Investor Presentation May 2017

SLIGHT DROP IN NET DEBT (in €m) Opening net debt (December 31) Free cash flow Acquisitions Disposals Others Discontinued operations Cash flow after acquisitions and disposals Dividends paid by parent company Dividends paid to non-controlling interests Capital increase Cost of net financial debt Disposal of treasury shares Acquisitions/disposals of investments without change in control Other changes in net borrowings Closing net debt (December 31) 2015 2016 -4,954 -4 546 687 603 -85 -190 109 45 -28 -25 0 16 682 449 -390 -121 -98 -86 14 255 -347 -377 384 30 208 -40 -44 -95 -4,546 -4,531 INVESTOR PRESENTATION May 2017 | 48

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