Safran : Notice of Meeting - May 25, 2022 AGM

2022 NOTICE OF MEETING

Shareholders' Meeting (ordinary and extraordinary)

WEDNESDAY, MAY 25, 2022 at 2.00 p.m.

at the Palais des congrès in Issy-les-Moulineaux, 25, avenue Victor-Cresson - 92130 Issy-les-Moulineaux,

France

CONTENTS

PARTICIPATING IN THE MEETING4

How to participate in the Meeting4

Sale of shares prior to the Meeting 11 Shareholder dialogue and documents made

available to shareholders 11

How to fill out the proxy/postal voting form 12

How to get to the Meeting 14

AGENDA 15

Ordinary resolutions 15

Extraordinary resolution 15 Resolution concerning powers to carry out

formalities 15

REPORT ON THE PROPOSED RESOLUTIONS

AND TEXT OF THE PROPOSED RESOLUTIONS 16

Report of the Board of Directors on the resolutions proposed to the Annual General Meeting and text

of the proposed resolutions 16

Ordinary resolutions 16

Extraordinary resolution 30 Resolution concerning powers to carry out

formalities 30 Summary table of financial authorizations in force,

already granted to the Board of Directors 31

FIVE-YEAR FINANCIAL SUMMARY

OF THE COMPANY 32

CORPORATE GOVERNANCE 37

Board of Directors 37

Nominees to the Board of Directors 40

COMPENSATION POLICY AND COMPENSATION

PACKAGES FOR CORPORATE OFFICERS 43

Compensation policy for corporate officers - 2022 43 Summary tables showing the individual compensation and benefits of the corporate

officers - 2021 58

SAFRAN IN 2021 62

Message from the Chairman of the Board

of Directors and the Chief Executive Officer 62

2021 business review 65

SAFRAN'S CLIMATE STRATEGY 70

An ambitious commitment for the aviation sector 70

REQUEST ADDITIONAL DOCUMENTS

AND INFORMATION 75

SIGN UP FOR THE E-NOTICE OF MEETING 77

STATUTORY AUDITORS' REPORT PRESENTED

TO THE ANNUAL GENERAL MEETING OF MAY 25,

2022 33

Statutory Auditors' special report on related-party

agreements 33

The shareholders are invited to consult the 2021 Universal Registration Document including the

Integrated Report, which contains all relevant information about Safran.

The 2021 Universal Registration Document is available on the website atwww.safran-group.com.

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I SAFRAN 2022 NOTICE OF MEETING

EDITORIAL

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

ROSS McINNES

Chairman of the Board of Directors

Dear Shareholders,

In 2022, we anticipate a return to sustainable growth and are ready to accelerate the pace of investment for the decarbonization of the aviation industry

I am pleased to invite you to Safran's Annual General Meeting, which will take place on Wednesday, May 25, 2022 at 2.00 p.m. at the Palais des Congrès - Issy-les-Moulineaux (France).

After two years of holding our meetings behind closed doors, the 2022 Annual General Meeting will provide an essential opportunity for information, exchange and discussion, and for directly answering any questions you may have.

Olivier Andriès and I will present a review of the Group's current situation, its main strategic priorities and its financial and non-financial performance. We will be joined by Monique Cohen, Lead Independent Director, and Patrick Pélata, Director responsible for monitoring climate issues.

The Meeting is also an opportunity for you to play an active role by voting on the Group's key decisions, which you may also do online in advance of the Meeting.

In the following pages, you will find practical information on how to participate in the Meeting, the agenda and the text of the proposed resolutions.

I would like to thank you in advance for taking the time to read this notice of meeting, for participating in the Meeting and for your loyalty to Safran.

Best regards,

Ross McInnes

2022 NOTICE OF MEETING SAFRAN I

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PARTICIPATING IN THE MEETING

IMPORTANT

Should the public health situation related to the Covid-19 pandemic deteriorate, the venue and conditions of shareholder attendance may change, if necessary. Shareholders are invited to regularly check the 2022 Annual General Meeting section of the Company's website (https://www.safran-group.com/finance/annual-general-meeting). This section will be updated on a regular basis in the event of changes in the procedures for participating in the Annual General Meeting.

The Annual General Meeting will be broadcast live and the video replay will be available on the Company's website.

The shareholders may vote without physically attending the Meeting, either by post or online or by giving proxy to the Chairman of the Meeting or any other person of their choice. All shareholders who attend the Meeting in person must follow the public health measures that apply on the date of the Meeting.

In the interests of protecting everyone present at the Meeting, only a welcome coffee will be organized before the Meeting.

HOW TO PARTICIPATE IN THE MEETING

Ways of participating in the Meeting

All shareholders are entitled to participate in the Meeting, whether in person, by proxy or by casting a postal or online vote, regardless of the number of shares owned, in accordance with French law.

In accordance with Article R.22-10-28 of the French Commercial Code (Code de commerce), in order for shareholders to cast a vote or appoint a proxy, their shares must be registered in their name or in the name of an authorized intermediary on their behalf no later than midnight (CET) on the second business day preceding the Meeting (i.e., Monday, May 23, 2022) as follows:

• ◼ for REGISTERED or ADMINISTERED REGISTERED shares: in the Company's share register managed by BNP Paribas Securities Services;

• ◼ for BEARER shares: in a securities account managed by an authorized intermediary, as provided for in Article L.211-3 of the French Monetary and Financial Code (Code monétaire et financier).

The recording of shares in bearer share accounts managed by an authorized intermediary must be certified by a share ownership certificate issued by the latter. This certificate, drawn up in your name or in the name of the registered intermediary acting on your behalf, should be attached to the proxy/postal voting form or to the admittance card request.

All Safran shareholders may, prior to the Meeting, request an admittance card, register their voting instructions or appoint/revoke a proxy online, via the Votaccess secure voting platform.

The Votaccess secure voting platform will be open from 10 a.m. (CET) on Friday, May 6, 2022. The deadline for requesting an admittance card, voting and appointing/revoking a proxy online is 3.00 p.m. (CET) on Tuesday, May 24, 2022.

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PARTICIPATING IN THE MEETING

How to participate in the Meeting

How to exercise your voting rights

Shareholders may exercise their voting rights in any of the following ways:

• A. they may attend the Meeting in person;

• B. they may give proxy to the Chairman of the Meeting or send a proxy form to the Company without specifying a representative, in which case the Chairman of the Meeting will vote to adopt the proposed resolutions presented or approved by the Board of Directors and vote against all other proposed resolutions;

• C. they may vote by post or register their voting instructions online;

• D. they may give proxy to another shareholder, their spouse, their partner with whom they have entered into a civil union or any other individual or legal entity of their choice in accordance with the provisions of Article L.22-10-39 of the French Commercial Code.

IMPORTANT

Once you have cast a postal or online vote, appointed a proxy or requested an admittance card, you will not be able to participate in the Meeting in another way.

2022 NOTICE OF MEETING SAFRAN I 5