Bonds Offerings In France

(i) If bonds are publicly offered in France, the issuer (whether French or foreign) must prepare and have approved by the COB a French language prospectus, in a simplified form (if the bonds are not to be listed in France) or in a more detailed form (if the bonds are to be listed in France).

If the issuer is not a French company (but is registered in another EU country), and the securities are publicly offered in its home country, and the issuer has filed a prospectus with the stock exchange authorities of its home country under local regulations, the issuer may then use such prospectus in France under the rules governing mutual recognition of prospectuses in the EU. In order to do so, the entire prospectus must be translated into French, supplemented with information relating mainly to the French tax rules, the name of the bank(s) which will handle the payment of dividends in France, and the procedure for publication of information to the public. Such documents, together with