GROUPAMA / 2019 Universal Registration Document

4 CORPORATE SOCIAL RESPONSIBILITY (CSR) Declaration of Extra-financial Performance

It should also be noted that GroupamaAsset Managementhas an active shareholder engagement policy, based on PRI  (1) criteria, to which the Company is a signatory, and that it complies with the exclusion policy in accordance with international treaties (Ottawa and Oslo). In addition,the SICAV Euro Capital Durable (eurozoneequities)and the G Fund Crédit Euro ISR fund (eurozone bonds), which were awarded the new SRI label in 2016 supported by the public authorities (this local label succeeded the Novethic label) following an audit by AFNOR, have had their two labels renewedsince 2017 after follow-upaudits by AFNOR. In 2019, a new fund was awarded a label: G Fund Future for Generations (a diversified fund targeting securities that work for solutions to societal issues, including health and sustainable consumption). Lastly, in 2019, Groupama Asset Management launched several thematic or impact funds, including World Revolution (targeting innovative securities that drive scientific, technological, or societal changes in progress) and G. Fund Global Green Bonds (see point 4.2.2.4.). These three new funds are accessible as part of the “sustainable balanced” delegated management profile, a management profile offered tosavers byGroupama Gan Vie since 2019. This policy of integration is being gradually applied to the financial management of the Group’s assets. The Group believes that by promoting the integration of ESG criteria into the macroeconomic and microeconomic analysis of its investments, it potentially optimisesnot only the managementof risks but also the sourcesof added value and long-term value creation of investment portfolios through its Responsible Investment (RI) policy. As a Business Department of the Group, Groupama Épargne Salariale also uses a CSR approach for its offering of financial vehicles intended for the 133,000 employeesof 15,000 customer companies. It offers SRI (Socially Responsible Investment) funds, accreditedby the French Inter-unionEmployeeSavingsCommittee (CIES). As of the end of 2019, SRI fund assets totalled approximately €1.2 billion. During this year, Groupama Épargne Salariale expanded its range of funds by offering, among others, G Fund Future for Generations and G FundGlobal GreenBonds. At the same time, the numberof electronicstatementsincreasedto almost 25%. In 2019, Groupama Épargne Salariale also launched iGES, its new partner space for online purchase of all its offerings. An easy,quick, 100%digital purchaseprocess. The advancesof the PACTE law, which allows the value createdby companies to be better shared, were fully highlighted with the launch of a new group offering, the PERCOL (which replaces the PERCO). To stress the social policies put in place by the companies, Groupama Épargne Salariale also offers its customer companies Individualised Social Reviews, fully digitised through a partnership withthe startup WinchApps.

In collaboration with Groupama Gan Vie, Groupama Épargne Salarialeparticipatedin the creationof a set of tools availableto the networks and customers to highlight the Group’s expertise in Corporate Savings and Pensions: a dedicated website, the ERE portal ( http://ere.groupama.fr/), a video saga with the character Esth’ÈRE, who presents the new Savings/PensionsPlan and each of its products, and a newsletter “C’est dans l’ERE” intended for the networks. Lastly, to help employees and business leaders estimate and prepare for their retirement as well as possible, Groupama Épargne Salariale, together with Fintech Sapiendo, offers retirementreviews. The Group has continued its commitment to invest in the real economyat a level of between€1.5 billionand €2 billion, depending on the year. This programmeto support the real economy involves private equity and loan funds, aimed at financing SMEs and mid-cap companies, mainly in France, as well as financing transport, energy/environment and telecom infrastructure and job-creatingcommercialproperty projects. As a financial player committed to supporting major transition challenges, preserving the environment and combating climate change are major issues. With regard to service companies, the Group’s risks in this area are the most significantnot in the impact of its facilities, but in its investmentsand insuranceofferings,which are therefore two significant risks  (2) . The environmental and climate issue in investments (a) 2015 marked a true turning point under the influence of COP 21 (Paris Climate Agreement) and the publication of the UN Sustainable Development Goals (SDG). The challenges of protecting the environment (and biodiversity), combating climate change, and the energy transition have become a major issue for everyone involved, including institutional investors, fund managers, and savers, who are thus stakeholdersin these challengesand for whom the risks associated with (the non-considerationof) these developments aresignificant. In the medium term, the risk of global warming is one of the greatest, with consequenceson assets. Admittedly,as an investor mainly in the eurozone(not in emergingcountries),the risk is not as bad for Groupama. The consideration of the environment/climate factor in our investmentchoices thus consists in measuringthe carbon footprint of investments to identify the most carbon-intensive and least proactive sectors and in monitoring the market positioning of emitters in terms of products and services facilitating the transition to a low-carbon economy. Groupama therefore seeks to incorporate the potential impact of physical, regulatory, and transitionrisks on the value of portfolios.Havinga long-termview of the consequences of our investments, capable of combining the risk/returnprofile with the impact measures, requires detailed prior analyses,which are often longand complex. Environmental issues 4.2.2.4 and associated risks

PRI: Principles for Responsible Investment. (1) See summary tables in the appendix. Regarding the Group’s ecological footprint, see part 4.2.3. (2)

80 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES

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