f99fb27b-7310-4816-8692-2d864fc473c7.pdf Press Release: RCS MediaGroup Board of Directors Approval of preliminary consolidated results at 31 March 20161 IMPROVEMENT IN EBITDA AND ADVERTISING REVENUE COMPARED TO IQ2015

AND BUSINESS PLAN QUARTERLY TARGET

EFFICIENCY GAINS IN 2016 FORECAST TO EXCEED BUSINESS PLAN TARGET

Consolidated net revenue at EUR 219.8 million (EUR 229.4 million at 31 March 2015) Advertising revenue at EUR 97.4 million (EUR 96.3 million at 31 March 2015)

EBITDA before non-recurring items at EUR -3.4 million (EUR -15.5 million at 31 March 2015) Net financial debt at EUR 509 million, EUR 411 million considering the effects of the sale of the Books division on 14 April 2016

Milan, 21 April 2016 - The Board of Directors of RCS MediaGroup met today to approve the preliminary consolidated results at 31 March 2016, under the chairmanship of Maurizio Costa.

The Group's consolidated net revenue at 31 March 2016 was EUR 219.8 million versus EUR 229.4 million on a like-for-like basis (excluding the Books division) in the same period in 2015. Advertising revenue was up 1.1% on the same period in 2015, rising to around 2% if the discontinued operations of Sfera China and Gazzetta TV are excluded. Advertising revenue therefore stood at EUR 97.4 million, which was also an improvement on the forecasts for the period set out in the 2016- 2018 Business Plan. Circulation revenue was EUR 94.7 million, down EUR 12.4 million on the same period in 2015, of which EUR 5 million due to the new add-on publishing plan (with no effect on the margin) and the remainder due to the expected decline in the relevant markets in both Italy and Spain.

EBITDA before non-recurring items was EUR -3.4 million, compared to EUR -15.5 million in the first quarter of 2015. The significant improvement of over EUR 12 million compared to the same period last year was achieved thanks to contributions from all business areas. The excellent performance in the first quarter of 2016 represents more than 40% of thetotal increase expected for the entire year 2016, providing further validation of the target for 2016. EBITDA after non-recurring items was EUR -3.7 million - an increase of EUR 12.5 million compared to EUR -16.2 million at 31 March 2015.

1Alternative performance indicators: EBITDA - intended as operating income before depreciation and amortization. This includes income and expenses from investments accounted for using the equity method. Net Financial Debt - indicator of financial structure, calculated as current and non-current payables net of cash and cash equivalents, as well as current assets and non-current financial assets relative to derivatives.

This result was also achieved thanks to the strong focus on cost reduction. In fact, all the initiatives and efficiencies set out in the Plan have been implemented, while further planned optimisations will enable the company to exceed the annual target of EUR 40/45 million net efficiency gains.

Net financial debt at 31 March 2016 was EUR 509 million (EUR 508 million at 31 March 2015, EUR 487 million at 31 December 2015). It would have been EUR 411 million considering the effects of the sale of the Books division on 14 April 2016 (consideration received of EUR 127.1 million and a positive net financial position at 31 March 2016 of EUR 29,1 million). The difference compared to 31 December 2015 is attributable as follows: EUR -15 million relative to the Books division, which was affected by the usual seasonality; EUR -16 million to non-recurring expense already accrued at 31 December 2015; and EUR+9 million in relation to current operations, with a clear improvement on the same period of the previous year.

CEO Laura Cioli commented the satisfying results, saying: "Strong performance in the first quarter of implementation of the Plan allows us to confirm in full the targets set. As such, we are very confident about the opportunities for growth and development that await our Group and we will continue to focus on executing the strategic projects we have launched."

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Riccardo Taranto, the Director responsible for drawing up the company's accounting statements, hereby declares, pursuant to article 154-bis, paragraph 2 of the Consolidated Law on Finance (Testo Unico della Finanza, TUF), that the information contained in this press release accurately represents the figures contained in the Group's accounting records.

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For further information:

RCS MediaGroup - Corporate Communications

Maria Verdiana Tardi - +39 02 2584 5412 - +39 347 7017627 - verdiana.tardi@rcs.it

RCS MediaGroup - Investor Relations

Federica De Medici - +39 02 2584 5508 - +39 335 230278 - federica.demedici@rcs.it

www.rcsmediagroup.it

RCS Mediagroup S.p.A. issued this content on 21 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 April 2016 20:16:05 UTC

Original Document: http://www.rcsmediagroup.it/en/wp-content/uploads/sites/2/doc/2016-04/PR-RCS-BoD-21.04.2016-preliminary-IQ.pdf