FFP_REGISTRATION_DOCUMENT_2017

GROUP PRESENTATION

Employee-related, environmental and social information

THE MONTEFIORE INVESTMENT FUND’S ESG COMMITMENTS

Ecosystem FFP regularly engages in dialogue with its key stakeholders throughout the year: investees, staff, asset management companies, shareholders and co-investors, analysts, banks and supervisory authorities. The quality of these relationships means that FFP can conduct constructive discussions based on trust and transparency. CSR at FFP FFP operates in a competitive environment that is constantly changing. The commitment of its staff and their respect for the company’s values help drive the company’s overall performance. O the pro-active approach taken by DSO regarding professional ethics and social responsibility, including an Ethics Charter signed by all employees and the company’s commitment to integrating people into the workforce and combating over-indebtedness. Montefiore Investment has also signed the United Nations Principles for Responsible Investment (UN PRI), and the AFIC Charter for Equity Investors. Montefiore Investment reached another milestone in 2015 when it defined a set of practical indicators: 12 environmental indicators, 36 social indicators and 8 governance indicators. All investees provide these indicators annually, which form the basis for ESG reporting to investors. Another aim is to monitor companies’ progress plans more effectively. An ESG officer was recruited for that purpose in 2016. CONCRETE RESULTS The concrete results achieved in the last few years include: O a comprehensive energy audit conducted by European Camping Group, which has led to a sharp drop in energy consumption, including a 22% year-on-year reduction in gas consumption on a comparable basis in 2017; O Voyageurs de Monde’s ambitious policy of offsetting greenhouse gas emissions resulting from its business: since 2017, 100% of Voyageurs du Monde and Terres d’Aventure emissions have been offset; O the adoption of a Citizen’s Charter by Interflora, signed by all employees; O major efforts by Evariste regarding safety at work, workforce integration and employee satisfaction;

Holistic value creation As a responsible investor and shareholder, FFP seeks to create value for society. It naturally aims to create economic and financial value (profits, shareholder value, innovation), but also workforce- related and social value (skills, wellbeing, local development) and environmental value (reducing carbon footprints, investing in renewable energies). FFP realises its social commitments by: O investing over the long term; O assisting the development of investee companies and creating indirect jobs; O supporting the development of SMEs via its private equity business; O contributing to the economic development of emerging-market countries through its investments in funds of funds; O supporting social entrepreneurs by investing in two impact investing funds. In 2016, FFP committed €10 million to the €441 million Montefiore IV fund managed by Montefiore Investment. Since it was set up in 2005, Montefiore Investment has based its strategy on the conviction that taking into account ESG issues supports and accelerates the profitable growth of its investees, by enabling them to improve their cost control, make the most of their people and set themselves apart from their rivals. A FORMAL APPROACH THAT IS STEADILY BEING STRENGTHENED Montefiore Investment started formalising its ESG approach in 2013, with a dedicated team. The team aims to factor ESG criteria into each stage of the investment cycle: O at the pre-investment stage, each new opportunity is analysed from the risk point of view, but also to define an improvement plan tailored to the company and its sector; O ESG issues are then integrated into monthly business monitoring involving managers; O at the exit stage, the progress made by the company is measured and highlighted. A Montefiore ESG Charter setting out these principles was signed in 2013 by all members of the asset management team, who have also received specific training about the ESG approach and its implementation in practice. A formal analysis of all the I and II funds’ investees has been carried out.

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2017 REGISTRATION DOCUMENT