Pierre-François Racine presented Valérie Pécresse, Minister of Budget, Public Accounts and State Reform and Frédéric Mitterrand, Minister of Culture and Communication, the first conclusions of its mission to support the book industry in the transition to 7% of the reduced VAT rate.

So that the transition does not affect the book industry, in particular the independent bookstore, professionals
are in the process of revising the fee schedules.

However, it appears that the technical characteristics of the book sector – more than 700,000 references
of the stocks which constitute the holdings of bookshops, determination of the selling price by
the publisher under the Single Price for Books Act, and the inter-professional information system – make
necessary a transition period of two months for the implementation of the new reduced VAT rate
applicable to books.

In order to accompany the exceptional mobilization of the sector, whose Ministers welcome the
responsibility, and to facilitate the transition process, the government will introduce an amendment to this effect
in Parliament.