SIGNIFICANT EVENTS SINCE 1st JANUARY 2011
The first quarter is traditionally of low activity, the dividends being mainly received during the second quarter. Consequently, the quarter is not very representative for the whole year.

As already mentioned, the Company reimbursed all of its bank loans early February, except for a credit of USD 17 million that is used to cover its real estate investments in US dollars.

In addition, since the beginning of 2011, the Company has

• subscribed an amount of EUR 4 million in a Codic International bond issue to provide the resources for growth of its French subsidiary;
• freed up an additional amount of USD 1.0 million in the real estate partnership DSF Capital III (Boston);
• slightly reduced its holdings in Ter Beke (sale of 10,000 shares) and in Cofinimmo (sale of 10,000 shares).

HOLDINGS
The results and/or trends of the principal holdings at 31 March 2011 are in line with expectations.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR
Maintaining its confidence in the assets quality, the Board remains vigilant with respect to the market evolution and is prudent on the outlook over the short and medium term.

FINANCIAL TIMETABLE
31 August 2011 (17.35)                   Publication of the half-yearly results 2011