#1Unédic French Unemployment Insurance INVESTOR PRESENTATION Unb February 2024#2TABLE OF CONTENT 1 Overview of France 4 Financial Forecast 2 Overview of Unédic 5 Funding Strategy Economic Outlook 3 6 Social Bonds in France#31 Overview of France France Employment at a Glance Jobseekers Safeguarded by Unemployment Insurance Unédic#44 France Employment at a Glance 1 OVERVIEW OF FRANCE 0 GDP €2,500bn In 2021 GDP per capita €36,911 Population (2021) 67.6 million Employment by business sector 29.7 million Sources: Population (2021) - Insee, Demographic report 2022 (published on January 17th, 2023) GDP (2021) Insee, The national accounts in 2021 (published on May 31st, 2022) GDP/Capita (2021) - Insee, GDP in euro - per capita France (published on February 15th, 2023) Employment by business sector in 2021 - Insee, French economy dashboard Π Agriculture Industry 0.6 million 3.4 million Construction 2.0 million INVESTOR PRESENTATION FEBRUARY 2024 Services 23.8 million Unédic#5Jobseekers Safeguarded by Unemployment Insurance At the end of 2022, France had 6.1 million jobseekers registered with Pôle Emploi and having access to support services 1 OVERVIEW OF FRANCE of which 3.6 million beneficiaries of the Unemployment insurance a Those who do not receive any benefits have in general worked and received a high salary compared to their reference salary. They can also be covered by health insurance or deferral of benefits at the beginning of their entitlement. 5 INVESTOR PRESENTATION FEBRUARY 2024 о a Οι О Not covered by the unemployment insurance scheme are those: • ⚫ Whose time in employment is not sufficient to qualify for support or renewal . • Whose employment contract has not been terminated • Who are not included in the scheme (part of the civil service, those having resigned and the self-employed). Of those, 2.5 million receive unemployment benefit Unédic#62 Overview of Unédic -> Unédic's Role and Missions Unemployment Insurance Oversight by Social Partners Recovery and Benefits Payment Unédic and The French State: Fully Shared Responsibilities Unédic's Financial Balance in 2022 Maastricht Criteria: Unédic's Debt consolidation with France Debt Unemployment Insurance Rules Unédic: Core of Its Ecosystem#77 Role and Missions Unédic is a non-profit organisation founded in 1958 by the Social Partners to manage the Unemployment insurance in France. Negotiation by the Social Partners to ensure financial balance « throughout the cycle >> 2 OVERVIEW OF UNÉDIC 2 OR 3 YEARS A legal obligation for a balanced budget (Labour Code Art. L 5422-12) Definition of the mechanisms (accounting for the financial situation of the unemployment insurance, the job market and unemployment levels) Adjustable variables in order to reach equilibrium: contribution rate, unemployment insurance eligibility criteria, amount and duration of benefits Unédic Non-profit organisation managed by the Social Partners 2 OR 3 YEARS Prescribes and controls Prescribes, guarantees and controls the conditions for implementing unemployment insurance scheme Manages Ensures the financial management of unemployment insurance scheme while guaranteeing its independence Evaluates Supports the strategic decision making for the insurance scheme through the production of studies and analysis Source: Unédic INVESTOR PRESENTATION FEBRUARY 2024 Unédic#8Unemployment Insurance Oversight by Social Partners Negotiation Framework Implemented by the French Government Compulsory Unemployment Insurance Scheme Labour Code Art. L 5422-10 Cebere Egrité Frasersité REPUBLIQUE FRANÇAISE Employers' Organisations cpme U2P MEDEF ↓ SOCIAL PARTNERS Trade Unions Cfdt: cftc Responsibility of Unemployment Insurance Labour Code Art. L 5422-13 8 INVESTOR PRESENTATION FEBRUARY 2024 美 Implementation Labour Code Art. L 5427-1 Unédic Non-profit organisation managed by the Social Partners 2 OVERVIEW OF UNÉDIC CFE CGC cgt FO Unédic#99 Recovery and Benefits Payment Unédic mandates two public agencies to carry out operations of contributions collection and benefits payment Recovery Unédic Benefits payment Source: Unédic Urssaf Au service de notre protection sociale EMPLOYERS Contribution rate: • Tax based overall social contribution ("CSG"): equivalent to 2.4% of gross base salary Employer's contribution: 4.05% of gross salary INVESTOR PRESENTATION FEBRUARY 2024 France Travail JOBSEEKERS Benefit rate: 72% of previous net salary Equivalent to 61% of previous gross salary 2 OVERVIEW OF UNÉDIC Unédia#10• Unédic and The French State: Fully Shared Responsibilities Negotiation by the Social Partners to ensure financial balance throughout the cycle Unédic Parliament Shared responsibility • Liberté ⚫ Égalité⚫ Fraternité RÉPUBLIQUE FRANÇAISE Government 2 OVERVIEW OF UNÉDIC Compulsory nature of the unemployment insurance scheme at the national level Parliament (Labour Code Art. L 5422-13) Part of Unédic revenues is now defined by the Social Security Financing Law • Look at Unédic's overall situation Bond issuances on the EMTN programme supported by an explicit State guarantee, published in the Finance Law Finance Law n°2022-1726, Art. 150 (December 30th, 2022): Authorisation to provide an explicit guarantee for 2023 up to €1bn • • Prime Minister approval of the Unemployment Insurance agreement (Labour Code Art. L5422-21) During summer 2018, a new law was passed, strengthening the role of the State Law n°2018-771 << Avenir professionnel >> : • • Negotiation framework given to Social Partners by the Prime Minister Implementation of specific measures by decree ⚫ The State is entitled to take control of the management of Unemployment Insurance if the Social Partners fail to reach an agreement State's guarantee on Unédic bond issuances granted by the Minister of Finances Ministerial Order (February 15th, 2023): ⚫ The State's guarantee is granted for the bonds to be issued in 2023 by Unédic • The guarantee covers a maximum principal amount of €1bn plus all related interest and costs 10 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#11Unédic's Financial Balance in 2022 2 OVERVIEW OF UNÉDIC REVENUES €44.9bn €43.4bn (97%) Labour force contributions and CSG Employer unemployment insurance contributions (4,05% of wages) EXPENSES €41.4bn €33.0bn (80%) Unemployment benefits CSG (1.47% of CSG collected on earned income) €3.9bn €2.2bn €2.3bn (9%) (5%) (6%) Funding of Pôle Emploi Others €1.5bn (3%) Others Supplementary retirement points for jobseekers The Law of 5 September 2018 on the freedom to choose one's professional future removed employee unemployment insurance contributions (2.40%) from January 2019. To compensate for this removal, the Social Security Financing Act for 2019 provided to Unédic the allocation of 1.47% of the CSG collected on earned income. In 2022, the CSG on earned income allocated to Unédic amount to €16bn. Generalised Social Contribution (CSG): It is a tax on most incomes including wages 11 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#1212 Maastricht Criteria: Unédic's Debt consolidation with France Debt 2 OVERVIEW OF UNÉDIC General government net debt by sub-sector (€bn) Unédic 59.3 The State 2,393 Social security funds 186 Central agencies 39 Local governement 229 CADES Urssaf Rembourser la dette, assurer le futur Au service de notre protection sociale FRENCH AGENCE FRANCE TRÉSOR Source: Insee, as of October 2023 (published on December 22nd, 2023); Unédic INVESTOR PRESENTATION FEBRUARY 2024 Unédic#133 Economic Outlook in France → Gross Domestic Product by country -> Seniors Now Lead Labour Force Overtaking 25-49 Year-Olds -> Business & Employment Climate → Senior Employment Rate Up Since Early 2000s Expected Labor Force Growth Over the Next 20 Years -> Unemployment Rate Decrease Across All Ages Since 2015#1414 Gross Domestic Product by country 3 ECONOMIC OUTLOOK IN FRANCE Forecast 2019 2020 2021 2022 2023 2024 108 106 104 102 100 98 96 96 94 92 90 88 USA OECD OECD Total France Germany UK Japan Source: OECD Economic Outlook: Statistics and Projections; Cumulative Growth Rate (%); Last update: September 2023 https://data.oecd.org/gdp/real-gdp-forecast.htm#indicator-chart INVESTOR PRESENTATION FEBRUARY 2024 Unédic#1515 Business & Employment Climate 115 110 105 Long time average 100 95 90 85 80 75 75 70 65 60 55 50 ASA. 45 01/2017 01/2018 01/2019 01/2020 01/2021 01/2022 01/2023 All Sectors - Metropolitan France Source: Insee, as of January 2024 (published on January 25th, 2024) INVESTOR PRESENTATION FEBRUARY 2024 3 ECONOMIC OUTLOOK IN FRANCE Business climate summary indicator 99,1 98,4 Business climate summary indicator ד 01/2024 The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. Unédic#1616 Expected Labor Force Growth Over the Next 20 Years Projection of the active population 3 ECONOMIC OUTLOOK IN FRANCE 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 Source: Insee, as of 2021 (published on June 30th, 2022) INVESTOR PRESENTATION FEBRUARY 2024 Simulated labor force Active population observed Unédia#1717 Seniors Now Lead Labour Force Overtaking 25-49 Year-Olds 3 ECONOMIC OUTLOOK IN FRANCE 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Number of active people by age Total (15-64 years old) in thousands 30,029 25-49 years old 17,710 50-64 years old 9,005 15-24 years old 3,314 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Source: Insee, as of December 2022 (published on March 21st, 2023) INVESTOR PRESENTATION FEBRUARY 2024 Unédic#1818 Senior Employment Rate Up Since Early 2000s 3 ECONOMIC OUTLOOK IN FRANCE 80% 70% 60% 50% 40% 30% 20% 10% 0% Γ 1975 1980 1985 Source: Dares, as of 2021 (published on January 12th, 2023) Employment rate of senior people From 55 to 59 years old From 55 to 64 years old From 60 to 64 years old 1990 1995 2000 2005 2010 2015 2020 2025 INVESTOR PRESENTATION FEBRUARY 2024 Unédia#1919 28% 26% Unemployment Rate Decrease Across All Ages Since 2015 Unemployment rate by age 3 ECONOMIC OUTLOOK IN FRANCE 24% 22% 20% 18% N 16% 14% 12% 10% 8% 6% 4% 2% 0% 1975 1980 1985 1990 1995 Source: Insee, as of Q3 2023 (published on November 15th, 2023) INVESTOR PRESENTATION FEBRUARY 2024 ма As of Q3 2023: in % in thousands n 15-24 years old 17,6% 2000 2005 2010 2015 2020 2025 598 Total 7,4% 2,285 25-49 years old 6,7% 1,185 50+ years old 5,1% 502 Unédia#204 Financial Forecast GDP and Wage Bill Growth → >> Financial Outlook Hypotheses >> Focus on Revenues and -> Debt Over the Years Expenditures of Unédic#2121 GDP and Wage Bill Growth Hypotheses GPD Growth (in volume) Wage Bill Growth 4 FINANCIAL FORECAST 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 8.9 8.7 0.2 -2.8 1.8 2.2 0.4 2008 2010 2012 6.4 2.5 2.5 1.8 1.9 1 1 1 0.7 2014 2016 0.8 1.6 1.5 0.2 3.7 3.6 -1.4 2.1 1.9 2.4 1.7 1.5 1.2 6.1 3.0 3.5 3.5 3.1 2.8 3.3 -5.7 2018 -7.7 2020 2022 2024 2026 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Source: Unédic Forecast, as of September 22nd, 2023 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#222.4% 2.3% 2.2% 2.1% 2.0% 1.9% 1.8% 1.7% 1.6% 1.5% 1.4% 1.3% Focus on Revenues and Expenditures of Unédic Unédic's Revenue & Expenditures relative to France's Nominal GDP 1.2% I 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Unédic Forecast, as of September 22nd, 2023 Note: Unédic forecasts are based on hypotheses which may differ from the State macro-economic framework 22 INVESTOR PRESENTATION FEBRUARY 2024 4 FINANCIAL FORECAST Revenues to nominal GDP ratio Expenditures to nominal GDP ratio Unédia#23Unédic's Financial Outlook Financial balance (in €bn) 4 FINANCIAL FORECAST 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 After the Covid-19 crisis in 2020 and 2021, Unédic returned to surplus in 2022 due to the strong rebound in employment in France and the end of Covid-19 related emergency measures. 4.6 -0.6 -1.8 -1.9 -2.5 -2.9 -2.8 -3.8 -3.7 -3.4 -4.4 -4.3 -9.3 5 4.3 4.6 7.8 11 -17.4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Unédic Forecast, as of September 22nd, 2023 Note: Unédic forecasts are based on hypotheses which may differ from the State macro-economic framework 23 INVESTOR PRESENTATION FEBRUARY 2024 Unédia#24Unédic's Debt Over the Years The recovery enabled the scheme to start deleveraging from 2022. Unédic's debt is expected to decrease further over the forecast horizon (by c. €17bn). 65 60 60 55 50 50 45 40 35 Debt forecast (in €bn) 30 25.7 25 21.3 17.6 20 13.8 15 11.0 8.6 10 5.0 5.6 5 36.8 35.5 33.5 30.0 54.6 63.6 60.7 4 FINANCIAL FORECAST 56.1 51.2 43.4 32.4 T 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Unédic Forecast, as of September 22nd, 2023 Note: Unédic forecasts are based on hypotheses which may differ from the State macro-economic framework 24 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#255 Funding Strategy → ↑ Unédic Funding Programmes at a Glance Unédic Benefits from High Credit Ratings Unédic Mid and Long- Term Funding Programme Over Time Unédic Debt Amortization Schedule Uneam 15-Year Curve with French State's Explicit Guarantee -> NEU CP Yield Management Unédic Social Bond Investor base in 2021 -> NEU CP Liquidity Management NEU CP Leading Since Start of Covid-19 Crisis NEU CP Duration Management#26Unédic Funding Programmes at a Glance NEU CP (Ex Billets de Trésorerie) NEU MTN (Ex BMTN) EMTN Programme size Current outstanding Average maturity €18bn €10bn €60bn €9.8bn €5.3bn €51.5bn 2 months and 23 days 2 years and 4 months 6 years and 2 months Tenor used for new issuances Up to 1-year Up to 5-year Nature of guarantee Ratings (Moody's / S&P / Fitch) Listing Rate No explicit guarantee Up to 15-year Explicit guarantee* P-1/-/F-1+ Aa2/-/AA- Aa2/-/AA- Not applicable Euronext Paris Fixed Currency EUR *First demand, unconditional and irrevocable guarantee from the French State, covering €6.25bn of new issuances in 2022. All Unédic's issuances are conducted under the French Law. Source: Unédic, as of February 28th 2023 Source: Unédic, as of January 31st, 2024 26 INVESTOR PRESENTATION FEBRUARY 2024 5 FUNDING STRATEGY Unédic debt securities ECB Operations Eligibility Yes LCR Treatment HQLA Level 1 Risk Weighting 0% Unédic#27Unédic Benefits from High Quality Ratings 5 FUNDING STRATEGY 66 → A financial rating in line with Unédic's status "Unedic has a key role in stabilising the French economy as demonstrated in its support plan in response to the pandemic, during which Unedic reimbursed a third of the furlough scheme that French companies paid to employees during lockdown. Around 11 million people benefitted from the furlough scheme between March 2020 and end-2021. The private-sector workforce represented around 20 million people at end- 2021." Published on July 10th, 2023 Fitch Ratings Source: Unédic 66 "UNEDIC operates under a highly regulated framework and benefits from strong oversight as well as repeated instances of support from the Government of France (Aa2 stable). Driven by robust payroll growth and successive reforms to the unemployment insurance system, UNEDIC will continue to post robust surpluses in the next couple of years, enabling it to reduce the sizeable debt stock accumulated during the pandemic." Published on July 11th, 2023 MOODY'S 27 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#28in €bn Unédic Mid- and Long-Term Funding Programme Over Time 5 FUNDING STRATEGY 20 16 12 8 4 EMTN NEU MTN EMTN - Social Bond NEU MTN - Social Bond 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: Unédic, as of January 31st, 2024 28 INVESTOR PRESENTATION FEBRUARY 2024 Unédia#29in €bn 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 H1 2024 Unédic Debt Amortization Schedule Unédic objective is to adapt its debt profile to the economic cycle and extend the average maturity EMTN NEU MTN EMTN - Social Bond NEU MTN - Social Bond 5 FUNDING STRATEGY H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Source: Unédic, as of December 31st, 2023 29 INVESTOR PRESENTATION FEBRUARY 2024 H2 H1 2038 H2 Unédia#3030 15-Year Curve with French State's Explicit Guarantee Unédic secondary compared to reference curves: Yield (%) 3,25 3,00 2,75 2,50 2,25 2,00 12/2025 • 12/2027 Germany (Bund) EUR Swap 12/2029 12/2031 12/2033 12/2035 12/2037 . France (OAT) . Unédic (EMTN) INVESTOR PRESENTATION FEBRUARY 2024 5 FUNDING STRATEGY Source: Unédic, as of January 31st, 2024 Unédic#31Insurance and Pension Fund 8% 5 FUNDING STRATEGY Unédic Social Bond Investor base in 2021 Unédic issued €10bn through 4 Social syndicated transactions in 2021: €34bn of orders More than 250 investors More than 68% of the 2021 funding came from non-domestic investors. Breakdown by investor type Allocation to sustainable investors Breakdown by geographic area Asset managers 38% Other 2% Central banks and official institutions 16% 78% Sustainable investors France Strongly committed 32% SCORE 3 47% Banks 36% SCORE 2 Partially committed 15% Germany, Austria, Switzerland 20% SCORE 1 Lightly committed 16% Source: Unédic, Social Bond Reporting 2021 31 INVESTOR PRESENTATION FEBRUARY 2024 Other UK, Ireland European 11% countries Asia 9% 12% Benelux 6% Americas 3% Nordic Countries 4% Eastern Europe 1% Middle East 2% Unédic#32NEU CP Programme Leading Since Start of Covid-19 Crisis Unédic raised the debt ceiling of its NEU CP programme from €10bn to €18bn in April 2020 to face the increased funding needs due to the first lockdown. Since then, the outstanding has decreased and reached pre-Covid level for the first time in September 2023. 5 FUNDING STRATEGY in €bn 18 16 14 12 10 8 6 4 2 2020 Outstanding NEU CP 2021 Source: Unédic, as of January 31st, 2024 32 INVESTOR PRESENTATION 18 16 14 12 10 8 6 4 2 Lockdown period in France Average rate Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun 01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21 28 2022 2023 2024 FEBRUARY 2024 Unédia#33NEU CP Programme Duration Management In spring 2020, the liquidity crisis and investors' risk aversion forced Unédic to issue on shorter maturities. Over the last two years, the duration has been managed in relation to cash flow forecast and investor needs in a global environment of rate increases. in months 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Q Maturity of outstanding NEU CP 2020 2021 Source: Unédic, as of January 31st, 2024 33 INVESTOR PRESENTATION 2022 2023 2024 FEBRUARY 2024 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Lockdown period in France Average rate Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun 01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21 28 5 FUNDING STRATEGY Unédic#34NEU CP Programme Yield Management In spring 2020, the liquidity crisis and investors' risk aversion forced Unédic to issue at higher rates to face its funding needs. Unédic NEU CP issuance yields have followed the ECB deposit facility rate hiking trend and are correlated to market expectation (€STR swap). 3% 2.5% 2.0% 1.5% 1.0% 0.5% 0% 0.5% -1.0% 2020 Rate outstanding NEU CP 2021 Source: Unédic, as of January 31st, 2024 34 INVESTOR PRESENTATION 0% -0.1% -0.2% -0.3% -0.4%. -0.5% 2022 2023 2024 TLDRUMRT PUNT Lockdown period in France Average rate Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun 01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21 28 5 FUNDING STRATEGY Unédic#35in Єm NEU CP Programme Liquidity Management Unédic has stabilised its NEU CP outstanding and is managing the liquidity risk by spreading out maturities and smoothing reimbursements over the issuing horizon 1,500 1,200 900 600 300 NEU CP amortisation schedule 5 FUNDING STRATEGY L 31/01/2024 29/02/2024 31/03/2024 30/04/2024 31/05/2024 30/06/2024 31/07/2024 31/08/2024 30/09/2024 31/10/2024 30/11/2024 31/12/2024 31/01/2025 Source: Unédic, as of January 31st, 2024 35 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#366 Social Bonds ICMA ISS ESG▷ The Social Bond Principles → Aligning Unédic's Missions with the United Nations Sustainable Development Goals External Verifications Overview of the Social Bond Reporting: Eligible Expenditures in 2020 and 2021 Unédic Expenditures Eligible for Unédic's Social Bonds in 2020 and 2021 Unemployment Insurance Scheme's contribution to the Sustainable Development Goals (SDGs)#3737 Alignment with the Sustainable Development Goals PROTECTING workers in sustainable employment Two social missions: Contribution to the UN 2030 Agenda SUPPORTING 6 SOCIAL BONDS NO 1 POVERTY 10 REDUCED INEQUALITIES Target 1.3: Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average 4 QUALITY EDUCATION Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value workers in sustainable employment 8 DECENT WORK AND ECONOMIC GROWTH INVESTOR PRESENTATION FEBRUARY 2024 Unédic#3838 External Verifications EXTERNAL REVIEW 6 SOCIAL BONDS SECOND PARTY OPINION A Second-Party Opinion (SPO) was delivered by ISS ESG to evaluate transparency, governance and compliance to ICMA Social Bonds Principles ISS ESG published its SPO on the 30th June 2020 and is available on Unédic's website: 1. One-Pager 2. SPO ISS ESG‣ Contribution to the UN Sustainable development Goals ISS ESG has also been mandated to evaluate transparency, governance and alignement of the Social Bond Reporting with the Unédic's Social Bond Framework and the ICMA Social Bond Principles ISS ESG published its External Review on Unédic' Social Bond Reportings: 1. External Review on 2020 Social Bond reporting (March 2022) 2. External Review on 2021 Social Bond reporting (February 2023) Significant Contribution Significant Limited Obstruction Obstruction No Net Impact Limited Contribution 10 INDEPENDANT REVIEW Annual audit until full allocation of proceeds: Allocation of net proceeds to eligible expenditures • Compliance of expenditures financed by the proceeds with the eligibility criteria specified INVESTOR PRESENTATION FEBRUARY 2024 REVIEW SECTION 2020 Alignment with issuer's commitments set forth in the Framework Aligned Alignment with ICMA's "Harmonised Framework for Impact Reporting for Social Bonds" handbook Aligned Disclosure of proceeds allocation and Positive soundness of reporting indicators 2021 Unédia#39Overview of the Social Bond Reporting → Choice and allocation method: • Allocation applied to 100% of furloughing scheme expenditures Allocation proportional to the share of each expenditure in the eligible costs of the scheme Purpose of the allocation: Focusing the impact assessment on accounts most affected by the consequences of the crisis Maintaining a balanced Social Bond: Eligible expenditures in 2020 and 2021 Allocated expenditures in 2020 €51.0 bn Breakdown €8.9 bn Furloughing scheme 6 SOCIAL BONDS Allocated expenditures in 2021 €43.0 bn Breakdown €2.5 bn representation in the allocation of €35.3 bn Return-to-work allowances (including ARE and ARE-F) €33.8 bn funds on the historical missions of the Unemployment insurance scheme €2.7 bn €4.1 bn Pension credits Functioning of Pôle Emploi €2.4 bn €4.3 bn Source: Unédic, Social Bond Reporting 2021 Unallocated expenditures in 2020 €3.7 bn €1.9 bn €1.3 bn €0.5 bn 39 INVESTOR PRESENTATION FEBRUARY 2024 Entertainment-sector-worker benefits CSP Allowances, ARE-Project, ARE-MAYOTTE €1.8 bn - €1.4 bn €0.6 bn Unallocated expenditures in 2021 €3.8 bn Unédia#40Expenditures Eligible for Unédic's Social Bonds AMOUNT 2019 ELIGIBLE 2020 ELIGIBLE ALLOCATED ELIGIBLE 2021 TOTAL ALLOCATED ALLOCATED 1 10 <<Protection>>> mission Furloughing scheme €33,690,126,817 ALLOCATION REMAINDER ALLOCATED €47,209,251,721 ALLOCATION €15,912,150,422 €38,518,666,220 ALLOCATION €8,829,791,339 €24,741,941,761 €37,629,250 0% - €8,938,017,150 100% €8,938,017,150 €2,469,603,646 100% €2,469,603,646 €11,407,620,796 Return-to-work allowance (ARE) €30,074,431,332 0% €33,671,804,425 19.2% €6,460,004,044 €31,753,876,800 18.6% €5,904,836,464 €12,364,840,507 Validation of pension credits €2,104,609,674 0% - €2,679,821,671 19.2% €514,129,229 €2,448,698,948 18.6% €455,351,229 €969,480,458 Unemployment insurance for casual workers employed in the entertainment industry (ARE A8-A10) €1,441,047,473 0% €1,880,859,737 0% Allowances and other benefits* €32,409,088 0% €38,748,738 0% €1,812,375,967 0% €34,110,860 0% M <<Support>>> mission €3,521,338,335 €4,075,466,400 €781,886,503 €4,254,908,253 €791,227,401 €1,573,113,904 Financing of Pôle Emploi's operating budget €3,521,338,335 0% €4,075,466,400 19.2% €781,886,503 €4,254,908,253 18.6% €791,227,401 €1,573,113,904 1 10 4 0807 <<Protection>> and <<Support>> missions €3,208,953,589 €3,362,103,894 €305,963,075 €3,971,233,363 €378,981,260 €684,944,335 Return-to-work-and-training allowance €1,440,961,002 0% - €1,594,786,744 19.2% €305,963,075 €2,038,011,435 18.6% €378,981,260 (ARE-F) Career safeguarding contract (CSP) €1,189,267,622 0% Allowance for creating or taking over a business (ARCE) €578,713,732 0% €1,290,815,462 0% €453,360,449 0% €1,389,714,260 0% €485,776,162 0% Return-to-work allowance paid to those pursuing a professional project (ARE-Project) €11,232 0% - I €23,141,240 0% - €57,731,507 0% TOTAL €40,420,418,741 *(ATI, ARE-Mayotte, end of entitlements, unpaid leave) Source: Unédic, Social Bond Reporting 2021 40 INVESTOR PRESENTATION FEBRUARY 2024 €54,646,822,015 €17,000,000,000 €46,744,807,836 €10,000,000,000 €684,944,335 - €27,000,000,000 6 SOCIAL BONDS Unédia#41Unédic's contribution to the Sustainable Development Goals (SDGs) Standard of living conditions 10 Wealth inequalities Income Inequalities - interquintile report Digital skills: people who have not used the Internet in the last three months Indicators Young people of 18-24 years of age who left school early rate Young people and Underemployment adults having completed initial training Young people of 15-24 of age not in employment, education or training Employment rate Jobs supported in employment of young persons Annual growth rate of real GDP per capita 6 SOCIAL BONDS <<Protection>> mission Furloughing scheme Return-to-work allowance (ARE) Validation of pension credits Unemployment insurance for casual workers employed in the entertainment industry (ARE A8-A10) Allowances and other benefits <<Support>>> mission Financing of Pôle Emploi's operating budget <<Protection>> and <<Support>>> missions 4 g Return-to-work-and-training allowance (ARE-F) Career safeguarding contract (CSP) Allowance for creating or taking over a business (ARCE) Return-to-work allowance paid to those pursuing a professional project (ARE-Project) ✓ 300 ✓ 1 8 ர்கள் 4 EDUCATION 10 B INQUALITIES SDG 1 - No Poverty: Goal 1 aims to end poverty and combat inequality in all its forms everywhere. It consists of seven sub-goals: poverty reduction, access to basic services, reduction of the proportion of working poor and of the most vulnerable, notably women and children. - SDG 4 Quality Education: Goal 4 aims to ensure universal access to equitable, free and quality education at all stages of life, including the elimination of gender and income disparities. It also focuses on the acquisition of basic and higher-level skills to live in a sustainable society. SDG 4 also calls for the construction and improvement of educational infrastructure, increasing the number of scholarships in higher education in developing countries and the number of qualified teachers in those countries. SDG 8 - Decent work and Economic Growth Goal 8 recognises the importance of sustained, inclusive and sustainable economic growth to provide decent and quality employment for all. It aims to eradicate unworthy work and to provide protection for all workers. It promotes the development of training and employment opportunities for new generations, accompanied by an increase in skills for "sustainable" jobs. SDG 8 also provides for enhanced international cooperation to support growth and decent employment in developing countries through increased aid for trade, development-oriented policies and a global strategy for youth employment. SDG 10 - Reduced Inequalities: Goal 10 calls on countries to adapt their policies and legislation in order to increase the incomes of the poorest 40% and to reduce wage inequalities based on sex, age, disability, social or ethnic origin and religious affiliation. This includes encouraging the representation of developing countries in global decision-making. Source: Unédic, Social Bond Reporting 2021 41 INVESTOR PRESENTATION FEBRUARY 2024 Unédic#42Appendix Business Creations & Failures in France Demography Age Pyramid → Unemployment Insurance Rules Unédic: Core of Its Ecosystem -> French Employment Rate Converging with European Average Unemployment Rate in Europe in 2022 Unemployment Rate Projections by country Unemployment Rate by Age and by Country Male & Female Unemployment Rate Comparison Across Countries Unédic Debt Secondary Levels Unédic Investor Base: EMTN & NEU MTN Programmes Analysis and Research Unédio ↑ ↑#4343 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Business Creations & Failures in France Number of business creations 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Number of business failures 12/2016 12/2017 12/2018 12/2019 12/2020 12/2021 12/2022 12/2023 11/2016 11/2017 11/2018 11/2019 11/2020 11/2021 11/2022 Sources: Insee, creations as of December 2023 (published on January 26th, 2024) Insee, failures as of November 2023 (published on January 9th, 2024) INVESTOR PRESENTATION FEBRUARY 2024 11/2023 APPENDIX Unédic#4444 15-64 years old 63% of total men Demography Age Pyramid 500 400 300 Men Source: Insee, as of 2021 (published on March 3rd, 2022) 200 100 INVESTOR PRESENTATION FEBRUARY 2024 Age structure by gender 100 or + 90 80 70 60 50 40 30 20 10 Women 100 200 300 400 500 15-64 years old 60% of total women in thousands APPENDIX Unédic#4545 Unemployment Insurance Rules The conditions for benefiting from unemployment benefits → Have involuntary become unemployed → Be able to work → Live in France → Searching for a job or a training Not being old enough to receive a pension credits Be registered at Pôle Emploi within 12 months following the loss of employment Have worked at least 6 months over the last 24 months Calculation of the benefit: → The daily reference salary is the quotient between: The reference salary Total amount of salaries received during the 24 or 36 months The number of calendar days between the start of the first contract and the end of the last contract ↓ Benefit duration for eligible jobseekers → Minimum 6 mo. → Maximum 18 months Source: Unédic Under 53 years 6 mo. 22,5 months 53 or 54 years INVESTOR PRESENTATION FEBRUARY 2024 6 mo. 27 months Over 55 years → The daily benefit is the highest result between: 40.4% of the daily reference salary + 12.71€ OR 57% of the daily reference salary APPENDIX Unédia#4646 Unédic: Core of Its Ecosystem REIF Representation of French social security institutions to the European Union ISSA International Social Security Association IMF International Monetary Fund International Institutions OECD Organisation for Economic Co-operatio and Development France Compétences APEC Association for the employment of Executives Carif Oref Stakeholders in employment and training Resource centre for information on training / Reginal employment and training observatory CCMSA Central Fund of Agricultural Social Mutuality Caisses de Monaco Public debt issuers Banks Investors Partners and financial stakeholders Rating Agencies Financial Auditors Unédic INSEE National Institute for Statistics and IHEPS Institute of Advanced Social Welfare Studies Economic Studies URSSAF Caisse nationale CEET French research Centre for Employment and Labour Studies and statistical services bodies Public agencies & public operators Cereq Ministerial Departments GD Trésor General Directorate of the Treasury DGEFP General Delegation for Employment and Vocational Training GD Travail General Directorate of Labour Additional voluntary contribution schemes INVESTOR PRESENTATION FEBRUARY 2024 Centre for Studies and Research on Qualifications Pôle Emploi ASP Services and Payment Agency Social Security Agirc-Arrco Stakeholders Cnam National Health Insurance Fund CNAVPL National of-age Insurance fund for the liberal professions Ircantec Supplementary pension for employees Supplementary pension Institution for non-tenured agents of the State and public authorities agents DSS Directorate of Social Security Cnav National Old-Age Insurance Fund DREES APPENDIX OFCE Directorate of Research, Studies, Evaluation and Statistics DARES Directorate for the Promotion of Research, Studies and Statistics French Observatory of Economic Conditions Unédic#47French Employment Rate Converging with European Average Belgium France Germany Italy Portugal Spain Sweden European Union (27 countries) Total population (15-64 years old) 58 EMPLOYMENT RATE IN EUROPE 65 63 67 59 0 10 20 30 40 50 60 60 68 70 76 75 Focus on senior people (55-64 years old) 70 80 10 20 30 0 Sources: https://www.imf.org/external/datamapper/LUR@WEO/OEMDC/ADVEC/WEOWORLD Label: IMF, World Economic Outlook, Unemployment rate Last update: 2023 47 INVESTOR PRESENTATION FEBRUARY 2024 55 53 56 40 40 50 56 63 61 72 60 60 70 77 APPENDIX Unédia#48Unemployment Rate in Europe in 2022 3.8% 6.8% 3.2% 5.6% 7.5% 6.9% 4.5% 6% 4.5% 3.5% 2.9% 3% 5.6% 4.6% 2.3% 6.1% 4.8% 3.6% 7.3% 4.3% 5.6% 4% 7% 9.46 4.3% 8.1% 6% 12.9% 6.8% Source: https://ec.europa.eu/eurostat/databrowser/view/TPS00203/default/table?lang=en&category=labour.employ.Ifsi.une 48 INVESTOR PRESENTATION FEBRUARY 2024 APPENDIX Unédia#4949 Unemployment Rate Projections by country 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Source: https://www.imf.org/external/datamapper/LUR@WEO/OEMDC/ADVEC/WEOWORLD INVESTOR PRESENTATION FEBRUARY 2024 France UK USA Germany Japan APPENDIX Unédia#50Unemployment Rate by Age and by Country France 15-24 years old 25-49 years old 50-64 years old USA UK 26% 26% 26% 24% 24% 22% 22% 24% 20% 20% 18% 18% 22% 16% 16% 14% 20% 12% 19.5% 10% 18% 8% Л 14% 12% 11.2% 10% 8.1% 8% 6% 6% 4% 4% 16% 3.1% 2% 2.6% 2% 2.9% 2.7% 14% 12% 10% 8% 6% 4% 2% 0% 2012 2014 2016 2018 2020 26% 24% 22% 20% 18% 6.8% 16% - 6:2% 14% 12% 10% 8% 6% 4% 2% 2022 2012 2014 2016 2018 2020 2022 Germany 26% 24% 22% 20% 18% 16% 14% 12% 10% 8% 6.1% 6% 3.3% 4% 3.0% 2% 2012 2014 2016 2018 2020 2022 Source: https://www.ilo.org/shinyapps/bulkexplorer33/?lang=en&segment-indicator&id=EAP_2WAP_SEX_AGE_RT_A 50 INVESTOR PRESENTATION FEBRUARY 2024 2012 2014 2016 2018 2020 2022 Japan 4.4% 2.6% 2.5% 2012 2014 2016 2018 2020 2022 APPENDIX Unédia#51Male & Female Unemployment Rate Comparison Across Countries APPENDIX 12% 11% 10% 9% 8% 7% 6% France Men Women USA UK 12% 12% 11% 11% 10% 10% 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 3.7% 4% 3.5% 3% 3% 7.5% 2% 7.4% 1% 2% 1% 0% 0% 2012 2014 2016 2018 2020 2022 2012 2014 2016 2018 2020 2022 Germany Japan 3.7% *3.4% 12% 12% 5% 11% 11% 10% 10% 4% 9% 9% 8% 8% 7% 3% 7% 6% 6% 5% 2% 5% 4% 4% -3.2% 3% 3% 1% -2.7% 2% 2% 1% 0% 1% 0% 0% 2012 2014 2016 2018 2020 2022 2012 2014 2016 2018 2020 2022 2012 2014 2016 2018 2020 2022 Source: https://data.worldbank.org/indicator/SL.UEM.TOTL.MA.ZS 51 INVESTOR PRESENTATION FEBRUARY 2024 2.9% 2.3% Unédia#5252 Unédic Debt Secondary Levels → EMTN Programme: Time to Outstanding ISIN Code Coupon (%) Pricing date Maturity date Mid Price Mid Yield maturity (year) nominal (EUR) Spread vs. MS (bp) Spread vs. OAT (bp) FR0013142809 FR0011755156 2.375 0.25 2016-03-22 2023-11-24 0.07 1,750,000,000 99.7745 3.990 2014-02-13 2024-05-25 0.57 2,850,000,000 99.083 4.007 -5.33 31.99 FR0012537124 0.625 2015-02-09 2025-02-17 1.30 3,000,000,000 96.2405 3.652 21.14 23.43 FR0013128584 0.625 FR0013246873 FR0013020450 FR0013369758 0.875 FR0014000667 FR0013410008 FR0013518487 FR0013489259 FR0014000L31 2016-02-25 2026-03-03 2.34 2,250,000,000 93.7825 3.443 -7.92 35.71 1.25 2017-03-21 2027-03-28 3.41 3,250,000,000 93.368 3.343 0.00 30.73 1.25 2015-10-14 2027-10-21 3.98 2,000,000,000 92.4255 3.319 2.63 28.81 2018-09-26 2028-05-25 4.57 2,000,000,000 89.854 3.308 3.43 27.44 0 0.5 2020-10-08 2019-03-13 2028-11-25 5.07 3,000,000,000 84.829 3.303 4.25 26.59 2029-03-20 5.39 2,500,000,000 86.391 3.302 4.10 24.83 0.25 2020-06-10 2029-11-25 6.07 4,000,000,000 83.457 3.306 4.28 22.75 0 2020-02-27 2030-03-05 6.35 1,400,000,000 81.2375 3.332 6.51 25.41 0 2020-11-12 2030-11-19 7.06 FR0014002P50 0.01 2021-03-24 2031-05-25 7.57 2,500,000,000 3,000,000,000 79.292 3.348 6.94 19.49 77.8965 3.371 8.46 20.03 FR0014004QY2 0.01 FR0013252228 FR001400ADP1 1.75 FR001400HQB8 3.125 FR0013336492 FR0014001ZY9 FR0013524410 FR00140045Z3 2021-07-20 2031-11-25 8.07 1.5 2017-04-11 2032-04-20 8.48 2022-05-10 2023-04-26 2032-11-25 9.08 1.25 2018-05-23 0.1 0.25 0.5 2021-02-09 2020-07-09 2021-06-16 2033-04-25 2033-05-25 2034-05-25 2035-07-16 2036-05-25 9.49 9.57 10.57 11.72 12.58 2,000,000,000 2,500,000,000 1,000,000,000 1,000,000,000 2,000,000,000 3,000,000,000 3,500,000,000 2,000,000,000 76.372 3.411 11.63 17.33 86.18 3.406 9.81 14.66 86.9675 3.449 12.23 11.99 97.2 3.475 14.02 10.88 82.0285 3.493 15.61 12.60 69.743 3.594 22.93 12.88 68.0345 3.656 26.15 10.44 67.4855 3.804 39.22 18.66 Social Bond Source: Unédic, as of October 31st, 2023 INVESTOR PRESENTATION FEBRUARY 2024 APPENDIX Unédia#5353 100% 80% 60% 40% 20% Unédic Investor Base: EMTN & NEU MTN Programmes Unédic's presence on the debt capital markets for over 10 years has led to a strong development and diversification of its international investor base. Breakdown by investor type 2020 2021 2022 2023 Source: Unédic, primary issues orderbooks INVESTOR PRESENTATION FEBRUARY 2024 Others Insurance / Pension Fund 100% Asset Manager 80% Central Bank / Official Institution Bank 60% 40% 20% APPENDIX Breakdown by investor geography Middle East 2020 2021 2022 2023 Americas Asia Europe France Unédic#5454 Analysis and Research to Enhance Decision-Making and Schemes → Publications based on surveys and econometric research by Unédic (e.g. on the situations of jobseekers experiencing recurring unemployment, working unemployment beneficiaries, impact of digital on jobseekers, specific programs) → National systems comparisons: benchmarks and examples These studies seek to establish a shared appraisal, before decisions are made COMMENT L'ASSURANCE CHOMAGE SOUTIENT LES CREATIONS D'ENTREPRISES Unstic PROFILSET TRAJECTOIRES DES DEMANDEURS DEMPLANTSUM UNE FORMATION LESSOR DE LAPPRENTISSAGE ET SES EFFETS SUR LEMPLO ET LASSURANCE CHOMACE Undic BAROMETE DE LA PERCEPTION DU CHÒMAGE ET DE L'EMPLO Unid How Unemployment insurance supports business creation DOWNLOAD Profiles and job trajectories of job seekers undergoing training DOWNLOAD The rise in apprenticeships and the effects on employment and unemployment insurance DOWNLOAD Unédic Barometer: how do the French look at unemployment and the unemployed DOWNLOAD INVESTOR PRESENTATION FEBRUARY 2024 APPENDIX Unédic#5555 Unédic Funding Team Contacts → Jun DUMOLARD Chief Financial Officer → Florian RABASSE, CFA Head of Market Operations → Cassandre BAUFLE Funding Officer → Investor Relations [email protected] APPENDIX INVESTOR PRESENTATION FEBRUARY 2024 Unédia#56Disclaimer APPENDIX 66 This document is a draft for discussion purposes only, it is highly confidential and proprietary and should not be transmitted to any person other than its original addressee(s) without the prior written consent of Unédic. Prices and margin are meant to be indicative only and are subject to change at any time depending on market conditions. Unédic cannot be held responsible for any financial loss or other consequences of the implementation of the transactions described in this document. The French Autorité des Marchés Financiers granted its visa under the number 20-184 dated 7 May 2020 with respect to a Base Prospectus. European Regulation changes occurred in July 2019 on Prospectus Directives have removed the possibility for Unédic to issue its financial documentations in the base prospectus format. Since 17 May 2020, all Unédic legal documentation for financing programme has been held as Information Memorandun without the French Autorité des Marchés Financiers visa. Unédic will update Information Memorandun with every important and significant information related to the Issuer. 56 The Base Prospectus is available at no cost at Unédic registered office, 4, rue de Traversière, 75012 Paris, France and on its website www.unedic.org. You are invited to report to the section "risks" of the Base Prospectus before taking a decision with respect to the implementation of the transactions described in this document or in the Base Prospectus. Should you so require, you should contact your financial, legal or tax advisor, or any other specialist, in order to confirm that any decision taken is consistent with your personal financial situation. INVESTOR PRESENTATION FEBRUARY 2024 #1 Unédia#57Unédic https://www.unedic.org (in) Unédia