Att: Legal and Compliance Department
One Cabot Square
London E14 4Ql
Date: 29 November 2011
Topic: your mandate to raise capital for Q-Park
Dear Madam, dea r Sir,
From an article in Het Financieele Dagblad dated 18 July 2011, we have understood that
Credit Sursse has been appointed to advise Q-Park NV on raising new capital Assuminq
this information is correct, we would like to ensure that you/ as well as prospective
investors in Q-Park NV, are duly informed that SOBI has submitted formal disciplinary
complaints reqarding Q-Park’s financial reporting. Specifically, we question the equity
value, results and returns as reported by the company.
Q-Park is a car parkinq operator which operates and manages parking facilities in ten
countries in Europe. The company actively operates virtually all parking Facillties for its
own account and business risk. However, in its financial accounts, it presents itself as if it
were an institutional property investment fund. It shows the parking facilities it operates
as if they were its own investment properties, including the parklng facilities it leases
from the actual, third-party owners (55olo of all parking spaces ít owns, leases and
manages). This is not only unrque in the property investment and car parking industries
– in our view, it is also contrary to IFRS.
SOBI is a Dutch foundation dedicated to transparency in financial reporting. SOBI has
filed formal disciplinary complaints with the Dutch Administrative High Court for Trade
and Industry and the Accounting Chamber against the auditors of Q-Park NV at Ernst &
Young, regarding their unqualified auditor’s opinions of Q-Park’s financial statements 2007, 2OO8 and 2009. Attached please find an English translation of our disciplinary complaint from 28 September 2011 concerning Q-Park’s Financial statements 2008 and 2009.
Further information about this pending case can be found on our website www.sobi.nl.
Chairma n SOBI