Le Foyer S.A.

Land, buildings and installations13 Movements in tangible assets included under this heading in the courseof the year were as follows:Buildings andLand installations Total Total(in €) 2003 2003 2003 2002Gross value at 01.01. 9 555 137.16 19 960 131.30 29 515 268.46 27 561 278.28Additions in the year –xxxx 873 403.09 873 403.09 1 953 990.18Disposals in the year –xxxx –xxxx –xxxx –xxxxGross value at 31.12. 9 555 137.16 20 833 534.39 30 388 671.55 29 515 268.46Cumulative valueadjustments at 01.01. –xxxx -9 443 807.40 -9 443 807.40 -8 993 608.81Value adjustments in the year –xxxxx -484 208.04 -484 208.04 -450 198.59Cumulative valueadjustments at 31.12. –xxxx -9 928 015.44 -9 928 015.44 -9 443 807.40Net value at 31.12. 9 555 137.16 10 905 518.95 20 460 656.11 20 071 461.0664The market value of the group’s “land, buildings and installations”at 31 December 2003 was € 39,596,072.88 net of any associatedexpenses. This valuation is based on an appraisal carried out byproperty consultants A.D. van Dijk Consultants.