PRESENTATION INVESTORS MAY 2018 disclaimer

statements contained in this document, particularly the content of this document must not be those concerning forecasts on future m6 group considered as an offer document or as a performance, are forward-looking statements that solicitation to buy or sell m6 group shares. are potentially subject to various risks and uncertainties.

any reference to m6 group past performance should not be interpreted as an indicator of future performance.

2 m6 group presentation

1. profile 2. activities 3. key figures

4. outlook 5. appendices

3 workforce: nd CREATION IN 2 2,611 French sales Permanent house 25.2% 1987 advertising AROUND THE CHANNEL contracts market share of at 31 december 2017 fta channels in 2017

3 22.3% fta audience share on commercial 2017 revenue 2017 ebita target of fta channels channels in 2017 3 €1,387m €248.7m radio stations 4 profile

5 profile 1.relevance of group strategic model

CONTENT ACQUISITION & PRODUCTION DIGITAL ACTIVITIES

CONTENT BROADCASTING

RADIO

DIVERSIFICATION

6 profile 2.key dates

7 profile 3.breakdown of 2017 revenue and ebita

revenue ebita

t el ev is io n t el ev is io n € 897.2 m €189.2 m 65% 76%

r a d io r a d io € 12 .8 M €54.9 m 4% 5%

diversificat ion diversificat ion €333.3 m €44.4 m 24% 18 % Production Production & & audiovisual audiovisual r ig h t s r ig h t s € 10 1.7 m €8.0 m 7% 3%

8 profile 4.corporate governance

ELMAR HEGGEN NICOLAS DE TAVERNOST CHAIRMAN OF THE CHAIRMAN OF THE EXECUTIVE SUPERVISORY BOARD BOARD CFO OF RTL GROUP

SUPERVISORY BOARD THOMAS CHRISTOPHER JEROME DAVID 7 MEMBERS REPRESENTING RTL GROUP VALENTIN BALDELLI LEFEBURE LARRAMENDY 5 INDEPENDENT MEMBERS VICE-CHAIRMAN OF THE VICE-CHAIRMAN OF MEMBER OF THE MEMBER OF THE EXECUTIVE THE EXECUTIVE BOARD EXECUTIVE BOARD EXECUTIVE BOARD BOARD WITH IN CHARGE OF RADIO IN CHARGE OF IN CHARGE OF SALES RESPONSIBILITY FOR AND NEWS (EXCL. FINANCE AND ACTIVITIES PROGRAMMING AND MAGAZINES) SUPPORT CONTENT FUNCTIONS

9 activities

10 activities strategic model A STRATEGIC MODEL OF DEVELOPMENT LEANING ON THE COMPLEMENTARITY AND THE TRANSVERSALITY OF ITS ACTIVITIES ON ALL THE VALUE CHAIN

CONTENT ACQUISITION AND PRODUCTION

DIGITAL CONTENT ACTIVITIES BROADCASTING

DIVERSIFICATION

… 11 activities 1.television 1

family of channels OBJECTIVES logic

maximizing Power effect of the sales 1 advertising house revenues

Thanks to the optimal use optimizing of stock rights and in- 2 programming house production cost subsidiaries

12 activities television – a family of complementary channels targeting women under 50

fta channels pay-tv channels MAPPING OF AUDIENCE PROFILE BY AGE AND GENDER (January – May 2017) Size buble : audience share 15-49 year-old

THE REFERENCE CHANNEL FOR THE MAJOR GENERALISTIC UPPER SOCIO-PROFESSIONALS CHANNEL

THE ULTIMATE WOMEN’S ENTERTAINING, MIXED CHANNEL AND <50 Y.O

THE CHANNEL EXPERT IN THE FAMILY CHANNEL SERIES

13 activities - television - audience ratings 2017: stability of viewing time

4+

3:50 3:42 3:47 3:46 3:41 3:44 3:43 3:26 3:27 3:25 3:32 3:17 3:20 3:21 3:24 3:24 3:24 3:08 3:13 3:00 2:58 3:00 3:05

3h 3h10 3h20 3h25 3h45

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source : MMW Médiamétrie - Médiamat 14 activities - television - audience ratings 2017: m6 group up on wrp-50 2016 2017

audience ratings of free-to-air channels

-0.5pp +0.3pp -0.3pp 28,6 -0.9pp 4+ audience 28,1 27,4 27,7 14,1 13,8 share (%) 7,2 6,3

+0.2pp +0.1pp -0.7pp 32,1 32,3 22,3 17,3 16,6 -1.1pp wrp-50 audience 22,2 share (%) 7,6 6,5

Source : MMW Médiamétrie - Médiamat 15 activities - television - audience ratings 2017 : on the commercial target, m6 has never been so close to tf1

change in m6 / tf1 channel audience share ratio among wrp-50 71% 7 1% 67% 66% 64% 64% 64% 58% 59% 55% 57% 54% 54% 54% 52% 53% 52% 5 1% 50% 47% 48% 46% 40% 38% 36% 34%

25% 27% 22%

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source : MMW Médiamétrie - Médiamat 16 activities - television - audience ratings 2017 : the m6 channel has achieved PRIME-TIME stability over the last 4 years AT a good level on the commercial target

4+ AUDIENCE SHARE / WRP<50 (%) / AUDIENCE IN MILLIONS OF VIEWERS – 9.10PM-11.00PM TIMESLOT EXCLUDING EURO 2016 WEEKS – CONSOLIDATED AUDIENCE FIGURES

+1 pp

= 19 19 18 17

12 12 12 12

2.8 m 2.7 m 2.8 m 2.7 m

4+ WRP<50

Source : MMW Médiamétrie - Médiamat 17 activities - television – dtt audience ratings 2017 - w9 and 6ter among the leading dtt channels on the 2016 commercial target 2017

3,4 3,3 3,03,2 2,7 2,6 2,3 2,5 2,1 1, 9 2,0 1, 9 1, 9 1, 8 1, 8 1, 8 1, 7 1, 7 1, 6 1, 6 1, 6 1, 4 1, 2 1, 2 1, 2 0,91, 1 1, 1 1, 1 0,9 4+ audience share 0,8 0,6 0,8 0,6 0,6 (%) 0,3

4,2 4,0 3,8 3,8 4,0 3,8 3,53,6

2,6 2,5 2,5 2,4 2,3 2,2 1, 9 2,0 2,0 2,0 1, 7 1, 6 1, 6 1, 5 1, 5 1, 5 1, 0 1, 1 1, 0 1, 1 Wrp-50 audience 0,8 0,6 0,6 share (%) 0,4 0,5 0,3 0,2 0,1

sourceSource : mmwMMWmédiamétrie Médiamétri 18 ACTIVITIES - TELEVISION - AUDIENCE RATINGS 2018 YTD : PRIVATE CHANNELS ARE DOWN, WITHIN A CONTEXT OF GROWTH FOR PUBLICLY-FUNDED CHANNELS, NOTABLY SUPPORTED BY THE BROADCAST OF THE WINTER OLYMPICS audience ratings of free-to-air channels 2017 ytd

-0.9PT +1.3PT 2018 ytd

-0.3PT -0.4PT 27,9 27,0 26,9 28,2 4+ audience 5,3 4,9 share (%) 13,8 13,5

(hors franceinfo / France Ô)

= -0.4PT +1.0PT 32,4 32,4 -1.0PT wrp-50 audience 16,6 21,7 21,3 6,2 5,2 share (%) 15,6

(hors franceinfo / France Ô) 19 Source : Médiamétrie Médiamat activities - television - advertising market m6 group advertising revenue +4.6% reached an all-time high 829.5 FREE-TO-AIR 792.9 CHANNELS

M6 GROUP NET +11.1% 2016 2017 ADVERTISING REVENUE +5.1% (€ MILLIONS) excl. radio RADIO 948.0 50.9

2016 2017 853.3

+12.0% OTHER OPERATIONS 67.7 60.4 internet 2016 2017 2016 2017 20 ACTIVITIES - TELEVISION - ADVERTISING MARKET M6 GROUP FREE-TO-AIR CHANNELS SAW THEIR ADVERTISING MARKET SHARE INCREASE BY 0.8 PERCENTAGE POINT IN 2017, REACHING AN ALL-TIME HIGH

CHANGE IN NET TV ADVERTISING MARKET SHARE OF M6 GROUP'S FREE-TO-AIR 2009/2016 CHANNELS SINCE 2009 (%) 2017

+3.2 pp

25.2% 24.4% 23.7% 23.3% 23.5% 22.4% 22.7% 22.0% 22.3%

21 activities 2 2.content acquisition and production

OBJECTIVES

safeguarding content supply 1 for our tv channels

diversifying 2 revenues

22 2. PRODUCTION & AUDIOVISUAL RIGHTS CINEMA SUCCESS OF MOVIES A LINE-UP THAT REMAINS ATTRACTIVE AND IS GROWING INTERNATIONALLY DISTRIBUTED BY SND SND, 2ND RANKED EXPORTER OF FRENCH FILMS IN 2017

13 MOVIES RELEASED 8 FILMS FINANCED REVENUE (€ M) VS 15 IN 2016 8.5 M 2016 10.7 M ADMISSIONS IN FRANCE ADMISSIONS IN FRANCE 2017 +4.2%

97.6 101.7

2.5 M EBITA (€ M) 2.7 M 1.9 M 1.1 M ADMISSIONS ADMISSIONS ADMISSIONS ADMISSIONS -4.6%

8.4 8.0

23 1.8 M 1.0 M 1.3 M 2.5 M ADMISSIONS ADMISSIONS ADMISSIONS ADMISSIONS activities 3.digital activities 3

OBJECTIVES

reinforcing the tv access and Accompanying new use and 1 audience/content innovate for advertisers consumption on the internet

identifying future 2 talents

24 3. DIGITAL CATCH UP M6 WEB: DYNAMIC ONLINE VIDEO ADVERTISING THE GROUP IS CONTINUING THE DEVELOPMENT OF ITS DIGITAL PLATFORM REVENUE AND INTEGRATION OF IGRAAL

REVENUE (€ M) 1.3 BN 1h14 VIDEOS VIEWED IN 2017 THE LEADING PLATFORM FOR DAILY VIEWING TIME 2016 +12.8% 2017 109.3 96.9

INTEGRATION OF EBITA (€ M) 7.9 PORTALS 801 M GROUP INNOVATION CAPACITY VIDEOS VIEWED +14.4% STRENGTHENED FOR THE IN 2017 (UP 172% BENEFIT OF E-MERCHANTS YEAR ON YEAR) 33.5 29.3*

25 *Excluding compensation for the termination of the M6 mobile contract received in 2016 3. DIGITAL 21.2M REGISTERED USERS ON 6PLAY OTT

WITH 21.2M ACCOUNTS CREATED, 6PLAY ENJOYS A GENUINE ADVANTAGE IN THE ADVERTISING MARKET IN TERMS OF DATA

25000000 21.2M

20000000

15000000

10000000

5000000

0 oct-15 nov-15 déc-15 janv-16 févr-16 mars- avr-16 mai-16 juin-16 juil-16 août-16sept-16 oct-16 nov-16 déc-16 janv-17 févr-17 mars- avr-17 mai-17 juin-17 juil-17 août-17sept-17 oct-17 nov-17 déc-17 janv-18 févr-18 mars- 16 17 18

26 Source: Gigya activities 4.diversification 4

OBJECTIVES

use air-time and available - air-time : home-shopping, call-TV, … 1 advertising slots to - advertising time: m6 interaction, generate new revenue monAlbumPhoto.fr,…

m6 group, one of the most diversified tv groups in Europe … diversifying revenues 2 (28% of revenue from non advertising revenues)

27 4. DIVERSIFICATION VENTADIS: DECLINE IN BUSINESS VOLUME IN A CHALLENGING MARKET RESTRUCTURING IN MORE SEASONAL EXPANSION PROGRESS ACTIVITY IN A HIGHLY OF THE RANGE COMPETITIVE MARKET DIGITAL TRANSFORMATION REVENUE GROWTH REVENUE (€ M) LAUNCHED

2016 2017 -8.7%

158.7 145.0 ARTISHOT

EBITA (€ M) PROTO-COL -24.9%

14.3 10.7

K DERM 28 4. DIVERSIFICATION F.C.G.B: REDUCTION IN LOSSES 2016 2017

REVENUE (€ M) EBITA (€ M) +8.5%

57.9 62.8 -4.9

-8.9

ENCOURAGING ON-FIELD PERFORMANCES

2015/2016 11th GROUP STAGE

2016/2017 6th FAILED TO QUALIFY

2017/2018 7th PRELIMINARY ROUND 29 activities 4. rtl radio division

ACQUISITION OF A LEADER WITHIN A SOLID AND STABLE MARKET A NEW CONTRIBUTION TO EBITA

CREATION OF A MULTIMEDIA SALES HOUSE POTENTIAL FOR SYNERGIES Text

Support functions

OPTIMISATION OF M6’S BALANCE SHEET STRUCTURE LEADING TO STRONG VALUE CREATION FOR SHAREHOLDERS 30 RADIO RTL RADIO, THE LEADING FRENCH PRIVATE RADIO GROUP

RTL’S RADIO DIVISION CONFIRMED ITS POSITION AS THE LEADING PRIVATE RADIO GROUP IN FRANCE FOR THE PERIOD JANUARY-MARCH 2018, WITH AN AUDIENCE SHARE OF 19.8% AMONGST LISTENERS AGED 13 AND ABOVE (UP 1 PP YEAR-ON-YEAR.

CHANGE IN CUMULATED AUDIENCE AND AUDIENCE SHARE AUDIENCE SHARE OF RADIO DIVISION (%)

6 644 000 listeners (12,2 in CA%) + 54 000 listeners Audience share of 13,2% +5%

19,8 listeners (5,8 in CA%) 3 159 000 -64 000 listeners 18,8 Audience share of 3,7% stable +1pt 2 391 000 listeners (4,4 in CA%) + 126 000 listeners Audience share of 2,9% +16% Jan-March 2017 Jan-March 2018

31 Médiamétrie 13+ / 126 000 / Monday-Friday / Janv -March 18 vs Jan - Marsch17 / 5h-24h / AC, PDA radio a stable yet fragmented market in which rtl is leader

Cumulative audience and listening time Net advertising market (€ millions)

Source Mediamétrie 126 Radio – The Radio Audience in France survey Source : IREP Group audience share Group gross advertising market share

Autres

Source: Mediamétrie 126 Radio – The Radio Audience in France survey Source: CSA – Key figures from the French audiovisual sector 32 radio the industrial project: integration of a fourth activity into m6 group and creation of a multimedia sales house

Executive Board

Production & TV Radio Audiovisual Rights Diversification

SND M6 Films Interactions Channels Production RTL RTL2 FUN Web Ventadis FCGB Catalogue M6 Studio Division RTL net RTL Spe. Mkg

Sales house

TV Radio Digital

33 radio m6 group is targeting ebita of €38 million for the radio division by 2020

EBITA bringing together the sales teams dedicated to the Television, Radio and , including News €38 m innovation in content Digital markets to strengthen the due to rtl’s leadership, as well as attractiveness of the marketing and Entertainment and Music with the advertising offers by leveraging group’s music stations and its tv audience synergies and times of day +14,0 channels when each media is consumed

€16.6 m

strengthening of activities and digital services, since the rapid sharing skills in the support growth in consumption of both the functions, based on the best radio and tv media in on-demand digital management tools and techniques, by format requires a strong capacity for targeting continuous improvement in innovation and investment, which will processes and structures to benefit be more effective with the coordinated operational staff action of different teams 2016 2020

34 key figures

35 KEY FIGURES KEY FIGURES (€ millions) INCREASE IN RESULTS 2016 2017 ALL-TIME HIGH +8.5% ALL-TIME HIGH 1,387.3 1,278.7 +11.1% +5.1%

+22.2% 948.0 1,110.3 1,166.6 853.3 +1.3%

245.5 248.7 +3.7% 203.5* 158.4 152.8 77.1 28.0

CONSOLIDATED ADVERTISING OTHER OPERATING OPERATING CONSOLIDATED NET PROFIT REVENUE REVENUE REVENUES EXPENSES EBITA

MARGIN FROM RECURRING NET MARGIN OPERATIONS 11.9% 11.4% 19.2% 17.9%

36 * 2016 recurring EBITA, excl. M6 mobile compensation KEY FIGURES - Q1 2018 SOLIDITY OF TV AND INTEGRATION OF THE RADIO DIVISION

KEY FIGURES (€ millions)

Q1 2017

Q1 2018 +11.0%

359.2

323.7 +20.0%

252.2 210.2 -5.4%

47.1 44.6

CONSOLIDATED of ADVERTISING CONSOLIDATED REVENUE which REVENUE EBITA

37 key figures 3.revenue since 1994 (initial public offering)

aagr+ 1 462 11% 1 421 1 356 1 355 1 377 1 387 1 383 1 387 1 275 1 283 1 258 1 250 1 279 1 177 1 198 1 071 991

743 629 526 457 362 276 311

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

38 key figures 4.ebita since 1994 (initial public offering)

aagr +3% 242 245 246 249 230 236 223 219 211 212 208 206 200 189 194 190 184 181 165

135 109 84 86 71

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

39 key figures 5.net cash position (since 2007)

sale of 5% of exceptional canal+ for dividend paid of +€384 m -€193 m exceptional dividend paid of 378 -€125 m 329 318 285 261

177 176

89 acquisition 85 of rtl radios

38

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

acquisitions acquisition of acquisition acquisition of oxygem / of igraal and 51% of best of tv -28 of cyréalis advance on bordeaux mandarin stadium cinema 40 outlook

41 OUTLOOK CHALLENGES

STRENGTHENING DEVELOPING SUPPORTING ESTABLISHING BUILDING A EVENTS BASED AND IN-HOUSE NEW WAYS OF A NEW EQUILIBRIUM MULTIMEDIA LOCAL CONTENT PRODUCTION CONSUMING TV WITH DISTRIBUTORS GROUP PROGRAMMES

42 appendices

43 2017 / 2016 M6 GROUP 31 DECEMBER 2016 31 DECEMBER 2017 CHANGE (€ millions) REVENUE 1,278.7 1,387.3 108.6 OTHER OPERATING REVENUES 77.1 28.0 (49.1) TOTAL OPERATING REVENUES 1,355.8 1,415.4 59.5

MATERIALS AND OTHER OPERATING EXPENSES (60.7) (647.8) (708.5) PERSONNEL COSTS (INCL. PROFIT SHARING PLAN (15.9) CONTRIBUTIONS) (261.7) (277.6) FINANCIAL STATEMENTS TAXES AND DUTIES 14.1 CONDENSED (60.2) (46.1) AMORTISATION, DEPRECIATION AND IMPAIRMENT 6.2 CONSOLIDATED CHARGES (NET OF REVERSALS) (140.6) (134.4) STATEMENT OF PROFIT FROM RECURRING OPERATIONS [EBITA] 245.5 248.7 3.2 OPERATING INCOME AND EXPENSES RELATED TO (1.2) (2.6) (1.4) COMPREHENSIVE BUSINESS COMBINATIONS INCOME OPERATING PROFIT [EBIT] 244.3 246.1 1.8 NET FINANCIAL INCOME 0.8 (2.0) (2.7) SHARE OF PROFIT OF JOINT VENTURES AND 1.7 1.8 0.1 ASSOCIATES PROFIT BEFORE TAX 246.7 246.0 (0.7) INCOME TAX (94.0) (87.5) 6.4 NET PROFIT FROM CONTINUING OPERATIONS 152.8 158.4 5.7 NET PROFIT FOR THE PERIOD 152.8 158.4 5.7 ATTRIBUTABLE TO THE GROUP 152.7 158.4 5.7 ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 0.0 (0.0) (0.0)

44 2017 / 2016 M6 GROUP 31 December 2016 31 December 2017 CHANGE (€ millions)

GOODWILL 101.5 235.6 134.1

NON-CURRENT ASSETS 100.6 304.7 405.3

CURRENT ASSETS 141.3 680.6 822.0

CASH & CASH (120.2) FINANCIAL STATEMENTS EQUIVALENTS 174.4 54.3

CONDENSED TOTAL ASSETS 1,261.3 1,517.1 255.8 BALANCE SHEET GROUP EQUITY 616.3 662.3 46.0

NON-CONTROLLING 0.0 INTERESTS (0.1) (0.1)

NON-CURRENT LIABILITIES 52.4 146.0 93.6

CURRENT LIABILITIES 592.7 708.9 116.2

TOTAL EQUITY 255.8 AND LIABILITIES 1,261.3 1,517.1

45 2017 / 2016 M6 GROUP 31 DECEMBER 2016 31 DECEMBER 2017 CHANGE (€ millions)

SELF-FINANCING CAPACITY FROM OPERATIONS 373.2 363.5 (9.7)

OPERATING WCR MOVEMENTS (21.0) (31.9) (10.9)

INCOME TAX (83.7) (111.4) (27.7)

CASH FLOW FROM OPERATING 268.5 220.2 (48.4) ACTIVITIES CASH FLOW FROM INVESTMENT (145.8) (307.1) (161.3) ACTIVITIES

FINANCIAL STATEMENTS RECURRING ITEMS (130.4) (110.2) 20.3

CASH FLOW NON-RECURRING ITEMS (15.4) (197.0) (181.6)

STATEMENT CASH FLOW FROM FINANCING (124.1) (33.0) 91.0 ACTIVITIES

DIVIDENDS PAID (107.7) (108.6) (0.9)

EQUITY TRANSACTIONS (14.9) (7.7) 7.2

FINANCING OF THE RADIO DIVISION - 83.7 83.7

OTHER (1.5) (0.4) 1.0

TRANSLATION EFFECT ON CASH AND CASH 0.1 (0.2) (0.2) EQUIVALENTS NET CHANGE IN CASH AND CASH EQUIVALENTS (1.4) (120.2)

CASH AND CASH EQUIVALENTS - OPENING BALANCE 175.8 174.4 (1.4)

CASH AND CASH EQUIVALENTS - CLOSING BALANCE 174.4 54.3 (120.2)

46 NET CASH AND CASH EQUIVALENTS - CLOSING BALANCE 176.4 (28.3) (204.7)