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The 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 in the Placement: 351,173 shares (90% of the operation before the extension clause). 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). Underwriters: Banque Palatine The Open-Price Offer Number of shares in the OPO: if demand in the OPO allows it, the definitive number of shares allocated in the OPO is at least equal to 10% of the total number of shares offered before the exercise of the extension clause (i.e. 39 019 shares). 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 20% of the total number of shares disseminated to the public. 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 June 23rd, 2005 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 aforementioned range. Should the price of admission be under EUR 8.80, the number of shares proposed would be modified and the Autorité des Marchés Financiers would have to deliver another visa on a new prospectus giving the new terms and conditions of the Offer(Placement and OPO).</p>