LISTED SECURITIES

Convertible Bonds CHF 600 million 1.70% - 2006 – 2013

The main features of the bonds convertible into Pargesa Holding SA. bearer shares are the following :

Principal amount : CHF 600 million
Denomination: CHF 5'000
Coupon: 1.70% per annum, payable on 27 April
Maturity: 27 April 2013
Redemption price: 100% of principal amount (in case of non conversion)
Conversion price: CHF 159.72 (subject to adjustments)
Conversion period: From 6 June 2006 to 7 April 2013
Source of shares: Bearer shares to be issued from the existing conditional capital
Guarantor: Pargesa Holding S.A.
Listing:
ISIN : CH0025087153

The offering and listing prospectus can be downloaded here: [Offering and listing prospectus]