2007 - April

1.0
Management report
These delegations are presented in detail in the following table:
Summary of valid delegations to increase the share capital
IN EUROS
Date of the EGM
(c)
Authorization
end date
Authorized amount
(in euros)
Previous years
increase(s)
Current year
increase(s)
Residual amount on the
day the present table
was finalized (in euros)
Authorization to increase the capital
with preferential subscription rights
maintained
Authorization to increase the capital
with preferential subscription rights
waived
Authorization to increase the capital
with preferential subscription rights
waived in favor of members of a
company savings scheme
April 27, 2006 June 26, 2008 10,000,000 (a) N/A - 10,000,000 (a)
April 27, 2006 June 26, 2008 10,000,000 (a) N/A - 10,000,000 (a)
April 27, 2006 June 26, 2008 500,000 N/A - 500,000
Authorization to increase the share
capital as payment for contributions
of securities
April 27, 2006 June 26, 2008
10% of the share
capital
N/A -
10 % of the share
capital
Authorization to issue stock options
and/or warrants
April 27, 2006 June 26, 2009
5% of the share
capital
N/A (b) 259,000
Authorization to grant bonus shares
to be issued
April 27, 2006 June 26, 2009
5% of the share
capital
N/A
N/A
5 % of the share
capital
(a) Global amount for both categories.
(b) The authorization granted to the Executive Board and then the Board of Directors was applied through the issue of 3 plans in 2007. No options issued through these 3 plans were exercised in 2007.
The maximum capital increase associated with these 3 plans represents 103,600 euros.
(c) The General Meeting that decided on August 28 th , 2007 to change the company’s management structure with the adoption of the Board of Directors formula provided for the possibility for these
delegations, which were initially granted to the Executive Board by the General Meeting on April 27 th , 2006, to be used by the Board of Directors.
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