Read the Registration Document - Guerbet

12.2 – Accrued employee benefitsa) Description:Employees of the Group are eligible for:- deferred benefits in the form retirement severance payments (France, Italy, Austria, South Korea,Japan, Turkey);- post-employment benefits in the form of supplementary defined benefit retirement schemes(Germany) early retirement benefits for persons of 58 to 60 years of age (Belgium).Provisions are recorded for these benefits.Commitments relating to supplementary retirement benefits paid to German employees are covered byfinancial assets corresponding to funds invested with third parties (plan assets). These assets are revaluedevery year at sufficient frequencies to ensure that amounts recognised not materially differ from assets andliabilities at term.At 31 December 2012, these assets were valued at €3,071,000.Payments on behalf of defined contribution pension plans are incurred in the period.b) Measurement and recognition:Group obligations are calculated on the basis of assumptions applicable in the countries concerned.Actuarial gains or losses are recorded directly under equity in accordance with IAS 19.c) Actuarial assumptions applied for France and Germany representing 93% of the provisions and 100% ofplan assets:FranceGermany2012 2011 2012 2011Discount rate C C 3.50% 5.14%Projected rate of return for plan assets N/A N/A 4.50% 4.50%Rate of salary increase 1 2.50% 2.50% 3.00% 3.00%Inflation 0% 0% 0% 0%Average rate of annuity increases N/A N/A 2.00% 2.00%Average growth rate of medical expenses N/A N/A N/A N/AMortality table assumptions T T T TEmployee turnover rate S S S SRetirement age E E 65 65Rate of social charges 47.00% 47.00% V VC = Bloomberg yield curve (discount rate for investment-grade companies). The impact of a 10% change inthese rates would be €424,000.E = Estimated age of retirement on the basis of an average age at the start of employment by employeescategory and annuities required by regulation;S = Table rates on the basis of statistics and guidelines of analysis such as the classification, gender andage of the employee, according to their pertinence;T= The most recent mortality table published by the INSEE for metropolitan France and the table of Dr.Klaus Heubeck (RT 2005 G) for Germany;V = Variable according to the remuneration.Detailed information is not provided on the following (N/A):- Average expected rates of return for plan assets for French companies as the French schemes donot include assets;- Average rates of increases for annual payments as the French schemes represent lump-sumretirement indemnities and not annual payments;- The average rate of increase for medical expenses as no companies provide coverage for medicalexpenses under their plans.1 According to classifications for France.99