Bernard Aybran - Professional Wealth Management

02 June, 2003

“Our asset allocation has shifted towards a heavier weighting in equity funds, now accounting for 38 per cent of our model portfolio. Thus we have been able to capture part of the supportive trend that appeared in the US market. We are continuing reallocation from European to US stocks. We are also beginning to reap benefits from the most speculative bond funds (ie euro corporate high yield and emerging market debt) whose spreads are becoming tighter after an impressive eight month rally.”

Amount (E) - Fund

25,000 - MultiAlternatif Equilibre (fund of hedge funds)

10,000 - ML Focused Value (US equity)

9000 - AXA Euro Credit (investment grade euro)

7000 - Agressor (French equity)

7000 - Centifolia (French equity)

6000 - Goldman Sachs Global High Yield (high yield dollar)

5000 - Socgen International (global equity)

4000 - CS BF High Yield Euro (high yield euro)

4000 - Victoire Obligations Internationales (investment grade)

4000 - Rendements Emergents (emerging debt)

4000 - Franklin Mutual European Equity (Europe equity)