EXEL Industries // 2020 Universal registration document

Consolidated fi nancial statements

Statutory Auditors’ report on the consolidated fi nancial statements

Statutory Auditors’ report on the consolidated financial statements

5.6

Fiscal year ended September 30, 2020 To the Annual General Meeting of EXEL Industries,

Opinion We audited the consolidated fi nancial statements of EXEL Industries for the fi scal year ended on September 30, 2020 as appended to this report, in performance of the assignment entrusted to us by your Annual General Meeting. We certify that the consolidated fi nancial statements for the year give a true and fair view, according to IFRS as adopted in the European Union, of the assets, fi nancial position and results of the Group formed by the persons and entities included within the scope of consolidation. The opinion given above is consistent with our report to the Audit Committee.

Justi fi cation for the opinion

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Framework for our audit We performed our audit in accordance with the professional standards which apply in France. We believe that the audit evidence we have obtained provides a su ffi cient and appropriate basis for our audit opinion. Our liability with respect to these standards is stated in the “Liabilities of the Statutory Auditors for the audit of the consolidated fi nancial statements” section of this report. Independence We performed our audit in compliance with the independence rules applicable fromOctober 1, 2019 to the date of our report and we provided no services which are prohibited under Article 5 paragraph 1 of the Regulation (EU) No. 537/2014 or by the French Commercial Code and the Code of Ethics of the Statutory Auditors’ profession. Comment Without calling into question the conclusion expressed above, we drawyour attention to note 1.1 “Accounting guidelines”, which speci fi es the impacts related to the initial application of IFRS 16 – Leases and IFRIC 23 – Uncertainty over Income Tax Treatments. Basis of our assessments – Key points of the audit The global crisis linked to the COVID-19 pandemic created special conditions for the preparation and audit of the fi nancial statements for this fi scal year. The crisis and the exceptional measures taken in the context of the health crisis have had numerous consequences for companies, particularly on their activity and fi nancing, as well as increased uncertainty about their future prospects. The exceptional measures taken in the context of the state of health emergency, such as travel restrictions and teleworking, have also had an impact on the internal organization of companies and the procedures for implementing audits. It is in this complex and unfolding context that, in application of the provisions of Articles L.823-9 and R.823-7 of the French Commercial Code relating to the justi fi cation of our assessments, we bring to your attention the key audit matters relating to the risk of material misstatement that, in our professional judgment, were the most signi fi cant for the audit of the consolidated fi nancial statements for the year, as well as the responses we have provided to these risks. These assessments were made within the context of the audit of the consolidated fi nancial statements overall and the formation of our opinion expressed above. We have no opinion to make on the components of these consolidated fi nancial statements taken individually.

EXEL Industries group I 2020 Universal Registration Document

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