OVERVIEW OF THE REXEL GROUP The table below presents the reconciliation of net income with net recurring income: (in millions of euros) 2017 2016 2015 Net income 104.9 134.3 15.7 (+) Results from discontinued operations – – 69.3 (+) / (–) Non-recurring effect resulting from changes in copper-based cable prices (1) (14.2) 10.1 20.6 (–) Other income(2) (7.1) (5.6) (5.1) (+) Other expenses (2) 260.1 129.5 181.7 1 (+) Financial expenses related to refinancing transactions 30.4 16.3 52.5 (–) Tax impact of the items above and other non recurring tax effects (82.9) (34.4) (65.3) = Net recurring income 291.2 250.3 269.4 (1)See paragraphs 2.1.4.1 “Risks relating to changes in prices of certain raw materials” and 5.1.1.1 “Impact of changes in copper price” of this Registration document. (2) See note 9 of the Notes to the consolidated financial statements of the Rexel Group for the year ended December 31, 2017 included in section 5.2 “Consolidated Financial Statements” of this Registration document. Principal key figures from the table of consolidated cash flow of Rexel (in millions of euros) 2017 2016 2015 Operating cash flow (1) 612.9 563.8 564.8 Changes in working capital requirements (118.4) (26.1) 97.9 Cash generated from operating activities before net interest and income taxes 494.6 537.7 662.7 Net capital expenditure (110.3) (98.6) (115.2) Free cash flow before net interest and income taxes(2) (3) 384.3 439.1 547.5 (1)Before interest, taxes, and changes in working capital requirements. (2) Free cash flow before net interest and income taxes is defined as the change in the net cash position originating from operational activities before deduction of net financial interest paid and before deduction of income taxes paid, less net capital expenditure. (3) Including, in 2015, €562.6 million related to continuing operations and €(15.1) million to Latin America discontinued operations. Principal key figures of Rexel’s consolidated balance sheet AU 31 DÉCEMBRE (in millions of euros, unless specified otherwise) 2017 2016 2015 Non-current assets 5,361.8 5,846.3 5,848.1 Working capital requirements 1,391.0 1,372.9 1,330.4 Shareholders’ equity 4,163.6 4,383.3 4,352.9 Net indebtedness 2,041.2 2,172.6 2,198.7 Other non-current liabilities 548.0 663.3 626.9 Indebtedness Ratio (in multiple of EBITDA) (1) 2.84 3.04 2.99 (1)Calculated in accordance with the terms of the Senior Credit Agreement presented in note 22.1.1 to the consolidated financial statements. The description of the Rexel Group’s indebtedness and notations appears in paragraph 5.1.2.2 “Sources of Financing” of this Registration document. REXEL 2017 – REGISTRATION DOCUMENT 15