Credit Investors Presentation – May 2016

« Access to the information available in the following pages may be restricted in certain countries by applicable laws and regulations. Persons who are physically located in those jurisdictions and who would like to access the information available in the following pages must inform themselves about and observe such restrictions.

European Economic Area

With respect to each Member State of the European Economic Area (the “Relevant Member State”) which has implemented the Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003, as amended and as implemented in each Member State of the European Economic Area (the “Prospectus Directive”), the information available in the following pages is directed only at any legal entity which is a qualified investor as defined in the Prospectus Directive.

These restrictions with respect to any Relevant Member State apply in addition to any other restrictions which may be applicable in the Relevant Member State who has implemented the Prospectus Directive.

France

The information available in the following pages is directed only at (a) persons providing investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers), and/or (b) qualified investors (investisseurs qualifiés), other than individuals, acting for their own account, as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier.

United Kingdom

The information available in the following pages is directed only to those persons in the United Kingdom who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d)  of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons falling within Article 43 of the Order. The information available in the following pages is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which the information available in the following pages relates is available only to relevant persons and will be engaged in only with relevant persons.

United States

This information available in the following pages does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. The securities referred to therein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States. In accordance with U.S. laws, and subject to certain exceptions, such securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The company does not intend to register any portion of the planned offering in the United States or to conduct a public offering of securities in the United States.

The information available in the following pages may not be accessed by persons located in the United States, Canada, Australia or Japan.

By accessing to the information available in the following pages, you confirm that you are in compliance, and agree to comply, with the restrictions described above.

“I confirm”

“I do not confirm”