55 Dear Shareholders, In accordance with the provisions of Article 25 of the Law No. 408 of 20 January 1945, we present you with our report on the general and ongoing assignment that you entrusted to us under the provisions of Article 8 of the aforesaid law, by decision of the Ordinary General Meeting of 19 June 2020 for the fiscal years 2020, 2021 and 2022. The financial statements and the accompanying notes were approved by the Board of Directors. - The balance sheet total is €6,301,227,000 - The income statement shows a net profit of €24,845,000 The global crisis related to theCOVID-19 pandemic creates special conditions for thepreparation and audit of this year's financial statements. Indeed, this crisis and the exceptional measures taken in the context of the state of health emergency are having multiple consequences for businesses, particularly on their activity and financing, as well as increasing uncertainty about their future prospects. Some of thesemeasures, such as travel restrictions and teleworking, have also had an impact on the internal organisation of companies and on the way audits are carried out. To do so in this complex and changing context, we applied the procedures we considered necessary based on professional practice and reviewed the transactions performed by your Company during the 2021 financial year, the balance sheet at 31 December 2021, the income statement for the twelve-month period and the notes to the financial statements, closed at this date and presented in accordance with banking regulations. These documents were drawn up in the same format and using the same accountingmethods as in the previous financial year. We have verified the various items included in the assets and liabilities aswell as themethods used for their valuation and for the discrimination of expenses and income recorded in the income statement. Our review was performed in accordance with generally accepted accounting audit standards, which require that our work be plannedandperformedsoas toobtain reasonableassurance that theannual accountsdonot containanymaterialmisstatements. An accounting review includes the examination, by testing, of evidence of the amounts and information contained in the annual accounts, an assessment of their overall presentation aswell as a reviewof the accounting policies used and themain estimates made by management. We believe that the reviews we performed support our opinion. In our opinion, the balance sheet at 31 December 2021, the income statement for the 2021 financial year and the notes to the financial statements, submitted for your approval, givea trueand fair view, inaccordancewith legal requirements andprofessional practice, of the assets and liabilities of your Company as of 31 December 2021 and the transactions and results of the twelvemonth period ending on such date. We have no comments tomake on the information given in the report of your Board of Directors on the financial statements. The proposals for the allocation of the profits are in accordance with the provisions of the Law and the Articles of Association. Our review foundnobreaches of legal and statutory provisions governing the functioningof your Company’smanagement bodies. Without qualifying the opinion expressed above, we would like to draw your attention to paragraph 1.2 G) of Note 1 "Accounting principles and methods applied" and on Note 17 "Changes in equity" of the notes to the parent company financial statements, which sets out the impacts of the change in accounting method in connection with the application of the IFRIC decision on the calculation of commitments relating to certain defined benefit plans. Issued in Monaco on 03 May 2022 Financial year ending 31 December 2021 D i d i er Mek i es Statutory Auditor Fr anço i s Br ych Statutory Auditor GENERAL REPORT of the statutory auditors
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