THE STEF–TFE BOARD OF DIRECTORS

2006 was a year rich in events which were significant for our Group’s development, and yet the steering of our operations was made complex by fluctuating business patterns, which were compounded by a lack of vehicles. 2007 was no less rich in events destined to shape STEF-TFE’s future. Our regular, sustained business growth allowed us to adjust our operations very closely, and ultimately to post an operational profit and net income in line with the increase in consolidated revenues. We can therefore quite legitimately declare 2007 to have been a good vintage. However the economic environment in France and Europe was by no means favourable, with a major financial crisis, very high fuel prices, and food consumption still lagging behind overall consumption. All this merely underlines the quality of the profitable growth which the STEF-TFE Group managed to achieve, and which is mainly the result of the daily efforts exerted in order to optimize our operations.
as of the Board Meeting held on 26 March 2008