PISCINES GROUPE GA

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 12, 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 placement in France and an international private placement in some countries excluding the United States of America. - Underwriter: Arkeon Finance - Number of shares: 191,021 shares, that is 80% of the Offer Depending on the demand, the breakdown between The Placement and the OPO may be adapted as stated below. The Open Price Offer - Number of shares in the OPO: 47,756 shares, that is 20% of the Offer If the demand permits it, the number of shares offered within the OPO will be equal to 20% minimum of the Offer.