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Capital increase 02-11-2005

At the end of the special period, during which conversion of the convertible bond issue 2004-2011 could take place, 70,363 (of the total 175,000 issued) were requested for conversion.
This conversion took place before a Notary on November 2, 2005, and entails an increase in the equity of Compagnie du Bois Sauvage of EUR 12,665,340 and a decrease in the long term debt of the same amount. The number of shares issued increased from 1,411,048 to 1,481,411 as of November 3, 2005.