Thierry Callault

“We will add more investments in Asian equities with two new funds, keep the small-cap bias and overweight position on high yield and corporate bonds versus government bonds, remove some small caps in Japan, and keep our position in emerging Europe, which has done very well year-to-day (+23 per cent at May 22, 2002). Globally, we stay a little bit cautious.” Amount (E) - Fund 50,000 - ADI Convex Valor (alternative investments – convertible bond arbitrage) 150,000 - Pimco Total Return (US bonds) 25,000 - CSAM Convertible Bond Europe (convertible bonds) 25,000 - Western Asset Global Yield Europe (European and US high yield) 60,000 - Wanger New America Small Caps (US small cap) 35,000 - Legg Mason America Value (US large-cap value) 30,000 - WP Stewart Select Growth (US equity) 35,000 - Kempen New Europe Small Caps (European small-cap growth) 20,000 - Comgest Renaissance Europe (European large cap) 20,000 - Capital International Multisector Europe (European large cap) 15,000 - Comgest Asia (Asia and Japan equity) 10,000 - JPMorgan Fleming New Economy Japan Sicav (large-cap Japanese equity) 12,500 - UOB Nouvelle Croissance Asia (Asian equities) 12,500 - JPMorgan Fleming Nouvelle Croissance Europe (emerging Europe)