PR Newswire/Les Echos/
 
                                            Société Anonyme. Share capital: 166,033,552
            Head office: 29-31 rue Washington - 75008 Paris - France
                            390 474 898 RCS Paris

           Description of the Share Buyback Program authorized by
the Combined Annual and Extraordinary Shareholders' Meeting of May 6, 2008
                            Published May 7, 2008


1. Legal framework

In application of Article 241-2 of the Autorité des Marchés Financiers' general 
rules and European Commission Regulation 2273/2003/EC dated December 22, 2003, 
this document has been prepared to describe the purpose and terms of the 
Chargeurs SA share buyback program. This program was authorized by the combined 
Annual and Extraordinary Shareholders' Meeting of May 6, 2008, for which the 
notice of meeting was published in France in the Bulletin des Annonces Légales 
Obligatoires no. 38 dated March 28, 2008.

This document can be downloaded from the Company's website (www.chargeurs.fr) 
and from the website of Autorité des Marchés Financiers (www.amf-france.org).

2. Number of shares and percentage of capital held in treasury as of May 6, 2008

As of May 6, 2008, the Company's share capital was made up of 10,377,097 shares
. As of that date, 64 314 shares were held in treasury, representing 0.62 % of 
the capital.

3. Allocation of treasury stock

The 64,314 shares held in treasury as of May 6, 2008 are allocated to the 
following purposes:
- Liquidity contract: 50,980 shares
- Shares held for subsequent cancellation: 13,334 shares

4. Objectives of the new share buyback program

The program's objectives are as follows:
To ensure the liquidity of the Company's shares through an investment service 
provider acting independently under a liquidity contract that complies with the 
AMF-approved AFEI code of ethics.
To acquire shares for cancellation through a capital reduction.


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5. Program limits

Maximum percentage of capital that may be bought back -
Type of equity securities
1% of the current issued capital, representing 103,770 ordinary shares.

Maximum buyback price and maximum investment
The maximum price at which the shares may be bought back is 24 per share.
The maximum amount invested in the program may not exceed 2,490,480.

Program terms and conditions
The shares may be purchased, sold or transferred under the program by any 
appropriate method, through on- or off-market transactions, including block 
trades. The resolution voted by shareholders does not set any limit on the 
proportion of the program that may be executed through a block trade. The 
transactions may be carried out at any time, except during the closed periods 
stipulated in the General Regulations of the Autorité des Marchés Financiers.

6. Program duration
The duration of the program is 18 months from the date of its approval at the 
Combined Annual and Extraordinary Shareholders' Meeting, i.e. until November 5, 
2009.

7. Overview of the previous program - Transaction disclosures

The previous share buyback program was authorized by the Combined Annual and 
Extraordinary Shareholders' Meeting of May 15, 2007. The authorization was 
given for a period of 18 months, ending on November 14, 2008. The program terms 
and conditions were described in an information memorandum disclosed on the 
website of the Autorité des
  Marchés Financiers (n° 2007-044.64901).

  The program was launched immediately after the Shareholders' Meeting, on May 
16, 2007.

Summary information about the transactions carried out under this program in 
the period until
 May 6, 2008.

                    Transaction Disclosures

Percentage of capital held in treasury (directly and through subsidiaries)      0.62 %
Number of shares canceled in the last 24 months                                  0
Number of shares held in treasury                                              64,314
Shares allocated to the liquidity contract                                     50,980
Shares allocated to cover stock options                                          0
Book value of treasury stock (in )                                           1,492,085
Market value of treasury stock (in , based on the Chargeurs closing           858,592
share price on May 6, 2008 of 13.35)

Transactions under the share buyback program between May 16, 2007 and May 6, 2008

No shares were bought back during this period and the following information 
only concerns transactions under the liquidity contract.

                       Cumulative gross transactions                       Open positions at
                                                                                May 6, 2008
                                 Purchases         Sales/transfers                    N/R
Number of shares                   65,413              33,016
Average transaction price          17.4                19.7
(in €)
Amount (In   thousands)            1,141               651




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