ICADE PROMESSES

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 11 April 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 aforementioned range. The Global Placement Prior to the admission, a part of the shares will be distributed to institutional investors, within the framework of a Global Placement realised in France and abroad (with the exception of the United States of America). - Number of shares: 19 839 680 shares, i.e approximatly 90% shares offered under the Global Placement and OPO before the exercise of over-allocation option. - Underwriters: Lazard-IXIS, Société Générale Corporate & Investment Banking, UBS Limited, CALYON and Oddo & Cie. The Open Price Offer The OPO is mainly open to natural persons and body corporates under the French Law. - Number of shares in the OPO: If demand, a minimum of 10% of the total number of shares offered under the Global Placement and OPO before the exercise of over-allocation option, i.e. 2 204 409 shares. The final number of shares to be allocated to the Global Placement on the one hand and the Open Price Offer on the other hand will be determined depending on the nature and size of the tender.