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Investor Presentation May 2017

VALUE-CREATION DRIVERS Solid generation of operating cash flow linked to improved results Disciplined Capex between €2.3bn and €2.5bn per year (€2.4bn in 2017), with strict Return on Investment criteria and an evolution in the mix Control of Working Capital Requirements Balanced capital allocation, combining continued targeted acquisitions, 45-50% payout*, maintaining a BBB+ rating *of the adjusted net income, Group share INVESTOR PRESENTATION May 2017 | 51

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