GL TRADE: First half 2003: Turnover €62.5m - Up 8% At Constant Exchange Rates

Consolidated turnover for the GL TRADE group was €62.5m during the first six months of 2003. This includes the impact of negative exchange rate movements and represents growth of 2.3% compared to the first half of 2002. At constant exchange rates growth was 8.2%.

Turnover outside France accounted for 72% of the total in the first half of 2003, as opposed to 66% in the first half of 2002.

Europe (outside France) contributed 53% of consolidated turnover. Asia and the Americas accounted for 8% and 10% respectively. The first half brought a sharp slowdown in the View-only and e-brokerage businesses of GL multimedi@, mainly in France. Lower turnover for France was offset by growth in the rest of Europe. Turnover in Asia was flat due to the economic climate in this region.

GL TRADE expects the first-half growth trend to be maintained in the second half of 2003. As a result of a rigorous cost-cutting policy and an improvement in productivity at all GL TRADE units, the slowdown in growth will have a limited impact on margins. As previously announced, GL TRADE is expecting net margin before goodwill amortisation of between 12% and 13% for the full-year 2003.

A meeting of the Board of Directors will take place on August the 26th . This will be followed by the release of the full first-half consolidated financial statements on August the 29th. A presentation to analysts will take place on September the 8th in Paris.