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Universal

Registration Document

ANNUAL FINANCIAL REPORT

POST_2103080_URD_COUV_UK.indd 111/03/2021 11:18 IIDocument d'enregistrement universel 2019 - Le Groupe La Poste

Contents

Message from the chairman 2

Key gures for 2020 4

1 4 2 3 6 A5

Overviewǂof LeǂGroupe LaǂPoste 7

1.1 Pro le and organisation 8

1.2 Fundamentals of the Group 15

1.3 Activities of the Group 24

1.4 Regulatory environment 83

Risk management 101

2.1 Main risk factors 102

2.2 Insurance and risk coverage 115

2.3 Risk management and internal control

systems 118

Sustainable andǂresponsible

development 133

3.1 Le Groupe LaǂPoste and sustainable

development 134

3.2 Employment policy, a lever for the

Group"s transformation 141

3.3 Societal and environmental policy 157

3.4 Ethics as the cornerstone of the

corruption prevention plan 175

3.5 Vigilance plan 178

Governance 181

4.1 Administrative bodies and Executive

m anagement 182

4.2 Operation of the administrative bodies 217

4.3 Compensation and bene ts 224

Financial andǂaccounting

information 229

5.1 Review of the nancial position

and results 230

5.2 Consolidated nancial

statements 2020 276

5.3 Statutory auditors" report

onǂtheǂconsolidated nancial statements 452

5.4 Pro forma nancial information 462

5.5 Review of the parent company

nancial statements 465

5.6 Parent company nancial

statements 2020 470

5.7 Statutory a uditors" report on the

parent company nancial statements 512

General information about

the Company andǂitsǂcapital 521

6.1 Capital and shareholding 522

6.2 Major contracts 525

6.3 Information about the C ompany 525

6.4 Memorandum of a ssociation

and A rticles ofǂa ssociation 526

6.5 Statutory a uditors 528

6.6 Person responsible for the Universal

registration document 529

Appendix 531

A1 Vigilance plan 532

A2 CSR, Additional information 546

A3 Report on corporate governance 554

A4 Statutory a uditors" report

on regulated agreements 555

A5 Glossary 559

A6 Cross-reference tables 563

Annual fi nancial report

Universal Registration Document 2020

This Universal registration document contains

all the information that forms the annual nancial report.

The Universal registration

document can be viewed and downloaded onǂthe website

This Universal registration document was led with the French Financial Markets Authority (Autorité des marchés nanciersǂ-ǂAMF)

on 18 March 2021 in its capacity as the competent authority under Regulation (EU) No.ǂ2017/1129, without prior approval, in accordance

with Articleǂ9 of said regulation.

The Universal registration document may be used for the purpose of a public offering of securities or the admission of securities to trading

on a regulated market provided it is completed by a securities note and, where appropriate, a summary and all amendments made to the

Universal registration document. These documents are subject to approval by the AMF in accordance with Regulation (EU) No.ǂ2017/1129.

1Universal Registration Document 2020 — Le Groupe La Poste

2020, a decisive year that

accelerated La Poste's transformation and confi rmed its strategic choices. The year 2020 has shaken up global economies. For Le Groupe Laǂ Poste, one of the major economic impacts of the crisis was the sudden drop in mail volumes. Admittedly, over the past ten years, the Group's mail volumes have decreased by 600ǂ million letters per year, and almost as much, proportionally, in revenue. However, in the year 2020 alone, it lost 1.6ǂbillion items, or almost three years of decline in volume. At the end of this year of unprecedented health crisis, during which the commitment of La Poste's employees

ensured the continuity of the postal service, the results were strongly affected. With the effects of the integration

of CNPǂ Assurances, the Group's share of net pro t was €2.1ǂ billion. Without these effects, the Group would have posted a net loss of €1.8ǂbillion, the largest loss in its history. However, the Group demonstrated its resilience and its spirit of conquest, taking advantage of the very strong growth in parcel volumes. In 2020, the worldwide growth of e-commerce benefited GeoPost, as it did Colissimo in France, and enabled the Group to achieve a record figure of of 2.3 billion parcels delivered worldwide, an increase of 38% over the previous year. The Group also continued its international development with a majority stake taken in BRT, the leader in parcel services in an Italian market with high potential. In addition to this large-scale operation, GEIS Logistics (in the Czech Republic and Slovakia) was acquired and the stake in JadLog, GeoPost's subsidiary in

Brazil, was increased.

Chairman and Chief Executive Offi cer of Le Groupe La Poste

Message from the Chairman

PHILIPPE WAHL

2Universal Registration Document 2020 - Le Groupe La Poste

Building on the success

of its previous strategic plan,

LeԝGroupeԝLaԝPoste

can now open aԝnew chapter in itsԝtransformation. In the Digital Services business unit, La Poste acquired new expertise with AR24 (electronic registered mail); in the eld of the Silver economy, the Services-Mail-Parcels business unit took control of the start-up Nouveal (leader in the digitisation of the patient journey). La Poste's local services generated revenue of €525 million. Even affected by the crisis, La Poste was resilient, thanks to the success of its strategic plan for 2014-2020 "La Poste: conquering the future". Thus, in seven years, its revenue has increased from €21.7 billion to €31.2 billion. In addition, the Group achieved its diversi cation objective, the rst stage of its in-depth transformation. For La Poste, the aim was to bring the mail activity below the 20% mark of its revenue. Today, traditional mail accounts for 18.7% of revenue (vsǂ 37.1% in 2013). In addition, international revenue has more than tripled, from €3.6 billion in 2013 to more than €12ǂbillion in 2020. Lastly, thanks to the strategic equity alliance between Laǂ Poste and Caisse des Dépôts, and that between La Banque Postale and CNP Assurances, Laǂ Poste's strength has increased. At the beginning of 2013, its shareholders' equity amounted to €8.5 billion; at the end of 2020, despite the global crisis, it reached €18.2 billion. The Group's social, societal and environmental performance is recognised by non- nancial rating agencies, such as Vigeo Eiris, which in December 2020 gave the Group the best overall score in the world, 76/100, with a very high score of

91/100 for the environmental pillar. La Banque Postale ranks

rst among banks in the world with an overall score of 71/100. In addition, the Group ranks first among companies in the air

freight and logistics segment assessed by Sustainalytics, while La Banque Postale ranks first in France and third worldwide in the banking segment. Building on the success of its previous strategic plan, LaǂPoste can now open a new chapter in its transformation.

Its new strategic plan

"La Poste 2030, committed to you" is the public promise of the priority given to the quality of service for its customers. It is also the sign of a company committed to serving society as a whole, in the four major transitions of the next ten years: the demographic transition with the challenges of an ageing population; the digital transition with the digitisation of society and the fight against digital exclusion; the regional transition and the need for local development; and, lastly, the environmental transition and the challenges associated with climate change, air quality and the preservation of resources and biodiversity, as well as waste management. Through this plan, Le Groupe La Poste is pursuing its ambition of becoming the leading European platform for links and exchanges, human and digital, green and civic- minded, at the service of its customers in their projects and of society as a whole in its transformations. This is how La

Poste will be in 2030, true to its purpose:

" At the service of all, useful to everyone, Laǂ Poste, a local and regional company, develops exchanges and forges essential links by contributing to the common good of society as a whole."

3Universal Registration Document 2020 - Le Groupe La Poste

4

249 ,000

€1.1 billion in investments for development €3.1 billion in operating profi t employees 18.7%

Share of Mail

in Group revenue 80%
of employees trained during the year

Around

KEY FIGURES

FOR 2020

4Universal Registration Document 2020 - Le Groupe La Poste

5 €31.2 billion in revenue

2. 3 billion

items dellivered (Colissimo and GeoP ost) 27%
of electric vehicles excluding bicycles and trolleys 4 0 % of revenue generated abroad 33%
of La Banque Postale's N et B anking I ncome generated in Insurance

5Universal Registration Document 2020 - Le Groupe La Poste

6Universal Registration Document 2020 - Le Groupe La Poste

OVERVIEWԝ OF LEԝGROUPE LAԝPOSTE

1

1.1 Pro le and organisation 8

1.1.1 Aǂlarge multi-business services Group 8

1.1.2 Key milestones in the Group"s history 9

1.1.3 Simpli ed organisation charts 12

1.2 Fundamentals of the Group 15

1.2.1 Purpose 15

1.2.2 Strategic orientations 16

1.2.3 Business model 21

1.3 Activities of the Group 24

1.3.1 Services-mail-parcels 24

1.3.2 GeoPost/DPDgroup 39

1.3.3 LaǂBanque Postale 50

1.3.4 LaǂPoste Network 64

1.3.5 Digital Services 71

1.3.6 Real Estate 77

1.4 Regulatory environment 83

1.4.1 Regulations speci c to the Group's activities 83

1.4.2 Regulations applicable to the public service missions 91

7Universal Registration Document 2020 - Le Groupe La Poste

1

OVERVIEWǂOF LEǂGROUPE LAǂPOSTE

PROFILE AND ORGANISATION

1.1 Profile and organisation

1.1.1 AԝLARGE MULTI-BUSINESS SERVICES GROUP

Le Groupe LaǂPoste is a large multi-business services Group, with revenue of €31.2 billion inǂ2020, of which 40% outside France (see Le Groupe La Poste's geographical footprint at the end of 2020 on the next page), and operating pro t of €3.1 billion. Le Groupe LaǂPoste, 66% owned by Caisse des Dépôts andǂ34% owned by the French State following the completion of the transactions relating to the creation of a large public nancial group on 4ǂMarch 2020, has

248,906 ǂemployees

(1) , of whom almost 19% are employed outside

France.

Consisting of the parent company (LaǂPoste SA) and its subsidiaries (seeǂSectionǂ1.1.3 "Simplified organisation charts"), Le Groupe LaǂPoste is organised around ve business units: the Services-Mail-Parcels business unit (38.1% of the Group's consolidated operating revenue) brings together the traditional postal delivery activities, i.e. delivering business mail and advertising, press and parcel post (seeǂSectionǂ1.3.1 "Services- Mail-Parcels"). It also provides cross-border mail and small parcel delivery solutions. It is actively developing its local services business (including the postman's new services) as well as new services for the elderly (Silver economy); the GeoPost/DPDgroup business unit (35.0% of consolidated operating revenue), a wholly-owned subsidiary of the Group with a strong international presence (trading under its own name in 48ǂcountries outside France), operates the Group's express activity in France and abroad, with its core business being express road transport parcel delivery (seeǂSectionǂ1.3.2 "GeoPost/DPDgroup"). GeoPost provides value-added delivery solutions to businesses (BtoB) and private individuals (BtoC) on the last mile both to homes and out of homes; LaǂBanque Postale (24.7% of consolidated operating revenue), a wholly owned subsidiary of the Group which has inherited LaǂPoste's financial services , has become a major player in bancassurance as the majority shareholder of CNP Assurances (62.8%), as part of the creation of a large public nancial group around Caisse des Dépôts. I t is positioned on the French market in three areas: retail banking, insurance (carried out for life insurance through CNPǂAssurances) and asset management (seeǂSectionǂ1.3.3 "LaǂBanque Postale"); the LaǂPoste Network business unit comprises almost 17,000 LaǂPoste retail outlets which market postal, financial and telephone products and services to retail customers in France (seeǂSectionǂ1.3.4 "LaǂPoste Network"). It is wholly owned (post offices) or owned in partnership with local authorities and shopkeepers; the Digital Services business unit (2.0% of the Group's consolidated operating revenue) produces and markets the Group's digital solutions and services in the eld of the digital transformation, digital marketing, desktop publishing and digital trust. It is also the driver of the Group's digital transformation in an increasingly digitised environment (seeǂSectionǂ1.3.5 "Digital Services"). Le Groupe LaǂPoste holds strong positions in its various markets, all fully open to competition since the mail market was completely deregulated inǂ2011. The Group has an unrivalled presence and role throughout the country due to the number of LaǂPoste retail outlets, giving it an unprecedented local reach. Its postmen visit French households six days a week, thus helping maintain or create social interaction and consolidating the Group's position as a player in local development. Its regional presence is also re ected in its vast real estate portfolio (post o ces, nancial centres and commercial buildings, industrial platforms). Due to its size and the number of its assets, it is one of the largest real estate portfolios in France, mainly managed by the Poste Immo subsidiary (seeǂSectionǂ1.3.6 "Real Estate"). Furthermore, the French State has entrusted four public service missions to the Group. These missions are central to the Group's identity and illustrate its key role as a public sector company and its contribution to the general interest. These four missions - the universal postal service, press transport and delivery, contributing to regional planning and development, and banking accessibility (seeǂSectionǂ1.4.2 "Regulations applicable to the public service missions") - are fully integrated into the Group's business and strategy. The terms and conditions for carrying out these missions are de ned in Public Service Agreements signed between LaǂPoste and the French State; the current agreement covers the 2018-2022 period. It is supplemented, for each of the missions, by additional agreements covering the special characteristics of each mission . Lastly, Le Groupe LaǂPoste focuses its activities and strategy on a societal commitment rooted in its culture and history. This commitment is rea rmed and enshrined at the heart of the new strategic plan "La Poste 2030, c ommitted to you" (seeǂSectionǂ1.2.2 "Strategic orientations") with the ambition to be a group with a positive impact for the environment and society. (1) Headcount in full-time equivalents on average.

8Universal Registration Document 2020 - Le Groupe La Poste

OVERVIEWǂOF LEǂGROUPE LAǂPOSTE

1

PROFILE AND ORGANISATION

This commitment is mainly based on:

support for the social and regional cohesion of the country, thanks to the constant adaptation of the Group's postal presence formats to the needs of the regions, to the contribution to their economic development and to innovation in the service of local ecosystems; implementation of ethical and responsible digital development; and reduction of its environmental impacts to promote ecological transitions (seeǂSectionǂ3.1.1 "AǂGroup with a positive impact"). Le Groupe LaǂPoste has chosen to have a purpose (seeǂSectionǂ1.2.1 "Purpose") and has the ambition to become a company with a mission. This choice is an important step in its societal commitment. This societal commitment is embodied by LaǂPoste's employees, who are central to the relationship of trust with the French people and for which Le Groupe LaǂPoste develops a framework prioritising training, health and safety, and where equal opportunities and respect for diversity are the rule.quotesdbs_dbs24.pdfusesText_30

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