Fourth resolution

Fourth resolution

(Auditors’ special report on the transactions and agreements governed by section L 225-38 of the Commercial Code approved in advance, including those between the Bank and its directors and officers)

The Annual Meeting notes the terms of the Auditors' special report on transactions and agreements governed by section L 225-38 of the Commercial Code and notes that no such agreements were entered into during the year.

Presentation of the resolution

In the life of any company, especially one that represents the cornerstone of a group, it is common for agreements to be entered into directly or indirectly between that company and other entities with common directors, or between the company and its directors. Under section L. 225-38 of the Commercial Code, these agreements must be approved by the General Meeting of Shareholders and the Auditors must prepare a special report relating thereto. In the fourth resolution, shareholders are asked to note the fact that the Auditors’ special report for 2003 does not include any such transactions or agreements entered into during the year.