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Universal registration document

Annual financial

report ( New version of the Registration Document ) NFPS AFR NFPS AFR NFPS AFR AFR AFR AFR AFR $BMFOEBS AFR

UNIVERSAL REGISTRATION DOCUMENT

INCLUDING THE ANNUAL FINANCIAL REPORT

(NEW VERSION OF THE REGISTRATION DOCUMENT) The Universal Registration Document was filed with the AMF on 10 March 2020. AMF is the competent authority in respect of Regulation (EU) 2017/1129, and the Document was filed without prior approval, in accordance with Article 9 of said regulation. The Universal Registration Document may be used for a public offer of securities or for the admission of securities to trading on a regulated market if it is supplemented by an offer notice and if applicable, a summary and all amendments made to the U niversal Registration Document. The ensuing set of documents is approved by the AMF in accordance with (EU) 2017/1129. This document has been prepared by the issuer and engages the liability of its signatories.

It may be viewed on and downloaded from:

www.groupe-tf1.en 2019
This is a free translation into English of the TF1 2019 universal regist ration document issued in the French language and is provided solely for the convenience of Eng lish speaking readers. In case of discrepancy, the French version prevails.

1UNIVERSAL REGISTRATION DOCUMENT 2019

TF1 GROUP

INTEGRATED REPORT

MESSAGE FROM OUR CHAIRMAN & CEO 4

GROUP PROFILE

5 1.

THE GROUP AND ITS ENVIRONMENT6

2. OUR GOVERNANCE

10

3. OUR BUSINESS MODEL

NFPS 124.

MARKET TRENDS:

A SOURCE OF OPPORTUNITY

16 5.

OUR STRATEGIC PRIORITIES18

6. OUR PERFORMANCE

20

7. OUTLOOK

21

ABOUT THIS REPORT

METHODOLOGY

This report is inspired by the framework published by the International

Integrated

Reporting Council (IIRC). It builds on a pro-active initiative extending back several years in the ar ea of Corporate

Social

Responsibility and transpar

ent communication with all stakeholders.

It was prepared by an internal working gr

oup headed up by Financial Communication in collaboration with the Strategy and CSR Departments. SCOPE The report covers the 2019 financial year (1 January to 31 December

2019), and TF1 group entities within the scope of the financial

consolidation. It r eminds readers of our objectives for 2019, provides a progress report, and includes medium/long-term projections to give a forwar d-looking vision of the Gr oup in its environment.

DEAR SHAREHOLDER,

In line with the goal we have set ourselves, the TF1fi group is gradually conrming its status as a global player in the production, broadcasting and distribution of content. Content is increasingly the common denominator of our activities, from the development of our television programmes to the shows at the La Seine Musicale arena, and from Newen to My Little Paris.

2019 was resolutely a year of growth - operationally, by strengthening our

brands and business models - but also nancially, by reaching the target we set ourselves three years ago of double-digit current operating margin. Thisfiisfitestimony to our vitality, and our ability to seize the many opportunities that come our way. In our core broadcasting business, our ambition has been to reafrm our mass media status by bringing together large audiences around federating events like Women"s World Cup Football, the launch of the new Mask Singer show, and the French drama Le Bazar de la Charité. Looking forward, the makeover of the MYTF1 platform will enable us to accompany changing viewing habits by offering every viewer a personalised user experience. Maintaining our audience shares of commercial targets at a high level (1) continues to underpin our market leadership, which is fundamental to our model and is r eected in the strong growth in the number of video views on MYTF1 (2) . This suggests we have adopted the right editorial line, especially on fresh local content: French drama, sport, entertainment and news. These have been the most popular genres in recent years. The TF1 group is the only player in the market with such a high level of ambition in different genres, and achieving so much success! We are demonstrating the sustainability of our model by sourcing income streams that complement the advertising revenues of our free-to-air channels. In particular, this involves expanding ad revenues on MYTF1, as well as securing distribution agreements for our channels and add-on services. Tighter control over programming costs, in line with the target announced, is boosting our margin in this segment. We are also continuing to strengthen our position upstream of our value chain. Four years after it was acquired, Newen is growing both sales and prot margins as it wins more clients (from traditional media groups to global online platforms), increases the number of hours produced, and expands its geographical footprint (with De Mensen in Belgium and Reel One in Canada in 2019). This performance validates our acquisitions strategy. Thefiburgeoningfiorder book for the coming years suggests this business hasfia ne future ahead of it.

2019 was also a year of restructuring for our digital arm Unify. Yes, costs have

been hit by the launch of the one-stop airtime sales agency Unify Advertising, the recruitment of new talents to accompany the growth in the business and putting together sales teams. However, developments like the successful repositioning of Marmiton, the strong growth of Gamned! and the expansion of the Gambettes boxes show that Unify now has the resources to meet itsfitargets. (1) 32.6% of women under 50 purchasing decision-makers, and 29.4% of 25-49 y ear-olds. (2)

1.8 billion video views in 2019, up 24% year

-on-year. Mindful of our mass impact, we aim to positively inspire society, both through our content, and more generally through our actions. Under the TF1 Initiatives banner, the Group is engaging around three themes: solidarity, diversity and a sustainable society. So we are supporting numerous initiatives on solidarity; by giving a platform or donations to charities looking to raise their pr ole; our channels represent French society in all its diversity and our programmes are raising awareness of environmental sustainability. In this way, the TF1 group has become a key player in achieving social cohesion, helping French people live together better.

2020 is shaping up as a year of multiple opportunities: audiovisual reform,

the launch of Salto (3) , the arrival of segmented advertising, the rollout of Unify, and the continuing development of Newen. 2020 will be a key year in the continuing transformation of our business model and in creating value for all our stakeholders. (3) Subscription video on demand platform, a joint venture between the TF1,

M6 and France Télévisions groups.

Boulogne-Billancourt, 9 March 2020

Gilles C. PÉLISSON

Chairman & CEO of the TF1 group

MESSAGE FROM OUR CHAIRMAN & CEO

Créditfi: TF1/Christophe Chevalin

4UNIVERSAL REGISTRATION DOCUMENT 2019

TF1 GROUP INTEGRATED REPORT

ESSAGE FROM OUR CHAIRMAN & CEO

GROUP PROFILE

Our ambition: to

positively inspire society by informing and entertaining a mass audience. Our extensive content offer and add-on services ar e accessible on all devices to address changes in viewing habits. We are also a major player in audiovisual production thr ough our subsidiary

Newen, and have a pr

esence in digital via Unify.

We are still

France"s leading private-sector broadcaster,

attracting a 32.6% share of the key target audience of “women aged under 50 pur chasing decision-makers" with our five fr ee-to-air channels: TF1, TMC, TFX, TF1 Séries Films and LCI. Alongsid e this core business we have developed a massive offer of add-on services, especially thr ough our MYTF1 online platform, giving users a personalised content access experience. We also br oadcast special-inter est theme channels: TV Breizh, Histoire TV, Ushuaïa TV and Série Club (3) Our advertising sales house sells airtime on our own content and services, but also on the

Indés Radios network and third-party websites.

To meet the growing demand for TV content experienced in recent years, we r epositioned ourselves further up the value chain by acquiring the

Newen Studios

gr oup. Operating mainly in Eur ope, and more recently in Canada too, Newen produces a vast range of content for a diverse client base, from traditional broadcasters to internet platforms.

Through our

Unify division, we of fer advertisers digital advertising solutions backed by powerful content and well-known brands with strong, engaged communities (Aufeminin, Marmiton, My Little Paris, Doctissimo, etc.), alongside a social e-comm er ce offer.

We also have a broad range of

complementary activities in the entertainment and leisur e sectors thr ough TF1 Entertainment (music production, boar d games, live shows, licensing and publishing), and in the film industry with TF1 Films Pr oduction and TF1 Studio.

As a media group, TF1 is aware of its

responsibilities and is engaged in high-quality dialogue with all its stakeholders in or der to enhance transparency and continually impr ove its practices. Our TF1 Initiatives brand is home to all of our CSR activ ities, built ar ound thr ee pillars: solidarity , diversity and sustainability. (3) 50% owned by TF1. No.1

PRIVATE SECTOR

FREE-TO-AIR

BROADCASTER IN

FRANCE

32.6%

SHARE OF TARGET

AUDIENCE

(1) (1) Médiamétrie - Target audience: women aged under 50 purchasing decision-makers (W<50PDM €2,337m

IN REVENUE

3,207

EMPLOYEES

(2 (2) Employees on permanent contracts.

OUR VALUES

ALWAYS DARING

BE CREATIVETOTAL COMMITMENT

WORKING TOGETHERPERFORMANCE FIRST

5 FREE-TO-AIR

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