TOUAX SCA

Capital/Financing Update • Dec 23, 2009

YOUR OPERATIONAL LEASING SOLUTION

Modification of the bond leverage ratio

During the Bondholders' Meeting held December 21, 2009, it was decided to modify article 4.1.8.1.4 f) of the short form prospectus filed February 6, 2007 defining all the conditions for issuing an OBSAR and concerning Visa AMF no. 07-042.

It was decided to modify the rate of the L (Leverage) ratio for 2009, 2010, and 2011 as follows:

"In the event the Company does not meet one of the following financial commitments:

• maintain the G ratio below 1.9 until March 8, 2012 (the final maturity date of the Bonds)
• maintain the L ratio below 3.7 for 2007 and 2008, 4.5 for 2009 and 2010, and 3.7 for the following years until March 8, 2012 (the final maturity date for the Bonds)".