GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Changes in group’s equity Note 9

Composition of initial capital The initialcapital consists of 411,824,587 mutual certificateswith a par value of €8.785. Statement of movements in reserves and changes in group’s equity ı

Allocation of2018 income

Other change in the fiscal year

Income(Loss) for the fiscal year

31.12.2018

Income(Loss)

Dividends

  31.12.2019

(in thousands ofeuros)

Group’sequity Initial capital Share capital Issue premiums Merger premiums

3,617,879

3,617,879

Contributionpremiums Conversiondifference

(393,043)

40,000

(353,043)

Subtotal:Additionalpaid-incapital

(393,043)

40,000

(353,043)

Capitalisationreserve Other reserves Subtotal:Other reserves Retainedearnings

165,302

(14,002)

(40,000)

111,300

Net incomefor fiscal year

165,302 (165,302)

325,702

325,702

TOTAL

3,390,138

(14,002)

325,702 3,701,838

Subordinated debt Note 10

Subordinated liabilities, which stood at €2,729.5 million at 31 December2019, is detailed as follows: perpetual subordinated debt in euros issued in May 2014 at a ● fixed rate of 6.375% until the first call date for a Par value of €1,100 million, with the possibility for Groupama Assurances Mutuellesto apply an earlyredemptionfromMay 2024; redeemable subordinated bonds (TSR) issued in ● September 2019 at a fixed rate of 2.125% with a ten-year maturity and a nominal value of €500 million, the redeemable subordinated bonds issued in October 2009 at a fixed rate of 7.875% having been fully redeemed on 27 October 2019.

TSR issued in January 2017for a nominalvalue of €650 millionat ● a fixed rate of 6% over a period of ten years. The nominal difference remaining to be paid off at 31 December 2019 is €10.8 million, TSR issued in September 2018 for a nominal value of ● €500 millionat a fixed rate of 3.375% for a 10-year term and for which the issue premium is recorded as a deduction from the nominal value issued and amortisedon a straight-linebasis over the life of the bond.

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Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES