europe FFP Invest Oil & Gas and Nuclear Free float Notes: (1) Excluding IFRS16 impact. (2) Proposed to the General Meeting.

51 TIKEHAU CAPITAL

OVERVIEW FFP INVESTMENT

◆ European alternative asset manager and investor, ◆ Entry in 2016, reinvestments in TC and TCA 2017, and founded in 2004. Tikehau is active in various asset in 2019 in TCA classes: private debt, capital markets strategies, real estate, private equity ◆ Investment = €124m in Tikehau Capital Advisors (TCA) and Tikehau Capital ◆ Tikehau Capital Advisors is a private company while Tikehau Capital was listed in March 2017 following a ◆ FFP holds 6.3% of Tikehau Capital Advisors, holding reorganization of the group (merger with Salvepar) controlling the different vehicles of the group (as at 31/12/2019) ◆ Controlled by its founders & managers; the group counts more than 530 employees in 11 offices ◆ FFP holds 2.3% of Tikehau Capital (as at 31/12/2019)

◆ The group manages €26bn and is targeting €35bn assets ◆ Value as at 31/12/2019: €68m for Tikehau Capital under management and €100m operating profit from the Asset Management division by 2022 ◆ Board member of TCA: Robert Peugeot ◆ €715m capital increase by Tikehau Capital in 2019 to finance the next phase of its development

ASSETS UNDER MANAGEMENT¹ SHAREHOLDERS FINANCIALS Tikehau Capital, as of 31/12/2019 As of 31/12/2019 Founders & €m 2016 2017 2018 PF² 2019 9% FFP Others 16% Management 6% 67% 27% 9,979 13,793 21,962 25,808

€23.7bn Revenues 130 445 35 453 for the Asset Tikehau Capital Advisors (TCA) Management 39% Asset Management operating profit 4 16 40 59 division 37% 36% 2% Direct Investments operating profit 119 347 (109) 200

Tikehau Capital Reported net debt / (cash) (51) (537) 222 (435)

Private equity Real Estate Dividend / share n.a. €1.00 €0.25 €0.50³ Private debt Capital market strategies

(1) Asset management division only. In addition, €2.1bn invested by the group’s own balance sheet (mainly into its own funds) through the Direct Investments division. (2) Proforma of Sofidy’s acquisition 52 (3) Proposed to the General Meeting as at 31/03/2020 CIEL GROUP

OVERVIEW FFP INVESTMENT

◆ Investment organization in Mauritius, operating also in ◆ Listed company (stock exchange of Mauritius) Africa and Asia ◆ Entry in 2014 ◆ Activities in Sugar, Textiles, Finance, Healthcare, Hospitality ◆ FFP Investment = €16m

◆ Teamed up with leading international partners ◆ Shareholding = 6.8% (31/12/2019)

◆ Over 35,000 employees ◆ Value at 31/12/2019 = €16m

◆ Investments portfolio valued at MUR 14,429m (€332m1) ◆ Board Member: Sébastien Coquard as at 31/12/2019

INVESTMENT PORTFOLIO SHAREHOLDERS FINANCIALS As of 31/12/2019 As of 31/12/2019 8% 8,0% In MURm, as of 30/06(2) 2015 2016 2017 2018 2019 6,8% 31% Revenues 16,455 18,533 20,258 22,608 24,206 20% 6,3% Growth 69.3% 12.6% 9.3% 9.4% 7.1% 5,1% MUR 14.4bn EBIT 1,931 1,986 1,890 1,787 2,228

Margin 11.7% 10.7% 9.3% 7,9% 9.2%

20% 73,9% Net Debt 10,266 13,386 14,901 15,498 15,522 21% Textile Société du Mercoeur Dividend/Share (in MUR) 0.16 0.18 0.20 0.20 0.21 Agro & Property FFP invest Hotels & Resorts Hugnin Frères Finance Di Cirne Holding Healthcare Other

Notes: (1) Exchange rate as of 21/04/2020 (1 MUR = 0.023 EUR). (2) End of fiscal year. 53 TOTAL EREN

OVERVIEW FFP INVESTMENT

◆ Total Eren was founded in 2012 by David Corchia and ◆ Non-listed company Pâris Mouratoglou ◆ Entry in 2015, extra €14m invested as part of a second ◆ Diversified renewable energy generating portfolio with capital increase of nearly €100m in June 2017 wind, solar and hydroelectric power plants ◆ FFP investment = €28m ◆ More than 2.7 GW of gross capacity in operation or under construction worldwide (as at Dec-19), including ◆ Investment through a JV with Tikehau Capital (Zéphyr 0.7 GW from NovEnergia (portfolio of renewables assets Investissement, 34%-owned by FFP), which owns 7% in Southern Europe) acquired in 2019 of Total Eren

◆ Total Eren is also developing a portfolio of projects ◆ Board participation: FFP Invest (represented by Marie located in Eastern Europe, Central Asia, Asia-Pacific, Ahmadzadeh) is censeur Latin America and Africa, with the objective to achieve a global net installed capacity of more than 3.7 GW by 2022

NET CAPACITY(1) SHAREHOLDERS In operation and under construction, MW, as of As of 31/12/2019 31/12/2019 ◆ Majority owned by its founders: David Corchia and 6% Paris Mouratoglou 17% ◆ Financial investors include: FFP, Tikehau Capital, Bpifrance and Next World

53% ◆ Agreement with Total in Sept-2017: Total subscribed to a capital increase of €237.5m and acquired indirectly 23% of Total Eren. Total will have the 24% possibility to take over control of the company after 5 Europe years Latam APAC Africa

Note: (1) Prorata to Total Eren’s ownership in each project. 54 ACTEON

OVERVIEW FFP INVESTMENT

◆ French MedTech founded in 1946 and specialized in ◆ Non-listed company high technology dental devices ◆ Entry in 2019 ◆ Acteon is strongly committed to develop tools that reduce trauma and pain for the client ◆ FFP investment = €15m

◆ 4 main sectors: equipment (leader in ultrasonic ◆ Board member: FFP Invest (represented by Guillaume equipment), imaging (digital imaging, dental radiology), Falguière) pharma (mainly consumables) and medical (imaging systems)

◆ Diversified geographical exposure with a presence in more than 100 countries around the world

◆ Acteon acquired the dental division of Villa Sistemi Medicali in June 2019

REVENUES SHAREHOLDERS % of revenues ◆ Majority owned by Dentressangle Mid & Large Cap 12% since 2018

◆ Other co-investors alongside Dentressangle include 19% 41% Debiopharm Group

◆ Management reinvested a significant share of its proceeds (from the previous LBO) in the deal

28% Europe Americas Asia Rest of the World

55 OTHER UNLISTED INVESTMENTS

Château Guiraud (2006) LDAP (2013)

OVERVIEW OVERVIEW

◆ Sauternes wine estate ◆ In 2013, FFP formed a partnership with the family-owned Louis Dreyfus Armateurs (LDA) group and Bank Pâris Bertrand to found LDAP ◆ Premier Grand Cru de Sauternes since 1855 ◆ LDA is a French maritime group that has been operating for 160 years in maritime ◆ An average annual production of 350,000 bottles of which 150,000 of Sauternes and transportation (including dry bulk) and services 200,000 of dry white wine ◆ The joint company bought a fleet of 5 new Handysize ships for dry bulk ◆ First Grand Bordeaux to be certified in organic agriculture transportation

◆ Chateau Guiraud generated €2.8m of sales in 2019 (vs €4.9m in 2018) ◆ Most of the fleet was delivered in the second half of 2015 and is managed by LDA (LDA is in charge of its fit-out and commercial operations) ◆ A restaurant opened early 2018 with Nicolas Lascombes, called La Chapelle ◆ The fleet has a potential useful life of almost 30 years ◆ Almost no harvest in 2017 and 2018 because of climatic hazards.

FFP INVESTMENT FFP INVESTMENT

◆ Non-listed company ◆ FFP invested a total of $24m

◆ First investment in 2006 ◆ Shareholding = 45% (31/12/2019)

◆ Shareholding = 74.9% (31/12/2019) ◆ FFP is party to a shareholder agreement

◆ Board member : FFP Invest (Robert Peugeot) ◆ Executive Committee members : FFP Invest (Bertrand Finet and Sophie Vernier- Reiffers)

56 IDI

OVERVIEW FFP INVESTMENT

◆ IDI is a French investment company with €500m NAV, ◆ Listed company acting in all sectors of the investment business for its own account and on behalf of third parties: ◆ Entry in 2003 & 2007 − LBOs or growth capital transactions in French companies valued between €10m and €250m, ◆ FFP Investment = €26m mainly via the Group holding (with its own capital) ◆ Shareholding = 10.1% (31/12/2019) − Funds of funds and growth capital funds in emerging economies, via IDI Emerging Markets (third party funds) ◆ Value as at 31/12/2019 = €32m

◆ In 2019, IDI invested into 3 new companies : Formalian ◆ Board Member: FFP Invest (Sébastien Coquard) (occupational training in the wellness sector), Groupe New Life (freelances and self-employed workers services provider) and Group Label (e-commerce / retail)

◆ IDI’s portfolio companies realized 3 build-ups in 2019

ASSETS UNDER MANAGEMENT SHAREHOLDERS FINANCIALS As of 31/12/2019 As of 31/12/2019

5% 2013 2014 2015 2016 2017 2018 2019 10% 28% Net Income (€m) 9 34 33 61 143 68 33

18% NAV/ Share €30.8 €32.7 €35.6 €41.9 €59.3 €61.9 €64,8

Dividend/ Share €4.0 €1.3 €1.4 €1.6 €5.751 €1.9 €1.5* 61% 11% 67% Note: *Proposed to the General Meeting as at 31/03/2020.

Allianz Liquid assets & Others FFP Invest Private Equity Emerging countries Free float & Other Private Equity Europe Ancelle et Associés

Note: (1) €1.75 is ordinary share. 57 PRIVATE EQUITY FUNDS

OVERVIEW (1)

◆ We are looking for GPs with the same DNA as the Peugeot family, oriented on operational value creation and long term growth

◆ We select few GPs since we want to develop a long term partnership with them in order to share our industrial experience, expertise and network (cross fertilization and portfolio intelligence with our direct investments, notably with Groupe PSA and between our GPs)

◆ 6% of FFP’s gross asset value, €771m commitments of which €301m uncalled; €293m returned

◆ Portfolio consists of:

− LBO funds: Global ( and ), in the USA (Vista Equity, AEA, Veritas, Valor Equity, Levine Leichtman, Webster Capital and Quad Partners) and in Europe (Astorg, PAI, Montefiore Investments, Chequers Capital, DBAG, Gilde Buy Out, Portobello, Five Arrows Principal Investments and Wise Equity)

− Growth technology funds (Keensight Capital, Idinvest, Jerusalem Venture Partners, K1, and )

− Impact investing funds (Alter Equity, Impact Partenaires and Alpha Diamant)

− Emerging countries growth and expansion funds (Partnership with IDI Emerging Markets)

EXPOSURE BY TYPE OF FUNDS COMMITMENTS PER as of 31/12/2019 as of 31/12/2019 (€m)

160 149 140 Growth Technology 122 120 34% 105 100 49% 77 80 69 60 53 53 45 41 2% 40 Other 22 24 20 15% 5 8 5 0 Growth Capital 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Note: (1) Excluding co-investments and real estate funds. 58 PRIVATE EQUITY FUNDS Our main GPs as of 31/12/2019

US EUROPE

Buyout Growth / Tech Buyout Growth / Tech

GLOBAL Impact

ASIA & ROW

59 CO-INVESTMENTS (1/8)

IHS (2013)

OVERVIEW TOWER PORTFOLIO (1) & REVENUES (Number of towers in thousands and revenues in USD millions) ◆ Largest mobile telecommunications infrastructure provider in Africa, Europe and the Middle East 21,1 22,4 22,9 23,9 24,1 14,6 ◆ IHS owns (build or buy), leases, and operates the critical passive infrastructure that allows the leading mobile phone operators (e.g. MTN, Orange, Airtel) to reach the 5,9 250 million-plus customers in its coverage area across pan-African markets 1,2

◆ The company was established in Nigeria in 2001 and has entered new markets since 2012 2013 2014 2015 2016 12017 107 12018 168 12019 231 2013 (Cameroun, Zambia, Ivory Coast, Rwanda, Kuwait with the acquisition of Zain’s 906 towers), and more recently in latin America acquisition of Brazilian player Cell Site 723 Solutions (CSS), which also operates in Colombia and Peru (2,300 towers). 312 189 ◆ Current portfolio of close to 28,000 towers2 across seven countries, and 2,000 direct 97 employees, with over $5.5bn raised in equity and debt to fund current and future growth initiatives 2012 2013 2014 2015 2016 2017 2018 2019

FFP INVESTMENT SHAREHOLDERS

◆ Non-listed company ◆ Largest shareholders : - Wendel (21% ownership, and 29% voting rights with co-investors ◆ Entry in 2013, with follow-ons - ECP Private Equity ◆ Total investment = $77.5m - MTN - $5m in 2013 and $20m in 2014 alongside Emerging Capital Partners (ECP) ◆ Other shareholders include (among others): GIC (Singapore ), - $52.5m alongside Wendel Goldman Sachs, KIC (Korean sovereign wealth fund), IFC, Investec

Notes: (1) Including towers under management service and towers being built, and excluding pending acquisitions. (2) including the acquisition of .Zain’s portfolio of 1,600 towers in Koweit. And CSS in Brazil. 60 CO-INVESTMENTS (2/8)

JAB Holding (2016)

OVERVIEW JAB’S INVESTMENTS STRUCTURE

◆ JAB Holding (“JAB”) is a private conglomerate controlled by the Reimann family, JAB philosophy is based on strong operational implication from its partners in its who developed the Group Reckitt Benckiser investments and allows co-investors to accompany them in their strategy ◆ The strategy, led by its partners Peter Harf and Olivier Goudet, focuses on long term investments in companies operating in the consumer goods sector, including HPC, Reimann Family Partners beauty, restaurant chains, snacks, coffee, soft drinks, and most recently pet care ◆ JAB started the coffee sector consolidation in 2012 and has become in 6 years the second largest coffee player in the world with leading position in North America 90% 10% ◆ The co-investments in FFP’s portfolio are focused on four key verticals: − (i) Global Coffee & Beverage Platform (Keurig Dr Pepper, JDE, Peet’s) − (ii) Global Multi-Channel Restaurant Platform (Panera, Pret A Manger, Caribou) Co-investors − (iii) Indulgence Platform (Krispy Kreme, Insomnia Cookies) − (iv) Pet Care Platform (Compassion First, National Veterinary Associates, National veterinary care)

FFP INVESTMENT Global Global multi- Beauty Coffee & channel Indulgence Pet Care ◆ FFP committed to invest $50m in JAB CF Global Brand I in December 2016 Beverage restaurant

◆ At the end of 2017, FFP committed an additional $150m in JAB CF Global Brand II, co-investment vehicle aimed at pursuing JAB’s growth strategy in the consumer goods industry

◆ FFP decided to co-invest an additional $130m alongside JAB Holding in 2018 to continue to support its expansion strategy, of which $120m directly in Acorn in the context of the acquisition of Dr Pepper Snapple Group

◆ In 2019, FFP committed $100m alongside JAB Holding to support its new developments, primarily in the pet care sector FFP’s investment area

61 CO-INVESTMENTS (3/8)

Roompot (2016) AmaWaterways (2017)

OVERVIEW OVERVIEW

◆ Roompot is a leading developer, owner, and operator of holiday resorts and ◆ Created in 2002, AmaWaterways is a family-owned company which offers river camping sites. It is the largest provider of recreation parks in the Netherlands, cruises predominantly in Europe and to English speaking customers mainly on coastal locations, and is also present to a lesser extent in Germany, Belgium and France ◆ The company is a leader in the upmarket river cruise segment, offering a high standard of customer service ◆ Roompot has more than 150 holiday parks and generated €371m revenues in 2019 ◆ AmaWaterways operates 25 ships which sail Europe’s Danube, Rhine, Moselle, Main, Rhône, Seine, Garonne, Dordogne, Dutch and Belgian Waterways and Douro rivers, Southest Asia’s Mekong and Africa’s Chobe River

FFP INVESTMENT FFP INVESTMENT

◆ FFP committed to invest €11m in the company’s buy‐out led by PAI partners ◆ For this $25m investment completed in May 2017, FFP teamed up with Certares, a (November 2016) US investment company focused on the travel and hospitality sectors, which will manage the investment ◆ Jurgen van Cutsem has been CEO since 2014. He holds an equity stake alongside other shareholders ◆ The company is headed by Rudi Schreiner with Kristin Karst (founders), who are shareholders together with the Murphy and McGeary families

62 CO-INVESTMENTS (4/8)

Lineage Logistics (2017) Capsa Healthcare (2017)

OVERVIEW OVERVIEW

◆ Lineage is the world’s leading specialist cold chain logistics operator, serving the ◆ Capsa Healthcare is the North American leader in the US in several niche medical food industry including producers, wholesalers and mass retailers. Around a third equipment in the areas of medication management, healthcare IT, and pharmacy of US food production passes through a Lineage warehouse before reaching automation consumers, and the group is expanding globally. ◆ The company develops and manufactures point-of-care workstations, medication ◆ The copmany is the leading innovator and the most automated company in the management solutions, procedural/supplies Storage, and pharmacy automation temperature controlled supply chain, and Its services extend beyond cold storage systems aiming to improve the organization, efficiency and accuracy of healthcare and include high-margin services spanning deep freezing, repackaging, outsourced providers. These products are sold to more than 3,000 customers globally including order management and logistics. hospitals, clinics, nursing homes, assisted living facilities, ambulatory care centers and pharmacies. ◆ Lineage is one of the industry’s two main consolidators (with #2 listed player Americol), with 42 acquisitions since 2008. Following the acquisition of Preferred ◆ The Group was formed through the integration since 2008 of 3 leading brands: Freezer and Emergent Cold in 2019, the company operates more than 270 sites in Capsa Solutions, Rubbermaid Healthcare, and Kirby Lesteris, backed by a long term 10 countries in the United States, Europe and Asia. family-led private investor.

◆ and Asia. Lineage reported close to $2.0 billion of revenue in 2019. FFP INVESTMENT FFP INVESTMENT

◆ In March 2017, FFP invested $25m in Lineage’s 7th funding round, through the ◆ In September 2017, FFP committed to $18m in the company’s buy-out led by Baygrove platform, created in 2008 to consolidate the sector, and reinvested a Levine Leichtman Capital Partners, one of FFP’s US private equity fund partners further 15M$ in April 2019. ◆ The company is headquartered in Portland, Oregon, and led by its CEO Avi Zisman, ◆ Lineage is controlled by its two founders Adam Forste and Kevin Marchetti through who was appointed by LLCP in November 2018. Baygrove, and operationally led by Greg Lehmkuhl, CEO since 2015. Investors several single US family offices, as well Stonepeak Capital and D1 Capital (both invested in 2018). FFP is the only European shareholder

63 CO-INVESTMENTS (5/8)

Entoria (ex-Ciprés, 2017) The Big Bottling Co. (2018)

OVERVIEW OVERVIEW

◆ Entoria (formerly Ciprés Assurances), created in 2000, is a French wholesale broker ◆ The Big Bottling Company (“BBC”) is dedicated to the manufacture, distribution and in life, disability and health insurance for self-employed workers, managers and sale of non-alcoholic beverages in Nigeria. Its main products are BIG drinks (flavors: employees of SMEs Cola, lemon, Orange). The Company is a spin-off from the AJE Group, one of the largest multinational beverage companies, with presence in over 20 countries in ◆ Entoria designs, manages and distributes its insurance products via a network of Latin America, Asia and Africa 9,000 independent local brokers, with the insurance risk carried by 5 blue‐chip insurers, who benefit from Entoria’s leadership and innovation capability on niche ◆ BBC employs ~250 people in a production plant near Lagos and its production is segments that they do not address directly estimated around 40 M crates for a full production year

◆ With the acquisition of Axelliance Groupe in 2018, it became the 2nd largest French ◆ BBC benefits from a 15 years long exclusive distribution agreement with its former insurance wholesale broker holding company, over a +300 M people geographic territory

FFP INVESTMENT FFP INVESTMENT

◆ In July 2017, FFP invested €15m in the company’s buy‐out led by . ◆ May 2018, FFP invested $10m with IDI EM in the company’s buy‐out led by Duet alongside other investors such as Lonrho. AJE Group maintained a significant stake ◆ Entoria is led by Laurent Ouzana, founder and Chairman, and Sylvie Langlois, CEO. in the group and will continue to support its expansion in Africa They reinvested together with the rest of management team ◆ The team is accompanied by three experts in the beverage sector, which will also invest in the company; furthermore, one of them supervise the operations directly from Lagos

64 CO-INVESTMENTS (6/8)

Asmodee (2018) ArchiMed (2018)

OVERVIEW OVERVIEW

◆ Founded in 1995, Asmodee is a publisher and distributor of games and trading card ◆ Launched in 2014 and based in Lyon, ArchiMed is a strategic and financial partner games to healthcare companies, which raised 2 small-cap PE funds to date (of respectively €146m and €315m) and gathers a team of 40 professionals ◆ Asmodee is a leading international player, with operations located in Europe, North America and China, and around 1,500 employees ◆ FFP teamed up with ArchiMed regarding the launch of a new investment vehicle called MED Platform 1, which aim is to accelerate the growth of a few European ◆ Asmodee counts more than 3,000 games in catalog and launches close to 200 new companies selected for the quality of their management team and market position, games each year as well as their potential to expand internationally and consolidate their sector

◆ In 2019, Asmodee generated pro forma revenues of €575m, 80% of which was ◆ MED Platform 1 will invest between €50m and €300m in each of the 4 to 6 platform generated outside of France companies which will be selected

◆ MED Platform 1 closed its 2 first platform deals in 2019 with the acquisitions of Bomi (Italian healthcare logistic group) and Direct Healthcare Group (UK manufacturer of pressure care products)

FFP INVESTMENT FFP INVESTMENT

◆ FFP invested €20m in the company’s buy‐out led by PAI partners in 2018, and ◆ FFP has committed to invest €80m for a fund targeting €800m, with the potential participated for an additional c.€2m (in proportion of its shareholding) in the to double its exposure by co-investing in the companies of its choice, bringing its company’s capital increase in 2019 maximum commitment to €160m

◆ The management of the company reinvested alongside PAI and its co-investors

65 CO-INVESTMENTS (7/8)

Transact (2019) TheLian (2019)

OVERVIEW OVERVIEW

◆ Transact is a US leading software, security access & payment platform dedicated to ◆ TheLian is a leading brand e-commerce integrated services provider in China, higher education institutions focused on mid-sized cosmetics and skincare brands

◆ Transact solutions underpin a wide range of services for universities, students and ◆ The company, headquartered in Shanghai, is a B2B outsourcing partner for their parents, all based on a unified credential. These include online payment of cosmetics brand allowing them to access the Chinese market through online brand- tuitions, payment of on and off campus services (dining, book stores, laundry etc.), authorized flagship stores, mainly on Tmall (also called “Tmall partner”) as well as campus access management (library, fitness etc.), class attendance etc. other major online marketplaces and referencing platforms (JD.com, VIPShop, Little Red Book). ◆ Transact is the only provider who offers NFC-enabled Mobile Credential for both Apple Wallet (iPhone and Apple Watches) and Google Pay (Android devices) ◆ TheLian has already built strong relationships with several major Asian brand groups, including Amore Pacific, Shiseido and Kao, but also independent cosmetics ◆ Transact is headquartered in Phoenix, Arizona and has served the education and skincare brands including from the US and Europe community for over 35 years

FFP INVESTMENT FFP INVESTMENT

◆ Transact was originally part of the Blackboard group, owned by ◆ For this transaction, FFP teamed up with Crescent Point, a China eCommerce Partners and became independent through a carve-out transaction led by focused sponsor, and the founding management team Reverence Capital Partners in 2019 ◆ FFP has committed to invest $20m, with a first drawdown of $14m to complete the ◆ FFP invested $15m in the company alongside Reverence Capital Partners transaction and the remaining to fund future growth needs and potential acquisitions

66 CO-INVESTMENTS (8/8)

LivSpace (2020) Jianke (2020)

OVERVIEW OVERVIEW

◆ LivSpace is the leading end-to-end home improvement solutions provider in India ◆ Jianke is a leading online healthcare platform in China, offering both B2C online pharmacy and telemedicine services ◆ LivSpace is organizing and digitizing an otherwise fragmented and relatively unprofessional ecosystem by providing a full stack solution from fitted kitchen and ◆ Jianke’s online B2C pharmacy is focusing on prescription drugs with a particular furniture to décor and installation / building services. It provides a curated and strength in chronic diseases. Jianke’s B2C sales are mainly done via its own app and tech-enabled platform to connect home owners, interior designers and home website where it offers >170k SKUs interior suppliers (services, materials and products), with a fully connected and integrated supply chain backbone ◆ Jianke’s telemedicine platform enables remote consultations and electronic drug prescriptions for chronic disease patients who can easily do follow-up consultations ◆ Headquartered in Bangalore, the Group’s services are currently available in 9 with their doctors and renew their prescriptions Indian cities. In 2019, LivSpace started to expand operations internationally with a first opening in Singapore, and plans to expand to new Asia-Pacific countries in the ◆ Headquartered in Guangzhou, Jianke covers 11,000+ physicals hospitals with its coming years network of 150,000+ doctors registered on the platform as of May 2020

FFP INVESTMENT FFP INVESTMENT

◆ FFP invested $15m in the company alongside Venturi Partners, Goldman Sachs, ◆ For this transaction, FFP teamed up with Crescent Point, a China eCommerce TPG, Bessemer and Ikea focused sponsor

◆ This investment is part of a 90 M$ series D round that was led by Venturi Partners. ◆ FFP invested $15m in the company alongside Crescent Point in a series-C round of FFP will be represented at the board by Venturi totalling around $45m

67 IMMOBILIÈRE DASSAULT

OVERVIEW FFP INVESTMENT

◆ Real estate investment company ◆ Listed company with SIIC status

◆ Focus on prime real estate in Paris with 92% occupation ◆ Entry: asset contribution + shares purchase rate (due to ongoing restructuration and renovation work on of some of the assets) as of 31/12/2019 ◆ Shareholding = 19.8% (31/12/2019)

◆ Ownership of 21 assets worth €714m (appraised value) ◆ Value as at 31/12/2019 = €91m with a net asset value of €418m (excluding transfer tax) ◆ 9% premium on stock price valuation as at as of 31/12/2019 31/12/2019

◆ Board Member: FFP Invest (Christian Peugeot)

SHAREHOLDERS FINANCIALS As of 31/12/2019 11% €m 2014 2015 2016 2017 2018 2019

9% NAV / Share* €44 €49 €53 €54 €57 €58

Revenues 11 15 16 16 15 21

20% Current EBIT 10 13 15 15 12 15 60% Margin 87% 89% 92% 92% 80% 74%

Net Debt 125 106 102 146 277 279 Free float & treasury shares Groupe familial Michel Seydoux Dividend /share €1.8 €1.9 €2.2 €1.2 €1.2 €1.2** FFP Invest Groupe familial Dassault

Notes: * From 2015 onwards, NAV/Share corresponds to a NAV calculated as per EPRA (European Public Real Estate Association) methodology. **Proposed to the General Meeting. 68 SIGNA PRIME SELECTION

OVERVIEW FFP INVESTMENT

◆ Privately held Austrian real estate group founded in ◆ Private company 2010 by entrepreneur René Benko Prime Selection AG ◆ Entry in 2019 ◆ One of the largest commercial real estate companies in the German-speaking countries (mostly Germany and ◆ FFP Investment = €211m Austria) with a Gross Asset Value of €15bn ◆ Shareholding = 5.0% (31/12/2019) ◆ Develops and owns high-quality property assets (mainly offices and retail) in the most central city locations, ◆ Board member : FFP Invest (Robert Peugeot) including trophy assets such as KaDeWe and Oberpollinger department stores ◆ Portfolio held over the long-term whilst offering further growth perspectives ◆ In Q2 2019, SIGNA Prime announced the acquisition of the remaining 50% of the Kaufhof real estate portfolio ◆ In September 2019, SIGNA Prime announced a €500m capital increase

REAL ESTATE ASSETS UNDER MANAGEMENT SHAREHOLDERS FINANCIALS as of 31/12/2019 Gross Asset Value (€bn) CAGR% (2012-19) 41% +46%

€13.2bn 54%

15 11 5% 9 6 4 5 2 2 Germany Austria 2012 2013 2014 2015 2016 2017 2018 2019 Northern Italy Switzerland Signa Group FFP Other

69 OTHER REAL ESTATE INVESTMENTS

Value-added investment Property development

◆ FFP invested €10m in LBO France’s White Stone VI fund ◆ FFP committed €25m in Icawood, a fund focused on the (€130m) in 2015 and €15m in White Stone VII in H1 2018. The development of next-generation, low-carbon and timber-frame fund has an opportunistic investment strategy targeting double buildings digit returns and diversified operations of €20m to €100m. The Real estate team is both in charge of the acquisition and management of the funds assets

◆ FFP committed €20m in Tikehau Real Estate Opportunities fund, the European value-added fund managed by Tikehau Capital

◆ FFP invested alongside LBO France and other family investors in ◆ FFP joined forces with several European families for case-by-case the OPCI Lapillus II, which acquired Tour Marchand and Grand co-investments in real estate projects in the United States. The Co- Angle buildings. Located in the business district of La Défense projects are set up and managed by a team of American close to Paris, Tour Marchand is a c.16,000 sqm tower rented to professionals, ELV, established since 1991. Projects consisting investments a unique tenant. Grand Angle building is a c. 17.000 sqm office mainly in housing development, but also include offices and & building located in Saint-Denis. The OPCI is managed by LBO shopping facilities Club deals France’s real estate team, and FFP is a member of its board

Note: FFP also owns a warehouse located in Gennevilliers and rented for the logistics provider Gefco (FFP-Les Grésillons). 70 OUR ESG ROADMAP TO 2023

1. FFP practices aligned with high standards of requirements

An exemplary gouvernance An ethical behaviour People-oriented HR

◆ Strengthening the power of the Board ◆ Formalizing an Ethics Charter ◆ Structuring a training and career of Directors regarding ESG management policy ◆ Training employees in ethical issues ◆ ESG on the Board's agenda ◆ Formalizing our commitments to ◆ Selecting of subcontractors on the diversity, non-discrimination and gender basis of ESG criteria equality ◆ Formalizing our approach to quality of life and health at work

A controlled environmental A positive contribution to Society Transparent communication footprint ◆ Measuring our carbon footprint and ◆ Mapping our employees' expectations ◆ Keeping transparent communication carrying out an energy audit of our in terms of social commitment about our ESG practices activities ◆ Formalize a societal policy in line with ◆ Formalizing an Environmental Charter our values ◆ Reducing our travel footprint ◆ Developing selective waste sorting and set a "0 plastic" objective

71 OUR ESG ROADMAP TO 2023

2. An active and responsible investment philosophy

An approach anchored in our Supporting the responsible Systematic integration of ESG DNA transformation of our assets

◆ Adapt our ESG governance and ◆ Develop an ESG evaluation grid of our ◆ Empowering the directors of our adapt the criteria of our targets shareholdings to be at the forefront of performance-based incentive plan ESG issues ◆ Make ESG an investment criterion in according to our ESG roadmap its own right, in particular by taking ◆ Complete the FFP Charter of Rights ◆ Formalize the consideration of our into account the European Taxonomy and Duties of Directors values in the analysis of our targets ◆ Perform an ESG maturity analysis of ◆ Implement a policy of active and in our investments in our our current portfolio engagement on ESG by ensuring that Responsible Investor Charter ESG is put on the agenda of the ◆ Identify and integrate the most boards of our shareholdings at least tangible Sustainable Development once a year. Objectives into our responsible investment strategy ◆ Continue structuring our ESG approach and study the relevance of committing to different labels

72 More information on our website: www.groupe-FFP.fr

Investor relations Sébastien Coquard: +33 1 84 13 87 20 [email protected]