2009 Annual Results March 11, 2009 Disclaimer

This presentation does not constitute either an offer of securities for sale or a solicitation to offer securities.

Information contained in this presentation may include forecasts and express objectives based on current assessments and estimates of CFAO management. They are consequently subject to a large number of factors, risks and uncertainties, which may result in reported figures and assessments differing significantly from the presented ones. In particular, certain risk factors may result in reported figures which may differ significantly from the given objectives.

CFAO does not commit to update and/or revise and/or comment the forecast information which may be given in this presentation or its impact on the results and perspectives of the Group.

The information contained in this presentation have not been independently verified and no representation or commitment is given as to the accuracy, sincerity, precision or completeness of such information. None of the Group directors or officers shall bear any liability for any loss arising from any use of this presentation or its contents.

InnowayCFAO shllhall assume responsibility for any ittinvestment or other diidecisions made bdbased upon the ifinformati on provided in this presentation. Readers are advised to review the public documents of the company and in particular the press release and consolidated accounts published on March 11, 2010, before taking any investment or other decision in connection with CFAO or its securities.

CFAO Résultats annuels 2009 CFAO: an unrivalled business model Richard BIELLE, Chairman of the Management Board Very strong foothold in Africa and FOTs

75% of revenue 25% of revenue

New French French Antilles Caledonia Polynesia

Vietnam

French Guiana Mauritius

CFAO present in 31 out of 52 countries

France (export) French-speaking Sub-Saharan Africa 5% 41% English- and Portuguese-speaking Sub-Saharan Africa 14% 2009 re v. €2,582m

Maghreb French Overseas Territories (FOTs), 19% MiidViMauritius and Vietnam 21%

CFAO 2009 Results 4 An unrivalled business model A diversified portfolio with leading positions in four businesses

 Importer and  Importer and  Beverages in Congo  Information, network distribu tor of distribu tor of (JV w ith Heineken) and comm u nications vehicles pharmaceutical solutions products  Light industries  Elevators andltd escalators

 Office automation

56% 29% 11% 4% of 2009 revenue of 2009 revenue of 2009 revenue of 2009 revenue

● 2009 revenue: €2,582m ● 9,500 employees

CFAO 2009 Results 5 An unrivalled business model Successful long-term partnerships with major worldwide ggproups

39 years 18 years

7 years > 45 years

> 50 years 34 years 15 years

11 years 49 years 9 years

CFAO 2009 Results 6 An unrivalled business model Positioning of each business at every stage of the value chain

TditilTraditional approach CFAO approach

Supplier Supplier ● A single service provider between the supplier Intermediary 1 and the end customer :

 Increase efficiency Intermediary 2  Capture the full margin Intermediary N...

Customer Customer

CFAO 2009 Results 7 An unrivalled business model Diversified country, business, partner and currency ppgrofile to mitigate risk

GEOGRAPHIES BUSINESSES

 31 African countries,  CFAO Automotive: high-potential, cyclical business  7 FOTs  Eurapharma: steady growth  Mauritius and Vietnam  CFAO Industries: creation of local  represents 13% of revenue value added

 The 10 largest geographies represent  CFAO T ech nol ogi es: manpower 65% of revenue & services

PARTNERS CURRENCIES

 > 20 automotive suppliers  Purchases: 30% JPY, 28% USD and 42% EUR  > 450 laboratories

 3 key industrial partners  Sales: 63% of revenue in EUR or currencies linked to the EUR  > 10 major partnerships for CFAO ThTechnol og ies

CFAO 2009 Results 8 An unrivalled business model Strong momentum to expand geographical reach

New Long-standing leadership Recent expansion markets

English- and French-speaking FOTs North Africa Portuguese-speaking Vietnam Sub-Saharan Africa Sub-Saharan Africa

~ 40% ~ 19% ~ 10% ~ 10% Start-up market share market share market share market share

~ 40% ~ 50% ~ 7% (3) ~ 10% market share market share market share market share

Leader (1)

~ 50% market share (2)

(1) OthbOn the brewery mark ktithCet in the Congo (2) Market share on the IT solutions market in Cameroon and Côte d’Ivoire (3) Market share for imported products in Algeria

CFAO 2009 Results 9 An unrivalled business model Multiple growth drivers

CFAO in medium term 3 + Possible acquisitions of new businesses 2 New markets (start-up)

1 CFAO Expanding share in today recent markets

Market growth

Organic growth + bolt-on acquisitions

CFAO 2009 Results 10 An unrivalled business model CFAO in 2009 Richard BIELLE, Chairman of the Management Board Several unfavorable trends in 2009

● Late arrival of economic crisis in Africa, with impacts mainly felt in S2-2009

● Unppprecedented slump in the automotive sector, CFAO’s biggest market, following a period of vigorous growth

● Steep rise in the JPY, CFAO Automotive main purchasing currency

● Sharp devaluations of numerous local sales currencies (English-speaking Africa and Algeria)

● Adverse trends in the regulatory environment in Algeria, the Group’s most important country in revenue terms

CFAO 2009 Results 12 CFAO in 2009 2009 highlights

● Reduction in inventories: €775m at end-2008  €616m atdt end-2009 ● Launch of cost-cutting measures to stem the upward trend iittdtin committed costs ● Streamlining of CFAO Industries & Trading portfolio: SlSale o fDILMltf DIL Maltex, cl osure o f an assembl y p lan tiBt in Bur kina-FdititiFaso, discontinuation of trading in France and partial withdrawal from trading in (December 2009) ● IPO on December 3, 2009 ● New €300m syndicated credit facility ● Reorganization of the company as a stand-alone business

CFAO 2009 Results 13 CFAO in 2009 Multi-country and multi-business strategy helped CFAO withstand the crisis in 2009

2009 revenue trends (like-for-like (*))

Automotive Eurapharma Industries Technologies CFAO French-speaking Sub- -6.9% 9.0% 13.6% -2.9% Saharan Africa -0.1% English-speaking Sub- -6.1% 37.0% 12.0% 12.4% Saharan Africa 2.0% FOTs, Mauritius -6.1% 1.3% - - & Vietnam -1.9%

Maghreb -15.6% 50.9% -18.4% 17.8% -11.1%

France (export) -39.0% 1.0% -30.6% -12.9% -25.6% CFAO -11.1% 8.2% 6.0% 0.8% -4.0%

 3 out of 4 divisions delivered growth in 2009  Revenues remained stable in Sub-Saharan Africa despite CFAO Automotive performance  FOTs held up well  Significant downturn in Maghreb despite strong advances of Eurapharma (*) Comparable structure and exchange rate basis

CFAO 2009 Results 14 CFAO in 2009 Performance in line with 2009 targets

● 2009 revenue: €2,582m ● EBIT (1): €216.6m ● FOCF (2): €139m 28642,864 (3)

In € millions 2,535 2,582

2,219 2,034 1,859 1,718 1,620 14771,477 1,247 1,049

9.8% 9.7% (3) 84%8.4 % 9.0% 9.1% 9.1% 9.2% 9.2% 8.4% 8.2% 8.2%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Sales ROI as % of revenue before PPR management fees

(1) Recurring Operating Income before PPR management fees (3) Before application of amendment to IAS16 (2) Free operating cash flow

CFAO 2009 Results 15 CFAO in 2009 2009 business review Richard BIELLE, Chairman of the Management Board Jean-Yves MAZON, Chairman of Eurapharma, Member of the Management Board CFAO Automotive Widespread downturn in market for new vehicles in 2009, with B2B markets in Sub -Saharan Africa harder hit

New vehicle volumes (estimated markets)

French-speaking Sub-Saharan Africa English-speaking Sub-Saharan Africa Mostly B2B Mostly B2B

50 000 120 000 +28% +18% -13% 100 000 40 000 -35% 80 000 30 000 60 000 20 000 40 000 10 000 20 000 0 0 2006 2007 2008 2009 2006 2007 2008 2009

Algeria & FOTs & Mauritius Mostly B2C Mostly B2C

500 000 60 000 +2% ~ -13% +21% -6% 400 000 50 000 300 000000 40 000 200 000 30 000 20 000 100 000 10 000 0 0 2006 2007 2008 2009 2006 2007 2008 2009

Source: CFAO

CFAO 2009 Results 17 CFAO Automotive CFAO Automotive New vehicle volumes fell 22% in 2009 Performance mixed depending on each region

Estimated CFAO new vehicle Change market volumes (in units) 2008 2009 09/08 share 2009 trends

French-speaking Sub- Positions 17,588 15,938 -9.4% ~_ 47% Saharan Africa cemented English-speaking Sub- 15,848 9,783 -38.3% ~_ 13% Stable Saharan Africa

Algeria and Morocco 44,768 34,097 -23.5% ~_ 10% Downturn

Positions FOTs, Ma uriti us (excl. Almameto) 7, 410 6, 808 -81%8.1% ~_ 14% cemented

Vietnam 16 102 n/a n.a. In line with plan

TtlTotal 85, 630 66, 728 -22. 0%

CFAO 2009 Results 18 CFAO Automotive CFAO Automotive Our three largggest vehicle markets at a glance

Algeria Morocco

 Sharp downturn in market after a nearly two-  Pick-ups and trucks represent 70% of CFAO fold increase in 2006-2008, and significant fall Automotive’s Moroccan business in the Algerian as from early 2009  Market shed around 25% in 2009, squeezed by  Market held up well in H1 thanks to massive the crisis and tighter lending conditions inventory run-downs, with European brands gaining ground (EUR sourcing)  Priority focus on running down inventories for all brands  Contraction in market in H2, owing to regulatory measures aimed at curbing imports (new taxes, payment by letters of credit and discontinuation of consumer credit) Nigeria  Streamlining in progress at CFAO Automotive; development of product mix (launch of pick-ups  Severe downturn in market in H2 and trucks)  Banking crisis triggering a credit crisis  Measures taken by public authorities triggered  Very high inventory levels for all operators a fall in imports in 2009 and weakened competition

CFAO 2009 Results 19 CFAO Automotive CFAO Automotive Revenue affected across all regions in 2009

Revenue (€m) Change 2008 2009 (reported) ● French-speaking Africa: business French-speaking Sub- held up well (market leader), 593.5 555.2 -6.5% Saharan Africa and successfullyyp passed on the rise in the JPY; CFA franc remained stable English-speaking Sub- 261.5 215.5 -17.6% ● English-speaking Africa: decline Saharan Africa in revenue less dramatic than drop Algeria and Morocco 492. 1 398. 9 -18. 9% in volumes. Prices raised to pass on the increase in the JPY and USD; devaluation of local currencies FOTs, Mauritius -6.1% 336.3 223.3 Excl. & Vietnam ● North Africa: difficulty in passing Almameto on exchange rate fluctuations amid France export 95.8 58.4 -39.0% market downturn in Algeria in 2009 ● FOTs: revenue in shrinking markets Total CFAO held up well 1,779.1 1,451.4 -18.4% AtAutomo tive ● Fall in direct sales in France due to fewer tenders in 2009 Like-for-like -11.1%

CFAO 2009 Results 20 CFAO Automotive CFAO Automotive Growth in after-sales services and > 3.5t vehicles as % of revenue

100% 100%

10% 12% ● Robu st performance of after-sales services 13% 15% and measures to 2-wheelers & other increase cost absorption Services & spare parts ratio Used vehicles > 3.5t vehicles ● Gradual ramp-up of truck < 3.5t vehicles 68% 65% sales in Algeria and Sub- Saharan Africa

2008 2009

CFAO 2009 Results 21 CFAO Automotive CFAO Automotive Fall in oppgpyerating profitability from the hi gh level of 2008

Downturn in automotive markets

Change + 2008 2009 09/08 Margins squeezed by inventory run-downs (31, 966 vehicles in stock at end-2008 Revenue 1,779.1 1,451.4 -18.4%  22,383 at end-2009) + EBIT i n €m 198. 1 118. 1 -40, 4% Rise in JPY (+17%) and USD (+5%) + As % of rev. 11.1% 8.1% -3.0 pts Fall in several sales currencies Algerian dinar (-11%), Nigerian naira (-20%), Kenyan shilling (-25%) and Ghanaian cedi (-20%) = Significant impact on CFAO Automotive EBIT with a strong compa r ative 2008 pe riod

CFAO 2009 Results 22 CFAO Automotive Eurapharma Steadyyggy, strong growth dynamic

Revenue (€m) Change ● Market growth and increased 2008 2009 (reported) market share in French- French-speaking Sub- speaking Sub-Saharan Africa 262.0 285.3 +8.9% Saharan Africa ● Vigorous growth in Algeria English-speaking Sub- 28.6 35.7 +25.1% Saharan Africa (+45%) and Ghana (+102%), despite local currency Maghreb 37. 9 54. 1 +42. 7% dltidevaluations

FOTs + other 312.9 317.1 +1.3% ● Sales held firm in FOTs despite crisis in French Antilles as from France 54.1 48.5 -10.3% early 2009

Total Eurapharma 695.5 740.8 +6.5% ● Sales in France affected by adoption of equity method for Like-for-like +8.2% marketing services business

CFAO 2009 Results 23 Eurapharma Eurapharma Upbeat trends across all businesses

Change ● Increase in market share for Revenue (€m) 2008 2009 (reported) wholesale and resale business: Import, wholesale & 574.9 602.4 +4.8% resale Market share 2008 2009

Pre-wholesale 82.9 99.4 +20.0% Africa (1) 39.8% 40.4%

(2) Distribution agent 28.6 35.7 +24.8% FOTs 50. 4% 51. 5%

Other 9.1 3.2 -64.8% ● Strong advances in pre-wholesale & distribution agent businesses Total Eurapharma 695.5 740.8 +6.5% ● Bright start-up in Angola Like-for-like +8.2%

(1) IMS statistics for nine countries and Eurapharma estimates/Average market share over 12 months (2) GERS statistics/Average market share over 12 months

CFAO 2009 Results 24 Eurapharma Eurapharma Increase in EBIT as % of revenue and in value terms

EBIT trends

Change 2008 2009 09/08 ● Advances in EBIT in pre- whlholesa le, diibidistribution agent Revenue 695.5 740.8 +6.5% & resale segments in Africa ● FOTs hit by impact of regulatory margin cuts in 2008 EBIT in €m 55.3 60.1 +8.7% ● Algeria affected by currency impacts As % of rev. 7.9% 8.1% +0.2 pt

CFAO 2009 Results 25 Eurapharma CFAO Industries Refocused pppygortfolio and profitability gains

● Beverages Change Revenue (€m) 2008 2009 (reported)  Brasseries du Congo: sharp 13% increase in production to 2.14 Mhl and further investments in 2009 Beverages 132.8 143.0 +7.6% and 2010  Sale of DIL Maltex Other industries 75.0 66.9 -10.8% ● Other industries Trading 78.6 70.0 -10.9%  Rise i n sal es of pl asti c pro duc ts  Downturn in markets for two- Total 286.4 279.9 -2.3% wheel vehicles and timber in Morocco +6.0% Like-for-like ● Trading  Activity gradually scaled back: EBIT 2008 2009 Change discontinuation of trading in FiH2France in H2-09 an d w ithdrawa l In €m 35.6 44.3 +24.6% from trading business in Nigeria as of December 2009 As % of revenue 12.4% 15.8% +3.4 pts ● Sharp rise in EBIT : volume impact and business mix

CFAO 2009 Results 26 CFAO Industries CFAO Technologies Business proved resilient

Change Revenue (€m) 2008 2009 (reported) ● Sales held firm across all regions Solutions 59.2 56.7 -4.1% ● Profitability close to Group standards in French-speaking Equipment (elevators & 31.5 36.3 +15.9% Africa, excluding bad debt escalators) provisions (€1.3m) Products (office 23.0 17.0 -26.1% ● Business in Nigeria and Algeria automation) still short of profitability targets: Total 113.7 110.0 -3.3%  Development of Solutions business in Nigggeria alongside Like-for-like +0.8% office automation and elevators & escalators  Ramp-up of Solutions credentials EBIT 2008 2009 Change amid competitive environment in Algeria In €m 4.6 4.1 -10.2%

As % of revenue 4.1% 3.8% -0.3 pt

CFAO 2009 Results 27 CFAO Technologies Analysis of 2009 results Olivier MARZLOFF, Chief Financial Officer, Member of the Management Board Operating performance

In €m 2008 2009 Change Revenue 2, 874. 7(*) 2, 582. 0 -10. 2% Gross profit 666.0 577.3 -13.3% As % of revenue 23.2% 22.4% -0.8 pt Payroll expenses (200.2) (184.8) -7.7% Other recurring operating income and expenses (189.1) (175.8) -7.0%

EBIT (before PPR management fees) 276.8 216.6 -21.7%

As % of revenue 9.6% 8.4% -1.2 pts PPR management fees (6.9) (5.7) -17.4% Other non-recurring exceptional income and expenses 8.7 (2.6) - Oppgerating income 278.6 208.3 -25.2% EBITDA (before PPR management fees) 313.9 256.3 -18.4% As % of revenue 10.9% 9.9% -1.0 pt

(*) After application of amendment to IAS16

CFAO 2009 Results 29 Analysis of 2009 results Sales held firm in 2009

Change Change Revenue (€m) 2008 2009 (reported) (like-for-like)

Automotive 1,779.1 1,451.4 -18.4% -11.1%

Eurapharma 695.5 740.8 6.5% 8.2%

Industries 286. 4 279. 9 -23%2.3% 60%6.0%

Technologies 113.7 110.0 -3.3% 0.8%

Total 2,874.7 2,582.0 -10.2% -4.0%

● Main changes in Group structure: Almameto (-€108.3m) , DIL Maltex (-€85m)8.5m) and Eurapharma marketing services (-€6.1m)

● Like-for-like growth in three divisions offset downturn in CFAO Automotive

CFAO 2009 Results 30 Analysis of 2009 results More challenging conditions in second-half 2009

2009 quarterly sales

673.9 664.7 645.2 598.1 ● H1: -1.6% like-for-like (-5.5% on a reported basis)

H2: -6.8% like-for-like (-14.7% on a reported Q1 Q2 Q3 Q4 basis) +0.3% (1) -35%3.5%(1) -10. 9%(1) -28%2.8%(1)

o/w CFAO Automotive ● Slight recovery in Q4 versus Q3 401. 1 385.7 322.5 342.1

Q1 Q2 Q3 Q4 -2.6%(1) -10.3%(1) -20.7%(1) -11.0%(1)

(1) Like-for-like change versus 2008 (comparable structure and exchange rates)

CFAO 2009 Results 31 Analysis of 2009 results EBIT(*) by division

2009 EBIT by division (€m) and year-on-year change

216.6 118.1

60.1 44.3

4.1 -10.0

Auto Pharma Industries Techno Holding Group

-€80.0m +€4.8m +€8.7m -€0.5m +€6.8m -€60.2m

EBIT as % of revenue by division

8.1% 8.1% 15.8% 3.8% 8.4% -3.0 pts +0.2 pt +3.4 pts -0.3 pt n.m. -1.2 pts

(*) Or Recurring Operating Income before PPR management fees

CFAO 2009 Results 32 Analysis of 2009 results Analysis of EBIT by half-year Automotive division hit harder by crisis in second-half 2009

In €m H1 2009 H2 2009

Revenue 1,338.6 1,243.4

EBIT (before PPR management fees) 124.5 92.1

As % of revenue 9.3% 7.4% o/w Automotive 10.1% 5.8% Eurapharma 8.1% 8.2% Industries 15.1% 16.5% Technologies -0.1% 7.9%

CFAO 2009 Results 33 Analysis of 2009 results Financial performance

In €m 2008 2009 Change

Operating income 278.6 208.3 -25.2% Cost of net debt -17.0 -20.2 +18.8%

Other financial income and expenses -4.2 -7.7 +83.3% Income before tax 257.4 180.5 -29.9% Corporate income tax -89. 8 -62. 5 -30. 4%

Share in earnings of associates 3.6 3.2 -9.6% Net income from continuinggp operations 171.1 121.2 -29.2%

o/w Group share 128.6 90.3 -29.8%

o/w attributable to non-controlling interests 42.5 30.9 -27.4%

CFAO 2009 Results 34 Analysis of 2009 results Sharp improvement in working capital requirement Inventories slashed in 2009

Change in working capital requirement (€m)

459 (*) 16.0% 402 Trade 15.6% (*) receivables 372 335

Inventories 775 616

(387) Trade payables (535) (162) Other (153)

2008 2009

(*) As % of revenue

CFAO 2009 Results 35 Analysis of 2009 results Capital expenditure program continued

Change in gross capex (€m)

80.2 69.3 ● Automotive %f% of revenue 28%2.8% 2.7% Continuation of modernization and network expansion plan 2008 2009 ● Industries Gross capex by division in 2009 (€m) Additional capacity investments for (*) Brasseries du Congo 29.9 32.4 69.3

6.1 0.7

Auto Pharma Industries Techno Group

(*) Of which holding 0.2M€

CFAO 2009 Results 36 Analysis of 2009 results 2009 free operating cash flow: €139m

Free operating cash flow Change in free operating cash flow

In €m 2008 2009 139 Cash flow from operating 313.4 240.6 125 activities (*) 116 As % of revenue 10.9% 9.3% Change in working capital (143.6) 36.2 requirement Income tax paid (88.2) (73.7) 15 Operating capital expenditure, net (66.6) (64.2)

Free operating cash flow 15.0 139.0 2006 2007 2008 2009

(*) Before taxes, dividends and interest

CFAO 2009 Results 37 Analysis of 2009 results Continuing high level of ROCE before tax in 2009

Average capital employed (€m)

837 740 2009 adjusted EBIT(*) : €203m ROCE = 24.2% 2009 average capital: €837m

2008 2009

(*) Recurring Operating Income minus result from sale of financial assets

CFAO 2009 Results 38 Analysis of 2009 results Robust financial structure at end-2009

Condensed consolidated financial position (€m) 2008 2009 ● Financial ratios at end-2009 Intangible assets 132.6 133.8  Gi(tdbt/it)Gearing (net debt/equity): Property, plant and equipment 251.0 262.8 0.46 (vs 0.52 at end-2008)

 Net debt/EBITDA: Working capital requirement 459.2 401.7 1.02 (vs 0.95 at end-2008) Other assets and liabilities 25.4 34.6

Capital employed 868.2 832.9 Drawdown on syndicated 3-year €300m credit facility at end-2009: Equity (1) 570.2 570.9 €132.1m

Net debt 298.0 262.0

(1) Including equity attributable to non-controlling interests

CFAO 2009 Results 39 Analysis of 2009 results Earnings per share and dividend

In €m 2008 2009

Net attributable income 128.6 90.3

Number of ordinary shares (1) 61,524,360 61,524,360

Number of diluted ordinary shares (1) 61,524,360 61,524,360

Earnings per share 2.09 1.47

Earnings per share adjust ed f or non-recurring 2.09 1.56 costs relating to the IPO

In €m 2008 2009

Dividend per share (2) 1.25 0.78

Divid en d pay-outti(%)t ratio (%) 60% 50% (3)

(()1) Wei ghted avera ge (2) 2009 dividend as recommended to the General Shareholders’ Meeting of May 17, 2010 (3) Based on adjusted net income

CFAO 2009 Results 40 Analysis of 2009 results New shareholding structure Financial consequences

Successful IPO 35.65 million shares floated

Consequences for CFAO

 New syndicated credit facility  PPR management fees no longgpyer payable  Stock option plan set up in connection with the IPO  Certain administrative support functions reinforced  CFAO tax consolidation group formed as from January 1, 2010

CFAO 2009 Results 41 Outlook Richard BIELLE, Chairman of the Management Board 2010 outlook (1/3)

● FOT markets should gradually pick up, after being hit by the global economic crisis as from the end of 2008 ● UbUpbea t s igns in o il an d m iiining coun titries in SbSub-ShSaharan AfiAfrica, with the rebound depending on the extent of the global economic upturn and commodity price trends ● Sub-SfSaharan African countries less dependent on commodities should hopefully stand firm; political stability pending in Côte d’Ivoire ● No sign of a let-up in competitive or regulatory constraints at the start of 2010 in Algeria, or of any short-term recovery in the Moroccan truck market

 All in all, the automotive sector recovery is likely to be felt more in the second half of 2010

CFAO 2009 Results 43 Outlook 2010 outlook (2/3)

● Less pressure from inventory run-downs than in 2009, but the impact of recent hike in JPY and USD should be felt in 2010 ● Further steps to optimize inventories and manage working capital requirement ● Several development opportunities currently being negotiated to cement positions in North Africa and English-speaking Africa

● Robust, steady growth momentum has taken hold at the start of the year ● Market share gains targeted in French-speaking Sub-Saharan Africa ● Opportunities to strengthen our foothold in English-speaking Africa and Algeria, on the back of new contracts with laboratories ● Ramp-up and configuration of our Angolan start-up

CFAO 2009 Results 44 Outlook 2010 outlook (3/3)

● Early 2010 growth momentum confirmed ● Planned acceleration of selective capacity investments for the Congo beverages sector to align production with vigorous growth in demand ● Positive impact of 2009 business refocusing (withdrawal from trading activities) on recurring operating income as % of revenue in 2010

● Aim to strengthen Solutions business in French-speaking Sub-Saharan Africa, Nigeria and Algeria. ● Aim to increase the contribution from recurring operations ● Focus on customer payment periods

CFAO 2009 Results 45 Outlook Significant growth potential in our key African businesses

Car registrations as % of population, Pharmaceutical spending per capita by geographic area (2008) (in €)(*)

4.4% €422

32%3.2% 3.0% 3.1%

€274

€225 €196

1.0% 0.9% 0.6% 0.2%

United France Europe World South Asia - FOTs Africa €4 States America Pacific North Europe France FOTs Africa New vehicle America markets 13.5 2.1 21.9 67.9 4.8 23.6 0.06 1.4 (millions)

(*) Source: Eurapharma

CFAO 2009 Results 46 Outlook Medium-term objectives

Growth Average annual growth of around 10%

In the upper range of our performance Recurring operating margin over the last 10 years

Operating capex Between 1.0% and 1.3% of sales by 2012

Working capital requirement Further optimization of working capital (as % of revenue) requirement Between 40% and 60% of net attributable Dividend income

CFAO 2009 Results 47 Outlook A proven and reinforced strategy

● The Group remains cautious in light of the current economic situation worldwide and particularly in Africa

● This environment does not however imppgact the growth potential of our markets or our business plan which is focused on the long term

● CFAO remains confident in the solidity of its business model based on multi-business growth centered on Africa

● We are ready to seize new opportunities that are available in our current businesses and in other activities

● The stock market listing and our solid shareholder base pppprovide added impetus to the implementation of this strate gy

CFAO 2009 Results 48 Analysis of 2009 results Q&A Appendix 1: 2009 revenue by division and gggpeographic area

AUTOMOTIVE EURAPHARMA INDUSTRIES TECHNOLOGIES CFAO

FSA 555.2 -6.9% 285.3 9.0% 155.4 13.6% 71.5 -2.9% 1,067.4 -0.1% -6.5% 8.9% 13.6% -2.9% 1.2%

A&PSA 215.5 -6.1% 35.7 37.0% 82.9 12.0% 24.3 12.4% 358.5 2.0% -17.6% 25.1% -14.2% -5.8% -13.1%

FOTs 223.3 -6.1% 317.1 1.3% 540.4 -1.9% -33.6% 1.3% -16.8%

North 398.9 -15.6% 54.1 50.9% 30.7 -18.4% 8.1 17.8% 491.8 -11.1% Africa -18.9% 42.7% -17.6% 10.6% -14.4%

France 58.4 -39. 0% 48.5 10%1.0% 10.9 -30. 6% 606.0 -12. 9% 123.9 -25. 6% -39.0% -10.3% -30.6% -12.9% -28.2%

CFAO 1,451.4 -11.1% 740.8 8.2% 279.9 6.0% 110.0 0.8% 2,582.0 -4.0% -18. 4% 65%6.5% -23%2.3% -33%3.3% -10. 2%

2009 revenue Change on a like-for-like basis Based on historical figures

CFAO 2009 Results 50 Appendices Appendix 2: 2008 and 2009 EBIT and EBITDA by division

CFAO EURAPHARMA CFAO CFAO HOLDING CFAO AUTOMOTIVE INDUSTRIES TECHNOLOGIES COMPANY 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 EBIT (€m) 198.1 118.1 55.3 60.1 35.6 44.3 4.6 4.1 -16.8 -10.0 276.8 216.6 As % of rev. 10.6% 8.1% 8.0% 8.1% 12.4% 15.8% 4.0% 3.7% 9.6% 8.4% Change in €m 6.8-0.5 -80.0 8.7 4.8 Change i n % -242.4 p ts 020.2 p t 343.4 p ts -020.2 p t -121.2 p ts

EBITDA (€m) 216.6 139.1 60.4 65.0 46.9 56.2 6.2 5.4 -16.3 -9.5 313.9 256.2 As % of rev. 11.6% 9.6% 8.7% 8.8% 16.3% 20.1% 5.4% 4.9% 10.9% 9.9% Change in €m -77.5 4.6 9.3 -0.8 6.8 -57.6 Change in % -2.0 pts 0.1 pt 3.7 pts -0.4 pt -1.0 pt

-60.2

CFAO 2009 Results 51 Appendices Appendix 3: Q4 2009 sales trends

Q4 09 Change sales Like-for-like Reported

AUTOMOTIVE 342.1 -11.0% -22.3%

EURAPHARMA 196.1 13.6% 8.8%

INDUSTRIES 79.7 4.5% -6.3%

TECHNOLOGIES 27.3 -10.0% -15.9% Total Group 645.3 -2.8% -12.6%

French-speaking Sub-Saharan Africa 277.6 0.8% -0.1%

English-speaking Sub-Saharan Africa 77.5 -11.6% -32.7%

FOTs and other 140.5 5.3% -10.9%

North Africa 124 2.4% -11.0%

France (Export) 25.7 -44.5% -46.9%

CFAO 2009 Results 52 Appendices Appendix 4: Change in main exchange rates in 2008 and 2009 Rise in main purchasing currencies

JPY/EUR USD/EUR

1 1,00 + 17% (()*) + 5% (()*) 090,9 0,90

0,8 0,80

0,7 0,70

0,6 0,60

0,5 0,50 9 8 8 9 9 00 9 0 0 0 0 /2 08 08 09 00 20 20 20 20 12 1/ 7/ 1/ /2 1/ 7/ 1/ 7/ /0 /0 /0 12 0 0 0 0 01 01 01

(*) Change in average exchange rates between 2008 and 2009

CFAO 2009 Results 53 Appendices Appendix 5: Change in main exchange rates in 2008 and 2009 Fall in local currencies

Shilling Kenyan/USD Dinar algérien/USD

-25% (*) 0,017 -11% (*) 0,017 0,016 0,016 0,015 0,015

0,014 0,014 0,013 0,012 0,013

9 9 00 8 8 9 9 00 /2 00 00 00 00 2 12 /2 /2 /2 /2 2/ 01 07 01 07 1

Cedi Ghanéen/USD Naira Nigerian/USD

-20% (*) 0,00865 -20% (*) 1,060 0,00812

0,960 0,00759

0,860 0,00706 0,00653 0,760 0,006 0,660 8 8 9 09 9 0 0 0 09 0 00 20 0 0 0 /2 /2 1/ /2 /2 /2 2 12 0 07 01 07 1

(*) Change in average exchange rates between 2008 and 2009

CFAO 2009 Results 54 Appendices