Identification
Listing sponsor

<p>
GLOBAL EQUITIES</p>

Symbol
ALBUD
ISIN code
FR0004172450
Exchange / Market
Euronext Growth
Trading location
Paris
ICB
Mobile Telecommunications
Issuer website
http://www.budget-telecom.fr
Operation
IPO date
IPO type

<p>
Global Placement and Open Price Offer</p>

IPO price
9.90 euros
IPO type
Initial Public offering
Catégorie
IPO
Operation procedure

<p>
Conditions applying to both Global Placement and Open Price Offer The first share price will be set at the end of the OPO and will take account of the demand expressed in the Global Placement. The prices of the Global Placement and the OPO are the same. The definitive price will be set on October 4th, 2006 after centralisation of the OPO and should be published by Euronext Paris SA in a notice that same day. The final share price may be set outside the mentioned range. The Global Placement Before first listing, a proportion of the shares will be included in a public Placement in France and an international private Placement in some countries excluding the United States of America. - Underwriter: GLOBAL EQUITIES - Number of shares within the Global Placement: a maximum 716,980 shares ie 80% of the Offer. The Open Price Offer - Number of shares within the OPO: a minimum of 179,245 shares ie 20% of the Offer. If the demand permits it, the number of shares offered within the OPO will be equal to 20% minimum of the Offer. Depending on the demand, the breakdown between the Placement and the OPO may be adapted as stated below: - In order to increase the Open-Price Offer, the number of shares offered within the placement may be reduced. However that number of shares offered in the Open-Price Offer will not exceed 30% of the total number of shares disseminated to the public. - In order to increase the placement, the number of shares offered within the Open-Price Offer may be reduced if the OPO would not be fully subscribed.</p>

Operation description
Operation calendar

<p>
- Period of the Global Placement: from September 27th, 2006 to October 4th, 2006 (12:00) - Period of the OPO: from September 27th, 2006 to October 3rd, 2006 (17:00) - First quotation: October 4th, 2006 - Beginning of trading: October 10th, 2006.</p>

Price range
9.90 euros – 11.30 euros