Identification
Listing sponsor / Agent

<p>
Cr&eacute;dit du Nord</p>

Symbol
ALTEV
ISIN code
FR0010278762
Exchange / Market
Euronext Growth
Trading location
Paris
ICB
Waste&Disposal Services
Issuer website
http://www.environnement-sa.fr
Operation
IPO date
IPO type

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

IPO price
30.80 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 19 January 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. - Number of shares within the placement: a maximum of 598,143 shares (90% of the Offer before the extension clause). The number of shares offered within the OPO may be reduced in order to increase the Placement (if the OPO is not fully subscribed). - Underwriters: Gilbert Dupont and ING Securities. The Open Price Offer Number of shares within the OPO: a minimum of 66,460 shares (10% of the Offer before the extension clause). The number of shares within the Placement may be reduced in order to increase the Open price Offer. However, that number of shares offered in the OPO will not exceed 20% of the total number of shares disseminated to the public. Moreover, the claw back would be automatic in case of sub-subscription of 3 times of the OPO.</p>

Operation description
Operation calendar

<p>
- Period of the Placement: from 9 to 18 January 2006 (17:00) - Period of the Open-Price Offer: from 9 to 18 January 2006 inclusive. - First quotation: 19 January 2006 - Beginning of trading: 25 January 2006</p>

Price range
26.60 euros – 30.80 euros