HighCo

Earnings Release • Jul 18, 2011

Paris, 18 July 2011

First half of 2011: Stable reported gross profit and strategic advance in the digital businesses and international development

• Q2 gross profit of €19.55 M, down by 2.2% on a reported basis and by 2.8% like-for-like*
• H1 gross profit of €37.79 M, stable on a reported basis and down by 1.3% like-for-like**
• Growing digitisation of businesses and acquisitions in Central Europe and the United Kingdom

Gross profit (in € M)	2011*	2010	2010 LFL**	Change N/N-1	Change N/N-1 LFL**
Q1	18.24	17.80	18.15	+2.5%	+0.5%
Q2	19.55	19.99	20.12	-2.2%	-2.8%
Total H1	37.79	37.79	38.27	0%	-1.3%

* Data currently being audited.

** On a like-for-like basis including Scan ID and Publi-Info Benelux as of 1 January 2010.

According to Richard Caillat, Chairman of the Management Board, "In the first half of the year, gross profit was affected by the slowdown in the "STORE" division, notably in Belgium, but we made progress on our two major strategic focuses. Digitisation picked up, and we are strengthening our positions abroad, with the acquisitions of POS Media Europe and MRM in July. These will allow us to confirm our leadership in more than ten European countries."

Analysis of gross profit

Q2 2011 gross profit amounted to €19.55 M, down by 2.2% on a reported basis and by 2.8% on a like-for-like basis.

H1 2011 gross profit came out at €37.79 M, stable on a reported basis and down by 1.3% on a like-for-like basis.

In geographical terms, H1 2011 gross profit rose by 0.8% in France on a like-for-like basis (representing €22.32 M or 59% of the Group's gross profit) and fell by 4.1% in Belgium and Spain on a like-for-like basis (representing €15.47 M or 41% of the Group's gross profit). This decline is mainly due to the slowdown in the "STORE" businesses in Belgium already seen in the first quarter.

First-half highlights

The operational communication businesses ("STORE") continue to suffer from the strained relations between consumer goods manufacturers and mass-market retailers. Manufacturers are also reducing their communication budgets for in-store media, notably in Belgium.

The data processing businesses ("DATA") continued to develop in France and Benelux, underpinned by the high popularity of their promotional campaigns among consumers (fulfilment, money-back offers) and sustained growth of the promotional logistics businesses.

The digitisation of HighCo's businesses, bolstered by the Group's capacity for innovation, increased dramatically:

• 55% growth in the electronic clearing of discount coupons in Benelux
• 26% rise in the number of text messages sent by the Group's digital platforms
• Roll-out of virtual discount coupons (load-to-card, self-scanning at check-out) with several retailers in France.

As such, the Group boosted its digitisation in line with its medium-term target of a 30% contribution of digital businesses to its gross profit, versus the actual 15% contribution at the end of 2010.

The implementation of the international development strategy is picking up with two major acquisitions made in Europe:

• On 1 July 2011, the acquisition of a 48.25% stake in POS Media Europe, the largest retail media group in Central Europe with operations in six countries: Czech Republic, Slovakia, Poland, Hungary, Ukraine and Turkey. POS Media Europe's 2010 gross profit totalled €5.3 M.
• On 5 July 2011, acquisition of 100% of Multi Resource Marketing ("MRM"), specialised in marketing solutions in the United Kingdom. MRM's 2010 gross profit totalled €3 M.

This international development is an advance towards the target of "new countries" representing 20% of the Group's gross profit in the medium term.

Profitability and financial position

Based on the current consolidation of the financial statements:

• Headline PBIT for the first half of 2011 (profit before interest, tax and restructuring costs) is expected to drop by about 5% on the figure recorded for the first half of 2010, i.e. €9.15 M.
• The Group's financial position remains healthy with growth of more than €5 M in net excess cash as at 30 June 2011.

The meeting to present the half-yearly results will take place on 30 August at 2.30 pm at the Club Confair (54 rue Laffitte, Paris 9th arrondissement).

About HighCo

HighCo is a Communication Group offering marketing solutions that cover operational communication ("STORE") and data processing ("DATA") for retail and consumer goods brands to attract consumers and promote their loyalty. As a pioneer in Digital Marketing, HighCo also invests heavily in R&D through HighCo Lab. HighCo employs nearly 1,000 staff members in France, Benelux, Spain, United Kingdom and Central Europe and is listed in compartment C of NYSE Euronext Paris.

Contacts

Olivier Michel Cynthia Guillemin Managing Director Press Relations +33 1 77 75 65 06 +33 1 77 75 65 16 comfi@highco.fr c.guillemin@highco.fr

Upcoming events

Q4 and FY 2011 Gross profit 25 January 2012 (after market close)

2011 Half-yearly results 29 August 2011 (after market close) Q3 and 9-month 2011 Gross profit 18 October 2011 (after market close)

ISIN: FR0000054231 Reuters: HIGH.PA Bloomberg: HCO FP For further financial information and press releases, go to www.highco.fr.

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.