Le Foyer S.A.

Special items with a share in reserves21 By virtue of article 54 of the LIR, capital gains realised on the followingitems are exempt from tax:(in €) 2003 2002Reinvested capital gainsParticipating interests 34 276 873.69 16 616 212.47Land, buildings and installations 3 496 488.10 3 604 833.70Sub-total 37 773 361.79 20 221 046.17Capital gains to bereinvested at 31.12. 29 997.42 20 950 081.24Total 37 803 359.21 41 171 127.41The portion of the tax-exempt capital gains generated on property isposted on release to the “Income from the elimination of specialitems with a share in reserves” caption of the profit and loss account.Breakdown of accounts payable by residual term22 All accounts payable have a residual term of less than one year.Results on Non-life insurance activities23 The breakdown between direct insurance and accepted reinsurancein terms of key profit and loss account figures for Non-life insuranceactivities is as shown below:Direct Acceptedinsurance reinsurance(in €) 2003 2003Gross premiums written 203 143 833.36 435 623.7468Gross premiums earned 198 405 874.73 410 368.81Gross claims expenses -105 434 493.21 -144 550.94Gross operating expenses -44 045 861.43 -70 033.04Reinsurance balance -35 470 415.29 26 371.03