Equity Holdings

BREAKDOWN OF EQUITY HOLDINGS BY SECTOR AT 31 DECEMBER 2006

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With 61% of its investments in the finance and real estate sector, Qualis has in the last two years entered an apparently cyclical industry, but one that cannot be offshored and in which there is a structural shortage of supply across France.

Investments have also been made in technology companies with very strong potential. These investments have higher risk/return profiles, and accounted for 12% of Qualis’ equity holdings at end-2006.