Evolution of GBL (ex-Electrafina) share capital since 1 January 1999

	Dates		Change		Capital in EUR		Number of shares issued
	1/1/99		Situation on this date		358,770,309.12		39,711,768
	31/12/99		Reimbursement of 12,654 bonds redeemable in shares (*)		114,320.76		12,654
	26/4/01		Division by 3 of Electrafina shares		-		79,448,844
	26/4/01		Capital increase as a result of the		610,800,625.00		117,800,030
			absorption of Groupe Bruxelles
			Lambert S.A. and change of corporate
			name to Groupe Bruxelles Lambert
	26/4/01 5/5/06 4/7/07		Capital reduction (**) Capital increase Capital increase		(409,882,629.34) 35,893,789.86 57,439,941.06		(98,673,243) 8,867,613 14,190,621
					653,136,356.46		161,358,287

* certified by deed on 12 January 2000
** capital reduction to increase the distributable reserves with a view to partial rebuilding of the company's pay-out capacity, which dropped sharply further to the cancellation of own shares.