17 December 1996

Canal+, Richemont and MIH announce that, as envisaged in the heads of agreements entered into on 5 September 1996, definitive agreements have now been entered into between the parties for the merger of Canal+ with Nethold’s operations in Scandinavia, the Benelux, Italy and Central Europe. The operations of Nethold in Africa, the Middle East, Greece and Cyprus will be transferred to MIH. Following the merger, Richemont and MIH will have a combined interest of 20% in Canal+. The merger is dependent upon, inter alia, certain regulatory and other approvals. It is anticipated that the transaction will be closed during March or April of next year.

Compagnie Financière Richemont AG Rigistrasse 2, 6300 Zug, Switzerland