XIRING

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 September 18th 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 public placement in France and an international private placement in some countries excluding the United States of America. - Underwriter: Gilbert DUPONT - Number of shares diffuse: 674,158 shares representing 10% of the Offer The Open Price Offer - Number of shares in the OPO: 74,906 shares representing 90% 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.