ODDO LYON 2, rue Grôlée - 69 OO2 Lyon (O) OO

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1 & CIE 12, boulevard de la Madeleine O Paris Cedex O9 Parc du Millénaire - 35, rue de la Gare Paris Cedex (O) OO STRASBOURG 3O, rue de la Mésange - 67 OOO Strasbourg (O) LYON 2, rue Grôlée - 69 OO2 Lyon (O) OO TUNIS Building Sandra Towers - Avenue du Lac Nord 1O53 Les Berges du Lac - Tunisie O6 NEW YORK CORPORATION 15O East 52nd street, 9th floor - New York, NY 1OO (212) 481 4OO2 ASSET MANAGEMENT GENEVA 1O Cours de Rive - 12O4 Geneva - Switzerland Creation of a franco-german dynamic ASSET MANAGEMENT SINGAPORE Republic Plaza, 9 Raffles Place - O48619 Singapore O672 ASSET MANAGEMENT MILAN Foro Buonaparte 55-2O121 Milan O SERVICES ZURICH Würzgrabenstrasse 6-8O48 Zürich - Switzerland OO SEYDLER Schillerstrasse O313 Frankfurt (O) O 54 O Stay connected with the Group by going on the Oddo Banque Privée application. Available on tablets and smartphones ios /Android. ANDROID APP ON -

2 A long term growth PEOPLE Merger with PINATTON (broking, corporate finance and private Acquisition of banking) DELAHAYE FINANCE (private banking Philippe Oddo Managing Partner Pascal Oddo Managing Partner Bernard Oddo Stockbroker great grandson of Gautier Share capital opened to all teams Camille Gautier Stockbroker in Marseille Acquisition of the European equity brokerage operations of CRÉDIT LYONNAIS Acquisition of NFMDA (private banking) Creation of GÉNÉRATION VIE a joint venture with ALLIANZ Partnership with THE ALZHEIMER S RESEARCH FOUNDATION Creation of METALS Acquisition of CYRIL FINANCE (asset management) OOO 2OO3 2OO4 2OO5 2OO6 P E O P L E Acquisition of BANQUE D ORSAY Merger with PARTANÉA Launch of RESEARCH Institute in Tunis Opening of SERVICES SWITZERLAND Acquisition of BANQUE ROBECO Partnership with EFA Opening of capital to all teams launch of the call for innovative projects 2OO9 2O1O 2O11 2O12 2O13 2O14 Acquisition of SEYDLER

3 Dear clients, friends and partners EMPLOYEES WITH SEYDLER ASSETS UNDER MANAGEMENT ( BN) NET BANKING INCOME ( M) IN SHAREHOLDERS EQUITY ( M) The Group is strong in all areas of its business, whether in the domain of capital management or at the investment bank. The strong complementarity of our business activities, underpinned by robust and sustained investment in analysis, research and IT systems, makes the Group unique in France. The high level of shareholders' equity, at 539m, the quality and expertise of our teams and their presence in the capital structure enable us to approach 2015 with ambition. The arrival of new talent, innovation and the quality of our client relations also help to drive our growth proved to be a good year for Oddo Group. Regarding the financial environment, market trends were favourable with the CAC posting average growth of 10% between 2013 and 2014 (from 3,951 to 4,335) and the continued widespread fall in interest rates. These trends have created favourable momentum for our capital management and brokerage activities. The Group's net banking income (NBI) rose by 5.6% to 315m, and gross operating profit increased by 21.5% to 83.5m. Net profit came in at 54m vs 71.7m in 2013; note that the 2013 figure was buoyed by the capital gain on the disposal of Oddo Group's stake in Banque Postale Gestion Privée. The start of 2015 was marked by the acquisition of Oddo Seydler Bank AG. Oddo Group has therefore initiated the first phase of its international development via external growth. The choice of the team led by René Parmantier is attributable to the support from all of Seydler's key employees to the proposal presented by Oddo Group. Some 110 Mittelstand (medium-sized German companies) specialists have joined our Group and are working with all of the Group's employees on the creation of a Franco- German bank, at the service of our French, German and international clients. Oddo Group is confident regarding the current period of historically low long rates, energy costs which have moved onto a downtrend with unprecedented abruptness and euro depreciation which significantly changes the landscape for Europe. According to the proverbial economic saying, all other things remaining equal, 2015 will likely be a year of growth for Oddo & Cie. On behalf of the Group's Executive Committee and its teams, I hope you enjoy reading this presentation of our Group and that you will continue to call upon us to meet all of your expectations. Best regards, Philippe Oddo Managing-Partner Data at december 31, 20I4

4 An international Group SEYDLER KEY PLAYER IN MITTELSTAND The acquisition of Oddo Seydler turns Oddo & Cie into the Franco-German Mittelstand and midsized company specialist. The activities Equity and bond brokerage IPO, capital increase, bond issue advisory Liquidity contract market-making for 230 issuers Domestic and cross-border M&A deals INVESTMENT BANKING PARIS Asset management - Private banking - Investment banking - Equity research and brokerage, Fixed income and derivatives - Metals - Account-keeping - Custodial services LYON Mid Cap equity research and brokerage - Private banking - Investment banking STRASBOURG Private banking - Investment banking FRANKFURT Asset management- Corporate finance - Equity research and brokerage, Fixed income MILAN Asset management NEW YORK Equity brokerage TUNIS Equity research and IT systems SINGAPORE Asset management ZURICH Asset management - Account-keeping 02 Governance Board of directors René Parmantier CEO of Oddo Seydler Holger Gröeber Member of the Executive Committee in charge of finances and administration Supervisory Board Philippe Oddo Managing-Partner Oddo & Cie Grégoire Charbit Partner Oddo & Cie Ronald Latenstein van Voorst Head of International Development at Oddo & Cie The ranking N 1 European player in market-making contracts 03 René Parmantier Holger Gröeber 11O employees Annual revenues of 4Om Over 4OO stocks covered by equity research jointly with Oddo Securities equity research team in Paris:196 French stocks, 143 German stocks, 67 stocks from other countries. [email protected] [email protected]

5 The people at the heart of the Group's strategy 56 % of employees have a stake in the Group's share capital Capital structure The group is also counting on the development of potential talents To attract and keep the best talents, Oddo Group has implemented training and a series of initiatives for both new arrivals and those present within the group for several years 6O % Oddo family 3O % Employees 5 % Others 5 % Allianz CALL FOR INNOVATIVE PROJECTS Encouraging employees to take initiatives In 2014, the Group launched a call for creative projects aimed at valuing innovation. Employees can propose development projects with an impact on the Group's business in the short and medium term. Following the success of the initiative, the Group will launch another call for projects in YOUNG TALENTS PROGRAMME 84 % of staff are managers 4O Average age 38 internal transfers 3O new recruits Developing potential talents The Young Talents Programme is an opportunity for recent graduates to join the Oddo Group on a permanent contract. Graduates receive financial training over a three-year period interacting with the Group s management committees and can rapidly move into commercial, expert or cross-disciplinary functions. 14 new graduate recruits Germany, Austria, Belgium, US, UK, Italy, Tunisia, Togo. STRATEGIC FORUM The Oddo Strategic Forum brings together 50 key senior managers to define the Oddo Group's strategy. Source: 20I4 Social Audit for Oddo & Cie In 20II, Oddo Group received a positive ESG (Environment Social Governance) rating from the EthiFinance agency

6 SUPERVISORY BOARD Governance MANAGEMENT BOARD Philippe Oddo Managing-Partner Oddo & Cie EXECUTIVE BOARD The board's mission is to guide the Group's activity and oversee its financial aspects and human resources. Grégoire Charbit Partner Oddo & Cie, Head of Corporate Development, Legal, Group Operations and Oddo Metals Christophe Tadié Partner Oddo & Cie, Head of Finance, Risk Control and IT Strategy It makes the Group's operational decisions. It develops cross-disciplinary collaboration between our businesses Members of the Management Board plus: Laurent Bastin Managing Director of Oddo Private Banking I Nicolas Chaput Managing Director of Oddo Asset Management I Pierre Colin Deputy Managing Director of the Investment Bank I Lorenzo Gazzoletti Deputy Managing Director of Oddo Asset Management I Ronald Latenstein van Voorst Head of International Development I Fatine Layt Chairwoman and Managing Partner of Oddo Corporate Finance I Olivier Rolland Managing Director of Oddo Services I Jean-Philippe Taslé d Héliand Chairman of Oddo Private Banking I Richard Tuffier Managing Director of Oddo Fixed Income I Nicolas Wirz Managing Director of Oddo Securities It plays an advisory role and ensures regular monitoring of all the Group's activities and its main projects. Jean-Pierre Pinatton Chairman of the Supervisory Board of Oddo & Cie and Director of Coforouest, "Coopérative Forestière du Grand Ouest" I Gérard Barbot Chairman of the Supervisory Board of Vauban Mobilisations Garanties I Jean Raby Director of Legal and Financial Affairs at Alcatel-Lucent I Diaa Elyaacoubi Chairperson of the Odyssée 2045 company I Peter Etzenbach Acting as representative of Allianz France and CFO of Allianz France I Antoine Jeancourt-Galignani Director of Fransabank I Olivier Marchal Chairman of the Board of Bain & Company France I Laurence Peyraut Bertier Director of Communication and Public Relations at Roche I Pierre Vaillaud* Member of Oddo & Cie's Supervisory Board I Patrick Werner Chairman-CEO of Général de Arum International The 5 growth levers International activities The Group is stepping up its development abroad, via acquisitions and partnerships, and has recruited a new member of the Executive Committee for whom international development will be his mandate. "I regularly meet representatives of companies like ours to examine partnership opportunities". Ronald Latenstein van Voorst Head of International Development Clients Priority is given to the quality of services delivered to our clients to strengthen our relationship with them over time. "The Group is investing in new technologies to acquire more in-depth knowledge of its clients and accompany them via all the connected media present in their daily lives". Mohamed Ammour Head of CRM (Customers Relationship Management) Talents Oddo & Cie aims to recruit and develop those with the greatest potential. "Development programmes have been put in place to enhance the loyalty of the Group's talents and favour cross-disciplinary initiatives". Aurore van der Werf Head of Human Resources Innovation Innovation on our products and our services will be based on future technological innovation. "The call for innovative projects fosters the taking of initiatives as good ideas spring from all quarters and innovation is everyone's business". Céline van Steenbrugghe Head of Communications External growth The Group continues to examine external growth opportunities in France and abroad. "All external growth opportunities must first gather the support of the teams concerned". Delphine Vanner Head of Legal - Corporate & Regulatory * Special advisor 06 07

7 A close relationship Family-owned companies, solid fundamentals over time with midsized companies Oddo Forum GENERATION FUND Since 1997, Oddo Asset Management has managed the mutual fund invested in family-owned companies. These companies invest steadily and benefit from a stable ownership structure, outperforming the CAC 40 in the longer term. 25O 2OO Oddo Génération B % Total performance* CAC 4O net dividends reinvested + 51 % Total performance* % Annualised* % Annualised* THE LARGEST FORUM DEDICATED TO EUROPEAN MIDCAPS The Oddo Forum, held in Lyon, is the biggest European event bringing together listed companies with a market capitalisation of up to 12 billion euro. The 18th edition of Oddo Forum in 2015 brought together: 197 listed companies including 51 foreign companies 336 company heads 372 investors including 137 foreign investors 4,409 investors meetings and 1,962 issuers ones 372 Investors 15O 1OO 5O dec.o4 dec.o5 dec.o6 dec.o7 dec.o8 dec.o9 dec.1o dec.11 dec.12 dec.13 dec.14 * Source: Oddo Asset Management - Past performance is no indication of future performance and is not constant over time. Efficiency and profitability The maximum number of meetings, in the shortest possible time One location, two days Quality meetings (45 minutes) Different types of meetings: one-to-one, one-to-few, group meetings Flexibility Organisation of meetings depending on the availability of investors over one day, two days or even a half a day 4,4O9 meetings 197 listed companies 08 09

8 B U S I N INVESTMENT BANKING EQUITIES FIXED INCOME Equity brokerage Sector-based equity research Cross-sector research (Technical Analysis, ESG*, Economics) Brokerage Listed and convertible bonds Credit research Access to the primary market Facilitation * Environment, Social, Governance CORPORATE FINANCE M&A Capital Markets Corporate Broking T H E CAPITAL MANAGEMENT METALS A full suite of management services for metal processors and manufacturers Flows and inventory management Advice on global markets Hedging Trade financing C L INSTITUTIONAL INVESTORS COMPANIES PRIVATE CLIENTS CGPI 10 E S S E S I ASSET MANAGAMENT PRIVATE BANKING Equities Bonds Diversified and multi-management funds Absolute performance Money management Wealth engineering Services Wealth management Partnerships Stock adviser E N SERVICES LIFE INSURANCE White-label account keeping Mutual fund depositary and valuation services Administrative management of life insurance contracts Full custodian and clearing services Development of value-added software Retirement and employee savings (Fipavenir range) T Asset management: distribution of Oddo Asset Management's mutual funds Capitalisation contracts S Asset managers, insurers, private banks, regional banks, pension funds, bond issuers, specialist funds, hedge funds Large caps, mid and small caps, next caps, unlisted companies, funds Individual clients, associations, congregations, foundations, business heads, family offices Independent financial advisors 11

9 INVESTMENT BANKING FIXED INVESTMENT BANKING EQUITIES AN INDEPENDENT OPERATOR AT THE SERVICE OF OUR INSTITUTIONAL CLIENTS The number one independent broker for French and German stocks. A major player in European equity markets. INCOME A EUROPEAN ANGLE ON BOND MARKETS Oddo Fixed Income is the first French broker in European markets. Oddo Securities stands out for its independent financial analysis and excellent execution Strong sector expertise and a research department renowned for the relevance of its reports Equity research offices in Lyon and Frankfurt specialising in small and midcaps Close relationship with companies: over 300 meetings organised between companies and investors An execution platform noted for its quality and professionalism An international presence: New York, Tunis and Frankfurt Extel 2014 ranking No.1 France small & midcaps research France small & midcaps sales France small & midcaps execution No. 2 Oddo Securities 2 nd best broker in France No. 3 6 th best European broker in technical analysis 8 th European broker in corporate access 9 th best European broker in ESG* research Research noted for its fundamental approach Access to all European markets Nicolas Wirz European credit research 40% of reports are on non-french stocks 50% high yield, 30% financial, 20% investment grade Earnings and market-impact coverage of 400 companies Access to liquidity on all European bond markets Direct or indirect access to all exchanges Market markers in entire range of fixed-income products Corporate and financial: 700 stocks/270 companies, including 120 outside France/450 price requests every day Retail market in France: 150 stocks/specialist in French banks European retail markets: 200 stocks/focus on European banks and high yield Convertible bonds: 135 stocks/110 companies, 70% of which are European, and dedicated research Oddo + Seydler = a Franco-German base for opening up to Europe Expanded and complementary trading platform Primary deals Client base extended to German-speaking and Scandinavian countries Extension of research coverage Private placements of euro-denominated debt: provide you with diversification Fixed-income panorama all in one: price, yield, internal rating and recommendations Trading & securities' lending desk Dedicated front-office teams Access to borrowed equities, bonds and convertible bonds You can lend your securities and boost your portfolios' return or leverage Facilitated access to the currency, spot, swaps and forward markets Richard Tuffier 4OO European companies covered, including 196 French stocks 5OO investor and institutional clients Chart, economic and ESG* analysis Oddo Forum 8OO institutional clients 13O stocks covered 1,2OO bonds listed in real-time on the execution platform 35 sales staff/traders, 1O fixed-income analysts 35 investor road shows Leading French broker dealer * ESG : (Environment, Social, Governance) research - Source : «Extel Surveys 20I4» 12 [email protected] 13 [email protected]

10 CORPORATE FINANCE INVESTMENT BANKING METALS INVESTMENT BANKING AN INTEGRATED CORPORATE BANK WITH A COMPREHENSIVE OFFER AT THE SERVICE OF COMPANIES Recognised technical skills coupled with strong market expertise enable Oddo Corporate Finance, in complete independence, to offer its clients integrated solutions. Financial transactions: broad and recognised expertise Advisory services for mergers and acquisitions Fairness opinions and complex evaluations Stock-market and shareholder engineering Corporate broking: a trading floor dedicated to listed companies Liquidity contracts Share buybacks Analysis of equity markets Capital markets: a bespoke offer for providing advice and assistance Debt Capital Markets Financing plan Bond issues, private placements Advice on restructuring Advice on financial ratings and optimisation of capital structures Equity capital markets IPOs Capital increases Risk management and valuation AN INDEPENDENT AND MULTI-DISCIPLINARY CORPORATE BANK Mergers & acquisitions Stock-market engineering Financing advice Raising of capital IPOs Risk management advisory Liquidity contracts Share buybacks Pierre Colin FatineLayt FINANCE AT THE SERVICE OF INDUSTRY A specialist team that understands its clients' specific needs. Oddo Metals trades metals such as aluminium, copper, zinc and tin and offers a full range of services for the metal processing industries. Supply management Expertise in securing global sourcing by guaranteeing supplies from first-tier producers Reliable and diversified sourcing Hedging of market risks Innovative bespoke solutions for hedging price, currency and premium risk, regardless of the market environment Expertise in analysing the market risks of each customer Management of the entire logistics chain Control of the supply chain to ensure reliable and optimised logistics (shipping, intermodal, storage centres, etc.) Bespoke solutions on a case-by-case basis Just-in-time delivery to minimise inventories linked to production, distribution and supply constraints Optimisation of the financing of metal flows Flows and inventory management Payment terms over the sales cycle Reduction in capital employed by industrial groups AN OFFER COVERING THE ENTIRE SUPPLY CHAIN Producer Access to the physical market Transport Logistics and supply chain Storage Distribution Processors: aerospace, packaging, transport, construction, cables, etc. Antoine Chacun 53 advisory mandates, including: 12 mergers & acquisitions and 6 advisory projects 7 public offerings presented on the Paris market 1O financing transactions carried out by going to the public or private bond market along with two restructuring advisory projects, 5 placements and 2 rating advisory projects 5 IPOs, including 4 on Euronext, and 1 capital increase 71 liquidity contracts managed 35O,OOO tonnes of aluminium 1OO,OOO tonnes of copper 8,OOO tonnes of zinc and 1,5OO tonnes of tin 1.2 bn in sales 2OO metal processing clients in Europe and Asia 3O main producers all over the world 14 [email protected] [email protected] 15 [email protected]

11 ASSET MANAGEMENT CAPITAL MANAGEMENT PRIVATE BANKING CAPITAL MANAGEMENT A LONG-TERM PARTNERSHIP For over 25 years, Oddo Asset Management has been one of the leading independent asset managers in Europe. Value creation and well-earned confidence A range of funds focused on major asset classes: equities, bonds and allocation Institutional investor clients, distributors and CGPI Active in five stock markets: Paris, Milan, Geneva, Frankfurt and Singapore Accompanying clients over the long term Quality and commitment Stable and transparent investment processes Integration of ESG criteria into the analysis and the building of our portfolios Oddo Asset Management, signatory of PRI (United Nations principles of responsible investment) since 2010 Fundamental analysis and responsiveness Fundamental analysis and knowledge of markets as pillars of our management A flexible, responsive and innovative management approach Oddo Asset Management High-yield bonds and Investment Grade Singapore subsidiary Frankfurt office Milan office Global Merger Arbitrage SICAV Oddo Funds in Luxembourg st dated bond fund Oddo Proactif Europe 1996 Oddo Génération 1994 Convertible bonds 19 European midcap Oddo Avenir 19 Creation of Oddo Vision Oddo Convertibles Global Office in Geneva Nicolas Chaput Lorenzo Gazzoletti WEALTH MANAGEMENT EXPERTS AT THE SERVICE OF PRIVATE CLIENTS Our team of experts offers a range of bespoke services. Discretionary asset management Portfolio manager Bespoke or model-based management Reporting Long performance track record Management advisory Investment advisor Dedicated trading floor Bespoke proposals Access to research Execution of your decisions Wealth and tax advisory Wealth engineer Tax and wealth optimisation Innovative life insurance contracts Legal and tax monitoring Synergies with Oddo & Cie's other businesses Oddo Asset Management, Oddo Corporate Finance Oddo Securities, Oddo Services A wide range of investments French and Luxembourg life insurance Security accounts, equity savings plans, SME equity plans, pension plans, investment funds Private equity SECURE MOBILE APPLI & WEBSITE Innovation & mobility Online placing and consultation of orders Access to equity research analyses and news Jean- Philippe Taslé d Héliand Family office Consolidated reporting Lombard facilities Private secretarial services Diversification via our partnerships Woods, forests, vineyards Property experts Art specialists Philanthropy Laurent Bastin 11O employees, of which 41 fund managers & analysts 15 bn in assets under management A 28-year history A presence in five financial markets 115 employees, including 45 private bankers 5.5bn in assets under management 3 offices (Paris, Lyon & Strasbourg) 16 [email protected] [email protected] 17 [email protected] [email protected]

12 CAPITAL MANAGEMENT LIFE INSURANCE CAPITAL MANAGEMENT SERVICES AN INTEGRATED FRONT-TO-BACK OFFER AT THE SERVICE OF OUR CLIENTS' OPERATING EFFICIENCY A bespoke offer and innovative tools, proven implementation solutions and tight deadlines, experienced teams and constant attention to service quality. OUR EXPERTISE IN LIFE INSURANCE CONTRACTS AT THE SERVICE OF OUR PRIVATE CLIENTS AND INDEPENDENT FINANCIAL ADVISOR PARTNERS A world of advantages. The outsourcing of back-office services for private banks and asset management companies Processing of securities and banking transactions Implementation of tax and regulatory changes Global custody UCITS depositary Outsourcing of back-office services for life insurers Integrated solutions for asset and liability management Unique operational coverage, particularly suitable for managing high-end contracts Offer available under full delegation or outsourcing Differentiated software created by our R&D Lutèce: portfolio and CRM management, AML/FAT checks, dematerialised reports GCA: management of high-end life insurance contracts dedicated to multi-product contracts White label internet sites, apps for tablets and smartphones Customised quality reports A COMPREHENSIVE BACK-OFFICE OUTSOURCING OFFER Lutèce Websites Application Reporting Olivier Rolland Tools tailored to the specific needs and portfolio objectives of each subscriber Capital available at all times Diversification of investment products Customisable payments Free choice of beneficiaries Access to financial markets Tax benefits Governed by French law and the articles of the Insurance Code Capitalisation contracts A capitalisation contract also makes it possible to respond to portfolio valuation objectives under preferential tax conditions A range of contracts that can be tailored to all types of investor profiles Multi-option contracts Sophisticated life insurance contracts (deferred profit-sharing and deferred capital claims) Luxembourg-based contracts PEP, PERP Optimised tax regime Flexibility of subscription Self-managed funds advised or under mandate Possibility of mixing several types of management in a single contract Investment objectives are tailored to your profile Access to listed equities and bonds, to a wide range of UCITS and euro funds Optimised tax regime Bertrand Sance Over ten years' experience 22O IT & back-office professionals 3O Private Banks & Management Companies 1OO,OOO accounts 145 funds 22bn in assets in custody 3 insurance companies 6O,OOO contracts 5bn euro in outstandings Active in France & Switzerland 2/3 of revenues from external clients Large range of life-insurance contracts with our well-known partners Génération Vie Allianz AXA AG2R La Mondiale Cardif Foyer International Generali Natixis Life Neuflize Life Swiss Life 18 [email protected] 19 [email protected]

13 Key figures Assets under management ( bn) O Net banking income ( m) O Shareholders equity (total consolidated shareholders capital in m) O9 4O Tier 1 Solvency ratio (%) O Net profit after tax ( m) O Average payroll (permanent full-time employees) O O Source : Annual Report 20I4 - IFRS standard

14 Oddo Group's commitments THE AIM OF THE ENDOWMENT FUND AGIR POUR DEMAIN OUR OBJECTIVES To be involved in our society To join forces around common actions and projects To provide structure and coherence ASSOCIATION POUR LA RECHERCHE SUR ALZHEIMER Our support for the Association for Alzheimer's research over the past 10 years. The endowment fund makes an annual donation to the Alzheimer's foundation and helps to organise the annual Gala evening. Our partnership with Doctors without Borders. We are committed to financing programmes run by Doctors without Borders on the theme of innovation. Any of the Group's employees can leave on a 6-month field mission with Doctors without Borders. OUR VALUES Accessible Committed Independent of mind Results - focused 2 AREAS OF COMMITMENT OUR ACTIONS Closely monitor media stories in order to react to emergency situations Invest in research and development over the long term Mobilising our employees to collect funds at times of emergency 20