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POWERS AND PREROGATIVES OF THE BOARD OF DIRECTORS AND COMMITEES

The Board of Directors set the guidelines of the Company's activity and follow-up their implementation. In accordance with the powers expressly attributed to the general shareholders' meeting and in accordance with the nature of aim of the company, the Board of Directors BoD may deliberate on any matters pertaining to the company sound practice and decides on issues relating to the company.

The BoD proceeds with all control and verifications as it deem necessary. Each Director is entitled to receive all relevant information and document necessary to the implementation of his/her assignment In compliance with the Corporate Governance rules, P has within the BoD set-up two committees: Remuneration & Benefits Committee and Audit Committee The Remuneration & Benefits Committee determine the Senior Executives Remuneration and Benefit and fix the POWEO guidelines/policy of Remuneration and Benefit The Audit Committee assess the internal control quality within the Company and has direct and special relationship with Statutory Auditors.

Board of Directors’ members (except Charles Beigbeder and Frederic Granotier):

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Mrs Carine Beigbeder
32 years old, Paris Dauphine University and IEP Paris graduate. After working for two years as a buy side analyst at Putnam Securities and then as a sell side analyst at Merill Lynch, she joined Self Trade in 2000 to launch the research department. Carine was also a member of the Self Trade Board of Directors from 1997 to 2000.

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Mr Grégoire Chertok
38 years old, ESSEC and Centre de Formation à l’Analyse Financière (training centre for financial analysis) graduate, in addition he holds a Master in Business Administration at INSEAD. After 4 years at the Banque de Gestion Privée, he entered Rothschild and Cie Bank and became an associate in 2000.

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Mr Frédéric Granotier
38 years old, Ecole Supérieure de Commerce (business school) graduate and chartered accountant. Frederic is in charge of finance, human resources, law, general affairs and supply pole. Before he co-founded POWEO, he was CFO and board member of Selftrade from 2000 to 2002. Frederic previously was a Senior Manager at Ernst and Young, in France and in the United States, in auditing and consulting.

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Mr Joan Beck, administrateur indépendant
59 ans, de nationalité hollandaise et résidant depuis 30 ans à Londres, M. Joan Beck est “Investment Banker” par profession. Après avoir obtenu son MBA à l’INSEAD, il a poursuivi sa carrière chez Morgan Stanley et ensuite au Credit Suisse First Boston, notamment comme Vice-Chairman chargé des activités “Capital Markets”. Joan Beck est actuellement administrateur de sociétés et assume la présidence du European Securities Forum.

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Mr Jan Weidner, administrateur indépendant

M. Erik Regter, représentant de la société Verbund

M. Christian Kern, représentant de la société Verbund

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Besides, the BoD has appointed four ‘censors’:

Mr Yves Barbieux

Mr Claude Chambard

Mr Emmanuel Hau

The company Externalis, represented by Mr Alain Mallart

An employee representative also attends any BoD meeting.