factor.bnpparibas.com

Payables & Receivables Solutions

With you, towards new horizons

• 9 millions invoices a year processed.

• Continous growth in turnover for the last ten years.

• Subsidiary of BNP Paribas : second biggest bank in the euro zone (‘Global 2000 - Forbes, 2010),

rated as one of the world’s six most solid banks.

• Supported by the branch network of BNP Paribas and our broker partners.

Dynamism based on solid foundations

At your side Your business is our prime concern

ISO 9001 Certi� cationIn obtaining ISO 9001 certifi cation in 2004, one of the commitments that BNP Paribas Factor made was to provide top quality service to its clients.This certifi cation endorses the quality of the processes put in place and the services rendered.

It also confi rms our teams’ professionalism and the stringent nature of our commitments, and warrants that the services provided will be in line with our clients’ expectations.

Since quality is a daily challenge, we measure our performance using precise indicators and constantly assess adequacy and any preventive and corrective measures to be introduced. We are keen to conduct our relationship with clients, based on trust and performance.

Recognition of our expertiseThe best testimony to the professionalism and effi ciency of our work can be seen in our double-digit growth over the last few years : every year, a thousand new customers have entrusted their business to us.BNP Paribas Factor has been named Best Factoring Institution 2010 by the British magazine Trade & Forfaiting Review. Patrick de Villepin commented : “By pooling our skills we have been able to expand our offering in a growing number of countries and to provide our customers with top quality service.”

This award greets the team’s professionalism as well as the effi ciency of the processes at the service of the clients.

Our constant commitment to customer satisfactionBy listening to, advising and supporting our clients, we are able to build relationships based on trust, transparency and shared know-how.Every year, BNP Paribas Factor conducts customer satisfaction surveys: more than 80 % of our clients are pleased with our service, and more than 90 % underline the frequent contacts with BNP Paribas Factor as a particular plus point. With reactive, professional teams on permanent standby, BNP Paribas Factor places customer relations at the forefront of its priorities.And to facilitate communication, our online real-time management system allows you to manage and monitor transactions : 95 % of our clients use it and speak highly of its user-friendliness.

Sustainable developmentOur commitment goes beyond our economic activity : BNP Paribas Factor was the fi rst French factoring company to obtain ISO 14001 certifi cation in 2009.This initiative shows the company’s determination to become involved in and carry out activities in support of sustainable development.

This social approach is a real management commitment which helps to put on in adequacy the company and its employees with their economic, social and environmental dimensions.

2

Payables & Receivables Solutions

A recognised quality of service

The story of BNP Paribas Factor is the story of a player that has managed to establish itself as a benchmark for effi cient service to businesses.Following a number of mergers since 1994, BNP Paribas Factor is a wholly-owned subsidiary of the BNP Paribas group, fully integrated with its banking network.The values of the company, retaining a human size with its more than 300 employees, are based on proximity to clients, product and service innovation and the constant pursuit of customer satisfaction.These are the values on which our success today is based : ISO 9001 and ISO 14001 certifi cation, world’s best factoring company 2010 ("Trade & Forfaiting Review") and fi fth import/export factor of the year 2009 (Factors Chain International). Your ambitions are ours : our trade Payables and Receivables Solutions leave you free to concentrate on the core of your business.For more than fi fteen years now, BNP Paribas Factor has shown strong, controlled and sustained growth.Thanks to this performance, the company is today one of the leading players in the factoring market, both in France and at European level.This success is an endorsement of the multi-segment, multi-channel, multi-product and multi-country development strategy that we have pursued. The factor’s expertise boils down to a proactive process of getting to know, protecting, optimising and � nancing.Our objective : to be at your side as you develop your business, and to accompany you towards new horizons in Europe and beyond.

Patrick de VillepinChief Executive Of� cer - BNP Paribas FactorGlobal Head of Factoring - BNP Paribas Factoring Network

BNP PARIBAS FACTOR 3

At your sidewith our Receivables Solutions

BNP Paribas Factor assists its clients in choosing the solutions best suited to their needs. Together with you, we determine which levers will best allow you to improve the running of your business.

Getting to know your receivables situation

Optimise the management of your receivables and payables

Protecting your business against unpaids

Financing your business by mobilising your receivables

An offering that can be adapted according to your needs

The solutions proposed are based on comprehensive diagnostics of your trade receivables, which enable us to offer a response specially designed for your company’s situation and to secure your new growth paths.

You benefi t from an overall view of the quality and performance of your receivables, enabling you to take appropriate decisions for improvement.

• Receivables :You consolidate the operation of your business while benefi ting from outsourced handling of your receivables by our professional teams.Our experience in follow-up and collection will boost your cash flow by improving timely payment by your customers.• Payables :With Reverse Factoring, you can offer your strategic suppliers a fi nancing solution for the receivables on your company.This can help you to "lock in" key suppliers and enable them to benefi t from advantageous settlement terms.It also relieves you of administrative tasks, freeing you to concentrate fully on your real business.

During its life cycle, a business is constantly exposed to the risk of unpaids or customer payment problems.Forestall these problems by getting solid guarantees ! Whether you need a comprehensive risk and fi nancing package, or simply to insure your receivables, our solutions are designed to help you monitor the quality of your trade receivables portfolio.

Whether in the start-up or the growth phase of a company, � nancing is a requirement that generally needs to go hand in hand with an overall approach in terms of services.

With factoring, you combine � exible � nancing with management and risk protection for your receivables.

We can offer you various tailor-made solutions designed to suit your internal processes and your business sector.

Management of your receivables becomes simpler and more comprehensive thanks to our range of solutions, allowing you to consider the development of your business with greater peace of mind.

4

• Reducing your WCR• Mitigating cash shortfalls• Obtaining � exible � nancing suited to your business• Securing the growth of your company

• Reducing settlement time by your clients• Bene� ting from an expert follow-up and collection service• Outsourcing your administrative tasks• Optimising your payables

• Reducing unpaids• Monitoring the quality of your client receivables portfolio• Providing indemnity in the event of customer insolvency

• Evaluating the quality of your receivables• Assessing your collections performance• Analysing your billing process• Prospecting for new customers

• Reducing your WCR

Financing

• Reducing unpaids

Protecting

• Reducing settlement time by your clients

Optimising

• Evaluating the quality of your receivables

Getting to know

Payables & Receivables Solutions

BNP PARIBAS FACTOR 5

With you every step of the way...

Your contacts’ expertise Reactive and reliable

Reliable serviceMore fl exible cash management

Because no two businesses are alike, our solutions respond to the speci� cs of each requirement, from start-ups through to major multinationals in France or worldwide, across most business sectors.BNP Paribas Factor has opted to use a unique platform in France and abroad so that clients can benefi t from the same level of service in a number of countries.Thanks to our presence in France and the rest of Europe, we can provide support to our customers in their global growth.

Every one of our clients is in direct contact with a dedicated team consisting of a Relationship Manager and a group of Account Management Offi cers, with legal, accounting and operational skills.

This team provides easily accessible day-to-day personalised service, and a ready ear, underpinning the quality of the business relationship throughout the life of our contracts.

This proximity is further strengthened by our forming part of the BNP Paribas branch network, Europe’s most extensive.

Our organisation has been arranged in accordance with the size and the needs of businesses. A speci� c process has even been put in place for particular types of billing such as progress payments on construction projects.

BNP Paribas Factor’s teams make use of a real-time information management and fast validation of requests for approval or fi nancing.Moreover, online monitoring tools allow to see movements on the contract at any time.Financing is provided within a maximum of 48 hours, with 95 % of credit limits on your buyers being provided in less than 24 hours !

Turnkey service

Service in line with your requirements :

• Simple to set up : an expert defi nes with you and puts in place the solution most suited to your needs (from simple credit insurance through to international factoring).

• Optimal monitoring and control of the workings of your contract : you are supported on a daily basis by our experts, who will guide and advise.

• Flexible use : you can manage your contract online at any time, around the clock.

Your reliable, protective partner.

Staying close to you in order to serve you better

Our business requires recourse to short-term � nancing in that there is a signifi cant time gap between our paying our employees and our collecting from customers. This gap is particularly signifi cant in phases of strong growth, which has been the case for So@t ever since it was established. For us, the number one criterion is reliability of service. In this regard, since our start-up in 2001 we have worked with BNP Paribas Factor, which provides a service in line with our requirements, adapting its modus operandi to our business model, attentive to the specifi cs of our business lines, and at a very competitive cost. After more than ten years working together, BNP Paribas Factor is without doubt a key partner of So@t. Indeed it is one of our growth drivers.

David-Eric LEVYDirectorSo@t

We wanted to reduce our working capital requirements in order to improve our cash position and profi tability. Unlocking our receivables through factoring is a suitable method for our company.Our day-to-day relationship with BNP Paribas Factor is both a working relationship and a cordial, fl exible, human one. In BNP Paribas Factor, we have found a genuine partner that helps our company to manage and secure its receivables, with individual approvals for each customer. It also helps us with our cash management, making it much more fl exible and profi table.

Georges TINSSDirector, Administration and FinanceHERVIEU SAS

6

Customer testimonies...

Payables & Receivables Solutions

BNP PARIBAS FACTOR 7

Crossing borders...

BNP Paribas Factor is determined to offer comprehensive, close-up solutions internationally. Supported by the BNP Paribas group’s commercial network and its presence in a number of countries through subsidiaries or branches in Europe, BNP Paribas Factor is becoming a major force supporting businesses in their development. Worldwide, BNP Paribas Factor has a large number of dedicated and pre-selected correspondents ensuring full service coverage, through two networks : FCI (Factors Chain International) and IFG (International Factors Group).

A unifi ed offering, with centralised management

Homogenous servicesAn account management solution Your partner in Europe

BNP Paribas Factor’s Pan-european solution

Our relationships are based on anticipating, coordinating and offering reasoned solutions to effectively optimise your management processes. Our "factoring factory" organisation ensures service quality. Depending on your requirements, whether domestic or export, we bring a uni� ed factoring offering to your company or your subsidiaries, together with direct involvement throughout Europe.Where applicable, contracts are put in place and managed by our local branches, using the same information system.You can easily track the progress of your transactions, whether on the domestic or international markets.

BNP Paribas Factor supports you in executing your projects for managing receivables.With a website and a unifi ed information system covering a number of different countries, you can follow our actions in real time.

Working in tandem with BNP Paribas’ Cash Management, the fl ows from your collections are traced and optimised.

Multi-domestic offerBNP Paribas Group’s factors

To strengthen the quality of its international collections, follow-up and recovery management, BNP Paribas Factor is supported by its subsidiary ITP (International Trade Partners) in many European countries.

ITP conducts follow-ups in the language of your clients’ country, and is perfectly familiar with the specifi c local characteristics of payment circuits and means.

A single point of entry : BNP Paribas Factor !Whether in France or abroad, BNP Paribas Factor covers the majority of countries and designates a single contact for implementing your project.With BNP Paribas Factoring Network, in each of its banking networks the BNP Paribas group can draw on the support of local factors (Ifi talia in Italy, TEB Faktoring in Turkey, etc).

8

Payables & Receivables Solutions

BNP Paribas Fortis FactorBelgium / Netherlands

BNP Paribas FactorLuxembourg

TEB FaktoringTurkeyBNP Paribas

Factor Portugal

BNP Paribas Factor France

Ifi talia Italy

BMCI Morocco

BNP Paribas Factor Spain

BNP PARIBAS FACTOR 9

Reporting in real time

Our website is at the heart of the information. It provides reporting in real time and support for managing factoring accounts :• Overall view of movements on contracts and trade receivables.

Thanks to our proximity to our customers and our willingness to listen, we can quickly respond to market needs and launch new products.We personalise our solutions depending on your business’ internal management processes and your requirements.Thus we can offer you various tailor-made services : • factoring solutions :For professionals and entrepreneurs : forfaiting, start-up or classic.For medium-sized enterprises : "à la carte", classic or international factoring.For large corporates : "à la carte" or non-recourse factoring.For suppliers : reverse factoring.For groups established in a number of countries : pan-European, multi-domestic programmes.• receivables management services :Credit insurance alone,Follow-up and collection.

Innovating to serve you better

BNP Paribas Factor is based on an integrated industrial process

Adaptation through product innovation

BNP Paribas Factor is an innovative partner in the fi eld of products and services.Our constant commitment to seeking solutions in line with companies’ needs has enabled us to develop a range of products and services that combine optimisation, modularity and productivity. These key elements constitute an important lever for radical action on businesses’ billings.

At customers’ serviceBNP Paribas Factor has developed its own information system, which ensures continual adaptation to customers’ needs. Incorporating the latest technological innovations (character recognition, document scanning, automated lettering, etc.), this tool enables us to obtain productivity gains which help to enhance the quality of service at reduced cost.These gains accordingly allow us to offer our clients competitive rates.

For France and InternationallyWhether your business is based solely in France or also internationally, our services are perfectly integrated and provide homogenous processing of your transactions.

Our strengths

• Constant growth.

• Wholly-owned subsidiary of the BNP Paribas group.

• A leader ranked among the top fi ve in the European market.

• A comprehensive offering for companies of every size in most business sectors.

• “NiuViu” expert system for France and International.

• Recognised, ISO-certifi ed service quality.

Solid references

We are involved in both domestic and international programmes in a large number of business sectors, including :

• Trading activities• Aeronautics• Automotive• Packaging• Wholesale trade (food and drinks, textiles, industrial equipment, etc.)• Construction and public works (progress payments)• IT services• Industrial engineering• Corporate services• Transport and logistics

10

Innovation at the heart of our business

Multi-country, multilingual, multi-currency, our “NiuViu” information system is adapted to you particular local circumstances. It enables us to operate on a "factoring factory" model : industrialising processes for effi cient management of your transactions.

• Fast and effective decision-making supported by accurate and continually updated reporting.

• Simpler contract management thanks to communication by fi le-swapping.• Faster transmission of requests : 90 % of volumes purchased

are now carried out electronically.You can manage your contract at any time.

Payables & Receivables Solutions

BNP PARIBAS FACTOR 11

BNP Paribas Factor S.A., share capital of E 3,098,176 - RCS Nanterre registration no. B 775 675 069 - VAT Intracom. FR 69 775 675 069.Le Métropole, 46/52 rue Arago, 92823 Puteaux Cedex (France). The contents of this document are the exclusive property of BNP Paribas Factor S.A. Any reproduction without the express prior authorisation of BNP Paribas Factor S.A. is prohibited. A member of Factors Chain International and International Factors Group.PLV 02-2011-1 - Photo credits : Getty Images

BNP PARIBAS FACTORLE MÉTROPOLE 46 à 52 rue Arago - 92823 PUTEAUX CEDEXTél. : +33 (0) 1 46 96 93 00 - Fax : +33 (0) 1 46 96 93 09

Please contact usfor a free consultation :

0 825 830 820

factor.bnpparibas.com