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Acquisition of a holding in the insurance company Trade Credit Re 24-12-2004

In accordance with its strategy, Compagnie du Bois Sauvage, in partnership with the Office National du Ducroire (Belgian Export Credit Agency) and the management, has taken a participation of 25% in the Belgian insurance company recently created TC Re.
The company is underwriting in Belgium and abroad, for it's own account and account of third parties, credit insurance, bonding and guarantee insurances, contingency insurances (branches 14, 15 and 16 of the annex 1 of Royal decree of 22.02.1991)
TC Re is an insurance company whose promoters have been all three active for more than 25 years in the fields of the international insurance and reinsurance, specialized in a particular technique of covering of the credit risk between firms: the excess of loss.
In agreement with the management of TC Re, this acquisition aims at ensuring the company a stable shareholder base and at supporting its development.
The Company has invested 2,5 million euros in TC Re.