FFP_REGISTRATION_DOCUMENT_2017

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

Co-investments

in which they operate. JAB’s strategy is to carefully select leaders in the consumer good industry, using long term strategic vision and capital to empower highly talented management teams to maximise growth and long-term value creation. In particular, since 2012, the group has built up a conglomerate that is today a global leader in the coffee and tea sector, focusing on four segments: O mass-market coffee, combining coffee producer Douwe Egberts Master Blenders with the coffee assets of Mondelez within Jacob Douwe Egberts (“JDE”) with a portfolio brands including Senseo, Gevalia, L’Or and Jacobs; O Keuring Green Mountain, the North American leader in single serve-coffee market, selling both machines and capsules with a portfolio of over 70 owned, licenced and partners brands such as Green Mountain, Peet’s, Starbucks; O premium packaged coffee and coffee shops in the USA (Peet’s Coffee and Tea and Caribou Coffee); O bakery and fast food chains in the USA including Panera, Krispy Kreme, Einstein Noah and Coffee & Bagels. In early 2018, Keurig Green Mountain announced the takeover of Dr Pepper Snapple, intending to merge the companies to form North America’s third-largest producer and distributor of non-alcoholic beverages. The cash-and-share offer valuing the combined group at $26 billion. The new group, renamed Keurig Dr Pepper (“KDP”), will remain listed in New York. JAB, together with its co-investment partners, will own 87% of its shares. After investing $50 million in late 2016 in JAB CF Global Brand I, JAB’s first co-investment vehicle, FFP committed to invest another $150 million in JAB CF Global Brand II, the second co-investment vehicle to continue supporting JAB’s growth strategy in the consumer goods sector. Although the commitment was made in late 2017, the first capital call will not take place until 2018, when the Dr Pepper merger is finalised. PRIVATE EQUITY COMMITMENTS 2017 was another very busy year for FFP’s private equity activities. FFP committed over €105 million to several new funds, including €78 million to buyout (LBO) and expansion capital funds and around €27 million to technology growth capital and impact investing funds. In the USA, FFP committed $10 million to the Veritas Capital Fund VI (LBO), $15 million to the Valor Equity IV fund (LBO), $15 million to the Levine Leichtman VI fund (structured equity) and $15 million to the Insight Partners X fund (growth). In Europe, FFP made commitments to three LBO funds: €10m to pan-European fund Chequers Capital XVII, €20 million to pan-European fund PAI VII and €15 million to Spanish fund Portobello IV.

CO-INVESTMENT IN LINEAGE LOGISTICS FFP invested $25 million in Lineage Logistics, a market leader and USA’s most dynamic player in temperature-controlled supply chain, offering integrated refrigerated storage and distribution solutions to the world’s largest operators in farming, food processing and food distributors. Lineage operates one of only two large nationwide networks in the USA, with 105 refrigerated warehouses across 20 states, generating over €1 billion in annual revenues. FFP made its investment alongside BayGrove, a San Francisco based investment platform created in 2008 to consolidate this industry, with Lineage as sole investment. CO-INVESTMENT IN AMAWATERWAYS As part of a consortium led by Certares LP, FFP invested $25 million in AmaWaterways, a family-controlled company that has been organising river cruises, mainly in Europe for English-speaking holidaymakers, for 15 years. Certares is a US investment company focusing on the travel and hotel sectors. AmaWaterways has 19 vessels that sail on the Danube, Rhine, Moselle, Main, Rhône, Seine and Garonne rivers, along with waterways in Belgium and the Netherlands, the Douro, the Mekong in Southeast Asia and the Chobe in Africa. CO-INVESTMENT IN CIPRÉS In July 2017, FFP invested €15 million alongside the buyout of CIPRÉS Assurances led by Apax Partners. Founded in 2000, CIPRÉS is the leading French wholesale broker in life, disability and health insurance for self-employed workers, managers and employees of small and medium-sized businesses. CO-INVESTMENT IN CAPSA In September 2017, FFP invested $18 million alongside Levine Leichtman Capital Partners in the buy-out of Capsa, a leading US manufacturer and distributor of specialised medical equipment, serving over 3,000 healthcare customers such as hospitals, clinics, nursing homes and pharmacies. INVESTMENT ALONGSIDE JAB HOLDING JAB Holding Company (“JAB”) is a private conglomerate focused on consumer goods sectors, including home and personal care, cosmetics, food and beverage. JAB is led by its three senior partners: Peter Harf, Bart Becht and Olivier Goudet, each having an in-depth operational expertise and knowledge of the sectors

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2017 REGISTRATION DOCUMENT