GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS

Statutory auditors’ report on the annual 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 statutoryauditor identifiesand assessesthe risks that the annual financial statementscontainmaterialmisstatements,whether due to ❯ fraud or error, and defines and implementsaudit proceduresfor such risks and collectsevidenceconsideredsufficientand appropriateto serve as the basis of its opinion. The risk of not detectinga material misstatementdue to fraud is higher than the risk of not detectinga material misstatementdue to error, as fraud may involve conspiracy, forgery, deliberateomission,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 accounting estimates ❯ made by management, as well as thienformation concerning them provided in the annufainl ancial statements; the statutoryauditor assesses whether 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 circumstancesor events could jeopardise the continuity of operations. If they conclude that there is significant uncertainty, they will draw the attentionof readersof the report to the informationsupplied in the annual financial statementsabout the uncertaintyor, if the information is not provided or isn’t relevant, they wpilrlovide a certification with reservations or will refuse to provide certification; the statutory auditor assesses the overall presentation of the annual financial statements and whether they reflect the underlying ❯ transactions and events so as to give a true and fair view. 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. The informationprovided in the report to the Audit and Risk ManagementCommittee includes the risks of material misstatementsthat we believeare most importantfor the audit of the annual financial statementsfor the fiscal year and that are thereforethe key points of the audit, which we 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