Structures of Corporate Governance

THE BOARD

The Board of Directors of Compagnie la Lucette has currently five members, as follows:

Mr Afonso Munk, Chairman of the Board of Director
Mr Francis Berthomier,
Mr Jonathan Lane,
Mr Stéphane Theuriau,
MSREF Turque Sarl, permanently represented by Mr Adrien Blanc.

The audit committee

The Audit Committee was created by the Board on 19 December 2006 and its role is to provide assistance to the Board in relation to examining and drawing up the annual and half-yearly accounts for the Company and its subsidiaries (together, the "Group").

Thus, it is entitled to review the Company and the Group's annual and half-yearly financial statements as well as the associated reports before their submission to the Board, to interview particular employees, the statutory auditors and any outside experts at its own discretion.

The Audit Committee may also examine and formulate an opinion on the statutory auditor' s applications as well as their relationship with the Company and/or the Group and on the requested fees.

More generally, the Audit Committee has the power to ensure that the Company and/or the Group have the appropriate means to prevent risks and irregularities in the management of the Company's and Group's affairs.

The members of the Audit Committee are Messrs Adrien Blanc, permanent representative of a corporate Board member, Emmanuel Gey, CFO, and Francis Berthomier, a Board member deemed independent by the Board, although this status does not meet the criteria for independent Board member generally accepted in corporate governance. Mr Francis Berthomier is also Chairman of the Audit Committee.

the investment committee

Set up by a Board decision on December 19, 2006, the Investment Committee's role is:

to examine the investment and divestment strategy and to ensure that planned acquisitions and divestments are in accordance with the Group's global strategy;

to give a non-binding favourable or unfavourable opinion on any project submitted to it;

if necessary, to present a report to the Board on any investment project submitted to it, which it has examined and for which the Investment Committee has issued an opinion, whatever the opinion is.

The Investment Committee is made up of five members appointed for an indefinite period by the Board.

The members of the Investment Committee are Messrs Stéphane Theuriau, Chairman of the Investment Committee, Alfonso Munk, Adrien Blanc, permanent representative of a corporate board Member, Thomas Guyot, CEO and Emmanuel Gey, CFO.