<p> Global Placement and Fixed Price Offer</p>
<p> Global Placement procedure - Number of shares: 1,120,000 shares representing 80% of the Offer (before extension option exercise) - Book runner: Euroland Finance - Centralizing Establishment: Banque d'Orsay Open Price Offer procedure - Subscription open for Retail investors, legal entities and certain UCITS - Number of shares: 280,000 shares representing 20% of the Offer (before extension option exercise) The number of shares offered within the OPO may be increased by shares offered in the Global Placement.</p>
<p> - Period of the Placement: from December 5, 2006 to December 14, 2006 (17:00) - Period of the Offer: from December 5, 2006 to December 14, 2006 (17:00) - First quotation: December 15, 2006 - Beginning of trading: December 21, 2006</p>
<p> BANQUE D'ORSAY</p>