2025 Universal Registration Document

4. Sustainability Report

Inherent Limitations in Preparing the ESG KPIs

The ESG KPIs may be subject to inherent uncertainty because of the state of scientific and economic knowledge and the quality of external data used.

In addition, greenhouse gas quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases.

Moreover, some information is sensitive to the choice of methodology and the assumptions and/or estimates used for its preparation and presented in the Sustainability‑Linked Financing Framework.

Company’s Responsibilities

Management of the Company is responsible for:

  • Selecting or establishing the Sustainability‑Linked Financing Framework and the appropriate procedures for preparing the ESG KPIs;
  • Preparing the ESG KPIs in accordance with the SLB, which is the Framework used;
  • Designing, implementing, and maintaining internal control over information relevant to the preparation of the ESG KPIs that is free from material misstatement, whether due to fraud or error.
Our Responsibilities

We are responsible for:

  • Planning and performing the engagement to obtain limited assurance about whether the ESG KPIs are prepared, in all material respects, in accordance with the Sustainability‑Linked Financing Framework ;
  • Forming an independent conclusion, based on the procedures we have performed and the evidence we have obtained; and
  • Reporting our conclusion to the Directors of the Company.

As we are engaged to form an independent conclusion on the ESG KPIs as prepared by management, we are not permitted to be involved in the preparation of the ESG KPIs as doing so may compromise our independence.

We have no responsibility for:

  • Assessing the relevance, robustness and reliability of the ESG KPIs, the rationale and level of ambition of the proposed Sustainability Performance Targets, the relevance and reliability of selected benchmarks and baselines, and the credibility of the strategy and/or policies outlined to achieve them, based on scenario analyses, where relevant;
  • Challenging the assumptions of the Company’s management and, in particular, we give no interpretation on the SLB;
  • Commenting on the consequences of any potential non‑compliance with the conditions set out in the SLB;
  • Assessing the forward-looking information and the ability of the Company to reach the Sustainability Performance Targets set out in the SLB agreement.

Our work, undertaken in the context of this limited assurance report on the ESG KPIs presented in Section 4.16 of the Company’s URD, should not be taken to supplant any inquiries or procedures that Financial Institutions parties to the SLB would undertake in the context of the SLB and we make no representations regarding the sufficiency of the procedures we performed for their purposes.

Professional Standards Applied

We performed our limited assurance engagement in accordance with the professional guidance issued by the French Institute of statutory auditors (Compagnie Nationale des Commissaires aux Comptes “CNCC”) applicable to such engagement and International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements other than Audits or Reviews of Historical Financial Information, issued by the International Auditing and Assurance Standards Board.

Our Independence and Quality Control

We have complied with the independence and other ethical requirements of the French Code of Ethics for statutory auditors (Code de Déontologie) as well as the provisions set forth in Article L.821-28 of the French Commercial Code (Code de Commerce) and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code).

In addition, our firm applies International Standard on Quality Management 1 and accordingly we have implemented a quality management system including documented policies and procedures regarding compliance with legal and regulatory requirements, ethical requirements, professional standards and French professional guidance.

Our work was carried out by an independent and multidisciplinary team with experience in sustainability reporting and assurance.