Analyst

Groupama announces today the disposal of 9,596,200 shares in Icade to Crédit Agricole Assurances, representing 12.95% of Icade's share capital, i.e. Groupama's whole participation. The transaction value amounts to ca. 715 million euros, corresponding to 74.50 euros per Icade share sold.

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NOT FOR DISTRIBUTION IN THE UNITED STATES

Today, Groupama announced the issue of Euro-denominated Fixed Rate subordinated notes placed with institutional investors for an aggregate principal amount of EUR 650 million, with an annual coupon of 6.000 per cent. This transaction is part of Groupama's active capital management strategy. The purpose was to extend the average maturity of the group's liability profile and to reinforce its financial flexibility.

As a result of the enactment of the "Sapin 2", the legislative framework required for the transformation of Groupama Group's central body into a mutual insurance company ("Société d'Assurance Mutuelle") is now in place with an implementation deadline of 18 months. Groupama SA will become the "Caisse Nationale de Réassurance Mutuelle Agricole Groupama" (Groupama National Agricultural Reinsurance Mutual), retaining all the responsibilities associated with its role as the central body of Groupama Group.

With this transformation, Groupama reaffirms its mutual insurance identity rooted in the regions, and simplifies the group structure by bringing its organisation and its values in line to better serve its members and customers.

Regulatory and prudential authorities, both in France and Europe, have given formal approval for the acquisition by Orange of 65% of the capital of Groupama Banque, which will be renamed Orange Bank as from January 2017.