The current role of the real estate in the asset base is to contribute to the release of substantial and regularly growing income. It is an element providing stability of assets and of cashflow.

The real estate policy has to date been defined according to the following axes:

• Small number of investments and reaching a critical size
• Direct investments, if possible with a partner specialising in real estate management
• Expected return higher than that of the 10-year Government Bonds and growing.

The predominant element of the Company’s real estate investments remains the shareholding in the Cofinimmo Company
(see Page 25) of which it holds directly and indirectly 2.02% at 31 December 2010. In the context of the Group’s deleveraging policy initiated in 2009, about half of the position in Cofinimmo was sold during 2010.

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Since the end of 2003, the Company has held a shareholding in the property development company, Codic International.
Finally, the Company invests, via its American subsidiary Surongo America, in top-of-the-range residential projects in the United States.

In addition to these three shareholdings, the asset base also includes on own account:

• Buildings at the head office and Treurenberg sites (3,000m² of offices, 2,000m² of appartments and 70m² of shops)
• Various other plots and land in the Provinces of Liege and Hainault (42 ha). An application for a housing-planning permit on 10 hectares in an industrial park in the Commune of Ans was filed on 31 December 2010.
• Two office buildings in Luxemburg (320m²)

At 31 December 2010, 90% of the flats, offices and shops held on own account were rented. The Group’s current real estate income in 2010 was EUR 3.4 million, a level comparable with that of 2009.