Headnote National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions –Application for relief from prospectus and dealer registration requirements in respect of certain trades in units made in connection with an employee share offering by a French issuer – Relief from prospectus and dealer registration requirements upon the redemption of units for shares of the issuer – The offering involves the use of a collective employee shareholding vehicle, a fonds communs de placement d’entreprise (FCPE) – The Filer cannot rely on the employee prospectus exemption in section 2.24 of National Instrument 45-106 Prospectus and Registration Exemptions and the Manager cannot rely on the plan administrator exemption in section 8.16 of National Instrument 31-103 Registration Requirements and Exemptions as the shares are not being offered to Canadian employees directly by the issuer but through the FCPE – Canadian employees will receive disclosure documents – The FCPE is subject to the supervision of the French Autorité des marchés financiers – Relief granted, subject to conditions. Applicable Ontario Statutory Provisions Securities Act, R.S.O. 1990, c.S.5, as am., ss. 25, 53 and 74(1) National Instrument 31-103 Registration Requirements and Exemptions National Instrument 45-102 Resale of Securities National Instrument 45-106 Prospectus and Registration Exemptions

DATE: August 7, 2012

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the “Jurisdiction”)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF SEB S.A (the “Filer”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction (the “Legislation”) for:

1. an exemption from the prospectus requirements of the Legislation (the “Prospectus Relief”) so that such requirements do not apply to

(a) trades in units (the “Units”) of SEB International (the “Classic FCPE”), which is a fonds commun de placement d’entreprise or “FCPE,” a form of collective shareholding vehicle commonly used in France for the conservation of shares held by employee-investors made pursuant to the Employee Share Offering (as defined below) to or with Qualifying Employees (as defined below) resident in the Jurisdiction or in the Province of Québec (collectively, the “Canadian Employees,” and Canadian Employees who subscribe for Units, the “Canadian Participants”); and

(b) trades of ordinary shares of the Filer (the “Shares”) by the Classic FCPE to or with Canadian Participants upon the redemption of Units thereof as requested by Canadian Participants;

2. an exemption from the dealer registration requirements of the Legislation (the “Registration Relief”) so that such requirements do not apply to the SEB Group (as defined below and which, for clarity, includes the Filer and the Canadian Affiliate (as defined below)), the Classic FCPE and Natixis Asset Management (the “Management Company”) in respect of:

(a) trades in Units made pursuant to the Employee Share Offering to or with Canadian Employees; and

(b) trades in Shares by the Classic FCPE to or with Canadian Participants upon the redemption of Units as requested by Canadian Participants.

(the Prospectus Relief and the Registration Relief, collectively, the “Offering Relief”)

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application),

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (“MI 11-102”) is intended to be relied upon in Québec (together with the Jurisdiction, the “Jurisdictions”).

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning as used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer is a corporation formed under the laws of France. It is not, and has no current intention of becoming, a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions. The head office of the Filer is located in France and the Shares are listed on NYSE Euronext Paris. The Filer is not in default under the Legislation or the securities legislation of the other Jurisdictions.

2. The Filer carries on business in Canada through Groupe SEB Canada, Inc. (the “Canadian Affiliate,” and together with the Filer and other affiliates of the Filer, the “SEB Group”). The Canadian Affiliate is an indirectly controlled subsidiary of the Filer and is not, and has no current intention of becoming, a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions. The Canadian Affiliate is not in default under the Legislation or the securities legislation of the other Jurisdictions.

3. The Filer has established a global employee share offering for employees of the SEB Group (the “Employee Share Offering”). As of the date hereof and after giving effect to the Employee Share Offering, Canadian residents do not and will not beneficially own (which term, for the purposes of this paragraph, is deemed to include all Shares held by the Classic FCPE on behalf of Canadian Participants) more than 10% of the Shares and do not and will not represent in number more than 10% of the total number of holders of the Shares as shown on the books of the Filer.

4. The Employee Share Offering is comprised of one subscription option, being an offering of Shares to be subscribed through the Classic FCPE (the “Classic Plan”).

5. Only persons who are employees of a member of the SEB Group during the subscription period for the Employee Share Offering and who meet other employment criteria (the “Qualifying Employees”) will be permitted to participate in the Employee Share Offering.

6. The Classic FCPE was established for the purpose of implementing the Employee Share Offering. There is no current intention for the Classic FCPE to become a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions.

7. The Classic FCPE has been registered with the French Autorité des marchés financiers (the “French AMF”). Only Qualifying Employees will be allowed to hold Units issued pursuant to the Employee Share Offering.

8. Under the Classic Plan, the subscription price will be the Canadian dollar equivalent of the average of the opening price of the Shares on NYSE Euronext Paris (expressed in Euros) on the 20 trading days preceding the date of the fixing of the subscription price, less a 20% discount.

9. For every Share that a Canadian Participant purchases under the Classic Plan (the amount of the subscription corresponding to such Share being referred to as the “Employee Contribution”) up to the first 10 Shares, the Canadian Affiliate that employs such Canadian Participant will make a contribution to the Classic Plan, for the benefit of, and at no cost to, the Canadian Participant (the “Employer Contribution”), of an amount equal to 100% of such Employee Contribution in respect of the first 10 Shares. For each additional Share that the Canadian Participant purchases (beginning with the 11th Share and up to and including the 80th Share), the Canadian Affiliate will provide an Employer Contribution of 50% of such additional Employee Contribution. No Employer Contribution will apply in respect of the portion of the Employee Contribution that exceeds 80 Shares.

10. The Classic FCPE will apply the cash received from the Employee Contributions and the Employer Contributions to subscribe for Shares from the Filer which will be held in the Classic FCPE. The Canadian Participants will receive Units in the Classic FCPE.

11. The Units will be subject to a hold period of approximately five years (the “Lock-Up Period”), subject to certain exceptions prescribed by French law (such as a release on death or involuntary termination of employment).

12. Canadian Participants may select one of the two following options for treatment of dividends paid to the Classic FCPE in respect of Shares represented by their Units: a) for dividends to be used to purchase additional Shares, in which case new Units (or fractions thereof) of the Classic FCPE will be issued to such Canadian Participants or (b) for dividends to be paid out to such Canadian Participants.

13. At the end of the Lock-Up Period a Canadian Participant may (i) request the redemption of Units in the Classic FCPE in consideration for the underlying Shares or a cash payment equal to the then market value of the Shares, or (ii) continue to hold Units in the Classic FCPE and request the redemption of those Units at a later date in consideration for the underlying Shares or a cash payment equal to the then market value of the Shares.

14. In the event of an early unwind resulting from a Canadian Participant exercising one of the exceptions to the Lock-Up Period prescribed by French law and meeting the applicable criteria, the Canadian Participant may request the redemption of Units in the Classic FCPE in consideration for a cash payment equal to the then market value of the Shares held by the Classic FCPE corresponding to such Units.

15. An FCPE is a limited liability entity under French law. The Classic FCPE’s portfolio will consist almost entirely of Shares of the Filer and may, from time to time, also include cash in respect of dividends paid on the Shares which will be reinvested in Shares, and cash or cash equivalents pending investments in Shares and for the purposes of Unit redemptions.

16. The Management Company is a portfolio management company governed by the laws of France. The Management Company is registered with the French AMF to manage French investment funds. To the best of the Filer’s knowledge, the Management Company is not, and has no current intention of becoming, a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions.

17. The Management Company’s portfolio management activities in connection with the Employee Share Offering and the Classic FCPE are limited to purchasing Shares from the Filer, selling such Shares as necessary in order to fund redemption requests, and investing available cash in cash equivalents.

18. The Management Company is also responsible for preparing accounting documents and publishing periodic informational documents as provided by the rules of the Classic FCPE. The Management Company’s activities do not affect the underlying value of the Shares. To the best of the Filer’s knowledge, the Management Company is not in default of the Legislation or the securities legislation of the other Jurisdictions.

19. Shares issued in the Employee Share Offering will be deposited in the Classic FCPE through CACEIS BANK (the “Depositary”), a large French commercial bank subject to French banking legislation. The Depositary carries out orders to purchase, trade and sell securities in the portfolio and takes all necessary action to allow the Classic FCPE to exercise the rights relating to the securities held in its portfolio.

20. All management charges relating to the Classic FCPE will be paid from the assets of the Classic FCPE or by the Filer, as provided in the regulations of the Classic FCPE.

21. Participation in the Employee Share Offering is voluntary, and the Canadian Employees will not be induced to participate in the Employee Share Offering by expectation of employment or continued employment.

22. The total amount invested by a Canadian Employee in the Employee Share Offering cannot exceed 25% of his or her gross annual compensation, and is subject to a limit of 150 Shares.

23. None of the Filer, the Management Company, the Canadian Affiliates or any of their employees, agents or representatives will provide investment advice to the Canadian Employees with respect to an investment in the Shares or the Units.

24. The Shares are not currently listed for trading on any stock exchange in Canada and the Filer has no intention to have the Shares so listed. As there is no market for the Shares in Canada, and none is expected to develop, any first trades of Shares by Canadian Participants will be effected through the facilities of, and in accordance with the rules and regulations of, a foreign stock exchange outside of Canada.

25. Canadian Employees will receive, or will be notified of their ability to request, an information package which will include a summary of the terms of the Employee Share Offering, a tax notice containing a description of Canadian income tax consequences of subscribing for and holding the Units and redeeming Units at the end of the Lock-Up Period.

26. Upon request, Canadian Employees may receive copies of the Filer’s French Document de Référence filed with the French AMF in respect of the Shares and a copy of the rules of the Classic FCPE (which are analogous to company by-laws). The Canadian Employees will also have access to copies of the continuous disclosure materials relating to the Filer that are furnished to holders of the Shares.

27. Canadian Participants will receive an initial statement of their holdings under the Classic Plan, together with an updated statement at least once per year.

28. There are approximately 56 Qualifying Employees resident in Canada (approximately 55 in Ontario, and 1 in Quebec), who represent, in the aggregate, less than 1% of the number of employees in the SEB Group worldwide.

Decision

The principal regulator is satisfied that the test contained in the Legislation that provides the principal regulator with the jurisdiction to make the decision has been met.

The decision of the principal regulator under the Legislation is that the Offering Relief is granted provided that the prospectus requirements of the Legislation will apply to the first trade in any Units or Shares acquired by Canadian Participants pursuant to this decision unless the following conditions are met:

(a) the issuer of the security

(i) was not a reporting issuer in any jurisdiction of Canada at the distribution date, or

(ii) is not a reporting issuer in any jurisdiction of Canada at the date of the trade;

(b) at the distribution date, after giving effect to the issue of the security and any other securities of the same class or series that were issued at the same time as or as part of the same distribution as the security, residents of Canada

(i) did not own, directly or indirectly, more than 10% of the outstanding securities of the class or series, and

(ii) did not represent in number more than 10% of the total number of owners, directly or indirectly, of securities of the class or series; and

(c) the first trade is made

(i) through an exchange, or a market, outside of Canada, or

(ii) to a person or company outside of Canada.

“Wes M. Scott” “Paulette Kennedy”

Commissioner Commissioner

Ontario Securities Commission Ontario Securities Commission