SECTION 138

The manager, the board of directors or the generaldirector, as the case may be, shall prepare a management report in which she shall describe the company position during the ending fiscalyear, its foreseeable trend, important events that occurred between the closing date of the fiscalyear and the date on whichthe reportwas established and, in particular,an outlook on the company future performance, changes in net cash positionand financing planning.