About Lagardere

SUPERVISORY BOARD

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The Supervisory Board, which maintains ongoing control over the management of the company, is made up of 15 members at most, appointed for a maximum term of six years and reappointed thereafter by third parties every two years. Each member is required to own at least 150 shares issued by the company.
In addition to the expertise it brings together, the composition of the board is characterized by a majority of “independent” members, all notable figures who have freely agreed to becom

List of Supervisory Board members

Member	Statute	Date of appointment or reappointment	Date of  expiry of the mandate
Raymond H.Lévy	Chairman of the Board Chairman of the Audit Committee	11/05/04	AGO 2010(1)
Bernard Arnault	Member of the Board	11/05/04	AGO 2010(1)
René Carron	Member of the Board	11/05/04	AGO 2010(1)
Georges Chodron de Courcel	Member of the Board	02/05/06	AGO 2012(1)
Groupama S.A représented by Helmanle Pas de Sévéchal (Chief Financial Officer, Groupama)	Member of the Board	11/05/04	AGO 2008(1)
Pierre Lescure	Member of the Board	11/05/04	AGO 2008(1)
Christian Marbach	Member of the Board Member of the Audit Committee	02/05/06	AGO 2012(1)
Bernard Mirat	Member of the Board Member of the Audit Committee	02/05/06	AGO 2012(1)
Didier Pineau-Valencienne	Member of the Board Member of the Audit Committee	11/05/04	AGO 2008(1)
Henri Proglio	Member of the Board	11/05/04	AGO 2010(1)
Félix G. Rohatyn	Member of the Board	11/05/04	AGO 2008(2)
François Roussely	Member of the Board	11/05/04	AGO 2010*
Laure Rivière-Doumenc	Corporate secretary

(1) Annual General Meeting to be held to approve the financial statements for the previous year.
(2) Has requested that his mandate not be renewed at the Annual General Meeting on 29 April 2008.

The membership of the Supervisory Board guarantees the Board’s competence, independence and availability to represent the shareholders’ interests.

A review of each Board member’s position has concluded that currently eight of the Supervisory Board members have no direct or indirect relationship of any kind with the Company, the Group or management that could compromise their freedom of judgement or participation in the Board’s work. They thus qualify as “independent” directors as defined by the AFEP-MEDEF report on corporate governance for listed companies.

These members are:
- Mr. Helman le Pas de Sécheval, Groupama’s representative,
- Mr. Pierre Lescure,
- Mr. Christian Marbach,
- Mr. Bernard Mirat,
- Mr. Didier Pineau-Valencienne,
- Mr. Henri Proglio,
- Mr. Felix G. Rohatyn,
- Mr. François Roussely.

Beyond the combined expertise of its members, the Board includes a majority of independent members thanks to the presence
of important personalities who have accepted a post on the Supervisory Board.

Operation

The terms and conditions of the Supervisory Board’s organisation and operations are set forth in a set of internal rules
which also define the duties incumbent on each member, and the code of professional ethics each individual member
undertakes to respect.

These rules concern the following:

1) The independence of Board members: the quota for independent members is fi xed at half at least of the total serving members. Independent members must have no direct or indirect relations of any kind with the Company, Group or management that could compromise their freedom of judgement or participation in the work of the Board. The Board reports on this matter to the shareholders annually after review, based on certain internally-defined criteria.

2) The annual number of meetings: a schedule for the coming year is fi xed annually, based on a proposal by the Chairman.

3) The duties of each member: apart from the fundamental duties of loyalty, confidentiality and diligence, members’ obligations
also concern knowledge of the law, regulations and statutes, ownership of a significant number of shares, declaration to
the Board of any conflict of interest, and regular attendance at meetings.

4) Trading in shares of the Company and subsidiaries: as Board members have access to non-public information and
in-depth knowledge on certain aspects of the life of the Company and Group, they are expected to refrain from trading
in Company shares, except within the following constraints contained in the Board’s internal rules:

• no trading in shares may take place during certain defined periods,
• it is recommended that acquisitions should take place once a year, at the end of the shareholders’ meeting, in the form of
• a block purchase for all Board members carried out through the Company,
• shares must be retained for at least six months after the end of a Board member’s term of offi ce,
• the Chairman, Managing Partner and the Financial Markets Authority (AMF) must be informed of any transactions in shares within five days of their completion.

5) The Audit Committee: its task is to prepare the Board meetings.

The Supervisory Board meets regularly to review the financial situation and operations of the Company and its subsidiaries,
the annual and interim financial statements, the outlook for each of the business activities, the Group’s strategy and
the operations of the Internal Audit Division. It also defines an annual schedule for the coming year’s meetings: at least
four are planned for 2008.

During 2007, the Supervisory Board met four times, in March, June, September and November, with an attendance rate of
67% at the March meeting, 92% at the June meeting and 75% at the other two meetings.
The main meetings of March and September, held primarily to examine the parent company and consolidated financial
statements, were preceded by an Audit Committee meeting. The March meeting also involved preparatory work for
the annual general meeting. The June and November meetings were held specifically to examine the general position
and strategic outlook for Lagardère Active (with a presentation by management teams from that business segment) and
for the Sports division (with a presentation by Lagardère Sports’ teams).