Investor Presentaiton

1. 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

View entire presentation