The combined Special and General
Meeting of Shareholders of Arianespace today approved the financial statements
for 2001 and unanimously confirmed their determination to ensure the future of
the Ariane launch system and the success of the company. Shareholders
expressed their satisfaction with the company’s commercial and operational
results so far this year, despite the fiercely competitive market.

In addition, the Annual General Meeting approved a change in the company’s
bylaws to conform to the French law of May 15, 2001 concerning new economic
regulations (which moves the corporate governance structure closer to the
U.S.-U.K. model), and renewed the terms of company directors.

The Board of Directors, which also met today, elected Jean-Marie Luton as
Chairman and named Jean-Yves Le Gall Chief Executive Officer in application of
the new bylaws. The Board was pleased to announce that it would be able to
count on Mr. Luton’s considerable experience in the upcoming strategic
discussions and decisions. It also unanimously expressed its confidence in the
CEO’s determination and personal ability to define and implement the resources
needed to underpin the company’s success and operation of European launchers
in an environment characterized by daunting strategic, industrial and
commercial challenges.

Since January 1, 2002, Arianespace has successfully carried out seven
launches in less than six months, including the Ariane 511 flight, which
marked the resumption of Ariane 5 launches. With six launches still slated for
the year, including four Ariane 5 missions, Arianespace is planning to carry
out a total of 13 launches in 2002.

Furthermore, since the beginning of the year, Arianespace has won six of
the seven contracts open to competitive bidding, fully demonstrating
customers’ continued confidence in the Ariane launch system.

About Arianespace

Arianespace is the commercial launch services leader, holding more than 50
percent of the international market for satellites launched to geostationary
transfer orbit (GTO). Created in 1980 as the world’s first commercial space
transportation company, Arianespace has signed contracts for the launch of
more than 240 satellite payloads. For further information, see the
Arianespace Web site at .