Growing to the next level

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| Page 1

| October 15, 2015 |

October 15, 2015

Dr. Gunnar Wiedenfels Financials

Growing to the next level

Capital Markets Day 2015

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| October 15, 2015 |

We have shown a strong financial performance since 2009

Market cap increase

~EUR 9bn

Net debt reduction

Dividends paid Underlying net

income growth

>EUR 2.3bn

>EUR 1.5bn

>EUR 250m

Note: Market cap increase 09/2015 vs. 12/2008, net debt reduction 06/2015 vs. YE 2008, underlying net income growth LTM H1 2015 vs. FY 2008, dividends paid in 2009-H1 2015

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Continuing growth also in H1 2015 …

Continuing operations

H1 2015

Revenues

+8.6%

Recurring EBITDA Underlying net income

+14.8%

+EUR 31.0m

+12.2%

+EUR 154.9m +EUR 24.3m

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… achieving key financial milestones

Note: ProSiebenSat.1 free-float market cap rank as of Sept. 30, 2015

Key financials supporting our FY 2015 outlook and well ahead of 2018 growth targets

Positive outlook for H2 2015 and FY 2015 targets confirmed

High pay-out ratio and attractive dividend yield maintained

ProSiebenSat.1 established as high-grade borrower in debt capital market, debt maturities only in 2020/21

✔

ProSiebenSat.1 ranks no. 26 in terms of free-float market cap in

German Prime Standard ✔

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We have consistently increased revenues and recurring EBITDA

Continuing operations. LTM H1 2015 revenues EUR 3,030.5m, LTM H1 2015 recurring EBITDA EUR 878.3m

Group LTM revenues [in EUR m, %]

1.800 2.100 2.400 2.700 3.000 3.300

2010 2011 2012 2013 2014

Revenues

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

600 700 800 900 1.000

2010 2011 2012 2013 2014

Rec. EBITDA (LHS) Rec. EBITDA margin (RHS)

CAGR

+6.4%

LTM rec. EBITDA/rec. EBITDA margin [in EUR m, %]

CAGR +9.1%

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And we have accelerated recurring EBITDA growth also by adding lower-margin but strongly growing businesses

Group rec. EBITDA growth, rec. EBITDA margin [in %]

+2,7%

+6,1%

+7,2%

+8,1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2012 2013 2014 LTM H1 2015

Rec. EBITDA margin 31.6%

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Delivering above-average total shareholder return based on strong operational EPS growth over a decade

Source: Bloomberg (TSR 12/2004-09/2015), EPS ProSiebenSat.1 (2004: EUR 0.62 (211.0m shares), 2014: EUR 1.96 (213.3m shares); EPS peer group CAGR 2004-2014 market-cap weighted; Northern European peer group market including ITV, M6, MTG, RTL Group, TF1; US peer group including 21st Century Fox, CBS, Discovery Communications, Time Warner, Viacom, Walt Disney

0 100 200 300 400 500 600

2004 2006 2008 2010 2012 2014

ProSiebenSat.1 Northern European peers US peers

+4,2%

+7,3%

+12,2%

+3,6%

Northern European peer group US peer group ProSiebenSat.1

EPS CAGR based on operating/financial result EPS CAGR based on share-buybacks

Total shareholder return [indexed]

EPS growth and contribution

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Progress in the past and positive outlook allows us to raise our 2018 financial targets

Group revenue development and target [in EUR m]

1.400 1.900 2.400 2.900 3.400

Group Revenues (LTM) Initial 2018 target projection

500 600 700 800 900 1.000

Rec. EBITDA (LTM) Initial 2018 target projection CAGR: +10.6%

CAGR: +7.2% CAGR: +5.8% CAGR: +6.8%

Rec. EBITDA development and target (mid-point)

[in EUR m]

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New Group revenue growth target of EUR 1.85bn vs. 2012

Continuing operations 300

600

100

1.000

+75

+600

+175

+850

Broadcasting German-speaking

Digital & Adjacent Content Production &

Global Sales

Group

Initial 2018 target New 2018 target

375 1,200

275 1,850

Former and new 2018 financial targets [in EUR m]

New targeted Group rec. EBITDA growth 2012-2018: EUR 350m

Segment

Segment rec.

EBITDA margin profile 2018E

Broadcasting

German-speaking >30%

Digital & Adjacent 15-20%, subject to mix

Content Production &

Global Sales ≥10%

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Overview of 2018 revenue and recurring EBITDA targets

Continuing operations 1) in comparison to mid-point of initial recurring EBITDA target range

Reported Initial target New target Target change

2012

∆

2012-18 2018

CAGR 2012-18

∆

2012-18 2018

CAGR

12-18 ∆ ∆

Group revenues 2,356 +1,000 3,356 +6.1% +1,850 4,206 +10.1% +850 +85.0%

Broadcasting German-speaking 1,926 +300 2,226 +2.4% +375 2,301 +3.0% +75 +25.0%

Digital & Adjacent 335 +600 935 +18.7% +1,200 1,535 +28.9% +600 +100.0%

Content Production & Global Sales 95 +100 195 +12.7% +275 370 +25.4% +175 +175.0%

Group rec. EBITDA (lower end)

745 +200 945 +4.0%

+350 1,095 +6.6% +125

¹⁾

+55.6%

Group rec. EBITDA (upper end) +250 995 +4.9%

2018 financial targets

[in EUR m]

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We aim at approx. EUR 1.2bn revenue growth vs. H1 2015, a CAGR of ~10%

Continuing operations 1.926

182

2.108

193

2.301 335

343

677

858

1.535

95

150 246

125 370

0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000

2012 ∆ 2012-H1 2015 LTM H1 2015 ∆ H1 2015-2018 2018

Broadcasting German-speaking Digital & Adjacent Content Production & Global Sales

2,356

+674 3,031

+1,176 4,206

CAGR

+10.6%

CAGR

+9.8%

2018 financial target bridge by segment

[in EUR m]

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Positive developments in all three segments drive upgrade of 2018 targets

Broadcasting German-speaking

 Continuing growth environment in TV advertising and distribution

 Growing reach and improved monetization of new channels

 Continuing efficiency of content exploitation accross channel portfolio

Digital & Adjacent

 Gaining scale in Ventures & Commerce and Digital Entertainment business

 Further internationalization of SevenVentures business (‘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

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Including revenue contribution of recent M&A, required pro-forma CAGR amounts to 7.5%

Continuing operations, 2015 M&A includes VERIVOX, CDS, Virtual Minds, Smartstream TV and Etraveli

Apart from recent M&A, new targets are largely based on organic

revenue growth assumptions

Additional larger bolt-on M&A to provide upside to 2018 revenue and recurring EBITDA targets

2.108 2.301

677

231

945

1.535 246

370

0 1.000 2.000 3.000 4.000

LTM H1 2015 Baseline effect 2015 M&A (LTM)

Targeted growth H1 2015-2018

2018 target

Broadcasting German-speaking Digital & Adjacent Content Production & Global Sales

4,206

3,031

CAGR H1 2015-

2018:

+7.5%

2018 financial target bridge

[in EUR m]

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We create value through M&A by applying our synergy playbook

1) Recurring EBITDA w/o airtime 2) static investment return calculated as FCF 2015E w/o airtime attributable to P7S1 stake over cumulated fulfilled purchase price components

~ +20% ~ +5% ~ +35% ~ +70%

Mid to high single-digit Low double-digit

~ +10% ~ +5% > +50% > +20%

67.45% 100% 100% 50.1%

Ø 4.9x EV/rec. EBITDA

¹⁾

Δ ~ -2%pts Δ ~ +10%pts Δ ~ +30%pts Δ ~ +25%pts

Current stake Revenue growth

(LTM CAGR closing date-H1 2015)

Market growth

(CAGR 2013-2015E)

Recurring EBITDA

¹⁾

margin

(closing-LTM H1 2015)

Investment return

²⁾

(2015E)

Implied acquisition multiple

(H1 2015 LTM)

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Digital & Adjacent segment is expected to generate >EUR 1.5bn in revenue and ≥EUR 280 in recurring EBITDA in 2018

Digital & Adjacent revenues [in EUR m]

335

677

935

1,535

0 300 600 900 1.200 1.500

2012 Actuals LTM H1 2015 Initial 2018 target

New 2018 target

85

139

187

280

0 100 200 300

2012 Actuals LTM H1 2015 Initial 2018 target

New 2018 target

Implied rec. EBITDA

CAGR 2012-18

+22%

Digital & Adjacent rec. EBITDA

[in EUR m]

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Significant debt capacity secured at attractive terms to finance growth priorities within leverage target range

1) Interest expenses from borrowings including finance leases and related financial charges

Debt structure/maturities [in EUR m]

700

April 2020 April 2020

1,400

April 2021

Term

Loan

(undrawn)

RCF Notes

600 600

New Term

Loan

April 2020

Overall term debt incl. existing notes now EUR 2.7bn - sufficient funding to implement our mid-term growth plan EUR 600m RCF to cater for working capital and

seasonal needs – undrawn at YE 2015

Debt maturities only in 2020/21 – to be extended at appropriate point in time

Current attractive funding terms leading to

~EUR 85m p.a. financing costs

¹⁾

in 2016-18

New EUR 700m term loan (bullet) closed in mid

October 2015

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Confirmation of our financial policy and acquisition strategy

Continuing operations 1) Net debt/LTM recurring EBITDA 2) Based on underlying net income

Financial leverage target range

¹⁾

1.5-2.5x

Dividend pay-out ratio

²⁾

80-90%

Acquisition strategy smaller/larger bolt-on

and media investments

✔

Maintaining a solid financial profile is a key element of our growth strategy

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Summary and comparison of former and new financial targets

Continuing operations 1) 2012-2018

Initial 2018 target New 2018 target

Group revenues EUR 3,356m EUR 4,206m

Share of TV advertising revenues ~60% ~50%

Group revenue growth vs. 2012 +EUR 1,000m +EUR 1,850m

Group revenue CAGR

¹⁾

+6.1% +10.1%

Rec. EBITDA growth vs. 2012 +EUR 200m/250m +EUR 350m

Rec. EBITDA CAGR

¹⁾

+4.0%/+4.9% +6.6%

Underlying net income

¹⁾