EXEL industries - 2019 Universal Registration Document

Separate fi nancial statements 5

Statutory Auditors’ report on the Company fi nancial c statements

„ For valuations relying on forecast elements, we have: „ assessed the reasonableness of the cash fl ow projections compared with the economic and fi nancial context in which the di ff erent companies operate as well as the consistency of these forecasts with the historical performances of the entities, „ compared the perpetual growth rates adopted for the projected fl ows with our own benchmarks, „ compared the discount rates used (WACC) with our own databases. „ We have audited the arithmetic accuracy of the elements used to determine the values in use. „ We have veri fi ed the appropriateness of the information supplied in the notes to the annual fi nancial statements. Veri fi cation of the management report and the other documents sent Ƥ to Ƥ the Ƥ shareholders We have also performed the speci fi c veri fi cations required in law and by regulations, in accordancewith French professional auditing standards. Information given in the Management Report and other documents regarding the fi nancial position and c the c annual fi nancial statements and provided to shareholders We have no matters to report as to the fair presentation and the consistency with the annual fi nancial statements of the information given in the management report of the Board of Directors and in the other documents addressed to shareholders regarding the fi nancial position and the annual fi nancial statements. Report on Corporate Governance We certify that the information required by Articles c L.225-37-3 and L.225-37-4 of the French Commercial Code is provided in the report of the Board of Directors on corporate governance. With regard to the information provided, pursuant to the terms of Article c L.225-37-3 of the French Commercial Code on remunerations and bene fi ts paid to corporate o ffi cers and undertakings made in their favor, we have veri fi ed consistency thereof with the statements or data used to prepare these statements and, if applicable, the items collected by your Company from companies controlling your Company or that are controlled by it. Based on our work, we certify the truth and fairness of this information. Other disclosures In accordance with the lawwe checked the information on the holders of shares or voting rights disclosed in the management report. Appointment of the Statutory Auditors We were appointed as EXEL Industries’ Statutory Auditors by the Annual General Meeting of February c 28, 1997 for DELOITTE & ASSOCIÉS and January c 21, 2015 for MAZARS. On September c 30, 2019, Deloitte & Associés was the twenty-second year of its assignment since the Company’s shares were admitted for trading on a regulated market and MAZARS was in its fi fth successive year. The responsibilities of the Management and Corporate Governance personnel for the annual fi nancial statements Management is responsible for preparing annual fi nancial statements which, according to generally accepted accounting principles in France, re fl ect a true picture and for setting up the internal controls it considers necessary for preparing annual fi nancial statements which are free of material misstatements, and for preventing fraud or errors. When preparing the annual fi nancial statements, Management is responsible for assessing the Company’s capacity to continue its operations and for presenting information in these fi nancial statements on the Company as a going concern and for applying the going concern accounting convention, unless it is planned to wind the Company up or for it to stop operating. The Audit Committee must monitor the procedures for preparing and processing the accounting and fi nancial information and the e ff ectiveness of the internal control and risk management systems, and if appropriate, the internal audit. The annual fi nancial statements were approved by the Board of Directors. Information resulting from other statutory and regulatory obligations

The Statutory Auditors’ liability for the audit of the annual fi nancial Ƥ statements

EXEL Industries Group I 2019 Universal Registration Document

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