Appointment of Voluntary Sales of Furniture at Public Auction

Among these members, Catherine Chadelat, State Councillor, was appointed President of the
Council for Voluntary Sales of Furniture at Public Auction by Michel Mercier, Guard
Minister of Justice and Freedoms.

This is the first Voluntary Sales Council appointed under the new provisions
Article L.321-21 of the French Commercial Code resulting from the law of 20 July 2011 on the
voluntary sales of furniture at public auction.

Its composition and missions have been profoundly reformed by this text.

Its eleven members and as many alternates are now appointed for four years by the
Ministers responsible for Justice, Culture and Trade taking into account the various
components of this sector of activity. It now has four members of the
Court of Auditors and State Councillors, three voluntary sales operators in
have ceased to practise for less than five years, three persons qualified in
sales as well as an expert with experience in estimating goods offered for sale in
public auctions.

Designated by the law of 20th July as regulatory authority of the voluntary sales sector
Public Auction Furniture, the Council for Voluntary Sales, is
public utility. Among its new missions, it is responsible for developing links with
a collection of the ethical obligations of sales operators
for the approval of the Minister of Justice and the Minister of
Freedoms.

The Council for Voluntary Sales still has disciplinary power over these operators and
will continue to ensure compliance with the regulations in this sector activity.

Thus renovated, it will accompany the liberalization of voluntary sales of furniture at auction
recently voted in a modernized legal framework guaranteeing vendors and
buyers the security of transactions.