> Media Capital announces results for the 4th quarter 2016

FULL YEAR RESULTS 2016

Media Capital’s net income increased by 10% to € 19.1 million

• In 2016, Media Capital’s EBITDA improved by 3% YoY, reaching € 41.5 million, with operating revenues broadly stable, whilst operating expenses decreased by 1%. In the same period, net income was up 10% to € 19.1 million.

• In what regards advertising, in 2016 there was a YoY improvement of 4%.

• TVI kept the leadership in TV audiences, with an average share of 21.5% and 25.2% in all day and prime time, respectively. The positive gap over the second most watched channel was 3.9pp in all day and 3.1pp in prime time, in both cases improving vs 2015 (by 0.1pp and 0.2pp respectively). TVI leadership was also maintained when analysing groups of channels, with 25.0% in all day and 28.2% in prime time, i.e. respectively 3.7pp and 2.9pp above the second most watched group of channels.

• On financial grounds, the TV segment posted and EBITDA of € 33.6 million, improving 6% over 2015, and with a margin of 23.6%.

• In turn, the Audiovisual Production segmenthad a positive EBITDA contribution (€ 1.5 million), improving € 0.4 million vs 2015.

• The EBITDA of the Radio segment was € 5.4 million, corresponding to a margin of 30.4%. Taking into consideration the average audience share in 2016, Media Capital’s aggregate group of radios had an audience share of 34.9%. Rádio Comercial continues to rank #1, with an average share of 23.5%. In turn, m80 – which registered the strongest improvement in Portugal (+1.0pp) – reached an average share of 6.9%, becoming the 4^th most listened to radio station in the country.

• In Digital, advertising improved by 14% YoY in 2016.

• In terms of operating cash flow, there was a YoY improvement of 31%, to € 38.2 million, while net debt decreased by € 14.1 million, notwithstanding the amount of € 16.1 million of dividends paid out.