Derichebourg // 2020-2021 Universal Registration Document

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Financial and accounting information Separate financial statements

Statutory Auditors’ report on the separate financial statements 5.4.4

To the Derichebourg General Meeting,

Opinion In performance of the mission entrusted to us by your General Meetings, we have conducted an audit of the Derichebourg annual financial statements for the fiscal year ended September 30, 2021, as attached to this report. In our opinion the annual financial statements give a true and fair view of the earnings over the period as well as of the financial position and assets

and liabilities of the Company at year-end, in accordance with French accounting rules and principles. The opinion expressed above is consistent with the content of our report to the Audit Committee.

Basis of the opinion Auditing framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our responsibilities under these standards are set out in the “Responsibilities of the Statutory Auditors related to the audit of the annual financial statements” section of this report. Independence We conducted our audit mission in accordance with the independence rules set out by the French Commercial Code or by the code of ethics for the Statutory Auditor profession, from October 1, 2021 to the date of our report, and we did not, in particular, provide any services prohibited by Article 5 (1) of regulation (EU) no. 537/2014. Justification of our assessments – Key points of the audit The global Covid-19 pandemic has created particular challenges when preparing and auditing the financial statements for this fiscal year. Indeed, the crisis and unprecedented measures taken to resolve it have had a number of consequences on companies' business activity and financing, and caused increased uncertainty for the future. Some of these measures, such as travel restrictions and remote working, have also affected the internal organization of companies and the way in which audits are carried out. Against this complex and changing backdrop, and in accordance with the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, please note the key points of the audit relating to the risks of material misstatement, which, in our professional judgment, were the largest for the audit of the annual financial statements for the fiscal year, as well as the responses we provided to those risks. The assessments thus made fall within the context of the audit of the annual financial statements taken as a whole, and the formation of our opinion expressed above. We do not express an opinion on items in these annual financial statements in isolation. Measurement of equity securities

Audit risk

As of September 30, 2021, the gross value of investment securities totaled €622million and the net value €330 million, compared with a total balance sheet of €1,297 million. The Company performs impairment tests on these financial assets, the terms of which are described in note 2.4 to the financial statements. When the value in use is lower than the net book value, a provision for depreciation is recognized. Value in use is determined primarily by applying the discounted future cash flow method net of net financial debt. The implementation of this method requires the use of assumptions. We therefore considered that the valuation of investment securities is a key point in the audit given their significant nature and the fact that it is based on estimates. We examined the procedures put in place by the Company for impairment testing. Our audit team included specialists to help us to assess the discount rate, as well as the growth rate to infinity used. We also analyzed the consistency of cash flow forecasts with past performance together with market outlooks, including any potential impacts of the Covid-19 crisis.

Audit procedures in response to this risk

DERICHEBOURG 2020/2021 Universal Registration Document 206