ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 31 DECEMBER 2012

ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 31 DECEMBER 1 rentabiliweb group Rapport Financier Annuel 31 December 1 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

SUMMARY SUMMARY... A WORD FROM THE CHAIRMAN... 4 I...REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS... 5 II... CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1... 7 III... CORPORATE GOVERNANCE... 66 IV...THE RENTABILIWEB GROUP SHARE... 79 V...STATEMENT BY THE BOARD OF DIRECTORS... 8 VI REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 84 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 3

A word from the Chairman Dear shareholders and prospective shareholders, Rentabiliweb has been undergoing a true transformation in recent months. We ve pursued this sectors, but also given that every NICT company is obliged to integrate the fact that the Internet is group s future. We didn t choose that option. I didn t choose that option. The adopted strategy was the same one that my board of directors and I have been pursuing since the creation of our in the last 1 years. We anticipated the economic slowdown that s still affecting our traditional sectors, we anticipated the slower growth of the that fewer than 3% of web surfers who visit an online shop end up purchasing a product over the Internet, versus more than one out of every payment. Of course, all of this has a price. deliberate choice in order to prepare the coming decade. I ve assumed my responsibilities. We ve lengthened our investment horizon which, I merits of our choices. Jean-Baptiste Descroix-Vernier, Chairman ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 4

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 5

Summary 1. KEY CONSOLIDATED FINANCIAL DATA... 7. ABOUT RENTABILIWEB... 1 3. BUSINESS DEVELOPMENTS DURING THE YEAR... 17 4. COMPARISON OF CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEARS ENDED 31 DECEMBER 1 AND 31 DECEMBER 11... 5. LIQUIDITY, CAPITAL RESOURCES AND MAIN RISKS... 3 6. RESEARCH AND DEVELOPMENT ACTIVITIES... 5 7. USAGE OF FINANCIAL INSTRUMENTS... 5 8. PRICE, CREDIT, LIQUIDITY AND CASH FLOW RISKS... 5 9. AUDIT COMMITTEE... 5 1... FACTORS LIABLE TO HAVE AN IMPACT IN THE EVENT OF A PUBLIC TAKEOVER OFFER... 6 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 6

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 1 1.1. Consolidated balance sheet ASSETS (in thousands) Note 1 11 Goodwill 1 5 64 5 8 Intangible assets 4 1 4 6 3 1 161 1 38 4 46 364 Deferred tax assets 3 67 1 11 Non-current assets 58 86 58 83 6 7 344 3 899 4 179 4 7 7 86 11 53 Current assets 39 39 44 373 TOTAL ASSETS 98 189 1 456 EQUITY AND LIABILITIES (in thousands) Note 1 11 8 3 396 3 37 43 578 37 155 (46) (56) 1 114 1 575 9 (1 589) (63) 1 13 1 56 1 Equity 68 585 71 435 11 751 86 1-14 3 3 Deferred tax liabilities 3 46 616 Non-current liabilities 1 181 75 11 171 1-14 5 3 Trade and other payables 13 3 784 4 593 4 433 5 55 Current liabilities 8 43 3 316 TOTAL EQUITY AND LIABILITIES 98 189 1 456 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 7

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 1 1.. Consolidated income statement INCOME STATEMENT (in thousands) Note 1 11 16 7 13 83 64 Gross Margin 41 17 47 595 % of revenue 58,9% Other operational earnings 17 35 33 18 (4 694) (3 661) Payroll expenses 19 (11 118) (8 11) ( 33) (11) Recurring operating income 3 18 15 955 % of revenue 4,4% 1 (844) 688 19 (1 76) (46) Operating income 1 188 18 183 % of revenue 1,7% (141) 34 3 67 (5 5) 3 ( 635) Consolidated net Income 1 113 1 576 % of revenue ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 8

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 1 1.3. Change in consolidated equity (in thousands) Share capital Premiums Group Currency translation differences for the year Treasury shares Instruments settled in the Company s shares Equity Group share Non-controlling interests Equity Position at 31.1.1 3 99 13 981 18 711 (35) 8 15 (615) 63 356 63 356 8 1 18 18 Appropriation of earnings 8 15 (8 15) paid (3 477) (3 477) (3 477) the period 1 575 1 575 1 1 576 () () () () Changes in 134 134 134 Other () () (1) 1 1 56 848 848 Position at 31.1.11 3 37 13 991 3 164 (56) 1 575 (63) 1 56 71 434 1 71 435 88 114 3 3 Appropriation of earnings 1 575 (1 575) paid (3 59) (3 59) (3 59) the period 1 114 1 114 (1) 1 113 11 11 11 Changes in 16 16 16 Other (884) (987) 1 76 (795) () (795) Position at 31.1.1 3 396 14 15 9 473 (46) 1 114 (1 589) 13 68 585 68 585 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 9

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb.1. B to B business sector: Third-party audiences Payment Direct marketing Business sector B to C: Proprietary audiences Astrology Dating Community sites ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb....1. Supplier of monetisation solutions (B to B) PAYMENT Bank card collection The functionalities offered by the platform include: In 1, Rentabiliweb Europe: ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 11

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb Micro-payment DIRECT MARKETING Direct marketing and loyalty programs ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb on app stores. Personalised e-mail retargeting solutions ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 13

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb TELECOM SERVICES astrology. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 14

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS About Rentabiliweb... Publisher of a broad portfolio of digital entertainment content (B to C) Rentabiliweb has developed a broad range of entertainment and leisure websites. From being simply a monetiser of online audiences, the Group has evolved into an audience generator, with a portfolio of websites and services that covers all consumer entertainment and leisure needs, including casual gaming, dating, personal services, well-being, women s interest content, live entertainment, astrology, fortune-telling and humour. The group s total audience for all of its Web properties is estimated at over 5 million visitors a month, which puts Rentabiliweb among the global Top 1 in terms of French-speaking audience. Rentabiliweb s business model is underpinned by the massive audience it aggregates through its network of entertainment and special interest websites, which covers the full spectrum of loyalty-building content. Expertise in such monetisation techniques as subscription management, add-ons, database enhancement and customer acquisition cost optimisation helps ensure the revenue-generating capacity of the Rentabiliweb Group s content. Furthermore, in line with current trends in new technologies, the Group is still developing products compatible with all browsers and sites able and brochures. Apart from technical improvements in ease-of-use and navigation, many marketing enhancements have been introduced for sites. Dating In 11, Rentabiliweb released a new version of Yes! Messenger (www.yesmessenger.com), its successful instant messaging system, in use by many ensures a better and optimised user experience, thanks to a more up-to-date design and improved ease of use. This expertise has also helped to raise the Community sites and Jeu portals in early 13. For its part, the Jeu.org site has been completely overhauled in order to improve its positioning in search engines and to facilitate the integration of new paid social games. Moreover, the Toox.com site has been in a redevelopment phase since September 1, with the objective of rejuvenating the site and providing it with new remuneration channels. Its development using new technologies (HTML5/Javascript) will ensure its compatibility with tablets and mobiles as of its release. ClicBienEtre : Targeted exclusively for women; The Rentabiliweb group has thus built up a portfolio of very popular websites, such as : Astrology The design of the Purevoyance site (www.purevoyance.fr) has been improved, thereby making it easier for users to enjoy comfortably. New services are now available for web surfers, ensuring a better customer experience. www.rmobile.fr www.purflirt.com/ www.reflexfleurs.com www.jeu.org ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 15

R E P O R T O F T H E B O A R D O F D I R E C TO R S O N T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S About Rentabiliweb.3. Rentabiliweb s organisational structure Listed on Alternext Paris, a multilateral trading facility (MTF) of NYSE Euronext Paris, from December 6 and on Alternext Brussels, an MTF of NYSE Euronext Brussels, from January 9 following the introduction of NYSE Euronext s single order book, Rentabiliweb subsequently decided to change its market listing and was listed on Compartment C of NYSE Euronext s markets in Brussels and Paris from 15 February 1. Rentabiliweb Group shares obtained the Entreprise Innovante label in April 9, thus becoming eligible for inclusion in FCPIs (fonds communs de placement pour l innovation, closed-end mutual funds invested in innovative companies). Currently, Rentabiliweb Group shares are therefore traded continuously on Compartment C of NYSE Euronext s markets in Brussels and Paris under the ticker symbol BIL and the ISIN code BE9466946 through NYSE Euronext s single order book. In addition, following the decision by NYSE Euronext s Steering Committee for the French family of indices on September 11, Rentabiliweb has been a member of the indices CAC Small, CAC Mid & Small, CAC AllTradable and CAC All-Share since 19 September 11. Added to its memberships in the Belgian indices BEL Soft. & C.S., BEL Technology, BEL Small Index and BEL Small NR, this measure is giving fresh momentum to Rentabiliweb s stock market performance, in keeping with its aim of enhancing the visibility of Rentabiliweb Group shares among investors. Rentabiliweb s shareholders include its founders, and most notably Jean-Baptiste Descroix-Vernier, Chairman of Rentabiliweb s Board of Directors directly, and via his holding company Saint-Georges Finance, together with Financière LOV, the family holding company of Stéphane Courbit, as well as the company Le Peigné PA and PPR group. media and entertainment worlds, such as Gilles Lioret, Eric Licoys and Jean-Marie Messier, and from the telecom sector, including Franck Esser. The Group s executive directors are Mr. Jean-Baptiste DescroixVernier, Mr. Thibaut Faures Fustel de Coulanges, Vice-Chairman and Mrs. Corinne Chatal, Group HRD. At 31 December 1, the Rentabiliweb Group had 19 subsidiaries and more than 3 employees in France, Belgium, Romania, Bulgaria and Russia. Rentabiliweb Group SA is the parent company and controls all of these subsidiaries, either directly or indirectly. Group organisation chart to 31 December 1 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 16

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 3 Business developments during the year all of the operating expenses that are directly related to its production, notably commissions paid to partners. related to Group activities, whether these proceeds and expenses are recurring or result from isolated and atypical decisions or operations. Non-current operating proceeds and expenses, that include any unusual, abnormal or infrequent elements, can disturb the tracking of the group s performance. Accordingly, for the tracking of the operational the other non-current operating proceeds and expenses, the cost of warrants or shares distributed to the personnel, and the possible goodwill amortisation expenses. customer loyalty and the optimisation of the transformation tunnel (from visiting a site to payment for the purchase). This division is structured around three complementary activities: The streamlining around these three activities has led the Group to reorganise the management and legal structure of certain subsidiaries. a lever for competence surrounding e-commerce issues. This division is made up of three segments: New high potential people have been recruited, and the group currently has dedicated teams that are experts in their market. 3.1. Activity report Highlights of the year The strategic orientation of the Rentabiliweb Group is structured around two axes: its development in line both with its organic growth strategy, with a priority focus on the launch of the new product bebill (www.bebill.com), and with its culture that targets performance, notably in the B to C segment. This restructuring of certain subsidiaries and the massive investment in the most earnings as of 13. Consolidated income statement INCOME STATEMENT (in thousands) Note 1 11 Revenue 16 7 13 83 64 Gross Margin 41 17 47 595 % of revenue 58,9% 57,% Other operational earnings 17 35 33 Recurring operating expenses 18 (4 694) (3 661) Payroll expenses 19 (11 118) (8 11) Depreciation and amortisation charges ( 33) (11) Recurring operating income 3 18 15 955 % of revenue 4,4% 19,% Other non-recurring operating income and expenses 1 (844) 688 Other payroll expenses and payments in shares 19 (1 76) (46) Operating income 1 188 18 183 % of revenue 1,7% 1,8% Financial results (141) 34 3 67 (5 5) Tax non-current elements 3 ( 635) Consolidated net Income 1 113 1 576 % of revenue 1,6% 1,7% ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 17

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 3 Business developments during the year 3.1.1. Comments on the consolidated revenue On 31 December 1, consolidated sales were equal to 7.13 million, a 15.9% decline relative to 11. The distribution of the sales between the different activity segments is the following: REVENUE (in thousands) B to B B to C TOTAL B to B segment 1 11 Change 6 7 43 986 34 133 49 131 7 13 83 64-3,7% -1,5% -15,9% In 1, the B to B activity generated revenue of 6.7 million, versus 34.133 million in 11. In the payment segment, consisting of micro-payment and bank card collections (Bebill), the lower revenue notably resulted from the discontinued marketing of Facebook Credits that represented 3.5 million activity s client portfolio. In the second half of the year, the Bebill collection offer asserted its unique positioning in the online payment market. Its very encouraging commercial dynamism resulted in the signing of contracts with major references, such as Winamax, Kenzo and pêcheur.com (Oxylane of its customers. Finally, Bebill consolidated the relations with its partners, notably through partnerships with CMS (Content Management Systems): Prestashop, Magento, etc. In the direct marketing segment, the revenue was impacted by the tightening of the marketing budgets of advertisers. As such, to maintain its leadership, the offers were streamlined around the ones that generate the increasingly adopted by advertisers and e-retailers since it makes it possible to generate additional sales thanks to an e-mail retargeting system. This shopping carts and failed payments, and it has already attracted major e-retailers such as Pixmania, Last Minute, MisterGoodDeal, Spartoo, Zalando etc. In the telecom segment, synergy has begun to develop between the company Rentabiliweb Interactive (ex-vidalia, company acquired in December 1) and Rentabiliweb Telecom, the group s historical operator. The work carried out in 1 allowed the Rentabiliweb Group to provide its customers with a structured offer that includes SMS campaign routing, the supply of company telephone services and call centres, facilities management as well as the processing of surcharged numbers (8 platform). This structuring and effects on the revenue that will be felt as of 13. B to C segment The revenue of the B to C segment was equal to 43.986 million in 1, versus 49.131 million in 11. context, was brought under control and is now being offset by astrology, that has seen continuous growth since its integration into the Group. market. Combined with the kick-off of new products and the exploitation of new distribution channels such as mobile phones, this transformation is providing the basis for a solid revenue increase. 3.1.. Analysis of the operational performances B to B segment B to B (in thousands) 1 11 Change Revenue 6 7 34 133-3,7% Gross margin 11 8 1 68-6,5% % of revenue 43,3% 35,4% +8,% Other operational earnings 1 3-57,% Recurring operating expenses (8 19) (5 63) +45,1% Payroll expenses (4 993) (1 991) +15,8% Depreciation and amortisation changes (1 556) 48-76,6% Recurring operating income (3 388) 4 746-171,4% % of revenue -13,% 13,9% -6,9% from in-depth work on the micro-payment activity s client portfolio. t expenses consisting of employment costs, marketing costs and consulting. Rentabiliweb had decided that, from the kick-off of this activity, it would have a structure that is equal to its ambitions in terms of market shares. s well as the generate positive results in ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 18

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 3 Business developments during the year B to C segment B to C (in thousands) 1 11 Change Revenue 43 986 49 131-1,5% Gross margin 9 937 35 57-15,7% % of revenue 68,1% 7,3% -4,% Other operational earnings 4 97-98,7% Recurring operating expenses (14 833) (15 868) -6,5% Payroll expenses (3 819) (4 188) -8,8% Depreciation and amortisation changes (63) (316) -16,8% Recurring operating income 11 6 15 453-8,6% % of revenue 5,1% 31,5% -6,4% well-established and long-standing relations with its partners. costs focused on certain expense items, but had no impact on the marketing investments for the astrology activity, such as to avoid compromising this segment s constant improvement. Holding company segment and central departments Holding (in thousands) 1 11 Change Revenue n/a Gross margin n/a % of revenue n/a n/a n/a Other operational earnings 1 1 n/a Recurring operating expenses (1 733) ( 19) -,9% Payroll expenses ( 36) (1 9) +,% Depreciation and amortisation changes (513) (143) +58,% Recurring operating income (4 531) (4 44) +6,8% % of revenue n/a n/a n/a of the technical services. versus 4.44 million in 11. The control and rationalisation of certain expense items made it possible for the group to rein in its level of operating expenses (.9% decline) and to acquire new key competences. 3.1.3. Comments on the consolidated net earnings Over and above the decline posted on the level of the ROC, the decline of the Operational income, amounting to 1 million, can primarily be explained by the existence of exceptional and non-recurring costs during the year (primarily the non-payment of a price supplement and a payment default by one of our customers after the bankruptcy of one of its partners), whereas the Group had recorded, in 11, exceptional income of.5 million (unwinding of a guarantee of liabilities related to a previous acquisition). In the end, the Consolidated Net Earnings at the 31 December 1 are equal to 1 million. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 19

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 4 years ended 31 December 1 and 31 December 11 4.1. Analysis of balance sheet items At 31 December 1, the consolidated balance sheet total was equal to 98,188,885. 4.1.1. Assets Goodwill The goodwill was equal to 5.64 million at 31 December 1. This total includes the goodwill recorded upon the acquisition of Montorgueil, that recognised when the Edencast and Vidalia groups were purchased in 1, and goodwill upon SBSR s acquisition in 11. The net carrying amount of goodwill is reviewed at least twice a year and whenever events or circumstances indicate that an impairment loss may have occurred. Such events or circumstances relate to material adverse changes of a lasting nature, having an impact either on the economic environment or on the assumptions used or objectives set at the acquisition date. At 31 December 1, the Group reviewed the net carrying amount of its goodwill. As indicated in Note.5, the recoverable amount of CGUs or groups of CGUs is determined on the basis of the market value, generally estimated using earnings multiples, or the value in use, calculated as from the CGU or group of CGUs in question. As indicated in Note.5, and taking into account the results obtained for the Group s various subsidiaries, it did not seem necessary to recognise any impairment losses for goodwill. Other intangible assets Other intangible assets totalled 4.1 million, and fell by 379, relative to 31 December 11. They consist mainly of Montorgueil s business assets acquired in late 7, consisting of website domain names, technology and clientele. The decline recorded in 1 is mainly attributable to the software programs, IT developments and new functions required for the payments business launched in early 1. Trade and other receivables At 31 December 1, trade and other receivables decreased by 1% to 7.344 million, compared to 3.899 million at 31 December 11. Given the credit-worthiness of its main clients, especially those of the Group s Micro-payment and Telecoms divisions, with receivables due from telecoms operators, the Group considers that it is not exposed either to a material credit risk or to a marked dependence on any single client. Current tax assets At 31 December 1, current tax assets amounted to 4.179 million, representing an increase of 1.757 million compared to their amount of.4 million the previous year. The increase is primarily due to the size of the advances on corporate tax paid during the year relative to the tax payable on 31 December 1, to the Research Tax Credit posted for the French subsidiaries in the amount of 967,, and the corporate tax savings from the tax integration posted by Rentabiliweb Europe according to the principle of the reallocation of the Net cash position and investment securities The Group s net cash position was 7.86 million at 31 December 11, lower than its level at 31 December 11, but still corresponding to a surplus. made. The Group holds investment securities issued by leading counterparties, in the total amount of 3.475 million at 31 December 1, as opposed to 7.697 million at 31 December 1. The objective of the cash management policy The Group strengthened its cash management policy after the set-up of cashpooling for which the general objective is the best possible management of the cash surpluses generated on the Group level, for the purposes of their investment. Automatically managed by Natixis, this investment is liquid and represents no risk for the group. Property, plant and equipment Property, plant and equipment totalled 1.161 million and consisted mainly of B to B servers and other infrastructure. that Rentabiliweb holds in unlisted French start-ups, as well as security deposits and guarantees for the Group s premises. Deferred tax assets Deferred tax assets totalled.67 million at 31 December 1 versus 1.11 million at 31 December 1. They consist mainly of the temporary differences observed between the consolidated earnings and the taxable earnings of the consolidated companies and tax loss carry-forwards that could reduce future tax liabilities. 4.1.. Equity and liabilities Equity Consolidated equity amounted to 68.585 million at 31 December 1, compared to 71.435 million a year earlier. Detailed information on the table entitled Changes in consolidated equity included in the consolidated million of dividends. Provision for contingencies and losses risks, as well as provisions for general and personal risks. Provisions are recognised whenever a loss seems probable and measurable, particularly as a result of legal proceedings or claims brought against the Company or any of its subsidiaries, in the ordinary course of business. Provisions are written ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 4 years ended 31 December 1 and 31 December 11 back once settlement has been made or the risk is considered as no longer pertinent. The level of provisions for contingencies and losses increased from 57, at 31 December 11 to 953, at 31 December 1. This change is attributable to provisions for contingencies and losses relating to various trade or legal disputes. In addition, there were no detailed breakdown of changes is shown in Note 11. Financial liabilities respectively, at 31 December 11). Trade and other payables The fair value of trade and other payables is considered as approximately equivalent to their net carrying amount due to the shortterm maturity of these items. Trade and other payables thus amounted to 3.784 million at 31 December 1, as against 4.593 million a year earlier. Current tax liabilities Current tax liabilities amounted to 4.433 million at 31 December 1, representing a decrease of 1.117 million from their level a year earlier. Deferred tax liabilities Deferred tax liabilities totalled 46, at 31 December 1 versus 616, a year earlier. They are mainly attributable to temporary differences between the consolidated earnings and taxable earnings of the consolidated companies. 4.. Analysis of income statement items Revenue Consolidated revenue declined 16% in 1, to 7.1 million, as shown below: It breaks down in the following manner: Gross margin the operating expenses that are directly related to its production, notably commissions paid to partners. i.e. 58.9% of the revenue, an increase of 1.7 points relative to 31 December 11. These expenses correspond with: in the B to B segment: commissions paid to providers of content that Internet users accessed by purchasing codes on Rentabiliweb s micro-payment platforms; in the B to C segment: commissions paid to webmasters that deliver qualified audiences to Rentabiliweb s sites. Other operating income Other operating income totalled 35, at the end of the 1 versus 33, at 31 December 11, for a decrease of 97,. This item was high in 11 after the various adjustments related to the absorption of the company Montorgueil by the company RSA. Other operating expenses This item is equal to 4.694 million at 31 December 1, versus 3.661 million at 31 December 11. It primarily includes: in the B to B segment: bank charges incurred on the collection of bank card payments; in the B to C segment: sub-contracting expenses for the production of certain services, promotional and marketing expenses; in the Holding company segment: rental of premises and general expenses, sub-contracting expenses and other fees, promotional and marketing expenses (e.g. online advertising, etc.). Employment costs These costs totalled 11.118 million at end-1 versus 8.11 million a year efforts to acquire the talent it needs to further develop its core businesses and to launch its B to B e-money business. In keeping with the group s recruitment policy and human resources strategy, the increase in these costs is the direct result of the group s determination to obtain the Internet-related expertise it needs to establish positions in market segments that will generate future growth, without jeopardising current Depreciation, amortisation and provisions REVENUE (in thousands of euros) B to B 1 11 Change 6 7 34 133-3,7% This item, net of reversals, totalled.33 million at end-1 versus 11, at 31 December 11. At year-end 1, this item comprised 1.394 million in amortisation and assets and 69, in provisions and reversals for contingencies and losses. B to C 43 986 49 131-1,5% TOTAL 7 13 83 64-15,9% ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 4 years ended 31 December 1 and 31 December 11 Other non-current proceeds and expenses The other non-current proceeds and expenses item includes elements that are part of the earnings but cannot be considered as included in the The other non-current proceeds and expenses are negative, totalling 844 million at 31 December 1, versus proceeds of.688 million to 31 December 11. the purchase agreement for a previously completed acquisition, and secondly, a non-recurring expense and a payment default by one of our clients as a result of the insolvency of one of its partners. The group s follow-up and alarm procedures were immediately strengthened in order to include cases of late payments. Income tax expense The income tax item corresponds with the some of the taxes payable by all Group entities, plus any deferred taxation. includes an income tax expense of 1.719 million and proceeds due to deferred taxes of 1.785 million. 4.3. Post balance sheet events No events occurred after the balance sheet date of 31 December 1 with the potential to call into question the fair and true nature of the disclosures ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 5 Liquidity, capital resources and main risks 5.1 investments required for its operations and the distribution of dividends. (in thousands) 1 11 Net earnings from integrated companies 1 113 1 575 Elimination of the amortisations and provisions 8 (86) Elimination of the variation of deferred taxes (1 785) (51) Elimination of disposal capital gains or losses Other proceeds and expenses having no incidence on the cash (18) (79) Incidence of the change in working capital requirements 1 3 1 14 (859) (3 18) Net cash from operating activities * A 1 57 7 471 Financial acquisitions and price supplement payments (75) (1 346) 4 (1) Impact of changes in scope of consolidation 193 Capital increase 3 18 Dividends paid (3 59) (3 477) Treasury shares transactions (779) 1 Repayment of loans and other debts 673 B (4 89) (14 97) Change of the cash and cash equivalents A+B (3 57) (7 456) Net cash and cash equivalents at beginning of the period Net cash and cash equivalents at end of the period Impact of exchange rate variations 11 53 7 86 1 18 58 11 53 (19) Net increase (decrease) in cash and cash equivalents (3 57) (7 456) million. change in working capital requirements. 3 88 Investments made in 1 directly relating to the Payment division came to 484,. Adjusted for these investments for which the generation of the At 31 December 1, the Group s cash position was 7.86 million. The 3.57 million decrease in cash is mainly attributable to: the price supplements on the acquisition of the companies SBSR and Edencast; investments related to the new Payment segment; We also note that the WCR variation had a positive impact on the cash position, for 1.3 million. The group s working capital requirement is structurally positive and totalled 3.4 million at 31 December 1, versus 4.6 million to 31 December 11. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 3

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 5 Liquidity, capital resources and main risks 5.. Capital distribution Shareholding structure 11,4% 39,9% 48,7% Trade risks St. Georges Finance Labour relations disputes Acquisition by the Company of its own shares 5.3. Main risks and uncertainties relations risk. Social security risks Tax risks Information systems risks ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 4

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 6 Research and development activities 7 8 Liquidity risk Investment risk 9 Audit Committee ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE CONSOLIDATED FINANCIAL STATEMENTS 1 Factors liable to have an impact in the event of a public takeover offer ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

1 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 11... NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS... 3 STATUTORY AUDITOR S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS... ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 1 ended 31 December 1 1.1. ASSETS (in thousands) Note 1 11 4 Non-current assets 58 86 58 83 4 Current assets 39 39 44 373 TOTAL ASSETS 98 189 1 456 EQUITY AND LIABILITIES (in thousands) Note 1 11 Equity 68 585 71 435 Financial liabilities Non-current liabilities 1 181 75 Financial liabilities Current liabilities 8 43 3 316 TOTAL EQUITY AND LIABILITIES 98 189 1 456 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 1 ended 31 December 1 1.. Consolidated statement of comprehensive income INCOME STATEMENT (in thousands) Note 1 11 Revenue 7 13 83 64 Gross Margin 41 17 47 595 % of revenue 58,9% 57,% Recurring operating income 3 18 15 954 % of revenue 4,4% 19,% Operating income 1 188 18 18 % of revenue 1,7% 1,8% Financial results Consolidated net Income % of revenue 1 113 1 576 1,6% 1,7% Net profit Group share Net profit attributable to non-controlling interests Earnings per share 4 Diluted earnings per share 4 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 1 ended 31 December 1 CONSOLIDATED OVERALL EARNINGS REPORT (in thousands of euros) 1 11 Consolidated net Income 1 113 1 576 instruments Proceeds and expenses directly recognised in the shareholders equity (46) 1 68 (56) 1 5 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 1 ended 31 December 1 1.3. Consolidated statement of changes in equity (in thousands) Share capital Premiums Group reserves Currency translation differences for the year Revaluation reserves Treasury shares Instruments settled in the Company s shares Equity Group share Non-controlling interests Equity Position at 31.1.1 3 99 13 981 18 711 (35) 8 15 (615) 63 356 63 356 increase Position at 31.1.11 3 37 13 991 3 164 (56) 1 575 (63) 1 56 71 434 1 71 435 increase Position at 31.1.1 3 396 14 15 9 473 (46) 1 114 (1 589) 13 68 585 68 585 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 1 ended 31 December 1 1.4. sa 1 11 ination Elimination ination Net cash from operating activities * A 1 57 7 471 4 B (4 89) (14 97) Change of the cash and cash equivalents A+B (3 57) (7 456) Net increase (decrease) in cash and cash equivalents (3 57) (7 456) million. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 Rentabiliweb Group SA is a Belgian limited company ( Société Rentabiliweb Group SA and its subsidiaries offer business clients and webmasters the broadest range of monetisation services currently Rentabiliweb is a major player in audience development with a portfolio of services covering the full range of consumer entertainment needs: payment instruments and the acquisition of payment orders via bank Rentabiliweb Group shares have been traded continuously on NYSE of consolidation are prepared by adopting uniform accounting and.1. Accounting principles, policies and methods.1.1. Statement of compliance or interpretations in the process of being adopted by the European Union.1.. Consolidation principles Controlled entities records the net value of the assets and liabilities that are the components of Results of subsidiaries acquired or sold during the period under review are order to ensure the uniformity of accounting principles used with those used Interests in joint ventures entity through which a company undertakes an economic activity together its share in the liabilities for which it is jointly responsible (the components of Whenever a Group entity undertakes its activity directly under a joint venture liabilities entailing joint responsibility with other venturers are recognised in Liabilities and expenses incurred directly by the venturer in respect of its share from the sale or the use of the share in the production of jointly controlled assets and the share in any joint expenses incurred are recognised when ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 34

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 Investments in associates Business combinations Business combinations are recognised using the purchase method of goodwill attributable to the subsidiary is included in the calculation of aim to ensure that the recoverable amount of the cash generating unit operation is considered as a simple securities transaction involving liabilities of the controlled entity are not remeasured and any positive or negative goodwill generated between the cost of this additional Accounting method for foreign currency transactions Transactions in foreign currencies are recorded initially at the rate of exchange Monetary assets and liabilities denominated in foreign currencies are transactions and from the translation of monetary assets and liabilities Foreign businesses translated into euros at the rate of exchange at the date of the transaction Equity components are translated at historical cost using the rate of exchange.1.4. Intangible assets They are carried at cost less accumulated amortisation and any impairment Amortisation is calculated from the date when the asset enters into service and is charged to expenses so as to reduce the net carrying amount of the Internally generated intangible assets The main intangible assets recognised by the Group are the development internally generated intangible asset resulting from the development of an the following conditions are met:.1.3. Foreign currency transactions Presentation currency and functional currencies the project is technically feasible; the Group intends to complete the intangible asset and to put it into service or sell it; the Group is able to put the intangible asset into service or to sell it development of the project are available; the expenditure attributable to the asset during its development ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 Whenever the conditions for the recognition of an internally generated Intangible assets in progress Lease agreements under which the lessor retains substantially all of the risks.1.7. Impairment of goodwill, intangible assets and property, plant and equipment.1.5. Property, plant and equipment Assets acquired as part of a business combination are measured at adjusted for accumulated depreciation and any impairment losses the date when the asset enters into service and is charged to expenses so as to reduce the net carrying amount of the asset over its estimated schedule: The gain or loss resulting from the disposal or retirement of an asset is determined as the difference between the proceeds on disposal Subventions d investissement Goodwill each time there are indications that the recoverable amount may be lower Intangible assets and property, plant and equipment The recoverable amount is the higher of the fair value less costs to sell of an is allocated to reduce the carrying amount of the asset (or group of assets).1.8. Financial assets.1.6. Lease agreements transferring substantially all of the risks and rewards of the ownership sheet and measured at the lower of the fair value of the leased property reduction of the outstanding liability so as to obtain a constant periodic ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 recognised at their acquisition cost and are remeasured to fair value.1.11. Cash and cash equivalents Held-to-maturity investments determinable payments that the Group intends and is able to hold to.1.1. Share capital initially measured at fair value in the balance sheet and are remeasured.1.9. Inventories and work in progress goods and other consumables are comprised of the purchase price.1.13. Instruments settled in the Company s shares or BSA in French) to certain employees and to the members of its Board measured at fair value (excluding the impact of vesting conditions that are.1.1. Receivables Trade receivables Trade receivables are those arising on the sale of goods and services at the balance sheet date are reviewed individually and the necessary provisions are recognised whenever there is a risk that the receivable Other receivables.1.14. Treasury shares disposal of treasury shares are recognised net of any tax impact directly in.1.15. Provisions best possible estimate of the expenditure required to settle the present.1.16. Financial liabilities ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 Financial debt Borrowings are divided into: months of the balance sheet date; loss Disclosures in tables relating to segment information are presented in accordance with the same accounting principles as those used for the.1.19. Income from continuing operations ations associated with a transaction are posted on the basis of the progress proceeds from continuing operations are posted in the periods during which.1...1.17. Trade and other current payables.1.18. Operating segments operating segments: to services offered to business clients and web publishing activities provided via the Rentabiliweb platform as well as Department) ; particularly through its offer of a comprehensive portfolio of the shared services that provide services on behalf of the The breakdown of segment information by geographic region is carried.1.1. Taxes Current tax ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 Deferred tax tax carrying amounts of assets and liabilities at the balance sheet tax losses and unused tax credits in so far as the group is likely to make Deferred tax assets and liabilities are measured using the expected income tax rate for the accounting period during which the asset will be offset where taxes are collected by the same tax authority and relate to Deferred tax payable is recognised as an income or expense item in.1.3. instruments Interest rate risk Market risk Neither the Group nor any of its subsidiaries is materially exposed to market.. Estimates and uncertainties required to make estimates and assumptions that affect the carrying value of estimates and assessments so as to take into account past experience and incorporate factors that are deemed relevant in light of what are considered to Credit risk Liquidity risk Liquidity risk is the risk that the Group might not be able to meet its Foreign exchange risk Impairment tests on goodwill and other intangible relating to: the determination of the discount rate used to discount future cash the estimation of increases in revenue generated by the assets tested; the estimation of the operating margin arising from those assets in Assumptions used by the Group to calculate the recoverable value of its ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 The Group uses estimates and has to make use of certain assumptions in (i) measuring the expected life of assets in order to determine the associated Deferred taxes losses arising from extraordinary circumstances that will not be repeated in the near future; the prospect of extraordinary gains;.3. Highlights of the year Change of the business perimeter Kick-off of the Bebill activity ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1.4. Scope of consolidation Company name and registered address Country Initial consoli- -dation Financial year-end % shareholding % of control Consolidation method RENTABILIWEB GROUP Belgium 6.1.5 31.1 1, 1, parent company RENTABILIWEB EUROPE France 6.1.5 31.1 99,996 99,996 FC RSHOP ECOMMERCE France 16.1.6 31.1 99,996 1, FC RENTABILIWEB ROMANIA Roumania 13.6.6 31.1 99,996 99,996 FC R PUBLISHING Belgium 6.6.6 31.1 99,89 99,89 FC RENTABILIWEB TELECOM France 18.1.6 31.1 99,996 1, FC SERVTEL 3 France.3.7 31.1 99,996 1, FC RENTABILIWEB BELGIQUE Belgium 9.11.7 31.1 1, 1, FC ETERIC RO-NET Roumania 9.11.7 31.1 1, 1, FC ACHATS SUR INTERNET France 9.4.8 31.1 99,996 1, FC RENTABILIWEB BULGARIA Bulgaria 4.3.9 31.1 1, 1, FC RSA France 1.7.1 31.1 1, 1, FC R.CANADA Canada 1.9.1 31.1 1, 1, FC RENTABILIWEB INTERACTIVE France 1.1.1 31.1 1, 1, FC SBSR France 1.1.11 31.1 99,996 1, FC R SIBERIA Russia 1.6.11 31.1 9, 9, FC RONLINE France 7.1.11 31.1 1, 1, FC RECOMMERCE France 7.1.11 31.1 1, 1, FC RINTERNET France 7.1.11 31.1 1, 1, FC ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1.5. Upon the acquisition of a controlling interest in the company, the fair value of the consideration paid to the seller is allocated to the assets acquired and liabilities incurred or contingent liabilities assumed at the acquisition date, measured at their fair value. Goodwill corresponds to the difference between the consideration paid to the seller and the Group s share in the fair value of assets acquired, liabilities incurred and contingent liabilities assumed. Goodwill is recorded in the consolidated balance sheet under the line item of the same name. Goodwill is not amortised but is tested for impairment at least once a year. Goodwill is allocated by cash-generating unit (CGU) or group of CGUs. In accordance with the accounting principles described in.1.7, the Group tests goodwill for impairment. This test involves comparing the recoverable amount of each CGU with its carrying amount, followed by the recognition of an impairment loss if the carrying amount exceeds the recoverable amount. The Group s CGUs are all subsidiaries or sub-groups of subsidiaries of the parent company, Rentabiliweb Group SA. In practice, goodwill is allocated internal management purposes. Rentabiliweb s CGUs therefore correspond to the Payment division, the Group s core activity present since its founding, the Telecoms division resulting in particular from the acquisition of Vidalia in 1, the web publishing business (excluding astrology and related services), 11. As from 31 December 11, goodwill calculated at the acquisition of Montorgueil is reviewed as part of the CGU represented by the web publishing business excluding astrology and related services. Montorgueil was merged with Edencast in order to simplify the Group s legal organisation and bring it in line with strategic operating decisions and plans. 1 11 r Rentabiliweb Europe 7 38 38 Rentabiliweb Telecom 6 49 49 Rentabiliweb Interactive 1 4 767 4 467 Edencast 1 43 76 43 938 SBSR 11 8 8 5 64 5 8 with the sale of the PICTOGRAPH company. At 31 December 1, no impairment losses have been recognised in respect of goodwill. If the recoverable amount of the CGU to which goodwill has been allocated exceeds its carrying amount, then no impairment is recorded. Goodwill that has been allocated is not considered to be impaired. (in thousands) B to B Belgium France Roumania Bulgaria Belgium France Roumania Bulgaria 5 64 4 854 4 854 45 77 3 45 738 Investments in the other entities included in the Group s scope of consolidation arise from the Group s subscription to their share capital at the time at which they were formed. As a result, no goodwill is recognised on the Group s investments in these subsidiaries. At 31 December 1, the Group thus reviewed the net carrying amount of its goodwill. Nevertheless, given the non-material nature of goodwill As indicated above, the recoverable amount of CGUs or groups of CGUs earnings multiples, or the value in use, calculated as the discounted group of CGUs in question. When the value in use is determined on the CGU or group of CGUs under review, particularly with respect to the In conducting its review, the Group used growth assumptions suited to the characteristics of the various underlying CGUs. Expected future Management, covering a three-year period, and are based on the actual estimated growth rates. The average weighted cost of capital before tax applied by the Group provided by analysts in the media, telecoms and Internet sector. For ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 4

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 a discount rate of 13.7%. would not have caused the carrying amount for the CGU to exceed its recoverable amount. together with a sensitivity analysis of values in use, did not give rise to the recognition of any impairment losses. For information purposes only, an recoverable amount. these criteria, together with a sensitivity analysis of values in use, did not give rise to the recognition of any impairment losses. For information purposes its recoverable amount. As a result of this review, it was determined that the recoverable amount of each of the various CGUs exceeded in all cases the carrying amount recorded in the Group s consolidated balance sheet at 31 December 1..6. (in thousands) TOTAL 1 574 4 Acquisitions 476 45 51 Disposals Currency translation diffrences (1) (1) Changes in consolidation scope Other changes 1 51 (1 897) (387) 1 574 4 45 7 55 Allowances 9 9 Reversals Currency translation diffrences (1) (1) Changes in consolidation scope Other changes (387) (387) 1 574 4 45 4 1 The Group s intangible assets mainly consist of platforms, brands, copyrights, design rights and proprietary expertise. Acquisition amounts in progress correspond to capitalised production, licences and software relating to the e-money business. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 43

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1.7. (in thousands) TOTAL 5 5 Acquisitions 338 338 Disposals Currency translation diffrences Changes in consolidation scope Other changes 857 857 1 1 1 1 Allowances 484 484 Reversals Currency translation diffrences Changes in consolidation scope Other changes 1 16 1 16.8. (in thousands) AFS t TOTAL Acquisitions 11 11 Disposals (19) (19) Currency translation diffrences Changes in consolidation scope Autres variations Other changes 151 46 contribution to the share capital of a French company in its development phase. Other non-current assets consist of security deposits and guarantees ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 44

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 (in thousands) 1 Deposits and guarantees 151 33 117 (in thousands) Goods purchased for resale 1 11.1. (in thousands) r 1 11 Advances and prepayments to suppliers 4 4 56 Trade receivables 1 7 (189) 1 38 3 95 Other receivables 6 14 (397) 5 745 5 5 Deferred expenses 538 538 1 198 (587) client. The fair value of trade and other payables is considered as identical to their net carrying amount. (in thousands) 1 Advances and prepayments to suppliers 4 1 Trade receivables 1 37 11 598 339 Tax and social security receivables Other receivables 5 745 3 413 33 Deferred expenses 538 53 9 4 65 61 At 31 December 1, more than 88% of total trade and other receivables was comprised of outstanding client receivables less than six months past due ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 45

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1.11. r (in thousands) 1 11 Investment securities 3 475 3 475 7 697 Cash 4 331 4 331 3 356 7 86 7 86 7 86 7 86.1. (in thousands) Shares 17 795 45 67 5 17 86 95 The shares issued in 1 notably correspond with the exercise of share subscription rights. consolidated equity. These treasury shares consist of Rentabiliweb Group shares held by Rentabiliweb Group. At 31 December 1, Rentabiliweb Group held 93,918.14. bonus shares are awarded to certain employees of Rentabiliweb Group and its subsidiaries. The purpose of these options is to motivate those staff who have the greatest impact on the company s performance, secure their long-term performance by building loyalty, and align their medium- to long-term interests with those of the shareholders. Furthermore, with effect from 31 December 11, the equivalent value of options is recorded as a separate line item in the balance sheet, entitled to the expense for 1. Until the Extraordinary General Meeting of 5 February 1, the General Meeting was the only body competent to vote on warrant plans. This Meeting authorised the Board of Directors to increase the Company s share capital, on one or more occasions, in particular by way of the issue of subscription of Directors was also authorised, in the context of this capital increase, to limit or eliminate the preferential right of shareholders to subscribe to shares, in Article 596 of the Company Code. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 46

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 GM 13 October 6 336 334 3, 31 3 8 5 65 GM 17 December 7 46 458 4 5,87-6,47 16 4 98 GM 17 December 7 4 39 6,47 3 36 BM 6 October 1 8 8 7,55-1,1-5,9 15 648 BM 19 October 11 76 47 5,9 75 395 GM 13 October 6 37 5 35 45 69 5 15 3 45 65 GM 17 December 7 414 41 4 114 4 99 6 98 GM 17 December 7 4 39 3 37 36 BM 6 October 1 8 53 68 15 648 648 BM 19 October 11 76 47 75 685 395 In accordance with IFRS, options are measured at fair value at their grant date. The fair value of such options at their grant date has been determined The options on the remaining 5% cannot be exercised until four years after the grant date. GM 13 October 6 3%,% 4,% 1% GM 17 December 7 3%,% 4,% 15% GM 17 December 7 3%,% 4,% 1% BM 6 October 1 3%,% 4,% 1% BM 19 October 11 3% 5,7% 4,% 1% The volatility has been determined on the basis of the historically observed implicit volatility on the grant date. The value of options is considered as a cost of services provided by staff in return for the options received and is recognised on a straight-line basis over the vesting period, in compliance with the IFRS standard. This value is recognised in employee expenses, with the offsetting entry recorded directly in ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 47

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 In 9 and 1, an allocation of 78,3 and 9, treasury shares was reserved for some of the Group s employees. This allocation does not become holding period has elapsed. In 1, 9, of these shares were delivered to employees. The remaining 5, shares were not delivered because the employees had left the Group. The value of bonus shares awarded is considered as a cost of services provided by staff in return for the shares received and is recognised on a straightline basis over the vesting period. Accordingly, one-half of their value is recognised each year. This value is recognised in employee expenses, with the offsetting entry recorded directly in equity. Bonus shares granted to employees are measured at their fair value at the grant date for the plan in question, on the basis of assumptions established ; ; ;. The volatility has been determined on the basis of the observed implicit volatility..15. (in thousands) 1 11 Provisions for contingencies Provisions for losses 751 751 86 86 (in thousands) Provisions for contingencies Provisions for losses 1 31 171 11 171 171 (in thousands) Provisions for contingencies Provisions for losses 1 78 171 11 86 171 57 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 48

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 (in thousands) TOTAL 86 171 57 Allowances 735 735 Reversals used (39) (39) Reversals not used Currency translation differences Changes in consolidation scope Other changes 78 171 various Group companies, which are individually not material. Rentabiliweb Group continues to restructure its subsidiaries along geographical lines. As a result, some website design activity will henceforth be transferred from the Romanian subsidiary to the Bulgarian subsidiary. This strategic decision has reduced staff in Romania..16. (in thousands) 1 11 Convertible bonds Other bonds 3 3, ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 49

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 (in thousands) 1 11 Convertible bonds Other bonds 5 5 3 (in thousands) Convertible bonds Other bonds 1 5 3 11 3 3 8 6 (in thousands) TOTAL TOTAL 6 Convertible bonds Other bonds 5 8 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 5

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 TOTAL (in thousands) 1 Within 1 year Between 1 and 5 years After 5 years Convertible bonds Other bonds 5 3 3 3 8 6.17. (in thousands) 1 11 Advances and prepayments from clients Trade payables Tax and social security payables Liabilities related to non-current assets Other liabilities Deferred income 19 1 4 4 66 115 8 57 54 3 9 643 4 93 16 7 886 6 Payables on non-current assets correspond with the deferred payment on acquisition of the company SBSR. The decrease in this item in 1 is mainly attributable to the settlement of the deferred payment by the company RSA and the cancellation of the deferred payment of the company Rentabiliweb Interactive. (in thousands) 1 Within 6 months Between 6 and 1 months After 1 months Advances and prepayment from clients 19 19 Trade payables 1 4 9 87 44 18 Tax and social security payables 4 66 4 13 14 399 Liabilities related to non-current assets 115 7 18 Other liabilities 8 57 8 363 5 Referred income advances 54 54 Trade and other payables 651 751 617 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 51

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1.18. (in thousands) 1 11 TOTAL 46 46 364 364 Trade and other receivables 7 344 7 344 3 899 3 899 Cash and cash equivalents 7 86 7 86 11 53 11 53 3 3 3 3 5 5 3 3 Trade and other payables 3 784 3 784 4 593 4 593 the Business-to-Business (B to B) segment corresponds to services offered to business clients and web publishing partners. It covers the everyday problems, news, blogs, fortune-telling, etc. provide services on behalf of the operational segments. In 11, this segment was included in the B to B and B to C segments. To provide for better visibility relative to the earnings of these segments, the Group decided to isolate the holding company segment. Disclosures in tables relating to segment information are presented in accordance with the same accounting principles as those used for the Group s Moreover, 1% of our published revenue originates with our external customers, with no revenue resulting from inter-segments transactions. Indeed, ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 5

(in thousands) B to B BE B to B FR B to B RO B to B BG B to B LU B to B CAN B to B SIB B to B TOTAL B to C HOLDING 1 TOTAL 4 364 1 663 6 7 43 986 7 13 11 4 76 11 8 9 337 41 17 1 1 4 1 35 (7 99) (137) (8 19) (14 833) (1 733) (4 694) (4 9) (94) (4 993) (3 819) ( 36) (11 118) (1 544) (1) (1 556) (63) (513) ( 33) (3 388) 11 6 (4 531) 3 18 (1 344) (698) (87) (785) (91) (1 76) () (53) () 9 39 (4 531) (7) 1 (7) (69) (141) 1 1 1 (1 477) ( ) (5) ( ) 7 845 (4 531) B to B BE B to B FR B to B RO B to B BG B to B LU B to B CAN B to B SIB B to B TOTAL B to C HOLDING 11 TOTAL 3 835 1 98 34 133 49 131 () 83 64 11 947 11 1 68 35 57 () 47 595 3 3 97 1 33 (5 568) (35) (5 63) (15 868) ( 19) (3 661) (1 953) (38) (1 991) (4 188) (1 9) (8 11) 51 (3) 48 (316) (143) (11) 4 7 45 4 746 15 543 (4 44) 15 955 777 777 (13) 41 688 (38) (6) (64) (196) (46) 7 4 19 7 59 15 17 (4 3) 18 183 4 3 43 (9) 34 (76) () (78) (4 77) (5 5) ( 635) ( 635) 7 4 1 7 5 7 755 (4 3) 1 57 5

B to B BE B to B FR B to B RO B to B BG B to B LU B to B CAN B to B SIB B to B TOTAL B to C HOLDING TOTAL 1 6 1 43 966 4 849 5 14 97 483 14 781 18 49 6 57 39 39 4 489 6 457 1 95 98 75 75 48 1 181 17 53 17 1 787 311 8 1 53 18 11 16 311 9 B to B BE B to B FR B to B RO B to B BG B to B LU B to B CAN B to B SIB B to B TOTAL B to C HOLDING TOTAL 8 551 3 8 554 44 344 5 184 58 83 3 494 56 4 56 19 17 1 1 44 374 3 45 565 3 61 63 56 6 84 1 456 5 5 653 75 16 915 365 17 8 11 753 1 83 3 316 16 966 365 17 331 1 47 1 83 31 1 B to C BE B to C FR B to C RO B to C BG B to C LU B to C CAN B to C SIB B to C TOTAL B to B HOLDING TOTAL 36 715 7 71 () 43 986 6 7 7 13 5 441 4 496 () 9 337 11 8 41 17 1 4 1 1 35 (8 163) (6 659) (11) (14 833) (8 19) (1 733) (4 694) (1 959) (1 83) (9) (3 819) (4 993) ( 36) (11 118) (19) (154) (63) (1 556) (513) ( 33) 15 11 (4 144) (4) 11 6 (3 388) (4 531) 3 18 (1 344) (1 344) () (87) (146) (9) (9) (91) (785) (1 76) Operating income 13 78 (4 9) (69) (9) 9 39 () (4 531) F (56) (1) (1) (1) (69) (7) (141) (1 7) 49 (1 477) 1 1 654 (4 711) (68) (3) 7 845 ( ) (4 531) 5

B to BE B to FR B to RO B to BG B to LU B to CAN B to SIB B to TOTAL B to HOLDING TOTAL 41 766 7 365 () 49 131 34 133 () 83 64 3 456 5 7 35 57 1 68 () 47 595 1 96 (1) 97 3 1 33 (9 34) (6 14) (193) (1) (6) (15 868) (5 63) ( 19) (3 661) (1 839) (1 655) (31) (317) (65) (4 188) (1 991) (1 9) (8 11) (315) 5 (3) () () (316) 48 (143) (11) 18 999 ( 47) (58) (54) (9) 15 543 4 746 (4 44) 15 955 (13) (13) 777 41 688 (36) (17) (18) (18) (18) (196) (64) (46) 18 833 ( 513) (56) (558) (19) 15 17 7 59 (4 3) 18 183 (1) 9 (4) 1 (3) (9) 43 34 ( 99) (1 736) () (4 77) (78) (5 5) ( 635) ( 635) ( 635) 13 196 (4 4) (53) (556) (113) 7 755 7 5 (4 3) 1 57 B to BE B to FR B to RO B to BG B to LU B to CAN B to SIB B to TOTAL B to HOLDING TOTAL (3 7) 47 688 (5) 3 43 966 1 14 689 348 575 867 14 18 49 14 781 6 57 39 39 1 989 5 36 549 87 14 6 457 1 98 48 48 75 1 181 8 6 53 463 15 (6) 1 787 17 311 8 8 6 681 463 15 (6) 11 16 18 311 9 B to BE B to FR B to RO B to BG B to LU B to CAN B to SIB B to TOTAL B to HOLDING TOTAL (3 7) 48 63 (1) 4 44 344 8 554 5 184 58 83 15 5 55 1 6 9 13 19 17 4 56 1 1 44 374 11 81 5 615 1 39 94 13 63 56 3 61 6 84 1 456 189 464 653 5 75 8 35 978 515 3 11 753 17 8 1 83 3 316 8 44 3 44 515 3 1 47 17 331 1 83 31 1 5

HOLDING BE HOLDING FR HOLDING RO HOLDING BG HOLDING LU HOLDING CAN HOLDING SIB HOLDING TOTAL B to B B to C TOTAL () 6 7 43 986 7 13 () 11 8 9 337 41 17 19 1 1 4 35 (85) (838) (43) (1 733) (8 19) (14 833) (4 694) (41) (1 564) (341) ( 36) (4 993) (3 819) (11 118) (56) (56) (1) (513) (1 556) (63) ( 33) (157) ( 64) (384) (4 531) (3 388) 11 6 3 18 (1 344) () (785) (91) (1 76) (157) ( 64) (384) (4 531) () 9 39 (7) (69) (141) (1 477) 6 (157) (384) (4 531) ( ) 7 845 HOLDING BE HOLDING FR HOLDING RO HOLDING BG HOLDING LU HOLDING CAN HOLDING SIB HOLDING TOTAL B to B B to C TOTAL () () 34 133 49 131 83 64 () () 1 68 35 57 47 595 11 1 1 3 97 33 (888) (1 74) (6) () ( 19) (5 63) (15 868) (3 661) (353) (1 378) (191) (1 9) (1 991) (4 188) (8 11) (5) (138) () (143) 48 (316) (11) (1 36) ( 789) 41 (6) (64) (196) (46) (13) (4 44) 41 4 746 777 15 543 (13) 15 955 688 (1 36) ( 748) (6) (13) (4 3) 7 59 15 17 18 183 43 (9) 34 (78) (4 77) (5 5) ( 635) ( 635) (1 36) ( 748) (6) (13) (4 3) 7 5 7 755 1 57 5

HOLDING BE HOLDING FR HOLDING RO HOLDING BG HOLDING LU HOLDING CAN HOLDING SIB HOLDING TOTAL B to B B to C TOTAL 4 8 1 4 8 1 43 966 5 6 53 4 6 57 14 781 18 49 39 39 1 5 1 6 457 98 75 48 1 181 311 311 17 1 787 8 311 311 18 11 16 9 HOLDING BE HOLDING FR HOLDING RO HOLDING BG HOLDING LU HOLDING CAN HOLDING SIB HOLDING TOTAL B to B B to C TOTAL 5 183 1 5 184 8 554 44 344 58 83 1 94 1 1 4 56 19 17 44 374 6 77 6 84 3 61 63 56 1 456 5 653 75 1 83 1 83 17 8 11 753 3 316 1 83 1 83 17 331 1 47 31 1.. 1 11 7 13 7 13 83 44 83 64 Out payments 1 11.1. 1 1 35 35 33 33

.. 31.1.11 1 11 TOTAL (3 64) ( 495) (464) (61) (66) (555) (4 694) (3 66) 1.3. 1 (7 769) (3 349) (11 118) 11 (6 14) ( 87) (8 11) (1 76) (46) 5

1 11 78 71 Headcount at 15 3 144 15.4. 1 11 (1 394) (94) (46) (74) (9) 41 ( 33) (155) (69) 917 (11).5. 5 818 844, () 688.6. 1 11 (14) (3) 34 71 (36) (141) (7) 34 5

.7. (1 719) (7 891) 51 (7 64) Provision pour litige IS 33,99% () 4 (4) 383 18 17 33,99% 6 19 155 993 39 635 7 64 1 11 (46) 616 395 5

: (1) 54 9 616 353 83 37 359 431 556 3 1 716 - -.8. Group share 1 575 Group share 17 863 17 863 1 663 19 5 17 795 1 575 17 795 1 89 19 84

.9. client / (c) 4 (a) (b) (c) (d) (e) (f) (g) (h) (i) ; ; ; ; ; ; ; ;. 77 671 77 671

.3..31. R MARKETING. R SERVICES

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 3 statements RENTABILIWEB GROUP RAPPORT DU COMMISSAIRE A L ASSEMBLEE GENERALE DES ACTIONNAIRES DE LA SOCIETE SUR LES ETATS FINANCIERS CONSOLIDES POUR L EXERCICE CLOTURE LE 31 DECEMBRE 1 Conformément aux dispositions légales, nous vous faisons rapport dans le cadre de notre mandat de commissaire. Le rapport inclut notre opinion sur la situation financière de l ensemble consolidé au 31 décembre 1, le résultat global de l ensemble consolidé, les variations de capitaux propres de l ensemble consolidé et le flux de trésorerie de l ensemble consolidé de l exercice clos le 31 décembre 1 et l annexe (les «états financiers consolidés»), ainsi que les déclarations complémentaires requises. Rapport sur les états financiers consolidés opinion sans réserve Nous avons procédé au contrôle des états financiers consolidés pour l exercice 1 clos le 31 décembre 1, établis sur la base des normes internationales d information financière telles qu adoptées par l Union européenne, dont le total du bilan s élève à 98.189.() EUR et dont le compte de résultats se solde par un bénéfice net de l exercice de 1.113.() EUR. états financiers consolidés L organe de gestion est responsable de l'établissement d états financiers consolidés donnant une image fidèle conformément aux normes internationales d'information financière, ainsi que de la mise en place du contrôle interne qu'il estime nécessaire à l'établissement d états financiers consolidés ne comportant pas d'anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs. Responsabilité du commissaire Notre responsabilité est d'exprimer une opinion sur ces états financiers consolidés sur la base de notre audit. Nous avons effectué notre audit selon les normes internationales d'audit (ISA). Ces normes requièrent de notre part de nous conformer aux exigences déontologiques ainsi que de planifier et de réaliser l audit en vue d'obtenir une assurance raisonnable que les états financiers consolidés ne comportent pas d'anomalies significatives. Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les informations fournies dans les états financiers consolidés. Le choix des réviseurs d entreprises Lozenberg b1 - B 193 Zaventem T +3 () 75 5 4 - F +3 () 75 53 41 interaudit@rsm-belgium.be TVA BE 49.471.656 - RPM Bruxelles Member of Offices in Antwerp, Brussels, Charleroi, Mons and Zaventem www.rsm-belgium.be RSM Belgium is a member of the RSM network. Each member of the RSM network is an independent accounting and advisory firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 64

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1 3 statements procédures mises en œuvre, y compris l'évaluation des risques que les états financiers consolidés comportent des anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs, relève du jugement du commissaire. En procédant à cette évaluation des risques, le commissaire prend en compte le contrôle interne de l'entité relatif à l'établissement d états financiers consolidés donnant une image fidèle, cela afin de définir des procédures de contrôle appropriées selon les circonstances, et non dans le but d'exprimer une opinion sur l efficacité du contrôle interne de l'entité. Un audit consiste également à apprécier le caractère approprié des méthodes comptables retenues, le caractère raisonnable des estimations comptables faites par l organe de gestion, et la présentation d'ensemble des états financiers consolidés. Nous avons obtenu de l organe de gestion et des préposés de l entité les explications et informations requises pour notre audit. Nous estimons que les éléments probants recueillis sont suffisants et appropriés pour fonder notre opinion sans réserve. Opinion sans réserve A notre avis, les états financiers consolidés au 31 décembre 1 donnent une image fidèle du patrimoine et de la situation financière de l ensemble consolidé ainsi que de ses résultats et de ses flux de trésorerie pour l exercice clos à cette date, conformément aux normes internationales d information financière telles qu adoptées par l Union européenne et aux dispositions légales et réglementaires applicables en Belgique. Rapport sur d autres obligations légales et réglementaires L organe de gestion est responsable de l établissement et du contenu du rapport de gestion sur les états financiers consolidés. Dans le cadre de notre mandat, notre responsabilité est de vérifier, dans tous les aspects significatifs, le respect de certaines obligations légales et réglementaires. Sur cette base, nous faisons la déclaration complémentaire suivante qui n est pas de nature à modifier la portée de notre opinion sur les états financiers consolidés: le rapport de gestion sur les états financiers consolidés traite des informations requises par la loi, concorde avec les états financiers consolidés et ne comprend pas d incohérences significatives par rapport aux informations dont nous avons eu connaissance dans le cadre de notre mandat. Zaventem, le 18 février 13 Le Commissaire, La Scrl RSM REVISEURS D ENTREPRISES - BEDRIJFSREVISOREN représentée par THIERRY DUPONT ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 65

CORPORATE GOVERNANCE ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 66

Summary of corporate governance INTRODUCTION... 68 1...CORPORATE GOVERNANCE PRINCIPLES WITH WHICH THE GROUP IS NOT FULLY COMPLIANT... 69 BOARD OF DIRECTORS... 71 3 EXECUTIVE MANAGEMENT... 7 4 BOARD OF DIRECTORS COMMITTEES... 73 5 TRANSACTIONS AND OTHER CONTRACTUAL RELATIONS... 75 6 INTERNAL CONTROL AND RISK MANAGEMENT... 76 7 REMUNERATION REPORT... 77 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 67

Introduction 9 (the Code ). The Code is the benchmark corporate governance document applicable to companies governed by Belgian law and listed on the Euronext regulated market, and therefore applies to Rentabiliweb Group. The Company has established a corporate governance charter (the Charter ) describing its corporate governance structure and policies. The Charter is available from the RENTABILIWEB GROUP website: www.rentabiliweb.org/documentations.html ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 68

CORPORATE GOVERNANCE 1 Corporate governance principles with which the Group is not fully compliant Principle 1.5 of the Code, which recommends a clear division at the head of the company between the leadership of the board and the executive responsibility for the running of the company s businesses. In other words, the same individual should not serve as chairman of the board and as chief ensure the proper functioning of the Company. Principle.3 of the Code, which recommends that at least half of the members of a board of directors be non-executive directors. Given the size of the Company and a membership consisting of three non-executive directors together with four executive directors, the Board of Directors considers that it is still able to make decisions in the best interest of the Company. The Group has complied with this principle since 16 May 1, after the appointment, on that same day, of an independent non-executive director. Principles 4,, 5.3 and 5.4 of the Code and other principles of the Code referring to the involvement of a company s remuneration and nomination committee, which recommend that an appointments committee and a remuneration committee be established by its board of directors. Given the size of the Company and the fact that payroll costs are kept under control, the Board of Directors considers that there is no need for an appointments committee. However, the Company intends to form a remuneration committee in the future so as to comply with legal requirements in this area. In 1, the compensation committee meeting was held collectively with the board of directors meeting. In 13, this committee has been set up and will meet. Principle 7.7 of the Code, which recommends that non-executive directors receive neither performance-based remuneration, such as bonuses and professionals, given the nature and scope of their individual responsibilities. Principle 7.8 of the Code by a company or its subsidiaries be disclosed, on an individual basis, in the company s remuneration report. The Board of Directors considers that, given the fact that the remuneration of Board members (including its non-executive directors) is disclosed as an overall amount in the remuneration report, its disclosure on an individual basis would not be pertinent. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 69

CORPORATE GOVERNANCE Board of Directors Responsibilities and procedures Rentabiliweb Group is administered by a board of directors. The role of the Board of Directors is to ensure the Company s long-term success, by providing entrepreneurial leadership and overseeing risk assessment and management processes. Apart from powers and responsibilities ascribed by the law and the Company s Articles of Association to the Board of Directors, the latter s duties and responsibilities may be summarised as follows: Henceforth, to be considered as independent, a director:may not have served as an executive member of the governing body, a member of the executive committee or have been given dayto-day responsibility for the management of the company or on prior to his or her appointment; may not have served on the board of directors as a non-executive total term served may not exceed 1 years; approval of the Company s overall strategy; divestment decisions; Appointment and dismissal of Executive Committee members and determination of their remuneration; Determination of the Executive Committee s powers and supervision of this committee, while respecting its autonomy; Approval of the membership, remuneration, operating procedures and powers of consulting committees and supervision of these committees; Audit and review of the effectiveness of Board committees; all measures necessary to ensure the integrity and be issued to shareholders and potential shareholders; Approval of the reference framework for internal control and risk management set up by Executive Management; Review of the implementation of this reference framework, Supervision of the performance of the Statutory Auditor and the internal audit function, taking into account the may not have served as part of the senior management of the of three years prior to his or her appointment; may not receive or have received any remuneration or other member of the governing body or supervisory body; a) may not hold any corporate rights representing one-tenth or more of the company s share capital or a given class of its shares; b) where corporate rights representing less than 1% are held: (i) the combination of these corporate rights with those held in the same company by companies over which the director has control, those corporate rights must represent less than one-tenth of the company s share capital or a given class of its shares and (ii) deeds of disposal in relation to those shares or the exercise of associated rights may not be subject to any agreements or unilateral commitments to which the director has subscribed; c) may not in any way represent a shareholder meeting the conditions set forth in (a) or (b) above; must neither maintain, nor have maintained within the past or as a partner, shareholder, director or senior manager of a company or person maintaining such a relationship; must not, at any time in the past three years, have been a partner or employee of the current or former statutory auditor of the Membership The Board of Directors consists of at least three (3) members, who may or may not be shareholders in the Company and may be either natural or legal persons. They may serve for a maximum term of six (6) years. The Board of Directors currently consists of 8 members, 4 of whom the Company Code. must not be an executive director of another company in which an executive director of the company is a non-executive director and company through his or her involvement in other companies or bodies. However, independent directors appointed in accordance with Article 54, Code may continue to serve as independent directors until they are due for reappointment. The entry into force of Article 56ter of the Company Code introduced new criteria on the basis of which directors independence is assessed. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 7

CORPORATE GOVERNANCE Board of Directors At 31 December 1, the Board of Directors consisted of the following members : Directors Start of mandate End of mandate TOTAL Attendance at meetings M. Jean-Baptiste Descroix-Vernier Executive Director / Chairman of the Board of Directors 5 16 7/7 Mrs Corinne Chatal Executive Director / Vice-Chairman and Joint Managing Director 7 16 7/7 M. Jean-Marie Messier Independent Non-Executive Director 7 16 4/7 Saint-Georges Finance SA, whose permanent representative is Mr. Jean-Baptiste Descroix-Vernier Executive Director / Joint Managing Director / CEO 8 16 7/7 M. Thibaut Faurès Fustel de Coulanges Executive Director / Joint Managing Director 8 16 /7 M. Gilles Lioret Independent Non-Executive Director 6 16 5/7 M. Eric Licoys Independent Non-Executive Director 1 16 5/7 M. Franck Esser Independent Non-Executive Director 1 16 3/7 During its meeting on 16 May 1, the General meeting of the shareholders appointed Mr. Franck Esser as an independent non-executive director. Activity report of Directors, a Joint Managing Director or by two other Directors. Evaluation of the Board of Directors The Board of Directors regularly conducts a review of its size, membership and performance and those of its committees in order to determine whether (i) the Board of Directors and its committees are functioning effectively; (ii) important issues are being debated and prepared adequately; (iii) each Director is contributing constructively to discussions and decision-making processes; and (iv) the current membership of the Board of Directors and its committees is appropriate. This review is conducted at least once every three years under the supervision of the Chairman, with the assistance of external experts, if necessary. Each time that a Director is reappointed, a review of this Director s contribution and effectiveness is conducted. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 71

CORPORATE GOVERNANCE 3 Executive Management The Group s Executive Management function is performed by a team comprised of Mr. Jean Baptiste Descroix-Vernier, the Group s Chairman and Founder, Mrs. Corinne Chatal, Vice-Chairman, Mr. Thibaut Faurès Fustel de Coulanges, Group Managing Director, and Mr. Nicolo Horel, the Group s Rentabiliweb Group currently has two joint managing directors, only one of which serves as CEO: Saint-Georges Finances SA, whose permanent representative is Mr. Jean-Baptiste Descroix-Vernier, Joint Managing Director and CEO; Mrs. Corinne Chatal, Joint Managing Director. In March 1, the Board of Directors decided to disband the Executive Committee on the grounds that the Board of Directors and the Operations Committee were the most active bodies contributing most effectively to the Group s operations. As these two bodies are fully able to determine the Company s key strategic priorities, guiding and monitoring their progress on a day-to-day basis, the Board of Directors considered that it was hardly necessary to weigh down management processes by adding further decision-making levels and that, in their absence, responsiveness and the application of decisions approved and voted could be enhanced. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 7

CORPORATE GOVERNANCE 4 Board of Directors committees Audit Committee Powers, responsibilities and procedures constituted an Audit Committee in accordance with Article 56bis of the Belgian Company Code. However, regulated markets, such as NYSE Euronext Paris and NYSE Euronext Brussels, require that companies whose shares are admitted to trading establish audit committees. At the meeting of its Board of Directors on 3 December 9, Rentabiliweb approved the decision to form an Audit Committee, subject to the admission to trading of all Rentabiliweb Group SA shares on NYSE Euronext Brussels and NYSE Euronext Paris, with the understanding operational audits conducted, and advises on the appointment of and remuneration paid to statutory auditors. The Audit Committee reports directly to the Board of Directors, which retains the full scope of its powers in these matters, in accordance with the Company Code. Apart from its responsibilities under the Company Code : The Audit Committee assesses the exhaustiveness of the made by the Company. In particular, the Audit Committee : in a straightforward manner the Company s position and prospects, for each entity and on a consolidated basis; assesses the selection of accounting principles and the impact of new accounting standards and interpretations; with both Executive Management and the Statutory Auditor. With respect to internal control, the Audit Committee: evaluates the internal control and risk management system put in place by Executive Management at regular intervals; reviews the comments relating to internal control and risk management included in the Company s annual report. Members With respect to the internal audit function, the Audit Committee : issues recommendations on the selection, appointment and dismissal of the internal audit director, if the Company s size warrants such a position and if the Committee cannot itself perform this mission, in recognition of the annual budget allocated to the internal audit function. The Audit Committee s responsibilities also include assessing the effectiveness of the internal audit function and of follow-up actions by Executive Management on the basis of conclusions and recommendations made by the internal auditors. At this stage, it is stipulated that the internal audit function be With respect to the external audit function, the Audit Committee: monitors the relationship between the Company and the Statutory Auditor and makes recommendations to the Board of Directors concerning the selection, appointment and reappointment of all external auditors, as well as the terms and conditions for their appointment; inquires into the issues having led to the resignation of a Statutory Auditor, where applicable, and makes recommendations relating to any actions required; function operates effectively. The Audit Committee reviews the follow-up actions by Executive Management on recommendations made by the Statutory Auditor; reviews the range of services other than audit assignments provided by the Statutory Auditor. The Audit Committee formally establishes and updates principles relating to the types of services other than audit assignments that are : (a) excluded, (b) permitted of the Company Code. The Audit Committee keeps the Board of Directors informed, in a straightforward manner, of its work and decisions throughout the year. The Committee informs the Board of Directors of any areas where actions or improvements are required, in its opinion. The Audit Committee issues recommendations concerning the implementation of measures it considers as necessary. Membership The quorum necessary to validly hold a meeting of the Audit Committee is set at three (3) Directors. At least one of these members must be a nonexecutive director, with a majority satisfying conditions to be considered as independent directors. Currently, the Audit Committee has three (3) members. TOTAL Start of mandate M.Gilles Lioret Independent Non-Executive Director 1 M. Eric Licoys Independent Non-Executive Director 1 M. Franck Esser Independent Non-Executive Director 1 At the Ordinary General Meeting of May 1, a proposal was submitted to the Company s shareholders not to renew the appointment of Mr. Alain Madelin as Director and to appoint Mr. Eric Licoys as an independent and non-executive director for a term of one (1) year. Mr. Eric Licoys will also serve as a member of the Audit Committee with effect from the date of his appointment by the Company s General Meeting. The three Board members appointed in a non-executive capacity shall cease to serve in this capacity at the expiry of their term The independent status of at least one of the members of this committee, as required by Article 56ter of the Company Code, will be December 1. Activity report The Audit Committee met four times in 1. The main items of business before each of these meetings were the obligations related to the Payment institution s activity, the set-up of procedures and analysis of the evolution of business risks, a working review of the internal audit, an explanation of the reporting, and a review of the terms of the statutory auditors. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 73

CORPORATE GOVERNANCE 4 Board of Directors committees Evaluation of the Audit Committee effectiveness on a regular basis. It reports to the Board of Directors whenever deemed necessary. Operations Committee Powers, responsibilities and procedures In its decision of 16 April 8, the Board of Directors constituted an Operations Committee. The Operations Committee works under the aegis of the Board of Directors, offering advice on technical aspects of the business and making proposals relating to: issues dealt with in weekly steering meetings and the management of operational priorities; operational strategy for the Group and its subsidiaries ; strategic projects of all Group companies; investment and divestment operations; the Company s budget and those of its subsidiaries; the Company s dividend policy and those of its subsidiaries. The Chairman of the Operations Committee informs the Board of Directors of any recommendations issued by the Committee. Membership The membership of the Operations Committee consists of the executive directors, the Group s Administrative and Financial Director, as well as the directors of the Group s most strategic subsidiaries. The members of the Operations Committee are appointed for a term of three years and do not receive any additional remuneration. At 31 December 1, the Operations Committee had seventeen (17) members. Directors Position Start of appointment M. Jean-Baptiste Descroix-Vernier Executive Director / Chairman of the Board of Directors 8 Mrs Corinne Chatal Executive Director / Vice-Chairman and Joint Managing Director 8 M. Thibaut Faurès Fustel de Coulanges Executive Director / Group Managing Director and Joint Managing Director 8 M. Nicolo Horel Adminstrative and Finance Director 1 M. Philippe Bontemps Director - Payment 11 M Romain Pera Technical Director - Payment 8 M. Matthieu Loudes Technical Director - Micro-Payment 8 M. Yves Mérigaud Operating Director - Payment 8 M. Sébastien Boin Manager, Rentabiliweb Russia 8 M. Matthieu Vermot Director, Rentabiliweb Publishing 8 Mrs Stéphanie Jacumin Chairman, Rentabiliweb Belgique 1 M. Julien Roussel Technical Director, Rentabiliweb Belgique 1 M. Cyril Dubreau Director, Mailorama 1 M. Nicolas Vidal Group Telecoms Director 1 M. Samuel Bouskila Director - Astrology 11 Activity report The Operations Committee meets as required by circumstances and, on average, once weekly. Evaluation of the Operations Committee The Operations Committee functions under the supervision of the Board of Directors. To this end, the Chairman of the Operations Committee reports regularly to the Board of Directors on the work and decisions of the Operations Committee. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 74

CORPORATE GOVERNANCE 5 Transactions and other contractual relations None. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 75

CORPORATE GOVERNANCE 6 Internal control and risk management An internal control and risk management system has been established by Executive Management in order to ensure the integrity and the disclosure, in a ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 76

CORPORATE GOVERNANCE 7 Remuneration report additional remuneration. Remuneration paid and warrants granted to the Chairman of Rentabiliweb Group s Board of Directors, Mr. Jean-Baptiste Descroix-Vernier Remuneration: Warrants : Bonus shares: None. Remuneration paid and warrants granted to the Human Resources Director, Mrs. Corinne Chatal Compensation and warrants for the other members of Name Date of the Board Meeting granting warrants Number of warrants granted Exercise price rs 7.55 7.55 7.55 7.55 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 77

CORPORATE GOVERNANCE 7 Rapport de rémunération Name Date of the Board Meeting granting bonus shares Number of bonus shares granted Date de rs ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

THE RENTABILIWEB GROUP SHARE ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

m 1 SHAREHOLDING STRUCTURE......SHARE PRICE PERFORMANCE... 3 FINANCIAL CALENDAR AND FINANCIAL DISCLOSURES... ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

RENTABILIWEB GROUP SHARE 1 Shareholding structure 11,4% 39,9% 48,7% Share price performance 3 3july ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

STATEMENT BY THE BOARD OF DIRECTORS ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

TEXT TO DO! all of these entities. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

1. REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS.... PARENT COMPANY FINANCIAL STATEMENTS... 3. STATUTORY AUDITOR S REPORT ON THE PARENT COMPANY FINANCIAL STATEMENTS... ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 RENTABILIWEB GROUP PUBLIC LIMITED COMPANY Rue Jourdan 41 16 Saint-Gilles VAT BE 878.65.1 Brussels RPM ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS To the Shareholders, 1.1. Trade risks Tax risks ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 86

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 1.....19.79.9,8......... 1.564.196,7...18.7.863,56... 1.3. 1.4. 1.5. 1.6. 1.7. 1.8. 1.9. 1.1. 1.1.1.Introduction 1.1.. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 1.1.3. 1.1.4. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 88

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 involved in the dissemination of management guidelines to personnel 1.11. Shareholders... 1.13. Share capital and securities 1.1. updated so as to provide the best possible information to shareholders ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

R E P O R T O F T H E B O A R D O F D I R E C TO R S O N T H E PA R E N T C O M PA N Y F I N A N C I A L S TAT E M E N T S 1 1.14. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 1.15. 1.15.1. Directors mandate mandate TOTAL Attendance at rs and Joint Managing Director ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Procedures Appointments TOTAL rs ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 1.15.. Appointments 1.15.3. Audit Committee hree TOTAL mandate T : ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Procedures Appointments 1.15.4. Operations Committee ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1. i, Procedures Appointments 1.16. Treasury shares ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Report of the Board of Directors on the parent company 1.17. Factors liable to have an impact in the event of a public takeover offer The reader should refer to the 1 Consolidated Management Report regarding this. 1.18. In accordance with Article 53 of the Company Code, an extract from the minutes of meeting of the Board of Directors held on 1/11 is included below, The extract included below corresponds to the entire section of the minutes of this meeting relating to the application of Article 53 of the CC; the remainder of this meeting s minutes concerns matters other than the application of said Article. RENTABILIWEB GROUP PUBLIC LIMITED COMPANY Rue Jourdan 41 16 Saint-Gilles VAT BE 878.65.1 Brussels RPM (Hereinafter, the Company ) MINUTES OF THE BOARD OF DIRECTORS MEETING ON JANUARY 1 These minutes record the deliberations and decisions of the Company s Board of Directors in its meeting of January 1, held by means of a telephone conference call. Mr. Jean-Baptiste Descroix-Vernier, Chairman, called the meeting to order at 4 p.m. Attendance at the meeting Mrs. Corinne Véronique Chatal ; Mr. Jean-Marie Messier ; Mr. Thibaut Faurès Fustel de Coulanges ; Mr. Gilles Lioret, and Mr. Eric Licoys. Presentation by the Chairman ;. Allocation of warrants and bonus shares;. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 96

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Report of the Board of Directors on the parent company Preliminary statement by an administrator items 1 and of the agenda. 1. Discussion and approval of the report prepared in compliance with articles 583, 596 and 598 of the Company Code. Allocation of warrants and bonus shares company or a company in which the Company has an equity interest, as either an employee, a director, a consultant or other. These shares will be granted in compliance with the new bonus shares plan appended hereto, and will be drawn from the treasury shares held by the Company. The Board The warrants and bonus shares will be allocated in compliance with the details contained in the appendix. management report. 3. Miscellaneous provisions ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 97

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Report of the Board of Directors on the parent company Adjournment As all items of business before the meeting had been considered, the meeting was adjourned at 17h. Jean-Baptiste Descroix-Vernier Chairman Corinne Véronique Chatal Administrator Saint-Georges Finance SA Represented by Jean-Baptiste Descroix-Vernier Director Jean-Marie Messier Administrator Gilles Lioret Administrator Eric Licoys Administrator ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Report of the Board of Directors on the parent company 1.19. Remuneration report. Remuneration paid and warrants granted to the Chairman of Rentabiliweb Group s Board of Directors, Mr. Jean-Baptiste Descroix-Vernier Remuneration: Warrants: him under later plans. Bonus shares: Mr. Descroix-Vernier does not own any bonus shares, as he has declined the offer of such shares each year. Remuneration paid and warrants granted to the Human Resources Director, Mrs. Corinne Chatal Compensation and warrants for the other members of the executive management ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 99

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 1 Report of the Board of Directors on the parent company Name Date of the Board Meeting granting warrants Number of warrants granted Exercise price (in ) M. Jean Baptiste Descroix-Vernier 5/4/7 7 5 3. Mrs Corinne Chatal 5/4/7 5/5/1 6/1/1 /1/1 3 1 9 1 3. 6.47 7.55 5.9 M. Thibaut Faures Fustel de Coulanges 6/1/1 /1/1 57 1 9 1 3. 6.47 7.55 5.9 M. Jean-Marie Messier 5/4/7 36 3. M. Gilles Lioret 5/4/7 6/1/1 6 1 5 3. 3. 7.55 M. Eric Licoys 6/1/1 1 7.55 Name Date of the Board Meeting granting bonus shares Number of bonus shares granted Date de vesting Mrs Corinne Chatal 5/5/9 /1/1 31 5 5 6/5/13 1/1/16 M. Thibaut Faures Fustel de Coulanges 5/5/9 /1/1 5 5 6/5/13 1/1/16 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 4 1 EUR NAT. Date du dépôt N 878.65.1 P. U. D. C 1.1 DENOMINATION: RENTABILIWEB GROUP Forme juridique: SA Adresse: Code postal: 16 Commune: Pays: Registre des personnes morales (RPM) - Tribunal de Commerce de Adresse Internet *: N : 41 Numéro d'entreprise 878.65.1 DATE 11/1/1 du dépôt de l'acte constitutif OU du document le plus récent mentionnant la date de publication des actes constitutif et modificatif(s) des statuts. COMPTES ANNUELS approuvés par l'assemblée générale du 15/5/13 et relatifs à l'exercice couvrant la période du 1/1/1 au 31/1/1 Exercice précédent du 1/1/11 au 31/1/11 Les montants relatifs à l'exercice précédent / ** identiques à ceux publiés antérieurement LISTE COMPLETE avec nom, prénoms, profession, domicile (adresse, numéro, code postal et commune) et fonction au sein de l'entreprise des ADMINISTRATEURS, GERANTS ET COMMISSAIRES Chemin du Bezan 96, 148 SAVIGNEUX, France Fonction : Administrateur délégué Mandat : 19/5/11-1/1/16 rue Jourdan 41, 16 Bruxelles 6, Belgique Fonction : Administrateur Mandat : 19/5/11-1/5/16 66 th Street 16 boîte, boîte E, 119 NEW-YORK, Etats-Unis d'amérique Fonction : Administrateur Mandat : 19/5/11-1/5/16 Documents joints aux présents comptes annuels: Nombre total de pages déposées: 34 Numéros des sections du document normalisé non déposées parce que sans objet: 5..1, 5.., 5..3, 5..4, 5.3.1, 5.3., 5.3.4, 5.3.6, 5.4., 5.16, 5.17., 6, 8, 9 Signature (nom et qualité) Signature (nom et qualité) * Mention facultative. ** Biffer la mention inutile. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 11

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 1.1 LISTE DES ADMINISTRATEURS, GERANTS ET COMMISSAIRES (suite de la page précédente) SAINT-GEORGES FINANCE SA 878.65.1 Avenue Georges Henri 485, 1 Bruxelles, Belgique Fonction : Administrateur délégué Mandat : 19/5/11-1/5/16 Représenté par DESCROIX-VERNIER Jean-Baptiste Tansmanstraat 178, 113 Amsterdam, Pays-Bas rue du Port Mahon 8, 75 PARIS, France Fonction : Administrateur délégué Mandat : 19/5/11-1/5/16 rue Pierre Dupont 1, 6945 Saint-Cyr-Au-Mont d'or, France Fonction : Administrateur Mandat : 19/5/11-1/5/16 rue Jourdan 41, 16 Bruxelles 6, Belgique Fonction : Administrateur Mandat : 19/5/11-1/5/16 ESSER Frank rue Jourdan 41, 16 Bruxelles 6, Belgique Fonction : Administrateur Mandat : 19/1/1-1/5/16 chaussée de Waterloo 1151, 118 Bruxelles 18, Belgique Fonction : Commissaire, Numéro de membre : B-33 Mandat : 19/5/11-15/5/14 Représenté par DUPONT Thierry Lozenberg, 193 Sint-Stevens-Woluwe, Belgique Numéro de membre : A63 /34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 1. DECLARATION CONCERNANT UNE MISSION DE VERIFICATION OU DE REDRESSEMENT COMPLEMENTAIRE L'organe de gestion déclare qu'aucune mission de vérification ou de redressement n'a été confiée à une personne qui n'y est pas autorisée par la loi, en application des articles 34 et 37 de la loi du avril 1999 relative aux professions comptables et fiscales. Les comptes annuels pas le commissaire. ont / n'ont* pas été vérifiés ou corrigés par un expert-comptable externe, par un réviseur d'entreprises qui n'est Dans l'affirmative, sont mentionnés dans le tableau ci-dessous : les nom, prénom, profession et domicile; le numéro de membre auprès de son institut et la nature de la mission: A. La tenue des comptes de l'entreprise**, B. L établissement des comptes annuels**, C. La vérification des comptes annuels et/ou D. Le redressement des comptes annuels. Si des missions visées sous A. ou sous B. ont été accomplies par des comptables agréés ou par des comptables-fiscalistes agréés, peuvent être mentionnés ci-après: les nom, prénoms, profession et domicile de chaque comptable agréé ou comptable-fiscaliste agréé et son numéro de membre auprès de l'institut Professionnel des Comptables et Fiscalistes agréés ainsi que la nature de sa mission. Nom, prénoms, profession, domicile Numéro de membre Nature de la mission (A, B, C et/ou D) * Biffer la mention inutile. ** Mention facultative. 3/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 13

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C.1 BILAN APRES REPARTITION ACTIF ACTIFS IMMOBILISES........................ Terrains et constructions... Installations, machines et outillage... Mobilier et matériel roulant... Location-financement et droits similaires... Autres immobilisations corporelles... Immobilisations en cours et acomptes versés... Ann. 5.1 5. 5.3 Codes Exercice Exercice précédent /8 5.794.98,99 6.94.4,5 356.33,91 53.714,3 1 /7 1.533,51 4.173,63 3 4 1.533,51 4.173,63 5 6 7...... Entreprises liées... 5.4/ 5.5.1 5.14 8 8/1 5.437.415,57 5.34.36,57 6.396.336,64 6.31.53,64 Participations... 8 51.586.615,77 5.799.115,77 Créances... 81 755.71,8 9.5.137,87 Autres entreprises avec lesquelles il existe un lien de participation... 5.14 8/3 Participations... 8 Créances... 83 Autres immobilisations financières... 84/8 95.89, 95.83, Actions et parts... 84 94.98, 94.98, Créances et cautionnements en numéraire... 85/8 19, 13, ACTIFS CIRCULANTS............ Créances commerciales... 9/58 9 9 8.413.798,53 3.36.18,17 Autres créances... 91...... Stocks... 3 3/36 Approvisionnements... 3/31 En-cours de fabrication... 3 Produits finis... 33 Marchandises... 34 Immeubles destinés à la vente... 35 Acomptes versés... 36 Commandes en cours d'exécution... 37...... Créances commerciales... 4/41 4.17.97,46 647.91,5.668.966,5 1.58.54,96 Autres créances......... Actions propres... 5.5.1/ 5.6 41 5/53 5 1.55.61,96 1.381.414,59 1.381.414,59 1.61.461,9 6.55,95 6.55,95 Autres placements... 51/53.................. 5.6 54/58 49/1 /58 4.81.5,98 38.16,5 61.8.781,5 71.77,69 18.933,8 64.86.44,67 4/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 14

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C. PASSIF CAPITAUX PROPRES......... Capital... souscrit... Capital non appelé..................... Réserve légale... Réserves indisponibles... Pour actions propres... Autres... Réserves immunisées... Réserves disponibles... Ann. 5.7 Codes Exercice Exercice précédent 1/15 59.63.973,45 54.876.359,81 1 1 11 11 1 13 13 131 131 1311 13 133 3.395.67,4 3.395.67,4 14.15.19,1 3.85.17,44.339.56,7 1.381.414,59 1.381.414,59 14.4,15 3.37.18,4 3.37.18,4 13.991.54,1.6.8,7 1.554.5,6 6.55,95 6.55,95 14.4,15...(+)/(-) 14 18.78.19,76 15.317.3,84............ PROVISIONS ET IMPOTS DIFFERES............ Pensions et obligations similaires... 15 19 16 16/5 16 14.1, 14.1, Charges fiscales... 161 Grosses réparations et gros entretien... 16 Autres risques et charges... 5.8 163/5 14.1,... DETTES........... Dettes financières... 5.9 168 17/49 17 17/4 1.464.787,7 9.41.44,86 Emprunts subordonnés... 17 Emprunts obligataires non subordonnés... 171 Dettes de location-financement et assimilées... 17 Etablissements de crédit... 173 Autres emprunts... 174 Dettes commerciales... 175 Fournisseurs... 175 Effets à payer... 1751 Acomptes reçus sur commandes... 176 Autres dettes... 178/9...... Dettes à plus d'un an échéant dans l'année... 5.9 4/48 4 1.54.717,3 9.3.6,38 Dettes financières... 43 Etablissements de crédit... 43/8 Autres emprunts... 439 Dettes commerciales... 44 9.79, 959.946,96 Fournisseurs... 44/4 9.79, 959.946,96 Effets à payer... 441 Acomptes reçus sur commandes... 46 Dettes fiscales, salariales et sociales... 5.9 45 1.53,13 91.6,45 Impôts... 45/3 1.53,13 91.6,45 Rémunérations et charges sociales... 454/9 Autres dettes... 47/48 1.153.734,9 7.159.676,97...... TOTAL DU PASSIF...... 5.9 49/3 1/49 1.69,84 377.818,48 61.8.781,5 64.86.44,67 5/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 15

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 3 COMPTE DE RESULTATS Ann. Codes Exercice Exercice précédent...... Chiffre d'affaires... 5.1 7/74 7.84.83,.84.83,.69.777,38.69.74, En-cours de fabrication, produits finis et commandes en cours d'exécution: augmentation (réduction)... (+)/(-) Production immobilisée... 71 7 Autres produits d'exploitation... 5.1 74 37,38... 6/64.478.8,38 3.8.187,5 Approvisionnements et marchandises... 6 Achats... 6/8 Stocks: réduction (augmentation)...(+)/(-) 69 Services et biens divers... 61 1.895.5,39.71.1,6 Rémunérations, charges sociales et pensions...(+)/(-) 5.1 6-143,18 Amortissements et réductions de valeur sur frais d'établissement, sur immobilisations incorporelles et corporelles... Réductions de valeur sur stocks, sur commandes en cours d'exécution et sur créances commerciales: dotations (reprises)...(+)/(-) 5.1 63 631/4 17.3,44 53.377,45 13.711,59 143.94,3 Provisions pour risques et charges: dotations (utilisations et reprises)...(+)/(-) 5.1 635/7 14.1, Autres charges d'exploitation... 5.1 64/8 19.833,1 1.493,55 Charges d'exploitation portées à l'actif au titre de frais de restructuration... (-) 649...(+)/(-) 991-393.97,38-389.49,87...... Produits des immobilisations financières... 75 75 5.334.614,31 5.35.71,8 1.199.999,43 1.169.947,8 Produits des actifs circulants... 751 6.816,9 15.851,74 Autres produits financiers... 5.11 75/9.86,59 14.,41... 5.11... Charges des dettes... 65 65 455.376,6 35.797,88 394.91,39 38.61,9 Réductions de valeur sur actifs circulants autres que stocks, commandes en cours et créances commerciales: dotations (reprises)... (+)/(-) Autres charges financières... 651 65/9 8.66,53 11.51,19 1.8,1... (+)/(-) 99 4.485.67,33 9.415.688,17 6/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 16

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 3...... Reprises d'amortissements et de réductions de valeur sur immobilisations incorporelles et corporelles... Reprises de réductions de valeur sur immobilisations financières... Reprises de provisions pour risques et charges exceptionnels... Plus-values sur réalisation d'actifs immobilisés... Autres produits exceptionnels... Ann. 5.11 Codes Exercice Exercice précédent 76 9.896.97, 76 761 76 763 9.896.97, 764/9...... Amortissements et réductions de valeur exceptionnels sur frais d'établissement, sur immobilisations incorporelles et corporelles... 66 66 1.5, 83.113,17 Réductions de valeur sur immobilisations financières... 661 Provisions pour risques et charges exceptionnels Dotations (utilisations)...(+)/(-) 66 59.577,88 Moins-values sur réalisation d'actifs immobilisés... 663 1.5, 3.535,9 Autres charges exceptionnelles... 5.11 664/8 Charges exceptionnelles portées à l'actif au titre de frais de restructuration... (-) 669...(+)/(-) 993 4.47.767,33 19.9.545,...............(+)(-) 5.1 78 68 67/77 -.,11-8.8,66 Impôts... 67/3 374,89.395, Régularisations d'impôts et reprises de provisions fiscales... 77.395, 1.63,66...(+)(-) 994 4.474.787,44 19.37.753,66...............(+)/(-) 789 689 995 4.474.787,44 19.37.753,66 7/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 17

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 4 AFFECTATIONS ET PRELEVEMENTS Codes Exercice Exercice précédent...(+)/(-) 996 19.79.9,8 3.59.473,3 Bénéfice (Perte) de l'exercice à affecter...(+)/(-) (995) 4.474.787,44 19.37.753,66 Bénéfice (Perte) reporté(e) de l'exercice précédent...(+)/(-) 14P 15.317.3,84 4.91.719,64...... sur le capital et les primes d'émission... 791/ 791 5.36, 1.88,65 sur les réserves... 79 5.36, 1.88,65...... au capital et aux primes d'émission... 691/ 691 1.564.196,7 1.188.56,3 à la réserve légale... 69 785.335,8 1.176.473,67 aux autres réserves... 691 778.861,64 1.88,65...(+)/(-) (14) 18.78.19,76 15.317.3,84............ Rémunération du capital... 794 694/6 694 7.35.696,79 7.35.696,79 Administrateurs ou gérants... 695 Autres allocataires... 696 8/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 18

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.1 ANNEXE Codes Exercice Exercice précédent Nouveaux frais engagés... Dont Amortissements... Autres... (+)/(-)...... Frais de constitution et d'augmentation de capital, frais d'émission d'emprunts et autres frais d'établissement... Frais de restructuration... P 8 83 84 () / 4 xxxxxxxxxxxxxxx ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 19

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.3.3 Codes Exercice Exercice précédent MOBILIER ET MATERIEL ROULANT...... 8193P xxxxxxxxxxxxxxx 9.175,65 Acquisitions, y compris la production immobilisée... 8163 Cessions et désaffectations... 8173 Transferts d'une rubrique à une autre... (+)/(-) 8183............ 8193 853P 9.175,65 xxxxxxxxxxxxxxx Actées... 813 Acquises de tiers... 83 Annulées... 833 Transférées d'une rubrique à une autre... (+)/(-) 843...... 853...... 833P xxxxxxxxxxxxxxx 5., Actés... 873.64,1 Repris... 883 Acquis de tiers... 893 Annulés à la suite de cessions et désaffectations... 833 Transférés d'une rubrique à une autre... (+)/(-) 8313............ 833 (4) 7.64,14 1.533,51 1/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 11

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.3.5 Codes Exercice Exercice précédent AUTRES IMMOBILISATIONS CORPORELLES...... 8195P xxxxxxxxxxxxxxx.345,3 Acquisitions, y compris la production immobilisée... 8165 Cessions et désaffectations... 8175 Transferts d'une rubrique à une autre... (+)/(-) 8185............ 8195 855P.345,3 xxxxxxxxxxxxxxx Actées... 815 Acquises de tiers... 85 Annulées... 835 Transférées d'une rubrique à une autre... (+)/(-) 845...... 855...... 835P xxxxxxxxxxxxxxx.345,3 Actés... 875 Repris... 885 Acquis de tiers... 895 Annulés à la suite de cessions et désaffectations... 835 Transférés d'une rubrique à une autre... (+)/(-) 8315............ 835 (6).345,3 11/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 111

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.4.1 ETAT DES IMMOBILISATIONS FINANCIERES Codes Exercice Exercice précédent ENTREPRISES LIEES - PARTICIPATIONS, ACTIONS ET PARTS...... 8391P xxxxxxxxxxxxxxx 5.799.115,77 Acquisitions... 8361 8., Cessions et retraits... 8371 1.5, Transferts d'une rubrique à une autre... (+)/(-) 8381............ 8391 8451P 51.586.615,77 xxxxxxxxxxxxxxx Actées... 8411 Acquises de tiers... 841 Annulées... 8431 Transférées d'une rubrique à une autre... (+)/(-) 8441...... 8451...... 851P xxxxxxxxxxxxxxx Actées... 8471 Reprises... 8481 Acquises de tiers... 8491 Annulées à la suite de cessions et retraits... 851 Transférées d'une rubrique à une autre... (+)/(-) 8511...............(+)/(-) 851 8551P 8541 xxxxxxxxxxxxxxx............ ENTREPRISES LIEES - CREANCES 8551 (8) 51.586.615,77...... 81P xxxxxxxxxxxxxxx 9.5.137,87 Additions... 8581 Remboursements... 8591 8.746.47,7 Réductions de valeur actées... 861 Réductions de valeur reprises... 8611 Différences de change... (+)/(-) 861 Autres... (+)/(-) 8631...... REDUCTIONS DE VALEUR CUMULEES SUR CREANCES AU TERME DE... (81) 8651 755.71,8 1/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 11

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.4.3 Codes Exercice Exercice précédent AUTRES ENTREPRISES - PARTICIPATIONS, ACTIONS ET PARTS...... 8393P xxxxxxxxxxxxxxx 94.98, Acquisitions... 8363 Cessions et retraits... 8373 Transferts d'une rubrique à une autre... (+)/(-) 8383............ 8393 8453P 94.98, xxxxxxxxxxxxxxx Actées... 8413 Acquises de tiers... 843 Annulées... 8433 Transférées d'une rubrique à une autre... (+)/(-) 8443...... 8453...... 853P xxxxxxxxxxxxxxx Actées... 8473 Reprises... 8483 Acquises de tiers... 8493 Annulées à la suite de cessions et retraits... 853 Transférées d'une rubrique à une autre... (+)/(-) 8513...............(+)/(-) 853 8553P 8543 xxxxxxxxxxxxxxx............ AUTRES ENTREPRISES - CREANCES 8553 (84) 94.98,...... Additions... Remboursements... Réductions de valeur actées... Réductions de valeur reprises... Différences de change... (+)/(-) Autres... (+)/(-) 85/8P 8583 8593 863 8613 863 8633... (85/8)... REDUCTIONS DE VALEUR CUMULEES SUR CREANCES AU TERME DE... 8653 xxxxxxxxxxxxxxx 6, 19, 13, 13/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 113

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.5.1 INFORMATION RELATIVE AUX PARTICIPATIONS Sont mentionnées ci-après, les entreprises dans lesquelles l'entreprise détient une participation (comprise dans les rubriques 8 et 8 de l'actif) ainsi que les autres entreprises dans lesquelles l'entreprise détient des droits sociaux (compris dans les rubriques 84 et 51/53 de l'actif) représentant 1% au moins du capital souscrit. DENOMINATION, adresse complète du SIEGE et pour les entreprises de droit belge, mention du NUMERO D'ENTREPRISE Droits sociaux détenus directement par les filiales Nombre % % Comptes annuels arrêtés au Données extraites des derniers comptes annuels disponibles Code devise Capitaux propres (+) ou (-) (en unités) Résultat net 31/1/1 EUR 31.659.11 884.583 55 rue Raspail 93 LEVALLOIS France 457491 ACTIONS ORDINAIRES 131 1,, RENTABILIWEB INERACTIVE S. Etr. 31/1/1 EUR 33.95 199.887 55 rue Raspail 93 LEVALLOIS France 49488546143 ACTIONS ORDINAIRES 38 1,, RENTABILIWEB BULGARIE S. Etr. 31/1/1 EUR 1.968.455 1.96.96 Poduyane Hadzhi Dimitar BL55B SOFIA Bulgarie ACTIONS ORDINAIRES 5 1,, ETERIC RO-NET S. Etr. 31/1/1 EUR -135.31-1.79 Str Jarmanului 5 BRASOV Roumanie 15355451 ACTIONS ORDINAIRES 1,, R-PUBLISHING SPRL 31/1/1 EUR -97.396-69.934 rue Jourdan 41 16 Bruxelles 6 Belgique 88.778.588 ACTIONS ORDINAIRES 96 99,, RENTABILIWEB EUROPE S. Etr. 31/1/11 EUR 1.475.38-5.53.793 55 rue Raspail 93 LEVALLOIS France 144368 ACTIONS ORDINAIRES 3999 99,, RENTABILIWEB CANADA S. Etr. 31/1/1 CAD -.9-143 St-Hubert QCHL3Y MONTREAL Canada ACTIONS ORDINAIRES 1 1,, 14/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 114

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.5. MEMBRE INDEFINIMENT RESPONSABLE Les comptes annuels de chacune des entreprises pour lesquelles l'entreprise est indéfiniment responsable sont joints aux présents comptes annuels pour être publiés en même temps que ceux-ci, sauf si dans la deuxième colonne du tableau ci-après, l'entreprise précise la raison pour laquelle il n'en est pas ainsi. Cette précision est fournie par la mention du code (A, B, C ou D) défini ci-après. Les comptes annuels de l'entreprise mentionnée: A. sont publiés par dépôt auprès de la Banque nationale de Belgique par cette entreprise; B. sont effectivement publiés par cette entreprise dans un autre Etat membre de l'union européenne, dans les formes prévues à l'article 3 de la directive 68/151/CEE; C. sont intégrés par consolidation globale ou par consolidation proportionnelle dans les comptes consolidés de l'entreprise, établis, contrôlés et publiés conformément aux dispositions du Code des sociétés relatives aux comptes consolidés; D. concernent une société de droit commun, une société momentanée ou une société interne. DENOMINATION, adresse complète du SIEGE, FORME JURIDIQUE et pour les entreprises de droit belge, mention du NUMERO D'ENTREPRISE Code éventuel EDENCAST S. Etr. 55 rue Raspail 93 Levallois France 457491 RENTABILIWEB INTERACTIVE S. Etr. 55 rue Raspail 93 LEVALLOIS France 49488546143 RENTABILIWEB BULGARIE S. Etr. Poduyane Hadzhi Dimitar BL55B SOFIA Bulgarie C C C ETERIC RO-NET S. Etr. Str Jarmanului 5 BRASOV Roumanie 15355451 R-PUBLISHING SPRL rue Jourdan 41 16 Bruxelles 6 Belgique 88.778.588 RENTABILIWEB EUROPE S. Etr. 55 rue Raspael 93 LEVALLOIS France 144368 C A C 15/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 115

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.5. MEMBRE INDEFINIMENT RESPONSABLE Les comptes annuels de chacune des entreprises pour lesquelles l'entreprise est indéfiniment responsable sont joints aux présents comptes annuels pour être publiés en même temps que ceux-ci, sauf si dans la deuxième colonne du tableau ci-après, l'entreprise précise la raison pour laquelle il n'en est pas ainsi. Cette précision est fournie par la mention du code (A, B, C ou D) défini ci-après. Les comptes annuels de l'entreprise mentionnée: A. sont publiés par dépôt auprès de la Banque nationale de Belgique par cette entreprise; B. sont effectivement publiés par cette entreprise dans un autre Etat membre de l'union européenne, dans les formes prévues à l'article 3 de la directive 68/151/CEE; C. sont intégrés par consolidation globale ou par consolidation proportionnelle dans les comptes consolidés de l'entreprise, établis, contrôlés et publiés conformément aux dispositions du Code des sociétés relatives aux comptes consolidés; D. concernent une société de droit commun, une société momentanée ou une société interne. RENTABILIWEB CANADA S. Etr. -143 St-Hubert QCHL3Y MONTREAL Canada DENOMINATION, adresse complète du SIEGE, FORME JURIDIQUE et pour les entreprises de droit belge, mention du NUMERO D'ENTREPRISE Code éventuel C 16/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 116

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.6 Codes Exercice Exercice précédent PLACEMENTS DE TRESORERIE - AUTRES PLACEMENTS...... Valeur comptable augmentée du montant non appelé... Montant non appelé......... Titres à revenu fixe émis par des établissements de crédit... Avec une durée résiduelle ou de préavis d'un mois au plus... de plus d'un mois à un an au plus... de plus d'un an............... 51 8681 868 5 8684 53 8686 8687 8688 8689 Exercice COMPTES DE REGULARISATION 49 Charges à reporter 11.343,58 491 Produits acquis 6.816,9 17/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 117

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.7 ETAT DU CAPITAL Capital souscrit au terme de l'exercice... Capital souscrit au terme de l'exercice... Codes Exercice Exercice précédent 1P XXXXXXXXXXXXXX 3.37.18,4 (1) 3.395.67,4 Codes Montants Nombre d'actions Modifications au cours de l'exercice Actions ordinaires 88.45, 67.5 Représentation du capital Catégories d'actions Actions ordinaires 3.37.18,4 17.86.95 Actions nominatives... Actions au porteur et/ou dématérialisées... 87 873 XXXXXXXXXXXXXX XXXXXXXXXXXXXX 1.39.346 7.533.559 Codes Montant non appelé Montant appelé non versé Capital non appelé... (11) XXXXXXXXXXXXXX Capital appelé, non versé... 871 XXXXXXXXXXXXXX Actionnaires redevables de libération... Codes Exercice Détenues par la société elle-même Montant du capital détenu......... Nombre d'actions correspondantes...... Détenues par ses filiales Montant du capital détenu...... Nombre d'actions correspondantes...... 871 87 8731 873 1.381.414,59 93.918 Suite à l'exercice de droits de CONVERSION Montant des emprunts convertibles en cours... 874 Montant du capital à souscrire...... 8741... Nombre maximum correspondant d'actions à émettre... 874 Suite à l'exercice de droits de SOUSCRIPTION... Nombre de droits de souscription en circulation... 8745 Montant du capital à souscrire...... 8746... Nombre maximum correspondant d'actions à émettre... 8747...... 8751... 18/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 118

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.7 Codes Exercice Répartition Nombre de parts..... Nombre de voix qui y sont attachées Ventilation par actionnaire...... Nombre de parts détenues par la société elle-même...... Nombre de parts détenues par les filiales...... 8761 876 8771 8781 Saint Georges Finance Financières LOV sas Groupe Arnault / Le Peingne sa Corinne CHATAL Jean-Batiste DESCROIX-VERNIER ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 119

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.8 IMPORTANT Exercice Autres provisions et charges 14.1, /34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.9 ETAT DES DETTES ET COMPTES DE REGULARISATION DU PASSIF RESIDUELLE Codes Exercice Dettes financières... Emprunts subordonnés... Emprunts obligataires non subordonnés... Dettes de location-financement et assimilées... Etablissements de crédit... Autres emprunts... Dettes commerciales... Fournisseurs... Effets à payer... Acomptes reçus sur commandes... Autres dettes......... Dettes financières... Emprunts subordonnés... Emprunts obligataires non subordonnés... Dettes de location-financement et assimilées... Etablissements de crédit... Autres emprunts... Dettes commerciales... Fournisseurs... Effets à payer... Acomptes reçus sur commandes... Autres dettes... 881 8811 881 8831 8841 8851 8861 8871 8881 8891 891 (4) 88 881 88 883 884 885 886 887 888 889 89...... Dettes financières... Emprunts subordonnés... Emprunts obligataires non subordonnés... Dettes de location-financement et assimilées... Etablissements de crédit... Autres emprunts... Dettes commerciales... Fournisseurs... Effets à payer... Acomptes reçus sur commandes... Autres dettes......... 891 883 8813 883 8833 8843 8853 8863 8873 8883 8893 893 8913 1/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 11

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.9 DETTES GARANTIES (comprises dans les rubriques 17 et 4/48 du passif) Codes Exercice Dettes financières... Emprunts subordonnés... Emprunts obligataires non subordonnés... Dettes de location-financement et assimilées... Etablissements de crédit... Autres emprunts... Dettes commerciales... Fournisseurs... Effets à payer... Acomptes reçus sur commandes... Dettes salariales et sociales... Autres dettes... 891 8931 8941 8951 8961 8971 8981 8991 91 911 91 951...... Dettes financières... Emprunts subordonnés... Emprunts obligataires non subordonnés... Dettes de location-financement et assimilées... Etablissements de crédit... Autres emprunts... Dettes commerciales... Fournisseurs... Effets à payer... Acomptes reçus sur commandes... Dettes fiscales, salariales et sociales... Impôts... Rémunérations et charges sociales... 94 Autres dettes... 961 89 893 894 895 896 897 898 899 9 91 9 93 95... 96 DETTES FISCALES, SALARIALES ET SOCIALES Codes Exercice (rubrique 45/3 du passif) Dettes fiscales...... Dettes fiscales non échues... Dettes fiscales estimées... (rubrique 454/9 du passif) Dettes envers l'office National de Sécurité Sociale... Autres dettes salariales et sociales... 97 973 45 976 977 1.53,13 /34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 1

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.9 COMPTES DE REGULARISATION Exercice 49 Charges à imputer 1.69,84 3/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 13

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.1 Codes Exercice Exercice précédent Ventilation par catégorie d'activité Ventilation par marché géographique Subsides d'exploitation et montants compensatoires obtenus des pouvoirs publics... 74 Nombre total à la date de clôture... 986 Effectif moyen du personnel calculé en équivalents temps plein... 987 Nombre effectif d'heures prestées... 988 Rémunérations et avantages sociaux directs... 6 Cotisations patronales d'assurances sociales... 61 Primes patronales pour assurances extralégales... 6 Autres frais de personnel... 63-143,18 Pensions de retraite et de survie... 64 Dotations (utilisations et reprises)... (+)/(-) 635 Sur stocks et commandes en cours actées... 911 reprises... 9111 Sur créances commerciales actées... 911 53.377,45 143.94,3 reprises... 9113 Constitutions... 9115 14.1, Utilisations et reprises... 9116 Impôts et taxes relatifs à l'exploitation... 64 957, 1.457,5 Autres... 641/8 18.876,1 36,5 Nombre total à la date de clôture... 996 Nombre moyen calculé en équivalents temps plein... 997 Nombre d'heures effectivement prestées... 998 Frais pour l'entreprise... 617 4/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 14

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.11 RESULTATS FINANCIERS ET EXCEPTIONNELS RESULTATS FINANCIERS Subsides accordés par les pouvoirs publics et imputés au compte de résultats Subsides en capital... Subsides en intérêts... 916 Ventilation des autres produits financiers Codes Exercice Exercice précédent 756 Prod financiers cptes bancaires 1.886,36 14.197,63............ Actées... Reprises... 915 651 653 651 6511 8.66,53 Montant de l'escompte à charge de l'entreprise sur la négociation de créances... Dotations... Utilisations et reprises... 653 656 6561 Différence paiement et change 83,5 48,57 Frais bancaires 11.48,94 1.31,53 RESULTATS EXCEPTIONNELS Exercice 5/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 15

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.1 IMPOTS ET TAXES IMPOTS SUR LE RESULTAT... Impôts et précomptes dus ou versés... Excédent de versements d'impôts ou de précomptes porté à l'actif... Suppléments d'impôts estimés......... Suppléments d'impôts dus ou versés... Suppléments d'impôts estimés ou provisionnés... Codes 9134 9135 9136 9137 9138 9139 914 Exercice 374,89 374,89 RDT 5.4.45,6 DNA 481.418,34 Latences actives... Pertes fiscales cumulées, déductibles des bénéfices taxables ultérieurs... Autres latences actives Codes Latences passives... 9144 9141 914 Exercice 18.875,8 18.875,8 Ventilation des latences passives Codes Exercice Exercice précédent A l'entreprise (déductibles)... 9145 9.47,9 34.64,98 Par l'entreprise... 9146 196.83,75 34.979,36 Précompte professionnel... Précompte mobilier... 9147 9148 41.1,5 41.74,36 438.96,78 889.77,5 6/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 16

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.13 DROITS ET ENGAGEMENTS HORS BILAN Codes Exercice GARANTIES PERSONNELLES CONSTITUEES OU IRREVOCABLEMENT PROMISES PAR...... Dont Effets de commerce en circulation endossés par l'entreprise... Effets de commerce en circulation tirés ou avalisés par l'entreprise... Montant maximum à concurrence duquel d'autres engagements de tiers sont garantis par l'entreprise... 9149 915 9151 9153 GARANTIES REELLES Hypothèques Valeur comptable des immeubles grevés... Montant de l'inscription... Gages sur fonds de commerce - Montant de l'inscription... Gages sur d'autres actifs - Valeur comptable des actifs gagés... Sûretés constituées sur actifs futurs - Montant des actifs en cause... Hypothèques Valeur comptable des immeubles grevés... Montant de l'inscription... Gages sur fonds de commerce - Montant de l'inscription... Gages sur d'autres actifs - Valeur comptable des actifs gagés... Sûretés constituées sur actifs futurs - Montant des actifs en cause... 9161 9171 9181 9191 91 916 917 918 919 9 engagements donnés au titre de earn out 15., MARCHE A TERME........................ 913 914 915 916 LITIGES IMPORTANTS ET AUTRES ENGAGEMENTS IMPORTANTS LE CAS ECHEANT, DESCRIPTION SUCCINCTE DU REGIME COMPLEMENTAIRE DE PENSION DE RETRAITE OU DE SURVIE INSTAURE AU PROFIT DU PERSONNEL OU DES DIRIGEANTS ET DES MESURES PRISES POUR EN COUVRIR LA CHARGE 7/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 17

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.13 DROITS ET ENGAGEMENTS HORS BILAN Code Exercice 9 Bases et méthodes de cette estimation 8/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 18

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.14 UN LIEN DE PARTICIPATION ENTREPRISES LIEES...... Participations... Créances subordonnées... Autres créances... Codes Exercice Exercice précédent (8/1) 5.34.36,57 6.31.53,64 (8) 51.586.615,77 5.799.115,77 971 981 755.71,8 9.5.137,87...... A plus d'un an... 991 931 95.79,9 1.65.56,9 A un an au plus... 9311 95.79,9 1.65.56,9...... Actions... 931 9331 Créances... 9341...... A plus d'un an... 9351 9361 1.148.935,4 5.34.15,5 A un an au plus... 9371 1.148.935,4 5.34.15,5 Constituées ou irrévocablement promises par l'entreprise pour sûreté de dettes ou d'engagements d'entreprises liées... 9381 Constituées ou irrévocablement promises par des entreprises liées pour sûreté de dettes ou d'engagements de l'entreprise... 9391...... 941 Produits des immobilisations financières... 941 5.35.71,8 1.169.947,8 Produits des actifs circulants... 9431 6.816,9 15.11,84 Autres produits financiers... 9441 Charges des dettes... 9461 199.89,31 377.818,48 Autres charges financières... 9471 Plus-values réalisées... Moins-values réalisées... 9481 9491 1.5, 9.896.97, 3.535,9 ENTREPRISES AVEC LIEN DE PARTICIPATION Participations... Créances subordonnées... Autres créances......... A plus d'un an... A un an au plus......... A plus d'un an... A un an au plus... (8/3) (8) 97 98 99 93 931 935 936 937 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 19

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.14 UN LIEN DE PARTICIPATION DU MARCHE Exercice En l'absence de critères légaux permettant d'inventorier les transactions avec les parties liées qui seraient conclues à des conditions autres que celles du marché, aucune transaction n'est reprise dans l'état XVIIIbis des comptes annuels 3/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 13

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.15 RELATIONS FINANCIERES AVEC CELLE-CI OU LES AUTRES ENTREPRISES CONTROLEES DIRECTEMENT OU INDIRECTEMENT PAR CES PERSONNES Codes Exercice... 95... Conditions principales des créances... 951... Conditions principales des garanties constituées... 95... Conditions principales des autres engagements Aux administrateurs et gérants... Aux anciens administrateurs et anciens gérants... 953 954 33.79, Autres missions d'attestation Missions de conseils fiscaux... Autres missions extérieures à la mission révisorale..................... Autres missions d'attestation......... Missions de conseils fiscaux... Autres missions extérieures à la mission révisorale...... Codes 955 9561 956 9563 9581 958 9583 Exercice 7., 1.696, 31/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 131

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 5.17.1 DECLARATION RELATIVE AUX COMPTES CONSOLIDES INFORMATIONS A COMPLETER PAR LES ENTREPRISES SOUMISES AUX DISPOSITIONS DU CODE DES SOCIETES RELATIVES AUX COMPTES CONSOLIDES L'entreprise et ses filiales ne dépassent pas, sur base consolidée, plus d'une des limites visées à l'article 16 du Code des sociétés* L'entreprise est elle-même filiale d'une entreprise mère qui établit et publie des comptes consolidés dans lesquels ses comptes annuels sont intégrés par consolidation* Dans l'affirmative, justification du respect des conditions d'exemption prévues à l'article 113, paragraphes et 3 du Code des sociétés: Nom, adresse complète du siège et, s'il s'agit d'une entreprise de droit belge, numéro d'entreprise de l'entreprise mère qui établit et publie les comptes consolidés en vertu desquels l'exemption est autorisée: Nom, adresse complète du siège et, s'il s'agit d'une entreprise de droit belge, numéro d'entreprise de l'(des) entreprise(s) mère(s) et indication si cette (ces) entreprise(s) mère(s) établit (établissent) et publie(nt) des comptes consolidés dans lesquels ses comptes annuels sont intégrés par consolidation**: Si l'(les) entreprise(s) mère(s) est (sont) de droit étranger, lieu où les comptes consolidés dont question ci-avant peuvent être obtenus** * Biffer la mention inutile. ** Si les comptes de l'entreprise sont consolidés à plusieurs niveaux, les renseignements sont donnés d'une part, pour l'ensemble le plus grand et d'autre part, pour l'ensemble le plus petit d'entreprises dont l'entreprise fait partie en tant que filiale et pour lequel des comptes consolidés sont établis et publiés. 3/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 13

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 7 Les règles d'évaluation sont établies conformément aux dispositions du chapitre I1 de l' A.R. du 3/1/1 relatifs aux comptes annuels des entreprises. FRAIS D'ETABLISSEMENT Les frais d'établissement ne sont portés à l'actif que s'ils ne sont pas pris en charges durant l'exercice au cours duquel ils sont exposés. Les frais d'établissement sont alors portés à l'actif pour leur valeur d'acquisition. Les frais d'établissement portés à l'actif font l'objet d'amortissements appropriés, au minimum par tranches annuelles de % des sommes réellement dépensées. Toutefois, l'amortissement des frais d'émission d'emprunts et des primes de remboursement sur emprunts peut être réparti sur toute la durée de l'emprunt. IMMOBILISATIONS INCORPORELLES Les immobilisations sont actées pour leur valeur d'acquisition. Les immobilisations incorporelles sont amorties suivant la méthode de l'amortissement linéaire. Ces immobilisations font l'objet d'amortissements complémentaires ou exceptionnels lorsque, en raison de leur altération ou de modifications des circonstances économiques ou technologiques, leur valeur comptable dépasse leur valeur d'utilisation par l'entreprise. IMMOBILISATIONS CORPORELLES Les immobilisations corporelles sont portées à l'actif du bilan, déduction faite des amortissements, à leur valeur d'acquisition ou leur valeur d'apport qui comprend les frais accessoires et la TVA non déductible. Le seuil absolu à partir duquel l'on comptabilise une immobilisation est fixé à 5 euros; en-dessous de ce montant, il y a prise en charge immédiate. Les amortissements sont calculés de façon linéaire ou dégressive, à partir de l'année de la comptabilisation de l'investissement. Une année complète d'amortissements est prise en charge au cours de l'année d'acquisition. Les immobilisations corporelles peuvent faire l'objet d'une réévaluation lorsque la valeur de celles-ci, déterminée en fonction de leur utilité pour l'entreprise, présente un excédent certain et durable par rapport à leur valeur comptable. Plus particulièrement, il y a lieu de noter les règles suivantes: Frais d'établissement: amortissements sur 5 années Frais d'emprunt: amortissement sur la durée de l'emprunt Immobilisations corporelles: "Bien détenus en emphytéose: amortissement sur la durée du bail, soit 7 ans "Travaux de rénovations lourds: amortissement sur 5 années selon la méthode linéaire "Travaux légers et aménagements: amortissement sur 3 à 6 années selon la méthode linéaire "Mobilier de bureau: amortissement sur 4 à 5 années selon la méthode linéaire "Matériel de bureau: amortissement sur 3 à 5 années selon la méthode linéaire "Installations, matériels et outillages: amortissement sur 3 à 8 années selon la méthode linéaire "Matériel de transport: amortissement sur 4 à 5 années selon la méthode linéaire Les dotations d'amortissements des immobilisations acquises au cours du premier exercice comptable de la société, ainsi que pour les suivants, seront amortis au prorata temporis. IMMOBILISATIONS FINANCIERES Les immobilisations financières sont évaluées à leur valeur d'acquisition ou le cas échéant, d'apport. En cas de moins-value durable, les immobilisations financières font l'objet de réductions de valeur. Des réductions de valeur sont appliquées si la valeur de réalisation est inférieure à la valeur d'acquisition, à la date de clôture des comptes. Plus particulièrement, les obligations, bons de caisse et autres titres à revenus fixes font l'objet de réductions de valeur, lorsque leur valeur d'acquisition dépasse leur valeur de remboursement à la date de clôture de l'exercice. CREANCES A PLUS D'UN AN Les créances sont portées au bilan à leur valeur nominale. Des réductions de valeur appropriées sont actées s'il y a une incertitude quant au paiement total ou partiel de la créance à l'échéance. Des réductions de valeur sont également appliquées si la valeur de réalisation des créances est inférieure à leur valeur comptable, à la date de clôture de l'exercice. A l'issue de cet exercice, la société ne dispose pas de telle créance. CREANCES A UN AN AU PLUS Les créances sont portées au bilan à leur valeur nominale. Des réductions de valeur appropriées sont actées s'il y a une incertitude quant au paiement, en tout ou en partie, de la créance au jour de l'échéance. Des réductions de valeur sont également appliquées si la valeur de réalisation des créances est inférieure à leur valeur comptable à la date du bilan. PLACEMENTS DE TRESORERIE Les placements sont évalués à leur valeur d'acquisition ou à leur valeur nominale, ou, s'il s'agit de valeurs mobilières, à leur valeur de marché à la date de clôture des comptes. 33/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 133

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS N 878.65.1 C 7 VALEURS DISPONIBLES Les valeurs disponibles sont évaluées à leur valeur nominale. REGULARISATION Les comptes de régularisation de l'actif sont exprimés à leur valeur comptable. PROVISIONS POUR RISQUES ET CHARGES Les provisions pour risques et charges sont individualisées en fonction des risques et charges de même nature qu'elles sont appelées à couvrir. Par risques et charges de même nature, il faut entendre les catégories de risques et charges mentionnées à titre exemplatif à l'article 54 de l'arrêté Royal du 3 janvier 1. Les provisions pour risques et charges doivent répondre aux critères de prudence, de sincérité et de bonne foi. Les provisions pour risques et charges doivent être constituées systématiquement sur base des méthodes arrêtées par l'entreprise conformément à l'article 8 de l'arrêté Royal du 3 janvier 1. Elles ne peuvent dépendre du résultat de l'exercice. Il doit être tenu compte de tous les risques prévisibles, des pertes éventuelles et des dépréciations qui ont pris naissance au cours de l'exercice auquel les comptes annuels se rapportent ou au cours d'exercices antérieurs, même si ces risques, pertes ou dépréciations ne sont connus qu'entre la date de clôture des comptes annuels et la date à laquelle ils sont arrêtés par l'organe d'administration de l'entreprise. Les provisions pour risques et charges ne peuvent être maintenues dans la mesure où elles exèdent en fin d'exercice une appréciation actuelle, selon les critères de dépréciations, les charges et risques en considération desquelles elles ont été constituées. DETTES A PLUS D'UN AN Les dettes sont portées au bilan à leur valeur nominale DETTES A UN AN AU PLUS Les dettes sont portées au bilan à leur valeur nominale REGULARISATION Les comptes de régularisation du passif sont exprimés à leur valeur comptable COMPTES DE RESULTATS Les règles d'évaluation relatives au compte de résultats sont les règles d'évaluation générales décrites dans l'arrêté Royal du 3 janvier 1. GENERALITES Les devises étrangères seront converties au cours moyen au comptant (calculé par la moyenne des cours acheteur et vendeur représentatif) du dernier jour de bourse de l'année. Les écarts négatifs de conversion seront pris en charges au compte de résultats tandis que les écarts de conversion positifs sont portés en compte de régularisation du passif. 34/34 ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 134

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 3 statements RENTABILIWEB GROUP RAPPORT DU COMMISSAIRE A L ASSEMBLEE GENERALE DES ACTIONNAIRES DE LA SOCIETE SUR LES COMPTES ANNUELS POUR L EXERCICE CLOTURE LE 31 DECEMBRE 1 Conformément aux dispositions légales et statutaires, nous vous faisons rapport dans le cadre de notre mandat de commissaire. Le rapport inclut notre opinion sur le bilan au 31 décembre 1, le compte de résultat de l exercice clos le 31 décembre 1 et l annexe (les «comptes annuels»), ainsi que les déclarations complémentaires requises. opinion sans réserve Nous avons procédé au contrôle des comptes annuels pour l exercice 1 clos le 31 décembre 1, établis sur la base du référentiel comptable applicable en Belgique, dont le total du bilan s élève à 61.8.78 EUR et dont le compte de résultats se solde par un bénéfice net de l exercice de 4.474.787 EUR. Responsabilité de l organe de gestion relative à l établissement des comptes annuels L organe de gestion est responsable de l'établissement de comptes annuels donnant une image fidèle conformément au référentiel comptable applicable en Belgique, ainsi que de la mise en place du contrôle interne qu'il estime nécessaire à l'établissement de comptes annuels ne comportant pas d'anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs. Responsabilité du commissaire Notre responsabilité est d'exprimer une opinion sur ces comptes annuels sur la base de notre audit. Nous avons effectué notre audit selon les normes internationales d'audit (ISA). Ces normes requièrent de notre part de nous conformer aux exigences déontologiques ainsi que de planifier et de réaliser l audit en vue d'obtenir une assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives. RSM Réviseurs d entreprises Bedrijfsrevisoren SC SCRL réviseurs d entreprises Lozenberg b1 - B 193 Zaventem T +3 () 75 5 4 - F +3 () 75 53 41 interaudit@rsm-belgium.be TVA BE 49.471.656 - RPM Bruxelles Member of Toelen Cats Dupont Koevoets group Offices in Antwerp, Brussels, Charleroi, Mons and Zaventem www.rsm-belgium.be RSM Belgium is a member of the RSM network. Each member of the RSM network is an independent accounting and advisory firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 11 RENTABILIWEB GROUP 135

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 3 statements Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les informations fournies dans les comptes annuels. Le choix des procédures mises en œuvre, y compris l'évaluation des risques que les comptes annuels comportent des anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs, relève du jugement du commissaire. En procédant à cette évaluation des risques, le commissaire prend en compte le contrôle interne de l'entité relatif à l'établissement de comptes annuels donnant une image fidèle, cela afin de définir des procédures de contrôle appropriées selon les circonstances, et non dans le but d'exprimer une opinion sur l efficacité du contrôle interne de l'entité. Un audit consiste également à apprécier le caractère approprié des méthodes comptables retenues, le caractère raisonnable des estimations comptables faites par l organe de gestion, et la présentation d'ensemble des comptes annuels. Nous avons obtenu de l organe de gestion et des préposés de l entité les explications et informations requises pour notre audit. Nous estimons que les éléments probants recueillis sont suffisants et appropriés pour fonder notre opinion sans réserve. Opinion sans réserve A notre avis, les comptes annuels donnent une image fidèle du patrimoine et de la situation financière de la société au 31 décembre 1 ainsi que de ses résultats pour l exercice clos à cette date, conformément aux dispositions légales et réglementaires applicables en Belgique. L organe de gestion est responsable de l établissement et du contenu du rapport de gestion sur les comptes annuels. Dans le cadre de notre mandat, notre responsabilité est de vérifier, dans tous les aspects significatifs, le respect de certaines obligations légales et réglementaires. Sur cette base, nous faisons la déclaration complémentaire suivante qui n est pas de nature à modifier la portée de notre opinion sur les comptes annuels: Le rapport de gestion sur les comptes annuels traite des informations requises par la loi, concorde avec les comptes annuels et ne comprend pas d incohérences significatives par rapport aux informations dont nous avons eu connaissance dans le cadre de notre mandat Sans préjudice d aspects formels d importance mineure, la comptabilité est tenue conformément aux dispositions légales et réglementaires applicables en Belgique. L affectation des résultats proposée à l assemblée générale est conforme aux dispositions légales et statutaires. ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 11 RENTABILIWEB GROUP 136

REPORT OF THE BOARD OF DIRECTORS ON THE PARENT COMPANY FINANCIAL STATEMENTS 3 statements A l exception de certaines des formalités de publication des comptes annuels et consolidés de l exercice 11 à la BNB, nous n avons pas à vous signaler d opération conclue ou de décision prise en violation des statuts ou du Code des sociétés. La décision du conseil d administration du janvier 1 relative à l attribution de 1. warrants et de 5. actions gratuites à un administrateur a pour conséquence patrimoniale un coût de 37(.) EUR. Zaventem, le 18 février 13 Le Commissaire, La Scrl RSM REVISEURS D ENTREPRISES - BEDRIJFSREVISOREN représentée par THIERRY DUPONT ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 137

Contacts RENTABILIWEB GROUP SA Rue Jourdan 41 - Saint Gilles - 16 Bruxelles - Belgique Société anonyme au capital de 3 37 18 euros Thibaut Faurès Fustel de Coulanges Thibaut@rentabiliweb.com Rentabiliweb Group Nicolo Horel Nicolo.horel@rentabiliweb.com Rentabiliweb Group + 331 763 1 + 3 538 775 fax : +33 1 763 3 331 763 1 + 3 538 775 fax : +33 1 763 3 www.rentabiliweb-group.com/ ENGLISH TRANSLATION OF THE FRENCH RAPPORT FINANCIER ANNUEL 1 RENTABILIWEB GROUP 138

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