2007 - April

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4.0 Statutory Auditors’ general report A significant percentage of your company’s assets are made up of equity securities, which are valued in accordance with the method indicated in Section 1.3. of the notes to the annual financial statements. Based on the information available to date, we have reviewed the approach adopted and the calculations performed by the company and assessed the resulting valuations. The assessments made in this way are part of our audit of the annual financial statements in general and therefore contributed to the formation of our opinion expressed in the first part of this report. The accuracy of the information given in the management report relative to compensation and benefits for corporate officers and any commitments granted to them at the start, end or change of their offices, or subsequently. As required by law, we have ensured that the different information relative to equity investments and the control and identity of shareholders has been provided to you in the Management Report. Villeurbanne, march 3 th , 2008 3. Specific procedures and information In accordance with the industry standards applicable in France, we also performed the specific procedures required under French law. We do not have any observations to make regarding: The sincerity of the information given in the Executive Board’s Management Report and the documents submitted to shareholders on the financial position and the annual financial statements and its application in relation to the accounts. The Statutory Auditors Mazars Max Dumoulin Deloitte & Associés Olivier Rosier Jean-Claude Lemaire 165 Return to the contents section
5.0 Special 5.0 Auditors’ report Special Statutory Auditors’ report Statutory Special statutory auditors’ report on regulated agreements and commitments Year ended December 31 st , 2007 Dear Shareholders, In our capacity as your company’s Statutory Auditors, please find hereafter our report on regulated agreements. Agreements and commitments authorized during the year In accordance with Articles L.225-88 and L. 225-40 of the French commercial code, we were informed of the agreements and commitments that were authorized beforehand, depending on the periods concerned, by your Supervisory Board or your Board of Directors respectively. We are not required to ascertain whether any other contractual agreements exist, but rather, to inform you, on the basis of the information provided to us, of the terms and conditions of agreements that have been brought to our attention, without commenting on their validity or relevance. It is your responsibility, under the terms of Article R.225-31, to evaluate the benefits of concluding such agreements prior to their approval. We conducted our audit in accordance with the industry standards applicable in France. These standards require that we perform procedures to verify that the information given to us is consistent with the underlying documents. APRIL GROUP SA taking out a subordinated loan for Axeria Vie Nature and purpose On August 28 th , 2007, APRIL GROUP SA took out a 30 million euro subordinated loan issued by Axeria Vie in connection with the creation of the Life and Savings division. This loan, concluded for an indefinite period, includes an option for Axeria Vie to pay it back ahead of schedule, without any penalty, at the end of the 10 th year. This loan is subject to interest at 170 basis points over the 10-year CMS rate. This operation had been authorized by the Supervisory Board on December 12 th , 2006. Terms In 2007, the interest received by APRIL GROUP SA relative to this loan totaled 633,863 euros. Person concerned Bruno Rousset, Chairman and Chief Executive Officer of APRIL GROUP SA and Director of Axeria Vie. 166 Return to the contents section
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5.0 Corporate Governance The Invest
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5.0 Corporate Governance APRIL Nort
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5.0 Corporate Governance LA FRANCAI
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5.0 Corporate Governance MADECO A M
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1.0 Management report report Manage
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Property Heath and Life and savings
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1.0 Management report Interest rate
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1.0 Management report In addition,
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1.0 Management report 2. List of al
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1.0 Management report APRIL Solutio
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1.0 Management report Jean-Yves NOU
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2007 - April

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