Metropole TV M6 : Q1 2017 Financial Information

(in €m)

1s t Quar ter2017 2016 change

Consolidated revenue 211.8 201.0 +5.4%

o.w. FTA channels' advertising revenue 196.6 186.1 +5.6%

The individual television viewing time over the first quarter of 2017 was stable and, for people aged four and over, reached 3 hours 52 minutes.

1 The information provided is intended to highlight the breakdown of consolidated revenue between advertising and non-advertising revenue. Group advertising revenues include the revenues of the free-to-air channels M6, W9 and 6ter, the advertising portion of revenues from pay channels and the advertising portion of revenues generated by diversification activities (mainly internet).

M6 Group confirmed its growth across all audiences with an average audience share of 13.9% for its free-to-air channels (an increase of 0.3 percentage points vs. Q1 2016, source - Médiamétrie), and among women under 50 responsible for purchases, with an average audience share of 22.2% (up 0.4 points vs. Q1 2016):

• W9 achieved year-on-year growth both across audiences as a whole (up 0.2 points) and on the commercial target (up 0.3 points);
• 6ter remained the top ranked of the new DTT channels on the commercial target, achieving the highest year-on-year growth of the new DTT channels on this target (up 0.5 points).

M6 Group's free-to-air channels were able to capitalise on their solid 2016 and early 2017 audience figures to continue to gain advertising market share and record a 5.6% increase in advertising revenue in what remained a cautious market.

Moreover, M6 Group's pay channels consolidated their position amongst the leading pay channels. With

11.2 million viewers each month, Paris Première was the most watched pay channel. Téva was the top ranked pay channel on the commercial target (source: Médiamétrie Médiamat Thématik, from 29 August 2016 to 12 February 2017).

(in €m)

1s t Quarter2017 2016change

Consolidated revenue 31.5 30.5 +3.5%

At 31 March 2017, revenue from Production & Audiovisual Rights activities increased €1.0 million (up 3.5%) mainly due to a busy cinema release schedule for SND (4.6 million cinema admissions) and to the latter's buoyant rights selling business, especially on international markets.

The first quarter of 2017 was marked by the cinema release of La La Land (2.7 million admissions) and

Lion (1.8 million).

(in €m)

1s t Quarter

Consolidated revenue

Diversification revenue was stable over the first quarter of the financial year, primarily due to:

• M6 Web, whose revenue grew by €1.4 million (up 5.6%). The effects of the integration of iGraal, the cashback company acquired in November 2016, and the advertising performance of 6play, whose number of registered users now exceeds 16 million, were mitigated by the fall in the contribution of M6 mobile by Orange as provided for in the protocol agreement signed with Orange in 2016;
• F.C.G.B, whose revenue grew €1.8 million (up 13.4%), as a result of the revaluation of the Ligue 1 TV rights at the start of the current season;

o Ventadis, which saw its sales fall €5.5 million or 14.0%, notably as a result of the ongoing restructuring of the home shopping business following the CSA's refusal of its application to become a free-to-air DTT channel.

At 31 March 2017, Group equity totalled €642.5 million (€616.3 million at 31 December 2016) with a net cash position of €221.1 million (€176.4 million at 31 December 2016).

Neuilly sur Seine, 26 April 2017

Next release: Half-year financial information on 25 July 2017 after close of trading M6 Métropole Télévision is listed on Euronext Paris, Compartment A

Ticker: MMT, ISIN Code: FR0000053225

2 Profit from recurring operations (EBITA) is defined as operating profit (EBIT) before amortisation and impairment of intangible assets (excluding audiovisual rights) related to acquisitions and capital gains and losses on the disposal of financial assets and subsidiaries.

3 Last trading day with dividend rights: 16 May 2017 - Ex-dividend date: 17 May 2017 - Payment date: 19 May 2017