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Investor Presentation May 2017

FINANCIAL OUTLOOK - 2017 & MEDIUM-TERM Total sales growth of 3% to 5% at constant exchange rates in 2017 Planned IPOs of Carmila and Brazilian operations in 2017, market conditions permitting Continued increase in Free Cash Flow, with a new increase in 2017 Capex decrease in 2017 to €2.4bn, and normative capex between €2.3bn and €2.5bn Continued tactical acquisitions Payout of between 45% and 50% of adjusted net income, Group share INVESTOR PRESENTATION May 2017 | 52

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