GROUPAMA / 2020 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 has any capital.

6.2.1

DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS

Total dividends distributed eligible for reduction

Total dividends distributed not eligible for reduction

Fiscal years

Total dividends distributed

2019

Not applicable

Not applicable

Not applicable

2018

Not applicable

Not applicable

Not applicable

2017

€14,005,418.41

€3,382.46

€14,002,035.96

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 Groupama SA,and 0.02%was paid to the minority shareholders. On 7 June 2018, the day of the conversionof the Company into a national agricultural reinsurance mutual, a form of company without capital, the Groupama SA shares held by the minority shareholders were cancelled. The shares held by the member mutuals were converted into mutual certificates. Going forward, the Company will be able to pay compensationfor these mutual certificates under certain conditions (see section 6.3 below).

The dividends paid by Groupama SA were paid in euros. The dividendproposal was 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 2019

Overall dividend

Not applicable

Not applicable

€13.9 million

Not applicable

Not applicable

€0.034

Dividend per share

Consolidated net income

€104 million

€319 million

€87 million

Distribution rate

Not applicable

Not applicable

15.9%

STATUTE OF LIMITATIONS

6.2.3

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 the French General Public Property Code.

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES