2019 H1 RESULTS

24 July 2019

2019 H1 RESULTS

2

DISCLAIMER

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, PEUGEOT SA

(“Company”) shares.

This presentation may contain forward-looking statements. Such forward-looking statements do not constitute

forecasts regarding the Company’s results or any other performance indicator, but rather trends or targets, as

the case may be. These statements are by their nature subject to risks and uncertainties as described in the

registration document filed with the French Autorité des Marchés Financiers (AMF). These statements do not

reflect future performance of the Company, which may materially differ.

The Company does not undertake to provide updates of these statements.

More comprehensive information about Groupe PSA may be obtained on the Group website

(www.groupe-psa.com), under Regulated Information.

3

2017 FY 2018 FY 2019 H1 2021

RECORD PROFITABILITY IN H1 2019PUSH TO PASS

5.9% >4.5%

average

Actual figures Push to Pass

Targets

8.7%

2013 2014 2015 2016 2017 2018

PCD

6.0%7.3%

5.0%

0.2%

-2.8%

2017 2018

OV-2.5%

7.6%

8.4%

4.7%

Automotive Recurring Operating Margin *

• Recurring Operating Income related to revenue, including OV since August 1st 2017

4

VALUES: OUR CORE ASSETPOWER IS INSIDE

Win together

Efficiency

Agility

4

FINANCIALRESULTS

6

+23.7%: NET INCOME GROUP SHARE INCREASEFINANCIAL RESULTS

* See detail in attachments

2018 H1 2019 H1 Change

Revenue 38,595 38,340 (255)

Recurring Operating Income 3,017 3,338 321

% of revenue 7.8% 8.7%

Non–recurring operating income and (expenses) (750) (847) (97)

Operating income 2,267 2,491 224

Net financial income (expenses) (218) (166) 52

Income taxes (409) (325) 84

Share in net earnings of companies at equity* 73 48 (25)

Consolidated net income / (loss) 1,713 2,048 335

Net income, Group Share 1,481 1,832 351

In million Euros

7

2018 H1 2019 H1

-0.7%: GROUP REVENUEH1 REVENUE

FaureciaAutomotive division

2018 H1 2019 H1

30,712 30,378

2018 H1 2019 H1

38,595 38,340

Group

8,991 8,972

-0.7%

In million Euros

-1.1%

-0.2%

8

STRONG PRODUCT MIXAUTOMOTIVE REVENUE ANALYSIS

In million Euros

FXProduct

MixPrice

Sales to Partners

Others

2018 H1 2019 H1

30,712 30,378

Variation: -1.1%

Volume & Country Mix

-0.8 % -1.4 % +1.3 % +2.9 % -2.2 % -0.9 %

9

GROUPE PSA SALES AT 1.9 M UNITSH1 CONSOLIDATED WORLDWIDE SALES*

* Assembled Vehicles, CKDs and vehicles under license

** Including 144 kunits sold in H1 2018 under Peugeot License by Iran Khodro

In thousands units*

2,182

-12.8%

-6.6% w/o Iran

-60.6% -29.3% +2.3%

Total Consolidated

Worldwide Sales

Europe China &

SE Asia

Middle-East

& Africa**

Latin

America

EurasiaIndia &

Pacific

+0.3% -68.4%

-12.9% w/o Iran

-14.6%

H1 2018

H1 2019

1,903

1,6741,678

226

72

163

6498 69

13 14 8 7

10

+10.6%: GROUP ROI STRONG INCREASEGROUP RECURRING OPERATING INCOME & MARGIN

* Breakdown in attachment

In million Euros and as % of revenue

2018 H1 2019 H1 2018 H1 2019 H1 2018 H1 2019 H1

2,359

3,017

3,338

2,657

8.7%MARGIN*

7.8%MARGIN 7.7%

MARGIN

8.7%MARGIN

+10.6%

+12.6%

642 634

7.1%MARGIN

7.1%MARGIN

-1.2%

FaureciaAutomotive divisionGroup*

11

+12.6%: AUTO ROI ROBUST GROWTHAUTOMOTIVE RECURRING OPERATING INCOME

* Including IAS 29 effect amounting to -€30M (Argentina hyperinflation)

In million Euros

2018 H1 2019 H1

2,359

2,657

Market Demand

Input Costs

Forex& Other*

ProductMix

Price & Product

Enrichment

Market Share & Country

Mix

Production &

Procurement

SG&AExpenses

R&D Others

Operating Environment: (521)

Performance: +819

(255) +133 +330 +71 +264 +32(194) +18(72) (29)

Variation: +12.6%

12

CONTRIBUTION OF BANQUE PSABANQUE PSA FINANCE

* In % average loans

Recurring

Operating Income100% basis

Penetration Rate Cost of Risk*

2018 H1 2019 H1

510 513

+0.6%

2018 H1 2019 H1

27.5%27.0%

+0.5 pt

2018 H1 2019 H1

0.12%0.14%

+0.02 pt

In million Euros

13

STABLE OPERATING MARGIN INCLUDING CLARIONFAURECIA

Revenue* Recurring Operating

Income*

2018 H1 2019 H1 2018 H1 2019 H1

8,991 8,972

634642

7.1%MARGIN

7.1%MARGIN-1.2%

* Including Clarion consolidated in H1 2019 for two months (April and May 2019)

-0.2%

In million Euros and as % of revenue

14

+€2,287M: STRONG AUTO FREE CASH FLOWAUTO CASH FLOW & NET FINANCIAL POSITION (1)

1. Auto: PCDOV + Holding

2. Including dividends to Group shareholders (-€697M)

In million Euros

+9,643

Cash Flow Change in WCR

Capex & Capitalised R&D

Exceptional Capex

Restructuring Other (2)

End 2018

Auto Net Financial

Position

Auto Net Financial

Position

+3,821

End June 2019

+5(467) +574 (699)(1,743)

+10,457

Auto Free cash flow +€2,287M

AutoNet Financial

Position after IFRS16

+8,869

-774

IFRS16 effect

BPF dividends

+97

15

IMPROVING NFP INCLUDING CLARION ACQUISITIONGROUP CASH FLOW & NET FINANCIAL POSITION (NFP) (1)

1. Manufacturing and Sales Companies

2. Including acquisition of Clarion (-€1,054M) by Faurecia

3. Including dividends to Group shareholders (-€697M), dividends to minority interests (-€111M), Clarion debt situation (-€240M) and new Ieasing debt under IFRS16 (-€146M)

In million Euros

+9,098

Cash Flow Change in WCR

Capex & Capitalised R&D

Exceptional Capex (2)

Restructuring Other (3)

End 2018

GroupNet Financial

Position

GroupNet Financial

Position

+4,819

End June 2019

(1,046)(545) +586 (1,337)(2,312)

+7,906

Group Free cash flow +€1,599M

GroupNet Financial

Position after IFRS16

+7,644

-1,454

IFRS16 effect

BPF dividends

+97

16

RIGHTSIZED INVENTORIESINVENTORIES

* World figures excluding JV (China and Iran)

** Including Peugeot importers inventory outside Europe

In thousands of new vehicles*

Independent dealers inventory **

Group inventory

449494

210165

End June 2018 End June 2019

659659

Automotive division inventories

17

OUTLOOK

CHINA

-7%

EUROPE

-1%

LATIN AMERICA

-4%

RUSSIA

+3%

2019 Market Outlook* Operational Outlook

Deliver over 4.5% Automotive Recurring

Operating Margin** on average in 2019-2021

* Market forecasts based on internal sources (PC+LCV) ; for China, passenger cars

only and excluding imports ; Latin America = Argentina + Brazil + Chile + Mexico ** Automotive division Recurring Operating Income related to Revenue

PUSH TO PASSHIGHLIGHTS

20

A GREAT CAR MAKER

C U T T I N G E D G E E F F I C I E N C Y

CORE MODEL& TECHNOSTRATEGY

QUALITYFIRST

COREEFFICIENCY

NEW FRONTIERS

BRANDPOWER

21

TARGET Nº 1 IN CUSTOMER SATISFACTIONQUALITY FIRST ALWAYS

In Europe: Top 4 for Sales customer satisfaction, Top 3 in Aftersales satisfaction*

In Brazil: from bottom to Podium in 3 years in customer satisfaction (Sales & Aftersales)*

JD Power: Opel Insignia N°1 in Germany and Peugeot ranked as UK’s most reliable brand

Product ‘Overall Satisfaction’ * : DS 7 Crossback & Peugeot 3008 N°1 in their segment

* Source: rankings based on internal benchmarking monitoring

Gap Industrial Direct run ratio

vs benchmark

-14 -12

Product manufacturing Aftersales customer satisfaction

Gap Aftersales customer recommendation

vs benchmark

Sales customer satisfaction

Gap Sales customer recommendation

vs benchmark

2018 2019 H1

benchmark

2018 2018

-4-7 -10

2021

benchmark benchmark

2019 H1 2019 H12021 2021

-3

22

MORE EFFICIENCY THROUGH SMART DIVERSITYCORE MODEL STRATEGY

41 core models in 2025 while improving market and profit pool coverage

Streamlining technical complexity contributing to quality improvement

Smart diversity to preserve brand positioning, competitiveness & profitability

Positive impact on quality, R&D + CAPEX, purchasing and manufacturing

2015 2018 20252021

Streamlining PC technical complexity & diversity

(number of references per car line – base 100)Number of core models (PC + LCV)

43 49

1919

41

20252018 2021

10088

55 48

OV PCD

23

Range electrified (1)

20252018

ELECTROMOBILITY BY GROUPE PSACORE TECHNO STRATEGY

2021

2%50%

100%

Industrial flexibility

e-CMP

2020

29%

2 Multi energy flexible platforms to master the market ramp-up

Electrification blitz with the launches of 7 BEV and 7 PHEV over 2019 & 2020 (o/w 11 PC & 3 LCV)

CO2 compliance on track for 2020 & 2021

All technologies under development to meet 2025 objective

LEV & ICE sharing the same manufacturing line and top hats

1. PC + LCV

24

BENCHMARK AS A PERMANENT TARGETCORE EFFICIENCY

Lowering Groupe PSA break even point to protect profitability

High level of flexibility to protect against any downturn

Efficient R&D and Capex: 8 to 9% of Auto revenues

New labour agreements to further boost industrial competitiveness in Germany

Production cost savings in Europe€/veh. over 2018 - 2021, including Euro 6, raw mat and air freight

Wages to revenue ratio(Auto division excluding own dealer network)

10.8%

Forecast

2019

2021

10.0%11.1%

2018

H1 2019

2018reference

2019 2021target

2020

700 €

25

# UNBORING THE FUTUREPEUGEOT – THE BEST HIGH-END GENERALIST BRAND

2015 2018

-2.4%

-1.2% Push to Pass target

+1%

- 1%

2019-2021

Pricing Power at the right level (vs benchmark)

PEUGEOT 208

2019 H1

-0.8%

PEUGEOT 2008

Pricing power in Europe on track, even before 2019 launches

Strong profitability

6 BEV & PHEV in 2019 & 2020

508 success: 40 kunits sold since launch, among best D segment market share increase (1)

PEUGEOT 2008Peugeot 2008

1. Europe 30, H1 2019 vs H1 2018

26

100 YEARS OF BOLDNESSCITROËN – THE PEOPLE MINDED BRAND

+6.5%

2015 2018 2019 H1

+3%

+4.7%


Push to Pass target

+5%

+3%

2019-2021

Strongest growth of the Top 12 brands in Europe with a market share from 4.5% to 4.8% (1)

New C5 Aircross SUV: the best of Citroën Advanced Comfort®

Now 2 SUV offers: 24% of European sales

From 2021 in India with C-Cubed programme: new models with an international scope

1. Europe 30 (PC+LCV), H1 2018 vs H1 2019Citroën 19_19 Concept

27

SCALING UPDS – FRENCH AVANT-GARDE EXCLUSIVE EXPERIENCE

All models electrified as of 2019

Premium level profitability per unit

Exclusive network construction: now 400 dealers in 35 countries

Brand awareness strong progress thanks to DS 7 CROSSBACK and DS 3 CROSSBACK

2015


Push to Pass target

+1%

- 1%

2019-2021

2019 H1

+2.1%

-7.9%

+2.3%

2018

DS 3 CROSSBACK E-TENSE

28

PROFITABLE & GOING GLOBAL AND ELECTRICOPEL – BRINGING GERMAN ENGINEERING, INNOVATION & DESIGN TO THE PEOPLE SINCE 1899

-6.0%

2017 (1) 2018

-8.2%

Pricing power gap (vs benchmark)

1. August until December

2. Europe 30, 2018 H1 vs 2019 H1

Push to Pass target

0%

- 3%

20212019 H1

-4.6%

Opel Grandland X Hybrid4

H1 recurring operating income ~ €700 M

LCVs sales +15% with market share from 4.1% to 4.6% (2) before new Vivaro launch in H2

Export offensive started in Middle East & Africa and Latin America, to be followed by Russia

Opel goes electric! with new Corsa-e and Grandland X PHEV

29

REWARDING PROFITABILITY EUROPE

Consolidated sales (‘000) Market share (1)

17.4%17.1%

2019 H12018 H1

1,674 1,678

2019 H12018 H1

Growing profitability for all brands

Increased profitability per unit for all brands

Group market share up in the 5 main European countries (3) with Citroën strong increase

LCV leadership

ROI (2)

1. Europe 30 (PC+LCV)

2. Versus 2018 H1

3. France, Germany, Italy, Spain and UK

30

KENITRA PLANT STARTS PRODUCTIONMIDDLE EAST & AFRICA

Resilience despite difficult market conditions (Turkish market -45%)

Market share up in Turkey (+0.5pt), Algeria (+2.7pts), Morocco (+4.6pts) & Egypt (+3.5pts)

Product offensive on-going (SUV, LCV)

Kenitra plant: ramp up of production based on the CMP platform

1. 59 countries, including: Algeria, Israel, Morocco, Tunisia, Turkey, South Africa and excluding Iran sales in 2018

2. Versus 2018 H1

Consolidated sales (‘000) (1) Market share (1) ROI (2)

2019 H1

72

2018 H1

82

2019 H1

4.5%

2018 H1

4.8%

31

RESTRUCTURING THE BUSINESS IN CHINACHINA & SOUTH-EAST ASIA

Targeting breakeven in 2019 in the Region

Downsizing and reducing fixed costs (eg -23% in DPCA)

Electric offensive: Peugeot 4008 PHEV in H2 2019, Peugeot 508 PHEV, C5 Aircross PHEV and

new BEV Peugeot 2008 and DS 3 CROSSBACK in 2020

Exports from the Malaysian hub NAM now starting for Peugeot 3008 and 5008

1. China and South East Asia 2. Versus 2018 H1

ROI (2)

2019 H1

64

2018 H1

163

2019 H1

0.5%

2018 H1

1.1%


Peugeot 508 L

32

ARGENTINIAN MARKET DOWNTURNLATIN AMERICA

1. G4: Argentina, Brazil, Chile, Mexico

ROI (2)

2. Versus 2018 H1

Sales volumes -29% with a strong hit from Argentina

Sales volumes +11% in Brazil thanks to the success of SUV C4 Cactus

Preserving profitability is our top priority including fixed costs reduction

Preparing the future with CMP platform launch in 2020


2019 H1

69

2018 H1

98

2019 H1

2.9%

2018 H1

3.9%

incl. -€30M of IAS 29 effect(Argentina hyperinflation)

33

PAVING THE WAY TO PROFITABILITYEURASIA

Close to breakeven in H1 despite sales slowdown in Russia

‘Special Investment Contract’ signed with the Government of the Russian Federation

Opel to be relaunched in Russia with Zafira Life & Grandland X in H2 and Vivaro in 2020

Launch of DS Automobiles in Ukraine: first DS Store opened in July 2019

1. G4: Russia, Ukraine, Belarus, Kazakhstan

2019 H1

7

2018 H1

8

2019 H1

0.7%

2018 H1

0.9%

ROI (2)

2. Versus 2018 H1

OPEL ZAFIRA LIFEOpel Zafira Life


34

START OF PRODUCTION IN INDIAN POWERTRAIN PLANTINDIA PACIFIC

Volumes up in H1 +2% (2)

Success in Japan: sales +16% (2)

Launch of new products in H2: C3 Aircross in Japan, Peugeot 508 SW and DS 3 CROSSBACK

India: JV with Avtec (CK Birla Group) in production in Hosur plant (Phase 1: gearboxes)

1. Including : Australia, India, Japan & South Korea

2. Versus 2018 H1

ROI (2)

2019 H1

14

2018 H1

13

2019 H1

0.2%

2018 H1

0.2%

PHOTO DE L USINE


35

80

MAINTAINED LEADERSHIP IN EUROPELCV

1. Europe 30

2. Versus 2018 H1

3. YTD May 2019 vs YTD May 2018

LCV market share in Europe (1) ROI (2)

Leadership in Europe 30 with 7.9 pts gap compared to #2 competitor

Transport & Family vans sales +12% and registrations +39% (3) in Europe 30

Overseas development: doubling market share in Brazil

Electrification of the entire LCV range starting in 2020 with the medium van segment

362

2019 H12018 H1

Consolidated sales in Europe (1) (‘000)

342

25.3%24.7%

2018 H1 2019 H1

383263

89

273

LCV Transport & Family

vans

LCV Transport & Family

vans

CITROËN BERLINGO

36

A G R E A T C A R M A K E R FOR A LIFETIME CUSTOMER RELATIONSHIP

A MOBILITY PROVIDER

ENLARGE OUR CUSTOMER BASE

MULTI-BRAND

AFTERMARKET

USED CARS

NEW

CUSTOMERS

CONNECTED

AND MOBILITY

SERVICES

CUSTOMER

INSIDE

HASSLE FREE

MOBILITY

NORTH

AMERICA

10 YEAR

PROJECT

37

INDEPENDENT AFTERMARKET STRONG GROWTHMULTIBRAND AFTERMARKET

IAM revenue growth: 3 X faster outside Europe

Strong ROI increase (2)

Significant cost reduction thanks to synergies in PCDOV shared supply chain

4,400 Eurorepar Car Service garages in 24 countries: +26% (2)

1. All parts excluding Groupe PSA original parts

+33%

2018 H1 2019 H1

+91%

2018 H1 2019 H1

IAM spare parts revenue growth (1) IAM spare parts revenue growth

outside of Europe (1)

ROI (2)

2. Versus 2018 H1

38

STRONG PROFITABLE GROWTHUSED CARS, NEW CUSTOMERS

ROI strong increase

Aramis Group +47% turnover (1)

Stepping up international expansion: transactions in Latin America +50%, Investment in China (FengChe)

Spoticar: launch of a unique multibrand label to simplify customer journey

397

361

2018 H1 2019 H1

1. Versus 2018 H1 including Cardoen integration since August 2018

Used car sales and transactions

(‘000)

ROI (1)

+11%

2018 H1 2019 H1

Used cars revenue growth (1)

39

GROUPE PSA PREPARING THE FUTURE

Strong profitability & balance sheet

Offering electrified technologies to our customers

Aligned management team focused on execution

Open to grasp opportunities creating shareholder value

ATTACHMENTS

41

CONSOLIDATED WORLDWIDE SALESATTACHMENT

Units* 2018 H1 2019 H1 Change

Europe**

PeugeotCitroënDSOpel VauxhallTotal PSA

650,104444,29528,326

550,9561,673,681

639,385455,85528,801

554,0851,678,126

-1,6%+2,6%+1,7%+0,6%+0,3%

Middle East & Africa***


185,69119,963

59319,886

226,133

39,93017,921

76912,94571,565

-78,5%-10,2%29,7%

-34,9%-68,4%

China & South East Asia


91,07769,3332,049

487162,946

33,06829,1231,757

22164,169

-63,7%-58,0%-14,3%-54,6%-60,6%

Latin America


64,38632,776

474397

98,033

41,51826,970

343465

69,296

-35,5%-17,7%-27,6%+17,1%-29,3%

India-Pacific


10,0063,052

283-

13,341

9,4633,643

538-

13,644

-5,4%+19,4%+90,1%

NS+2,3%

Eurasia


4,4123,142

29106

7,689

3,6982,522

9341

6,570

-16,2%-19,7%-69,0%

+221,7%-14,6%

Total consolidated worldwide sales

(AV+CKD):

* Assembled Vehicles, CKDs and vehicles under license ** Europe = EU + EFTA + Albania + Croatia + Kosovo + Macedonia + Serbia*** o/w 144 kunits sold under Peugeot license in 2018 until 31st April 2018.

2018 H1 2019 H1 Change


1,005,676572,56131,754

571,8322,181,823

767,062536,03432,217

568,0571,903,370

-23,7%-6,4%+1,5%-0,7%

-12,8%

Total consolidated worldwide sales

excluding Iran:

2018 H1 2019 H1 Change


861,559572,56131,653

571,8322 037,605

767,062536,03432,217

568,0571,903,370

-11,0%-6,4%+1,8%-0,7%-6,6%

42

GROUP REVENUE BY DIVISIONATTACHMENT

2018 H1 2019 H1 Change

Automotive 30,712 30,378 (334)

Faurecia 8,991 8,972 (19)

Other businesses and eliminations (1,108) (1,010) 98

Group Revenue 38,595 38,340 (255)

43

GROUP RECURRING OPERATING INCOME BY DIVISIONATTACHMENT

2018 H1 2019 H1 Change

Automotive 2,359 2,657 298

Faurecia 642 634 (8)

Other businesses and eliminations 16 47 31

Group Recurring Operating Income 3,017 3,338 321

44

BANQUE PSA FINANCEATTACHMENT

2018 H1 2019 H1 Change

Revenue 1,022 1,071 49

Cost of risk (in % of average loans) 0.12% 0.14% +0.02 pt

Recurring operating Income 510 513 3

Penetration rate 27.0% 27.5% +0.5 pts

Number of new contracts (lease and financing) 555,500 585,400 +29,900

45

FAURECIA*ATTACHMENT

2018 H1 2019 H1 Change

Revenue 8,991 8,972 (19)

Recurring Operating Income 642 634 (8)

% of revenue 7.1% 7.1%

Consolidated net income 391 378 (13)

Free Cash Flow** 165 (688) (853)

Net Financial Position*** (545) (2 551) (2 006)

* Including Clarion consolidated in H1 2019 for two months (April and May 2019)

** Including the acquisition of Clarion in H1 2019

*** After IFRS 16 effect and including the acquisition of Clarion ; NFP is 30/06/2019 vs 31/12/2018

46

PARTNERSHIPS CONTRIBUTION TO NET RESULTATTACHMENT

2018 H1 2019 H1 Change

50% Dong Feng Motor company Partnership 12 (163) (175)

50% Changan Partnership (9) - 9

25% Chinese Financial JV 7 10 3

50% Banque PSA Finance JVs with Santander 119 132 13

50% Banque PSA Finance JV with BNP Paribas 72 43 (29)

Others (128) 26 154

Share in net earnings of companies at equity 73 48 (25)

47

IFRS 16 FIRST APPLICATION IMPACTATTACHMENT

30/06/2019

Recurring Operating Income (depreciation expenses instead of lease

charges) (147)

Net Financial income (expenses) (30)

1) on consolidated income statement of H1 2019 :

2) on consolidated balance sheet as of 1st January 2019: 01/01/2019

Intangible assets 1,546

Non current financial liabilities 1,276

Current financial liabilities 314

3) on consolidated statement of cash flows of H1 2019:

30/06/2019

Net cash from (used in) operating activities of continuing operations 173

Net cash from (used in) financing activities of continuing operations (166)

01/01/2019

Recognition, on 1 January 2019, of the debts on lease obligations (1,454)

4) on Group net financial position as of 1st January 2019:

(in million euros)

(in million euros)

(in million euros)

(in million euros)

48

FINANCIAL SECURITYATTACHMENT

31 December

2018

30 June

2019Change

Cash and Cash Equivalents 14,961 16,116 1,155

Financial Investments 50 57 7

Current & non current financial assets 1,410 1,565 155

TOTAL Cash & Financial assets 16,421 17,738 1,317

Lines of Credit (undrawn) – excluding Faurecia 3,000 3,000 -

Lines of Credit (undrawn) – Faurecia 1,950 1,200 (750)

TOTAL Financial Security 21,371 21,938 567

49

DEBT MATURITY PROFILEATTACHMENT

In million Euros

117 77 135 60

751

1072

681

275 50

600

203 7 292

907 217

702

500

2019 2020 2021 2022 2023 2024 2025 2026 2027 2033

Faurecia Others

Gross debt* in nominal value - End of June 2019

* Excluding BPF, undrawn credit-line short term liabilities & other adjustments

PSA: €522m Schuldscheindarlehen with

4.5, 7 and 8 years maturity, successfully

priced on April 2019

Faurecia: €500m 7 years 3.125% bond

issue, successfully priced on March 2019

S&P: BBB- stable (since 17/12/2018)

Fitch: BBB- stable (since 29/11/2018)

Moody’s: Baa3 stable (since 28/03/2019)

2019 H1 RESULTS

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