CFM INDOSUEZ Wealth Management - 2020 Annual Report

45 Dear Shareholders, In accordancewith the provisions of Article 25 of the LawNo. 408 of 20 January 1945, we present youwith 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 amounted to €5,928,219,000 - The income statement showed a net profit of €20,361,000 Due to the global crisis linked to the COVID-19 pandemic, the financial statements for this year have been prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly in terms of their operations and their financing, and have led to greater uncertainty regarding their future prospects. Some of these measures, such as travel restrictions and remote working, have also had an impact on companies’ internal organisation and the performance of audits. Our assignment requires us to issue an opinion on the financial statements. 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 2020 financial year, the balance sheet at 31 December 2020, 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 accounting methods as in the previous financial year. We have verified the various items included in the assets and liabilities as well 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 planned and performed so as to obtain reasonable assurance that the annual accounts do not contain anymaterial misstatements. 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 as well as a review of 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 2020, the income statement for the 2020 financial year and the notes to the financial statements, submitted for your approval, give a true and fair view, in accordancewith legal requirements and professional practice, of the assets and liabilities of your Company as of 31 December 2020 and the transactions and results of the twelve- month period ending on such date. We have no observations tomake regarding the information provided in the report of the Board of Directors on the accounts. The proposed allocation of income observes legal requirements and the Company’s articles of association. Our review found no breaches of legal and statutory provisions governing the functioning of your Company’smanagement bodies. Monaco, 23 April 2021 Financial year ending 31 December 2020 GENE R AL R E PORT OF THE S TATUTORY AUD I TOR S Didier Mekies Statutory Auditor François Brych Statutory Auditor