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BSAR - redeemable share warrants
In connection with the OBSAR bond issue of February 2006, 2 750 000 BSAR share warrants were created with the following characteristics:
| Shareholders’ meeting date authorizing the share warrants | 30 November 2005 |
| Date of the Board of Directors’ meeting | 26 January 2006 |
| Subscription Period for the OBSAR bonds with share warrants | 3 to 15 February 2006 |
| Number of BSAR share warrants created | 2,750,000 |
| Number of shares able to be subscribed | 2,750,000 |
| BSAR share warrants exercise period | 7 years as of 1 March 2006 |
| BSAR share warrant exercise price | €14.00 |
| Early redemption of BSAR warrants |
The Company may, at its sole discretion, at any time, redeem all or some of the outstanding BSAR warrants in advance at the unit price of €0.01. However, such early redemption shall only be possible if the average for the ten stock exchange trading sessions preceding the publication of the early redemption announcement of the product of the closing prices of the U10 share and the Exercise Parity in force at each of these sessions exceeds €18.20. If the company proceeds with the redemption of the share warrants, holders of these warrants may avoid this redemption by exercising their warrants up until the redemption date set.
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| Number of BSAR exercised at 31 May 2007 | 297 for the fiscal year ended 31/12/06 (0 by Thierry Lièvre) |
| Number of shares subscribed for at 31 May 2007 | 297 |
| Listing | As of 6 March 2006 the BSAR share warrants have been listed separately from the OBSAR bonds under code ISIN FR 0010286542 |
