Article R. 823-21 of the French Commercial Code requires that Statutory Auditors appointed vis-à-vis listed companies prepare a transparency report as presented below :

1. Presentation of the firm

1.1. Legal structure

A French limited liability company with share capital € 200,000 held by two partners.

VACHON ET ASSOCIES has two public accounting subsidiaries :

-   FIDUCIAIRE HAUSMANN for small sized French companies ;

-   VACHON ET COMPAGNIE for subsidiaries of foreign companies.

1.2. Network

VACHON ET ASSOCIES is not a member of any national or international network.

1.3. Management of the company

M. Bertrand VACHON manages the company.

2. The firm’s risk management

2.1. Independence

The firm has set up an independence procedure that has been signed by the employees acting as auditors as well as a specific assignment acceptance and maintenance procedure. We certify that internal control of the independance procedure of the firm has been made.

2.2. Internal control

A document describes the firm’s internal procedures.

2.3. Quality control;

-   Internal
The partners control the quality of assignments as part of the general supervision of files. In fact, each Manager has the skills needed to carry out his assignment. The partners are permanently involved in assignments, in particular, in solving complex problems, in handling clientele relations, in holding synthesis meetings as well as in writing reports. We certify the efficiency of the internal procedures regarding the quality control of the firm.

-   Independent review
Whenever needed, files, especially those of listed companies are subjected to an independent review.

2.4. Last quality control (Article R. 821-26 of the Commercial Code)

Control conducted by CNCC (Compagnie nationale des Commissaires aux Comptes) (national association of statutory auditors) (2006-2007 campaign). Synthesis report of 13 September 2007.

3. Clients

3.1. Revenues

The revenues of VACHON ET ASSOCIES and its subsidiaries break down as follows :

3.2. List of listed Entities that have been audited

-   MEETIC SA / Euronext (Segment B)

-   OVERLAP GROUPE SA / Euronext (Segment C)

-   GLOBAL TECHNOLOGIES SA / (Marché libre)

4. Human resources

4.1. Colleagues

The firm and its subsidiaries have about 25 colleagues, most of whom are involved in Accounting and Audit services.

4.2. Partners

The firm’s two partners are Statutory Auditors, Chartered Accountants and Certified Public Accountants (USA).

Fee basis of partners: the partners are paid on their production.

4.3. On going training

The firm’s colleagues receive technical training within or outside the firm depending on their experience.

Furthermore, we certify compliance with legal obligations relating to professional training (article L. 822-4 and R. 822-61 of the Commercial Code).

December 2009
Updated June 2010
Bertrand VACHON
Managing Partner