Le Foyer S.A.

Consolidated net profit virtually doubled from € 10.31 millionin 2002 to € 20.59 million in 2003.The following table shows the breakdown of consolidatednet profit by the main branches of activity for 2002 and 2003.Net profit(€ million) 2003 2002 ∆%Non-life insurance 14.78 12.73 16.1Life insurance 3.01 * -4.29 N/AAsset management 2.80 1.87 49.4Total (net of minority interests) 20.59 10.31 99.7* after posting a € 5.66 million tax-exempt capital gain to the liabilities side of thebalance sheet under “special items with a share in reserves”The improvement in consolidated net profit during the yearstemmed from write-backs of value adjustments on the securitiesportfolio following the rally in stock markets. The value adjustmentshad been made amid adverse stock-market conditions in2002.Non-life insuranceThe group’s Non-life insurance companies comprise LeFoyer Assurances (100%) and Foyer Re (100%), both of whichare fully consolidated, plus Europ Assistance (49%), Le Foyer-ARAG (50%), Gecalux (50%) and Le Foyer Santé (50%), all ofwhich are proportionally consolidated. The table below provideskey figures for the Non-life insurance business in 2002 and 2003:(€ million) 2003 2002 ∆%Revenues 203.58 191.70 6.2Net profit 14.78 12.73 16.120