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PRESS RELEASE Paris, 23 November 2006 Adjustment of the conversion terms for the 2007 and 2009 warrants

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(1)PRESS RELEASE. Paris, 23 November 2006. Adjustment of the conversion terms for the 2007 and 2009 warrants In accordance with the announcement of April 2006, the Group has initiated a policy of special dividend payments. Hence, the Extraordinary General Meeting of 14 November 2006 approved the payment of an exceptional dividend of €0.3 per share, funded from ‘share premium’. This payment has led Acanthe Développement to adjust the conversion terms for the warrants expiring in October 2007 (ISIN and EURONEXT code FR0000322059 – Ticker ACABS) and October 2009 (ISIN and EURONEXT code FR0000346975 – Ticker ACBS2). The conversion ratios for the number of shares obtained from the exercise of the warrants are, as of 15 November 2006, the following: -. for 5 warrants expiring in October 2007 and a payment of €3.8, 2.26 Acanthe Développement shares will be delivered, for 75 warrants expiring in October 2009 and a payment €4, 2.04 Acanthe Développement shares will be delivered.. Acanthe Développement, a property company listed for trading on Section B of Euronext Paris, is included in the IEIF Foncières, EPRA Europe and GPR – General Index indices. The Chairman of the company is Alain Duménil.. For more information on our Group, www.acanthedeveloppement.com Contacts: Solange Stricker & Associés Geneviève de Négri/Guillaume Gaudet Tel: 01 40 71 07 03/01 40 71 32 79. WorldReginfo - 887f86d2-1aaa-4457-b08a-39daa55af7f1. ISIN code: FR0000064602.

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