The Reference document 2007 WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce Document de référence 2007 Pursuant to Article 212-13 of the general Financial information managers: regulations of the French securities regulator Dominique Godet Chief Financial Officer, APRIL GROUP, (Autorité des Marchés Financiers, AMF), the Tel: +33 (0)4 72 36 18 98 present reference document was filed in French Jean-Marc Atlan with the AMF as an annual report on March 14th, Kaelia 2008 (filing ref : D.08-01 11). Tel: +33 (0)4 72 00 35 81 It may be used in market transactions provided that it is accompanied by a copy of a prospectus that has been duly approved by the AMF. WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce Contents 01 Main Document 04 Statutory financial statements Responsibility for this reference document and audits .................................................... p.4 APRIL GROUP statutory financial statements at Dec 31st, 2007 .............................p.151 General information on the company and its share capital............................................ p.6 Highlights ............................................................................................................................................p.154 Information on the company’s activities ............................................................................... p.15 Notes to the statutory financial statements of APRIL GROUP SA Net worth-financial position-earnings ................................................................................... p.32 for the year ended Dec 31st, 2007 ........................................................................................p.155 Corporate Governance .................................................................................................................... p.34 Statutory Auditors’ general report on the annual financial statements ..............p.164 Recent developments and outlook .......................................................................................... p.48 Special Statutory Auditors’ report on regulated agreements ....................................p.166 Combined General Shareholders’ Meeting on April 24th, 2008: Resolutions ...p.170 02 Management report Index of headings ...........................................................................................................................p.178 Management report ......................................................................................................................... p.50 Five-year financial summary ........................................................................................................ p.79 Pursuant to Article 28 of European regulation 809/2004, the following information is included Chairman of the Board of Directors’ report. ........................................................................ p.80 for reference in the present reference document: Statutory Auditors’ report on the report of the Chairman - The management report, the consolidated financial statements and the Statutory st of the Board of Directors .............................................................................................................. p.90 Auditors’ report on the consolidated financial statements for the year ended December 31 , 2005, as presented in the reference document filed with the French securities regulator (Autorité des Marchés Financiers, AMF) on March 30th, 2006 under number D.06-0183. - The management report, the consolidated financial statements and the Statutory Consolidated financial statements Auditors’ report on the consolidated financial statements for the year ended December 03 31st, 2006, as presented in the reference document filed with the AMF on March 14th, 2007 under number D.07-0173. APRIL GROUP consolidated financial statements at Dec 31st, 2007 ....................... p.93 The information included in these two reference documents other than the abovementioned information has, as relevant, been replaced and/or updated by the information included in st Notes to the consolidated financial statements at Dec 31 , 2007 ......................... p.98 the present reference document. Statutory Auditors’ report on the consolidated financial These documents may be downloaded from the AMF internet site at www.amf-france.org statements year ended Dec 31st, 2007 ..............................................................................p.148 WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce 01 M 01 Main document P. 04 1. Responsibility for this reference document and audits P. 06 2. General information on the company and its share capital P. 15 3. Information on the company’s activities P. 32 4. Net worth-financial position-earnings P. 34 5. Corporate Governance P. 48 6. Recent developments and outlook Return to the contents section WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce 1.0 R 1.0 Responsibility for this reference document and audits 1.1. Responsibility for the reference document 1.2. Statement of responsibility for the reference document Bruno Rousset, Chairman and CEO of APRIL GROUP. I certify that, having taken all reasonable measures to this effect, the information contained in the present reference document is, to the best of my knowledge, fair and accurate in all material respects and free from any omissions that could alter its substance. I have received a completion letter from the Statutory Auditors in which they indicate that they have verified the information relating to the financial position and financial statements given in the present reference document and that they have reviewed the entire document. The financial information presented in the reference document has been covered by reports drawn up by the Statutory Auditors, as presented on pages 148 and 164 of this reference document, which do not contain any observations. To the best of my knowledge, the financial statements have been drawn up in accordance with the accounting standards applicable and faithfully reflects the assets, liabilities, financial position and earnings of the company and all of the consolidated companies, and the management report faithfully reflects the changing business, earnings and the financial position for the company and all consolidated companies, as well as a description of the main risks and uncertainties faced. The Chairman and CEO, Bruno Rousset Lyons, March 12th, 2008 4 Return to the contents section WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce 1.0 Responsibility for this reference document and audits 1.3. Responsibility for audits of the financial Deputy Statutory Auditors: 1.5. Documents available to the public statements Jean-Marie BARBEREAU For the term of the present reference document, the bylaws, Incumbent Statutory Auditors: Appointed at the Combined General Meeting on April 25th, Statutory Auditors’ reports and financial statements for the 2002. Term-of-office ending at the Ordinary General Meeting last three years, as well as all other reports, letters and other Cabinet MAZARS convened to approve the financial statements for the year documents and historical financial information on the com- Le Premium - 131, bd Stalingrad - 69624 Villeurbanne Cedex. ending December 31st, 2007. pany and its subsidiaries over the last three financial years, Represented by Max Dumoulin Part of Compagnie Régionale des Commissaires aux Comptes, valuations and reports drawn up by an auditor, when required Appointed at the Combined General Meeting on April 25th, Lyons. under French law, and any other legally required documents 2002. First appointed at the Ordinary General Meeting on may be consulted at the company’s registered office. April 16th, 1996. Term-of-office ending at the Ordinary Cabinet BEAS General Meeting convened to approve the financial state- 7/9, Villa Houssay - 92200 Neuilly-sur-Seine. ments for the year ending December 31st, 2007. Appointed at the Combined General Meeting on April 27th, Part of Compagnie Régionale des Commissaires aux 2006. Term-of-office ending at the Ordinary General Meeting Comptes, Lyons. convened to approve the financial statements for the year ending December 31st, 2007. Cabinet DELOITTE & ASSOCIES Part of Compagnie Régionale des Commissaires aux Comptes, 185, avenue Charles de Gaulle - 92201 Neuilly-sur-Seine Versailles. Represented by Jean-Claude LEMAIRE Appointed at the Combined General Meeting on April 27th, 1.4. Disclosure policy 2006. First appointed at the Ordinary General Meeting on April 27th, 2006. People responsible for financial information: Term-of-office ending at the Ordinary General Meeting convened to approve the financial statements for the year Dominique Godet ending December 31st, 2007. Chief Financial Officer, Tel: +33 (0)4 72 36 18 98 Part of Compagnie Régionale des Commissaires aux Comptes, Jean-Marc Atlan Versailles. Kaelia, Tel: +33 (0)4 72 00 35 81 5 Return to the contents section WorldReginfo - 96cdd1b6-8edd-4a6d-b9d6-e2d64bce6bce 2.0 G 2.0 General information on the company and its share capital 2.1. General information on the company 2.1.4. Date of creation and duration of the company 2.1.1. Corporate names and head office The company was incorporated on February 22nd, 1990 for a period of 99 years, ending May 31st, 2089, except in the Head Office: 83-85, boulevard Vivier Merle - 69003 LYON. event of early dissolution or extension. It was registered on Corporate name: APRIL GROUP, formerly APRIL SA. June 1st, 1990. APRIL SA became APRIL GROUP at the Combined General Meeting on March 31st,