INITIAL STABILISATION ANNOUNCEMENT

                                                                               

 

 

Date of Notice:          23 June 2005                                      
                                                                           
Issue:                   Zeltia SA (the 'Securities')                      
                                                                           
Offer Price:             €6.05                                             
                                                                           
Issue Date:              23 June 2005                                      
                                                                           
                                                                           
                                                                           
Stabilisation Period-                                                      
                                                                           
Commencement:            23 June 2005                                      
                                                                           
End:                     Not later than 30 days after the Issue Date       
                                                                           
                                                                           
                                                                           

 

HSBC Bank plc (the Stabilisation Manager) announces that in connection with the
issue of the above Securities, it may over-allot or effect transactions with a
view to supporting the market price of the Securities at a level higher than
that which might otherwise prevail during the Stabilisation Period.  Such
stabilising, if commenced, may be discontinued at any time.

 

The Stabilisation Manager also announces that the Issuer of the Securities has
granted it an option to purchase an additional 750,000 shares at any time up to
12TH July 2005.