Nordic Region

P7S1 Group Capital Markets Day

Munich, October 5, 2011

0 P7S1 Nordics is a leading pan-Nordic TV and radio operator

EUR millions, 2010 FTA Radio Region

DENMARK SWEDEN

NORWAY FINLAND

Revenues 323 75 398 rec. EBITDA 90 14 104 rec. EBITDA- margin 28% 18% 26%

1 Adjusted external financials Source: P7S1 Nordics 1 Nordic region – experienced management team

X Years of broadcasting experience

Henrik Ravn 21 Tomas Janson 13 CEO Nordic Region CFO Nordic Region CEO Denmark CFO Sweden TV • Pioneer in Danish commercial TV • 13 years of in-depth knowledge of • Successfully turned around P7S1 in Swedish TV market; appointed Denmark and launched five Danish Nordic CFO in 2009 TV channels • Part of the P7S1 growth story in Sweden from 2001 to 2005

Jonas Sjögren 11 Harald S. Strømme 25 CEO Sweden/Finland CEO Norway • Successfully launched Kanal 9; • Key to launch and formation of TV2; led Kanal 5 to best media sales built the leading advertising agency house award 2005/06 in Norway • As CEO Finland responsible for • Successfully turned around P7S1 building Finnish TV business Norway and launched hit channel MAX in 2010

Source: P7S1 Nordics 2 The Nordic Region investment highlights

Highly attractive The challenger with superior growth markets 1 2 growth and profitability

The partner of choice in a highly Clear path towards competitive distribution landscape 3 4 additional value creation

Source: P7S1 Nordics 3 TV is pivotal in a strong economic environment

NORDIC WESTERN REGION EUROPE1

GDP per capita 2010, EUR thousands 36 30

TV spend per HH2 EUR per month, 2010 48 30

Net TV advertising market Growth 2009-2011 +18% +9%

Daily TV consumption3 Growth 2006-2010 +24 min +11 min

1 France, Germany, Italy, Spain, UK (Source: IP Network, Media Control, EAO, Auditel, TNS Sofres, BARB, Médiametrie) 2 Net TV ad spend (including broadcast, online, and mobile TV advertising) + subscription spend (cable, satellite, DTT, IPTV, VoD, PPV, and mobile TV) + public service fee (public service license fee (TV share only)) 3 Target audiences: Denmark 3+, Sweden 3+, Norway 12+, Finland 10+, Germany 14+, France 15+, Italy 15+, Spain 16+, UK 16+ Source: Global Insight; AdvantEdge; Dansk Oplagskontrol; DRRB; IRM; Finnpanel OY; MMS; PWC Global Entertainment & Media Outlook 2010-14; P7S1 Nordics 4 Advertising is shifting from print to broadcasting

Share of media in net advertising market 2008 Percent 2011

Print TV Radio

51 17 2 42 18 2 DENMARK

49 22 3 42 23 3 SWEDEN

52 17 3 47 19 3 NORWAY 61 24 4 57 24 5 FINLAND

Source: AdvantEdge; Dansk Oplagskontrol; DRRB; IRM; Finnpanel OY; P7S1 Nordics 5 Strong growth in all Nordic TV markets Expectations Nordic TV ad markets 2011

2010 YTD Rest of 2011 2011 E Sweden (MSEK) 5.198 2.430 3.417 5.847 Index 118 116 110 113 Denmark (MDKK) 2.256 1.317 1.330 2.707 Index 110 122 118 120 Norway (MNOK) 3.061 2.036 1.369 3.405 Index 110 114 107 111 Finland (M€) 266 149 144 293 Index 112 114 106 110 Source: MediAid (Group M). YTD: DK & Nor: Jan‐July, Fin: Jan‐Jun, Swe: Jan‐May

6 Strong growth in all Nordic radio markets Expectations Nordic radio ad markets 2011

2010 YTD Rest of 2011 2011 E Sweden (MSEK) 688 308 450 758 Index 110 117 106 110 Denmark (MDKK) 232 197 116 313 Index 107 149 117 135 Norway (MNOK) 563 368 232 600 Index 112 109 105 107 Finland (M€) 52 30 32 62 Index 104 117 122 120 Source: MediAid (Group M). YTD: DK & Nor: Jan‐July, Fin: Jan‐Jun, Swe: Jan‐Ma y

7 Synergies – Strong pan-Nordic radio portfolio complements TV challenger position

Position in radio market1

DENMARK SWEDEN NORWAY FINLAND

1 Based on advertising shares 2010 Source: P7S1 Nordics 8 Audience – Strong growth trajectory

P7S1 audience share1

2008 2011E

DENMARK 14.3% 17.0%

SWEDEN 21.7% 21.0%

NORWAY 22.5% 30.0%

FINLAND 2.3% 6.5%

1 Full day, commercial shares; Denmark: 15-50 years, Sweden and Finland: 15-59 years, Norway: 12-44 years Source: Advantedge; Finnpanel OY; MMS/AGB Nielsen; P7S1 Nordics 9 Monetization – P7S1 Nordics is turning audience shares into advertising revenues

P7S1 Nordics net TV advertising market share

2008 2011E

DENMARK 10.8% 15.3%

SWEDEN 17.7% 16.5%

NORWAY 19.1% 24.3%

FINLAND N/A 2.6%

Source: Advantedge; Finnpanel OY; MMS/AGB Nielsen; P7S1 Nordics 10 Carriage revenues – Partner of choice in highly competitive distribution landscape

P7S1 distribution partners DENMARK SWEDEN NORWAY

Cable

DTT

Satellite (DTH)

IPTV & others

Increase in P7S1 carriage ~20% p.a. revenues 2008 – 2011E

Source: P7S1 Nordics 11 Distribution – 5 successful channel launches in 4 years

DENMARK SWEDEN NORWAY FINLAND

Launch date Jan 2009 Feb 2007 Nov 2010 Sep 2007 Sep 2008

Target audience 15-50 30-59 12-44 12-44 15-44

Audience share1 6.1 6.23 2010, percent 4.0 5.12 2.9

1 Full day, commercial shares; Denmark: 15-50 years, Sweden: 15-59 years, Norway: 12-44 years, Finland: 15-59 years 2 Share for Q3 2011 3 Combined audience share with The Voice TV Source: Advantedge; Finnpanel OY; MMS/AGB Nielsen; P7S1 Nordics 12 Carriage Denmark – Channel positioning favored by distributors and advertisers

Target group structure and audience shares National universe, 15 - 50 years, Mon-Sun, all day, full year 2010 DENMARK Old Young Fe- Commercial male P7S1 TV21 MTG

TV 2 Other DR 1 TV3 dk TV 2 Charlie PSB TV3 MTV dk PULS DR DR 2 TV 2 TV 2 FILM Zulu TV 2 NEWS

TV3+ TV 2 Sport

Discovery dk

Male Note: Bubble size = audience share 1 TV2 is still in public hands but treated like a commercial station Source: TNS-Gallup; Advantedge; P7S1 Nordics 13 Nordics: Carriage fees drive strong revenue growth

Revenues 2008-2010 CAGR EUR millions 398 355 335 75 4.2% Radio 69 69

210 2.0% FTA 197 170 advertising

FTA carriage 113 13.5% 91 97 and other

2008 2009 2010

Source: P7S1 Nordics 14 Distribution model earns high margins and stable revenues

P7S1 Nordics EBITDA margins Bubble size represents EUR 10 million of carriage Percent - 2010 revenue contribution; • Predictable carriage No carriage fees in Finland revenues with significant 40 future growth potential Sweden • Carriage revenues allow 30 for very strong EBITDA Denmark margins Norway 20 • Danish "mini-pay" model successful through partnership with 10 cable and DTH platforms 0 0204060 P7S1 Nordics carriage fee share of total FTA revenues 2010 Percent

Source: P7S1 Nordics 15 Growth through transfer of Danish model across the Nordics

NORWAY • 4 channels • Dedicated target audiences 4 (young F, young M, general) • Football on • Increase in EBITDA margin 3

2 DENMARK • 4 channels • Dedicated target audiences (young F, young M, general) 1 Realized EBITDA • Football on growth in Norway % • Strategic alliances with +150 through transfer of Danish model1 distributors ("partner of choice")

1 Estimate based on total EBITDA development Norway (2008-2011B) Source: P7S1 Nordics 16 17 P7S1 Norway - two years of massive growth

All-time high performances:

 Increased commercial share of viewing from 22% to 30%

 Increased carriage revenues with 90%

 Increased adsale with 40%

 Increased recurring EBITDA with 80%

18 Key success factors

 Optimized channel portfolio • Repositioning of TVNorge to broad entertainment • Consolidation of female channel FEM • Launch of male channel MAX on November 1st, 2010

 Win-win approach to carriage revenues • Danish model of dual revenue streams • Telenor partnership

 99% hitrate on local productions • Strong pipeline and production skills • Timeslot analysis • Flexibility in scheduling

19 Norway – competitive landscape

Target group structure and audience shares National universe, 12 - 44 years, Mon-Sun, all day, full year 2010

Old Young Fe- Commercial male P7S1 Egmont MTG TV3 no

TV 2 no PSB NRK1 NRK

NRK3

TV 2 Zebra

Viasat 4

Male Note: Bubble size = audience share Source: TNS-Gallup; Advantedge; P7S1 Nordics 20 Channel portfolio - Norway

Gross spend per demographic <0.5% ~1% ~2% ~3% ~4% ~5% ~6% Percent

Old Age Young 85 0.0% 0.0% 0.0% 0.0% 0.1% 0.3% 0.3% 0.2% 0.3% 0.3% 0.1% 0.0% 80 0.0% 0.0% 0.0% 0.0% 0.2% 0.6% 0.4% 0.3% 0.4% 0.4% 0.1% 0.0% 29% 75 71% 0.0% 0.0% 0.0% 0.0% 0.4% 0.9% 0.7% 0.7% 0.8% 0.5% 0.1% 0.0% 70 0.0% 0.0% 0.0% Advertisers'0.0% 0.3% 1.2% 1.5% 2.1% 1.6% 0.6% 0.1% 0.0% 65 sweet spot 0.0% 0.0% 0.0% 0.0% 0.3% 2.6% 6.1% 4.6% 1.9% 0.8% 0.1% 0.0% 60 0.0% 0.0% 0.0% 0.0% 0.4% 2.8% 10.7% 7.5% 1.9% 0.7% 0.1% 0.0% 55 % 0.0% 0.0% 0.0% 0.0% 0.6% 2.7% 7.8% 3.5% 1.8% 0.5% 0.2% 0.1% 50 female 0.0% 0.0% 0.0% 0.0% 0.4% 1.7% 2.5% 1.3% 1.0% 0.4% 0.2% 0.1% 45 42% 58% 0.0% 0.0% 0.0% 0.0% 0.1% 1.1% 2.5% 0.7% 0.6% 0.3% 0.2% 0.1% 40 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 2.1% 0.6% 0.3% 0.2% 0.2% 0.1% 35 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 1.3% 0.5% 0.2% 0.2% 0.2% 0.1% 30 64% 36% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.5% 0.4% 0.2% 0.1% 0.1% 0.1% 25 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 20 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 15

Source: CIM/GfK Audimetrie; P7S1 Nordics 21 P7S1 Norway Share of Viewing (SoV) Commercial share of viewing (in percent), 12-44 viewing (in percent), Commercial of share

Source: P7S1 Nordics 22 P7S1 Norway Share of Viewing (SoV)

P7S1 vs. MTG Commercial share of viewing (in percent), 12-44 viewing (in percent), Commercial of share

Source: P7S1 Nordics Note: Adjusted for terror attack in Norway 23 MAX - key programming highlights

 Heavily male programming and some famous light-house brands  Norwegian elite series football, one match a week  Very strict programming grid

24 MAX on a fast growth trajectory (monthly CSoV)

6.5 6.1 6.0

5.5 5.1 5.0 5.0 5.0 4.5 4.7 4.2 4.3

4.0 4.1 3.9 3.8 3.8 3.5

3.0 NovNov 10 10Dec dec.10 10 Jan Jan 11 11Feb Feb 11 11Mar 11 Mrz 11Apr 11 Apr 11May 11 may.11Jun 11 JunJul 11 11 JulAug 11 11 AugSep 11 11 Sep 11 Commercial share of viewing (in percent), 12-44 (in percent), Commercial share of viewing

Source: P7S1 Nordics 25 MAX already #2 among male channels Digital universe, men 12-44 years

7,07.0 6.1

6,06.0

4.1 4.1 5,05.0

4,04.0 3.1

3,03.0

2,02.0

Commercial share of viewing (in percent), 12-44 (in percent), Commercial share of viewing 1,01.0

0,00.0 Viasat 4 Discovery TV 2 Zebra MAX

Source: P7S1 Nordics 26 MAX – fastest new launch in years

Q4 2010 Q1 2011 Q2 2011 Q3 2011 6.0

5.1 5.0 4.3 4.4 4.4 4.4 4.0 4.0

3.3 3.0 3.0 2.8 2.5 2.3

2.0 1.5 Commercial share of viewing, 12-44 Commercial share of viewing, 1.0

0.0

MAX TV2 Bliss EM (2007/-08)

Source: P7S1 Nordics 27 Carriage revenues: The Telenor example

 Five year partnership, and a new win-win approach

 Telenor wins: • DTH exclusivity for MAX • A distinctive offering to male subscribers, with football • A key content partner to a new VOD/WEB-TV platform

 P7S1 wins: • Increased carriage revenues for channel portfolio • Secured penetration and PVR-position for MAX • Muscle to acquire premier Norwegian football rights • Increased negotiating power towards rest of distribution market • A strong VOD/WEB-TV partnership with strong marketing presence

Source: P7S1 Nordics 28 Carriage revenues (NOK m)

Source: P7S1 Nordics 29 Nordic region: High growth potential going forward

• Well established challenger position secures high Ad sale & distribution potential to grow share of viewing and share of money • Potential to grow regional sales in Sweden • Export Danish distribution model to rest of region and cooperate with main distributors

Online & diversification • Build pan Nordic online and diversification strategy to take advantage of high growth markets

• Implement radio in TV organisations in each country to TV/radio secure cost synergies and more efficient sales and back office organisations

• Secure more pan Nordic synergies within playout, Cost synergies programming, online and diversification

Nordic revenue growth potential of high mid single digit CAGR until 2015

Source: P7S1 Nordics 30 Disclaimer

This presentation contains "forward looking statements" regarding ProSiebenSat.1 Media AG ("ProSiebenSat.1 AG"), its subsidiaries/affiliates and/or ProSiebenSat.1 Group as a whole (all hereinafter collectively referred to as “P7S1 Group”), including opinions, estimates and projections regarding P7S1 Group's financial position, business strategy, plans and objectives of management and future operations and including opinions, estimates and projections regarding the markets in which it presently operates or in which it expects to operate in the future. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of P7S1 Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct.

No representation or warranty, express or implied, is made by ProSiebenSat.1, its subsidiaries/affiliates or P7S1 Group as a whole with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning P7S1 Group. ProSiebenSat.1 and its subsidiaries/affiliates undertake no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.

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