Consolidated Annual Accounts 2017

3 Events after the reporting period On 22 February 2018, the Spanish National Markets and Competition Commission (CNMC) initiated disciplinary proceedings against Atresmedia Corporación de Medios de Comunicación, S.A. and subsidiary Atres Advertising, S.L. Unipersonal for alleged unfair trade practices. The commencement of these proceedings does not prejudge the final outcome of the investigation and case, expected to resolved within a period of 18 months. In the opinion of the Company’s directors and legal advisers, no offence was committed in the Group's commercial activity, duly noting that the particularly restrictive conditions imposed on the merger with La Sexta and existing for five years have been eliminated. Moreover, no practice is carried out that could be considered restrictive. However, as a preventative measure, a fine by the CNMC on the Atresmedia Group cannot be ruled out. The amount of a potential is impossible to quantify at present, let alone any reliable estimate, as the proceeding has only just begun and due to the lack of information available on the precise scope of the proceedings and the grounds claimed by the CNMC for initiating them. Any financial penalty will be appealed before the competent courts. Outlook for the Company Unlike at the beginning of the previous two years, 2017 started with a great deal of uncertainty surrounding the near future. Admittedly, there was broad consensus that economic growth in Spain would remain strong, if not slightly lower. However, several tailwinds for growth in demand had lost steam, while exchange-rate fluctuations had a negative impact, not to mention the expected slowdown in export markets. In addition, the likely withdrawal of accommodative policies by central banks, coupled with ongoing political certainty, are additional factors that could shape the performance of our businesses in 2018. Against this backdrop, judging by the expectations of all bodies that make forecasts for the sector the outlook for the advertising market this year is upbeat, underpinned by still-strong private consumption and the commercial communication needs of the vast majority of advertisers. That being said, prospects can be undermined if mass-consumption sectors continue to scale back their advertising budgets as they did in 2017 in all supports and virtually all across Europe. Longer term, growth in non-linear audiovisual consumption (audiovisual content viewing at any time and on any device vs. the traditional programming by hours of linear television) poses a challenge Atresmedia is already facing, and one that has several dimensions. Non- linear consumption undermines both TV operators’ free-to-air and pay-TV audience. However, the increase in this consumption affords us new opportunities to offer our programmes through new distribution channels and produce new content for our own or third-party exploitation.