SCOR SE ($SCR)

Ladies and gentlemen, the shareholders, welcome to everybody. I am very pleased to be welcoming you here today for the shareholders' meeting at SCOR that I have the honor of chairing again. Thank you for being with us. We are extremely attached to your loyalty, and I recognize a certain number of you from last year's shareholders' meeting. Your help is extremely precious to us. The general assembly, the shareholders' meeting is a privileged moment. It's a dialogue between management, to the Board and to the shareholders. We whom we appreciate greatly. I have the pleasure of having next to me the CEO, Thierry Leger. He's going to give us a somewhat detailed presentation about our business, where we are, where we want to be. And I would also like to welcome the members of the Board of Directors who work alongside me as well as, obviously, the chairs of the different committees who will be talking to you about the work that they do. I am also very happy to be welcoming 2 candidates for new Board Directors if you approve them. Without any further ado, let us open this general shareholders' meeting. And excuse me for the somewhat official side of all of this, but I have to declare this meeting open. And we are going to now choose the bureau. The 2 shareholders with the greatest number of votes and who have accepted to carry out the functions of tellers here today are Ann-LaBenettau from MalacoMederic and Thibault Monde from Cova. Thank you very much to both of you. I suggest that as the Secretary of this assembly, Madam Claireeugal Robinson will be -- she is the General Secretary of the group, and she is the Group Chief Corporate Officer. So the bureau has now been constituted. And I would remind you that as with previous years, this shareholders' meeting is visible live on our Internet website, and it will also be available on the other websites of SCOR. We have non-shareholders who are present here today, journalists, for example, this assembly, of course, being a general one, an open one. In the case of the shareholders' meeting, you are free to speak for questions and for answers. This freedom of expression is also to be seen in the respect of the legal framework, the rights of the press -- duties of the press concerning slander and other elements, whether it be people from SCOR or any other person who takes the floor here today. We also have someone who has been mandated by us to guarantee that all goes well in this auditorium. And the debates will -- can also be heard in an adjoining room where the participants may also take the floor should they so desire to. The number of shares represented 126,755,901 shares, which represents about 77% of the shareholders who have a right to vote. And we will mention that again when we talk about the resolutions. We have 2 series of resolutions in this meeting. We have 1 to 20. They are ordinary resolutions and the extraordinary resolutions are from the 21 to 36. The -- for the ordinary resolutions, they must be adopted with a majority, the others with a simple majority. The -- you have seen with with 70.89% of shares represented here today, we do have a quorum so that this shareholders' meeting, ordinary and extraordinary may be declared properly constituted. We have a certain number of -- a certain amount of information that was made available here to the shareholders and score. All of the documents stipulated by law are to be found on the bureau. We have the present list of attendees. We also have the invitation to the meeting. We have the text of the different resolutions that have been proposed by the Board. We have the Board's report. We also have a document of the URD. the company's management report in which there is the report on governance, on durability as well as the reports and the certificates from the statutory auditors. In compliance with Articles R25 of the Code of Commerce, other documents such as the results 2025, the social balance sheet and the ESC information, the Articles of Association of the company, also the list of the nominative shareholders appointed on the 16th day before the meeting, the information on social capital as well as all of the information that relates to the candidates who are being put forward or for the renewal of directors and to the function of the statutory auditor. Thank you very much, Claire. By way of introduction, I would like to just very briefly talk about SCOR's situation. And then, of course, Thierry will be coming back to talk about that.

In 2025, I think that we can say that SCOR had a very robust performance, which was based on a lot of discipline. It was a decisive stage in our Forward '26 strategic plan with remarkable financial results because the net results of EUR 855 million is the highest that SCOR has ever seen. All of our activities helped in obtaining these figures. You can see 3 main indicators here that are essential for any reinsurance company. The solvency ratio represents the group's capacity to confront any situation that arises, even situations that are extremely turf. And this solvency ratio has increased to 215%, which is in the upper echelons of the -- our range, which was between 180 and 200 -- over 200. For the -- at constant economic rates, we have an economic value that is up 13.7%. And the equity yield is 19.1%, which is, in turn, also greater than our objective of 12% in forward 2026. Quite apart from these figures, what appears very clearly is that the actions that we did were extremely relevant and helped us to ensure in a durable fashion, profitability since 2023. The solidity of the group is not something that has occurred per chance. It is the result of the very deep changes that have been undergone by the management and the Board in an environment that you're familiar with, which is volatile, which is demanding, 3 activities, non-life, life and investment are showing today very satisfactory performances that are fully in line with what we expected. These figures also show us how strong our franchise as a worldwide reinsurer is. The fact that our SCOR's expertise is recognized, the expertise of its employees is recognized, the relevance of our risk diversification policies, which is essential in our business model. It shows also that there is trust in us for the future. I'd like to mention something concerning SCOR's governance, which has fully played its role in this performance in 2025. Recent developments that have occurred in the Board that you approved over previous years, I believe, have truly strengthened the complementarity of the skills of the Board and the richness of the strategic debate that we have always wanted. p This diversity of profiles has made it easier to have a harmonious undertakings in the Board meetings and all of the directors are carrying out their mandates in a very serious and disciplined fashion. And I would like to take this opportunity to warmly thank them for all that they do for us, particularly the chairs of the committees who have an essential role to play in the functioning of our governance and in the preparation of the decisions that are taken before the Board. I would also like you to be able to show your trust in the 4 new directors, 2 who are going to -- who are asking for their mandates to be renewed and 2 who are wanting to become directors. Madanessa Marquette when she talks to you about the Compensation and Nomination Committee, will talk about that later. You have probably understood that all forecasts are positive. SCOR is in a very good position to continue to create value for its stakeholders, and this value creation is one that we share with you, our shareholders. This reflects SCOR's engagement to offer a sustainable value to all of its investors. It also bears witness to the confidence that we have that the group is resilient and that we are able to share the growth of our economic value with you. All of this leads us this year to be offering a dividend that is up by -- of EUR 1.82. That's an increase of 5.6% over previous years. You know that the principle of our Compensation Committee is that it aims to give you a stable, predictable dividend, and it defines a floor level that today is EUR 1.90 as soon as the group's financial situation allows it to do so. We are able today to move forward into our next stages with even more serenity. We are fully aware of -- we're focusing on the finalizing of this current strategic plan, but management will be at the end of this year 2026, coming up with a second strategic plan. This process has already begun. We have a very coherent and transparent dialogue between management and the Board. And it is, of course, the Board that will finally be accountable for approving the plan. Our activities must be long-standing ones. We want our plan to come up with performances that are there to stay. The score today represents stability, good performance and the alignment between our strategy, our organization and our reason for being is extremely clear. This is even more important today because of all that is happening in our world today. I'm not teaching you anything when I say that we are in the throes of great changes in the world and changes that are occurring more and more rapidly and more and more urgently. Of course, there is the conflict in the Middle East, one war seems to take over from another. Tensions rice. AI is giving rise to problems even if it manages to solve a lot of them. But all of this extreme simultaneous development of risks and the fact that they are heavily intertwined is making our society very volatile. And today, I think this highlights an essential challenge for us all, and that is to be able to anticipate risk, to understand risk, to be capable of confronting these risks when they occur. And in this context, the role of reinsurance has nothing left to prove. It is uniquely capable of diversifying over a universal basis. It can observe -- absorb shocks. -- it remains an essential pillar of economic and societal resilience. SCOR will be fully playing its role here with humility, but also with determination and a feeling of responsibility. We are a world-renowned reinsurer. We are here to try to cope with these great challenges. We are -- that is fully in line with what we say, the art and science of risk. We want to make sure that we contribute to protecting companies and rendering them more resilient. The multiplication of risks once we have the capacity to actually understand them and to master them, thanks to our experience, our rigor and our diversification is an opportunity for SCOR. So we fully believe in the future. We are going to be listening to several of our stakeholders. We have listened to them, and we know that trust and score is there. It has been revitalized. Dear shareholders, I would like to thank you for your very precious support. And I would now like to give the floor to Thierry.

Thank you, Fabrice. Good morning to you all. Delighted to be with you here once again, fourth time since my appointment 3 years ago as CEO of SCOR. 2026 is a pivotal year for SCOR. It's the last year of the strategic plan Forward 2026, also the year during which Fabrice mentioned will be defining the new strategic plan for the years 2027 to 2029. I'd like to begin by reporting on the progress achieved on the current strategic plan. So a plan that involved 2 things. On the one hand, value creation on the other, modernizing the SCOR platform in order to shape the reinsurer of tomorrow. And as Fabrice mentioned, all that is consistent with SCOR's purpose, which is to protect societies. Let me begin with value creation. And here for the objectives, let's say, the financial targets for 2025, as Fabrice mentioned, net income of EUR 851 million was a historic result for SCOR value creation, increased economic value of the group is at almost 14% at constant exchange rate and constant interest rates, excellent result. The target was 9% growth, and I was very clear that those 9%, I always considered that as the most challenging objective to meet by SCOR. So to be at a level well beyond 9% is a demonstration of the quality of our results. And all activities have contributed to that. P&C with a combined ratio below 87% Life with a technical result of EUR 450 million, so above the target of EUR 400 million. And once again, we have a stable and very positive result from our investments. But this performance -- okay, let's put this 2025 performance into perspective. Shown on this chart that you saw last year, you see the performance for 2025. You see the technical and financial results contribute similarly very strongly. Also see the technical result for 2025 sleep slightly lower than 2023 recognized as an excellent year. Let me remind you that in 2025, we strengthened the resilience of our reserves. So we created buffers. So if I add to the buffers that we set up in 2025 to the technical results of 2025, they'd be far higher than the 2023 results. So excellent technical and financial results delivered in 2025 on a over a 13 or even 20-year period and the return of 19.1%, as Fabrice mentioned, which is excellent. Turning now to the balance sheet. We've invested a great deal in these past few years in the strength, the solidity of our balance sheet with a solvency ratio of 215%. We're at the upper end of the range that we set ourselves as a target. Second point to note is the increase of the 5% ratio. That is we've created 5% capital in 2025. That's well above the 1% to 2% that we set ourselves as a target in the Forward 2026 plan. So on the basis of these very solid results, strengthened balance sheet, but also the activities that are operating very well. We've taken 2 decisions. Firstly, we've increased in 2026, the value creation target, which was 1% to 2% in the strategic plan, and we've increased that to a 3% to 5% rate. We took another decision on the management front to recommend to the Board, as Fabrice mentioned, a dividend of EUR 1.9. And you'll also note that these EUR 1.9 are the new floor. And as you know, the new capital management provides for this ratchet effect, EUR 1.9 is the new ratchet of the dividend. Once again, it's proof positive of the solidity of our results, but also of the group's outlook. Other component of our strategic plan is to shape the reinsurer of tomorrow to modernize SCOR's platform. I'd just like to report to you on some quite remarkable items. We've achieved savings of EUR 170 million over the period. The target was EUR 150 million over 3 years, and we've exceeded that target, and we continue to improve the group's operational efficiency. We've also overhauled our processes. When I arrived, we have over 900 processes across the group. And most of these processes were manual, not very automated. We've overhauled each one. We've reduced them to less than 500 or indeed less than 400. Of course, that's a long-term effort. We're going to digitize them. We're going to automate them and improve the quality and efficiency of these processes. We've also created a center of excellence at Bucharest. That's a novel TFA score that's never used the possibility. Well, the idea of Bucharest is to internalize hundreds of positions. These are positions that are currently outsourced. So these are outsourced staff that we're going to internalize at Bucharest and also combine a number of teams that are scattered throughout the world. We're going to locate them in Bucharest. So these teams in Bucharest once again allow us to improve our efficiency and to better harmonize our internal processes and improve our operations. Final point I meant to mention today is, of course, we've made progress on the tech and data front. And we've above all created our own data platform called Genesis for those of you who like the band. I don't think it was a reference to the band, but it's the genesis of something new and fundamental for the group. So the Forward '26 plan has defined 4 pillars in terms of operational excellence, where we want to create operations that are far improved over what they were a few years ago. We strengthened capital allocation in order to allocate capital in a far more dynamic manner. We've better leveraged SCOR's leading franchise with the partners who contribute to our risk. We've improved our asset liability management to move from a somewhat static ALM to a more dynamic ALM. And of course, as I said, we've improved processes and data management. We've made great progress across these 4 pillars. I can promise you that by the end of the year, we'll have met all our targets for these 4 pillars. So as you'll have understood, SCOR is a reinsurer that is data focused, data based. And so for us, it's important to seize opportunities offered, for example, by artificial intelligence. So we created our own data platform, Genesis led us to set up specific ALM platforms, for example, that was rolled out a few weeks ago. We've set up specific platforms for P&C, for life and health, also for sustainability. We've also set up a module for everything that involves data retrieval. You can imagine that when a client submits a new risk, we receive up to 15 different files PDF XL work, that retrieval is always long, cumbersome manual. And thanks to this module, thanks to AI, we're now capable of retrieving these data automatically. So it's a remarkable time saver. We also looked at the contracts. The contract is our product. We've invested a great deal in contract. We're digitizing our contracts in order to transform the contracts from a piece of paper into data that we can use in order to improve the quality of our policies and our commitments. So these are our 6 flagships that were putting the finishing touches to this year. I'm often asked about productivity efficiencies. People say, Mr. Leger, where they are, they will no longer need underwriters tomorrow. So we've addressed this question very closely, and I'm very optimistic, very excited by AR. But I don't think SCOR is going to benefit specifically from huge efficiencies. There will be increased efficiency, yes, but the real opportunity, a big opportunity for SCOR are economies of scale. So to maintain our employee base about 3,500 and 4,000 people in the coming years, but to sharply increase our business volume, thanks to all the modules that we're setting up allow us to write more business with the same number of employees. So it's the productivity of SCOR will stem not from cost savings, but from economies of scale. So here's a tangible example and you want to read the details. I mean it's -- you shouldn't be able to read the details, but it's a real example of a module where we have used AR in our core business, and it's really there where I see the greatest potential for SCOR going forward. So here, we have augmented underwriting. This allows us through the various modules that we've already crafted to set up a cockpit for an underwriter. Imagine an underwriter sat in front of his screen. He clicks on new risk that he's received that's a priority. Immediately, the cockpit opens up by qualifying the contracts, the risk gives you an idea in a few seconds of possible pricing and commercial approach for that particular risk. These pilots already exist at SCOR. Some are already being commercialized, and that's where there'll be huge progress at SCOR in the next 1 or 2 years. I can tell you the teams are very excited by the possibilities that this will offer to achieve these economies of scales that we will be able to benefit from tomorrow. So as I said, SCOR for us, everything we do is profoundly rooted in our purpose, combining the art and science of risk to protect companies. SCOR is a responsible player in 2025, we've achieved all our sustainability targets, societal targets that we set ourselves. Augustin de Romanet, Chair of the Sustainability Committee will report on that later. We also help our clients to evolve in this transition. That's not always easy, specifically in the current geopolitical context. We seek to find solutions to emerging risks and requirements to be a long-term partner of our clients. to which SCOR is very closely linked, that is to this transition. Here again, we've set ourselves some very clear objectives. In spite of all this, we've had to react to a geopolitical context that has worsened over the past few years. We have companies that are facing geopolitical risks such as a war that are facing an energy crisis in Europe, where we're seeing a realarmment and a fully fledged energy crisis. So we have set up an ethics and sustainability committee. That was a committee that we established at the beginning of the year that's always already held several sessions, one on rearming Europe and how SCOR can in a responsible way, support that realarmment to give our underwriters a clear plan, a clearer frame for underwriting these risks. We also focused on LNG, liquefied natural gas, especially in the energy crisis currently affecting Europe. And here, we sought to develop a clearer framework for underwriters who today are somewhat overtaken by events to set out a clearer frame in order to write and support business to ensure energy security for Europe. And I see -- feel like -- I feel like kind of a bit of a tight rope walker here. It's all about balancing, on the one hand, the interest of climate, sustainability, balancing those with the reality of geopolitics, and it's not always an easy task, but I can tell you that S is acting responsibility, and we seek to find the right solutions to those challenges. Before moving to the new strategic plan, I'd just like to come back on the final year of the strategic plan. That's to say 2026. Shown here on this chart behind me is, in fact, the price, the cost of capital. You see the 3 lines of 3 of our peers. And across the top, you see the line of SCOR. You see the cost of capital at SCOR these past years was far higher than the cost of capital of our peers. So I tried to think about how I could explain the problem. I'm not very good at this, but if you like hurdle races, you got your peers, I mean, they're down here and where above a hurdle. So those who are going to clear the highest hurdles will lose the race. So it's absolutely paramount for SCOR to reduce this cost of capital, and that was at the heart of the strategy forward in '26. So we've made some progress. At one point, we were above 25%. Now we're below 14%, but there's still a gap with our peers. So 2026 and in the coming years will continue to see us creating greater confidence with our investors, and we'll do that by reaching the objectives regularly over the coming years. 2026 is also a year of heightened competition in P&C. We've understood that we're not the only reinsurer in the world that has experienced attractive profits in these past few years. That creates a greater capital base for all reinsurers throughout the world who are capable of offering increased capacity to insurers. This means that the offer has increased these past 3 years, has outstripped demand. So prices are under pressure. And SCOR has readied itself to this environment. We've defined very clear strategies by line of business, and we allocate the capital very dynamic to these lines of business to achieve the best results. What we seek to do is through this strategy, to leverage our Tier 1 franchise with as an objective at every renewal, try and do a bit better than our peers, a bit better in terms of volume and a bit better in terms of the technical result. What we -- that's -- we've proved that over the past 18 months. Every time we had slightly better volume than our peers with an improved technical result. And over time, this will lead to a better return for the group going forward. For 2026, SCOR employees are fully cognizant of the challenge to deliver the targets promised in 2026. So just give you a glimpse, no more than a glimpse of the new strategic plan. You have to know wait until the end of the year to discover more. But in fact, there are already 2 key components in this plan. The first is, as I said, and I'll repeat it, to continue to deliver quarter after quarter the results and to reduce the cost of capital for SCOR. It's very important to continue to work on the excellence of our operations, but also our business. Second component of the new strategy will to benefit and leverage Scores modernized based in order to deliver targets that have been defined and to deliver even more ambitious objectives in the coming years. [Presentation]

Thank you very much, Thierry, for those very encouraging words. And I think now that it is up to Vanessa Marquette, who is the Chair of the Nomination and Compensation Committee.

Shareholders, it's my pleasure again this year to tell you what we have done in the Nomination and Compensation Committee that I preside over. As you know, this committee is the result of the merger of the Compensation Committee and the Nominations Committee that was decided 1 year ago by the Board. So I will be covering in my report all of the subjects that were previously covered by these 2 committees. But I will, however, be brief because extremely detailed information can be found in the URD and also in the invitation to this shareholders' meeting. First of all, let me just very rapidly tell you what we have done. The -- first of all, the committee and the Vice Chair of the Board, Vice President of the Board have decided in 2025 to call upon an external assessment of the Board, and this was given over to Egon Zehnder, a consultancy firm. I'll tell you of the results of that, that were extremely positive. The committee also looked at the composition of the Board and looked for 2 new directors, independent directors who could follow on from Augustin de Romanet and myself because we will be leaving the Board in 2027. We propose that the first candidate, Jean-Francois Lois, be appointed this year. He is present with us here. The second candidate, Antoine Vignial, who's also in the room today, will be put forward before the shareholders' meeting next year. Changing the Board also means that the committees have to change in their composition. So apart from their composition and their size, the committee also looked at the different succession plans of their respective chairs. The committee also looked at the compensation of the CEO when as his Thierry Leger mandate will be renewed, an increase of 10% of his package is proposed before you today. The committee has also recommended that the interest of the Chair of the Board -- the Chair of the Board and the Directors be aligned with those of shareholders with an increase in the share remuneration that is distributed. Let's begin with the assessment of the Board. On Egon Zehnder decided, assessed that the compensation organization and functioning of the Board was good. They had already done an assessment in 2022. So the conclusions of this assessment were prevented before my committee as well as before the Board, and you can read the details of that in the URD. Basically, Egon Zehnder say that there have been very positive changes since 2022. The administrators -- the directors are satisfied with the functioning of the Board and the committees. They appreciate the very demanding and structured governance that has been set up under the ages of the Chair. All of this met with their unanimous approval. Egon Zehnder has also recognized the action that has been taken by the CEO and the quality of relations with the Chair of the Board and that are based on transparency and trust. They have also welcomed the quality of the Board's work and the work of the committees that are based on the competence of newcomers and their expertise in a lot of insurance and reinsurance fields. Without calling into question this very positive appreciation of the functioning of the Board, there are still possibilities to improve things. For example, planning successions -- the committee has been particularly focusing on this over the last few months or strategic discussions within the Board, which could benefit from the organization of a second annual strategic seminar or supervising risks or preparing crisis scenarios that could give rise to simulation exercises. We won't -- we will continue to keep you informed as to what we decided to roll out. Let's look at the composition of the Board. This year, there are quite a few mandates that are reaching terms. Holding Malakoff Humanis, represented by Thomas Sonier has decided not to ask for a renewal of the mandate because for the lack of availability. My committee would like to warmly thank Thomas for his contribution, which is always an excellent one to the work of the Board. The relations between SCOR and Maneroffeimanes are excellent. And I would like to say to congratulate the fact that -- to welcome the fact that one of their representatives is today a teller in this meeting. As with the other mandates that are reaching term as well, we have other proposals. First of all, the mandate of Thierry Leger, CEO, will be renewed for a period of 3 years. The mandate of Adrian Cou, who is the Chair of the Risk Committee, will also be renewed for 3 additional years during which he will remain independent. Augustan's mandate, Vice Chair and Chair of the Sustainability Committee and my mandate will be carried over for 1 further year at the end of which we will cease being independent, and we will leave the Board. During the last year of our mandate, we will be able to organize our succession at the heads of our respective committees. And lastly, Jacques Grain, who was appointed center in 2025, will be appointed a director for a period of 3 years. Jacques Grain is the Chair -- the President of 2 great listed companies, and he's a direct Board member -- Board Director of another, but he will very shortly be leaving that mandate. external mandates that had no incidence on his engagement within score, he'll be able to give more time necessary to carrying out his functions. In order to succeed to August and myself, the committee will be calling upon -- again, upon the consultancy firm, Egon Zehnder. The mandate will be to look for 2 new Board Directors. One has to be a person who is recognized in the world of business with a preference for insurance and reinsurance. And the other will have to be an experienced lawyer, legal expert with a lot of expertise in corporate law. Amongst the candidates presented by Egon Zehnder, 2 have been selected by this committee and also by the Board. The first is Jean-Francois Lois, former Manager of the SFSA and of Natixis Insurance and of the BPCE Group, of which he was the CFO. Jean-Francois Lois will be joining us this year for a first mandate of 3 years. The second is Antoine Vignal, a former lawyer partner in the Gen Fresh Fields firm, Antoine Vignard joined the Saint-Gobain Group as a General Secretary and member of the Executive Board. He will be joining SCOR's Board next year for a first mandate of 3 years. With me nomination of Jacques Grard that will offset the departure of Thomas Sonnier and the recruitment of Jean-François Lois, the size of the Board will temporarily be 15 members, but it will drop back to 14 next year because I will be leaving and Augustin de Ranier will be leaving and Antoine Vignnard will be joining us. The Compensation and Remuneration Committee -- Nominations Committee and the Board then picked up 2 other subjects, the composition of the committees and the succession plans for their chairs. In order to integrate Jean-François Lois to prepare the future, the Board decided upon a proposal by the committee to carry out the following changes. Jian Coty will give up her seat in the Audit Committee. Patricia La Cost will leave the Audit Committee and join the Risk Committee. Duana Palicieard will leave the Risk Committee to join the Sustainable Development Committee. And lastly, Jean-Francois Lois will join the Audit Committee and the Committee for Nominations and Compensation and will also be a member of the Strategic Committee. Following on from these changes, the size of each of the committees will be 8 members per committee with the necessary resources to ensure their chairmanship in the future. Let's move on now to compensation. I will just give you the main information and all of the other details are to be found in the document, Mr. Brochure. As with every year, -- the Board has put forward 8 resolutions, 3 ex-post votes on 2025 compensation, 3 ex-ante votes on the 2026 compensation and 2 votes on the allocation of performance shares and stock options. Let's begin with the 2025 compensation. That of the Chair of the Board is the same as the policy that was approved by the assembly, a fixed amount of EUR 600,000 to which is added to the compensation for a director of EUR 143,000 determined by applying the compensation policy of the directors as well as the normal advantages for adviser assistant and a shared bureau and car. The Chair, similarly to other directors does not benefit from any variable compensation that is a function of SCOR performance as in line with the recommendations of the AME. It is not the case of -- that's not, however, the case for the CEO. His bonus depends directly on 3 financial criteria: the return on equity, capital and the controlling of management expenses. To this, there's also another criterion that is added that of leadership with a ceiling at 100%. SCOR's performance in 2025 is exceptional to such an extent that the success rate of the bonus is 120.6%, which is a strikingly high figure after 2024, which was much more morose. The committee and the Board are delighted that they are, therefore, able to reward the performance of the CEO, delighted with the operational and financial results that ensued. A lot of structural reforms have also been set up since our CEO has arrived and the leadership criteria has thus been reached and that is 100%. Let's move on now to compensation for 2026. We had decided to keep the same performance conditions and the appreciation ranges for the forward 2026 3 strategic years. Only the targets have been updated that the bonuses reflect the plan's objectives for 2026 with a hopes for ROE of 13% or more with capital intake expected at around EUR 300 million and a decrease in costs, a decrease of EUR 1.239 million, to which you can add an envelope for projects of EUR 56 million, which gives us a total of EUR 1,295 million. These conditions are also go also hand-in-hand with performance shares such as they have been looked at for 2026, '27, '28. The financial targets cover '27 and 2028 in the next strategic plan. And in operational plans, we -- for ESG, they have also -- the targets, they have also been renewed with a highly ambitious objective of having 38% of women within the senior categories of management by the end of 2028. We also have the mechanism of neutralization and the super performance or underperformance. We have criteria that are attached to that as well. And since his recruitment in 2023, TL's wage packet has not changed. It seems relevant to the -- a good idea for the committee and the Board to propose an increase of 10%, which would be consistent with market standards and is a reflection of the quality of his profiles and the results he has obtained. In order to do this, the committee and the Board have decided to increase by 20% the number of performance shares attributed to the CEO, which represent more or less half of his remuneration. This increase, which has established the level of remuneration for [indiscernible] for the next 3 years as well as the performance conditions and appreciation scales are looked at next year when we adopted the next strategic plan. Let's take a look now at the compensation plan for the directors of the Board. As you know, there is a difference between the compensation envelope of EUR 2 million and the policy itself, which is a distribution key to the envelope. The committee and the Board are not asking for an increase in the envelope despite a temporary move to a Board of 15 members, and we will still have the amount of EUR 2 million. And despite the fact that EUR 2 million seems to be insufficient to properly remunerate the directors for the amount of work that they put in 2023. So the 2025 policy is carried over into 2026 without any main changes, which means that the invested part in shares will increase from EUR 10,000 to EUR 20,000 per year for the directors. In the same spirit, the Chairman will be receiving a sum of EUR 50,000 per year invested in shares. There too, this increase of around 8% of his package aims to strengthen the alignment between these interests and the interest of the shareholders. And to end, let me just talk about some of the normal resolutions that allow the Board to actually distribute share performance shares and stock options to the management and the employees of SCOR. We are proposing to allow the Board to attribute new shares or existing shares there where they are granted authority to do that, whereas they did not have it in the past. This change, hopefully, will ensure that SCOR will be able to continue with its excellent finances and excellent solvency levels. Thank you very much.

Thank you very much, Vanessa. It's also always a very tricky thing to do when we start talking about the nominations and compensation quality. And I think your presentation was extremely clear. You probably saw concerning governance and the composition of the Board that we are also trying not just to anticipate risks but departures as well. And I would like to thank Vanessa and August for having accepted to delay the departures by traditional year. It's not a normal way of working. It's not traditional. But for the last dozen years, they have been supporting the SCOR's actions. And quite apart from the arrival of Jean-Francois and the confirmation of Jacques, we have also anticipated on -- we've anticipated 2027, as you saw with Antoine. And this is something, I believe, that shows that our governance works very well. Thank you very much, Vanessa. We are also going to be asking you to vote upon the renewal of the mandate of KPMG, our statutory auditors. They are also in charge of certification of sustainability information and the nomination of PwC as new statutory auditors because Mazar, our former statutory auditor has reached the end of their mandate. Before asking the statutory auditors to speak, I would like to give the floor to Augustin de Romanet as the Chair of the Sustainability Committee. Augustin, over to you.

Thank you, Chairman, ladies and gentlemen, shareholders. don't base the quality of the work on the number of slides, far fewer than Vanessa, but we worked long and hard in spite of that. Seven members of committee met 4 times in 2025 with an attendance rate of 96%. I thank all its members for their contribution to the work. Now the emissions of the Sustainability Committee were broadened slightly during the course of the year because they henceforth incorporate dimensions linked to human resources. Indeed, following the work of assessment of the Board, we discovered that HR issues were not necessarily had the place that they deserved in the Compensation Committee insofar as they did not directly concern compensation. We consider that said matters extremely important for the life of the group needed to be addressed more extensively and could find their place within the Sustainability Committee insofar as they did not directly concern the compensation. Let's start with sustainability. First topic is preparing the first sustainability report of the group, otherwise known as CSRD report. So in 2025, the committee finalized the review of this first sustainability report we began to review in '24. And this report is incorporated in the universal registration document of '24. It sets out the nonfinancial issues deemed important for SCOR in compliance with new applicable standards. It's a very substantial effort undertaken by the team, both regarding implementation of process as well as production, ensuring reliability of information in compliance with demanding European -- before the directive Omnibus by the EU proposed by the commission, reducing the number of checkpoints. We had 1,200 indicators to complete. So the teams were under considerable strain to be compliant with these European standards with experience obtained in '24 with first report, the dual materiality continued to be part of our work dual materiality involves, on the one hand, assessing the impact of SCOR on the climate, what's the impact of climate on SCOR on the one hand? And on the other, what are the financial consequences for SCOR of climate change. So it's on the basis of those 2 materialities that we examine what represented for the group's performance and financial strength. The update in 2025 converts the major risks and opportunities identified in the previous year, and we managed to get our auditors to accept that from the societal standpoint, SCOR's impact was very positive. The Board regretted very much in the previous year that will be deemed as negative, our impact on the group's people. It seemed as totally fanciful, and we had pretty lively discussions with our auditors to get them to accept that SCOR was a standard set in social terms, more about that in a moment. The committee also reviewed the prime components of the group's sustainability strategy and reviewed the changes brought to said policy with the report that we call sustainable business report, all the documents pertaining to sustainability and a very major reference base for rating agencies use that data as part of their CSRD questionnaire. Lastly, we examined the proposals pertaining to key performance ESG indicators, notably environmental and social that be incorporated in long-term compensation of the CEO by 2027, so much for environmental matters in general. Turning now to human resources. We examined the work aimed at improving the SCOR employer brand that Thierry just referred to. He's convinced as we are indeed, that our ambition in terms of performance, attractiveness and sustainability involve the way we attract and retain our employees. It's part of a profound transformation initiated by Thierry Leger 3 years ago seems to us to be particularly relevant in a demanding and competitive labor market drawn up in 2025 -- this proposal of employer value expresses what our employees can expect from the group and what SCOR seeks to be as employer highlights items where SCOR offers a unique work environment, strengthen its ability to attract and retain talent in this competitive market, an employer that rooted in our purpose, art and science of risk aligned with its priorities in terms of sustainability, HR and a defining landmark for the group because it is even to be found in Paris Metro stations. Committee also reviewed the principles of the European Directive on pay transparency and its consequences for group practice. The goal was to ensure consistency with -- of HR policies with this new framework with a controlled implementation recourse to what we call global job grading implemented since 1st of January 2025, offering a grade depending on one scope level of expertise is a useful framework strengthens the predictability and equity of pay policy, placing SCOR in satisfactory conditions to effectively apply said directive. Turning now to our second slide. I promise you 2. There are only 2 on the environmental strategy. So SCOR has 3 businesses, one of insurer, reinsurer of investor to invest the availability of its balance sheet and also organizing day-to-day in these 3 roles, it seeks to reduce CO2 emissions. Firstly, as insurer. SCOR's climate strategy rests on 3 complementary levers that constitute the theory of SCOR change to contribute to reducing greenhouse gases to move to its net zero ambition by 2050 and to have a pathway compatible with the target of 1.5 degrees Celsius. Let's dive now in the detail of these 3 levers. Firstly, reduce the carbon footprint covering both its underwriting and investment portfolio. Secondly, strategy of engagement with its clients and companies in which it invests. And thirdly, support to the energy transition by rolling out favorable solutions for a low-carbon economy. That's the first section on the screen. We've set ourselves intermediate targets covering each of the 3 pillars of the strategy. Most targets are set out through 2030, consistent with the regulatory requirements of CSRD. 2030 is also a key milestone in carbon intensity reduction trajectories highlighted by the work of the IPCC that serve as a compass for us. Let's start with underwriting. SCOR had an interim target in 2025 in this regard as a reinsurer. SCOR supports the energy transition by supporting the development of low-carbon initiatives with adapted insurance solutions. First objective shown in green on the screen was to double by 2025 insurance and facultative reinsurance devoted to low-carbon energies. This target takes 2020 as a baseline and gross written premiums in euros indicated achieved, SCOR doubled its coverage in '25 versus 2020. The next objective was to increase times 3.5, the coverage by 2030, reflecting a longer-term ambition for supporting the energy transition. The definition of low-carbon energies within the group rests on recognized scientific data that of the IEA, IPCC European Observatory for low carbon energy covers production of renewables. Carbon capture and storage or hydrogen. This definition includes the full value chain from equipment through production. This dynamic relies on very strong internal expertise and the entry point. The new practice entitled New Energy practice supporting development of premium linked to low-carbon energies contribute to making SCOR a leader in the transition to a low-carbon economy. Lastly, still on underwriting activities, our target is to reduce by 23% our carbon intensity of SCOR Business Solutions by 2030 on the scope of European companies, taking 2022 as the baseline year. We lastly decided on engagement with our clients on environmental matters. On the Forward '26 plan ending this year, this engagement concerns clients representing at least 30% of premiums of SCOR Business Solutions. It's always a bit sophisticated for our commercial reps to convince to attract clients that we sometimes lecture. So we have to emphasize our engagement policy, which is rather counterintuitively aimed at engage with them on issues that sometimes upset them. We discuss ESG transition strategies and tangible initiatives that they undertake to reduce the carbon footprint. This illustrates SCOR's approach, which is a pragmatic approach moving forward gradually with our clients, relying on their own growth and progress trajectories. -- so much for the insurance and reinsurance side. Now briefly as investor, we seek to reduce our carbon footprint on SCOR's own operations and our other targets for 2030 as investor to reduce the carbon intensity of 55% on equity portfolios and to improve biodiversity. Regarding operations, that is heatings, buildings, air travel, reducing by 50% the carbon intensity of operations versus 2019 and that by 2030, so much for the climate strategy. Now Thierry Leger's presentation, as what I've just said, illustrate a gradual implementation at this stage, we're in line with all the targets we've set ourselves and indeed sometimes even ahead on a number of them. It needs to be recalled, however, this strategy is a medium and long-term strategy. It's difficult to assess progress year-by-year, especially when it comes to changing underwriting portfolios that can only be undertaken over time. The trajectories are not necessarily linear. They're influenced by the economic and geopolitical context, but also by the maturity of technologies and the quality and access to data that we have to measure GHG. A long-term ambition is to achieve net zero by 2050 in order to contribute tangibly to reducing CO2 emissions. As I said a second ago, our strategy also extends to biodiversity. That's to say all living materials, natural environments, coral reefs and interactions that connect them to the ecosystems that our societies are based on. Back in 2020, SCOR signed the Finance for Biodiversity pledge with the ambition of contributing via our investments to suffering or indeed inversing the curve reducing biodiversity by 2030, unlike climate change relying on global indicators such as CO2 emissions, biodiversity is based on far more pragmatic fragmented indicators requiring specific responses. SCOR has decided to focus on deforestation, a major factor in the loss of global biodiversity in parallel. We have target engagement with certain players to encourage them to better factor in their impact on ecosystems. However, in a world that is becoming ever more legalistic, we need to be prudent. We mustn't overpromise and underdeliver. That's why we have to emphasize quite honestly the limitations of a particular private sector action, the delivery of our net zero ambition as well as our commitments in terms of biodiversity depends on us, of course, but also many external factors that are beyond the field of action of our company. So our commitment is clear, but it's equally clear sighted. Without decisive and comprehensive action by governments, the world won't be able to reach a trajectory of 1.5 degrees. Score won't achieve its net zero ambition or reserve the loss of biodiversity by 2030. SCOR wanted to introduce this disclaimer this year so that each of our shareholders are made aware of the importance of our sense of responsibility and our clear-sighted approach regarding the limitations of our action. Lastly, beyond the environmental dimension, SCOR has set itself, notably as part of the Forward '26 plan, objectives in terms of inclusion, equal opportude to promote the best talents, both feminine and male and female in governing bodies. So the Executive Committee, the Board has set an ambition of 30% women at the committee by end of '26. It was exceeded at the end of '25. Women represented 33% of the ExCo. And you saw in '26, Exco has reached gender equality. So I'd say mission accomplished. Now as regards the group top management in order to have a mixed talent pool, a target in '21 was set for the top management of the group, 200enior executives above grade 60, and a target had been set. And in 2025, the proportion of women stood at 33% of that scope, whereas the ambition was 32%, '26. So there again, we've exceeded the target of 32% in '26. We exceeded it in '25. And given that momentum, we've reviewed and revised the ambition to extend it to 34% by 2027. Lastly, SCOR and to conclude, SCOR ensures that its people are regularly trained on key matters through annual mandatory training. I said that these training session reached a 100% attend -- you'll smile because obviously, mandatory, it's 100% having been in the company in the past where we also had mandatory training sessions where we had to thrash the Eco in September for anyone to attend. I'd like to hail the quality of SCOR's management leading us to the fact that in terms of compliance, cybersecurity, control of operational risks in the 3 lines of defense of AI, data protection, the 100% attendance rate was reached with naturally spread risk control to skills ensures that the headcount matches the requirements. Thank you.

Thank you very much, Augustin. We're going to move on now to the auditor's report. This has been put online, and I would give the floor, therefore, to Jennifer Manry, who works for Mazar, and she will give us the results that have been reached by the statutory external auditors. Thank you very much.

Hello to all of the shareholders. I'm going to tell you about the financial results 2025 for the annual accounts and the consolidated accounts. This year, there have been 10 reports to give to the different -- to this general assembly. The first 4 have to do with the annual accounts for the ordinary part of the assembly, and it deals with 4 different issues. On the annual accounts of SCOR SE, we have granted a certification without any reservations. We have seen that the adoption of the new accounting regulations is something that covers -- that behholdves all companies. We have this year concerning the -- we've taken a look at the evaluation of technical reserves concerning reinsurance treatment for the assessment of reinsurance premiums and of the different securities. Now without -- the observation is that without putting into question -- calling into question our opinion, we draw your attention to the application of the new regulation AMC 202206, relative to the modernizing of financial statements, such as described in the 5.1 note of the appendix to the annual accounts. For the consolidated accounts of SCOR, again, certification without any reservations. We have looked at the different items, estimating the insurance liabilities of life and non-life and evaluating deferred tax assets or seeing what has not been whether there are any tax deficiencies. And the report for the management of the group, we haven't seen any observation of severity or concord or with the consolidated accounts. We have also concerning the durability report on SCOR, we remind of the fact that SCOR has to remain compliant in the matters of CSRD. And we have looked at the scope and the nature of the mission. We have seen that there are no errors of missions or incoherent significances concerning Scope 3 that are linked to reinsurance activities. I'd like to move on now on the different collective agreements. These different collective agreements that we are aware of, we cannot actually pronounce as to whether they are well founded or useful. In our report, we can see that there are no new collective agreements. There is just one regulated one that is carried over from 2021, in line with the transactional agreement that was done between Covia and SA and Covia Gap. If we move on now to the extraordinary side of this General Shareholders' Meeting, we have come up with 10 reports for the Board that has to do with the capital and the issuance of stocks. We have checked the results of the Board's reports on this. We have no observations to make on the operations that have been made. You can see it in the USRD -- in the URD. And we will come up with additional reports should the need arise. You can see in the following slides, all of these different capital operations that have taken place. I'm getting to -- that is it for the presentation. Thank you very much on behalf of the external auditors.

Thank you very much, Jennifer. And I'd just like to take advantage of this opportunity to thank Mazar because they have considerably helped the Audit Committee. They have -- we've been able to work seriously and constructively with them during their mandate. I would also like to welcome today Mr. Sébastien Arnaud, Xavier [ Creon, ] who belong to PricewaterhouseCoopers, and they are to be proposed as the new external auditors. So thank you very much for being present with us here today. I think that we have finished with the presentations. We are running a little late. and we will move immediately on to the oral questions. I would like to inform you that some of these questions were actually sent by 2 of our shareholders, Mr. [indiscernible] that were sent in writing. So the answers given by the Board are available on the Internet website. I would now throw this meeting open to questions from the room. Are there any questions, please? I can see it firsthand. Somebody whom I know well in this Board and somebody that the Board knows well. Could you please tell us who you are each time?

Thank you very much, Jeff. You've given us a solvency ratio of 217% in 2025. Would that not be a good idea to actually increase the share investment to actually increase yields, profitability because for the investors who have had these shares for over 10 years or more, it is more profitable than bonds. But the downside is that it tends to immobilize capital. But the profitability that one could gain if you choose a good share portfolio is much higher if your portfolio is diversified. Second question for Mr. Romanet. How much did it cost to come up with this sustainability report? And what are the advantages that can be felt by the company because other companies that are not within the European Union do not have to do these types of reports. And if we're not actually benefiting from doing these reports, it's a bit somewhat unfair competition.

Well, concerning the investment policy, what we have to understand is that we are not aiming here every time to take risks and look for the maximum profit. It is to manage these portfolios in a prudent manner. We have a lot of regulatory constraints, be it on currencies and the type of investment. And that's why we do have a high share of bonds. Do you want to add anything?

No, no, I think that you summed it up very neatly. Now we are in Europe. You can't just take what is good and not accept what is difficult. And I think that Augusta would say the same. But as with many other companies, we criticized the CSRD with their 1,200 parameters. There are more than 3, 4, 5 or 6 KPIs. If you give more than that to somebody, an employee, then they simply won't work anymore. So I think that the European Commission is beginning to understand that bureaucracy does have its limits. And I think that, that is very good news for me personally, but also as CEO of SCOR.

[indiscernible] Campaign Manager for EMG Finance. Now every year, I have to come and see you during your shareholders' meeting. I've been coming for 4 years. And I'd like to come back to SCOR's sustainability engagements. In 2025, you set up your first policies on fossil fuels, investments in coal. And over the last 10 years, you've made a lot of progress. But we are also seeing that there is something that you have ignored to talk about, and that is LNG. You've been talking about the impact of the fossil fuels of the LNG terminals that you are accepting to reinsure, particularly in the United States. 1 or 2 impacts. You are violating local regulations, ejecting toxic products, supplying in shale, which is a method that is -- that is forbidden in France and also reinsuring companies that produce methane amongst other things. And if you look at the destructive effects of LNG, you can see that there's going to be an increase of 50% of all of the emissions between now and 2050. My question is the following. Your behavior and what the external auditors have said and the setting up of your ethics committee, what is all of that for SCOR is still accepting to reinsure some of the most polluting LNG terminals in the world. And you are going to be reinsuring new LNG terminals as well.

Thank you very much for this question, which is a very legitimate one. It's not the first time that we have evoked -- we approached this topic. The fact that since 2022 and onwards, there is more and more interest in LNG is clearly linked to Russia, the war between Russia and Ukraine. Now since 2023, there has been efforts to increase the deliveries of LNG to the world, which, to a certain extent, has been advantageous because otherwise it would be without energy. Now with Augustin, we are doing the best we can to come up with a diversified energy sources. We exited coal. We are finding new companies to reinsure in oil. But for LNG, it's true that we're in a gray zone, and we're not entirely satisfied by that. But it does show just how difficult it is to find the fine balance between reinsuring LNG or polluting sites on one hand and the fact that all of this enhances pollution. we have what is called a sustainability referral committee as well in which we talk about these issues. We are aware of what you are bringing up concerning some of the investments, and we do try to take them into account in our underwriting policies, which is -- but it's not systematic one way or the other. And if you have any more detailed questions, we will send you more detailed replies in writing.

I'm a private investor. Norges Bank had 5% shareholding. But at the end of 2025, they are no longer in your list, but you haven't commented on that. Can you tell us exactly why they left SCOR? And secondly, 86% of the capital has not been officially identified. Can you give us an idea of how many shareholders you have, what the breakdown is between French and foreign shareholders?

Well, you've caught me on the back foot concerning the fact that Norges Bank has pulled out of its participation. As you've seen, we have a great majority of long-term shareholders, and I'm pretty certain that in 2024, given the performance in life and the very big cleanup that we had to do in life, the shareholders who remain during those times did manage to come out on top afterwards. Most of shareholders are faithful to SCO and to the SCOR share, but everybody is fully free to decide if they decide to leave. And that's probably why you saw that this the threshold of 5% has actually been dropped. We don't have any other information, and we don't actually ever make any communications concerning shareholders who hold less than 5%. And as Fabrice Bregier has just pointed out, the certain choices are regularly made by shareholders. They increase. They cross the thresholds, they drop under the thresholds. Very recently, BlackRock fell below the threshold before, again, buying more. A comment without a microphone. Any comments questions without a microphone cannot be interpreted.

Yes. But if they surpass the threshold and they're not mentioned, I was just wondering whether it was an error, that's all.

No. Don't try to read between the lines. It's not an error.

No, no, I wasn't. I was -- I just wanted some information. The question is, is it only those who have more than 5% of shareholding that are actually mentioned in this list?

It's just something that I picked up. We'll check on that.

And what about the breakdown of the 96% of the remaining shareholders. Who are they? Are they French? Are they foreign? Are they Chinese?

Well, I think what counts here is that we have the largest proportion as possible of long-term shareholders. It's not always easy to keep your shareholders, particularly when the share price fluctuates quite wildly. And secondly, we are an independent worldwide reinsurer. And therefore, we have a great diversity in our shareholders. So I'm not at all shocked that there's 86% of shareholders that is above the threshold of 5%.

Now, I was just wondering how many? Can you just give me an idea? Is it 1/3, 2/3? You do roadshows. Do you get any feedback? I think that we must be in the average similar to other big French groups. You know that most of the capital is international in any case, if you're looking at the CAC 40 companies. I just wondered, did SCOR have -- was SCOR different at all?

Well, maybe we -- we do have French companies who are shareholders, but at a relatively modest level.

Another thing that I wanted to bring up concerning the members of the Board and the number of shares that they hold. I don't want to come back again about whether there is any conflict of interest amongst all of these stakeholders. Do you have an idea as to how they can solve all of these conflicts of interest? Or is it entirely left up to their own discretion?

You're talking about giving shares of 100,000 to 400,000. I just wanted to get back to your first point. For Norges Bank, we have not received any declaration as to the fact that they have fallen under the 5% stakeholding. In the URD, we indicate all of the notifications that we have had either to us as an issuer or to the MLF. And on your second question, I don't have anything specific that I want to reply to that. Again, no microphone. no interpretation. Any other questions? I don't see any other questions that are being raised. So let's move on now to the votes. Thank you for reminding me of my duties.

So I need to return to the script of my intervention. But since I'm going to hand over briefly to Claire, it shouldn't take long. I now have the final number of shares present or represented slightly higher than the number, 126,928,003 shares for 2,039 shareholders, and that's 70.99% of voting rights. We will now begin the vote on the resolutions. to be found in the notice of meeting and the convening notice or was that published in the mandatory legal notices bulletin in March last year, and we are now going to vote on the resolutions of this combined shareholders' meeting. Thank you. After a reminder of the purpose, the resolution will be put to the vote using the electronic devices that you received on arrival. Just a short video to remind you how the voting devices work.

[Interpreted] So let's now move to the vote on the resolution, starting with the ordinary resolution. First resolution, approval of the financial statements for the year ended December 31, 2025. The vote is open. [Voting]

No more voting. Approval 99.99, approval of consolidated statements for year-end December 31. No more voting. Approval 999, approval of income determinidend for year ended December 31, '25. Please vote now. [Voting]

Vote closed. Approval 99.99. Auditor special report and agreements referred to Article 235, 38 of the French Commercial Code. Please vote. [Voting]

Vote over. 99.89, approval information related to compensation of corporate officers referred to in Article 221091 French Commercial Code. [Voting]

Vote closed. 91.15, sixth, approval of the fixed variable exceptional components of the total compensation of benefits of any kind paid or awarded to Fabrice Bregier, Chairman of the Board for the year ended December 31. Please vote. [Voting]

Approved 8867 approval, fixed variable exceptional components of total compensation and benefits in kind paid or awarded to Thierry Leger, Chief Executive Officer for the year ended December 31, 2025. Please vote now. [Voting]

No more voting. Approved 92.64%. Eighth, approval of 2026 compensation policy for directors and observers for 2026. Please vote. [Voting]

No more voting. Approval 95.32%. Ninth approval of 2026 compensation for Chairman of the Board for 2026. Please vote now. [Voting]

Vote closed. Approval 91.61%. Tenth approval of 2026 compensation policy for CEO for 2026. Please vote. [Voting]

Vote closed. Approval 93.35%. 11th,renewal of the term office Mr. Director of the company. Please vote. [Voting]

Vote closed. Approval 99.18. 12 renewal of the term office Mr. Thierry Leger, Director of the company. Please vote. [Voting]

Vote closed. Approval 99.52. 13, Vanessa as Director of the company. please vote. [Voting]

Vote closed. Approval 88.72%. 14 renewal of the term of office of August Director of the company. Please vote. [Voting]

Vote closed. Approval, 95.1%. 15, appointment of Jacques as a Director of the company. Please vote. [Voting]

Vote closed. Approval, 72.28%. 16 appoint of Jean-Fracois as Director of the company. Vote open. [Voting]

Vote closed. Approval 99.96%. Renewal of KPMG as Statutory auditors vote open. [Voting]

Vote closed. Approval 98.87%. 18 renewal of KPMG statutory auditors in charge of sustainability information. Please vote now. [Voting]

Vote closed. Approval for 99.89%. 19, appointment of PwC audit statutory auditors. Vote. [Voting]

Vote closed. Approval 99.98%. 20, authorization granted to the Board to carry out transactions in the company's ordinary shares. Vote open. [Voting]

Vote closed. Approved, 97.32%. We now move to the extraordinary resolutions requiring a 2/3 majority 21, delegation of authority to the Board to decide on capital increases by capitalization of profits, reserves or premium. Please vote. [Voting]

Vote closed. Approval 99.98%. 22, delegation of authority to the Board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued with preferential subscription rights. Please vote. [Voting]

No more voting. Approval 94.33%, 23, delegation of authority granted to the Board to decide to issue as part of a public offering other than those referred to in Para 1 of Article 412 of the Monetary Financial Code, ordinary share securities giving access to ordinary shares without preferential subscription rights with a compulsory priority subscription period. Please vote. [Voting]

Vote closed. Approval 91.25%. 24 delegation of authority granted to the Board to decide to issue as part of a public offering referred to in Para 1 of Article 411.2 of the code, ordinary securities giving immediate access to ordinary shares to be issued without preferential subscription rights. Vote open. [Voting]

Vote closed. Approved vote 88.99%. 25, delegation to the Board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued to one or more person specifically designated by the Board without preferential subscription rights. Please vote. [Voting]

Vote closed. Approval, 89.46%. 26, delegation of authority to the Board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued as consideration for securities tendered to a public offer initiated by the company without preferential subscription rights. Please vote now. [Voting]

Vote closed. Approved, 95.7%. 27 delegation to the Board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued as consideration for securities tendered to the company without preferential subscription rights. Please vote. [Voting]

Vote closed. Approved 91.28%. 28, authorization to the Board to increase number of shares to be issued in the case of a capital increase with or without preferential subscription rights. Vote is open. [Voting]

Vote closed. Approval 86.10%. 29, to the Board to issue warrants exercisable for ordinary shares of the company without preferential subscription right for shareholders in favor of categories meeting criteria with a view to implement ancillary own funds program. Vote open. [Voting]

Vote closed. Approval 92.42%. 30, authorization to the Board to reduce the share capital by canceling treasury shares. Please vote. [Voting]

Vote closed. Approved 99.99%. 31, authorization granted to the Board to reduce the share capital by purchase option to employees and executive corporate officers, companies of affiliate companies with waiver of the preferential subscription rights. Please vote. [Voting]

Vote closed. Approved 96.7%. 32, authorization to the Board to award existing ordinary shares, ordinary share to be issued of the company to employees and executive corporate officers of the company and affiliated companies or groups. Please vote. [Voting]

Vote closed. Approved 93.23%. 33, delegation to the Board to carry out a capital increase by issuing ordinary shares reserved for members of the company's employee savings plan without preferential subscription rights in favor of such members. Please vote. [Voting]

Vote closed. Approval, 98.96%. 34 total maximum amount for capital increases. Please vote. [Voting]

Vote closed. Approved 95.12% 35 ratification of amendments to Article 19 of the company's articles relating to exercise of voting rights together with drafting additional amendments. Please vote. [Voting]

Vote closed. approved 99.81%. Last resolution, powers for formalities. Please vote. [Voting]

Vote closed. Approved, 99.79%. Thank you very much, Claire. This brings us to the end of our shareholders' meeting. Thank you for your attendance and for your support. I declare the meeting adjourned.