BOARD APPROVES THE GROUP'S RESULTS
FOR THE FIRST NINE MONTHS OF 2015

Net revenues: up to EUR2,414.4 million
Operating profit (EBIT): plus EUR83.1 million
Net debt: down to EUR802.3 million

TV ratings: Mediaset channels leaders in both Italy and Spain

The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele Confalonieri, has approved the company's interim report on the first nine months of 2015.

In a still uncertain economic climate, the Mediaset Group ended the quarter with advertising revenues showing a gradual recovery and indebtedness in continues decline, thanks to a high level of cash generation.

The Group's performance in the first nine months of 2015 can be summarised as follows:

Consolidated net revenues came to EUR2,414.4 million, an increase on the EUR2,387.6 million of the first nine months of 2014.

In Italy, revenues were up to EUR1,741.0 million, compared with EUR1,730.4 million in the same period of the previous year. In Spain the figure was EUR674.7 million, compared with EUR658.2 million in 2014.

In both countries these figure were determined by advertising sales.

In Spain, where the economic recovery is well established, TV advertising sales rose to EUR659.2 million, compared with EUR628.3 the previous year.

In Italy, gross advertising revenues reached EUR1,362.5 million, essentially in line (+0.2%) with the first nine months of last year (EUR1,359.9 million). A result that is in contrast to the trend in the market of reference which, on the basis of Nielsen data for the first nine months of the year, saw a fall of 1.6%. It should be noted that Mediaset's advertising revenues have now grown for five consecutive months and that in the third quarter of the year gross revenues roe significantly (+3.1%) compared with the same period of 2014. This signal confirms the current turnaround in the declining trend of the previous quarters.

The Group's EBIT amounted to EUR83.1 million, compared with EUR107.5 million, in the previous year. In Italy the EBIT result was -EUR47.7 million, compared with +EUR23.7 in 2014. In Spain the figure rose to EUR131.4 million, compared with EUR84.2 million last year.

There was an improvement in the consolidated net result (-EUR35.8 million) compared with -EUR46.8 million in the first nine months of 2014.

There was a further reduction in the Group's net debt which went from EUR861.3 million on 31 December 2014 to EUR802.3 million on 30 September 2015. This positive result was due to an excellent level of free cash flow of EUR273.5 million.

Ratings: In the first nine months of the year Mediaset channels confirmed their net leadership among viewers in the commercial target, both in Italy and Spain. In Italy, Mediaset is the leader in the 15-64-age-range with a prime time share of 36.6% and a 34.5% share in the 24-hours. Canale 5 is the most popular channel in the commercial target both in prime time, with a 17.4% share, and the 24-hours (15.8%). In Spain, the TV channels of Mediaset España maintained their absolute leadership in the 24-hours with a 31.3% share. Telecinco also confirmed its position as the most popular channel both in the whole day (14.8%) and in prime time (15.3%).

FORECAST FOR THE YEAR

Over the past few months, despite an international scenario still characterised by a high level of market volatility, the positive effects of fiscal and monetary stimulus confirmed the signs of consolidation of the growth estimates for the Italian economy for 2015 at around +1.0%.

In this context, in October, the Group recorded a trend in revenues in line with the positive results of the previous months.

In Italy, the trend in advertising revenues in October confirmed the positive trend of the third quarter, taking cumulative growth for the first ten months to around +0.5%. Also in October, Premium subscriptions continued to grow, along with pay-TV revenues, in line with objectives.

These results have generated a significant increase in market share in both segments. Consequently the expectation for the full year, for advertising, is to outperform the market by 1 percentage point year-on-year.

In Spain, advertising revenues, also in the last quarter of the year, are expected to be in line with the growth in the previous nine months, ensuring the achievement of a high level of operating profitability for the year.

The trends in the main revenue streams - that suggest a favourable performance in the last two months of the year - indicate that the Group should achieve a positive consolidated net result at the end of the year.

The executive responsible for the preparation of the Mediaset S.p.A. accounts, Luca Marconcini, declares that, as per para. 2 art. 154-bis, of the Single Finance Bill, that the accounting information contained in this press release corresponds to that contained in the company?s books.

Cologno Monzese, November 10, 2015

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