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Shareholders’ Meeting
Statutory Auditors' special reports
Report on the share capital reduction
8.3.2
Combined Shareholders’ Meeting of May 17, 2016
The Board of Directors proposes that shareholders delegate to it, for a
period of 24 months from the date of this Shareholders’ Meeting, all
Thirteenth resolution
necessary powers to cancel, up to a maximum of 10% of its share
This is a free translation into English of a report issued in the French
capital by 24-month period, the shares purchased by the Company
language and is provided solely for the convenience of English-speaking
pursuant to the authorization to purchase its own shares in the context
readers. This report should be read in conjunction and construed in
of the aforementioned Article.
accordance with French law and professional auditing standards
We conducted the procedures we deemed necessary in accordance
applicable in France.
with the professional guidelines of the French National Institute of
To the shareholders,
Statutory Auditors (
Compagnie nationale des Commissaires aux
comptes
) applicable to our engagement. These procedures consisted in
As Statutory Auditors of your Company and pursuant to the duties set
verifying the fairness of the reasons for and the terms and conditions of
forth in Article
L.
225-209 of the French commercial code (
Code de
the proposed share capital reduction, which does not undermine
commerce
) concerning share capital reductions by cancellation of
shareholder equality.
shares purchased, we hereby report to you on our assessment of the
reasons for and terms and conditions of the proposed share capital
We have no comments on the reasons for and the terms and
reduction.
conditions of the proposed share capital reduction.
The Statutory Auditors
Courbevoie, Paris-La Défense and Neuilly-sur-Seine, April 15, 2016
MAZARS
KPMG SA
DELOITTE & ASSOCIÉS
Pierre Sardet
Patrick-Hubert Petit
Arnaud de Planta
David Chaudat
Caroline Bruno-Diaz
2015 REGISTRATION DOCUMENT
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