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EUROTECH: APPROVAZIONE RELAZIONE TRIMESTRALE CONSOLIDATA AL 30 SETTEMBRE 2010Ricavi in crescita del 14,3%, con un EBITDA che si conferma positivo e in netto miglioramento anche nel terzo trimestre . Amaro (UD), 12 Novembre 2010- Ricavi consolidati: da 57,53 milioni di Euro a 65,76 milioni di Euro, +14,3%,- Primo margine consolidato: da 30,44 milioni a 33,75 milioni di Euro- EBITDA consolidato: da -1,06 milioni di Euro a +1,71 milioni di Euro- EBIT consolidato: da -6,91 milioni di Euro a -4,25 milioni di Euro- Risultato consolidato prima delle imposte: da -7,82 milioni di Euro a -6,30 milioni di Euro- Indebitamento finanziario netto: 10,9 milioni di EuroIl Consiglio di Amministrazione di Eurotech S . p . A . ha esaminato e approvato in data odierna i risultati relativi ai primi nove mesi del 2010 e al terzo trimestre 2010 . PRIMI NOVE MESI 2010Nei primi nove mesi dell anno i ricavi del Gruppo hanno continuato a evidenziare una crescita e sono stati pari a Euro 65,76 milioni, registrando un incremento del 14,3%, rispetto a Euro 57,53 milioni dei primi nove mesi del 2009 . L incremento pari ad Euro 8,22 milioni del fatturato è conseguenza diretta dalla ripresa degli ordinativi, che come evidenziato già ad agosto erano decisamente superiori rispetto allo stesso periodo dell anno precedente . Anche a fine ottobre 2010 il portafoglio ordini del Gruppo mantiene una crescita superiore al 50% rispetto al valore dello stesso periodo del 2009 . Il Gruppo continua infatti a beneficiare di una ripresa generalizzata che, seppur con intensità diverse, ha interessato diversi segmenti di mercato: tutte le aree hanno mostrato l inizio di un trend di crescita facendo quindi prevedere una crescita anche a fine anno rispetto al 2009 . Il primo margine dei nove mesi del 2010 rimane in linea con quello realizzato nei trimestri precedenti e con quello realizzato a fine anno 2009, attestandosi al 51,3%, con un leggero calo rispetto al 52,9% registrato nei nove mesi del 2009 . Tale andamento riflette l andamento del business del Gruppo in termini di mix di prodotti venduti . L incidenza del primo margine sul fatturato nei primi nove mesi del 2010 rimane al di sopra del 50%, che è il livello target di riferimento stabilito dal management, e ancora una volta conferma da un lato la validità del modello di business applicato dal Gruppo, basato sulla vendita di prodotti ad alto valore, e dall altro la costante attenzione ai COGS, soprattutto nell attuale situazione di generale scarsità di componenti nella supply chain dei circuiti integrati (chip) . I nove mesi appena chiusi hanno visto il Gruppo porre particolare attenzione all attuazione delle sinergie tra la consociata Giapponese e le altre unità operative del Gruppo, sempre con un estrema attenzione però a mantenere una struttura complessiva già capace di sostenere livelli di fatturato più elevati . Il risultato prima degli ammortamenti e oneri finanziari e imposte (EBITDA), nei primi nove mesi, è passato da un risultato negativo di Euro 1,06 milioni per il 2009 a un risultato positivo di Euro 1,71 milioni per il 2010 . Tale miglioramento riflette le azioni applicate dal management per il contenimento dei costi e ha determinato una diversa incidenza dell EBITDA sui ricavi, che è passata dal -1,8% dei primi nove mesi del 2009 allo 2,6% dei primi nove mesi del 2010, con un trend di miglioramento nel corso del terzo trimestre . Il risultato operativo (EBIT) ammonta a Euro -4,25 milioni con un incidenza sui ricavi del -6,5%, in miglioramento rispetto ai primi nove mesi del 2009 che evidenziavano un valore di Euro -6,91 milioni e un incidenza sui ricavi del -12,0% . L incidenza dell EBIT sui ricavi continua ad essere in influenzata dal livello del fatturato, ancora inferiore alle reali potenziali della struttura, oltre che dagli ammortamenti imputati a conto economico nei primi 9 mesi del 2010, che derivano sia dalle immobilizzazioni operative entrate in ammortamento proprio nei primi nove mesi sia dagli effetti non monetari della "price allocation", che nei nove mesi del 2010 ammontano a Euro 2,51 milioni (contro Euro 2,31 milioni per i nove mesi del 2009) . Il Risultato prima delle imposte, nei nove mesi di riferimento, è negativo per Euro 6,30 milioni (era negativo per Euro 7,82 milioni nei primi nove mesi del 2009) . Tale andamento è stato influenzato dalle considerazioni sopra espose e dai risultati della gestione finanziaria, che ha registrato un differenziale cambio negativo per Euro 1,30 milioni sulla passività finanziaria relativa all opzione Advanet per effetto dell apprezzamento dello Yen giapponese sull Euro, avvenuto proprio in concomitanza con il pagamento di metà giugno . Gli effetti sul risultato prima delle imposte derivanti dalla "price allocation" hanno inciso per Euro 3,75 milioni nei primi nove mesi del 2010 e avevano inciso per Euro 2,03 milioni nei primi nove mesi del 2009 . In termini di risultato netto di Gruppo si è passati da Euro -8,73 milioni dei primi nove mesi del 2009 a Euro -7,23 milioni dei primi nove mesi del 2010 . Gli effetti totali derivanti dalla "price allocation" hanno inciso sul risultato netto di Gruppo dei primi nove mesi del 2010 per Euro 2,65 milioni (primi nove mesi del 2009 Euro 1,26 milioni) . Il Gruppo al 30 settembre 2010 evidenzia un indebitamento finanziario netto di Euro 10,90 milioni rispetto un indebitamento finanziario netto di Euro 10,11 milioni al 31 dicembre 2009 e le disponibilità liquide alla fine di settembre 2010 ammontano a Euro 17,19 milioni . Sempre al 30 settembre 2010, il capitale circolante netto ammonta a Euro 28,03 milioni, in linea con gli Euro 27,63 milioni registrati al 31 dicembre 2009 e in crescita come valore assoluto rispetto a quello rilevato al 30 settembre 2009 (Euro 22,74 milioni), per effetto principalmente della crescita del magazzino per far fronte alle richieste di consegne previste per fine anno . TERZO TRIMESTRE 2010Nel terzo trimestre 2010 i ricavi del Gruppo hanno registrato un incremento intorno al 28,5% rispetto allo stesso periodo del 2009 passando da Euro 18,62 milioni a Euro 23,93 milioni . Tale andamento riflette l incremento degli ordinativi acquisiti durante l anno e la ripresa di alcuni mercati:Anche nel trimestre considerato, il diverso mix di vendita ha determinato un differente primo margine, che nel terzo trimestre 2010 ha avuto una incidenza sui ricavi del 51,2% mentre nel terzo trimestre 2009 ha avuto una incidenza sui ricavi del 50,8% . Nel terzo trimestre 2010 l EBITDA è stato positivo per Euro 1 . 206 migliaia (con una incidenza sulle vendite delle 5,0%) rispetto a Euro 20 migliaia dello stesso periodo dello scorso esercizio . L andamento dell EBITDA è stato influenzato positivamente dall andamento del fatturato e dal differente primo margine mentre registra un incremento dei costi operativi rispetto al terzo trimestre 2009 . Il risultato operativo (EBIT) del terzo trimestre 2010 ammonta a Euro -860 migliaia con un incidenza sui ricavi del -3,6%, contro un risultato di Euro -1,82 milioni (incidenza sui ricavi del -9,8%) dello stesso periodo del 2009 . Gli effetti negavi derivanti dalla price allocation sul EBIT ammontano a Euro 877 migliaia per il terzo trimestre del 2010 e a Euro 741 migliaia per il terzo trimestre del 2009 . Il risultato prima delle imposte è stato pari a Euro -1,54 milioni, rispetto a Euro -2,36 milioni del terzo trimestre 2009, per effetto dell andamento delle valute e delle conseguenti differenze cambio contabilizzate . Nel terzo trimestre il risultato netto di Gruppo ammonta a Euro -2,26 milioni, rispetto a Euro -2,55 milioni dello stesso periodo dell anno precedente . Si rende noto che, in ottemperanza a quanto disposto dalla Commissione Nazionale per le Società e la Borsa, la Relazione Trimestrale Consolidata al 30 settembre 2010 è a disposizione di chiunque ne faccia richiesta presso la sede sociale nonché presso la sede di Borsa Italiana S . p . A . La relazione è inoltre disponibile presso il sito internet di Eurotech all indirizzo www . eurotech . comIl Dirigente Preposto alla redazione dei documenti contabili societari di Eurotech S . p . A . , Dott . Sandro Barazza, dichiara - ai sensi dell art . 154-bis, comma 2 del D . Lgs . 58/1998 - che l informativa contabile contenuta nel presente comunicato, corrisponde alle risultanze documentali, ai libri e alle scritture contabili . IL GRUPPO EUROTECHEurotech (ETH . MI) è un azienda globale con base in Italia e sedi in Europa, Nord America e Asia . Il gruppo Eurotech sviluppa e commercializza computer miniaturizzati per impieghi speciali (NanoPC) e computer ad elevata capacità di calcolo (HPC - High Performance Computers) . Con queste due categorie di prodotti Eurotech punta a diventare leader nell implementazione dell infrastruttura di calcolo pervasivo comunemente nota come Cloud o Grid, in grado di abilitare un intera gamma di attività e servizi a valore aggiunto nel settore dei trasporti, della difesa, industriale, medicale e della ricerca scientifica . Contatti societari:Investor relationsAndrea BarbaroTel . 0433-485411e-mail: andrea . barbaro@eurotech . comUfficio comunicazioneCristiana della ZoncaTel . 0433-485411e-mail: cristiana . dellazonca@eurotech . comALLEGATI - PROSPETTI CONTABILICONTO ECONOMICO CONSOLIDATOSITUAZIONE PATRIMONIALE - FINANZIARIA CONSOLIDATAPROSPETTO DELLE VARIAZIONI DEL PATRIMONIO NETTOPOSIZIONE FINANZIARIA NETTACAPITALE CIRCOLANTE NETTOCopyright HuginThe appendixes relating to the press release are available on: http://www . hugingroup . com/documents_ir/PJ/CO/2010/171581_66_7950_20101112-cs-itx . pdf Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171581]

EUROTECH: ADOZIONE DELLA PROCEDURA PER OPERAZIONI CON PARTI CORRELATEAmaro (UD), 12 Novembre 2010Il Consiglio di Amministrazione di Eurotech in data odierna ha approvato la Procedura in materia di operazioni con parti correlate ai sensi di quanto disposto dal Regolamento Consob adottato con Delibera n . 17221 del 12 marzo 2010 e successive modifiche ed integrazioni, previo parere favorevole del Comitato per il Controllo Interno della Società, composto esclusivamente da amministratori dipendenti, investito dal Consiglio di Amministrazione dei compiti di cui all art . 4, comma 3, del citato Regolamento . Il documento sarà reso disponibile sul sito internet della Società nei termini di legge all indirizzo www . eurotech . com sezione "Investitori" . IL GRUPPO EUROTECHEurotech (ETH . MI) è un azienda globale con base in Italia e sedi in Europa, Nord America e Asia . Il gruppo Eurotech sviluppa e commercializza computer miniaturizzati per impieghi speciali (NanoPC) e computer ad elevata capacità di calcolo (HPC - High Performance Computers) . Con queste due categorie di prodotti Eurotech punta a diventare leader nell implementazione dell infrastruttura di calcolo pervasivo comunemente nota come Cloud o Grid, in grado di abilitare un intera gamma di attività e servizi a valore aggiunto nel settore dei trasporti, della difesa, industriale, medicale e della ricerca scientifica . Contatti societari:Investor relationsAndrea BarbaroTel . 0433-485411e-mail: andrea . barbaro@eurotech . comUfficio comunicazioneCristiana della ZoncaTel . 0433-485411e-mail: cristiana . dellazonca@eurotech . comCopyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171583]

Gruppo Crédit Agricole*9 mesi 2010Utile netto - Quota Gruppo: 3,3 miliardi di euro, in crescita dell 84,3% sui 9 mesi 20093° trimestre 2010Utile netto - Quota Gruppo: 1 . 453 milioni di euro, x2,1 sul 3° trimestre 09Tier 1 ratio: 10,2%*Crédit Agricole S . A . e 100% delle banche regionali . Crédit Agricole S . A . 9 mesi 2010Utile netto - Quota Gruppo: 1 . 591 milioni di euro, x2,3 sui 9 mesi 2009Tier 1 ratio: 10,0%; Core Tier 1: 9,8%3° trimestre 2010Margine netto di intermediazione: in crescita del 3,1% sul 3trim09Risultato netto di gestione: in crescita dello 0,2% sul 3trim09Costo del rischio: in calo del 18,2% sul 3trim09Utile netto - Quota Gruppo: 742 milioni di euro, x2 . 6 sul 3trim09Crédit Agricole S . A . s board of directors, chaired by Jean-Marie Sander, met on 10 November 2010 to review the accounts for the third quarter and the first nine months of 2010 . In the third quarter, Crédit Agricole S . A . s net income - Group share was 742 million euros, 2 . 6 times higher than in the third quarter of 2009 . Chief Executive Officer Jean-Paul Chifflet noted that these results, which reflect the favourable trend observed in the first half, were in line with the level of recurring income announced in the past several quarters . In a persistently uncertain and weak macro-economic climate, this performance underlines the solid earnings base of Crédit Agricole S . A . and of the Group as a whole . Jean-Marie Sander, Chairman of Crédit Agricole S . A . , confirmed that Crédit Agricole, as the leading financial partner of the French economy with almost 450 billion euros in loans outstanding, remains fully committed to financing the economy . Loans outstanding thus increased by 4 . 8% in the first nine months . Moreover, the Group continues to closely monitor current changes in the regulatory framework, in particular the possible impacts of reforms relating to the centralisation of Livret A passbook accounts and the remuneration of corresponding deposit-gathering . During the third quarter, Crédit Agricole S . A . showed persistently robust business momentum, particularly in retail banking operations . The level of loans outstanding rose significantly in retail banking in France and in Italy . In France, the Regional Banks registered an increase in loan production of over 18% in the first nine months . They continue to actively support development in the regions through loans to specialised markets, which rose by nearly 4% . LCL registered very high growth in the retail customer segment, with an 8 . 3% increase in residential mortgage loans . Cariparma s loans outstandings advanced by 6 . 4%, a higher rate than the Italian market . Likewise, Specialised financial services delivered further growth while maintaining its margins . On-balance sheet deposits continued to expand, for the Regional Banks as well as LCL and Cariparma, up 5% compared with 30 September 2009 . Off-balance sheet customer deposits in the retail banking networks increased by more than 3% . In Asset management, inflows remained positive, outperforming the market and confirming the success of the Amundi model . The merger process is complete, with an organisation that is focused on development . Insurance also outperformed the market, with premium income up 20 . 2% over the first nine months and growth of 21 . 9% in the life insurance segment . Lastly, Corporate and investment banking delivered mixed results in different segments . Structured finance registered further growth and commercial banking showed resilience, while capital markets and investment banking did not fare as well in persistently difficult market conditions . The cost of discontinuing operations dropped yet again, as in previous quarters . The cost of risk, on a downward trend since the first quarter of 2010, continued to decline, down 18 . 2% compared with the third quarter of 2009 . This was achieved in spite of the increase in provisions set aside by the Greek subsidiary Emporiki . Finally, the Group confirmed its financial strength . Crédit Agricole S . A . s Tier 1 ratio rose to 10 . 0% from 9 . 7% at end- June 2010, with a Core Tier 1 ratio of 9 . 8% compared with 9 . 1% at end-June 2010 . Moreover, in keeping with its prudent refinancing policy, as of 15 October, Crédit Agricole S . A . had completed its 25 billion-euro long-term financing programme for 2010 and in fact exceeded it by 3% . The average term of this financing was extended to 6 . 5 years in 2010 from 5 . 1 years in 2009 . The Crédit Agricole Group s Tier 1 ratio was 10 . 2% at 30 September compared with 10 . 1% at 30 June 2010 . Unfloored, the Tier 1 ratio would be 11 . 5% . As part of the new Basel III requirements, and based on currently available information on proposed regulations that are now under discussion, Crédit Agricole S . A . believes that the Crédit Agricole Group s solid capital base, coupled with its ability to generate capital and factors such as the elimination of the floor, give it the capacity and resources to activate internal flexibility using non-dilutive solutions . Crédit Agricole S . A . does not plan to carry out a rights issue for the purpose of meeting regulatory requirements . The final impact of the reform will nevertheless depend on the contents of the definitive regulation and the terms and conditions of its application . Financial calendar24 February 2011 2010 fourth quarter and full-year resultsMid-March 2011 Presentation of Crédit Agricole S . A . medium-term plan13 May 2011 2011 first quarter results18 May 2011 Annual General Meeting25 August 2011 2011 second quarter and first half results10 November 2011 2011 third quarter resultsCRÉDIT AGRICOLE S . A . CONSOLIDATED RESULTS

(in millions of euros)	Q3-10	Q3-09	Change Q3/Q3	9M 2010	9M-2009	Change 9M/9M
Net banking income	4,977	4,828	+3 . 1%	15,270	13,448	+13 . 5%
Operating expenses	(3,198)	(3,053)	+4 . 7%	(9,765)	(9,017)	+8 . 3%
Gross operating income	1,779	1,775	+0 . 2%	5,505	4,431	+24 . 2%
Cost of risk	(973)	(1,189)	(18 . 2%)	(3,027)	(3,401)	(11 . 0%)
Operating income	806	586	+37 . 5%	2,478	1,030	x2 . 4
Equity affiliates	368	275	+33 . 8%	1,077	639	+68 . 5%
Net gain on other assets and change in value of goodwill	(9)	(438)	nm	(586)	(433)	+35 . 3%
Tax	(292)	(121)	x2 . 4	(1,021)	(433)	x2 . 4
Net income (after tax) from discontinued activities	2	89	(97 . 8%)	9	100	(91 . 0%)
Net income	875	391	x2 . 2	1,957	903	x2 . 2
Net income - Group share	742	289	x2 . 6	1,591	692	x2 . 3

Net banking income was 15,270 million euros in the first nine months of 2010, up 13 . 5% year-on-year, owing to persistently strong growth in all segments of retail banking, to a solid commercial momentum in asset-gathering businesses and to the continued reduction in losses from discontinuing operations in Corporate and investment banking . Payment of the Echange Image Chèque fine shaved a 0 . 3 percentage point off year-on-year growth in net banking income in the third quarter of 2010 . Operating expenses showed an 8 . 3% rise in the first nine months of 2010 due to restructuring transactions carried out in several business lines and to non-recurring charges booked over the period . On a like-for-like basis and at constant exchange rates, this increase was 3 . 5% . The cost/income ratio was 63 . 9% in the first nine months of 2010, a substantial 3 . 2 point reduction year-on-year, reflecting Crédit Agricole S . A . s operational efficiency . Gross operating income was 5,505 million euros in the first nine months of 2010, up 24 . 2% year-on-year . The cost of risk declined for the third consecutive quarter, both in nominal amount (down 18 . 2% year-on-year in the third quarter) and on loans outstanding (76 basis points in the third quarter 2010 compared with 106 basis points on year ago) . It amounted to 973 million euros in the third quarter of 2010 . The reduction was even more pronounced excluding Emporiki, at 30 . 7% year-on-year in the third quarter of 2010 . In the first nine months of 2010, the cost of risk amounted to 3,027 million euros, down 11 . 0% year-on-year . Non-performing loans amounted to 20 . 5 billion euros or 4 . 2% of gross loans outstanding to customers and credit institutions, compared with 4 . 1% at 31 December 2009 . Income from equity affiliates was 1,077 million euros in the first nine months of 2010 underpinned by the high contribution from the Regional Banks (up 14 . 9% year-on-year) and the recovery of the contributions of BES and Bankinter during the third quarter of 2010 . Net income on other assets and change in value of goodwill showed a loss of 586 million euros in the first nine months of 2010 . This includes a 159 million euro negative impact from the disposal of 0 . 8% of Intesa Sanpaolo in the first quarter and 418 million euros in goodwill impairment for Emporiki in the second quarter . Net income from discontinued activities was 9 million euros in the first nine months . As from the third quarter, it includes the income of Banque Indosuez Mer Rouge (BIMR), which is held for sale . Overall, Credit Agricole SA s first nine months net income - Group share stands at 1,591 million euros, the double of the same period last yearFINANCIAL STRUCTUREAt 30 September 2010, Crédit Agricole S . A . s risk-weighted assets stood at 327 billion euros, a decrease of 17 billion euros compared to 30 June 2010 . This reduction is due mainly to a decline of 10 billion euros in credit risk at Crédit Agricole CIB and to a negative impact of 6 billion euros attributable to foreign currency movements . In terms of regulatory capital, while no significant transaction was carried out during the first nine months, these advanced by 2 . 2 billion euros (up 2 . 5% year-on-year), due primarily to capital generation of 1 . 2 billion euros included in capital and reserves - Group share . Overall, the CRD ratio rose by 20 basis points from its 30 June 2010 level to 10 . 3% and the Tier 1 ratio increased from 9 . 7% at 30 June to 10 . 0% at 30 September 2010 . The Core Tier 1 ratio was 9 . 8%, a substantial 70 basis point rise from its level at 30 June 2010 . The Crédit Agricole Group s CRD ratio was 11 . 6% at 30 September 2010, with a Tier 1 ratio of 10 . 2% . Unfloored, these ratios would have been 13 . 3% and 11 . 5%, respectively . As was the case for Crédit Agricole S . A . , the increase in ratios was attributable to the decline in Crédit Agricole CIB s risk-weighted assets and to a favourable product mix at the Regional Banks . With respect to the new Basel 3 requirements, based on information currently available on the proposed Basel regulations, risk-weighted assets in capital market activities should rise by approximately 70 to 90 billion euros, with 20 to 25 billion euros for CRD3 (Basel 2 . 5), 20 to 30 billion euros for credit valuation adjustments (CVAs) and 30 to 35 billion euros for the gross impact of securitisations . Some 50% of these additional requirements should disappear between 2013 and 2018 as a result of the natural amortisation of the underlyings, in particular the phase-out of discontinuing activities, and also of measures such as disposals and/or arbitrage . In line with Basel principles, the investment in the Regional Banks (CCI/CCA) will be accounted for as risk-weighted assets in an amount which could reach around 50 billion euros depending on a Basel timetable yet to be finalised . New deductions from regulatory capital could amount to a total of between 4 . 5 to 8 . 5 billion euros as from 2014 . These deductions apply to deferred tax assets, to financial stakes and insurance and to a limited recognition of minority interest . These deductions will partly be covered by the organic generation of the exemption . One-third of the deductible amount could cover deferred tax assets arising from timing differences, with the remaining two-thirds available to mitigate the effect of financial stakes and insurance . These capital deductions could represent a total of 2 . 5 to 6 . 5 billion euros for the Crédit Agricole Group . Crédit Agricole Group s solid capital base, combined with its ability to generate capital and factors such as the disappearance of the floor, give it the capacity and the resources to activate internal flexibility using non-dilutive solutions . Crédit Agricole S . A . does not plan to carry out any rights issue for the purpose of meeting regulatory requirements . The final impact of Basel 3 will depend on the contents of the definitive regulation and the terms and conditions of its application . In the area of refinancing, in mid-October 2010, the Group had completed its 2010 refinancing programme for a total of 25 billion euros, with a completion rate of 103% . In September, there was a strong stream of issues, with 5 . 6 billion euros in long-term issues . The average financing term was also extended, from an average of 5 . 1 years in 2009 to 6 . 5 years in 2010 . In terms of the outlook for 2011, debt maturities are down, with 12 billion euros to be renewed compared with 19 billion euros in 2010 . Moreover, as it did not tap Central Bank facilities, the Group had 156 billion euros in available reserves at end-September . As such, it confirmed the quality of its internal liquidity management rules (limits, diversification, buffers) . RESULTS BY BUSINESS LINE1 . FRENCH RETAIL BANKING1 . 1 . - Crédit Agricole Regional BanksThe Regional Banks contribution to Crédit Agricole S . A . s net income - Group share jumped by 33 . 9% year-on-year to 746 million euros, owing to persistently solid business and operating performances . It also benefited from a reduction in the cost of risk for the second consecutive quarter and from the group tax treatment implemented since the beginning of the year .

(in millions of euros)	Q3-10	Change Q3/Q3	9M-10	Change
				9M/9M
Net income accounted for at equity (at 25%)	232	+8 . 4%	618	+20 . 0%
Change in share of reserves	-	nm	128	-
Income from equity affiliates	232	+4 . 2%	746	+14 . 9%
Tax*	-	nm	-	nm
Net income - Group share	232	+4 . 2%	746	+33 . 9%

* Tax impact of dividends received from the Regional Banks until 2009 . Over the first nine months of 2010, the Regional Banks delivered a solid business performance, with 248,000 net new accounts opened . These good results were achieved by gaining further ground among young customers (135,000 new accounts), particularly in new Livret A passbook accounts . Demand deposits picked up, with 67,000 net new accounts opened in the third quarter of 2010 compared with 46,000 in the previous six months . Growth in loans outstandings continued to accelerate in the third quarter of 2010, with a year-on-year rise of 4 . 6% compared with 3 . 8% in the previous six months . This increase reflects resilience in the personal banking market, with year-on-year increases of 5 . 3% in residential mortgages outstanding and of 1 . 7% in the consumer credit outstandings over the same period . The Regional Banks active support for and involvement in local development in the regions was reflected by a rise of nearly 4% in outstanding loans to specialised markets, and an overall increase in loan production of 18 . 5% over the first nine months . On-balance sheet deposits rose to over 533 billion euros, up 4 . 5% compared to 30 September 2009, despite an adverse market impact . Deposits benefited from a robust increase in on-balance sheet deposits (+5 . 4%) driven by growth of 8 . 0% in demand deposits and of 6 . 2% in passbook accounts . Off-balance sheet deposits increased by 3 . 5% to 242 billion euros, reflecting a solid performance in life insurance (inflows up 6 . 5% year-on-year) and despite a downturn in securities (-0 . 9%), which were adversely affected by unfavourable market conditions and the shifting of funds into on-balance sheet deposits . Net banking income[1] advanced by 4 . 4% year-on-year to 9,993 million euros in the first nine months of 2010 . Net banking income from customer business rose by 5 . 7% year-on-year and by 6 . 8% excluding home purchase savings plans . The interest margin widened sharply, reflecting the average steepening of the yield curve, while commissions and fee income, adjusted for the 53 million euro Echanges Images Chèques fine in the third quarter of 2010, moved up 1 . 9% . The first effects of the NICE project initiated in the second quarter of 2010 to establish a single common information system for the Regional Banks began to flow through to the accounts . Operating expenses excluding the NICE project were nearly stable and edged up 0 . 9% year-on-year . Gross operating income amounted to 4,707 million euros in the first nine months, a rise of 6 . 10% year-on-year, while the cost/income ratio showed further improvement, with a 0 . 7 percentage point year-on-year decline to 52 . 9% . The cost of risk fell for the second consecutive quarter, to 193 million euros in the third quarter . The cost of risk to outstandings amounted to 21 basis points compared with 46 basis points in the previous quarter, with a substantial fall in specific reserves, which amply offset the increase in collective reserves . 1 . 2 . - LCL

(in millions of euros)	Q3-10	Change	9M-2010	Change
		Q3/Q3		9M/9M
Net banking income	951	+1 . 9%	2,922	+3 . 0%
Operating expenses	(645)	+2 . 8%	(1,927)	+1 . 9%
Gross operating income	306	+0 . 2%	995	+5 . 1%
Cost of risk	(90)	(5 . 4%)	(269)	(9 . 2%)
Operating income	216	+2 . 7%	726	+11 . 7%
Net income - Group share	144	+2 . 7%	483	+11 . 7%

Over the first nine months of 2010, LCL demonstrated its ability to deliver solid results, underpinned by its proven growth and risk management model . The net income - Group share increased by 11 . 7% to 483 million euros . Net banking income continued to rise, with a 3 . 0% increase over the first nine months . Growth was driven by solid business momentum in both the retail/small business and corporate segments . Commissions and fee income edged up despite the EIC fine, on a high basis of comparison in the third quarter of 2009 . Operating expenses remained tightly controlled, in keeping with the competitiveness plan . They edged up by 1 . 9% over the first nine months but were stable by comparison with the second quarter of 2010 . In line with the trends in the previous quarters, the cost of risk continued to recede, with a 9 . 2% decline over the first nine months . Corporate risk remained satisfactory . The ratio of bad and doubtful loans to outstandings was 2 . 76%, down 5 basis points on the second quarter of 2010, falling to its lowest since the end of 2008 . Business expanded steadily, driven by the branch networks and by innovation . During the first nine months, 125,000 new personal accounts were opened . In non-life insurance, growth accelerated, underpinned by a high level of new business in comprehensive household, motor and health insurance . LCL s expansion is being propelled by innovative services such as personalised cards and the "Livret LCL Banque Privée" account . LCL continued to support the domestic economy, with growth in loans outstanding accelerating to 5 . 3% year-on-year . Loan production reached its highest level in five years, mainly due to mortgage loans . In addition, lending to business customers picked up with a recovery in growth in medium-to-long term loans . Growth in on-balance sheet and off-balance sheet deposits remained high, at 4 . 7% year-on-year . Life insurance delivered another solid performance, with business in force rising by nearly 11% . Demand deposits remained on their first-half trend, with an increase of 13 . 4% year-on-year . 2 . INTERNATIONAL RETAIL BANKINGNote: The figures presented below are adjusted for the transfer to discontinued operations of Crédit Uruguay Banco in the first quarter of 2010 and of BIMR in the third quarter of 2010 . During the third quarter, results from International retail banking remained adversely affected by the impact of deteriorating conditions in Greece on Emporiki s operations as reflected in the updated restructuring and development plan unveiled on 22 June 2010 . The business line s net income - Group share was a loss of 839 million euros in the first nine months and of99 million euros in the third quarter . This includes losses from Emporiki of 1 . 1 billion euros in the first nine months and of 191 million euros in the third quarter . Excluding Emporiki, net banking income rose by 1 . 8% in the first nine months of 2010, reflecting a gradual improvement in the third quarter after a difficult start to the year . In particular, Cariparma s net banking income stabilised, following the trend seen in the second quarter . Crédit du Maroc and Crédit Agricole Egypt delivered robust business growth . Operating expenses were contained, edging up 2 . 8% over the first nine months . Growth in the cost of risk was confined to 4 . 2% in the first nine months, following a decline of nearly 11% in the third quarter . The contribution from BES and Bankinter to income from equity affiliates advanced by 16% in the third quarter .

(in millions of euros)	Q3-10	Change	9M 2010	Change 9M/9M	Change 9M/9M*
		Q3/Q3
Net banking income	758	+8 . 5%	2,210	+3 . 7%	+1 . 8%
Operating expenses	(476)	+1 . 7%	(1,467)	+1 . 5%	+2 . 8%
Gross operating income	282	+22 . 4%	743	+8 . 3%	+0 . 2%
Cost of risk	(362)	+32 . 2%	(1,135)	+39 . 6%	+4 . 2%
Operating income	(80)	+85 . 5%	(392)	x2 . 1	(3 . 1%)
Equity affiliates	41	+9 . 1%	113	(8 . 8%)	(8 . 8%)
Net income from other assets	1	nm	(418)	(7 . 8%)	nm
Pre-tax income	(38)	(91 . 6%)	(697)	+52 . 8%	(4 . 4%)
Tax	(54)	+18 . 4%	(149)	(3 . 1%)	(0 . 3%)
Net income (after tax) from discontinued activities	1	nm	10	(91 . 2%)	nm
Net income - Group share	(99)	(76 . 3%)	(839)	(71 . 5%)	(29 . 3%)

* Excluding EmporikiIn Italy, the Cariparma group showed solid business momentum in a climate of intense market pressure . Business growth over one year outpaced the market, in a persistently uncertain economic and banking climate . The loan book expanded by 6 . 4%, even though lending to corporate customers was deliberately scaled back . On-balance sheet deposits rose by 5 . 9%, while off-balance sheet deposits picked up owing to an upturn in investments in life insurance and mutual funds . After the recovery initiated in the second quarter, net banking income registered further growth, with a rise of 2% on the second quarter despite the traditionally unfavourable seasonal effect, owing to the upturn in the interest margin and the contribution from ALM . Over the first nine months, robust growth in commissions and fee income (up 10%) partly offset the fall in the interest margin at the beginning of the year due to the unfavourable impact of low interest rates . Operating expenses remained under control . They edged up only 1 . 3% over the first nine months, and declined by 0 . 7% from their level in the second quarter . The cost/income ratio was 57 . 9%, still among the best in Italy . The cost of risk was nearly stable year-on-year in the third quarter . It was higher than in the second quarter 2010, at 59 million euros . The loan cover rate increased by 14 basis points between the second and third quarters . In all, Cariparma s contribution to net income - Group share was 44 million euros in the third quarter 2010 and net income - Group share for Cariparma in Italy was 62 million euros over the same period . In Greece, Emporiki continues to implement its restructuring plan in a climate of persistent deterioration, while keeping close watch on the environment to ensure that it can react and adjust on an ongoing basis . The action plans are producing a tangible impact . The recovery in gross operating income is solid and has been confirmed since the beginning of 2010 . GOI was 94 million euros in the first nine months 2010 and 53 million euros in the third quarter . Over the first nine months of 2010, the cost/income ratio (excluding restructuring charges) receded by 15 points year-on-year to 73 . 5% . In the third quarter, net banking income rose by 11 . 9% to 196 million euros, mainly reflecting the improvement in the interest margin generated by commercial efforts . Operating expenses declined by 4 . 5% (excluding restructuring charges) as a result of stringent cost control measures . The cost/income ratio fell to under 70% in the third quarter . The cost of risk remained high in the third quarter at 259 million euros (828 million euros in the first nine months), most of it concentrated on the old generations of loans . The cost of risk was pushed up by stepped-up cover of corporate loans and a persistently stringent loan cover policy . In all, Emporiki s contribution to net income - Group share was a loss of 191 million euros in the third quarter of 2010 . In the first nine months of 2010, it was a loss of 670 million euros, compared with 358 million euros in the first nine months of 2009, excluding goodwill impairment of 418 million euro in the second quarter of 2010 and of 485 million euros in the third quarter of 2009 . 3 . SPECIALISED FINANCIAL SERVICES

(in millions of euros)	Q3-10	Change Q3/Q3	9M-2010	Change
				9M/9M
Net banking income	968	+2 . 2%	2,944	+8 . 9%
Operating expenses	(430)	+1 . 9%	(1,293)	+2 . 4%
Gross operating income	538	+2 . 3%	1,651	+14 . 5%
Cost of risk	(321)	+1 . 0%	(984)	+10 . 1%
Operating income	217	+4 . 4%	667	+21 . 8%
Equity affiliates	3	x2 . 1	9	+79 . 6%
Pre-tax income	220	+5 . 1%	676	+22 . 2%
Net income - Group share	134	+19 . 0%	387	+26 . 2%

During the first nine months of 2010, Specialised Financial Services demonstrated its ability to generate solid results and continued to enhance its operating efficiency . The intermediation coefficient remained among the lowest in the market at around 77% . Over the first nine months of 2010, net banking income came to 2,944 million euros . It moved up sharply across all segments, with an 8 . 9% year-on-year rise, due to persistently favourable margins . Expenses edged up by 1 . 9% year-on-year in the third quarter but they remained controlled in a climate of expansion in the international lease finance and factoring businesses, particularly in Italy . The currency impact was unfavourable in Poland over the period . Gross operating income remained high with a 14 . 5% jump year-on-year . Lastly, in the third quarter of 2010, the cost of risk began to recede . It declined by 4 . 2% quarter-on-quarter and by 9 basis points as a percentage of outstandings . Overall, net income - Group share continued to rise rapidly, with a 26 . 2% year-on-year increase to 387 million euros . In Consumer finance, business was brisk despite the restrictive economic and regulatory climate . Total outstandings moved up 3 . 7% year-on-year on an unchanged consolidation basis, to 77 billion euros . In France, business continued to expand, with loans outstanding up 2 . 8% year-on-year, despite the phased-in implementation of the Consumer Finance Act since 1 September 2010 and the steady decline in government subsidies to the car sector . The build-up of online business was confirmed with the initiation of a partnership with Pixmania, reflecting CACF s sense of innovation and its expertise in support to e-commerce sites . In other countries, business slowed moderately following the implementation of action plans to mitigate risk and the negative impact of the end of government subsidies for car buyers in several countries, including Italy . Over the first nine months of 2010, CACF s results rose steadily . Net banking income advanced by 8 . 9% year-on-year to 2,524 million euros on an unchanged scope of consolidation, while expenses remained stable during a period of restructuring, with the creation of CACF last April born from the merger of Sofinco and Finaref (up 0 . 7% year-on-year) . Overall, gross operating income came to 1,501 million euros, up 15 . 0% year-on-year . The cost/income ratio was 40 . 5%, down 3 . 3 points over the same period . The cost of risk began to recede, with a drop of 1 . 6% quarter-on-quarter and a decline by 11 basis points on loans outstandings ; it increased by 9 . 1% year-on-year . The intermediation ratio declined by 3 . 1 percentage points to 76 . 6% . Overall, net income was 380 million euros in the first nine months of 2010, up 31 . 2% on the same year-ago period . In Lease finance and Factoring, business momentum was strong in France and in other countries . Growth in lease finance outstandings confirmed the positive trend seen in the previous quarter . It came to 10 . 7% year-on-year and was driven by robust momentum for the international subsidiaries, particularly in Italy . Production advanced by 17 . 9% over the same period while the cost of risk stabilised in France . In factoring, business rebounded, with a 34 . 5% year-on-year surge in factored receivables . France generated 45% of this growth and over 60% of business despite the Economic Modernisation Act, which reduced supplier payment times and cut into the margin . The cost of risk was tightly controlled and net income rose by 32 . 6% year-on-year . 4 . ASSET MANAGEMENT, INSURANCE AND PRIVATE BANKINGIn the first nine months of 2010, Asset management, insurance and private banking registered a substantial rise in income and solid business growth despite lacklustre market conditions . All segments delivered a performance that compares favourably with their respective markets and all segments of the business line registered positive inflows over the period . Net new inflows amounted to 28 . 4 billion euros at 30 September 2010, a rise of 13% year-on-year . This drove up the business line s total assets under management by 29 . 5% year-on-year to 1,050 billion euros at 30 September 2010, including the assets contributed by SGAM . AUM rose to almost 710 billion euros in Asset management (up 42 . 5% year-on-year in the first nine months including assets contributed by SGAM), almost 216 billion euros in Life insurance (up 8 . 3% over the period), and near to 125 billion euros in Private Banking (up 9 . 9%) . This solid business momentum pushed up revenues by 13 . 6% on a like-for-like basis year-on-year in the first nine months . All segments of the business line contributed to this growth, with a particularly strong performance in Asset management and Insurance . Expenses remained tightly controlled . Excluding restructuring costs and on a like-for-like basis, expenses edged up by only 4 . 0% over the period and the business line s cost/income ratio declined by 4 . 5 percentage points to 48 . 2% at 30 September 2010 . Excluding restructuring costs and on a like-for-like basis, gross operating income was 1,941 million euros in the first nine months of 2010 (669 million euros in the third quarter 2010), a rise of 19 . 7% on 2009 . For the first nine months of 2010, net income - Group share rose by 14 . 6% compared to a year earlier to 1,136 million euros including 71 million euros in restructuring costs for Amundi* .

(in millions of euros)	Q3-10 *	Change Q3/Q3 *	9M-2010 *	Change
				9M/9M *
Net banking income	1,271	+2 . 5%	3,748	+13 . 6%
Operating expenses	(617)	+2 . 1%	(1,878)	+8 . 1%
Of which: restructuring costs	(15)	-	(71)	-
Gross operating income	654	+3 . 0%	1,870	+19 . 7%
Cost of risk	4	nm	(13)	+24 . 8%
Operating income	658	+4 . 1%	1,857	+19 . 7%
Equity affiliates	(1)	nm	1	(60 . 9%)
Pre-tax income	657	+3 . 8%	1,857	+19 . 6%
Net income - Group share	392	(7 . 0%)	1,136	+14 . 6%

(*)On a like-for-like basis, including BFT s asset management businesses

Parigi, 9 novembre 2010I risultati del terzo trimestre 2010 confermano la ripresa di Natixis

3° trim 2010: aumento del 75% per l utile lordo dei settori core business1

Ricavi netti nei settori core business: E1 . 336 milioni (+7% sul 3trim 2009)

Utile lordo dei settori core business: E427 milioni (+75% sul 3trim 2009)

Utile netto (quota Gruppo): E305 milioni

9M 2010: l utile netto pari a E1 . 290 milioni mette in luce la validità della strategia

Ricavi netti nei settori core business: E4 . 282 milioni (+10% sui 9M 2009)

Utile lordo dei settori core business: E1 . 435 milioni (contro E30 milioni nei 9M 2009)

Utile netto (quota Gruppo): E1 . 290 milioni (contro -E2 . 232 milioni nei 9M 2009)

Significant improvement in the Core Tier One ratio in preparation for Basel III

Core Tier One ratio: 10 . 0% (vs 8 . 1% at June 30, 2010)

Tier One ratio: 11 . 2% (vs 9 . 2% at June 30, 2010)

Pro-forma Tier One ratio after the reimbursement of E518 million in super subordinated notes planned for Q4-2010: 10 . 9%

Big reduction in risk-weighted assets (-20%) vs June 30, 2010:

-E15 . 9 billion following migration to the advanced IRBA method under Basel II

-E9 . 3 billion from the first impact of disposals of complex credit derivatives (correlation book)

Projections2 point to a Core Tier One ratio of more than 7% as of January 1, 2013 under Basel III, without a call on the market .

Comments on methodologyPrivate Equity has been reorganized: business conducted on behalf of third parties is now housed in the Investment Solutions division, while proprietary activities remain lodged in Financial Stakes . Data for 2009, Q1-2010 and Q2-2010 have been restated accordingly . In addition, the GCE Payments businesses have been consolidated on the Payments business line of the Specialized Financial Services division since September 1, 2010 . Natixis consolidated results were approved by the Board of Directors on November 9, 2010 . 1 Core businesses: Corporate and Investment Banking, Investment Solutions, Specialized Financial Services2 See details paragraph 4, page 9The full press release is available in attachment . Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171525]

I rendiconti finanziari al 30 settembre 2010 sono stati esaminati dal Consiglio di sorveglianza, riunitosi il 9 novembre 2010 . RITORNO A UNA CRESCITA ORGANICA DELLE VENDITE IN TUTTE LE REGIONIEBITA IN AUMENTO DEL 26% NEL TERZO TRIMESTRE- Vendite del terzo trimestre in aumento dell 8,9% su base reported e del 3,2% su base comparabile e a parità di numero di giorni, a conferma del ritorno alla crescita osservato nel secondo trimestre:- Europa: prosecuzione della crescita (+2,7%)- Nord America: ritorno alla crescita (+1 . 3%) dopo nove trimestri consecutivi di flessione- Asia-Pacifico: forte espansione (+12,5%), sostenuta da Australia e Cina- Ulteriore miglioramento della redditività nel trimestre: EBITA in crescita del 26% e margine EBITA1 in aumento di 100 punti base (bps), al 5,4%- Miglioramento del margine lordo[1]- Mantenimento di uno stretto controllo sui costi- Confirmation of full-year targets (as revised upwards on July 28):- Slight increase in sales on a constant and same-day basis- Adjusted EBITA margin above 4 . 5%- Free cash flow before interest & tax above E400m

At September 30	Q3 2010	YoY Change	9m 2010	YoY Change
On a reported basis
Sales (Em)	3,041 . 6	+8 . 9%	8,786 . 2	+4 . 6%
% change organic same-day		+3 . 2%		0 . 0%
EBITA (Em)	163 . 9	+25 . 6%	421 . 3	+32 . 0%
EBITA margin (as a % sales )	5 . 4%	+70bps	4 . 8%	+100bps
Operating income (Em)	145 . 3	+52 . 0%	359 . 3	+82 . 5%
Free cash flow before interest and tax paid (Em)	81 . 0	-58 . 1%	263 . 9	-55 . 2%
Net debt end of period (Em)			2,432 . 8	-5 . 9%
On a constant and adjusted basis[1]
Gross profit (Em)	735 . 7	+4 . 2%	2,144 . 8	+0 . 8%
Gross margin (as a % sales)	24 . 2%	+20bps	24 . 4%	+10bps
EBITA (Em)	163 . 6	+26 . 3%	408 . 1	+25 . 4%
EBITA margin (as a % sales )	5 . 4%	+100bps	4 . 6%	+90bps

[1] Constant and adjusted = at comparable scope of consolidation and exchange rates, excluding the non-recurring effect related to changes in copper-based cables price and before amortization of purchase price allocation; an extract of financial statements is presented in Appendix . Jean-Charles Pauze, Chairman of the Management Board and CEO, said:"In the past quarter, Rexel s organic sales growth continued to improve, confirming the positive trends observed in Q2 . For the first time in over two years, we saw growth across all regions, including North America, even though the recovery in the US remains limited . We once again demonstrated our ability to enhance profitability and control costs, with our EBITA margin further improving to 5 . 4% in the quarter . We also continued to lower our indebtedness ratio . Our performance in Q3 and the implementation of our strategy, with an increasing focus on energy efficiency, reinforce our confidence that we will achieve our full-year targets . "Financial review for the period ended September 30, 2010Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working daysSales were up 8 . 9% in Q3 on a reported basis and up 3 . 2% on a constant and same-day basis: growth in all three regions for the first time since Q1 2008 . In the third quarter, Rexel recorded sales of E3,041 . 6 million, up 3 . 2% on a constant basis and same number of working days (after -5 . 7% in Q1 and +2 . 3% in Q2) . Our three regions were positive for the first time since Q1, 2008: Europe continued to be resilient (+2 . 7%), North America returned to growth after nine consecutive quarters of decline (+1 . 3%) and Asia-Pacific grew strongly (+12 . 5%), driven by Australia and China . Although activity remained low compared to the "pre-crisis" levels, organic growth in Q3 confirms that Q2 marked a turning point in organic sales evolution . Branch network streamlining (106 branches closed over the last 12 months, of which 20 in the quarter) represented a negative impact on sales of 1 . 4 percentage points, while the rise in copper-based cable prices had a positive impact of 2 . 7 percentage points . On a reported basis, sales were up 8 . 9% . They included (i) a positive currency impact of E195 . 1 million (mainly due to the appreciation of the Canadian, Australian and US dollars against the euro) and (ii) a negative impact from divestitures net of acquisitions of E40 . 7 million (related to the disposals of HCL Asia and Haagtechno) . In the first nine months, Rexel recorded sales of E8,786 . 2 million and, for the first time since the beginning of the year, cumulative sales were flat on a constant basis and same number of working days including a negative impact of 1 . 4 percentage points due to branch network streamlining and a positive impact of 3 . 0 percentage points due to the rise in copper-based cable prices . On a reported basis, sales were up 4 . 6%, including (i) a positive currency impact of E430 . 2 million and (ii) a negative impact from divestitures net of acquisitions of E70 . 7 million . Europe (58% of sales): in the quarter, sales were up 2 . 7%, after -3 . 4% in Q1 and +3 . 6% in Q2 . Sales growth in Q3 represented a sequential improvement over Q2: the 3 . 6% sales growth reported in Q2 included a favourable effect of 2 percentage points from the exceptional boost in photovoltaic sales in Germany due to the anticipation of a reduction in tax incentives from July 1st . Sales in Europe grew by 1 . 0% in the first nine months . In the quarter, Switzerland (+10 . 9%), Austria (+9 . 7%) and Finland (+14 . 6%) posted strong growth . Germany continued recording solid growth (+7 . 6%), despite a return of photovoltaic sales to a more normalized level, and France kept improving its performance (+4 . 6% after -2 . 3% in Q1 and +3 . 9% in Q2) . Sales in the UK were down 4 . 1%, mainly due to a challenging commercial end-market, while Italy returned to growth (+0 . 8%), for the first time since Q3, 2008 . In its three major countries, France, the UK and Germany (representing 60% of the Group s European sales), Rexel estimates it continued to gain market share . North America (30% of sales): in the quarter, sales returned to growth after nine consecutive quarters of decline; they were up 1 . 3% (after -13 . 5% in Q1 and -1 . 7% in Q2) . North American sales were down 4 . 4% in the first nine months . In the US, sales were up 0 . 5% in the quarter (after -16 . 7% in Q1 and -3 . 6% in Q2) . Despite activity remained low and the commercial end-market showed no sign of improvement, this is the first positive evolution since Q1, 2008 . Branch closures (25 branches closed over the last 12 months, i . e . a 7% reduction) represented a negative impact on sales of 3 . 0 percentage points . In Canada, sales continued growing and were up 3 . 3% in the quarter (after -4 . 5% in Q1 and +3 . 1% in Q2), mainly supported by the commercial and manufacturing sectors and by a solid increase in the energy savings segment . Asia-Pacific (9% of sales): in the quarter, sales were up 12 . 5% (after +7 . 4% in Q1 and +9 . 9% in Q2) . Sales were up 10 . 1% in the first nine months . Sales growth in the quarter was driven by double-digit growth in both Australia and China . In Australia, sales were up 12 . 8% in the quarter, driven by project activity, while China continued to post double-digit growth (+17 . 6%) for the sixth consecutive quarter . Other (3% of sales): sales were up 4 . 0% in the quarter (after -6 . 7% in Q1 2010 and -1 . 3% in Q2) and down 1 . 9% in the first nine months . Further improvement in profitability: EBITA margin1 up 100bps in the quarter to 5 . 4% (after 3 . 8% in Q1 and 4 . 7% in Q2); reported EBITA rose 26% in Q3In the quarter, EBITA margin[1] stood at 5 . 4%, vs . 4 . 4% in Q3 2009 (+100bps year-on-year) . In the first nine months, it stood at 4 . 6% vs . 3 . 7% in the first nine months of 2009 . This 90bps improvement reflected:- A 10bps improvement in gross margin1 (24 . 4% vs . 24 . 3% in the first nine months of 2009), mainly driven by Europe and North America,- An 80bps reduction in the percentage of distribution and administrative expenses[2] (19 . 8% of sales vs . 20 . 6% in the first nine months of 2009) . This reduction resulted from the ongoing effects of cost-cutting measures implemented over the previous quarters that generated a 3 . 6% decrease in distribution and administrative expenses year-on-year . Reported EBITA reached E163 . 9 million in the quarter, up 25 . 6% vs . Q3 2009, and E421 . 3 million in the first nine months, up 32 . 0% vs . the first nine months of 2009 . Strong increase of both operating income and net incomeAmortization of purchase price allocation amounted to E18 . 4 million in the first nine months (vs . E14 . 4 million in the first nine months of 2009) . Other income and expenses amounted to a net charge of E43 . 6 million in the first nine months (of which E39 . 3 million of restructuring costs) vs . a net charge of E107 . 9 million in the first nine months of 2009 (of which E73 . 3 million of restructuring costs) . As a result, operating income in the first nine months increased by 82 . 5% to E359 . 3 million, reflecting the 32 . 0% rise in EBITA and reduced restructuring costs . Net financial expenses amounted to E50 . 0 million in the quarter, slightly reduced compared to the E52 . 8 million recorded in the previous quarter . In the first nine months, they amounted to E153 . 5 million vs . E127 . 6 million in the first nine months of 2009 . This increase reflected a higher effective interest rate (7 . 1% compared to 5 . 8% in the first nine months of 2009), mainly due to the Senior Credit margin step-up since August 1st, 2009 . It also included the amortization of financing fees generated by the July amendment to the Senior Credit Agreement and the December refinancing operations (Bond issue and full refinancing of Senior Credit) . After share of profit / loss in associates (profit of E3 . 2 million) and after income tax (charge of E41 . 3 million vs . E22 . 6 million in the first nine months of 2009), net income in the first nine months amounted to E167 . 7 million vs . E46 . 6 million in the same period of 2009 . Continued deleveraging in the quarter despite unfavourable currency effect and one-off impact of Ceteco litigation settlementFree cash flow before interest and tax[3] in the first nine months amounted to E263 . 9 million . It included:- The one-off impact of the settlement of litigation concerning the Dutch company Ceteco for E29 . 8 million that was paid in March,- The effect of business seasonality on working capital, the change of which represented a cash outlay of E92 . 2 million . After E119 . 8 million of net interest paid and E48 . 7 million of income tax paid, net debt stood at E2,432 . 8 million . This represents a reduction of E101 . 9 over the quarter (E2,534 . 7 million at June 30, 2010) and a very limited increase of E31 . 6 million over the first nine months (E2,401 . 2 at December 31, 2009) . Out of this increase, the unfavourable currency effect due to variations in the USD/E exchange rate accounted for E115 . 5 million . Indebtedness ratio (Net financial debt / EBITDA), as calculated under the Senior Credit Agreement terms, stood at 3 . 68x at the end of September (vs . 3 . 92x at the end of June 2010 and 4 . 43x at the end of September 2009) . OutlookRexel s Q3 performance combined with the implementation of its strategy aimed at developing markets in key growth segments such as energy efficiency, renewable energies and major projects, reinforce the Group s confidence that it will achieve its full-year targets, which were revised upwards on July 28:-Slight increase in sales on a constant and same-day basis,- Adjusted EBITA margin above 4 . 5%,- Free cash-flow before interest and tax above E400 million . CalendarDecember 2, 2010: Investor Day (London) . February 9, 2011: Fourth-quarter and full-year 2010 results . Financial informationThe financial report for the period ended September 30, 2010 is available on the Group s website (www . rexel . com), in the "Regulated information" section, and has been filed with the French Autorité des Marchés Financiers . A slideshow of the third-quarter and nine-month 2010 results is also available on the Company s website . Rexel, a global leader in the distribution of electrical supplies, serves three main end markets: industrial, commercial and residential . The Group operates in 34 countries, with a network of some 2,100 branches, and employs 28,000 people . Rexel s sales were E11 . 3 billion in 2009 . Its majority shareholders are an investor group led by Clayton, Dubilier & Rice, Eurazeo and BAML Capital Partners . Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203) . It is integrated in the following indices: SBF 120, CAC Mid 100, SBF250, CAC AllShares and FTSE EuroMid . For more information, visit Rexel s web site at www . rexel . comContacts

Financial Analysts / Investors	Press
Marc MAILLET	Pénélope LINAGE
Tel: +33 1 42 85 76 12	Tel: +33 1 42 85 76 28
mmaillet@rexel . com	plinage@rexel . com
Florence MEILHAC	Brunswick: Thomas KAMM
Tel: +33 1 42 85 57 61	Tel: +33 1 53 96 83 92
fmeilhac@rexel . com	tkamm@brunswickgroup . com

Appendix 1Segment reporting - Constant and adjusted basis (*)(*) Constant and adjusted = at comparable scope of consolidation and exchange rates, excluding the non-recurring effect related to changes in copper-based cables price and before amortization of purchase price allocation; the non-recurring effect related to changes in copper-based cables price was, at the EBITA level:- a profit of E8 . 6 million in Q3 2009 and a profit of E0 . 4 million in Q3 2010,- a profit of E12 . 3 million in 9m 2009 and a profit of E13 . 2 million in 9m 2010 . Group

	Constant and adjusted basis (Em)	Q3 2009	Q3 2010	Change	9m 2009	9m 2010	Change
Sales		2,948 . 0	3,041 . 6	+3 . 2%	8,762 . 0	8,786 . 2	+0 . 3%
	on a constant basis and same days			+3 . 2%			+0 . 0%
Gross profit		706 . 2	735 . 7	+4 . 2%	2,126 . 7	2,144 . 8	+0 . 8%
	as a % of sales	24 . 0%	24 . 2%	+20bps	24 . 3%	24 . 4%	+10bps
Distribution & adm . expenses (incl . depreciation)		(576 . 6)	(572 . 1)	-0 . 8%	(1,801 . 2)	(1,736 . 7)	-3 . 6%
EBITA		129 . 6	163 . 6	+26 . 3%	325 . 5	408 . 1	+25 . 4%
	as a % of sales	4 . 4%	5 . 4%	+100bps	3 . 7%	4 . 6%	+90bps
Headcount (end of period)		29,174	27,762	-4 . 8%	29,174	27,762	-4 . 8%

Europe

	Constant and adjusted basis (Em)	Q3 2009	Q3 2010	Change	9m 2009	9m 2010	Change
Sales		1,691 . 3	1,737 . 3	+2 . 7%	5,015 . 5	5,102 . 5	+1 . 7%
	on a constant basis and same days			+2 . 7%			+1 . 0%
o/w	France	527 . 7	550 . 8	+4 . 4%	1,644 . 3	1,703 . 5	+3 . 6%
	on a constant basis and same days			+4 . 6%			+2 . 0%
	United Kingdom	248 . 0	237 . 8	-4 . 1%	710 . 3	685 . 6	-3 . 5%
	on a constant basis and same days			-4 . 1%			-3 . 5%
	Germany	222 . 9	240 . 0	+7 . 6%	581 . 0	683 . 0	+17 . 6%
	on a constant basis and same days			+7 . 6%			+16 . 9%
	Scandinavia	199 . 9	206 . 5	+3 . 3%	597 . 8	598 . 9	+0 . 2%
	on a constant basis and same days			+3 . 3%			-0 . 2%
Gross profit		427 . 9	441 . 1	+3 . 1%	1,286 . 0	1,314 . 2	+2 . 2%
	as a % of sales	25 . 3%	25 . 4%	+10bps	25 . 6%	25 . 8%	+20bps
Distribution & adm . expenses (incl . depreciation)		(338 . 6)	(327 . 7)	-3 . 2%	(1,069 . 6)	(1,015 . 1)	-5 . 1%
EBITA		89 . 4	113 . 4	+26 . 9%	216 . 4	299 . 1	+38 . 2%
	as a % of sales	5 . 3%	6 . 5%	+120bps	4 . 3%	5 . 9%	+160bps
Headcount (end of period)		17,746	16,536	-6 . 8%	17,746	16,536	-6 . 8%

North America

	Constant and adjusted basis (Em)	Q3 2009	Q3 2010	Change	9m 2009	9m 2010	Change
Sales		919 . 3	931 . 2	+1 . 3%	2,727 . 2	2,596 . 6	-4 . 8%
	on a constant basis and same days			+1 . 3%			-4 . 4%
o/w	United States	653 . 6	656 . 7	+0 . 5%	1,969 . 1	1,831 . 8	-7 . 0%
	on a constant basis and same days			+0 . 5%			-6 . 5%
	Canada	265 . 7	274 . 5	+3 . 3%	758 . 0	764 . 8	+0 . 9%
	on a constant basis and same days			+3 . 3%			+0 . 9%
Gross profit		192 . 3	200 . 9	+4 . 4%	581 . 8	560 . 7	-3 . 6%
	as a % of sales	20 . 9%	21 . 6%	+70bps	21 . 3%	21 . 6%	+30bps
Distribution & adm . expenses (incl . depreciation)		(166 . 4)	(164 . 3)	-1 . 3%	(515 . 2)	(485 . 3)	-5 . 8%
EBITA		25 . 9	36 . 6	+41 . 3%	66 . 5	75 . 4	+13 . 4%
	as a % of sales	2 . 8%	3 . 9%	+110bps	2 . 4%	2 . 9%	+50bps
Headcount (end of period)		7,783	7,538	-3 . 1%	7,783	7,538	-3 . 1%

Asia-Pacific

	Constant and adjusted basis (Em)	Q3 2009	Q3 2010	Change	9m 2009	9m 2010	Change
Sales		265 . 3	297 . 3	+12 . 1%	747 . 1	820 . 5	+9 . 8%
	on a constant basis and same days			+12 . 5%			+10 . 1%
o/w	Australia	168 . 5	190 . 1	+12 . 8%	486 . 9	521 . 4	+7 . 1%
	on a constant basis and same days			+12 . 8%			+7 . 3%
	New-Zealand	36 . 8	35 . 8	-2 . 6%	101 . 8	99 . 9	-1 . 9%
	on a constant basis and same days			-2 . 6%			-2 . 4%
	China	49 . 9	57 . 5	+15 . 3%	126 . 0	159 . 4	+26 . 4%
	on a constant basis and same days			+17 . 6%			+26 . 9%
Gross profit		59 . 4	65 . 2	+9 . 6%	169 . 9	179 . 2	+5 . 4%
	as a % of sales	22 . 4%	21 . 9%	-50bps	22 . 7%	21 . 8%	-90bps
Distribution & adm . expenses (incl . depreciation)		(43 . 8)	(47 . 1)	+7 . 7%	(128 . 6)	(133 . 1)	+3 . 6%
EBITA

NOTA STAMPABanca IFIS conquista il PODIO nella classifica 2009 dei creatori di valore e continua a correre nei primi 9 mesi del 2010Mestre, 10 Novembre 2010 . Crescita dei mezzi propri amministrati nell anno 2009 pari a +45%, e + 38 . 2% nei primi nove mesi 2010; margine di Intermediazione in incremento del +19,5% nei 12 mesi dell anno 2009 e in accelerazione del 26,7% nei primi 9 mesi dell anno corrente . Ritorno sul capitale molto elevato nel 2009, pari a 11,6% e in forte sviluppo nei 9 mesi dell anno 2010 (13,1%) . Questi in sintesi le ragioni della salita al primo posto di Banca IFIS, nella graduatoria delle banche pubblicata sull Atlante delle banche leader 2010 . " Questo riconoscimento per noi e una forte spinta e una grande motivazione nel continuare a fare, sempre meglio, ciò che ci contraddistingue: il supporto alle piccole e medie imprese, pilastro essenziale dell economia reale, della quale si sente sempre più richiesta ed esigenza" ha dichiarato Giovanni Bossi, Amministratore Delegato di Banca IFIS "voglio ringraziare tutta la squadra della Banca che con passione e dedizione ha permesso alla Banca di raggiungere questo traguardo e continua a contribuire a realizzare importanti risultati" . Contestualmente all approvazione dei risultati dei primi nove mesi, Banca IFIS ha reso noto che le prospettive per gli ultimi mesi dell anno si confermano positive . Alla luce del tasso di crescita dei volumi registrato nel corso dell esercizio e confermati nel mese di ottobre e tenuto conto dell attuale contesto di mercato e delle informazioni ad oggi in possesso dell alta direzione, la Banca prevede un accelerazione nel tasso di crescita dell utile netto nell ultimo trimestre rispetto a quanto registrato nei primi 9 mesi dell anno . Banca IFIS (Codice Bloomberg IF IM, Codice Reuters IF MI), attiva dal 1983 nel supporto finanziario alle imprese, è oggi l unica banca italiana indipendente specializzata nel finanziamento del circolante delle piccole e medie imprese . Quotata al segmento STAR di Borsa Italiana, Banca IFIS opera in un segmento di mercato ad alta crescita in particolare in contesti economici come quello attuale, con un modello business unico focalizzato su finanziamenti "asset based" che permettono maggiore facilità di accesso al credito . In continua espansione sia in Italia che all estero, il Gruppo Banca IFIS conta oggi 25 filiali in Italia, una filiale a Parigi, una società controllata in Polonia (Varsavia), uffici di rappresentanza in Romania (Bucarest) e Ungheria (Budapest), una joint venture con la Punjab National Bank per lo sviluppo del factoring in INDIA e accordi con oltre 200 banche nel mondo . Dispone della più completa rete commerciale specializzata esistente sul territorio nazionale, con più di 100 risorse dedicate e formate internamente, che garantisce un presidio locale a vantaggio di una relazione diretta e personalizzata con le oltre 3 . 000 imprese clienti . Al 31/12/2009, il Turnover (valore dei crediti gestiti) è stato pari 3,5 miliardi di euro, registrando una crescita media ponderata negli ultimi 10 anni del 25,8% annuo; il margine di intermediazione a 80,8 milioni di euro; l utile netto a 17,2 milioni di euro; il rapporto sofferenze/impieghi all 1,6% . Press contacts:Responsabile CommunicazioneMara Di GiorgioTel: +39 041 5027623Fax: + 39 0415027555Cell: + 39 335 77 37 417m . digiorgio@ifis . itwww . bancaifis . itCopyright HuginThe appendixes relating to the press release are available on: http://www . hugingroup . com/documents_ir/PJ/CO/2010/171551_88_B2WI_101110BancaIFISconquistailPODIOfinale . pdf Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171551]

Lunedì 8 Novembre 2010

La settimana in Borsa

Borsa di Milano

Il titolo del Gruppo Benetton ha chiuso le contrattazioni di venerdì 5 Novembre a Piazza Affari al prezzo di riferimento di 5,49 euro, facendo registrare una performance nella settimana in flessione del -5,9% rispetto alla chiusura del 29 Ottobre u . s .

Durante la settimana sono stati scambiati volumi medi giornalieri intorno ai 310mila pezzi .

Rispetto ad inizio anno il titolo ha fatto segnare una performance in flessione del -12% . Nello stesso periodo gli indici FTSE Italia All-Share, FTSE Italia Mid Cap Ind e l indice Bloomberg Europe Apparel hanno registrato una performance rispettivamente del -7,8%, -2,7% e del +41,6% .

Eventi

Il giorno 12 Novembre il Consiglio di Amministrazione prenderà in esame i risultati dei primi nove mesi del 2010, che verranno presentati al mercato finanziario nel pomeriggio dello stesso giorno durante una conference call .

I dettagli dell evento saranno resi disponibili nella home page del sito Investor Relations http://investorsit . benettongroup . com

Newsflow

Nel corso della settimana è stata pubblicata una nota di aggiornamento sul gruppo da parte di Exane BNP Paribas .

Copyright HuginThe appendixes relating to the press release are available on: http://www . hugingroup . com/documents_ir/PJ/CO/2010/171453_66_Y17F_20101101-WeeklyNews-IT . doc Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171453]

Comunicato stampa5 novembre 2010Per maggiori informazioni, contattare:Jean-Charles Simon/Géraldine Fontaine +33 (0) 1 46 98 73 17Comunicazioni e relazioni pubblicheAntonio Moretti +44 (0) 203 207 8562Responsabile dei rapporti con gli investitoriNel terzo trimestre SCOR conferma il forte dinamismo con una crescita del 17% e un incremento dell utile netto a E 111 Mio, pari al +18%, grazie alla performance tecnica delle assicurazioni del ramo vita e del ramo danni- I risultati del terzo trimestre confermano il forte dinamismo del gruppo, con un utile netto a E 111 Mio, in crescita del 18,2% rispetto al terzo trimestre 2009 (E 94 Mio) . - La performance è riconducibile in particolare agli ottimi risultati tecnici, con un combined ratio del ramo danni pari al 94,9% e un margine operativo del ramo vita pari al 7,9%, ottenuti nel terzo trimestre 2010 . - Excluding equity-indexed annuity business in the US, the reduction of which has been planned and deliberate, the Group has expanded by 16 . 9% in the third quarter 2010 (9 . 0% at constant exchange rates) . - With these performances in the third quarter, net income for the first nine months stands at EUR 267 million, which is close to the level achieved for the same period in 2009 (EUR 278 million) despite the exceptional losses of the first quarter 2010 . In the first nine months of the year, the Group has recorded:- premium income of EUR 5,020 million . Excluding equity-indexed annuity business in the US, gross written premiums are up by 9 . 2% in the first nine months of 2010 (4 . 6% at constant exchange rates), to EUR 4,984 million;combined ratio of 99 . 9% for SCOR Global P&C, down sharply since the first quarter, which was impacted by the exceptional level of natural catastrophe costs;- operating margin of 6 . 6% for SCOR Global Life;- net annualised return on invested assets (excluding funds held by cedants) of 3 . 7%;- annualised ROE of 8 . 8%;- shareholders equity of EUR 4 . 3 billion at 30 September 2010, up 9 . 0% compared to 31 December 2009, i . e . EUR 23 . 41 book value per share;- operating cash flow of EUR 467 million . Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "SCOR has continued its sustained growth in the third quarter 2010, combining profitability and solvency . The Group has thus achieved excellent operating results over the past quarter, with a combined Non-Life reinsurance ratio of less than 95% and an operating margin of around 8% in Life reinsurance . These results show that SCOR is already fully mobilised to achieve the objectives set out in its new strategic plan, "Strong Momentum" . This performance and the positive decisions made by the four rating agencies over the past few weeks bode very well for the end-of-year renewal period" . ** *SCOR reports a robust net income of EUR 267 million in the first nine months of 2010, with book value per share increasing to EUR 23 . 41Total gross written premiums for P&C and Life business reach EUR 5,020 million year-to-date, up by 2 . 8% compared to the first nine months of 2009 (-1 . 5% at constant exchange rates) . Excluding equity-indexed annuity business in the US, the reduction of which has been planned and deliberate, gross written premiums reach EUR 4,984 million year-to-date, up 9 . 2% compared to the first nine months of 2009 (4 . 6% at constant exchange rates) . The year-to-date growth is driven by positive developments in SCOR Global P&C (SGPC) business, as previously disclosed at the January, April and July Renewals, and by strong volume growth in the biometrics book of SCOR Global Life (SGL) . SCOR generates a net income of EUR 267 million in the first nine months of 2010, compared to EUR 278 million for the first nine months of 2009 . The results for the first six months were impacted by a very high level of natural catastrophe costs, predominantly in the first quarter, with an abnormally high concentration of major catastrophes (Chile, Haiti, Xynthia, etc . ) . In the third quarter 2010, SCOR s net income stands at EUR 111 million, up 18 . 2% compared to net income for the third quarter 2009 . Over the entire period, the Group s results have benefited from the development of SGPC business throughout the year, as well as from the improved operating performance of SGL, and from greater returns on the investment portfolio under the combined effects of an active asset management policy and lower impairments . Earnings per share (EPS) stand at EUR 1 . 49 in the first nine months of 2010, compared to EUR 1 . 55 for the same period in 2009 . Annualized return on equity (ROE) reaches 8 . 8% in the first nine months of 2010, against 10 . 5% recorded for the same period in 2009 . In the third quarter 2010 alone, annualised ROE reaches 11 . 0% compared to 10 . 6% in the third quarter 2009 . SCOR shareholders equity rose by 9 . 0% to EUR 4,252 million at 30 September 2010, compared to EUR 3,901 million at the end of 2009 . As a result, book value per share increased to EUR 23 . 41 at 30 September 2010, compared to EUR 21 . 80 at the end of 2009 . During the first nine months of 2010, the Group continued to reduce its debt ratio and currently has a leverage position of 10 . 2%, compared to 14 . 6% at the end of 2009 . The positive operating cash flow linked to operational business stands at EUR 467 million at 30 September 2010, compared to EUR 656 million for the same period in 2009 . This difference stems from the planned and deliberate reduction of equity-indexed annuity business in the US . SGPC confirms its anticipated premium growth, along with the normalization of costs linked to natural events and a reduction in the attritional loss ratio, which has positively impacted its technical profitabilityFor the first nine months of 2010, gross written premiums for SGPC stand at EUR 2,772 million, compared to EUR 2,530 million for the same period in 2009, up 4 . 5% at constant exchange rates . For the third quarter 2010 alone, SGPC records a gross premium volume of more than EUR 1 billion for the first time, up 12 . 6% at constant exchange rates . This increase in premium volume year to date, which is in line with the forecasts presented at the January 2010 renewals, confirms SCOR s dynamism as well as its specific competitive position in the reinsurance industry . For the first nine months of the year, the net combined ratio stands at 99 . 9%, compared to 97 . 4% a year earlier . This increase is primarily due to earthquakes in Chile and Haiti and to storm Xynthia, the cost of which remains unchanged . For the third quarter, SCOR records losses linked to natural events in line with the 6 points set out in the budget . These losses were notably marked by an earthquake in New Zealand for a pre-tax cost of EUR 25 million, and floods in Denmark at an estimated pre-tax cost of EUR 15 million . The total pre-tax cost of natural catastrophes year to date has normalised, representing 10 . 5 combined ratio points (20 . 2 points in the first quarter and 13 . 1 points in the first half) compared to 5 . 3 points a year earlier . With a decrease over 12 months of 2 . 0 points at 30 September 2010, the attritional loss ratio has improved in line with expectations and reflects the diversification and dynamic management of the portfolio . For 2010, SGPC maintains its projection of a net combined ratio of less than 100% excluding exceptional future events, as well as 5-6% increase in gross written premiums at constant exchange rates, which would result in a total estimated volume of EUR 3 . 6 billion taking into account the relative average rise of the US Dollar over the year . SGL posts a record operating margin of 7 . 9% in the third quarter 2010, bringing the operating margin to 6 . 6% for the first nine months compared to 5 . 2% for the same period in 2009SGL gross written premiums reach EUR 2,248 million for the first nine months of 2010, down 4 . 5% compared to the same period in 2009 (-8 . 0% at constant exchange rates) . This drop is exclusively due to the planned and deliberate reduction of equity-indexed annuity business in the US: excluding this business, written premiums are up by 8 . 7% to EUR 2,212 million in the first nine months of 2010 (4 . 7% at constant exchange rates) . This growth notably stems from the dynamism of the Critical Illness and Health branches, and from a sharp increase in business in certain geographical areas such as the Middle East, Central Europe, the United Kingdom and Ireland . The very strong improvement in the operating margin, to 6 . 6% for the first nine months of 2010 from 5 . 2% for the same period in 2009, is carried by both the technical profitability of SGL s various business lines and by the strength of its financial results . In the third quarter 2010 alone, SGL s operating margin has even reached 7 . 9%, up by 2 . 5 points compared to the third quarter 2009 and beyond what is planned by the "Strong Momentum" plan . SCOR Global Investments (SGI) maintains its "rollover" investment strategy and posts a strong return on invested assets despite the current low yield environmentAs indicated in September 2010 in the "Strong Momentum" strategic plan, the Group is currently maintaining a "rollover" investment strategy for its fixed income portfolio in order to have significant financial cash flows to reinvest in the event of a sudden change in the economic and financial environment, whilst seizing market opportunities in the short term . During the quarter, the Group has slightly reduced its cash and short-term investments position to EUR 1,129 million at 30 September 2010, which represents 5 . 3% of total investments compared to 6 . 3% in the second quarter 2010 . The active investment policy led by SGI generates net realised gains of EUR 141 million during the first nine months of 2010, allowing it to post a strong net return on invested assets (excluding funds held by cedants) of 3 . 7% year to date, despite a low yield environment, representing a significant improvement compared to the first nine months of 2009 (2 . 1%) . Taking into account funds withheld by cedants, net return on investments amounts to 3 . 3% over the first nine months of 2010, compared to 2 . 1% in the same period of 2009 . Net investments, including cash, stand at EUR 21,250 million at 30 September 2010, compared to EUR 19,969 million at 31 December 2009 . At 30 September 2010, the Group s investments consist of bonds (50%), funds withheld by cedants (37%), cash and short-term investments (5%), equities (4%), real estate (2%) and other alternative investments (2%) . SCOR s high-quality fixed income portfolio (average rating AA) maintains a relatively short and stable duration of 3 . 4 years (excluding cash and short-term investments) . ** *Key figures (in EUR millions)

		2010	2010	2009	2009	2010		2009
		9 months	9 months	9 months	9 months	3rd quarter		3rd quarter
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)		(unaudited)
Gross written premiums	5,020	4,883	1,762	1,629
Non-Life gross written premiums	2,772	2,530	1,008	831
Life gross written premiums	2,248	2,353	754	798
Operating income	334	270	151	142
Net income	267	278	111	94
Investment income	519	325	162	176
Annualised Net Return on Invested Assets	3 . 7%	2 . 1%	3 . 3%	4 . 3%
Annualised Net Return on Investments	3 . 3%	2 . 1%	3 . 0%	3 . 6%
Non-Life combined ratio	99 . 9%	97 . 4%	94 . 9%	97 . 3%
Non-Life technical ratio	93 . 5%	90 . 8%	89 . 3%	90 . 5%
Non-Life cost ratio	6 . 4%	6 . 6%	5 . 6%	6 . 8%
Life operating margin	6 . 6%	5 . 2%	7 . 9%	5 . 4%
Annualised Return on Equity (ROE)	8 . 8%	10 . 5%	11 . 0%	10 . 6%
Basic EPS (EUR)	1 . 49	1 . 55	0 . 62	0 . 52
		2010	2010	2009	2009	2010		2009
		9 months	9 months	9 months	9 months	3rd quarter		3rd quarter
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)		(unaudited)
Investments (excl . participations)	21,250	19,699
Reserves (gross)	22,537	20,756
Shareholders equity	4,252	3,751
Book value per share (EUR)	23 . 41	20 . 84

Forward-looking statementsSCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission . Thus, any forward- . looking statements contained in this communication should not be held as corresponding to such profit forecasts . Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact . Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could . " Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand . Please refer to SCOR s document de référence filed with the AMF on 3 March 2010 under number D . 10-00085 (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group . As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings . Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#171417]