REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE)

This report provides the pre-issuance verification findings by Vigeo Eiris for Société Générale SFH’s first Green Covered Bond issuance in 2019. The verification confirms that the bond's framework and the selection of eligible residential mortgage loans align with the Climate Bonds Standard version 2.1 and the Low Carbon Buildings Standard Version 1.0.

• The proceeds of the Green Covered Bond are intended to refinance 'Eligible Loans', specifically Green Residential Mortgages for low carbon buildings, including private dwellings and multifamily residential buildings in Metropolitan France.
• The bond's environmental objectives include estimated annual energy savings of 90,695 MWh and the avoidance of 15,926 tCO2eq of greenhouse gas emissions. These figures are based on a third-party survey by Phebus comparing RT 2012 dwellings against a baseline dwelling in mainline France.
• To ensure eligibility, the Issuer uses a methodology developed by an independent third party. Residential properties are deemed eligible if they have a construction permit issued after January 1, 2013, and comply with the Thermal Regulation RT2012 standard, provided the mid-point of the bond term is no later than June 30, 2025.
• The Issuer has established a Positive Impact Covered Bond Committee, consisting of project team members and employees from the parent company, Société Générale, to oversee the issuance process and ensure adherence to the Framework.
• Société Générale SFH commits to allocating 100% of the net proceeds immediately upon issuance, meaning no unallocated proceeds are expected to be outstanding. Net proceeds will be tracked within the Société Générale Group’s Treasury IT system.
• The net proceeds of the bond represent approximately one-third of the total portfolio of Eligible Loans. The refinancing focuses on loans with an initial drawdown starting after January 1, 2015.
• The Issuer has committed to a review of the bond after one year to reaffirm its conformance with the Climate Bonds Standard.

APA

Climate Bonds Initiative (2019). REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE). https://www.climatebonds.net/files/drupal-files/files/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_Pre_issuance_Assurance_Report_Final.pdf

Chicago

Climate Bonds Initiative. REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE). 2019. https://www.climatebonds.net/files/drupal-files/files/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_Pre_issuance_Assurance_Report_Final.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE) |date=4 July 2019 |url=https://www.climatebonds.net/files/drupal-files/files/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_Pre_issuance_Assurance_Report_Final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019report, author = {{Climate Bonds Initiative}}, title = {{REPORT OF FACTUAL FINDINGS (AGREED-UPON PROCEDURE)}}, institution = {Climate Bonds Initiative}, year = {2019}, month = jul, url = {https://www.climatebonds.net/files/drupal-files/files/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_Pre_issuance_Assurance_Report_Final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }