Financière Agache, which has its registered office in France, launched a public bond issue, in Belgium under the terms of a prospectus dated September 16, 2005. The bonds were admitted for trading on the Euronext Brussels regulated market.

In application of the option that was granted pursuant to Directive 2004/109/EC (the “Transparency Directive”) and the applicable provisions of French and Belgian law, Financière Agache notified the Financial Services and Markets Authority (FSMA) that it had chosen Belgium as the original member state with regard to the obligations imposed on it in its capacity as an issuer of financial instruments admitted for trading on a regulated market.

So, since January 1, 2008 Financière Agache has been subject to the applicable provisions of Belgium law relating to the obligations of financial instruments admitted for trading on a regulated Belgian market. Since that date, the FSMA has also been the oversight body of Financière Agache in this regard.