A Corporation with a capital of 4,426,999.50 Euros Registered office: 15-17 rue Vivienne – 75002 Paris Paris Trade and Companies register 418 093 761 REFERENCE DOCUMENT This reference document was filed with the Financial Markets Authority on 20 April 2010, pursuant to article 212-13 of the AMF's General Rules and Regulations. It may be used in support of a financial operation if it is supplemented by an operation note validated by the Financial Markets Authority. The present document has been established by the issuer and its signatories are liable for its content. In application of article 28 of (EC) rule no. 809/2004 of the European Commission, the following information is included by reference in the present reference document: The consolidated financial statements for the financial year ending on 31 December 2008 and the corresponding auditors' report, which are included in the company's reference document filed with the Financial Markets Authority on 14 April 2009 under no. D.09-0236, respectively, on pages 126 through 168 and 124-125; The consolidated financial statements for the financial year ending on 31 December 2007 and the corresponding auditors' report, which are included in the company's reference document filed with the Financial Markets Authority on 8 April 2008 under no. D.08- 0213, respectively, on pages 112 through 147 and 110- 111; The annual financial statements for the financial year ending on 31 December 2008 and the corresponding auditors' report, included in the company's reference document field with the Financial Market's Authority on 14 April 2009 under no. D.09-0236, respectively, on pages 101 through 123 and 94 - 95; The annual financial statements for the financial year ending on 31 December 2007 and the corresponding auditors' report, included in the company's reference document field with the Financial Market's Authority on 8 April 2008 under no. D.08-0213, respectively, on pages 91 though 109 and 85 - 86; The management reports concerning the financial years ending on 31 December 2008 and on 31 December 2007, which are included in the Company's reference documents filed with the Financial Markets Authority, respectively, on 14 April 2009 under no. D.09-0236 on pages 198 through 209 and on 8 April 2008 under no. D.08-0213 on pages 165 though 176; The auditors' reports concerning the regulated conventions for the financial years ending on 31 December 2008 and 31 December 2007, which are included in the company's reference documents filed with the Financial Markets Authority, respectively, on 14 April 2009 under no. D.09-0236 on pages 96 though 100 and on 8 April 2008 under no. D.08-0213 on pages 86 through 90. The other information appearing in the two reference documents mentioned above has been, if appropriate, replaced and/or up- dated by information supplied in the present reference document, and is not incorporated by reference into the present reference document. Copies of the reference document are available at no expense from Hi-media, 15-17 rue Vivienne, 75002 Paris. The reference document may be consulted on the Internet sites of Hi-media (www.hi-media.com) and of the Financial Markets Authority (www.amf-france.org). CHAPTER 1 – PERSONS RESPONSIBLE FOR THE REFERENCE DOCUMENT ...................................................... 9 1.1. PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT ......................................................................... 5 1.2. DECLARATION BY THE PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT................................. 5 CHAPTER 2 – LEGAL AUDITORS ...................................................................................................................................... 5 2.1. TITULAR AUDITORS ................................................................................................................................ 5 2.2. DEPUTY AUDITORS ................................................................................................................................ 6 CHAPTER 3 – SELECTED FINANCIAL INFORMATION ............................................................................................... 7 3.1. KEY FIGURES .......................................................................................................................................... 7 3.2. MARKET FOR THE COMPANY'S SHARES ................................................................................................... 7 CHAPTER 4 – RISK FACTORS ............................................................................................................................................ 9 CHAPTER 5 – INFORMATION CONCERNING THE ISSUER ..................................................................................... 10 5.1. HISTORY AND DEVELOPMENT OF THE COMPANY .................................................................................. 10 5.2. INVESTMENTS ...................................................................................................................................... 13 CHAPTER 6 – OVERVIEW OF ACTIVITIES .................................................................................................................. 14 6.1. HI-MEDIA'S TRADES ............................................................................................................................. 14 6.2. HI-MEDIA ACTIVITIES ........................................................................................................................... 21 6.3. HI-MEDIA'S INTERVENTION MARKETS .................................................................................................. 36 6.4. RULES AND REGULATIONS ................................................................................................................... 69 CHAPTER 7 – ORGANISATION CHART ......................................................................................................................... 77 7.1. GROUP ORGANISATION .................................................................................................................. 77 7.2. GROUP LEGAL STRUCTURE .................................................................................................................. 77 7.3 SIGNIFICANT SUBSIDIARIES.................................................................................................................. 78 CHAPTER 8 – REAL PROPERTIES, FACTORIES AND EQUIPMENT ...................................................................... 79 8.1. IMPORTANT TANGIBLE FIXED ASSETS.................................................................................................. 79 8.2. TANGIBLE FIXED ASSETS AND ENVIRONMENTAL ISSUES ...................................................................... 79 CHAPTER 9 – EXAMINATION OF THE FINANCIAL SITUATION AND OF THE EARNINGS ............................. 80 9.1. FINANCIAL SITUATION ......................................................................................................................... 80 9.2. OPERATING PROFIT .............................................................................................................................. 82 CHAPTER 10 – CASH POSITION AND CAPITAL .......................................................................................................... 85 CHAPTER 11 – RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES .................................................... 86 CHAPTER 12 - INFORMATION CONCERNING TRENDS ........................................................................................... 87 CHAPTER 13 – PROFIT ESTIMATES ............................................................................................................................... 88 13.1. MEDIUM-TERM FINANCIAL OBJECTIVES ............................................................................................... 88 13.2. SALES OBJECTIVES ............................................................................................................................... 88 CHAPTER 14 – ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY ORGANS AND GENERAL MANAGEMENT 89 14.1. THE BOARD OF DIRECTORS ................................................................................................................. 89 14.2. CONFLICTS OF INTEREST ...................................................................................................................... 93 CHAPTER 15 – REMUNERATION (COMPENSATION) AND BENEFITS PAID TO THE SENIOR MANAGERS 95 CHAPTER 16 – OPERATION OF THE ADMINISTRATIVE AND MANAGERIAL ORGANS ................................. 98 16.1. ROLE AND OPERATION OF THE BOARD OF DIRECTORS ......................................................................... 98 16.2. BOARD OF DIRECTORS’ INTERNAL RULES ............................................................................................ 98 16.3. EVALUATION OF THE BOARD OF DIRECTORS ....................................................................................... 98 16.4. DECLARATION CONCERNING CORPORATE GOVERNANCE ..................................................................... 98 16.5. INFORMATION CONCERNING THE OPERATIONS CONCLUDED WITH THE MEMBERS OF THE ADMINISTRATIVE ORGANS 99 16.6. INFORMATION CONCERNING THE SERVICE CONTRACTS BETWEEN THE MEMBERS OF THE ADMINISTRATIVE, MANAGERIAL OR SUPERVISORY ORGANS AND THE COMPANY .................................................................................................. 99 16.7. LOANS AND GUARANTEES GRANTED OR CONSTITUTED IN FAVOUR OF THE ADMINISTRATIVE ORGANS ………………………………………………………………………………………………………115