=1/A subsidiary of PPR, CFAO is a leading specialised distributor of automobile and pharmaceutical products in Africa. CFAO operates in 34 countries, including 31 African countries, and has over 10 000 employees.

Description of the initial public offering of CFAO on Euronext Paris:

Price range: between €24.80 and €29.00 per share.

Size of the offer: 35 650 000 existing shares (57.94% of share capital) sold by the PPR Group.

Value of the offer between €768.8m and €899.0m on the basis of the price bracket.

Greenshoe option on a maximum of 4 650 000 existing shares.

Close of offering scheduled for December 1, 2009.

Income statement (millions of euros)

2006 2007 2008 2009

(e) 2010(e)

Sales 2219 2535 2864 2571 2700

− Operating costs (2016) (2278) (2557) (2323) (2414)

= EBITDA 204 257 307 248 286

− Depreciation (27) (31) (37) (40) (42)

= Operating income 177 226 270 208 244

+ Financial income (19) (20) (21) (22) (23)

+ Non-recurring items 10 9 9 (4) 0

= Pre-tax profit 168 215 257 182 221

− Income tax (57) (76) (90) (62) (76)

Share of income from firms accounted for under the equity method 334 4 5

= Net profit 114 142 171 124 150

− Minority interests (31) (36) (43) (28) (32)

= Net earnings, group share 83 106 129 96 118 Cash flow statement 2006 2007 2008 Cash flow from operating activities (1) 116 151 63 Cash flow from investing activities (2) (58) (66) (71)
− Dividends (93) (71) (209)
= Decrease (increase) in net debt (36) 14 (217)
Balance sheet 2006 2007 2008 Fixed assets (1) 374 430 464 Working capital (2) 318 315 451 Capital employed = (1) + (2) 692 745 915 Shareholders’ equity (3) 550 617 570 Net debt (4) 142 128 345 Invested capital = (3) + (4) 692 745 915 Dividend policy 2006 2007 2008 2009

(e) 2010(e)
Net earnings, group share (€m) 83 106 129 96 118 Earnings per share (EPS in €) 1.4 1.7 2.1 1.6 1.9 Dividend per share (€) 0.8 2.9 1.3 0.8 1.0 Payout ratio 61% 170% 60% 50% 50%