Sales for full-year 05

Sales for full-year 2015 Strong growth in 2015 with Group recurring EBIT(1) expected above target(2)

2015 sales: 7,193 million, 3.0% on a like-for-like basis(3) and 0.3% on a reported basis

Fourth quarter 2015: 2,043 million, 3.5% on a like-for-like basis and 7.4% on a reported basis

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The Lagard re group had a fine end of the year, particularly at Lagard re Publishing and Lagard re Sports and Entertainment. Lagard re Active trends improved in advertising and circulation. Growth momentum of Lagard re Travel Retail is ongoing despite a slowdown in France (consequence of the November attacks).

Fourth-quarter 2015:

Sales totalled 2,043 million, up 7.4% on a reported basis ( 3.5% on a like-for-like basis). The difference between the reported and like-for-like data is due to a positive scope effect ( 28 million), mainly from the acquisition of Paradies in the US (at Lagard re Travel Retail) and Grupo Boomerang TV (at Lagard re Active), plus a 50 million currency effect (mainly attributable to euro depreciation).

Lagard re Publishing: sales up sharply ( 9.2% on a like-for-like basis), driven by the good performance of Illustrated Books in France with Asterix, as well as General Literature which benefited from many literary prizes. The United States, Partworks and Spain also posted growth.

Lagard re Travel Retail: continued momentum in Travel Retail ( 3.3% on a like-for-like basis) despite the impact in France of the November attacks. There was a sustained increase in all other geographic areas.

Lagard re Active: sales down (-10.6% on a like-for-like basis) due to an unfavourable comparison effect at Lagard re Studios. However, this trend was partially offset by the turnaround in advertising revenue ( 1.3%) and the good performance of press and radio.

Lagard re Sports and Entertainment: sales up sharply at 16.3% on a like-for-like basis with the development of stadium management activities and the good performance of football competitions in Asia.

Full-year 2015:

Lagard re is generating solid growth in 2015, driven by positive momentum in Travel Retail, as well as Lagard re Sports and Entertainment and major best-sellers at Lagard re Publishing.

Sales totalled 7,193 million, up 0.3% on a reported basis and up 3.0% like-for-like, with a positive currency effect of 222 million, primarily due to increases of the US dollar and pound sterling.

As expected, the scope effect was negative by - 393 million, broken down as follows:

Miscellaneous effects of sales deconsolidation, amounting to - 671 million, essentially comprising:

- the deconsolidation of Relay activities in train stations in France (now consolidated using the equity method through the creation of a joint venture with SNCF in September 2014) for - 222 million, as well as high-street Retail activities in Poland (now consolidated using the equity method after disposal of 51% of Inmedio in December 2014) for - 103 million;

- the disposal in Switzerland of Distribution activities in February 2015, with an impact of - 266 million, and of Payot book stores in July 2014 with an impact of - 28 million.

And 277 million in acquisitions at Lagard re Travel Retail (consolidation of Paradies operations in November 2015 and Airest operations in April 2014), Lagard re Active (acquisition of Grupo Boomerang TV in May 2015 and consolidation of the sales of Gulli in November 2014) and Lagard re Publishing (Quercus and Rising Stars in the United Kingdom).

I. GROUP CONSOLIDATED SALES AND ACTIVITY

Lagard re Publishing

Fourth-quarter 2015:

This quarter stood out for a very good performance by Illustrated Books, the commercial success of Asterix, and General Literature in France, which benefited from a number of literary prizes.

At 631 million, sales rose very sharply: 17.5% on a reported basis and 9.2% like-for-like, with the difference due to a positive currency effect ( 38 million due to the increase in the US dollar and pound sterling) and scope effect ( 7 million from the acquisition of publisher Rising Stars in the UK).

Figures below are presented on a like-for-like basis.

In France ( 15.2%), operations were essentially driven by a very solid showing from Illustrated Books with the success of the latest volume of Asterix and the Missing Scroll, and from General Literature with many best-sellers, including D'apr s une histoire vraie by Delphine de Vigan and La Cache by Christophe Boltanski. The division's authors were awarded six of the autumn s eight major literary prizes. On the other hand, Education faced a declining market (the year before a curricular reform).

In the United States, the jump in activity ( 15.2%) was linked to a favourable publishing calendar during the quarter, specifically See Me by Nicholas Sparks. E-book sales saw a slight decline.

In the United Kingdom, sales trend (-6.7%) was due to the decline in e-books sales, in a market affected by the VAT hike from 3% to 20% on 1 January 2015 and to a slower release schedule than the fourth quarter 2014.

The Spain/Latin America region posted an excellent performance ( 19.0%), notably thanks to the success of Asterix.

Partworks posted a very positive trend ( 11.6%), driven by the marketing approach of the launches of new partworks over the previous quarters.

E-books: the weighting of e-books decreased, making up 7.5% of total sales for Lagard re Publishing in the fourth quarter 2015, compared to 10.0% in the fourth quarter 2014. See comments below for the full year.

Full-year 2015:

Sales for 2015 stood at 2,206 million, up 10.1% on a reported basis and up 1.7% like-for-like, difference is due to positive scope ( 28 million) and currency ( 140 million) effects.

2015 was driven by the excellent performance in France in Illustrated Books and General Literature, and to a lesser extent

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