SR-highlight. January Editorial. Franca PERIN Head of SRI Research. For Professional Investors Only

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1 Editorial This issue of our newsletter,, deals with the telecommunication services sector, that has a strong impact on both society and the economies within the European Union. According to the Global Information Technology Report of the World Economic Forum (WEF), a 10% increase in digitization leads on average to a 0.6% increase in percapita GDP, a 0.8% reduction in the unemployment rate and a 6.4% increase in the innovation trend. At a time when European economies are struggling to get back on track, one of the growth drivers might be just there! Governments seem to be fully aware of the decisive role of Information & Communication Technology (ICT) in bolstering growth and competitiveness and have, accordingly, been supporting investment in next-generation networks for several years. The EU Digital Agenda, adopted in May 2010 as part of the European 2020 growth strategy, sets rather ambitious targets and reflects a genuine political will to make access to media and telecommunication a universal right for all citizens. Moreover, European customers have indirectly benefited from the regulatory pressure on tariffs imposed upon operators. Franca PERIN Head of SRI Research Less impressive, however, is the fact that the EU is lagging behind mature markets such as the US, Japan and South Korea, in terms of network infrastructures. Low costs for customers, coupled with the low penetration of next-generation networks leave little leeway for operators to monetize their services. The Average Revenue Per User (ARPU) within the European Union is one of the lowest in the world. That being so, business restructurings do not come as a surprise and this is one of the main hot topics addressed in our analysis. The aim of our analysis is to know more in details the aforementioned issues and to distinguish companies that apply best practices from those that still have a long way to go. Enjoy the reading and Happy New Year!

2 Relevant issues in the SRI analysis of the Telecommunication Services sector Our main CSR (Corporate Social Responsibility) topics for the Telecommunication Services sector are summarised in the following chart. We have chosen to rate the performance of companies on the basis of a series of 9 ESG relevant issues (represented by the blue bars in the chart below): Quality, Safety, Access & Responsible Use, Community Impact, Unfair Competition, Waste Management, Greenhouse Gases, Work Conditions and Employment Conditions of the Supply Chain. Source: Generali Investments Europe S.p.A. SGR December 2014

3 Relevant Sustainable Issues in the SRI analysis of the Telecom sector For each company, in our SRI universe, we evaluated the impacts (main topics) of both extra-financial risks and exposure to business opportunities (concrete impact / materiality). Relevant issues Main topics Materiality Quality Safety Access and responsible use Community impact Unfair competition Waste management Greenhouse gases Work conditions Employment conditions in the supply chain Quality of networks and services Customer relations Data protection and customer privacy Safety of networks and adherence to the precautionary principle with regard to radiofrequency electromagnetic fields Protection of vulnerable customers and responsible marketing Social tariffs & Base Of Pyramid (BOP) offerings Digital inclusion & accessibility of services Community investments & promotion of socio-economic development Development of solutions related to basic needs (healthcare, education, MFS) Robustness of the compliance system Controversies related to business practices Eco-design and environment-friendly products Management of e-waste (including collection of handsets) GHG emissions & energy use Green solutions for customers Valorisation of human capital Social dialogue and employee satisfaction Health & safety standards Integration of social considerations in the management of the supply chain Attention paid to conflict minerals - EU Digital agenda: 100% of citizens covered by basic broadband (100% broadband coverage of over 30Mbits/s and 50% use of connections of more than 100 Mbit/s); 75% of residents who regularly use Internet; Internet (60% of vulnerable groups who regularly use it; a maximum of 15% of the population who have never used it); E-commerce (50% of the population who buy online; 33% of Small & Medium sized enterprises (SME) that buy and sell online); 50% of citizens who use public authorities digital services. *Customer retention is a key challenge as the cost of switching from one company to another is low. - Several laws on data protection & privacy have been adopted both at national and EU levels. - Several data theft cases this year (e.g. France Telecom-Orange: data of 800,000 users stolen in February 2014 and 1.3 million in May 2014) -> a serious issue to be addressed by companies to protect user privacy. - Direct cost of cyber crime = $445bn to the global economy in 2013 (McAfee). - The World Health Organization (WHO)/International Agency for Research on Cancer (IARC) classifies radiofrequency electromagnetic fields as possibly carcinogenic to humans (2011). Specific Absorption Rate (SAR) values must not exceed 2 W/kg according to EU legislation. - With 4 billion inhabitants in the world living with less than 2 dollars per day, adopting a BOP approach, by offering solutions such as mobile banking can generate positive spillovers for emerging economies and growth for telecom companies. - Vodafone mobile payment solution m-pesa has 18 million active customers in 10 countries (+18% in 2013/2014); 2.8 billion transactions (+27% from 2012/2013); growing revenues (+22% in Kenya to $300m from 2012/2013, +125% in Tanzania to $65mn from 2011/2012) + Orange Money (10.8 million users, 13 African countries, 14% of the total number of Orange customers) billion people in the world still do not have Internet access. - A 10% increase in digitization leads on average to a 0.6% increase in per-capita GDP, a 0.8% reduction in the unemployment rate and a 6.4% increase in the innovation trend (Global Information Communication Technology Report, Word Economic Forum, 2012). - Telecom operators have been fined amounts running into hundreds of million of euros for anticompetitive practices ( 117.4m for France Telecom in 2012, 103.7m for Telecom Italia in 2013, 152m for Telefonica in 2014, etc.). - The Waste Electrical & Electronic Equipment (WEEE) directive imposes collection targets for 2016: 85% of waste electrical and electronic equipment generated should be separately collected and treated => Telco operators accountable. - ICT-enabled solutions offer the potential to reduce annual CO2 emissions by an estimated 9.1Gt by 2020 (GeSi-Global e-sustainability initiative-smarter 2020 report). - Staff costs represent between 20 and 25% of revenues for historic national operators, with up to 1/3 of public sector employees, which poses the problem of flexibility in a restructuring context. *More than 70,000 accumulated job losses in the Telco sector in Europe between Jan 2007-Feb 2013/4900 job cuts expected in the next 2 years at DT. - Psychological risks badly need to be mitigated in times of business restructurings ( new waves of suicides at Orange: 11 in 2013, 10 between January and March 2014) - The UK Bribery Act and the US Foreign and Corrupt Practices Act (FCPA) require the risk of corruption in the supply chain to be monitored. Source: Generali Investments Europe December Conflict minerals such as tin, tantalum, tungsten and gold, are often mined in China or in Central African nations where they are frequently linked with armed conflicts. Since 2010, listed US companies have been subject to the Dodd-Frank Act ; Title 15 (Section 1502) of this Act requires companies using certain conflict materials to make corresponding disclosures in their annual financial statements. At European level, a public consultation held in March 2013 is now being used by the EU as the basis for its decision on the strategy and features of a European initiative on conflict minerals. Source: Generali Investments Europe S.p.A. SGR December 2014

4 Major corporate social responsibility topics in the telecommunication services sector Key issues: Among the nine relevant issues that we take into account in our analysis, some topics are particularly interesting for the telecommunication services sector and deserve a specific focus. Safety/Electromagnetic Fields (EMFs) The World Health Organization and the International Agency for Research on Cancer (IARC) classified radiofrequency electromagnetic fields as possibly carcinogenic to humans in The European Union has followed the recommendations of the International Commission on Non-Ionizing Radiation Protection (ICNIRP) and requires mobile phones to have a Specific Absorption Rate (SAR ) that is under 2W/kg. While operators do not produce them directly, we value responsible marketing as well as efforts to raise customer awareness. Best practices include financing academic research on electromagnetic waves and publishing brochures for customers. Safety/data protection and government surveillance Data protection encompasses both reputational risks and business opportunities for telecom providers. At a time when big data is said to be the next big thing, there is little doubt that customers will pay more and more importance to the way in which their personal data are used. Whether they will be more reluctant or more likely to give up playing the game in the future will depend mostly on the ability of companies to be more transparent and reassuring. In our analysis, we value companies that disclose information regarding thefts and losses, but we give even more credit to those that are not affected by such incidents. Other criteria we examine closely include: the hierarchical level at which data protection issues are overseen; ISO certification; solutions to empower customers and entitle them to exercise closer control over personal information; the development of training and compliance programmes to avoid human errors; the decision of some companies to turn data protection into a business etc. At a time when fairly stringent European legislative proposals are being prepared, EU-based and non-eu based companies must invest massively in data security. The appointment of a data privacy officer and the development of privacy compliance programmes should soon become compulsory. Moreover, breach notification is expected to become a legal duty as well, while sanctions in respect of data losses and thefts could soon reach 5% of global annual sales. This being said, we consider the protection of customer data as a very material issue. Another topic of concern is that of surveillance. As part of the their surveillance of communications governments and authorities are imposing obligations on telecommunications companies in the context of Source: Generali Investments Europe December 2012 criminal investigations and national security issues. We value companies that adhere to the guidelines of the UN Office of the High Commissioner of Human Rights. They should, whenever possible, seek government clarification with regard to the scope and legal basis of requests for information, require court orders before meeting government requests for data, and communicate transparently with users about risks and compliance with government demands.

5 Major corporate social responsibility topics in the telecommunication services sector Key issues: Community impact - Access and responsible use/bottom of the pyramid approach Adopting a Base Of Pyramid (BOP) approach may be a winning solution at a time when mature telecommunication markets are saturated. For the record, Internet, a growth enabler for emerging and developing countries, still cannot be accessed by 1.3 billion people in the world. We value companies that help bridge the digital gap and contribute to socio-economic development. Best practices include offerings related to basic needs (e-health, e-education, mobile banking solutions, etc.), social tariffs, and training tools for specific categories of the population (e.g. disabled people, the elderly, unemployed people, etc.). Unfair competition/controversies and allegations related to business practices According to Transparency International, the Integrated Telecommunication Services industry is one of the most corruption-prone sectors due to the diversity of players across regions, intense competition and stringent government and regulatory norms. Once again, this year, telecom providers have been fined up to hundreds of million euros for controversies related to business practices. These include, for instance, breaches of anticompetitive rules (margin squeezes), breaches of fundamental human rights, corruption and bribery, as well as tax optimization schemes (legal, but potentially harmful to reputation, e.g. Vodafone). In our analysis, we prefer companies that can demonstrate a robust compliance system (legal safeguards, anti-corruption training for employees, whistleblowing channels for employees and business partners, internal compliance audits and group and national-level compliance teams, etc.) over those with poor information disclosure levels. Furthermore, as much as we do not consider codes of ethics and conduct as sufficient safeguards, we pay considerable attention to the track records of companies. Below is a non-exhaustive list of fines paid by telecommunication companies covered by us: Company Year Amount Orange m + 100m to settle two cases with Bouygues Telecom Orange m KPN m Telefonica m Telecom Italia 2013 Source: Generali 103.7m Investments Europe December 2012

6 Major corporate social responsibility topics in the telecommunication services sector Key issues: Work conditions/business restructurings As mentioned in the editorial, business restructurings are one of the sector s hottest topics and represent a social challenge. In a number of companies for example Deutsche Telekom around 10% of the total headcount, if not more, are subject to social plans. In addition to the fact that a significant proportion of employees are unionized, operators having public sector employees among their staff have limited restructuring leeway. We value companies that are committed to managing reorganisations responsibly, in particular through solutions designed to mitigate psychological risks, reskilling and phased retirement programmes, early retirement schemes, temporary deployment solutions, etc. Overall, apart from a fresh wave of suicides at the beginning of the year at Orange, work conditions within the sector are good. Best practices include, among others, a high number of employee training hours, low employee turnover rates, the integration of customer satisfaction into the variable pay component of managers, low accident rates and the implementation of work-life balance solutions, etc. Company Telefonica Belgacom. Deutsche Telekom KPN Swisscom Number of jobs at risk Total agreed number of redundancies (over 6,800) reached in ,600 job cuts announced in October job cuts announced in November 2014 The company s CEO, Dominique Leroy, is currently finding ways to avoid a restructuring plan: stabilization of wages, reduction of work volumes thanks to investment in IT, leaner organization, reduction in the number of top group resources (TGR), possibly a few job cuts, etc. 47,600 job cuts between 2008 and ,900 job cuts in the next 2 years at T-systems IT unit in Germany + between 2,000 and 2,500 job cuts in T-System s international operations Already 4,650 job cuts between 2010 and between 4,000 to 5,000 job cuts targeted by between 1,500 and 2,000 further job cuts by 2016 in the Netherlands New social plan entered into force in 2013, with 250 jobs at risk Employment conditions of the supply chain Operators should not only check Tier 1, but also Tier 2 and Tier 3 suppliers, i.e. where most human rights breaches occur (indecent wages, excessive working hours, child labour, etc.). In our opinion, operators should join forces to audit common suppliers, as is the case with the Joint Audit Cooperation, an association of 10 telecom operators, set up with the aim of verifying, assessing and developing supplier standards. Up to December 2013, more than 112 audits had been carried out on Information Communication Technology (ICT) suppliers in China, Taiwan, India, Japan, South Korea, Eastern Source: Europe, Generali Europe Investments and South Europe America, December covering ,000 workers in total. We value this type of sector initiative and strongly encourage stringent supplier selection processes and on-site audits which are time-consuming, but more effective than mere selfassessment questionnaires.

7 Major corporate social responsibility topics in the telecommunication services sector Key issues: Employment conditions of the supply chain/conflict minerals An area operators can improve as part of their supply chain management is that of conflict minerals. Tin, tantalum, tungsten and gold (3TG) sourced from Central Africa, mainly from the Democratic Republic of Congo, are the focus of international attention as they may contribute to the financing of armed conflicts (between 3 to 5 million fatalities to date). Although it is true that the primary responsibility lies mainly with 3TG importers (Apple, Samsung, LG, Nokia, Huawei, HTC, etc.), operators are in a unique position to drive change, since it can be validly argued that this issue entails a potentially huge reputational risk both for importers and telecommunication providers as awareness of this topic increases. The Conflict-Free Sourcing Initiative (CSFI), launched by the Electronic Industry Citizenship Coalition (EICC) and the Global e-sustainability Initiative (GeSI), helps companies make informed choices about conflict minerals in their supply chains. Launched in 2010, the CSFI has implemented a conflict-free smelter programme that audits smelters and refiners according to global standards such as the OECD Due Diligence Guidance for Responsible Supply Chains from Conflict-Affected and High-Risk Areas and the U.S. Dodd- Franck Wall Street Reform and Consumer Protection Act (Section 1502). It has also developed a free reporting template that facilitates the transfer of information and the identification of new smelters and refiners. We consider membership of the CSFI as a first step towards more responsible supply chains. However, whether companies that adhere to this initiative are irreproachable in the way they import the minerals they need is debatable. Generally speaking, the complexity and scale of mining operations make this issue highly challenging. Mines may purchase ore of unknown origin from local artisanal miners, for whom mining activities are their sole means of subsistence. In March 2014, the European Commission released a draft conflict minerals regulation that will create a voluntary process in which importers of 3TG into the EU will be able to self-certify that they do not contribute to the financing of armed conflicts. It is to be noted that this regulation, just like the one enforced in the U.S, does not foresee for financial penalties. Source: Generali Investments Europe December 2012 Source: Companies Annual Report, Press

8 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Below are various examples of best practices in each of the 9 relevant issues we take into account as part of our analysis. Overall, Swisscom, British Telecom and Deutsche Telekom stand out as our top picks. Quality Orange 236 million customers across 30 countries Business opportunities in developing and emerging markets and strong commitment to bridging the digital gap. African & Middle East Asia (AMEA) zone: 2G (82% coverage) + 3G (43% coverage, rolled out in 17 AMEA countries in 2013) + 4G already rolled out in Uganda, Mauritius and the Dominican Republic + objective to roll out 3G by 2015 in all African and Middle East countries and offer mobile coverage to over 80% of that region s population. France: 4G (50% coverage) + acclaimed in recent years by the French Telecommunications Regulation Authority for electronic and post communications (Autorité de régulation des communications électroniques et des postes: ARCEP) as having France s best mobile network + designated by the 2013 World Communication Awards (world s best telecommunication operator, best service to SMEs, best cloud service) + high customer satisfaction rates (on the increase in almost all countries). Europe: objective to deploy 4G in all the European countries where it operates + partnership with Vodafone in Spain to share Fiber To The Home (FTTH) networks (EUR 1bn of investment) with the objective of reaching 6 million households in more than 50 Spanish cities by On track. FTTH in France: objective to make it available to 15 million households by 2015 and 80% of businesses by Joint-Venture with Thales set up in December 2012, Cloudwatt, in order to develop private and public cloud offerings. Conquest 2015 strategy: simplification of offerings in European countries + implementation of a customer satisfaction improvement programme at Orange Business Services. Swisscom Leading market position in Switzerland and high customer satisfaction rates thanks to high quality voice calls and impressive 2G/3G/4G coverage, respectively 99.8%, 99% and 90% (EoY 2014). Fiber: 34% in Switzerland (EoY 2014) + 80% target by 2020 in Switzerland + massive investment of EUR 400M expected by the end of 2016 in Italy. M2M solutions: home automation, e-education and e-health solutions. Net Promoter Score (NPS) linked to the variable compensation of managers.

9 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Safety Deutsche Telekom Iliad Theft of 30 million confidential data in 2008 forced the company to strengthen its network. No data leaks/thefts/breaches since Privacy, legal affairs and compliance committee at Board level. 400 employees working on data protection issues, including 100 data protection officers. Cyber security centre: 24/7 + Honeypots strategy (deliberate creation of weak spots to attack them and study effects). Electromagnetic fields (EMF): dedicated policy since 2004; commitment to communicating SAR (Specific Absorption Rate) levels to customers; DECT (Digital Enhanced Cordless Telephone) telephones with the Blue Angel eco-label allows customers to set the reach and the intensity of the electromagnetic fields; compliance with limit values recommended by the WHO and the ICNIRP (International Commission on Non Ionizing Radiation Protection). No data leaks/thefts/breaches: commitment to greater transparency pursuant to French legislation. Not dependent on external providers: the company has dedicated data protection teams and robust software controls. Launch of Ecole 42, a private computer programming school: no tuition fees; potential pool of future talent for Iliad, not only in the field of data protection, but more broadly with regard to innovation. EMFs: commitment to complying with the WHO and the ICNIRP recommendations; robust customer communication policy. Surveillance: commitment not to communicate personal data to third parties, unless legally required to do so. The company has participated actively in the debate over the implementation of the HADOPI (High Authority of Diffusion on the Art Works and Protection of Rights on the Internet) law aimed at encouraging compliance with copyright laws and revoked in 2013 by the French government.

10 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Access and responsible use Orange Protection of vulnerable customers (children): adoption of the "ICT Coalition for a Safer Internet for Children and Young People" principles launched by the European Commission + structured policy on digital protection for children strengthened in 2011 (usage guides for parents, special websites, awareness-raising campaigns, roundtables, partnerships with specialized associations and experts, development of tools to filter content and apply parental controls, etc.). Orange offers free parental control tools for computers, mobile devices, TV and VoD (Video on Demand) services. Launch in 2013 of Bien vivre le digital (well-being with the digital) website to inform customers about a series of risks related to the use of mobile phones by children. Social tariffs in France (regulatory obligation based on the Revenu de Solidarité Active), Poland (people with financial difficulties), Romania (seniors/pensioners), Slovakia (disabled people). Digital divide in Africa: partnership with the Bank of Africa to enable Orange Money s customers to make money transfers + Orange Money (9.9 million users in 13 African countries) + community phones in 4,350 African villages across 6 countries + installation of solar panels in regions without electricity + undersea cable (for the record, the objective is to cover 80% of the AMEA - African & Middle East Asia - population by end of the year 2015). Digital gap in Europe: promotion of scientific studies among girls + Partnerships with schools + Solutions for isolated areas (satellite Internet in France, for instance) + Employees volunteering to support associations and teach digital skills. Community impact British Telecom 2020 objective: to generate a total of 1bn for good causes and maintain 1% of annual EBIT invested in responsible and sustainable business activities (1% in 2013/2014, 1.5% in 2012/2013). Volunteering programmes for employees. Many charity operations across the globe (e.g. British Telecom s Community Web Kit: free service for charities and not-for-profit community groups that want to set up their own website, but lack the technical skills) + long-standing partnerships (e.g. BBC Children in Need, Comic Relief, Childline, etc.). M2M solutions (e-education, e-health).

11 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Greenhouse gas emissions and energy consumption Swisscom Sector's lowest energy intensity ratio (annual consumption/annual sales) + one of the lowest carbon intensity ratios (annual carbon emissions/annual sales) of the sector. Ambitious target to increase energy efficiency by 25% between 2010/15 + to reduce direct emissions by 12% between 2010/2015. Swisscom has already increased energy efficiency by 21% between 2010/2013 and reduced direct emissions by 3.9% between 2010/2013 (ahead of schedule). Generation and purchase of electricity from PV (Photvoltaic)/wind (100% green electricity + growing production capacity). Fleet management: objective to decrease CO2 emissions of cars from 128 g CO2/km in 2012 to 110 g CO2/km in 2015 (ahead of schedule). Data centres: low PUE (Power Usage Effectiveness) values + progressive migration to a new data centre in Berne having a PUE as low as 1.2. Green solutions for customers: objective to achieve a 10% rise in net revenue in green ICT (portfolio of eco-friendly solutions) in 2013 compared with 2012 Not reached and postponed: same objective for 2014 (new base year 2013). Koninklijke KPN Clear and ambitious targets for 2020: energy neutrality (activities having no negative climate effect) + 6% reduction in electricity consumption. 100% of electricity from renewable sources: 100% locally generated in the Netherlands (wind and biomass). Lowest carbon intensity ratio of the sector: very impressive reduction of Scope 1 and 2 emissions in recent years: from 77kt in 2011, to 46 in 2012 and 38 in 2013 (20 and 3 only expected in 2014 and 2015 respectively). Without KPN s green energy strategy, Scope 1 and 2 emissions would have been 384kt in Fleet management: fuel consumption was reduced by 21% in 2013 versus 2010 (on track with their ambition to reduce it by 35% between 2010 and 2016). Data centres: average PUE in the Netherlands improved by 31% between 2005 and Ranked number 2 in the Carbon Disclosure Project (CDP) global 500 world listing.

12 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Waste management Swisscom Introduction of an eco-rating in Switzerland in All devices are rated according to 3 equally weighted criteria: low energy consumption, low energy consumption in manufacture and responsible choice of raw materials. Available for fixed-line devices since TV decoders have a sleep mode allowing around 50% of energy savings (0.4W vs. 0.8W). More than 90% of the total amount of waste recycled Swisscom Switzerland is not subject to the EU WEEE (Waste Electrical & Electronic Equipment) and observes a similar national law which is even more stringent. Free returns (costs of packaging and transport at Swisscom s charge) + numerous collection points + awareness-raising campaigns, buyback programmes. Acceptable return rate (% of sold mobile phones returned for recycling): 11.4% in 2012, 9.8% in 2013, 12% in 2014 (target). Unfair competition British Telecom Ethical Code of Conduct ( The Way We Work ) updated in By 31 March 2014, 99.6% of the employees had completed training on The Way We Work + additional Code of Ethics for senior managers. Compliance Programme Panel launched in 2013 (4 meetings in 2012/2013, last financial year): chaired by the Group General Counsel and Company Secretary and composed of senior business leaders, the Compliance Director and the Director of Internal Audit. Regional Governance Boards introduced in Whistleblowing procedure ( Speak Up Channel ) and disclosure regarding the number and nature of reports. In 2013, 361 people in the UK were subject to disciplinary action related to ethical misconduct and 179 people left the company. No major controversies: investigation launched in 2013 by Ofcom in order to determine whether BT had engaged in an anti-competitive practice via an alleged "margin squeeze in its superfast broadband pricing Cleared in October 2014.

13 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Unfair competition (continued) Belgacom Audit and Compliance Committee (8 meetings in 2013): 5 non-executive directors and chaired by an independent director. It helps and advises the Board of Directors with regard to monitoring the company s compliance with legal and regulatory requirements. Compliance office managed by the Vice President Group legal, who reports directly to the Chairman of the Audit and Compliance Committee. Anti-bribery policy establishing a zero-tolerance principle towards any form of corruption. Whistleblowing procedure. No major controversies related to business practices in recent years. Relatively good track record. Work conditions Swisscom In 2013, employees in Switzerland spent 72,136 days (vs. 54,441 in 2012) on training and development, i.e. 4.2 days of training per employee in 2013 compared with 3.2 days of training in 2012 (one of the sector s highest training figures). The company's employee turnover has been stable in recent years: 10.7% in 2013, 10.1% in 2012, 11.1% in 2011, 11.9% in Historically open and ready to assume its responsibility in case of unavoidable restructurings through the implementation of socially responsible staff reduction schemes. For example, 48.5% of employees affected by the previous restructuring in 2012 have found another job + 2 employee representatives from the unions sit on the Board of Directors. Occupational management system backed up by collective agreements. Objective to maintain or reduce the absenteeism rate, with a 2.1% target by 2015 (3.3% in 2011; 2.9% in 2012; 2.9% in 2013). Slight increase in sickness rate and stable accident rate (close to zero).

14 SRI leaders in the Telecommunication Services sector Best practices related to the management of ESG risks Employment conditions in the supply chain Swisscom Consistent procurement policy: CR directives signed by almost 100% of suppliers. Most call centres are in-house. Use of external contractors to manage the launch of new products. Member of the JAC (Joint Audit Cooperation) + Distinction between high and medium-risk suppliers + clear targets for 214 in terms of the number of audits and self-assessments + The company also conducts its own on-site audits. Encourages suppliers to participate into the CDP (Carbon Disclosure Project). Ongoing work with the GeSI (Global e-sustainability Initiative) on a conflict-free smelters programme + Swisscom plans to add a section on raw materials to its purchasing policy. Source: Companies Annual Reports Press

15 Focus on an SRI alert Bad loans: Banco Espírito case reveals signs of weak internal controls at Portugal Telecom Facts July 2014 Portugal Telecom disclosed that it was holding 897m of commercial paper issued by Rio Forte Investments (a struggling unit of the Espírito Santo family empire that includes the Portuguese lender Banco Espírito Santo) due to mature on 15 July ( 847m) and 17 July ( 50m). A few days later, the Portuguese press announced that Espírito Santo International (Banco Espirito Santo s main holding) had defaulted on the repayment of 847m. The Brazilian regulator Anatel and the BNDES (the Development Bank of Brazil) expressed concerns at this point about Portugal Telecom s governance. Aftermath August 2014 The CEO Henrique Granadeiro and two board members resigned following the revelations. The telecom operator indicated that its Executive Committee had never discussed or approved the investment in Rioforte s debt, and that an audit was carried out by PWC on its exposure to Espírito Santo Group s debt. A new CEO (Armando Almeida) was appointed. September 2014 A group of shareholders filed a complaint seeking redress against company executives following the collapse of the share price as of the end of June. Their action questions the conditions under which Portugal Telecom was able to invest 897 million (around one year s profit) in debt. The CFO also resigned from certain functions as a result of this affair. October 2014: Rio Forte was denied creditor protection and filed for bankruptcy, thereby reducing the likelihood of PT recovering its investment. The disclosure of the bad loans forced Portugal Telecom to reduce its stake in the proposed merger with Oi to 25 percent from 38 percent. Oi said it has not been aware of the bad loans before the merger deal. Portugal Telecom, as a legal entity, has filed legal proceedings to recover this sum, but it still unclear whether it will recover its funds. Source: Press Disclaimer: This newsletter is provided for information purposes only and does not constitute investment advice or a recommendation to make or liquidate an investment or to effect any other type of transaction. It does not constitute an offer or solicitation to make or liquidate an investment. This document reflects the opinions of Generali Investments Europe S.p.A. SGR and it is based upon a Generali Investments S.p.A. SGR s specific methodology for the evaluation of corporate social responsibility. The content of this document is based upon sources of information believed to be reliable. Generali Investments S.p.A. SGR does not warrant the accuracy or exhaustiveness of this document, and disclaims all liability for losses that could arise from using the information herein. Any reproduction of this document, in whole or in part, is prohibited without Generali Investments S.p.A. SGR s prior consent in writing.

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