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Paris, 21 April 2020

Letter to shareholders

Dear Madam, dear Sir, dear shareholders,

Our General Meeting, which has been convened for 5 May 2020, is unprecedented in the history of the Lagardère group. On this occasion, you are being asked to choose between the implementation of a responsible, clear and ambitious strategy led by the Managing Partners and Supervisory Board, and Amber Capital's radical, unsettling and uncertain proposal.

We have listened to Amber Capital and carefully reviewed their criticisms of us. We have also had the benefit of interacting with some of you over the course of the past few weeks and have heard your reactions to these criticisms.

Timing wise, we regret that Amber Capital has chosen to step up its campaign in the midst of the Covid-19 pandemic, causing additional uncertainty, when all of the Group's efforts should be focused on the management of this unprecedented crisis. However, we remain firmly committed to shareholder dialogue and are always open to constructive proposals from them. This dialogue actively contributes to the work of the Supervisory Board, which represents you all.

To allow you to make an informed choice, it is important that you can hear our answers to the criticisms which have been made. This letter is an opportunity to share with you some facts and figures which bring a different perspective to that presented by Amber Capital on the performance of the Group, its Managing Partners and Supervisory Board.

In line with the measures implemented by the French government, we have chosen to maintain the date of our Annual General Meeting, which will take place behind closed doors. The impact of the uncertainty that Amber Capital's campaign places upon our governance cannot last any longer, in the interest of the Group and all its shareholders.

Between now and 5 May, each and everyone one of you has the opportunity to exercise your right to vote at our General Meeting, which will be broadcast live and available to replay on our website.

Lagardère