COMPAGNIE FINANCIÈRE TRADITION SA ANNUAL

Significant Shareholders

Major shareholders At 31 December 1999, the only shareholder holding over III.9 General reserve 5% of the voting rights in CFT was the group VIEL&Cie Finance, Paris, with 72.47%, compared to The general reserve is not available for distribution. 73.25% the previous year. The 72.47% voting rights held by the group VIEL & Cie III.10 Consolidated reserves Finance, Paris, are exercised indirectly through Financière Vermeer BV, Amsterdam, wholly owned in fine by This item includes cumulative foreign currency transla- VIEL& Cie, which itself is 69.56% held by VIEL & Cie tion adjustments, which increased by CHF 10,350,000 in Finance at 31 December 1999. 1999 (CHF -3,799,000 in 1998). Increase in share capital The Company’s share capital may be increased by up to CHF 6,000,000, through the issue of up to 600,000 new bearer shares of CHF 10. The issue price of such new shares and the date from which they are to pay dividends shall be determined by the Board of Directors. This authorisation, renewed by the Annual General Meeting of 10May 1999, is valid until 11May 2001. 32 COMPAGNIE FINANCIÈRE TRADITION ANNUAL REPORT 1999 CONSOLIDATED FINANCIAL STATEMENTS IV NOTES ON THE CONSOLIDATED PROFIT AND LOSS ACCOUNT IV.1 Revenues Consolidated net revenues increased from These revenues result from commissions related to pure CHF384.6million in 1998 to CHF 496.6 million in brokerage operations conducted by operational companies 1999, a rise of 29.1%. On a like for like consolidation in the Tradition Group with a substantial clientele of large basis, excluding Company acquisitions and creations banks and financial institutions. It also marginally during the year, and the effect of Tradition Securities And includes revenues - less than 2% in 1999 - from arbitrage Futures, consolidated since 1October 1998, sales increa- activities on the exchange-traded products realised by sed by 17.7% in 1999 or 13% at constant exchange rates. Tradition Securities And Futures and its affiliates. The breakdown of revenues by sector of activity and geo- graphical area is as follows: TSH TFS HTS Total in thousands of Swiss francs 1999 1998 1999 1998 1999 1998 1999 1998 Europe 172,582 136,856 65,431 60,958 39,500 10,959 277,513 208,773 United States 81,932 70,697 41,103 39,980 - - 123,035 110,677 Asia 73,842 47,057 22,208 18,116 - - 96,050 65,173 TOTAL 328,356 254,610 128,742 119,054 39,500 10,959 49