7 April 2008 - Gide Loyrette Nouel Paris advises SNCF for its cash public offer on Geodis:

Gide Loyrette Nouel Paris advises SNCF (France's national rail operator) in its voluntary and friendly public cash offer for Geodis⁽¹⁾ shares, which will be filed by the end of April by its subsidiary company, SNCF Participations, which currently holds 42.37% of the capital and 45.79% of the voting rights of Geodis.

The offer covers all Geodis shares not owned by SNCF Participations. The offer price of 135 Euros per share coupon 2,85 Euros attached, represents a valuation of Geodis of approximately 1.1 billion Euros.

This transaction falls within the framework of SNCF's objective of creating an enlarged freight transport and logistic division, which will include the activities of Geodis, SNCF Freight and TLP (Transport et Logistique Partenaires, a wholly owned subsidiary of SNCF Participations).

Legal Counsel to SNCF and SNCF Participations: Gide Loyrette Nouel

	Stock Exchange Regulation: Youssef Djehane, Stéphanie de Robert Hautequère, Paul-Henri Dubois.

	Corporate: Jean-Emmanuel Skovron, Antoine Lelong.

	Competition Law: Antoine Choffel, Laurent Godfroid, François-Charles Dumonteil.

	Labour Law: Joël Grangé.

	Tax Law: Guillaume Goulard.

⁽¹⁾ France’s biggest freight firm.