Le Foyer S.A.

Asset ManagementProfits buoyed by rising financial markets.Healthy levels of business in bond trading and brokerage.Sharp growth in assets under management.Our third business of asset management is carried outthrough Foyer Asset Management and Le Foyer, Patrimonium& Associés.Following two consecutive years of falling stock markets,the first quarter of 2003 brought a cut in short-term interest ratesand greater volatility in long-term rates, while the second halfwitnessed a robust recovery in European equity markets and aweaker dollar.Against this backdrop and with equity markets sluggish,bond market opportunities enabled Foyer Asset Managementto carry out virtually the same number of transactions as in theprevious year. There was a slight increase in operating profit.Income from proprietary and third-party securities transactionsrose 7.6% relative to 2002. General expenses were clippedby 16.8%, thanks to reductions in both operating and personnelexpenses.39Net profit advanced 52.8% to € 2.32 million in 2003.Le Foyer, Patrimonium & Associés considerablystrengthened its sales and marketing team, both in Luxembourgand Belgium, while at the same time diversifying into forwardcurrency transactions.Assets under management increased 55% relative to 2002.However, with most of this growth occurring in the final quarterof 2003, there was only very marginal benefit to profit in 2003.