Monitoring document Coronavirus COVID-19 crisis

FRANCE

INTEREL - 26/03/2020

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Table of Contents I. Economic situation ...... 3 1. Global ...... 3 2. By sector ...... 4

II. Sanitary situation ...... 5 1. Update on Government announcements - containment measures ...... 5 2. Sources - documents published by the Government ...... 5

III. Business support measures ...... 6 1. Government strategy (nationalisations, priorities, demands vis-à-vis the EU...) .. 6 2. Cash flow announcements (loans, deferral of charges, implementation of the solidarity fund for companies with less than one million turnovers, etc.) ...... 6 3. Announcements on short time working, working hours, holidays and rest days . 7 4. Renewed "Macron" bonus ...... 8 5. Government requests to companies (dividends, redundancies, etc.) ...... 8 6. Support measures at European level ...... 9

IV. Sectoral measures ...... 11 1. Support for the entire agri-food chain ...... 11 2. Support for tourism stakeholders ...... 12 3. Support for start-ups ...... 13 4. Support for the building and public works sector (BTP) ...... 14

V. Initiatives by major companies to assist the Government in the fight against the Covid-19 Coronavirus ...... 15 1. Textile / Cosmetics ...... 15 2. Transport ...... 15 3. Tourism ...... 15 4. Large-scale distribution / Food ...... 16 5. Others ...... 16

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I. Economic situation 1. Global

24.03.2020: At a press conference, the Minister of the Economy said that France is facing a violent, global and undoubtedly lasting economic shock, which should translate into a drop in growth (by at least -1% for 2020), also specifying that this estimate should be degraded in the coming weeks. The Minister referred to the crisis and its future impact as "comparable only to the Great Recession of 1929".

To face this, the Government has already pledged 45 billion, but this is only a "starting point", as this sum will most likely be exceeded. The Government also warned that after a shock of this magnitude, activity will not return to normal "overnight". The political responsibility is to envisage a "scenario where all sectors will have to recover".

The Minister also calls for a coordinated EU response, beyond the triggering of the general flexibility clause (allowing additional expenditure without being called to order under the Stability Pact) and the €750bn asset purchase announced by the ECB. He wants the European Stability Mechanism to be engaged and calls for Europe to "learn the lessons of this crisis, particularly with regard to the organization of its supply chains. "

25.03.2020: The leaders of nine European countries (including Emmanuel Macron and Giuseppe Conte) called for the creation of corona bonds in a letter sent Wednesday to the President of the European Council, Charles Michel, in order to mutualize the debts resulting from the crisis. They called for the construction of a "common debt instrument issued by a European institution to raise funds on the market [...] for the benefit of all Member States [...] to cope with the damage caused by the Coronavirus". It was also signed by the Heads of State and Government of Spain, Greece, Ireland, Belgium, Luxembourg, Slovenia and Portugal.

24.03.2020: Christine Lagarde is reported to have asked the finance Ministers of the euro zone to consider the exceptional issue of "corona bonds", at the monthly meeting of the Eurogroup, which was opposed by the countries traditionally supporting budgetary seriousness, with Germany in the lead. On the same day, called on the EU to assess the use of this type of financial tool to deal with the crisis.

26.03.2020: INSEE has published an economic outlook for March. While the surveys for January and February were relatively unaffected by the effects of the Covid-19 crisis, the results collected in March directly reflect the concerns of companies in this context. Indeed, the survey shows a heavy drop in the business climate, which would be the biggest monthly decline of the indicator since 1985. Nevertheless, INSEE recalls that the collection of the March business and consumer surveys started on 26 February 2020 and the processing of the responses was finalized on 23 March 2020. From now on, these business and consumer surveys should be updated every two weeks.

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• The legislative package of the emergency legislation to deal with the Covid-19 outbreak • Emergency legislation to deal with the Covid-19 outbreak • The legislative dossier of the emergency organic law to deal with the Covid 19 outbreak • Draft emergency organic law to deal with the Covid-19 outbreak (pending the decision of the Constitutional Court) • The legislative dossier of the Amending Finance Act for 2020 • Amending Finance Act for 2020 • Link and explanation (in French) to the 25 Ordinances issued by the Government following the vote of the Emergency Bill

2. By sector

24.03.2020: The Minister for the Economy indicated that, for certain sectors, activity has already come to a complete standstill: tourism, air transport, restaurants, bars, theatres, cinemas, event activity… “All these sectors have a 90 to 100% drop in turnover". But many industrial sectors are also affected: "French industry is running at 25%, some major industrial sectors have turnover down by 80 to 85%".

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II. Sanitary situation 1. Update on Government announcements - containment measures

Prime Minister Edouard Philippe announced on March 14th,2020 the closure of all restaurants, discos, museums, shopping centers, theatres and all non-essential public places. The closure of hotels is however excluded for the time being (cf. decree published in the Official Journal of March 15th 2020). The President then spoke on March 16th to announce travel restrictions for all French citizens. These were then tightened on March 25th, with an announcement by Edouard Philippe: • Companies are called upon to generalize teleworking. • The French can only go out under certain conditions and always with an exit certificate. • The borders of the Schengen area have been closed. • Cruise ships are no longer allowed to stop in French ports.

2. Sources - documents published by the Government

The various decrees and orders that set up the containment: • Decree of March 14th 2020 • Decree No. 2020-260 of March 16th 2020 • Decree of March 19th 2020 • Decree of March 21st 2020 • Decree No. 2020-293 of March 23rd 2020 • Decree of March 23rd 2020

18.03.2020 : The postponement of the second round of municipal elections, initially scheduled for March 22nd, 2020, was enacted by decree, and supplemented by the emergency law to deal with the Covid-19 epidemic: • It is postponed "at the latest" to June 2020. • Its date will be fixed by subsequent decree. • The closing date for the submission of the candidates’ lists for the second round will be known when the election date is set. • The Government must submit to Parliament before May 23rd 2020 a report from the Scientific Council for Coronavirus Crisis Management, assessing whether meeting this deadline is a possibility. • If the elections cannot take place in June, the results from the first round in March 2020 will be cancelled, and two new rounds will be held. • In the meantime, the term of office of the municipal councilors from the previous period is extended.

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III. Business support measures 1. Government strategy (nationalisations, priorities, demands vis-à- vis the EU...)

24.03.2020: Bruno Le Maire declares that "the public authorities will use all the instruments at their disposal to protect our industrial heritage": capital increase, recapitalisation, nationalisation. He targets in particular here "companies that are part of our country's cultural capital (...), companies in which we have invested a lot of public money, particularly in the form of research tax credits (...), companies in which hundreds of thousands of employees work". The airline Air France is of particular concern to the Government. The Minister indicated that he already has provisions in place to support the company and that discussions are under way "on the measures that need to be taken", stating that alternatives to nationalization are possible. Summary of Government Support Measures

2. Cash flow announcements (loans, deferral of charges, implementation of the solidarity fund for companies with less than one million turnovers, etc.)

24.03.2020: The Government intends to give priority to compagnies’ cash flow, "today the number one concern of all entrepreneurs":

• A deferral of social security charges and tax charges has been initiated: with regard to corporate income tax, companies with financial difficulties will have the possibility of requesting a deferral of the payment of taxes due in March 2020. If companies have already paid their March due dates, they may still have the possibility to oppose payment or request a refund. There is also the possibility for companies to defer all or part of the payment of their employee and employer contributions. Employers can modulate their payment according to their needs: amount to 0, or amount corresponding to a part of the contributions. A deferral of payment can be granted for 3 months after the initial payment date without penalties (Summary of measures concerning the deferral of charges)

• Specific arrangements for lending to businesses have been made: o Exceptional State guarantee, up to €300 billion, for all companies in need of cash. These loans, non-refundable in the first year, can reach amounts of up to three months of turnover in 2019. They are available from March 25th, either in banks or at the DG Treasury, depending on the size and turnover of the companies. (The State guarantee is 90% for companies with less than 5,000 employees and a turnover less than €1.5bn, 80% for companies with more than 5,000 employees and a turnover greater than €1.5bn, and 70% for those with a turnover greater than €5bn). Any company that does not respect the payment deadlines will be refused the State guarantee. These loans are guaranteed by the

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BPI, which significantly increases its level of guarantees. (Summary of the measures concerning state-guaranteed loans) ; o Solidarity Fund of one billion euros, which can be subscribed to by other players (private companies, local authorities), to support companies with less than one million euros in turnover and annual taxable profit of less than 60,000 euros (micro-entrepreneurs, very small businesses, liberal professions), who are obliged to interrupt their activity or have a loss of turnover of 70% compared to March 2019. These businesses will benefit from a lump sum of €1500 (automatic payment by the DGFiP, at the beginning of April). Summary of the measures concerning the solidarity fund here.

25.03.2020 : An ordinance must also make it possible, also for SME, the self-employed and micro-entrepreneurs, to defer their gas and electricity bills without being penalized. In order to prevent and limit the cessation of activity for very small businesses, this text will prohibit the suspension, interruption and reduction of the supply of electricity, gas and water for these businesses, and provides, if they request it, for the payment of the corresponding bills to be staggered over time, without penalty. It also prohibits the application of financial penalties, damages, the enforcement of termination or penalty clauses or the activation of guarantees or sureties, due to non-payment of rent or rental charges relating to the professional and commercial premises of these companies. The scope of the companies concerned is the same as that of the solidarity fund.

3. Announcements on short time working, working hours, holidays and rest days

25.03.2020: Through an ordinance, the Government proposes derogations from the rules relating to paid holidays, working hours and rest days for companies in sectors particularly necessary for the security of the Nation or the continuity of economic life - specified by decree.

On leave, the ordinance allows the employer to impose taking of paid leave or to modify the dates of leave already taken (limit of six days of leave); as well as to impose or modify the days of rest acquired by the employee or to impose the taking of days deposited in the time savings account (limit of ten days of rest).

With regard to working hours, the ordinance allows the following to be extended: the maximum daily working time and night work up to twelve hours; the maximum weekly working time up to sixty hours; the weekly working time over twelve consecutive weeks up to forty-eight hours; the weekly working time for night work over twelve consecutive weeks up to forty-four hours.

On rest, it finally allows the daily rest period to be reduced to nine consecutive hours and to derogate from Sunday rest by allocating the weekly rest in shifts.

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24.03.2020: The Minister of Economy sets up the system to allow partial unemployment for companies for which telework is impossible. From now on, partial unemployment concerns 730,000 employees for a total cost of €2.2 billion. A sum of €8.5 billion has been set aside in the Finances Bill. Nevertheless, the Minister already states that "we will probably be very much above" this sum.

The arrangements provided for must be specified by ordinance and decree: the company pays 70% of the employee's gross salary (84% of the net salary) and the Government compensates the company at 100%. Employees with a salary at the minimum wage level are still paid 100% in case of partial unemployment. Other are paid 84%, up to €4.5 times the amount of the minimum wage (i.e. €6,927 gross per month).

The compensation is retroactive. This applies to any company facing a loss of business caused by the Coronavirus. The deadline is 30 days after the company has decided to impose short-time work on its employees (Government support applies from the day the employees were placed on short-time work).

4. Renewed "Macron" bonus

24.03.2020 : In order to encourage companies to pay the "Macron Bonus", especially to employees unable to telework, the Minister of Economy Bruno Le Maire announced that the condition of having set-up a profit-sharing agreement, imposed on companies with less than 250 employees to benefit from the tax exemption and the disassociation of this bonus, was going to be lifted.

As a reminder, the Macron bonus is a bonus that is exempt from employee contributions and is conditionally tax-free. To be exempt, the Macron bonus must be: • Allocated to employees whose income does not exceed a certain ceiling (see below) • Of 1,000 euros maximum

20.03.2020 : During the discussion on the Finances Bill ( session), Secretaries of State and Agnès Pannier-Runacher opposed the Senate's will to integrate a tax exemption for employee and employers’ contributions for overtime, designed for employees mobilized during the crisis and exposed to a significant health risk (health, transport, distribution ...), but promised in return to relax the conditions of payment of the "Macron Bonus" to support these employees. On the same day, the Minister of the Economy Bruno Le Maire called on companies to pay a 1,000 euro tax-free bonus to employees who continue to go to work despite the spread of the Coronavirus.

5. Government requests to companies (dividends, redundancies, etc.)

24.03.2020: Bruno Le Maire calls on companies, especially the largest ones, to show "moderation" regarding the payment of dividends. The Minister added that "this is a

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time when all the money must be used to keep the company running, to ensure that it starts up again under good conditions". Several large groups had anticipated the call. In the aeronautics sector, which has been hit hard, Airbus announced that it would not pay the dividends promised to its shareholders. The aircraft manufacturer will save about 1.4 billion euros to strengthen its cash flow and balance sheet. The real estate company Unibail Rodamco decided to cancel half of the planned dividend.

16.03.2020: The Minister of Labor is reported to have told the leaders of employers' and trade union organizations during a conference call that "during the current period, there should be no redundancies". Adding "that no redundancy plan will be accepted in the period", the Minister has not given any more information since then, focusing her communication on the measures related to short-time working.

6. Support measures at European level

On March 16th, the European Finance Ministers validated the emergency plans of the various Member States. On March 17th, the European Commission announced the closure of the EU's external borders for 30 days to combat the virus. On March 18th, the European Central Bank (ECB) announced a €750 billion emergency plan to buy back debt on the financial markets to reassure banks.

Validation of the European Finance Ministers' economic support plans, 16 March • For a total amount of 2% of GDP additional to what was foreseen in Member States' financial trajectories. • By activating the general derogation clause of the Stability and Growth Pact (SGP), allowing states to exceed the 3% budget deficit limit.

European Commission creates a €37 billion fund to support health systems, businesses and workers affected by the economic downturn. • Initially endowed with EUR 25 billion, it was increased to EUR 37 billion on March 13th. • These funds should, however, consist of the redirection of existing funds (in particular EUR 8 billion). • Judged "insufficient" given the scale of the crisis (compared to 45 billion euros for the French Government alone).

750 billion emergency plan by the European Central Bank • In order to buy back state and private (corporate) debt. • In a context of exploding public debt and rising sovereign interest rates due to the "risk" represented by certain States such as Spain, Italy, Portugal, France... • Short until the end of the year 2020 (i.e. March - December, 10 months) • Possibility to focus on the countries with the most difficulties, rather than respecting the rules for the distribution of countries according to their GDP in the euro area.

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• This sum comes on top of the 120 billion euros decided last week and the 20 billion euros per month of European quantitative easing (QE, monetary easing) relaunched last November by Mario Draghi.

In a March 19th tweet, President Emmanuel Macron said: "I fully support the exceptional measures taken by the ECB this evening. It is up to us European States to be at the rendezvous through our budgetary interventions and greater financial solidarity within the euro area. Our people and our economies need it". Read the tweet again.

On March 19th in the National Assembly, while the 2020 Finances Bill was being discussed, Minister Bruno Le Maire stated: "Finally, I would like to welcome the asset purchase program announced yesterday by the European Central Bank. Thanks to this massive program, the ECB will be able to buy 750 billion assets without a monthly spending ceiling. This sound program will help not only companies but also governments to get through the current health crisis. Behind this support from the ECB, there is one main challenge: to avoid the fragmentation that threatens the euro zone and to strengthen solidarity between the Member States. I am also pleased to note that, since this announcement, interest rate differentials between the sovereign debts of the Member States of the euro zone have narrowed". Read the minutes of the debate.

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IV. Sectoral measures 1. Support for the entire agri-food chain

24.03.2020: Bruno Le Maire calls for economic patriotism and asks retailers to stock up on French products in order to support French farmers. The Minister paid tribute to the retailers, who have ensured the security of supply, but still calls on them "to make a new effort" and asks them to buy "milk, fruit, vegetables, meat or fish, so that our farmers are not penalized". But he is confident that these signs "will do so: they are united in this crisis", indicating that they "have been playing the game perfectly since the beginning of this crisis. "».

The Minister also said at a press conference: "All sectors are essential to our economy," he said. The Minister therefore does not support the definition of a list of essential economic sectors. Instead, he is in favor of "guaranteeing a minimum economic service", i.e. a minimum level of activity in the economy, in order to guarantee security of supply in the sectors that are essential to daily life: electricity, drinking water, transport and food.

Didier Guillaume calls the French "food patriotism": "I buy French, I buy fruit and vegetables, I buy meat, I buy fish, dairy products, whatever... J'achète français", assuring that "That's how the machine will restart. "He goes even further and seems to be ignoring the containment measures, asking the French people who are not active today to go out into the fields and help the producers: "To those who are waiters in a restaurant, hostesses in a hotel, hairdressers, to those who are no longer working, I say to them, join the great army of French agriculture, join those who will allow us to feed ourselves in a clean, healthy way. »

Bruno Le Maire, Didier Guillaume and Muriel Pénicaud specified in a press release the ways in which the French can choose to strengthen the workforce in the agricultural and agri-food chain.

In essence: • The three ministers call for "seasonal reinforcements", referring to "immediate food self-sufficiency", but also "production of raw materials for the autumn". • The "seedlings that will be harvested this fall" are then mentioned as one of the activities that urgently require manpower. • They inform that a practical guide on safety solutions for farm workers will be distributed "before the end of the week". • A recruitment platform will be set up by the Ministry of Labor, with simplified access for both the company and the candidate. • Jobseekers or self-employed people whose activity has been impacted by the crisis will be given priority in obtaining jobs. • Opportunities to combine short contracts with partial activity in other sectors will be maintained.

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Didier Guillaume published on March 19th on his Twitter account a mail intended for farmers and farm workers. According to him, they are the "first link in the food chain whose daily work is essential to feed our plates". In this letter, the Minister sends a "message of encouragement and recognition" on behalf of himself, the Government and France, and invites farmers to "continue [your] essential, indispensable activities" that contribute to "the effort of the national community". He assures that the State will be at their side. Retrieve the mail. On March 17th, Bruno Le Maire and Didier Guillaume issued a letter of encouragement and recognition to all actors in the supply chain.

2. Support for tourism stakeholders

The Secretary of State in charge of tourism Jean-Baptiste Lemoyne brings together every week all the actors of the tourism sector with the Tourism Sector Committee. He also exchanges daily with the hotel and restaurant unions. Ahead of the meeting of the Sector Committee on March 24th, he stated that "If the situation was to last a quarter, it would be around 40 billion euros that would evaporate" for this sector.

At the request of the Tour Operators' and Travel Agents' Unions, the Government has issued an ordinance "on the financial conditions for the termination of certain tourist travel and stay contracts in the event of exceptional and unavoidable circumstances or force majeure" which offers the possibility for intermediary holiday rental professionals, travel agents and Tour Operators to offer vouchers to tourists in lieu of reimbursement in order to preserve their cash flow :

• The credit note is valid for 18 months and covers all cancellations made between the 1st of March and September 15th. It covers all-inclusive stays, but also car rental, accommodation (hotel, camping, etc.) and stays by social and solidarity tourism associations. • The tour operator will have to propose a deferral solution every 3 months. The substitute offer must include equivalent services or several stays for a lower amount. The customer shall be entitled to claim a refund if he has not used the value after 18 months.

In addition to this measure, which was the most eagerly awaited by tourism professionals, and over and above the deferral of tax and social security charges, the Government has set up a solidarity fund that will represent about 2 billion euros in public spending over two months. This solidarity fund will concern in particular businesses whose activity has been closed, 100,000 of which are in the tourism sector. In addition, €2 million will be mobilized by the Government to maintain jobs in the tourism sector. In addition, many towns and cities, such as Nice, Rennes, Toulouse and Marseilles, have announced a deferral or suspension of the collection of tourist tax to support tourist accommodation providers.

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3. Support for start-ups

Cédric O, the French Secretary of State in charge of digital technology, has announced a €4 billion support plan for start-ups, which aims to complement the global business support measures already announced by Bruno Le Maire, Gérald Darmanin and Muriel Pénicaud.

This plan contains:

• 80 million, financed by the Programme d'investissements d'avenir (PIA) and managed by BPI France, in order to finance bridges between two fund-raising events. The targets of this facility are start-ups that were in the process of raising funds or were due to raise funds in the coming months and are unable to do so due to the contraction of venture capital. The funding takes the form of bonds with possible access to capital and is intended to be co-financed by private investors, totalling at least 160 million euros.

• State-guaranteed treasury loans of up to twice the France 2019 payroll or, if higher, 25 % of annual turnover, as for other companies. Backed by the €300 billion Government guarantee adopted in the Amending Finance Act, these loans are distributed by both private banks and BPI France, which is launching a dedicated product. They are expected to represent a total of nearly 2 billion euros. The guarantee can cover up to 90% of the loan and is priced at a modest cost, depending on the maturity of the loan. More details on this guarantee in the press kit here.

• Accelerated reimbursement by the State of corporate tax credits refundable in 2020, including the research tax credit (CIR) for the year 2019, and VAT credits. As announced by Gérald Darmanin (see the press release here), all companies have the possibility to apply for an early refund of corporate tax claims refundable in 2020 and an accelerated processing of VAT credit refund claims by the Directorate General of Public Finance (DGFiP). Start-ups as SMEs and/or Young Innovative Enterprises (YIEs) are eligible for immediate refund of the ETC. They can therefore apply now for the filing of the profit and loss statement ("liasse fiscale") for a refund of the CIR for the year 2019, which corresponds to a cash advance of around EUR 1.5 billion.

• Accelerated payment of the AIP innovation aid already allocated but not yet paid out, for an estimated total amount of €250 million At the request of the State, BPI France and ADEME automatically accelerate the payment of AIP innovation aid, such as innovation competitions, by paying in advance the instalments not yet distributed for dossiers already validated. In addition, for companies receiving aid in the form of repayment advances or aid accompanied by fees, the next repayment deadlines are postponed for up to 6 months.

Finally, the State maintains, through BPI France, its support for innovative companies with nearly €1.3 billion of innovation aid planned for 2020 (grants, repayable advances,

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loans, etc.). BPI France will also continue its direct investments and investments in funds of funds, alongside private investors.

4. Support for the building and public works sector (BTP)

While the measures were not very precise for construction companies at the start of the containment, a press release on business continuity for construction and public works companies was issued by various ministries, including the Ministry of Labour, on Saturday 21 March.

While the Government states that it understands the difficulties that professionals in the construction and public works sector encounter in setting up barrier gestures and in their ability to obtain materials, it considers that it is "necessary for them to continue their activity in order to avoid a total stoppage of work, which would destabilize not only the companies concerned but also the entire economic chain".

Thus, an agreement had been reached with representatives of construction companies: - Safety on construction sites must be ensured: barrier gestures and distances between employees. - Reorganization or adjustment of practices

A guide to good health practices, validated by the Ministry, should be disseminated to construction companies.

At the same time, the Minister states that for companies and employees in the entire construction and public works sector affected by the drop in activity, the emergency measures provided for by the Government apply: relaxation of certain procedures, establishment of partial activity or recourse to the solidarity fund.

The Government press release.

Despite all these measures, a large number of construction companies do not envisage taking over the building sites, considering that the guide of good practices will not guarantee the safety of the employees and consider a satisfactory health framework in a contact environment to be illusory.

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V. Initiatives by major companies to assist the Government in the fight against the Covid-19 Coronavirus

Many international and French companies have put in place measures to support the fight against the pandemic.

1. Textile / Cosmetics

• L'Oréal has launched a European solidarity plan to fight Coronavirus. The group will thus implement solidarity measures towards health authorities, health workers and pharmacists, food distributors and small businesses in its network by producing and distributing hydro-alcoholic gel. The L'Oréal Foundation has also decided to donate 1 million euros to its partner associations involved in the fight against precariousness, notably by offering hygiene kits (shower gel and shampoo) and hydro-alcoholic gel to social workers, volunteers and beneficiaries.

• LVMH manufactures hydro-alcoholic gel in large quantities in the three plants usually dedicated to its perfumes and cosmetics (Dior, Guerlain and Givenchy) and begins to deliver them free of charge to the 39 hospitals of the Assistance Publique-Hôpitaux de Paris (AP-HP).

• The Kering group announced that the French companies Balenciaga and Yves Saint Laurent will manufacture masks. In the meantime, the group will ship 3 million surgical masks from China for the French health services.

2. Transport

• The SNCF makes the TGV and Intercités trains free for medical and paramedical staff. In the Paris region, Ile-de-France Mobilités and the RATP have set up free bus shuttles reserved for healthcare staff to connect Paris stations to hospitals.

• Airbus used an A330-800 test aircraft to bring back 2 million surgical masks from China, mainly for the French and Spanish governments. More such flights are planned in the coming days.

• Renault plans to lend 300 Zoé electric cars to healthcare personnel to help them on their journeys.

3. Tourism

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• Hoteliers and the Airbnb rental platform (via a new "Appartsolidaire" service) have made 20,000 hotel rooms and 1,500 apartments available to accommodate carers, social workers, soldiers, gendarmes and homeless people.

• Le Puy du Fou and Parc Astérix will offer 500,000 and 25,000 surgical masks respectively.

• The cruise company CMV proposed to convert three of its ships into "hospital ships" for the duration of the crisis.

4. Large-scale distribution / Food

• Pernod-Ricard donated 70,000 litres of pure alcohol to Cooper Laboratory, the leading supplier of hydroalcoholic gels to pharmacies.

• Many retail chains reserve opening hours for the elderly to allow them to do their shopping without crowds. To support caregivers, Monoprix has launched Portail Blanc, a priority delivery service. Carrefour, Auchan and Intermarché have also decided to pay a 1,000 euro bonus to their store staff, who are particularly exposed to Covid-19.

• Système U now pays cash to all SMEs with an annual turnover of less than 50 million euros, while E. Leclerc is committed to supporting French farmers.

• Distributors have made commitments to promote French agricultural products affected by the closure of public markets, particularly in terms of supply (preference for seasonal products and promotion of the Made in France label).

• The two sugar groups Tereos and Cristal Union announced on Wednesday the reorientation of part of their production towards hydroalcoholic gel and the alcohol used in its composition. Tereos thus engages five of its factories in the manufacture of hydroalcoholic gel.

5. Others

• Netflix, YouTube, Facebook and Instagram have announced that they will temporarily reduce their flow in Europe to avoid network congestion and to favour those who telework.

• Total has announced the availability of petrol vouchers for hospital care staff, which can be used in the Group's stations for an amount of up to €50 million.

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