RHA Eksportfinans 8.70 Pfd Accelerated Return Notes Linked TO The Russell 2000 Index

Shareholder Class Action Filed Against Rhodia S.A. By The Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., April 19 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all securities purchasers of Rhodia S.A. (NYSE:RHA) ("Rhodia" or the "Company") between April 26, 2001 and March 23, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Rhodia, Jean-Pierre Tirouflet, Gilles Auffret and Pierre Prot with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company failed to timely write down the value of its ChiRex subsidiary. In particular, Rhodia failed to disclose in a sufficiently precise and sincere manner the evolution of ChiRex's turnover and outlook during 2003, making it difficult for the market to evaluate the risk of value loss and the consequences on the financial situation of the Group; (2) that the Company failed to depreciate its deferred taxes assets in fiscal year 2002 and in the 1st half of 2003; (3) that Rhodia failed to communicate with investors on all the components of its debt, particularly off balance sheet items that were significant, on its level of liquidity, and on the coverage of its environmental risks; and (4) that as a result of the foregoing Rhodia's financial results were materially inflated at all relevant times. On March 23, 2004, Rhodia revealed in a SEC filing an auditor's concerns about Rhodia's cash position. PricewaterhouseCoopers said in a filing with the SEC that Rhodia faced depressed market conditions and it did not expect positive cash flow this year. The filing also showed that French market authorities had launched an inquiry into Rhodia's financial statements. On this news shares of Rhodia fell $0.21 per share or 7.12 percent, on March 24, 2004, to close at $2.74 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than June 6, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706 or Web site: http://www.sbclasslaw.com/

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