Fourth Quarter & full-year 2011 results

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Strong performance in Q4 2011 – Full-Year 2011 results above targets – Dividend policy revised upwards

STRONG SALES AND PROFITABILITY IN Q4
– Organic same-day growth: +5.3%, with Europe at +4.5%, North America at +7.4%               
and double digit-growth in China and in Latin America
– EBITA1 margin up 40bps, to an historic high of 6.2%

FULL-YEAR PERFORMANCE ABOVE TARGETS
– Sales of €12.7bn, up 6.2% on a constant and same-day basis
– EBITA1 margin up 70bps, to 5.7% of sales
– Free cash-flow (FCF) before interest & tax of €601m
– Net income up 39%, to €319m

STRENGTHENED FINANCIAL STRUCTURE
– Indebtedness ratio of 2.40x EBITDA at Dec. 31, 2011 (vs. 3.19x at Dec. 31, 2010)
– Strong liquidity and enhanced financial flexibility

DIVIDEND POLICY REVISED UPWARDS
– Proposed dividend of €0.65 per share