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DNP Photo Imaging Europe S.A.S. Zweigniederlassung Deutschland

Saarbrücken

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021

DNP Photo Imaging Europe S.A.S.

Roissy Charles de Gaulle Cedex/Frankreich

Translation - For information purpose only

Société par actions simplifiée au capital de 2.408.000 €

RCS Bobigny B312273550

MANAGEMENT REPORT FOR THE FINANCIAL YEAR ENDED ON DECEMBER 31, 2021

Dear sole shareholder,

I am honored to present you the annual report of the Company for the financial year ended on December 31, 2021.

1. Results, activity and position of the Company during the year

During the financial year ended on December 31, 2021, the turnover of the Company amounted to € 46,152,616, against a turnover of € 46,194,892 achieved for the previous financial year.

The turnover relating to the export activity represents an amount of € 37,987,486.

The operating result corresponds to a loss of € 3,957,929.

The financial result is a loss of € 466.906.

The exceptional result is a loss of € 262,171.

The amount of income tax is € 1,129,982.

A profit of € 3,032,681 has been achieved for the year ended December 31, 2021.

The DNP Group is the main provider of the Company.

The employees benefit for this fiscal year of incentive linked to the performance of the Company.

The dispute between the Company and the company Photo Station (merged with the company Company Générale de Téléphone) is now settled.

A copy of the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes") of the financial statements for the year ended on December 31, 2021 were provided to you. All the information required by law concerning the assets, liabilities and results of the company has been also provided.

2. Important events, likely developments and future prospects

The company experienced a decline in its exportation activity of around 5.7%.

Export sales amounted to € 37,987,486 compared to € 40,287,412 for the fiscal year ended December 31, 2020.

DNP PIE increased, for an amount of €300,000, the level of its investment in its subsidiary DNP Photo Imaging Russia.

The management of the Company remains vigilant considering the economic situation.

The COVID 19 epidemic currently affecting the world started in 2020.

―	Our company has implemented the following main actions, intended to ensure the continuity of its activities:

•	The invoicing of its customers remains unchanged
•	The recovery of debts is monitored very closely however with flexibility
•	The supplier payments are honored with the same regularity.

―	Measures, both internal and linked to the support system of the public authorities, and intended to cushion the effects of this crisis, have been implemented with in particular the use of partial activity.

The financial situation of our company before the current crisis, combined with the measures implemented, both to ensure the continuity' of our activities and to cushion the effects of this crisis, make it possible to ensure the continuity of operations of our company.

3. Information on payment terms for suppliers:

In accordance with Articles L.441-14 et D.441-6 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2021, the balance of the suppliers' debts by maturity date is as follow:

	Sommes Non échues TTC	Sommes echues TTC	1 à 30 jours	31 à 60 jours
31/12/2020	4.741.812	29.596	137	80
31/12/2021	7.517.962	11.213	-	1.788
Nbre Factures		9

	61 à 90 jours	plus de 91 jours
31/12/2020	364	29.015
31/12/2021		9.425
Nbre Factures

4. Information on payment terms for customers:

In accordance with Articles L.441-6-1 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2021, the balance of receivables by maturity date is as follow:

	Sommes Non échues TTC	Sommes échoes TTC	1 à 30 jours	31 à 60 jours
31/12/2021	6.100.416	702.812	346.929	- 48.285
Nbre Factures		91

	61 à 90 jours	plus de 91 jours
31/12/2021	- 59.876	464.044
Nbre Factures

5. Proposed allocation of earnings and various comments

We hereby propose you to allocate the yearly result of € 3,032,681 to the account "Retained Earnings" ("Report a nouveau"), whose credit balance would rise to € 37,048,731.

Pursuant to Article 223 quater and 223 quinques of French Tax Code, it is reported to you that nondeductible expenses amounted to € 52.594.

In addition, we remind you, in accordance with Article 243 of the French Tax Code, that no dividend has been distributed to the shareholder for the last three years.

6. Company activity in research and development

We inform you that the Company engaged no expense in research and development during FY 2021.

7. Regulated agreements

With regard to the agreements executed by and between the Company and DNP Group shall be governed by the provisions of article L 225-39 of the French commercial code and, therefore, not subject to the provisions relating to the regulated agreements.

8. Subsidiaries and shares

During the previous financial year, our company did not take any holdings.

During the past financial year, our company has control of SHARINGBOX SA.

Our company does not hold cross-shareholdings.

9. Branches

Our company has three foreign branches:

―	DNP PIE SAS, Via LEONE XIII 10, MILAN
―	DNP PIE SAS, Lebacher Stasse 4, 60113 SAARBRUCKEN
―	DNP PIE SAS, Ruby House, 8 Ruby Place, ABERDEEN AB 10 1ZP

10. Specific events subsequent to 12-31-2021

The outbreak of the invasion in Ukraine in February has no measurable impact on the company's accounts.

No other significant event has occurred since the end of the financial year.

The Statutory Auditor reports on the performance of his engagement in his general mission

At Roissy, May 25th , 2022

Roch Hollande, President

MINUTES OF THE DECISIONS OF THE SOLE SHAREHOLDER DATED JUNE 3, 2022

THE YEAR TWO THOUSAND AND TWENTY-TWO,

On June 3,

At 11 a.m.,

Dai Nippon Printing Co., Ltd., duly represented by its President, Mr. Yoshinari Kitajima, sole shareholder of the Company (the "Sole Shareholder"), has taken the decisions relating to the following agenda:

•	Review of the management report of the President;
•	Review of the Report of the Company's statutory auditor;
•	Approval of the financial year ended on December 31, 2021 and discharge to the President;
•	Allocation of the result for the financial year ended on December 31, 2021;
•	Review of the agreements referred to in Article L. 227-10 of the French Commercial Code;
•	Powers for formalities.

The Company's statutory auditor, KPMG SA, duly convened, is absent and excused.

The Solc Shareholder acknowledges that the documents and information provided by law have been communicated or made available, at the head office, within the time provided by law including:

―	the bylaws of the Company;
―	the management report of the President;
―	the statutory auditors' report;
―	the text of the resolutions;
―	the accounts of the Company for the financial year ended on December 31, 2021,

FIRST DECISION

Approval of the annual accounts for the financial year ended December 31, 2021 and release to the President

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

approves the annual accounts for the financial year ended on December 31, 2021, that is to say the balance sheet ("Bilan"), results ("compte de résultat") and schedules annexes"), evidencing a profit of EUR 3,032,681 as well as the transactions reflected in these financial statements or summarized in these reports,

gives release to the President, Mr. Roch Hollande, for the performance of his duties during the considered financial year,

approves, pursuant to Articles 223 quater and 223 quinquies of the French Tax Code, the fact that tax non-deductible expenses pursuant to Articles 39-4 and 39-5 of the same Code were recorded during the financial year ended on December 31, 2021, for an amount of EUR 52.594.

This decision is adopted by the Sole Shareholder.

SECOND DECISION

Allocation of the result for the financial year ended on December 31, 2021

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

decides to allocate the profit for the financial year ended on December 31, 2021, amounting to EUR 3,032,681, to the account "Retained earnings" ("Report à nouveau"), which will therefore be increased from EUR EUR 34,016,050 to EUR 37,048,731,

reiterates that, in accordance with Article 243 bis of the French Tax Code, no dividends were distributed during the last three financial years,

This decision is adopted by the Sole Shareholder.

THIRD DECISION

Approval of the agreements covered by Article L. 227-10 of the French Commercial Code

The Sole Shareholder,

after review of the President's management report,

acknowledges that the agreements covered by Article L.227-10 of the French Commercial Code are mentioned in the Company's register of the decisions, pursuant to that Article,

acknowledges that no agreement covered by Article L.227-10 of the French Commercial Code has been entered into during the course of the financial year ended on December 31, 2021.

This decision is adopted by the Sole Shareholder.

FOURTH DECISION

Powers for formalities

The Sole Shareholder,

gives the bearer of an original, copy or extract of these to complete the formalities required by law.

This decision is adopted by the Sole Shareholder.

The minutes of the above decisions shall be prepared and signed by the representative of the Sole Shareholder.

Dai Nippon Printing Co., Ltd.

Mr. Yoshinari Kitajima

Certified correct translation

DNP PHOTO IMAGING EUROPE S.A.S.

Roch Hollande, President

BALANCE SHEET - ASSETS

DGI N°2050

Name of company

Current period length in months 12

Prior period in months 12

December 31 2021

Registered number

APE Code 4643Z

Prior period

N-1 ended

	Period N ended : 31/12/2021
ASSETS	Gross amount		Depreciation or allowances
UNCALLED SUBSCRIBED CAPITAL (0)	AA
FIXED ASSETS
Intangible fixed assets
Start-up costs	AB		AC
Research and development costs	CX	1.045.375	CQ	1.044.189
Franchises, patents & similar assets	AF		AG
Goodwill (1)	AH	2.572.531	AI	1.806.208
Other intangible fixed assets	AJ	673.370	AK	312.598
Advance payments relating to intangibles	AL		AM
Tangible fixed assets
Land	AN		AO
Buildings	AP		AQ
Industrial fixtures and equipment	AR		AS
Other tangible fixed assets	AT	2.964.637	AU	2.604.309
Tangible fixed assets in progress	AV		AW
Advance payments on fixed assets	AX	15.870	AY
Financial fixed assets (2)
Investments under the equity method	CS		CT
Other investments In related companies	CU	12.823.330	CV	25.000
Loans to group and related companies	BB		BC
Other investments (trade)	BD		BE
Loans	BF		BG
Other financial assets	BH	81.086	BI
TOTAL (I)	BJ	20.176.199	BK	5.792.305
CURRENT ASSETS
Inventories
Raw material and supplies	BL		BM
Work in progress -goods	BN		BO
Work In progress -services	BP		BQ
Finished goods and by-products	BR		BS
Merchandise	BT	5.799.784	BU	402.957
Advances to suppliers	BV	1.599	BW
Receivables (3)
Trade receivable accounts	BX	7.076.307	BY	131605
Sundry debtors (3)	BZ	2.969.618	CA	232.011
Unpaid called capital	CB		CC
Marketable securities	CD	14.898.580	CE
Available funds Cash and equivalents	CF	13.051.227	CG
PREPAYMENTS
Prepaid expenses (3)	CH	117.492	CI
TOTAL (II)	CJ	43.914.607	CK	766.573
Deferred charges (III)	CL
Premiums on redemption of debentures (IV)	CM
Exchange rate difference - Assets (V)	CN	-
GRAND TOTAL (0+I+II+III+IV+V)	CO	64.090.805	1A	6.558.877
(1) Incl. leasehold rights of :
(2) Incl. amounts due within 1 year of:	CP
(3) Incl. amounts due after 1 year of :	CR
Assets held under recourse Fixed assets :		Stocks:

	Period N ended : 31/12/2021	31/12/2020
ASSETS	Net amt Year N	Net amt Year N-1
UNCALLED SUBSCRIBED CAPITAL (0)
FIXED ASSETS
Intangible fixed assets
Start-up costs
Research and development costs	1.185	8.891
Franchises, patents & similar assets	-	-
Goodwill (1)	766.323	1.071.020
Other intangible fixed assets	360.772	146.103
Advance payments relating to intangibles	-	-
Tangible fixed assets
Land	-	-
Buildings	-	-
Industrial fixtures and equipment	-	-
Other tangible fixed assets	360.328	389.498
Tangible fixed assets in progress	-	-
Advance payments on fixed assets	15.870	305.960
Financial fixed assets (2)
Investments under the equity method	-	-
Other investments In related companies	12.798.330	12.498.330
Loans to group and related companies	-	-
Other investments (trade)	-	-
Loans	-	-
Other financial assets	81.086	81.330
TOTAL (I)	14.383.894	14.501.133
CURRENT ASSETS
Inventories
Raw material and supplies	-	-
Work in progress -goods	-	-
Work In progress -services	-	-
Finished goods and by-products	-	-
Merchandise	5.396.827	8.757.646
Advances to suppliers	1.599	-
Receivables (3)
Trade receivable accounts	6.944.702	7.714,797
Sundry debtors (3)	2.737.607	804.254
Unpaid called capital	-	-
Marketable securities	14.898.580	12.009.842
Available funds Cash and equivalents	13.051.227	5.974.734
PREPAYMENTS
Prepaid expenses (3)	117.492	110.596
TOTAL (II)	43.148.034	35.371.869
Deferred charges (III)	-	-
Premiums on redemption of debentures (IV)	-	-
Exchange rate difference - Assets (V)	-	-
GRAND TOTAL (0+I+II+III+IV+V)	57.531.928	49.873.002
(1) Incl. leasehold rights of :
(2) Incl. amounts due within 1 year of:
(3) Incl. amounts due after 1 year of :
Assets held under recourse Fixed assets :	Debtors:

BALANCE SHEET - LIABILITIES (before allocation of profit)

LIABILITIES		Next amount N	Net amount N-1
SHAREHOLDERS' FUNDS
Share capital (1) (of which paid up: )	DA	2.408.000	2.408.000
Share premiums (mergers, contributions)	DB	2.595.059	2.595.059
Revaluation reserves (2)	DC
Reserves (Retained earnings)
Legal reserve	DD	240.800	240.800
Statutory reserves	DE
Tax regulated reserves (3) (4)	DF
Other reserves	DG
Profit and loss account brought forward	DH	34.016.050	34.126.277
Result for the financial year (profit or loss)	DI	3.032.681	- 110.227
Investment grants	DJ
Special provision for tax purposes	DK
TOTAL (I)	DL	42.292.589	39.259.908
OTHER FUNDS
Proceeds from issuance of subordinated equity	DM		1
Advances subject to covenants	DN
TOTAL (II)	DO
PROVISIONS
Provisions for risks	DP	469.810	251511
Provisions for future costs	DQ	266.860	338.000
TOTAL (III)	DR	736.670	589.511
LIABILITIES (5)
Financial liabilities
Convertible debenture loans	DS
Other debenture loans	DT
Borrowing from credit institutions (6)	DU	111.067	179.021
Other borrowings and loans (7)	DV	-	-
Customers' advances	DW	167.098	115.510
Operating liabilities
Trade accounts payable and related liabilities	DX	9.340.551	5.358.789
Taxes and social security debts	DY	2.501.234	1.600.012
Other liabilities
Liabilities related to fixed assets	DZ	-	21020
Other creditors	EA	2.382.720	2.749.230
DEFERRED INCOME
Income recorded in advance (5)	EB
TOTAL(IV)	EC	14.502.669	10.023.582
Exchange rate differences - Liabilities (V)	ED	-	-
GENERAL TOTAL (I+II+III+IV+V)	EE	57.531.928	49.873.002
(1) Revaluation reserves capitalised	1B
(2) Details of three different types of statutory	1C
or voluntary revaluations	ID
	IE
(3) Of which long term capital gain reserves	EF
(4) Of which reserves relating to artistic works	EJ
(5) Amounts due within 1 year	EG	14.243.483	9.881.053
(6) Including current bank facilities and overdrafts	EH
(7) Of which loans remunerated based on future profits	EI

PROFIT AND LOSS ACCOUNT

				N
OPERATING INCOME	FRANCE	EXPORT		TOTAL
Sales of purchased goods/merchandise	(FA)	FB	FC	44.349.312
Sales of manufactured goods	(FD)	FE	FF
Sales of services	(FG)	FH	FI	1.803.304
Net sales	(FJ)	FK	FL	46.152.616
Changes in stock of manufactured goods and work-in-progress			FM
Production of fixed assets capitalised			FN	266.712
Trading incentive grants			FO
Write-back of depreciation, provisions and transferred charges			FP	8.648.546
Other income (1)			FQ	295.519
TOTAL OPERATING INCOME (2)		(I)	FR	55.363.393
OPERATING EXPENSES
Purchases of goods			FS	30.930.967
Change in inventory of purchased goods			FT	3.436.887
Purchases of raw materials and supplies			FU
Change in inventory of raw materials and supplies			FV
Other purchases and expenses (3)			FW	3.679.774
Indirect taxes			FX	388.263
Wages and salaries			FY	3.296.151
Social security charges			FZ	1.018.063
Depreciation and provisions
On fixed assets: depreciation			GA	386.250
On fixed assets: provisions			GB
On current assets : provisions			GC	7.406
For risks and future costs			GD	239.486
Other expenses			GE	8.022.218
TOTAL OPERATING EXPENSES (4)		(II)	GF	51.405.465
OPERATING RESULT (I-II)			GG	3.957.929
Share of joint venture operations :
Profit attributed or loss transferred		(III)	GH
Loss attributed or profit transferred		(IV)	GI
FINANCIAL INCOME
From shares in group companies (5)			GJ
From other investments (5)			GK	51
Interest and similar income (5)			GL	28.052
Write-back of provisions and charges transferred			GM
Foreign exchange gain			GN	316.573
Net profit on disposals of current financial investments			GO
TOTAL FINANCIAL INCOME		(y)	GP	344.676
FINANCIAL EXPENSES
Provisions against financial assets			GQ	- 26.937
Interest payable and similar charges (6)			GR	3
Foreign exchange loss			GS	- 95.295
Net losses on disposals of current financial investments			GT
TOTAL FINANCIAL EXPENSES		(VI)	GU	- 122.230
NET FINANCIAL INCOME/EXPENSES		(V-VI)	GV	466.906
Result of ordinary operations before corporate tax on profit	(I-II+III-IV+V-VI)		GW	4.424.834

	N-1	N-2
OPERATING INCOME
Sales of purchased goods/merchandise	45.117.896	55.725.138
Sales of manufactured goods
Sales of services	1.076.996	446.534
Net sales	46.194.892	56.171.672
Changes in stock of manufactured goods and work-in-progress
Production of fixed assets capitalised	153.085	261.889
Trading incentive grants
Write-back of depreciation, provisions and transferred charges	784.105	324.668
Other income (1)	38.592	241
TOTAL OPERATING INCOME (2)	47.170.674	56.758.471
OPERATING EXPENSES
Purchases of goods	35.907.609	42.777.506
Change in inventory of purchased goods	- 231.010	- 625.191
Purchases of raw materials and supplies
Change in inventory of raw materials and supplies
Other purchases and expenses (3)	3.532.672	4.485.560
Indirect taxes	565.360	453.768
Wages and salaries	3.655.280	3.115.551
Social security charges	1.401,027	1.111.408
Depreciation and provisions
On fixed assets: depreciation	417.672	334.870
On fixed assets: provisions
On current assets : provisions	41.250	184.051
For risks and future costs	37.168	233.698
Other expenses	101.872	1.512
TOTAL OPERATING EXPENSES (4)	45.428.899	52.072.733
OPERATING RESULT (I-II)	1.741.776	4.685.738
Share of joint venture operations :
Profit attributed or loss transferred
Loss attributed or profit transferred
FINANCIAL INCOME
From shares in group companies (5)
From other investments (5)
Interest and similar income (5)	66.799	128.767
Write-back of provisions and charges transferred
Foreign exchange gain	117.003	816.168
Net profit on disposals of current financial investments
TOTAL FINANCIAL INCOME	183.801	944.935
FINANCIAL EXPENSES
Provisions against financial assets	- 3.674	30.342
Interest payable and similar charges (6)	2.233	2.750
Foreign exchange loss	608.359	673.946
Net losses on disposals of current financial investments
TOTAL FINANCIAL EXPENSES	606.917	707.038
NET FINANCIAL INCOME/EXPENSES	- 423.116	237.896
Result of ordinary operations before corporate tax on profit	1.318.660	4.923.634

Explanatory notes are on next page (DGI N° 2053)

		N	N-1	N-2
EXECTIONAL INCOME
On operating items	HA	112.249	18.520	115.418
On capital items	HB	4.055	268.877	-
Write-back of provisions and charges transferred	HC	-	-	-
TOTAL EXCEPTIONAL INCOME (VII)	HD	116.304	287.397	115.418
EXCEPTIONAL EXPENSES
On operating items	HE	35.557	14.472	149.808
On capital items	HF	57.918	2.625	131
Provisions	HG	285.001	1.501,511
TOTAL EXCEPTIONAL EXPENSES (VIII)	HH	378.476	1.518.609	149.940
NET EXCEPTIONAL RESULT (VII-VIII)	HI	- 262.172	- 1.231.211	- 34.522
Employees' profit sharing plan (IX)	HJ
Corporate income tax on profit (X)	HK	1.129.982	197.675	808.679
Total income (I+III+V+VII)	HL	55.824.373	55.995.467	47.469.893
Total expenses (II+IV+VI+VIII+IX+X)	HM	52.791.692	52.999.519	46.994.435
PROFIT OR LOSS	HN	3.032.681	2.995.948	475458
(1) Of which profit on long term transactions	HO
(2) Of which income - from property rentals	HY
- relating to prior periods (8)	1G
(3) Of which charges relating to assets purchased under
leasing agreement - Other assets	HP	-	-	-
- Property	HQ
(4) Of which expenses relating to prior periods (8)	1H
(5) Of which income from associated companies	1J
(6) Of which interest receivable from associated companies	1K
(6b) Of which donations made to organisations of general interest	HX
(7) Further detail should be given below of exceptional income or expenses
cf FP 2052 PL transfert
(8) Further detail of income and expenses relating to prior periods
cf FP 2052 PL transfer		341.195	420.460	324.667

ANNEX to the financial statements at December 31 -2021

HIGHLIGHTS OF THE YEAR

Our company experienced a decline in its export activity of 5.7% compared to the FY 2020.

The dispute between the company bodies of collective procedure Photo Station has been definitively settled. The appeal brought by DNP PIE was dismissed by decision of October 20, 2021.

DNP PIE increased, for an amount of €300,000, the level of its investment in its subsidiary DNP Photo Imaging Russia.

Covid-19

The COVID 19 epidemic currently affecting the world started in 2020.

―	Our company has implemented the following main actions, intended to ensure the continuity of its activities:

•	The invoicing of its customers remains unchanged
•	The recovery of debts is monitored very closely however with flexibility
•	The supplier payments are honored with the same regularity.

―	Measures, both internal and linked to the support system of the public authorities, and intended to cushion the effects of this crisis, have been implemented with in particular the use of partial activity.

The financial situation of our company before the current crisis, combined with the measures implemented, both to ensure the continuity of our activities and to cushion the effects of this crisis, make it possible to ensure the continuity of operations of our company.

ACCOUNTING PRINCIPLES, METHODS OF EVALUATION, COMPARISONS OF ACCOUNTS

This appendix is an integral part of the financial statements for the 12-month period ended 31 December 2021: it includes additional information relating to the balance sheet and income statement.

1. Principles and valuation methods.

The annual accounts for the year ended 31 December 2021 has been prepared in accordance with the laws and regulations and generally accepted accounting principles.

•	Continuity of operations,
•	Consistency of accounting methods.
•	Independence of exercises

The preparation of the annual financial statements complies with the regulations of ANC accounting standards n 2014-03.

The evaluation of accounting entries is made according to historical cost.

Intangible assets.

Intangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The research and development costs are amortized straight-line over 3 years.

Tangible assets

Tangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The amortization periods are the following:

Libelle	Amortization duration	Method
EDP Material	1 to 3 year	Linear
Fixed equipment	5 year	Linear
Office Furniture	5 to 10 year	Linear
Others tangible assets.	10 to 20 year	Linear

The main tangible assets included printing systems installed at DNP customers, DNP stays the owner. These equipments are amortized on 36 months.

Financial Assets

Financial assets consist mainly of equity securities recorded at their acquisition cost.

A provision is made if the utility value or market value of these securities is less than the gross value. The utility value is estimated based on the profitability prospects of the company concerned.

Inventory

Stocks are valued using method of weighted average unit cost. The gross value of goods and supplies includes the purchase price and extra expenses.

For products purchased in foreign currency, the rate used is the one of the first day of the month.

The company has determined for the end of this fiscal year a provision for depreciation based on inventory turnover and the prospects of their flow according to their category.

The gross value of slow moving products is depreciated at 5 % to 100 % as show below:

―	Products without movement since more than 4 months < 7 months are depreciated at 5 % or 15%.
―	Products without movement since more than 7 months < 11 months are depreciated at 15 % or 25%.
―	Products without movement since more than 12 months are depreciated at 50 %.
―	The damaged goods (reference 004) are depreciated at 100 %.
―	The spare part are depreciated at 25%.

Customers receivables

Receivables are valued at their nominal value.

The provision for doubtful accounts is calculated case by case, depending on the estimated risk of non- recovery at the closing date.

Investment securities.

The marketable securities are recorded in the balance sheet at their acquisition cost.

An allowance is recognized when the market value is lower.

Receivables and payables in foreign currency

Receivables and payables in foreign currency are stated at their value on year end.

Any discrepancy resulting from the translation of assets in foreign currencies at the balance sheet rate are accounted in specific account "deviation of conversion".

A provision for exchanges losses is established for any losses unrealized.

Provision for risks and charges.

Risks and expenses defined as such by CNC recommendation N° 001 on liabilities, clearly specified or that the events being probable, but whose timing or amount are not precisely determined, are subjected to a provision.

Retirement benefits.

The amount of retirement benefits was determined using actuarial method and is accounted in liabilities since this fiscal year.

Following the IFRS IC decision on IAS 19 in April 2021, the ANC updated its recommendation 2013-02 on pension commitments. As a result, the company has decided to apply the new method for valuing pension commitments and similar benefits from April 1, 2021.

This change in accounting method is assimilated to a change in accounting regulations.

The impact of the implementation of this change in accounting method relating to social liabilities is a reduction of €80,124 in the commitment for the year N-1.

2. Comparability of financial statement.

Position in the account statement reflects the activity of your company, over a period of 12 months, compared to the previous year.

3. Notes on the balance sheet.

3.1.ASSETS

ASSETS

Intangible Fixed Assets	3.975.398	315.879	-	4.291.277
Commercial Property	2.572.531	-	-	2.572.531
Research and development costs	1.045.375		-	1.045.375
Other intangible fixed assets	357.492	315.879	-	673.370
Other intangible fixed assets	-		-	-
Tangible Fixed Assets	4.839.435	268.725	2.127.653	2.980.507
Industrial fixtures and equipment	-	-	-	-
General Installations, Fixtures	3.981.926	248.011	1.819.223	2.410.714
Transportation equipment	34.741	-	-	34.741
Office and Computer Equipment	516.808	2.374		519.182
Advance Payment	305.960	18.340	308.430	15.870
Financial Fixed Assets	12.604.660	300.755	1.000	12.904,415
Loans	-	-	-	-
SHARING BOX Interests + PIR	12.523.330	300.000		12.823.330
Other financial assets	81330	755	1000	81.085
Total Fixed Assets	21.419.493	885.359	2.128,653	20.176.199

The goodwill comes from the technical mali noted within the framework of the TUP with the company PPC in FY 2020.

The significant reduction in « General Installations » item is linked to update of the Printcenters fleet.

Financial assets corresponds to shares of Sharingbox and a deposit paid to the landlord of the premised occupied.

Other intangible assets represent costs incurred in connection with the provision to customer of some operating systems which the company remains the owner.

Amortization and depreciation for assets.

Libellé ( montants €)	31/12/2020	Increases	Decreases	31/12/2021
Intangible Fixed Assets	2.749.383	413.612	-	3.162.995
Commercial Property	1501511	249.000	-	1.750.511
Research and development costs	1.036.484	7.706	-	1.044.189
Other intangible fixed assets	211.388	156.907	-	368.295
Other intangible fixed assets	-	-	-	-
Tangible Fixed Assets	4.143.977	221.638	1.761.306	2.604.309
Industrial fixtures and equipment	-	-	-	-
General Installations, Fixtures	3.674.091	184.694	1.761.306	2.097.479
Transportation equipment	34.741		-	34.741
Office and Computer Equipment	435.145	36.944	-	472.089
	-			-
Financial Fixed Assets	25.000	-	-	25.000
Total Amortization & Dpreciation	6.918.360	635.250	1.761.306	5.792.305

Financial Assets

SHARINGBOX (K€)	31/12/2021
Share Capital	3.589
Reserves
Profit and loss account brought forward	-3.862
Share of Capital held	100%
Accounting Value	12199
Turn Over	6.622
Result	- 400

3.2. Receivables.

State maturities of others assets

Receivables	Gross value	Term
		less than 1 year	more than 1 year
Others financial assets	81086	81086
Recelvables	10.045.924	9.768.731	277.193
Contentious account receivables	129.396	29.856	99.540
Doubtful account receivables
Trade receivable accounts	6.946.911	6.769,258	177.653
Personal	15.870	15.870	0
VAT	1.567.914	1.567.914	0
Other receivables	1.355,000	1.355.000
Prepaid Expenses	30.834	30.834	0
	117.492	117.492
Total Receivables	10.244.502	9.967.309	277193

The litigation with Photostation (Générale de Téléphone) has been definitively settled.

3.3 Marketable securities.

December 31, 2021, the market value of marketable securities is greater than the carrying value, no impairment has been recognized

3.4 Equity:

State on changes in equity

Libellé (montants € )	31/12/2020	Allocation of profit of FY closed 31/12/2018	Other variations	31/12/2021
Share Capital	2.408.000		-	2.408.000
Share Premium	2.595.059		-	2.595.059
Legal Reserve	240.800		-	240.800
Profit and loss account brought forward	34.126.277	(110.227)	-	34.016.050
Result of FY	(110.227)	110.227	3.032.681	3.032.681
SHAREHOLDERS EQUITY	39.259.909	-	3.032.681	42.292.590

Share capital

	Number of shares
Shares
	31/12/2020	Canceled	Created	31/12/2020
Shares	150.500	0	0	150.500
Total	150.500	0	0	150.500


Shares	Nominal value	Amount 31/12/2021
	(euros)	(euros)
Shares	16,00	2.408.000
Total	16,00	2.408.000

3.5 Provisions:

	Write off
Libelle ( € )	31/12/2020	Increasing	Allowances consumed	Non used allowances	31/12/2021
For Litigation	15.000	36.001	-	-	51001
For guarantees given to customers	209.363			7.482	201881
For risks (retirement allowance)	338000	30.251		101.391	266860
For loss on inventory	-	-		-	-
For loss on change currency	27.148	-		26937	211
Total provision for risks.	589.511	66.252	-	135.810	519.953
Fixed asset depreciation	1.526.511	249.000			1.775.511
Dépréciation on inventory	479025		-	76.068	402.957
Dépréciation on receivables	8.254.091	7.406	8.018.471	111.422	131.605
Dépréciation for another assets	232.011		-	-	232.011
Total Depreciations	10.216.127	256.406	8.018.471	187.490	2.542.084
	10.805.638	322.658	8.018.471	323.300	3.062.037
GENERAL TOTAL		73.658	8.018.471	296.363
P & L Depreciation & write off		73.658	8.018.471	296.363
Depreciation & write off for financial account		-	-	26.937
Exeptional depreciation & write off		249.000	-	-

3.6 Liabilities:

3.6.1 State maturities for others liabilities

		repartition
Payables	Amount	under 1 year	1 year to 5 years	over 5 years
Financial liabilities	111.067	111.067	-	-
Operating liabilities	14.223.504	14.132.416	91088	-
Trade account payables	9.340.551	9.330.361	10190	-
Personal account	952.722	952.722	-	-
Social security account	555.097	474.199	80.898	-
VAT	3.466	3.466	-	-
Income Tax	942.822	942.822
Anothers taxes	47.127	47.127	-	-
Liabilities on assets		-	-	-
	1.980.781	1.980.781	-	-
Anothers liabilities	400.938	400.938	-	-
Income recorded in advance	0	0	-	-
Total liabilities	14.334,571	14.243.483	91.088	0

3.6.2 Fees to pay

Fees to pay (€)	Amount
Financial debt
Another debt	2.985.465
Suppliers/Payables	1.811.376
Personal	1.163.850
Tax	10.239
Another costs	400.938
Total Fees to pay	3.386.403

4. Remarks regarding the result.

4.1 Turn over evolution

Turn Over K€	01/01/2021 31/12/2021	01/01/2020 31/12/2020
French activity	6.401	4.830
Outside activity	37.948	40.287
Services	1803	1.077
Total Turn Over	46.152	46.195

4.2 Financial result:

Euros	Amount
Financial provision	26.937
Rebates - profit	(3)
Bank interest	-
Exchange Loss	95.295
Another financial charges	-
Financial profit on deposit	28.103
Exchange gain	316.573
Write off financial provision.	0
Financial result.	466.906

4.3 Exceptional result:

Euros	Amount
Exceptional operating profits	112.249
Exceptional operating charges	(35.557)
Others extraordinary income	4.055
Others extraordinary costs	(57.918)
Provision / Write off.	(285.001)
Exceptional result.	(262171)

4.4 Analysis of income tax repartition:

Items	Result before Corporate tax	Theoritical Corporate Tax	Impact of loss carry forward	Corporate tax due
Operating Result	4.424.834	1.192.095	0	1.192.095
Extraordinary Result	- 262171	- 69475	0	- 69.475
Totaux	4.162.663	1.122.620	0	1.122.620

5. Another information

5.1 Unbooked engagement

NOTHING

5.2 Engagement allocated booked from FY 2021

Item	Amount
Indemnity for personal retirement	266.860 €
Total engagement allocated.	266.860 €

5.3 Tax Credit

DNP receives a family tax credit, related to expenses of payments for reservation of places in nursery and awarding employment service checks for the benefit of employees who must pay childcare expenses for children under 3 years of age.

In accordance with Article 244c F of the CGI, the amount of this tax credit represents 50% of the amounts paid for nursery places, ie 2.240 euros.

5.4 Loss Carry forward

Fiscal result for the company for 2021 represents 4.236.303 €.

At the end of FY 2021, there is no remaining amount of loss carry forward.

5.5 Statement of persons

The repartition for employees:

Partition	31-déc.-21	31-déc.-20	31-déc.-19
Directors	1	1	1
White colar	31	29	22
Blue colar	19	22	21
Employee	6	7	0
TOTAL	57	59	44

5.6 Specific events subsequent to 12-31-2021

The outbreak of the invasion in Ukraine in February has no measurable impact on the company's accounts.

No other significant event has occurred since the end of the financial year.

5.7 Amount of auditors fees for 2021

60.300 €

5.8 Subsidiaries and shares

Company Name	Share Capital	Equity	Share of participation %	Held accounting value
				Gross	Net
SA SHARINGBOX	3.589.000	-273.000	100	12.199.000	12.199.000

Company Name	Loans, Advances, Guarantees	Workforce 31/12/2021

SA SHARINGBOX	1.355.000	55

5.9 Identity of the parent company consolidating the company's accounts

Global integration since 2007

DAI NIPPON PRINTING PHOTO IMAGING CO., LTD.

1-1-1, Ichigaya-Kagacho Shinjuku-ku

Tokyo 162-8001 Japan

6 OPERATIONS WITH THE COMPANY LINKED

		31/12/2021
Balance sheet extract
Current assets
Receivables and another similar account		699.761
DNP Russie	666.712,85
DNP America	-7.093,00
DNP Japon	10.248,29
DNP Asia	27.493,29
DNP BV	2.400,00
Liabilities
Payables and another similar account		6.514.558
DNP Japon	1.629.834,61
DNP Asia	1.805.811,06
DNP America	19.397,84
DNP BV	3.059.514,92
P & L €
Invoices from DNP Group		25.465.574
DNP Asia	5.685.938,48
DNP America	28.986,65
DNP BV	15.536.839,22
DNP Japon	4.213.809,86
Invoices to DNP Group		582.600
DNP Asia	54.476,69
DNP America	-7.093,00
DNP BV	4.905,00
DNP Russie	494.957,01
DNP Communication(China)	106,00
DNP Japon	35.248,29

Statutory Auditors' report on the financial statements

For the year ended 31 December 2021

DNP Photo Imaging Europe S.A.S.

Le Raphaël Paris Nord 2 - 22 Avenue des Nations

BP 51077 Villepinte 95948 Roissy Charles de Gaulle Cedex

This is a translation into English of the statutory auditor's report on the financial statements of the Company issued in French and it is provided solely for the convenience of English speaking users.

This statutory auditor's report includes information required by European regulation and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders.

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

DNP Photo Imaging Europe S.A.S.

Registered office : Le Raphaël Paris Nord 2 - 22 Avenue des Nations

BP 51077 Villepinte 95948 Roissy Charles de Gaulle Cedex

Share capital: €.2.408,000

Statutory Auditors' report on the financial statements

For the year ended 31 December 2021

To Sole Shareholder of DNP Photo Imaging Europe S.A.S.,

Opinion

In compliance with the engagement entrusted to us by your Sole Shareholder, we have audited the accompanying financial statements of DNP Photo Imaging Europe S.A.S. for the year ended 31 December 2021.

In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2021 and of the results of its operations for the year then ended in accordance with French accounting principles.

Basis for Opinion

Audit Framework

We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Statutory Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

Independence

We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors rules applicable to us, for the period from 1st of January 2021 to the date of our report.

Emphasis of Matter

We draw attention to the following matter described in Note « Provisions pour risques et charges - indemnité de fin de carriére » to the financial statements relating to the impact of the application from 1st January 2021 of ANC recommendation no. 2013-02, amended on 5 November 2021, relating to the distribution of benefit rights for defined benefit plans.

Justification of Assessments

Due to the global crisis related to the Covid-19 pandemic, the financial statements of this period have been prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, have also had an impact on the companies' internal organization and the performance of the audits.

It is in this complex and evolving context that, in accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the following matters that, in our professional Judgment, were of most significance in our audit of the financial statements of the current period.

Financial asset, which are booked at €.12 798 330 on financial statements, are valued at their acquisition cost and depreciated on the basis of their value in use according to the methods described in the note "Financial assets".

As part of our assessment of the accounting rules and principles followed and the significant estimates made by your company, we have verified their appropriateness, the methods of implementation and their correct application, as well as the information provided in the notes to the financial statements.

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French laws and regulations.

We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the documents with respect to the financial position and the financial statements provided to Sole Shareholder.

We attest the fair presentation and the consistency with the financial statements of the information relating to payment terms, required under Article D.441-6 of the French Commercial Code (Code de commerce).

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of thefinancial statements in accordance with French accounting principles and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations.

The financial statements were approved by the President.

Statutory Auditors' Responsibilities for the Audit of the Financial Statements

Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As specified in Article L.823-10-1 of the French Commercial Code (code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company.

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore:

•	Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•	Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements.
•	Assesses the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein.
•	Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation.

Paris La Défense, on the 1st June, 2022

French original signed by Yves Delmas

2d:T2dbe5,

DNP Photo Imaging Europe S.A.S. Zweigniederlassung Deutschland

Saarbrücken

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020

DNP Photo Imaging Europe S.A.S.

Roissy Charles de Gaulle Cedex/Frankreich

Translation - For information purpose only

DNP PHOTO IMAGING EUROPE SAS,

Société par actions simplifiée au capital de 2.408.000 €

Immeuble Le Raphael Paris Nord 2

95948 Roissy Charles de Gaulle Cedex

RCS Pontoise B312273550

(the "Company")

Management report for the financial year ended on December 31, 2020

Dear sole shareholder,

I am honored to present you the annual report of the Company for the financial year ended on December 31, 2020.

1. Results, activity and position of the Company during the year

During the financial year ended on December 31, 2020, the turnover of the Company amounted to € 46,194,892, against a turnover of € 56,171,672 achieved for the previous financial year.

The turnover relating to the export activity represents an amount of € 40,287,412.

The operating result corresponds to a loss of € 1,741,776.

The financial result is a loss of € 423,116.

The exceptional result is a loss of € 1.231,211.

The amount of income tax is € 197,675.

A loss of € 110,227 has been achieved for the year ended December 31, 2020.

The merge with PPC company took place on 1st of January 2020.

The DNP Group is the main provider of the Company.

The employees doesn't benefit for this fiscal year of incentive linked to the performance of the Company.

The dispute between the Company and the company Photo Station (merged with the company Company Générale de Téléphone) is still pending.

A copy of the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes") of the financial statements for the year ended on December 31, 2020 were provided to you. All the information required by law concerning the assets, liabilities and results of the company have been also provided.

2. Important events, likely developments and future prospects

The company experienced a significant decline in its activity of around 18%, despite of Photopointcom's business integration.

Export sales amounted to € 40,287,412, compared to € 48,724,640 for the fiscal year ended December 31,2019.

The management of the Company remains vigilant considering the economic situation.

The COVID 19 epidemic currently affecting the world started in 2020.

In France, health and economic measures to deal with this epidemic were taken in March 2020, the state of health emergency having entered into force on March 24, 2020.

- Our company has implemented the following main actions, intended to ensure the continuity of its activities:

•	The invoicing of its customers remains unchanged
•	The recovery of debts is monitored very closely however with flexibility
•	The supplier payments are honored with the same regularity.

- Measures, both internal and linked to the support system of the public authorities, and intended to cushion the effects of this crisis, have been implemented with in particular the use of partial activity.

3. Information on payment terms for suppliers:

In accordance with Articles L.441-14 et D.441-6 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2020, the balance of the suppliers' debts by maturity date is as follow:

	Sommes Non échues	Sommes échues	1 à 30 jours	31 a 60 jours	61 à 90 jours	plus de 91 jours
31/12/2019	7.724.031	36.252		14.567		21.684
31/12/2020	4.741.812	29.596	137	80	364	29.015
Invoices number		9

4. Information on payment terms for customers:

In accordance with Articles L.441-6-1 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2020, the balance of receivables by maturity date is as follow:

	Sommes Non échues	Sommes échues	1 à 30 jours	31 à 60 jours	61 à 90 jours	plus de 91 jours
31/12/2020	2.757.819	3.373.696	2.424.525	34.945	16.598	897.629
Invoices Number		77

5. Proposed allocation of earnings and various comments

We hereby propose you to allocate the yearly result of € 110,227 to the account "Retained Earnings" (Report à nouveau"), whose credit balance would rise to € 34,016,050.

Pursuant to Article 223 quater and 223 quinques of French Tax Code, it is reported to you that nondeductible expenses amounted to € 59,208.

In addition, we remind you, in accordance with Article 243 of the French Tax Code, that no dividend has been distributed to the shareholder for the last three years.

6. Company activity in research and development

We inform you that the Company engaged no expense in research and development during FY 2020.

7. Acquisition of subsidiaries and participation

The merge with PPC company took place on 1st of January 2020.

On the other hand, DNP PIE acquired the remaining shares of the event company PPC, for which PIE previously held a 23,32% interest.

Sharingbox recorded a loss of € 3.072k for the fiscal year ended December 31, 2020.

8. Regulated agreements

The Statutory Auditor reports on the performance of his engagement in his general mission

At Roissy,

Roch Hollande, President

MINUTES OF THE DECISIONS OF THE SOLE SHAREHOLDER DATED JUNE 3, 2021

THE YEAR TWO THOUSAND AND TWENTY-ONE, On June 3, At 11 a.m.,

•	Review of the management report of the President;
•	Review of the Report of the Company's statutory auditor;
•	Approval of the financial year ended on December 31, 2020 and discharge to the President;
•	Allocation of the result for the financial year ended on December 31, 2020;
•	Review of the agreements referred to in Article L. 227-10 of the French Commercial Code;
•	Powers for formalities.

The Company's statutory auditor, duly convened, is absent and excused.

The Sole Shareholder acknowledges that the documents and information provided by law have been communicated or made available, at the head office, within the time provided by law including:

―	the bylaws of the Company;
―	the management report of the President;
―	the statutory auditors' report;
―	the text of the resolutions;
―	the accounts of the Company for the financial year ended on December 31, 2020.

FIRST DECISION

Approval of the annual accounts for the financial year ended December 31, 2020 and release to the President

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

approves the annual accounts for the financial year ended on December 31, 2020, that is to say the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes"), evidencing a loss of EUR 110,227 as well as the transactions reflected in these financial statements or summarized in these reports,

gives release to the President, Mr. Roch Hollande, for the performance of his duties during the considered financial year,

This decision is adopted by the Sole Shareholder.

SECOND DECISION

Allocation of the result for the financial year ended on December 31, 2020

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

decides to allocate the loss for the financial year ended on December 31, 2020, amounting to EUR 110,227, to the account "Retained earnings" ("Report à nouveau"), which will therefore be decreased from EUR 34,126,277 to EUR 34,016,050,

reiterates that, in accordance with Article 243 bis of the French Tax Code, no dividends were distributed during the last three financial years,

This decision is adopted by the Sole Shareholder.

THIRD DECISION

Approval of the agreements covered by Article L. 227-10 of the French Commercial Code

The Sole Shareholder,

after review of the President's management report,

acknowledges that the agreements covered by Article L.227-10 of the French Commercial Code are mentioned in the Company's register of the decisions, pursuant to that Article,

acknowledges that no agreement covered by Article L.227-10 of the French Commercial Code has been entered into during the course of the financial year ended on December 31, 2020.

This decision is adopted by the Sole Shareholder.

FOURTH DECISION

Powers for formalities

The Sole Shareholder,

gives the bearer of an original, copy or extract of these to complete the formalities required by law.

This decision is adopted by the Sole Shareholder.

The minutes of the above decisions shall be prepared and signed by the representative of the Sole Shareholder.

Dai Nippon Printing Co., Ltd.

Mr. Yoshinari Kitajima

Certified correct translation

DNP PHOTO IMAGING EUROPE S.A.S.

Roch Hollande, President

SAS

Au capital de 2.408.000 EUR

Le Raphael-Paris Nord 2

B.P. 50077

Code SIRET N° 312 273 550 00102

Code NAF N ^° 5148

DOSSIER COMPTABLE ANNUEL

Exercice du 01/01/2020 au 31/12/2020

BALANCE SHEET - ASSETS

DGI N°2050

Current period length in months	12
Prior period in months	12

Registered number	APE Code	4643Z	Prior period
			N-1 ended

	Period N ended: 31/12/2021					31/12/2020
ASSETS	Gross amount		Deprecation or allowances		Net amt Year N	Net amt Year N-1
UNCALLED SUBSCRIBED CAPITAL (0)	AA
FIXED ASSETS
Intangible fixed assets
Start-up costs	AB		AC
Research and development costs	CX	1.045.375	CQ	1.036.484	8.891	48.752
Franchises, patents & similar assets	AF		AG		-	-
Goodwill (1)	AH	2.572.531	AI	1.501.511	1.071.020	-
Other intangible fixed assets	AJ	357.491	AK	211.388	146.103	22.212
Advance payments relating to intangibles	AL		AM		-	-
Tangible fixed assets
Land	AN		AO		-	-
Buildings	AP		AQ		-	-
Industrial fixtures and equipment	AR		AS		-	-
Other tangible fixed assets	AT	4.533.475	AU	4.143.377	389.498	452.002
Tangible fixed assets in progress	AV		AW		-	-
Advance payments on fixed assets	AX	305.960	AY		305.960	266.125
Financial fixed assets (2)
Investments under the equity method	CS		CT		-	-
Other investments in related companies	cu	12.523.330	CV	25.000	12.498.330	6.461.873
Loans to group and related companies	BB		BC		-	-
Other investments (trade)	BD		BE		-	-
Loans	BF		BG		-	-
Other financial assets	BH	81.330	BI		81.330	78.571
TOTAL (I)	BJ	21.419.493	BK	6.918.360	14.501.133	7.329.535
CURRENT ASSETS
Inventories
Raw material and supplies	BL		BM		-	-
Work in progress -goods	BN		BO		-	-
Work in progress -services	BP		BQ		-	-
Finished goods and by-products	BR		BS		-	-
Merchandise	BT	9.236.671	BU	479.025	8.757.646	8.230.203
Advances to suppliers	BV	-	BW		-	-
Receivables (3)
Trade receivable accounts	BX	15.968.888	BY	8.254.091	7.714.797	959.857
Sundry debtors (3)	BZ	1.036.265	CA	232.011	804.254	318.080
Unpaid called capital	CB		CC		-	-
Marketable securities	CD	12.009.842	CE		12.009.842	10.287.998
Available funds Cash and equivalents	CF	5.974.734	CG		5.974.734	27.476.830
PREPAYMENTS
Prepaid expenses (3)	CH	110.596	a		110.596	131.957
TOTAL(II)	CJ	44.336.996	CK	8.965.127	35.371.869	47.404.925
Deferred charges (III)	CL				-	-
Premiums on redemption of debentures (IV)	CM				-	-
Exchange rate difference - Assets (V)	CN	-			-	-
GRAND TOTAL (0+I+II+III+IV+V)	co	65.756.489	1A	15.883.488	49.873.002	54.734.460
(1) Incl. leasehold rights of:
(2) Incl. amounts due within 1 year oft	CP
(3) Incl. amounts due after 1 year of :	CR
Assets held under recourse Fixed assets:		Stocks :			Debtors:

- LIABILITIES (before allocation of profit)

		Net amount	Net amount
LIABILITIES		N	N-1
SHAREHOLDERS' FUNDS
Share capital (1) (of which paid up: )	DA	2.408.000	2.408.000
Share premiums (mergers, contributions)	DB	2.595.059	2.595.059
Revaluation reserves (2)	DC
Reserves (Retained earnings)
Legal reserve	DD	240.800	240.800
Statutory reserves	DE
Tax regulated reserves (3) (4)	DF
Other reserves	DG
Profit and loss account brought forward	DH	34.126.277	30.045.844
Result for the financial year (profit or loss)	DI	-110.227	4.080.433
Investment grants	DJ
Special provision for tax purposes	DK
TOTAL (I)	DL	39.259.908	39.370.136
OTHER FUNDS
Proceeds from issuance of subordinated equity	DM
Advances subject to covenants	DN
TOTAL (II)	DO
PROVISIONS
Provisions for risks	DP	251.511	261.018
Provisions for future costs	DQ	338.000	295.000
TOTAL (III)	DR	589.511	556.018
LIABILITIES (5)
Financial liabilities
Convertible debenture loans	DS
Other debenture loans	DT
Borrowing from credit institutions (6)	DU	179.021
Other borrowings and loans (7)	DV	-	-
Customers' advances	DW	115.510	1.102.041
Operating liabilities
Trade accounts payable and related liabilities	DX	5.358.789	10.517.581
Taxes and social security debts	DY	1.600.012	1.738.431
Other liabilities
Liabilities related to fixed assets	DZ	21.020	35.690
Other creditors	EA	2.749.230	1.414.565
DEFERRED INCOME
Income recorded in advance (5)	EB
TOTAL(IV)	EC	10.023.582	14.808.307
Exchange rate differences - Liabilities (V)	ED	-	-
GENERAL TOTAL (I+II+III+IV+V)	EE	49.873.002	54.734.460
(1) Revaluation reserves capitalised	1B
(2) Details of three different types of statutory	1C
or voluntary revaluations	ID
	IE
(3) Of which long term capital gain reserves	EF
(4) Of which reserves relating to artistic works	EJ
(5) Amounts due within 1 year	EG	9.881.053	13.689.047
(6) Including current bank facilities and
overdrafts	EH
(7) Of which loans remunerated based on
future profits	El

PROFIT AND LOSS ACCOUNT

				N	N-1	N-2
OPERATING INCOME	FRANCE	EXPORT		TOTAL
Sales of purchased good/merchandise	(FA)	FB	FC	45.117.896	55.725.138	51.796.424
Sales of manufactured goods	{FD)	FE	FF
Sales of services	(FG)	PH	FI	1.076.996	446.534	605.317
Net sales	(FJ)	FK	FL	46.194.892	56.171.672	52.401.741
Changes in stock of manufactured goods and work-in-progress			FM
Production of fixed assets capitalised			FN	153.085	261.889	231702
Trading incentive grants			FO
Write-back of depreciation, provisions and transferred charge	55		FP	784.105	324.668	670.880
Other income (1)			FQ	38.592	241	1.346
TOTAL OPERATING INCOME (2)		(I)	FR	47.170.674	56.758.471	53.305.668
OPERATING EXPENSES
Purchases of goods			FS	35.907.609	42.777.506	37.727.804
Change in inventory of purchased goods			FT	-231.010	-625.191	2.126.122
Purchases of raw materials and supplies			FU
Change in inventory of raw materials and supplies			FV
Other purchases and expenses (3)			FW	3.532.672	4.485.360	4.590.958
Indirect taxes			FX	565.360	453.768	454.880
Wages and salaries			FY	3.655.280	3115551	3.066.049
Social security charges			FZ	1.401.027	1.111.408	1.123.303
Depreciation and provisions
On fixed assets : depreciation			GA	417.672	334.870	438.079
On fixed assets : provisions			GB
On current assets: provisions			GC	41.250	184.051	10.090
For risks and future costs			GD	37.168	233.698	56.497
Other expenses			GE	101.872	1.512	73.422
TOTAL OPERATING EXPENSES (4)		(II)	GF	45.428.899	52.072.733	49.667.202
OPERATING RESULT (I-II)			GG	1.741.776	4.685.738	3.638.466
Share of joint venture operations :
Profit attributed or loss transferred		(III)	GH
Loss attributed or profit transferred		(IV)	GI
FINANCIAL INCOME
From shares in group companies (5)			GJ
From other investments(5)			GK
Interest and similar income (3)			GL	66.799	128.767	109.011
Write-back of provisions and charges transferred			GM
Foreign exchange gain			GN	117.003	816.168	12.280
Net profit on disposals of current financial investments			GO
TOTAL FINANCIAL INCOME		(V)	GP	183.801	944.935	121.290
FINANCIAL EXPENSES
Provisions against financial assets			GQ	-3.674	30.342	-35.292
Interest payable and similar charges (6)			GR	2.233	2.750	13.067
Foreign exchange loss			GS	608.359	673.946	-149.900
Net losses on disposals of current financial investments			GT
TOTAL FINANCIAL EXPENSES		(VI)	GU	606.917	707.038	-172.124
NET FINANCIAL INCOM/EXPENSES		(V-VI)	GV	-423.116	237.896	293.415
Result of ordinary operations before corporate tax on profit		I+II+III+IV+V+VI)	GW	1.318.660	4.923.634	3.931.881

Explanatory notes are on next page (DGI N ^° 2053)

		N	N-1	N-2
EXCEPTIONAL INCOME
On operating items	HA	18.520	115.418	47.596
On capital items	HB	268.877	-	4.560
Write-back of provisions and charges transferred	HC	-	-	25.000
TOTAL EXCEPTIONAL INCOME (VII)	HD	287.397	115.418	77.156
EXCEPTIONAL EXPENSES
On operating items	HE	14.472	149.808	69.349
On capital items	HF	2.623	131	1.478
Provisions	HG	1.501.511
TOTAL EXCEPTIONAL EXPENSES (VIII)	HH	1.518.609	149.940	70.827
NET EXCEPTIONAL RESULT (VII-VIII)	HI	-1.231.211	-34.522	6.328
Employees' profit sharing plan ([X)	HJ
Corporate, income tax on profit (X)	HK	197.675	808.679	478.928
Total income (I+III+V+VII)	HL	47.641.873	47.469.893	57.780.561
Total expenses (II+IV+VI+VIII+IX+X)	HM	47.752.100	46.994.435	53.329.526
PROFIT OR LOSS	HN	-110.227	475.458	4.451.035
(1) Of which profit on long term transactions	HO
(2) Of which income - from property rentals	HY
- relating to prior periods (8)	IG
(3) Of which charges relating to assets purchased under
leasing agreement - Other assets	HP	-	-	-
- Property	HQ
(4) Of which expenses relating to prior periods (8)	1H
(3) Of which income from associated companies	1J
(6) Of which interest receivable from associated companies	1K
(6b) Of which donations made to organisations of general interest	HX
(7) Further detail should be given below of exceptional income or expenses
cf FP 2052 PL transfert
(8) Further detail of income and expenses relating to prior periods
cf FP 2052 PL transfert		420.460	324.667	456.151

ANNEX to the financial statements at December 31 -2020

HIGHLIGHTS OF THE YEAR

Sharingbox acquisition

DNP PIE acquired the remaining shares of the event company PPC, for which PIE previously held a 23,32% interest.

The amount of this new participation represents € 8,199,175, including € 1 799,810 in earn-out.

PPC Merger

On the other hand, the merge with PPC company took place on 1st of January 2020.

Our company experienced a significant decline in its activity of around 18%, despite of Photopointcom's business integration.

Covid-19

The COVID 19 epidemic currently affecting the world started in 2020.

In France, health and economic measures to deal with this epidemic were taken in March 2020, the state of health emergency having entered into force on March 24, 2020.

- Our company has implemented the following main actions, intended to ensure the continuity of its activities:

•	The invoicing of its customers remains unchanged
•	The recovery of debts is monitored very closely however with flexibility
•	The supplier payments are honored with the same regularity.

Litigation

The dispute between the company bodies of collective procedure Photo Station is still ongoing.

ACCOUNTING PRINCIPLES, METHODS OF EVALUATION, COMPARISONS OF ACCOUNTS

This appendix is an integral part of the financial statements for the 12-month period ended 31 December 2020: it includes additional information relating to the balance sheet and income statement.

1. Principles and valuation methods.

The annual accounts for the year ended 31 December 2020 has been prepared in accordance with the laws and regulations and generally accepted accounting principles.

. Continuity of operations,

. Consistency of accounting methods.

. Independence of exercises

The preparation of the annual financial statements complies with the regulations of ANC accounting standards n ^° 2014-03.

The evaluation of accounting entries is made according to historical cost.

Intangible assets.

Intangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The research and development costs are amortized straight-line over 3 years.

Tangible assets

Tangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The amortization periods are the following:

Libelle	Amortization duration	Method
EDP Material	1 to 3 year	Linear
Fixed equipment	5 year	Linear
Office Furniture	5 to 10 year	Linear
Others tangible assets.	10 to 20 year	Linear

The main tangible assets included printing systems installed at DNP customers, DNP stays the owner. These equipments are amortized on 36 months.

Financial Assets

Financial assets consist mainly of equity securities recorded at their acquisition cost.

Inventory

Stocks are valued using method of weighted average unit cost. The gross value of goods and supplies includes the purchase price and extra expenses.

For products purchased in foreign currency, the rate used is the one of the first day of the month.

The company has determined for the end of this fiscal year a provision for depreciation based on inventory turnover and the prospects of their flow according to their category.

The gross value of slow moving products is depreciated at 5 % to 100 % as show below:

- Products without movement since more than 4 months < 7 months are depreciated at 5 % or 15%.

- Products without movement since more than 7 months < 11 months are depreciated at 15 % or 25%.

- Products without movement since more than 12 months are depreciated at 50 %.

- The damaged goods (reference 004) are depreciated at 100 %.

- The spare part are depreciated at 25%.

Customers receivables

Receivables are valued at their nominal value.

The provision for doubtful accounts is calculated case by case, depending on the estimated risk of non- recovery at the closing date.

Investment securities.

The marketable securities are recorded in the balance sheet at their acquisition cost.

An allowance is recognized when the market value is lower.

Receivables and payables in foreign currency

Receivables and payables in foreign currency are stated at their value on year end.

Any discrepancy resulting from the translation of assets in foreign currencies at the balance sheet rate are accounted in specific account "deviation of conversion".

A provision for exchanges losses is established for any losses unrealized.

Provision for risks and charges.

Retirement benefits.

The amount of retirement benefits was determined using actuarial method and is accounted in liabilities since this fiscal year.

2. Comparability of financial statement.

Position in the account statement reflects the activity of your company, over a period of 12 months, compared to the previous year.

3. Notes on the balance sheet.

3.1.ASSETS

ASSETS

Libellé ( montants €)	31/12/2019		Increases	Decreases	31/12/2020
	DNP	PPC
Intangible Fixed Assets	1.155.789	111301	2.708.308	-	3.975.398
Commercial Property	-		2.572.531	-	2.572.531
Research and development costs	1.045.375			-	1.045.375
Other intangible fixed assets	110.414	111301	135.777	-	357.492
Other intangible fixed assets	-			-	-
Tangible Fixed Assets	4.323.548	245.250	270.638	-	4.839.435
Industrial fixtures and equipment	-		-	-	-
General Installations, Fixtures	3.808.921	18.726	154.279	-	3.981.926
Transportation equipment	-	34.741	-	-	34.741
Office and Computer Equipment	248.502	191.783	76.524		516.808
Advance Payment	266.125		39.835		305.960
Financial Fixed Assets	6.540.444	33.883	8.250.092	2.219.759	12.604.660
Loans	-		-	-	-
SHARING BOX Interests + PIR	6.461.873	27.700	8.199.175	2.165.418	12.523.330
Other financial assets	78.571	6.183	50.917	54.341	81330
Total Fixed Assets	12.019.781	390.433	11.229.038	2.219.759	21.419.493

The goodwill comes from the technical mali noted within the framework of the TUP with the company PPC. Depreciation was recorded based on updated earnings forecasts related to this activity.

Financial assets corresponds to shares of Sharingbox and a deposit paid to the landlord of the premised occupied.

Other intangible assets represent costs incurred in connection with the provision to customer of some operating systems which the company remains the owner.

Amortization and depreciation for assets.

Libellé ( montants €)	31/12/2019		Increases	Decreases	31/12/2020
	DNP	PPC
Intangible Fixed Assets	1.084.825	49.616	1.614.942	-	2.749.383
Commercial Property	-		1501511	-	1501511
Research and development costs	996.623		39.861	-	1.036.484
Other intangible fixed assets	88.202	49.616	73.570	-	211.388
Other intangible fixed assets	-		-	-	-
Tangible Fixed Assets	3.605.421	234.315	304.241	-	4.143.977
Industrial fixtures and equipment	-		-	-	-
General Installations, Fixtures	3.384.753	15.802	273.536	-	3.674.091
Transportation equipment		34.518	223	-	34.741
Office and Computer Equipment	220.668	183.995	30.482	-	435.145
	-				-
Financial Fixed Assets		25.000	-	-	25.000
Total Amortization & Dpreciation	4.690.246	308.931	1.919.183	-	6.918.360

Financial Assets

SHARINGBOX (K€)	31/12/2020
Share Capital	3.589
Reserves
Profit and loss account brought forward	-2.683
Share of Capital held	100 %
Accounting Value	12.199
Turn Over	4.427
Result	-3.072

3.2. Receivables.

State maturities of others assets

Receivables	Gross value	Term
		less than 1 year	more than 1 year
Others financial assets	81330	81330
Receivables	17.005.153	6.950.157	10.054.997
Contentious account receivables	9.767.338	110.722	9.656.616
Doubtful account receivables			0
Trade receivable accounts	6.201.549	5.803.169	398.380
Personal	22.106	22.106	0
VAT	609.756	609.756	0
Other receivables	0	0
Prepaid Expenses	404.404	404.404	0
	110.596	110.596
Total Receivables	17.197.080	7.142.083	10.054.997

The litigation with Photostation (Générale de Téléphone) is always in process.

3.3 Marketable securities.

December 31, 2020, the market value of marketable securities is greater than the carrying value, no impairment has been recognized

3.4 Equity:

State on changes in equity

Libellé (montants € )	31/12/2019	Allocation of profit of FY closed 31/12/2018	Other variations	31/12/2020
Share Capital	2.408.000		-	2.408.000
Share Premium	2.595.059		-	2.595.059
Legal Reserve	240.800		-	240.800
Profit and loss account brought forward	30.045.844	4.080.433	-	34.126.277
Result of FY	4.080.433	(4.080.433)	(110.227)	(110.227)
SHAREHOLDERS EQUITY	39.370.136	-	(110.227)	39.259.909

Share capital

	Number of shares
Shares	31/12/19	Canceled	Created	31/12/2020	Nominal value ( euros)	Amount 31/12/2020 (euros)
Shares	150.500	0	0	150.500	16,00	2.408.000
Total	150.500	0	0	150.500	16,00	2.408.000

3.5 Provisions:

	31/12/2019		Write off
Libelle ( € )	DNP	PPC	Increasing	Allowances consumed	Non used allowances	31/12/2020
For Litigation	15.000		-	-	-	15.000
For guarantees given to customers	215.195				5.832	209.363
For risks (retirement allowance)	295.000		43.000	-	-	338.000
For loss on inventory	-		-		-	-
For loss on change currency	30.823		-	-	3.674	27.148
Total provision for risks.	556.018		43.000	-	9.506	589.511
Fixed asset depreciation	-	25.000	1.226.000			1251000
Dépréciation on inventory	729.024			-	249.999	479.025
Dépréciation on receivables	8.228.868	97.619	41.250	95.241	18.405	8.254.091
Dépréciation for another assets	-	232.011		-	-	232.011
Total Depreciations	8.957.892	354.630	1.267.250	95.241	268.404	10.216.127
GENERAL TOTAL	9.513.910	354.630	1.310.250	95.241	277.911	10.805.638
P & L Depreciation & write off			84.250	95.241	18.405
Depreciation & write off for financial account			-	-	3.674
Exeptional depreciation & write off			1.226.000	-	-

3.6 Liabilities :

3.6.1 State maturities for others liabilities

		repartition
Payables	Amount	under 1 year	1 year to 5 years	over 5 years
Financial liabilities	179.021	179.021	-	-
Operating liabilities	9.729.051	9.702.032	27.020	-
Trade account payables	5.358.789	5.331.769	27.020	-
Personal account	758.079	758.079	-	-
Social security account	753.974	753.974	-	-
VAT	37.795	37.795	-	-
Income Tax		-
Anothers taxes	50.164	50.164	-	-
Liabilities on assets	21020	21020	-	-
	1.980.781	1.980.781	-	-
Anothers liabilities	768.450	768.450
Income recorded in advance			-	-
	-	-	-	-
Total liabilities	9.908.072	9.881.053	27.020

3.6.2 Fees to pay

Fees to pay (€)	Amount
Financial debt
Another debt	1.761.672
Suppliers/Payables	601.714
Personal	1.139.017
Tax	20.941
Another costs	768.450
Total Fees to pay	2.530.121

4. Remarks regarding the result.

4.1 Turn over evolution

Turn Over K€	01/01/2020 31/12/2020	01/01/2019 31/12/2019
French activity	4.830	7.001
Outside activity	40.287	48.725
Services	1.077	447
Total Turn Over	46.195	56.172

4.2 Financial result:

Euros	Amount
Financial provision	3.674
Rebates - profit	(2.233)
Bank interest	-
Exchange Loss	(608.359)
Another financial charges	-
Financial profit on deposit	66.799
Exchange gain	117.003
Write off financial provision.
Financial result.	(423.116)

4.3 Exceptional result:

Euros	Amount
Exceptional operating profits	18.520
Exceptional operating charges	(14.472)
Others extraordinary income	268.877
Others extraordinary costs	(2.625)
Provision / Write off .	(1501511)
Exceptional result.	(1231211)

4.4 Analysis of income tax repartition:

Items	Result before Corporate tax	Theoritical Corporate Tax	Impact of loss carry forward	Corporate tax due
Operating Result	1.318.660	839.682	302.830	536852
Extraordinary Result	-1231211	-344.739		-344.739
Totaux	87.449	494.943	302.830	192.113

5. Another information

5.1 Unbooked engagement

NOTHING

5.2 Engagement allocated booked from FY 2020

Item	Amount
Indemnity for personal retirement	338.000 €
Total engagement allocated.	338.000 €

5.3 Tax Credit

In accordance with Article 244c F of the CGI, the amount of this tax credit represents 50% of the amounts paid for nursery places, ie 8.408 euros.

5.4 Loss Carry forward

Fiscal result for the company for 2020 represents 1.767.655 €.

At the end of FY 2020, following the approval decision from 24/06/2020 the amount of loss carry forward by Photopointcom ie € 1.081.537 has been taken into account.

5.4 Statement of persons

The repartition for employees:

Partition	31-déc.-20	31-déc.-19	31-déc.-18
Directors	1	1	1
White colar	29	22	22
Blue colar	22	21	22
Employee	7	0	0
TOTAL	59	44	45

5.5 Specific events subsequent to 12-31-2020

NOTHING

5.6 Amount of auditors fees for 2020

60.200.

5.7 Identity of the parent company consolidating the company's accounts

Global integration since 2007

Daï Nippon Printing Photo Imaging CO., LTD.

1-1-1, Ichigaya-Kagacho Shinjuku-ku

Tokyo 162-8001 Japan

5.8 OPERATIONS WITH THE COMPANY LINKED

Balance sheet extract		31/12/2020
Current assets
Receivables and another similar account		913.362
DNP Russie	872.472,00
DNP America	2.695,00
DNP Japon	37.679,00
DNP BV	517,00
Liabilities
Payables and another similar account		4.071.818
DNP Japan	1.312.864,00
DNP Asia	446.281,00
DNP BV	2.312.673,00
P & L €
Invoices from DNP Group		27.964.095
DNP Asia	3.486.613,00
DNP America	19.389,00
DNP BV	14.815.277,00
DNP Japon	9.642.816,00
Invoices to DNP Group		707.888
DNP Asia	-35.714,00
DNP America	178.193,00
DNP BV	11.762,40
DNP Russie	474.151,20

Statutory Auditors' report on the financial statements For the year ended 31 December 2020

DNP Photo Imaging Europe SAS

Le Raphaël - Paris Nord 2 - 95948 Roissy Charles de Gaulle Cedex

This report contains 19 pages

Reference : YD-MR-AN

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

DNP Photo Imaging Europe SAS

Registered office : Le Raphaël - Paris Nord 2 - 95948 Roissy Charles de Gaulle Cedex Share capital: €.2.408.000

Statutory Auditors' report on the financial statements

For the year ended 31 December 2020

To Sole Shareholder,

Opinion

In compliance with the engagement entrusted to us by your Sole Shareholder, we have audited the accompanying financial statements of DNP Photo Imaging Europe S.A.S for the year ended 31 December 2020.

In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 december 2020 and of the results of its operations for the year then ended in accordance with French accounting principles.

Basis for Opinion

Audit Framework

Our responsibilities under those standards are further described in the Statutory Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

Independence

Justification of Assessments

It is in this complex and evolving context that, in accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the following matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.

Financial asset, which are booked at €12,498,330 on financial statements , are valued at their acquisition cost and depreciated on the basis of their value in use according to the methods described in the note "Financial assets" in the appendix.

On the basis of the information provided to us, our work consisted in assessing the data on which these values in use are based, in particular to check the consistency of the assumptions used with the forecast data from the strategic plans drawn up by each of these activities under the control of the general management and to check the information provided in the notes.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French laws and regulations.

In accordance with the law, we have ensured that the various information relating to the acquisition of shareholdings and control and the identity of the holders of the capital or voting rights has been communicated to you in the management report.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The financial statements were approved by the President.

Statutory Auditor's Responsibilities for the Audit of the Financial Statements

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore:

	Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
	Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
	Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements.
	Assesses the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein.
	Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation.

Paris La Défense, on the 27 mai 2021

French original signed by

Yves Delmas

2e:T2c412,

DNP Photo Imaging Europe S.A.S. Zweigniederlassung Deutschland

Saarbrücken

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2019 bis zum 31.12.2019

DNP Photo Imaging Europe S.A.S.

Roissy Charles de Gaulle Cedex/Frankreich

Translation - For information purpose only

DNP PHOTO IMAGING EUROPE SAS,

A French Société par actions simplifiée with a share capital of EUR 2.408.000

Immeuble Le Raphael Paris Nord 2

95948 Roissy Charles de Gaulle Cedex

RCS Pontoise B 312 273 550

(the "Company")

MANAGEMENT REPORT FOR THE FINANCIAL YEAR ENDED ON DECEMBER 31, 2019

Dear sole shareholder,

I am honored to present you the annual report of the Company for the financial year ended on December 31, 2019.

1. Results, activity and position of the Company during the year

During the financial year ended on December 31, 2019, the turnover of the Company amounted to € 56,171,672, against a turnover of € 52,401,741 achieved for the previous financial year.

The turnover relating to the export activity represents an amount of € 48,724,640.

The operating result corresponds to a profit of € 4,685,738.

The financial result is a profit of € 237,896.

The exceptional result is a loss of € 34,522.

The amount of income tax is € 808,679.

A profit of € 4,080,433 has been achieved for the year ended December 31, 2019.

The DNP Group is the main provider of the Company.

The employees benefit for this financial year of incentive linked to the performance of the Company.

The dispute between the Company and the company Photo Station (merged with the company Company Générale de Téléphone) is still pending. However, all the sums due that have already been paid to DNP have been returned in January 2020 pending the outcome of an appeal.

A copy of the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes") of the financial statements for the year ended on December 31, 2019 were provided to you. All the information required by law concerning the assets, liabilities and results of the Company have been also provided.

2. Important events, likely developments and future prospects

The Company increased its activity of around 10 %.

Export sales amounted to € 48,724,640, compared to € 44,353,160 for the fiscal year ended December 31, 2018.

The management of the Company remains vigilant considering the economic situation.

The COVID 19 epidemic currently affecting the world started in 2020.

In France, health and economic measures to deal with this epidemic were taken in March 2020, the state of health emergency having entered into force on March 24, 2020.

This epidemic constitutes an event after the end of the financial year ended on December 31, 2019, the assets and liabilities, as well as the expenses and income mentioned respectively in the balance sheet and the income statement at December 31, 2019 are recognized and valued without taking into account of this event and its consequences.

Between December 31, 2019, and the date of closing of accounts:

- Our Company has implemented the following main actions, intended to ensure the continuity of its activities:

o The invoicing of its customers remains unchanged

o The recovery of debts is monitored very closely however with flexibility

o The supplier payments are honored with the same regularity.

- The main impacts of this crisis, which are difficult to quantify financially at the date of the accounts, concern the following areas:

o A potential drop in turnover during the confinement period and a posteriori due to the economic recession,

o A weakening of our customers which can cause more losses on bad debts,

The financial situation of our Company before the current crisis, combined with the measures implemented, both to ensure the continuity of our activities and to cushion the effects of this crisis, make it possible to ensure the continuity of operations of our Company.

3. Information on payment terms for suppliers:

In accordance with Articles L.441-14 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2019, the balance of the suppliers' debts by maturity date is as follow:

	Sommes Non échues	Sommes échues	1 a 30 jours	31 à 60 jours	61 à 90 jours	plus de 91 jours
31/12/2018	7.501.361	17.219				17.219
31/12/2019	7.724.031	36.252		14.567		21684
Number of Items		4

4. Information on payment terms for customers:

In accordance with Articles L.441-14 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2018, the balance of receivables by maturity date is as follow: :

	Sommes Non échues	Sommes échues	1 à 30 jours	31 à 60 jours	61 à 90 jours	plus de 91 jours
31/12/2019	7.909.914	1.055.028	679.374	60.111	5.648	309.895
Nbre Factures		49

5. Proposed allocation of earnings and various comments

We hereby propose you to allocate the yearly result of € 4,080,433 to the account "Retained Earnings" ("Report à nouveau"), whose credit balance would rise to € 34,126,277.

Pursuant to Article 223 quater and 223 quinques of French Tax Code, it is reported to you that nondeductible expenses amounted to € 53,275.

In addition, we remind you, in accordance with Article 243 bis of the French Tax Code, that no dividend has been distributed to the shareholder for the last three years.

6. Company activity in research and development

We inform you that the Company has engaged an amount of € 7,468 in research and development to improve the photo printing systems it sells. This amount appears in fixed assets.

7. Acquisition of subsidiaries and participation

DNP PIE acquired, in July 2019, the shares of the company Photo Point Com, which has been the subject of a merge, by a decision dated January 24 ^th, 2020.

8. Regulated agreements

With regard to the related parties' agreements, and in accordance with the provisions of the Articles L.227-10 and L.227-11 of the French Commercial Code, the Company's register of the decisions shall provide with a list of the agreements that (i) have been entered into directly or indirectly between the Company and any of its representatives or its sole shareholder and that (ii) are not relating to current operations concluded under normal conditions.

The Statutory Auditor reports on the performance of his engagement in his general mission.

At Roissy, on June 2, 2020

Roch Hollande, President

MINUTES OF THE DECISIONS

OF THE SOLE SHAREHOLDER DATED JUNE 2, 2020

THE YEAR TWO THOUSAND AND TWENTY,

On June 2,

At 10 a.m.,

•	Review of the management report of the President;
•	Review of the Report of the Company's statutory auditor;
•	Approval of the financial year ended on December 31, 2019 and discharge to the President;
•	Allocation of the result for the financial year ended on December 31, 2019;
•	Reappointment of the statutory auditor;
•	Review of the agreements referred to in Article L. 227-10 of the French Commercial Code;
•	Powers for formalities.

The Company's statutory auditor, duly convened, is absent and excused.

The Sole Shareholder acknowledges that the documents and information provided by law have been communicated or made available, at the head office, within the time provided by law including:

―	the bylaws of the Company;
―	the management report of the President;
―	the statutory auditors' report;
―	the text of the resolutions;
―	the accounts of the Company for the financial year ended on December 31, 2019.

FIRST DECISION

Approval of the annual accounts for the financial year ended December 31, 2019 and release to the President

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

approves the annual accounts for the financial year ended on December 31, 2019, that is to say the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes"), evidencing a profit of EUR 4,080,433 as well as the transactions reflected in these financial statements or summarized in these reports,

gives release to the President, Mr. Roch Hollande, for the performance of his duties during the considered financial year,

This decision is adopted by the Sole Shareholder.

SECOND DECISION

Allocation of the result for the financial year ended on December 31, 2019

The Sole Shareholder,

after review of the President's management report and of the Company's statutory auditor's report,

decides to allocate the profit for the financial year ended on December 31, 2019, amounting to EUR 4,080,433, to the account "Retained earnings" ("Report a nouveau"), which will therefore be increased up from EUR 30,045,844 to EUR 34,126,277,

reiterates that, in accordance with Article 243 bis of the French Tax Code, no dividends were distributed during the last three financial years,

This decision is adopted by the Sole Shareholder.

THIRD DECISION

Reappointment of the statutory auditor of the Company

The Sole Shareholder,

after review of the President's management report,

acknowledges that the functions of:

―	KPMG SA, 2 Avenue Gambetta, Tour Eqho, CS 60055, 92066 Paris La Defense Cedex, in its capacity as statutory auditor of the Company, and
―	Mr. Jean-Paul Vellutini, 1 Cours de Valmy 92923 Paris La Défense Cedex, in his capacity as deputy statutory auditor of the Company,

expire,

decides to reappoint KPMG SA as statutory auditor for a period of 6 financial years, until the approval of the financial year ending on December 31, 2025,

This decision is adopted by the Sole Shareholder.

FOURTH DECISION

Approval of the agreements covered by Article L. 227-10 of the French Commercial Code

The Sole Shareholder,

after review of the President's management report,

acknowledges that the agreements covered by Article L.227-10 of the French Commercial Code are mentioned in the Company's register of the decisions, pursuant to that Article,

acknowledges that no agreement covered by Article L.227-10 of the French Commercial Code has been entered into during the course of the financial year ended on December 31, 2019.

This decision is adopted by the Sole Shareholder.

FIFTH DECISION

Powers for formalities

The Sole Shareholder,

gives the bearer of an original, copy or extract of these to complete the formalities required by law.

This decision is adopted by the Sole Shareholder.

The minutes of the above decisions shall be prepared and signed by the representative of the Sole Shareholder.

Dai Nippon Printing Co., Ltd.

Mr. Yoshinari Kitajima

Certified correct translation

DNP PHOTO IMAGING EUROPE S.A.S.

Roch HOLLANDE, Président

BALANCE SHEET - ASSETS

Name of company

Current period length in months 12

Prior period in months 12

December 31 2019

Registered number

APE Code 4643Z

Prior period

N-1 ended

	Period N ended : d / m/ yy					d/m/yy
ASSETS	Gross amount		Depreciation or allowances		Net amt Year N	Net amt Year N-1
UNCALLED SUBSCRIBED CAPITAL (0)	AA
FIXED ASSETS
Intangible fixed assets
Start-up costs	AB		AC
Research and development costs	CX	1.045.375	CQ	996.623	48.752	149.996
Franchises, patents & similar assets	AF		AG		-	-
Goodwill (1)	AH		Al		-	-
Other intangible fixed assets	AJ	110.414	AK	88.202	22.212	6.236
Advance payments relating to intangibles	AL		AM		-	-
Tangible fixed assets
Land	AN		AO		-	-
Buildings	AP		AQ		-	-
Industrial fixtures and equipment	AR		AS		-	-
Other tangible fixed assets	AT	4.057.423	AU	3.605.421	452.002	390.400
Tangible fixed assets in progress	AV		AW		-	-
Advance payments on fixed assets	AX	266.125	AY		266.125	207.035
Financial fixed assets (2)
Investments under the equity method	CS		CT		-	-
Other investments in related companies	CU	6.461.873	CV		6.461.873	4.099.080
Loans to group and related companies	BB		BC		-	-
Other investments (trade)	BD		BE		-
Loans	BF		BG		-	-
Other financial assets	BH	78.571	BI		78.571	77.078
TOTAL (I)	BJ	12.019.781	BK	4.690.246	7.329.535	4.929.824
CURRENT ASSETS
Inventories
Raw material and supplies	BL		BM		-	-
Work in progress -goods	BN		BO		-	-
Work in progress -services	BP		BQ		-	-
Finished goods and by-products	BR		BS		-	-
Merchandise	BT	8.959.227	BU	729.024	8.230.203	7.686.976
Advances to suppliers	BV	-	BW		-	-
Receivables (3)
Trade receivable accounts	BX	9.188.725	BY	8.228.868	959.857	374.774
Sundry debtors (3)	BZ	318.080	CA	-	318.080	250.339
Unpaid called capital	CB		CC		-	-
Marketable securities	CD	10.287.998	CE		10.287.998	10.008.116
Available funds Cash and equivalents	CF	27.476.830	CG		27.476.830	23.390.617
PREPAYMENTS
Prepaid expenses (3)	CH	131.957	Cl		131.957	106.321
TOTAL (II)	CJ	56.362.817	CK	8.957.892	47.404.925	41.817.143
Deferred charges (III)	CL				-	-
Premiums on redemption of debentures (IV)	CM				-	-
Exchange rate difference - Assets (V)	CN	-			-	-
GRAND TOTAL (O+I+II+III+IV+V)	CO	68.382.598	1A	13.648.138	54.734.460	46.746.967
(1) Incl. leasehold rights of:
(2) Incl. amounts due within 1 year of:	CP
(3) Incl. amounts due after 1 year of:	CR
Assets held under recourse Fixed assets :		Stocks :			Debtors :	I

BALANCE SHEET - LIABILITIES (before allocation of profit)

		Net amount	Net amount
LIABILITIES		N	N-1
SHAREHOLDERS' FUNDS
Share capital (1) (of which paid up :)	DA	2.408.000	2.408.000
Share premiums (mergers, contributions)	DB	2.595.059	2.595.059
Revaluation reserves (2)	DC	-
Reserves (Retained earnings)
Legal reserve	DD	240.800	240.800
Statutory reserves	DE
Tax regulated reserves (3)(4)	DF
Other reserves	DG
Profit and loss account brought forward	DH	30.045.844	26.586.562
Result for the financial year (profit or loss)	DI	4.080.433	3.459.282
Investment grants	DJ
Special provision for tax purposes	DK
TOTAL (I)	DL	39.370.136	35.289.703
OTHER FUNDS
Proceeds from issuance of subordinated equity	DM
Advances subject to covenants	DN
TOTAL (II)	DO
PROVISIONS
Provisions for risks	DP	261.018	35.977
Provisions for future costs	DQ	295.000	256.000
TOTAL (III)	DR	556.018	291.977
LIABILITIES (5)
Financial liabilities
Convertible debenture loans	DS
Other debenture loans	DT
Borrowing from credit institutions (6)	DU
Other borrowings and loans (7)	DV	-	-
Customers' advances	DW	1.102.041	1.197.855
Operating liabilities
Trade accounts payable and related liabilities	DX	10.517.581	8.492.764
Taxes and social security debts	DY	1.738.431	1.297.939
Other liabilities
Liabilities related to fixed assets	DZ	35.690	20.536
Other creditors	EA	1.414.565	144.359
DEFERRED INCOME
Income recorded in advance (5)	EB
TOTAL(IV)	EC	14.808.307	11.153.452
Exchange rate differences - Liabilities (V)	ED	-	11.835
GENERAL TOTAL (I+II+III+IV+V)	EE	54.734.460	46.746.967
(1) Revaluation reserves capitalised	IB
(2) Details of three different types of statutory	IC
or voluntary revaluations	ID
	IE
(3) Of which long term capital gain reserves	EF
(4) Of which reserves relating to artistic works	EJ
(5) Amounts due within 1 year	EG	13.689.047	9.938.379
(6) Including current bank facilities and
overdrafts	EH
(7) Of which loans remunerated based on
future profits	EI

PROFIT AND LOSS ACCOUNT

				N	N-1	N-2
ERATING INCOME	FRANCE	EXPORT		TOTAL
Sales of purchased goods/merchandise	(FA)	FB	FC	55.725.138	51796424	59.175.206
Sales of manufactured goods	(FD)	FE	FF
Sales of services	(FG)	FH	FI	446.334	605.317	321.476
Net sales	(FJ)	FK	FL	56.171.672	52.401.741	59.496.682
Changes in stock of manufactured goods and work-in-progress			FM
Production of fixed assets capitalised			FN	261.889	231.702	219.247
Trading incentive grants			FO
Write-beck of depreciation, provisions and transferred charges			FP	324.668	670.880	1.464.508
Other income (1)			FQ	241	1.346	6.399
TOTAL OPERATING INCOME (2)		(I)	FR	56.758.471	53.305.668	61.186.836
ERATING EXPENSES
Purchases of goods			FS	42.777.506	37.727.804	47.570.348
Change in inventory of purchased goods			FT	- 625.191	2.126.122	- 1.582.199
Purchases of raw materials and supplies			FU
Change in inventory of raw materials and supplies			FV
Other purchases and expenses (3)			FW	4.485.560	4.590.958	4.944.002
Indirect taxes			FX	453.768	454.880	505.210
Wages end salaries			FY	3.115.551	3.066.049	3.168.475
Social security charges			FZ	1.111.408	1.123.303	1.068.230
Depreciation and provisions
On fixed assets: depreciation			GA	334.870	438.079	438.173
On fixed assets: provisions			GB
On current assets : provisions			GC	184.051	10.090	- 63.791
For risks and future costs			GD	233.698	56.497	37.000
Other expenses			GE	1.512	73422	289.398
TOTAL OPERATING EXPENSES (4)		(II)	GF	52.072.733	49.667.202	56.424.846
ERATING RESULT (I-II)			GG	4.685.738	3.638.466	4.761.990
are of joint venture operations :
fit attributed or loss transferred		(III)	GH
is attributed or profit transferred		(IV)	GI
NANCIAL INCOME
From shares in group companies (5)			GJ
From other investments (5)			GK
Interest and similar income (5)			GL	128.767	109.011	14.572
Write-back of provisions and charges transferred			GM
Foreign exchange gain			GN	816.168	12.280	491.076
Net profit an disposals of current financial investments			GO
TOTAL FINANCIAL INCOME		(V)	GP	944.935	121.290	505.648
NANCIAL EXPENSES
Provisions against financial assets			GQ	30.342	- 35.292	35.772
Interest payable and similar charges (6)			GR	2.750	13067	10.488
Foreign exchange loss			GS	673.946	- 149.900	1.079.885
Net losses on disposals of current financial investments			GT
TOTAL FINANCIAL EXPENSES		(VT)	GU	707.038	- 172.124	1.126.144
FINANCIAL INCOME/EXPENSES		(V-VJ)	GV	237.896	293.415	- 620.496
sult of ordinary operatiens before
porate tax on profit		(I+II+III+IV+V+VI)	GW	4.923.634	3.931.881	4.141.493

Explanatory notes ure on next page (DGI N° 2053)

			N	N-l	N-2
EXCEPTIONAL INCOME
On operating items		HA	115418	47.596	971.295
On capital items		HB	-	4.560	250
Write-back of provisions and charges transferred		HC	-	25.000
TOTAL EXCEPTIONAL INCOME	(VII)	HD	115.418	77.156	971.545
EXCEPTIONAL EXPENSES
On operating items		HE	149.808	69.349	462.025
On capital items:		HF	131	1.478	4.585
Provisions		HG
TOTAL EXCEPTIONAL EXPENSES	(VIII)	HH	149.940	70.827	1.466.610
NET EXCEPTIONAL RESULT	(VII-VIII)	HI	- 34 522	6.328	- 495.065
Employees' profit sharing plan	(LX)	HJ
Corporate income tax on profit	(X)	HK	808.679	478.928	507.007
Total income	(I-III+V+VII)	HL	57.818.823	53.504.114	62.664.029
Total expenses	(II+IV+VI+VIII+IX+X)	HM	53.738.390	50.044.832	59.524.607
PROFIT OR LOSS		HN	4.080.433	3.459.282	3.139.422
(1) Of which profit on long term transactions		HO
(2) Of which income - from properly rentals		HY
- relating to prior periods (8)		IG
(3) Of which charges relating to assets purchased under
leasing agreement • Other assets		HP	.	-
- Property		HQ
(4) Of which expenses relating to prior periods (8)		IH
(5) Of which income from associated companies		IJ
(6) Of which interest receivable from associated companies		IK
(6b) Of which donations made to organisations of general interest		HX
(7) Further detail should be given below of exceptional income or expenses
of FP 2052 PL	transfert
(8) Further detail of income and expenses relating to prior periods of FP 2052 PL	transfert		324.667	456.151	382.598

ANNEX to the financial statements at December 31 -2019

HIGHLIGHTS OF THE YEAR

DNP PIE acquired the shares of the event company PPC, based in Paris.

The amount of this participation represents € 2,162,793, including € 686,000 in earn-out.

Your company increased its export activity of around 10%.

The dispute between the company bodies of collective procedure Photo Station is still ongoing. However, all the amounts that had been previously paid to DNP had to be returned,pending the outcome of an appeal.

ACCOUNTING PRINCIPLES, METHODS OF EVALUATION, COMPARISONS OF ACCOUNTS

This appendix is an integral part of the financial statements for the 12-month period ended 31 December 2019: it includes additional information relating to the balance sheet and income statement.

1. Principles and valuation methods.

The annual accounts for the year ended 31 December 2019 has been prepared in accordance with the laws and regulations and generally accepted accounting principles.

. Continuity of operations,

. Consistency of accounting methods.

. Independence of exercises

The preparation of the annual financial statements complies with the regulations of ANC accounting standards n 2014-03.

The evaluation of accounting entries is made according to historical cost.

Intangible assets.

Intangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The research and development costs are amortized straight-line over 3 years.

Tangible assets

Tangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The amortization periods are the following:

Libelle	Amortization duration	Method
EDP Material	1 to 3 year	Linear
Fixed equipment	5 year	Linear
Office Furniture	5 to 10 year	Linear
Others tangible assets.	10 to 20 year	Linear

The main tangible assets included printing systems installed at DNP customers, DNP stays the owner. These equipments are amortized on 36 months.

Inventory

Stocks are valued using method of weighted average unit cost. The gross value of goods and supplies includes the purchase price and extra expenses.

For products purchased in foreign currency, the rate used is the one of the first day of the month.

The company has determined for the end of this fiscal year a provision for depreciation based on inventory turnover and the prospects of their flow according to their category.

The gross value of slow moving products is depreciated at 5 % to 100 % as show below:

―	Products without movement since more than 4 months < 7 months are depreciated at 5 % or 15%.
―	Products without movement since more than 7 months < 11 months are depreciated at 15 % or 25%.
―	Products without movement since more than 12 months are depreciated at 50 %.
―	The damaged goods (reference 004) are depreciated at 100 %.
―	The spare part are depreciated at 25%.

Customers receivables

Receivables are valued at their nominal value.

The provision for doubtful accounts is calculated case by case, depending on the estimated risk of non- recovery at the closing date.

Investment securities.

The marketable securities are recorded in the balance sheet at their acquisition cost.

An allowance is recognized when the market value is lower.

Receivables and payables in foreign currency

Receivables and payables in foreign currency are stated at their value on year end.

Any discrepancy resulting from the translation of assets in foreign currencies at the balance sheet rate are accounted in specific account "deviation of conversion".

A provision for exchanges losses is established for any losses unrealized.

Provision for risks and charges.

Retirement benefits.

The amount of retirement benefits was determined using actuarial method and is accounted in liabilities since this fiscal year.

2. Comparability of financial statement.

Position in the account statement reflects the activity of your company, over a period of 12 months, compared to the previous year.

3. Notes on the balance sheet.

3.1. ASSETS

ASSETS

Libellé ( montants €)	31/12/2018	Increases	Decreases	31/12/2019
Intangible Fixed Assets	1.125.718	30.072	-	1.155.789
Commercial Property	-	-	-	-
Research and development costs	1.037.907	7.468	-	1.045.375
Other intangible fixed assets	87.811	22.604	-	110.414
Other intangible fixed assets	-		-	-
Tangible Fixed Assets	3.987.546	359.924	23.922	4.323.548
Industrial fixtures and equipment	-	-	-	-
General Installations, Fixtures	3.541.525	267.397	-	3.808.921
Transportation equipment	-	-	-	-
Office and Computer Equipment	238.986	13.868	4.352	248.502
Advance Payment	207.035	78.660	19.570	266.125
Financial Fixed Assets	4.176.157	2.373.527	9.240	6.540.444
Loans	-	-	-	-
SHARING BOX Interests + PIR	4.099.080	2.362.793	-	6.461.873
Other financial assets	77.077	10.734	9.240	78.571
Total Fixed Assets	9.289.421	2.763.523	33.162	12.019.781

Financial assets corresponds to a deposit paid to the landlord of the premised occupied.

Other intangible assets represent costs incurred in connection with the provision to customer of some operating systems which the company remains the owner.

Amortization and depreciation for assets.

Libellé (montants €)	31/12/2018	Increases	Decreases	31/12/2019
Intangible Fixed Assets	969.486	115.339	-	1.084.825
Commercial Property	-	-	-	-
Research and development costs	887.911	108.711	-	996.623
Other intangible fixed assets	81.575	6.628	-	88.202
Other intangible fixed assets	-	-	-	-
Tangible Fixed Assets	3.390.112	219.531	4.221	3.605.421
Industrial fixtures and equipment	-	-	-	-
General Installations, Fixtures	3.189.184	195.568	-	3.384.753
Transportation equipment	-	-	-	-
Office and Computer Equipment	200.927	23.962	4.221	220.668
	-			-
Financial Fixed Assets	-	-	-	-
Total Amortization & Dpreciation	4.359.597	334.870	4.221	4.690.246

Financial Assets

SHARINGBOX (K€)	31/12/2019
Share Capital	3.589
Reserves
Profit and loss account brought forward	214
Share of Capital held	23.32%
Accounting Value	4.000
Turn Over	16.073
Result	708

PPC (K€)	31/12/2019
Share Capital	2
Share Premium	368
Reserves	7
Profit and loss account brought forward	86
Share of Capital held	100%
Accounting Value	2.163
Turn Over	2.656
Result	- 864

3.2. Receivables.

State maturities of others assets

Receivables	Gross value	Term
		less than 1 year	more than 1 year
Others financial assets	78.571	78.571
Receivables	9.506.805	9.410.461	96.344
Contentious account receivables	130.427	73.624	56.802
Doubtful account receivables	35.474		35.474
Trade receivable accounts	9.022.825	9.018.757	4.068
Personal	22.330	22.330	0
VAT	65.037	65.037	0
Other receivables	120.830	120.830
Prepaid Expenses	109.883	109.883	0
	131957	131.957
Total Receivables	9.717.333	9.620.989	96.344

The litigation with Photostation (Générale de Téléphone) is always in process.

3.3 Marketable securities.

December 31, 2019, the market value of marketable securities is greater than the carrying value, no impairment has been recognized.

3.4 Equity:

State on changes in equity

Libellé (montants € )	31/12/2018	Allocation of profit of FY closed 31/12/2018	Other variations	31/12/2019
Share Capital
Share Premium	2.408.000		-	2.408.000
Legal Reserve	2.595.059		-	2.595.059
Profit and loss account brought forward	240.800		-	240.800
Result of FY	26.586.562	3.459.282	-	30.045.844
	3.459.282	(3.459.282)	4.080.433	4.080.433
SHAREHOLDERS EQUITY	35.289.703	-	4.080.433	39.370.136

Share capital

	Number of shares
Shares	31/12/18	Canceled	Created	31/12/2019	Nominal value ( euros)	Amount 31/12/179 (euros)
Shares	150.500	0	0	150.500	16,00	2.408.000
Total	150.500	0	0	150.500	16,00	2.408.000

3.5 Provisions:

			Write off
Libelle ( € )	31/12/2018	Increasing	Allowances consumed	Non used allowances	31/12/2019
For Litigation	15.000	-	-	-	15.000
For guarantees given to customers	20.497	194.698			215.195
For risks (retirement allowance)	256.000	39.000	-	-	295.000
For loss on inventory	-	-		-	-
For loss on change currency	480	30.342	-	-	30.823
Total provision for risks.	291.977	264.040	-	-	556.018
	-				-
Dépréciation on inventory	647.060	81964	-	-	729.024
Dépréciation on receivables	8.126.782	102.087		-	8.228.868
Dépréciation for another assets	-		-	-	-
Total Depreciations	8.773.842	184.051	-	-	8.957.892
GENERAL TOTAL	9.065.819	448.091	-	-	9.513.910
P & L Depreciation & write off		417.749
Depreciation & write off for financial account		30.342
Exeptional depreciation & write off	-	-

3.6 Liabilities :

3.6.1 State maturities for others liabilities

		repartition
Payables	Amount	under 1 year	1 year to 5 years	over 5 years
Financial liabilities	-	-	-	-
Operating liabilities	13.706.266	13.689.047	17.219	-
Trade account payables	10.517.581	10.500.362	17.219	-
Personal account	856.957	856.957	-	-
Social security account	394.128	394.128	-	-
VAT	129.932	129.932	-	-
Income Tax	322.640	322.640
Anothers taxes	34.775	34.775	-	-
Liabilities on assets	35.690	35.690	-	-
	686.000	686.000	-	-
Anothers liabilities	728.565	728.565
Income recorded in advance			-	-
	-	-	-	-
Total liabilities	13.706.266	13.689.047	17.219

3.6.2 Fees to pay

Fees to pay (€)	Amount
Financial debt
Another debt	3.855.643
Suppliers/Payables	2.753.988
Personal	1.087.728
Tax	13.928
Another costs	728.565
Total Fees to pay	4.584.209

4. Remarks regarding the result.

4.1 Turn over evolution

Turn Over K€	01/01/2019 31/12/2019	01/01/2018 31/12/2018
French activity	7.001	7.443
Outside activity	48.725	44.353
Services	447	605
Total Turn Over	56.172	52.402

4.2 Financial result:

Financial provision	(30.342)
Rebates - profit	(2.750)
Bank interest	-
Exchange Loss	(673.946)
Another financial charges	-
Financial profit on deposit	128.766
Exchange gain	816.168
Write off financial provision.
	-
Financial result.	237.896

4.3 Exceptional result:

Euros	Amount
Exceptional operating profits	115.418
Exceptional operating charges	(149.808)
Others extraordinary income	-
Others extraordinary costs	(131)
Provision / Write off.	-
Exceptional result.	(34.522)

4.4 Analysis of income tax repartition:

Items	Result before Corporate tax	Theoritical Corporate Tax	Impact of loss carry forward	Corporate tax due
Operating Result	4.923.634	1.592.625	779.278	813.347
Extraordinary Result	-34.522	-10.701		-10.701
Totaux	4.889.112	1.581.924	779.278	802.646

5. Another information

5.1 Unbooked engagement

NOTHING

5.2 Engagement allocated booked from FY 2019

Item	Amount
Indemnity for personal retirement	295.000 €
Total engagement allocated.	295.000 €

5.3 Tax Credit

DNP receives a family tax credit, related to expenses of payments for reservation of places in nursery for the benefit of employees who must pay childcare expenses for children under 3 years of age.

In accordance with Article 244c F of the CGI, the amount of this tax credit represents 50% of the amounts paid for nursery places, ie 11.572 euros.

5.4 Loss Carry forward

Fiscal result for the company for 2019 represents 5.102.985 €.

At the end of FY 2019, the remaining amount for loss carry forward is totally consumed.

5.4 Statement of persons

The repartition for employees:

Partition	31-déc.-19	31-déc.-18	31-déc.-17
Directors	1	1	1
White colar	22	22	23
Blue colar	21	22	21
Employee	0	0	1
TOTAL	44	45	46

5.5 Specific events subsequent to 12-31-2019

The merge with PPC company will take place on 1st of January 2020.

Following Générale de Télephone's appeal, the sums collected at the end of 2018, in the Photostation dispute, were returned up to 10,568 106.99 euros, at the beginning of February 2020.

The COVID 19 epidemic currently affecting the world started in 2020.

In France, health and economic measures to deal with this epidemic were taken in March 2020, the state of health emergency having entered into force on March 24, 2020.

Between December 31, 2019, and the date of closing of accounts:

- Our company has implemented the following main actions, intended to ensure the continuity of its activities:

o The invoicing of its customers remains unchanged

o The recovery of debts is monitored very closely however with flexibility

o The supplier payments are honored with the same regularity.

- The main impacts of this crisis, which are difficult to quantify financially at the date of the accounts, concern the following areas:

o A potential drop in turnover during the confinement period and a posteriori due to the economic recession,

• A weakening of our customers which can cause more losses on bad debts,

5.6 Amount of auditors fees for 2019

65.300 € including transformation fees for € 5.300.

5.7 Identity of the parent company consolidating the company's accounts

Global integration since 2007

DAÏ NIPPON PRINTING PHOTO IMAGING CO., LTD.

1-1-1, Ichigaya-Kagacho Shinjuku-ku

Tokyo 162-8001 Japan

5.8 OPERATIONS WITH THE COMPANY LINKED

	31/12/2019
Balance sheet extract
Current assets
Receivables and another similar account	37.238
Liabilities
Payables and another similar account	5.468.660
P & L €
Invoices from DNP Group	28.385.374
Invoices to DNP Group	1.018.719

DNP Photo Imaging Europe SAS

Statutory Auditors' report on the financial statements

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

DNP Photo Imaging Europe SAS

Registered office: Le Raphaël - Paris Nord 2 - 95948 Roissy Charles de Gaulle Cedex

Share capital: €.2.408.000

Statutory Auditors' report on the financial statements

For the year ended 31 December 2019

To Sole Shareholder,

Opinion

In compliance with the engagement entrusted to us by your Solde Shareholder, we have audited the accompanying financial statements of DNP Photo Imaging Europe S.A.S for the year ended 31 December 2019.

These financial statements were approved by the President on the 19 ^th of May 2020 based on the information available at that date and in the evolving context of the Covid-19 pandemic.

In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2019 and of the results of its operations for the year then ended in accordance with French accounting principles.

Basis for Opinion

Audit Framework

Our responsibilities under those standards are further described in the Statutory Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

Independence

We conducted our audit engagement in compliance with independence rules applicable to us, for the period from 1st January 2019 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in the French Code of ethics (code de déontologie) for statutory auditors.

Justification of Assessments

In accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you that matters that, in our professional judgment, were of most significance in our audit to accounting principles applied reasonableness of significant estimates.

These matters were addressed in the context of our audit of the financial statements as a whole, approved in the context described above, and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French laws and regulations.

We attest the fair presentation and the consistency with the financial statements of the information relating to payment terms, required under Article D.441-4 of the French Commercial Code (Code de commerce).

In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interrests has been properly disclosed in the management report.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The financial statements were approved by the president.

Statutory Auditor's Responsibilities for the Audit of the Financial Statements

As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore:

―	Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
―	Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
―	Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements.
―	Assesses the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein.
―	Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation.

Paris La Défense, on the 20 mai 2020

French original signed by

Yves Delmas

2f:T2c430,

DNP Photo Imaging Europe S.A.S. Zweigniederlassung Deutschland

Saarbrücken

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2018 bis zum 31.12.2018

DNP Photo Imaging Europe S.A.S.

Roissy Charles de Gaulle Cedex/Frankreich

DNP PHOTO IMAGING EUROPE SAS

A French Société par actions simplifiée with a share capital of EUR 2 408 000 Immeuble Le Raphael Pans Nord 2 95948 Roissy Charles de Gaulle Cedex RCS Pontoise B312273550 (the "Company")

MANAGEMENT REPORT FOR THE FINANCIAL YEAR ENDED ON DECEMBER 31,2018

Dear sole shareholder,

I am honored to present you the annual report of the Company for the financial year ended on December 31, 2018.

1. Results, activity and position of the Company during the year

During the financial year ended on December 31, 2018, the turnover of the Company amounted to € 52,401,741, against a turnover of € 59,496,682 achieved for the previous financial year.

The turnover relating to the export activity represents an amount of € 44,353,160.

The operating result corresponds to a profit of € 3,638,466.

The financial result is a loss of € 293,415.

The exceptional result is a profit of € 6,328.

The amount of income tax is € 478,928.

A profit of € 3,459,282 has been achieved for the year ended December 31, 2018.

The DNP Group is the main provider of the Company.

The employees benefit for this financial year of incentive linked to the performance of the Company.

The dispute between the Company and the company Photo Station (merged with the company "Company Générale de Téléphone") is still pending. DNP has received all amounts due, however Company Générale de Téléphone has appealed the judgment ordering the payment.

A copy of the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes") of the financial statements for the year ended on December 31, 2018 were provided to you. All the information required by law concerning the assets, liabilities and results of the company have been also provided.

2. Important events, likely developments and future prospects

The Company decreased its export activity of around 14 %.

Export sales amounted to € 44,353,160, compared to € 51,674,281 for the fiscal year ended December 31, 2018.

The management of the Company remains vigilant considering the economic situation.

3. Information on payment terms for suppliers

In accordance with Articles L.441-6-1 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2016, the balance of the suppliers' debts by maturity date is as follow:

	Unmatured amounts	Matured amounts	1 to 30 days	31 to 60 days	61 to 90 days	More than 91 days
31/12/2017	9.614.113	80.213	55.400			24.813
31/12/2018	7.501.361	17.219				17.219
Number of items		2

4. Information on payment terms for customers

In accordance with Articles L.441-6-1 and D. 441-4 of the French Commercial Code, we inform you that at the end of the financial year ended on December 31, 2018, the balance of receivables by maturity date is as follow:

	Unmatured amounts	Matured amounts	1 to 30 days	31 to 60 days	61 to 90 days	More than 91 days
31/12/2018	6.617.747	1.705.434	1.190.259	497.095	2.994	15.086
Number of items		101

1. Delegation of authority to the President, in accordance with the provisions of Articles L. 225-129-6 and L. 225-138-1 of the French Commercial Code, to increase in one or several steps, the share capital of the Company of a maximum amount of 72,240 euros, reserved to the employees being members of a company saving plan with cancellation of the preferential subscription right granted to the sole shareholder in favor of such employees

Pursuant to the provisions of Articles L. 225-129-6 and L. 225-138-1 of the French Commercial Code and Article L. 3332-1 of the French Labour Code, we propose you to delegate to the President the powers to proceed with a share capital increase of a maximum amount of 72,240 euros, in one or several steps, through the issuance of new ordinary shares reserved, directly or through a corporate mutual fund, granted to tire employees of the Company being members of a saving plan ("Plan d'épargne Entreprise") as provided in Articles L.3332-1 et seq. of the French Labour Code, and to the employees of any companies which are affiliates of the Company within the meaning of Article L.225-180 of the French Commercial Code (the "Employees of the Group").

We propose to cancel accordingly the preferential subscription right granted to the sole shareholder pursuant to Article L. 225-132 of the French Commercial Code, and to reserve the subscription of such issued shares to the Employees of the Group.

The validity of such delegation would be set at eighteen (18) months as from the date of the decision.

The maximum nominal amount of the ordinary shares that may be issued would be fixed to 72.240 euros.

The issuance price per share should be determined by the President in accordance with Article L. 3332-20 of the French Labour Code.

However, given the profit sharing mechanisms already implemented by the Company, we recommend you not to adopt this resolution.

2. Proposed allocation of earnings and various comments

We hereby propose you to allocate the yearly result of € 3.459.282 to the account "Retained Earnings" ("Report a nouveau"), which would amount to € 30,.45.844.

Pursuant to Article 223 quater and 223 quinquies of French Tax Code, it is reported to you that nondeductible expenses amounted to € 64,778.

In addition, we remind you, in accordance with Article 243 of the French Tax Code, that no dividend has been distributed to the shareholder for the last three years.

3. Company's activity in research and development

We inform you that the Company has engaged an amount of € 20,984 in research and development to improve the photo printing systems it sells. This amount appears in fixed assets.

4. Acquisition of subsidiaries and participation

In October 2018, DNP PIE set up a subsidiary, DNP Photo Imaging Russia in Moscow, of which it holds 99% of the capital. The remaining 1% of the capital is held by DNP Photo Imaging Europe BV, which belongs to the Company's group.

5. Regulated agreements

No agreement referred to in Article L. 227-10 of the French Commercial Code has been entered into by the Company during the financial year ended on December 31, 2018.

The Statutory Auditor reports on the performance of his engagement in his general mission.

At Roissy, on 2019

Roch Hollande, President

MINUTES OF THE DECISIONS OF THE SOLE SHAREHOLDER DATED JUNE 21,2019

THE YEAR TWO THOUSAND AND NINETEEN,

On June 21,

At 11 AM,

•	Review of the management report of the President;
•	Review of the Report of the Company's statutory auditor;
•	Approval of the financial year ended on December 31,2018 and discharge to the President;
•	Delegation of authority to the President, in accordance with the provisions of Articles L. 225- 129-6 and L. 225-138-1 of the French Commercial Code, to increase in one or several steps, the share capital of the Company of a maximum amount of EUR 72,240 reserved to the employees with cancellation of the preferential subscription right granted to the Sole Shareholder in favor of the employees;
•	Allocation of the result for the financial year ended on December 31, 2018;
•	Review of the agreements referred to in Article L. 227-10 of the French Commercial Code;
•	Powers for formalities;

The Company's statutory auditor, duly convened, is absent and excused.

The Sole Shareholder acknowledges that the documents and information provided by law have been communicated or made available, at the head office, within the time provided by law including:

―	The bylaws of the Company;
―	The management report of the President;
―	The statutory auditors' report;
―	The text of the resolutions ;
―	The accounts of the Company for the financial year ended on December 31, 2018.

FIRST DECISION

Approval of the annual accounts for the financial year ended December 31, 2018 and release to the President

The Sole Shareholder,

After review of the President's management report and of the Company's statutory auditor's report,

approves the annual accounts for the financial year ended on December 31, 2018, that is to say the balance sheet ("Bilan"), results ("compte de résultat") and schedules ("annexes"), evidencing a profit of EUR 3,459,282, as well as the transactions reflected in these financial statements or summarized in these reports,

gives release to the President, Mr. Roch Hollande, for the performance of his duties during the considered financial year,

This decision is adopted by the Sole Shareholder.

SECOND DECISION

Allocation of the result for the financial year ended on December 31, 2018

The Sole Shareholder,

After review of the President's management report and of the Company's statutory auditor's report,

decides to allocate the profit for the financial year ended on December 31, 2018, amounting to EUR 3,459,282, to the account "Retained earnings" ("Report à nouveau"), which will therefore be increased up from EUR 26,586,562 to EUR 30,045,844,

reiterates that, in accordance with Article 243 bis of the French Tax Code, no dividends were distributed during the last three financial years,

This decision is adopted by the Sole Shareholder.

THIRD DECISION

Approval of the agreements covered by Article L. 227-10 of the French Commercial Code

The Sole Shareholder,

After review of the President's management report,

acknowledges the conclusions of the President's management report, which states that no agreement covered by Article L.227-10 of the French Commercial Code has been entered into during the course of the financial year ended on December 31,2018.

This decision is adopted by the Sole Shareholder.

FOURTH DECISION

Delegation of authority to the President, in accordance with the provisions of Articles L. 225- 129-6 and L. 225-138-1 of the Commercial Code, to increase in one or several steps, the share capital of the Company of a maximum amount of EUR 72.240 reserved to the employees with cancellation of the sole shareholder's preferential subscription rights in favor of the employees

The Sole Shareholder,

After review of the President's report,

in accordance with Articles L 225-129-6 and L 225-138-1 of the French Commercial Code and with article L 3332-18 of the French Labor code,

decides to delegate to the President the powers to proceed with a share capital increase of a maximum amount of EUR 72,240, in one or several steps, by issuance of new ordinary shares reserved, directly or through a corporate mutual fund, to the members of a savings plan ("plan d'épargne entreprise") as provided in Articles L.3332-1 et seq. of the French Labour Code, to the employees of the Company and companies which are affiliates of the Company within the meaning of Article L.225-180 of the French Commercial Code (the "Group Employees").

decides to cancel the preferential subscription rights granted to the Sole Shareholder pursuant to Article L.225-132 of the French Commercial Code and to reserve the subscription of the new ordinary shares to the Group employees,

fixes at eighteen (18) months from this decision, the term of the delegation,

decides to set the maximum amount of the ordinary shares that may be issued to EUR 72,240;

decides that the issued price per new ordinary share will be determined by the President pursuant to the provisions of Article L. 3332-20 of the French Labour Code.

This decision is rejected by the Sole Shareholder.

FIFTH DECISION

Powers for formalities

The Sole Shareholder,

gives the bearer of an original, copy or extract of these to complete the formalities required by law.

This decision is adopted by the Sole Shareholder,

The minutes of the above decisions shall be prepared and signed by the representative of the Sole Shareholder.

Dai Nippon Printing Co., Ltd.

Mr. Yoshinari Kitajima

Certifies correct translation

DNP PHOTO IMAGING EUROPE S.A.S.

ZI Paris Nord 2 - BP 51077 - Villepinte

22 Avenue des Nations - Imm. Raphaël

95948 ROISSY CDG CEDEX - FRANCE

Tél. 01 49 38 65 50 - Fax 01 48 63 80 69

RC8 312 273 550 - APE 4643Z

Roch Hollande, President

DNP PHOTO IMAGING EUROPE

SAS

Au capital de 2 408 MO EUR

Le Raphael - Paris Nord 2

B.P. 50077

95948 - ROISSY CHARLES DE GAULLE CEDEX

Code SIRET N° 312 273 5S0 00102

Code NAF N° 5148

DOSSIER COMPTABLE ANNUEL

Exercice du 01/01/2018 au 31/12/2018

BALANCE SHEET - ASSETS

DGI N°2050

Current period length in months	12
Prior period in months	12

Name of company

December 31 2018

Registered number

APE Code

4643Z

Prior period

N-1 ended

	Period N ended : d / m/ yy					d/m/yy
ASSETS	Gross amount		Depreciation or allowances		Net amt Year N	Net amt Year N-1
UNCALLED SUBSCRIBED CAPITAL (0)	AA
FIXED ASSETS
Intangible fixed assets
Start-up costs	AB		AC
Research and development costs	CX	1.037.907	CQ	887.911	149.996	301.622
Franchises, patents & similar assets	AF		AG		-	-
Goodwill (1)	AH		Al		-	-
Other intangible fixed assets	AJ	87.810	AK	81.575	6.236	6.204
Advance payments relating to intangibles	AL		AM		-	-
Tangible fixed assets
Land	AN		AO		-	-
Buildings	AP		AQ		-	-
Industrial fixtures and equipment	AR		AS		-	-
Other tangible fixed assets	AT	3.780.511	AU	3.390.112	390.400	388.420
Tangible fixed assets in progress	AV		AW		-	-
Advance payments on fixed assets	AX	207.035	AY		207.035	182.575
Financial fixed assets (2)
Investments under the equity method	CS		CT	\|	-	-
Other investments in related companies	CU	4.099.080	CV		4.099.080	4.000.080
Loans to group and related companies	BB		BC		-	-
Other investments (trade)	BD		BE
Loans	BF		BG		-	-
Other financial assets	BH	77.078	Bl		77.078	81.141
TOTAL (I)	BJ	9.289.421	BK	4.359.597	4.929.824	4.960.044
CURRENT ASSETS
Inventories
Raw material and supplies	BL		BM		-	-
Work in progress -goods	BN		BO		-	-
Work in progress -services	BP		BQ		-	-
Finished goods and by-products	BR		BS		-	-
Merchandise	BT	8.334.036	BU	647.060	7.686.976	9.673.357
Advances to suppliers	BV	-	BW		-	71.190
Receivables (3)
Trade receivable accounts	BX	8.501.556	BY	8.126.782	374.774	10.296.645
Sundry debtors (3)	BZ	250.339	CA	-	250.339	648.990
Unpaid called capital	CB		CC		-	-
Marketable securities	CD	10.008.116	CE		10.008.116	9.935.135
Available funds Cash and equivalents	CF	23.390.617	CG		23.390.617	12.155.804
PREPAYMENTS
Prepaid expenses (3)	CH	106.321	CI		106.321	112.926
TOTAL (II)	CJ	50 590 985	CK	8.773.842	41.817.143	42.894.048
Deferred charges (III)	CL				-	-
Premiums on redemption of debentures (IV)	CM				-	-
Exchange rate difference - Assets (V)	CN	-			-	-
GRAND TOTAL (0+I+II+III+IV+V)	CO	59.880.406	1A	13.133.439	46.746.967	47.854.092
(1) Incl. leasehold rights of:
(2) Incl. amounts due within 1 year of:	CP
(3) Incl. amounts due after 1 year of:	CR
Assets held under recourse Fixed assets :		Stocks :			Debtors:

BALANCE SHEET - LIABILITIES (before allocation of profit)

Name of company DNP PHOTO IMAGING France SAS

DGIN°2051

		Net amount	Net amount
LIABILITIES		N	N-1
SHAREHOLDERS' FUNDS
Share capital (1) (of which paid up : )	DA	2.408.000	2.408.000
Share premiums (mergers, contributions)	DB	2.595.059	2.595.059
Revaluation reserves (2)	DC
Reserves (Retained earnings)
Legal reserve	DD	240.800	240.800
Statutory reserves	DE
Tax regulated reserves (3) (4)	DF
Other reserves	DG
Profit and loss account brought forward	DH	26.586.562	23.447.140
Result for the financial year (profit or loss)	DI	3.459.282	3.139.422
Investment grants	DJ
Special provision for tax purposes	DK
TOTAL (I)	DL	35.289.703	31.830.421
OTHER FUNDS
Proceeds from issuance of subordinated equity	DM
Advances subject to covenants	DN
TOTAL (II)	DO
PROVISIONS
Provisions for risks	DP	35.977	75.772
Provisions for future costs	DQ	256.000	220.000
TOTAL (III)	DR	291.977	295.772
LIABILITIES (5)
Financial liabilities
Convertible debenture loans	DS
Other debenture loans	DT
Borrowing from credit institutions (6)	DU
Other borrowings and loans (7)	DV	-	-
Customers' advances	DW	1.197.855	204.769
Operating liabilities
Trade accounts payable and related liabilities	DX	8.492.764	12.196.670
Taxes and social security debts	DY	1.297.939	3.002.237
Other liabilities
Liabilities related to fixed assets	DZ	20.536	71.662
Other creditors	EA	144.359	252.561
DEFERRED INCOME
Income recorded in advance (5)	EB
TOTAL(IV)	EC	11.153 452	15.727.899
Exchange rate differences - Liabilities (V)	ED	11.835
GENERAL TOTAL (I+II+III+IV+V)	EE	46.746.967	47.854.092
(1) Revaluation reserves capitalised	1B
(2) Details of three different types of statutory	IC
or voluntary revaluations	ID
	IE
(3) Of which long term capital gain reserves	EF
(4) Of which reserves relating to artistic works	EJ
(5) Amounts due within 1 year	EG	9.938.379	15.496.217
(6) Including current bank facilities and overdrafts	EH
(7) Of which loans remunerated based on future profits	EI

DGI N 2052

PROFIT AND LOSS ACCOUNT

Name of company DNP PHOTO IMAGING France SAS

	N				N-1	N-2
ERATING INCOM£	FRANCE	EXPORT	TOTAL
Sales of purchased goods/merchandise	(FA)	FB	FC	31.796.424	59.375.206	52.509.726
Sales of manufactured goods	(FD)	FE	FF
Sales of services	(FG)	FH	FT	603.317	321.476	1.042.226
Net sales	(FJ)	FK	FL	52.401.741	59.496.682	53.551.951
Changes in stock of manufactured goods and work-in-progress			FM
Production of fixed assets capitalised			FN	231.702	219.247	221.292
Trading incentive grants			FO
Write-back of depreciation, provisions and transferred charge			FP	670.880	464.508	809.613
Other income (I)			FQ	346	6.399	15.523
TOTAL OPERATING INCOME (2)		(I)	FR	53.305.668	61.186 836	54.598.380
ERATING EXPENSES
Purchases of goods			FS	37.727.804	47.570 348	39.732. 381
Change in inventory of purchased goods			FT	2.126.122	-1.582.199	1.220.041
Purchases of raw materials and supplies			FU
Change in inventory of raw materials and supplies			FV
Other purchases and expenses (3)			FW	4.590.958	4.944.002	5.336.281
Indirect taxes			FX	454.880	505.210	430.890
Wages and salaries			FY	3.066.049	3.168.475	2.901.058
Social security charges			FZ	123.303	1.068.230	1.047.549
Depreciation and provisions
On fixed assets: depreciation			GA	438.079	488.173	769.339
On fixed assets : provisions			GB
On current assets : provisions			GC	10.090	63.791	469.514
For risks and future costs			D	36.497	37.000	34.000
Other expenses			GE	73 422	289.398	107.992
TOTAL OPERATING EXPENSES (4)		(II)	GF	49.667 202	56.424.846	52.049.039
ERATING RESULT (I-II)			GG	3.638.466	4.761.990	2.549.340
are of joint venture operations :
fit attributed or loss transferred		(III)	GH
attributed or profit transferred		(IV)	GI
FINANCIAL INCOME
From shares in group companies (5)			GJ
From other investments (5)			GK
Interest and similar income (5)			GL	109.011	14.572	34.018
Write-back of provisions and charges transferred			GM
Foreign exchange gain			GN	12.280	491.076	628.669
Net profit on disposals of current financial investments			GO
TOTAL FINANCIAL INCOME		(V)	GP	121.290	505.648	662.688
FINANCIAL EXPENSES
Provisions against financial assets			GQ	- 35.292	35.772	-18.500
Interest payable and similar charges (6)			GR	13.067	10.488	4.808
Foreign exchange loss			GS	-149.900	1.079.885	974.368
Net losses on disposals of current financial investments			GT
TOTAL FINANCIAL EXPENSES		(VI)	GU	-172.124	1.126.144	960.676
T FINANCIAL IMCOME/EXPENSES		(V-VI)	GV	293.415	620.496	297.988	1.631.792
suit of ordinary operations before
porate tax on profit		I-II+III-IV+V-VI)	GW	3.931.881	4 141 493	4.464.001

Explanatory notes are on next page (DGI No 2053)

Name of company _DNP PHOTO IMAGING France SAS

			N	N-1	N-2
EXCEPTIONAL INCOME
On operating items		HA	47.596	971.295	148.624
On capital items		HB	4.560	250	2
Write-back of provisions and charges transferred		HC	25.000
TOTAL EXCEPTIONAL INCOME	(VII)	HD	77.156	971.545	148.626
EXCEPTIONAL EXPENSES
On operating items		HE	69.349	1.462.025	200.812
On. capital items		HF	1.478	4.585	432
Provisions		HG
TOTAL EXCEPTIONAL EXPENSES	(VIII)	HH	70.827	1.446.610	201.245
NET EXCEPTIONAL RESULT	(VII-VIII)	HI	6.328	- 495.065	- 52.619
Employees' profit sharing plan	(IX)	HJ
Corporate income tax on profit	(x)	HK	478.928	507.007	225.791
Total income	(I+III+V+VII)	HL	53.504.114	54.398.504	61.841.110
Total expenses	(II+IV+VI+VIII+IX+X)	HM	50.044.832	51.468.694	57.978.026
PROFIT OR LOSS		HN	3.459.282	2.929.810	3.863.084

(1) Of which profit on long term transactions	HO
(2) Of which income - from property rentals	HY
- relating to prior periods (8)	G
(3) Of which charges relating to assets purchased under
leasing agreement - Other assets	HP	-
- Property	HQ
(4) Of which expenses relating to prior periods (8)	IH
(5) Of which income from associated companies	IJ
(6) Of which interest receivable from associated companies	K
(6b) Of which donations made to organisations of general interest	HX
(7) Further detail should be given below of exceptional income or expenses
cf FP 2052 PL transfert
(8) Further detail of income and expenses relating to prior periods
cf FP 2052 PL transfer		456.151	382.598	572.044

ANNEX to the financial statements at December 31 -2018

HIGHLIGHTS OF THE YEAR

DNP has created a subsidiary in Russia of which it owns 99% of shareholder's capital, the remaining 1% is held by DNP IEU. The amount of this particiaption represents 99 000 euros.

Your company decreased its export activity of around 14%.

The dispute between the company bodies of collective procedure Photo Station is still ongoing. However, this latter were forced to pay DNP the full amount due, pending the outcome of the appeal proceeding.

ACCOUNTING PRINCIPLES, METHODS OF EVALUATION, COMPARISONS OF ACCOUNTS

This appendix is an integral part of the financial statements for the 12-month period ended 31 December 2018: it includes additional information relating to the balance sheet and income statement.

1. Principles and valuation methods.

The annual accounts for the year ended 31 December 2018 has been prepared in accordance with the laws and regulations and generally accepted accounting principles.

. Continuity of operations,

. Consistency of accounting methods.

. Independence of exercises

The preparation of the annual financial statements complies with the regulations of ANC accounting standards n ° 2014-03.

The evaluation of accounting entries is made according to historical cost.

Intangible assets.

Intangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The research and development costs are amortized straight-line over 3 years.

Tangible assets

Tangible assets are recorded at their acquisition cost.

Depreciation rules are those relating to the best economic value of the asset.

The amortization periods are the following:

Libelle	Amortization duration	Method
EDP Material	1 to 3 year	Linear
Fixed equipment	5 year	Linear
Office Furniture	5 to 10 year	Linear
Others tangible assets.	10 to 20 year	Linear

The main tangible assets included printing systems installed at DNP customers, DNP stays the owner These equipments are amortized on 36 months.