Subsection 1: The Board of Directors of the Executive Board.

The Board of Directors determines the direction of the company's business and ensures that it is implemented, in accordance with its corporate interests, taking into account the social, environmental, cultural and sporting challenges of its activity. It also takes into account, where appropriate, the company's raison d'être as defined in application of article 1835 of the French Civil Code. Subject to the powers expressly attributed to shareholders' meetings and within the limits of the company's purpose, it takes up any issue concerning the smooth running of the company and settles matters concerning it through its deliberations.

In dealings with third parties, the company is bound even by acts of the Board of Directors that do not fall within the corporate purpose, unless it can prove that the third party knew that the act exceeded that purpose or could not have been unaware of it in view of the circumstances, it being excluded that the mere publication of the Articles of Association is sufficient to constitute such proof.

The Board of Directors carries out such controls and verifications as it deems appropriate. The Chairman or the Chief Executive Officer of the company is required to provide each director with all documents and information necessary for the performance of his duties.

Sureties, endorsements and guarantees given by companies other than those operating banking or financial institutions are subject to authorisation by the Board, which limits the amount thereof, under conditions determined by decree in the Conseil d'Etat. This decree also determines the conditions under which third parties may be held liable if this authorisation is exceeded. The Board may, however, grant this authorisation globally and annually without any limit on the amount to guarantee the commitments made by controlled companies within the meaning of II of article L. 233-16 of this Code. The Board may also authorise the Chief Executive Officer to grant, in the aggregate and without limit as to amount, sureties, endorsements and guarantees to secure commitments entered into by controlled companies within the meaning of II above, provided that the Chief Executive Officer reports to the Board at least once a year.