M6M6 GroupGroup EuropeanEuropean MediaMedia ForumForum 1717 MayMay 20062006

1 Overview

2005 Reminder

Q1 2006 Audiences

Q1 2006 Revenues

DTT

New growth drivers

Conclusion

2 Key Group financial results

€M

+6.4% 2004 2005 1274.7 +6.0% 1197.6 194.8 185.4 +6.7% 1079.9 1012.2 786.5 737.0 +16.3% +21.3%

186,1 +3.9% 184,8 +8.4% 552.2 600.4 212.0 229.8 242.3 248.6 258.4 208.4 8.7 8.7 156.2 0.6 0.6 128.8 5.1 211.4 221.1 207.8 233.6 -2.1 130.9 151.1

ChiffresTurnover d'affairesd'affairesProgramming Coût Coût de de grille grilleOther Autres Autres operating charges charges EBITAEBITA EBIT EBIT EBITNet Résultat Résultat Profit netGroup net part part du du opérationnelles groupe costs expenses share

3 2005 financial year highlights

Record audiences Advertising performance in a stable market at + 0.3 % (gross data) 19.1% 12.6% < 50 y.o housewives 4 + y.o. individuals audience share audience share + 4.0 % 23.2% Market share Advertising revenues growth (gross data) M6 progresses in its commercial targets

+ 0.5 pt + 0.1 pt + 0.9 pt M6 market share gain < 50 y.o housewives 4 + y.o. individuals 15-34 y.o individuals + 1.1 basis points Controlled programming costs Thematic channels Launch of new channels Launch Acquisitions €M 258.4 Progression limited to + 3.9% with record audience increases Pay TV Mistergooddeal Commercial success Internet destocking site TPS – Canal+ Group agreement with 300,000 subscribers (at 21 February 2006) Citato Free monthly aimed at 15 -25 y.o Net cost of DTT (excl TPS) EBITA 2005 SNC Films catalogue 13.0 €M in 2005 (incl. W9 result) vs. 1.3 €M in 2004 + €M 1.8 e 2006 costs : 16 €M 4 Overview

2005 Reminder

Q1 2006 Audiences

Q1 2006 Revenues

DTT

New growth drivers

Conclusion

5 M6 : Housewives<50 audience share still at a very high level after 2005 records

Q1 2006 (week 1 to 18) Hwives <50 years old audience share in %

35.7 35.5 34.3

-1.2 2004 2005 2006

19.5 20.2 19.8 16.6 15.5 15.7 -0.4 12.5 11.0 10.2 10.4 10.6 9.3 +0.2 -0.2 -0.2

+0.2 3.9 +1.9 3.5 3.3 2.7 3.0 2.8

Other TVs

6 Ever more powerful and federative Prime Times

 40 Prime Times over 4.0M viewers in 2006  One PT out of three (37% of Prime Times) Against 37 Prime Times in 2005

Prime time > 4 million viewers

40 37 +3+3+3 +7+7+7 30

2004 2005 2006 1 night out 4 1 night out 3 1 night out 3

Source: Médiamétrie – weeks 1 to 17 7 Success for the three episodes of BACK TO THE FUTURE (5.0M viewers in average )

4+ y.o. Hswes-50

31.8 28.4 28.9

21.9 21.5 18.9

4.7M 5.4M 5.0M

 Best rating for a movie on M6 since STAR WARS (2005)

Monday, April 17th Monday, April 24th Monday, May 1st 8 : season after season, ratings top new records

The fourth season is doing better than ever against a tough competition on Thursday nights

4+ y.o. Hswes-50 34,2 30,3 28,8 25,4

21,1 18,8 16,4 17,3

3.1M 3.9M 4.2M 4.8M

NOUVELLE STAR / Season 1 NOUVELLE STAR / Season 2 NOUVELLE STAR / Season 3 NOUVELLE STAR / Season 4

9 UN DOS TRES leader among young people in access prime-time

UN DOS TRES allows M6 to be the first channel in access Prime Time on the 15-24 target

4+ H<50 15-24

46.0

24.1

13.6

M6 - UN DOS TRES (18h+19h)

10 Enlargement of M6’s audience

Evolution of channels’ audience profile jan-apr 2006 and point evolution (jan-apr 2006 vs jan-apr 2001)

21.4 -4.3

40.6 +10.7 47.5 +0.4 46 +0.7 +4.4 62.1 61.2 +1.8

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u o S 4-24 y-o 25-49 y-o >50 y-o 11 M6 is the 2nd favourite channels for housewives < 50 y-o for the 5th year in a row (data : 1990 – 2006)

45 40,0 38,6 40 35,9 36,2 34,7 35

30

25 21,5 19,9 19,2 19,1 19,8 20 15,7 18,1 15,6 15 16,3 12,5 10,0 13,8 10,6 Other TVs 10 12,7 9,7 6,9 10,3 10,4 5 2,8 1,5

0 1990 1995 2000 2005 2006 jan-apr Source Téléreport Médiamétrie 12 Coming soon in May and June…

 FIFA World Cup 2006  31 matchs live on M6 featuring :

• 3 prime-times (including Brazil-Croatia) • 4 second round games • 2 quarter finals

 Desperate Housewives, Season 1  for the first time on a free-to-air channel in France

A complementary strategy to be more federative 13 Overview

2005 Reminder

Q1 2006 Audience

Q1 2006 Revenues

DTT : First audiences

New growth drivers

Conclusion

14 Q1 2006 sales : a steady growth +15.7%

in M€ 307.5 M€ 355.9 M€ + 15.7 %

+8.1% on a constant scope

47.3 + 1.1 % Discontinuing activities (TPS) 46.8

139.9 + 50.2 % Diversification and 94.4 + 24.5 % on a constant scope audiovisual rights

16.5 + 13.8 % Digital channels 14.5

151.8 152.2 Advertising revenues + 0.2 %

Q1 2005 Q1 2006 15 Distribution of revenues by segment

Discontinuing Discontinuing activities activities Free-to-air 13.3% Digital 15.2% 50.2% Free-to-air channels 43.3% Digital 4.6% channels 4.7%

Diversification Diversification and and audiovisual audiovisual rights right s 29.9% 38. 8% Q1 2005 Q1 2006

The beginning of 2006 highlights :  the dynamism of existing activities (digital channels, audiovisual rights)  and the strong growth of new activities in diversification (M6 Mobile by Orange, Distance Selling) 16 Advertising market (January – April 2006) : + 4.5 %

After an uncertain start of year, the advertising market has registered good performances in March and April

Gross expenditures % change Jan – Apr 2006 Jan – Apr 2006/2005

921.4 M€ +5.3%

367.1 M€ +4.8%

38.6 M€ +4%

409.8 M€ +2.6%

Source : TNS Media Intelligence 17 Sectors : M6 performance in line on Food & Health – Beauty, underperforms on Household products

Changes in expenditures and market shares (Jan – April 2006 vs Jan – April 2005)

111-1---FoodFood 222-2---HealthHealth & Beauty 777-7---HouseholdHousehold products 412.8 M € invested on allallallTVTVTV 228.2 M € invested on allallallTVTVTV 83.9 M € invested on allallallTVTVTV TTV

-4.7% -5.5% -10.6% -10.8%

Change in expenditures Jan – April 06 vs Jan - April 05 -18%

-31.9%

Change in market shares 0 pt -0.3 pt Jan – April 06 vs Jan - April 05 -4.6 pts

Market share Jan –April 2006 MS 20.7% MS 26.6% MS 22.1%

Source : Micromarché – TNS Media Intelligence gross data – Jan to April 2006 vs Jan – April 2005 18 Sectors : M6 outperforms on Telco, Beverages and in line on Services

Changes in expenditures and market shares (Jan – April 2006 vs Jan – April 2005)

333-3---TelcoTelco 101010-10 ---BeveragesBeverages 666-6---ServicesServices 185.3 M € invested on allallallTVTVTV 41.1 M € invested on allallallTVTVTV 157.3 M € invested on allallallTVTVTV TTV +103.6%

+83.1% +43.0% +33.1% +32.9% Change in expenditures Jan – April 06 vs +22.8% Jan - April 05

+3.3 pts +3.6 pt +0 pt Change in market shares Jan – April 06 vs Jan - April 05

Market share Jan –April 2006 MS 32.1% MS 25.3% MS 17.3%

Source : Micromarché – TNS Media Intelligence gross data – Jan to April 2006 vs Jan – April 2005 19 Overview

2005 Reminder

Q1 2006 Audiences

Q1 2006 Revenues

DTT

New growth drivers

Conclusion

20 An effective strategy from 7 pm to midnight…

Breakdown of advertising expenditure Breakdown of M6 programme by time slots expenditure by time slots (TTV 2005 data)

45.5 % 50.4 % 18.7% 13.3 % 9.1 % 10.0 % 7.3% 5.9 %

12 midnight 12 noon 2pm 5pm 7 pm to 8:30 pm 6:30 pm 8:30 pm to 12 noon to 2: pm to 5pm to 7pm 8:30 pm to 12 midnight to 8:30 pm to 12 midnight

64.2% of advertising 60.4% of M6 programme expenditure are concentrated expenditure are concentrated on Access, Prime Time and on Access, Prime Time and the 2 ndndnd half of the evening the 2 ndndnd half of the evening

21 … enabling M6 to offer the best opposition in this time slot

M6 offers the best opposition to the DTT offer among all the major French TV terrestrial networks in prime time and audience share gains in the 2 nd half of the night

---3 %3 % + 3 %

---7 %7 % ---9 %9 %

---10 % ---22% Prime Time ---16 % 222ndndnd half of the evening ---27% M6 posts the 3 rd best prime time audience level M6 posts the 2 nd best 2 nd half of night audience level for individuals 4+ y.o. equipped with DTT for individuals 4+ y.o. equipped with DTT 31.7 31.3

16.8 16.0 14.1 13.3 12.7 9.69.69.6 6.66.66.6 5.95.95.9 2.82.82.8 4.24.24.2 2.52.52.5 1.91.91.9 1.81.81.81.01.01.0 2.02.02.01.21.21.2

Individuals 4+ y.o. audience share equipped with DTT / Monday to Sunday, January 2006 Source: Médiamét rie, subscribed channels uniquely surveyed 22 Audience shares on +4 y-o equipped with free DTT

Relevant performance of W9 with an audience share of 3.1% on +4 y-o equipped with free DTT (vs 2.7% in January 2006)

W9 is one of the few channels in progress.

6,1

January 2006 January - March 2006 4,3 4,1 Audience share - +4 ans y-o equipped with free DTT Average score from mondays to sundays – 03h / 27h – In % 3,13,2 3,1 2,7

-1.8 +0.4 -0.1 1,4 1,2 1,2 0,7 0,5 0,5 +0.2

Period: 1st quarter 2006 Source : Médiamétrie 23 Cumulated audience on +4 y-o equipped with free DTT

W9 is the most attractive and popular channel among the new DTT channels.

40,0%

38,1% 38,0% 37,3% 37,4% 37,1% January 2006 January—March 2006 34,5%

32,4% 31,3%

28,2% 27,8% 27,4%

25,7%

Period: 1st quarter 2006 Source : Médiamétrie / Equipped households – threshold 1 second 24 Overview

2005 Reminder

Q1 2006 Audiences

Q1 2006 Revenues

DTT

New growth drivers

Conclusion

25 Diversification and audiovisual rights : an increased contribution to sales and EBIT

FY 2004 FY 2005 % change Q1 2006

Revenues 352.2 380.3 + 8.0 % + 50.2 %

+ 24.5% on a constant scope EBITA 9.8 25.6 > 300%

EBITA margin 2.8 % 6.7 %

 EBIT : 38.1 M € (13.3 M € gain on RTL Shop disposal)  Except M6 Interactions, the contribution of all activities increased  M6 Mobile and Mistergooddeal.com first contribution is positive

26 HSS – Mistergooddeal: a fast-growing Distance Selling player

 Turnover ( €M) Strong growth in the e-commerce market 585858 Average number of Average number of Average number of 32.6 Incl. MGD : online buyers in 2005 online buyers in 2005 online buyers in 2006 €M 23.3 Q3 Q4 Q1

+ 77.9 % 15.1 million + 6.4 % on a constant scope 13.4 million 12 million +31% vs.Q1 +26% vs.Q4 2005 Q1 2005 Q1 2006 2004

 Turnover up 77.9 % (+6.4% on constant consolidation scope basis) HSS revenues +6.7% Pursuit of infomercials growth Mistergooddeal.com in sustain growth (+56% vs +37% for the market)  e-commerce growth driver  Creation of multi-channel player with a critical mass

27 M6 Web revenues more than doubled

 Turnover ( €M)  Turnover up 102.9% 13.6

Growth driven by: 6.76.76.7 • the success of the Group’s websites + 102.9 % and interactivity business

• M6 Mobile by Orange dynamism Q1 2005 Q1 2006

 M6 Mobile by Orange

 1 million subscribers’ goal within 3 years  400 000 subscribers expected in June 2006  Launch of a new offer coming soon

28 Overview

2005 Reminder

Q1 2006 Audiences

Q1 2006 Revenues

DTT

New growth drivers

Conclusion

29 Audience trust M6 because of its difference

Innovation Channels’ perception by general public

Relaxation, Knowledge, Show sobriety

Tradition Source: Ipsos qualitative survey December 2005 30 Conclusion

Innovation + Power

M6 Free to Air Digital Channels Diversification

Content Control Enlarging the offer Capitalising on a strong brand Launch of new channels  Sport   M6 Mobile  Presence in all strategic  Series/Drama  M6 Web fields (DTT, DSL, VoD,  Audiovisual rights Mobile TV, Cabsat)

31