This document discusses environmental, social, and governance (ESG) criteria for analyzing companies in the food processing sector for investment purposes. It outlines both comprehensive and mainstream approaches. The comprehensive approach involves SRI funds that integrate ESG analysis throughout the investment process using internal and external resources. Key ESG issues for the food sector are also identified, including protection of biodiversity, human rights in supply chains, food safety, and access to food. A sector supplement is available to help investors assess companies on these important criteria.

1. Food processingsectorESG analysis for investmentMay 28th, 2010 Presented by Carole Crozat

2. 2 Table of contents SRI funds : a comprehensive approach Mainstream funds : key ESG criteria

4. AGF Valeurs Durables

5. Equity market SRI product (best-in-class)

6. Allianz Euro Credit SRI

7. Bond Market SRI product

8. Allianz Securicash SRI

10. Thematic fund: Environment

11. Allianz Citizen Care SRI

12. Thematic fund: Protection of the citizen/consumer and his environmentGlobal SRI Approach AGF Valeurs Durables Allianz Euro Crédit SRI Allianz Sécuricash SRI New Environment AGF Euréco New

13. 4 1. SRI funds : a comprehensive approach SRI resources Internal resources : 10 managers and analysts Extra financial rating agencies : Vigeo, Eiris, Innovest, Oekom SRI Orientation Committee composed of 14 members, 10 of whom are independent SRI Internal Committee : coordination of SRI equity / fixed income research Brokers’ SRI analysis (SG, Cheuvreux, Oddo...) Management and CSR supervisors (corporate social responsibility) / Sustainable development firms Stakeholders (NGOs, unions…) Authorities and multi-stakeholders initiatives (eg. Global Reporting Initiative or Responsible Investment Forum, Initiative for the Transparency in the Mining Industries)

15. 6 1. SRI funds : a comprehensive approach Analysis of the companies’ ESG positioning External research (NGO, media) Internal Research (company meetings) Extra-financial rating agencies (Vigeo, EIRIS, Innovest) Specific sources of information Corporate governance Environment Social development Business behavior Humans right respectDiscriminating criteria 20 % 30 % on average (from 20 % to 40 %) Evaluation of 5 ESG criteria on a scale from 0 to 4 with a sector approach 30 % on average (from 20 % to 40 %) 20% on average (from 10 % to 30%) AllianzGI France ESG database AllianzGI France ESG Rating (0 to 4)

16. 7 1. SRI funds : a comprehensive approach The extra-financial criteria in detail : the Food Processing sector

17. 8 Material ESG issues in the Food sector 2. Mainstream funds : key ESG criteria Environment Social Governance Protection of biodiversity (sustainable agriculture and fishing, GMOs) Human Rights issues in the supply chain Food safety Product waste management (packaging disposal) Management of restructurings Promotion of healthy products / information and marketing Impacts of transportation Access to food Protection of water resources Key areas addressed by the Food Producers Sector Supplement

18. 9 Company screening on major ESG issues Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Company 8 Company 9 Company 10 Company 11 Protection of biodiversity Product waste management Impacts of transportation Protection of water resources Environment Human Rights issues in the supply chain Management of restructurings Food safety Social Promotion of healthy products / information and marketing Access to food Governance

19. 10 FPSS : how does it fit the investor’s needs ? 2. Mainstream funds : key ESG criteria Environment Social Governance Protection of biodiversity (sustainable agriculture and fishing, GMOs) Human Rights issues in the supply chain Food safety Product waste management (packaging disposal) Management of restructurings Promotion of healthy products / information and marketing Impacts of transportation Access to food Protection of water resources Key areas addressed by the Food Producers Sector Supplement

20. 11 Food Producers Sector Supplement : some key inputs Protection of biodiversity Product waste management Impacts of transportation Protection of water resources Environment Human Rights issues in the supply chain Management of restructurings Food safety Social Promotion of healthy products / information and marketing Access to food Governance FP 1 EN 11 FP 2 EN 13 FP 7 FP 7 FP 3 FP 6 FP 5 FP 4 FP 8

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