Identification
Listing sponsor / Agent

<p>
Avenir Finance</p>

Symbol
ALPRO
ISIN code
FR0010313486
Exchange / Market
Euronext Growth
Trading location
Paris
ICB
Computer Services
Website address
Issuer website
http://www.prodware.fr
Operation
IPO date
IPO type

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

IPO price
17.90 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 April 7th, 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 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: CM-CIC Securities - Number of shares in the Placement: 600,300 shares (90% of the Offer) The Open Price Offer - Number of shares in the OPO: 66,700 shares (10% of the Offer) Depending on the demand, the breakdown between the Placement and the OPO may be adapted as stated below: - 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). - 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.</p>

Operation description
Operation calendar

<p>
- Period of the Placement: from March 30th, 2006 to April 6th, 2006 (17:00) - Period of the OPO: from March 30th, 2006 to April 6th, 2006 inclusive - First quotation: April 7th, 2006 - Beginning of trading: April 13th, 2006</p>

Price range
15.90 euros – 17.90 euros
Broker to issue

<p>
CM-CIC Securities</p>