FFP_REGISTRATION_DOCUMENT_2017

GROUP PRESENTATION

Net Asset Value

Net Asset Value

1.6

At 31 December 2017 (in millions euros)

1

*

% stake

Value % of Gross Asset Value

PEUGEOT SA (A)

9.3% 5.1%

1,430

33%

LISI

(1) (2) (1) (1) (1) (1) (1) (1) (1) (3)

110 303 389 377 375

3% 7% 9% 9% 9% 0% 6% 2% 4% 3% 4% 1% 5% 6% 1% 0% 1% 3% 2% 0% 2%

CID (LISI) SEB SA

25.2%

5.0% 5.2% 5.9% 7.6% 5.9% 3.0% 5.5%

Zodiac Aerospace

ORPEA

CIEL group

20

DKSH

278

Tikehau Capital

68

SPIE

184 111

Unlisted shareholdings Shareholdings (i) Private equity funds

51%

2,216

(4) (1)

184

IDI

10.1%

34

Private equity vehicles (ii)

218 240

Co-investments (iii) Immobilière Dassault FFP-Les Grésillons

(3) (4)

(1) (5) (3)

19.7% 100.0%

58 18 56 82 17 99

Other real estate Real estate (iv)

132

Other financial assets and liabilities

(1) (7)

Cash

Other assets (v)

2,905 4,335

67%

GROSS ASSET VALUE OF INVESTMENTS (I) + (II) + (III) + (IV) + (V) = (B)

GROSS ASSET VALUE = (A) + (B)

100%

DEBT (C)

464

NET ASSET VALUE = (A) + (B) - (C) NET ASSET VALUE PER SHARE

3,871

€154.4

* The letters refer to the valuation methods used, which are detailed on the www.groupe-ffp.fr website. * Net Asset Value (NAV) is calculated as the market value of Peugeot SA securities (A) plus the Gross Asset Value of FFP’s Investments (B), less financial liabilities (C). Peugeot SA shares are valued at the period-end market price. The Gross Asset Value of Investments corresponds, on a given date, to the market value of the other assets held by FFP. It does not include capital gains tax liabilities. It is based on: (1) period-end market prices for listed assets; (2) the Net Asset Value of unlisted intermediate holding companies, calculated in a transparent way on the basis of period-end market prices for their listed holdings, without taking into account any control premium or discount; (3) for unlisted assets, a market value obtained either by discounting future cash flows or applying various multiple-based methods, including market multiples and transaction multiples or any methods specified in shareholder agreements; otherwise and where fair value cannot be measured in a reliable and appropriate manner, at historic cost, except where the Company’s economic situation (operations, balance sheet, liquidity etc.) has deteriorated significantly (see Note 1.6 to the consolidated financial statements); (4) the latest Net Asset Values determined or estimated by the private equity fund management companies, adjusted where appropriate for calls for funds or money returned between the date on which those values were determined and the date on which the gross asset value of Investments is published. Most of these private equity funds use the valuation rules established by the International Private Equity & Venture Capital Valuation Board; (5) for unlisted real-estate assets, appraised values calculated once per year; (6) period-end Net Asset Values for UCITS included in Portfolio Investment Securities or cash and cash equivalents. (7) historic cost for FFP shares held in treasury. In the consolidated financial statements, shareholdings are measured at the values indicated above, except for consolidated companies, which are measured in accordance with consolidation rules (see Note 3 to the consolidated financial statements). Debt is the sum of FFP’s debt measured at nominal value, plus accrued interest and the time value of derivatives relating to assets. Following a change in presentation, the co-investments in FFP’s portfolio have been removed from the private equity funds category and are presented separately at 31/12/2017 under “Co-investments”. Similarly, real-estate funds have been removed from the private equity funds category and are now shown under “Other real estate”. No change in valuation methods has taken place.

11

FFP

2017 REGISTRATION DOCUMENT