Identification
Listing sponsor / Agent

<p>
INVEST SECURITIES</p>

Symbol
ALCRM
ISIN code
FR0010358465
Exchange / Market
Euronext Growth
Trading location
Paris
ICB
Media Agencies
Issuer website
http://www.thecrmcompany.com
Operation
IPO date
IPO type

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

IPO price
10.20 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 July 25th 2006 after centralisation of the OPO and should be published by Euronext Paris 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: Invest Securities Number of shares: 765 000 shares (90% of the Offer) The Open Price Offer Number of shares in the OPO: A minimum of 10% of the total number of shares offered representing 85 000 shares Depending on the demand, the breakdown between the Placement and the OPO may be adapted as stated below: - The number of shares offered in the OPO may be increased by withholding shares offered in the placement. However that number of shares offered in the Open-Price Offer will not exceed 20% of the total number of shares disseminated to the public. - The number of shares in the Placement could be increased by withholding shares offered in the OPO in the case the OPO would not be fully subscribed.</p>

Operation description
Operation calendar

<p>
- Period of the Placement: from July 17th, 2006 to July 25th 2006 (noon) - Period of the OPO : from July 17th to July 24th 2006 inclusive - First quotation: July 25th, 2006 - Beginning of trading: July 31st, 2006</p>

Price range
10.175 euros - 11.825 euros
Broker to issue

<p>
INVEST SECURITIES</p>