50-Year OAT Issue to be Listed on EuroMTS, MTS France and BondVision

Paris, February 28, 2005 – The MTS Group is pleased to announce the listing of the first 50-year OAT issued by Agence France Trésor on EuroMTS, MTS France and BondVision, providing the same transparency and deep liquidity afforded by the MTS model to the first ultra long security in the eurozone. From March 1, 29 European Primary Dealers and 1 Single Market Specialist of French bonds on EuroMTS as well as 21 Spécialistes en Valeurs du Trésor (SVTs) on MTS France will provide liquidity on the new OAT 4% 25 April 2055.

The listing follows the decision of the EuroMTS Interest Rate Committee, composed of representatives from ABN Amro, Barclays, Citigroup, Deutsche Bank, Morgan Stanley and Société Générale, and the MTS France Market Committee, which includes representatives from the 21 SVTs, to guarantee the 50-year OAT the same liquidity measures as those provided to other bonds on the euro yield curve. The clear support of Market Makers paves the way for other issuers to launch similar bonds, thereby developing a pool of liquidity in the ultra long segment of the yield curve.

The 50-year OAT will also be listed on BondVision, which offers investors access to the exceptional liquidity of MTS.

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