Historical background from 1988

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	History archives		Capital increase produced by the exercise of 870,641 warrants (1998)
			Amendment of terms for the exercise of warrants (1998)
			Issue of loan stock convertible into GBL shares (1998)
			Subscription to new shares issued by Monument Oil an Gas (1998)
			Fibelpar sold to Frère-Bourgeois (1998)
			Disposal of GBL stake in Financière Groupe Dewaay (1998)
			Sale of GBL stake in Banque Artesia (1998)
			Merger of PetroFina and Total (1998)
			Sale of ING and AXA-UAP shares (1998)
			Disposal of Transcor, Groupe Jean Dupuis and Distripar (1998)
			Investment in Suez Lyonnaise des Eaux (1998)
			Merger and absorption of Parfinance by Imétal (1998)
			Sale of 40.5% holding in Bernheim-Comofi (1998)
			Increase in Electrafina stake (1998)
			Purchase of GBL shares and conversion of 586,355 warrants (1998)
			Disposal of Royale-Vendôme (1998)
			Disposal of Audiofina stake in Havas (1998)
			Increased stake in Suez Lyonnaise des Eaux (1997)
			Sale of oil assets to Lomak Petroleum and Pioneer Natural Resources Cy. (1997)
			Disposal of the holding in BBL (1997)
			Creation of CLT-UFA (1997)
			Investment in the Compagnie de Suez (1996)
			Sale of shareholding in Tractebel (1996)
			BF 16.4 billion investment in Electrafina (1996)
			Acquisition of a 17.2% stake in Audiofina (1996)
			Bertelsmann and Audiofina pool interests (1996)
			Sale by GBL of 35% in CLMM to Electrafina. (1996)
			Disposal of the holding in CarnaudMetalbox (1995)
			Restructuring of interests in the audio-visual sector: public offer of exchange by Audiofina on CLT (1995)
			GBL controls 49% of Financière Groupe Dewaay (1994)
			Acquisition by the holding company Parfinance of a 2.2% stake in UAP (1994)
			Increase in holding in Electrafina (1994)
			5% stake acquired in Havas (1994)
			Restructuring of interests in the audio-visual sector: creation of CLMM (1994)
			Holding acquired in CarnaudMetalbox (1993)
			Acquisition of 2.4% of Royale Belge securities (1993)
			Increase in holding in CLT (1993)
			Electrafina increases its holding in Nimex Resources to 66.5% (1992)
			Passing the 50% mark/threshold in the capital of Imétal (1992)
			Further divestiture in the banking sector: BIL-Henry Ansbacher Holdings (1992)
			Capital increase of Parfinance (1991)
			Capital increase of Electrafina (1991)
			Sale of 24.9% in Royale-Vendôme (1991)
			Partial sale of BIL to Crédit Communal de Belgique (1991)
			Increase in holding in the Compagnie Financière de Paris et des Pays-Bas (1990)
			Disposal of holding in Compagnie Internationale des Wagons-Lits et du Tourisme (1990)
			Liquidation of Drexel Burnham Lambert Group Inc. (1989)
			Strengthened position in Imétal (1989)
			Creation of Bernheim-Comofi (1989)
			Restructuring in the energy sector: PetroFina and Tractebel (1989)
			Creation of the new Electrafina entity (1989)
			A 28.1% stake acquired in Imétal (1988)
			Acquisition of Tractebel (1988)

Historical background from 1988

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