BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Statutory auditors’ report on the financial statements

Valuation of investments (cf. notes 2.d “Long-term investments” and 22 “Equity investments” of the notes to the financial statements) Risk identified Our answer

As at 31 December 2020, investments are recorded in the balance sheet at a net carrying amount of €1,080 million as disclosed in note 22 of the notes to the financial statements. They are recorded at the value they were brought into assets. An impairment is booked when the value in use of an investment is below its purchase value. As disclosed in note 2.d) of the notes to the financial statements, the value in use is determined in reference to shareholders’ equity or to cash flow projections of the relevant investment, adjusted to take into consideration the importance of the company to the Group and its development and profit perspectives. Given the weight of investments in the balance sheet, we considered the determination of the valuation of investments, particularly the value in use, to be a key audit matter presenting a risk of material misstatement.

We tested the operation of Group controls covering the process for determining the value in use of investments. Our procedures notably consisted in: For the valuation based on the shareholders’ equity: • Controlling the shareholders’ equity of the relevant investment with • the financial statements of the different entities, For the valuation based on the forecast assumptions: • Testing of internal control related to the preparation of the future • cash flows forecast, Verifying consistency of the main data used in the cash flow • projections determination comparing them with the historical performance and the entity strategical plan validate by the appropriate level of governance, Corroborating the perpetual growth rate and discount rate used in • the impairment test with the expertise of our valuation specialists.

IV.

SPECIFIC VERIFICATIONS

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French law by the legal and regulated texts.

Information given in the management report and in the other documents with respect to the financial position and the financial statements provided to Shareholders We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Board of Directors and in the other documents with respect to the financial position and the financial statements provided to Shareholders. We attest the fair presentation and the consistency with the financial statements of the information relating to payment deadlines mentioned in Article D. 441-6 of the French Commercial Code ( Code de commerce ). Report on corporate governance We attest that the Board of Directors’ report on corporate governance sets out the information required by Articles L.225-37-4, L.22-10-10 et L.22-10-9 of the French Commercial Code. Concerning the information given in accordance with the requirements of Article L. 225-37-3 of the French Commercial Code ( Code de commerce ) relating to remunerations and benefits received by the directors and any other commitments made in their favour, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your company from controlling and controlled companies. Based on these procedures, we attest the accuracy and fair presentation of this information. With respect to the information relating to items that your company considered likely to have an impact in the event of a takeover bid or exchange offer, provided pursuant to Article L. 225-37-5 of the French Commercial Code ( Code de commerce ), we have agreed this information to the source documents communicated to us. Based on these procedures, we have no observations to make on this information Other information In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report.

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• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •