Orchestra Premaman : Financial information at 22 September 2016

Financial information at 22 September 2016 Revenue growth (excluding non-continuing operations): +12.1% in the second quarter +10.2% over the first half Strong growth in the childcare business: +62.2% over the half year SECOND QUARTER 2016-2017 REVENUE (unaudited data)

(1 June 2016 to 31 August 2016)

IFRS - In €m	Second quarter 2016/2017	Second quarter 2015/2016	Q2 2016/2017 vs Q2 2015/2016
Unaudited
Branches	78.5	71	10.6%
Commission-affiliation	64.7	58.1	11.5%
Internet (excl. birth list service)	3.9	3.2	22.0%
Trading & Misc.	2.6	1.3	102.9%
Consolidated revenue	149.8	133.5*	12.1%
of which France	96.5	87.8	9.9%
of which Belux	19.3	17.1	12.8%
of which International (excl. Belux)	33.9	28.6	18.6%
Non-continuing operations	0.8	3.0*	-75.0%

* After the reclassification of €1.1m compared with published revenue as "Non-continuing operations", following a change in the scope of non-continuing operations.

During the second quarter of 2016/2017, i.e., between 1 June 2016 and 31 August 2016, the Orchestra-Prémaman Group posted consolidated sales of €149.8m, up +12.1% compared with the same period last year.

The end of this

quarter was affected by a blisteringly hot month of August, which led to back-to-school clothes purchases being made later.

Business was up 9.9% in France (where the Group recorded 64.4% of its revenue for the period) and up 16.4% abroad.

FIRST HALF 2016-2017 REVENUE (unaudited data)

(1 March 2016 to 31 August 2016)

IFRS - In €m	First half 2016/2017	First half 2015/2016	H1 2016/2017 vs H1 2015/2016
Unaudited
Branches	157.4	140.5	12.0%
Commission-affiliation	126.5	118.9	6.4%
Internet (excl. birth list service)	8.4	6.8	23.1%
Trading & Misc.	6.0	4.5	32.7%
Consolidated revenue	298.2	270.7	10.2%
of which France	187.3	175.8	6.5%
of which Belux	40.1	33.4	19.8%
of which International (excl. Belux)	70.8	61.4	15.4%
Non-continuing operations
	1.7	7.6	-77.1%

* After the reclassification of €2.4m compared with published revenue as "Non-continuing operations", following a change in the scope of non-continuing operations.

During the first half of 2016/2017, i.e., between 1 March 2016 and 31 August 2016, the Orchestra-Prémaman Group posted consolidated sales of €298.2m, up 10.2% compared with the same period last year.

In addition to the postponing of back-to-school clothes purchases, this half year saw (as noted in Q1) a cold and rainy spring in Europe, which negatively impacted sales, and strikes in France.

The Group nonetheless maintained its capacity for growth thanks to:

• the increase in the number of m² operated under the Orchestra brand run as branches or under commission-affiliation (286,000 m² at 31 August 2016 versus 260,000 m² at 29

  February 2016);

• strong growth in the childcare business: +62.2% over the first half of 2016/2017; revenue from the childcare business totalled €53.8m and now accounts for 18.0% of total business (versus 12.3% in the first half of 2015).

Business was up 6.5% in France (where the Group generated 62.8% of its revenue for the period) and up 16.9% abroad, driven by a strong increase of 19.8% in Belux which now enjoys an entirely restructured and refurbished network.

At 31 August 2016, more than 1.7 million customers owned a Club card, up 8.2% compared with at 31 August 2015. The Group continues to generate almost 91% of its revenue with customers who are members of the Club.

The Internet business progressed well over the half year, with revenue climbing 23.1%.

The business was driven by the first Large Format stores ("mixed and megastores" stores of more than 500 m²) which sell children's' clothes, maternity and childcare items under the same roof, and opened in peri-urban out-of-town areas by the Group since 2013, reaching full capacity. First half revenue generated by these stores totalled €115.5 m, up 43.1% compared with the previous half year.

The textile store network (300 to 500 m²) generated revenue of €171.4 m (including the Internet business) during the first half, i.e., a drop of 6.7%, reflecting the transformation of our network towards the large format approach.

STORE NETWORK (unaudited data)

In number and in thousands of m²	31/08/2016		31/05/2016		Change
					29/02/2016		31/08/2016 vs 29/02/2016
Unaudited	Number	Store space	Number	Store space	Number	Store space	Number	Stor e spac e
Branches	306	182	308	179	292	162	14	20
Commission-affiliation	256	105	258	105	256	98	0	7
Total	562	286	566	284	548	260	14	26
Textile	445	148	459	152	457	150	-12	-2
Mixed stores and megastores	117	138	107	132	91	110	26	28
Total	562	286	566	284	548	260	14	26
of which France	303	172	304	169	294	156	9	16
of which Belux	61	53	63	54	61	52	0	1
of which International (excl. Belux)	198	61	199	61	193	52	5	9
Non-continuing operations	5	n/a	8	n/a	8	n/a	-	-

In total over the first half of 2016-2017, the store network (run as branches or under commission-affiliation) grew by 14 units and around 26,000 m², in line with the average of the previous half years. Large format stores (mixed stores and megastores) now represent 48.2% of the network's store space and a total of 117 stores.

Next press release:

2016/2017 half year results, on 24 November 2016 after the market.

Contacts:

ACTIFIN - Stéphane RUIZ

[phone]

ORCHESTRA-PREMAMAN

A public limited company with capital of €19,203,558

Head office: 200 avenue des Tamaris, Zac Saint Antoine, 34130 Saint-Aunès.

398 471 565 in the Montpellier Trade and Companies Register