Growing to the next level

| Page 1

| October 15, 2015 |

October 15, 2015

Growing to the next level

Capital Markets Day 2015

Thomas Ebeling Keynote

| Page 2

| October 15, 2015 | | Page 2

| October 15, 2015 | Note: all audience shares target group A14-49, 9M 2015

Leading audience share

>29%

Success of small channels

Σ 3.9%

share

Key strategic M&A deals

New commerce verticals

Beauty & Accessories

Online Comparison

Distribution deals

Lighthouse productions

International footprint of MCN

#1 GER

#5 Global

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| October 15, 2015 | | Page 3

| October 15, 2015 |

… and introduce new strategic elements and topics today …

“String of Pearls”

M&A strategy

New advanced sales offerings Enhanced

vertical strategy

Distinct positioning

of small channels Own Ad Tech

ecosystem

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| October 15, 2015 | | Page 4

| October 15, 2015 |

We have delivered multi-year

financial and operational outperformance We maintain

leading positions in the German- speaking TV and online video

business We are strongly

positioned in our growing core TV market and in dynamic digital markets

We expect to exceed our initial EUR 1bn 2018 revenue growth target

Share price increase and attractive dividends

Dual approach

Market leader

Growth path

Financial

outperformance

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| October 15, 2015 |

External revenues

We grew dynamically in H1 2015 …

H1 2014

+155 (+12%)

H1 2015

1,272

1,427

[in EUR m]

Rec.

EBITDA margin of

27.3%

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| October 15, 2015 | | Page 6

| October 15, 2015 |

Content Production

& Global Sales

+EUR 43.3m

Revenue growth vs. H1 2014

Broadcasting German-speaking

Distribution TV advertising

+3.4% +28.7%

+EUR 45m +4.7%

Digital & Adjacent

Ventures &

Commerce

Digital

Entertainment Adjacent

+37.2% +18.0% +9.1%

+EUR 66.6m

+26.1% +76.5%

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We have continuously grown since 2009 …

Note: CAGR calculated based on annual growth rates of continuing operations at the time [in EUR m]

2013

+8.6%

2014

2,876 3,031

H1 2015 LTM

1,921

2009

2,051

2,605 2,356

2,199

2012

2010 2011

External Group revenues

| Page 7

CAGR:

| Page 8

| October 15, 2015 | | Page 8

| October 15, 2015 | Note: CAGRs calculated based on annual growth rates of continuing operations at the time

+8.6%

Revenues (CAGR 2009 - LTM H1 2015)

Recurring EBITDA (CAGR 2009 - LTM H1 2015)

Recurring EBITDA margin (LTM H1 2015)

Underlying net income (CAGR 2009 - LTM H1 2015)

Net debt reduction (2009 - LTM H1 2015)

Financial leverage (June 30, 2015)

+10.9%

+29.0%

+28.6%

EUR

1.5bn 2.0x

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| October 15, 2015 |

How we strengthen our TV

position

2

How we build our Group

strategy on key industry trends

1

How we take D&A to the next level

3

Our strategy

2

How we

broaden our production footprint

4

What is our financial outlook?

5

Outlook

1 3 4 5

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| October 15, 2015 |

Key industry trends are influencing our businesses …

Growing TV viewing share of

best agers

Tech & data as new key success factors Disintermediation

of key steps in our value chains

Fragmentation of channels &

platforms

Global platform- driven players entering the market Changing TV

and online viewing habits

Increasing convergence of TV and digital commerce

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| October 15, 2015 |

… on which we base our strategic objectives …

Industry trend Our strategic objectives

1 2 3 4 5

Global platform players Build new platform-driven digital verticals Convergence of TV

& digital commerce Further connect TV and our digital commerce platforms

Tech & data Build own programmatic ecosystem with acquired Ad Tech stack Disintermediation Integrate along the TV and online video value chain

Fragmentation Expand our reach through new distribution platforms

Best ager Establish specific products/services for elderly target group Changing viewing habits Become a local and global video entertainment player

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| October 15, 2015 |

Broadcasting

German-speaking Digital & Adjacent Content Production

& Global Sales

… translated into our segment strategies

Optimize portfolio value through M&A Strengthen and expand our

leading TV position with broader reach and leverage synergies with digital

Build leading local and international digital commerce verticals &

entertainment platforms

Become a leading global content producer/distributor

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| October 15, 2015 |

Capture CPM upside potential through premium pricing

Build reach and revenue streams through new distribution platforms Follow 360° sales approach covering the entire value chain

Attack print, radio and outdoor – national and regional Grow audience share with existing and new channels

TV growth plan at a glance

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1 2 3 4 5

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| October 15, 2015 |

Digital & Adjacent growth plan at a glance

Become a global digital entertainment player

Secure top 3 PayVoD position through distribution deals Enter new adjacent segments and digitize business

Accelerate growth through strategic M&A moves Continue to build and grow new commerce verticals

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Content Production & Global Sales growth plan at a glance

Continue to build scale across key markets (e.g. English-speaking) and genres Extend US scripted, reality and factual portfolio

Targeted strategic content production partnerships

1 2 3 4 5

Continuously optimize portfolio

Expand own digital production capabilities and output

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M&A growth plan at a glance

Accelerate build-up of digital commerce verticals by leveraging our TV power Expand Digital Entertainment business globally

Continue to build (US) content/production footprint

No transformative acquisition or merger currently contemplated

Continue “String of Pearls” strategy with smaller and larger bolt-on acquisitions

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| October 15, 2015 |

How we strengthen our TV

position

2

How we build our Group

strategy on key industry trends

1

How we take D&A to the next level

3

Our strategy

2

How we

broaden our production footprint

4

What is our financial outlook?

5

Outlook

1 3 4 5

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| October 15, 2015 |

Audience share (A14-49)

[9M, in %]

Best 9 months ratings performance in the last ten years …

28.3

27.9 27.9

28.6 28.6 28.6

27.7 27.6

28.4

29.5

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

| Page 18 Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h; P7S1 w/o N24 & w/o

9live, sixx since Feb. 1, 2011, SAT.1 Gold since Jan. 17, 2013, ProSieben MAXX since Sept. 3, 2013 Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland

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… with a clear lead over key competitor

1) Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h; RTL Mediengruppe w/o RTL II minority; Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland 2) Gross values; Source: Nielsen/SevenOne Media, Sales Steering & Market Insights

| Page 19

1 2 3 4 5

Audience share¹⁾

29.5

24.5

[9M 2015, in %]

33.3 44.5

[9M 2015, in %]

Share of advertising²⁾

%pts %pts

∆

+11.2

∆

+5.0

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The German TV market remains strong …

High quality content typically available on FTA TV

Lower Pay TV penetration, limited willingness to pay

Online video consumption incremental to TV viewing

TV viewing expected to remain stable in the coming years

Studio contracts with supporting rights (incl. holdbacks)

Windowing and preference for German language protect FTA TV and drive reach as well as monetization

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… and TV is by far the leading medium

Basis: TV viewers 3+; Internet users 2+; March 2015

Source: AGF in cooperation with GfK/TV Scope/Nielsen Netview/B4P/SevenOne estimates

1 2 3 4 5

Monthly net reach & usage duration

Usage (hrs/month) 50%

Monthly net reach 100%

120 100

80 60

40 20

0

Internet

Private TV Total TV

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| October 15, 2015 |

Daily TV and video consumption¹⁾

[Ø daily video viewing in minutes]

TV related consumption with increasing potential until 2020 …

1) Basis: All German TV households (Germany + EU) Source: AGF in cooperation with GFK, SOM projection

• Online video usage is incremental to TV related consumption

• We have already captured the online eyeballs with our strong Digital Entertainment portfolio and are well prepared for potential changes in video consumption

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177 171

50 31 38

217 9

2015E 2020E

259

117 98

60 29 33

2020E

187

2015E

162 12

Ad target group (A 14-49) Young segment (A 14-29)

+12%

TV related -2%

TV related [Ø daily video viewing in minutes]

Classic linear TV Online TV related

(streaming & catch-up)

Online non-TV related

(including PayVoD)

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… supported by low penetration of alternative offerings …

1) DE ProSiebenSat.1 Distribution (2015E); USA SNL Kagan (2015E); UK ofcom International CMR 2014 (2013); NORDICS Digital TV Research (2014E) 2) DE VPRT Jahresbericht Pay-TV in Deutschland 2015 (2014) USA SNL Kagan 2015 (2014) UK ofcom International CMR 2014 (2013) NORDICS (*SWE only) ofcom International CMR 2014 (2013) 3) DE AGF TV Scope (Q1 2015) USA Nielsen (Q1 2015) UK Thinkbox Annual Review 2014 (2014) NORDICS FIN Finnpanel Oy, TAM 2014 (2014) NOR TNS Gallup TV-meterpanel (2014) 4) DE P7S1 Analysis, YTD 08/2015, based on Goldmedia, GfK, forsa, PWC, IHS, Ampere Research; USA Nielsen Total Audience Report Q2 2015; UK ofcom CMR UK 2015 Q1; NORDICS eMarketer (2014) 5 & 6) TNS Google The Connected Consumer Survey 2014/2015 (2014) 7) AKAMAI Q1 2015

Pay TV penetration¹⁾ 20% 85% 53% 86-96%

Monthly spend per Pay TV

household²⁾ USD 25 USD 95 USD 96 USD 33*

Share of time shifted

usage (vs. live TV)³⁾ 2% 11% 14% 5-7%

SVoD penetration⁴⁾ 7% 45% 22% 32-69%

Connected TV

penetration⁵⁾ 32% 30% 41% 31-43%

Daily online video usage⁶⁾ 21% 32% 33% 26-33%

Low penetration of pay offerings and alternative video technologies strengthen the position of linear Free-TV in Germany compared to other countries

Share of broadband

connections >15 Mbps⁷⁾ 14% 22% 24% 25-35%

1 2 3 4 5

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… and distinct characteristics of the German TV market

Ad break intensity High intensity – no ad break regulations

(15-20 min/h) Low intensity – highly regulated

(max. 12 min/h) Channel

fragmentation

High fragmentation – premium TV package incl. >300 channels

Less fragmentation –strong lighthouse channels

Content quality in Free-TV

High-quality & top sport content not in basic TV service – Pay TV a ”Must Have”

>50 high/good quality channels in FTA TV with top US & sport content

Language Dubbedversion preferred English language preferred Studio contracts FTA TV with strong negotiation position Broad syndication model

with supporting rights (incl. holdbacks)

Windowing FTA TV widely protected vs. VoD Parallel windowing of top content

Distinct characteristics of the German TV market secure dominant position of Free-TV compared to the US

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| October 15, 2015 | | Page 25

| October 15, 2015 | 1) Media usage 2014 (n = 1,501); based on Adults 14+ years; forsa, SevenOne Media

2) Magna Global (June, 2015), TV incl. Multichannel/Pay TV, Online including search (incl. Google) & other (incl. Facebook)

TV usage share¹⁾ clearly higher than print …

37%

4%

Print usage TV usage

… while TV advertising share²⁾ still lagging behind

37%

Print advertising

22%

TV advertising

1%pt increase in media mix equals ~EUR 60m net TV ad revenues for P7S1

1 2 3 4 5

[share of usage, in %] [net share of advertising, in %]

TV usage share above print while TV ad share lagging behind …

%pts

∆

+33

∆

-15

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| October 15, 2015 |

… which strongly differs from media mix in other countries

Source: Magna Global (Jun, 2015), TV incl. Multichannel/Pay TV, Online including search & other

Share of advertising: TV vs. print 2014

[in % of total media]

TV PRINT

22

31

53

38

28

40 39 45

37 36

21 15 19 17 16

12

20 21

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| October 15, 2015 |

National Regional Not directly

addressable²⁾

We see an addressable EUR 2.7bn print ad spending potential

1) Newspapers and magazines only; excl. professional magazines and direct mail 2) Not directly addressable: B2B, classifieds, tobacco, etc.

Source: Nielsen Media Research (2014)/SOM Market Insights

Gross print ad spendings 2014¹⁾

[in EUR bn]

National:

Core TV potential Regional:

TV & digital potential 1.1

1.6 2.7

| Page 27

3.2

2.2 2.9

Total:

8.3

1 2 3 4 5

Addressable net print potential (at 50% yield)

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| October 15, 2015 |

Our strategy aims to strengthen & expand our leading position …

Key market dynamics Our strategic priority Linear TV with stronger position in

Germany than in most other markets

Still comparably high print ad share in Germany

TV and digital remain complementary but with increasing convergence

Defend and broaden our core TV business

Gain advertising business from print with TV

Exploit synergies between TV and our digital business

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| October 15, 2015 |

… and translates into five priority actions

Broaden

channel portfolio

Attack

print

Secure top

content

| Page 29

Drive

distribution

and panel coverage

Maximize

synergies

with digital

| Page 29

1 2 3 4 5

| Page 29

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| October 15, 2015 |

Content: Multi-year deals secure our program beyond 2019

Key TV program already secured beyond 2019

Examples

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| October 15, 2015 |

Channel portfolio: We have broadened our positioning …

1) Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland

1 2 3 4 5

9M 2015 audience shares¹⁾

Grow small channels

1.4% 1.4% 1.1%

Broaden core channels

10.9% 9.4% 5.3%

Increase female share Become younger Increase relevance

Focus on female Strengthen elder female Become broader

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| October 15, 2015 |

… and continue to launch new small channels

Families & mainstream middle class

Innovative low cost,

mono-thematic channels for stable target groups that are attractive for advertisers

Approach Target groups

Elderly/best agers

Females

Less digital Millennials

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| October 15, 2015 |

Existing solution: Cable spot overlay National spots with regional discount SAT.1 regional windows

HbbTV 1.0 non-spot products HbbTV 2.0 spot overlay

IPTV spot overlay (cooperation req.) Mobile live stream targeting (e.g. 7TV)

Attack print: We are able to address regional potential of print

Long-term Short-term

Potential ban 2016 Levers to address regional potential

1 2 3 4 5

HbbTV pricing upside potential

due to print &

individual TV targeting





















 





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| October 15, 2015 |

HD Mobile

Distribution: We maximize the value of our program offering

Windowing Reach Monetization

Increased reach through new technologies and devices Optimized windowing along

entire value chain

First time monetization of terrestrial HD distribution (2017) Catch up/

archive

Live TV Teaser Full preview

Connected TV

+ +

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| October 15, 2015 |

Synergies: TV is the key enabler for our digital businesses

High potential for product bundles and cross-promotion

>60k hrstop US studio content and exclusive local content

Direct shoppingthrough “clickable”

Smart TV/HbbTV

Content Cross- promotion TV ad space at no additional cost Advertising

Sales channel

Shared customer data & insights Data

1 2 3 4 5

TV Dig. Entertainment

 





Ventures & Commerce





 

| Page 36

| October 15, 2015 | | Page 36

| October 15, 2015 |

How we strengthen our TV

position

2

How we build our Group

strategy on key industry trends

1

How we take D&A to the next level

3 2

How we

broaden our production footprint

4

What is our financial outlook?

5

1 3 4 5

| Page 37

| October 15, 2015 | | Page 37

| October 15, 2015 |

PayVoD Games

AdVoD Travel

vertical

New verticals Ventures

Adjacent Digital Entertainment

Ventures & Commerce

Music, Artist Mgmt., Live, Licensing

Digital & Adjacent Market position

#1 #4

Top

5

#2

Top

5

Top

5

#1

#1

#2

#1

Beauty & Accessories

#1

#1

#1

#1

Online Comparison

Other assets Top

5

Top

3⁴⁾

Top

3⁵⁾

#1

#1²⁾

#1³⁾

Top

3

#2

#1

Leading German media VC investor

(M4R/E)

Video Innovation Hub

7NXT

New

#1

#1¹⁾

1) Etraveli is the #1 flight player in the Nordics; Etraveli signed with envisaged closing in Q4 2015

2) Studio71 is #1 MCN in Germany, together with CDS top 5 globally 3) Yieldlab is #1 Premium SSP in DACH 4) SVoD market Germany, according to Forsa 5) Mobile and PC games publishers in Europe, excluding direct publishing by developers, P7S1 estimates

| Page 37

We maintain leading positions with our D&A assets

1 2 3 4 5

| Page 38

| October 15, 2015 | | Page 38

| October 15, 2015 |

In Ventures & Commerce we continue our success story

1) Source: eMarketer

E-commerce market growing double-

digit globally¹⁾ We continue to

invest with M4R/E

and in Lead Gen assets, to build new verticals in the most attractive markets, and grow these verticals in Germany and internationally with our platforms and M&A International platform-driven players

entering German market

New local digital markets emerging, e.g. for health or food products

Key market dynamics Our strategic priority

| Page 39

| October 15, 2015 | | Page 39

| October 15, 2015 |

We optimized our four phase approach to build verticals …

1 2 3 4 5

Testmedia fit of markets with M4R/E

Understand markets with asset-light invests

Buildverticals based on phase 1 and 2 learnings

Expandmost promising verticals internationally

M4R/E Lead Gen

International Vertical

Key criteria for vertical selection:

• Synergies with TV

• Structural market growth

• Attractive margins

• Synergies with existing verticals

• Low likelihood of disruptive forces Example: Phases of Travel vertical

40

countries

| Page 40

| October 15, 2015 | | Page 40

| October 15, 2015 |

… and have proven that our vertical strategy creates synergies …

1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs Note: Etraveli signed with envisaged closing in Q4 2015

We generate more revenues and cost savings with inter- and intra-vertical synergies compared to standalone businesses

Marketing excellence (CRM, SEO, SEA)

Shared services (e.g. HR, Finance, Legal) Cross-unit data management

Joint WKZ initiatives (ad allowance) Cross-vertical lead gen and traffic push Example:

Travel vertical

>25%

contribution to revenue growth¹⁾

>35%

contribution to rec.

EBITDA growth¹⁾

15%

contribution to total rec. EBITDA¹⁾

| Page 41

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| October 15, 2015 |

… therefore we take our vertical strategy to the next level

1 2 3 4 5

Focus on selected profitable market segments vs. “cover everything”

Segment focus

Create new revenue streams by bundling video, social and commerce (e.g. through new video innovation hub 7NXT)

Blended offerings

Broaden commerce portfolio with own exclusive offline brands/products

Own brands

Establish multiple

distribution platforms for attractive brands

New sales platforms

| Page 42

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| October 15, 2015 |

In online video we further strengthen our position …

Key market dynamics Our strategic priority Video entertainment is becoming a

local and global market (YouTube, Facebook)

Advertising targeting is shifting from context buying to audience buying

Global players (Netflix, amazon) are pushing into the German SVoD market

We build a global video player with key content verticals

around Studio71 and CDS, create an Ad Tech stack to broaden AdVoD business, and secure our national PayVoD top 3 position via distribution

| Page 43

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| October 15, 2015 |

We create an own Ad Tech stack along the programmatic value chain

We secure our top 3 SVoD position through

distribution deals We build the

foundation for further global MCN expansion

… through global expansion, Ad Tech and distribution …

1 2 3 4 5

| Page 44

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| October 15, 2015 |

… growing our total video views further

1) Video Views of P7S1 AdVoD platforms and mandates

2) Collective Digital Studio video views pro forma (deal closed in Q3 2015)

P7S1 total video views Germany¹⁾

[in bn]

H1 2014

+47%

1.8

H1 2015

2.6

Mandate Mandate Mandate

+9bn

Collective Digital Studio²⁾

| Page 45

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| October 15, 2015 |

We accelerate our growth with a “String of Pearls” M&A strategy

1 2 3 4 5

We will continue our “String of Pearls” strategy of bolt-on acquisitions and opportunistic lighthouse deals to grow our commerce and entertainment business

Commerce examples

…

Entertainment examples

…

Bolt-on acquisitions accelerate our growth in national and international markets

Attractive shareholder value creation potential for us through synergies with TV and our verticals Approach also includes joint deals with partners (e.g. VC funds) to secure most attractive assets

| Page 46

| October 15, 2015 | | Page 46

| October 15, 2015 |

Summary: In D&A we focus on five priority actions

Strengthen Ad Tech

footprint

Become a global online entertainment

player

Leverage TV and vertical

synergies

Continue

“String of Pearls”

M&A strategy Build & grow

further commerce

verticals

| Page 47

| October 15, 2015 | | Page 47

| October 15, 2015 |

How we strengthen our TV

position

2

How we build our Group

strategy on key industry trends

1

How we take D&A to the next level

3

Our strategy

2

How we

broaden our production footprint

4

What is our financial outlook?

5

Outlook

1 3 4 5

| Page 48

| October 15, 2015 | | Page 48

| October 15, 2015 |

Red Arrow has been showing continuous growth

Red Arrow has been on an aggressive growth trajectory …

[external revenues, in EUR m]

… while establishing a global footprint

2014

2012 H1 2015

LTM 2013

2010

CAGR +90%

2011

14

38

95

124

202

246

| Page 49

| October 15, 2015 | | Page 49

| October 15, 2015 |

Content production

1 2 3 4 5

Key market dynamics Our strategic priority Fragmentation of demand side –

more smaller channels and digital/

OTT platforms

“Golden age of scripted” – high

demand for English-language fiction content

Online market highly active, yet still experimental

Create and own rights of

“traveling” formats to maximize return across channels/platforms

Expand US scripted catalogue

Build online production and sales capabilities

| Page 49

| Page 50

| October 15, 2015 | | Page 50

| October 15, 2015 |

How we strengthen our TV

position

2

How we build our Group

strategy on key industry trends

1

How we take D&A to the next level

3 2

How we

broaden our production footprint

4

What is our financial outlook?

5

1 3 4 5

| Page 51

| October 15, 2015 | | Page 51

| October 15, 2015 |

We continued our strong financial performance in H1 2015 …

1 2 3 4 5

Double-digit underlying net income growth rate above revenue and rec. EBITDA increase Strong rec. EBITDA increase

Continued double-digit revenue growth

+14.8%

+12.2%

+8.6%

H1 2015 vs. H1 2014

| Page 52

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| October 15, 2015 |

… and confirm our positive outlook for 2015 …

High single-digit Group revenue growth

TV ad performance in line with positive net TV ad market Digital & Adjacent with double-digit revenue growth

Rec. EBITDA & underlying net income above prior year

 

 

| Page 53

| October 15, 2015 | | Page 53

| October 15, 2015 |

… driven by positive development in all segments

Broadcasting German-speaking

• Continuing growth environment in TV advertising anddistribution

• Growing reach and improved monetization of new channels

• Continuing efficiency of content exploitation across channel portfolio

Digital & Adjacent

• Gaining scale in Ventures & Commerce andDigital Entertainment business

• Further internationalizationof SevenVenturesbusiness (“importer of choice”)

• Leveraging TV power, vertical synergies and scale of commerce portfolio

Content Production & Global Sales

• Broadening footprint in English-speaking markets

• Increasing benefits from traveling formats and returning shows

• Growing scripted and non-scripted catalogue through content investments

1 2 3 4 5

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| October 15, 2015 | | Page 54

| October 15, 2015 |

We already achieved our current 2018 targets to a high degree …

1) 2018 target has already been exceeded

2012-18 revenue growth target, degree of achievement

[achievement based on H1 2015, in EUR m]

343

674 182

Broadcasting German-speaking

Digital & Adjacent

600 300

Content Production

& Global Sales

1,000

150¹⁾ 150%

Achievement by H1 2015 Current CMD 2018 target

57%

61% 67%

Target achievement in %

100

Current rec. EBITDA growth target:

EUR

200-250m

| Page 55

| October 15, 2015 | | Page 55

| October 15, 2015 |

… and therefore raise our revenue & rec. EBITDA growth targets

1 2 3 4 5

300 600

+175 +75

1,200

+850

1,000

100 375

275

1,850

+600

CMD 2018 target increase Initial CMD 2018 target

2012-18 revenue growth target increase

[in EUR m]

Broadcasting German-speaking

Digital & Adjacent Content Production

& Global Sales

New rec. EBITDA growth target:

EUR

350m