March 2, 2003

In the section reviewing the mid-market where it is noted that boutiques such as CANEC Inteational are taking a larger share of the market, notably at the expense of the Big Four, Jean-Rene Hartpence is quoted as saying that, in LBO transactions, management is often at the source of the deal. This was certainly the case in the Vivendi Environnement transaction, originated by CANEC and closed in December 2002.