PSA - 2019 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2019 Statutory auditors’ report on the consolidated financial statements

STATUTORY AUDITORS’ REPORT 5.8. ON THE CONSOLIDATED FINANCIAL STATEMENTS

Peugeot S.A. Year endedDecember 31,2019

This is a translationinto Englishof the statutoryauditors’reporton the consolidatedfinancialstatementsof the Companyissuedin French and it is providedsolely forthe convenience ofEnglish-speaking users. This statutory auditors’ report includes informationrequired by European regulationsand French law, such as informationabout the appointment of the statutoryauditorsor verificationof theinformationconcerningthe Group presented in themanagement report. This reportshouldbe readin conjunctionwith,andconstruedin accordancewith,Frenchlawandprofessionalauditingstandardsapplicable in France.

To the Annual General Meeting ofPeugeot S.A.,

Opinion

In compliancewith the engagemententrustedto us by your Annual GeneralMeeting,we have auditedthe accompanyingconsolidated financial statements of Peugeot S.A. for the year ended December 31, 2019. In our opinion,the consolidated financialstatementsgive a true and fair viewof the assetsand liabilitiesand of the financialpositionof the Group as at December 31,2019 and of the results of its operationsfor the year then ended in accordancewith InternationalFinancial Reporting Standards as adoptedby the EuropeanUnion. The auditopinion expressed above is consistent with our reportto the Finance andAuditCommittee.

Basis for Opinion

AUDIT FRAMEWORK

We conductedour audit in accordancewith professionalstandardsapplicablein France. We believe that the audit evidencewe have obtained issufficient andappropriate toprovide a basis for ouropinion. Our responsibilitiesunderthosestandardsare furtherdescribedin the StatutoryAuditors’Responsibilities for the Auditof the Consolidated FinancialStatements section ofour report. INDEPENDENCE We conductedour auditengagement in compliancewiththe independence rulesapplicableto us, for the periodfromJanuary 1,2019to the date of our report, and specificallywe did not provide any prohibitednon-auditservices referred to in Article 5(1)of Regulation(EU) No. 537/2014 or in the FrenchCodeof Ethics (Code de déontologie) for StatutoryAuditors.

Emphasis of Matter

We draw attentionto Notes 2.2and 2.3 to the consolidatedfinancialstatements,which describethe impactsof first-timeapplicationof IFRS 16 « Leases ». Our opinion isnot modified in respect ofthis matter.

JUSTIFICATION OF ASSESSMENTS – KEY AUDIT MATTERS

In accordancewith the requirementsof Articles L.823-9and R.823-7of the FrenchCommercialCode (Codede commerce) relatingto the justificationof our assessments,we informyou of the key auditmattersrelatingto risks of materialmisstatementthat, in our professional judgment,were of most significancein our audit of the consolidatedfinancial statementsof the current period, as well as how we addressedthoserisks. Thesematterswere addressedin the contextof our audit of the consolidatedfinancialstatementsas a whole,and in formingour opinion thereon,andwedo not provide a separate opinion on specific items of the consolidated financial statements.

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PSA - GROUPE PSA - 2019 UNIVERSAL REGISTRATION DOCUMENT