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Mandriva Shareholder newsletter

Financial figures
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Chapter 11 like exit plan filed
stock trading to resume on march 8, 2004

The court appointed Administrator has filed the "redressement judiciaire" (Chapter 11 like) exit plan for the company.

The plan proposes the repayment of 4.1 million euros of liabilities over a 9 year period without interest. Of this, 3.3 million euros is exigible and 0.8 million euros is conditional upon certain events. The plan allows Mandriva to repay its liabilities from revenues without raising additional capital. The Court will rule on the plan in the coming weeks.

Additionally, the company has received to date subscriptions for an additional 358,000 shares at a price of 2.10€ per share via warrants issued to existing shareholders in May 2002 and expiring on April 15, 2004. The subscriptions are conditional on the acceptance of the "redressement judiciaire" exit plan. Pending the acceptance of the plan, the funds are being held in an escrow account. This will further strengthen the capital base of the company.

Based on this information, the company has asked Euronext to re-list its stock on the Marché Libre. Trading will resume with the 14:00 GMT fixing on Monday, March 8, 2004.

About Mandriva

Mandriva is a leading Linux and Open Source Software (OSS) editor. (OSS source code is freely accessable according to the GPL, the General Public License). Mandrivasoft develops and distributes the Mandriva Linux operating system. Hundreds of developers around the world contribute to the continuous improvement of the product via Internet and contribute to its internationalization (with more than 63 languages available). The company also provides related on-line and off-line services including consulting, education, support, and the Mandriva Club.

Mandriva has offices in France, USA and Canada.

Since July 30th , 2001, the company is listed on Euronext March Libre and OTC US

Euronext: ISIN: FR0004159382, Mnemo: MLMAN, Reuters: MAKE.PA, Bloomberg: MAND
Number of shares : 3,666,953

Contact Mandriva
Jacques Le Marois/ Thierry Bossut
investors at mandrakesoft . com

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Direct Access
Mandriva stock
Euronext (MAKE.PA) :
6.24 €
(~ 8.32 USD)

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