EXEL Industries // 2020 Universal registration document

Separate fi nancial statements

Statutory Auditors’ report on the Company fi nancial statements

Statutory Auditors’ report on the Company financial Ƥ statements

6.5

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

Opinion We audited the annual 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. In our opinion, the annual fi nancial statements give a true and fair view of the fi nancial position and the assets and liabilities of the Company for the past fi scal year, and the results of its operations for the fi scal year then ended in accordance with accounting principles generally accepted in France. The opinion given above is consistent with our report to the Audit Committee.

Justification for the opinion

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 liabilitywith respect to these standards is stated in the “Liabilities of the Statutory Auditors for the audit of the annual 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. 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 period. 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 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 annual 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 annual fi nancial statements overall and the formation of our opinion expressed above. We have no opinion to make on the components of these annual fi nancial statements taken individually.

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Valuation of equity interests

Risk identi fi ed Equity interests appear on the assets side of the balance sheet at September 30, 2020 in a net amount of €192.8 million, or 36.6% of total assets. They are recognized at their acquisition cost. Impairment is recognized when their value in use is below their net carrying value. As stated in note 5.3 “Financial assets” the net carrying value of equity interests is compared to the share of shareholders’ equity of the companies held. When there is inadequate shareholders’ equity, the value in use is determined on the basis of the discounted cash fl ow forecasts. A provision for impairment is recognized when the calculated value in use is below the net carrying value. The estimate of the value in use of these securities based on cash fl ow forecasts requires exercise of judgment bymanagement. We considered the valuation of these assets to be a key point in our audit because of the amounts they represent and the importance of the management’s judgments.

EXEL Industries group I 2020 Universal Registration Document

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