Investor Day Presentation

IN ALL BOOK MARKETS, TRADITIONAL RETAIL UNDERGOES FURTHER CONCENTRATION Lagardère PUBLISHING INVESTOR DAY H hachette - LIVRE PRESENTATION ■ In most book markets, bookshops and traditional retail experience difficulties or bankruptcies Examples BORDERS REDgroup ® retail W hmv Virgia chapitre Waterstone's 0 ■ These difficulties mostly result from financial failures in a changing environment (digital development, economic crisis) ☐ ■ These phenomena are gradual: the liability in terms of value is therefore limited by: market adjustments with the transfer of volumes to other bookstores & channels - anticipation and monitoring of credit loss in publishers' accounts 21 24

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