Supervisory Board

Within the framework of the renewal of the managing partner authority of the ARCO company, which is due to lapse, the Supervisory Board, in accordance with the proposal by the general partners and in compliance with statutory provisions, has approved the appointment of the following persons as the company’s legal representatives:

• Arnaud Lagardère, Chairman and CEO
• Philippe Camus, Deputy Chairman and Deputy CEO
• Pierre Leroy, Director and Deputy CEO

The three appointees will represent the ARCO company in its role as managing partner for the duration of the mandate, i.e. six years. Arnaud Lagardère having been appointed managing partner in his own right on 26 March 2003, Mr. Camus and Mr. Leroy will consequently be named co-managing partners.

As the mandate of the members of the Supervisory Board is due to expire at the next Annual General Meeting, on 11 May 2004, the following proposals will be put forward:

• Appointment of new members: Bernard Arnault, President of the Board of Directors of LVMH; Dr. Hubert Burda, President of Hubert BURDA MEDIA HOLDING GmbH & Co; René Carron, President of CREDIT AGRICOLE SA; Henri Proglio, President of the Board of Directors of VEOLIA-ENVIRONNEMENT and François Roussely, President of the Board of Directors of EDF.
• Renewal of the appointments of Raymond H. Lévy, Manfred Bischoff, Georges Chodron de Courcel, Pehr G. Gyllenhammar, Pierre Lescure, Christian Marbach, Bernard Mirat, Didier Pineau-Valencienne and Felix G. Rohatyn, as well as the company GROUPAMA SA, currently represented by Helman Le Pas de Sécheval.
• Appointment of Bernard Esambert as censor.

The mandate of the new members and of Mr. Lévy, the Supervisory Board’s current President, will last for six years; that of Mr. Gyllenhammar, Mr. Lescure, Mr. Pineau-Valencienne, Mr. Rohatyn and of the company GROUPAMA SA four years; and that of Mr. Bischoff, Mr. Chodron de Courcel, Mr. Marbach, Mr. Mirat and Mr. Esambert two years.

This will lead to the implementation of a phased renewal procedure, the split of renewed mandates being based on the length of service on the Board of those appointed: the mandate of members who have served longest will thus be renewed for the shortest period.