ENVIRONMENT. Download: Caisse des Dépôts 2010 Annual Report and Elan 2020 strategic plan. Contents

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1 ENVIRONMENT Caisse des Dépôts Group places environmental and sustainable development concerns high on its agenda. The objective of managing the environmental footprint of The institution and its subsidiaries has resulted in a host of concrete commitments to reduce greenhouse gas (GHG) emissions, prevent pollution and use resources in a sustainable manner. These measures address two major environmental challenges, namely climate change and biodiversity. GHG emissions reductions targets apply to all Group businesses, including housing and urban planning, enterprise, universities and innovative environmental solutions. As a long-term investor, the environmental challenges facing the Group are directly related to its investment and financing choices, or to its decisions as a stakeholder in urban planning and infrastructure, which represent its core business. However, the Group also pays attention to the impact of its day-to-day operations and tries to encourage its employees to adopt the highest environmental standards by giving them the tools they need in their day-to-day work. Caisse des Dépôts Group s environmental strategy and initiatives described in this report are presented in detail in its 2010 Annual Report. Download: Caisse des Dépôts 2010 Annual Report and Elan 2020 strategic plan Contents ENVIRONMENTAL IMPACT OF BUSINESSES Real estate, housing and sustainable cities p.2 Infrastructure and sustainable mobility p.3 Managing biodiversity p.4 Climate change p.5 Renewable energy p.6 Tourism p.7 ENVIRONMENTAL IMPACTS OF DAY-TO-DAY OPERATIONS AND ECO-FRIENDLY BEHAVIOUR Ecotidien p.8 1

2 Real estate, housing and sustainable cities CHALLENGES FACING GROUP BUSINESSES The main environmental impacts of the real estate business concern grey energy produced during construction work and at the end of the life of a building, as well as energy used in managing buildings. In line with the Group s commitments, each entity has its own strategy to limit its environmental footprint. SNI As part of the social utility agreement signed with the French government, SNI carried out an energy performance analysis of its entire portfolio, to be used as a basis for its strategic energy plan. SNI aims to have its property portfolio classified as category C by 2020 (i.e., less than 150 KWh of primary energy per square metre per year), with energy consumption cut by around 38%. A carbon footprint analysis will be carried out every three years as from 2012 to monitor progress. Since 2010, all new housing units have been systematically built to BBC RT 2005 Effinergie high energy performance standards. The Group has continued its energy retrofit policy for the existing buildings in its portfolio with average energy consumption of 207 KWh of primary energy per square metre in Several awareness campaigns have been run to encourage the use of energy efficient light bulbs. As a result, 657,000 discount vouchers were handed out to the Group s lessees for the purchase of low energy lighting. Icade Icade was the first property company to carry out a comprehensive carbon footprint analysis of its activities (Bilan Carbone ) in 2007 and to publish the findings in its 2008 report. Following this first assessment, Icade undertook to reduce its carbon footprint by 10% over 3 years. To achieve this, it developed two tools in 2009: a portal for carbon emissions arising from operations, setting out mitigation solutions for operators, and a Cecoba calculation tool to measure the carbon impacts of property development projects according to construction method used. In 2010, Icade carried out a new carbon footprint analysis which allowed it to gauge the changes in its main carbon emitting sectors. The findings of this assessment show that grey energy in buildings accounted for around 50% of total carbon emissions. Icade also continued its exemplary building programme, with two commercial real estate projects. The experience gleaned from these projects will enable the Company to embark on other high quality environmental initiatives, including renovation of Le Beauvaisis, a 12,000m² building which will consume the same energy as a new BBC energy-efficient development; construction of a new 30,000m² building with an energy performance that is superior to BBC energy efficiency requirements (excluding renewable energy offsets); and a 40% reduction in its carbon footprint. In 2010, Icade also decided that all new housing units (awaiting building permits) would be built to BBC high energy performance standards. It is preparing to turn a site mainly comprising commercial property into an eco-neighbourhood, and has set very ambitious energy targets for its Entrepôts et Magasins Généraux de Paris (EMGP) site. Key figures: Development property: 681kg of carbon equivalent/m 2 Investment property: 101kg of carbon equivalent/m 2 Employee business travel: 2.3 tons of carbon equivalent/employee/year Impact of performance of buildings in construction or planning phase: Energy saved: 2.4 TWh over 30 years, or 375,375.6 million tons of carbon equivalent Savings Funds 2

3 In line with the aims of the French government, the Savings Funds are being used to support a structural housing energy retrofit policy. In 2010, Caisse des Dépôts signed social housing rehabilitation eco loan agreements to carry out major retrofit work in 25,000 social housing units identified as a priority by the government s Environmental forum (Grenelle de l Environnement), and minor refurbishments in over 200,000 housing units. These agreements represent 1,625 million in Savings Funds loans. Energy retrofits funded by social housing rehabilitation eco loans resulted in estimated savings of 1.1 million tons of CO 2 over 30 years, based on loans granted in 2010 (25,000 housing units) and 2.6 million tons of CO 2 based on loans agreed to at the end of 2010 (56,000 housing units). Caisse des Dépôts Group is currently considering new investment tools to promote urban intensification and the green component of property assets. Ginkgo In 2010, Caisse des Dépôts, in partnership with the EIB and KFW, created Ginkgo, first land clean-up fund, with capital of 15.6 million. Infrastructure and sustainable mobility Mobility has an environmental impact in terms of the type of network in place and how it is operated. Each entity engaged in these businesses CDC Infrastructure in investment, Egis-Iosis in engineering and operations or Transdev in mobility services endeavours to reduce its environmental impact by implementing specific measures. A groupwide carbon footprint calculation tool (CO 2, water, biodiversity, pollution, etc.) is currently being developed by a cross-disciplinary Group committee. CDC Infrastructure investments and Savings Funds loans Sustainable development issues are considered when analysing potential transport infrastructure investments. In 2011, CDC Infrastructure carried out a carbon footprint analysis of infrastructure in which it holds a stake and set targets for reducing the carbon footprint of its portfolio in the medium term. Through the Savings Funds, Caisse des Dépôts finances major rail, river and reserved-lane public transport infrastructure. Aerospace and motorway projects are not eligible for loans from the Savings Funds, which focus on carbon-light initiatives. In 2010 for example, the Savings Funds pledged 243 million to finance reserved-lane public transport solutions (TCSP) out of the transport infrastructure financing budget authorized by the Ministry of Finance. Egis-Iosis In 2010, Egis rolled out Tendem Empreinte, a system designed to optimise the sustainable development performance of infrastructure and urban development projects. It designed three ecobenchmarkers for assessing various road infrastructure solutions in terms of carbon emissions and energy performance. Egis Sustainable Development Committee now works with external stakeholders. In 2011, Egis will press ahead with developments in the less carbon-intensive rail and water industries and pursue innovative climate change adaptation solutions. Egis expertise helps circulate best practices across the Group (e.g., visits to exemplary infrastructure projects). Transdev Transdev completed a carbon footprint analysis of all of its operating facilities following its development in 2009 of a tool measuring the carbon credentials of products and services aimed at optimising network operations. This tool has been tested with several local authorities and will be incorporated into all of its products and services in

4 Managing biodiversity Egis Egis was awarded first prize in the 2010 Business and biodiversity awards organised by MEDDM (French Ministry for ecology, sustainable development and the marine) and France s Environment and Energy Management Agency (ADEME) for its innovative work on eco-cavaliers. Following a multiannual R&D programme, Egis has designed biodiversity-friendly underwater areas similar to ecological reefs. The Company has also leveraged its expertise and skills in waste treatment and polluted sites/soil with the creation of Egis Waste Management at the end of Société Forestière and CDC Biodiversité Created in 2008, CDC Biodiversité designed the first biodiversity offset solution in France aimed at getting this new market up and running. In 2010, it entered into a large-scale agreement for offsetting the environmental damage caused by the A65 motorway to the eco-systems along its route. On behalf of the A lienor (Eiffage) consortium, CDC Biodiversité will secure and preserve 1,370 hectares of natural ecosystems for a period of 55 years, based on an ecological equivalence" approach. The launch of the Patrimoine Nature Innovation fund by Société Forestière in 2011, and Société Forestière s creation of a new subsidiary, Nature Gestion, will enable some 20,000 hectares of land to be acquired over the next six years for the purpose of ecosystem and landscape preservation. CNP Assurances and hedge In compliance with France s Forestry Act of 2001, CNP Assurances approved a sustainable management charter defining the commitments made by Société Forestière, the company in charge of managing its forests. In 2003, in addition to ISO 9001 certification, all of the woodland in CNP Assurances portfolio was certified by the Pan European Forest Council (PEFC), which guarantees that timber is sourced from sustainably managed forests. CNP Assurances forest management plans also aim to protect biodiversity. In 2010, exemplary measures were taken to rehabilitate a peat bog in the northern Morvan region and to protect the marbled newt from extinction. For the past six years, money donated by CNP Assurances employees to a tree planting initiative in Brazil has been matched by the Company. Organized during Sustainable Development Week, the campaign enabled 4,000 trees to be planted in Brazil s Atlantic Forest. Carried out in line with biodiversity principles, these tree plantings also provide income and training to poor communities in the region. In Brazil, Caixa Seguros has a 30-year responsible forest management plan that mainly involves protecting tree and animal species. The forest inventory conducted in 2010 showed an increase in biodiversity and an improvement in water quality in the Ribeirão dos Macacos watershed. 4

5 Climate change Egis-Iosis Egis Iosis stepped up its investments in joint research projects in 2010, with contributions to several research programmes focusing on urban planning tools, adapting urban infrastructure to climate change, and Territorial Climate-Energy Plans. Egis also conducted a survey on local politicians views on moving from low-density housing neighbourhoods towards a higher quality, less costly urban intensity model. CDC Climat CDC Climat was created at the beginning of 2010 as a long-term investor and specialist service provider. CDC Climat has a threefold impact on climate change mitigation and adaptation through its various businesses: 1) The design of services and tools essential to the implementation of climate change policies, in particular emissions trading systems (registers, exchange and portfolio management systems, emissions measurement and control mechanisms, services provided to carbon markets, etc.). These services target both public authorities and market players and are aimed at facilitating trading in carbon markets by making them extremely secure and reliable. More generally, CDC Climat invests in services which promote a low carbon economy. It owns 40% of BlueNext, a spot carbon trading market, and is a shareholder of Metnext, a supplier of decisionmaking tools for weather-sensitive activities 2) Investment in carbon assets: CDC Climat invests in carbon credits generated by environmental project mechanisms created by the Kyoto Protocol. It invests in assets with a demonstrably high environmental quality, covering renewable energy, energy efficiency, small-scale hydro power, and the recovery of waste and biomass. CDC Climate invests primarily in areas where few projects have been developed to date, including the Mediterranean, sub-saharan Africa, Europe and France. Its direct investments are managed by its subsidiary CDC Climat Asset Management, which was given a 60 million investment mandate in September The company also invests in carbon funds alongside other long-term investors (EIB, KFW, Cassa depositi, etc.). In May 2010, CDC Climat launched the Mediterranean Carbon Fund project initiative, which should see the light of day in Overall, CDC Climat aims to use its investments to cut carbon emissions by at least 60 million equivalent tons by ) Climate change economics research: CDC Climat s research team produces independent, objective analyses for public authorities, market players and the general public. Its research is focused on emissions trading markets in Europe, emissions reduction project mechanisms, local authorities and climate change adaptation, and carbon recovery in the forestry and timber industries. The European Carbon Fund and domestic French carbon initiatives, which gained impetus from these policies, are also starting to deliver the environmental and financial benefits initially promised. CNP Assurances CNP Assurances is France s largest private owner of woodland, with forests representing a total of 49,000 hectares. Plans for managing these forests anticipate the effects of climate change, by selecting a diverse range of tree species that are suited to the soil. In 2010, tree growth enabled the storage of 387,500 tons of carbon dioxide. After deducting woodlands sold during the year and trees cut down following severe storms in January 2009, net new trees planted in 2010 represent an additional 79,500 tons of CO 2. 5

6 Renewable energy Caisse des Dépôts investments in renewable energy are undertaken in joint projects with emerging players in the industry and aim to boost regional development. Investments in renewable energy totalled 156 million at end-2010 and increased generating capacity by 540 MW. In 2010, Caisse des Dépôts acquired a stake in a subsidiary of a local gas distributor, Gaz Électricité de Grenoble, involved in developing generating capacity from renewable sources of energy. In view of stricter regulations on wind power and new-look solar power financing arrangements, in , Caisse des Dépôts investments in renewable energy will boost generating capacity by at least as much again by stepping up its involvement in the biomass sector. This will generate significant benefits at regional level. Carbon footprint analyses or equivalent in Caisse des Dépôts Group Scope Tracked on a daily basis Business impacts Caisse des Dépôts Yes Partial (real estate and housing) CNP Assurances Yes No FSI No No CDC Entreprises Yes No, but incentives for companies to adopt this approach Qualium Investissement Yes No CDC Infrastructure In progress CDC Climat Only employee Reduction target for operations as from business travel 2013 Société Forestière No Estimation of carbon storage in forests CDC Biodiversité No No SNI Planned Data available (energy and CO 2 ) Icade Yes Yes Veolia Transdev No Data available Egis Partially R&D method in progress Compagnie des Alpes No Partial (purchase of clean energy) Belambra Partially Yes (2007) 6

7 Tourism Belambra Belambra carried out a carbon footprint analysis (Bilan Carbone ) of its activities in order to identify areas in which it could effectively reduce its carbon footprint carbon footprint analysis results: Total emissions in 2007: 47,068 tons of carbon equivalent, i.e. 17kg of carbon equivalent per overnight stay. 50% of emissions (carbon equivalent) result from transporting holidaymakers and Belambra staff. 27% of emissions (carbon equivalent) are related to energy consumption in the clubs. 12% of emissions (carbon equivalent) are related to input materials (food and drink and cold storage, excluding packaging). 10% of emissions result from waste. Since most emissions are caused by behavioural factors, in 2010 a poster highlighting environmental concerns was displayed at the reception of each club. The poster set out management s sustainable development goals along with four essential eco-friendly reflexes to have while on holiday (turning off lights, reducing water consumption, recycling waste and protecting the natural environment). Customers accommodation suites are now equipped with household appliances with an A energy performance label and flow reducers have been fitted to taps, shower units and toilet flushes. Other initiatives carried out in 2010: - Feasibility study for switching to wood pellet fuel at a club in the mountains. - Belambra decided to equip its clubs with electric passenger vehicles. In all, 30% of clubs have been supplied with these vehicles so far. - Some 116,000 trees and shrubs have been planted since 2008 at 60% of recently refurbished clubs. - Standard bathroom linen has been replaced with an eco-friendly alternative bearing the Confidence in Textiles OEKO-TEX label. This label is given to textiles produced in an environmentally friendly manner goals: - Raise awareness among technical teams and cleaning staff regarding energy consumption and eco-friendly behaviour. - Draft a green maintenance guide to optimise energy consumption and avoid waste (advice on temperatures, heating time for equipment, settings and timing of heating and air conditioning, etc.). - Promote eco-friendly reflexes at clubs through self-assessment checkpoints. - Push for waste recycling in communities not yet equipped with recycling facilities. - Introduce carbon equivalent-type environmental reporting based on practices recommended by ADEME. 7

8 ENVIRONMENTAL IMPACTS OF DAY-TO-DAY OPERATIONS: ECO-FRIENDLY BEHAVIOUR Ecotidien In 2010, Caisse des Dépôts launched its own in-house environmental action plan known as Ecotidien. Ecotidien is headed up by the General Secretary and covers the 11 areas targeted in These include: Reducing paper consumption (down 7.2%); Introducing organic food and drink in canteens (March 2011); Stocking green and environment-friendly products (furniture, paper, etc.): these represented 26% of purchase volumes in financial terms in 2010; Developing videoconferencing and introducing a travel charter: this led to a 9% increase in rail travel and a drop in air travel (flights between Paris and Bordeaux, which account for 45% of domestic flights, were down 9%); Transferring to green electricity contracts at Parisian sites, carrying out energy audits and implementing solutions to reduce energy consumption (flow regulators, presence detectors, etc.); Introducing selective recycling at the small number of sites where this is not yet available; Significantly increasing the use of outsourcing from companies specialized in integrating or employing a majority of disabled workers ( 745,000 of purchases in 2010 versus 209,000 in 2009). At the end of 2010, a carbon footprint analysis focusing on was launched with the aim of targeting further areas for efficiency gains. Close attention will be paid to training and change enablement to guarantee that these goals are met and that the approach is continued indefinitely. 8