CHEUVREUX Execution services

1. CHEUVREUX Execution services • Direct Market Access • FIX Connectivity • Algorithmic Trading • Program trading • CFD

2. A unique access for global market coverage • A network of memberships in Europe / Eastern Europe • Paris • Brussels • Amsterdam • Lisbon • Virt-X • SWX • Frankfurt • Copenhagen • Asian Access through • US Access through Calyon Securities • Stockholm • Oslo • Helsinki • Milan • Madrid • London • Vienna • NYSE • NASDAQ • ECNs • AMEX • Coming soon: Poland, Hungary, Czech Republic • Tokyo • Osaka • Hong Kong • Singapore • Taipei • Australia • New Zealand

3. North Continental America Europe 16% 22% AMEA France 2% 20% UK 40% An international client base • Our clientele is HIGHLY INTERNATIONAL • Asset managers • Hedge funds • Proprietery traders • Private banks • Brokers Breakdown of Cheuvreuxs’ brokerage by client country - YTD 2005

4. Platform Overview GL Net Direct Market Access GL Win TradingScreen,ORC, Flextrade, RealTick,… (FIX compliant GUIs …) FIX GL protocol T.N.S. Radianz WWW Client O.M.S. Order Routing FIX DMA ROR, TAL GlobalTopic Bloomberg Tradingscreen FIX ROR Tradingscreen Autex Connect/ATR Connectivity Routing T.N.S., Radianz SwiftNet WWW O.M.S. Sales-traders Program Trading Algorithms Exchange Specific Gateways Client CAC Exchanges

5. Full range of service in a STP world

6. A wide spectrum of connectivity solutions • Direct Market Access • Fast, accurate and “empowered” execution • No interference with your trading – Straight order delivery to the market • Cost effective and highly competitive • Order Routing Facilities • Easy to connect • Secure delivery to the market – Real time monitoring of your intraday order flow • A dedicated platform providing for independence of execution • Connectivity Services • Orders delivered to a centralized order book • Quality execution through a dedicated sales trading team • Expertise Enabling you to optimize the management of your order flow!!!

7. Performance, reliability and security • Performance • Latency: 500 ms round trip (from sending order to acknowledgement) • More than 200 institutions trading on a daily basis • Reliability • Centralized Order Book • Fault resilient back-up servers • System of alerts to better streamline your flow • Full redundancy • Security • Disaster Recovery site ensuring smooth transition and retention of trading data • End to end monitoring of your order flow Ensuring Continuity of Trading

8. Availability (2004) • Market Access Availability • (as a percentage of exchange Continuous trading time) • Euronext 99.662 % • Xetra 99.58 % • VirtX & SWX 99.633 % • SAX & HEX 99.898 % • Spain 99.593 % • Italy 99.615 % • UK - SETS 99.643 % • FIX connection system availability • FIX – DMA 99.89 %

9. Connectivity: a flexible choice • A wide range of connectivity options tailored to your trading needs and preferences • Standalone systems GL Net (GL Win, GL API) Bloomberg Reuters TradingScreen Orc Realtick Royal Blue - Fidessa Thomson – Global Topic Trader Flextrade Trader Force Ullinknet • Networks Radianz TNS VPN (www) • OMS MacGregor Charles River Decalog • Network Hubs SWIFT net NYFIX London Stock Exchange Network Tradeware • Coming soon Latent Zero • FIX versions 4.0, 4.1, 4.2

10. Algorithmic Trading Connectivity • Available through: • Bloomberg • FIX • Coming soon : • Reuters • GL • Tradingscreen • Fidessa • … • Notes : • N/A : non available

11. Program trading – Reducing Market Impact • A Specialist • Specialist in mid caps/small caps flow • Dedicated program traders within the trading team • Dedicated Back office for program confirmation and settlement • Efficiency • High cross-rate ratio => reducing market impact • Access to flow from 1,000 active institutional clients • Flexibility • Taylor-made service to clients, covering a wide variety of programs: Pure agency, Benchmark agency, Incentive or guaranteed benchmarks, Long short or capital neutral programs • Choice of centralised trading in Paris or via local specialised traders to capture flows from domestic clients • A large choice of connectivity solutions: GL Trade, trading screen, TNT, Mac Gregor, Bloomberg, Thomson, Reuters, SwiftNet, Internet, A dedicated platform providing for independence of execution • Reliability • Constant monitoring throughout the day for market impact • Reports against your benchmark • State of the art settlement services

12. CFD Product overview - Characteristics • Definition A Contract for Difference is an agreement between two parties to exchange, at the close of the contract, the difference between the opening price and the closing price, multiplied by the number of shares specified within the contract. • Buy a CFD allows to benefit from a long position performance • Sell a CFD allows to benefit from a short position performance • Characteristics • Financing • A client holding : • of long CFD position is liable to overnight financing charge (Libor + applicable spread) applied to the underlying value of the stock • of short position will be credited from overnight financing (Libor - applicable spread) applied to the underlying value of the stock • Maturity • A CFD has no settlement date, it is an open-ended contract  In practice CFDs are limited to 364 days to avoid Tax on deposit remuneration • Leverage effect • To Buy/Sell a CFD, only a deposit is required (e.g. 10-20% of the underlying value of the stock) • Tax • CFD are not liable to UK Stamp Duty • Daily P&L margining • CFD are revalued at the close of each business day : • Profits are credited from client account • Losses are debited from client account with resulting margin call • Dividends • Dividends are • credited to client for Long CFD position • debited from client for Short CFD position • Delivery • CFD is a performance contract without physical delivery of the underlying