FIMALAC : First Half 2015 Results

I)   First-half 2015 results

Profit attributable to equity holders of the parent amounted to €1,601.8 million in the first half of 2015 compared with €41.1 million for the year earlier period. This includes the significant positive effect of the sale of a further 30% of Fitch Group completed on March 12, 2015. The overall net impact of this exceptional transaction on first-half 2015 profit, including the capital gain and all other items affecting comparisons with first-half 2014, was €1,560.9 million.

Fitch Group (now 20%-owned) enjoyed another period of sustained profitable growth, with first-half revenue increasing to $604.7 million, from $543.7 million in the year-earlier period.

Barrière (40%-owned) performed well, reporting net revenue for the period of €301.5 million versus €295.3 million in first-half 2014.

Revenue from Digital activities, represented by Webedia, continued to grow both in France and internationally, rising to €45.8 million in first-half 2015 from €26.5 million in the year-earlier period.

Entertainment activities contributed €32.9 million in revenue versus €21.1 million in first-half 2014, with revenue derived primarily from the entertainment venues, sports venues and aquatics centers operated by controlled subsidiaries.

II)    Post-balance sheet event

Fimalac is NextRadioTV's second-largest shareholder, with 6.8% of the current share capital, and it also holds NextRadioTV stock warrants ("BSAAR" warrants exercisable for new or existing shares) which, if exercised in full, would have the effect of raising its stake to 7.3% of the BSAAR-diluted capital.

On July 27, 2015, Alain Weill, NextRadioTV's founder, Chairman and Chief Executive Officer and leading shareholder, and the Altice Group announced plans to create a major strategic partnership in multimedia services.

To this end, they notably plan to launch a public tender offer for all outstanding NextRadioTV shares (at a suggested price of €37) and stock warrants (at a price of €23.28). The offer will be filed with France's securities regulator, AMF, once the project has been cleared by the public broadcasting authority (Conseil Supérieur de l'Audiovisuel) and the anti-trust authority (Autorité de la Concurrence).

As announced by the AMF on August 10, 2015, Fimalac has stated that it will tender its shares and stock warrants to the offer, assuming that the necessary legal and regulatory authorizations are obtained allowing the transaction to go ahead. The suggested prices value Fimalac's total interest at €46.8 million, representing a capital gain of €27.4 million.

Paris,
September 10, 2015