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Synergies between the two companies

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� Specific clauses for <strong>the</strong> subscriber<br />

� No conversion before January 1, 2007<br />

� Six-month standstill following conversion<br />

� No short over <strong>the</strong> period<br />

� Corporate governance :<br />

Terms of <strong>the</strong> transaction(2/2)<br />

� Colony joins <strong>the</strong> Supervisory Board and <strong>the</strong> commitments<br />

committee<br />

37

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