FFP_REGISTRATION_DOCUMENT_2017

1

GROUP PRESENTATION Portfolio presentation

Co-investments

The value of co-investments for the purposes of Net Asset Value and the consolidated financial statements is estimated using FFP’s policies for valuing unlisted assets.

www.ihstowers.com

BUSINESS

FFP’S INVESTMENT

IHS was set up in 2001 and operates in all parts of the value chain in the telecoms tower sector, with activities including construction, rental and maintenance. From its initial base in Nigeria, IHS has expanded through acquisitions and now also operates in Cameroon, Ivory Coast, Zambia, Rwanda and soon Kuwait when it completes the acquisition of 1,600 towers from Zain. IHS managed more than 23,000 towers at end-2017. It is the leading telecom tower operator in the Europe, Middle East and Africa region, and it directly employs around 1,800 people.

In 2014, FFP invested $20 million in IHS Holding alongside the Emerging Capital Partners (ECP) fund, after an initial $5 million investment in 2013. FFP has also invested $52.5 million alongside Wendel, IHS’ main shareholder, which holds 29%of its voting rights.

www.jabholco.fr

BUSINESS

FFP’S INVESTMENT

JAB Holding Company (“JAB”) is a private conglomerate focused on the consumer goods sectors, including home and personal care, cosmetics, food and beverage. JAB is led by its three founding partners, Peter Harf, Bart Becht and Olivier Goudet, each having an in-depth operational expertise and knowledge of the sectors 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.

Since 2012, with the support of the JAB Consumer Funds and other partners, JAB has made several acquisitions in the coffee and tea sectors, pursuing a market consolidation strategy. In December 2016, FFP made a $50 million commitment to JAB CF Global Brand I, giving FFP exposure to a diversified asset portfolio in the global coffee sector (Jacobs Douwe Egberts, Keurig Green Mountain, Peet’s Coffee & Tea, Caribou) as well as bakery and restaurant chains in the USA (Panera, Krispy Kreme and Einstein Noah). In December 2017, FFP committed to invest an additional $150 million in JAB CF Global Brand II, JAB’s second co-investment vehicle, to continue supporting the growth strategy in the consumer goods sector. The first drawing on that commitment is expected take place in 2018 for the closing of the merger between Keurig Green Mountain and Dr Pepper Snapple, announced on 29 January 2018.

28

FFP

2017 REGISTRATION DOCUMENT