[Unofficial Translation]

MARKET TRANSPARENCY

RECOMMENDATIONS RELATING TO THE CLOSING OF ANNUAL AND CONSOLIDATED ACCOUNTS FOR 2000

SECTION 5 - USE OF INTERNATIONAL ACCOUNTING STANDARDS IN FRANCE

IOSCO in May 2000 made its recommendations regarding the recognition of 30 IASC standards for cross-border securities offerings.

The European Commission announced on 13 June 2000 that it would present a formal proposal before the end of 2000 to require the use of IAS in consolidated accounts by all listed companies no later than 2005 and to permit member states to allow the use of IAS by nonlisted companies and for statutory accounts. This project received political support by its formal adoption by the European Council of Finance Ministers at its July 2000 meeting.

As part of a project to be finalised, companies listed on Euronext (comprising the stock exchanges in Amsterdam, Brussels, and Paris) would be required to prepare, in addition to local requirements, financial information in compliance with IAS or US GAAP starting in 2002. It would be possible to provide this information in the form of a reconciliation.

Therefore, the COB recommends that French listed companies identify differences between their current accounting principles and International Accounting Standards and start without delay their preparations for the transition to IAS. It is worth reminding that the presentation of IAS financial statements in 2005 will also require the presentation of comparative information for 2004 (and for 2003 for certain filings) under the same rules.