Avanquest - 2016 Financial Report

SUMMARIZED SIX-MONTH CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 2 Appendix to the summarized six-month consolidated financial statements

The myDevices activity is actually now starting up, and its weight is not significant in the Group’s revenue. Moreover, this activity is hosted in numerous companies of the Group, who themselves also manage different businesses. Thus, the flows, in particular on the balance sheet, connected to myDevices are not immediately identifiable. This is why the Group’s management deems that myDevices does not constitute either a separate sector, within the meaning of IFRS 8, nor a distinct CGU apart from the rest of the BtoC CGU. This analysis could change in the future, with the progressive upswing that is expected in this business.

The Group’s internal reporting is based upon adjusted EBITDA from the various divisions, which corresponds to recurring operating income before the impact of depreciation and provisions, and of the capitalized R&D. The current operating result is a loss of €6.7 million. The difference between the adjusted EBITDA and the operating result can be broken down as follows: €3.3 million in depreciation, €0.7 million of capitalized production (in product), and €0.2 million in restatements of consolidation (retirement benefits, bonus shares).

On these bases, the sector information can be analyzed in the following manner for the first half, from July to December 2015.

Key figures per CGU, first half of the 2015-2016 fiscal year (in millions of euros)

Digital Printing

BtoC 39.8

Total Avanquest

External revenue Adjusted EBITDA*

31.8 (5.3)

71.6 (3.8)

1.5

* Including corporate expenses allocated proportionally to the revenue.

NOTE 10 EVENTS TAKING PLACE AFTER CLOSING

Change in governance A new mode of governance has been in place since January 1, 2016, with the constitution of a Management Board and of a Supervisory Board, following the positive vote for such resolution at the Combined General Shareholders’ Meeting of November 30, 2015. For further information, please refer to the six-month activity report. Buyback of a block of 23,629,791 shares off the market The Management Board of Avanquest, under the chairmanship of Pierre Cesarini, after having obtained the prior authorization of the Supervisory Board, decided on March 8, 2016, to partially implement

the share buyback program, and bought back, off the market, a block of 23,629,791 of its own shares, representing 6.3% of its share capital. These shares, held by FPB Invest, whose manager, Frédéric Paul, is a member of the Company’s Supervisory Board through the RE Finance Consulting SA company, were acquired for a total price of €2,592,928.97, or €0.1097 per share. Frédéric Paul, representing the RE Finance Consulting SA company, resigned from his position as a member of the Supervisory Board on that same day. Avanquest thus now possesses 6.35% of its own shares, held in treasury. The whole of the share purchases was financed by Avanquest’s cash assets.

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2015/2016 SIX-MONTH FINANCIAL REPORT -