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FREE Translation - For information purposes only

EXANE FINANCE

16, avenue de Matignon

75008 Paris

Certificate on the application of procedures relating to the establishment of cash flow statements for the financial

year ended 31/12/2004, 31/12/2005 and 30/06/2006.

FREE Translation - For information purposes only

DELOITTE & ASSOCIES

185, avenue Charles de Gaulle

92200 Neuilly-sur-Seine Prestige International

Audit (P.I.A.)

21, rue d"Artois

75008 Paris

EXANE FINANCE

16, avenue de Matignon

75008 Paris

Certificate on the application of procedures relating to the establishment of cash flow statements for the financial

year ended 31/12/2004, 31/12/2005 and 30/06/2006.

Further to your request, in our capacity as auditors of Exane, we have performed a review on the procedures

relating to the establishment of cash flow statements of Exane Group herein enclosed relating to the period ended

31/12/2004, 31/12/2005 and 30/06/2006. Our engagement was undertaken in accordance with IFAC

international standard applicable to agreed-upon procedures engagements. The procedures were implemented

solely to assist you in evaluating the validity of the cash flow statements and are summarised in the enclosed

procedure.

We have validated the application of the procedure described by Exane. Moreover, we compared the names and

figures stated in the cash flow statements to the related names and amounts in the financial statements that we

have audited for the above referred periods

Had we performed additional procedures or had we performed an audit or a review of the financial statements in

accordance with IFAC international standard, other matters might have come to our attention that would have

been reported to you.

Our report is solely for the purposes of incorporating the cash flow statements in the base prospectus for the

Commission du secteur financier du Luxembourg (CSSF). It must not be used for any other purpose or be

distributed for other matters without our prior approval. This report relates only to the accounts and items

specified above and does not extend to any financial statements of Exane, taken as a whole.

Neuilly-sur-Seine and Paris, on 22 November 2006

The Auditors

DELOITTE & ASSOCIES

Pascal Pincemin Prestige International Audit (P.I.A.)

Benoît Gillet

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CASH-FLOW STATEMENT EXANE FINANCE - 30 June 2006

(in thousand euros)

USE of FUNDS

30/06/06

31/12/05

31/12/04

SOURCES OF FUNDS

30/06/06

31/12/05

31/12/04

FIXED ASSETS

Net tangible and intangible assets

Long-term investments

22
22
10 10 10 10

LONG-TERM CAPITAL

Shareholders" equity

5 839 5 839 5 422 5 422 4 880 4 880

WORKING CAPITAL / PROPRIETARY TRADING ACTIVITY

Transactions on markets

Financial Instruments

0 -3 816 797

3 816 787 0

-2 262 956

2 262 956 0

-1 646 882

1 646 882 OPERATING WORKING CAPITAL

Sundry debtors and creditors

55

55 1 353

1 353 -3 803

-3 803

CASH BALANCE

-5 872 -6 765 -1 067

Bank and similar balances

Current Accounts

Cash in hand, post office banks

-5 872 0 -6 732 -33 -1 034 -33 TOTAL 22
10 10 TOTAL 22
10 10quotesdbs_dbs33.pdfusesText_39

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