Mandate Audit Committee 05-08-04 revised 29 May 06

GROUPE LAPERRIÈRE & VERREAULT INC. AUDIT COMMITTEE MANDATE I. OVERALL PURPOSE / OBJECTIVES The Audit Committee (the‘Committee’) is established by the Board of Directors (the ‘Board’) of Groupe Laperrière & Verreault Inc. (the ‘Company’) to assist the Board in fulfilling its oversight responsibilities. The Audit Committee is more specifically mandated to monitor the financial reporting process and system of internal controls regarding financial reporting and accounting compliance, and the audit of its financial statements. The primary duties and responsibilities of the Committee include, amongst others, the review of the external auditors’ audit plan, the internal auditing process, accounting standards and practices, financial information, system of accounting systems, internal controls and the reliability of information, financial risk management, any certifications required by regulatory authorities and the review of quarterly and annual financial statements and reports and budgets prior to approval by the Board. The Committee is responsible for ensuring the independence of the external auditors. The Committee must maintain a direct relationship with the Board, senior management as well as with the external auditors and, if appointed, internal auditors. II. COMPOSITION The Audit Committee shall be comprised of a minimum of three directors. All directors must be independent in accordance with the regulations in force. All ...