Statutory auditor s report at 31 December 2016 Dear Sir/Madam,

Following our appointment by the Supervisory Board, we hereby present our report for the finan- cial year ended 31 December 2016, relative to: the audit of the annual financial statements of the Fonds de réserve pour les retraites, which are attached to this report;

the justification of our evaluations; the specific verifications and information required by law.

The annual financial statements were prepared by the Management Board. Our role is to express an opinion on these annual financial statements based on our audit.

I. Opinion on the annual financial statements We have conducted an audit in accordance with the professional standards applicable in France; these standards require that we use procedures to obtain reasonable assurance that the annual financial statements are free of material mis- statement. An audit consists in examining, on a test basis or using other selection methods, the evidence supporting the amounts and disclo- sures contained in the annual financial state- ments. It also consists in assessing the accounting principles used and the significant estimates made, as well as in evaluating the overall pres- entation of the financial statements. We believe that the evidence gathered is pertinent and suffi- cient to serve as a basis for our opinion.

In our opinion, the annual financial statements, in accordance with French accounting rules and principles, give a true and fair view of the finan- cial position and assets and liabilities of the Fund and of the results of its operations at the end of the financial year.

II. Justification of evaluations In application of the provisions of article L.823-9 of the French Commercial Code in relation to the justification of our evaluations, we wish to high- light the following points:

As indicated in note I to the financial state- ments, Accounting rules and methods used , the financial statements were prepared in accordance with the accounting principles and methods of the accounting scheme specific to social security organisations, as well as CNC notice 2003-07 of 24 June 2003, amended by notice no. 2008-10 of 5 June 2008, on the recog- nition of financial instruments by the Fonds de réserve pour les retraites.

As part of our evaluation of the accounting rules and methods used, especially for evaluating the financial instruments in the portfolio, we have ver- ified the appropriateness of these rules and meth- ods and of the information provided in the notes to the financial statements. We also verified the cor- rect application of these rules and methods.

The evaluations were made in the context of our audit of the annual financial statements, taken as a whole, and therefore contributed to the for- mation of the opinion expressed in the first part of this report.

III. Specific verifications and information We have also carried out the specific verifications required by law in accordance with the profes- sional auditing standards applicable in France.

We have no comment as to the fair presentation and conformity with the annual financial state- ments of the information given in the manage- ment report with respect to the financial position and annual financial statements.

Pierre Masiéri Partner

Brigitte Vaira-Bettencourt Partner

Gilles Dunand-Roux Partner

Hervé Grondin Partner

Grant Thornton French member of Grant Thornton International


Paris and Courbevoie, 20 February 2017 Statutory Auditors