Organic growth was 4%, excluding FERMAT, which registered an exceptionally high nonrecurring activity in 2005.

Showing a growth of almost 20%, the Asia Pacific region has contributed significantly to these figures.

The Americas region also demonstrated a strong organic growth of 15% (33% including the turnover achieved by OASIS).

In Europe, mergers of financial intermediaries are still taking place but are less frequent and less significant.

A profitable diversification strategy

Front Office activities are growing again, with an increase of 3% compared to last year. Sales levels were maintained through the systematic supply of OMS (Order Management Systems) as well as the need for compliance with MiFID regulations.

The very strong performance of dedicated product lines for the Middle and Back Office (Securities and Derivatives), as well as the release of two major projects linked to risk management (TRADIX), have confirmed the benefits of the diversification strategy pursued by GL TRADE for several years. The full Straight Through Processing strategy has also proven successful with our clients.

The anticipated easing in the FERMAT product line has been confirmed, with the two major projects of 2005 now being finalized. These include a significant proportion of low-margin outsourced consulting services.

Acquisition of Emos

The buyout of Emos (€2M annual turnover and 15 clients) effective from July 1st, has allowed GL TRADE to consolidate its leading position in the clearing and matching market for listed derivatives.

The Emos teams joined the GL TRADE offices in New York, Singapore, Sydney, Paris and London in early July. The new GL CLEARVISION platform project, incorporating the strengths of the Emos products, has begun.

Prospects for 2006

The results of the first half, combined with the recent signing of a major contract in the United States for the Post Trade Derivatives business line, as well as the strong growth in Front Office activities in the US and Asia regions, have confirmed the year-end organic growth target of 3 to 5% of turnover.

The previously announced yearly profit targets have been confirmed (17–18% of operating margin upon IFRS standards, excluding depreciation of intangible assets). As is the case every first half year, the business cycle generated a slightly lower profit than the annual target.

The final figures for the first half of the year will be published on August 29, 2006 before the Paris market opening. The first half results presentation to analysts (SFAF) will also be held on August 29 (GL TRADE, 46 Rue Notre Dame des Victoires, 75002 Paris- France).