E X A N E I N B R I E F.planetepublicite.fr eation: www. Design, cr mier edit: David Mar 14. Photo cr y 20 Jul

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1 EXANE IN BRIEF

2 359.8m 38.6m 872 NET BANKING INCOME NET PROFIT EMPLOYEES In 2013, Exane delivered a good financial performance amid a more favourable environment. The Group relied primarily on Equities and Derivatives to generate a total net profit of 38.6m. In Cash Equities, our steady investment drive in Equity Research since 2010 paid off. Our Equity Research now ranks number four in Europe* and has clearly achieved european tier one status, which provides positive momentum throughout the platform. Regarding Derivatives, the success of products based on proprietary indices confirms the validity of basing our offering on straightforward structures with clearly themed content. In Asset Management, Pléiade, Archimedes and Select funds (Exane asset management) as well as Ellipsis European Convertible and Ellipsis High Yield funds (Ellipsis AM) performed well during the year, illustrating the quality of the fund management teams. The Group s two historical businesses enjoyed a strong performance. We are now looking for the same level of efficiency in Asset Management, with a twofold target, i.e. to foster Exane asset management s rebound and further develop Ellipsis AM. Nicolas Chanut Chairman and CEO * Thomson Reuters Extel Pan-European survey 2014 (votes from "Key Fund Managers", commissions weighted)

3 AN INNOVATIVE AND EFFECTIVE PARTNERSHIP WITH BNP PARIBAS The agreement between Exane and BNP Paribas, signed in 2004 and strengthened in 2010 and 2011, revolves around three core elements: An operational partnership in European cash equities where BNP Paribas conferred exclusivity to Exane under the Exane BNP Paribas brand. A balance sheet partnership, which is particularly well suited to our Derivatives business, providing financing and support for our rating. A capital partnership uniting the strength of BNP Paribas with the independence of Exane. EXANE PARTNERS* BNP PARIBAS 50 % of the capital 60 % of the voting rights 50 % of the capital 40 % of the voting rights VERNER INVESTISSEMENTS 100 % EXANE * Exane Group s key managers and experts

4 3 BUSINESS LINES Specialising in European equities, Exane is active in 3 businesses: CASH EQUITIES DERIVATIVES ASSET MANAGEMENT RESEARCH European equities Structured Structurés products Convertibles bonds Options Long/short equity funds Long equity funds INVESTMENT EQUITIES A STRONG CULTURE Exane s growth has always been grounded on 3 fundamentals: the Equities universe, Investment expertise (trading and asset management) and top-class Research in equities and derivatives. These three pillars of our business model are underpinned by 3 core values that have shaped the Group s culture since its creation. FUNDAMENTALS Equity Investment Research VALUES Excellence Independence Commitment

5 CASH EQUITIES 630 STOCKS COVERED 115 ANALYSTS 1,200 INSTITUTIONAL CLIENTS WORLDWIDE With a current market share of 4 % of institutional business, Exane BNP Paribas is one of the fastest growing brokers in Pan-European equities. CONTINUED INVESTMENT IN BOTH RESEARCH AND EXECUTION > Independent, fundamental Pan-European company and industry research, ranked No.4 in the most recent Extel Pan-European survey > Analysts have worked within the industries they follow. Rigorous financial analysis underpins their qualitative work. > Experienced sales teams located locally in all the major financial centres globally, led by London, Paris and New York. Exane BNP Paribas ranked No.3 for Pan-European Equity sales in Extel Pan-European survey > A comprehensive range of execution services: high-touch sales trading, facilitation, electronic trading, program trading and ETFs. A BROAD PAN-EUROPEAN STOCKS COVERAGE Benelux Iberia Italy Others France UK Germany 12 SECTORS IN THE TOP 3 IN EUROPE No. 1 Construction & Building Materials Real Estate Retailers (Non Food) No. 2 Food Manufacturers No. 3 Autos & Automotive Components Banks Household Products & Personal Care Luxury Goods Media MedTech & Services Retailers (Food) Tobacco

6 DERIVATIVES 1,090 ISSUES PER YEAR 135 FRONT OFFICE EMPLOYEES As a key player in convertible bonds, options and fixed income, Exane Derivatives has built a robust franchise in the creation of multi-asset solutions. STRENGTH BUILT ON A UNIQUE POSITIONING > Services and research based on the "Mix", a process combining fundamental convictions, financial innovation and the optimisation of market parameters. > Experienced Cross Asset research focusing on asset allocation amid tough market conditions. > Know-how in the design of investment solutions offering optimal risk/reward for all investment styles. > Trading and market making with tight risk management to ensure long term profitability. A UNIQUE AND COMPREHENSIVE APPROACH STEMMING FROM THE MIX MIX SOLUTIONS INVESTORS Threefold expertise Multi-asset Constraints Targets Fundamental convictions Equity research Global Macro research Derivatives research Financial innovation Optimisation of market parameters Equities Bonds Convertible bonds Currencies Hand in hand approach e1.4bn UNDER MANAGEMENT 11 years TRACK RECORD IN FUND MANAGEMENT CONVERTIBLE BOND, CREDIT & DIVERSIFIED FUNDS > Ellipsis AM offers funds on value added assets, i.e. convertible bonds, high yield and short-maturity bonds and diversified fund management. Its investment philosophy is "research-driven" via portfolios reflecting its convictions, within the framework of active and tactical risk allocation.

7 ASSET MANAGEMENT 12 FUND MANAGERS e2.5bn OF ASSETS UNDER MANAGEMENT 13 Exane asset management is a fund management company specialising in stock picking within the European equities universe. Since its creation in 2001, the Company has focused on absolute return investment strategies, drawing on the expertise of a team of experienced fund managers, analysts and sector specialists. Today Exane asset management is one of the leading French and European players in long/short equity fund management. From this strong foundation, the Company has extended since 2011 its offering to a longonly European equity fund. EXPERTISE ON EQUITIES IS AT THE HEART OF EXANE ASSET MANAGEMENT STRATEGY FUNDS MANAGED (7 specialised funds and 6 jointly-managed funds) A fund management team, sector experts Accountability as a source of motivation 12 analysts and fund managers with an average experience of 18 years One of the largest European equity teams in an independent fund management company in France Exhaustive sector coverage Each fund has a dedicated management team to ensure strong personal identification Responsible for investment decisions and portfolio performance CONVICTION-BASED ASSET MANAGEMENT AND PROVEN RISK MANAGEMENT > 2 types of strategy: Absolute returns based on long/short market neutral management techniques. European equities. > A diversified portfolio of French and European clients: institutions and corporates; distribution, banking and insurance networks; multimanagement.

8 AWARD-WINNING FRANCHISES PARIS LONDON CASH EQUITIES > No.4 for equity sectors research in Europe (1) > 18 sectors in the Top 5 in Europe (1) > No.7 broker in Europe (1) > No.1 for Pan-European small & midcaps research (2) > Leading brokerage firm in France (1) > No.3 for Pan-European equity sales (1) DERIVATIVES > No.2 for convertibles research in Europe (2) > No.3 for convertibles sales in Europe (2) > No.5 for derivatives research in Europe (2) FRANKFURT GENEVA MADRID MILAN STOCKHOLM NEW YORK SINGAPORE ASSET MANAGEMENT > No.5 leading Pan-European hedge fund (3) > No.2 leading buy-side firm in France (3) > Nominated for the "best long/short equity investment management team" and the "best multi-hedge funds investment management team" (4) (1) Thomson Reuters Extel Pan-European survey 2014 (votes from "Key Fund Managers", commissions weighted) (2) Thomson Reuters Extel Pan-European survey 2014 (votes from Fund Managers, commissions weighted) (3) Thomson Reuters Extel Pan-European survey 2014, votes from research equity houses (analysts, traders and sales) and corporates (investors relations) weighted respectively by 2013 Extel ranking and capitalisation, on the basis on the 3 following criteria: service quality, interaction and market knowledge (4) Financial News Awards for Excellence, 2012 EXANE SA I 16, Avenue Matignon PARIS Tel. : + 33 (0) Fax : + 33 (0) July Photo credit: David Marmier. Design, creation: