2010 ANNUAL REPORT

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(1)Disclaimer: This document is a free translation and an extract of the original French Financial Annual Report 2010 and of the French consolidated financial statements. Only the French version is legally binding. A copy of the whole Annual Report 2010 (in French) or of the consolidated financial statements (in French) may be obtained inter alia either on the ADLPartner’s website (www.adlpartner.com), or on demand calling +33(0)1 41 58 72 03, or by email [email protected]. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. 2010 ANNUAL REPORT.

(2) MESSAGE FROM CHAIRMAN Dear Shareholders, In a difficult economic environment, ADLPartner further strengthened its profitability profile in 2010, fully benefiting from the impact of the strategic actions carried out over the past few years. In France, 2010 was marked primarily by the tradeoff between product lines in favor of open-ended subscriptions, leading to a 4.1% increase in new subscription recruitments. Overall, the level of business has remained high, with the gross sales volume climbing 2.2% and net sales 0.5% compared with 2009. Development is being driven by the diversification of commercial approaches and growing moves to generate value through our marketing know-how. As a result of these actions, our operations are naturally being rolled out online, with e-commerce continuing to develop and our areas of expertise reflected in new services, such as the recruitment of customers and prospects for third parties or the marketing of opt-in addresses.. On the whole, the results for the year are satisfactory. The business is dynamic, with the sales volume up 1.9% to around €284 million and net sales stable at €120.2 million. Operating income has held up well, coming in at a strong €10.8 million, representing 9% of net sales, while net income (group share) is up 115% to €9.4 million, benefiting from the measures taken at the end of 2009. The relevance of our strategy is also underpinned by the quality of our balance sheet. Indeed, it shows €23.9 million in net cash, with this Jean-Marie Vigneron position built back up despite the two payouts - normal and Chairman of the Management Board exceptional - made in 2010 for €15 million. Our robust fundamentals are also reflected in the positive performance achieved in terms of our net asset value. Based on shareholders' equity and the audited value of the active open-ended portfolio (group share), the net asset value represents €102 million, giving €24.7 per share based on the shares outstanding (excluding treasury stock).. 2010 annual report 20. 1. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Internationally, work to rationalize the various activities has been completed, with the sale of the entire residual magazine subscription portfolio in Germany in 2010. These moves have resulted in a significant reduction in our international operations, which are now focused on Spain..

(3) In view of these performances, the Management Board decided to submit a dividend of €1.20 per share for approval by shareholders at the General Meeting on 17 June 2011. Our healthy financial position, linked to our rigorous management and strong cash flow, means that it is possible to continue moving forward with our profitable growth strategy: this ambition has been consolidated by the restructuring of our shareholders in 2010, following the Vigneron family's acquisition of the interest held by Publishers Clearing House, the group's longstanding shareholder. This operation has helped further strengthen ADLPartner's strategic stability, supported by a majority family shareholding at the head of the company's operational management. I would like to thank all our partners and our shareholders for their confidence, trust and loyalty.. 2. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Jean-Marie Vigneron Chairman of the Management Board.

(4) 2010 KEY FIGURES (IN € MILLIONS). Gross sales volume 278.8. 284.2. 2009. 2010. Sales. Net Income (Group share). Operating income. 119.8. 120.2. 10.8. 10.8. 2009. 2010. 2009. 2010. Portfolio value. 9.4. 83.0. Net Asset Value. 88.9. 101.9. 102.0. 2010. 2009. 2010. 4.4. 2009. 2010. 2009. by product type Open-ended subscription. 35.8. by geographic region. 3.6. 7.0. Fixed-term subscription Books - Merchandise Audio-Video Others. France. 54.6. Spain. 190.1 277.2. GROSS SALES VOLUME AND NET SALES The gross sales volume represents the value of subscriptions and other products sold, while sales (which are determined on the basis of the relevant professional status for subscription sales) only include the amounts of revenue paid by magazine publishers. For subscription sales, sales thus actually correspond to a gross margin, since the cost of magazines sold is deducted from the amount of sales recorded.. 2010 annual report 20. 3. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Gross sales volume breakdown.

(5) RELATIONAL MARKETING SPECIALIST ADLPARTNER DESIGNS, MARKETS AND IMPLEMENTS CUSTOMER RECRUITMENT, MANAGEMENT AND LOYALTY SERVICES ON ITS OWN BEHALF OR FOR ITS MAJOR PARTNERS. For close to 40 years now, ADLPartner has been developing a wide range of marketing offers around two key areas of expertise: experience of the magazine press world and expertise on marketing techniques for communication and promotion. On its own behalf or sporting the colors of its partners, the group has built up specific know-how with a wide range of applications:. Coordinating and building loyalty among retail customers With extensive customer bases, ADLPartner's commercial partners are harnessing the group's expertise to develop and implement innovative management and loyalty-building solutions. The bespoke and integrated customer relations solutions developed by ADLPartner create added value by enabling partners to gain more in-depth knowledge and a finer-grained qualification of their customers through the marketing and CRM data generated, compiled and analyzed by ADLPartner.. Recruiting magazine press subscribers Through its expertise in various promotional techniques, ADLPartner handles the recruitment of new subscribers from all "socioprofessional categories" for magazine press publishers.. . Close to 40 years experience. . Over 130 million contacts initiated each year. . 3.1 million orders per year. . 3.2 million active subscriptions in 2010. Presence across all distribution channels ADLPartner deploys its technologies across all offline and online channels (mail, inserts, direct sales, telemarketing, internet, etc.). While further strengthening the appeal of the offers, this multichannel presence contributes towards improving the group's commercial performances and expanding the range of partnerships.. 4. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Trust-based relationship with well-known brands and customers.

(6) MASTERING AND DEVELOPING EXPERTISE ADLPARTNER IS CONSTANTLY ENHANCING AND DEVELOPING THE VALUE OF ITS EXPERTISE IN ORDER TO DELIVER RELEVANT AND EFFECTIVE SOLUTIONS FOR BUSINESSES LOOKING TO OPTIMIZE THEIR CUSTOMER RELATIONS AND IN THIS WAY MEET THE CHALLENGES ASSOCIATED WITH CONQUERING, BUILDING LOYALTY AND VALUING CUSTOMER FILES. A wide-ranging offering Group operations are organized in the following three categories of offering:. Fixed-term subscriptions Fixed-term subscriptions, the Group’s original business, are marketed under the France Abonnements brand and offer a broad range of magazines and newspapers at significantly reduced prices for a set term, usually twelve months. When the first subscription expires, clients are sent a commercial offering by post by the publisher, suggesting they renew the subscription.. Open-ended subscriptions Primarily operated in partnership, the recruitment of open-ended subscriptions includes a direct debit system, with collections organized at specified due dates, as subscriptions are renewed by tacit agreement every month. ADLPartner capitalizes on distinctive expertise in direct marketing that is adapted to all distribution channels to motivate and build loyalty from the client lists of its partners. This offering provides access to significant promotions on subscriptions and clients are also given the opportunity to enter exclusive prize draws. This offering is reporting favorable results due to encouraging sales growth in new channels (online and telemarketing sales).. Books-Merchandising-Audio-Video This represents a distance selling service for cultural products (books, audio and video) and practical items focused on health, wellbeing and leisure.. Constantly strengthening marketing techniques. To further strengthen the foundations for its future development, the group is consolidating its email recruitment methodologies and building up more in-depth qualification for the proprietary database. Alongside this, ADLPartner is also encouraging the deployment of online sales on the various partners' ad hoc sites which are managed by the group, as well Sound fundamentals as on its own sites. Distinctive marketing expertise. Own brands. Pivotal player in the press media in France • Direct link with the leading publishers •. 120 publishers, more than 350 titles. Highly recurrent subscription portfolio Quality of qualified bases •. Segmented "print" bases. •. Strong growth in "opt-in" email bases. 2010 annual report 20. 5. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. In addition to commercial actions based on mailings and inserts, ADLPartner is increasingly active on online channels (internet, telephone, not to mention social networks) and developing new customer and prospect solicitation techniques. Working in this way to fine-tune the marketing mix makes it possible to achieve lasting optimizations for multichannel campaigns thanks to the effective management of extended and combined distribution channels..

(7) STOCK MARKET AND SHAREHOLDING BREAKDOWN OF CAPITAL. CHANGE IN THE SHARE PRICE (restatement of special dividend of € 3.39 paid on September 7, 2010) 15 14 13 12 11 10 9 8 7 6. closing price (€). 23.6%. 5.3% 71.1%. 250 000 200 000. volume. Vigneron family group. 150 000 100 000. Treasury stocks. 50 000 0. Public. SHAREHOLDER DASHBOARD: Listing market ISIN Number of shares Parent company net income Total dividend After deducting treasurery stock Payout rate Dividend per share Yield Based on average 2010 share price Share price: 2010 average 2010 high 2010 low Year-end Market capitalization (as of 12/31/2010). Euronext Paris (France) FR0000062978 – ALP 4,361,344 9,117 k€ 4,963 k€. BREAKDOWN OF VOTING RIGHTS. 24.5% 54.4% 1.20 € 11.3%. Légal Organisation Chart. Groupe familial Vigneron + Sogespa. Public. as at December 31, 2010 (% of capital). 71,1 %. 23,6% (dont Quaeroq = 5,2%). ADLPartner (auto-détention = 5,3%) 52,2 % ABO Service International. 100 % SCI de la Rue de Chartres. 100 % LeLe Grand Tirage Grand. Tirage. 100 % ADLPartner Marketing. 100 % Suscripciones España. 34 % ADL Servicos de Fidelização. 100 %. ADLPartner Hispania. 6. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. 75.5%. 10.59 € 12.69 € 7.71 € 8.35 € 36,417,222 €.

(8) 2010 CONSOLIDATED. Consolidated balance sheet. 8. Consolidated statement of income. 9. Statement of consolidated net cash flows. 10. Change in consolidated shareholder’s equity. 11. Key performance indicators. 12. Rapport financier annuel 2010. 7. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. FINANCIAL STATEMENTS.

(9) Consolidated financial statements. CONSOLIDATED BALANCE SHEET ASSETS (€ thousands). 12/31/2010. 12/31/2009. NON-CURRENT ASSETS. Goodwill. 266. 266. Intangible assets. 1,971. 2,194. Tangible assets. 5,214. 5,318. 32. 0. 287. 418. 1. 1. 7,771. 8,197. 2,598. 3,899. 29,243. 32,546. 4,470. 5,405. 23,901. 25,837. 60,212. 67,688. 67,983. 75,885. Investments in associates Other financial assets Deferred tax assets. Total Non-current assets CURRENT ASSETS. Inventory Trade and other receivables Other current assets Cash and cash equivalents. Total Current assets Assets held for disposal. TOTAL ASSETS. EQUITY AND LIABILITIES (€ thousands). Share capital. 12/31/2010. 12/31/2009. 6,785. 7,001. (2,084). 10,148. 9,555. 2,734. 14,256. 19,883. 13,097. 18,901. 1,159. 981. 680. 618. 0. 1,300. 624. 782. 1,304. 2,700. 175. 241. Tax, personnel and fringe benefits. 10,026. 9,638. Trade and other payables. 40,946. 42,526. 1. 226. 1,275. 672. 52,423. 53,303. 67,983. 75,885. Consolidated reserves Consolidated net income. Shareholders' equity Group share Minority interests NON-CURRENT LIABILITIES. Long-term provisions Financial debt Deferred taxes liabilities. Total Non-current liabilities CURRENT LIABILITIES. Short-term provisions. Financial debt Other liabilities. Total Current liabilities Liabilities held for disposal. TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 8. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Of which:.

(10) Consolidated financial statements. CONSOLIDATED STATEMENT OF INCOME. Net sales (excluding VAT). 2009 restated *. 2010 120,168. 119,801. Purchases. (23,986). (24,292). Personnel costs. (22,034). (21,864). External charges. (56,613). (55,477). Taxes and duties. (1,480). (1,442). (923). (939). Other operating income (expenses). (4,341). (4,958). Operating income. 10,792. 10,829. Income from cash and cash equivalents. 193. 246. Gross cost of financial debt. (65). (26). Net financial income. 128. 220. Other financial income (expenses). (99). (71). (1,398). (780). Depreciation and amortization. Income tax charge Share of Associates' net income NET INCOME BEFORE INCOME FROM DISCONTINUED OPERATIONS OR HELD FOR DISPOSAL Net income (loss) on discontinued operations or held for disposal. 37. 196. 9,460. 10,393. 95. (7,659). NET INCOME. 9,555. 2,734. Group share. 9,378. 4,358. 177. (1,624). Basic net income (Group share) per share (€). 2,22. 1,03. Diluted net income (Group share) per share (€). 2,21. 1,03. Minority interests. Statement of comprehensive income Net income. 2009 restated*. 2010 9,555. 2,734. 1. (143). Comprehensive income. 9,556. 2,591. Group share. 9,379. 4,215. 177. (1,624). Income and expenses directly taken to equity: Translation adjustment relating to the conversion of foreign currency-denominated operations. Minority interests. * The french subsidiary SIDD, was recorded under discontinued operations or operations held for disposal in 2010. The results at 31 December, 2010 are therefore compared with the restated figures for the same period of 2009.. 2010 annual report. 9. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. (€ thousands).

(11) Consolidated financial statements. STATEMENT OF CONSOLIDATED. (€ thousands). 2010. 2009. CONSOLIDATED NET INCOME (INCLUDING MINORITY INTERESTS). 9,555. 2,734. 961. 2,373. 161. 156. 20. (4). (37). (196). 10,660. 5,064. (128) 1,398. (221) 2,338. 11,930. 7,181. 1,578 2,102. (4,158) 3,305. 15,610. 6,328. (923). (715) 4. (0). (19). +/- Net depreciation, amortization and provisions (excluding items linked to current assets) -/+ Unrealized capital gains (losses) relating to fair value movements +/- Calculated (expenses) income linked to stock options and related items -/+ Other calculated (expenses) income -/+ Capital gains losses on disposal of assets -/+ Dilution gains (losses) +/- Share of Associates' net income - Dividends (unconsolidated securities). Cash flow after cost of net financial debt and tax - Net financial income +/- Income tax charge (including deferred taxes). Cash flow before net financial income and income tax (A) - Income tax paid (B) +/- Change in WCR linked to operations (including debt linked to employee benefits) (C). = NET CASH FLOW FROM OPERATIONS (D) = (A + B + C) - Funds paid for acquisition of tangible and intangible assets + Funds received from the sale of tangible and intangible assets - Funds paid for acquisition of long-term investments (unconsolidated securities) - Funds received from the sale of long-term investments (unconsolidated securities) +/- Impact of changes in group structure + Dividends received (equity accounted companies, unconsolidated securities) +/- Movements in loans and advances granted + Investments grants received +/- Other cash flows from (used in) investing operations. = NET CASH FLOW FROM (USED IN) INVESTING ACTIVITIES (E) + Proceeds from share capital increases . Paid by parent company shareholders . Paid by minority interests in consolidated companies + Sums received upon exercise of stock options -/+ Purchase and sale of treasury shares - Dividends paid over the fiscal year . Dividends paid to parent company shareholders . Paid to minority interests in consolidated companies + Proceeds from new borrowings - Repayment of loans (including lease finance agreements) -/+ Net financial interest (including lease finance agreements) +/- Other cash flows used in financing operations. = NET CASH FLOW FROM (USED IN) FINANCING ACTIVITIES (F). 31. 7. (893). (723). (254). (1,149). (15,052). (1,059). (1,520) 173. 1,300 (220) 311. (16,653). (816). (1,936). 4,645. 25,836 23,900. 21,191 25,836. +/- Impact of fluctuations in currency exchange rates (G). = CHANGE IN NET CASH (D + E + F + G) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year. 10. (143). 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. NET CASH FLOWS.

(12) Consolidated financial statements. CHANGE IN CONSOLIDATED SHAREHOLDERS’ EQUITY. (€ thousands). SHAREHOLDERS' EQUITY AS AT 01/01/09. Share capital 7,001. Group share Parent Consolidated Net income company reserves (2) for the year surplus (1) 19,540. (9,821). Net income for the year. Minority interests. TOTAL. Total consolidated entity. 0. 16,720. 2,606. 19,326. 4,358. 4,358. (1,624). 2,734. Translation adjustment relating to the conversion of foreign currency-denominated. (143). (143). (143). operations Comprehensive income for the year. (143). ADLPartner dividends. (1,059). Impact of treasury shares. 7,001. 18,481. 4,215. (1,624). 2,591. (1,059). (1,059). (1,138). (1,138). (1,138). 156. 156. 156. 8. 8. 8. Impact of stock options Other SHAREHOLDERS' EQUITY AS AT 12/31/09. 4,358. (10,938). Net income for the year. 4,358. 18,902. 982. 19,884. 9,378. 9,378. 177. 9,555. Translation adjustment relating to the conversion of foreign currency-denominated. 0. 0. operations Net income allocation ADLPartner dividends Capital reduction by cancellation of treasury shares. 2,164. 0. 9,378. 9,378. 2,194. (4,358). 0. 0. (15,052). (15,052). (15,052) (216). (1,235). Impact of treasury shares. 6,785. 4,358. 9,555. 1,451. 0. 0. (286). (286). (286). 161. 161. 161. (6). (6). (6). Impact of stock options Other SHAREHOLDERS' EQUITY AS AT 12/31/10. 177. (7,424). 9,378. 13,097. 1,159. 14,256. (1) Additional Paid-in capital + legal reserve + other reserves + retained earnings (2) Group reserves + translation adjustment. 2010 annual report. 11. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Comprehensive income for the year.

(13) Consolidated financial statements. KEY PERFORMANCE INDICATORS GROSS SALES VOLUME Gross sales volume represents the value of subscriptions and other products sold. Net sales are represented: . As regards subscription sales, by the amounts paid by magazine publishers, with sales being generated by the company in its capacity as a press agent. Sales thus actually correspond to a gross margin, since the cost of magazines sold is deducted from the amount of sales recorded,. . As regards other products sold, by sales revenue;. Gross sales volume is reported before any discount or cancellation. Therefore it represents the most stable and standard indicator of the Group's performances. Gross sales volume from continuing operations increased by 1.9% to € 284 172 thousand in 2010, compared with € 278 820 thousand in 2009. Gross sales volume can be broken down as follows.. By geographic region (€ thousands). 2010. 2009. ADLPartner France. 277,204. 271,195. ADLPartner Hispania. 6,968. 7,625. TOTAL. 284,172. 278,820. 12. (€ thousands). 2010. 2009. Open-ended subscription. 190,081. 175,449. Fixed-term subscriptions. 54,639. 61,481. Books-merchandises-audio-video. 35,827. 38,564. Others. 3,625. 3,326. TOTAL. 284,172. 278,820. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. By product offering.

(14) Consolidated financial statements. NET ASSET VALUE The portfolio of open-ended subscriptions managed by the Company and its subsidiaries amounted to 3 086 168 units as of December 31, 2009 (of which 79,395 subscriptions concern discontinued or held for disposal subsidiaries). It totaled 3 203 722 subscriptions as of December 31, 2010. It should be noted that all Group companies hold the financial rights related to each open-ended subscription The value of the portfolio of open-ended subscriptions, net of taxes (Group share), rose from € 83.0 million as of December 31, 2009, to € 88.9 million as of December 31, 2010. This increase in real asset value is not reflected in the consolidated financial statements. The value of the portfolio of open-ended subscriptions may be calculated by determining the present value of the future net revenues these subscriptions will generate throughout their useful life. These revenues may be determined in a precise manner by using the statistical information accumulated by the Company over several years concerning the behavior of such subscriptions in France and in its subsidiaries. The life curve of subscriptions recruited by a promotional campaign makes it possible to determine, at any time, the residual life expectancy of the subscriptions with great accuracy. The net contribution still to be received can be computed by applying to the number of remaining subscriptions the average revenues observed and the margin on direct costs (with discounts deducted). The present value of this contribution, calculated by applying a rate based on the money market rate, gives the value of this number of subscriptions. The total value of the portfolio of subscriptions held can be determined by cumulating all the values attached to all subscriptions. These portfolio values are then corrected for any underlying tax. The value of the portfolio of open-ended subscriptions, net of taxes (Group share), can be broken down as follows: Value of ADL’S portfolio (exclusive of tax)) (Group share). (€ thousands). at 12/31/2010. at 12/31/2009. ADLPartner France. 85,200. 78,727. ADLPartner Hispania. 3,669. 3,040. Total. 88,869. 81,767. International operations discontinued or held for disposal. 0. 1,207. Total. 88,869. 82,974. The value of the portfolio (Group share), plus consolidated shareholders' equity (Group share), represented net asset value (Group share) that rose from € 101.9 million at December 31, 2009, to € 102.0 million at December 31, 2010. Shareholders' equity at December 31, 2010 was strongly impacted by the exceptional payout of € 14 million made in September 2010, which reduces the observed change between the two years.. 2010 annual report. 13. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. Continuing operations.

(15) Consolidated financial statements Net asset value can be analyzed as follows:. 14. 12/31/2010. 12/31/2009. Total. Group share. Minority interests. Total. Groupe share. Minority interests. Consolidated shareholders' equity. 14,256. 13,097. 1,159. 19,882. 18,901. 981. Value of ADL's portfolio (net of taxes). 88,869. 88,869. 0. 84,078. 82,974. 1,104. NET ASSET VALUE. 103,125. 101,966. 1,159. 103,960. 101,875. 2,085. 2010 annual report. WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. (€ thousands).

(16) WorldReginfo - 0c38d201-9a4f-430d-b47a-a607f7a7490c. 3, rue Henri Rol-Tanguy 93100 Montreuil - France Tel. : +33 (0)1 41 58 72 03 Fax : +33 (0)1 41 58 70 53 www.adlpartner.com.

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