Paris, 25 March 2009 - Further to an article that appeared in the French media this morning, Cheuvreux would like to bring the following clarification:


Variable remuneration is based on the performance of Cheuvreux in 2008, which was a good year in spite of more difficult conditions towards the end of the year.

Variable remuneration relates to all 800 worldwide Cheuvreux staff. As is common market practice amongst all brokerages, they are based on companywide revenue and form a significant part of the overall remuneration of all staff.

As a result of decline in activity during the first few weeks of 2009, Cheuvreux put in place a plan to protect ongoing employment in March this year. This plan concerns voluntary redundancies and will extend to 31 positions in France.

In view of performance in 2009, variable remuneration will decline dramatically this year.

Press Contact:
Bertrand Hugonet - T: +33 1 41 89 30 44 - T: +33 1 41 89 03 77
Email: bertrand.hugonet@calyon.com