QUADIENT - 2020 Universal Registration Document

FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements

Financial assets in subsidiaries

Risk identified

Our response

Financial assets in subsidiaries amount to EUR 1,149 million net at January 31, 2021. As described in the note 4 to the annual financial statements (“Financial assets”), financial assets are valued at their acquisition cost or at their contribution value. An impairment test is carried out at least once a year through the projection of future cash flows. These cash flows are based on revenue and operating income growth assumptions over five years. Impairment is recorded when the assets recoverable value is lower than their carrying value. The result of this test relies on the judgments and estimates of management, on which these assumptions are based. Changes to assumptions could lead to material changes in the estimated recoverable amount. We consider the valuation of financial assets in subsidiaries to be a key point of the audit matter, in connection with the estimates related to forecasts and to the discount rate used, as well as the involvement of management’s judgment and their significant impact in the accounts.

We have assessed the compliance of the methodology used by the Company for carrying out the test, identifying impairment triggers and estimating the recoverable value of each financial assets with accounting standards. We have analyzed the consistency of forecasts of future cash flows prepared by management and compared the assumptions with available data on the market. We have also compared the book values of financial assets in subsidiaries of the company, first with the asset recoverable value resulting from cash flows of all subsidiaries, then with the share in equity of all subsidiaries restated of dividends paid over the last three years

SPECIFIC VERIFICATIONS

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations.

6

Information given in the management report and in the other documents with respect to the financial position and the financial statements provided to the shareholders

We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Board of Directors’ management report and in the other documents with respect to the financial position and the financial statements provided to the shareholders. We attest the fair presentation and the consistency with the financial statements of the information relating to payment deadlines mentioned in Article D.441-6 of the French Commercial Code (Code de commerce) .

Report on Corporate Governance

We attest that the Board of Directors’ Report on Corporate Governance sets out the information required by Articles L.225-37-4, L.22-10-10 and L.22-10-9 of the French Commercial Code (Code de commerce) . Concerning the information given in accordance with the requirements of Article L.22-10-9 of the French Commercial Code (Code de commerce) relating to remunerations and benefits received by, or allocated to the directors and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from companies controlled thereby, included in the consolidation scope. Based on these procedures, we attest the accuracy and fair presentation of this information. With respect to the information relating to items that your Company considered likely to have an impact in the event of a takeover bid or exchange offer, provided pursuant to Article L.22-10-11 of the French Commercial Code (Code de commerce) , we have agreed this information to the source documents communicated to us. Based on these procedures, we have no observations to make on this information.

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UNIVERSAL REGISTRATION DOCUMENT 2020