#1bpifrance SERVING THE FUTURE DEBT INVESTORS PRESENTATION Bpifrance Financement, Bond Issuer October 2020#2Disclaimer This presentation has been prepared and is available on the web site of Bpifrance Financement. This presentation does not constitute an offer or invitation by or on behalf of Bpifrance Financement to subscribe or purchase any notes issued or to be issued by Bpifrance Financement. This presentation is not intended to provide any valuation of the financial situation of Bpifrance Financement nor any valuation of the notes issued or to be issued by Bpifrance Financement and should not be considered as a recommendation to purchase any notes issued or to be issued by Bpifrance Financement. Any projection, forecast, estimate or other 'forward-looking' statement in this document only illustrates hypothetical performance under specified assumptions of events and/or conditions, which may include (but are not limited to) prepayment expectations, interest rates, collateral and volatility. Such projections, forecasts, estimates or other 'forward-looking' statements are not reliable indicators of future performance. The figures presented in this document have been taken from duly validated internal sources and have not been audited. This presentation has been prepared as at 21 October 2020, and is subject to updating, revision, verification, completion and amendment and such information may be subject to change materially. Bpifrance Financement is under no obligation to update or keep current the information contained in this presentation or in the presentation to which it relates and any opinions expressed in them is subject to change without notice. Any forward-looking statements will not be updated retrospectively. Such statements are valid on the date of publication and can be superseded. Uncertainty as to the duration and extent of the pandemic makes the overall impact on the world economy unpredictable. The extent to which the pandemic and its economic consequences will affect Bpifrance's results and financial condition will depend on future developments, including the impact of the measures taken to date or future measures that may be taken and the actual severity and duration of the pandemic and the nature, extent and duration of the measures taken to contain or treat its impact. Any person having read this presentation shall independently judge of the relevance of the information contained herein; shall make its own independent assessment of Bpifrance Financement and determine whether to participate in any potential transaction; and shall consult its own advisors as to legal, tax or other aspects, as deemed necessary. The French "Autorité des Marchés Financiers" granted its visa under number 20-251 dated 12 June 2020 with respect to a EMTN base prospectus (the "Base Prospectus"). You are invited to report to the Base Prospectus as supplemented by the supplements to the base prospectus before taking any decision with respect to the implementation of any potential transaction. The Prospectus is available in accordance with "Prospectus Regulation" which means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended and includes any relevant implementing measure of such regulation (including risk factors) in each relevant Member State of the EEA, and any applicable law, on the webpage http://www.bpifrance.fr/Espace-Investisseurs. PRIIPS Regulation - Prohibition of sales to EEA retail investors - the Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of directive 2014/65/EU (MIFID II); or (ii) a customer within the meaning of directive 2016/97/EU of the European Parliament and of the Council dated 20 January 2016 on insurance distribution, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MIFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently no key information document required by Regulation (EU) No 1286/2014 of the European Parliament and of the Council dated 26 November 2014 on key information documents for packaged retail and insurance-based investment products (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation. This presentation is furnished to prospective investors on a confidential basis, and all material contained herein is for discussion purposes only. The information contained herein may not be reproduced or used in whole or in part for any other purpose. By accepting this material, the recipient agrees that it will not distribute or provide the material to any other person. The information in this presentation is confidential and may not be disclosed to any other person without our prior written approval. In some countries, the publication of this presentation and the offer or sale of notes issued or to be issued by Bpifrance Financement may be subject to legal restrictions and/or regulations. In particular, this document and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution, directly or indirectly, in the United States (within the meaning of Regulations under the United States Securities Act of 1933, as amended, i.e. the "Securities Act"). No offer or sale of securities in the United States or to US persons may take place, except pursuant to an exemption from the registration requirements of the Securities Act. The Issuer invites those reading this presentation to inform themselves and comply with such restrictions and/or regulations. This document may not be distributed in the United States or to US persons. bpifrance Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared, as not available to retail in EEA. 2#3Contents 1. Overview of Bpifrance p. 3 2. Bpifrance Financement: Funding Strategy p. 12 3. Bpifrance Financement: Key Facts & Figures p. 19 4. Appendices p. 27 bpifrance#41. Overview of Bpifrance Executive summary Bpifrance Bpifrance is the French National Promotional Bank, Innovation Agency, Sovereign Fund and Export Credit Agency General interest missions defined by law: public bank dedicated to promoting the financing and development of companies operating in France, and in particular of SMEs Highly protected legal status and tight control by public authorities: strongest possible ownership in France (50% by the French State / 50% by the Caisse des Dépôts) Epic Bpifrance is one of the "key central government agencies and core to the state apparatus, thus having a critical role to implement public policies and support it", according to Fitch¹ EPIC² Bpifrance and Caisse des Dépôts (CDC) ratings considered by Moody's and Fitch as aligned with those of French Government Aa2 (stable) / P-1 by Moody's; AA (negative) / F1+ by Fitch Ratings EPIC Bpifrance is also classified as an Other Government Body³ or ODAC (Organisme Divers d'Administration Centrale), which means that its debt is consolidated with that of the State (under Maastricht's Rules) EPIC is extending its guaranty to Bonds and CP programs of Bpifrance Financement Bpifrance Financement's debt issued both under EPIC1 Bpifrance's guarantee and ECB's State Agency classification HQLA4 level 1 Agency haircut with ECB Eligible for the ECB's Public Sector Purchase Programme (PSPP) Eligible to a 0% risk factor stress for spread risk on bonds and loans (Under Solvency 2 Regulation EU 2015/35) ● Bpifrance is directly and fully regulated by the European Central Bank (ECB) and under domestic supervision through the Financial Markets Authority (AMF) and ACPR5 in particular Bpifrance Group's fully-loaded Basel 3 CET1 ratio: 33,4% as at 31/12/2019 Bpifrance successfully passed the 2014 Asset Quality Review (AQR) and 2014/2016/2018 stress tests performed by the EBA6 and the ECB, demonstrating its financial strength Strong capitalisation, well above minimum regulatory requirements ● As a credit institution, Bpifrance Financement is subject to banking regulations and has access to ECB refinancing ● Bpifrance is among top-performers in ESG, Bpifrance's Vigeo Rating is "Advanced", the highest level possible bpifrance 1. Special report: French State's Massive Support Plan Underpins the Role of Key Agencies / 2. EPIC status: see details in appendix 1 3. https://www.insee.fr/en/metadonnees/definition/c1451 / 4. https://acpr.banque-france.fr/sites/default/files/media/2018/07/12/07-notice_crd iv.pdf 5. Autorité de Contrôle Prudentiel et de Résolution / 6. European Banking Authority (EBA) / 7. Vigeo Report for Bpifrance#5Bpifrance, a public investment bank, is the trusted partner to entrepreneurs, banks and investors Set up by law on 12th July 2013, Bpifrance is: "A public group aiming at financing and developing companies, and acting in accordance with the public policies conducted both by the State and regional authorities" A century of public banking: details in appendix 1 Current legal entity structure Bpifrance is a financial company: 1 Held on a 50/50 basis by the French State and the Caisse des Dépôts 2 Structured around three main operating subsidiaries: A bank (Bpifrance Financement)² Bond issuer An asset management company (Bpifrance Investissement)³ An export credit agency (Bpifrance Assurance Export) 2 Ordinance on 17th June 2020 establishes a new structure as end of 20204: see details in the next page Current organizational structure 3 Bpifrance is structured around 3 separate primary divisions and 8 business lines Legal structure Ownership structure Business lines 1. Overview of Bpifrance Strongly supported by the French State French Agency Aa2 (Moody's) / AA (Fitch) EPIC 4 Direct & explicit Bpifrance fully guarantee on bond and CP issues 91%2 bpifrance FINANCEMENT Bond Issuer See details in sections 2 & 3 Credit (cofinancing) Funding: Debt Financing division Guarantee Innovation Financing 100% Liberté Égalité • Fraternité RÉPUBLIQUE FRANÇAISE GROUPE Under the supervision and the guarantee of the French Parliament Caisse desDépôts 50% 50% Bpifrance Group Bpifrance S.A. 100% 100% bpifrance ASSURANCE EXPORT bpifrance INVESTISSEMENT Acting in the name, on behalf of and under the control of the State Equity Investment division Venture Capital Growth Capital (Small, Mid & Large Caps) Funds of Funds Export-Credit Insurance division Management of the State Export Guarantee Funding: Public allocations Business Support Services 5 1. Article 1 of Act No. 2012-1559 dated 31 December 2012 on the creation of Bpifrance: http://www.legifrance.gouv.fr/eli/loi/2012/12/31/2012-1559/jo/texte / 2. Bpifrance Financement is 9%-owned by commercial banks / 3. Bpifrance Investissement is 100%-owned by Bpifrance Participations, a holding company, that is bpifrance 100%-owned by Bpifrance S.A. / 4. Ordinance No 2020-739 dated 17th June 2020 on the intragroup merger by absorption of Bpifrance SA by Bpifrance Financement 5 / 5. EPIC status: see details in appendix 1 / 6. Advisory services, training programmes, networking opportunities,...#61. Overview of Bpifrance Bpifrance, an ongoing intragroup merger-absorption to strengthen the capital of the bank and have a lighter group structure Current structure French Agencies State-owned Direct fully guarantee 100% on bonds EPIC Bpifrance1 Liberté Égalité Fraternité RÉPUBLIQUE FRANÇAISE GROUPE Caisse desDépôts Anticipated group structure evolution According to Ordinance 2020-7393 French Agencies State-owned Direct fully guarantee on bonds 100% Liberté Égalité Fraternité RÉPUBLIQUE FRANÇAISE GROUPE EPIC Bpifrance Caisse desDépôts 100% Bpifrance S.A. (Holding) Other² 91% 100% 9% 100% bpifrance bpifrance bpifrance FINANCEMENT > Bond Issuer INVESTISSEMENT ASSURANCE EXPORT >98% 100% Bpifrance Merger by absorption of Bpifrance SA by Bpifrance Financement bpifrance INVESTISSEMENT Other <2% > Bond Issuer 100% bpifrance ASSURANCE EXPORT Several benefits for the bond issuer... bpifrance Strengthening of the capital, CET1 ratio will be highly increased to a level above to 25% (vs. 14% today) Increasing the financing capacity to conduct general interest missions Direct ownership of the bond issuer by CDC and EPIC Bpifrance4 Comforting Bond and CP issued by Bpifrance Financement with unchanged EPIC Bpifrance guaranty Simplifying the legal structure, reducing administrative and management costs 1. EPIC status: see details in appendix 1 / 2. Bpifrance Financement is currently 9%-owned by commercial banks / 3. Ordinance No 2020-739 dated 17th June 2020 establishes a new structure: a merger by absorption of Bpifrance SA by Bpifrance Financement / 4. Sovereign ownership will increase to over 98%#71. Overview of Bpifrance Our strategy: bringing together the best of the public and private sectors to boost growth ●Bpifrance favours growth sectors and geographical zones, in its mission to support national industrial policy (digital, biotechnology, agribusiness, aeronautic, eco-industries...) ●Similarly, B pifrance adopts an approach suited to the particularities of firms operating within the Social and Solidarity Economy (SSE) Innovation is a key priority for Bpifrance. We intervene prior to the R&D phase and continue all the way through to the reinforcing of capital for innovative firms, who are an essential source of competitiveness for the French economy Strategic roadmap: 3 central pillars We give a real boost to promising new sectors and to innovation We encourage the development of French businesses internationally Bpifrance provides growing SMEs and mid-cap businesses with personalised international support • Bpifrance with Business France, offers a specific package which facilitates businesses' access to information on foreign markets and tools for financing and insuring their export activities We favour a fertile financial ecosystem for entrepreneurs in France and abroad Bpifrance promotes the emergence of a fully integrated and effective ecosystem for financing and private investment in businesses The goal is to provide micro- businesses, SMEs and mid-caps, at all stages of development, with access to highly competent, specialized financiers and investors Bpifrance strives to attract international investors in the financing of French SMEs and mid-cap businesses bpifrance A bank that promotes non-price competitiveness (Internationalization / Digitalization / Energy and Environmental Transition) 7#8An integrated banking model based on five activities with two different but complementary natures An integrated banking model 1. Overview of Bpifrance A Own fund-related activities: Co-financing of credit, in the form of medium- and long-term loans and financing of short-term receivables ⚫ Equity investment', either directly or through investment funds →Funding: debt funding and sharesholders' equity B Activities carried out within the scope of public policies and based, by nature, on dedicated funds² intended to cover commitments made under these assignments: • Guaranteeing loans granted by banking partners and/or equity funding organizations Financing innovation through aid³ or loans Export-credit insurance (insurance covering market survey, credit, exchange risk and investment; guarantees covering pre-financing and the bonding facility) Funding: public allocations bpifrance 1. Bpifrance manages assets also on behalf of third-parties Business Support Services A bpifrance FINANCEMENT Financing Division Guarantee: Credit (cofinancing) Own account Innovation B State account Export-Credit Insurance Equity Investment¹ Bpifrance Creation These business lines are managed within an integrated banking model (pooling of resources, teams, branch networks, IS) for shared customers and based on strictly hived-off financial resources 2. Primarily from the State and other public funders (regional authorities, Europe) / 3. In the form of grants, repayable advances, interest-free loans#9Bpifrance 1. Overview of Bpifrance Bpifrance has a unique and a rock-solid balance sheet reflecting its safe and sound business model Summary consolidated balance sheet (€bn) Assets Bpifrance Financement bpifrance Liabilities 71,9 71,9 Cash 3,9 59,2 8,2 59,2 Others4 8,1 1,3 8,9 Innovation & Guarantee¹ Guarantee & State 3,7 8,9 7,7 Innovation funds account 15,7 11,7 Financing Securities porfolio & Others³ 56,2 Debt funding 37,3 39,2 Financing - Credit portfolios 43.8 Own account Shareholders' equity Dec. 2019 June 2019 Dec. 2019 June. 2020 91,0 91,0 79,8 9,6 Cash 79,8 4,8 8,1 3,4 Others4 8,9 ■Innovation & Guarantee² 8,9 3.4 Guarantee & 11,9 16,1 - Financing Securities Innovation funds State account portfolio & Others assets³ 56,2 Financing - Credit 43,8 Debt funding 37.3 39,2 portfolios Own account 183 17,2 Equity investment portfolio Shareholders' 21,8 equity June. 2020 Dec. 2019 June. 2020 Dec. 2019 1. Assets-Innovation: Aids and Loans; Assets-Guarantee: Securities portfolio and cash / 3. mainly securities portfolio held-to-maturity (10,0€bn) 4.Liabilities-Others: particularly shareholder's advance for Guarantee and Innovation, allocations to be paid, commercial resources, provisions 6#101. Overview of Bpifrance Solvency & Liquidity Bpifrance has a strong capital level and liquidity position > Strong solvency Capital levels are significantly above Piliar 2 requirements: TSCR¹: 9,5% OCR²: 12,0% Bpifrance SA level (future bond issuer structure) Solvency ratio as at 30.06.2020 29% Bpifrance Financement level (today's bond issuer structure) Leverage Ratio as at 30.06.2020 19,4% 14% 29% 4,1% Bpifrance is in the top-20% of highest capital level of European Banks³ CET 1 12% Bpifrance Financement Bpifrance SA Bpifrance Financement Bpifrance SA Leverage ratio maintened largely over the 3% requirement level imposed by the Basel Committee > Prudent gestion of liquidity Liquidity Ratio as at 30.06.2020 LCR and NSFR are largely above 100% level requirements 1 605% 1 553% Liquidity reserve 4 of € 19,3 bn: €12,3 bn immediately available €7,0 bn available within 1 month bpifrance LCR 133% 127% NSFR €bn Liquidity reserve as at end of June 2020 Cash ECB Deposits High Quality Liquid Assets 1 7,0 €bn 19,3 Other ECB eligible assets & assets 8,2 available within 1 month 1. Total SREP Capital Requirement (minimum CET 1 ratio) / 2. Overall Capital Requirement (minimum solvency ratio) / 3 Bpifrance's estimations based on EBA 2017 report on CET1 level of EU institutions / 4. Unencumbered, net of haircuts 10#11Bpifrance is an accountable bank and has an ambitious policy of engagement in our society 1. Overview of Bpifrance • Bpifrance is a responsible Group with a mission-statement defined by law and supports Energy and Environmental Transition Number of jobs created / maintained thanks to Bpifrance's support¹ 98 000 99% of Bpifrance Financement's employees received a training in 20197 vigeoiris Rating Bpifrance's rating is at the highest 62 Amount of loans dedicated to Environmental & Energy level possible Transition² 6 Md€ << Advanced >> 58% 52 and above the industry6 of executives* at Bpifrance are women 4, highly above 46% the average of French Banking industy Development Bank sector? New Ecotechnologies 2 Funds to integrate DeepTech Green to TEE 300 Mn€ 62/100 71% Annual satisfaction survey³ of Bpifrance employee bpifrance Note: For more details please see details in appendix 1 and here http://www.bpifrance.fr/Qui-sommes-nous/Developpement-Durable-RSE/Accueil 1. Over 7 generations of enterprises supported from 2008 to 2017 - Source: Impact de Bpifrance Indicateur 2018/2. Target 2023 / 3. Willis Towers Watson report 2019 4. Source: Equality Man & Woman / 5. 2016: FBF & OEMA / 6. Vigeo Report for bpifrance & Vigeo Report on Development Banks Sector 2018/7. DEPF in 2019 (Déclaration de Performance Exra Financière - Disclosure of Non-financial Performance) 11#12Contents 1. Overview of Bpifrance 2. Bpifrance Financement: Funding Strategy p. 3 p. 12 3. Bpifrance Financement: Key Facts & Figures p. 19 4. Appendices p. 27 bpifrance 12#132. Bpifrance Financement: Funding Strategy Bpifrance Financement issues bonds and commercial paper to refinance its loan portfolio Ownership structure 100% Liberté Égalité Fraternité RÉPUBLIQUE FRANÇAISE EPIC1 Bpifrance 3 Business lines Nature of activity Funding Own GROUPE Credit (cofinancing) account-related Debt funding Equity activities Caisse desDépôts 50% 50% Direct & explicit guarantee on bond and CP issues Bpifrance S.A. 91%2 bpifrance bpifrance FINANCEMENT Guarantee State Public allocations account-related activities Innovation The bonds and commercial paper issued by Bpifrance Financement are guaranteed by the EPIC1 Bpifrance, by way of an autonomous, unconditional and irrevocable first-demand guarantee 1. EPIC status: see details in appendix 1 / 2. Bpifrance Financement is 9%-owned by commercial banks 1125 13#142. Bpifrance Financement: Funding Strategy EPIC¹ Bpifrance and the debt issuance programmes benefit from high quality ratings MOODY'S > Aa2 (Stable) / P-1 Rationale: EPIC Bpifrance is fully owned by the French state and benefits through its status as an Etablissement public à caractère industriel et commercial (EPIC) from an implicit guarantee from the state Its issuer rating is therefore derived from the application of a credit substitution approach whereby it is aligned with that of the French government Intrinsic operational and financial ties between the EPIC and the French Sate The legal status of EPIC implies that it is not subject to liquidation laws and its creditors have ultimate recourse to the French State bpifrance Fitch Ratings> AA (Negative) / F1+ Rationale: Bpifrance Group is subject to strong administrative, legal and financial oversight by the French state, which defines its missions Bpifrance Group's commitments are supervised by parliament through annual performance reports A strategic public institution for implementing France's economic support policy As an industrial and commercial public agency, EPIC cannot be liquidated or file for bankruptcy proceedings. It can only be dissolved by law, which would entail an automatic, unconditional transfer of all of its assets and liabilities to the state, or to another public entity designated by the state Given Bpifrance's important role in government policy concerning SMEs and mid-caps [...], the French state would extend support in a timely manner in case of stress The rating agencies assess EPIC1 Bpifrance as a government-related issuer, credit-linked to the French State 1. EPIC status: see details in appendix 1 14#15Funding strategy 2. Bpifrance Financement: Funding Strategy Refinancing Strategy in the long run A diversified and a long-term oriented refinancing structure Medium and long-term refinancing mainly on capital markets and through bilateral loans Repo operations on French Govies as part of operations to hedge the rate position Short-term refinancing (commercial paper) mainly used as liquidity management and to ensure a continuing presence on capital markets Bond and Commercial Paper programmes ● EMTN 1 Programme: €45 bn Mainly benchmarks but also private placements NEU MTN² Programme: €4 bn "Autonomous, unconditional and irrevocable first-demand guarantee of EPIC Bpifrance"4 Main Funding Channels bpifrance ● NEU CP3 Programme: €6 bn Labelled STEP under ID 2685 → Ratings and key features: HQLA5 level 1 Long-term ratings Moody's Aa2 Outlook/Review Short-term ratings Stable P-1 Fitch Ratings AA Negative F1+ Agency haircut with ECB Eligible for the ECB's Public Sector Purchase Programme (PSPP) Eligible to a 0% risk factor stress for spread risk on bonds and loans (Under Solvency 2 Regulation) Bilateral Loans Access to ECB instruments Long-term partnerships with CDC and other public institutions (e.g. EIB, KfW) Repo backed by French Govies Note: The aggregate nominal amount of EMTN outstanding and NEU MTN outstanding will not at any one time exceed €35 bn 1. EMTN = Euro Medium Term Note / 2. Negotiable European Medium Term Notes / 3. NEU CP = Negotiable European Commercial Paper 4. The only legally binding version is the French one, as follows: "Garantie autonome à première demande inconditionnelle et irrévocable de l'EPIC Bpifrance"; EPIC status: see details in appendix 1 / 5. https://acpr.banque-france.fr/sites/default/files/media/2018/07/12/07-notice crd_iv.pdf 15#162. Bpifrance Financement: Funding Strategy Bpifrance response to Covid-crisis, a strategic role to support the French Economy on behalf of the government Bpifrance plays a key role in the financing and implementation of the French's state massive plan, directly supports French companies and preserves employment. Bpifrance extend its financing capabilities: Guarantee and liquidity emergency measures A set of guarantee measures: Increase Bpifrance's guarantee up to 90% on loans granted by banks, in partnerships with French regions Implementation on behalf of the government of a massive state-guarantee plan, up to €300 billion of risks guaranteed by the government An emergency plan to support French companies 1: ~€3 billion amount dedicated through 3 specific types of loans with specific terms to facilitate credit access: Unsecured loans Large group of companies eligible Flexible grace-period Suspension of payments for six months on existing loans for the most impacted Bpifrance's customers Further short-term facilities and emergency measures to secure companies financing Bpifrance is prepared to extend additional measures outlined by the state bpifrance Bpifrance's funding plan update EMTN 2020 Funding target increased to €7 bn (+€3 bn fully backed up by the direct & explicit guarantee of EPIC Bpifrance) EMTN EMTN programme increased to €45 bn (+€10 bn fully backed up by the direct & explicit guarantee of EPIC Bpifrance) 1. "Plan d'urgence aux entreprises": see more details: https://www.bpifrance.fr/A-la-une/Actualites/Coronavirus-les-mesures-pour-les-entreprises-annoncees-par- Bpifrance-49117 16#172. Bpifrance Financement: Funding Strategy A diversified and a long-term oriented refinancing structure €bn An increasing and more diverse refinancing structure to support business growth 56,2 42,9 43,8 Breakdown by Instrument Туре 39,5 34,8 30,5 26,5 22,2 17,9 14,7 9% 7% 23% 61% Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15 Dec. 16 Dec. 17 Dec. 18 Dec. 19 June. 20 ■EMTN/NEU MTN Bilateral loans (including TLTRO) ■Repo Commercial Paper Refinancing breakdown €bn, as at 30/06/2020 Govies portfolio breakdown €bn, as at 30/06/2020 16 14 Breakdown 12 55% by Remaining 10 8 Maturity 6 11% 13% 14% 5% 4 1% 2 < 1 year 0 [1-2 [2-3 years] years] [3-4 [4-5 >5 years years] years] > 5 years [4-5 [3 - 4 [2-3 [1-2 < 1 year years] years] years] years] ■Repo bpifrance Commercial Paper Bonds & bilateral loans (including TLTRO) 17#18876543210 21,2 2,6 Bond issues under the EMTN/NEU MTN programmes A demonstrated ability to access diversified market fundings Bond issues since 2011 (€ bn) 3,8 0,9 4,7 5,1 3,9 2011 2012 Q1-13 Q3-13 Q4-13 2013 Q1-14 Q2-14 Q3-14 Q4-14 2014 Q1-15 Q2-15 Q3-15 Q4-15 2015 Q1-16 Q2-16 Q3-16 Q4-16 2016 Q1-17 Q2-17 Q3-17 Q4-17 → A continuing presence on capital markets By Investor type Bond outstandings breakdown (as at 30/09/2020) By Geographical area 6,6 4,0 3,3 2017 Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19 Q2-19 Q3-19 Q4-19 2019 Q1-20 €bn 6,0 11% Asset managers France 5,0 3% 29% 9% Banks Europe (excl. France) 4,0 3,0 Asia Central Banks & 50% 37% 2,0 Official institutions Africa 34% 1,0 24% Insurers North America (2%) 0,0 Middle East (2%) bpifrance Note: YTD 2020 as at 30/09/2020 → A growing interest among international investors over 450 investors in 46 countries 2020 2021 2022 2023 2024 2025 2026 2027 By Maturity 2028 2029 2030 2031 2032 2033 2050 18 2. Bpifrance Financement: Funding Strategy Q2-20 YTD 2020 7,3#19Contents 1. Overview of Bpifrance p. 3 2. Bpifrance Financement: Funding Strategy p. 12 3. Bpifrance Financement: Key Facts & Figures ●Business Model p. 19 ●Financials ●Risk Management 4. Appendices bpifrance p. 27 19 19#203. Bpifrance Financement: Key Facts & Figures - Business Model The mission of Bpifrance Financement is to finance and stimulate French SMEs' growth and innovation Public Bank dedicated to financing French companies, from Entrepreneurs to MidCaps 3 broad categories of products: Business loans (cofinancing): partnership with commercial banks and financial institutions for business investments and operations Guarantees: risk-sharing in support of bank financing and A well-established network in the heart of French Regions Regional offices: 48 Staff: ~2,3001 Bpifrance works in cooperation with regional authorities to develop financial solutions adapted to territorial specificities Amiens Close relationship between companies and regional offices 90% of decisions taken at regional offices ●Single point of contact, in every region: BUSINESS private equity investments Rouen Compiègne Roime Metz La Défense Soft loans for innovation: provide financing and expertise to companies with innovative, technology-based, business- focused projects A bank driven by solvency and liquidity: Conservative risk management Resilient financial performance Brest Saint-Brieuc · Noisy- Le-Grand Rennes Troyes Le Mans Orléans Lorient Nantes Tours La Roche- sur-Yon Poitiers Fort-de-France MARTINIQUE La Rochelle Pointe-à-Pitro GUADELOUPE Cayenne Bordeaux Nancy Dijon Besancon Bourg-en-Broose Limoges Clermont- Ferrand Annecy Lyon Saint-Etienne Grenoble Valence Strasbourg Avignon Nice Toulouse Montpellier Marseille Perpignan • bpifrance 1. Average headcount in 2019 GUYANE Saint-Denis LA RÉUNION REGIONAL OFFICE INNOVATION FINANCING GUARANTEES CORSE INTERNATIONAL EQUITY EXPORT INSURANCE INVESTMENT BUSINESS SUPPORT SERVICES Mamoudzou Ajaccio MAYOTTE 20 20#213. Bpifrance Financement: Key Facts & Figures - Business Model 3 Business lines Bpifrance Financement offers financing solutions suited for every stage of business development* in partnership with banks Credit (cofinancing) Guarantee Innovation Business lines Loans • Guarantees provided to ● Grants Offer Pari-passu with banks + Specific unsecured loans1 banks on loans to SMEs Risk sharing 40-70% ●Repayable advances² • Loans Business Model Risk Sharing & Partnership with Banks State account- related activities (public allocations) €0,8 bn Innovation aids €0,4 bn loans ~5,950 SMEs financed • €0,5 bn Innovation aids €0,4 bn loans €8,3 bn loans³ • €4,0 bn risks 5 2019 Key Figures ~6,250 SMEs financed €8,1 bn ST financing • €8,5 bn loans guaranteed ~58,000 SMEs financed €6,0 bn loans6 €1,5 bn risks5 H1 2020 Key Figures €2,1 bn Covid-loans? €4,0 bn ST financing bpifrance *. Creation, development, external growth, innovation, international expansion, buy-out 1. With public guarantee backing / 2. Redeemable in case of success 5. Excluding internal guarantee 3. Secured loans: €5,7 bn and unsecured loans: €2,3 bn; Export Credit: 0,2€bn 6. Secured loans: €XX bn and unsecured loans: €XX bn 7. Specific types of loans to facilitate credit access during the Covid-crisis. 21#223. Bpifrance Financement: Key Facts & Figures - Business Model Activity The breakdown of Bpifrance Financement's activity shows a good diversification by sector and a strong focus on SMEs Breakdown by sector¹ Breakdown by size of enterprise¹ 5% 10% 26% 28% 11% 11% 21% 16% 5% 22% 45% ■Trade / Transport / Hotels / Catering Industry ■Real Estate ■Construction Business services Others Information and communications technology ■SMES ■Mid Caps Micro Businesses Large Caps bpifrance 1. Based on 2018 activity (credit + guarantee + innovation) 22 22#233. Bpifrance Financement: Key Facts & Figures - Financials Key financials Overview of operating performance & risk profil Bpifrance Financement: Income Statement Bpifrance Financement: Balance Sheet €m 2018 2019 H1-20 €m Dec. 19 June 20 Net banking income 770 811 402 Total balance sheet €59,2 bn €71,9 bn ° o.w. Credit 625 659 322 ° o.w. Guarantee 104 106 53 Loans outstanding €40,5 bn €44,0 bn ° o.w. Innovation 41 46 27 Solvability Operating expenses (444) (486) (281) CET1 ratio 4 12,5% 11,9% Cost of risk (COR) (37) (85) (387) • o.w. Specific impairment (58) (70) (103) Total ratio4 14,8% 14,0% o.w. ECL IFRS 9 21 (15) (284) Leverage ratio 5 5,2% 4,2% Operating Income 289 239 (266) Net Income 167 153 (202) Shareholders' equity6 3,910 3,700 Key ratios Equity buffers ° Fair value of public guarantee 5,907 6,222 Cost/Income ratio 57,6% 60,0% 69,7% funds COR (Specific impairment) / gross outstandings² 15 bps 17 bps 47 bps³ Annualised Liquidity LCR RoE 4,5% 3,9% -3,2%3 Annualised NSFR 360% 1 605% 109% 133% Note: For more details please see in 2019 and H1-2020 annual reports available on: https://www.bpifrance.fr/Espace-Investisseurs 1. Expected Credit Losses; application of IFRS 9 as at 01/01/2018 ; see details in appendix 4 / 2. Gross loans outstanding to customers and finance leases, at loaded Basel 3 / 6. Group Share bpifrance amortized cost (medium and long-term loans, short-term financing, leasing) / 3. Over a rolling two-half period excepting for the ECL risk / 4. Phased-in / 5. Fully 23 23#243. Bpifrance Financement: Key Facts & Figures - Financials Steady performance throughout the cycle A significant economic impact Average annual turnover growth rate (%) over the three years following Bpifrance's financing 8% 6% 5,0%- Impact on activity 4% 2% 2,1%- Impact on employment bpifrance 6,0% 3,3% Bpifrance's beneficiaries 0% 2008 2011 2009 2012 2010 2013 2011 2014 2012 →2015 2013 →→2016 2014 → 2017 Observation period I Average annual employment growth rate (%) over the three years following Bpifrance's financing Long term average Similar companies I I 4% 3,6% Long term average 3,7% I 2% 1,9% 0% 2,0% 2008 2011 2009 2012 2010 →2013 2011 →2014 2012 →2015 2013 →2016 2014 → 2017 Observation period + €44 bn of additional turnover² Impact of financing dedicated to companies' growth¹: + 98,000 jobs created or saved² Note: estimation of impact on a "balanced" sample the effect related to an improvement of survival rates is not measured here 1. Excluding financing for new companies, financing for transmission projects and short-term financing / 2. Over 7 generations of beneficiaries 2008-2014 Source: Bpifrance Assessment and Studies Department 24#25Treasury portfolio risk management A conservative investment portfolio 3. Bpifrance Financement: Key Facts & Figures - Risk Management Breakdown of Investment Portfolio: €25,3 bn (as at June 2020) By Type of Instruments By Portfolio 3,6% Other¹ By Maturity 25% Short-term Cash2 34,2% Guarantee ~€6,2 bn 50% Commercial 1% Paper AFT³ 22% ~€5,4 bn French Govies (OAT) 40% ~€10,0 bn 75% Long-term Financing ~€10,2 bn 50% By Ratings 0% A1-Baa1 96% Aa2-Aa3 4% Aaa-Aa1 bpifrance 1. French govies (BTAN) + other bonds (agencies, banks) + NEU MTN + money market funds / 2. Excluding AFT (Agence France Trésor) cash account (~€3,7 bn) 3. Agence France Trésor (including cash account: ~€3,7 bn) 25 25#26Contacts Contacts Arnaud CAUDOUX Deputy CEO [email protected] +33 (0)1 41 79 83 07 Jean-Yves CAMINADE CFO [email protected] +33 (0)1 41 79 99 86 Jean-Michel ARNOULT Deputy CFO [email protected] +33 (0)1 41 79 89 77 Eric LOUIS Head of Fixed Income [email protected] +33 (0)1 41 79 81 17 Jean-François VEZIE Head of Financial Engineering & Management [email protected] +33 (0)1 41 79 97 72 Julien PRAT Financial Analyst [email protected] +33 (0)1 41 79 92 23 ● Websites www.bpifrance.fr www.bpifrance.fr/Investors-Center http://www.bpifrance.fr/Qui-sommes-nous/Developpement-Durable-RSE/Accueil Address and links ● Headquarters bpifrance Bpifrance 27-31, avenue du Général Leclerc 94 710 Maisons-Alfort Cedex France 26 26#27Contents 1. Overview of Bpifrance 2. Bpifrance Financement: Funding Strategy 3. Bpifrance Financement: Key Facts & Figures 4. Appendices p. 3 p. 12 p. 19 p. 27 Appendix 1: Bpifrance in a nutshell A century of public banking • Bpifrance benefits from highly protected legal status EPIC Bpifrance benefits from highly protected legal status Solutions for businesses of all sizes ⚫ Financing continuum Activity of the financing division Equity investment division • An accountable bank with an ambitious policy of engagement in our society • Appendix 2: France: a leading Tech and VC investment country Appendix 3: Bond issues under the EMTN/NEU MTN programmes • Appendix 4: Methodological notes bpifrance 27 27#28Appendix 1 - Bpifrance: a century of public banking 1923 Creation of Crédit national hôtelier 1936 Act that sets out mutual guarantee schemes (Art. 8) and creates the Caisse nationale des marchés de l'État (CNME) 1938 Crédit national hôtelier becomes Caisse centrale de crédit hôtelier, commercial et industriel (CCCHCI) 1967 Creation of Agence nationale de valorisation de la recherche (ANVAR) 1974 > Creation of Groupement interprofessionnel de la petite et moyenne entreprise (GIPME), spin-off of Confédération générale des petites et moyennes entreprises (CGPME) 1979 > Act governing state aid granted for innovation purposes, and entrusted to ANVAR 1980 > Creation of Crédit d'équipement des PME (CEPME) arising from the merger of CCCHI, CNME and GIPME 1982 > Creation of Sofaris, in charge of the management of guarantee funds 1984 > Creation, together with Cdc1, of Avenir Entreprises, the equity investment business of CEPME 1996 > Creation of Banque du développement des PME (BDPME) resulting from the merger of CEPME and Sofaris 1998 Creation of CDC PME, direct subsidiary of CdC, in charge of managing the << SME Programme²>> 2002 CDC PME becomes a majority shareholder of Avenir Entreprises 2004 CDC PME becomes CDC Entreprises, a wholly owned subsidiary of CdC 1967 1923 CREDIT NATIONAL HOTELIER 1938 CCCHCI CAISSE CENTRALE BU CREDIT HOTELIER COMMERCIAL ANVAR INDUSTRIEL AGENCE NATIONALE DE VALORISATION DE LA RECHERCHE 1936 CNME CAISSE NATIONALE DES MARCHES 1974 DE L'ETAT 1980 CEPME CREDIT d'ÉQUIPEMENT DES PME A1996 BDPME BANQUE DU DEVELOPPEMENT DES PME 2005 OSEO GIPME GROUPEMENT INTER PROFESSIONNEL DE LA PETITE MOYENNE ENTREPRISE 1982 SOFARIS 2008 1984 AVENIR ENTREPRISES 4. Appendices 1998 CDC PME A 2008 FSI REGIONS 2004 FSI CDC FONDS STRATEGIQUE ENTREPRISES d'INVESTISSEMENT 2005 2007 Creation of OSEO formed by the merger of BDPME and ANVAR Agence de l'innovation industrielle (All) merged into OSEO 2008 > Creation of Fonds Stratégique d'Investissement (FSI) 2011 > Avenir Entreprises becomes FSI Régions 2012 Act on the creation of Bpifrance (31/12/2012) 2013 Official set-up of Bpifrance formed by the merger of OSEO, CDC Entreprises and FSI i (12/07/2013) 2014 CDC Entreprises, FSI and FSI Régions are transferred to Bpifrance Investissement, the group's single asset management company (01/04/2014) 2017 Coface DGP, the State Export Guarantees activity, is transferred to Bpifrance and becomes Bpifrance Assurance Export (01/01/2017), the new French export credit Agency (ECA) on behalf of, for and under the control of the State 2019 Agence France Entrepreneur (AFE) is transferred to Bpifrance and becomes Bpifrance Creation. CDC International Capital is transferred to Bpifrance and becomes Bpifrance International Capital 2013 Bpifrance 2017 ACCOMPAGNEMENT COFACE DGP FONDS PROPRES ASSURANCE -EXPORT INTERNATIONAL INNOVATION GARANTIE FINANCEMENT bpifrance 1. Caisse des Dépôts et Consignations (CdC) / 2. CdC started the equity investment business in 1994. 28#294. Appendices Appendix 1 - Bpifrance benefits from highly protected legal status The missions and organization of the EPIC Bpifrance are defined under Act 2005-722 dated 29 June 2005, as amended and ratified, and which referred to (i) the creation of the EPIC and (ii) the transformation of the National Agency for Research Promotion (ANVAR) from a public corporation into a limited company. This Act, together with Act 2013-529 of 21 June 2013 and Act 2012-1559 of 31 December 2012, confirm the creation of Bpifrance. «Bpifrance is a public group aiming at financing and developing companies, and acting in accordance with the public policies conducted both by the State and regional authorities >>1 Act 2005-722 dated 29 June 2005 → http://www.legifrance.gouv.fr/affichTexte.do?cid Texte=JORFTEXT000000810872 Act 2012-1559 of 31 December 2012 http://www.legifrance.gouv.fr/eli/loi/2012/12/31/2012-1559/jo/texte Act 2013-529 of 21 June 2013 → http://www.legifrance.gouv.fr/eli/decret/2013/6/21/2013-529/jo/texte Act 2020-739 of 17 June 2020 → http://www.legifrance.gouv.fr/eli/decret/2020/6/19/2020-739/jo/texte bpifrance 1. Article 1 of Act No. 2012-1559 dated 31 December 2012 on the creation of Bpifrance 29 20#304. Appendices Appendix 1 - EPIC Bpifrance benefits from highly protected legal status EPIC Status 1. Set up by a specific Law or Decree Law required for the creation of a new category of EPIC Decree for an EPIC belonging to an existing category 2. General interest missions defined by the law With a specific object (specialty principle) With some public law prerogatives 3. Strong controls by public authorities Members of the Board of Directors appointed in whole or in part by public authorities Supervision by public authorities 4. Implicit but automatic guarantee of the State No recovery or judicial liquidation proceedings for an EPIC If an EPIC is unable to comply with its obligations, the State is legally bound to fulfill them ⚫ Solvency is protected by Law² 5. Transformation or dissolution only possible by law (Act or Decree) bpifrance • • Applicable to Bpifrance The missions and organization of the EPIC Bpifrance are defined under Act 2005-722 dated 29 June 2005, as amended and ratified, and which referred to (i) the creation of the EPIC and (ii) the transformation of the National Agency for Research Promotion (ANVAR) from a public corporation into a limited company. This Act, together with Act 2013-529 of 21 June 2013 and Act 2012-1559 of 31 December 2012, confirm the creation of Bpifrance. To promote and support innovation, most notably technological, and to contribute to technology transfer To promote the development and financing of small and medium-sized enterprises The 6 members of EPIC Bpifrance's Board of directors are appointed by the State •The Government Commissioner has the power to veto some decisions of the Board of Directors •The EPIC Bpifrance is under the supervision of both the Ministry for the Economy, Industry and Employment, and the Ministry for Higher Education and Research • EPIC Bpifrance is also classified as an Other Government Body³ or ODAC (Organisme Divers d'Administration Centrale), which means that its debt is consolidated with that of the State (under Maastricht's Rules) ⚫Bpifrance Financement SA benefits, as a subsidiary, from an explicit guarantee from EPIC Bpifrance for its bond issues. And, likewise, Bpifrance benefits from an implicit guarantee from the State The June 2005 Act was amended in 2010 and 2012 to stipulate the missions and governance of Bpifrance, and to give specific empowerment to State representatives being members of the Board Permanence of Bpifrance's Legal Status as a Public Institution 1. An EPIC (Etablissement Public Industriel et Commercial) is a legal entity that carries out commercial and industrial activities whilst also being governed by some of the rules applicable to public law entities 2. Lawn 80-539 art 1 - 16th july 1980 https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=LEGITEXT000006068696&date Texte=20110729 3. https://www.insee.fr/en/metadonnees/definition/c1451 30#31Appendix 1 - Solutions for businesses of all sizes 4. Appendices Bpifrance assists businesses of all sizes, primarily micro-businesses, SMEs, and mid-caps. But it also assists large caps that are considered strategic in terms of national or territorial economy, or employment MICRO- BUSINES- SES SMES MID- CAPS LARGE CAPS FINANCING BUSINESSES INVESTMENT AND CASH FLOW NEEDS SUPPORTING THE GROWTH OF SMES THROUGHOUT FRANCE STRENGTHENING MID-CAP BUSINESSES IN THEIR DEVELOPMENT AND THEIR INTERNATIONAL EXPANSION PARTICIPATING IN THE GROWTH OF LARGE CAPS • Seed ●Innovation aid Guarantees • Financing • Innovation aid • Guarantees • Financing • Export support and financing • Innovation aid • Financing • Export support and financing • Export insurance • Consulting missions, training days • Collaborative innovation projects • Financing • Export insurance •Capital stabilisation Export insurance Consulting missions, and networking training days and networking • Growth capital • Transfer capital • Growth capital bpifrance • Transfer capital 31#324. Appendices Appendix 1 - A financing continuum, present in every key phase of business development We support individual and collaborative innovative projects, through R&D aid, financing for industrial and commercial launch, or even via equity acquisition: Innovation aid: grants, recoupable advances, R&D Innovation loan Seed loans in preparation of fundraising • Innovation loans to facilitate the launch of innovative products and services Equity investment, either directly or through partner funds Guidance and support Consulting missions, training days and networking We intervene by investing in businesses of all sizes, through co-financing with banks: •Mid-term and long-term loans Property leasing contracts ⚫Equipment leasing contracts We propose long term guarantee-free development loans, to finance intangible assets and working capital: Growth loan, 10 years loan •Subsidised Green and Digital loans Profit-sharing loans We strengthen firms' cash flow: •Refinancing publicly or privately-held receivables. Pre-financing of the Tax Credit for Competitiveness and Employment (CICE) Guidance and support Consulting missions, training days and networking We take minor stakes in growth businesses, from the seed phase to transfer, often alongside national or regional local funds: • Equity acquisition, irrespective of company size • Convertible bonds We are investing alongside private and public actors, in capital investment funds, which are investing in SMES: More than 350 partner funds, almost a third regional funds and interregional Guidance and support Consulting missions, training days and networking GUARANTEES EQUITY INVESTMENT INTERNATIONAL We support export projects: •Development or establishment support Export Insurance: Prospection, Loans, Change/ Guarantee for bonds and Prefinancing* •International growth loan Equity investment • Guarantees on bank financing devoted to international activity Consulting missions, training days and networking INNOVATION bpifrance FINANCING *. Up to 70% with the Regions We provide banks with a guarantee of 40% to 60%*, to encourage them to finance SMEs in the riskiest phases: ⚫ Creation • Transfer • Innovation ⚫International Expansion • Development •Strengthen cash flow (Up to 70% with the Regions) 32 32#33Appendix 1 - Financing division: strong business dynamics 4. Appendices Credit (cofinancing) Investment loans Annual Commitments - Єm Guarantee Annual Authorisations² €m 8 267 7 774 7 153 6 759 3 839 3 802 3736 3 795 3 996 4 038 3 965 6 133 2 330 5 539 2 501 4 960 2 542 2 422 2015 1758 1.264 2412 2506 2937 3 214 3531 4 664 4 051 1 284 1275 1 181 1 123 1079 1222 1273 2013 2014 2015 2016 2017 2018 2019 * Unsecured loans 2013 2014 2015 2016 2017 2018 2019 ■Medium and long-term loans ■Leasing Short-term loans Annual Authorisations - €m Average Outstandings² €bn 9 146 8 602 7 854 8 107 7 219 5 919 4 982 5 375 4 045 795 3 551 4 287 4 146 11,9 12,8 13,6 14,5 15,6 16,4 16,8 2 350 3 250 3569 3668 3567 3620 3771 3 961 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 Discounting receivables ■ CICE(1) bpifrance 1. The Competitiveness and Employment Tax Credit / 2. Excluding funds dedicated to unsecured loans Innovation Aids Innovation Annual Authorisations - €m 1 002 936 926 877 832 727 635 illllii 2013 2014 2015 2016 2017 2018 2019 Unsecured loans Annual Commitments - €m 442 441 352 327 305 214 112 2013 2014 2015 2016 2017 2018 2019 33#344. Appendices Appendix 1 - Overview of the equity investment division Ownership structure 100% Liberté Égalité Fraternité EPIC Bpifrance Holding company (LP¹) RÉPUBLIQUE FRANÇAISE GROUPE Caisse desDépôts 50% 50% Bpifrance S.A. 100% Bpifrance Participations Asset Management 100% INVESTISSEMENT Asset Management bpifrance company (GP²) Assets under Management Σ= €36,1 bn (end Dec. 2019) 3 Business lines Direct investments → Bpifrance acquires minority stakes in growing companies, from seed to transmission, usually alongside private funds, whether national or regional: Growth Equity investments in companies of all sizes On segments where there is a lack of private initiative Equity or quasi-equity Direct stakes or holdings through investment funds Mid & Large Caps³ Small Caps Venture 2019 2019 2019 • • • AUM: €18,8 bn Investments: €1 173 m # deals: 51 AUM: €2,2 bn Investments: €162 m # deals: 94 AUM: €3,2 bn Investments: €322 m # deals: 102 Funds of Funds → Bpifrance has a portfolio of ~400 partner funds, national or regional to: Contribute to the growth of SMEs Structure the financial chain Have a leverage effect on the private sector's investment in SMEs Enhance private equity managers efficiency and share best practices with them Mid & Large Caps³ 33 Third-party AuM 16 % Small Caps % 52 Funds of Funds % 9% 6 % Proprietary AuM 84 % Venture Funds of funds 2019 • Commitments: €1 109 m ° AUM: €11,9 bn • # deals: 62 bpifrance 1. Limited Partnership / 2. General Partnership / 3. Including the Industrial Project Companies and the International Build-up funds 34 ===#35Appendix 1 - Guiding principles of the equity investment division • "Bpifrance's doctrine of intervention" was presented to the French National Assembly and to the French Senate on May 15th, 2013 ●Minority investments Targeted Sectors and Companies 4. Appendices Infrastructure, property and real estate, ● Patient investments (average horizon of up to 8-10 years) Investment in all sectors except: •Prudent Investors Search for profitable General Interest •Long Term •Socially Responsible operations (positive return expected on Bpifrance's equity capital) General-interest criteria (employment, competitiveness and innovation) taken into account in the decision-making process No stakes in high-leveraged deals or transactions banking and finance, media organizations and research institutes Focus on: Growth sectors, particularly biotechnology, digital technology and energetic and ecological transition Build-up operations From small (SME size) to large caps ● Limited stakes in funds involving company restructuring processes Systematic Partnership with Partner Funds Systematic search for joint investments with private investors (both as a LP and as a GP) bpifrance 35#364. Appendices "Internal CSR" "Responsible Investment and Financing" Appendix 1 - Bpifrance is an accountable bank and has an ambitious policy of engagement in our society Social Policy Equality at Work Agreement for Men and Women Disabilities Agreement QWL agreement to promote the quality of work life and to encourage equal opportunities • Integration of young people (hiring young professionals, taking on apprentices and trainees, ...) Satisfaction survey among staff members Environmental Impact Assessment HQE (High Environmental Quality) Certification from headquarters in Maisons-Alfort, and from locations in Marseille and boulevard Haussmann in Paris ● Energy consumption measurement in all 48 sites • Eco-driving training for a part of the staff in regional offices • Widespread use of videoconference facilities,... • Deployment of a platform to promote eco- and social-friendly actions among staff Launch of a mobility plan to optimise staff personal and professional commuting time, in order to reduce carbon footprint and to improve life/work balance Carbon offsetting of greenhouse gas emissions from real estate /locations and business travel Responsible Investment • Integrating ESG criteria into the investment decision process (broken down into 14 different issues encompassing governance, human capital, environment and external stakeholders) Concerted approach with companies benefitting from an investment on how their performance could be improved in terms of CSR, and ongoing dialogue with company management throughout duration of investment • Programme to raise awareness and support entrepreneurs in identifying and managing ESG issues of key importance for their company Support for Environmental and Energy Transition Dedicated investment funds: Eco-technological companies; Wood Fund; Energy and Environmental Transition fund Loans to energy producers from renewable sources Loans aimed at reducing the environmental impact of business activities (particularly relating to energy) Responsible Financing CSR Assessment for companies receiving loans equal to or higher than 1 M€, as well as innovation aids granted for amounts equal to or higher than 500 k€ • Supporting the Development of a Social Solidarity Economy Fund for social innovation Social Solidarity Economy-based Loans Business Support Services Helping entrepreneurs by providing non financial support1, CSR training and e-learning programmes Provision of CSR-related Training for corporate executives of client companies • Measuring the impact of its activities on employment, growth and business resilience of companies Bpifrance financed and supported bpifrance 1. Connecting - Bpifrance Excellence -, training - Accelerators, University 36#37Appendix 1 - Bpifrance assures its commitment towards CSR through its 4 pillars Employment development, focusing on young people VTE Initiative (Territorial Voluntary Work in Entreprize) to create bridges between << Grandes Ecoles >> students and SMEs Job creation: growth rate for entreprises supported by Bpifrance comparing to peers is higher (3.7% vs 2%)4&5 4. Appendices Energy and Environmental Transition ✓ Dedicated investment funds as: Eco- technological companies, Wood Fund 1 & 2, Strategic Wood, Energy and Environmental Transition Fund, Ville de demain, Eco Tech ✓ Over 8 000 loans to energy producers from renewable sources and aimed at reducing the environmental impact of business activities² ✓ Bpifrance is the «Climate Bank for Entrepreneurs >> Nicolas Dufourcq³ bpifrance SERVING THE FUTURE vigeoiris Rating ADVANCED 62/100 Quality of governance and management Signatories: << Equality at Work for Men & Women Index >> << Disabilities Agreement >> « QWL Agreement to promote the quality of work life and to encourage equal opportunities >> ✓ « Diversity Charter >> << SISTA Charter >> bpifrance Promotion of female entrepreneurship Support of female entrepreneurship partnership as << Femmes de Bretagne >> Organize multiples events dedicated to the female professional expansion as << Midi Entrepreneures >> ✓ Active support of female awards Note: For more details please see here http://www.bpifrance.fr/Qui-sommes-nous/Developpement-Durable-RSE/Accueil 1. Vigeo Report for bpifrance & Vigeo Report on Development Banks Sector 2018 / 2. September 2019: Internal data from Direction du Development Durable / 3. Les Echos 30.01.2020 / 4.Over 7 generations of enterprises supported from 2008 to 2017 - Source: Impact de Bpifrance Indicateur 2018 / 5. In 2018, Bpifrance supported 18 300 SME (13% of French SME) and 1 500 Mid Caps Entreprize (25% of French Mid Caps) 37#38Appendix 1 - Bpifrance's Climate Plan to face climate emergency An ambitious strategic plan has been implemented in 2019 through 4 axes to support flourishing stakes towards mitigation of global warming 4. Appendices Expansion of support to Environmental & Energy Transition actions Establish a volumetric plan for Environmental & Energy Transition actions bpifrance Measurements of Bpifrance portfolio carbon footprint Implementation of portfolio transition stategies Integration of climate factors in risk analysis boosted by Bpifrance Top Management Publish & Monitor Bpifrance global portfolio carbon footprint Integrate a decarbonized approach for portfolio strategy Embed climate stakes into Bpifrance internal operation Integrate climate factors in risk analysis 38#3934 4. Appendices Appendix 2 - France: a leading Tech and VC investment country [1/2] 41 Q1-13 300 Q2-13 75 bpifrance 33 39 55 55 French Tech quarterly financing trends: x5 in 5 years. 63 63 46 48 76 76 2013 2014 88 83 74 73 92 216 217 197 190 174 177 183 179 145 154 148 158 Q4-14 1 011 Q1-15 252 Q2-15 369 Q3-15 490 Q4-15 211 Q1-16 316 Q2-16 304 Q3-16 808 Q4-16 687 Q1-17 617 Q2-17 1 470 Q3-17 594 Q4-17 570 Q1-18 1 242 Q2-18 959 Q3-18 983 Q4-18 716 Q1-19 1 164 Q2-19 1 543 2015 2016 Investments ($M) -Deals 2017 French Tech funding since 2014: $14,8 bn across 2,951 deals Source: Tech Funding Trends in France, La French Tech, CBInsights 2018 2019 39 202#40bpifrance Amount Invested (in €bn) 1,8 Source: dealroom.co Number of rounds 2013 1 049 146161 602 619 4. Appendices Appendix 2 - France: a leading Tech and VC investment country (2/2) VC capital invested into European companies 2014 2015 2016 United Kingdom 12,8 8,5 9,3 5,0 5,4 3,6 2013 2014 2015 2016 2017 2018 United Kingdom 2019 2017 2018 2019 2013 1,1 1,1 1,8 2,3 2,6 France 1 477 1 280 473 611 France 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 4,9 3,7 759 807 717634 650 520 476 624 867 897 694 627 254 315 397 379 359 407 627 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2,7 2,8 14 2,2 1,1 Germany Germany 2017 2018 2019 2013 2014 2015 2016 2017 Israel 3,3 4,6 6,8 1,4 1,7 2,0 2,4 2,5 3,7 4,6 2018 2019 2013 2014 2015 2016 2017 2018 2019 Israel 10 40 2018 2019 ✡#41Appendix 3 - General framework of our bond issues 4. Appendices Issuer Status of the Issuer Guarantor Bloomberg ticker Status of the Notes Seniority of the Bonds Rating Guarantee Maturity Amount Liquidity Permanent dealers Legal Framework Listing Bpifrance Financement Agency (Category II) EPIC Bpifrance OSEOFI + Gouv (F2) Unsecured Senior Aa2 (stable) by Moody's AA (negative) by Fitch Autonomous, unconditional and irrevocable first-demand guarantee Any maturity above 1 year as indicated in the final terms Benchmark size HQLA1 Level 1 eligible under the Delegated Act on the LCR PSPP eligible under ECB Programme² HSBC France (Arranger), BNP Paribas, Crédit Agricole CIB, Natixis, Société Générale CIB French Law Paris bpifrance 1. https://acpr.banque-france.fr/sites/default/files/media/2018/07/12/07-notice crd iv.pdf 2. https://www.ecb.europa.eu/paym/coll/standards/marketable/html/index.en.html 41#42Issues Date Book size 24/11/2015 1 250 M€ 10/02/2016 23/02/2017 1 250 M€ 500 M€ 500 M€ 20/02/2018 100 M€ Appendix 3 - Bond issues by Bpifrance Financement under the EMTN programme (1/2) Bond Issues First issue (Benchmark) OBL BPIFF 0,125% ECH 25/11/2020 First issue (Benchmark) Second issue (Benchmark) Third issue (Private Placement) Bond Issues 4. Appendices Issues Date Book size OBL BPIFF 0% ECH 25/11/2022 First issue (Benchmark) 1 350 M€ 06/02/2018 1 000 M€ Fourth issue (Private Placement) 15/02/2018 150 M€ Fifth issue (Private Placement) 20/02/2018 150 M€ OBL OSEO-SA OAT 1.75% ECH 14/02/2023 First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) 1 000 M€ 16/09/2011 1 000 M€ 04/11/2011 200 M€ 15/03/2016 200 M€ 05/11/2018 100 M€ OBL BPIFF 0.10% ECH 19/02/2021 1 400 M€ OBL OSEO-SA 3.125% ECH 26/09/2023 1 500 M€ First issue (Private Placement) 15/10/2014 100 M€ OBL BPIFF E6M+15 BP ECH 22/10/2021 100 M€ First issue (Benchmark) Second issue (Benchmark) 22/11/2017 500 M€ 31/01/2019 1 500 M€ First issue (Benchmark) 14/10/2014 600 M€ OBL BPIFF 0.125% ECH 25/11/2023 2 000 M€ Second issue (Benchmark) 12/02/2015 400 M€ Third issue (Benchmark) 12/05/2016 600 M€ OBL BPIFF 0.75% ECH 25/10/2021 First issue (Private Placement) 28/11/2019 1 600 M€ 50 M€ OBL BPIFF 0% ECH 04/12/2021 50 M€ First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Benchmark) Fifth issue (Private Placement) 03/12/2013 800 M€ 29/04/2016 300 M€ 29/04/2016 250 M€ 29/11/2016 500 M€ 21/04/2020 50 M€ First issue (Private Placement) 16/01/2020 100 M€ OBL BPIFF 0% 24/01/2022 100 M€ OBL BPIFF 2.50% ECH 25/05/2024 First issue (Private Placement) 1 900 M€ 17/10/2019 50 M€ First issue (Private Placement) 17/01/2020 100 M€ OBL BPIFF 0% ECH 24/10/2024 50 M€ OBL BPIFF 0% 24/01/2022 100 M€ First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) 05/09/2012 28/01/2016 12/02/2016 1 250 M€ 100 M€ 150 M€ First issue (Benchmark) Second issue (Benchmark) 08/03/2017 600 M€ 27/09/2017 700 M€ Third issue (Private Placement) 05/12/2019 50 M€ Fourth issue (Private Placement) 12/05/2020 50 M€ 03/04/2020 50 M€ Fifth issue (Private Placement) 15/05/2020 50 M€ OBL OSEO-SA 2.375% ECH 25/04/2022 1 550 M€ OBL BPIFF 0.75% ECH 25/11/2024 1 450 M€ First issue (Benchmark) Second issue (Private Placement) 23/01/2020 2961 M€ 21/04/2020 571 M€ First issue (Benchmark) OBL BPIFF 0,125% ECH 25/03/2025 26/03/2020 2 000 M€ 2 000 M€ OBL BPIFF GBP ECH 22/07/2022 353 M€ First issue (Benchmark) 07/06/2017 1 000 M€ Second issue (Private Placement) 07/09/2017 250 M€ Third issue (Private Placement) 16/04/2018 100 M€ First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) 09/04/2015 800 M€ 17/04/2015 200 M€ 11/07/2016 400 M€ 26/05/2020 50 M€ bpifrance Note: as at 30/09/2020 1. 250 GBP: at the initial exchange rate 42 2#43Issues Date Book size 06/02/2013 1 450 M€ 750 M€ Appendix 3 - Bond issues by Bpifrance Financement under the EMTN programme (2/2) Bond Issues OBL BPIFF 0.50% ECH 25/05/2025 First issue (Benchmark) Bond Issues OBL BPIFF 0,875% ECH 26/09/2028 First issue (Private Placement) 4. Appendices Issues Date Book size 05/07/2012 875 M€ 104 M€ Second issue (Private Placement) 04/03/2013 300 M€ Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) Sixth issue (Private Placement) 05/03/2013 125 M€ 22/07/2016 200 M€ 16/10/2018 125 M€ 30/03/2020 75 M€ OBL OSEO-SA 2.75% ECH 25/10/2025 1 575 M€ First issue (Private Placement) 15/02/2012 110 M€ OBL OSEO-SA E3M+115 BP ECH 27/07/2029 First issue (Private Placement) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) Sixth issue (Private Placement) 104 M€ 17/09/2019 31/03/2020 1 250 M€ 100 M€ 24/07/2019 75 M€ 14/10/2019 75 M€ 15/05/2020 50 M€ 26/05/2020 50 M€ OBL OSEO-SA 3.625% ECH 25/04/2026 110 M€ OBL BPIFF 0,05% 26/09/2029 1 600 M€ First issue (Benchmark) Second issue (Benchmark) Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) 13/11/2018 500 M€ First issue (Benchmark) 28/05/2020 1 250 M€ 02/07/2019 02/04/2020 05/05/2020 12/05/2020 750 M€ 230 M€ 50 M€ 100 M€ OBL BPIFF 0.25% 29/03/2030 1 250 M€ OBL BPIFF 0.625% ECH 25/05/2026 1 630 M€ First issue (Benchmark) Second issue (Private Placement) 12/01/2017 29/04/2020 1 000 M€ 50 M€ Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) 07/05/2020 50 M€ First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) Sixth issue (Private Placement) Seventh issue (Private Placement) 10/06/2015 600 M€ 06/04/2017 200 M€ 27/06/2017 200 M€ 18/06/2019 50 M€ 11/07/2019 100 M€ 22/04/2020 90 M€ 14/05/2020 100 M€ 12/05/2020 50 M€ OBL BPIFF 1.875% ECH 25/05/2030 1 340 M€ 14/05/2020 50 M€ OBL BPIFF 0.125% 26/02/2027 OBL BPIFF 0.875% ECH 25/11/2026 First issue (Benchmark) First issue (Private Placement) Second issue (Private Placement) Third issue (Private Placement) 1 200 M€ First issue (Private Placement) OBL BPIFF 1.875% ECH 25/07/2031 12/07/2016 367 M€ 367 M€ 24/04/2020 1 500 M€ 1 500 M€ 09/05/2017 1 500 M€ 02/04/2020 19/05/2020 50 M€ 100 M€ First issue (Private Placement) OBL BPIFF 1.32% 21/12/2033 First issue (Private Placement) OBL BPIFF 1.046% 25/05/50 14/12/2018 50 M€ 50 M€ 23/04/2020 200 M€ 200 M€ OBL BPIFF 1.00% ECH 25/05/2027 1 650 M€ First issue (Private Placement) OBL BPIFF 2.917% ECH 25/10/2027 29/10/2013 125 M€ 125 M€ First issue (Benchmark) Second issue (Private Placement) Third issue (Private Placement) Fourth issue (Private Placement) Fifth issue (Private Placement) Sixth issue (Private Placement) 18/09/2018 500 M€ 24/05/2019 100 M€ 24/07/2019 50 M€ 14/10/2019 50 M€ 01/04/2020 75 M€ 13/05/2020 100 M€ bpifrance Note: as at 30/09/2020 43#44Appendix 4 - Methodological notes (1/2) 4. Appendices IFRS 9 Provisions for credit risks: • In accordance with the application of IFRS 9 at 1 january 2018, Bpifrance recognises a correction for changes in value for expected credit losses (ECL) and defines three stages (Buckets) in the process of provisioning credit risk: Performing or under- performing assets, impaired on a collective basis Assets impaired on a specific basis Bucket 1 → assets subject to 12-month ECL Upon initial recognition of the financial instrument, Bpifrance recognises the 12-month expected credit losses Bucket 2 → assets subject to lifetime ECL If the credit quality deteriorates significantly for a given transaction or portfolio, Bpifrance recognises the losses expected to maturity Bucket 3 → doubtful loans impaired to maturity on a specific basis When one or more default events have occurred on the transaction or on a counterparty with an adverse effect on the estimated future cash flows, Bpifrance recognises incurred credit losses to maturity. Subsequently, if the conditions for classifying financial instruments in Bucket 3 are not met, the financial instruments are reclassified in Bucket 2, then in Bucket 1 according to the subsequent improvement in the quality of the credit risk. ⚫ Bpifrance alignes the Basel regulatory default definition and non-performing definition to the doutbful definition (according to accounting principles) and to the Bucket 3 (IFRS 9) definition bpifrance 44#45Appendix 4 - Methodological notes (2/2) Financing Division: comprises Bpifrance Financement and its subsidiaries Investment Division: comprises Bpifrance Participations and its subsidiaries Export-Credit Insurance division: comprises Bpifrance Assurance Export RoE (Return on Equity): Financing Division Numerator: net income for the period Denominator: equity at the end of the period 4. Appendices In addition: As a result of rounding rules, the amount of the values in the tables and analyses may differ slightly from the total listed The differences between the consolidated total of certain financial aggregates at Group level and the amount of those aggregates at the operating divisions level is largely explained by intra-group operations bpifrance 45 45