<p> CREDIT DU NORD</p>
<p> Direct trading procedure</p>
<p> - Pre opening: 7:15 - Opening: 9:00 - Reservation thresholds: +/- 20% - Reference price will be the last price trade on the Marché Libre central order book.</p>
<p> - 2 May 2007 in the evening: closing of the trading and delisting on the Marché Libre - 3 May 2007: Opening of the trading for RICHEL SERRES DE FRANCE's shares on Alternext</p>