Criteo 101

Investor Presentation March 2018

2 •

This presentation contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning our possible or 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, 2018, including the Risk Factors set forth therein and the exhibits thereto, completely and with the understanding that our actual future resultsmay 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

3 •

Stock information and key financials

Ticker: CRTO

Stock Exchange: NASDAQ Global Market

CUSIP: 226718104

Shares outstanding: 66.1M

Stock Ownership*:

* On a fully-diluted basis, as of Dec 31, 2017, based on 73.7M fully diluted shares. ** At constant currency

• 2017 Financials

• Revenue: $2,297M, +27% at cc**

• Revenue ex-TAC: $941M, +29% at cc

• Adjusted EBITDA: $310M, +35% at cc

• Adj. EBITDA margin: 33% of Revenue ex-TAC

Free float, 84.7%

Founders, NEOs,

Management & Employees,

13.1%

Idinvest & Yahoo! Japan, 2.2%

4 •

A global company with scale

User identifiers matched in the Criteo Shopper Graph

Clients

Countries

Sales transactions analyzed in 2017

Ads served in 2017

Criteos in R&D, tech & business intelligence

Employees

Offices worldwide

5 •

Management team

Jean-Baptiste RudelleExecutive Chairman and Co-Founder, 48K-Mobile, Lucent, Roland Berger

Eric EichmannChief Executive Officer, 50Living Social, Rosetta Stone, McKinsey & Co.

Dan TeodosiuChief Technology Officer, 51Google, Microsoft, Hewlett-Packard

Mollie SpilmanChief Operating Officer, 50Millenial Media, Yahoo!, Advertising.com, Time Warner

Benoit FouillandChief Financial Officer, 53SAP, Business Objects

Jonathan OpdykeChief Strategy Officer, 41HookLogic, Xerox, Beyond Interactive

Tom AurelioExecutive Vice President, Human Resources, 52Priceline, GE, Symantec, CheerNetworks

Patrick WyattSenior Vice President Product Management, 35Yahoo!, Estin & Co.

6 •

Build the highest performing and open Commerce Marketing

Ecosystem

Connect shoppers to the things they

need and love

Deliver performance at scale to

participating retailers and brands

Our vision

7 •

Commerce marketing is deeply rooted in our DNA

Technology Performance

Scale Global Presence

8 •

We are an enabler and a pioneer

We broughtperformance-based personalized marketing to display in 2008

We have since pioneered the industry in many ways…2008First CPC model in display

Real-time Creative OptimizationAOV Optimizer

Privacy by Design

Facebook Exchange

Universal Match

Apple-compliant solution Travel Segments in Engine

Conversion Rate Optimizer

4.5B products imported from merchants everyday

TOP!

Daily RTB: 55bn bid requests,1.2bn wins

Product Category level CPC bidding

600

TB of Data analyzed everyday

Largest Hadoop cluster in Europe

Dynamic product banners

Engine Optimized Segments

Pass

back

Sizelesscreatives

One

tag

App Deep linkingUnique User

Value Prediction

Mobile Ad FormatsApp advertising

Native Ads

AdaptiveRevenue Optimizer

Kin

etic

D

esig

n Facebook Dynamic

Ads

Dire

ct

Bid

der

Identity Graph

Interest Map

9 •

Measurable performance is what we care about

2,800 employees focus on client sales and profits as key metrics of success

CPC model

Transparent performance information in

24/7 client interface

Constant optimization of campaigns

Continuous tracking of sales

Established post-click attribution

Maximize Client Sales

Client Service TeamsR&D and Product Teams

10 •

We have built a large network with powerful effects

1.2B+individual shoppers

matched

18,000commerce and brand clients

Thousandsof publishers

Machine-learning technology

11 •

Three key assets support our Commerce Marketing Ecosystem

CommerceData

& Shopper Graph

ConsumerReach

17,000+ Retailers & Commerce ~1,000

Brands

1,000’sDirect publishers

6xShopper

Engagement*

$600B+Annual online sales

1.2B+Individual shoppers matched in our Shopper Graph

Brand Funding

$29BAnnual post-click sales

MassPersonalization

Technology

* Our average click-through rate, or the ratio of clicks generated by ouradvertisements over the number of advertising impressions we purchased ("CTR"), was over 0.84% in 2017, which represents a factor of over six times the average click-through rate on Standard Media of 0.14%, as measured by the DoubleClick display benchmark tool for March-April 2017.

12 •

We are a global company

Campaigns in countriesoffices in countries

nationalities

Boston2012

Barcelona2014

Tokyo 2011

Singapore 2013

São Paulo 2011

Shanghai 2016

Palo Alto2009

New York 2011

Chicago2012

London2008

Madrid 2014

Paris2005

Stockholm 2010

Milan 2012

Munich 2010

Amsterdam2011

Beijing 2013

Seoul 2010

Sydney 2011

Dubai2015

Moscow 2014

San Francisco2014

Osaka 2014

Los Angeles2015

Miami2015

Istanbul2015

Toronto2015

New Delhi2016

Grenoble2014

Ann Arbor2016

Market and Trends

14 •

Web and mobile have changed shopping behavior

of shoppers showroomand webroom

shoppers visit 2+ retailer sites when shopping online

of commerce transactionsinvolve mobile

15 •

Success factors have changed for retailers – and brands

Shopper Data• Mass scale

• Granularity

• Real-time accessibility

Activation of Data• Predictive technology

• Real-time dynamic optimization

• Reach at scale

• Great real estate

• Merchandising

YESTERDAY TODAY

16 •

Data-driven marketing is critical for retailers – and brands

Technology / AI

Media

Brands

Others

Others

Others

Granular shopper information at massive scale

Partial, fragmented, unstructuredview of the shopper

Data OthersOfflineOnline

17 •

Commerce Marketing is quickly emerging as the next big marketing category

Centers on inspiring people to buy things

Measured by performance –directly driving

sales and profits

Not limited to digital

18 •

Commerce marketing is our core business

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 classifieds

Expanding to include data cooperative across retailers to build an omni-retailer solution

Extending to include offline data for a full omni-channel solution

We are the leader in Commerce Marketing.

Commerce Marketing focuses on inspiring people to buy things and is measured by performance, directly driving sales and profits for marketers.

The Criteo Commerce Marketing Ecosystem

21 •

The building blocks of the Criteo Commerce Marketing Ecosystem

Privacy by Design

Product Recommendation Predictive Bidding Kinetic DesignCriteo Engine

Identity Graph Interest Map Measurement NetworkCriteo Shopper Graph

Commerce Data

Product Portfolio

Criteo Customer

Acquisition BETA

Criteo Dynamic

Retargeting

Criteo AudienceMatch BETA

Criteo SponsoredProducts

PublisherNetwork

Direct Integration Indirect Integration

Client Platform 24/7 Client Management Center

Media Retailers Real-Time Bidding Platforms

Privacy by Design

Criteo Shopper Graph

23 •

Criteo Shopper Graph: Massive shopping data fuels our Commerce Marketing ecosystem

Three trusted data collectives form the Criteo Shopper Graph

Carefully designed using our guiding principles

Two-way exchange of data

Highest data security and privacy

Clear and permission-based usage

Value gained exceeds contribution

24 •

Identity Graph: matching of cross device, same device, and online/offline

Criteo’s advantages• Over 13,000 participating clients

• 3.7B+ identifiers matched and growing

• Global coverage

• +10% average uplift

Open, transparent, secure, fair• Encrypted and double-hashed personal

identifiable information (PII)

• Access at no additional cost

Participation• Opt-in by sending hashed identifiers

via OneTag or App Events SDK

25 •

Interest Map: shopper interest across products

Criteo’s advantages• Access to 4.5B+ products

• Large consumer reach worldwide

• Understand performance of product attributes

Open, transparent, secure, fair• Data isolated unless opt-in

• All data anonymized

• No free riders

• Contribution capped at 15% of pool

• Access at no additional cost

Participation• Opt-in to share anonymized data

• Opt-out to use client data only

26 •

Measurement Network: conversion and sales across retailers

Criteo’s advantages• SKU-level sales attribution for

brands across retailers

• Deterministic measurement

• Nearly 100 participating retailers

Open, transparent, secure, fair• All retailer data anonymized

Participation• When clients work with us, data within

and across retailers is aggregated

Criteo Engine

28 •

Our Engine solves highly complex problems in real time

Creates Product

Recommendation

Personalized creative

Unique user value

predictionClient 2Client 3Client 4Client 5

For each user

Internal advertiser

auctionPublisher/

platform bidCustom ad

serving

Less than 100ms to perform the entire process >40,000 ads served/sec600,000+ RTB bids/sec

Client 1Creates Product

Recommendation

Personalized creative

Unique user value

predictionCreates Product

Recommendation Personalized creative

Unique user value

predictionCreates Product

Recommendation Personalized creative

Unique user value

prediction

29 •

Product Recommendation accurately recommends the best offer

Campaign goal

Visitor’s site navigation

Recency and frequency of activity

Product type, price, and category

Most viewed products on Uniqlo’s site

And much more...

The Criteo Engine recommends products based on:

Productswe show John

John browses“Bomber Jacket”on Uniqlo’s site

30 •

Predictive Bidding determines the right ad opportunities

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 interactionProduct behavior

31 •

Kinetic Design delivers perfectly branded ads, optimized for every user

Publisher Network

33 •

Publisher Network

Media

Direct Integration

Retailers Real-time Bidding Platforms

Indirect Integration

Client Platform

35 •

Client Management Center

• Real-time monitoring and optimization of marketing efforts

• Insights on performance and budget

• Granular reporting and attribution across all products in the client’s product catalog

Product Portfolio

37 •

Benefits• Drives maximum ROI with a performance-based acquisition model

• Increases conversions of relevant new customers

• Generates significant new revenue

What it does• Determines ideal new customer profile

• Identifies new customers based on defined threshold

• Predicts best places and products to convert

Used by leading retailers

Availability: • Q4 2017 – fashion clients in 4 key markets

• Q1 2018 – all retail clients in 10 key markets

Criteo Customer Acquisition BETA

38 •

How does Criteo Customer Acquisition work?

Shoppers with the highest scores are targeted with personalized ads featuring the given retailer’s products to drive sales

Each prospective customer is assigned a unique score across all participating retailers based on the ideal customers, that show the likelihood to convert for a given retailer

New prospective customers within the Criteo Shopper Graph get isolated

Participating retailers share aggregated shopping and browsing events with the Interest Map, which covers 4.5B products and browsing habits of 1.2B+ monthly shoppers, to qualify new customers

71

65

39 •

• Connects across web, mobile, social, and video 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

Used by leading retailers

Criteo Dynamic Retargeting

1 In testing

40 •

Benefits

• Drives sales by re-engaging existing shoppers

• Brings qualified traffic to a retailer’s site

What it does

• Delivers personalized ads to drive engaged traffic to a retailer’s

online store

Used by leading retailers

Availability:

• All markets except for Japan

Criteo Audience Match BETA

41 •

How does Criteo Audience Match work?

CRM data, e.g. from customer in-store loyalty programs, is “onboarded” into the Identity Graph

During onboarding, the CRM data is matched with users already in the Identity Graph

Online campaigns with specific objectives re-engage those CRM customers that were already found online

42 •

Audience Match supports diverse campaign objectives

Top Sellers Offline to Online Loyalty

Upsell New product offers Cross-Sell Upgrade

Seasonal

Lapsed shoppers

OfflineBuyers

LoyaltyCard

Holders

Audiences that may soon

churn

BundleOffer

Best Candidates for

Buying

TargetedCross-Sell

Audiences likely to upgrade

SeasonalBuyers

43 •

• Brand manufacturers sponsor native ads across web and app

on their retailers’ online stores

• Shoppers are retained in the retailer store to buy

• Drives sales for brand manufacturers and retailers

Participating brands

Criteo Sponsored Products

44 •

How does Criteo Sponsored Products work?

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 on retailer site

Business Model

All our products are performance based.

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

47 •

Dynamic Retargeting revenue model

Revenue = Clicks x CPCTraffic Acquisition Cost (TAC) = CPM x impressionsRevenue ex TAC = Revenues – TACRevenue ex-TAC margin: Approx. 40%

48 •

Predicting the right bid for the highest value client

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

Bid = α × CPC × pCTR × pCR × pAOV

Client 1

Client 2

Client 3

We buy inventory from publishers in

real time

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

49 •

Customer Acquisition revenue model

Revenue = Clicks x CPCTraffic Acquisition Cost (TAC) = CPM x impressionsRevenue ex TAC = Revenues – TACRevenue ex-TAC margin: Approx. 40%

50 •

Audience Match revenue model

Revenue = Clicks x CPCTraffic Acquisition Cost (TAC) = CPM x impressionsRevenue ex TAC = Revenues – TACRevenue ex-TAC margin: Approx. 40%

51 •

Revenue = Clicks x CPC Traffic Acquisition Cost (TAC) = Revenue share with Retailer Revenue ex TAC = Revenue – TACRevenue ex-TAC margin = 26%-28%

Sponsored Products revenue model

52 •

Our business model has unique attributes

Differentiated in Marketing

Attractive Direct

Sticky Elastic Demand

84%Direct relationships

with clients2

910Net client additions

per quarter1

~90%Client retention rate3

77%Of Revenue ex-TAC

from uncapped budgets4

1 On average over the last four quarters through Q4 20172 Last twelve months to Q4 2017; Excluding Criteo Sponsored Products3 On average over the last 25 quarters through Q4 2017; All products included4 On average over the last four quarters through Q4 2017. Excluding Criteo Sponsored Products. Represents uncapped budgets of our clients, which are either contractually uncapped or so large that the budget constraint does not restrict ad buys

53 •

Our existing clients consistently increase their spend with us

Excluding Criteo Sponsored Products.This client cohort analysis tracks the quarterly spend of clients since inception of their relationship with Criteo.

Average revenue per client cohort (quarterly)

Number of quarters

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Q1-13 Q2-13

Q3-13 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 Q4-17

Client cohorts

54 •

As a result, a large portion of our business is recurring

2013 2014 2015 2016 2017

Existing clients New clients

88%89%

90%

90%

92%

Revenue per client type

Includes Criteo Dynamic Retargeting, Criteo Customer AcquisitionBETA, Criteo Audience MatchBETA and Criteo Sponsored Products.Existing clients in a given year are clients that started working with Criteo prior to that given year.New clients in a given year are clients that started working with Criteo within that given year.

Clients

56 •

Direct relationships with many premium commerce companies and brand manufacturers

* 18,118 clients at the end of Q4 2017

over 18,000 clients*

Commerce: Retail, Travel and Classifieds

57 •

A tiered go to market approach

• 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-50 or top-100)

Min. ~40k UV/month

58 •

A large opportunity to win new clients

25%Midmarket penetration50%

Tier 1 penetration

~60,000 addressable clients worldwide in Retail, Travel and Classifieds

(excluding CSP)

Publisher Inventory

60 •

Direct partnerships with high-quality publishers

PREFERRED ACCESS TO PREMIUM MEDIA INVENTORY

ALL MAJOR PUBLIC EXCHANGES, GLOBAL AND LOCAL

PREFERRED ACCESS TO RETAILER INVENTORY

61 •

Three tiered approach to media buying

Direct Partnership

Private Auction

Open Auction

RTB Ad Exchanges

Custom integration

62 •

Our two-tiered publisher organization

63 •

The publisher environment is constantly evolving

Transition to Mobile Social Native

Multiple Devices Header BiddingAd Blocking

Changing consumer behavior Evolving technology

Programmatic

Our drives more value for publishers

In App

64 •

We have always delivered user-friendly ads

Ad blocking offers 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

65 •

Header bidding changes the advertising environment

More bidders should mean higher yields

Less dependent 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 andless efficiency

66 •

Header bidding creates opportunities for smart players

Short-term, temporary changes in the publisher market place

More sophisticated buyers like Criteo will get a technology premium

Time

BEFORE HB GROWTH OF HB BUYERS ADJUST TO HB

Unsophisticated buyers

Sophisticated buyers

Technology premium

Inve

ntor

y co

st

67 •

• 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 2017, already connected to 1,500 publishers at the of Q4 2017

Criteo Direct Bidder: Direct access to Criteo’s unique demand

Competitive Landscape

69 •

Our self-reinforcing competitive moats are difficult to replicate

70 •

Our powerful Shopper Graph includes:

• The Criteo Identity Graph, which connects user identities across devices and environments

• The Criteo Interest Map, which provides aggregated shopper intent and purchasing data across retailers in our ecosystem

• And, the Criteo Measurement Network, which measures sales attribution for brands across our 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.

Criteo Shopper Graph benefits all participants

71 •

Competitive positioning in Commerce Marketing

CLOSED

OPEN

WORKFLOW AUTOMATION PREDICTIVE PERFORMANCE

Note: based solely on Criteo’s qualitative assessment

72 •

DSP

Retargeting

Mobile Advertising

SEM Platforms

Social Advertising

Ad Servers

Email Marketing

Marketing Automation

Social Media Marketing

Web Content Management

Data Management Platform

Analytics

App Measurement

Data Providers

Tag Management

Feed Management

Digital Commerce Platform

Adtech: Paid MediaCriteo wins 90% of head-to-head tests

Martech: Owned and Earned MediaCriteo complements these vendors

Data and Operations Infrastructure Criteo integrates with these technologies

Criteo in the Adtech/Martech Landscape

73 •

10%

90%

Win rate in head-to-head tests* (%)

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

* Based on 42 head-to-head tests (38 won vs. 4 lost) tracked by Criteo on a global basis across Tier-1 and midmarket advertisers over Jan 2017-Dec 2017

Reason for not winning tests

2 – Agency managed spend2 – Performance/creative

reasons

42 tests

Solid track record of execution

75 •

7,8328,564

9,29010,198

10,96211,874

12,882

14,46815,420

16,47217,299

18,118

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

0

50

100

150

200

250

300

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

World-class retention and fast revenue growth

* 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

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

76 •

Very profitable and highly predictable business

Revenue ex-TAC ($ millions)

0

20

40

60

80

100

120

140

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Adjusted EBITDA ($ millions)

0

50

100

150

200

250

300

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Actuals Guidance

Financials

78 •

Solid financial track record since IPO

147238

403

534

730

941

2012 2013 2014 2015 2016 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)

+45%CAGR

High growth

Expandingprofitability

2242

105143

225

310

2012 2013 2014 2015 2016 2017

+70%CAGR

79 •

225

310

2016 2017

730

941

2016 2017

Fast, profitable growth and strong cash flow

ADJUSTED EBITDA ($M) FREE CASH FLOW ($M)

+29%* +35%* +80%

76

137

2016 2017

REVENUE EX-TAC ($M)

80 •

Strong financial leverage

As % of Revenue ex-TAC FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Revenue ex-TAC 100% 100% 100% 100% 100%

Other cost of Revenue* 7.9% 6.6% 6.1% 6.4% 6.9%

Gross margin 92.1% 93.4% 93.9% 93.6% 93.1%

R&D* 14.9% 12.5% 13.4% 14.2% 14.7%

S&O* 43.6% 39.9% 39.8% 35.3% 34.8%

G&A* 16.0% 14.8% 13.8% 13.2% 10.7%

Adjusted EBITDA 17.5% 26.2% 26.9% 30.8% 32.9%

Revenue ex-TAC margin** 40.3% 40.8% 40.4% 40.6% 41.0%

* 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, restructuring and deferred price consideration.** As a % of revenue

81 •

Technology innovation

Broader Supply

Upselling incremental

products and channels

Operating excellence and

productivity

Strong drivers for further operating leverage

spending budgets at limited incremental costs

Powered by a combination of

82 •

Robust operating cash flow enables smart investment

INVESTDEVELOP & GROW

CASHSCALE

PROFITS

SMARTINVESTING

83 •

Our financial structure offers significant flexibility

* Based on a $2B+ market capitalization, pursuant to the 2017 AGM authorization to issue up to 15,6m shares** For M&A and equity grants to employees

Strong balance sheet

1,211

1,531

Dec. 2016 Dec. 2017

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

Very low debt

Dec. 2016 Dec. 2017

864

Cash & cashequivalents (in $M)

Significantcash pile

270

414

Dec. 2016 Dec. 2017

>25% of assets

$414Mcash

As of December 31, 2017

€350M committed financing

$500M equity raise capacity*

Share buy-back authorization**

84 •

Capital allocation: Reinvestment and M&A to drive growth

••

–––

•••

Organicgrowth

M&A

* Average for fiscal years 2013, 2014, 2015, 2016 and 2017

Growth Strategy

86 •

• Evolve go-to-market strategy for Tier 1 and midmarket

• Further scale midmarket operations worldwide

• Drive international expansion of

Criteo Sponsored Products

Grow the ecosystem Increase the value for clients and partners

• Enhance core technology

• Leverage our powerful Shopper Graph

• Upsell new products

• Broaden supply of quality inventory

Our growth strategy is based on two strong pillars

87 •

We invest in growing areas in Commerce Marketing

Criteo Shopper Graph, built on data pooling among ecosystem participants, is the foundation of all new product investments

• Look alikes*• App Install*Flexible audience-targeting platform

Omnichannel marketing

• In-App• Video

Incremental inventory

• CRM onboarding*• Store-to-web retargeting*

Marketing objectives

Shopping environments

Media

* Prospective

88 •

Technology and new supply drive growth from existing clients

Technology Innovation

New Supply

Revenue ex-TAC uplift (%)

Conversion Optimization+20% uplift

Dynamic Creative

Optimization+10% uplift

+8% uplift Revenue Optimization

+6% upliftRTB

integration improvement

+36% uplift in Japan

+5% uplift Worldwide

+10% upliftNative

+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 on 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 of 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.

89 •

Offering data-driven solutions across the entire shopper journey

• Criteo Customer Acquisition BETA

• Criteo Audience Match BETA

• New audience targeting offerings

• Criteo Sponsored Products

• Criteo Dynamic Retargeting

90 •

Large market opportunity

Clear strategy Competitive moats Proven track-record

Attractive financial profile

Compelling investment thesis

Commerce Marketing

is quickly emerging as

the next big

marketing category

Build the highest

performing and open

commerce marketing

ecosystem

Technology

Scale and network effects

Openness

Strong client growth with 90% retention

Exceeded guidance 17 quarters in a row

Fast growth

Increasing profitability

Strong cash flow

VP, Head of Investor Relations32, rue Blanche

75009 Paris+33 1 7621 2166

e.lassalle@criteo.com

Director, Investor Relations387 Park Ave South, 12th Floor

New York, NY 10016+1 917 837 8617

f.edelmann@criteo.com

Friederike EdelmannEdouard Lassalle

Investor Relations Contacts: IR@Criteo.com

Appendix

93 •

($ in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 Q4’17

Revenue 401,253 407,201 423,867 566,825 516,667 542,022 563,973 674,031

Less: Traffic acquisition costs 238,755 240,969 247,310 341,877 306,693 322,200 329,576 397,087

Revenue ex-TAC 162,498 166,232 176,557 224,948 209,974 219,822 234,397 276,944

Revenue ex-TAC reconciliation

($ in thousands) 2016 2017

Revenue 1,799,146 2,296,692

Less: Traffic acquisition costs 1,068,911 1,355,556

Revenue ex-TAC 730,235 941,136

94 •

Adjusted EBITDA reconciliation

($ in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 Q4'17 2016 2017

Net income 18,527 13,339 14,724 40,740 14,518 7,505 22,269 52,368 87,329 96,659Adjustments:

Financial (income) expense 1,317 94 570 (1,435) 2,333 2,094 2,886 2,221 546 9,534

Provision for income taxes 7,944 4,450 7,574 13,161 4,201 3,665 7,858 15,927 33,129 31,651

Equity awardscompensation expense 8,370 7,695 13,965 13,229 14,940 14,918 22,028 20,464 43,259 72,351

Pension service costs 129 131 132 133 290 299 320 321 524 1,231

Depreciation and amortization expense 12,516 13,300 14,771 16,190 20,167 22,306 23,755 24,570 56,779 90,796

Acquisition-related costs - 148 1,793 980 6 - - - 2,921 6

Acquisition-related deferred price consideration 40 44 3 (3) - - - - 85 -

Restructuring - - - - - 3,299 - 40,057 - 7,356

Total net adjustments 30,316 25,862 38,808 42,255 41,936 46,581 56,847 67,560 137,243 212,925

Adjusted EBITDA 48,843 39,201 53,532 82,995 56,454 54,086 79,116 119,928 224,572 309,584

95 •

Free cash flow reconciliation

($ in thousands) Q4 2016 Q4 2017 2016 2017

CASH FROM OPERATING ACTIVITIES 71,658 79,002 153,470 245,458

Acquisition of intangible assets, property, plant and equipment (30,163) (47,367) (85,133) (121,642)

Change in accounts payable related to intangible assets, property, plant and equipment

7,182 21,891 7,752 13,131

FREE CASH FLOW 48,677 53,526 76,089 136,947