Investor Day Presentation

INVESTOR DAY H hachette - PRESENTATION LIVRE DIGITAL EDUCATION MARKET, STILL MARGINAL IN EUROPE, IS EXPECTED TO REPRESENT AN OPPORTUNITY BY 2025 Lagardère In the countries where Hachette Livre operates, digital market for Education is still marginal: - The more advanced digital education market is the UK: ~10% of the publishing market Digital education remains embryonic in France (~1% of the market) and in Spain The transition of Education to digital will occur by 2025 in France and Spain. - In France: shift towards Digital-only Education at the latest by 2025 - PUBLISHING Very similar scenario in Spain with even more complexity imposed by decentralization and local curriculum/language Educational publishing will move from print to print and digital content and services The educational digital market is already quite developed in the USA and is a reality for US educational publishers: 33.5% of US college students enrolled took at least one online course in 2012 High share of Digital in revenues of Education publishers - Pearson: 60% of total revenues derive from digital products and services Houghton Mifflin Harcourt: 28% of revenues* Without running ahead of market, Hachette Livre is in the process of building all the necessary skills. Its brands, market share and market knowledge will also represent a considerable advantage to benefit from this paradigm shift * As of June 2013. Sources: Press; The Publishers Association; Babson annual online learning survey; Hachette Livre data, annual reports 33

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