Revenues of € 1 1 5

FINANCIAL RESULTS 2017 22 March 2018 TABLE OF CONTENT KEY BUSINESS TAKEAWAYS UPDATE p.3 p.9 FINANCIAL OVERVIEW 2017 1 2 FY 2017 A NEW GROUP STRATEGY ACCOUNTS BEING FORMED & OUTLOOK p.16 p.22 p.27 3 4 5 2 | FINANCIAL RESULTS 2017 KEY TAKEAWAYS 2017 HIGHLIGHTS CREATION OF A NEW MEDIA GROUP , WITH THE ACQUISITION ✓ AND INTEGRATION OF 6 COMPANIES IN LESS THAN 12 MONTHS CONFIRMATION OF THE MARKET POTENTIAL WITH BOOMING ✓ APPETITE FOR VIDEO CONTENT IN EUROPE AND GLOBALLY SOLID BUSINESS PERFORMANCE IN ALL SEGMENTS SUP P ORTE D ✓ BY NEW COMMERCIAL INITIATIVES ✓ FULL - YEAR FINANCIAL RESULTS SIGNIFICANTLY ABOVE GUIDANCE ✓ STRONG LINE - UP AN D ATTRACTIVE PERSPECTIVES FOR 2018 4 | FINANCIAL RESULTS 2017 KEY TAKEAWAYS | DEPLOYMENT OF THE STRATEGY SINCE IBC : Business development Production Distribution Channels & Digital Confirm strength of historical Continued investment in Contracts renewal with key f r a n c h i s e s : top audiences in c o n t e n t : €52m spent in FY17 French operators 2 0 1 7 f o r Research Unit a n d Alice Nevers Accelerated strategy of Launch of new channels : international distribution : A B X p l o r e Launch new formats The Mantis, Missions, e t c with international Positioning on fast - g r o w i n g positioning : and differentiating B l a c k S p o t Focus on international v e r t i c a l s : e - S p o r t Prepare line - up for future c o n t e n t : Babylon Berlin, Focus on diversifying y e a r s : new seasons already in MGM films,… monetization options : production + 2019 objectives advertising, digital,… f o r A p o c a l y p s e s e r i e s Envisage new types of format : digital, mobile… 5 | FINANCIAL RESULTS 2017 KEY TAKEAWAYS | DEPLOYMENT OF THE STRATEGY SINCE IBC : Additional value creation through M&A ➢ CC&C – documentaries: closed in July 2017 APPROX. €100M ✓ FOLLOW - U P INVESTMENT AFTER ➢ STORIA TELEVISION – f i c t i o n : closed in January 2018 ✓ G R O U P E A B ➢ MAKEVER – f i c t i o n : closed in March 2018 Attractive financial ✓ t e r m s a n d acquisition metrics ➢ ON ENTERTAINMENT – a n i m a t i o n : expected closing i n Q 2 2 0 1 8 Flexible investment structure enabling to incentivize talents ➢ MON VOISIN PRODUCTION – f i c t i o n : expected and align interests closing in Q2 2018 6 | FINANCIAL RESULTS 2017 KEY TAKEAWAYS | SOLID 2017 FINANCIAL PERFORMANCE: Significantly above initial guidance ➢ R e p o r te d financials (only 9 months of activity) : ➢ Revenues of € 1 1 5 . 7 m ➢ EBITDA [ 1 ] o f € 2 5 . 5m ➢ P r o fo r m a performance (12 months) : ➢ Revenues of € 1 6 3 . 8 m + 1 % vs. guidance ➢ EBITDA [ 1 ] o f € 3 7 . 0m + 1 0 % vs. guidance [ 2 ] ➢ Consolidated net debt position of € 2 8 . 5 m [1] After amortization of audiovisual rights (other than recognized through business combinations) 7 | FINANCIAL RESULTS 2017 [2] On a comparable perimeter basis, i.e. excluding Mediawan overheads KEY TAKEAWAYS | 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 CONSOLIDATE LEADERSHIP WITH SELECTED EUROPEAN ACQUISITIONS SIGNIFICANTLY IMPROVED ORGANIC GROWTH PROFILE: DOUBLE DIGIT ANNUAL GROWTH [1] [1] Like-for-like growth Including contribution of Storia, Makever, ON Entertainment and MVP 8 | FINANCIAL RESULTS 2017 KEY TAKEAWAYS | BUSINESS REVIEW CHANNELS & DIGITAL : Business update and trends Carriage fees o Challenging environment o Renewal of historical o Increased distribution of due to operator business with top the group’s existing budgetary pressures and c l i e n t s TF1 carriage fee battle c h a n n e l s o New channels and o Full year effect of new o Service upgrades and rebranding projects to channel launches in 2016 developments may bolster distribution provide new channel/ contract negotiations Advertising service opportunities o Good audience results o L a u n c h o f A B X p l o r e supporting advertising o Pick up in the French consolidates position in r e v e n u e s advertising market B e l g i u m o Launch of AB3 in o Uncertainty in Belgian o Launch of AB3 in Switzerland advertising market due Switzerland: new o L a u n c h o f A B X p l o r e i n to the TF1 market entry revenue source B e l g i u m i n 2 0 1 7 10 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | CHANNELS & DIGITAL : Snapshot on advertising Advertising revenues 2015-2017 ➢ Market +7% +10% ➢ TV Audiences 23,3 21,8 RTL9 19,8 10,0 9,5 7,8 AB1 AB3 12,1 12,4 13,4 Mangas & Toute l’Histoire 2015 2016 2017 ➢ Distribution actual actual actual France Others [1] Mediamat’ Thematik V34 ; 6-month evolution V33 vs V34 ; 12-month evolution V32 vs V34 11 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | CHANNELS & DIGITAL : Financial performance 2017 Revenues (+1%) F Y 2 0 1 7 F Y 2 0 1 7 F Y 2 0 1 6 C h a n g e ➢ +3% increase in carriage fees due I n € m to broader distribution of existing R e p o r t e d P r o f o r m a R e s t a t e d (%) c h a n n e l s E x t e r n a l ➢ +7% in advertising revenues as a 81.2 108.2 106.8 + 1 % result of the good audience r e v e n u e s performances of channels, a more dynamic market in France and continued growth of the group’s To t a l 8 2 . 1 1 0 9 . 2 1 0 7 . 6 + 1 % position in Belgium r e v e n u e s ➢ Partially offset by a decrease in other revenues e.g. transport (no EBITDA impact) and technical EBITDA [1] 9.4 11.9 11.6 + 3 % s e r v i c e s EBITDA (+3%) ➢ EBITDA margin increase despite [1] EBITDA is reported after amortization of audiovisual rights (other than new programming spend recognized through business combinations) 12 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | PRODUCTION & DISTRIBUTION : Business update and trends P r o d u c t i o n P r o d u c t i o n P r o d u c t i o n o New seasons of long - o Local broadcaster price o Full year effect of running series pressure, offset by increases CC&C integration (Research Unit, Alice in tax credit o Continued production N e v e r s ) o More interest from o f l o n g - running series o First season of new international players in and of a new season of series Zone Blanche/ French production Zone Blanche/ Black B l a c k S p o t Spot (end of the year) Distribution Distribution o Solid domestic market Distribution o Strong renewals of o More international appetite o Further growth of classics (Research Unit, and opportunities for French international sales Rex, Friends) and European programs o Increase of international o Rise of digital streaming sales in the revenue mix platforms as new clients 13 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | PRODUCTION & DISTRIBUTION : Snapshot on library Library € 1 4 5 m € 5 2 m Distribution rights € 2 0 m Production rights € 3 2 m [1] Groupe AB’s library valued for the PPA as of March 31st 2017 [2] Before coproduction revenues and subsidies restatement ; including production deliveries and production WIP 14 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | PRODUCTION & DISTRIBUTION : Financial performance 2017 Revenues (+5%) I n € m F Y 2 0 1 7 F Y 2 0 1 7 F Y 2 0 1 6 C h a n g e ➢ +12% increase of distribution revenues led by strong renewals of R e p o r t e d P r o f o r m a R e s t a t e d (%) library classics and continued development of international sales E x t e r n a l 34.4 55.6 52.7 + 5 % ➢ Increase in the production r e v e n u e s deliveries (new series Zone Blanche) offset by the co - [ 1 ] To t a l production effect on revenues 7 5 . 6 1 0 9 . 9 1 0 6 . 5 + 3 % r e v e n u e s EBITDA (+12%) ➢ Favorable amortization partially offset by higher royalties rate due EBITDA [1] 19.7 28.6 25.4 + 1 2 % to sales mix ➢ Good fixed costs control [ 1 ] C o - production financing is deducted from [1] EBITDA is reported after amortization of audiovisual rights (other than costs rather than accounted for in revenues recognized through business combinations) 15 | FINANCIAL RESULTS 2017 BUSINESS REVIEW | FY 2017 ACCOUNTS INTRODUCTION ➢ No material change in accounting principles and methodology ➢ Perimeter and treatment of M&A operations ➢ Groupe AB consolidated since acquisition on March 31 st ➢ RTL9 consolidated at 100% as of June 30 th (no minority interests at closing) ➢ CC&C consolidated as of July 1 st (acquired on July 20th) ➢ Full year Pro Forma: key indicators presented in the audited accounts ➢ EBITDA defined post amortization of audiovisual rights ➢ D&A presented below EBITDA only relate to ( i ) other intangible and tangible assets and (ii) assets recognized through business combinations ➢ Also excludes other operating income/expense (non - recurring items and non - cash charges under IFRS 2) ➢ Goodwill: PPA analysis completed for Groupe AB and CC&C 17 | FINANCIAL RESULTS 2017 FY 2017 ACCOUNTS | SUMMARY 2017 PERFORMANCE I n € m F Y 2 0 1 7 F Y 2 0 1 7 F Y 2 0 1 6 C h a n g e R e p o r t e d P r o f o r m a R e s t a t e d (%) Channels & Digital 8 1 .

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