Deal Maker of the Year Awards 2012 WINNER - FRANCE

DEAL: Spir Communication acquires stake in Prixing

NAME: Henri-Nicolas Fleurance COMPANY: De Gaulle Fleurance & Associes POSITION: Partner TEL: +33 (0)1 56 64 00 00 EMAIL: hnfleurance@dgfla.com WEBSITE: www.degaullefleurance.com

FIRM PROFILE: DEAL OVERVIEW:

De Gaulle Fleurance & Associés is an independent fully integrated service French law firm, which has been steadily growing over the past decade and today includes 90 lawyers of which 28 are partners.

The firm is organised around two main divisions: a Corporate Structure Division and a Corporate Operations Division which enables a transversal approach to legal cases in order to better align with our clients own organisation and meet their needs as they result either from the legal structure of their corporations or their business operations.

De Gaulle Fleurance & Associés favours an integrated and cross-practice approach to client assignments with the implementation of virtual teams of experts on a project- by-project basis, as needed and appropriate.

As the firm offers a full range of services in every area of business law, both in counselling and in litigation, including European Law aspects, its internal organisation and transversal approach enables it to understand and handle all the aspects of a specific case, whatever specialty is involved, in an effective way.

De Gaulle Fleurance & Associés has expertise in advising international corporate clients in France, Europe and worldwide, with its international practice representing more than half of its overall activity. As an independent firm, it has chosen to base its international policy on a non-exclusive network of “good friends” whose qualification is their ability to satisfy our clients and to work as a team with us.

De Gaulle Fleurance & Associés counselled the SPIR COMMUNICATION group in the context of its investment in the price comparison company Prixing, created in 2011.

In April of 2012, SPIR COMMUNICATION subscribed a stock increase and acquired a 22% stake in Prixing along with individual investors, who hold a global 5% stake.

The smartphone and tablet application developed by Prixing allows the distribution retail stores' customers to scan the barcodes of the goods sold in the stores and display on the customers' devices price comparison information for the same goods sold by competing distribution chains, as well as, depending on their location, the proximity of such competing stores. This application is also a platform for identifying and pushing forward promotional operations, targeted advertising and offering vouchers and coupons.

Leveraging its integrated and complementary activities in free advertising and classified ads newspapers,

newspapers (real property, automobile), internet and distribution of free daily newspapers, SPIR COMMUNICATION is a global player in the local media market.

In this regard, SPIR COMMUNICATION, while concluding a transaction resembling in many respects to venture capital, made a strategic investment in the Prixing company, operating activities with ties to SPIR's core businesses and offering it new expansion perspectives on the latest fast growing media.

In April of 2012, SPIR COMMUNICATION subscribed a stock increase and acquired a 22% stake in Prixing along with individual investors, who hold a global 5% stake.

theme orientated

Our firm assisted the SPIR COMMUNICATION group with the negotiation and review of all contractual and corporate documents, in complete collaboration with the company's outside legal counsel, in charge of the main drafting of all associated documentation.