GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS

Statutory auditors’ report on the consolidated financial statements

7.2

STATUTORY AUDITORS’ REPORT 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 isprovidedsolely for the convenience of English speaking readers. This report should be read in conjunction with, and construed inaccordance with,French law and professional auditing standards applicable in France. (Fiscal year ended 31 December 2020)

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

MAZARS Tour Exaltis 61, rue Henri Regnault 92400 Courbevoie

Dear Members,

OPINION

In compliancewith the assignmententrustedto us by your GeneralMeeting,we performedan audit of the consolidatedfinancial statements of Caisse Nationale de Réassurance MutuellAegricole Groupama for the fiscal year ende3d1 December 2020 as attached to this report. In our opinion, the consolidatedfinancial statementsgive a true and fair view of the resultsof operationsfor the past fiscal year as well as the financial position and assets of the Group at the end of the fiscal year, in accordancewith International Financial Reporting Standards as adopted by the European Union. The above opinion is consistent with the content of our repotort the Audit and Risk Management Committee.

BASIS OF THE OPINION

Audit reference standard We conductedour audit in accordancewith the professional standards applicable in France. We believe that the informationwe collected and on which we founded our opiniown as sufficient and appropriate. 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 independenceprovided for in the FrenchCommercialCode and in the professional Code of ethics for statutory auditors over the period from 1 January 2020to the issue date of our report. In particular, we did not provide any services prohibited by Article 5p,aragraph 1, of Regulation (EU) No. 537/2014.

267

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES