Limited-liability company (société anonyme) with share capital of €14,155,304 Head office: 350, avenue Jean Jaurès, 69007 Lyon 421 577 495 RCS Lyon PROSPECTUS In accordance with articles 211-1 to 216-1 of its general regulations, the Autorité des Marchés Financiers (French financial market regulator or "AMF") registered this prospectus on 9 January 2007 under number I. 07 – 002. This document may be used in support of a financial transaction only if supplemented by a transaction note that has received approval from the AMF. This prospectus has been prepared by the issuer, and its signatories are responsible for it. In accordance with article L. 621-8-1-I of the French Monetary and Financial Code (Code Monétaire et Financier), this prospectus was registered following the review of the AMF as to "whether the document is complete and comprehensible and whether the information it contains is consistent". Registration does not imply that the AMF has verified the accounting and financial information contained herein. Copies of this document are available free of charge from Olympique Lyonnais Groupe, 350, avenue Jean Jaurès, 69007 Lyon, from the Olympique Lyonnais Groupe website (http:// www.olweb.fr) and the AMF website (http://www.amf-france.org). PARIS-1/819057/04 205619/36-40052961 UNOFFICIAL ENGLISH LANGUAGE TRANSLATION This document is strictly confidential. Although it has been carefully drafted and reviewed, no assurances are given as to the accuracy or completeness of this translation. OL Groupe assumes no responsibility with respect to this unofficial translation. In the event of any ambiguity or discrepancy between this unofficial translation and the document de base, the French version shall prevail. Neither this document nor any copy of it may be taken or transmitted into or distributed directly or indirectly in the United States, Canada, Japan or Australia. By accepting delivery of this unofficial translation you are deemed to agree to the foregoing restrictions. This document does not constitute or form part of any offer for sale of any solicitation or invitation of any offer to buy for any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. OL Groupe's shares offered hereby have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered, sold, pledged or otherwise transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. Any representation to the contrary is a criminal offence in the United States. OL Groupe's shares are being offered outside the United States only in “off-shore transactions” as defined in, and in accordance with, Regulation S. In the United Kingdom, this document is only being distributed to and is only directed at investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘‘Order’’) or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (e) of the Order. Any decision to purchase for securities in an offering at any future date must be made solely on the basis of the information contained in an offering memorandum issued by OL Groupe that would constitute the sole offering document for any such offering. PARIS-1/819057/04 - ii - 205619/36-40052961 INTRODUCTORY NOTE In this prospectus, the terms "OL Groupe" or the "Company" refer to Olympique Lyonnais Groupe. The terms "Club", "Olympique Lyonnais" or "OL" refer to the Olympique Lyonnais football club. The club is organised as a sporting association called Association Olympique Lyonnais (the "Association"), whose footballing activities are managed by a SASP (limited-liability professional sports corporation) referred to as "Olympique Lyonnais SASP" or "SASP OL"). In this prospectus, the term "Group" refers to the Company together with its operational subsidiaries, the Association and SCI OL. The prospectus presents the Company's French GAAP consolidated financial statements and data for the years ended 30 June 2004 and 30 June 2005, and its IFRS financial statements for the year ended 30 June 2006, together with their notes. The consolidated financial statements for the year ended 30 June 2005 have been restated in IFRS, to allow comparison with the consolidated financial statements for the year ended 30 June 2006. Unless otherwise stated, the figures contained in this prospectus are taken from or calculated on the basis of the consolidated financial statements for the years ended 30 June 2004, 2005 and 2006. The prospectus contains forward-looking statements and information about the Group's objectives (particularly in section 4 "Risk factors" and section 6 "Business overview"), which are sometimes identified by the use of the future tense, the conditional tense and forward- looking terms such as "consider", "believe", "aim", "expect", "intend", "should", "wish" and "could". Information is based on data, assumptions and estimates that the Company considers reasonable. It should be noted that known and unknown risks, uncertainties – related in particular to the regulatory, economic, financial and competitive environment – and other factors may cause the Company's future results, performances and achievements to be significantly different from the forward-looking statements or objectives stated in these document. These factors may include those set out in section 4 "Risk factors". * * * * * PARIS-1/819057/04 - iii - 205619/36-40052961 CONTENTS 1. PERSONS RESPONSIBLE ...........................................................................................1 1.1 PERSON RESPONSIBLE FOR THE PROSPECTUS ..................................................1 1.2 STATEMENT BY THE PERSON RESPONSIBLE FOR THE PROSPECTUS ...........1 2. PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS .....1 2.1 PRIMARY STATUTORY AUDITORS ..........................................................................1 2.2 ALTERNATE STATUTORY AUDITORS .....................................................................1 3. SELECTED FINANCIAL INFORMATION .................................................................2 4. RISK FACTORS.............................................................................................................3 4.1 RISKS RELATED TO THE COMPANY'S BUSINESS SECTOR................................4 4.1.1 Risks related to sporting activities ......................................................................4 4.1.2 Risks related to the legal environment ................................................................8 4.1.3 Other risks specific to the Group.......................................................................10 4.2 MARKET RISKS .........................................................................................................13 4.2.1 Liquidity risk.....................................................................................................13 4.2.2 Interest-rate risk.................................................................................................13 4.2.3 Exchange-rate risk.............................................................................................16 4.2.4 Risks related to equity securities.......................................................................16 4.3 RISK MANAGEMENT ...............................................................................................16 4.3.1 Risk management policy...................................................................................16 4.3.2 Main insurance policies.....................................................................................18 5. INFORMATION ABOUT THE ISSUER.....................................................................20 5.1 HISTORY AND DEVELOPMENT OF THE COMPANY..........................................20 5.1.1 Corporate name .................................................................................................20 5.1.2 Trade and companies registry............................................................................20 5.1.3 Date of incorporation and duration...................................................................20 5.1.4 Head office, legal form and applicable legislation............................................20 5.1.5 Important events in the development of the Company's business.....................21 5.2 INVESTMENTS...........................................................................................................22 6. BUSINESS OVERVIEW .............................................................................................22 6.1 GENERAL PRESENTATION......................................................................................22 6.1.1 Presentation of the Group and its operating environment.................................22 6.1.2 Strengths ............................................................................................................23 6.1.3 Strategy..............................................................................................................25 PARIS-1/819057/04 - iv - 205619/36-40052961 6.2 MARKET PRESENTATION........................................................................................28 6.2.1 The sports entertainment