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

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

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

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

5. - 5 - Full range of service in a STP world

6. - 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. - 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. - 8 - Availability (2004)  Market Access Availability (as a percentage of exchange Continuous trading time) Euronext99.662 % Xetra99.58 % VirtX & SWX 99.633 % SAX & HEX99.898 % Spain99.593 % Italy99.615 % UK - SETS99.643 %  FIX connection system availability FIX – DMA99.89 %

9. - 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 OMS MacGregor Charles River Decalog Coming soon Latent Zero Networks Radianz TNS VPN (www) Network Hubs SWIFT net NYFIX London Stock Exchange Network Tradeware FIX versions 4.0, 4.1, 4.2

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

11. - 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. 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  Definition  Characteristics Leverage effect To Buy/Sell a CFD, only a deposit is required (e.g. 10-20% of the underlying value of the stock) 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 Tax CFD are not liable to UK Stamp Duty 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 Delivery CFD is a performance contract without physical delivery of the underlying 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 CFD Product overview - Characteristics