FFP_REGISTRATION_DOCUMENT_2017

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ACTIVITY AND PROFIT FOR THE PERIOD Investments and divestments during the year

Investments and divestments (1) during the year

4.1

Shareholdings

ADDITIONAL INVESTMENT IN TOTAL EREN FFP took part in a capital increase totalling almost €100 million (second tranche of the 2015 fundraising round), to enable it to pursue existing renewable energy projects. FFP invested €14 million in this capital increase and it now has a seat on the Board as a non-voting director. Total has also acquired an indirect 23% stake in the company, which has been renamed Total Eren. ADDITIONAL INVESTMENT IN TIKEHAU CAPITAL In July 2017, FFP took part in Tikehau Capital’s €702 million capital increase at a price of €22 per share, and also that of its controlling holding company Tikehau Capital Advisors. Overall, therefore, FFP invested €25.7 million in 2017 and now owns 3% of Tikehau Capital and 6% of Tikehau Capital Advisors. INVESTMENT IN SPIE SPIE is a leading independent European provider of multi-technical services, and has achieved steady growth in the last few years due to the quality of its business model, staff and management. On 5 September 2017, FFP formed an agreement with Clayax Acquisition Luxembourg 5 SCA (Clayax), owned by Clayton, Dublier & Rice and Ardian, under which FFP bought 8 million shares in SPIE from Clayax for €189 million. FFP then made an additional investment of around €11 million in December 2017, after which it owned 8.5 million SPIE shares, giving it 5.5% of the capital. FFP has a seat on SPIE’s Board as non-voting director. INVESTMENT ALONGSIDE ELV FFP has joined forces with several families in Europe to support the development of several real-estate projects in the USA, which are being devised and managed by a US team of professionals within ELV Associates, which was founded in 1991. The projects mainly involve residential developments, but also office and retail developments. In 2017, FFP carried out new investments in these projects, making a total commitment of $13.5 million.

DISPOSAL OF SANEF SHARES In April 2017, FFP sold to Abertis its 5.1% stake in Holding d’Infrastructures de Transport (HIT), which owns 100%of motorway operator Sanef, for €238 million. FFP had been a shareholder in HIT since Sanef was privatised by the French government in 2006. DISPOSAL OF THE SECOND TRANCHE OF ONET SA SHARES In 2007, FFP and the Reinier family joined forces to give fresh momentum to ONET SA. FFP invested €72 million in Holding Reinier, enabling the Reinier family to strengthen its control over ONET SA, which was delisted. As part of agreements signed by FFP and the Reinier family in 2007, FFP was granted partial liquidity for its investment. That resulted in the Reinier family acquiring half of FFP’s stake for €45 million on 21 January 2016. In May 2017, Holding Reinier, which owns almost 100% of ONET SA, carried out a capital reduction. That transaction followed the EMZ fund acquiring a stake in Holding Reinier. As part of the capital reduction, FFP received €48 million on 29 May 2017, and it no longer owns any shares in Holding Reinier. DISPOSAL OF IPSOS SHARES In 2011, FFP bought a 10.1% stake in LT Participations, the Ipsos group’s largest shareholder, and took up seats on the Boards Of Directors of both LT Participations and Ipsos. FFP helped finance Ipsos’ acquisition of Synovate, which made Ipsos the world’s third- largest market research group. In 2016, Didier Truchot allowed 144 executives to buy shares in his DT & Partners holding company, in order to safeguard that company’s role as Ipsos’ main shareholder. Following that transaction, LT Participations and Ipsos merged. FFP became a direct shareholder of Ipsos, with a stake of only 2.1%, and accordingly sold its Ipsos shares in the market for €30 million in the first half of 2017.

(1) The investments and divestments set out in this section were carried out directly by FFP or via its wholly owned subsidiary FFP INVEST .

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2017 REGISTRATION DOCUMENT