HighCo

Earnings Release • Oct 28, 2014

INTELLIGENT MARKETING SOLUTIONS

Paris, 28 October 2014

Further growth in gross profit driven by Digital in Q3

• Q3 2014¹ gross profit of €17.01 M, up 1.0% like for like (LFL²)
• 9-month YTD 2014 gross profit of €53.09 M, up 1.0% LFL
• Strength of France (up 5.4% over 9 months LFL), decline in International (down 5.3% over 9 months LFL)
• Sharp growth in Digital (up 18.7% over 9 months LFL)
• Confirmation of our 2014 targets for growth in gross profit and operating margin

Gross profit (in $\epsilon$ m)	2014	$2013^3$	2014/2013 Change LFL2
Q1	17.40	17.26	$+0.8%$
Q 2	18.68	18.45	$+1.3%$
Q 3	17.01	16.84	$+1.0%$
9-month total	53.09	52.24	$+1.0%$

¹ Unaudited data

² Like for like (LFL): Based on a comparable scope, including the acquisition of Milky and at constant exchange rates.

In application of IFRS 11 on joint arrangements, the POS Media (Central Europe) and RMT (France) businesses have been accounted for using the equity method since 1 January 2014. Prior to that, the proportionate method had been applied. Consequently, the financial data presented for comparative periods have been restated.

Didier Chabassieu, Chairman of the Management Board, stated: "The success of our digital solutions is driving the Group's growth. Digital now exceeds one-third of HighCo's gross profit. We are on our way to reaching our target of 50% as quickly as possible. With this solid performance of Digital and the strength of our French businesses, we can confirm our growth targets and improve profitability in 2014".

Growth of 1.0% in Q3 and over the first 9 months of 2014

The Group's gross profit in Q3 2014 amounted to €17.01 M, up 1.0% LFL. Year-to-date gross profit at 30 September 2014 totalled 53.09 M, up 1.0% LFL.

In France, Q3 2014 gross profit reached €1.22 M, up 8.9% LFL. Year-to-date gross profit at 30 September 2014 totalled €32.91 M, up 5.4% LFL. This growth mainly results from the success of our DRIVE TO STORE and DATA solutions.

In International businesses, Q3 2014 gross profit came to 5.79 M, down 11.4% LFL. Year-to-date gross profit at 30 September 2014 totalled €20.18 M, down 5.3% LFL. This low performance was marked by:

• A further business decline in Belgium (down 11.8% in Q3 and down 5.3% over 9 months) due to brands' low investment in points of sale (IN-STORE) and the drop in the number of coupons cleared (DATA);
• The business decline of 9.0% in other countries (Spain and United Kingdom) in Q3 2014 and of 5.6% over 9 months.

INTELLIGENT MARKETING SOLUTIONS

Sharp growth in Digital

Digital gross profit rose sharply, by 15.6% in Q3 and 18.7% year-do-date at 30 September 2014. All of our indicators have risen since the beginning of the year, with:

• 26% rise in the number of digital coupons issued:
• 37% rise in the number of SMS push notifications sent (nearly 1 million SMS per day);
• $\overline{a}$ 35% rise in e-cashback and m-cashback campaigns;
• 73% increase in targeted check-out coupons.

The share of Digital now represents more than one-third of the Group's gross profit (33.4% at 30 September 2014 versus 28.3% at 31 December 2013).

2014 guidance confirmed

Given the strength of the French and Digital businesses, we can confirm our 2014 targets:

• Like-for-like growth in gross profit;
• Rise in operating margin (headline PBIT/gross profit);
• Double-digit growth in adjusted EPS.

About HighCo

HighCo offers brands and retailers Intelligent Marketing Solutions to influence shopper behaviour with the right deal at the right time and on the right channel.

Operating in 15 countries, HighCo has nearly 900 employees. HighCo is listed in compartment C of NYSE Euronext Paris and in the Gaia Index, a selection of 70 responsible Small and Mid Caps.

Your contacts

Olivier Michel Managing Director +33 1 77 75 65 06 comfi@highco.com Cynthia Lerat Press Relations +33 1 77 75 65 16 c.lerat@highco.com

Upcoming event

Q4 and FY 2014 Gross Profit: Tuesday, 27 January 2015, after market close

HighCo is a component stock of the indices CAC® Small (CACS), CAC® Mid&Small (CACMS) and CAC® All-Tradable (CACT). ISIN: FR0000054231 Reuters: HIGH.PA Bloomberg: HCO FP

For further financial information and press releases, go to www.highco.com

This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. HighCo expressly disclaims all liability for any inaccuracy herein.