2013
Bonds

In connection with the OBSAR bond offering of February 2006, 2,750,000 bonds were issued with the following characteristics:

Shareholders’ meeting date authorizing the bond issue 30 November 2005
Board of Directors’ meeting date 26 January 2006
OBSAR subscription period 3 to 15 February 2006
Total number of bonds issued 2.750.000
Date of record and payment 1 March 2006
Par value per bond €14.00
OBSAR issue price €14.50
Term and average duration The total duration of the debt issue is five years
Interest An annual rate of 3 month Euribor + 1%, payable quarterly in arrears on 1 March, 1 June, 1 September and 1 December of each year, and for the first time 1 June 2006 for the period from 1 March 2006 inclusive to 1 June 2006
Normal redemption The Bonds shall be redeemed in full on 1 March 2011 by repayment at par or €14 per Bond
Early redemption

By repurchase: the Company reserves the right to redeem the Bonds early at any time without any price or quantity restrictions, either by repurchase on or outside the stock exchange or by public buyback or exchange offers

By redemption: the Company may, at its sole discretion, on any Interest Payment Date with effect from, 1 June 2006 proceed with the early redemption of all or part of the Bonds outstanding at par or €14, plus the Interest Amount corresponding to the Interest Period ended on the early redemption date
Listing

As of 6 March 2006 the OBSAR share warrants have been listed separately from the BSAR bonds under code ISIN FR 0010286526