Mediaset : Press Release First Quarter 2015

Mediaset Board of Directors Meeting 12 May 2015

The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele
Confalonieri, has approved the interim report for the first quarter of 2015.
Despite a still negative economic scenario, the Mediaset Group ended the first quarter of the year with improved results compared with the first three months of 2014. There was growth in both EBIT and net profit, alongside a further reduction in indebtedness thanks to positive cash generation in the period.
The performance of the Mediaset Group in the first three months of 2015 is summarised in the following results:
• Consolidated net revenues amounted to €828.8 million, compared with the €820.8 million in the first quarter of 2014.
In particular, revenues in Italy came to €608.5 million, compared with €620.9 million in the same period of last year. While in Spain, revenues totalled €220.7 million, compared with €200.4 million in Q1 2014. In both cases the determining factor was the trend on advertising sales. In Spain, where the economic recovery continues, gross TV advertising revenues rose to €216.5 million, compared with €194.6 million in the same period of last year. In Italy, meanwhile, where also 2015 began with a further fall in advertising investments, Mediaset's gross TV advertising revenues amounted to €484.6 million, a fall of 1.6% on the first three months of 2014 (€492.4 million). However, the trend in advertising sales progressively improved over the course of the first three months, with a slight increase in March compared with the same month in 2014.
• The Group's EBIT amounted to €45.9 million, compared with €29.6 million in the same period of the previous year. In Italy, EBIT amounted to €3.8 million, compared with €7.0 million in Q1 2014. And in Spain, EBIT came to €42.1 million, compared with €22.6 million in the same period of last year.
• Consolidated net profit came to €0.7 million, up from the loss of €12.5 million in the same period of 2014.

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• There was a reduction in the Group's net debt from €861.3 million at 31 December
2014 to €623.6 million at 31 March 2015. This further improvement was the result of free cash flow in the period of €161.1 million which should be added to the €100 million deriving from the sale of an 11.1% stake in Mediaset Premium to Telefonica, finalised in January.
• Ratings: In the first three months of 2015 Mediaset channels improved their ratings compared with the first quarter of 2014 and confirmed their net leadership in the commercial targets , both in Italy and Spain. In Italy, Mediaset is the leader in the commercial target of 15-64-year-old viewers with a prime time share of 37.1% and a

35.8% share in the 24-hours. Canale 5 is Italy's most popular channel in the commercial target, both in prime time (18.4%) and the 24-hours (17.3%). In Spain the channels of the Group Mediaset España maintained their absolute leadership across the 24-hours in the commercial target with a 31.4% share. Telecinco confirmed its position as the country's most popular commercial channel across the entire day (14.9%) and in prime time (15.3%).

FORECAST FOR THE YEAR

In a global economic environment rendered once again unstable by the situation in Greece, the latest estimates from leading observers confirm, for Italy, the expectations of a slow start to the economic recovery which should result, in 2015, in modest GDP growth of less than 1%.
As things stand, it is therefore extremely difficult to make predictions about the evolution
over the full year of Italian advertising market. As for the second quarter of the year, the Group's advertising sales companies in any case estimate, across all media, a better performance than that recorded in the first quarter (-1.6% vs. 2014).
In Spain, where a more solid economic recovery is underway, the positive trend in advertising revenues recorded by Mediaset España in the first months of the year is expected to continue. This expectation - along with the improved result due to the sale of the stake in Digital Plus that took place in 2014 and the reduction from 30% to 28% of the Spanish tax rate - should therefore ensure a very positive contribution to the Group's consolidated results.
However, for a reliable estimate of the consolidated results at year end, we will need check the progress, especially in the second half of the year, of two major sources of revenue: on the one hand, advertising sales in Italy and Spain, and, on the other, Mediaset Premium subscriptions linked to the new football offer which includes exclusive three-year rights to the Champions League from next season.
Finally, there are no significant changes regarding trade agreements and/or strategic alliances from the situation communicated by the Group during the Shareholders' Meeting on April 29.

MEDIUM-LONG TERM INCENTIVE AND RETENTION PLAN

The Board of Directors today also approved the Regulations of the medium to long-term incentive and retention plan (2015 -2017) established by resolution of the Shareholders on 29 April 2015. For further information please refer to the Information Document prepared in compliance with Schedule 7 of Annex 3A of the Issuers Regulations, which integrates and updates, for issues within the remit of the Board, the Information

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Document already drawn up and published on 30 March 2015, pursuant to art. 84-bis, paragraph 1, of the Issuers Regulations.
The Information Document is available at the company's registered office, on the
corporate website http://www.mediaset.it and on the authorised storage site 1Info at www.1info.it.

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, 12 May 2015

Department of Communications and Media Relations

Tel. +39 0225149251

Fax +39 0225149271

e-mail: direzionecomunicazione@mediaset.it www.mediaset.it/corporate/

Investor Relations Department

Tel. +39 0225147008

Fax +39 0225148535

e-mail: investor.relations@mediaset.it http://www.mediaset.it/investor

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Highlights from the consolidated income statement (*) in €m

Q1

2015 2014

Consolidated net revenues 828.8 820.8 Labour costs 134.0 138.6 Procurement, services and other costs 388.1 359.4 Operating costs 522.1 498.0 Gross operating profit (EBITDA) 306.7 322.8 Amortisation of rights 229.1 257.3 Other amortisation and depreciations 31.7 35.9 Total amortisation and depreciations 260.8 293.2 Operating profit (EBIT) 45.9 29.6 Financial income /(charges) (13.1) (22.4) Income/(charges) from investments 4.8 (4.7) Profit before taxation 37.6 2.5 Income taxes (11.2) (4.4) Net profit from operations 26.4 (1.9) Risultato netto attività discontinue -­‐ -­‐ Minority interest (profit)/loss (25.7)(10.6)Profit for the Mediaset Group 0.7 (12.5)

Highlights from the consolidated balance sheet (*) in €m

31/03/2015 31/12/2014

Television rights 2,593.5 2,581.4 Goodwill and consolidation differences 934.4 934.4 Other tangible/intangible assets 1,079.1 1,092.3 Financial assets 77.9 70.3 Net working capital & other assets/liabilities (801.8) (674.6) Severance indemnity reserve (95.8) (96.9) Net invested capital 3,787.3 3,906.8
Net Group assets 2,412.6 2,322.8 Shareholders' equity and minority interest 751.1 722.7 Net assets 3,163.7 3,045.6

Net financial position 623.6 861.3

(*) Reclassified figures in the interim report on operations.

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