Bernard Aybran - Professional Wealth Management

05 May, 2003

“For the first time in many months, our asset allocation is evenly spread between equities and fixed income. The equity bounce was impressive in April and, though the US markets do not look cheap to us, we will seize any opportunity triggered by a slight increase in confidence. In the fixed income part of the portfolio, we also intend to benefit from this trend by focusing on high yielding bonds, whether corporate or emerging markets.”

Amount (E) - Fund

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

9000 - AXA Euro Credit (investment grade bonds)

8000 - Agressor (French equity)

8000 - Centifolia (French equity)

8000 - Merrill Lynch Focused Value (US equity)

6000 - Credit Suisse BF High Yield Euro (high yield euro)

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

6000 - Rendements Emergents (emerging debt)

5000 - Socgen International (global equity)

4000 - Victoire Obligations Internationales (investment grade bonds)

4000 - Franklin Mutual European Equity