VOCENTO : increases EBITDA by 17.6% in the 3Q16

NOTA DE PRENSA VOCENTO INCREASES EBITDA BY 17.6% IN THE THIRD QUARTER OF 2016

O Advertising revenues up by +2.2% in 3Q15 after -7.1% in 1Q16 and -0.6% in 2Q16, in uncertain market conditions

O Comparable EBITDA in 9M16 increased by +1.4% to 28.8 million euros, thanks to a strong performance in 3Q16 (+17.6%)

O Comparable EBITDA at ABC increased by 1.4 million euros (+124%) to 2.6 million euros for 9M16

O ABC is continuing to increase its share of ordinary circulation: in the Madrid region its market share rose to 26.2%, extending its lead over El Mundo

O The company generated 14.3 million euros of ordinary operating cashflow and cut the Net Financial Debt/comparable EBITDA ratio to 2.1x from 2.2x at the end of 2015

Madrid, 14 November 2016.- VOCENTO reported total Operating Revenues of 326.6 million revenues in 9M16, -4.2% compared with 9M15. Despite the decrease, the revenue performance has improved over the course of 2016, after a drop of 7% in 1Q16 and 4.4% in 1H16.

Revenues from advertising sales fell by -2% in 9M16, but the trend at VOCENTO brands is clearly stabilising. In 3Q16, VOCENTO advertising revenues increased by 2.2%, significantly higher than the

+0.3% growth of the market, after having dropped by -7.1% in 1Q16 and -0.6% in 2Q16.

Revenues from circulation sales at the Regional Press and ABC fell by 5.9%, in line with the decrease recorded at the end of 2Q16.

VOCENTO continues to increase the digital exposure of its revenue profile. Including revenues from new businesses based on e-commerce, total digital revenuescontributed 31.3% of the total in 9M16, up 3.5

p.p. from 9M15. At VOCENTO, digital transformation is based on three strategic priorities: maximising advertising revenues (with more launches planned for the coming months), increasing e-commerce and developing premium business models.

VOCENTO continues to focus on controlling expenses. In 9M16,comparable costs fell by 4.7%. Total savings in comparable costs (14.8 million euros) offset the overall decline in revenues (14.4 million euros). As a result,comparable EBITDA for 9M16 rose by +1.4% from 9M15 to 28.8 million euros.

The comparable EBITDA margin increased by 0.5 p.p. to 8.8%. ABC and the Regional Press maintained their margins on circulation and promotions, reflecting the implementation of the VOCENTO Industrial Plan. By business areas, there were increases in comparable EBITDA at Audiovisual (+25 thousand euros) and Classifieds (+951 thousand euros.)

The comparable operating result (EBIT) was 14.6 million euros in 9M16, up from 13.4 million euros in 9M15.

Net financial income was -4.8 million euros (vs -4.5 million euros in 9M15). Last year, financial income was booked following the renegotiation of the put options on Las Provincias. Excluding this effect, Calle Pintor Losada 7, 48004 Bilbao. Bizkaia. T. 902.090.155 NOTA DE PRENSA

financial expenses fell by 772 thousand euros, as a result of the reduction in the average cost of debt and lower financial expenses following the renegotiation of the syndicated loan in 2H15.

In comparable terms, excluding the expenses of the changes to personnel, the net consolidated result for 9M16 improved by 343 thousand euros (or 55.4%) to -0.3 million euros from -0.6 million euros in 9M15. Including the compensation payments made this year, mainly in the first quarter, the result was -

7.8 million euros.

The net financial position on 30 September was 107.7 million euros (vs. 111.6 million euros on 30 June 2016). In 9M16, VOCENTO generated ordinary operating cashflows of 14.3 million euros, partly as a result of its EBITDA performance in the year. Net Financial Debt/comparable EBTIDA fell to 2.1x from 2.2x at the end of 2015. The Group is reducing its indebtedness and leverage, despite the 10.1 million euros of compensation payments made in 9M16 following changes to personnel in 2015 and 2016, and despite other extraordinary payments.

Results by business area

At Newspapers,Operating Revenues fell by 5.3% to 281.9 million euros, mainly as a result of: 1) the decrease in advertising revenues, and 2) a fall in circulation revenues at the Regional newspapers and at ABC. At ABC, circulation revenues were impacted by the voluntary reduction of some sales.

ABC is continuing to increase its share of the ordinary circulation market in the key region of Madrid.

The newspaper's share rose by 0.8 p.p., consolidating its hold on the number two position.

Comparable EBITDA slipped by 0.2% from 9M15 to 27.1 million euros. The decrease in revenues was offset by cost savings: comparable costs were cut by 4.9%, with a significant reduction in variable expenses at ABC leading to an increase in the margin on circulation revenues, in line with the Industrial Plan. Meanwhile, the measures of the Efficiency Plan served to reduced fixed costs. As a result, ABC's comparable EBITDA rose by 1.4 million euros in 9M16 to stand at 2.6 million euros.

At Audiovisual,Operating Revenues rose by 0.3% to 34.3 million euros, with an increase at Content offset by a decline at DTT. Comparable EBITDA also improved by 0.3% to 8.7 million euros, supported by increased profitability in the TV area, where the two national DTT channels have consolidated their position.

Operating Revenues in the Classifiedsarea increased by 16.8% to 13.1 million euros, thanks to the strong performance of advertising revenues, up 17.4%. Comparable EBITDA increased to 1.3 million euros from 0.4 million euros in the prior-year period, reflecting the rise in revenues, which offset the increase in costs deriving from the development of new products designed to accelerate growth.

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