SECTION 822-18

In the event of issuance of new capital securities or new securities giving access to capital as well as in the event of a merger or demerger of the company called to issue such securities, the board of directors or the general director, as the case may be, may suspend, for a maximum period of three (3) months, the possibility of obtaining the allotment of capital securities through the exercise of the right referred to in article 822-19 hereinafter , or article 626-1 above. Unless otherwise provided in the issue agreement, capital securities obtained, at the end of the suspension period, through the exercise of the rights attached to securities, shall give right to dividends paid during the fiscal year in which they were issued. The information contained in the notice by which the board of directors or the general director, as the case may be, suspend the possibility of acquiring capital securities shall be communicated to holders of securities giving access to capital by registered mail with request for acknowledgement of receipt, seven (7) days at least prior to the date of entry into force of the suspension. Where the company securities giving access to capital are admitted to trading at the stock exchange or where all its securities giving access to capital are not in the nominative form, the notice containing this information shall be published, within the same period, in a newspaper authorized to publish legal notices. Such notice shall state, in addition to the information provided for in article 257-1 above, the dates of entry into force and of the end of the suspension.