Steel, Alloys and Stainless

Marcel Genet - Laplace Conseil Cdric Orban - COMC

Stainless Steel World Beaune, October 13th, 2010

Laplace Conseil and COMC 2010

Part I: Steel and Alloys

Laplace Conseil

Agenda

Steel Nickel Manganese Chromium

Molybdenum
Niobium

World steel production is expected to exceed the 2007 level after recovering from the collapse of 2009
1600

World Crude Steel Output (Mt)

2010E : 2009 : 2008 : 2007 : 1 410 Mt 1 227 Mt 1 329 Mt 1 351 Mt

1400

1200

+ 6,5%/yr
1000

+1%/yr
800

400

Iron Age
200

Crash of 1929

WW1

WW2
0 1900 1910 1920 1930 1940 1950

Glorious 30
1960

1st Oil Crisis

+2,5%/yr

2nd Oil Crisis

600

+6%/yr

Pityful 25
1980 1990

Fall of Berlin Wall

New Era ?
2000 2010

1970

Source: WorldSteel, Stahl, Laplace Conseil analysis

China cannot be ignored : China is and will be leading the growth of the steel industry
Evolution of Indian and Chinese steel production (Mt)
700

600

+ 90 Mt in 2010

2010E: 660 Mt

2009: 568 Mt
500

2008: 500 Mt 2007: 489 Mt 2006: 424 Mt

400

2005: 352 Mt
300

China
200

Demand take-off 2001

100

Reforming and outward-looking policy (1978)

0 1950 1960 1970 1980 1990 2000

India

2010

Source: WorldSteel, Laplace Conseil analysis

The fall in demand has hit OECD countries hardest; ROW was less affected, while China kept growing
60

Crude Steel output, China, OECD and ROW (Mt)

China

40

ROW

20

OECD

jan-08

apr-08

jul-08

oct-08

jan-09

apr-09

jul-09

oct-09

jan-10

apr-10

jul-10

Source : WorldSteel, Laplace Conseil analysis

The evolution of China is quite similar to other developed countries in the past
Growth rate of crude steel production (%)
30% USA/Canada. Japan Europe Korea Taiwan Forecast China

20%

India

10%

0%

1900

1910

1920

1930

1940

1950

1960

1970

1980

1990

2000

2010

2020

Source: WorldSteel, USGS, Laplace Conseil analysis

Chinese cumulated steel consumption per capita is only 15% of that of industrialized countries
Cumulated steel consumption, 1948 to 2008, per 2008 capita (cumulated tonnes per capita, including net cumulated imports)
30

25

Cumulated steel consumption is an indicator of the development of modern infrastructures in a country. The data suggest that China has accomplished one fifth of the way towards a modern infrastructure. China is developing at a fast pace, and is focused on overtaking developed countries. That is the reason for such a high consumption of raw materials, which should keep rising.

20

15

10

0 EU15 USA JAP URSS/CIS KOR WORLD CHI IND ROW Source: World Steel, Laplace Conseil analysis

China raw materials consumption share is far higher than its share of world population
45% 40%

Share of China in global consumption of raw materials (%)

Steel

30%

Zn Al Pb Cu
Population Electricity

20%

10%

Uranium
0% 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2009 Source: WorldSteel, IAI, WorldBank, NBS, China Metals, Laplace Conseil analysis

The steel industry remains far less concentrated in China than in Western regions
Comparison of steel industry concentration in 2009, by region
(% of region total output, including all steel makers with an output > 2Mt)
100%

80%

North America
60%

EU-27
40%

China
20%

0% 0 5 10 15 20 25 30 35 40 45 50

Source: Metal Bulletin, Laplace Conseil analysis

In China, small companies have been growing faster than leading steelmakers during the past decade
600

China's crude steel output, main producers* versus 'small' ones (Mt)
*"main" producers are those with an output >10Mt in 2009

CAGR 2000-2009: 18% +23%

500

400

300

200

'Small' steelmakers

+13%

100

Main steelmakers

0 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Source: WorldSteel, Metal Bulletin, Laplace Conseil analysis

10

After 2010, the steel production should rise again by 5 to 6% per annum
2000 1800

Forecast for Crude Steel output (Mt) 1800-2000 Mt

Asia, others

1600 1400

India

1200
1000 800 600 400 200

China

750Mt
M.East & Africa S.America NAFTA Others Europe & CIS EU-27

0 1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

Source: WorldSteel, Laplace Conseil analysis

11

Agenda

Steel Nickel Manganese Chromium

Molybdenum
Niobium

12

Steel related usages represent 83% of total Nickel consumption, and stainless 65%
Nickel consumption 2009 Total 1,2 Mt
Coins Others incl chemistry Rechargables 2% 3% batteries 3% Electroplating 9% Low alloy steel 8%

Superalloys base Ni 10%

Stainless steel 65%

Source : INSG, Norilsk Nickel, Laplace Conseil analysis

13

Nickel prices are back around $20 per kilogram and LME stocks are still high
Nickel Price LME, $/kg
60 50 40 30 20 10 180 150 120 90 60 30 0 jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jun-10

Ni LME stock, kt

jan-04

dec-04

nov-05

oct-06

sep-07

aug-08

jul-09

jun-10

Cumulated 1948-2008 production of Nickel, kg/cap

50 40 30 20 10

Nickel reserves, 2009

Total = 71 Mt* (Ni content)
ROW 10% China 2% Colombia 2% Indonesia 5% South Africa 5% Canada 6% Brazil 6% Australia 37%

USA

OECD

China

World

Source : INSG, LME, WorldBank, USGS, Laplace Conseil analysis

Cuba 8%

14

Russia 9%

New Caledonia 10%

* Laterites 60%, Sulfide 40%

Nickel production is fairly widespread; China produces only 12% of global output
Primary Nickel production, kt
1600

1400

Africa China

1200 Oceania 1000 Europe 800 America 600

400

CIS

200 Asia, others 0 2004 2005 2006 2007 2008 2009

Source: INSG, Laplace Conseil analysis

15

Overcapacity has been growing after 2006, the prime reason for the price collapse
Primary Nickel production & consumption, kt
1600

Nickel price, $/kg

1500

60

50

1400

40

1300

30

1200

Production

20

Consumption

1100

10

1000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source : INSG, Norilsk Nickel, Laplace Conseil analysis

16

Agenda

Steel Nickel

Manganese
Chromium Molybdenum Niobium

17

The majority of Manganese output ends up in carbon steel production

Primary Mn consumption
Total = 13 Mt (Mn content)

Chemicals (inc. Agriculture) 3% Electronics 4% Other High performance steel for industry 3% Stainless steel, other than S200 3% Stainless steel S200 3% Hadfield steel & non-magnetic Mn 3%

Others 1%

Building & Construction carbon steel 36%

HSLA for construction 20%

Other carbon steel uses 24%

Source : USGS, Laplace Conseil estimates

18

Usually, Manganese is added at a rate of 1%, but high strength grades are more Mn intensive
Mn content of selected steel products
Stainless 200 Extra high-strength auto sheet High-strength plate API-grade plate Rail >10%

Stainless 300/400
API seamless High-strength auto sheet Engineering steels Mild carbon steel long products Mild carbon steel flat products Mild auto sheet - non-exposed Mild auto sheet-exposed 0% 1% 2% 3%

Source : Macquarie, Laplace Conseil analysis

19

China, Australia and South Africa are the main primary manganese producers
Primary Manganese output (Mt metal content)
14 12 10 8 6 4 2 0 2000 2001 2002 2003

FeMn price 78% Mn standard 7.5% C, $/t

3 500
3 000

ROW Gabon India Brazil South Africa Australia China

2004 2005 2006 2007 2008 2009e

2 500 2 000 1 500 1 000 500 0 jan-03 sep-04 may-06 jan-08 jul-10

Cumulated 1948-2008 production of Mn alloys, kg/cap

300 250 200 150 100 50 0

Manganese reserves, 2009

Total = 540 Mt (Mn content)
Brazil 5% China 7% Gabo n 10% India 10% South Africa 24% Mexico 1% Ukraine 27%

USA

China

World

Source : IMnI, USGS, MetalBulletin, WorldBank, Laplace Conseil analysis

Australia 16%

20

China produces half the Mn alloys produced worldwide, and is a huge primary Mn importer
Manganese alloys production, Mt
16

12

Rest of Asia Africa America

8

Europe CIS

China

0 2003

2004

2005

2006

2007

2008

2009

Source : IMnI, USGS, Laplace Conseil analysis

21

Quarterly Manganese alloy output is nearly back to its highest peak rate
Manganese alloy production, Mt
4

Ref FeMn

HC FeMn
2

SiMn

0 Q1 03

Q3 03

Q1 04

Q3 04

Q1 05

Q3 05

Q1 06

Q3 06

Q1 07

Q3 07

Q1 08

Q3 08

Q1 09

Q4 09

Source : IMnI, Laplace Conseil analysis

22

Relative to global steel production, Manganese specific consumption is stabilizing at 8 kg/ton of steel
Mn specific consumption, kg/t of steel
25

20

15

10

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2009

Source: USGS, World Steel, IMnI, Laplace Conseil Analysis

23

Agenda

Steel Nickel

Manganese
Chromium Molybdenum Niobium

24

Despite production downturn, Chromium is still traded at a high price, above $10 per kilogram
FeCr production, Mt
9 8 7 6 5 4 3 2 1 0 2003 2004 2005 2006 2007 2008 2009 CIS China America Europe Asia, others

Chromium price, free market alumino-thermic min 99% in warehouse, $/kg

16

12

4
Africa

jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09

jul-10

Chromium reserves, Total > 350 Mt

India 12%

Kazakhstan 51%

South Africa 37%

Source : Metal Bulletin, USGS, Laplace Conseil analysis

25

Chromium prices have avoided excessive peaks, but are now better valued than Ni and Mn
Evolution of relative prices of Ni, FeMn and Cr
700

Index, Average 2003 = 100

600

FeMn

500

400

300

Cr

310 286 214

200

100

Ni

0 jan-03

sep-03

may-04

jan-05

sep-05

may-06

jan-07

sep-07

may-08

jan-09

sep-09

jun-10

Source : MetalBulletin, LME, Laplace Conseil analysis

26

Agenda

Steel Nickel

Manganese
Chromium Molybdenum Niobium

27

Molybdenum production is steadily increasing and its range of applications is vast

Molybdenum mine production (kt Mo content)
250

FerroMolybdenum (60% Mo) price, $/kg

100

200

80

150

60

100

40

50

20

2000

2003

2006

2009

jan-03

jan-04

jan-05

jan-06

jan-07

jan-08

jan-09

jun-10

Primary Molybdenum use by application (%)

Total 2009 = 200 kt
Chemicals 14% Mo metal 6% Stainless Steel 25%

Molybdenum mine production (%)

Total 2009 = 200 kt (Mo content)
Others Armenia 2% 5% Mexico 4% Canada 4% Peru 7%

China 37%

Superalloys 5%
Cast Iron 6% Tool & Highspeed Steel 9% Construction Steel 35%

Chile 16%

Source : IMOA, USGS, Laplace Conseil analysis

28

United States 25%

Agenda

Steel Nickel

Manganese
Chromium Molybdenum Niobium

29

Niobium is mainly used to strengthen steel for pipes, construction and automotive applications
Estimated distribution of uses for Niobium (%)

Others 7% Interstitial free 8% Pipes 25%

Alloy steel 13%

Carbon steel 30% Stainless steel 13%

Stainless steel 13%

Automotive 23%

Structural steel 24%

HSLA 20% Superalloys 24%

Source : CBMM, USGS, Laplace Conseil analysis

30

The Niobium market is controlled by CBMM, very effectively

Primary Niobium production (kt Nb content)
70 60 50 40

Ferro-niobium, Brazilian 66% China, $/kg Nb content

70 60 50 40

ROW
30 20 10 0 1996 2001 2005 2009e 30 20 10 0 apr-06 feb-07 dec-07 oct-08 aug-09 jun-10

Brazil

Production Index, Niobium vs Steel, 1996 = 100

400

Niobium producers (%)

Total 2009 = 62 kt (Nb content)
IAMGOLD (Niobec) 7% Anglo American (Catalao) 8% Others 5%

300

Niobium
200

100

Steel

CBMM 80%

1996

2001

2005

Source : USGS, Asian Metals, Metal Pages, Laplace Conseil analysis

2009e

31

Part II: Stainless Steel

COMC

32

Stainless steel accounts for 2 % of total steel and Duplex 1% of total stainless market
Comparison of Market sizes in 2009

Steel: 1227 Mt

Stainless: 25 Mt Duplex: 0,25 Mt

Source: WorldSteel, ISSF, Outokumpu, Laplace Conseil analysis

33

World stainless steel production is growing, due only to China

Worldwide Stainless Steel production (Mt crude steel)
35

CAGR 99-10 +5%

+1%

30

25

ROW China
20

+37%

15

Asia, others

+3%

10

North America
0% 0%

Europe

0 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009e

2010f

Source : Resource-net, ISSF, Heinz H. Pariser, COMC analysis

34

China was less affected by the crisis and is recovering quickly

Quarterly Stainless Steel production (Mt crude steel)
8

5,4

5,0

3,1 4

ROW

2 2,0 1,4

2,4

China
0 Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Source : ISSF, COMC analysis

35

Stainless steel enjoyed average growth rates, in particular in the past

Comparative evolution of Stainless Steel versus other materials
Production, Index 1980 = 100
600

500

400

Galvanized Steel
300

Plastic Stainless Steel

200

Aluminium
100

Carbon Steel

0 1980 1984 1988 1992 1996 2000 2004 2009

Source: ISSF, Plastics Europe, J.F. King, USGS, CHR Metals, CISA, COMC analysis

36

200 Series capture 80% of the total growth

Stainless steel output, by grade (Mt)
35

CAGR 2000-0 9: +3%

30

25

S200
20

+25,2% +4,6%

S400

15

+0,7%
10

S300
5

0 1990

1993

1996

1999

2002

2005

2009

Source : ISSF, COMC analysis

37

Each region presents a different grade pattern

Market share of stainless grades by region in 2009
% of production

Americas 100% = 2,0 Mt

Europe & Africa 100% = 6,3 Mt

Asia 100% = 15,9 Mt

S200 5% S400 33% S300 62%

Other/Non-classified 4% S200 1% S400 24% S300 71%

S200 17% S300 53%

S400 30%

Source : ISSF, COMC analysis

38

China accounts for 34% of global consumption (compared to 36% of total production)
Stainless Steel consumption 2009 by region (%)
Total 25Mt
Others 8% North America 10% China 34%

Europe 23%

Asia except China 25% Source : SMR, SteelOrbis, COMC analysis

39

Chinese stainless steel consumption per capita already is comparable to Western Countries
Stainless Steel consumption by capita and region in 2009 (kg per capita)
6,8 6,1

5,1

3,5

2,2

0,8

Europe

China

North America

Asia, others

Others

World Average

Source : SBB, COMC analysis

40

Austenitic prices are still 40% lower than their maximum in July 2007
Austenitic stainless steel price in Europe (304 grade, $/t)
7000 CR 304 2B 2mm coil base, N.Europe domestic delivered ** 304 coil, Europe domestic 6000

5000

4000

3000

Alloy surcharge**

2000

1000

Base*

0 jan-03

sep-03

may-04

jan-05

sep-05

may-06

jan-07

sep-07

may-08

jan-09

sep-09

aug-10

Source : SBB, COMC analysis

41

Ferritic prices are back to historical levels

Ferritic stainless steel price in Europe (430 grade, $/t)
3000 CR 430 BA 2mm coil base, N.Europe domestic delivered ** 430 coil, Europe domestic 2500

2000

Alloy surcharge**
1500

1000

Base*
500

0 jan-03

sep-03

may-04

jan-05

sep-05

may-06

jan-07

sep-07

may-08

jan-09

sep-09

aug-10

Source : SBB, COMC analysis

42

Process industry, Building & Construction and White goods account for 83% of stainless usage worldwide
Distribution of stainless steel consumption by application in 2009 (%)
All grades included; 100% = 25 Mt
Others 6% Transport 11%

Process industry 40%

White goods and household goods 21%

Building & Construction 22% Source : SMR, COMC analysis

43

In 2009, Western Europe was a net exporter of stainless steel, while Asia had a neutral balance
Intra-Regional and Extra-Regional trade for Stainless Steel in 2009 (kt)

Western Europe
+940* 4200

90 420

NAFTA
-380*

130

E.Europe
490 70 80 160 -440* 100

270

650

3300

Asia
+20*
*Net Balance versus World

490
Source : ISSF, COMC analysis

44

In 2007, Asia was a net exporter while NAFTA was a major importer
Intra-Regional and Extra-Regional trade for Stainless Steel in 2007 (kt)

Western Europe
+950* 6000

130

NAFTA
-900*

170

670

E.Europe
540 90 120 360 -510* 100

360

760 3930

Asia
+560*
*Net Balance versus World

870

Source : ISSF, COMC analysis

45

In 2002, Western Europe was the only major exporter

Intra-Regional and Extra-Regional trade for Stainless Steel in 2002 (kt)

Western Europe
+1540* 6620

80 610

NAFTA
-780*

180

E.Europe
360 60 -170* 50 220

340

900 3710 190

Source : ISSF, COMC analysis

Asia
-580*
*Net Balance versus World

46

Europe is still a net exporter to China, but a net importer from South Korea
800

EU-27 stainless trade with main Asian countries

Exports

600

Taiwan
400

South Korea

200

China

0 2000 -200 2001 2002 2003 2004 2005 2006 2007 2008 2009

-400

-600

Imports
-800

Source : Eurostat, COMC analysis

47

There are expansions projects in China, but also in Asia and in the US
Selection of Stainless steel new capacities

Country China China China China China China United State s Vietnam United State s Malaysia United State s India Swe den China

Location Bao ding, Sha nghai Fuan, Fujian Sha nghai Changshu, Jiangsu W uxi, Jia ngsu Huzhou, Zhejiang Duncan, SC Vung Tau, Dong Nai Ca lvert, AL Tanjung Langsat, Johor Tunica, MS Kalinganaga r, Orissa De gefors Da fenggang, Shanghai

Company Bao stee l Tsingshan Holding Group Tsingshan I&S CW SS Jia ngsu Sandeli Fengtai MK Metalfoils Posco VST Thysse nKrupp Bahru Stainle ss (JV Acerino x - Nisshin) W ilh. Schulz JSL O uto kum pu Yatai SG + Jinchang SSTM

A dd. Capacity (kt) 660 500 50 25 20 10 40 50 1000 240-1000 ? 800 35 500

Year 2010 2010 2010 2010 2010 2010 2010 2010 2010-2012/4 2010-2020 2011 2012 2014 ?

Source : press clippings, COMC analysis

48

In the last decade, Ferritics have slightly increased their share, but not everywhere
Evolution of Ferritics market share, by region (% of production)
39,1 38,3 2000 2007 2009 32,3 29,8 26,4 23,4 20,0 26,0

27,1
25,1

28,4

28,4

Americas Source : ISSF, COMC analysis

Europe & Africa

Asia

World Total

49

Market outlook: Transport

Market Transport (Autom obile , Ra ilways, Subway..) Usage of Serie 200 Comments on serie 200 Som e substitution of 301LN by 201LN in railway/subway in US/Cana da. No experience for exhaust system s. A pplications Exha ust system s, wheel ca ps, wiper arms, trim s, auto accessories, railways and m etro coaches Usage of Serie 400 Comments on serie 400 (Ferritic) Ferritic are widely used in vehicle exhaust system s and autom otive trim s. Positive experience for structural, bus body, car accessories a nd interior and e xterior decorative with so me restrictions and ma intena nce aspects, base d on low-e nd fe rritics replacing ca rbo n stee l.

Partly YES

YES

<<< Truck protector Grade STS 304 & STS 430 Competing material: aluminium, carbon steel

Motorcycle wheel rim >>> Grade 202 Competing material: carbon steel
Source : ISSF, COMC analysis

50

Market outlook: White goods and household goods

Market Ho usehold & White goods A pplications Pots and pans, tableware, cutlery, cater filters, storage vesse ls, kitche n sinks. Spin driers of washing m achine s, m icrowa ve oven, dishwasher, gas stoves Usage of Serie 400 YES Comments on serie 400 (Ferritic) In applications such as gas cooker, m icro wave oven, wok , induction coo kware, dishwasher () ferritics are now well establishe d o n gro unds of their aesthetic quality, their resistance to cle aning and disinfection a gents, their low therm al expansion coefficient and their m agne tism (for induction cooking).

Usage of Serie 200

Comments on serie 200

YES Widespread in India. (m ainly India & C hina) Suited fo r cutlery and cook ware/hollow-ware. Limited expe rience for white goods, Risk of crevice corrosion fo r 1% Ni grade . Significant pre sence in US in sinks, refrigerators with high-end 200 serie.

<<< Refrigerator Grade SUS 430 Competing material: colour carbon steel sheet Pots and pans >>> Grade S200 Competing material: carbon steel, ferritics, plastic
Source : ISSF, COMC analysis

51

Market outlook: Building & Construction

Market Architecture, Building & C onstruction A pplications Building interior applications : do or, window fra m es, colum ns cla dding, orna me ntal tubes... Street furnitures, seats in public spa ces, ha ndrails, elevators, escalator, litte r bins, signage for m arketpla ce , pictogra ms, bus shelters, tele phone bo oths Usage of Serie 400 YES Comments on serie 400 (Ferritic) Ferritics are used in indo or architecture, building faade cladding, urban furnitures.

Usage of Serie 200 YES

Comments on serie 200 Substitution to 200 Serie s has already take n place in C hina, where 200 Serie s represent a m ajor share of stainless use in som e applications (virtually 100% of ornam ental tube s). Serie 200 is suite d for indoor a nd outdoor (noncoastal) applications. The y a re however not recom m ended fo r outdoo r applica tions nea r the coast.

<<< New ferritic lamp for Seoul Plaza Grade STS 439 Competing material: carbon steel Fasteners for solar panels >>> Duplex (23% CR, 4% Ni) EN 1.4362 blasted surface Competing material: grade 316L or 316TI, galvanised carbon steel
Source : ISSF, COMC analysis

52

Market outlook: Process industry & welded tubes

Market A pplications

He at ex changers, tubes for conveying fluids, pro ce ss tank s. Process industry & welded tube s For the food proce ss and the pharma ceutical industry, use of (Che m icals & pe trochem icals, oil & gas, pharm aceuticals, food & be vera ge) stainless steel is m andated for a ll food/m e dicine contact parts of the equipm ent. Usage of Serie 200 Partly YES Comments on serie 200 Usage of Serie 400 Comments on serie 400 (Ferritic) Ferritic is only used for a few applica tions (interna ls of distilla tion columns) and rem a ins m arginal.

Partly YES For chem icals, oil and gas, pulp and paper, nuclear industry serie 200 is not recom m ended. The se applica tions require a highe r corro sion resista nce. In sugar industry, the use of 200 se rie with 4% Ni seem s to be positive. In water treatm ent , electrica l m achiery/e quipm ent : very lim ited expe rience. Som e recent trials in foo d industry/sm all equipm ent in Euro pe.

<<< Large pipes for Oil & Gas exploration Grades 201, 202, 304, 309, 310, 316, 321

Evaporators for multi-effect distillation >>> Dual-duplex 2304 and 2205 Competing material: solid 316L
Source : ISSF, COMC analysis

53

Differences in grades among regions suggest further potential for better stainless steel solutions
Grade Mix by application in 2009; Europe, China and US (%)
5 30 15 70

75 95
70 25
White goods & household goods Catering Ind. tanks & Mec. equipment Building & Construction

85 30
Transport

Europe

S300 S400 S200

Drivers for decision:

Stainless steel price TCO valuation
- Manufacturing cost - Maintenance cost - Lifetime - Stock management

25 25

30 30

5 15

5 30 10 50

80 50 40

60 45 1

China United States

Quality / Magnetism
Aesthetics Fashion Speculation (appetite for)
Source : Interviews, COMC analysis

10 45

5 10

10

75
85 95 90

45

24

54

Contacts

Laplace Conseil
Marcel Genet 23 avenue Victor Hugo 75116 Paris France
Tel : + 33 1 44 17 82 10

COMC
Cdric Orban 23 avenue Victor Hugo 75116 Paris France
Tel : + 33 1 44 17 82 10 Mob : + 33 6 89 15 35 82 cedric.orban@numericable.fr http://www.comcconseil.com

marcel.genet@laplaceconseil.com http://www.laplaceconseil.com

55