GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Annual financial statements and notes

Changes in shareholders’ equity Note 9

Composition of initial capital The initial capital consists of 411,824,587 mutual certificates with a par value of €8.785. Statement of movements in reserves and changes in shareholders’ equity ı

Allocation of 2019 result

Net income for the year

Other mvts for the year

31.12.2019

Net income

Dividends

31.12.2020

(in thousands of euros)

Shareholders’ equity Initial capital

3,617,879

3,617,879

Share capital Issue premiums Merger premiums

Contribution premiums Conversion difference

(353,043)

353,043

Subtotal: Additional paid-in capital

(353,043)

353,043

Capitalisation reserve Other reserves

Subtotal: Other reserves Balance brought forward

111,300

325,702

(14,002)

(353,043)

69,957

Net income for fiscal year

325,702 (325,702)

144,913

144,913

TOTAL

3,701,838

(14,002)

144,913 3,832,749

In accordance with the General Meeting of 18 June 2020, the conversion difference established in 201w8as completely cleared.

Subordinated liabilities Note 10

“Subordinated liabilities”, which stood at €2,732.1 million at 31 December 2020, 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 Mutuelles to apply an early redemption from May 2024; TSR issued in September 2019at a fixed rate of 2.125%, with a ❯ term of ten years and a nominal value of €500 million;

TSR issued in January 2017for a nominal value of €650 millionat ❯ a fixed rate of 6% over a period of ten years. The nominal difference remaining to be amortised at 31 December 2020 is €9.3 million; TSR issued in September 2018 for a nominal value of ❯ €500 million at 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 2020 - GROUPAMA ASSURANCES MUTUELLES