Revenues and Profit ✓ Confirmed Perspectives for Fy18 and Mid - Term

FINANCIAL RESULTS H1 2018

27 September 2018 TABLE OF CONTENT

INTRODUCTION BUSINESS REVIEW p.3 p.8 FINANCIAL OVERVIEW H1 2018 1 2

H1 2018 ACCOUNTS 2018 OUTLOOK p.14 p.21 3 4 INTRODUCTION H1 2018 HIGHLIGHTS

FINALIZATION OF SEVERAL TRANSFORMING TRANSACTIONS TO ✓ FUEL CONTENT STRATEGY REORGANIZATION OF THE GROUP , INTEGRATING THE ACQUIRED ✓ ACTIVITIES IN 4 BUSINESS UNITS SOLID BUSINESS PERFORMANCE IN ALL SEGMENTS SUP P ORTE D ✓ BY STRONG PRODUCTION LINE - UP FIRST HALF 2018 DELIVERED STRONG FINANCIAL RESULTS BOT H IN ✓ REVENUES AND PROFIT ✓ CONFIRMED PERSPECTIVES FOR FY18 AND MID - TERM

4 | FINANCIAL RESULTS H1 2018 A NEWLY INTEGRATED ORGANIZATION

Offices & studios in 450 permanent employees Leading independent 9 countries in Europe, North platform in Europe Global organization with America and Asia centralized corporate functions

1st producer of fiction 17 channels, o/w 2 are in in France the Top 10 Pay-TV channels 1st producer of 1st content distributor animation in Europe in France

5 | FINANCIAL RESULTS H1 2018 STRONG FINANCIAL PERFORMANCE IN H1 2018

➢ Reported financials (excluding ON Entertainment) : ➢ R e v e nu e s o f € 1 2 5 . 3 m ➢ EBITDA [ 1 ] o f € 3 0 . 0m

➢ Re v e nu e g r o w t h o f + 4 4 % YoY (with different consolidation perimeter)

➢ Re p o r te d net income group share o f € 1 1 . 3 m , corresponding to € 1 8 . 2 m excluding impact of assets recognized through business combinations

➢ Consolidated net debt [ 2 ] o f € 1 1 2 .6 m

[1] After amortization of audiovisual rights (other than recognized through business combinations) 6 | FINANCIAL RESULTS H1 2018 [2] Excluding production credits STRATEGY AND OUTLOOK

CAPITALIZE ON THE BOOMING DEMAND FOR CONTENT TO ACCELERATE PRODUCTION AND CREATE NEW IP

STRENGTHEN AND GROW OUR LIBRARY OF RIGHTS

ORGANIZE MEDIAWAN AS AN INTEGRATED MEDIA GROUP WITH CENTRALIZED MANAGEMENT

CONSOLIDATE LEADERSHIP WITH SELECTED EUROPEAN ACQUISITIONS

M A IN TA IN STRONG ORGANIC GROWTH PROFILE FOR THE PRO FORMA PERIMETER [1]

7 | FINANCIAL RESULTS H1 2018 [1] Like-for-like growth Including contribution of Storia, Makever, ON Entertainment and MVP BUSINESS REVIEW MEDIAWAN ORIGINALS: Business update and trends

o # 1 producer of prime - o Revenues of € 4 7 . 2 m ( e x c l . o More than 60 hours time fiction in France i n t r a - g r o u p ) expected in H2

o Collection of 13 o +127% growth Y o Y , o Exploitation of recurring production companies primarily due to the s e r i e s : 7 currently in with independent labels integration of CC&C, portfolio, ongoing Makever and Storia discussions to produce o Strong portfolio of IPs second season for incl. multiple recurring o Approximately 40 hours additional 4 - 5 s e r i e s s e r i e s of programs delivered over 6 months o Develop and create new o Production for both h i g h - quality franchises local broadcasters and global platforms o Accelerate international repositioning w i t h n e w o Exciting line - u p o f n e w ambitious projects projects in development f o r 2 0 1 9 - 2 0 2 0

9 | FINANCIAL RESULTS H1 2018 MEDIAWAN ORIGINALS: 2018 production line-up

o Alice Nevers (S16) o Apocalypse ( p a i x i m p o s s i b l e ) o Black Spot (S2)

o Apocalypse ( g u e r r e d e s m o n d e s ) o Beneath the skin ( s o u s l a p e a u ) o Captain Sharif (S6)

o Crimson wedding ( n o c e s r o u g e s ) o Call my agent (dix pour cent) ( S 3 ) o Just a Gigolo

o Deux gouttes d ’ e a u o Falling for love ( j e s a i s t o m b e r ) o Histoire de l’aviation o J e n e s u i s pas un homme facile o H y d r a v i o n , la renaissance o H u g u e t t e o Research Unit (S12) o L e s f a n t ô m e s d u H a v r e o L e Meilleur reste à venir

o The crimson rivers ( r i v i è r e s p o u r p r e s ) o P a p a ou M a m a n o L e s V o e u x

o T r a q u é s o Twenty Five ( v i n g t - c i n q ) o M e u t r e à Bride les Bains

o War on beasts ( a u x a n i m a u x l a g u e r r e ) o M e u t r e d a n s l e M o r v a n o P a u v r e G e o r g e s o P l a y o Red Bracelets (S2) o Research Unit (S13) o S y s t è m e D o U n f a i t h f u l o U n h o m m e a b î m é

10 | FINANCIAL RESULTS H1 2018 MEDIAWAN ANIMATION: Business update and trends

o # 1 producer of animated o Revenues of € 1 5 . 6 m [ 1 ] o L i n e - up for significant content in Europe o Not consolidated as growth trajectory o n b o t h o Expertise in both TV part of Mediawan H1 s e g m e n t s series and movies 2018 reported accounts o Leverage on the Miraculous o Proven ability to d e v e l o p (entered the perimeter p h e n o m e n o n , with seasons IPs into 360 successful in June 2018) 3 - 5 in production as well as b r a n d s o Main deliveries include other projects incl. live Miraculous (18 eps), and action movie, and benefits Z a k s t o r m ( 1 3 e p s ) from L&M starting to kick - in o In line with the delivery o New ambitious series s u c h plan for 2018 as Power Players o Release of the first Playmobil movie in 2019, w i t h fully loaded pipeline o f m o v i e s to be delivered in the coming years

[1] Excludes €2.3m contribution from Chapter 2 ; 11 | FINANCIAL RESULTS H1 2018 includes contribution from film production services. MEDIAWAN RIGHTS: Business update and trends

o Large library with o Revenues of € 2 3 . 2 m ( e x c l . o Natural business a p p r o x . 13,000 hours of i n t r a - g r o u p ) acceleration thanks to the c o n t e n t - Includes renewals of increased contribution from o Large (and growing) classic series to in- house productions portion of internally French broadcasters o Development of expertise produced content o +97% growth Y o Y , for international formats o Diversified client base : primarily due to seasonal and animation programs FTA broadcasters, cable effect and intra - y e a r networks, SVOD s a l e s m i x o Increased weight of OTT platforms,… and digital players in the o C o n t i n u e d investments in customer mix external rights (on top of in- house productions ) a n d o Additional investment i n i n c r e a s e d l i b r a r y v a l u e external content to further fuel library according to market opportunities

12 | FINANCIAL RESULTS H1 2018 MEDIAWAN THEMATICS: Business update and trends

o Strong position on o Revenues of € 5 4 . 4 m ( e x c l . o Service upgrades and thematic channels in i n t r a - g r o u p ) developments to explore France and French - o +0.5% growth Y o Y n e w opportunities o r n e w speaking territories distribution routes with o Renewal of c a r r i a g e OTT platforms o L a r g e and unique c o n t r a c t s with top clients portfolio of 17 c h a n n e l s o New channels and o Upside potential from new distributed by a l l project developments : eg French TV operators rebranding projects to strengthen channels offer e - s p o r t platform currently (and largely present in being discussed other French - s p e a k i n g and positioning territories) o Increasing presence in t h e ad m a r k e t t h r o u g h generalists c h a n n e l s (France and Belgium) and thematic niches

13 | FINANCIAL RESULTS H1 2018 H1 2018 CONSOLIDATED ACCOUNTS KEY ACCOUNTING CONSIDERATIONS

➢ 3 new acquisitions in the consolidation perimeter ➢ Storia Television , incorporated on January 2 nd for the purpose of acquiring certain TV production assets from E u r o p a c o r p , consolidated since January 1 st ➢ M a k e v e r, acquired on March 15 th, consolidated since January 1 st ➢ ON Entertainment , acquired on June 7 th, consolidated as of June 30 th

➢ Change in accounting principles and methodology (IFRS 15 in particular) ➢ L i m i t e d impact on EBITDA and net income

➢ Unchanged definition of EBITDA (after amortization of all audiovisual r i g ht s - other than recognized through business combinations)

➢ Significant goodwill recognized from the acquisitions ➢ PPA analysis still pending for Makever, Storia and ON Entertainment ➢ H1 2017 accounts are restated for the impact of the PPA analysis conducted during H2 as for FY 2017

15 | FINANCIAL RESULTS H1 2018 TOTAL REVENUES OF €125M

Solid business performance on all a r e a s

I n € m H 1 2 0 1 8 H 1 2 0 1 7 C h a n g e R e p o r t e d [1] R e s t a t e d [2] (%)

MDW Originals 4 7 . 3 2 0 . 8 + 1 2 7 %

MDW Animation - - -

M D W R i g h t s 2 3 . 2 1 1 . 8 + 9 7 %

M D W T h e m a t i c s 5 4 . 4 5 4 . 2 + 1 %

Total Revenues [1] 125.3 86.8 + 4 4 %

[1] As reported in Mediawan consolidated accounts. Includes €0.5m revenues from the corporate center corresponding to invoices to ON Entertainment (not consolidated in H1 2018). [2] Proforma financials as presented in Mediawan H1 2017 results (incl. 6 months contribution of Groupe AB). Not comparable to H1 2018 perimeter (excludes contribution from CC&C, Makever and Storia) and not restated for IFRS 15 implementation as of January 1st 2018. 16 | FINANCIAL RESULTS H1 2018 CONSOLIDATED EBITDA OF €30M

➢ EBITDA reported after amort. of audiovisual rights (other than recognized through business +37% combinations) 30.0 ➢ To t a l EBITDA of € 3 0 . 0 m after impact of the corporate center 21.9 ➢ G r o w t h o f + 3 7 % Yo Y vs. H1 2017 [ 1 ]

10.2

H1 2017 reported H1 2017 restated H1 2018 reported (3 months) (6 months) (6 months)

[1] Proforma financials as presented in Mediawan H1 2017 results (incl. 6 months contribution of Groupe AB). Not comparable to H1 2018 perimeter (excludes contribution from CC&C, Makever and Storia) and not restated for IFRS 15 implementation as of January 1st 2018.

17 | FINANCIAL RESULTS H1 2018 CONSOLIDATED P&L

I n € m H 1 2 0 1 8 H 1 2 0 1 7 Reported net income is affected by R e p o r t e d R e p o r t e d significant non - operating items R e v e n u e s 1 2 5 . 3 3 8 . 6 ➢ €(10.7)m amortization of assets recognized through business EBITDA [1] 3 0 . 0 1 0 . 2 combinations D&A (excl. audiovisual rights) ( 1 . 9 ) ( 1 . 0 ) ➢ €(4.7)m other expenses : [2] includes non recurring costs A d j . E B I T 2 8 . 1 9 . 2 related to M&A and group Other income/expense ( 4 . 7 ) ( 6 . 4 ) reorganization, as well as non - [ 3 ] Amort. of assets recognized cash remuneration expense ( 1 0 . 7 ) ( 7 . 0 ) through business combination ➢ € 4 . 6 m n o n - cash financial income due to reevaluation of certain Reported operating income 1 2 . 8 ( 4 . 1 ) financial assets Financial income ( 2 . 5 ) ( 1 . 3 ) Net income group share Other financial income 4 . 6 ( 0 . 0 ) - € 1 1 . 3 m as reported by the group Ta x ( 3 . 2 ) ( 0 . 0 ) - € 1 8 . 2 m excluding impact of Minority interests ( 0 . 4 ) ( 0 . 3 ) assets recognized through business combinations Net Income group share 1 1 . 3 ( 5 . 8 )

[1] After amortization of audiovisual rights (other than recognized through business combinations) [2] Before amortization of assets recognized through business combinations 18 | FINANCIAL RESULTS H1 2018 [3] Mainly a portion of the put option liability (towards minority shareholders) assimilated to remuneration under IFRS SUMMARY BALANCE SHEET

BALANCE SHEET (€m) ➢ Increase in intangible assets t h a n k s t o J u n e 1 8 D e c 1 7 consolidation of acquired businesses and investments in content Intangible assets 320 209 ➢ Unallocated goodwill for 2018 acquisitions G o o d w i l l 180 96 ➢ Net financial debt of €112.6m Other assets 21 21 - Consolidated cash position of €60m Total assets 520 326 - Gross debt mainly relates to €130m credit facility raised in March 2017 and Shareholders’ equity 193 210 €45m credit line drawn in June 2018 Net financial debt 113 29 - Excludes €32m of production credits Production credits 32 0 associated to ongoing productions Other liabilities 87 52 ➢ Negative working capital of €(95)m Net Working capital 95 36 consistent with industry practice in content Total liabilities 520 326 production and distribution

19 | FINANCIAL RESULTS H1 2018 H1 2018 NET CASH CONTRIBUTION

Cash flow from Operations - S1 2018 : 7M€

In €m

(10.0)

(30.0) (28.6)

(50.0)

Includes over-

(70.0) investment in library vs. depreciation

30.0 (90.0)

2.9 (110.0) (14.5) (1.8) (2.6) (7.4) (112.6) (90.6) (119.1) (130.0) Net Debt as of M&A & capital Net debt post M&A / EBITDA Change in Capex Interests Tax Others Net Debt as of Dec17A increase Capital increase WC & library (excl. audio.) June18A rights

20 | FINANCIAL RESULTS H1 2018 MEDIAWAN 2018 OUTLOOK NEW CORPORATE ORGANIZATION IN AN INTEGRATED MEDIA GROUP

In 2018, Mediawan has initiated a transition towards an integrated media group, structured around 4 business units serving a common strategy in a coordinated and optimized organization

Rearranged management structure and Reinforced group identity, with new logos, new consistent governance rules, reporting,… group coordination initiatives, and a international Governance balanced between centralized development of the Mediawan trademark as a decisions and producers’ independence media brand

Reinforced partnerships between business units Shared corporate services (accounting, legal, to create synergies along the value chain, from digital development, HR, marketing) which allows the production to the diffusion of contents, and more agility and optimized structure costs to increase the visibility of Mediawan

22 | FINANCIAL RESULTS H1 2018 AMBITIOUS STRATEGIC OUTLINE

Deliver the production plan for 2019/2020 and prepare the line-up for future years with focus on premium content and high potential IPs

Launch new projects and develop additional content monetization avenues incl. licensing/merchandizing and digital video distribution

Accelerate strategy on international production and consolidate leadership with selected European acquisitions

Capitalize on Mediawan’s independence and uniqueness to attract the best talents and the most promising projects

Maintain a disciplined production financing policy across the group securing profitability upfront while retaining maximum rights ownership

23 | FINANCIAL RESULTS H1 2018 EXCITING PERSPECTIVES

MAINTAINED 2018 OBJECTIVES AND MID -TERM PERSPECTIVES TOP LINE ORGANIC GROWT H OF 10% PER YEAR ON AVERAGE EBITDA MARGIN IMPROVEMENT TOWARDS 20% TARGET

✓ S o l i d l i n e - up of projects in development fo r the production businesses, w i t h b o t h recurring series and new p r o p e r t i e s ✓ Capacity to develop a 360 ° strategy for most successful animation brands ✓ G r o w i n g library offering visibility on future revenues ✓ Secured mid - term revenues on channels distribution

24 | FINANCIAL RESULTS H1 2018 DISCLAIMER

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25 | FINANCIAL RESULTS H1 2018 27 September 2018