CAPGEMINI_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE GROUP AND{ITS{ACTIVITIES

1.6 Investment and financing policies

Investment and financing policies 1.6

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Investment policy 1.6.1 In{2016, the Group focused on integrating IGATE and finalized the acquisition of two companies, a Salesforce specialist in Germany (Oinio) and a consulting firm specializing in high added value innovation in North America (Fahrenheit{212). In{2017, Capgemini finalized the acquisition of four{companies to further strengthen the Digital portfolio: Idean: Global Digital strategy and experience design consulting; two{complementary acquisistions for omnichannel X ecommerce – France (Itelios) and North America (Lyons Consulting Group); Financing policy and financial rating 1.6.2 The Capgemini financing policy is intended to provide the Group with adequate financial flexibility and is based on the following main criteria: a moderate use of debt leveraging: over the last ten{years X Capgemini Group has strived to maintain at all times a limited level of net debt (or even a positive net cash position) including in the manner in which it finances its external growth; diversified financing sources adapted to the Group’s financial X profile: Capgemini seeks to maintain a balance between bank financing (including the multi-currency syndicated credit line and the use of leasing to finance IT equipment) and market financing: three{euro{bond issues performed in July{2015 for €2,750{million; one euro bond issue performed in November{2016 for €500{million (see Note{21 to the consolidated financial statements);

TCube Solutions: Insurance IT services firm specializing in Duck X Creek Technologies –- to advance the portfolio of managed services for the insurance industry. Furthermore, the Group announced in February 2018 the acquisition of LiquidHub, a recognized leader in digital customer engagement with strong expertise in delivering solutions across the entire customer lifecycle. In{2018, the Group wishes to continue to strengthen its position in North America as well as selectively in Europe across high-growth Digital and Cloud domains. These acquisitions will be possible thanks to the Group’s very solid financial position, which they should not compromise. a good level of liquidity and sustainable financial resources, X which means: maintaining an adequate level of available funds (€2,156{million at December{31, 2017), supplemented by a €750{million multi-currency syndicated credit line secured on July{30, 2014 and maturing on July{27, 2021; borrowings, with only a limited portion falling due within ❚ 12{months (contractual cash flows within less than one year; see Note{21 to the consolidated financial statements) representing just 17% of total contractual cash flows as at December 31, 2017.

Financial rating The Group’s ability to access financial and banking markets and the cost of accessing such markets depend at least in part on the credit rating attributed by the rating agency Standard{&{Poor’s which as at March 1, 2018 is BBB (positive outlook).

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REGISTRATION DOCUMENT 2017 — CAPGEMINI