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HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
KEYNOTE

 HOW WILL WE CREATE AN
EXCITING FUTURE FOR P7S1?
          MAX CONZE
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
“THE TV ADVERTISING INDUSTRY IS      KEY QUESTIONS YOU HAVE RAISED
         FACING DECADE-LONG CHALLENGES.
              TRANSFORMATIONAL CHANGES

                                             ?
                  NEED TO BE CONSIDERED.”
                               (INVESTOR)        STRATEGIC PRIORITIES:
                                                 WHAT ARE THE MOST IMPORTANT STRATEGIC PRIORITIES FOR P7S1?
“EUROPEAN BROADCASTERS […] HAVE LESS
TO LOSE AND MUCH MORE TO GAIN FROM
                                                 ADVERTISING:
                                             ?
OTT THAN THEIR U.S. PEERS.”
(J.P. MORGAN)                                    HOW WILL P7S1 MITIGATE AN EXPECTED ADVERSE EFFECT ON ADVERTISING,
                                                 IF TV VIEWING DECLINE CONTINUES TO ACCELERATE?
          “[…] P7S1 WITH LOWEST SHARE OF
      IN-HOUSE CONTENT AND THE HIGHEST
            EXPOSURE TO U.S. CONTENT […].”       CONTENT PROGRAMMING:
                         (GOLDMAN SACHS)

“P7S1’S PROGRAMMING STRATEGY MUST
                                             ?   WHAT IS P7S1’S CONTENT PROGRAMMING STRATEGY, FACING GLOBAL ONLINE
                                                 COMPETITION?
BE ADAPTED TO KEEP YOUNGER
AUDIENCES ENGAGED.”
                                                 NEED FOR OWN IP:
(REDBURN)

   “THE GENERAL ATLANTIC DEAL OFFERS A
    STRONG PLATFORM TO INTERNATIONALIZE
                                             ?   WHAT IS P7S1’S VIEW ON LEVERAGING RED ARROW STUDIOS TO INCREASE
                                                 INTERNAL SHARE OF PRODUCTION?

     THE NUCOM VERTICALS, THE NEXT PHASE
                                                 NUCOM GROUP:
           OF P7S1’S DIGITAL DEVELOPMENT.”
                         (DEUTSCHE BANK)
                                             ?   HOW DOES P7S1 ASSESS THE CURRENT POSITIONING OF THE NUCOM GROUP AND
                                                 ITS OPPORTUNITIES GOING FORWARD?

                                                                                                                       2
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
MY FIRST 150 DAYS – KEY OBSERVATIONS
   HARD REALITIES                                                                                   GREAT STRENGTHS TO BUILD ON
      NO GROWTH IN
   ENTERTAINMENT AND
   CONTENT PRODUCTION                                           POWERFUL                                                        9.7M
            .                                                   ENTERTAINMENT
                                                                BRANDS &
                                                                                                                           AVERAGE TOTAL REACH
                                                                                                                              OF ONE EPISODE1)

   HEAVILY DEPENDENT
   ON TV ADVERTISING
                                                                ADVERTISING
            .                                                   PLATFORMS
                                                                                                                                     #  1
                                                                                                                                 MARKETER2)
    LIMITED REVENUES
 GENERATED FROM DIGITAL
  ENTERTAINMENT AREAS                                           BELOVED
            .                                                   COMMERCE
                                                                                                                                 35M                         > 10X
   OVERHANG AND LOW                                             BRANDS                                                         MONTHLY VISITS3)          REVENUES SINCE 2014
 QUALITY OF U.S. CONTENT
            .                                                   EXCITING
                                                                CONTENT
      EXECUTING NOT
 WELL-ENOUGH AND SLOWLY                                         PRODUCTION                                                       10BN
                                                                                                                           MONTHLY VIDEO VIEWS4)

                1) Number of people reached with an average episode of last GNTM season, all people 3+, no double counting, linear TV (live, +3 days time shift) and websites (Laptop/Browser) as basis from AGF
                data and proxy for incremental reach through Apps (Mobile, SmartTV) and YT (Digital Channels); 2) Based on AGOF media ranking 2017/2018; 3) As of December 2017, based on company data;            3
                4) Worldwide; Average July to September 2018, excluding France, YouTube analytics; Source: P7S1 company data; AGF; AGOF media ranking 2017/2018; YouTube analytics
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
WORLD OF ENTERTAINMENT
IS CHANGING

      MONTHLY REACH
                                                91   89 88 86

                          [A 14-69, IN %]
      2015-2018E1)
                                                                             60   61
                                                                        48
                                                                   42
                                                                                                     28 32
                                                                                          10    16

                                                 LINEAR TV      FREE ONLINE VIDEO              PAY VOD

      TOTAL VIDEO USAGE
      BY DEVICE 2018E2)
                          [A 14-29, IN %]
                                                60%                                                          17%
                                                                             23%

                                                     TV                      PC/LAPTOP                  SMARTPHONE/
                                                                                                          TABLET

                                              ANYTIME, ANYWHERE, ANY DEVICE
                                            MORE MEDIA CONSUMPTION THAN EVER
1) Rolling last four quarters, Q4 for 2015-17, Q3 for 2018, usage at least once a month; 2) Device split based on
average daily video usage time (220 minutes), rolling last four quarters, Q4 for 2015-17                              4
Source: ViewTime Report, SevenOne Media, forsa
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
TV PLAYS A KEY ROLE IN THE
ECOSYSTEM
VIEWING                                                                                              = MONTHLY
TIME1)                                                                                                 REACH1,2)
[A 14-69, IN MIN]                                                                                      [A 14-69, IN %]

        TV
                          233
                    228                   227                225
                                                                      86%                     200-210           78-
                                                                                                                83%

                                                                                                                63-
                                                                                                35-40           68%
   FREE ONLINE                                                22      61%
      VIDEO                                 19                                                                  40-
                                                                                                35-40           45%
                     13   13
                                                              16      32%
                          5
     PAYVOD          3                      11

                2015      2016            2017             2018E                                 2023E3)
TV AD
MARKET
                    4.4   4.6              4.6                4.6
GERMANY4)
[IN EUR BN]

                          1) Rolling last four quarters, Q4 for 2015-17, Q3 for 2018; 2) Usage at least once a month;
                          3) Internal estimates based on historic development and current usage trends; 4) 2023          5
                          extrapolated by SevenOne Media
                          Source: ViewTime Report, SevenOne Media, forsa, Magna Global (as of June 2018)
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
A BIG SANDBOX TO PLAY IN

ADVERTISING MARKET1)                                             ENTERTAINMENT MARKET2)                                                                  E-COMMERCE MARKET/PLATFORMS3)
[IN EUR BN, GER]                                                 [CONSUMER SPEND, IN EUR BN, GER]                                                         [IN EUR BN, GER]

    P7S1                                                               P7S1                                                                                     P7S1
   MARKET                                                             MARKET                                                                                   MARKET
   SHARE                                                              SHARE                                                                                    SHARE

  ~10%
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
AGENDA
                             VISION AND
                             GROWTH AMBITION

                             GROWTH ENGINE:
                             NUCOM GROUP

                             FUTURE-FIT
                             ENTERTAINMENT

                             NEW DIRECTION:
                             RED ARROW STUDIOS

                             TARGETS AND
                             FINANCIAL GUIDANCE
DIE BESTE SHOW DER WELT
© ProSieben/Andreas Franke                        7
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
OUR VISION: CREATE A
CONSUMER-CENTRIC
ENTERTAINMENT
AND COMMERCE
CHAMPION
                          ENTER-
                          TAINMENT    COMMERCE
                          & CONTENT   CONSUMERS
CONSUMER-LED & OBSESSED                    NEED
                          CONSUMERS
CONTENT-LED               LOVE

DIGITAL FIRST

TOTAL REACH

GROWTH-DRIVEN

PASSIONATE CREATORS

                                                  8
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
OUR AMBITION: ACCELERATE GROWTH
                                                                             1)
        OUR STARTING POINT                                                                                                            AMBITION IN ~5+ YEARS
                                                                                                                                      INCL. BOLT-ON M&A

   REVENUES                     ADJ. EBITDA                          EQUITY VALUE                                                   REVENUES                            ADJ. EBITDA                          EQUITY VALUE
       [EUR] 2)                        [EUR]                                 [EUR] 3)                                                    [EUR]                                 [EUR]                                 [EUR]

    4BN                             1BN                                 5BN                                                         6BN                               1.5BN                                        …
 NON-ADVERTISING                 DIGITAL                  SMART ADVERTISING SHARE OF                                          NON-ADVERTISING                            DIGITAL                 SMART ADVERTISING SHARE OF
  REVENUE SHARE               REVENUE SHARE                ENTERTAINMENT ADVERTISING                                           REVENUE SHARE                          REVENUE SHARE               ENTERTAINMENT ADVERTISING
      GROUP                      GROUP4)                          REVENUES5)                                                       GROUP                                 GROUP4)                         REVENUES5)

   40             %              30            %                           5      %                                                50            %                      50             %                       25              %

                                         YE 2016 – YTD 2018
                      ACTUAL

                                          -22%                                                                                                                                    10-15% P.A.
                                                                                                                                                          TOTAL
                      TOTAL
                                                                                                                                                          SHAREHOLDER
                      SHAREHOLDER
                                                                                                                                                          RETURN
                      RETURN6)
                                                                                                                                                                             ADJ. EPS GROWTH PLUS DIVIDEND YIELD

                           1) Figures relate to Q3 2018 LTM, if not stated otherwise; 2) Revenue split in EUR – Entertainment: 2.7bn, Red Arrow Studios: 0.5bn, NuCom Group: 0.8bn; 3) Equity Value based on current
                           stock price October 2018; 4) Incl. digital businesses from Entertainment, Nucom Group (referring to the segment Commerce) and Red Arrow Studios (referring to the segment Content                       9
                           Production and Global Sales); 5) Smart advertising includes targetable products both linear and digital; 6) TSR 31.12.16-31.10.18 calculated as share price performance plus dividends reinvested
                           in security based on Bloomberg; Source: P7S1 company data; Bloomberg
HOW WILL WE CREATE AN EXCITING FUTURE FOR P7S1? - KEYNOTE - ProSiebenSat.1 ...
STRATEGIC PRIORITIES
ACROSS OUR
THREE PILLARS
                                                              ENTERTAINMENT                                                                           NUCOM GROUP
                                                                  ONE ENTERTAINMENT
                                                          HOLISTIC CONSUMER-FIRST APPROACH
                                                                                                                                                         CONSUMER NEEDS
                                                                                                                                             LARGE MARKETS SERVING STRONG NEEDS
                                                                       LOCAL CONTENT
                                                          MORE LIVE, MORE LOCAL, MORE OWN IP
    RED ARROW                                                                                                                                          FOCUSED PORTFOLIO
                                                                       DIGITAL ATTACK                                                          ASSETS ALONG FOUR CORE VERTICALS
     STUDIOS                                   FAN COMMUNITIES, AGGREGATORS, DIGITAL CHANNELS

       INTERNAL FEED                                                                                                                                     MARKET LEADERS
   INCREASE SHARE OF IN-HOUSE                                  TOTAL TO SMART REACH                                                            ORGANIC GROWTH AND BOLT-ON M&A
 PRODUCTION FOR ENTERTAINMENT                         LINEAR & DIGITAL REACH MADE TARGETABLE

  SYNERGISTIC FOOTPRINT                                           TOTAL MONETIZATION
 BUILD-&-BUY OF LOCAL FOOTPRINT                                     NEW BUDGETS & CLIENTS

     SCALE OF STUDIO71
INCREASE INTERNATIONAL FOOTPRINT
        AND PROFITABILITY

                     Note: Red Arrow Studios refers to the segment Content Production and Global Sales; NuCom Group refers to the segment Commerce incl. travel
                                                                                                                                                                                  10
AGENDA
                             VISION AND
                             GROWTH AMBITION

                             GROWTH ENGINE:
                             NUCOM GROUP

                             FUTURE-FIT
                             ENTERTAINMENT

                             NEW DIRECTION:
                             RED ARROW STUDIOS

                             TARGETS AND
                             FINANCIAL GUIDANCE
DIE BESTE SHOW DER WELT
© ProSieben/Andreas Franke                        11
NUCOM GROUP SNAPSHOT
EUR 0.8 BN REVENUES1) | EUR 0.1 BN ADJ. EBITDA1) | EUR 1.8 BN VALUATION2) | 35 M MONTHLY VISITS3)

                                                                                                                    EXPERIENCE &
  CONSUMER ADVICE                                   MATCHMAKING                                                    GIFT VOUCHERS                                            BEAUTY & LIFESTYLE
         SAVINGS                                                LOVE                                                    EXPERIENCE                                                      WELL-BEING

                  83%                                                               #
                                                                               W/ LARGEST
                                                                                         1                                                     >  21K
                                                                                                                                              DIFFERENT                                                      > 10X
                 AIDED BRAND                                                                                                                                                                                 REVENUES
                 AWARENESS4)                                                   CUSTOMER                                                      EXPERIENCES
                                                                               DATABASE6)                                                     OFFERED7)                                                      SINCE 2014

                                                                                    5)

                    1) Q3 2018 LTM, excl. eharmony, incl. travel; 2) Enterprise value at time of transaction (February 2018); 3) As of December 2017 based on company data; 4) Based on consumer survey conducted
                    by the company; 5) Signed in October 2018, eharmony part of PEG; 6) Singles in Germany, Switzerland and Austria looking for a serious relationship; 7) Company information                        12
                    Source: P7S1 company data; Nucom Group
LEADING TEAM AT PEG W/ PROVEN TRACK
       RECORD: ELITEPARTNER INTEGRATION 2015
        EHARMONY AN ICONIC BRAND WITH
        87% AIDED BRAND AWARENESS1)
        EHARMONY A U.S. TURNAROUND VALUE
        ASSET
        HANDS-ON EXECUTOR CAN APPLY OUR
        PLAYBOOK AGAIN TO BOOST EHARMONY
        GREAT PARTNERSHIP: 1ST JOINT
        ACQUISITION WITH GENERAL ATLANTIC

       > 200M                               >   20M                           85M
       EUR PRO-FORMA                       EUR EBITDA                           USD
          COMBINED                         SYNERGIES3)                       ENTERPRISE
         REVENUES2)                                                            VALUE4)

1) Based on PEG/NuCom brand market research; 2) Parship Elite Group and eharmony pro-forma
combined revenues, Q3 2018 LTM; 3) Full run-rate; 4) Publicly stated enterprise value as of October 2018   13
Source: P7S1 data; NuCom Group, company information
NUCOM GROUP BUILDING BLOCKS: BOOST TOTAL VALUE

                                            ORGANIC REVENUE CAGR: +10-15%
EXTERNAL
REVENUES                                                          (INCL. M&A ~20% CAGR)                                                       ~2BN
[IN EUR]1)
                                                                                                                                ACTIVE M&A
                                                                                                                                 PIPELINE
                                                                                                                                                        GROW VERTICALS
                                                                                                                                                        SERVING STRONG
                                                                                                            BEAUTY &
                                                                                                            LIFESTYLE
                                                                                                                                                        CONSUMER NEEDS
                                                                                 EXPERIENCE &
                                                                                GIFT VOUCHERS                                                           EXECUTE SMART AND
                                                            MATCH-
                                                                                                                                                        ATTRACTIVE M&A
                                                            MAKING                                                                           ADJUSTED
                                                                                                                                              EBITDA:
                                 CONSUMER                                                                                                               OPTIMIZE EBITDA
               ~0.8BN             ADVICE                                                                                                     ~400M      AT SCALE

               ADJUSTED                                                                                                                                 LEVERAGE SYNERGIES
                EBITDA:                                                                                                                                 ACROSS NUCOM
                ~110M                                                                                                                                   ASSETS AND P7S1
 LAUNCH

  2013       Q3 2018 LTM2)                                                                                                                    2023+

                     1) Chart dimensions are illustrative and do not represent exact amounts; 2) excl. eharmony, incl. travel
                     Source: P7S1 company data; NuCom Group                                                                                                               14
CLEAR SYNERGY CASE FOR NUCOM
GROUP AND ENTERTAINMENT

                             SERVE
                         CONSUMER NEEDS

                     LEVERAGE MEDIA POWER:
                     LARGEST SOM CUSTOMER

         NUCOM     DRIVE DIGITAL AND CULTURAL    ENTER-
                        TRANSFORMATION
         GROUP                                  TAINMENT
                       EXPLOIT CONSUMER
                        DATA (E.G., NETID)

                       FUEL NEW BUSINESS
                          MODELS AND
                           SYNERGIES

BUILDING A CONSUMER-CENTRIC AND TECHNOLOGY-DRIVEN BUSINESS
BRANDS       PLATFORMS           SERVICES        CONSUMER DATA
                                                             15
AGENDA
                             VISION AND
                             GROWTH AMBITION

                             GROWTH ENGINE:
                             NUCOM GROUP

                             FUTURE-FIT
                             ENTERTAINMENT

                             NEW DIRECTION:
                             RED ARROW STUDIOS

                             TARGETS AND
                             FINANCIAL GUIDANCE
DIE BESTE SHOW DER WELT
© ProSieben/Andreas Franke                        16
ENTERTAINMENT SNAPSHOT
                                   STRONG CORE TO BUILD ON
                                                 STRONG                                                   DIVERSIFIED                                            LEADING
                                              ENTERTAINMENT                                              DISTRIBUTION                                        AD SALES PLAYER1)
                                                 BRANDS1)                                                 PORTFOLIO1)

                                             2.7BN                                          PAST
                                                                                        CAGR 2009-2016
                                                                                                                             CURRENT
                                                                                                                            CAGR 2016-2018E
                                                                                                                                                                     FUTURE
                                                                                                                                                                  CAGR 2018-2023+

                                               ENTERTAINMENT
                                                 REVENUES2)                            +2-3%                                     ±0%                              +0-5%
                                   ENTERTAINMENT KPIs

                                                                                 TODAY3)                                                             TODAY3)

                                                                                 10%                                                                   5%
                                                                                 FUTURE4)                                                            FUTURE4)

                                                                                 25%                                                                 25%
                                                                            ENT. DIGITAL                                            SMART ADVERTISING SHARE OF
                                                                           REVENUE SHARE5)                                           ENT. ADVERTISING REVENUES6)
                                   1) Examples; 2) In EUR, Q3 2018 LTM; 3) Q3 2018 LTM; 4) Target for 2023+; 5) Rough indication based on allocation of Entertainment business units to
THE VOICE OF GERMANY               digital vs. non-digital clusters; digital revenues include digital content and revenues generated by digital/tech-driven services; 6) Smart advertising
© ProSieben/SAT.1/André Kowalski   includes targetable products both linear and digital                                                                                                      17
                                   Source: P7S1 company data
FUTURE-FIT                                                            MONETIZATION

ENTERTAINMENT                                          REACH

                                         CONTENT

                            CONSUMER

                                       TOTAL DIGITAL AND
  CONSUMER FIRST   LOCAL CONTENT                               TOTAL MONETIZATION
                                         LINEAR REACH

                                                                                     18
CONTENT

       EXPAND IN ATTRACTIVE LIVE AND LOCAL GENRES

             FACTUAL                     SHOW/REALITY                                         COMEDY                                       FICTION                   TREND SPORTS

                                                                                                                                                          +80M EUR
TAFF © ProSieben/Benedikt Müller   THE VOICE OF GERMANY © SAT.1/Andre Kowalski   LUKE DIE WOCHE UND ICH © SAT.1/Willi Weber
                                                                                                                              EINSTEIN © SAT.1/Wolfgang
                                                                                                                              Ennenbach
                                                                                                                                                          P.A. ADDITIONAL
                                                                                                                                                             INVEST IN
                                                                                                                                                          LOCAL CONTENT

                                                                                                                                                                                19
CONTENT

WINNING LOCALLY: THE VOICE OF GERMANY

                     ATTRACTIVE ON                                                       VIEWER                                                               DIGITAL
                     ALL CHANNELS                                                      ENGAGEMENT                                                            EXTENSION

                              20%                                                 >50,000                                                                     ~75M
                       Ø AUDIENCE SHARE                                                TVOG TOUR 2017/18                                                              VIDEO
                          LINEAR TV1)                                                    TICKETS SOLD2)                                                              VIEWS3)                                  ALREADY

                                                                                                                                                                                                            >30%
                                                                                                                                                                                                       UPLIFT ON VIDEO
                                                                                                                                                                                                        VIEWSFOR NEW
                                                                                                                                                                                                           SEASON4)
                                                                 LEVERAGE AND BUILD-UP FACES

                                   1) Season 7, 2017; Base: All German TV households, A 14-49, Mon-Sun, 3-3 h; based on AGF in co-operation with GfK/videoScope; 2) Internal company data; 3) Q3 2018 LTM; VV Facebook, YouTube,
                                   channel web & app, 7TV based on Social Media & Business Intelligence; 4) Total video views 18.10.-03.11.2018 vs. previous year                                                                  20
THE VOICE OF GERMANY               Source: P7S1 company data; AGF
© ProSieben/SAT.1/André Kowalski
CONTENT

RIGHT BALANCE OF U.S. CONTENT AND
LOCAL PRODUCTION

▪ 56% U.S. AND 44% LOCAL CONTENT GRID SHARE TODAY1)

▪ INCREMENTAL LOCAL CONTENT INVESTMENT OF ~EUR 80M P.A.

▪ U.S. CONTENT CONTINUES TO BE IMPORTANT:
      RIGHT LEVEL OF QUALITY AND RIGHTS NEEDED
      SECURE FUTURE OUTPUT DEALS WITH FAVORABLE PRICING AND
       BETTER SCOPE OF RIGHTS
      NEW DEAL WITH WARNER BROTHERS FULFILLING REVISED CRITERIA

▪ U.S. CONTENT RIGHTS OVERHANG:
      UP TO EUR 400M POSSIBLE CONTENT WRITE-OFFS
      CASH IMPACT AFTER TAX OF ONLY UP TO EUR 110M OVER APPROX.
       FOUR YEARS
1) Content mix P7S1 core channels Q3 2018 LTM, market share contribution, in %, Basis: all German TV households (German-speaking), A 14-49, Mon.Sun, 3-3h
Source: AGF in co-operation with GFK,TV Scope/ProSIebenSat.1 TV Deutschland; P7S1 company data
                                                                                                                                                            21
REACH

EXPAND TO TOTAL AND SMART REACH

             TODAY                                                                                           FUTURE

   LINEAR TV REACH                                                                 TOTAL REACH                 +        SMART REACH

  P7S1 WITH STRONG PRESENCE                                                 COMBINE LINEAR TV REACH                   MAKE TOTAL REACH SMART:
          IN TV REACH                                                         WITH DIGITAL REACH                       TARGETABLE AUDIENCES
                   .                                                                               .                   BASED ON DATA INSIGHTS

  MASS REACH MEDIUM; DESPITE                                               COMPENSATING DECLINE OF
                                                                                                                                   .
  SLIGHT REACH DECLINE ESP. IN                                              TV REACH FOR YOUNGER                        INCREASING VALUE OF
     YOUNG TARGET GROUPS                                                          AUDIENCES                                  INVENTORY

                                                                                                                        1.5-2.5X
                                                                                                                          NET CPM VS. CLASSIC/
            TV REACH                                                                           TOTAL REACH                   NON-DATA ADS1)

                 1) Internal pricing analysis on targetable products both linear and digital
                 Source: P7S1 company data                                                                                                       22
REACH

                                          ESTABLISH TOTAL REACH AS
                                          ONE KEY METRIC
                                                                                           TOTAL REACH1)                                                 TOTAL MINUTES2)

                                                                                              0.5                  MILLION                                  800                       MILLION
                                                           DIGITAL
                                                          CHANNELS

                                                      OWN APPS AND
                                                                   .de
                                                                                              0.5                  MILLION                                   600                      MILLION

                                                        WEBSITES

                                                                                                          +                                                           +
                          >2.5M
                           VIDEO VIEWS
                            WEB-ONLY                                                          8.8                  MILLION                           4,100                            MILLION
                            CONTENT3)                           TV

                              # 1
                          ENTERTAINMENT
                                                                                                    9.7M   AVERAGE EPISODE
                                                                                                                                                  5,500M               SEASON YTD SEPT. 2018
                             BRAND ON     1) Number of people reached with an average episode of last GNTM season, all people 3+, no double counting, linear TV (live, +3 days time shift) and websites
                                          (Laptop/Browser) as basis from AGF data and proxy for incremental reach through Apps (Mobile, SmartTV) and YT (Digital Channels), rounded; 2) Total minutes watched
                           INSTAGRAM4)    YTD September 2018, LINEAR // Basis (households): all German TV households, 3+, Mon-Sun, 3-3 h; Source: AGF in cooperation with GfK/videoScope/P7S1 TV Deutschland;
GERMANY´S NEXT TOPMODEL
                                          DIGITAL // Basis (devices): TV websites and apps, 7TV, YouTube (without advertising), Germany only; Source: Google Analytics/YouTube Analytics;                       23
                                          3) “Let’s Face Reality” web format, May – September 2018, PSD BI // Format Report, Digital Video Views on ProSieben O&O channels (Web, App, Smart TV, HbbTV,
© ProSieben/Willi Weber                   Syndication) and YouTube; 4) Followers on Instagram in comparison to TV formats and entertainment brands in Germany, October 2018
REACH

BOOST TOTAL REACH BY ALL-OUT DIGITAL ATTACK
FAN COMMUNITIES                                                          AGGREGATOR PLATFORMS                                                DIGITAL CHANNELS

                                                                                                                                TARGET:

                                            95M                                                                                   TARGET:
                                                                                                                                                                       10BN
                                         VIDEO VIEWS OF
                                         TOP 5 FORMATS1)
                                                                                                                                  10M
                                                                                                                                 USERS2)
                                                                                                                                                                        MONTHLY
                                                                                                                                                                       VIDEO VIEWS
                                                                                                                                   USERS2)                             WORLDWIDE3)
  GERMANY´S NEXT TOPMODEL
  © ProSieben/Willi Weber

          OWNED & OPERATED                                                                AGGREGATOR PLATFORM                                     PRODUCTION HOUSE WITH
        EMERGING INTO FAN APPS                                                             FOR LOCAL CONTENT                                    20% OF TOP 100 MOST POPULAR
                                                                                                                                                   CHANNELS IN GERMANY4)
      IMMERSIVE DIGITAL CONTENT                                                             INVITING ALL PLAYERS                                  FUTURE ENTERTAINMENT
                                                                                                                                                  FOR YOUNGER AUDIENCES
                            1) GNTM, TVOG, taff, PBB, FFS; Q3 2018 LTM, excl. 7TV; 2) Ambition; 3) Average July to September 2018,
                            excluding France, YouTube analytics; 4) Includes TV and talent channels, Social Blade, Top Lists, ranked                                             24
                            by subscribers 19.10.18
                            Source: P7S1 company data; YouTube analytics
REACH

7TV: BUILD JOINT AGGREGATOR PLATFORM

                                                                                                                                                 LARGE AMOUNT OF LOCAL CONTENT
                                                                                            AIMING FOR                                                         .
                                                                                           10M USERS                                           EXCLUSIVE FILMS, ORIGINALS & SERIES
                                                                                          (~2.5M EXISTING                                                      .
                                                                                            USER BASE1))                                             LIVE SHOWS & SPORT EVENTS

                                                                                                                                             SIMPLE PRICING CONCEPT

                                                                                        >200 PEOPLE                                                              EXCLUSIVE
                                                                                             WORKING ON                                          PREMIUM         ENTERTAINMENT AND
                                                                                                                                                    (€)          SPORTS CONTENT AND
                                                                                              PROJECT                                                            ADDITIONAL FEATURES

                                                                                                                                                                 ACCESS TO LIVE TV
                                                                                                                                                    BASIC        AND CATCH-UP2)
          NEW                                                                                     IN 2019                                            (AD)
        PARTNER:                                                                               INVEST
                                                                                       TO CREATE THE
                                                                                      LEADING GERMAN                                                            ADDRESSING
                                                                                     ENTERTAINMENT HUB                                                     ADDITIONAL PARTNERS

              1) Based on number of subscribers already using 7TV, maxdome and Eurosport Player, October 2018; 2) Only extract of all available channels
              Source: P7S1 company data                                                                                                                                                25
MONETIZATION

TOTAL MONETIZATION: ONE ADVERTISING PORTFOLIO
                                               AWARENESS                 ENGAGEMENT                   CONVERSION

                                                               LINEAR TV CAMPAIGNS & SPECIAL ADS
                      TV &
           TV

                      ADDRESSABLE TV
                                                               ADDRESSABLE TV SWITCH-INS & SPOTS

                      VIDEO                                            DIGITAL VIDEO ADS

 MARKET
SEGMENTS              DOOH                 OUTDOOR SCREENS                                     SCREENS AT RETAIL
 SERVED
            DIGITAL

 BY P7S1                                            NEW      DATA-DRIVEN INFLUENCER ADS

                      PERFORMANCE                   NEW      PERFORMANCE-DRIVEN SOCIAL MEDIA

                                                                           NEW    PERFORMANCE RETAIL MEDIA

                      DIGITAL FREESHEETS                                                    SALES PROMO APP

                                                                           360°                    SMART REACH
                                           TOTAL REACH

                                                                                                                   26
MONETIZATION

360° MONETIZATION OF THE FULL VALUE CHAIN
CUT-IN ON TV        ONLINE               MOBILE                PR                       SPONSORINGS           $

                                                                                                                                                                               >40%
                                                                                                                                                                               OF AD REVENUES WITH
                                                                                                                                                                               ‘GERMANY’S NEXT TOPMODEL’
                                                                                                                                                                               FORMAT VIA SPECIAL ADS1)
TV ADVERTORIAL                                                                          MUSIC

                                                                                                                                                                               +30%
                                                                                        EVENTS                                                                                 MARK-UP POSSIBLE ON SPECIAL
PRODUCT PLACEMENT
                                                                                                                                                                               AD PRICING VS. CLASSIC ADS2)

                                                                                                                                                                               +5%
                                            SOCIAL                                      PROMO LICENSING
SWEEPSTAKES

                                                                                                                                                                               YEARLY GROWTH RATE FOR
                                                                                                                                                                               SPECIAL AD REVENUES3)

                        1) Internal company analysis of ad sales revenues for Germany’s Next Topmodel format 2018; 2) Internal company information, comparing avg. pricing of classic campaigns vs. special ad campaigns
                        3) Internal company information, special ad sales revenue growth CAGR 2014 -2018                                                                                                                   27
                        Source: P7S1 company data
MONETIZATION

SMART REACH AS KEY MONETIZATION LEVER

 TOTAL REACH                         SMART REACH
                                                                                                                                                           ADD. TV                                  DIGITAL
                                                                                                       SMART REACH
                                                                                                       INVENTORY                                         ~20%                                    ~100%
                          +                                                                                                                            OF TV DEVICES IN
                                                                                                                                                     HOUSEHOLDS IN 20191)
                                                                                                                                                                                                   OF DIGITAL
                                                                                                                                                                                               INVENTORY BY 20191)

 ADDRESSING TOTAL               ADDRESSING INDIVIDUAL
AUDIENCES BASED ON
E.G., SPECIAL TARGET
                                 AUDIENCES BASED ON
                                  DATA INSIGHTS E.G.,
                                                                                                       MONETIZATION                                      ~2.5X                                      ~1.5X
        GROUPS                                                                                         UPLIFT                                            NET CPM VS.                               NET CPM VS.
                                                                                                                                                      CLASSIC TV SPOTS2)                          NON-DATA ADS3)

                               SOCIODEM
                                       Age

                                                  GEO         PURCHASE
                                                               INTENT
                                                                                                                                                                +
                                                                                                                        ACCESS TO NEW BUDGETS AND CLIENTS

                                  CROSS-DEVICE
                                     DATA                                                                                                                         TODAY5)                                     FUTURE6)
                                                                                                     SMART ADVERTISING
                                   DATA COOPS
                                                                                                     REVENUE SHARE4)                                               5%                                        25%
                       1) Add. TV: based on 61M TV devices in German households of which 12M are connected HbbTV devices; digital internal planning by SevenOne Media; 2) Internal pricing analysis based on 30 second TV
                       spot length; 3) Internal pricing analysis comparing avg. CPM of digital video ad with avg. mark-up for data ad (bookable via programmatic); 4) Smart advertising includes targetable products both   28
                       linear and digital; 5) Q3 2018 LTM; 6) 2023E
                       Source: P7S1 company data
SUMMING IT UP: ENTERTAINMENT BUILDING BLOCKS
                                                               ORGANIC REVENUE CAGR: +0-5%
EXTERNAL
                                                                                                                                                                                                         ~3.2BN
REVENUES                                                                  (INCL. M&A UPPER END OF RANGE)
[IN EUR]1)                                                                                                                                                                      M&A
                                                                                                                                          DISTRIBUTION/
                                                                                                                                          SUBSCRIPTION/
                                                                                                                                            ADJACENT
                                                                                                                SMART &
                                                                                                                AD TECH
                                                                                                                                                                                                         ADJUSTED
                                                                                   DIGITAL
                                                                                                                                                                                                          EBITDA:

    ~2.7BN
                                               360° MONET./                                                                                                                                                 ~1BN
                        CORE                     PRICING
   ADJUSTED             TV AD
    EBITDA:
   ~0.9BN
 Q3 2018 LTM                                                                                                                                                                                                2023+

    10%                  5%                                                                                                                                                             25%                             25%
 ENT. DIGITAL      SMART SHARE OF                                                                                                                                                  ENT. DIGITAL                SMART SHARE OF
REVENUE SHARE2)   ENT. ADV. REVENUES3)                                                                                                                                            REVENUE SHARE2)             ENT. ADV. REVENUES3)
                         1) Chart dimensions are illustrative and do not represent exact amounts; 2) Rough indication based on allocation of Entertainment business units to digital vs. non-digital clusters; digital revenues
                         include digital content and revenues generated by digital/tech-driven services; 3) Smart advertising includes targetable products both linear and digital                                                29
                         Source: P7S1 company data
AGENDA
                             VISION AND
                             GROWTH AMBITION

                             GROWTH ENGINE:
                             NUCOM GROUP

                             FUTURE-FIT
                             ENTERTAINMENT

                             NEW DIRECTION:
                             RED ARROW STUDIOS

                             TARGETS AND
                             FINANCIAL GUIDANCE
DIE BESTE SHOW DER WELT
© ProSieben/Andreas Franke                        30
RED ARROW STUDIOS SNAPSHOT

OUR BUSINESS

    GERMAN-SPEAKING                                          INTERNATIONAL                                        DIGITAL CREATION
    CONTENT CREATION                                       CONTENT CREATION                                       AND INFLUENCER
                                                            AND DISTRIBUTION                                        MANAGEMENT

          LEADING                                              20                 700+                                        10BN
        GERMAN PRODUCTION                                PRODUCTION                INT. SALES                      MONTHLY VIDEO VIEWS
            COMPANY1)                                     COMPANIES                 CLIENTS                           WORLDWIDE2)

                                                             ~0.5BN EUR REVENUES3)

1) Germany’s most successful production companies based on the 100 most seen formats, A14-49; DWDL.de; 2) September 2018, excl. France;
YouTube analytics; 3) Q3 2018 LTM; external revenues                                                                                      31
Source: P7S1 company data; DWDL; YouTube analytics
NEW DIRECTION: RED ARROW STUDIOS

                                                                            INTERNATIONAL                                                                        DIGITAL CREATION
      GERMAN-SPEAKING
                                                                          CONTENT CREATION                                                                       AND INFLUENCER
      CONTENT CREATION
                                                                           AND DISTRIBUTION                                                                        MANAGEMENT

                RAS SHARE OF P7S1’S                         LATEST U.S./UK PICK-UPS1)
               LOCAL COMMISSIONED
                          CONTENT
                                                                                                                                                                                       >1,300
                            >30%                                                                                                                                                       CHANNELS
                                  2023+                                                                                                                                                WORLDWIDE2)

                                 13%                                                                                                                                                   10BN
                                                                                                                                                                                       MONTHLY
                                     2018                                                                                                                                              VIDEO VIEWS
                                                                                                                                                                                       WORLDWIDE3)

BUILD AND GROW LOCAL FOOTPRINT                             MANAGE FOR SUCCESS                                                                   SCALE GLOBALLY
PARTNER WITH BEST CREATORS                                 EVALUATE PARTNERSHIPS FOR SCALE                                                      DRIVE PROFITABILITY

                Note: RAS = Red Arrow Studios
                1) The Weekly season 1, The Restaurant That Makes Mistakes season 1, Bosch season 5, Hollywood Medium season 4; 2) Data as of September 2018, YouTube channels only;                 32
                3) Average July to September 2018, excluding France, YouTube analytics
                Source: P7S1 company data; YouTube analytics
RED ARROW STUDIOS BUILDING BLOCKS
                                                              ORGANIC REVENUE CAGR: +5-10%
EXTERNAL
REVENUES                                                                           (INCL. M&A ~10% CAGR)
                                                                                                                                                                                                     ~0.8BN
[IN EUR]1)
                                                                                                                                                                   M&A

                                                                                                                       STUDIO71

                                                                       RED ARROW STUDIOS
                                                                         INTERNATIONAL                                                                                                               ADJUSTED
                                                                                                                                                                                                      EBITDA:
                                       REDSEVEN
       ~0.5BN                                                                                                                                                                                        ~80M
       ADJUSTED
        EBITDA:
        ~20M
    Q3 2018 LTM                                                                                                                                                                                       2023+

        13%                                                                                                                                                                                           >30%

RAS SHARE OF P7S1’S LOCAL                                                                                                                                                                    RAS SHARE OF P7S1’S LOCAL
 COMMISSIONED CONTENT                                                                                                                                                                         COMMISSIONED CONTENT
                            Note: RAS = Red Arrow Studios
                            1) Chart dimensions are illustrative and do not represent exact amounts; external view does not include internal revenues with ProSiebenSat.1 TVDeutschland (RedSeven)                       33
                            Source: P7S1 company data
AGENDA
                             VISION AND
                             GROWTH AMBITION

                             GROWTH ENGINE:
                             NUCOM GROUP

                             FUTURE-FIT
                             ENTERTAINMENT

                             NEW DIRECTION:
                             RED ARROW STUDIOS

                             TARGETS AND
                             FINANCIAL GUIDANCE
DIE BESTE SHOW DER WELT
© ProSieben/Andreas Franke                        34
RECAP: GROUP GROWTH AMBITIONS
                                                                             1)
        OUR STARTING POINT                                                                                                            AMBITION IN ~5+ YEARS
                                                                                                                                      INCL. BOLT-ON M&A

   REVENUES                     ADJ. EBITDA                          EQUITY VALUE                                                   REVENUES                            ADJ. EBITDA                          EQUITY VALUE
       [EUR] 2)                        [EUR]                                 [EUR] 3)                                                    [EUR]                                 [EUR]                                 [EUR]

    4BN                             1BN                                 5BN                                                         6BN                               1.5BN                                        …
 NON-ADVERTISING                 DIGITAL                  SMART ADVERTISING SHARE OF                                          NON-ADVERTISING                            DIGITAL                 SMART ADVERTISING SHARE OF
  REVENUE SHARE               REVENUE SHARE                ENTERTAINMENT ADVERTISING                                           REVENUE SHARE                          REVENUE SHARE               ENTERTAINMENT ADVERTISING
      GROUP                      GROUP4)                          REVENUES5)                                                       GROUP                                 GROUP4)                         REVENUES5)

   40             %              30            %                           5      %                                                50            %                      50             %                       25              %

                                         YE 2016 – YTD 2018
                      ACTUAL

                                          -22%                                                                                                                                    10-15% P.A.
                                                                                                                                                          TOTAL
                      TOTAL
                                                                                                                                                          SHAREHOLDER
                      SHAREHOLDER
                                                                                                                                                          RETURN
                      RETURN6)
                                                                                                                                                                             ADJ. EPS GROWTH PLUS DIVIDEND YIELD

                           1) Figures relate to Q3 2018 LTM, if not stated otherwise; 2) Revenue split in EUR – Entertainment: 2.7bn, Red Arrow Studios: 0.5bn, NuCom Group: 0.8bn; 3) Equity Value based on current
                           stock price October 2018; 4) Incl. digital businesses from Entertainment, Nucom Group (referring to the segment Commerce) and Red Arrow Studios (referring to the segment Content                       35
                           Production and Global Sales); 5) Smart advertising includes targetable products both linear and digital; 6) TSR 31.12.16-31.10.18 calculated as share price performance plus dividends reinvested
                           in security based on Bloomberg; Source: P7S1 company data; Bloomberg
CONFIRMED MID-TERM TARGETS
           ENTERTAINMENT
   MORE LOCAL CONTENT ON LINEAR AND DIGITAL         INVESTMENTS IN 2019 IN
   CHANNELS TO MONETIZE TOTAL & SMART REACH         ORDER TO DRIVE HIGHER

               +0-5%
                                                       REVENUE GROWTH
                                                         THEREAFTER          MID-SINGLE
         EXTERNAL REVENUE GROWTH CAGR (ORGANIC)

                                                                               DIGIT %
        RED ARROW STUDIOS                                                     P7S1 GROUP REVENUE
   INCREASE INTERNAL CONTENT FEED, BOOST INTER-                                  GROWTH CAGR
  NATIONAL AND SCALE S71 IN GERMANY AND BEYOND     RETURN TO GROWTH PATH
                                                     AFTER CHALLENGING

              +5-10%                                       H1 2018

         EXTERNAL REVENUE GROWTH CAGR (ORGANIC)
                                                                             MID-20s %
                                                                              P7S1 GROUP ADJUSTED
             NUCOM GROUP
                                                                                 EBITDA MARGIN
 ACCELERATE GROWTH OF FOUR VERTICALS ALONG WITH
 GENERAL ATLANTIC SERVING STRONG CONSUMER NEEDS
                                                   AMBITION TO REACH UPPER
                                                   END OF REVENUE GROWTH

            +10-15%
         EXTERNAL REVENUE GROWTH CAGR (ORGANIC)
                                                           TARGETS

                       Source: P7S1 company data
                                                                                                    36
BUILDING BLOCKS OF GROUP’S TARGET REVENUES
                                         MID SINGLE-DIGIT REVENUE CAGR (PLUS M&A)
EXTERNAL
REVENUES
[IN EUR]1)

                                                                                                        ~0.3BN         ~6BN
                                                                                                       RED ARROW                AMBITION
                                                                                              ~0.5BN    STUDIOS               LEVEL BASED
                                                                                                                              ON MID-TERM
                                                                                                                            REVENUE GROWTH
                                                                                ENTERTAINMENT            ~0.1BN               TARGETS AND
                                            ~1.2BN                                                                            FUTURE M&A

                                   NUCOM GROUP                                                ~0.1BN
             ~4BN                                                                                                     ADJUSTED
                                                                                                                       EBITDA:
                                            ~0.3BN
        ADJUSTED                                                                                                      ~1.5BN
         EBITDA:
             ~1BN

      Q3 2018 LTM                                                                                                       2023+
                                                                                                                    TARGETED GROUP
                                                                                                                   REVENUES INCL. M&A

                    1) Chart dimensions are illustrative and do not represent exact amounts
                    Source: P7S1 company data                                                                                           37
2019 INVESTMENTS FOR GROWTH
                                 AMOUNT FY 2019                                                   INVESTMENTS
SAVINGS TIZATION REACH CONTENT

                                                                 ▪ MORE LOCAL CONTENT TO GROW REACH ACROSS ALL PLATFORMS
                                 -EUR   80M                      ▪ INCREASED RELEVANCE AND DIFFERENTIATION FROM COMPETITORS
GROWTH/ MONE- (DIGITAL)

                                                                 ▪ STRENGTHEN DIGITAL ENTERTAINMENT FOOTPRINT & GROW DISTRIBUTION
                                 -EUR 20M                        ▪ MULTIPLY CONSUMER TOUCH POINTS WITH OUR CONTENT

                                                                 ▪ ADVERTISING TECHNOLOGY, AI, DATA AND NETID AS WELL AS OTHER ENABLERS FOR
                                 -EUR   20M                        IMPROVED REACH MONETIZATION

                                                                 ▪ TOTAL SEGMENT REVENUE GROWTH (EXTERNAL AND INTERNAL) DRIVEN BY ALL KEY ASSETS
                                 +EUR   50M                      ▪ COST SAVINGS FROM ADDITIONAL EFFICIENCY MEASURES

                                 -EUR   70M                      ▪ FY 2019 ENTERTAINMENT ADJ. EBITDA EXPECTED TO BE EUR 70M BELOW FY 2018

                                         Source: P7S1 company data
                                                                                                                                                   38
PRELIMINARY FY 2019 OUTLOOK
      ENTERTAINMENT
                                                RETURN TO REVENUE

          +0-5%                                GROWTH, ADJ. EBITDA TO
                                                 DECLINE BY EUR 70M
                                                (-EUR 50M ON GROUP LEVEL)   MID-SINGLE
    MID-TERM EXTERNAL REVENUE GROWTH (CAGR)

                                                                              DIGIT %
   RED ARROW STUDIOS                                                         P7S1 GROUP REVENUE

                                                        ✓
                                                                             GROWTH (REPORTED)

         +5-10%
    MID-TERM EXTERNAL REVENUE GROWTH (CAGR)
                                                                              22-25%
        NUCOM GROUP                                                          P7S1 GROUP ADJUSTED

                                                        ✓
                                                                                EBITDA MARGIN

       +10-15%
    MID-TERM EXTERNAL REVENUE GROWTH (CAGR)

                   Source: P7S1 company data
                                                                                                   39
WE AIM FOR AN ANNUAL TOTAL SHAREHOLDER
RETURN OF +10-15%

                                                                                ORGANIC GROWTH
                                  EPS GROWTH
                                                                                                M&A
                                   THROUGH
                                                                                 SHARE BUYBACK
    TOTAL
                                                                                                                                                    +10-15% P.A.
                                                                                                                                         AMBITION
 SHAREHOLDER
                                                                                                                                          LEVEL
   RETURN
                                                                                                                                                     ADJUSTED EPS GROWTH
                                                     DIVIDEND YIELD                                                                                   PLUS DIVIDEND YIELD
                                                   50% PAY-OUT RATIO1)

     FINANCIAL LEVERAGE TARGET RANGE UNCHANGED: 1.5 - 2.5X

               1) A payout-ratio of 50% of Adjusted Net Income will for the first time be applied for FY 2018 dividend (payment in FY 2019)
               Source: P7S1 company data                                                                                                                                40
HOW WILL WE EXECUTE TO WIN?

                      #1   CLEAR GAME PLAN AND KPIs

                      #2   STREAMLINED ORGANIZATION

                      #3   SIMPLIFIED OPERATIONS

                      #4   DISCIPLINED CASH USAGE

                      #5   PARTNER FOR SCALE

GALILEO © ProSieben
                      #6   TECH ENGINE
                                                      41
TO SUM IT ALL UP
                 AMBITION IN ~5+ YEARS:
EUR 6 BN REVENUES | EUR 1.5 BN ADJ. EBITDA | +10-15% TSR P.A.1)

  ENTERTAINMENT:
  A FUTURE-FIT GERMAN ENTERTAINMENT BUSINESS THAT
  IS MORE LOCAL, MORE DIGITAL AND MORE SMART REACH

  NUCOM GROUP:
  A RAPIDLY SCALED DIGITAL PLATFORM AND
  E-COMMERCE CHAMPION

  RED ARROW STUDIOS:
  A MORE SYNERGISTIC PRODUCTION FOOTPRINT

                                   HOMEWORK AND DELIVER FIRST…
1) Adjusted EPS growth plus dividend yield p.a.
Source: P7S1 company data                                    42
THE PRESENTERS ON STAGE
        KEYNOTE                   FINANCIALS                        NUCOM GROUP

            MAX                           DR. JAN            DR. FLORIAN   CLAAS VAN
           CONZE                          KEMPER             TAPPEINER      DELDEN

                   ENTERTAINMENT                             RED ARROW STUDIOS

    WOLFGANG       EUN-KYUNG    SABINE              CONRAD     JAMES         REZA
      LINK           PARK      ECKHARDT             ALBERT     BAKER         IZAD

                                                                                       43
This presentation contains "forward-looking statements" regarding
             ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group,
             including    opinions,   estimates     and    projections    regarding
             ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business
             strategy, plans and objectives of management and future operations.
             Such forward-looking statements involve known and unknown risks,
             uncertainties and other important factors that could cause the actual
             results, performance or achievements of ProSiebenSat.1 or
             ProSiebenSat.1 Group to be materially different from future results,

DISCLAIMER
             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, expressed or implied, is made by
             ProSiebenSat.1 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 ProSiebenSat.1 or
             ProSiebenSat.1 Group. ProSiebenSat.1 undertakes 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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