GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

STATUTORY AUDITORS’ REPORT

7.2

ON THE CONSOLIDATED FINANCIAL STATEMENTS This is a free translation into English of the statutory auditors’ report on the consolidated financial statements issued in French and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordancewith, French law andprofessionalauditing standards applicable in France.

(Year ended 31 December 2018)

PricewaterhouseCoopers Audit 63, rue de Villiers 92208 Neuilly-sur-Seine Cedex

Mazars Tour Exaltis 61, rue Henri-Régnault 92400 Courbevoie

Dear Members,

OPINION

In compliance with the assignment entrusted to us by your General Meeting, we performed an audit of the consolidated financial statementsof Caisse Nationale de RéassuranceMutuelle Agricole Groupama for the fiscal year ended 31 December2018, as attached to this report. In our opinion, the consolidatedfinancial statementsgive a true and fair view of the results of operations for the past fiscal year as well as the financial position and assets of the Group at the end of the fiscal year, in accordancewith InternationalFinancial Reporting Standards as adoptedby the EuropeanUnion. The above opinion is consistent with the content ofour report to the Audit andRisk ManagementCommittee.

BASIS OF THE OPINION

Audit reference standard We conducted our audit in accordancewith the professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient andappropriateto provide abasis for our audit opinion. Our responsibilitiesaccordingto these standardsare described in the section “Responsibilitiesof the statutory auditors relating to the audit of the consolidated financial statements” of this report. Independence We conductedour audit in accordancewith the rules of independenceapplicable to us, over the period from 1 January 2018 to the issue date of our report. In particular,we did not provide any services prohibitedby Article 5, paragraph 1,of Regulation(EU) no 537/2014or by the professional Codeof Ethicsfor statutoryauditors.

JUSTIFICATION OF THE ASSESSMENTS – KEY POINTS OF THE AUDIT

Pursuant to the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments,we bring to your attention the key points of the audit relating to the risks of material misstatementthat, in our professional judgement, were the most significant for the audit of the consolidatedfinancial statements for the fiscal year, as well as our responses to these risks. These assessmentscontributedto the audit of the consolidatedfinancial statements,taken as a whole, and to the formationof our opinion expressed above. We donot expressan opinionon items inthese consolidated financial statements viewed in isolation.

286

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES