Safran. Full-Year 2010 Earnings. Jean-Paul HERTEMAN CEO. Ross McINNES CFO

Safran Full-Year 2010 Earnings Jean-Paul HERTEMAN CEO Ross McINNES CFO February 24, 2011

Safran FY 2010 Highlights Jean-Paul HERTEMAN CEO 2

FY 2010 financial highlights Growing revenue with strong performance in Defence and Security 10,448 +3.0% 10,760 Recurring operating income at 8.2% of revenue highlighting good control of cost base 729 +20% 878 Solid operating leverage Higher net profit (group share) at 1.27 per share 395 +29% 508 ( M) ( M) ( M) FY 09 FY 10 FY 09 restated FY 10 FY 09 restated FY 10 Proposed 2010 dividend up 32% vs. 2009 0.38 +32% 0.50 Net cash positive. Driven by better-than-expected WC and very strong operating CF ( M) FY 09 FY 10 24 + 522 M ( ) FY 09 FY 10 (498) 3

Key strategic business achievements Successful launch of LEAP-X LEAP-X Selected by COMAC C919 for an integrated powerplant (LEAP-X engine, nacelle, thrust reverser and pylon) First 100 C919 orders (Hainan Airlines, China Eastern, China Southern, GECAS, CDB Leasing) CFM LEAP-X selected on A320neo and Safran selected for the nacelle of CFMpowered A320neo Already 180 A320neo orders (Virgin, Indigo); engines yet to be awarded 4

Introducing a new advanced engine: LEAP-X The successor of CFM56 Provides superior performance vs. latest upgrade of CFM56 Burn 15% less fuel Produce 15% less CO 2 emission Produce 50% less NOx Reduce noise by up to 15 EPNdB (Effective Perceived Noise) Market potential for re-engined variant: 18,000 engines 4,000 A320neo aircraft 2,000 C919 aircraft 3,000 B737 aircraft R&D investment for LEAP-X (incl. the nacelle) Total cash R&D of c. 1bn (Safran s share for 2011-2016) LEAP-X A new baseline turbofan engine to power future replacements for current narrow-body aircraft EIS in 2016 5

Key strategic business achievements Emerging stronger from 2010 Acquiring new businesses in core businesses Pending government approvals Winning key contracts Supply of full fuselage wiring system on A380 for the whole life of the program Team-up with COMAC to provide C919 wiring systems 7-year contract for ID documents (electronic passports and national identity cards) for the Netherlands 1,175 long-range IR goggles order for French Army Issued the 12-digit unique ID numbers for 1.5 million residents in India SuperJet100 now certified in Russia. Significant orders from Interjet 6

Aerospace OE CFM workhorse continued at top rates; 1,583 new orders CFM56 engines Total installed base Share of 2 nd gen. engines FY 2009 19,823 53% FY 2010 20,858 58% Change 5.2% +5pts Increased share of 2 nd generation CFM engines in fleet future flow of high value services 1,583 new orders (2x vs. 2009) Number of deliveries 1. CFM56 engines 2. Helicopter engines 3. A380 nacelles 4. A330 nacelles 5. Small nacelles (biz & regional jets) 1,263 1,032 84 104 321 1,251 830 74 127 313 (1)% (20)% (12)% 22% (2)% 1. Stable CFM56 deliveries 2. Decline in small helicopters 3. Inventory build-up at end 2009 due to A380 deliveries delay 4. Continued growth on A330 5. Stabilization in business & regional jets OE revenue* Prop. & Equipment (in M) 4,771 4,742 (0.6)% 7 * Including revenue from R&D contracts and miscellaneous

Aerospace services Resilient total services revenue Propulsion Services* revenue (in M) Aerospace Propulsion Services share of total revenue Aircraft Equipment Services share of total revenue FY 2009 2,788 49.2% 881 31.8% FY 2010 2,809 50.1% 887 31.3% Change 0.8% 0.9pt 0.7% (0.5)pt CFM spares trends improving sequentially: Q4 > Q3 > Q2. FY2010: -17% in $ Q4 2010: flat in $ yoy Good performance of services to military customers although growth slowing down in H2 2-digit growth in high thrust widebody engine spares (e.g. GE90 on B777) Total services revenue 3,669 3,696 0.7% Equipment Increased civil MRO activity but lower spares business 8 * Including spares and maintenance & repair activities

Outstanding fleet of CFM56 engines The aftermarket recovery has begun Over 5-year backlog to date in CFM OEM (6,263 engines) 9,500 engines yet to have their first shop visit 140 130 120 110 100 90 80 70 60 After 9/11 After Lehman 20 000 15 000 10 000 2002 2003 2004 2009 2010 2011 Global CFM56 spare parts revenue 5 000 Basis 100-9/11/2001 Basis 100 - Sept. 2008 (Nombre de moteurs CFM) CFM engines 20,000 15,000 10,000 5,000 0 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11E 0 9

Fast-paced development of Security Organic and acquisition-driven growth Revenue ( M) - Security 1200 1000 1,041 800 600 481 695 904 Average reported growth CAGR2007-10 = ~21% 400 200 0 2007 2008 2009 2010 Average organic growth CAGR2007-10 = ~15% Revenue from acquisitions (Printrak, GE HLP) Restated revenue at 2008 perimeter (excluding Monetel activity) and excluding contract in Ivory Coast 10

Safran focused on resilient defence niches Optronics: continued growth driven by soldier protection & supported by order backlog ( 1.2bn+) Strong dynamics on export markets Significant contracts notified by DGA for the supply of 16,454 Felin systems and 1,175 new-generation long-range infrared binoculars (JIM LR2) Avionics Contract notified by DGA at end-2009 for the supply of 3,400 AASM modular air-to-ground weapons Continued Research and Technology DGA funds for strategic navigation activities Success on export markets not limited to Rafale export sales 11

Investing for the future A gradual approach for a long term vision 2Bn+ - Targeted acquisitions in core markets HLP (pending govt approval) Aerospace Propulsion Aircraft Equipment Security (pending govt approval) 300M+ - Investing in world class industrial facilities World class excellence centre in Europe Growing low cost & $ basis Massy - June 2010 Queretaro - March 2010 Bordes - June 2010 Bidos - Sept. 2010 «Grand Emprunt» projects Epice*, Ariane 6, TM800 * Advanced civil aero-engine demonstrator, called Epice 12

Our M&A strategy pays off - successful, selective Proven track record Recent acquisitions Commercial success Delivering results Renewed a 7-year contract for ID documents for the Netherlands Now fully integrated into ID business HLP Provider of fingerprinting technology for FBI s Next generation ID program Solid order intake in Explosive Detection Systems (TSA, Israel ) XRD3500 system compliant with European ECAC Standard 3 Reinforce our position in US aircraft and helicopters wiring systems (military & commercial) Delivered 16% EBIT margin in 2010 Delivered 22% EBIT margin in 2010 Expected to deliver 15% EBIT margin in 2011 Transactions pending regulatory approvals Unmatched positions in North America with long-term contracts Rationalisation Expected run-rate cost synergies of appx. $30M (within 18 months after the closing) Stable, strategic asset for France. Excellent long term visibility Value potential +++ + to ++ 13

Enhancing productivity Optimize the supply chain Supporting suppliers switch to dollar and emerging zones Managing the price rise in commodities (e.g. Nickel) World class new or revamped facilities Continued & lasting savings Split of Safran+ gains by action in 2010 15% 25% Lean manufacturing and improved productivity Acceleration of lean actions to reduce production costs Enhancing worker autonomy & involvement 16% 44% Reduction of overhead expenses Pooling of Purchasing teams Pooling of HR processes (e.g. payroll, hiring) Improve marketing and accelerate services growth Dynamic action plan to sell higher added-value & spares sales despite of the crisis Cost reduction Optimize the Supply-Chain Lean manufacturing and product development Reduction of structural cost Sell better and accelerate services growth 14

Safran Full-Year 2010 Results Ross McINNES CFO 15

Foreword Definitions All figures in this presentation represent Adjusted data (see Additional Information for bridge with consolidated accounts) Safran s consolidated income statement has been adjusted for the impact of: purchase price allocations with respect to material business combinations. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aeronautical programs that were revalued at the time of the Sagem-Snecma merger. With effect from the first-half 2010 interim financial statements, the Group has decided to restate the impact of purchase price allocations for all material business combinations (and not only those relating to the Sagem-Snecma merger). In particular, this concerns the amortization of intangible assets recognized at the time of the acquisition, and amortized over extended periods, justified by the length of the Group's business cycles; the mark-to-market of foreign currency derivatives, in order to better reflect the economic substance of the Group's overall foreign currency risk hedging strategy: revenue net of purchases denominated in foreign currencies is measured using the effective hedging rate, i.e., including the costs of the hedging strategy, the recognition of all mark-to-market changes on non-settled hedging instruments at the closing date is neutralized, including the ineffective portion with effect from the publication of the 2009 financial statements, given that the Group's hedging strategy includes optional hedging instruments and optimization measures combined with highly volatile market inputs used to mark to market. Recurring operating income It excludes income and expenses which are largely unpredictable because of their unusual, infrequent and/or material nature such as: impairment losses/reversals, capital gains/losses on disposals of operations and other unusual and/or material non operational items). 16

FY 2009 restated income statement Income Statement (in Euro million) FY 2009 reported PPA (i) FY 2009 restated Revenue 10,448 10,448 Recurring operating income % of revenues 698 6.7% 31 729 7.0% Other non-current charges/income Profit from operations % of revenues (35) 663 6.3% 31 (35) 694 6.6% Net financial income (expense) Income tax expense Profit (loss) from discontinued op. Minority interests Share in profit from associates (174) (98) (4) (14) 3 - (10) - (2) - (174) (108) (4) (16) 3 Net income group share EPS (in ) 376 0.94 19 395 0.99 Full-year 2009 adjusted results which shall serve as a basis of comparison have been restated for: (i) Purchase price allocation entries impacts for major acquisitions (especially in the Security business). 17

Fx volatility Diverse impacts on P&L Continued Fx volatility during FY 2010 Translation effect: foreign currencies translated into Strong positive impact from $, AUD, BRL and CAD Impact on Revenue and Return on Sales Average spot rate FY 2009 FY 2010 $ 1.39 $ 1.33 Transaction effect: mismatch between $ sales and costs is hedged Mild negative impact from $ Positive impact from other currencies ($/CAD, $/GBP) Impact on Profits Hedge rate FY2009 FY 2010 $ 1.42 $ 1.44 Mark-to-market effect (275)M on fair value of financial instruments Impact on consolidated statutory accounts Spot rate Dec 31, 2009 Dec. 31, 2010 $ 1.44 $ 1.34 18

Consolidated and adjusted income statements 2010 reconciliation (In M) Consolidated income statement Hedge accounting Remeasurement of revenue Deferred hedging gain (loss) Business combinations Amortization of PPA impacts - intangible other business assets - combinations Sagem/Snecma Adjusted consolidated income statement Revenue 11,028 (268) 10,760 Other operating income / expense (10,077) 8 (15) 159 43 (9,882) Recurring operating income 951 (260) (15) 159 43 878 Other non current operating income / expense (13) (13) Profit (loss) from operations 938 (260) (15) 159 43 865 Cost of debt (36) (36) Foreign exchange financial income (loss) (531) 260 275 4 Other finance costs /income (136) (136) Net finance costs / income (703) 260 275 (168) Income from associates 9 9 Income tax expense (14) (90) (54) (15) (173) Profit (loss) from continuing operations 230 170 105 28 533 Profit (loss) from discontinuing operations (5) (5) Minority interests (18) 4 (3) (3) (20) Parent 207 4 170 102 25 508 19

FY 2010 profit from operations Recurring operating income: 878M in FY 2010 (8.2% of revenue) (In M) FY 2009 restated FY 2010 Revenue 10,448 10,760 Recurring operating income % of revenue 729 7.0% 878 8.2% Total one-off items Capital gain (loss) on disposals Impairment reversal (charge) Other infrequent & material non operational items (35) 7 (70) 28 (13) - - (13) M&A transaction costs (L-1 Identity Solutions, HCM, SME, ) Profit from operations % of revenue 694 6.6% 865 8.0% 20

FY 2010 income statement EPS growth of 28% (In M) FY 2009 reported FY 2009 restated FY 2010 Revenue 10,448 10,448 10,760 Recurring operating income % of revenue 698 6.7% 729 7.0% 878 8.2% Profit from operations % of revenue 663 6.3% 694 6.6% 865 8.0% Of which cost of net debt of (36)M Net finance (cost) income (174) (174) (168) Income tax expense Profit (loss) from discontinued op. Minority interests (98) (4) (14) (108) (4) (16) (173) (5) (20) Effective tax rate of 25% Share in profit from associates 3 3 9 Profit - group share Basic EPS* (in ) 376 0.94 395 0.99 508 1.27 * Based on 399,552,920 shares 21

FY 2010 revenue 3.0% increase (In M) +3.0% Defence (optronics) and Security (detection) up 10,448 (104) 10,344 219 10,563 197 10,760 Mild decline in OE aerospace with resilient services Favourable currency impact Translation: positive impact $, AUD, BRL, CAD Transaction: negative impact of $ ($1.44 in 2010 vs. $1.42 in 2009) FY 2009 (1.0)% organic Organic variation FY 2010 at constant FY 2009 perimeter and exchange rate Currency impact FY 2010 at constant FY 2009 perimeter Acquisitions & activities newly consolidated FY 2010 Changes in the scope of consolidation include: 8 months of MorphoDetection (GE HLP): 133M 3 months of MorphoTrak (Printrak): 8M 22

FY 2010 recurring operating income Recurring operating margin improved by 1.2 point (In M) Improved profitability driven by: +20% OE CFM unit revenue 150 879 (25) 854 24 878 Aftermarket (military, helicopters, high-thrust engines) 729 Lower production costs on nacelles 7.0% RoS FY 2009 restated +21% organic Organic variation FY 2010 at constant FY 2009 perimeter and exchange rate Currency impact FY 2010 at constant FY 2009 perimeter Acquisitions & activities newly consolidated 8.2% RoS FY 2010 External growth in Security Safran+ productivity improvements and costs efficiency Lower R&D impact 23

Research & Development R&D effort maintained, lower impact on EBIT (In M) Total self-funded R&D (before tax credit*) % of revenue Recorded as operating expenses Capitalized expenses FY 2009 690 6.6% 508 182 FY 2010 637 5.9% 458 179 Change (7.7)% (0.7)pt (50) (3) R&D effort maintained with normative trend at 6 to 7% of revenue Tailing off of R&D developments on SJ100, A400M and B787 Increasing R&D developments on LEAP-X engine as well as A350 program (In M) FY 2009 FY 2010 Change Tax credit* impact of 124M in 2010 vs. 98M in 2009 Recorded as operating expenses 508 458 (50) Amortisation / depreciation Ebit impact before R&D tax credit * 155 663 72 530 (83) (133) Of which 71M impairment charge on B787 in 2009 Ebit impact after R&D tax credit * 565 406 (159) * Crédit Impôt Recherche in France & Canada 24

Aerospace Propulsion Key figures (In M) Revenue FY 2009 restated 5,673 FY 2010 5,604 Change (1.2)% Organic Change (3.1)% Mild decline in revenue Growth in services for military, helicopters & high trust engines Recurring operating income % of revenue One-off items 628 11.1% 29 663 11.8% - 5.6% +0.7pt Lower OE deliveries (military, helicopters, high trust engines) Soft but improving CFM aftermarket Profit (loss) from op. % of revenue 657 11.6% 663 11.8% Growing profits despite CFM aftermarket softness Aftermarket (military, high trust engines) (In M) Capex (tangible assets) FY 2009 145 FY 2010 102 Impact of better OE CFM unit revenue Productivity improvements Slight adverse currency effect Total self-funded R&D before tax credit % of revenue Recorded as opex 336 5.9% 252 331 5.9% 233 R&D: tailing off of SaM146 and TP400; increasing efforts on LEAP-X Capitalized expenses 84 98 25

Aircraft Equipment Key figures (In M) Revenue Recurring operating income % of revenue FY 2009 restated 2,767 73 2.6% FY 2010 2,834 127 4.5% Change 2.4% 74% +1.9pt Organic Change Flat Revenue back to growth Driven by new programs (B787) and stabilization in business and regional jets segment Offset by lower nacelle activity One-off items (71) (2) 1-month consolidation of HCM Profit (loss) from op. 2 125 % of revenue ns 4.4% Recovery plan delivering results (In M) FY 2009 FY 2010 Drastic reduction of losses in nacelles (reached operating breakeven in Q4 2010) Capex (tangible assets) Total self-funded R&D before tax credit % of revenue Recorded as opex Capitalized expenses 86 145 5.2% 80 65 61 112 4.0% 67 45 A 380 : lower volumes, improved production costs, commercial agreement with Airbus B 787 : higher volumes, commercial agreement with Boeing Repair & Overhaul on landing systems 26

Defence Key figures (In M) Revenue Recurring operating income % of revenue FY 2009 restated 1,061 9 0.8% FY 2010 1,240 55 4.4% Change 16.9% 511% +3.6pts Organic Change 12.4% Over 30% growth in Optronics with a favourable volume/price impact on profits Felin, long-range IR goggles, thermal cameras, One-off items Profit (loss) from op. % of revenue - 9 0.8% - 55 4.4% Avionics: mild decline in revenue, impacting profits in flight control systems (In M) FY 2009 FY 2010 Further incremental costs to put in place Safran Electronics Capex (tangible assets) Total self-funded R&D before tax credit % of revenue 35 146 13.8% 67 109 8.8% Of which (35)M loss at completion on A400M navigation systems in 2009 Recorded as opex 113 91 Capitalized expenses 33 18 27

Security Key figures (In M) FY 2009 restated FY 2010 Change Organic Change Revenue and profit growth benefited from acquisitions (mainly detection) Revenue Recurring operating income % of revenue One-off items 904 86 9.5% - 1,041 128 12.3% (4) 15.2% 49% +2.8pts (6.0)% Adverse impact in 2010 of anticipated lower revenue of Identification government contract in Ivory Coast now tailing off Profit (loss) from op. % of revenue 86 9.5% 124 11.9% Except Ivory Coast : Organic revenue growth (+7%) (In M) Capex (tangible assets) Total self-funded R&D before tax credit % of revenue Recorded as opex FY 2009 18 63 7.0% 63 FY 2010 28 85 8.2% 67 Very good performance for Identification (Albania, Mexico, Kazakhstan) and smart cards activities (volume, improved production costs) Continued investment in India Capitalized expenses - 18 MorphoDetection delivered results in line with initial targets 28

3-year hedging policy Portfolio optimized by another 4 cents over 2011-2014 Estimated exposure needs In US$ bn 5 4.3 4 4.0 Hedge portfolio, Feb 18, 2011 Total: $12.8bn 4.5 ~ 4.7 ~ 4.7 ~4.7 Hedge rates locked-in for 2011 to 2013 2012: $3.6bn achieved at $1.34 to rise to $4.6bn at $1.34 as long as /$<1.65 for most of 2011 3 2 1 0 /$ hedge rate Achieved Target 2.9 3.7 3.7 1.3 2009 2010 2011 2012 2013 2014 1.42 1.44 1.39 1.38 1.34 1.34 1.30 1.30 1.29 1.28 2013: $3.6bn achieved at $1.30 to rise to $4.6bn at $1.30 as long as /$<1.52 for most of 2011 2014 hedging well advanced $1.3bn achieved at $1.29 to rise to $2.9bn at $1.25 as long as /$<1.52 for most of 2011 and 2012 29

3-year hedging policy Material tailwind in profitability expected over 2011-2014 /$ hedge rate 1.4 1.35 1.3 1.25 1.2 1.15 1.1 1.05 1 Estimated impact on recurring operating income of targeted /$ hedge rates 1.42 75 1.44 2010 (44) 134 1.38 102 2009 2011E 2012E 1.34 108 1.30 2013E 56 1.28 2014E 400 EBIT impact vs. previous 350 year (in M) 300 250 200 150 100 50 0-50 -100 An estimated cumulative 400M tailwind in EBIT over the next 4 years Currency impact on profitability is around 2/3 rd in Propulsion and 1/3 rd in Equipment; non material for Defence and Security businesses 30

Free Cash Flow Cash from operations greater than recurring operating income (in M, at Dec. 31) Adjusted net profit (loss) Depreciation, amortization and provisions Others FY 2009 restated 395 576 72 FY 2010 508 462 167 Excellent FCF generation Strong cash receivables collection (including from the French MoD) Tight control of capex Elimination of discontinued operations Cash from operating activities Change in Working capital (1) 1,042 361 5 1,142 317 One-off cash impact Commercial settlements with airframers Capex (tangibles assets) Capex (intangible assets) (293) (292) (271) (254) French Government stimulus package accelerated some tax credits Free cash flow 818 934 31

Net cash position Preserving our financial flexibility (in M) Change in WC Tangible & Intangible Capex Cash flow from operations is 1.30x EBIT Net debt at Dec 31, 2009 Cash flow from ops 1,142 317 (525) Dividend (161) Others (251) Net cash at Dec 31, 2010 24 Dividend to parent holders was 152M ( 0.38 per share) 100M cash-out for the HCM acquisition (498) o/w (100)M HCM acquisition 934M Free Cash Flow 32

Gross cash & debt The Group is adequately funded Available financing resources: Committed & undrawn = 2.4bn Gross debt repayment schedule (Dec 31, 2010) 1,250m 1,182 Credit line - 800M, undrawn, maturity Jan. 2012; no covenants Credit line - 1,600M, undrawn, maturity Dec. 2015; subject to 1 covenant (net debt/ebitda <2.5) 1,000m 750m 500m 568 301 250m EIB loan ( 300M) has been fully drawn Maturity 2020; subject to 2 covenants (net debt/ebitda <2.5 and Gearing <1) 0m <1 year <1 year 1 to 5 years >5 years 33

Balance sheet highlights Solid balance sheet (In M) Dec. 31, 2009 Dec. 31, 2010 Shareholders equity up by 177M Goodwill 2,126 2,298 Tangible & Intangible assets Other non current assets Operating Working Capital 5,418 722 965 5,383 657 843 Net cash position further to a 0.5bn improvement Net cash (debt) (498) 24 Shareholders equity - Group share Minority interests 4,353 148 4,530 175 OWC decreased by 122M at 843M (7.8% of revenue) Non current liabilities (excl. Net cash/debt) 1,739 1,572 Provisions Other current liabilities / (assets) net 2,354 139 2,424 504 Provisions remained stable 34

Customer financial guarantees Further decrease of total guarantees (In $M) Total guarantees Estimated value of pledges Net exposure on these guarantees Dec. 31, 2009 237 120 117 Dec. 31, 2010 127 61 66 Provisions 110 62 Marginal Safran outstanding risk on Aircraft financing, representing less than 1% of Safran revenue on an annual basis Further decrease of total guarantees reflecting a low level of request for manufacturers financing support Outstanding risk of the portfolio covered by the conservative estimated value of the assets securing the financing and the provisions booked in Safran account 35

2010 dividend Highest dividend ever A proposal for a dividend payment of 0.50 at next Annual General Meeting on April 21, 2011 Approximately 200M cash disbursement in 2011 Ex-dividend date: April 26, 2011 Payment date: from April 29, 2011 0.40 0.38 0.50 Dividend per share ( ) 0.25 Dividend distribution ( M) 167 104 152 c.200 2007 2008 2009 2010 36

Safran Outlook Jean-Paul HERTEMAN CEO 37

Equity shareholding Free float increased by 9.5 points in 2010 As of Dec. 31, 2009 As of Dec. 31, 2010 Public 38.1% French State 30.2% Public 47.6% French State 30.2% Treasury shares 4.2% Areva 7.4% Employees 20.1% Treasury shares 4.2% Areva 2.0% Employees* 16.0% (*) of which 80% are available for sale 38

Aerospace fundamentals strengthening The civil aerospace recovery has breadth, strength and duration Sustained traffic growth from 2010 and pickup in OE build rates for 2010/13 Commercial aviation passenger traffic (2000-2013E) RPK (billions) 6000 5500 5000 4500 4000 Revenue Passenger per Kilometre CAGR 2010-13E = 4.9% 2008 crisis severe enough to impact long term traffic (2 years of growth lost) but finally less severe than the 2001-03 period (almost 3 years of growth lost) # aircraft 3500 3000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 1000 900 800 700 600 500 400 300 Aircraft deliveries 2009-2013E Opportunities for Safran Existing product base and new programs Short-medium range aircraft (A320, B737) CAGR 2010-13E = 3% 200 100 0 2009 2010 2011E 2012E 2013E Long range aircraft (A330/340/350/380, B777/747 ) CAGR 2010-13E = 12% 39

2011 key assumptions Growth in civil aerospace aftermarket and OE Civil aerospace aftermarket up 10-15% Includes spares and MRO Driven by CFM and high-thrust engines Healthy rise in aerospace OE deliveries Driven by A320, B737, B777, business and regional jets Short term cautiousness specific to A380 and B787 programs Increased R&D effort Aircraft equipment business linked to production & delivery rates Net impact of 50M+ on P&L and 200M+ in cash, notably for LEAP-X development 40

2011 outlook Note: 2011 outlook does not include any contribution from L-1 Identity Solutions and SNPE Matériaux Energétiques Revenue expected to increase by at least 5% at an estimated average spot rate of USD 1.33 to the Euro Recurring operating income expected to increase by at least 20% at a targeted hedge rate of USD 1.38 to the Euro Free cash flow expected to represent about a third * of the recurring operating income taking into account an expected increase in OWC and R&D investments (*) An average of more than 50% across 2010-2011. 2010 FCF benefited from strong cash receivables ahead of 2011. 41

Healthy prospects beyond 2011 Pick-up in build rates on the OE side and aftermarket growth OE to resume growth (A320/B737, B777, A380, B787, SJ100, bizjet ) Civil aftermarket revenue should grow at 2-digits for several years Profitable growth in Security Strong demand for our technology Long term target: 20% of revenue & mid-teen operating margins Favourable hedge rates Gradual improvement through 2014 On-going Safran+ plan to enhance competitiveness and reduce overheads 2012 recurring operating margin well on the way to the 10% threshold 42

Safran Questions & Answers 43

Safe harbor For forward looking statements Except for historical information, all other information in this presentation consists of forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, as amended. These forward looking statements include statements regarding the future financial and operating results of Safran such as (i) expected revenue for full year 2011, (ii) expected profit from operations for the full year 2011 and iii) free cash flow for the full year 2011. Words such as "expects," "anticipates," "targets," "projects," "intends," plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements which are not statements of historical facts.these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forwardlooking statements. These risks and uncertainties are based upon a number of important factors including, among others: our ability to operate effectively in a highly competitive industry with many participants; our ability to keep pace with technological advances and correctly identify and invest in the technologies that become commercially accepted; difficulties and delays in achieving synergies and cost savings; fluctuations in the aerospace market; exposure to the pricing pressures in the regions in which we sell; the pricing, cost and other risks inherent in long-term sales agreements; exposure to the credit risk of customers; reliance on a limited number of contract manufacturers to supply products we sell; the social, political and economic risks of our global operations; the costs and risks associated with pension and postretirement benefit obligations; the complexity of products sold; changes to existing regulations or technical standards; existing and future litigation; difficulties and costs in protecting intellectual property rights and exposure to infringement claims by others; compliance with environmental, health and safety laws; the economic situation in general (including exchange rate fluctuations) and uncertainties in Safran s customers businesses in particular; customer demand for Safran s products and services; control of costs and expenses; international growth; conditions and growth rates in the aerospace industry; and the impact of each of these factors on sales and income. For a more complete list and description of such risks and uncertainties, refer to Safran s Document de Référence for the year ended December 31, 2009. Safran disclaims any intention or obligation to update any forward-looking statements after the distribution of this news release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. * Adjusted data 44

Safran Additional Information 45

SME Creating a world leader in solid propulsion Safran to acquire SNPE Matériaux Energétiques Strengthens the solid propulsion industry, a key to the long-term viability of European launch vehicles and missiles Closing expected in Q1 2011 Safran received specific guarantees concerning environmental liabilities due to past operations Up to 40 years; up to 240M with a Safran contribution between 10 and 50% Covers third parties claims and closing of sites With a counter guarantee from the French government of up to 216M Financial impact ~ 270M cash-out ~ 10M one-off restructuring & transaction costs in operating income (accounted for in one-off items) Estimated 2011 annualized data 2011E Sales: ~ 300M 2011E EBITDA: ~ 45M 46

L-1 Identity Solutions Creating a world leader in biometric solutions Transaction still pending final government approvals HSR terminated; L-1 shareholders approved the transaction CFIUS process still on-going Closing expected in H1 2011 Subject to successful closing in 2011 ~ 780M cash-out ~ 30M one-off restructuring & transaction costs in operating income (accounted for in one-off items) Estimated 2011 annualized data 2011E Sales: ~ $530M 2011E EBITDA: ~ $100M (incl. cost synergies) 47

48 L-1: Creating a global leader in biometrics Safran to acquire the biometrics & enterprise access solutions, secure credentialing solutions and enrollment services businesses of L-1, a US-based leading global identity management provider Transaction conditioned upon sale of L-1 s government consulting services (GCS) businesses to a third party and regulatory approvals Significant step in the implementation of Safran s strategy to develop as world leader in the field of mission critical high tech tier one players in the group s three businesses: Aerospace, Defence and Security Combination will provide an ideal platform to accelerate growth, notably in the U.S., and expand into new territories Highly complementary businesses with a strong fit and compelling product, geography and client-mix All-cash offer, fully financed with Safran s existing cash on-hand Accretive from year one with operating synergies

L-1: A complementary technology approach L-1 adds a suite of best of breed technologies that would enhance Safran s (Morpho) own technology and product offering across a broad range of ID management and Homeland Security applications Main owned technologies AFIS software Secured printing Smart cards Explosive detection Multimodal biometric platform Iris recognition Facial recognition Livescan and multi-biometric acquisition devices This will create a pool of technologies to enhance further security for state and local governments, aviation and other critical infrastructure 49

L-1: Yielding significant operating synergies Value creation drivers Estimated impact ($M) Operating synergies Cost synergies at different levels: Rationalisation of sites International sales R&D Other support and operations Run-rate synergies expected to be fully realized within 18 months from the effective closing of the transaction Sourcing synergies Safran will obtain hardware / software internally (rather than from 3 rd parties) for Biometric equipment and blank documents for Secure Credentialing Approximately $30 M run-rate and not including likely top-line commercial synergies 50

Aerospace 40 CFM56 powered aircraft returned to service in FY 2010 Number of grounded planes powered by CFM56 engines Grounded CFM-equipped aircraft represent 4% of the total CFM fleet Dec. 31, 2009 468 aircraft 91% 9% Dec. 31, 2010 428 aircraft 79% 21% vs. 11% for the total active aircraft market* A majority of B737NG returned to traffic Some 2 nd generation CFM A320 were back to lessors 1 st CFM56 generation (-2, -3, -5A, -5C) 2 nd CFM56 generation (-5B, -7) * Source : Ascend 51

Aerospace - CFM aftermarket Global CFM spares revenue in $: -17% in 2010 vs. 2009 Q4 flat vs. Q4 2009, but up 15% vs. Q3 2010 Airlines consume their inventory, delay shop visits & decrease scope of overhauls - optimizing their engine fleet 40 CFM56 powered aircraft returned to service Improving CFM aftermarket 46% of CFM active fleet still to have their first shop visit (>67% of the 2 nd generation engines) = 9,500 engines FY 2009 2,305 CFM56 shop visits (total worldwide) FY 2010 2,120 Total -8.0% 1st gen. CFM56-8.4% 2nd gen. CFM56-7.6% 1 st gen. 2 nd gen. 2 1 53% 47% st gen. nd gen. 52% 48% Shop visit numbers are estimates; these can be revised marginally as airlines finalise reports 52

Aircraft Equipment shipset A380 Nacelles Nose LG P P Main LG Wheels brakes Wiring P Equipment shipset value $18-19M A400M P P P P 7M B787 P P P P $5M A350XWB P P P $4.5M 53

Income tax Adjusted accounts (in millions) Profit (loss) before tax 31.12.2009 523 31.12.2010 706 St andard tax rate applicable to the parent company 34,43% 34,43% Tax (expense) benefit at standard rate (180) (243) Impact of permanent differences 6 (7) Impact of research tax credit 34 46 Impact of reduced tax rates 15 30 Impact of unrecognized taxes (3) 16 Impact of tax adjustments 9 (16) Impact of tax credits and other items 11 1 Current income tax benefit (expense) recognized in profit or loss (108) (173) Effective taxe rate 20,66% 24,50% 54