MESSAGE FROM Arnaud Lagardère

The Lagardère group delivered excellent performances in 2013 despite a difficult global economy, with exceptional net income and an increase in recurring EBIT from Media activities above our guidance.

More specifically, Lagardère Publishing delivered strong results, with the publication of several best-sellers in France and abroad in General Literature, in addition to the success of Partworks and e-books. Lagardère Services maintained fast-paced growth in Travel Retail thanks to growth in Duty Free and Food Services, achieved through strategic acquisitions in Europe and the renewal of the SNCF concession contract in France. At Lagardère Active, Radio and TV Production turned in good performances and combined with effective cost control, offset the negative trends in Magazines. Finally, Lagardère Unlimited continued its recovery over the course of year.

True to our commitment, significant progress was made towards implementing the Group's strategy to refocus and grow its business further, with the disposal of minority stakes in EADS, Canal+ France and Amaury in 2013. We also pursued the development of growing businesses such as Travel Retail and TV Production, and reduced our exposure to declining activities, with the restructuring of the Magazine Publishing business and the launch of a divestiture process for LS distribution.

"True to our commitment, significant progress was made towards implementing the Group's strategy to refocus and grow its business further"

Lagardère ended the year with a strong financial structure, with solid liquidity and a sharply improved cash position.

I would particularly like to commend the efforts and talent of the men and women who work for our Group. More than ever their commitment and professionalism make us proud and are our greatest asset as we look to the future.

And I would like to thank you, dear shareholders, for your loyalty and your support.


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The group's values

The Group has clear values that determine its personality. Lagardère's creativity, boldness and independence have helped to create a modern, innovative media group that's in touch with its times.

The group's activities

Lagardère, a world-class diversified media group led by Arnaud Lagardère, operates in around 30 countries and is structured around four distinct, complementary divisions.

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Sustainable Development

Sustainable development is a shared responsibility within the Lagardère group.