Key figures / Investors

Coface results at 31 December 2016: Operating performance and progression of Fit to Win in line with plan, confirming our ambition to become the most agile global credit insurer in the industry

FY 2016 operating performance in line with guidance

    - Turnover in line with previous quarters trends, at €1,411m down (3.6)% vs. ‘15 (ex. FX)
   - Net loss ratio in target range at 65.5%
   - Net cost ratio at 31.9% ; supported by tight expense control

French State export guarantees management transfer finalised

- Teams (~250 FTEs) and IT systems transferred as from Jan. 2nd ‘17

Fit to Winlaunched and progressing in line with expectations

    - Launched risk and cost actions as per schedule
    - Consultations well underway
    - First benefits materialising

Net income (group share) FY 2016 at €41.5m

- Includes €36.5m French State guarantees and Fit to Winone-offs[1]

Solvency ratio in target range at c.150%[2] ; proposed dividend[3]: €0.13 per share, incl. €0.06 special
2017 guidance: net loss ratio below 61%

_{Unless otherwise stated, changes are in comparison with 12M 2015}
_{[1] €75.0m gain on French State export guarantees management transfer, €38.6m restructuring expenses, €14.1m of social benefits reserves releases and €5.1m linked to actuarial rates change, totalling €55.6m before tax (see Note 30 of the FY 2016 financial statements); After tax (tax rate of 34.43% applied), contribution of these elements to FY-2016 net income (group share) is €36.5m.}
_{[2] Estimated coverage ratio calculated according to Coface’s interpretation of Solvency II standard formula. Non audited.}
_{[3] The €0.13 proposed dividend per share is composed of €0.07 normal dividend and € 0.06 special dividend ; these proposed distributions are subject to the approval of the General Assembly which takes place on May 17th 2017}