GROUPAMA / 2019 Universal Registration Document

6 EARNINGS AND FINANCIAL POSITION Dividend distribution policy

6.2

DIVIDEND DISTRIBUTION POLICY

The following statements are purely historical, as Groupama Assurances Mutuelles, since its conversion into a national agricultural reinsurance mutual on 7 June 2018,no longer hasany capital.

6.2.1

DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS

Total dividends distributed

Total dividendsdistributed eligible forreduction

Total dividendsdistributed not eligible forreduction

Fiscal years

2018

Not applicable

Not applicable

Not applicable

2017

€14,005,418.41

€3,382.46

€14,002,035.96

2016

None

None

None

6.2.2

DISTRIBUTION POLICY

development of businesses and (iii) the objectives set by the controlling shareholder. Note that 99.98% of the dividend was paid to the controlling shareholderof GroupamaSA, and 0.02%was paid to the minority shareholders. On the day of the conversion of the Company into a national agriculturalreinsurancemutual, a form of companywithout capital, the Groupama SA shares held by the minority shareholderswere cancelled. The shares held by the member mutuals were converted into mutual certificates. Going forward, the Company will be able to pay, under certain conditions, remuneration for these mutualcertificates(see section 6.3 below).

The dividendspaid byGroupamaSA were paidin euros. The dividendproposalwas submittedto the General Meetingafter the allocation of the earnings is proposed by the Board of Directors. Groupama SA determined its dividend distribution policy on the basis of its consolidatedcurrent income minus subsidies paid to regional mutuals. When considering the dividend to be paid for a given year, Management sought to reconcile (i) the prudent management of capital, (ii) the reinvestment of past earnings to support the

FY 2018

FY 2017

FY 2016

Overall dividend

Not applicable

€13.9 million

€0

Dividendper share

Not applicable

€0.034

€0

Consolidatednet income

€319 million

€87 million

€79 million

Distributionrate

Not applicable

15.9%

Not applicable

6.2.3

STATUTE OF LIMITATIONS

Dividends not claimed within five years are subject to the statute of limitations. They then revert to the Public Treasury, pursuant to Article L. 1126-1 of theFrenchGeneral PublicProperty Code.

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Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES