In France, the introduction on the stock exchange of 30-43% of the capital of the PAGES JAUNES business (turnover EUR 917 million in 2003) will take place on 8 July this year. The price range is from 12.9 to 14.9 euros per share, which gives the FRANCE TELECOM subsidiary a value of between EUR 3.6 and 4.2 billion. FRANCE TELECOM will remain the majority shareholder of this subsidiary. The PAGES JAUNES holds 93% of the French directory market estimated at EUR 850 million in 2003.