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Appointment of CortalConsors' Executive Committee

The CortalConsors Executive Committee, chaired by Olivier Le Grand, currently Cortal's Chairman, consists of 7 members including the chairman and 3 from each of the two companies

On Thursday, 16 May 2002, CortalConsors appointed the members of its Executive Committee.

This appointment was made in line with the three-step timetable - "2 weeks, 2 months, 2 quarters" - laid down at the time of the announcement of the acquisition of Consors by Cortal (BNP Paribas group), on 30 April 2002.
Members of the Executive Committee will have three broad areas of :

· Operational management: carry out the industrial plan 2002 - 2005 as submitted 30 April 2002,
· Centres of excellence: ensure the spread of Best Practices in terms of services to existing customers of the two companies,
· Corporate functions: coordinate and manage all resources to optimise efficiency in the new group.

CortalConsors' Executive Committee comprises 7 members. In addition to Olivier Le Grand, Chief Executive Officer (CEO), there are 3 members from Consors, Karl Matthäus Schmidt, Franz Baur and Uwe Schroeder-Wildberg, and 3 members from Cortal, Benoît Gommard, Jean-Philippe Huguet and Patrick Miron de l'Espinay.

Olivier Le Grand, CEO of the new group, takes on the functions of CEO in Germany, together with Karl Matthäus Schmidt. He also has managerial focus on Belgium, Spain and Switzerland, as well as for the Berliner Effektengesellschaft (BEG) business and Consors Capital. Internal Audit & Compliance and the team focussing on the management of the integration process are also under his authority.

Karl Matthäus Schmidt is appointed Deputy CEO of the new group and CEO in Germany together with Olivier Le Grand. He focuses on the Heavy Traders centre of excellence and for the Marketing and Development functions at the Group level.

Franz Baur, Chief Information Officer at Consors, becomes Chief Information Officer of the new group.
Benoît Gommard, responsible for B2C at Cortal for France and Spain, becomes Chief Executive Officer France. He will focus on the Smart Investors centre of excellence.
Jean-Philippe Huguet, advisor to Cortal's Management Board, will be General Secretary of the new group. Human Resources, Internal and External Communication, Legal, Planning and Synergy Management are in his concern.
Patrick Miron de l'Espinay assumes managerial focus on Cortal Partners as well as for the new group's business in Italy and Luxembourg. He also focuses on the "B2B" and "independent financial advisors" centres of excellence and the Back office function.

Uwe Schroeder-Wildberg, Chief Financial Officer of Consors, will be Chief Financial Officer of the new group, in charge of Accounting, Tax, Controlling, Risk Management and Investor Relations.
The German Board of Consors Discount-Broker AG remains with full responsibilities.


Franz Baur, 47 years old, entered Consors in January 2000. After graduating in mathematics in Munich, he started his career in 1984 in the IT Division of the former Bayerische Hypotheken Bank AG, Munich. When this bank merged with Vereinsbank in 1997, Franz Baur was appointed Chief Information Officer (CIO) and took co-lead in the integration of both banks‘ IT systems. In 1998 he assumed management of FMIS GmbH, a subsidiary of HypoVereinsbank AG, handling the entire IT services for the Group's securities business. In his capacity as CIO of Consors, he is responsible for IT and also manages the Heavy Trader Division.

Benoît Gommard, 34 years old, engineer from the Paris-based Ecole Centrale, joined Cortal in July 2001 as B2C Director for France, Spain and the UK. Responsible for client relations and marketing in these countries, he is a member of Cortal's Executive Committee.
After joining BNP in 1994 as financial engineer for the Capital Markets division, he became inspector and later assignment supervising inspector with BNP Paribas where his duties involved financial market transactions for several sectors including retail.

Jean-Philippe Huguet, 37 years old, engineer from the Ecole Polytechnique and graduate of ENSAE (French national school for statistics and economic administration), joined Cortal in April 2002 as advisor to the Management Board.
He began his career in 1988 as deputy manager for the Methods department of Compagnie Bancaire and was later made Cortal's Planning and controlling director from 1991 to 1994. In 1995, he joined the derivative products broker FIMAT as project manager for Central Europe in Vienna. In 1996, he started FIMATEX in Germany, which he managed until his appointment as CEO of FIMATEX S.A. in 2000.

Olivier Le Grand, 49 years old, graduate of ENSAE and holder of a higher degree in mathematical methods of economy from Paris-Dauphine University. Chairman of Cortal's Management Board, he is also a member of the General Management Committee of Retail Financial Services of BNP Paribas.
He was a technical cooperation expert at the Financial Administration School of Brazil from 1976 to 1978, following which he rejoined Electricité de France where he was manager of economic research, then manager of electricity forecasting lastly manager of investment requirements. From 1984 to 1987, he was manager of economic research and later planning and controlling for Compagnie Bancaire. He joined Cortal in 1987 as Chief Financial Officer, later General Director before his appointment as Chairman of the Board which he has held since 1989.

Patrick Miron de l'Espinay, 40 years old, graduate from Ecole Nationale Supérieure des Mines de Saint-Etienne, has been a member of Cortal's Management Board since 1999, responsible for the B2B business line (Cortal Partners), management of independent financial advisors (Cortal Financial Advisor) and Cortal Fund Management, Cortal's fund management company. He is also Chairman of Cortal Bank Luxembourg and Cortal Financial Advisor SIM in Italy.
Patrick Miron de l'Espinay began his career in 1986 as auditor with the firm Robert Mazars, before joining Compagnie Bancaire where he was financial controller followed by manager of Planning, Controlling and investor relations. He joined Cortal in 1993 as manager of client and partner relations before being appointed Director of client and partner services.

Karl Matthäus Schmidt, 33 years old, graduated in business administration and majored in banking and stock markets. As early as 1994, and while still a student, he founded online broker Consors. Karl Matthäus Schmidt was Managing Director of the company as from 1998. In March 1999, before Consors' IPO, the Supervisory Board appointed him to the Board of Management. Today he is Chief Executive Officer (CEO). At Consors AG Karl Matthäus Schmidt directs the units Marketing, Corporate Communication, Business Development, Quality Management and Human Resources and is also responsible for the New Customer Division.

Dr. Uwe Schroeder-Wildberg, 37 years old, started with Consors in January 1999 as Managing Director and member of the Executive Committee. He was appointed to the Board of Management on 1 January 2001. As Chief Financial Officer (CFO), he directs the Finance Division, including Accounting and Taxes, Controlling, Investor Relations and Risk Controlling. He also leads the B2B Customer Division. After graduating with a diploma in Mannheim, he lectured at the Universities of Mannheim and Erlangen-Nuremberg. His first post after being awarded a doctor's degree in business administration was in the Finance Division of Südzucker AG.