ISR PRESENTATION 2019

1 STRATEGY FNAC DARTY OMNICHANNEL LEADER IN EUROPE

Technical products 51%

France & Editorial products €7.5bn revenue – 25,000 employees Switzerland 78% 2018 17% 2018 Top 3 European Omnichannel Retailer Turnover Turnover Iberian €7.5bn White goods €7.5bn Peninsula 9% 22% 780+ multiformat stores in 12 countries Other products and Benelux 13% services (3) 10% 2nd largest e-commerce retailer in France(1) What brand do you think best embodies the success of the 19% of Group sales omnichannel transition? 4th barometer Oliver Wyman – October 2017 81 million transactions 51% 34% (2) 32% No. 1 after-sales service in France 28% 22% 19% 15% 8 million loyalty program members 11% 9% 7% 6% 49% of online sales are omnichannel 5% 3% 1% 0% 1 Source: FEVAD, 2018 0% 10% 20% 30% 40% 50% 60% 2 Internal customer studies 3 Include: Ticketing, B2B, after sales service, membership fees, franchise fees, insurance, consumer credit 3 LEADING POSITIONS IMPLYING RESPONSABILITY…

Audits carried out in 2018 on manufacturing facilities of our own-brand product suppliers in all client # our markets, # for key suppliers, specifically on high- in share of wallet 27 end products 1 1 CSR check points 44

43.5% 41% 31 99 29 28 27 26 26 27 21 21 25% 28% audited plants 19 16 16 18 19% 18

unsatisfactory CSR audit TOTAL CE IT Telecom SDA MDA Book Audio/ Supplier #1 Supplier #2 Supplier #3 Supplier #4 Supplier #5 video/ gaming Strict rules and audit procedures with our suppliers: Fnac Darty market share in Premium segments: 3rd and 4th quartile1 . Distribution of the "Supplier CSR Charter" to our third-party suppliers Fnac Darty market share (total market)1 . Integration of CSR dimension in processes and documents framing the supplier relationship and execution of audits on manufacturing facilities of our own-brand 1 Source: GFK - 2018 FY data – France product suppliers Source: GFK YTD Sept. 2017 - Fnac Darty - France 4 CONFIANCE +: FNAC DARTY STRATEGIC PLAN

OMNI- CHANNEL FRANCHISE DIVERSIFICATION SERVICES LOYALTY

BELIEFS Customers are agnostic Growth driver Targeting new markets Differentiating asset Ecosystem cornerstone to find new opportunities

Marketplace x3 200+ openings Kitchen plan: Launch of Subscription programs 100+ new stores Smart Home Logistics open to third parties Shop-in-Shops rollout UX Program

Self-checkout

Further gains in market share Operating margin mid-term objective: 4.5-5%

5 CONFIANCE + ROLL-OUT BASED ON TWO ICONIC BRANDS

INDEPENDENT EXPERTISE RESPONSIBLE PRODUCTS AND CUSTOMERS’ ADVICE AND SERVICES

Give access to culture Strong services offer for repair, reuse and product recycling Independent vendors to give best advice for an educated purchase #1 after-sales service

1972 launch of Fnac Labo 1973 launch of Darty « contrat de confiance »

6 CONFIANCE + ROLL-OUT BASED ON OUR HUMAN CAPITAL 25,000 EMPLOYEES: A KEY DIFFERENTIATING ASSET

Retail: 10-15% 38.6% 12.6% 40.4 Women Turnover YEARS OLD 38.5 Average age 4.3% 35 19.7% 50+ Disability 37 Senior 28 Salesforce by geographic region 4.6% National: 4.9 %* Absenteeism Benelux sickness 13% Iberica 12.7 16% National: 33.8** YEARS France - 25.4 Seniority Switzerland; 71% Frequency rate Accidents at work

Figures as at 31/12/2018 7 FNAC DARTY: A RECOGNIZED RESPONSIBLE COMPANY

FNAC and DARTY are identified by customers as more responsible brands than AMAZON Results of the customers survey conducted in December 2017 “Could you please rate from 1 to 10 the social commitment of the following brands?”

8 FNAC DARTY: A RESPONSIBLE RETAILER RECOGNIZED BY ESG RATING AGENCIES

. Information rate: 72% 38 out of . Sector average: 53% 61 . Rank in Sector: 16/71 136 . Rank in Region: 698/1349 . Rank in Universe: 1310/4660

Overall ESG scrore Relative position

9 A 6-PILLAR CSR POLICY TO MEET EXEMPLARY OBJECTIVES AND BUSINESS OPPORTUNITIES

10 CSR LEVERAGES EXEMPLARY OBJECTIVES

As a leader, Fnac Darty must be best in class

Limiting the Transforming environmental Fnac Darty impacts of our while developing activities employer’s to reduce risks responsibility and costs

Being flawless to limit risks

11 SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET

Build 1 Group with 2 brands TARGETS Promote a common culture

Voluntary Redundancy Scheme ACTIONS Centralisation of headquarters Harmonisation of the statutes

FNAC DARTY INTEGRATION

12 SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET

1 STRATEGIC PROGRAMS Client excellence: trained employees breakdown

2017 – 2018 PROJECT MANAGER 2020 Services, Cash registers and Logistics Implementation of a 24-month diploma training programme for Operating Managers 42% Develop the “Manager Coach” approach Nearly 600 managers trained from several business lines Call Center Significant participation rate (94% attendance at face-to-face sessions) Consultants 1% Deliverers 1% 2018 – 2019 PROJECT CLIENT EXCELLENCE Vendors 56% Implementation of a "CUSTOMER EXCELLENCE" training programme, for a period of 12 to 18 months Anticipate the evolution of business lines, facilitate mobility and develop the employees’ employability in stores Develop customers’ relations and sales skills in all business lines

2 « FNAC DARTY ACADEMY » A GLOBAL BUSINESS UNIT DEDICATED TO PEOPLE DEVELOPMENT

DEVELOPPING PEOPLE

13 SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET

Digital, short and monthly survey to c.15,000 employees with results immediately available to managers Instill a culture based on listening & proximity, agility & innovation Manage employees’ engagement

FNAC-DARTY EMPLOYEE STOCK PURCHASE PLAN Implemented in France and abroad with matching contributions up to 700€ and a 20% discount on the subscription price Strengthen the sense of belonging to Fnac Darty through value-sharing schemes An overall subscription rate of 18.13% 4,500 subscriptions and an average subscription amount of 1,500€ Capital increase on 90,558 shares at a price of €73.72

COMMITTING PEOPLE

14 FNAC DARTY FACES ETHICAL REQUIREMENTS

Duty of care Sapin II RGPD New 2017-2018 laws

Respect for human rights, Prevention, settlement Privacy by design, profiling, Themes environmental, labour and agreements, repressive and right to erase and portability, fundamental freedoms preventive aspects notification of data leaks

Governance ETHICAL COMMITTEE

Group CSR Manager Internal Audit Director Data Privacy Officer

Risk mapping

Actions carried Due diligence subcontractors, suppliers, subsidiaries, stakeholders Communication and integration of out in 2018 Alert and reporting systems customers policies into contracts

System for monitoring and evaluating the measures implemented

Training and employee awareness

15 FNAC DARTY RAISES AWARENESS TO REDUCE CONSUMPTION AND LIMIT ENVIRONMENTAL IMPACTS

First Fnac Darty Carbon audit conducted in 2017 This carbon footprint concerns scopes 1 and 2 (direct emissions). The emissions caused Ecoguide implemented by the life of the products are 9 times larger. Our leverage to reduce this impact is to extend the life of these products, as described in the circular economy pillar. in Fnac Darty stores in France

Action to be strengthened: click & collect

16 CSR LEVERAGES BUSINESS OPPORTUNITIES

Expertise and customers’ information

Economic, social and cultural actor

17 CSR LEVERAGES BUSINESS CHALLENGES & OPPORTUNITIES

CONSUMERS’ EXPECTATIONS FNAC DARTY STRATEGY CSR COMMITMENTS

CONTRIBUTION TO THE LOCAL ECONOMY, BEST IN CLASS AGILITY / PROXIMITY CULTURAL AND SOCIAL LIFE THROUGH FNAC OMNICHANNEL EXPERIENCE DARTY OMNICHANNEL PLATEFORM

BEST ADVICE THROUGH FNAC LABO A UNIQUE ENVIRONMENTAL IMPACT NOTE ON TECHNICAL EDUCATED CHOICE SERVICES PROPOSAL PRODUCTS FNAC DARTY BAROMETER FOR PRODUCTS REPAIR

CIRCULAR ECONOMY UNIQUE AFTER-SALES . Ecodesign and customers’ information EXPERIENCE OVER GOODS BEST IN CLASS PRODUCTS . Re-use OFFER AND LINEUP . Repair After sales service in France . Recycling # 1 Waste collector in France

18 FNAC DARTY: AN ECONOMIC, SOCIAL AND CULTURAL ACTOR

A SIGNIFICANT STORES NETWORK TO WIDEN ACCESS TO CULTURE CONTRIBUTE TO THE LOCAL ECONOMY

Bookstore in France . 780 stores worldwide in 2018, of which: # 1 Ticket vendor in France Record shop owner in France

563 stores in France 217 international stores 382 Darty (220 integreted-stores 1,650 90,000 10,000 and 162 franchisees) free cultural events in people participated people 147 stores in Benelux Fnac stores in France to the Fnac LIVE participated to the (11 Fnac and 72 Darty festival: 30 free Forum Fnac Livres in Belgium; concerts over 3 days 64 Darty in the 180 Fnac Netherlands) (88 integreted-stores and 92 franchisees) 3 34 Fnac in Spain Key literary award 28 Fnac in Portugal 8 Fnac in Switzerland

Objective of 1 Fnac in Tunisia 3 Fnac in Morocco +60 new stores 2 Fnac in Qatar openings 2 Fnac in Ivory Coast in 2019 1 Fnac in Congo 1 Fnac in Cameroon

19 SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET

2018 Since 1972 Since 2012

LAUNCH OF A PUBLICATION OF THE 1ST LAUNCH OF PRODUCT AFTER-SALES BAROMETER COMMUNAUTE.DARTY.COM, REPARABILITY NOTE BY BRAND the 1ST support community platform for Darty users compares the ENVIRONMENTAL NOTE characteristics and indicates the performance of environmental impact of technical products TVs, Tablets, PCs and 1 038 tests on 492 smartphones. products in 2018 69% of our products in 2018 INNOVATIVE ACTIONS THAT ONLY EXIST AT FNAC DARTY

20 EXTENDING PRODUCTS’ LIFE SPAN IS A KEY ENGAGEMENT TO OUR CUSTOMERS…

Fnac Darty Occasion Build robust and easy to repair products 90 products given each day to ‘ENVIE’ for a Eco Inform and advise customers on the proper use second life conception of products Re-use Launch of the Smartphone roadworthiness test

CIRCULAR ECONOMY

Recycling Repair 2 500 000 operations processed in 2018 +45,000t of WASTE Launch of Darty+ in 2017 collected and recycled in 2018 Launch of Fnac Darty barometer in 2018 Launch of "2 for1" collecting systems in Launch of the reparability indice in 2018 2011: « 2 for 1 » and « 1 for 0 » Wefix acquisition in 2018

FNAC DARTY 1st COLLECTOR FNAC DARTY 1st REPAIRER IN FRANCE IN FRANCE

21 … WHICH IS STRENGTHENING IN 2018 WITH 6 NEW INNOVATIONS December: Customer 4 Support Platform

The 6 innovations launched in 2018 enable customers to be better informed, to better use and repair their 3 November: WeFix

product, and to better sell it back Maturité EC Maturité 2 July: Repairability Index 1 June: After-Sales Service Barometer

B2C SERVICES: HISTORICAL ACTIVITIES repair, collect, reuse and recycle

22 A REWARDED ENGAGEMENT FNAC DARTY WON THE CIRCULAR ECONOMY AWARD

23 CONFIANCE +: AN OPEN PLATFORM TO OFFER THE BEST IN CLASS OMNICHANNEL RESPONSIBLE EXPERIENCE

Marketplace Loyalty Programs FOR PARTNERS . Selected responsible . Responsible choice FOR CLIENTS vendors . Best value for money

Partnerships Stores & Digital . Contribution to the local, . Ethical business cultural and social life

Franchise COMMITTED TO AN EDUCATED . Contribution to the CHOICE After-sales and delivery local economy . Repair and recycle

Offer and Product co-construction Offer Products and Services . Ecodesign own-brand . Customers’ information products and advice

ENSURING REACH MIDTERM OBJECTIVES: OFFER THE BEST CLIENT PROTECTING VALUE HIGHER GROWTH THAN “MARKETS” EXPERIENCE BEST VALUE CURRENT OPERATING MARGIN OF 4.5% TO 5% FOR MONEY

24 FINANCE CONFIANCE+ RAPID PROGRESS IN 2018

OMNI- EXPANSION & LOYALTY & DIVERSIFICATION SERVICES CHANNEL FRANCHISE CONTENT

Weight of online sales 39 store openings in 9M Already 25 shop-in- Acquisition of a majority 1 million Fnac+ increased to 18% 2018, of which 37 shops deployed in stake in WeFix to susbscribers and Darty+ franchises France and 20 Fnac position Fnac Darty as a ramp-up Marketplace business Home corners opened key provider of volume up sharply: >25% Close to 70 openings in Spain smartphone repair and Free premium delivery in in Q3 2018 expected this year related services as well both banners for Fnac+ Close to 130 kitchen as to offer customers an and Darty+ holders Close to 190 shops corners now opened as enhanced ecosystem digitalized well as the first kitchen stand alone store Launch of D+1 delivery, covering 80% of France, including bulky items with installation

(1) Excluding the €20m fine from the French Competition Authority 26 STRONG 2018 RESULTS

EBIT evolution by year in €m Topline growth delivered Strong increase in Current Operating Income at €296m, up +10% vs. 2017, reflecting good operational performance and synergies completion Tight commercial policy . Gross margin at 30.3%, increased by +20bps, excluding the impact of the franchise (-30bps) 296 270 68 4.0% Efficient cost control 203 3.6% of sales 165 of sales . Costs reduced to 26.3% of sales from 26.7% in 2017 2.7% 2.3% of sales Net income from continuing operations up +20% 77 of sales 1 High Operating Free Cash Flow at €173m 2014 2015 2016 2017 2018 Net cash position only two years after acquiring Darty FNAC DARTY

(1) Excluding the €20m fine from the French Competition Authority 27 2018: SUCCESSFUL INTEGRATION

BUILDING 1 GROUP WITH 2 BANNERS STRONG OPERATIONAL EXECUTION

A joint organization serving 2 banners Operational agility and peerless execution Increased organizational agility Market share gains in France1 Promote a common culture around shared and engaging values Rapid deployment of Confiance+ initiatives Our purpose: promoting “choix éclairé”

AT END 2018, €131m OF SYNERGIES DEPLOYED, 1-YEAR AHEAD OF ORIGINAL PLAN

(1) source GFK 28 TOPLINE GROWTH AND GOOD COMMERCIAL EXECUTION

Exceptional items impacting topline growth throughout the year Group sales evolution by . Q1: weather conditions impact of -0.4pt on sales quarter(1) 3.4% . Q2: strikes in France impacting store traffic 0.6% 0.4% . Q3: high comparison basis related to product launches in 2017 (LFL +5.8% in Q3 17) . Q4: “Yellow Vests” protests impact of approx. €45m of loss in sales

-1.8% -2.2% Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Growth opportunities seized to deliver topline growth for the year . Excellent Black Friday execution in Q4 . International operations up +2.4% in 2018 Gross margin evolution . Double-digit growth of services and diversification categories 30.6% 30.4% . +20% growth of marketplaces 30.3% . E-commerce: 19% of Group sales (+2 pts vs 2017) 0.3 pt . 66 stores opened including 55 franchises 2017 2018 Impact of 2018 excl. franchise franchise dilution effect Tight commercial policy: gross margin up +20bp excluding the dilutive effect of franchises

(1) Reported growth Strong operating model delivering profitability growth in a tough environment

29 FRANCE AND SWITZERLAND IN 2018

Stable sales on a LFL basis in a consumption climate €m 2017 2018 % Change impacted by multiple exceptional effects (weather in Q1, Revenues 5,856 5,835 -0.4% strikes in Q2 and “Yellow Vests” protests in Q4) (1) Like-for-like -0.1% Strong execution in Q4 driven by success of Black Friday Current operating offsetting the impact of Yellow Vest protests income 234 265 +13% Operating margin 4.0% 4.5% +50bp Market share gains Operational agility, synergies completion and efficient cost (2) 2018 sales evolution control leading to strong growth in operating margin 2.6% Strong increase in current operating income, at +13%, despite decline in revenue -0.1% -0.3%

-2.4% -2.9% 62 store openings Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018

(1) Like-for-like: excluding FX, perimeter and expansion effects (2) At comparable scope of consolidation and at constant forex

30 IBERIAN PENINSULA IN 2018

Strong sales growth throughout the year €m 2017 2018 % Change . Growth in Spain despite still tense political climate Revenues 676 703 +4.1% . Continuing strong growth in Portugal Like-for-like(1) +1.4% Current operating 24 25 +8% income Continuing expansion (3 openings in 2018) Operating margin 3.5% 3.6% +10bp Double-digit growth of web sales and services in both countries 2018 sales evolution (2) Expanding network of small domestic appliances corners 6.0% 4.5% 4.1% (approx.30 at end 2018) 3.4% 2.6% Improving profitability in both countries, driven by gross margin control despite negative mix effect and opex Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 increase related to expansion

(1) Like-for-like: excluding FX, perimeter and expansion effects (2) At comparable scope of consolidation and at constant forex

31 BENELUX IN 2018

Good sales performance in very competitive markets €m 2017 2018 % Change Both Belgium and Netherlands delivering sales growth Revenues 917 936 +2.1% Like-for-like(1) +2.1% Excellent Q4 performance with market share gains Current operating income 12 5 -€7m Solid performance in Belgium Operating margin 1.3% 0.6% -70bp Growth at BCC despite store closures

. Digital acceleration via first effects of the Wehkamp partnership 2018 sales evolution (2) . 7 stores closed at BCC in 2018 6.8% 4.2% 2.1% BCC current operating income negatively impacted by:

-2.2% -1.6% . Management fees accounting Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 . Continuing network restructuration

(1) Like-for-like: excluding FX, perimeter and expansion effects . Wehkamp partnership implementation costs (2) At comparable scope of consolidation and at constant forex

32 2018 GROUP CURRENT OPERATING INCOME

Growth of sales despite tough markets €m 2017 2018 % Change Strong control of gross margin, up +20bp excluding the dilutive impact of franchises Revenues 7,448 7,475 +0.4% Costs down, reflecting: Gross Margin 2,261 2,265 % Revenues 30.4% 30.3% -10bp . Fnac Darty synergies

. Success of performance plans Total costs -1,991 -1,969 -40bp % Revenues -26.7% -26.3% Current operating income up +10% Current operating 270 296 +10% income Current operating margin up +40bp, at 4.0%, from 2.7% two years ago % Revenues 3.6% 4.0% +40pb

33 GROUP REPORTED FINANCIAL RESULTS

Strong current operating income growth €m 2017 2018 reflecting operational agility

Current operating Income 270 296 Non-current items mainly reflecting cost of implementation of synergies, and €20m fine from Non-current operating income -53 -39 Competition Authority and expenses Operating income 217 257 Financial charges reflecting cost of debt and cost of consumer credit Financial charges -44 -43 o/w cost of net indebtedness -34 -36 . Financial result impacted by one-off non-cash expenses of €6m, following the renegotiation of bank debt o/w other financial charges (net) -10 -7 . €7m reflecting cost of consumer credit Tax charges -48 -65

Net income from continuing 2018 effective tax rate of 30% vs normative tax 125 150 operations rate of approx.40% including CVAE

Discontinued operations -87 0 Net income from continuing operations up +20%

34 STRONG FREE CASH FLOW GENERATION IN 2018

€m 2017 2018 Cash impact of 2017 non-recurring elements

EBITDA 370 399 due to integration rollout

(1) Non-recurring cash elements -17 -38 Working capital impact is positive despite high Cash flow from operations before tax, (1) 353 361 dividends and interest comps in 2017 due to alignment of payment

Change in working capital 56 1 terms between Fnac and Darty

CAPEX(2) -112 -118 Capex under control Tax -98 -72

Operating Free Cash flow(1) 199 173

(1) Excluding the impact of the €20m fine from the Competition Authority (2) Net of property disposals

35 A STRONG LIQUIDITY POSITION

Return to a net cash position, only two years after the acquisition of Darty

€m 31/12/2017 31/12/2018 Successful bank debt renegotiation in H1 2018, with improved terms and 2y maturity gain Shareholders’ equity 1,103 1,261

Net Debt 86 (7) 100 million credit agreement signed with the European Investment Bank (EIB) with a maximum Gross debt 861 911 maturity of 9 years, at very attractive financing terms Cash & cash (775) (919) equivalents Positive outlook granted by S&P in April 2018 and BBB- rating issued by Scope Ratings

Shareholder return: launch of a share buyback program for up to 2% of share capital

36 NET DEBT EVOLUTION IN 2018

Operating Free Cash Flow: €173m(1)

1 72

118 361

20 11 7

-86 48

Net cash Cash Flow from Change in Corporate Operating Fine from French Share Net financial Net cash position at operations working capital income tax paid investments net Competition buyback cost and other position at December 31, before tax, requirement of disposals Authority items December 31, 2017 dividend and 2018 interest

Including €38m of non-recurring cash elements

(1) Excluding the impact of the €20m fine from the Competition Authority

37 VISION AND 2019 KEY FOCUS

Being even more Client centric Accelerating our digital transformation Leverage trust and loyalty “Digital Factory” and major investments in IT Offer the best market omnichannel experience Updated marketplace platform Focus on team training to bring best in class customer Test and learn process to implement shopping innovations experience Search for new standards addressing new consumption trends and customers needs CONFIANCE

Focusing on Execution Nurturing Responsibility

Leading omnichannel player, with a competitive spirit Committed to constantly offering clients more “choix After successful integration, more scope for project éclairés” implementation Pioneer in the circular economy Foster cultural and technological diversity and accessibility Building future growth

Mid-term objectives confirmed Higher growth than markets and 4.5% to 5% current operating margin

38 CONTACT

Stéphanie Constand Valéria Maio Marina Louvard VP Investor Relations and Financing Group CSR manager Investor Relations and Financing Manager Directrice Relations Investisseurs Responsable RSE Groupe Manager Relations Investisseurs et Financement et Financement

Tel : +33 1 55 21 18 63 Tel : +33 1 55 21 57 54 Tel : +33 1 72 28 17 08 Mob. : +33 7 50 12 03 78 Mob. : +33 6 68 23 76 07 Mob. : +33 6 26 65 62 29 [email protected] [email protected] [email protected]

Le Flavia - 9, rue des Bateaux-Lavoirs - 94200 Ivry-sur-Seine http://www.fnacdarty.com/

39 DISCLAIMER

IMPORTANT NOTICE: By reading this presentation, you agree to be bound by the following limitations and qualifications: Certain information included in this release is not based on historical facts but on forward-looking statements. Such forward-looking statements speak only as of the date of this presentation and Fnac Darty expressly disclaims any obligation or undertaking to release any update or revisions to any forward- looking statements in this presentation to reflect any change in expectations or any change in events, conditions or circumstances (or otherwise) on which these forward-looking statements are based. Such forward looking statements are for illustrative purposes only. Investors are cautioned that forward-looking information and statements do not guarantee future performance and are subject to various known and unknown risks and uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Fnac Darty, and could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking information and statements. These risks and uncertainties include those discussed or identified in Chapter 6 “Facteurs de Risques” of the Fnac Darty 2018 registration document which has been registered with the French Autorité des marchés financiers ("AMF") under n°D19-0166 on March 18th, 2019, and which is available on the AMF's website at www.amf-france.org and on Fnac Darty’s website at www.fnacdarty.com. This material was prepared solely for informational purposes and does not constitute and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in the United States of America or any other jurisdiction. Likewise it does not give and should not be treated as giving investment advice. It does not reflect in any way the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice. This material is being furnished to you solely for your information, and it may not be reproduced, redistributed or published (whether internally or externally to your company), directly or indirectly, in whole or in part, to any other person. Failure to comply with these restrictions may result in the violation of legal restrictions in some jurisdictions. The distribution of, or the access to, this release in certain jurisdictions may be subject to legal or regulatory restrictions. Accordingly, any persons coming into possession of this document are required to inform themselves about and to observe any such restrictions. Fnac Darty expressly disclaims any liability as to the violation of such restrictions by any person.

40 ISR PRESENTATION 2019

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