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Rubis increases its capital by allotting free subscription warrants to its shareholders 1 new share for 6 subscripti...


<< This operation allows shareholders to subscribe to Rubis shares under preferential terms

- For each Rubis share held as of November 21, 2005, 1 free subscription warrant is automatically allotted.

- 6 subscription warrants allow the shareholder to buy 1 new share, entitling him to the 2005 dividend.

- The price of new shares has been set at 48 euros, a 21% discount relative to the share price on November 17, 2005.

- The subscription period extends from November 22 through December 12, 2005, inclusive.

- The subscription warrants are negotiable on the Eurolist of Euronext Paris throughout the operation, i.e., from November 22 through December 12 inclusive.

- This operation received approval no. 05-784 of the Autorité des Marchés Financiers, the French stock market regulator, on November 17, 2005.

<< Strong growth in earnings per share and stock market price over the past 5 years

- With the consolidation of recent acquisitions - SAGF and 34% of Vitogaz - and pro forma with the 2004 financial statements, Rubis' EPS growth over the past five years comes to 15% (before issuance of the subscription warrants).

- In 2006, benefiting from full consolidation of the 2005 acquisitions, as well as increased international business, earnings per share (after issuance of the new shares) should reach €3.75.

- Rubis' share has outperformed the SBF 120 index by 130% since 1998.

- The 2005 dividend, payable in June 2006, will be significantly higher.

- As of September 30, 2005, the Group recorded good growth in business volume (+6%).

This operation, which helps to refinance the most recent acquisitions, will enable Rubis to seize the many opportunities for development that are sure to arise in the near future.

A prospectus on this operation, AMF approval no. 05-784, including a section headed "risk factors," is available at the Company's headquarters, on the websites www.rubis.fr and www.amf-france.org and from the advising banks Calyon and Sodica.

RUBIS is listed on the Euronext Paris market (Compartment B) - Code ISIN-FR0000121253