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0 / INVESTOR ROADSHOWS / MARCH 2014 /Q3 REVENUE 2011 / OCTOBER 21, 2011 /

/ March 2014 /

Tier 1 supplier inAerospace, Defence & Security

Investor roadshows

1 /


INVESTOR ROADSHOWS / MARCH 2014 /

2013 revenue by activities

�Revenue €14,695M�Recurring op. income €1,788M (12.2% of revenue)

�Net income - Group share €1,193M (€2.87/share)

�Free Cash Flow €712M�Net debt position (Dec. 31) €1,089M (16% gearing)

28%

9%

53%

10%

Aircraft Equipment

DefenceAerospacePropulsion

Security

Tier 1 supplier in Aerospace - Defence - Security

FY 2013 (adjusted)

€14.7Bn

2 /



Leading market positions

#1 ww� Single aisle engines� Helicopter turbines� Landing gear� Wiring� Power transmission

#2 ww� Space Propulsion� Engine nacelles� Wheels & brakes

#4 ww� Military engines

Aerospace SecurityDefence

#1 Europe� Optronics

#3 ww� Inertial navigation systems

#1 ww� Biometric and ID solutions

A leader in aviation markets� Detection

~80% of revenue coming from civil activities


3 / INVESTOR ROADSHOWS / MARCH 2014 /

/ 5 key themes /2013 highlights & key events

Summary of FY 2013 results announcement

Positive trends in civil aftermarket

More electric aircraft (MEA)

Outlook: 2014 guidance



FY 2013 financial highlights

Growing adjusted revenue with strongperformance in Aerospace

FY 12 FY 13

13,56014,695+8.4%

Adjusted recurring operating income at 12.2% of revenue

FY 13

1,444

1,788+23.8%

Higher adjusted net profit (group share) at €2.87 per share

FY 12* FY 13

9791,193+21.9%

(€M) (€M)

(€M)

FY 12*

Proposed 2013 dividend up 16.7% vs. 2012

FY 12 FY 13

0.961.12

(€)

+16.7%

Low net debt level (16% gearing)

Dec. 31, 2012 Dec. 31, 2013

(932)(1,089)

(€M)

€(157)M

FCF was 40% of adjusted recurring operating income

FY 12 FY 13

564712

+26.2%

(€M)

* Restated IAS19R

5 /



Resolutely pursuing our development strategy

� Executing on key engine development programmes: LEA P, Silvercrest� Major programmes on track, on time and on budget

� Turbomeca : a dynamic product portfolio� Arrius 2R, Arrano, Ardiden 3C/3G

� Extension to 100% of Turbomeca’s ownership RTM322 programme

� Regrouping of electrical power technologies into La binal Power Systems (LPS)

� a world leader in on-board electrical power systems

� reinforcement of LPS with the acquisition of complementary distribution assets from Eaton

� Self-funded R&D of € 1,299 M, in line with guidance� Increase in Propulsion as planned due to ramp-up in LEAP development and 2nd

Silvercrest application

� Increasing industrial capacity and bringing new tec hnologies into production

� Industrial capex : € 492 million in 2013

� 8,400 hires, 3,600 net job creations in 2013

6 /



Executing on key engine development programmes

� LEAP has 70% market share for future medium-rangecommercial airliners

� More than 5,700 orders at end 2013, nearly 6,000 to date� LEAP 1A: testing on track

� September – November 2013: FETT test cycle� 300 hours, >400 cycles

� LEAP 1B: preparation for FETT� Ground testing to start June 2014

LEAP programme on track commercially, on time and o n budget. So far, zero technical surprises

� Silvercrest� Complete propulsion system for Dassault 5X� Equips Cessna Citation Longitude� Ground testing and preparing for in-flight testing

on dedicated flying test bed

� Target 25-30% market share� 2,000+ aircraft (4,000+ Silvercrest engines)

The most advanced business jet engine for the highe st potential market segment, already on 2 platforms

7 /



Turbomeca : a dynamic product roadmap

� Arrius 2R� Bell Helicopter and Turbomeca team up on new Small Light Short

helicopter

� First ever collaboration between Turbomeca and Bell

� Arrano launched at Heli-Expo 2013� For 4-6 ton helicopters

� Ardiden 3G and Ardiden 3C� International collaborations with Kamov, AVIC Engines

� RTM322 : extension to 100% of Turbomeca’s ownership� Heavy helicopters are a high-value, growing market segment driven

by developing countries (oil & gas, mining) and military

� Target growth for military applications and accelerated time to market for heavy commercial engines)

� Annual demand up to 2,500 helicopters (2012-31)

8 /



Investing in our future

� 2013 total R&D effort of €1.8bn

� Self-financed R&D increased as planned to €1.3bn (8.8% of sales)

� Ramp up of LEAP development and testing in line with the business plan

� Development for 2nd Silvercrest application

� Split of programs reflects upcoming opportunities� c.40%: LEAP (3 applications) and Silvercrest

(2 applications)� c.30%: A350, helicopter next gen turbines, flight control,

infrared matrix, biometric ID engines…� c.30%: R&T in preparation of the future (mostly next gen

engines and electrical technologies)

� Self-financed R&D to stabilise in 2014 with a lower level of capitalisation

� Increases in R&T, LEAP (2 engines in test & certification)� Decrease in Silvercrest

Long term amortization of capitalized R&D remains sustainable at less than 1% of sales

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

In €M

Total self-funded R&D

Capitalized R&D

€1,103M

€694M

Total R&D effort

€1,299M

€504M

€1,800M

1 500

2 000

1 000

0

500

9 /



Defence

� Optrolead*: signing of an upstream study program (P EA) for the development of a 4 th generation of airborne electro-optical gyrostabilize d systems

*Equally-owned joint venture between Sagem and Thales

� MBDA: selection for the development and production of the firing post and infrared seeker on the Medium-Range Missile (MMP)

� Replacement of France’s Milan antitank missiles

� BELL Helicopter: Sagem’s actuators chosen for the fu ture B525

� DCNS: 5 submarines have been equipped with 10 optro nic masts and periscopes for the Brazilian, Indian and French navi es

� Acquisition of the Swiss company Colibrys SA and of the Integrated Cockpit Solutions activities of Eaton

10 /



Scoring commercial successes in Security

� MorphoDetection: Medium -range explosives detection system� New 5-year IDIQ contract for CTX 5800™ EDS from the TSA (US) for up to

$130M� 5-year exclusive contract with CATSA (Canada) for up to $100M� Nice Côte d’Azur International Airport in Nice, France purchased four high-

speed CTX 9800 DSi™ explosives detection systems

� MorphoTrust: maintained market leadership in the U. S.� Driver license issuance solutions to 42 of 50 states (80% of U.S. driver

licences, 60M IDs issued per year); maintained leadership since 2011 Safran acquisition

� Prime contractor of Universal Enrolment Service (UES)

� Morpho: maintained leadership in ID� Chile program start with first million ID documents issued (10 years

contract for provision of passports and ID cards)� Renewal of Albania concession for 10 years with extension to

e-services

12 /



FY 2013 profit from operations

12.2% recurring operating income

(In €M)FY 2012

(restated) FY 2013

Revenue 13,560 14,695

Recurring operating income% of revenue

1,44410.6%

1,78812.2%

Total one-off items (50) (31)

Capital gain (loss) on disposals 1 39

Impairment reversal (charge) (1) (17)

Other infrequent & material & non operational items (50) (53)

Profit from operations% of revenue

1,39410.3%

1,75712.0%

Includes:• Capital gains on sale of

Paris office building €16M, Globe Motors €23M;

• Impairment on a legacy engine programme €(15)M;

• Charge related to past service costs on a new DBP plan €(40)M, acquisition & integration charges €(10)M

13 /



FY 2013 income statement

Of which cost of debt of €(42)M

* Based on 415,280,826 shares** Based on 416,292,736 shares

Effective tax rate of 33.4%� Corporate tax surcharge in

France: tax rate of 38%� 2012 tax expense included the

favourable impact of the absorption by Safran of subsidiaries which had been involved in loss making activities divested several years ago.

Net profit growth of 21.9%

(In M€)FY 2012 restated

FY 2013

Revenue 13,560 14,695

Recurring operating income% of revenue

1,44410.6%

1,78812.2%

Profit from operations% of revenue

1,39410.3%

1,75712.0%

Net finance (cost) income (154) (138)

Income tax expense (254) (540)

Income from associates 19 15

Gain on disposal of Ingenico shares - 131

Minority interests (26) (32)

Profit – group shareBasic EPS (in €)

9792.36*

1,1932.87**

14 /



FY 2013 revenue

� Record OEM production rates in aerospace coupled with continued positive trends in civil aerospace aftermarket

� Strength in avionics and double-digit growth at MorphoTrust

� Unfavourable currency impact

� Negative translation effect (incl. $, GBP, BRL, CAD), particularly affecting Security activities

� Changes in the scope of consolidation include:

� Acquisitions: GEPS, RTM322 programme, AB notes, Cassis

� Divestment: Globe Motors Inc

FY 2013Currency

impactFY 2013

at constant

FY 2012

structure

Acquisitions &

activities

newly

consolidated,

disposals

FY 2012

(In €M)

14,678 14,512

+8.2%organic

Organic

variationFY 2013

at constant

FY 2012 structure

and exchange

rates

1,118 166 183

+8.4%

14,695

13,560

15 /



FY 2013 recurring operating income

� Main organic profitability drivers

� Propulsion: increased OE volumes and favourable pricing in civil engines, strongly positive trend in civil aftermarket

� Positive impact of higher OE production rates on nacelles, thrust reversers, wiring, landing and braking systems

� Avionics

� Currency hedging

� Production and overhead costs savings (notably in Equipment and Defence)

� Changes in the scope of consolidation include:

� Acquisitions: GEPS, RTM322 programme, AB notes, Cassis

� Divestment: Globe Motors Inc

FY 2013Currency

impact

FY 2013

at constant

FY 2012

structure

Acquisitions &

activities newly

consolidated,

disposals

FY 2012

restated

(IAS 19A)

(In €M)

1,444

1,6781,781

+16.2%organic

Organic

variationFY 2013

at constant

FY 2012 structure

and exchange

rates

1,788234

103 7

10.6%

RoS

12.2%

RoS

+23.8%

16 /



Research & Development

� Self-funded cash R&D effort at peak level of 8.8% of sales

� Ramp up of LEAP development and testing in line with the business plan,2nd Silvercrest application

� Increase of capitalized costs: €190M

(In €M) FY 2012 FY 2013 Variation

Total R&D (1,594) (1,821) (227)

External funding 491 522 31

Total self-funded cash R&D (1,103) (1,299) (196)

as a % of revenue 8.1% 8.8% 0.7 pt

Tax credit 124 140 16

Total self-funded cash R&D after tax credit (979) (1,159) (180)

Gross capitalized R&D 504 694 190

Amortised R&D (68) (76) (8)

P&L R&D in recurring EBIT (543) (541) 2

as a % of revenue 4.0% 3.7% (0.3) pt

17 /



FY 2013 results by activity

(In €M) FY 2013 Propulsion Equipment Defence SecurityHolding & others

Revenue 14,695 7,791 4,121 1,278 1,502 3

Year-over-year growth in % 8.4% 11.2% 11.6% (2.8)% (2.8)% na

Recurring operating income 1,788 1,359 380 87 120 (158)

as a % of revenue 12.2% 17.4% 9.2% 6.8% 8.0% na

18 /



Aerospace Propulsion

� Growing revenue� Robust rise in civil OEM deliveries (CFM, high thrust engines)

� Strong growth in civil aftermarket

� EBIT: Excellent profitability� Positive impact of better OE volume and unit revenue for civil engines

� Favourable trend in civil aftermarket (recent CFM56 and GE90)

� Increased contribution of helicopter turbine support contracts

� Productivity improvements

� Positive currency effects

(In €M)FY 2012 (restated)

FY 2013 ChangeOrganic Change

Revenue 7,005 7,791 +11.2% +11.3%

Recurring operating income 1,076 1,359 +26.3%

% of revenue 15.4% 17.4% +2.0 pts

One-off items 1 (14)

Profit (loss) from operations 1,077 1,345

% of revenue 15.4% 17.3%

19 /



Aircraft Equipment

� OE driven revenue growth

� Increases in OEM production rates (B787, B737; A400M, A330 and A320 programmes; regional jets) favourably impact landing gears, harnessing, nacelle and thrust reversers activities

� Increasing activity related to the A350 programme

� Continued momentum for the carbon brakes activity

� Significant improvement in profitability

� Favourable volume impact and productivity gains

� Supportive mix/volume effect of services on auxiliary power gearboxes, nacelles and wheels and brakes. High returns of carbon brakes as a result of a larger installed base and continued air traffic growth

� Positive currency effect



Revenue 3,691 4,121 +11.6% +9.8%

Recurring operating income 286 380 +32.9%

% of revenue 7.7% 9.2% +1.5 pt

One-off items (16) (2)

Profit (loss) from operations 270 378

% of revenue 7.3% 9.2%

20 /



Defence

� Growth in Avionics with improved level of profitability

� Higher deliveries of seeker kit modules. Solid activity in flight control systems

� Favourable mix/volume effect on profitability

� Softer revenue in Optronics, slightly impacting profits

� Delivery of the Felin infantry combat system to 4 regiments of the French Army (same as in 2012)

� First maintenance and upgrade activity on Felin equipment

� Long-range infrared goggles down compared to 2012

� Cost-savings measures mitigated margin pressure



Revenue 1,315 1,278 (2.8)% (2.2)%

Recurring operating income 79 87 +10.1%

% of revenue 6.0% 6.8% +0.8 pt

One-off items - 7



21 /



Security

(In €M)FY 2012(restated)


Revenue 1,546 1,502 (2.8)% (0.5)%

Recurring operating income 145 120 (17.2)%

% of revenue 9.4% 8.0% (1.4) pt

One-off items (25) (3)



� MorphoTrust continues robust growth driven by US Federal activities (Universal Enrollment, FBI, weapons permits); margins under pressure from budgetary restrictions

� Persistent softness in Morpho’s traditional biometric activities due to run-off of export contracts; competitive pressure impacts profitability of new contracts

� e-Documents: regaining traction in Q4 as NFC and LTE technology deliveries commenced; volume declines impacted margins, exacerbated by R&D effort, somewhat compensated by cost reductions

� Slow growth in detection: strong momentum at year-end with US, Canada and other export deliveries of CTX systems; higher volumes and better mix boosting profits

� New management taking measures to take full advantage of the outstanding potential

22 /



Free Cash Flow

(in €M)FY 2012*Restated

FY 2013

Adjusted net profit 979 1,193

Depreciation, amortization and provisions 700 678

Others 23 113

Cash from operating activities before change in WC 1,702 1,984

Change in WC (85) 155

Capex (tangible assets) (419) (492)

Capex (intangible assets)** (634) (935)

Free cash flow 564 712

Increased R&D spending and Capex investments; includes €42M proceeds

from sale of an office building in Paris

Good control over WC requirements in a context of

strong increases in production in aerospace

markets

* 2012 is presented in a comparable format to 2013 ** Of which €694M capitalised R&D in 2013 vs €504M capitalised in 2012

Of which amortization of tangibles and intangibles for €512M and provisions

(net) for €67M

24 /



Positive trends in Civil aftermarket

� Civil aftermarket up 19.2%* - above expectations� Recent CFM56 and GE90 engines both contributed strongly� Civil aftermarket momentum to continue in 2014

� Growth drivers� More, higher value shop visits on recent CFM56� Strong increase in GE90 aftermarket after no growth in 2012� Catch-up of deferred maintenance as airlines’ financial health improves

� Aftermarket recoupling to airline activity� Confirms CFM56 fleet potential for spares revenue to double over 2010-20� Positive global outlook for the airline industry in 2014 according to IATA

Civil aftermarket growth in the low to mid-teens expected in 2014

*In USD

25 /



� Dedicated project decided in 2011� Analysis concluded that

maintenance behaviour could differ from one airline to another, impacting new spare parts sales

� Segment behaviour also varies according to economic context and air traffic

� New model based on airlines segmentation� Differentiate segments according to

maintenance behaviour� Simulate airlines’ reaction to

changing macro-economic environment

Forecasting spare parts business opportunity:the new “ behaviour ” model

CustomerEconomics

Engine constraints

Air traffic forecast

Airlines maintenance behaviour

Maintenance contracts

Theoretical aging

26 /



Forecasting spare partsOutcome of the new model (CFM56 spare parts forecast)

Expected CFM56 spare parts revenue profile

� CFM56 spare parts revenue to increase consistently and to peak by around 2025E

� Revenue should double from 2010 dip before 2020E

� 1st generation CFM56 spare parts potential to fade out within 5 years from now

The new model confirms 2025 horizon“Behaviour” model adds increased visibility on the sh ort term

2x3x

2010 dip

x

27 /



CFM56: strong prospects until 2025 and beyond

CFM56 active installed fleet to peak by 2017E at ~26,400 engines (~31,000 deliveries)

CFM56 spare parts revenue to peak by around 2025E

28 /



� T&M: Time & Material� CFM is paid at the time of the actual shop visit on the basis

of an agreed-upon scope of material and labour⇒ income, expenses and cash impact coincide

� MSA: Material Service Agreement� CFM guarantees commercial conditions of parts supply

to airline/MRO providers

� RPFH: Rate Per Flight Hour � CFM receives a fixed sum per flight hour based on estimated cost to

perform engine maintenance to meet performance and availability guarantees⇒ decoupling of revenue & cash-in with costs & cash-out

� ESPO (Engine Service Per Overhaul): fraction of revenue booked progressively and remainder booked at the time of SV

� ESPH (Engine Service Per Hour): revenue booked progressively

Service agreementsA variety of aftermarket options tailored to needs

Service programmes aiming to support airlines on a predictable cost per engine flight hour basis, to enable accurate forecasting of operating costs, reduced cost of ownership, and improved asset utilisation

30 /



The More Electric Aircraft – an irreversible trend

A key strategic long term market

� Wing anti-icing� Engine start and controls� Brakes� Thrust reverser� Flight controls

Boeing 737

1967

Airbus A380

2007

Boeing 787

2009

Next gen aircraft

2025

Pneumatic

Hydraulic

Mechanical

Electric

Electrical equipment

� Cabin equipment� Lighting� IFE� Avionics

� Wing anti-icing� Engine start and controls� Brakes� Thrust reverser� Flight controls

� Fuel pump� Landing gear� Nacelle


� E-Flight controls� E-Landing gear� E-Nacelle� EGTS� Wing anti-icing� Engine start and

controls� Brakes� Thrust reverser


� Fuel pump� Landing gear� Nacelle

� Fuel pump

EGTS*

* The Electric Green Taxiing System allows aircraft to taxi autonomously without use of the main engines

2016-17

31 /



Affirming our strategy over the electrical energy c hain

� Competitive positioning in aerospace electrical systems

� Capture benefits of closer integration of electrical systems and wiring, with aircraft engines and gearboxes

� Lead innovation in the electrification of aircraft equipment

� Broader offering : higher shipset value

Long-term outlook

� A world leader in electrical power systems with combined revenues c. € 1.4 billion in 2014

� 12,000 people in 12 countries

� Strong installed base & recurring aftermarke t revenues

� Complete offering in power systems

Consolidation of all electrical power activities wi thin Labinal Power Systems

Acquisition closed in March 2013

Acquisition expected to close in H1 2014

+

+

+

Electrical Power systems

+

+

+

Power generation

Electricalequipment

Primary & secondarydistribution

Systemsintegration

Support & Services

Wiring

PDMS

32 /



Basic concept of the EGTS

� EGTS uses electrical power to enable the aircraft to pus h-back and taxi without the main engines running

� Electric motors integrated into main landing gear f or maximized performance, traction and agility

� EGTS provides significant savings and “green” benefits, reducing:

� Fuel use� Emissions� Noise� Need for ground tug� Other Direct Operation Costs

Target savings: ~4% block fuel reduction depending on mission

33 /



EGTS: innovation bringing substantial benefits

�� fuel use

�� emissions and noise

�� operational efficiency

�� other Direct Operating Costs

• Net ~3% block fuel savings per average flight cycle (750NM) when using EGTS

Increasing aircraft efficiency with a reduced environmental impact

EGTS can deliverUp to 4% savings total block fuelconsumption

Foreign Object Damage

34 /



� Potential market for single aisle and large regiona l aircraft (2016-31E)

� Forward fit: ~12,000 aircraft� 80% are eligible (potential savings at least $ 150 k annually)

� Shipset value determined from projected savings on a case-by-case basis� Most revenue is OE supply for upfront payment; initially small service

& aftermarket opportunity� Airlines expect a payback from operational savings in 3-5 years

� Programme R&D included in our 2015 view

� IRR in line with global Group targets� Plus Retrofit on current fleet

EGTS outline business model

36 /



Estimated impacts of IFRS11 on 2013 accounts

�IFRS 11 Joint Arrangements is applied starting January 1, 2014• 2014 performance will be measured against restated figures for 2013• Reclassification of some jointly held activities previously proportionally integrated,

henceforth equity associates�Estimated impacts are the following:

Summary estimated impacts 2013 restatements

Orders

Order book Approx (800) M€

Income statement

Revenue Slightly more than (300) M€

Adjusted recurring operating income Slightly less than (10) M€

Net income No impact

Balance sheet

Net debt Approx 130 M€ higher

Working capital Approx 20 M€ lower

37 /



2014 key assumptions

� Estimated IFRS 11 impacts of around €(300)M to 2013 revenue and less than €(10)M to 2013 adjusted recurring operating income

� Healthy increase in aerospace OE deliveries� Boeing 737, A330, regional jets...

� Civil aftermarket growth in the low to mid-teens percentage� Mainly driven by recent CFM56 engines

� Stable self-funded R&D level with less capitalisation� R&T; helicopter turbines higher; LEAP peaking; Silvercrest lower as peak is passed

� Stable tangible capex

� Profitable growth for the security business

� On-going Safran+ plan to enhance the cost structure and reduce overhead

Increased focus on Competitiveness, Expertise and I nnovation

38 /



FY 2014 outlook

� Adjusted revenue expected to increase by a percenta ge in mid single digits* at an estimated average rate of USD 1.30 to the Eur o

� Adjusted recurring operating income expected to inc rease by a percentage in low double digits* at a hedge rate of USD 1.26 to the Euro

� Free cash flow expected to represent close to 40% of the adjusted recurring operating income subject to usual uncerta inties on the timing of advance payments

Strong confidence for the long term� CFM franchise is assured for the next decades (aftermarket revenue

and successful LEAP transition)� Acquisitions reinforce Safran for the long term in helicopters and MEA� €/$ hedged book provides positive impact on profits

*2014 performance will be measured relative to the 2013 accounts restated for the effects of IFRS 11



/Annexe /Additional information

40 /



Net debt position

� Cash flow from operationsequals 1.11x recurring EBIT

� Decreased WC requirements

� 2012 final dividend (€0.65/share) and 2013 interim dividend (€0.48/share)

� “Disposals” include

� 12.57% of Ingenico: €287M

� Globe Motors: €68M

� “Acquisitions & Others” include:

� GEPS: €(301)M

� Extension to full ownership in the RTM322 programme: €(293)M

� Safran-Albany JV for LEAP composites €(33)M

(in M€)

(932) 353

Dividends*

Disposals

155

1,984

(1,427)

Net debt at Dec 31, 2012

Cash flowfrom ops

Acquisitions & others

Net debt atDec. 31, 2013

Changein WC

R&Dand

Capex

€712M Free Cash Flow

(481) (1,089)(741)

* Includes €(10)M of dividends to minority interests

41 /



Cash allocation in line with Group strategy

� Research & Development� Create a distinctive difference through technological innovation (long term)� Spending reflects winning some attractive new business (medium term)

� Capital expenditure� Modernize existing sites and strengthen the international scope

� Acquisitions� Accelerate or establish positions in critical areas at justified price

� Dividend payments� Grow cash returns to shareholders� 40% payout of adjusted net income since 2007

Bus

ines

sS

hare

hold

ers

42 /



Acquisitions: objectives & criteria

HLP Electrical Power Systems

RTM322 programme

Buy “installed base” & “customer access”

Buy “technology assets”

M&A financial criteria

� Cover cost of capital within 3 years (RoCE)

� A deal should be EPS accretive in year 1 ideally. I f not, in year 2

� ROI in the range of 10 to 12%Per

form

ance

Bal

ance

sh

eet � Net debt/EBITDA around 2.0x. 2.5x max at peak for a limited period of time

� Interest cover ratio at 6x (= EBIT / Interest expen se)

Colombia/Peru

Post-tax cost of capital of 8% (aerospace & defence) and 9.5% (security)

43 /



Fx hedging: improved rate for 2014

Hedge portfolio, Feb. 4, 2014

Achieved

Target

1.37 1.32 1.28 1.27

1.26

1.26

1.26

1.25

1.25

1.25

1.25

Estimated exposure needsIn US$ bn

€/$ hedge rate

4.04.3

5.8 6.0

4.9

5.65.0

4.3

0

1

2

3

4

5

6

2011 2012 2013 2014 2015 2016 2017

~6.0

Approx. 50% of Safran US$ revenue naturally hedged by US$ procurement

Total: $19bn � Higher expected level of net USD exposure for 2014-17 due to strong growth of businesses with exposed USD revenue

� 2014 and 2015 are fully hedged

� Further increase in 2016 hedging

� $4.3bn achieved at $1.25 to rise to $4.9bn at $1.25 as long as €/$<1.42 up to end of 2014

� 2017 hedging initiated

� $4.0bn achieved at $1.25 as long as €/$<1.42 up to end of 2014 for half and €/$<1.40 for the other half

~6.0

44 /



155

135 130

70

38

1.37

1.32

1.281.26 1.26 1.25 1.25

0

20

40

60

80

100

120

140

160

180

200

1

1,05

1,1

1,15

1,2

1,25

1,3

1,35

1,4

2011 2012 2013 2014E 2015E 2016E 2017E

Fx hedging: benefiting margins over 2014-17

Estimated impact on recurring operating incomeof targeted €/$ hedge rates

EBIT impactvs. previousyear (in €M)

€/$hedge

rate



FY 2012: R&D by activity

(In €M) FY 2012 Propulsion Equipment Defence Security

Total self-funded cash R&D (1,103) (649) (213) (117) (124)

as a % of revenue 8.1% 9.3% 5.8% 8.9% 8.0%

Tax credit 124 47 29 36 12

Total self-funded cash R&D after tax credit (979) (602) (184) (81) (112)

Gross capitalized R&D 504 342 126 22 14

Amortised R&D (68) (25) (32) (8) (3)

P&L R&D in recurring EBIT (543) (285) (90) (67) (101)

as a % of revenue 4.0% 4.1% 2.4% 5.1% 6.5%



FY 2013: R&D by activity

(In €M) FY 2013 Propulsion Equipment Defence Security

Total self-funded cash R&D (1,299) (790) (254) (126) (129)

as a % of revenue 8.8% 10.1% 6.2% 9.9% 8.6%

Tax credit 140 51 38 39 12

Total self-funded cash R&D after tax credit (1,159) (739) (216) (87) (117)

Gross capitalized R&D 694 517 129 31 17

Amortised R&D (76) (24) (36) (10) (6)

P&L R&D in recurring EBIT (541) (246) (123) (66) (106)

as a % of revenue 3.7% 3.2% 3.0% 5.2% 7.1%

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Aerospace OE* / Services revenue split

Revenue

Adjusted data(in Euro million)

FY 2012 FY 2013 % change

OE Services OE Services OE Services

Propulsion

% of revenue

3,718

53.1%

3,287

46.9%

4,045

51.9%

3,746

48.1%

8.8% 14.0%

Equipment

% of revenue

2,637

71.4%

1,054

28.6%

2,907

70.5%

1,214

29.5%

10.2% 15.2%

* All revenue except services

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Quantities of major aerospace programmes

Number of units deliveredFY 2012 FY 2013 %

CFM56 engines 1,406 1,502 7%

High thrust engines 567 619 9%

Helicopter engines 924 934 1%

M88 engines 26 20 (23)%

TP400 - 36 na

A380 nacelles 108 108 -

A330 thrust reversers 146 166 14%

A320 thrust reversers 489 513 5%

Small nacelles (biz & regional jets) 534 605 13%

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Definition

� Civil aftermarket (expressed in USD)� This non-accounting indicator (non audited) comprises spares and MRO

(Maintenance, Repair & Overhaul) revenue for all civil aircraft engines for Snecmaand its subsidiaries and reflects the Group’s performance in civil aircraft engines aftermarket compared to the market.