Description of the Lagardère SCA share buyback program

LAGARDERE SCA

French limited partnership with shares, with capital of €818,191,517.70
Head office: 4 rue de Presbourg, 75116 Paris, France
320 366 446 RCS Paris

1° – Date of the general meeting of shareholders who authorized the program

27 April 2007

2° – Number of securities and share capital held by Lagardère SCA

 3° – Breakdown by objective of equity securities held as of 27 April 2007

 
4° – Characteristics of the 2007-2008 program

Objectives pursued:

• Reducing capital by cancelling all or part of acquired shares.
• Remittance or exchange of shares upon the exercise of rights attached to securities giving access, in any manner, to the company’s capital.
• Allotment of shares to beneficiaries of stock options exercising their rights.
• Allotment of bonus shares to employees of the company and of related companies.
• Allotment of shares to employees in the context of a profit-sharing scheme.
• Any other allotment of shares to employees of the company and of related companies within the terms and conditions defined by applicable legal stipulations.
• Holding and subsequent remittance in exchange or payment as part of external growth transactions.
• Coordination and regulation of the market for the company’s shares in the context of liquidity agreements entered into with an independent investment services provider, the terms of which shall be in accordance with an ethics charter recognized by l’Autorité des Marchés Financiers (the financial market authorities).
• And, more generally, completion of any other transaction in accordance with regulations and, in particular, with market practices accepted by l’Autorité des Marchés Financiers.

Maximum share capital and maximum number of securities that may be acquired:

10% of capital or 13,412,975 shares as of 27 April 2007.

In light of the 1,152,932 shares held directly or indirectly as of 27 April 2007, and in the case that these are not transferred or cancelled during the program, the percentage of capital and the number of shares that may be acquired would then be respectively 9.14% and 12,260,043 shares.

Maximum purchase price per security: €80

5° – Duration of the buyback program

18 months as of the general meeting, or until 2 October 2008.

6° – Summary of transactions made in the context of previous programs

Situation as of 27 April 2007

Information about the 2006-2007 program

(*) And termination clauses attached to sales with options for repurchase (see press releases from 3 and 10 November 2005).
(**) In intervals between 19 December 2008 and 14 December 2016.

This publication is available at the company’s registered office and from Arlis, 6 rue Laurent Pichat, 75116 Paris, which oversees the company’s Share division.

Paris, 30 April 2007