Arnaud Lagardère editorial

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In 2010, Lagardère achieved a recurring EBI T before associates exceeding the target announced in March 2010 and growth of 19.3% in Group net income.

I would like to thank all the teams warmly for their valuable efforts.

Indeed, these results have been achieved through rigorous cash management, improved competitiveness and the protection of our traditional sources of revenue, while leveraging the opportunities offered by the digital sector.

Moreover, our Group has continued to implement its strategy of dynamically adjusting its portfolio of assets.

Examples of this are the sale of the Virgin 17 DTT channel and of our international magazine business operations, while maintaining complete ownership of the ELLE trademark throughout the world. I would also like to emphasise the fact that we still own our magazine business operations in France, where we are in the lead in all our markets and where our outlook is solid.

This year has also been the occasion for a major reorganisation of our Lagardère Sports division, mainly thanks to the acquisition of Best, which specialises in the representation of sports personalities and celebrities. This division, renamed Lagardère Unlimited, now represents all of our Group's Sport Industry and Entertainment activities.

In 2011, the women and men who make up our Group remain fully committed. I am firmly
convinced that our success is also based on all these people who work daily on developing our
Group. I congratulate them on their professionalism and commitment.

Dear shareholders, I would like to thank you especially for your loyalty and support.