GL TRADE reports turnover of EUR93.7m to end-September 2003, an increase of 5.5% at constant exchange rates

GL TRADE's turnover of EUR93.7m for the nine months to end-September 2003
represents a growth of 0.1% on the same period last year, including a negative currency effect. At constant exchange rates, turnover would have grown by 5.5%.

Over the nine months to end-September 2003, 71% of total turnover came from
outside France, up from 67% in 2002.

Europe (not including France) accounted for 52% of turnover. Asia and the Americas generated 8% and 10% of turnover respectively.

Since the beginning of the year, the group has seen a growth of around 6% in its trading businesses (both direct and remote, via GL NET), with the negative effects of mergers and cost cutting measures amongst clients offset by enhancements to the range of trading products (notably the release of the V5 multi-market generation of the GL WIN and GL SELECTOR range). The pre- and post-trade product lines enjoyed a growth of 35%, confirming the relevance of the group's strategic decisions in these areas.

By contrast, given the economic difficulties of the sector, data transmission and e-brokerage business saw something of a slowdown: the GLmultimedi@ subsidiary, whose core business lies in these areas, saw the sharpest fall. The biggest decline was in France. The 14% drop in French turnover was offset by growth of 11% in the rest of Europe.

GL TRADE doesn't expect an appreciable evolution of market conditions for Q4
2003. The Group remains focussed on cost management and works constantly on improving productivity in all Business Units. As previously announced, GL TRADE expects a net margin before goodwill of between 12% and 13% for the full year.

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