[PPT] - Criteo 101 Investor Presentation November 2017 1 Safe harbor PowerPoint Presentation

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Criteo 101

Investor Presentation

November 2017

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This presentation contains “forward-looking” statements that are based on our management’s beliefs and assumptions and

n information currently available to management. Forward-looking statements include information concerning our possible
r assumed future results of operations, business strategies, financing plans, projections, competitive position, industry

environment, potential growth opportunities, potential market opportunities and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking

statements. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this
presentation. You should read the Company’s most recent Annual Report on Form 10-K filed on March 1, 2017, including

the Risk Factors set forth therein and the exhibits thereto, completely and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. This presentation includes certain non-GAAP financial measures as defined by SEC rules. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix slides.

Safe harbor statement

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Ticker:

CRTO

Stock Exchange:

NASDAQ Global Market

CUSIP:

226718104

Number of shares
utstanding:

65.3M

Stock Ownership*:

* As of June 30, 2016

2016 Financials
Revenue:

$1,799M, +36% at cc

Revenue ex-TAC:

$730M, +37% at cc

Adjusted EBITDA:

$225M, +55% at cc

Adj. EBITDA margin:

30.8% of Revenue ex-TAC 93% 4% 3%

Free float Founders & mgmt VCs

Stock information and selected financials

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17,000+ retailer and brand clients campaigns in 95+ markets 2,700+ employees 30 offices worldwide 1.2B+ active monthly shoppers $550B+ annual commerce sales $27B annual post-click sales

Selected KPIs

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Jean-Baptiste Rudelle Executive Chairman and Co-Founder, 47 K-Mobile, Lucent, Roland Berger Eric Eichmann Chief Executive Officer, 49 Living Social, Rosetta Stone, McKinsey & Co. Dan Teodosiu Chief Technology Officer, 50 Google, Microsoft, Hewlett-Packard Mollie Spilman Chief Operating Officer, 49 Millenial Media, Yahoo, Advertising.com, Time Warner Benoit Fouilland Chief Financial Officer, 52 SAP, Business Objects Jonathan Opdyke Chief Strategy Officer, 40 HookLogic, Xerox, Beyond Interactive Tom Aurelio Executive Vice President, Human Resources, 51 Priceline, GE, Symantec, CheerNetworks

Management team

Patrick Wyatt Senior Vice President, 34 Yahoo, Estin & Co.

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Build the highest performing and open commerce marketing ecosystem Connect shoppers to the things they need and love Deliver performance at scaleto the retailers and brandswho participate

Our vision

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Technology Performance Scale Global Presence

Commerce marketing is deeply rooted in our DNA

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We brought performance- based personalized marketing to display in 2008

We have since pioneered the industry in many ways… 2008

First CPC model in display

We are a disruptive innovator and a pioneer

Real-time Creative Optimization

AOV Optimizer

Privacy by Design

Facebook Exchange

Universal Match

Apple-compliant solution

Travel Segments in Engine Conversion Rate Optimizer

4B products imported

from merchants everyday

TOP!

Daily RTB: 55bn bid requests,1.2bn wins Product Category level CPC bidding

600 TB

f Data analyzed

everyday

Largest Hadoop cluster in Europe

Improved

collaborative filtering

Dynamic product banners

Traktor

Engine Optimized Segments

Passback

Sizeless creatives

Onetag

App Deep linking

Unique User Value Prediction

Mobile Ad Formats

App advertising Native Ads

Adaptive Revenue Optimizer

Kinetic Design

Facebook Dynamic Ads

CPOP

Direct Bidder

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2,700+ employees focus on client sales and profits as key metrics of success

CPC model

Transparent performance information through

24/7 client interface Constant

ptimization
f campaigns

Continuous tracking

f sales

Established post-click attribution

Maximize Clients Sales

The entire company is about measurable performance

Client Service Teams

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2nd largest

global user network*

17,000

commerce and brand clients**

Thousands of

publishers**

* comScore – Unique Monthly Users – January 2016 – Desktop Only | ** As of September 30, 2017

Machine-learning technology

We have built a large network with powerful effects

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Our dataset, world-class technology and network drive commerce at scale

Commerce Data Reach

16,000+

Retailers & Commerce

~1,000

Brands

1,000’s

Direct publishers

4x

Shopper Engagement*

$550B+

Annual online sales

1.2B+

Active shoppers monthly

Brand Funding

$27B

Annual post-click sales

Mass Personalization

* Our average click-through rate, or the ratio of clicks generated by our advertisements over the number of advertising impressions we purchased ("CTR"), was over 0.76% in 2016, which represents a factor

f over four times the average click-through rate of 0.19%, as

measured by the DoubleClick display benchmark tool for 2016.

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Actionable data: granular shopper intent

and purchase history

Technology: integrated commerce marketing

technology optimized to drive sales and profits

Scale: maximizing performance and reach across

the shopper’s online journey

Shopper Graph: built through collaboration and

data sharing among participants in our ecosystem A level playing field for retailers and brands requires collaboration in an open ecosystem

Four key pillars support our Commerce Marketing Ecosystem

Data Technology Scale Shopper Graph

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Boston

2012

Barcelona

2014

Tokyo

2011

Singapore

2013

São Paulo

2011

Shanghai

2016

Palo Alto

2009

New York

2011

Chicago

2012

London

2008

Madrid

2014

Paris

2005

Stockholm

2010

Milan

2012

Munich

2010

Amsterdam

2011

Beijing

2013

Seoul

2010

Sydney

2011

Dubai

2015

Moscow

2014

San Francisco

2014

Osaka

2014

Los Angeles

2015

Miami

2015

Istanbul

2015

Toronto

2015

New Delhi

2016

nationalities

Grenoble

2014

ffices in

countries Campaigns in countries

We are a truly global company

Ann Arbor

2008

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Market and Trends

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f shoppers

showroom and webroom shoppers visit 2+ retailer sites when shopping

nline
f transactions

involve mobile

Web and mobile have changed shopper behavior

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Shopper Data

Mass Scale
Granularity
Real-Time Accessibility

Activation of Data

Predictive Technology
Real-time Dynamic Optimization
Reach at Scale
Great Real Estate
Merchandising

Success factors have changed for retailers (and brands)

YESTERDA Y TODA Y

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T echnology / AI Media Brands Others Others

Others

Granular shopper information at massive scale Partial, fragmented, unstructured view of the shopper

Data

Others

Offline Online

Data-Driven Marketing Is Critical for Retailers and Brands

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We are the leader in Commerce Marketing.

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is quickly emerging as the next big digital marketing category after Search and Social

Centers on inspiring people to buy things Measured by performance – directly driving sales and profits Not limited to digital

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Commerce marketing has always been our core

Criteo’s original technology was a product recommendation engine for retail This engine formed the basis of Criteo Dynamic Retargeting Primarily applied to online commerce: retail, travel and classified Expanding to include data cooperative across retailers to build an omni-retailer solution Expanding to include offline data for a full omnichannel solution

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Products and Technology

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CRITEO DYNAMIC RETARGETING CRITEO AUDIENCE MATCH

Core Technology

Privacy by Design

Products

UNIVERSAL MATCH PRODUCT

RECOMMENDATIONS

PREDICTIVE BIDDING KINETIC DESIGN CRITEO ENGINE

A broad portfolio of commerce marketing solutions

CRITEO SPONSORED PRODUCTS CRITEO CUSTOMER ACQUISITION

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publisher.com

Criteo Dynamic Retargeting

1 Prospective

Used by leading retailers

Connects across web, mobile, social, and video1

with relevance

Drives traffic from store-to-web1 and web-to-store1
Optimizes campaigns to goals with continuous

machine-learning

Increases mobile app install1 and engagement

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Criteo Sponsored Products

1 Prospective

Monetizes brand partners via native ads across

web and app

Retains shoppers in retailer store to buy

Participating brands

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John searches for “coffee makers” on a retailer’s website John’s search triggers sponsored ads on retailer site John’s click on sponsored ad leads to product page Measurable sales

n retailer site

How does Sponsored Products work?

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Criteo Audience MatchBETA

What it does

Identify your audience and campaign objective
Pass the audience list you want to target
Match your audience in Criteo’s identity graph
Deliver personalized ads to drive engaged traffic to your store

Benefits

Drive new sales by re-engaging shoppers
Bring qualified traffic to your site

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Audience MatchBETA supports diverse campaign objectives

Top Sellers Offline to Online Loyalty Upsell New product offers Cross-Sell Upgrade Seasonal

Lapsed shoppers Offline Buyers Loyalty Card Holders Audiences that may soon churn Bundle Offer Best Candidates for Buying Targeted Cross-Sell Audiences likely to upgrade Seasonal Buyers

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Criteo Customer AcquisitionBETA

What it does

Determine ideal new customer profile
Identify new customers based on defined threshold
Predict best places and products to convert

Benefits

Drive maximum ROI with a performance-based acquisition model
Increase conversions of relevant new customers
Generate significant new revenue

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Targeting new customers with a high propensity to buy

Targeting relevant, highest scored, ne customers with a propensity to buy Scoring new customers based

n your optimal

profile Isolating new customers with Criteo Shopper Graph Aggregating publisher and advertiser signal to qualify new customers

71 65

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Creates Product Recommendation Personalized creative Unique user value prediction

Client 2 Client 3 Client 4 Client 5

For each user

Internal advertiser auction Publisher/ platform bid Custom ad serving

Less than 100ms

to perform the entire process

37,000 ads served/sec 600,000+ RTB bids/sec

Client 1

Creates Product Recommendation Personalized creative Unique user value prediction Creates Product Recommendation Personalized creative Unique user value prediction Creates Product Recommendation Personalized creative Unique user value prediction

Our Engine solves highly complex problems in real time

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 Campaign goal  Visitor’s site navigation  Recency and frequency of activity  Product type, price, and category  Most viewed products

n Uniqlo’s site

 And much more...

The Criteo Engine recommends products based on: Products we show John John browses “Bomber Jacket”

n Uniqlo’s site

Product Recommendation accurately recommends the best offer

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32 7:45 AM 8:00 AM 9:00 AM 12:30 PM 6:00 PM 9:00 PM 11:30 PM

The right bid for the right placement at the right time User context Publisher interaction Product behavior

Predictive Bidding determines the right ad opportunities

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Kinetic Design delivers perfectly branded ads,

ptimized for every user

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We are creating the Criteo Shopper Graph

Three trusted data collectives

Carefully designed using our guiding principles

Open

Two-way exchange of data

Transparent

Clear and permission-based usage

Secure

Highest data security and privacy

Fair

Value gained exceeds contribution

One of the World’s Largest Data Sets on Shoppers

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Identity Graph: Matching of cross-device, same device, and

nline/offline

Already available

Criteo’s advantages

75%+ of commerce clients participate: 10,000+ partners
2B+ IDs and growing
Global coverage
Already one of the best identity graphs
Similar match rates as Google and Facebook
Bridge between online and offline

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Interest Map: shopper interest across products

Criteo’s advantages

Access to 4B+ products
$550B+ of online sales
21B+ shopping interactions
Unified through a Universal Catalog
Understanding of performance of product attributes

Availability

Building applications and underlying infrastructure

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Measurement Network: brand conversion and sales across retailers

Criteo’s advantages

SKU-level sales attribution for brands across retailers
Deterministic measurement, not extrapolated panels
Nearly 100 retailers participating via Sponsored Products
Plans to widen to all Criteo retailers with new applications
Beginning to add offline sales attribution

Already available

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Business Model

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All our products are performance based.

We deliver measurable sales and profits for retailer and brand clients.

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Revenue = Clicks x CPC
Traffic Acquisition Cost (TAC) = CPM x impressions
Revenue ex TAC = Revenues – TAC
Revenue ex-TAC margin: Approx. 40%

Dynamic Retargeting – Revenue Model

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CPM = Cost per Thousand impressions, CTR = Click-through rate, CR = Conversion rate, AOV = Average Order Value

Client 4

We take CPC bids from clients

Clients

$0.30 x 0.95% = $2.85

We convert those bids into pCPM (predicted CPM)

CPC x CTR = pCPM (predicted CPM)

Publishers

$0.50 x 0.75% = $3.75 $0.40 x 0.61% = $2.44 $0.80 x 0.45% = $3.60 $2.00

Clearing Price (CPM)

Highest bidder

Predicting the right bid for the highest value client

Bid = α × CPC × pCTR × pCR × pAOV

Client 1 Client 2 Client 3

We buy inventory in real time from publishers

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Revenue = Clicks x CPC
TAC = Revenue share with Retailer
Revenue ex TAC = Revenue – TAC
Revenue ex-TAC margin = 26%-28%

87%

Direct relationships with clients2

920

Net client additions per quarter1

90%

Client retention rate3

78%

Of Revenue ex-TAC from uncapped budgets4

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Clients

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* 17,299 clients at the end of Q3 2017

Direct relationships with many premium commerce and brand clients

Commerce | Retail, Travel and Classifieds Brands

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UV: Unique Visitors

Field sales & account management
High value, low volume
Longer sales cycles
White glove service
Local in-market sales teams
Inside sales & account management
High volume, lower value
Shorter sales cycles
High degree of automation
Regional hubs and satellite offices

Top-tier comScore sites (typically top-100)

Min. ~40k UV/month

A tiered go-to-market approach

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Internal Criteo estimates

<25%

Midmarket penetration

~60,000 addressable clients worldwide in Retail, Travel and Classifieds (excluding CSP)

50%

Tier 1 penetration

A large opportunity to win new clients

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Publisher Inventory

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PREFERRED ACCESS TO PREMIUM MEDIA INVENTORY PREFERRED ACCESS TO RETAILER INVENTORY ALL MAJOR PUBLIC EXCHANGES, GLOBAL AND LOCAL

Direct partnerships with large high-quality publishers worldwide

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Direct Partnership Private Auction Open Auction

RTB Ad Exchanges Custom integration

Ways to access media inventory

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Our two-tiered publisher organization

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Transition to Mobile Social Native Multiple Devices Header Bidding Ad Blocking

Changing consumer behavior Evolving technology

Programmatic

Our sophisticated technology drives more value for publishers

In App

The publisher environment is constantly evolving

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Ad blocking is an opportunity for players with:

The right business model
The right technology stack
The right expertise in user privacy
Premium demand

Our Position

Promote acceptable ad programs
Invest in native
Support an open tracking standard
Define standards for retargeting

We have always delivered user-friendly ads

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More bidders should mean higher yields Less reliance on a single monetization platform

Allows programmatic buyers to bid for premium inventory

Impact on Publishers Impact on Programmatic Buyers

More inventory available for auction More complex bidding environment can lead to higher costs and less efficiency

Header bidding and its impact on the environment

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Short-term, temporary changes in the publisher market place More sophisticated buyers like Criteo will have a technology premium

Time

BEFORE HB GROWTH OF HB

Inventory Cost

BUYERS ADJUST TO HB Unsophisticated buyers Sophisticated buyers Technology premium

Header bidding creates opportunities

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Criteo Direct Bidder (CDB) allows Criteo to bid on publisher inventory directly through the ad server

without the need to funnel demand through Supply Side Platforms (SSPs) or exchanges.

Benefits for the publisher:
all of the Criteo bid goes to the publisher; none is taken by the SSP for fees (typically 10%-20%)
user matching between the Publisher and Criteo is much more timely and complete than

matching reliant on a third party

+20-40% spend with publishers on the same inventory that was previously accessed through RTB
Launched in Q2, already connected to 950 publishers at the of Q3 2017

Criteo Direct Bidder: A direct path to Criteo’s unique demand

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Competitive Position

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Our self-reinforcing competitive moats are difficult to replicate

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Criteo Shopper Graph for the benefit of all participants

Our powerful Shopper Graph includes:

The Criteo Identity Graph, which connects user identities across devices and environments;
The Criteo Interest Map, which provides shopper intent and purchasing data across retailers

in our ecosystem;

And, the Criteo Measurement Network, which measures sales attribution for brands across
ur many retail partners.

Openness, transparency, security and fairness are the cornerstones of our commerce marketing ecosystem, where every participant gets more than what they contribute.

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CLOSED OPEN WORKFLOW AUTOMATION PREDICTIVE PERFORMANCE

Criteo’s Position in Commerce Marketing

Note: based solely on Criteo’s qualitative assessment

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* Based on 24 head-to-head tests (22 won vs. 2 lost) tracked by Criteo on a global basis across Tier-1 and midmarket advertisers over Jul 2016-Jul 2017

8% 92%

Lost Won

Win rate in head-to-head tests* (%) Reason for not winning tests

2 – Agency managed spend

24 tests

We win over 90% of head-to-head tests based on performance

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Solid track record

f execution

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* Annual average of quarterly client retention rates, defined as the percentage of live clients during the previous quarter that continued to be live during the current quarter

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Q3 11Q4 11Q1 12Q2 12Q3 12Q4 12Q1 13Q2 13Q3 13Q4 13Q1 14Q2 14Q3 14Q4 14Q1 15Q2 15Q3 15Q4 15Q1 16Q2 16Q3 16Q4 16Q1 17Q2 17Q3 17

Clients Retention rate

Client retention rate* (%) Clients Revenue ex-TAC ($ millions)

50 100 150 200 250

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

World class client retention and fast growth

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Revenue ex-TAC ($ millions)

10 20 30 40 50 60 70 80 90

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Adjusted EBITDA ($ millions)

Strong profitability and high predictability

50 70 90 110 130 150 170 190 210 230 250

Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Actuals Guidance

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Financials

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147 238 403 534 730 889 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 LTM Q3 2017

1 We define Revenue ex-TAC as our revenue excluding traffic acquisition costs, or TAC, generated over the applicable measurement period. Revenue ex-TAC is not a measure calculated in accordance with U.S. GAAP. Please see the Appendices for a reconciliation of Revenue ex-TAC to Revenue, the most directly comparable GAAP measure. 2 We define Adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, acquisition-related costs and deferred price consideration. Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. Please see the Appendices for a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.

Revenue ex-TAC1 ($M) Adjusted EBITDA2 ($M)

+43% CAGR

High growth Expanding profitability

22 42 105 143 225 273 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 LTM Q3 2017

Solid financial track record since IPO

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REVENUE EX-TAC ($M) ADJUSTED EBITDA ($M) FREE CASH FLOW ($M)

+31%* +34%* +206%

* At constant currency

Rapid, profitable growth and strong cash flow

142 190

9M 2016 9M 2017

27 83

9M 2016 9M 2017

505 664

9M 2016 9M 2017

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* Cost of revenue and operating expenses are expressed on a Non-GAAP basis, which excludes the impact of equity awards compensation expense, pension service costs, depreciation and amortization, acquisition-related costs and deferred price consideration. ** As a % of revenue

Proven strong financial leverage

As a % of Revenue ex-TAC FY 2013 FY 2014 Revenue ex-TAC 100% 100% Other cost of Revenue* 7.9% 6.6% Gross margin 92.1% 93.4% R&D* 14.9% 12.5% S&O* 43.6% 39.9% G&A* 16.0% 1.48% Adjusted EBITDA 17.5% 26.2% Revenue ex-TAC margin** 40.3% 40.8% FY 2015 100% 6.1% 93.9% 13.4% 39.8% 13.8% 26.9% 40.4% FY 2016 LTM to Q3 2017 LTM to Q3 2017 100% 100% 100% 6.4% 6.4% 7.0% 93.6% 93.6% 93.0% 14.2% 14.2% 15.0% 35.3% 36.1% 35.8% 13.2% 14.0% 11.5% 30.8% 29.3% 30.7% 40.6% 40.8% 40.6%

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Technology innovation Broader supply Upselling incremental products and channels Operating excellence and productivity

spending budgets at limited incremental costs

Powered by a combination of

Strong drivers for further operating leverage

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SMART INVESTING

Robust operating cash flow enables smart investment

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* Based on a $3B+ market capitalization, pursuant to the 2017 AGM authorization to issue up to 15,6m shares ** Only for M&A

Strong balance sheet

1,211 1,358

Dec. 2016
Sep. 2017

Total assets (in $M) Financial liabilities (in $M)

Very low debt

Dec. 2016
Sep. 2017

86 8

Cash & cash equivalents (in $M)

Significant cash pile

270 358

Dec. 2016
Sep. 2017

>20%

f assets

$358M

cash

As of September 30, 2017

€350M

committed financing

$750M

equity raise capacity*

Share buy-back

authorization**

Our financial structure offers significant flexibility

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–

– –

Organic

growth M&A

Capital allocation: Reinvestment and M&A to drive growth

* Average for fiscal years 2012, 2013, 2014, 2015 and 2016

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Growth Strategy

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Growth strategy based on two strong pillars

, expand our partner base Increase our

Expand

worldwide

Grow

clients worldwide

Scale and drive international expansion
f
Enhance
Leverage our powerful
Upsell

across the shopper journey

Broaden

across media and retailers

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Technology Innovation New Supply

Revenue ex-TAC uplift (%)

Conversion Optimization

+20% uplift

Dynamic Creative Optimization

+10% uplift +8% uplift

Revenue Optimization

+6% uplift

RTB integration improvement

+36% uplift

in Japan

+5% uplift

Worldwide

+10% uplift

Native

+3% uplift

Selected significant examples over time…

Note: the uplift in Revenue ex-TAC from technology innovation corresponds to the increase in Revenue ex-TAC for Criteo on a representative sample of clients, where clients use the corresponding new Engine feature

n 50% of their user pool and do not use the corresponding new Engine feature on the other 50% of their user pool, pursuant to a proven 50/50 A/B test methodology. The uplift in Revenue ex-TAC from new sources
f inventory supply and new channels corresponds to the increase in Revenue ex-TAC for Criteo on a representative sample of clients, comparing the Revenue ex-TAC generated from those clients before and after

the introduction of such new source of inventory supply or new channel.

Technology and new supply are powerful drivers

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Solutions to Engage Across the Shopper Journey

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We Are Working to Cover the Full Shopper Journey for Retailers and Brands

1. Feature of Criteo Dynamic Retargeting

Acquire Convert Re-engage, Cross-sell Upsell

ONLINE OMNICHANNEL

Criteo Customer Acquisition BET

A

Criteo Dynamic Retargeting
Criteo Audience MatchBET

A

Criteo Sponsored Products

OffsiteBET

A

Criteo Sponsored Products
Criteo Sponsored Products

OffsiteBET

A

Criteo Dynamic Retargeting Store-

to-web Retargeting1BET

A

Criteo Audience MatchBET

A

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Investment Summary

Large market

pportunity

Commerce Marketing is quickly emerging as the next big digital marketing category after Search and Social

Clear strategy

Build the highest performing and open commerce marketing ecosystem

Strong competitive moats

Technology, scale and network effects, openness and shopper graph

Proven track-record

Strong client growth while maintaining 90% retention* Exceeded expectations for 16 consecutive quarter

Attractive financial profile

Strong growth, increasing profitability and cash flow

* Dynamic Retargeting

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IR Contacts

Edouard Lassalle

VP, Head of Investor Relations 32, rue Blanche 75009 Paris +33 1 7621 2166 e.lassalle@criteo.com

Friederike Edelmann

Director, Investor Relations 387 Park Ave South, 12th Floor New York, NY 10016 +1 917 837 8617 f.edelmann@criteo.com

ir.criteo.com

ir@criteo.com InvestorRelations@criteo.com

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Appendices

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81 ($ in thousands) 2014 2015 2016 Revenue 988,249 1,323,169 1,799,146 Less: Traffic acquisition costs 585,492 789,152 1,068,911 Revenue ex-TAC 402,757 534,017 730,235

Revenue ex-TAC reconciliation

($ in thousands) Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 Revenue 258,245 294,489 294,172 299,306 332,674 397,018 401,253 407,201 423,867 566,825 516,667 542,022 563,973 Less: Traffic acquisition costs 155,237 172,538 175,888 177,239 198,970 237,056 238,755 240,969 247,310 341,877 306,693 322,200 329,576 Revenue ex-TAC 103,008 121,951 118,284 122,067 133,704 159,962 162,498 166,232 176,557 224,948 209,974 219,822 234,397

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82

Adjusted EBITDA reconciliation

($ in thousands) Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 2014 2015 2016 Net income 15,439 22,893 13,617 3,929 5,793 38,938 18,527 13,339 14,724 40,740 14,518 7,505 22,269 46,896 62,276 87,329 Adjustments: Financial (income) expense (7,502) (1,473) (3,920) 2,546 6,650 (735) 1,317 94 570 (1,435) 2,333 2,094 2,886 (11,390) 4,541 546 Provision for income taxes 4,205 4,118 7,143 1,365 5,388 (4,378) 7,944 4,450 7,574 13,161 4,201 3,665 7,858 17,578 9,517 33,129 Equity awards compensation expense 5,754 6,142 6,317 5,325 4,600 7,748 8,370 7,695 13,965 13,229 14,940 14,918 22,028 19,601 23,989 43,259 Pension service costs 125 129 112 110 110 109 129 131 132 133 290 299 320 504 441 524 Depreciation and amortization expense 8,256 9,001 8,428 10,278 11,892 13,967 12,516 13,300 14,771 16,190 20,167 22,306 23,755 31,213 44,565 56,779 Acquisition-related costs

148

1,793 980 6

2,921

Acquisition-related deferred price consideration 128 110 109 115 54 (2,172) 40 44 3 (3)

950

(1,894) 85 Restructuring

3,299
Total net adjustments

10,966 18,027 18,189 19,739 28,694 14,539 30,316 25,862 38,808 42,255 41,936 46,581 56,847 58,456 81,159 137,243 Adjusted EBITDA 26,405 40,920 31,806 23,668 34,487 53,477 48,843 39,201 53,532 82,995 56,454 54,086 79,116 105,352 143,435 224,572

SLIDE 83

83 ($ in thousands) Q3 2016 Q3 2017 CASH FROM OPERATING ACTIVITIES 43,631 61,727 Acquisition of intangible assets, property, plant and equipment (15,792) (20,999) Change in accounts payable related to intangible assets, property, plant and equipment (4,115) (6,774) FREE CASH FLOW 23,724 33,954

Free Cash Flow reconciliation