QUADIENT // 2021 Universal Registration Document

FINANCIAL STATEMENTS Statutory auditors’ report on the financial statements

audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements.

Financial assets in subsidiaries

Risk identified

Our audit approach

Financial assets in subsidiaries amount to 1,202.8 million euros net at 31 January 2022. 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 asset 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 asset 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 obtained an understanding of the methodology used by the Company for carrying out the test, We have analyzed impairment indicators existence by meeting with Group management on results and perspectives of the affiliates We compared net book value of financial assets with Group’s share of net assets of subsidiaries When applicable we analyzed the value of financial assets resulting from the discounted cash flow method We have assessed the consistency of the cash flows projections prepared by management, and compared the assumptions with the data available on the market We have assessed the consistency of the growth rates used, and the discount rates applied with market analysis We have assessed the valuation methodology and the arithmetic accuracy of the value calculation

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SPECIFIC VERIFICATIONS

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

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 management report of the Board of Directors 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 and L. 22-10-10 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 the remuneration 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 2021