Dr. Jan Kemper FINANCIALS / M&A

Capital Markets Day – December 6, 2017

FINANCIALS / M&A

Dr. Jan Kemper

Revenue growth

Adj. EBITDA increase

Revenue share outside TV advertising

FCF ROI of M&A portfolio

M&A capex since capital increase

etraveli disposal gain

2016 dividend, paid in 2017 Increase in FCF before M&A

+10%

+7%

51%

10%

EUR 268m EUR 302m EUR 435m +15%

KEY FINANCIALS

1) Q3 2017 LTM vs. Q3 2016 LTM (Group) 2) Q3 2017 LTM 3) 2017E excluding etraveli 4) Referring to time period

since capital increase (11/3/2016 to 11/30/2017) 5) based on Bloomberg consensus estimates as of 11/30/2017 77

Dividend yield 2017E

~7%

STEADY GROWTH

OF BOTH REVENUE AND ADJUSTED EBITDA

Note: Continuing operations (2011) 78

[in EUR m] [in EUR m, %]

LTM REVENUES LTM ADJ. EBITDA / ADJ. EBITDA MARGIN

1,750 2,250 2,750 3,250 3,750 4,250

2011 2012 2013 2014 2015 2016 Q3 2017 LTM

+11%

CAGR

0%

5%

10%

15%

20%

25%

30%

35%

700 800 900 1,000 1,100

2011 2012 2013 2014 2015 2016 Q3 2017 LTM Adjusted EBITDA

(left scale) Adjusted EBITDA margin (right scale)

+7%

CAGR Mix effect

DIVERSIFICATION OF GROUP REVENUE PROFILE ENABLED STRONG DEVELOPMENT

Note: Continuing operations (2011) 79

49%

8% 3%

1%2%

10%

21%

3% 3%

TV advertising Distribution

AdVoD PayVoD

Adjacent CP&GS

Commerce verticals SevenVentures Other

2011

EUR 2,199m Q3 2017 LTM

EUR 4,009m

GROUP REVENUES

non-TV advertising TV advertising

Group

+30%

+2%

+11%

CAGR +11%

51%

TV advertising Non-TV advertising

19%

81%

PROSIEBENSAT.1 MARKET CAP DEVELOPMENT ONLY IN

LINE WITH PEERS DESPITE OPERATING OUTPERFORMANCE

1) Peer group includes ITV, RTL, TF1, M6, Mediaset, Mediaset Espana, AtresMedia, MTG. Revenues and EBITDA have been converted to EUR and weighted by market cap. ITV and M6 only report H1/H2 EBITDA; therefore an average is assumed for Q1/Q3 for these two companies

Source: Bloomberg/P7S1 as of 11/30/2017 80

[indexed; market cap weighted] [indexed; peer group index market cap weighted]

LTM REVENUES¹⁾ MARKET CAP

60 70 80 90 100 110

Q1 Q2 Q3 Q4 Q1 Q2 Q3

ProSiebenSat.1 Peer group average 90

95 100 105 110 115 120

Q1 Q2 Q3 Q4 Q1 Q2 Q3

ProSiebenSat.1 Peer group

LTM EBITDA¹⁾

[indexed; market cap weighted]

80 85 90 95 100 105 110 115

Q1 Q2 Q3 Q4 Q1 Q2 Q3

ProSiebenSat.1 Peer group

2016 2017 2016 2017 2016 2017

STEADILY GROWING EARNINGS AND DIVIDEND PAYMENTS WITH ATTRACTIVE DIVIDEND YIELD

Note: Continuing operations (2011) 1) Underlying/adjusted net income CAGR 2011-Q3 2017 LTM +13%, dividend CAGR 2011-2016 +12% (note: underlying net income changed to adjusted net income in FY 2017) 2) Normalized dividend estimate based on average dividend pay-out ratio of c. 82%, actual

dividend payout of EUR 1,201.4m included disposal related dividend increase 3) Bloomberg consensus dividend estimates 2017E as of 11/30/2017 81

ADJUSTED NET INCOME & DIVIDEND DIVIDEND YIELD

[in EUR m] [Dividend consensus estimate 2017E]

DAX ProSiebenSat.1 Media

~3%

~7%

272

356 380 419

466

513 557

246

313 342 386

435

2011 2012 2013 2014 2015 2016 Q3 2017 LTM Adjusted net income Dividend payment

EUR 2.9bn

dividends paid since

2011²⁾

~290²⁾

+13%/+12%

CAGR¹⁾

STRONG FCF GENERATION WITH FINANCIAL LEVERAGE MOVING TOWARDS LOWER END OF TARGETED RANGE

Note: Continuing operations (2011); recurring EBITDA changed to adjusted EBITDA in FY 2017 82

FCF BEFORE M&A AND DIVIDEND PAYMENT FINANCIAL LEVERAGE

[in EUR m] [net debt/adjusted EBITDA]

217

290

406 444 470 485

452

2011 2012 2013 2014 2015 2016 Q3 2017 LTM CAGR+14%

1 1.5 2 2.5 3

2011 2012 2013 2014 2015 2016 Q3 2017 LTM Upper end (2.5x) Financial leverage Lower end (1.5x)

1.8x

as of Q3 2017 LTM

[in EUR m]

2017E

~10%

2016

~10%

2015

~12%

9M 2017 2016

2015

INTENSIFIED M&A ACTIVITY SINCE 2015 PROVEN BY ATTRACTIVE M&A FCF ROI

1) FCF ROI calculated as proportional FCF 2017 estimate (proportional to ownership share) divided by invested cash to date based on active portfolio (incl. budgeted IC loans at year-end, loan redemption and capital increases), 2017E FCF ROI excluding etraveli (deconsolidated in Q3 2017). FCF as external FCF excluding internal TV media expenses, as per 2017 estimates (Smartstream FCF on entity basis). FCF excludes cashflows from obtaining control of subsidiaries and other businesses. Excludes

companies that will not have been fully consolidated for 12 months in 2017

83

M&A FCF ROI¹⁾ NET M&A CAPEX

incl.

proceeds excl.

+367

-471 -489

~60%²⁾

~20%²⁾

~20%²⁾

DIVERSIFICATION FURTHER ADVANCED – M&A AS A KEY STRATEGIC ELEMENT

Note: Buzzbird and AdClear signed, subject to closing

1) GSA = Germany, Switzerland and Austria 2) Estimated allocation of future M&A spend to segments 84

ENTERTAINMENT

 Gain scale to become stronger partner for customers

 Strengthen distribution capabilities to monetize IP

 Internationalize MCN footprint

 Drive consolidation in GSA¹⁾region

 Seize European opportunity based on growth potential

 Capture window of opportunity for European consolidation in selective verticals

CONTENT PRODUCTION &

GLOBAL SALES COMMERCE

Drive growth within Entertainment by

 expanding services along advertising value chain

 strengthening AdTech stack

 leveraging performance-marketing- oriented technology in Addressable TV

~50 targets

~10 targets

~20 targets

exemplary exemplary exemplary

Future % of M&A spend

CO-INVESTMENTS TO ACCELERATE GROWTH IN COMMERCE AND CONTENT PRODUCTION

85

GROWTH SYNERGIES VALUATION

Co-investors contribute strategic value, potentially

assets and cash to further drive organic & inorganic growth

Growth of Commerce and Content Production leads to increasing Group synergies (i.e., media, data, content)

Co-investments to prove value creation in the past and current attractive valuation of our

businesses

FUTURE DEPLOYMENT OF CAPITAL FINANCIAL POLICY

1) Based on adjusted net income attributable to P7S1 shareholders 86

DEPLOYMENT OF CAPITAL (INCL. HISTORICAL EXAMPLES)

Bolt-on M&A

Strategic minorities

Minorities/

put option liabilities Organic growth investments

SUSTAINABLE CAPITAL DEPLOYMENT WHILST ADHERING TO OUR KEY FINANCIAL POLICY

Option to buy back shares and/or reduce gross debt

EUR

>400m

indicative future

spend

Addressable TV

Financial leverage: 1.5x – 2.5x

Dividend pay-out ratio¹⁾: 80-90%

NEW GROUP SETUP

WITH INCREASED BUSINESS FOCUS PER SEGMENT

1) Commerce segment still including weg.de/tropo held as „available for sale“ 87

ENTERTAINMENT

 Entertainment brands in TV and digital (incl. linear TV, digital entertainment

platforms, AdVoD and PayVoD)

 Integration of ad sales and media investment businesses

1

(Entertainment)

RED ARROW STUDIOS

 Portfolio of traditional and digital content production companies

 Global sales of proven formats

 International MCN

(multi-channel network)

2

(Content Production

& Global Sales)

NCG – NUCOM GROUP

 Commerce platforms across key verticals

 Cornerstone digital assets such as Parship Elite, Verivox, Jochen Schweizer, mydays and Flaconi

3

(Commerce¹⁾) P7S1 MEDIA SE

NEW REPORTING STRUCTURE STARTING Q1 2018

Note: Preliminary figures

1) Adj. EBITDA margin calculated as entity adj. EBITDA/ext. revenues 88

Reporting segment

ENTERTAINMENT CONTENT PRODUCTION

& GLOBAL SALES COMMERCE Key effects of new

reporting segments

 Combination of TV and Digital Entertainment businesses with slightly negative impact on margin¹⁾

 Largely offset by

integration of high-margin SevenVentures business

 Inclusion of Studio71 growth business with slightly dilutive effect on segment margin¹⁾

 Integration of high-margin SevenVentures business in Entertainment segment is affecting Commerce

segment margin¹⁾

in EUR m Q3 2017 LTM FY 2016 Q3 2017 LTM FY 2016 Q3 2017 LTM FY 2016

Total revenues 2,717 2,729 609 553 799 610

Ext. revenues 2,667 2,694 544 495 798 610

Int. revenues 50 35 65 58 1 1

Adj. EBITDA 886 898 39 34 128 86

Adj. EBITDA margin¹⁾ 33% 33% 7% 7% 16% 14%

ENTERTAINMENT COST SAVINGS

WILL ENABLE GROWTH INVESTMENTS

89

Consolidationof sales units (TV, Digital, Ventures etc.) Integrated teams for traditional TV & digital video

Support of key processes by technology & automation

ENTERTAINMENT COST SAVINGS

GROWTH INVESTMENTS 2.

1.

AdTechand sales adjacencies

Program grid investments with gradual shift to local content

Data and tech capabilities

1) vs. addressable cost base as of H1 2017 LTM, leading to more moderate cost development of overall Entertainment segment

Net savings of EUR

> 50 ^m

by 2019/20 ¹⁾

TRANSITION OF CURRENT 2018 FINANCIAL TARGETS

INTO MID-TERM GROWTH AND MARGIN TARGET RANGES

1) Adj. EBITDA margin calculated as entity adj. EBITDA/ext. revenues 90

Group

revenues EUR 4,506m

Group

adj. EBITDA

EUR 1,145m CURRENT

2018 TARGET M&A PRO-FORMA REVENUES Q3 2017 LTM

(disposal)

Entertainment EUR 2,686m +0-5% 30-35%

MID-TERM MARGIN

MID-TERM

GROWTH

Content Production

& Global Sales EUR 570m +5-10% 5-10%

Commerce EUR 707m +10-15% 15-20%

Group EUR 3,963m mid single-

digit % mid-20s

%

FINANCIAL OUTLOOK 2017

1) Net debt/adjusted EBITDA 2) based on adjusted net income attributable to P7S1 shareholders 91

Group revenue growth Adjusted EBITDA

Adjusted net income Financial leverage

Dividend payout ratio

mid-single digit increase (%)

slightly above prior year slightly above prior year

1.5x-2.5x

80-90%

DISCLAIMER

266

This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objectives of management and future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct.

No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward-looking statements or other information stated herein, whether as a result of new information, future events or otherwise.