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AGENDA

2

INTRODUCTION AND 2017 STRATEGIC ACHIEVEMENTS

Enrique Martinez, CEO

9.30 am

2017 ANNUAL RESULTS PRESENTATION

Jean-BrieucLe Tinier, CFO

10.00 am

CONCLUSION AND Q&A SESSION

10.30 am

STRATEGIC REVIEW

2017 ECONOMICENVIRONMENT

4

MacroeconomicEnvironmentFrench Market

Specialized Retail Evolution in 2017

AENet slowdown in household consumption spending in goods at +1.7% in 2017 vs.+2.4% in 2016(1) +0,5% -11,4% +0,1% -3,2%

Retail tradeConsumer

Electronics

White GoodsBooks

(except online)

Retail Trade -Banque de France data for 2017

French

GDP: +1.9% in 2017 vs.+1.1% in 2016(1)

French

household consumption spending slowing down in 2017 at +1.3% vs. +2.1% in 2016(1) Slight recovery in Iberia in a tough political context, consumption spending still sluggish

Sustained GDP growth in Benelux

(1)Source : INSEE

IN 2017 FNAC DARTY CONDUCTEDA SOUNDEXECUTION

5 (1)ExcludingFX, perimeterand expansion effects

(2) Pro Forma: takingintoaccountGMUP\·Vinclusion in the scope of consolidation as fromJanuary1, 2016

FnacDartyshowed growth in 2017 despite

a challenging environment -2,4% 3.1%

H1 2017H2 2017

Group sales evolutionH1 & H2 ²like-for-like(1)

Group sales evolutionH1 & H2 ²excl. TV (2)

FNACDARTYMARKET SHARE GAINS

H1 impacted by

unfavorable base effect due to TV digital switch in April 2016

Good growth in H2 driven by a favorable

products line-up

Success of Black

Friday:

commercial execution creating value 1,2% 3,0%

H1 2017H2 2017

Common Group HQ

organization

Single Belgian HQ

Group Ex. Committee

Launch of IT platforms

convergence

Distribution centres'

mutualisation

Pickup of Fnac.com

purchases in the Darty network

Darty.com on Fnac.com

marketplace

Fnac TV delivery by Darty

Photo printing corners at

Darty

Launch of Darty+

Cross-fertilization of best

practices (warranty,

LQVXUMQŃH"

20 Shop-in-shops in test

Opening of the first store

branded Fnac & Darty

FNAC DARTY INTEGRATION PROGRESSEDRAPIDLYIN 2017

6

Digital expertise &

Marketplaces

Services &

Deliveries

IT systems

convergencePurchasing optimization

Specialized

logistics centers

OPERATIONAL

SYNERGIES

OBJECTIVE:

½110m

Shop-in-Shop

rollout

Mutualized Support

functions

COMMERCIAL

INITIATIVES

OBJECTIVE :

½20m

IN PROGRESS

IN PROGRESS

Crossed

Click & Collect

IN PROGRESS

IN PROGRESSIN PROGRESS

AT END 2017, ½85m OF SYNERGIES DEPLOYED VS. ½65m INITIALLY PLANNED

STRONG RESULTS

7

(1)Pro Forma: takingintoaccountGMUP\·Vinclusion in the scope of consolidation as fromJanuary1, 2016

(2)Ebitreportedon a stand-alonebasis. Sources : companyfinancialstatements. EBIT equal to Current Operating Income definition for Fnac and equal to EBITDA ²D&A for Darty(before exceptional items and profit on

disposal of PP&E and intangible assets) (3)Continuingoperations Tight commercialpolicy

Gross margin up 50bps at 30.4%

RapidprogressofFnacDartyintegration:

Strong increase in Current Operating Income at

½270m

Operational Free

Cash Flow raised to ½199m

Net result(3) +½100m vs 2016

½165m

½203m

½270m

½77m

2014201520162017

2.7% of sales 3.6% of sales 2.3% of sales

EBITevolutionby year²Pro Forma(1)

FNACDARTYSOLID RESULTS

½68m

DARTY FNAC (2)

½130mtargetedin2018

OMNICHANNELPLATFORM IMPROVEMENT IN 2017

NETWORK EVOLUTION

Franchise stores

TOTAL

Fnac Darty Network

at December31, 2017 8 78
openingsin2017

62 in France

3in Spain

5In Portugal

8in Belgium

Of which 58franchisees

c.20 shop-in-shops opened at year-end

Click & Collect offer upgraded

c.280 Dartyshops eligible vs. 80 in 2016

FRANCE

Openings in 2017

Directly operated stores

Openings in 2017

INTERNATIONAL

160350

721132

20 88
0 36
218
6 76

236492

142

1Includingfranchise operations in Qatar, Morocco, Ivory Coast, Congo and Cameroon, and a Fnac Dartystore

DENSE MULTIFORMAT STORE NETWORK WITH 728 STORES

Fnac Dartyis the most digital omnichannelretailer1

Average competitors: 11% 13%12%11%

9% 17% +6pts vs. average

OMNICHANNELPLATFORM IMPROVEMENT IN 2017

DIGITAL CAPABILITIESREINFORCED

Strong performance in

digital in 2017, +1pt vs 2016 47%
of online sales are omnichannel, +2pt vs. 2016

Marketplace :

GMV: c.50% growth in 2017

30Mreferences available

2,000professional vendors

Dartyspace opening on Fnac.com

Mid -term objective : GMV x3 compared to 2016 9

Marketplace

20162017X1.5

1Source: latestpublishedfigures, Group level, exceptfor Best Buy(Domesticsales)

OMNICHANNELPLATFORMIMPROVEMENTIN 2017

CUSTOMER EXPERIENCE PROGRESS

10

CUSTOMER EXPERIENCE IMPROVEMENT

Common brand platform

Fnac+ & Darty+

In-store customer experience improvement

in services (dedicated corner)

Store Digitalization

(180Fnac and Darty stores at the end of 2017)

SERVICES AND OPERATIONS PROGRESS

2-hour delivery service extended

Cut-off at midnightfor next-day delivery in

Paris area

Click & Collect for fnac.com purchases

available in c.280 Darty stores at end 2017

Launch of in-store repair initiativeslinked

with one centralized spare part distribution platform

Connected after-sales services

FNACDARTYOFFERS

BEST IN CLASS CLIENT EXPERIENCE

OMNICHANNELPLATFORMIMPROVEMENTIN 2017

INTERNATIONAL

11

‡Sales growth

‡Robust expansion pace (+8 stores)

‡Opening of the first franchise in Portugal

‡Rapid deployment of SDA offer under

the FnacHome banner

IBERICABENELUX

‡Sales growth

‡Common HQ for VandenBorreand Fnac

in Belgium

‡Solid expansion pace (+8 stores)

‡Double-digit growth of web sales in

Belgium

‡Improved profitability in the Netherlands

STRATEGIC POSITIONS REINFORCED ABROAD

OMNICHANNELPLATFORMIMPROVEMENTIN 2017

MULTIPLE PARTNERSHIPSCREATED

Carrefour

‡Purchasing Agreement partnership for domestic

appliances and consumer electronics in France

‡Cooperation effective for the 2018 supplier

negotiations but full benefits expected for 2019

Google

‡´%RXPRQ Dartyµ LQPHJUMPHG into the Google Home ecosystem

Deezer

‡Exclusive offers for Fnac Dartycustomers

‡Digitalization of in-store musical experience

12

OPENING THE PLATFORM

REINFORCES OUR VALUE PROPOSITION

2017 FINANCIALS

FY2017 GROUP SALES : +0.4%

Context

Sluggish consumption in France

Continuing tough competition

Consumer electronics market impacted in 2017 by

TV digital switchover in France in April 2016

Q4 marked by Black Friday spread out in Europe

Fnac

Dartygrowth profile in 2017

Decline in H1 due to TV switch in 2016

Strong growth in H2: +3,1% (like-for-like)

Strong growth in digital and omnichannelsales

Double-digit growth of Services activities

Smart execution of Black Friday

Strong improvement of

gross margin +50 bpin FY 2017 despite dilution from franchises,
reflecting the effect of synergies and a well- managed commercial policy 14 (1)Pro Forma at comparable scope of consolidation and at constant forex

(2)Pro Forma takingintoaccount GMUP\·Vinclusion in the scope of consolidation as from January 1, 2016

-2.8%-2.6% 6.0%

0.8%0.4%

Q1 2017Q2 2017Q3 2017Q4 2017FY 2017

Group sales evolutionby quarter ²Pro Forma (1)

29.9%
30.4%

20162017

Gross marginevolution²Pro Forma (2)

FRANCE AND SWITZERLAND IN 2017

15

½m2016

Pro Forma (1)2017% Change

Revenues5,8545,8560.0%

Like-for-like(2)0.5%

Currentoperating

income17223436.0%

Operating margin2.9%4.0%+110bp

-3.2%-3.5% +6.5% +0.3%+0.1%

Q1Q2Q3Q4FY

2017 sales evolutionPro Forma (3)

Growth despite a strong comparison basis due

to TV digital switch in April 2016

Excluding TV, sales up +2.2%

Mid -teen growth of online sales at Fnac.com

Acceleration of network

expansion:

62 store openings

Good execution

of synergies plan

Strong growth in operating margin

(+110bp at 4.0%) -0.8% 0.1% +6.4%+4.9% +2.9%

Q1Q2Q3Q4FY

IBERIAN PENINSULAIN 2017

Growth despite tough market partly due

to political context in Spain

Expansion pace is

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