2017 GENERAL MEETING. Arnaud Lagardère General and Managing Partner. 4 May 2017

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1 2017 GENERAL MEETING Arnaud Lagardère General and Managing Partner 4 May 2017

2 CONTENTS OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE 5 OUR OUTLOOK 2

3 OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE OUR OUTLOOK

4 A FAST-CHANGING GLOBAL ENVIRONMENT SHAPED BY FOUR KEY GROWTH DRIVERS Globalisation/ Local aspirations Adapted offerings for radio, publishing, airport stores, sports and cultural events Mobility Nomadic lifestyles, affordability of travel Consumption Growing middle and affluent classes in emerging countries, global market Digitalisation Key role of digital media in content growth 4

5 WORLDWIDE GROWTH IN TRAVEL RETAIL IS ESTIMATED AT 5% PER ANNUM Growth in global air passenger traffic [%, ] Global average annual growth rate: 4.9% North America +2.8% Europe +3.7% Middle East and Asia +7.7% Asia-Pacific +6.2% Unprecedented growth in the middle and affluent classes in emerging countries Latin America +4.6% Africa +4.2% Air traffic is expected to double to over 14 billion passengers by Sources: Lagardère, ACI, 2016 World Airport Traffic Forecasts. Average annual growth rate 5

6 RISE IN MEDIA CONSUMPTION DRIVEN BY MOBILE DEVICES AND MULTITASKING Daily media consumption Multitasking in parallel with TV 11:08 11:39 11:55 11:57 12:00 12:05 12:07 Other (non digital) Presse Radio Trailing Millennials Leading Millennials Generation X Baby Boomers Seniors 68+ TV Autres Other (digital) Computers Ordinateur Number of activities performed simultaneously with TV Multiple connected devices in homes Mobile Sources: e-marketer (US), Digital Democracy Survey Deloitte (US), Nielsen. Number of persons per home Number of connected devices Ave. 10 6

7 A DYNAMIC AND INCREASINGLY GLOBAL SPORTS MARKET Growth trends in the sports market +5% The global sports market is growing at 5% per annum, driven by media and marketing rights 14% 93% Live sport is a major source of audiences and viewer engagement Share of sports in the Top 100 live TV programmes in the US 14% 32% Cycle -3 Current cycle Share of international media rights in the Top 5 football leagues in Europe Acceleration of the globalisation of rights is driven by growth in emerging countries and regions as well as in football (the no. 1 sport) Sources: Lagardère, Nielsen, PwC. 7

8 AN EXTREMELY RESILIENT PUBLISHING MARKET revenue trends in value terms across all formats ( bn) Trends Revenue stable over the past few years Young people are still reading "Big readers" are primarily older people, a demographic category which is growing. Annual growth % +0.6% % -0.6% % +0.1% % +2.8% The "best seller" phenomenon increases the number of casual readers. Trade Education Trade Education Trade Education Trade Education Source: SNE, AAP, PA, FGEE. 8

9 A COMPETITIVE ENVIRONMENT IN CONSTANT FLUX Incumbents Challengers 9

10 OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE OUR OUTLOOK

11 OUR GROUP HAS GLOBAL PLAYERS WHICH ARE LEADERS IN THEIR SECTORS Breakdown of 2016 revenue by division No. 3 worldwide (Trade) No. 3 worldwide in Travel Retail No. 1 in France, No. 2 in the UK, No. 3 in Spain, No. 4 in the US A multi-segment publisher Literature, Illustrated Books, Text Books, Partworks 31% 50% Over 4,100 stores in 32 countries and more than 220 international airports Robust expertise in three business lines Travel Essentials, Duty Free & Fashion, and Foodservice A major player in the digital sector Completion of the sale of Press Distribution operations Leader in football in Africa, Asia and Europe No. 1 in TV Production in France Leader in sponsorship and media rights globally One of France's leading Internet and mobile media groups Leader in golf globally 7% 12% Major player in Radio in France 11

12 WE EXPANDED OUR BROAD GEOGRAPHIC FOOTPRINT IN THE US IN 2016 Breakdown of revenue by region between 2006 and 2016 Asia- Pacific 4% US and Canada 11% 2006* Latin America, Middle East and Africa 1% France 41% US and Canada 20% Asia- Pacific 9% Latin America, Middle East and Africa 2% 2016 France 30% Europe 43% Europe 39% Breakdown of 2016 revenue by division and region US and Canada 27% *Excluding EADS. Other 17% France 28% Spain 6% UK and Australia 22% Asia- Pacific 10% US and Canada 21% France 22% Europe 47% International 17% Spain 7% France 76% Africa 9% Asia- Pacific 18% US and Latin America 11% Middle East 1% France 21% Europe 40% 12 12

13 DIVISIONAL CONTRIBUTION TO OUR STRATEGY Power engine Growth engine Cash generation 13

14 OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE OUR OUTLOOK

15 OUR STRATEGY IS FOCUSED ON LONG-TERM VALUE CREATION 1 Successful overhaul of our business portfolio 2 Strategic transformation plan focused on growth, profitability and cash generation 3 A prudent, well-balanced financial strategy 15

16 1 PROACTIVE, MEASURED MANAGEMENT OF OUR ASSETS... Cumulative cash flows from operations and disposals in ( m) Cumulative cash flows from operations and disposals Cumulative utilisation of cash Cash flows from operations cum. cash flows: 11.9bn 4,553 3% 37% Other Acquisitions 22% Organic growth Disposals* 7,308 38% Shareholder return Leverage ratio: Net debt/recurring EBITDA** 2.4x 2.2x *Disposals include the sale of interests in EADS ( 2,272m) and Canal+ France ( 1,017m). **Defined as the sum of (i) recurring EBIT, (ii) depreciation, amortisation and impairment, and (iii) dividends received from equity-accounted companies. 16

17 1... LEADING TO A PROFOUND CHANGE IN OUR PORTFOLIO Disposal of non-strategic businesses Press 16% Books 8% 2003 revenue by division Lagardère Active Broadcast 5% EADS 36% * Distribution in Germany 2006 French regional dailies, Virgin Megastore 2007 International magazines French magazines 2014 Distribution in Switzerland and the US 2015 Distribution in Belgium and Spain 2016 Distribution In Hungary % 2016 revenue by division 7% 31% 7.5% of Le Monde Interactif 7.4% of 20% of 25% of Lagardère Media Distribution Services 35% Disposal of minority stakes 50% Retail *Proportionate consolidation of EADS at 15.04%. Major acquisitions 17

18 2 RESTRUCTURING STRATEGY WITH THREE MAIN PRIORITIES Average annual restructuring costs since 2012 ( m) 15% A Restructuring priorities Restructuring of declining businesses: - Efforts focused on Magazines (Lagardère Active) and Press Distribution (Lagardère Travel Retail). - Main aim: reduce overheads to protect margins. 17% 19% around 80m per annum 49% B Costs of active portfolio management (loss-making businesses) and measures to improve productivity: - Restructuring focused mainly on Lagardère Sports and Entertainment. C Lagardère Active Lagardère Travel Retail Lagardère Sports and Entertainment Other Integration costs related to acquisitions (e.g., Paradies and Perseus) and to the rollout of synergies. 18

19 2 INCREASING PROFITABILITY IS A PRIORITY Recurring EBIT ( m) and operating margin (%) by division since % 2.9% % 8.5% Main factors/measures Restructuring and sale of the Distribution business. Improved product mix and purchase conditions. Positive impact of synergies resulting from acquisitions. Cost cutting plan. Shift in business portfolio to focus on TV Production. Revenue diversification. Consolidated recurring EBIT ( m) and operating margin (%) 4.6% % 395 Return to nm profitability 3.9% (33) in Restructuring of the premium media rights business in Europe. Overhaul of the business portfolio. Operating efficiency drive Revenue stable over the period 19

20 2 SHARP RISE IN CASH FLOW GENERATION Cash flows from operations before changes in working capital ( m) % % (34) (16) (18) Lagardère Publishing Lagardère Travel Retail Lagardère Active Lagardère Sports and Entertainment Other Cash flows from operations before changes in working capital enabled the Group to fund its investment spending, representing an annual average amount of 240m* over the period. *Net investment spending, excluding one-off sales of buildings in

21 2 HIGH LEVEL OF INVESTMENT SPENDING CONFIRMED IN 2016 Allocation of cash flows from operations before changes in working capital in 2016 ( m) +25% %: investment spending %: ordinary dividend %: reduction in debt and other* 2015 MBA operating MBA operating 2016 Allocation Affectation of 2016 cash flow cash flow operating de la MBA cash 2016 flow Cash flows from operations before changes in working capital up 25% in % of cash flows from operations before changes in working capital used to fund investment spending in Decrease in net debt. *Includes mainly translation adjustments and payments of taxes and interest. 21

22 2 GROWTH IN RECURRING EBIT REFLECTS ONGOING INVESTMENT AND THE PERFORMANCE OF THE BUSINESSES Growth in recurring EBIT (as calculated under the method used for the guidance) Year-on-year trends in recurring EBIT 16% 14% 12% 10% 8% 6% 4% 2% 0% Stable 0.8% 5.9% Between 0% and 5% 2.9% Between 0% and 5% 8.8% 13.5% % +10% Actual growth in recurring EBIT March guidance target 22

23 3 A MEASURED, WELL-BALANCED FINANCIAL STRATEGY A tight rein on net debt providing long-term viability for an attractive dividend payout policy 1,700m 3.1x Sale of shares in EADS and Canal+ Payment of extra dividend Acquisition of Paradies 954m 1.8x 1,551m 1,389m 2.4x** 2.2x Historical dividends ( /share) %*** (0.7x) ( 361m) Leverage ratio Net debt/recurring EBITDA** Headroom of over 500m assuming a leverage ratio of 3x Dividende Ordinary dividend ordinaire Dividende Extra dividend extraordinaire ***Yield based on the closing share price of at 20 April Ordinary dividend stable over the long term ( per share). Large payouts to shareholders following the one-off sale of non-strategic shareholdings. Attractive ordinary dividend yield given the current climate of low interest rates. *Defined as the sum of (i) recurring EBIT, (ii) depreciation, amortisation and impairment, and (iii) dividends received from equity-accounted companies. **On a pro forma basis (as used to determine syndicated loan covenants), i.e., taking into account 12 months' recurring EBITDA for Paradies. 23

24 OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE OUR OUTLOOK

25 AN EXCELLENT SHAREHOLDER RETURN OVER THE LAST 5 YEARS Shareholder return* Indexes rebased (100 at 2 January 2012) Lagardère share: +217% CAC 40: +98% STOXX Europe 600 Media: +120% Dufry: +85% Lagardère CAC 40 STOXX Europe 600 Media Dufry *Source: Bloomberg (Total Return Index [gross dividend]). 25

26 SHAREHOLDER RETURN OUTPERFORMING THE MARKET AND THE GROUP'S PEERS SINCE THE LAST GENERAL MEETING Shareholder return* Indexes rebased (100 at 3 May 2016) Lagardère share: +30% CAC 40: +26% STOXX Europe 600 Media: +7% Dufry: +28% May-16 mai-16 June-16 juin-16 juil.-16 July-16 août-16 Aug.-16 sept.-16 Sept.-16 oct.-16 Oct.-16 nov.-16 Nov.-16 déc.-16 Dec.-16 janv.-17 Jan.-17 févr.-17 Feb.-17 mars-17 Mar.-17 avr.-17 Apr.-17 Lagardère CAC 40 STOXX Europe 600 Media Dufry *Source: Bloomberg (Total Return Index [gross dividend]). 26

27 OUR MARKETS AND TRENDS OUR GROUP TODAY OUR VALUE CREATION STRATEGY OUR PERFORMANCE OUR OUTLOOK

28 LONG-TERM VALUE CREATION BASED ON STRONG FUNDAMENTALS An integrated value creation model A front-line player in publishing: Among the leaders in its main markets. Regular launch of bestsellers. A major player in the digital sector. Significant cash flow generation over the long term. World leader in Travel Retail: Robust positions in its three business lines. All growth drivers covered. An attractive, growing market. A stable business model providing long-term visibility. One of the leaders of the media industry in France, boasting: An attractive portfolio of brands. High-quality audiences. Production of premium content. A worldwide leader in the sports sector: A global network combined with local expertise. Unique talent management expertise. Successful and comprehensive overhaul of the business portfolio. A growing global market target Group recurring EBIT growth in 2017 expected to be between 5% and 8% versus 2016, based on constant exchange rates and excluding the impact of disposals of Distribution activities. 28

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