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Chairman’s message - April 2008

Dear shareholders,

Le Bélier achieved growth in 2007, meeting its objectives with current operating income increasing almost twofold and free cash flows in the second half of €4 million. Despite this positive momentum, net income was significantly impacted by restructuring measures that were announced and carried out during the period.

However, the Group's strategic positioning is more than ever adapted to today's economic and industrial environment. The continued rise of oil prices and increasing environmental constraints fuelling an increased use of aluminium in automobile parts and the development of turbo systems will in consequence benefit Le Bélier.

As a challenging phase of adaptation reaches an end, Le Bélier continues to have significant potential for growth in the years ahead.

Le Bélier is benefiting from its international base of operations and industrial reorganization measures undertaken have started to produce positive effects. The positive trend of the 2007 second half continued in early this year. On this basis we anticipate current operating income to double in 2008.

Convinced in the prospects for success of this development strategy, I wish to express my gratitude for your confidence.

Philippe GALLAND Chairman and Chief Executive Officer

Le Bélier is a global group specialized in the manufacture of moulded aluminium safety components for cars.

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