SANEF

- 10 March 2005 Opening of Guaranteed Global Placement, Opening reservation period for OPO, Opening of Offer Reserved for Employees - 19 March 2005 5 pm Paris time Closure of the reservation period of the OPO for reservations deposited at the counters of authorised intermediaries - 20 March 2005 11.59 pm Paris time Closure of the reservation period of the OPO for reservations made on the Internet - 21 March 2005 Opening of the Open Price Offer - 22 March 2005 Closure of Guaranteed Global Placement* (5 pm – Paris time) Closure of OPO (5 pm – Paris time) Closure of Offer Reserved for Employees (11.59 pm – Paris time) - 23 March 2005 Fixing the prices for Guaranteed Global Placement, Open Price Offer and the Offer Reserved for Employees First trade of Existing Shares and New Shares on Eurolist by Euronext The Minister of Economy, Finance and Industry distributes a press release detailing the conditions for opening up the Company’s capital Company distributes a press release announcing the final conditions of the introduction operation on Eurolist by Euronext, mainly, the prices for Guaranteed Global Placement, Open Price Offer and the Offer Reserved for Employees Publication of the OPO results in a Euronext Paris notice - 24 March 2005 Trading starts for the Existing Shares and New Shares on Eurolist by Euronext - 30 March 2005 Settlement delivery of the Guaranteed Global Placement and OPO - 22 April 2005 Last date for exercising the Over Allocation Option - 10 May 2005 Settlement delivery of the Offer Reserved for Employees * which may be closed in advance, without prior information.