ANALYST MEETING

18/02/2010 DISCLAIMER

All forward-looking statements are TF1 management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

ON SE RETROUVE SUR 2 TABLE OF CONTENT

INTRODUCTION

GROUP ACTIVITY IN 2009

2009 ACCOUNTS

2010 OUTLOOK

QUESTIONS / ANSWERS

ON SE RETROUVE SUR 3 RATINGS: DISRUPTED COMPETITIVE CONTEXT

TV equiped receving 18 channels or more 4 years and + +54% in 1 year +30% in 1 year +13% in 1 year

85!% 86!% 88!% 78!% 82!% 70!% 74!% 60!% 65!% 51!% 55!% 39!% 45!%

EndJAN 2006 07 APR 07 JUL 07 OCT 07 EndJAN 2007 08 APR 08 JUL 08 OCT 08 EndJAN 2008 09 APR 09 JUL 09 OCT 09 EndJAN 200910

Audience share of the DTT channels 15.2 11.1 (Ind 4 years and over) 5.9 2.7

2006 2007 2008 2009 INCREASED COMPETITION

SOURCE: Médiamétrie – MMW INTRODUCTION 4 ADVERTISING: SUPPLY EXCEEDING DEMAND

SUPPLY DEMAND

BROADER OFFER (MEDIA, AD FIERCER MEDIA INVESTMENT SLOTS, ETC.) + COMPETITION DOWN

Economic crisis cyclical contraction in demand

Pressure on prices Short-term decisions only Search for low-cost solutions

IMPACT ON ALL MEDIA INTRODUCTION 5 ADVERTISING SPEND HEAVILY AFFECTED BY CRISIS

Billion ESTIMATED FALL IN FRENCH COMMUNICATION MARKET IN 2009 -3Euros (ALL MEDIA AND EXCL. MEDIA)

UNPRECEDENTED CRISIS IN GLOBAL CRISIS (Evolution in all media investments) (Evolution in all media investments in the US) 4% 3% -13% OF US ADVERTISING INVESTMENTS

-5% -5%

st Golfe Internet 1 Gaz Crisis War Sapin Law Bubble -15%

1974 1991 1993 2001 2009

Source: Forecast FRANCE PUB sept 2009 for the net French investments / Forecast ZenithOptimedia dec 2009 for the US investments INTRODUCTION 6 2009: A YEAR OF CHALLENGES FOR TF1

FIERCER COMPETITION POOR HEALTH OF MARKETS, END OF ADVERTISING ON ESPECIALLY «FOOD» FRANCE TÉLÉVISIONS

NEW REGULATIONS CHANGE IN PROGRAMME (SMA) START TIMES ON FRANCE FRAGMENTATION OF TÉLÉVISIONS TV AUDIENCES

TF1 HELD UP WELL IN 2009 DESPITE THE CIRCUMSTANCES INTRODUCTION 7 TABLE OF CONTENT

INTRODUCTION

GROUP ACTIVITY IN 2009

2009 ACCOUNTS

2010 OUTLOOK

QUESTIONS / ANSWERS

ON SE RETROUVE SUR 8 2009: A YEAR OF INITIATIVES

Rigorous methods ALL-NEW CONTEXT REORGANISATION News reorganisation Rationalised diversifications Optimised subsidiaires and sites RENEWAL

‣ Competitive REPOSITIONNING ‣ Regulatory ‣ Economic RETURNS

RESIST AND HOLD OUR COURSE

2009 GROUP ACTIVITY 9 RIGOROUS METHODS AND PROCEDURES REORGANISATION

MANAGEMENT ‣ Implementation of SAP software (Sigma Project) ‣ Reduced operating costs ‣ Guidelines for each department

PURCHASING ‣ Contracts systematically revised downward

HUMAN RESSOURCES ‣ Departing employees not replaced ‣ Tighter organization charts ‣ Senior executive salary freeze in 2009 ‣ New policy of variable remuneration

PROGRAMMING ‣ Favourable renegotiation of major contracts ‣ Rigorous monitoring of costs

MORE EFFICIENT COORDINATION

2009 GROUP ACTIVITY 10 NEWS UNIT REORGANISATION

TARGET: Strengthen TF1 – LCI – Web synergies Continue quality – preserving costs reduction

Le PNS2 (Process News & Sports 2): a major benefic A tool which will allow us to: ‣ Centralize material acquisition, production and management ‣ Increase overall productivity through integrated methods and planning ‣ Operational in H1 2010

Tighter management: ‣ Catherine Nayl, Eric Revel and Pascal Emond ‣ Joint editorial and support functions ‣ Creation of a Corporate Department: grouping support services REFORM HAS ALREADY PRODUCED RESULTS

2009 GROUP ACTIVITY 11 RATIONALISED DIVERSIFICATIONS REORGANISATION

Necessary sales ‣ ‣ Survinvitation.com ‣ Téléshopping Turquie ‣ Top Ticket.S (Pilipili)

Major partnerships ‣ TF1 Vidéo et Sony Pictures Home Entertainment ‣ TF1 International et UGC ‣ TF1 and Samsung ‣ TF1 and La Française des Jeux

SUBSIDIARIES REFOCUSED ON CORE BUSINESS

2009 GROUP ACTIVITY 12 OPTIMISED SUBSIDIARIES AND SITES REORGANISATION

Grouping TF1 Publicité, e-TF1, TF1 Entreprises, TF1 Vidéo, TF1 Droits Audiovisuels and TF1 Films Production at the same ATRIUM site

Creation of TF1 Production on DELTA through the integration of 6 subsidiaries

Rationalization of head office studios: Studiomax project

"3.5 million investments "2.3 million of savings

BOULOGNE GROUPING: A CROSS-FUNCTIONAL ASSET

2009 GROUP ACTIVITY 13 PROJET STUDIO MAX: SITUATION IN 2009 REORGANISATION

CONTROL ROOM LCI PRODUCTION

LCI CONTROL ROOM

CONTROL ROOM 3 CONTROL ROOM 1

TECHNICAL AREA

TF1 NEWS PRODUCTION

2009 GROUP ACTIVITY 14 PROJET STUDIO MAX: SITUATION IN 2010 REORGANISATION

LCI PRODUCTIVITY INTERNAL PRODUCTION EXPANDED CONTROL ROOM 2 SYNERGY TF1 / LCI

LCI CONTROL ROOM CONTROL ROOM 1

LCI PRODUCTION TECHNICAL AREAS

STUDIO FLASH TF1 NEWS PRODUCTION

2009 GROUP ACTIVITY 15 2009: A YEAR OF INITIATIVES

ALL-NEW CONTEXT REORGANISATION

RENEWAL New programs in all genres Successful changes in news programming Thematic channels moving forward Dynamic internal production ‣ Competitive REPOSITIONNING All types of entertainment ‣ Regulatory ‣ Economic RETURNS

RESIST AND HOLD OUR COURSE

2009 GROUP ACTIVITY 16 NEW PROGRAMS RENEWAL

ENTERTAINMENT AND MAGAZINES:

In access

In Prime & Second Time

2009 GROUP ACTIVITY 17 NEW PROGRAMS RENEWAL

TV DRAMAS:

US SERIES: NEWS:

ZOOM SUR

NEW SHOWS IN ALL KIND OF GENRES

2009 GROUP ACTIVITY 18 STILL LEADER ON NEWS RENEWAL Audience share on 4 years and + (Monday to Sunday)

47.1 45.9 45.8

19.3 19.0 6.4m 18.3 8.2 1pm 2.6m 7.3 6.5 0.9m

Sept-Dec 08 Jan-June 09 Sept-Dec 09 Sept-Dec 08 Jan-June 09 Sept-Dec 09 Sept-Dec 08 Jan-June 09 Sept-Dec 09

32.9 31.3 31.0 21.8 20.8 20.6 7.4m 10.8 12.5 11.4 8pm 4.9m 2.5m

Sept-Dec 08 Jan-June 09 Sept-Dec 09 Sept-Dec 08 Jan-June 09 Sept-Dec 09 Sept-Dec 08 Jan-June 09 Sept-Dec 09

SOURCE: Médiamétrie - Médiamat 2009 GROUP ACTIVITY 19 UNRIVALED AUDIENCE SHARES RENEWAL Audience share (in %) Year 2008 Year 2009 27.2 26.1 4 years and + 17.5 16.7 15.2 13.3 12.6 12.7 11.8 11.0 10.8 11.1

3.3 3.1 2.6 2.4 1.5 1.3 F2 F3 C+ F5 M6 DTT Ch. Pay-TV

30.9 29.8 Women <50 17.5 17.2 16.5 13.1 12.8 12.3 12.3 11.6 7.9 6.7 3.1 2.6 2.2 1.9 0.9 0.8 F2 F3 C+ F5 Arte M6 DTT Ch. Pay-TV

SOURCE: Médiamétrie - Médiamat 2009 GROUP ACTIVITY 20 A HIGHER PERFORMANCE ON OUR 7PM-1AM STRATEGIC SLOT RENEWAL

TF1 audience share

4 years and + Women <50 25-49 years old

+3.2pts 33.0% +2.8pts +2.2pts 30.9% 29.8% Whole day 28.3% 28.1% 26.1%

7pm - 1am

+9.4pts +12.5pts +12.6pts +13.7pts +13.1pts +13.6pts vs challenger vs challenger vs challenger

A UNIQUE EXPOSURE FOR ADVERTISERS ON TF1 SOURCE: Médiamétrie - Médiamat 2009 GROUP ACTIVITY 21 2009: GREAT PERFORMANCE RENEWAL 96 out of top 100 audiences 26.1% 29.8% of audience share on individuals of audience share on women <50

6.2 67/23/5 million TV viewers on prime-time 67 Prime-time with more than 8 million TV viewers 23 Prime-time with more than 9 million TV viewers 93% 5 Prime-time with more than 10 million TV viewers evenings leader on individuals *

* Leadership on TF1 prime-time slots 2009 GROUP ACTIVITY 22 SOURCE: Médiamétrie - Médiamat THEMATIC CHANNELS MOVING FORWARD RENEWAL

Revised editorial positioning ‣ Odyssée: lifestyle and well-being ‣ Histoire: from debates to major commemorations ‣ Ushuaïa TV: sustainable development and environmental protection ‣ TV Breiz: TV series and well-known characters

A visible dynamism on screen ‣ New look for Odyssée ‣ Histoire: new logo and new baseline (The past of the present) ‣ All-new documentary shows and series, new faces CHANNELS CLOSELY RESPONDING TO VIEWERS DEMAND 2009 GROUP ACTIVITY 23 DYNAMIC INTERNAL PRODUCTION RENEWAL

Renewed offer: ‣ In all genres: magazines, entertainment, drama/comedy ‣ new faces ‣ leading brands

More hours of programming ‣ for TF1 ‣ for TMC

FOSTERING BENCHMARK & CREATIVITY

2009 GROUP ACTIVITY 24 SUCCESSFUL CO-PRODUCTION RENEWAL

20 co-produced movies

7 with more than one million admissions

Arthur, Coco and LOL, stars of box-office

EDITORIAL LINE FOCUSED ON POPULAR COMEDY

2009 GROUP ACTIVITY 25 TF1 ENTREPRISES PERFORMING STRONGLY RENEWAL

Music: ‣ N°1 during 30 weeks between September 2008 and September 2009, ‣ Mozart (500,000 albums), J. Hallyday (430,000), Seal (345,000), Calogero (315,000), F. Pagny (212,000), M. Lavoine (270,000), Black Eyed Peas (190,000)

Licences: ‣ Strong development in licenses Barbapapa in France and in Europe, ‣ New rights: Babar ‣ High-potential brand: Kitty

2009 GROUP ACTIVITY 26 TF1 ENTREPRISES PERFORMING STRONGLY RENEWAL

Games/Dujardin:

‣ Success of the game «La Roue de la Fortune» (233,000 boxes sold), ‣ Acquisition of the game «Le cochon qui rit» ‣ Strong growth on the «1 000 Bornes» (+76% with 433,000 boxes sold in 2009) ‣ «1000 bornes, Cars», Disney award

ALL TYPES OF ENTERTAINMENT

2009 GROUP ACTIVITY 27 MOZART, THE ROCK OPERA: MUSICAL EVENT OF THE YEAR RENEWAL

A NEW DIVERSIFICATION!BUSINESS MODEL!BUILT AROUND A 360° STRATEGY

SHOW SOUNDTRACK From 22/09/09 to 03/01/10 at the Palais des Sports in Paris. Album released on 27/04/2009 Touring the in France from 03/02/10. ‣TF1 Entreprises / Warner co-venture ‣Co-production, 10% TF1 Entreprises ‣Diamond award (500,000 sales) ‣253,000 tickets sold in Paris ‣France’s second best-selling album in 2009 ‣Already 315,000 tickets sold in the provinces ‣17 weeks in the Top 5 (of which ten in the top 3) ‣Return to Paris already scheduled for fourth-quarter 2010 since release ‣Almost 250 performances overall in 2009/2010

VIDEO MERCHANDISING Release scheduled for 2010 ‣Managed by TF1 Entreprises ‣Published by TF1 Vidéo ‣Distributed in theatres, shops and on the web ‣Starting base: 350,000 DVDs & 40,000 Blu Rays ‣Almost 50,000 products sold

THREE PRIZES AT THE NRJ MUSIC AWARDS: FRENCH-LANGUAGE GROUP OF THE YEAR BEST NEW FRENCH-LANGUAGE ARTIST OF THE YEAR FRENCH SONG OF THE YEAR 2009 GROUP ACTIVITY 28 2009: A YEAR OF INITIATIVES

ALL-NEW CONTEXT REORGANISATION

RENEWAL

Websites renewed ‣ Competitive REPOSITIONNING 360° strategy in action ‣ Regulatory A success of advertising in radio ‣ Economic Ad agency: a refocused marketing Transformation of Audiovisual Rights activity RETURNS Eurosport celebrates its 20 years Core business extension Responsible company

RESIST AND HOLD OUR COURSE

2009 GROUP ACTIVITY 29 TF1 ON THE WEB: REMARKABLE PERFORMANCE REPOSITIONING

Launched in April 2009, the mirror site of the TF1 TV channel

Dialogue area between TF1 and its public 6.9 MUV 2 ADDITIONAL TF1 SITES, IN STEP WITH TF1 EVENTS Launched in November 2009, all TF1 group news

Direct link with editorial team

4.1 MUV

CLOSER TO OUR PUBLIC, MORE INTERACTIVE

Source: NNR Panel Médiamétrie of December 2009, marketing eTF1 2009 GROUP ACTIVITY 30 «!MUV!»: Million of Unique Visitors TF1 IS THE NUMBER ONE FRENCH TV MEDIA GROUP ON THE WEB REPOSITIONING

TF1 8th web group TF1 1st French TV media group on the web TF1 in the lead

1¢ GOOGLE 31.9 MUV MEDIAS 1st at 6.9 MUV 2 MICROSOFT 26.1 MUV +8% 1st 16.9 MUV GROUP BLOGS 1st at 10.2 MUV 3 FRANCE TELECOM 23.1 MUV -5% 4 FACEBOOK 20.7 MUV 12.4 MUV SPORTS 3rd at 2.2 MUV GROUP 5 PPR 19.0 MUV +6% 7.4 MUV VIDEOS 4th at 4.7 MUV 6 PAGES JAUNES 18.3 MUV +4% 5.8 MUV nd 7 VIVENDI 17.0 MUV YOUTH 2 at 689 kVU

8 GROUP TF1 16.9 MUV WOMEN 3rd at 3.1 MUV 9 ILIAD FREE 16.8 MUV Dec. 2008 Dec. 2009 th 10 YAHOO! 16.5 MUV NEWS 7 at 4.1 MUV

STRONG AUDIENCES WITHOUT ACQUISITIONS

Source: Panel NNR Médiamétrie of December 2009, marketing eTF1 «!MUV!»: Million of Unique Visitors 2009 GROUP ACTIVITY 31 2009, 360° STRATEGY IN ACTION REPOSITIONING SECRET STORY surmobile mobile

Visuel plus convaincant à suivre

Web audiences: more than 100 million of visits Catch-Up record: 320 million of watched videos, 1.9 million on the Finale Live continues on TF1.fr: 685,000 videos watched for the After Secret Story for the finale Record on interactivity: +37% (vs. Secret Story 2) meaning more than 2 million of votes on the web season

NEW MINUTE BUZZ CATCH-UP, EXTRACTS, EXCLU AFTER COMMUNITY GAMES WEB / CORE CHANNEL / INTERACTIVITY: EACH MEDIA BOOSTS THE OTHERS

Source: Cyberestat from June 19th to September 27th 2009 2009 GROUP ACTIVITY 32 2009, 360° STRATEGY IN ACTION REPOSITIONING

FRANCE-IRLAND FOOTBALL GAME OF NOVEMBER 18 th 2009

ONLINE AUDIENCE TF1 LIVE Previous days Following days Following week Draw

BUILDING A TF1 360 AUDIENCE: mobile

2009 GROUP ACTIVITY 33 360° STRATEGY: NEW PATHS REPOSITIONING

Box TV: Smart TV: INTERACTIVE APPLICATIONS

SET-TOP TV BOX MODEM

MODEM

For distribution via ISPs and cable operators For distribution via TV manufacturers 1st AGREEMENT: 1st AGREEMENT:

A LEAD ON SMART TV

2009 GROUP ACTIVITY 34 360° STRATEGY: ADVERTISING DEPARTEMENT TOO REPOSITIONING

RADIO THEME CHANNELS

MOBILE INTERNET

TF1 PUBLICITÉ, LEADING PLURI-MEDIA ADVERTISING COMPANY

Source: TNSMI - Year 2009 2009 GROUP ACTIVITY 35 SUCCESS OF INDEPENDANT RADIO STATIONS REPOSITIONING

Reminder: ‣ 4 distinct offers: MultiTown, Capitale ‣ Les Indépendants: leader offer with 7.6 million listeners every day

A year of scoring ‣ In a depressed market (estimated at -13% in 2009*), an increase in revenue for TF1 Publicité

Offensive sales and marketing strategy ‣ Optimised marketing ‣ Diversity of channels ‣ Increased key accounts action ‣ Sales innovations ‣ New customers

CHALLENGE MET STRAIGHT OFF

Source: MEDIAMETRIE 126 000 Radio –Nov-Dec 2009 – M to F – 05h/24h – 13 years and + 2009 GROUP ACTIVITY 36 *Foracast from France Pub sept 2009 TF1 PUBLICITÉ: MOST POWERFUL AD SLOTS REPOSITIONING

DTT C+ FTV Screens distribution by Weight of channel by audience segment M6 audience slot (in number of slots) - Women < 50 9% Screens >= 2%

85% 91% 80% Screens < 2% 68%

256,179 screens 30% Free to air TV 14% <1% 1 à 1,9% 2 à 4,9% 5 à 7,9% 8 à 9,9% >= 10%

STRONG RATINGS: KEY DIFFERENTIATION FACTOR FOR TF1

Source: Médiamétrie-Médiamat – Year 2009 - Médiaplanning Nov-Dec 2009 – Women < 50 purchasing decision maker 2009 GROUP ACTIVITY 37 ADVERTISING DEPARTMENT REFOCUSED MARKETING IN 2009 REPOSITIONING Price segmentation to highlight powerful areas

DAY TIME PRIME TIME OFFER MARKET DEMAND MARKET

Tough competition (DTT), weaker differentiation, High-value ad slots audiences of less concern

Using Mediaway to measure with our customers TF1’s effectiveness on sales TARGET: BRAND BUYERS Average CT/GRP of screens by channels and targets (in bought quantities).

Example on the yogurt market: On yogurt buyers, TF1 appears to be 28% less expensive as compared to the most expensive channel.

POWER AND EFFICIENCY AT THE HEART OF OUR OFFERING

Source TNSMI - Médiamétrie – FY 2009 / TNS Worldpanel Mediaway – H1 2009 2009 GROUP ACTIVITY 38 AUDIOVISUALS RIGHTS: TRANSFORMATION OF VIDEO REPOSITIONING

Stagnating market: ‣ Intense price pressure ‣ Numerous sales offers ‣ Future Technological changes (VOD, catch-up, etc.) ‣ Specialized Mass Retail: market driver ‣ Is Blu-Ray a growth source?

Multiple launches: ‣ Millenium ‣ Le Ruban blanc ‣ Neuilly sa mère! ‣ Je me voyais déjà (Charles Aznavour) ‣ And numerous humorist boxed set (Gad Elmaleh, Florence Foresti…)

TF1 Vision on all platforms following Orange agreement Distribution partnership with Sony Pictures Home Entertainment

BASES FOR A REBOUND 2009 GROUP ACTIVITY 39 AUDIVISUAL RIGHTS: THE EVOLUTION OF TF1 INTERNATIONAL REPOSITIONING

The partnership UGC

‣Acquisition / Coproduction of audiovisual rights ‣Sell in France UGC ‣Management of the right patrimony IMAGES INTERNATIONAL 34% 34%

66% 66%

JV 1 JV 2

Selling film rights internationally and VOD Production and distribution rights in France of coproduced movies in France A MAJOR OPPORTUNITY 2009 GROUP ACTIVITY 40 EUROSPORT INTERNATIONAL: 20 YEARS OLD REPOSITIONING

To strengthen the value of the RIGHTS channel in front of distributors AND EXCLUSIVITIES To come up to advertisers expectations

New products and Local versions Websites technologic innovations

‣ Eurosport News ‣ France Eurosport websites UK DE ES IT RU ‣ ‣ UK PL SE CN AR ‣ Eurosport.com ‣ Hungary / Romania ‣ Eurosport HD ‣ Scandinavia ‣ Eurosport Player ‣ Eastern European Countries .COM

2009: A YEAR OF CONQUEST 2009 GROUP ACTIVITY 41 GETTING STRONGER IN OUR CORE BUSINESS: TMC / NT1 REPOSITIONING

10/06/2009 Settlement of an agreement between TF1 and AB Group to acquire 40% of TMC and 100% of NT1

24/07/2009 Notification to the Competition Authority

26/08/2009 Start of phase 2

26/01/2010 The Competition Authority allows TF1 to acquire the 2 DTT channels subject to undertakings.

In progress: transaction under review by CSA, under Article 42-3 (considerable changes made to conditions, subject to which authorization was granted)

NEW MOMENTUM 2009 GROUP ACTIVITY 42 TMC AND NT1, CONSTANTLY EVOLVING BRANDS REPOSITIONING

National audience share (in %) Year 2008 Year 2009

2.6 2.5 2.1 1.8 1.8 1.5 1.5 1.4 1.4 1.1 1.0 1.0 0.9 0.7 0.7 0.7 0.5 0.5 4 years and + 0.4 0.3

W9 NRJ 12 VIRGIN 17 BFM TV I-Télé

3.3 2.8 2.5 2.1 2.2 1.5 1.6 1.5 1.2 1.2 1.3 1.2 1.1 0.9 0.6 0.7 0.6 Women <50 0.4 0.3 0.4

W9 NRJ 12 GULLI FRANCE 4 DIRECT 8 VIRGIN 17 BFM TV I-Télé

THE 1st AND 5th DTT CHANNELS

2009 GROUP ACTIVITY 43 A RESPONSIBLE COMPANY REPOSITIONING 1 2 3 ENVIRONMENT News TVE1 RTL Aktuell 8pm Teleradio-2 9pm BASIS: Percentage of coverage focused Environment issues Stakes linked to contents: solidarity and awareness campaign of the TV viewers ‣ 650 news subjects a year on the environment, ‣ TF1’s 8 pm news show ranked number-one on environmental content out of 23 international channels by Media Tenor, ‣ On December 7th 2009 for the launch of the Copenhagen summit, TF1 launched an exclusive, monthly carbon indicator on the 8 pm news Environmental issues: ‣ Launch of Ecoprod: raising awareness of audiovisual production of carbon footprint ‣ Responsible Purchasing policy, ratings for all Group suppliers ‣ «!Bilan Carbone!» (carbon assessment) for Group and CO2 reduction measurement

TV PROGRAMMES IN AID OF 80 ASSOCIATIONS

2009 GROUP ACTIVITY 44 DETERMINED SOCIAL COMMITMENT REPOSITIONING

SOCIAL ISSUES: TF1 "BEST IN CLASS" FOR VIGEO The equivalent of "18 million of advertising spots given to associations TF1 Company Foundation: support for disadvantaged youth Equal opportunities policy: anonymous resume and diversity Handicap campaign: ‣ "395k of revenue with the adapted sector at end 2009 (for and objective of "220k). ‣ 70 disabled people hired in 2009 (57 on fixed-term contracts) ‣ General mobilization with spectacular internal campaign Signature of diversity charter

2 AWARDS IN 2009: DIVERSITY SPECIAL PRIZE CORPORATE DIVERSITY AWARD - 6 th EDITION

SOLIDARITY IS A KEY CONCERN 2009 GROUP ACTIVITY 45 2009: A YEAR OF INITIATIVES

ALL-NEW CONTEXT REORGANISATION

RENEWAL

‣ Competitive REPOSITIONNING ‣ Regulatory ‣ Economic RETURNS Programming cost under control Renewal of major deals Deployment of the purchasing policy

RESIST AND HOLD OUR COURSE

2009 GROUP ACTIVITY 46 2009: RETURNS RETURNS

TARGET OF THE 2009 REALISED IN 2008 REALISED IN 2009 COST SAVING PLAN

32 MILLION EUROS 60 MILLION EUROS 74 MILLION EUROS

UNPRECEDENTED SAVINGS PLAN: "106 MILLION IN 2 YEARS

2009 GROUP ACTIVITY 47 2009 OPTIMIZATION PLAN - PROGRAMMING COSTS RETURNS

ANNUAL EVOLUTION OF THE PROGRAMMING COSTS (EXCL. SPECIAL SPORTS EVENTS) 8.0!%

6.0!%

4.0!%

2.0!%

0!%

-2.0!%

-4.0!%

-6.0!% 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

REDUCTION IN GRID COSTS - A FIRST !

2009 GROUP ACTIVITY 48 OPTIMISED «CORE GRID» CONTRACTS RETURNS

SPORTS

CHAMPIONS LEAGUE FRENCH FOOTBALL TEAM RIGHTS FOR THE 2010 FIFA WORLD CUP

PROGRAMS

WARNER UNIVERSAL france ENDEMOL

SECURED LEADING RIGHTS

2009 GROUP ACTIVITY 49 2009 OPTIMISATION PLAN: PURCHASING POLICY RETURNS

CONTROL ALL IDENTIFY AND REDUCE COSTS IMPLEMENT AND ENSURE EXPENDITURE OUTSIDE DEVELOP PURCHASING PROTECT GROUP SOUND EXECUTION OF PROGRAMMING COSTS SYNERGIES INTERESTS PURCHASING POLICY

Order and supply Common Group ‣Purchasing mapping ‣Consultations process guidelines ‣Purchasing amounts ‣Negociations ‣Contracts ‣Suppliers ‣Supplier monitoring ‣Articles (economic dependence business record, etc.)

8 MILLION EUROS OF SAVINGS IN 2008 21 MILLION EUROS OF SAVINGS IN 2009

2009 GROUP ACTIVITY 50 TABLE OF CONTENT

INTRODUCTION

GROUP ACTIVITY IN 2009

2009 ACCOUNTS

2010 OUTLOOK

QUESTIONS / ANSWERS

ON SE RETROUVE SUR 51 ADVERTISING REVENUE EVOLUTION

" Million 2008 2009 Var. "m Var. (%) Consolidated revenue 2,595 2,365 -230 -8.9% Advertising revenue TF1 core channel 1,647 1,429 -218 -13.2% Diversification revenue 948 936 -12 -1.3%

DETAIL OF THE TOTAL ADVERTISING REVENUE TF1 core channel 1,647 1,429 -218 -13.2% Thematic channels in France 81 79 -2 -2.5% Internet France 15 13 -2 -13.3% Eurosport International 84 71 -13 -15.5% Radio 0 10 +10 NS Divers 7 3 -4 NS TOTAL ADVERTISING REVENUE 1,834 1,605 -229 -12.5%

2009 ACCOUNTS 52 TF1 CORE CHANNEL PROGRAMMING COSTS

" Million 2008 2009 Var. "m Var. (%) INCL. SPECIAL TOTAL PROGRAMMING COSTS * SPORTS EVENTS 1,032.1 926.9 -105.2 -10.2% SPECIAL SPORTS EVENTS 53.9 0 -53.9 NS PROGRAMMING COSTS EXCL. SPECIAL SPORTS EVENTS 978.2 926.9 -51.3 -5.2% Entertainment / Games / Magazines 269.0 240.9 -28.1 -10.4% TV dramas / TV movies / Series / Theatre 287.9 283.5 -4.4 -1.5% Sports (excl. special sports events) 140.4 130.5 -9.9 -7.1% News 111.7 103.8 -7.9 -7.1% Films 139.2 139.3 +0.1 +0.1% Youth 30.0 28.9 -1.1 -3.7%

* INCL. REFORMS AND RETIRED / ABANDONED RIGHTS 2009 ACCOUNTS 53 CONSOLIDATED INCOME STATEMENT

" Million 2008 2009 Var. "m Var. (%) Consolidated revenue 2,594.7 2,364.7 -230.0 -8.9% Total programming costs incl. Special sports events -1,032.1 -926.9 +105.2 -10.2% Total other charges -1,239.0 -1,222.6 +16.4 -1.3% Depreciations and provisions -147.1 -113.9 +33.2 -22.6% Operating result 176.5 101.3 -75.2 -42.6% Operating margin 6.8% 4.3% -2.5 pts Cost of net debt -22.4 -22.3 +0.1 0.0% Other financial income and expenses 40.9 36.2 -4.7 -11.5% Income tax expense -40.8 -15.3 +25.5 -62.5% Share of profits/losses of associates 9.6 14.6 +5.0 +52.1% Consolidated net profit 163.8 114.5 -49.3 -30.1!%

2009 ACCOUNTS 54 CONSOLIDATED INCOME STATEMENT BY NATURE

" Million 2008 2009 Var. "m Var. (%) Consolidated revenue 2,594.7 2,364.7 -230.0 -8.9!% Other operating revenue 0.2 0.0 -0.2 NS External production costs -641.2 -645.5 -4.3 +0.7!% Other purchases and changes in inventory -524.6 -436.1 +88.5 -16.9!% Personnel expenses / wages & salaries -445.3 -445.2 +0.1 0.0!% External expenses -527.4 -487.7 +39.7 -7.5!% Taxes other than income taxes -138.4 -136.2 +2.2 -1.6!% SUBTOTAL -2,276.7 -2,150.7 +126.0 -5.5!% Depreciations and provisions -147.1 -113.9 +33.2 -22.6!% Other operating income and expenses 5.6 1.2 -4.4 -78.6!% SUBTOTAL -141.5 -112.7 +28.8 -20.4!% Operating results 176.5 101.3 -75.2 -42.6!%

2009 ACCOUNTS 55 2009 OPTIMIZATION PLAN – PROGRESS (1/2)

Var. 2009 " Million 2008 2009 vs. 2008

Operating results 177 101 -75 Incl. consolidated revenue 2,595 2,365 -230

Incl. charges -2,418 -2,264 +155

‣Incl. Euro 2008 +54

‣Incl. 2009 optimization plan +74 ‣Incl. other charges +27

2009 ACCOUNTS 56 2009 OPTIMIZATION PLAN – PROGRESS (2/2)

" Million 2008 2009 Var. Programming costs excl. special sports events (recurring costs) +35

Renegociation of contracts +21 74 Reduction of external charges +10

Abandonned activities (economy of charges) +8

Restructuring costs -42 -30 +12

2009 ACCOUNTS 57 CONSOLIDATED QUARTERLY INCOME STATEMENT

9 MONTHS 9 MONTHS " Million 2008 2009 Var. Q4 2008 Q4 2009 Var. Consolidated revenue 1,863.9 1,628.5 -12.6!% 730.8 736.2 +0.7% Incl. advertising revenue TF1 Core channel 1,187.8 966.9 -18.6!% 459.5 462.5 +0.7!% Incl. diversification revenue 676.1 661.6 -2.1!% 271.3 273.7 +0.9% Programming costs 749.1 664.3 -11.3!% 283.0 262.6 -7.2!% Incl. programming costs excl. special sports events 694.6 664.3 -4.4!% 283.6 262.6 -7.4!% Other charges and depreciations and provisions 985.0 931.5 -5.4!% 401.1 405.0 +1.0% Operating result 129.8 32.7 -74.8!% 46.7 68.6 +46.9!% Operating margin 6.9!% 2.0!% 6.4!% 9.3!%

2009 ACCOUNTS 58 CONSOLIDATED BALANCE SHEET

CONSOLIDATED ASSET 2008 2009 Var. "m Total non-current assets 1,869.6 1,143.1 -726.5 Total current assets 1,855.8 2,539.7 683.9 Held-for-sale assets 14.8 0.0 -14.8 TOTAL ASSETS 3,740.2 3,682.8 -57.4

CONSOLIDATED EQUITY & LIABILITIES 2008 2009 Var. "m Shareholders’ equity 1,376.9 1,396.6 19.7 Non-current liabilities 755.6 45.8 -709.8 Current liabilities 1,592.7 2,240.4 647.7 Liabilities linked to held-for-sale assets 15.0 0.0 -15.0 Total shareholders’ equity and liabilities 3,740.2 3,682.8 -57.4

Net cash (+) / net financial debt (-) -704.5 +72.8 +777.3 Gearing 51.2% NS

2009 ACCOUNTS 59 CONSOLIDATED CASH FLOW STATEMENT

"m 2008 2009 Var. "m Operating cash flow before net interest expenses and income tax 269.9 185.8 -84.1 Income taxes paid -68.0 32.3 +100.3 Change in operating working capital requirements 5.8 23.8 +18.0 Net cash generated by operating activities 207.7 241.9 +34.2 Net cash generated by investment activities -104.4 654.8 +759.2 Net cash generated by financial operations -137.4 -325.7 -188.3 Change in cash position -34.1 571.0 +605.1 Cash position at beginning of period 29.9 -4.2 -34.1 Cash position at end of period -4.2 566.8 +571.0

2009 ACCOUNTS 60 A SOUND FINANCIAL STRUCTURE

Confirmed financing ("m)

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

955.5 955.5 1,020.5 1,060.5

500.0 500.0 500.0 500.0

2006 2007 2008 2009

BOND ISSUE CONFIRMED CREDIT FACILITIES

! No financial covenant ! Credit facilities utilization rate at year end equals to zero thanks to the sale of the Canal+ France stake.

2009 ACCOUNTS 61 SUGGESTED DIVIDEND AT THE GENERAL MEETING OF APRIL 15TH 2010

"0,85

"0,47

"0,43 79% 80% 61%

2007 2008 2009

Dividend per share (in !) And dividend distribution rate (in %) 2009 ACCOUNTS 62 TABLE OF CONTENT

INTRODUCTION

GROUP ACTIVITY IN 2009

2009 ACCOUNTS

2010 OUTLOOK

QUESTIONS / ANSWERS

ON SE RETROUVE SUR 63 OUTLOOK IN TERMS OF CONSOLIDATED REVENUE

Fragile economic growth: ‣End of stimulus plans ‣Delayed effect of unemployment rise ‣Household consumption still erratic ‣Uncertainties in the European context (Greece, Spain, Portugal)

Advertising market recovery in 2010? ‣Continuing price pressure ‣Short-term decisions ‣Visibility still limited ‣Cautious advertisers

A CONSOLIDATED REVENUE TARGET OF +2%

" million 2009 2010 Var

Consolidated revenue 2,365 2,410 +2%

2010 OUTLOOK 64 FIVE MAJOR PROJECTS IN 2010

1 Extend our CSR policy ‣ More extensive Carbon assessment ‣ Towards obtaining the Diversity Label 2 Make our core business stronger ‣ High-performance, controlled grid ‣ 3D: an extra asset for the future ‣ A range of new interactive advertising offerings ‣ TMC / NT1: a potential to be tapped 3 Build on synergies with new media ‣ 360 Strategy: convincing in reality with remarkable success; now comes the challenge of finding a profitable business model ‣ Smart TV: TF1 a pioneer • In routers (Bouygues Telecom) • In TVs (Samsung) 4 Explore new territories ‣ CRM: from relationship to sale ‣ Online gaming: from Française des Jeux partnership to EurosportBET operations 5 Pursue efforts on management ‣ Contracts with favourable effects ‣ Constant monitoring GROUP MOBILISED FOR PERFORMANCE 2010 OUTLOOK 65 1 EXTEND OUR CSR POLICY

OUR INITIATIVES IN 2010: LCI accessible to the deaf Issues relating to content: and hearing-impaired ‣ Solidarity on the Air (charity projects: Restos du cœur, Sidaction, Pièces Jaunes, etc.) ‣ Eco2climat indicator on the 8 pm news every month ‣ Diversity on the Air: commitments of the Diversity committee ‣ On-screen sub-titles and sign language on LCI Social issues ‣ Gaining the Diversity Label ‣ A third class at the Foundation

Environmental issues ‣ Extending the Carbon assessment to the entire Group ‣ Launching the company’s transport plan ‣ A carbon calculator specific to audiovisual productions

And maintaining our CSR performance and presence in indexes

2010 OUTLOOK 66 2 MAKE OUR CORE BUSINESS STRONGER: TF1

OUTSTANDING SCORES FOR US SERIES FRENCH TV DRAMA IN FULL RENEWAL

9,3M OF VIEWERS - (FEBRUARY 10TH) 9,1M OF VIEWERS (FEBRUARY 2ND) 8,4M OF VIEWERS - (JANUARY 11TH) 8,5M OF VIEWERS - (FEBRUARY 8TH) SUCCESSFUL ACCESS GAME SHOWS EVENTS-BASED CHANNEL

8,6M OF VIEWERS - (JANUARY 25TH) 8,8M OF VIEWERS FOR 8PM NEWS BULLETIN 6,2M OF VIEWERS IN ACCESS - (FEBRUARY 1ST) (JANUARY 25TH) UNRIVALED NEWS IN EUROPE

6.8 MILLION PRIME-TIME VIEWERS

9,7M OF VIEWERS FOR 8PM NEWS BULLETIN - (JANUARY 10TH) A SUCCESSFUL BEGINNING OF THE YEAR

Source: Médiamétrie – Mediamat – as at February 16th 2010 2010 OUTLOOK 67 2 MAKE OUR CORE BUSINESS STRONGER: TF1

ENTERTAINMENT FRENCH DRAMA MAGAZINE

MASTERCHEF KOH LANTA CAUET NEW SEASONS EXCLUSIVE TV LINK ZITA The biggest cooking amateur Le Choc des Héros Back with a talk Profilage, R.I.S, Section DRAMAS competition in France show de recherche… Folie douce, Vidocq… 2 new society magazine

FILM US SERIES NEWS SPORT

BIENVENUE ASTÉRIX DEXTER EMMANUEL CHAIN REGIONAL ELECTIONS 2010 FIFA WORLD CUP CHAMPIONS LEAGUE CHEZ LES CH’TIS AUX JEUX OLYMPIQUES From February 17th in Prime-time magazine March 2010 In South-Africa second-time

VARIOUS SHOWS TO COME

2010 OUTLOOK 68 2 MAKE OUR CORE BUSINESS STRONGER: TF1 2010 THE FIFA 2010 WORLD CUP IN SOUTH AFRICA

27 TF1 HIGHLIGHTS, INCLUDING 17 PRIME-TIME OPENING MATCH, SEMI-FINAL AND FINAL 360° SYSTEM

PLUS EXCLUSIVE RIGHTS ON FRENCH NATIONAL TEAM MATCHES

SEASONED TF1 TEAM 30 JOURNALISTS, AROUND 30 TECHNICIANS, 3 TEAMS OF COMMENTATORS AND 6 CONSULTANTS

MORE MATCHES AT LOWER COST THAN IN 2006 A COMPREHENSIVE SYSTEM FOR THE BIGGEST EVENT OF 2010

2010 OUTLOOK 69 2 MAKE OUR CORE BUSINESS STRONGER: TF1

A RANGE OF NEW INTERACTIVE ADVERTISING OFFERINGS

CONSO.FR TF1 CAMPAIGN POOLING SEVERAL COMPANIES IN THE SAME SPOT IN PARTNERSHIP WITH + WEB COUPONING + MASS RETAIL GRASS-ROOTS OPERATIONS

MAKE TF1 ADS INTERACTIVE WITH DSL SUBSCRIBERS INTERACTIVE TV (TEST UNDERWAY).

MOBILE MOBILE WEB SYSTEMS DEVELOPMENT OF APPLICATIONS: TF1 PLAYER, TF1 NEWS, BOUYGUES TELECOM ACTU, EUROSPORT, WAT OPT-IN TEXTING DATABASE FOR BOUYGUES TELECOM SUBSCRIBERS

EXTEND COMPANY-CONSUMER RELATIONSHIP AND QUALIFY THE CONTACTS 2010 OUTLOOK 70 2 MAKE OUR CORE BUSINESS STRONGER: AND

OUR COMMITMENTS

FACILITATE RIGHTS CIRCULATION IN THE MARKET ‣ Drama, creative documentaries, animation (French heritage) ‣ Movies CHANNELS WITH LIMIT REPEATS WITHIN THE GROUP ‣ Sports WELL-DEFINED ‣ Prime-time US series, French heritage works, French series, one-off shows EDITORIAL IDENTITY NO CROSS-PROMOTION FOR TMC AND NT1 ON TF1

SEPARATE ADVERTISING DEPARTMENTS ‣ For advertising: independence pace of TF1 and TMC/NT1 offering 2 ADVERTISING ‣ Autonomy in selling ad spaces for TMC and NT1 DEPARTMENTS TO SATISFY A ‣ Pool back-office functions BROAD CUSTOMER PANEL ‣ No coupling or advantage between TF1 and TMC/NT1

+ APPOINTMENT OF AN INDEPENDENT REPRESENTATIVE AN OPPORTUNITY TO TAKE FULL ADVANTAGE OF OUR STOCKS 2010 OUTLOOK 71 3 BUILD ON SYNERGIES WITH NEW MEDIA A LEG UP ON DIGITAL

TV

INTERNATIONAL

DIGITAL RADIO MOBILE: INTERACTIVITY TF1 PLAYER ET m.TF1.FR

THE GLOBAL MEDIA STRATEGY IS GETTING DEEPER AND STRONGER 2010 OUTLOOK 72 3 BUILD ON SYNERGIES WITH NEW MEDIA

TV CONNECTED WITH MyTF1

BOX TV SMART TV INTERACTIVE APPLICATIONS

‣FORM PARTNERSHIPS WITH OTHER ‣NEGOCIATE PARTNERSHIPS WITH OTHER SMART TV ISPs/CABLE OPERATORS MANUFACTURERS

‣CONTINUOUSLY ENHANCE OFFERING ‣GRADUALLY BROADEN THE SERVICE OFFERING

‣CREATE A SPECIAL BRAND FOR SMART TV APPLICATIONS

«ENHANCED TV!» IN LINE WITH NEW COMMUNICATION MODES

2010 OUTLOOK 73 4 EXPLORE NEW TERRITORIES OUR CRM STRATEGY

Develop individual knowledge Strengthen ties 1 of our public and customers with our public

TF1 REGISTRATION Contacts 2 Contacts systems

Web Mobile SMS/Interactivity

Propose a complementary Sell paying services and 3 and targeted «contacts» content to TV viewers Online Gaming offering to advertisers

CREATE LASTING RELATIONS WITH OUR AUDIENCES

2010 OUTLOOK 74 4 MOVING TOWARDS NEW TERRITORIES USE ALL FORMS OF CONTACT

SALES AND MARKETING CUSTOMER KNOWLEDGE RELATIONSHIP MARKETING TARGETED ADS OPERATIONS

“TF1 Group” client base Relationship plan between Support for activities such as Development of opt-in TF1 and flagship games, VOD… partners programmes of the core Acquisition, client qualification channel 2.2 million players in 2009, Development of new including 305,000 paying players products for our 5.2 million customers, 125 million of TF1.fr emails advertisers meaning +27% in 2009 sent (newsletters, alerts…) First segmented operation for gamers TF1 Conso Main sources of customer Invitations targeted for our recruitment trips in France ‣ Live TF1 on TF1.fr 30 campaigns of targeted TF1 Vision ads for advertisers ‣ TF1 & Vous Invitations to take part in ‣ Games casting sessions ex. Le Plus Grand Quiz de France

2009: INCREASED PROXIMITY 2010: THE CRM IS ON 2010 OUTLOOK 75 4 EXPLORE NEW TERRITORIES ENTERING THE ONLINE BETTING AND GAMING MARKET

SPS

! A dedicated space for games on TF1.fr operated by La ! Organisation of the 1st International competition in France of Heads- ONLINE Française des Jeux, which will take over the game offer of the Up Poker with Evian Casino 1 GAMING latter (lottery, sport betting, poker) and including also exclusive content from TF1 ! Creation of a gaming operator with licenses: obtaining a license to operate on the French market => Launch of the French activity as ! The ability to use TF1 licenses for scratchcard soon as the market opens. 2 LICENSES within La Française des Jeux network (38,000 selling points) ! European ambition in line with Eurosport profile ! The sponsorship of 2 short programmes on TF1 core channel 3 SPONSORSHIP linked to sport news and Football World Cup ! Competing directly with «!pure players!» in the sector

Reassuring and responsible offer, ! Acquisition of Serendipity’s 50% share in SPS controlled for people under 18 years old An adapted service for Internet gamers

WORLD CUP KICK-OFF ! 2010 OUTLOOK 76 5 PURSUE EFFORTS ON MANAGEMENT AT TF1

CONTINUE TO ADAPT CHANNEL MODEL TO NEW MARKET CONDITIONS

Programming costs: apply ratings-costs-earnings equation to seasonality Benefit from the optimisation of production resources for News with rollout of PNS2 Get best use out of acquired rights and renegotiated contracts Improve flexibility (audience clauses, etc.) Take full advantage of the renegotiation of the agreements on French TV drama Make optimum use of the breadth of our catalogue of films and US TV series

OBJECTIVE CONFIRMED ON STABILISING PROGRAMMING COSTS, INCLUDING SPORTS EVENTS

2010 OUTLOOK 77 5 PURSUE EFFORTS ON MANAGEMENT ACROSS THE GROUP

CONTINUE THE OPTIMISATION PLAN Continue to cut SG&A costs and overheads Continue to optimise resources Take advantage of existing partnerships

A VIRTUOUS MODEL FOR A REINFORCED PROFITABILITY

Group EBIT margin Change in consolidated revenue

20!% 15% 15!% 10% 8% 9% 10!% 6% 5!% -1,7% 0!% -4,6% -5!% 0,7% -3,2% -2% -2,5% -10!% -15,3% -6,1% -8% -6,9% -15!% -17,7% -20!% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 RIGOROUS INTERNAL MANAGEMENT SUPPORTED BY THE ENTIRE GROUP 2010 OUTLOOK 78 TF1: 9 ASSETS FOR THE FUTURE

Stronger management, continuously improved organisation structure Comprehensive editorial know-how Pool of high-performance channels Ad departments with attractive offers Confirmed 360° strategy Rebound of subsidiaries Promising projects and partnerships Confident and mobilised shareholder collaborators Support of class-leading shareholder

2010: A YEAR OF WINNING NEW BUSINESS

CONCLUSION 79 OUR AMBITION

Address a broad public by bringing people together through exclusive, major entertainment events Enable each person to extend their personal experience via multimedia and our affiliated activities Etablish a base of qualified customers on the web to open up to new forms of business Improve our economic performance while investing for the future

FEBRUARY 2010: STRICT APPLICATION OF STRATEGY ANNOUCED IN FEBRUARY 2009 CONCLUSION 80 TABLE OF CONTENT

INTRODUCTION

GROUP ACTIVITY IN 2009

2009 ACCOUNTS

2010 OUTLOOK

QUESTIONS / ANSWERS

ON SE RETROUVE SUR 81