Investor Presentation

September - October 2010 TF1 GROUP

Pay TV Advertising Diversification Audiovisual Broadcasting Free Channels Production (()France) adggyency & Internet rights international

2 Multi-channel offer reaches maturity

Over 4 year olds

MULTI-SHARE SHARE

100% 91% 93% 88% 90% 86% 82% 85%

80% 78% 74% 70% 70% 65% 60% 60% 55% 51% Terrestrial switch-off by region since 50% 45% February 2010: 39% - February 2010: Alsace 40% 33% - March 2010: Lower Normandy - May 2010: Pays de la Loire 28% 30% 25% 26% - June 2010: Brittany 23% 21% 20% End of switch -off: November 2011 10%

0% -08 -09 -09 -10 -10 -01 -02 -03 -04 -05 -06 -07 -07 -08 t-08 t-09 t-07 r-09 r-10 r-07 r-08 y y y y y y y y n n n n n n n n n n n n n n n n n n n n c c c c c c O O O Ap Ap Ap Ap Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Jul Jul Jul Jul

Source: Médiamétrie 3 TF1, an European leader

Audience share (in %) of leading European channels Gap between each leader on their own national territories in 2010 and its challenger

Leader TF1 24.6% 828.2 pts Challenger France 2 16.4%

Leader BBC 1 20.8% 4.4 pts Challenger ITV1 16.9%

Leader Das 1 13.8% 0.6 pt Chall enger ZDF 13.2 %

Leader TVE1 16.6% 1.4 pt Challenger TlTele 5 14.9 %

Leader Rai 1 21.3% 1.8 pt Challenger Canale 5 19.5 %

SOURCE : Médiamétrie – 2010, 4 years and over + / Eurodata TV Médiamétrie – 2010, 4 years and over (January/August) / Eurodata TV – Relevant Partners , individuals. (January/July for UK, Germany, Spain & January/June for Italy) 4 Key figures in first-half 2010

of the top 50 audience ratings

market share, individuals share, women<50

million TV viewers on prime-time Prime-time programmes: 54 with more than 8 million TV viewers 18 with more than 9 million TV viewers 6 with more than 10 million TV viewers of leading evenings, individuals*

* Leading evenings for entire TF1 prime time Source: Médiamétrie – Médiamat – Jan.–Aug. 2010 5 TF1, 1st French TV Channel (on individuals – 4 years and +)

Audience share 4 years and + (in %)

Change. vs Jan.–Aug. 2009 -6%-2% -11%-3% - 4% -4% + 32%

Jan. - Aug. 2009 Jan. - Aug. 2010 24,6 26,3

19, 2 16,4 16,8 12,3 14,5 10, 8 10, 4 12,8 12,1 10,8

2,9 3,0

TF1 F2 F3 C+ M6Whole Ch. Pay. paying Whole Ch. TNT DTT channels channels

SOURCE : Médiamétrie – Médiamat – Jan.–Aug. 2010 6 TF1, 1st French TV Channel (on advertising target)

Audience share on Women below 50 (in %)

Change. vs Jan.–Aug. 2009 - 6%-5% - 10%-7% - 5% + 1% + 30%

28, 1 29,9 Jan. - Aug. 2009 Jan. - Aug. 2010

20,6

16,4 17,3 15,8 12,2 11,8 12,9 11,7 6,2 6,9 2,5 2,7

TF1 F2 F3 C+ M6Whole Ch. Pay. paying Whole Ch. TNT DTT channels channels

SOURCE : Médiamétrie – Médiamat – Jan.–Aug. 2010 7 TF1 makes progress in prime-time in 2010

Prime-time TV viewers (in million)

Change. vs Jan.–Aug. 2009

+0,1m -0,1m -0,1m -0,1m -0,1m +1,1m

6,2 m Jan. - Aug. 2009 Jan. - Aug. 2010

6,2 m

4,2 m 3,5 m 363,6 m 3,0 m 2,6 m 3,3 m 3,1 m 2,8 m 2,2 m 2,2 m

TF1 F2 F3 M6Whole Ch. Pay. paying Ch.Whole TNT DTT channels channels

Prime time : 8.45 pm - 10.30 pm SOURCE : Médiamétrie – Médiamat – Jan.–Aug. 2010 8 Improved performance in 7pm – 1am slot

TF1 audience share

4 years and over Women <50< 50

+ 2.8 pts +3.8 pts

31.9% 24. 6% 27. 4% 28. 1%

Whole day 7pm - 1am Whole day 7pm - 1am

+ 8.2 pts + 12.2 pts + 11.7 pts + 13.5 pts vs challenger vs challenger

SOURCE : Médiamétrie – Médiamat – Jan.–Aug. 2010 9 An investment in DTT to strengthen on our core business

3.2 National audience share (in %) 2.9 2.2 Jan. – Aug. 2010 1.9 1.9 1.6 1.5 0.8 101.0 4 years and + 0.7

Direct 8 W9 TMC NT1 NRJ12 F4 BFM TV I.Télé Virgin 17 Gulli

3.9 3.5 Women < 50 2.5 2.2 1.7 1.7 1.4 1.3 0.7 0.5

Direct 8 W9 TMC NT1 NRJ12 F4 BFM TV I.Télé Virgin 17 Gulli Jan.- June Jan.- June

OUR COMMITMENTS

‣ FACILITATE RIGHTS CIRCULATION IN THE MARKET & ‣ LIMIT REPEATS WITHIN THE GROUP CHANNELS WITH ‣ NO CROSS-PROMOTION FOR TMC AND NT1 ON TF1 WELL-DEFINED EDITORIAL IDENTITY

‣ SEPARATE ADVERTISING DEPARTMENTS 2 ADVERTISING DEPARTMENTS TO + APPOINTMENT OF AN INDEPENDENT REPRESENTATIVE SATISFY A BROAD CUSTOMER PANEL

SOURCE : Médiamétrie – Médiamat – Jan. – Aug. 2010 10 Television number-one media investment in 2010

January-June 2010 - Pick-up in gross multimedia investment with strong contribution from TV - DTT investments as dynamic as ever

+17.3% +7.5% 3,821 TV 3,633 Historical channels: +13.3% € million DTT: +38.4% Free-to-aiTVir TV: +18. 6% CabSat: +6.1% +11.5% na* 1,890 +9.6% 1,550 1,379 +10.1% 86

Market share 30.9% 29.4% 15.3% 12.5% 11.2% 0.7%

SOURCE : Kantar Média - gross data - *Difference with 2009 cannot be measured due to change in method in 2010 11 Only TF1 can offer this much power Janv-Avril 2010 – Fem RDA < 50 ans With 33 million TV viewers every day, TF1 remains the only mass media a vital advertising criterion in a fragmented audiovisual sector

Breakdown of ad slots by audience type. 4% 1% Women<50 2% 7% First-half 2010 7% 23% 25% 37% 83% 93% 33% 77% + 6pts +2+ 2p tts vs 2009 60% vs 2009 3% 31% 10% 2% 2%

TF1 DELIVERS MORE THAN 90% OF THE POWERFUL AD SLOTS, UP 6 PTS ON 2009

Source: Médiamétrie – year-to-date 4-plus audience,H1 2010 vs 2009 – Mediaplanning files March-April 2010 – Kantar Média – CT/GRP for Women<50 12 : number-one multi-platform division

RADIO CLOSENESS / TRAFFIC EMERGENCE POWER EMERGENCE EVENTS-BASED

…

LES IndÉpendAnts: leading advertising ENTERTAINMENT offer for 25-49 yrS oldsClose to 8 million listeners a day DIGITAL MOBILE REEL LIFE ADVERTISING THEME WEB LIFE ADVERTISING AFFINITY / CLOSENESS / ONE TO ONE / TARGETING INTERACTIVITY INTERACTIVITY AD-SLOTS INSERTS

UNIFYING GENERAL-INTEREST ENTERTAINMENT NEWS MÉDIA BRANDS RICH SPONSORING .fr .fr PRODUCT PLACEMENT TV INTERACTIVE

MEN / AB+ WOMEN / YOUTH MY TF1 SPORT WOMEN OPERATOR PORTALS YOUTH SEGMENTATING TF1 CONSO .fr

TF1 Pub: no. 3 mobile advertising entity in YOUTHSSE fast-growth market (+30% vs 2009) CHILDREN / MOTHERS AB+ TF1.fr: Highly attractive Channels at TF1 Advertising agency : close to video-based advertising 13 million individuals exposed in one weekTV Breizh, 1st pay TV channel among W<50

SOURCE : Médiamétrie 126,000 Radio – Apr-June 2010 – Monday-Friday – 5 am to midnight – Target:13 yrs olds + Médiamat’Thématik, 2010 Mar 01 – june 20 - Mobile: H1 2010 vs 2009 based on 5 responding ad entities 13 2 new free-to-air channels: TMC and NT1

3.7% audience share in August 2010 for the 4-plus 1.6 % audience share in August 2010 for the 4-plus demographic demographic

3.9% audience share in August 2010 for housewives 1.5% audience share in August 2010 for housewives under 50 in charge of household spending under 50 in charge of household spending 2009 sales = €25 million Audi ence recor d: 1.7 milli on (January 2010) 2009 operating profit = €0 million 2009 sales = €65 million 2009 operating profit = €15. 5 million

RECONFIGURING OUR FREE-TO-AIR CHANNELS SOURCE : Médiamétrie – Médiamat 14 Review of 2010 FIFA World Cup

Strong audience ratings all-round: Success of Group sites: - 15.2 m for France-Mexico at 8 pm - 10 m videos watched on dedicated site - 8.4 m for France-South Africa at 4 pm - 4.7 m on average for “Le Mag” World Cup - 31 m unique visitors show - 250,000 iPhone app downloaded Overall: 40% of over 4 yr olds and 7.1 m of TV viewers on 27 matches - 334,000 bets on EurosportBET and 39% of over 4 yr olds and 8.9 m for prime-time 40,000 registered users matches 9 matches with more than 8 m TV viewers

Globally positive event for the Group in terms of sales: €120 m in rights: • Gross advertising sales from matches for TF1 • €33 m sold to France Télévisions and channel: €75 m (excl. sponsorship) Canal + - 98% fill rate • €17 m of provisions for capital losses • Additional sales: in 2009 - Ads before and after the World Cup • optimised production costs - On Eurosport and the web

Result: optimised rights 15 Eurosport’s outstanding geographical expansion

Broadcast IN EUROPE the biggest events Export OUTSIDE EUROPE European sport live (TV, news, Internet) and its major events (TV, news, Internet)

ASIA -PACIFIC EUROPE 5 M hhldhouseholds 4 m hhldhouseholds

120 m households 45 m households 2 languages ‐ 18 countries 10 m households 1 m households

6 m households 2 languages ‐ 5 m Unique visitors (May 10) 20 languages ‐ 59 countries 15 languages ‐ 46 countries

9 languages ‐ 12 m unique visitors (May 10)

AFRICA

LhLaunch pldlanned in Lusophone Africa in early 2011

REST OF WORLD

2 languages ‐ 2.5 m unique visitors (May 10) 16 Initiatives at all subsidiaries in all sectors

Innovative websites Redesign of WAT.TV, coupe-du-monde.tf1.fr, tf1.fr/jeux/

Successful cinema releases Camping 2, Adèle Blanc Sec, Les Invités de mon Père

Major initiatives taken at TF1 Publicité TF1 Conso...

Renewal of Discovery unit Stylia (Odyssée)

Broader territory for TF1 Games 1000 bornes…

Launch of multiple musical partnerships Christophe Mae, Mozart, Spiritus Dei

Development of e-commerce placedestendances.com

Follow-through on our product innovations TF1 HD , TF1 3D , MyTF1 , VOD, TF1 Player, Eurosport Player, Connected TV… Strong performance in new territories TF1 Production, EurosportBET, FDJ, CRM

FtifjthiFormation of major partnerships UGC, Sony, Samsung, FDJ

17 A record-breaking half-year for tf1.fr

TOTAL FOR JANUARY - AUGUST 2010 620 MILLION TF1 CATCH-UP VIDEOS WATCHED

NEWS - H1 2010 record US SERIES - H1 2010 record AUGUST 2010 109 MILLION TF1 CATCH-UP VIDEOS WATCHED

931,000 CATCH-UP VIDEOS OF 400,000 CATCH-UP VIDEOS OF LAST 1 2 17/06 NEWS PIECE WATCHED TWO EPISODES 1 PM, 8 PM, 50, 000, 000 SECRET STORY 24, 000, 000 WKND NEWS TV FILMS - H1 2010 record SPORT - H1 2010 record 1,440,800 984,000 3 YOUNG AND THE 4 MASTERCHEF RESTLESS

BIENVENUE DANS MA 6 JOSEPHINE ANGE GARDIEN 5 833,000 TRIBU 810,000

7 470, 000 SEPT A HUIT 8 445,000 WEATHER 1.5 million CATCH-UP VIDEOS CONNECTIONS TO LIVE WATCHED 750,000 COVERAGE ON TF1.FR DURING 9 335,000 PREMIER AMOUR 10 218,000 SECTION DE RECHERCHE 800,000 VIDEOS OF «CLEM, FRANCE-SOUTH AFRICA MATCH 3 ANS APRES» WEB EXCLUSIVE 11 204,000 AUTOMOTO 12 200,400 UNE FAMILLE EN OR

H1 2010 record H1 2010 record 50 MIN INSIDE FRENCH DRAMA - REALITY TV - 13 190,000 14 185,000 2010 FIFA WORLD CUP

15 180,000 UNE SOIREE DE RIRE

1.2 million CATCH-UP VIDEOS 400,000 CATCH-UP VIDEOS OF «ENNEMIS JURÉS» ON 10 MAY OF 7 MAY SHOW WATCHED

18 Build on synergies with new media: TF1 is the number one French TV media group on the web

French websites audiences in million of Unique Visitor (MUV)

TF1 7th web group TF1 1st French TV media group on the web TF1 in the lead

1 GOOGLE 34.5 MUV MEDIAS 1st at 6.8 MUV 1st at 2 MICROSOFT 25.8 MUV 16.7 MUV +8% GROUPE BLOGS 1st at 9.4 MUV 3 FACEBOOK 24.4 MUV

4 FRANCE TELECOM 22.2 MUV 11.9 MUV SPORTS 2nd at 3. 9 MUV +7% GROUPE 5 PAGES JAUNES 19.2 MUV VIDEOS 3rd at 6.0 MUV 7.5 MUV 6 PPR 17.0 MUV +8% 7 GROUP TF1 16.7 MUV 4.3 MUV YOUTH 3rd at 481 kVU

8 ILIAD 16.5 MUV +37% WOMEN 4th at 2.2 MUV 9 YAHOO ! 16.2 MUV July 2009 July 2010 NEWS th 10 VIVENDI UNIVERSAL 15.8 MUV 11 at 3.3 MUV

Source: NNR Médiamétrie Panel July 2010 « MUV »: Million of Unique Visitors (Internet user) 19 FINANCIAL INFORMATION

20 Advertising revenue

€m H1 2009 H1 2010 Var. €m Var. %

Consolidated revenue 1,130.1 1,284.6 + 154.5 + 13.7%

Advertising revenue TF1 channel 686.5 764.6 + 78.1 + 11.4%

Diversification revenue 443.6 520.0 + 76.4 + 17.2%

TF1 Channel 686. 5 764. 6 +781+ 78.1 +114%+ 11.4%

Thematic channels in France 40.4 46.8 + 6.4 + 15.8%

Internet France 535.3 929.2 +39+ 3.9 + 73. 6%

Eurosport International 29.3 38.3 + 9.0 + 30.7%

Radios 444.4 565.6 +12+ 1.2 + 27. 3%

Others 1.6 0.4 -1.2 - 75,4%

TtlTotal adtiidvertising revenue 767. 5 864. 9 + 97. 4 + 12. 7%

21 TF1 channel programming costs

€m H1 2009 H1 2010 Var. €m Var. %

Total programming costs 455.3 482.6 + 27.3 + 6.0%

One-off sporting events - 60.1 + 60.1 ns

Total programming costs 455.3 422.5 - 32.8 -7.2% excluding one-off sporting events Entertainment 114.3 119.1 + 4.8 + 4.2%

TV dramas / TV movies / Series / Theatre 150.0 139.8 - 10.2 -6.8%

Sports (excl. one-off sporting events) 67.2 54.0 - 13.2 - 19.6%

News 52.2 54.4 + 2.2 + 4.2%

Movies 60.1 45.8 - 14.3 - 23.8%

Youth 11. 5 949.4 - 212.1 - 18. 3%

22 Consolidated income statement

€m H1 2009 H1 2010 Var. €m Var. %

Consolidated revenue 1,130.1 1,284.6 + 154.5 + 13.7%

Total programming costs - 455.3 - 482.6 - 27.3 + 6.0%

Total other charges - 585.0 - 665.5 - 80.5 + 13.8%

Depreciation, amortisations and provisions - 52.3 - 32.1 + 20.2 - 38.6%

Operating profit 37.5 104.4 + 66.9 x 2.8 Operating margin 3.3% 8.1% + 4.8 pts -

CtCost oftf net dbtdebt - 989.8 - 10. 4 - 060.6 +61%+ 6.1%

Other financial income and expenses + 19.6 + 3.4 - 16.2 - 82.7%

Income tax expense -5.6 - 30.3 - 24.7 ns

Share of profit/losses of associates + 7.4 + 6.8 -0.6 -8.1%

Net profit 49.1 73.9 + 24.8 + 50.5%

23 Cost saving plan

€m 2008 2009 H1 2010

Programming costs excl . sports events + 35 + 12 (recurrent savings)

Contracts renegotiation + 8 + 21 + 6

Other charges + 24 + 18

CtCost sav ing pl an + 32 + 74 + 18

24 Outlook for sales

2009 2010(e ) Var

Consolidated sales 2,365 2,530 +7%

Hypotheses: - economic growth - steady household consumption levels - multi-channel share forecast at 94.5% at end-2010

25 TF1 executes strategy as planned

Rigorous management:

™ Performance-based organisation system ™Constantly adapted business model ™ RRevitalisedevitalised subssubsidiariesidiaries ™Partnerships to secure position in risky, value-added sectors

=> Controlled costs

Additional growth sources linked to technological advances

™ Today our content is everywhere , all the time, in all formats: TV, IPTV, Internet, mobile, connected TV, VOD, etc. ™ Sales potential combining advertising, flat-rate contribution from telecoms operators and additional pay services

=> More diversified sales

Return to profitability

26 TF1 present in all markets

Pay-to-view DTT television channels Web

Unencrypted television VOD and SVOD

LCI R adi o IPTV MbilMobile MyTF1

27 APPENDIXES

28 Consolidated revenue evolution by activity

€m H1 2009 H1 2010 Var. €m Var. %

France Broadcasting 913.0 1,043.4 + 130.4 + 14.3%

TF1 Channel 691.1 769.5 + 78.4 + 11.3%

Téléshopping group 55. 8 59. 8 +40+ 4.0 +72%+ 7.2%

Thematic channels in France 97.5 107.9 + 10.4 + 10.7%

TF1 Entreprises 13.7 15.8 + 2.1 + 15.3%

In-hdtiihouse production companies 10. 5 10. 1 - 040.4 - 38%3.8%

e-TF1 36.9 37.3 + 0.4 + 1.1%

Others 7.5 43.0 + 35.5 ns Audiovisual rights 68.9 60.0 -8.9 - 12.9%

Catalogue 25.8 24.4 -1.4 -5.4%

TF1 Vidéo 43.1 35. 6 -7.5 - 17.4% International Broadcasting 147.3 181.2 + 33.9 + 23.0% Other activities 0.9 0 -0.9 ns Total revenue 1,130.1 1,284.6 + 154.5 + 13.7%

29 Consolidated operating result evolution by activity

€m H1 2009 H1 2010 Var. €m Var. %

France Broadcasting 32.2 83.2 + 51.0 x 2.6

TF1 Channel 19.9 56.9 + 37.0 x 2.9

Téléshoppin g grou p 2.3 2.7 + 0.4 + 17.4%

Thematic channels in France 8.5 11.8 + 3.3 + 38.8%

TF1 Entreprises -1.8 0.3 + 2.1 ns

In-house production companies 414.1 - 010.1 - 424.2 ns

e-TF1 -3.5 0.1 + 3.6 ns

Others 2.7 11.5 + 8.8 ns Audiovisual rights - 15.2 -5.6 + 9.6 - 63.2%

Catalogue -9.8 0.7 + 10.5 ns

TF1 Vidéo -5.4 -6.3 -0.9 -16.7% International Broadcasting 22.3 26.8 + 4.5 + 20.2% Other activities -1.8 - + 1.8 ns Total revenue 37.5 104.4 + 66.9 x 2.8

30 Consolidated balance sheet

ASSETS (€m) 30/06/10 31/12/09 30/06/09

Total non-current assets 1,348.6 1,143.1 1,160.4

Total current assets 2, 355. 5 2, 539. 7 2, 600. 2

Total Assets 3,704.1 3,682.8 3,760.6

SHAREHOLDERS’ EQUITY AND LIAB. (€m) 30/06/10 31/12/09 30/06/09

Shareholders’ equity (att. to the Group) 1,387.8 1,396.6 1,327.8

Non-current liabilities 61.3 45.8 861.7

Current liabilities 2,255.0 2,240.4 1,571.1

Total shareholders’ equity and liabilities 3, 704. 1 3, 682. 8 3, 760. 6

Net cash (+) / Net debt (-) - 120.1 72.8 - 820.3 31 Consolidated cash flow statement

€ million 30/06/10 30/06/09 31/12/09

Operating cash flow before net interest expenses 132,5 85,0 185,8 and income tax 3,0 38,5 32,3 Income taxes paid -3,2 - 81,1 23,8 Change in operating working capital requirement 132, 3 42, 4 241, 9 Net cash generated by operating activities - 222,7 - 51,2 654,8 Net cash generated by investment activities - 61,0 1,9 - 325,7 Net cash generated by financial operations

Change in cash position - 151, 4 - 696,9 571, 0

Cash position at beginning of period 566,8 - 4,2 -4,2 Cash position at end of period 415,4 - 11,1 566,8

32 Sound financial structure

Bond Payment statement (€m) Confirmed credit facilities

1,455.5 1,455.5 1,520.5 1,560.5 1,655.5

2 000

1 500

1,155.5 1 000 955.5 955.5 1,020.5 1,060.5

500 500 500 500 500 500

0 31/12/2006 31/12/2007 31/12/2008 31/12/2009 30/06/2010

9 No financial covenant 9 Credit facilities utilisation rate equals to zero

33 Programming cost evolution

ANNUAL EVOLUTION OF THE PROGRAMMING COSTS (()EXCL. SPECIAL SPORTS EVENTS)

8,0%

6,0%

4,0%

2,0%

000%,0%

-2,0%

-4,0%

-6,0%

34 A DYNAMIC EVOLUTION OF THE ADVERTISING SECTORS

Evol Jan-July 2010 vs. Jan-July 2009

FOOD 22. 2% + 6.9%

COSMETICS 15.6% + 12.3%

AUTO-TRANSPORT 10.0% + 20.2%

FINANCIAL SERVICES 7.9% + 28.3%

RETAIL 6.3% + 14.4%

HOUSE CLEANING 6.1% + 11.3%

TELECOMMUNICATIONS 5.3% + 25.3%

PUBLISHING 4.0% - 13.7% Ad gross revenue : +13. 8% HEALTH (Jan-July 2010 vs. Jan-July 2009) 3.9% + 25.5%

TOURISM 3.1% + 50.1%

Source: Kantar Media Jan-July 2010 vs. Jan-July 2009 35 Contacts

Philippe DENERY CFO : 33-1 41 41 27 32 : 33-1 41 41 29 10 : [email protected]

Christine Bellin Edouard Benadava Head of Investor Relations IR Manager : 33-1414127321 41 41 27 32 : 33-1414133761 41 41 33 76 : 33-1 41 41 29 10 : 33-1 41 41 29 10 : [email protected] : [email protected]

Deborah Zub Besma Guizani IR Officer Coordinator : 33-1 41 41 25 68 : 33-1 41 41 27 32 : 33-1 41 41 29 10 : 33-1 41 41 29 10 :dzub@tf1fr: [email protected] : bguizani@tf1 .fr

IR department TF1 :33: 33-1414127321 41 41 27 32 1 quai du Point du Jour : 33-1 41 41 29 10 92656 Boulogne Cedex – France : [email protected] http://www.tf1finance.com/

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