Financial Year 2012 Analysts’ and Investors’ Conference Call February 28, 2013 | February 28, 2013 Page 1 2012 Keynote Thomas Ebeling Chief Executive Officer | February 28, 2013 Page 2 Strong operational and financial progress in 2012 Record year for ProSiebenSat.1 in terms of revenues and recurring EBITDA ✔ Dynamic performance in key growth areas Digital & Adjacent, Content Production and Distribution ✔ Realization of significant shareholder value through operational performance and Nordic disposal ✔ Strong progress in the transformation of P7S1 into a broadcasting, digital entertainment and commerce powerhouse ✔ | February 28, 2013 Page 3 ProSiebenSat.1 has achieved important operational milestones in 2012 Dynamic growth of Ventures & Commerce business of 121% First time distribution break even in Germany achieved Red Arrow: Dynamic expansion into key production territories US & UK Continued price increases in German TV ad market | February 28, 2013 Page 4 External recurring EBITDA. Financial highlights in FY 2012 [in EURm] Revenues 2,969.1 +7.7% ✔ Recurring EBITDA 871.7 +2.6% ✔ Underlying net income 415.1 +34.2% ✔ | February 28, 2013 Page 5 2011 and 2012 incl. Nordic and CEE operations, 2011 excl. BE/NL operations. We are ahead of our 2015 revenue growth target – including and excluding Broadcasting International Revenue growth and degree of achievement [2015 vs. 2010, in percent and EURm] 2015e >250 >150 >250 >100 >750 2015e 100 FY 2012 90 82% 80 68% 70 67%* 54% realized 60 54% FY 2012 50 40 30 22% 40% 20 linear projection EUR 56m EUR 101m EUR 167m* EUR 82m EUR 406m of CMD target 10 FY 2010 0 Broadcasting Broadcasting Digital & Adjacent Content Production P7S1 Group German-speaking International & Global Sales | February 28, 2013 Page 6 Continuing and discontinued operations. *Revenues excl. 9Live. Three out of four segment grew dynamically in 2012 Broadcasting Broadcasting Digital Content Production 1 German-speaking 2 International 3 & Adjacent 4 & Global Sales Revenue +EUR 6.5m +EUR 47.7m +EUR 96.8m +EUR 57.7m growth vs. FY 2011 +0.3% +8.4% +38.1% +153.1% | February 28, 2013 Page 7 Continuing and discontinued operations. Growth of Broadcasting German-speaking slowed by two factors Negative effect due to Backloaded nature of key growth topics lower program sales Revenue growth effect ✔ ✔ ✔ ✔ ✔ Less Adjusted Total ✔ program real growth BCGS sales segment ✔ | February 28, 2013 Page 8 Attractive high growth profile maintained after Nordic exit 2,651 Revenue growth [in EURm] >250 >100 >150 Digital Entertainment >600 >100 Commerce & Ventures >250 Implied >150 Germany CAGR >+5% >50 AUT/CH 2,051* >50 Carriage revenues 2010* Broadcasting Digital & Content Production & 2015e German-speaking Adjacent Global Sales Thereof already EUR 56m EUR 167m* EUR 82m EUR 305m realized Degree of achievement 22% 67%* 82% 51% | February 28, 2013 Page 9 Continuing operations. *Revenues excl. 9Live. As a leading TV broadcaster we can uniquely exploit digital opportunities Our vision is to become a broadcasting, digital entertainment and commerce powerhouse by using our TV power and idle ad inventory. | February 28, 2013 Page 10 TV driving Digital & Adjacent business Online Music Games Travel & Events Sports & Outdoor Market Places Beauty & Online Ventures & Perfumes Video Commerce Health Home & Living Fashion & TV Power Accessories Dynamic long-term growth potential as well as revenue and cost synergies | February 28, 2013 Page 11 Our three key unique strategies Multi-channel/platform portfolio driven broadcasting strategy 1 • Free/basic pay mass and well targeted niche channels (covering attractive ad target groups) • 360° integration • Ping-Pong TV/Digital • Innovative distribution income models/partnerships 2 Two-pillar digital business strategy • Entertainment: video, games, music • Commerce: 7 verticals in adjacent segments 3 Complimentary and synergistic presence in adjacent segments • Music, live, artist management, production, sports | February 28, 2013 Page 12 Our three core assets… Cross-promo/ Content Idle Ad Space Bundling Power Significant quantity Unparalleled Complimentary and quality of content, promotion power adjacent business access to studios fields with good cross-promotion potential Continued value creation through these assets | February 28, 2013 Page 13 …can uniquely and competitively drive e-commerce value and revenues… Media/ad breaks Appropriate on-screen integration Intra-/intervertical synergies D&A bundles (e.g., games, video, music) Internationalization of D&A partnerships with other TV groups | February 28, 2013 Page 14 …supported by other levers traditional e-commerce players do not have Ad space selling (display, video) via video/blogger content and selling skills/teams Sales listing/promo fee (WKZ) leverage through idle ad space utilization Driving membership fees via unique P7 offerings Launching exclusive brands via our unparalleled TV and internet promotion power | February 28, 2013 Page 15 Our new pillars of growth Digital & TV Distribution Production 1 2 3 Adjacent 4 Strengthen Gain scale and Create new e-commerce Grow the market, explore low-cost powerful channel portfolio, grow SOA growth production bundles VoD, launch models gaming platforms | February 28, 2013 Page 16 2012 Financial Performance Review Axel Salzmann Chief Financial Officer | February 28, 2013 Page 17 We have achieved our FY 2012 targets ✔ FY 2012 financial targets and achievement [incl. discontinued operations] 2012 outlook 2012 achievement Group revenues mid-single digit growth EUR 2,969.1m +7.7%* Recurring EBITDA >EUR 850m EUR 871.7m +2.6%* Interest result and >EUR 50m EUR 66.7m n/a finance cost reduction Underlying net income further improvement EUR 415.1m +34.2%* | February 28, 2013 Page 18 *2011 and 2012 incl. Nordic and CEE operations, 2011 excl. BE/NL operations. FY 2012 continuing Group financials Ext. revenues, ext. recurring EBITDA, ext. EBITDA [FY 2012, in EURm] Discontinued Group Total Group* operations (continuing operations) Revenues 2,969.1 612.9 2,356.2 Recurring costs -2,111.0 -486.4 -1,624.6 Recurring EBITDA 871.7 126.9 744.8 Recurring EBITDA margin 29.4% 20.7% 31.6% Non-recurring result -78.3 -13.9 -64.4 EBITDA 793.4 113.0 680.4 EBITDA margin 26.7% 18.4% 28.9% | February 28, 2013 Page 19 *Incl. Nordic and CEE operations. FY 2012: Recurring EBITDA of continuing operations increased by EUR 19m Consolidated revenues Recurring EBITDA [in EURm] [in EURm] +7.1% +2.7% 2,500 2,199.2 2,356.2 1,000 2,000 800 725.5 744.8 1,500 600 1,000 400 500 200 0 0 FY 2011 FY 2012 FY 2011 FY 2012 Recurring EBITDA margin: 31.6% | February 28, 2013 Page 20 Continuing operations. FY 2012: Digital & Adjacent and Content Production & Global Sales together delivered revenue growth of >EUR 150m External revenues [in EURm] Broadcasting Digital & Adjacent Content Production & German-speaking Global Sales +0.3% +38.1% +153.1% 2,000 1,903.0 1,909.5 400 351.2 200 1,500 300 254.4 150 137.5* 109.5* 1,000 200 100 500 100 50 95.4 37.7 0 0 0 FY 2011 FY 2012 FY 2011 FY 2012 FY 2011 FY 2012 TV advertising Revenue growth revenues: +1.0% excl. 9Live*: +47.7% | February 28, 2013 Page 21 Continuing operations. *Total revenues incl. internal revenues. Broadcasting German-speaking: Solid TV advertising revenue growth in Q4 2012 External revenues and recurring EBITDA [in EURm] Q4 2012 Q4 2011 y-o-y FY 2012 FY 2011 y-o-y Comments Ext. revenues 629.3 615.7 +2.2% 1,909.5 1,903.0 +0.3% Growing TV advertising and carriage revenues have more than offset lower program sales Thereof ad revs. 583.3 567.1 +2.8% 1,804.2 1,787.5 +0.9% Maintained profitability Rec. EBITDA 252.0 254.4 -0.9% 660.3 657.7 +0.4% despite reduced high- margin program sales | February 28, 2013 Page 22 Continuing operations. Digital & Adjacent: All key business units achieved strong double-digit revenue growth in FY 2012 External revenues and recurring EBITDA [in EURm] Q4 2012 Q4 2011 y-o-y FY 2012 FY 2011 y-o-y Comments Revenue growth driven by strong performance of Ext. revenues 122.8 80.7 +52.2%1 351.2 254.4 +38.1%2 Ventures unit, maxdome, Online Games and Music business Segment continues to deliver strong profit growth Rec. EBITDA 30.3 23.7 +27.8%3 89.7 66.9 +34.1%4 as earlier investments pay off | February 28, 2013 Page 23 Continuing operations. 1) 9Live adjusted revenue growth: 52.5%. 2) 9Live adjusted revenue growth: 47.7%. 3) 9Live adjusted rec. EBITDA growth: 34.2%. 4) 9Live adjusted rec. EBITDA growth: 52.0%. With limited investment of less than EUR 10m for acquisitions revenue growth accelerated to 48% in Digital & Adjacent External D&A LTM revenues, LTM recurring EBITDA [in EURm] +48% Our LTM revenue growth 400.0 (y-o-y) +41% improved from +29% to +40% (y-o-y) 350.0 +36% (y-o-y) +48% in the past five +29% (y-o-y) quarters 300.0 (y-o-y) 250.0 200.0 While revenues grew strongly we have 150.0 maintained a recurring 100.0 EBITDA margin of ~25% 50.0 0.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Revenues Recurring EBITDA | February 28, 2013 Page 24 Continuing operations excl. 9Live. Growth rates based on LTM revenues. Content Production & Global Sales: Q4 segment profitability improved on lower integration costs for acquisitions External revenues, total revenues and recurring EBITDA [in EURm] Q4 2012 Q4 2011 y-o-y FY 2012 FY 2011 y-o-y Comments Expansion into key Ext. revenues 37.3 15.8 +136.1% 95.4 37.7 +153.1% territories US and UK as well as in the Nordic region drove revenue growth in Total revenues 55.7 34.5 +61.4% 137.5 109.5 +25.6% 2012 Segment became profitable again in Q4 2012 as Rec.