SECTION 1 -

appropriate, as well as analyze the relationship of the proposed consideration compared to the
relative values that are judged to be appropriate.
Our report is organized as follows:
1. PRESENTATION OF THE TRANSACTION AND DESCRIPTION OF THE
CONTRIBUTION .................................................................................................................. 332
1.1. Presentation of the companies participating in the transaction ................................. 332
1.1.1. Contributing company..................................................................................... 332
1.1.2. Beneficiary ......................................................................................................... 333
1.1.3. Links between the Companies........................................................................ 334
1.2. Description of the transaction......................................................................................... 335
1.3. Description of the contribution ...................................................................................... 336
1.4. Valuation of the contribution.......................................................................................... 337
1.5. Consideration for the contribution................................................................................. 339
1.5.1 Capital increase .............................................................................................. 340
1.5.2 Contribution premium.................................................................................. 341
1.6. Legal and tax aspects......................................................................................................... 341
2. VERIFICATION OF THE APPROPRIATENESS OF THE VALUATION OF
THE CONTRIBUTION AND SHARES OF THE BENEFICIARY .......................... 344
2.1. Presentation of valuation ................................................................................................. 344
2.2 Examination performed .................................................................................................... 344
2.3 Verification of the valuation........................................................................................... 346
3. ASSESSMENT OF THE FAIRNESS OF THE CONSIDERATION................................... 346
4. CONCLUSION................................................................................................................................. 348
331