GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS

Statutory auditors’ report on the consolidated financial statements

As part of an audit performed in accordance with the professional auditing standards applicable in France, the statutory auditor uses professional judgement throughout this audit. In addition: the statutory auditor identifies and assesses the risks that the consolidatedfinancial statementscontainmaterial misstatements,whether ❯ due to fraud or error, and defines and implements audit procedures for such risks and collects evidence considered sufficient and appropriate to serve as the basis of its opinion.The risk of not detectinga materialmisstatementdue to fraud is higher than the risk of not detecting a material misstatement due to error, as fraud may involve conspiracy, forgery, deliberate omission, misrepresentation,or non-observance of internal controls; the statutoryauditor obtainsan understandingof the internal controlsof relevanceto the audit in order to designaudit proceduresthat are ❯ appropriate in the circumstances, but not teoxpress an opinion on the effectivenesosf the internal controls; the statutoryauditor assesses the appropriatenessof the accountingmethodsused and the reasonablenessof the accountingestimates ❯ made by management, as well as thienformation concerning them provided in thceonsolidated financial statements; the statutoryauditor assesseswhether the accountingconventionof going concernappliedby the managementis appropriate,according ❯ to the collective information,whether there is any material uncertainty related to events or circumstanceslikely to call into question the Company’s ability to continue its operation. This assessment is based on the evidence collected up to the date of its report. However, subsequent circumstances or events could jeopardise the continuity of operations. If the statutory auditor concludes that there is significant uncertainty, it draws the attention of readers of its report to the informationprovided in the consolidatedfinancial statements about this uncertainty or, if this information nisot provided or is not relevant, it formulatesqaualified certification or a refusal to certify; the statutory auditor assesses the overall presentationof the consolidatedfinancial statements and whether they reflect the underlying ❯ transactions and events so as to give a true and fair view; concerning the financial informationof the persons or entities included in the scope of consolidation,it collects informationthat it deems ❯ sufficient and appropriate to express an opinion on the consolidated financial statements. It is responsible for the management, supervision, and execution of the audit of the consolidated financial statements as well as the opinion expressed on these financial statements. Audit and Risk Management Committee We submit to the Audit and Risk Management Committee a report outlining the scope of the audit work and the work programme implemented, as well as the conclusionsof our work. Where appropriate,we also inform it of significantweaknessesof internal control that we identified with respect to the procedurerselating to the preparation andprocessing of accounting and financial information. Among the items disclosed in the report to the Audit and Risk Management Committee are the risks of material misstatement that we considered to be the most significant for the audit of the consolidatedfinancial statementsfor the year and that thereforeconstitutethe key points of the audit, which it is our responsibilityo describe in this report. We also provide the Audit and Risk ManagementCommitteewith the declarationprovided for in Article 6 of Regulation (EU) no. 537-2014 confirming our independence, within the meaning of the rules applicable in France as laid down in particular by Articles L. 822-10to L. 822-14 of the French CommercialCode and in the Code of ethics of the professionof statutory auditor. Where appropriate,we discuss with the Audit and Risk Management Committee any risks to oinudr ependence and the safeguarding measures applied.

Neuilly-sur-Seine and Courbevoie, 2 April 2021

The statutory auditors

PricewaterhouseCoopers Audit Christine Billy

Mazars Nicolas Dusson Jean-Claude Pauly

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES