Creating new growth
CMD 2014
Keynote D&A – Dr. Christian Wegner
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 1
We are delivering dynamic growth
D&A revenues, in EURm
Digital & Adjacent revenues
+46
(+22%)
255
209
H1 2013
| October 15, 2014
Rec.
EBITDA
margin
of 21.4%
in H1 2014
H1 2014
Page 2
Increased CMD target 2015 to be already reached in 2014
D&A revenues, in EURm
CMD targets
We have constantly outperformed
capital market targets ...
D&A revenues
... and are about to reach the increased
2015 target already in 2014
Target increase
in 2013
484
477
597
175
357
335
272
422
20121
20132
| October 15, 2014
1 Linear projection of initial 2015 target
2 Linear projection of increased 2015 target
Target 20142
Target 2015
Estimate 2014
Page 3
Highlights from our market leading portfolio
Digital Entertainment
Digital Commerce
International
#1 in
Germany
International music
deal
#1 Media
investor
with further exits
New US
lighthouse
deals
#1 in
catch up1
#3 in
Europe
Outgrowing market
European
Media
Alliance
#2 German
MCN
#1 Sales
House
New digital
cluster
Global
Scouting
Network
| October 15, 2014
1 MyVideo is #1 premium content video portal and #2 German video portal behind YouTube
Page 4
Our vision is …
… to become a leading
digital entertainment and commerce
powerhouse by leveraging
TV synergies, our innovative TV ad
business model and
the convergence from TV and Digital
| October 15, 2014
Page 5
Why we win in Digital
Market leading
position in
structural
growth
markets
Strong
relations to
local
distributors
| October 15, 2014
TV Media as
effective
growth driver
Leverage of our
unique TV
content
Intercluster
and intracluster
synergies
Best online video
monetization
through market
leading Sales
House
TV becomes
24/7
commerce
platform
TV ad
business
model
Innovative
Page 6
How we accelerate Digitization
Since 2010:
Scale our market
leading digital assets
organically and drive
digitization through
M&A & our innovative
TV ad model
| October 15, 2014
Ongoing:
Enter new verticals,
internationalize and
become “importer of
choice“
To be started:
Participate in global
digital value creation
Page 7
Cornerstones of our growth strategy
1
Push organic growth
of existing business
•
•
•
Participate in structural growth markets
Make business mobile
Leverage our unique synergies, further innovate TV ad business
2
Accelerate digitization
through M&A
•
•
•
Complete clusters through bolt-on M&A
Consolidate markets; enter new verticals through larger M&A
Consider value-adding deals with PE Partners
3
Internationalize
our business
•
•
Expand our European Media Alliance
Become “importer of choice“ by leveraging our Global Scouting
Network
4
Participate in global
digital value creation
•
Selectively invest in leading Global VC/PE funds to broaden
funnel for new M4R/E targets and later-stage M&A deals
| October 15, 2014
Page 8
1
We participate in structural growth markets
Growth in relevant
markets
CAGR 2014-2018,
in %
Industry growth
drivers
AdVoD1
PayVoD
Games²
M4R/E
Digital
Com.
NPG³
Digital
Com
PG4
Adjacent
20-30
30-40
10-15
5-10
5-10
15-25
Flat
• Shift from
display to
video ad
• Shift from
offline to
online
• Increasing
mobile
usage
• Shift from
offline to
online
• Shift from
offline to
online
• Increasing
mobile
usage
• Increasing
Smart TV
penetration
• Increasing
mobile
usage
• Increasing
mobile
usage
| October 15, 2014
• International
deal sourcing
• Increasing
digitization
(digital vs.
physical)
Page 9
1 Video Instream market; incl. MCN 2 Mobile and MMO in W-EU and NA 3 Non-physical goods: Travel and Lead generation as underlying markets 4 Physical goods: Beauty & Accessories as exemplary market
1
We have leading market positions in 2014 …
Estimated Market share
Rank market share
outlook5
AdVoD1
#1
48%
PayVoD2
#1
46%
Games3
#3
5%
M4R/E
#1
90%
Travel (Dig.
Commerce)4
#6
7%
Adjacent
(music label)
#4
6%
Key growth driver (selection)
•
•
•
•
•
•
•
•
•
•
•
•
New content; new channels
M&A to further scale MCN business
Increased shift from offline to online
Potential market share loss (new competition)
Unique position in Port & Publish business
New ad based monetization; further M&A
Further upgrade of service offering
Increased internationalization
Further M&A/consolidation
Unique inter/intra cluster synergies
Increased digitization
Exploration of adjacent digital markets
Page 10
| October 15, 2014
1 Nielsen Media Research, InStream, gross, YTD Aug 2014, w/o Youtube, Facebook 2 SVoD only 3 Europe 4 OTA Market in Germany; P7S1 estimates
5 Market share development until 2018
1
Rec. EBITDA margin 2014
… and will combine segment growth & profitability until 2018
High
M4R/E
M4R/E
Adjacent
Adjacent
Medium
AdVoD
AdVoD
PayVoD
Travel
Travel
Games
PayVoD
Low
Games
Single-digit
Double-digit
D&A rec.
EBITDA
margin
of ~20%1
Revenue CAGR (2014-2018)
| October 15, 2014
1 D&A Rec. EBITDA margin of ~20%, depending on portfolio mix
Page 11
1
We leverage our unique synergies…
>EUR 1bn idle ad inventory to
Ad inventory
invest in digital; innovative TV ad business
Free content
>13,000 hours exclusive local content
>50,000 hours US blockbuster content
Distribution
Strong relations to leading cable, satellite,
telco distributors and local retail partners
TV as 24/7 shopping channel
1st screen
2nd screen
Offline retail
Intra and inter
cluster synergies
| October 15, 2014
Page 12
1
… and can provide sufficient inventory to further foster growth
“Traditional” inventory sold to
advertisers by SevenOne Media
Idle TV ad
inventory that
can be utilized
for digital
investments and
cooperation
| October 15, 2014
We can provide sufficient
media inventory to foster
growth since media
capacity will grow through
• Price increases
• New niche channels
with growing ratings
• More efficient TV
media campaigns
Page 13
1
Mobile first strategy as key growth driver across all units
Multi-screen
• All products multi-screen
• Video Ads multi-screen
#
2nd screen
• Second screen apps (Connect)
• TV extensions
Mobile first
•
•
•
•
Mobile TV (7TV)
Mobile games
Import deals: Shopkick
Smart channel
| October 15, 2014
Page 14
2
Our investment strategy contains three elements
Not included in
CMD targets
Larger bolt-on M&A deals, also through
PE/VC partnerships (only if significant
value/scale creation is possible)
Examples
Bolt-on M&A investments and cluster
formation based on M4R/E experience
(EV of <EUR 100m)
First M4R/E investments based on
idle TV ad inventory
| October 15, 2014
Examples
Page 15
2
Key criteria for industry selection and M&A guidelines
A
Tangible synergies always a must (TV, intra-cluster)
B
Attractive industry margins and ideally low-market concentration
C
Solid structural market growth
D
Strong in-house industry know-how and management team
E
Strong network to industry experts
F
Technological challenges can be handled or technology acquired
G
Low likelihood of disruptive forces that are beyond our control
| October 15, 2014
Page 16
3
We build a new Media Alliance to internationalize D&A
We are #1 M4R/E player in Germany
with a high degree of operational
excellence
International ventures ask for
complementary cross-European offers
and not German standalone
By expanding geographic reach through
a Pan-European Media Alliance we will
therefore strengthen our deal flow
| October 15, 2014
Page 17
3
We aim to become the “importer of choice”…
We provide a unique launch pad for companies entering the
German/European market
Network &
know how
Successful import deals
Online
marketing
Creative
M4R/E+
Testimonials
TV analytics
Operational
services
| October 15, 2014
BI & data
Further deals currently
under negotiation
Page 18
3
... by leveraging our global scouting network
Identify trends and competitive
intelligence
Expand M4R/E deal funnel
Identify investment targets and
partnership opportunities
Close alignment with global VC/PE networks
| October 15, 2014
1 Pangyo Techno Valley, South of Seoul (“the Silicon Valley of Korea”)
Page 19
4
We plan investments in world’s leading venture capital funds
Gain insights in key trends, competitive environment and promising assets
Broaden pipeline for potential majority deals and reduce investment risk
Obtain fresh sources for potential M4R/E deals (e.g., import deals)
Leverage external sourcing network to enable more shots on goal
Participate in “next big thing” early at reasonable valuations
| October 15, 2014
Note: Funds business will be operated outside of D&A Segment
Page 20
Digital Entertainment
Our seven D&A pillars
Revenue split H1 2014
Adjacent
Digital Entertainment
AdVoD
PayVoD
Games
Digital Commerce
M4R/E
Digital
Commerce
Digital
Commerce
Non-physical
Physical
Adjacent
Music, Artist
Mgmt., Live,
Licensing
Selection
39%
| October 15, 2014
13%
48%
Page 21
Core actions to grow AdVoD
Content
Invest in new content categories
Product
Introduce Smart Channels, broaden 7TV offering
Distribution
Grow reach across all platforms & devices (e.g., mobile)
Technology
Leverage programmatic selling technologies (AdTech)
Internationalization
Explore global partnerships (MCN CDS partnership)
| October 15, 2014
Page 22
Substantial market growth expected in AdVoD
Online video
Display
German net online ad market, in EURbn
Online video market
expected to more than
triple until 2018
CAGR
+8%
1.7
1.6
1.5
1.3
+26%
1.4
CAGR
+5%
Video grows 5 times
faster than Display
2014E
| October 15, 2014
Source: ZAW, OVK, PWC, P7S1
2015E
2016E
2017E
2018E
Page 23
Core actions to grow PayVoD
Content
Extend availability of leading series brands to enable
binge viewing
Product
Improve user experience and further
optimize recommendation engine
Distribution
Maximize distribution reach and secure
strategic VOD partnerships
Marketing
Leverage TV power and further develop B2B
marketing & sales cooperations
| October 15, 2014
Page 24
Solid market growth in SVoD – but still below US & UK
Share of digital in home
entertainment market, in %
SVoD penetration, in %
38%
25%
29%
28%
26%
12%
10%
3%
2014
2018E
2014
2014
| October 15, 2014
Note: Excluding advertising based business models. Source: Goldmedia Research, Enders Analysis, P7S1 Analysis
2018E
2014
Page 25
Core actions to grow Games
Content
Be the preferred partner for Asian game developers
(grow Port & Publish)
Channels
Intensively push mobile
New business
models
Expand advertising business to monetize non-payers
| October 15, 2014
Ad funded
gaming cluster
Page 26
Expanding our business model to monetize non-payers
Current games
core business
In order to reduce dependency on conversion rate
we are adding additional revenue streams
MCN
Our current
AdVoD
monetization
Channeling
model is mainly
transactional
(Free-to-play with
in-app purchases)
Branded
Entertainment
Highly
scalable
brokered
traffic
Revenue
per Install
TransAdVoD
action
Display advertising
Live
Events/
eSports
Smart
Channels
| October 15, 2014
Page 27
Core actions to grow Digital Commerce
M4R/E
Foster German market leadership, internationalize
through media alliance, become “importer of choice”
Digital commerce
non-physical
Outgrow locally-driven packaged tours travel market;
build new non-physical clusters
Digital commerce
physical
Build new physical clusters (M&A and VC/PE
partnerships)
| October 15, 2014
Beauty & Accessories
Home & Living
Fashion & Sports
Page 28
Further D&A exit proceeds
D&A exit proceeds
Q3 2013
Q1 2014
•
Cumulated LTM cash
proceeds from disposals:
~EUR 25m
•
Going forward we target
exit proceeds of
>EUR 10m p.a.
Q2 2014
Q3 2014
Q3 2014
Q4 2014
| October 15, 2014
Page 29
With Travel our first EUR 140m D&A cluster is in place
7TRAVEL at a glance
Investment history
• Investment rationale:
Holding with
cluster CEO
Creation of travel ecosystem
along customer journey
• # of assets: 5
• Revenues (2014E):
>EUR 140m
• CAGR (2011-2014E):
Total market: ~8%
7TRAVEL: ~31%1
| October 15, 2014
1 Adjusted CAGR, excl. consolidation effects
2000
2012
2014
Page 30
B
Our Travel cluster is significantly outperforming the market
Revenue/market CAGR development in % – examples mydays and weg.de
Market CAGR
mydays/weg.de CAGR
Pre P7S1 entry2
After P7S1 entry3
We add value through
• Media
29
201
8
• Cash
• Shared services
• Knowledge sharing
2
• Data analytics
19
5
4
2
Page 31
| October 15, 2014
1 Overall market growth through mydays success
2 mydays: 2010-2012; weg.de: 2012-2013
• Technology
3 mydays: 2012-2014 (FC); weg.de: 2013-2014 (FC)
We replicate our Travel strategy and build three new clusters
P7S1 equity
stake
Beauty &
Accessories
Home & Living
50.1%
Fashion & Lifestyle
22%
Lead
generation
47%
23%
1
100%
Transaction
and
ad-based
Strong
synergies
Attractive
margins
Structural growth
markets
Technological
challenges can be
handled
Limited likelihood
of disruptive
forces
1
21%
| October 15, 2014
1 via EPIC companies
Rationale
100%
Page 32
Core actions to grow Adjacent
Music
Further push digitization; increase hit rate above 60%
(share of top 20 hits promoted through us)
Artist Management
Further increase digital promotion of artists; push
growth of US creative network talenthouse
New segments
Enter new adjacent digital music segments
| October 15, 2014
Page 33
Our capital market target for 2018
D&A revenues, in EURm
CMD target
D&A revenues
CMD growth target: EUR 405m gap to go!
CAGR
+13.5%2
CAGR
+35.7%1
935
D&A
rec. EBITDA
margin
of ~20%3
530
335
2012
H1 2014 LTM
2018E
Page 34
| October 15, 2014
1 Implied revenue CAGR 2012 - H1 2014
2 Implied revenue CAGR H1 2014 - 2018
Upsides:
• Faster market
growth
• Faster
international
ramp-up
• Larger M&A
deals/PE
partnerships
3 D&A Rec. EBITDA margin of ~20%, depending on portfolio mix
Creating new growth
CMD 2014
AdVoD, MCN, Ad Sales – Markan Karajica, Dr. Sebastian Weil, Thomas Port
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 35
Dynamic growth with strong online video ad portfolio
Own & Operated
Own MCN – Studio71
Ad Sales
TV channel
websites
Mobile hub/
Smart Channel
Premium
Video
| October 15, 2014
Page 36
Agenda: Own & Operated
Own & Operated
Own MCN – Studio71
Ad Sales
TV channel
websites
Mobile hub/
Smart Channel
Premium
Video
| October 15, 2014
Page 37
We are unbeatable in Social Media and outperform RTL
No.1
in catch-up: “Germany’s next Topmodel”
outperforming RTL with 37m video views
No.1
on Facebook with 22m total fans: more than any
other German media company
No.1
on Twitter with 880,000 followers for ProSieben:
more than any other German TV channel
| October 15, 2014
Page 38
No.1 in catch-up: GNTM with more video views than any RTL show from Jan 1, 2014 to April 27, 2014 (GNTM videos on place 1-12 in Top 20 ranking, RTL place 13-20), Source: AGF Streaming, Meedia.de
(May 19, 2014); No.1 in Facebook: 22m total fans for all P7S1 sites
7TV – pioneer in mobile entertainment
2m
14m
downloads in
4 months
Video
views
Cross-channel media center
Live stream of all six Free TV
channels
Broad distribution
Outlook: additional offers
7TV Trailer
| October 15, 2014
Page 39
MyVideo is No. 1 in premium content…
in premium content
iunique users
monthly premium video views
| October 15, 2014
Page 40
No.1 in premium content: MyVideo AGOF Video UU: 5.17m vs. Clipfish professional content 1.97m (Ø Jan-May 2014); Unique User: incl. Songtexte.com and AMPYA (AGOF Internet Facts Jul 2014); Video
views: Ø Jan-Sep 2014, incl. mobile browser and apps, incl. AT + CH
…with best-in-class branded entertainment sales
Case
Brand
Description
Deutsche Telekom
E-PLUS
Suzuki
Schöfferhofer
99Fire Films
Award
Yourfone
Songcontest
Suzuki Festival
Tour
Schöfferhofer
Single Mix
Largest short film
community worldwide
Yourfone looking for
new TV spot song
The coolest festivals
in Germany
Interactive dating
and web TV show
| October 15, 2014
Page 41
Contribution in No. 2 in global music streaming
Merge music streaming ops
Attractive deal terms
Contribution of Vodafone deal
30m
5m
182
songs
subs
countries
| October 15, 2014
No. 2 player behind Spotify with estimated 10m global subs (company source). Note: equity structured as warrant
Page 42
Key trends AdVoD
Multiscreen user
experience
New transaction
models
International
scale
Social traffic
impact
| October 15, 2014
Tech &
big data
Page 43
Online ad market expected to grow substantially until 2018
Net online ad market
Net online ad market 2014-2018, Germany
in EURm
Online video market expected to
more than triple until 2018
+8%
Online video
CAGR
1,725
Display
1,597
+26%
CAGR
1,479
1,363
1,256
2014E
+5%
CAGR
2015E
2016E
| October 15, 2014
Source: ZAW, PWC, OVK, SOM net market estimates
2017E
2018E
Major growth driver YouTube:
massive increase of web-only
content
Shift to mobile devices with 42%
p.a. CAGR 2014-18
Page 44
Top strategic priorities for future growth
1
Outstanding content
Invest in new content categories
2
Top performing product
Launch innovative products
3
Broadest distribution
Grow reach across all platforms and devices
4
New transactional monetization
Launch “Watch, Click & Buy” and “7Pass”
5
M&A and internationalization
Explore global partnerships
| October 15, 2014
Page 45
2
First Smart Channel Tastyfy recently launched
Entertainment video experience
Attract print advertisers
EUR
126m
Print spendings
in food
Enable transaction business
High social integration enabled
| October 15, 2014
Source: 2014 Nielsen Media Research, Germany
Page 46
2
ProSieben Entertainment Pad: Entertainment all in
Bundle offer by Asus / Intel and P7S1
8’’ tablet for EUR 149, including EUR 100
vouchers for digital P7S1 services
Pre-installed P7 entertainment bar with
over 34 product offerings: 7TV, maxdome,
MyVideo, Deezer, etc.
| October 15, 2014
Page 47
3
Being available everywhere, on any device
100%
Mobile
coverage
in 2014
via
YouTube
Web
Mobile App
Internet-enabled TV
Consoles
Online
Mobile
iOS
Android
Smart TV
HbbTV
PS
XBox
wii U
H2 2014
H2 2014
Q1 2015
-
Under
negotiation
Under
negotiation
Under
negotiation
Under
negotiation
Q4 2014
-
| October 15, 2014
Page 48
3
HbbTV attractive for advertisers
10m
devices
(+118% vs. PY)
In-stream/Multiscreen
Brand Engagement
Example: Hochland
Sponsoring/Concepts
Example: Disney Thor
In-stream branding
through video ads
| October 15, 2014
Example: Sony / Last Man Standing
Interaction & engagement
on 1st screen
Individual integration and
direct link to format
90%
30
15
fill-rate
campaigns
concepts
Page 49
Top 5 projects for the upcoming year
1
Increase distribution – focus on mobile
2
Expand MyVideo internationally and grow content library
3
Launch Single-Sign-On/7Pass and transaction business model
4
Launch two more Smart Channels
5
Enhance 7TV app with 2nd screen features
| October 15, 2014
Page 50
Agenda: Own Multichannel-Network (MCN) – Studio71
Own & Operated
Own MCN – Studio71
Ad Sales
TV channel
websites
Mobile hub/
Smart Channel
Premium
Video
| October 15, 2014
Page 51
Recap: We launched Studio71 one year ago as our own MCN
Development
and production
Scouting and
aggregation
Channel
management
>195
channels
launched
| October 15, 2014
Ad and
concept sales
Other 3rd
party
Page 52
Within only one year we have grown to be the 2nd largest MCN
in Germany with 200m monthly video views
Video views in m
No.2
193
MCN in
Germany
164
168
170
May
Jun
Jul
200
144
124
36
22
24
Sep 2013
Oct
Nov
104
103
Jan
Feb
41
Dec
| October 15, 2014
Mar
Apr
Aug
Sep 2014
Page 53
We have launched and aggregated more than 195 channels
and follow a unique three pillar content strategy
A
Own TV based channels
| October 15, 2014
B
C
Own original channels
Aggregated channels
60
16
120
channels
channels
channels
Page 54
We focus on keeping our premium positioning and offer clear
USPs for content partners
1
Market leading ad sales with integrated ad server
2
TV promotion power and huge content archive
3
Best-in-class channel management and individual partner support
4
Unique web-only studio facilities
5
Highly recognized own web-only formats and live events
6
Broad distribution across multiple platforms: YouTube, MyVideo and more
| October 15, 2014
Page 55
1
Market leading ad sales: our formats and webstars are perfect
assets for Branded Entertainment deals
Successful Branded Entertainment Cases
&
&
| October 15, 2014
&
&
Page 56
2
TV promotion power: webstar Tim Gabel highly benefiting
from TV coverage
x3
Webstar Tim Gabel as taff reporter
Video
Views
Significant peak in views & subs
x3
Search
| October 15, 2014
Heavy search traffic during airtime
Page 57
3
Best-in-class channel management: our partners experience
significant uplift after joining our network
Within
first 8
weeks
Enhanced analytics/SEO
x5
monthly video
views
New content strategy: launch of
3 new channels
Boost of total subs and increase of
monthly video views by 500%
| October 15, 2014
Page 58
4
Studio facilities: Studio71 Creative Lounge in Berlin – new
studio opened in August
State-of-the-art capabilities
Green screen, live streaming and
post production
Munich
Cologne
| October 15, 2014
Mobile
Open space for network partners
Page 59
5
Own web-only formats: “The Mansion” becomes viral internet
sensation
ProSiebenSat.1’s
German MCN
Studio71 is expanding
its west Hollywoodbased online channel
group The Mansion by
partnering with
American YouTube
talent
ProSieben's Studio71
YouTube Network
Launches First U.S.
Channel, L.A.Based…
German media giant
ProSiebenSat.1
Group's Studio71, a
multichannel network
for online video users,
is saying hallo to the
U.S. market with its
new YouTube channel
"The Mansion."
The Mansion Trailer
12m
total video
views within
6 months
| October 15, 2014
Page 60
6
Broad distribution: we will keep extending our MCN to
multiple platforms to avoid single platform dependency
Current focus
| October 15, 2014
Potential new distribution platforms
Page 61
Internationalization: strategic partnership with Collective
Digital Studios closed
Our ambition is
to create a Top 5
global MCN via
organic growth
and smart M&A
International value creation
Joint development & promotion
Tech and operational synergies
1st localized format launched
| October 15, 2014
Page 62
Agenda: Ad Sales
Own & Operated
Own MCN – Studio71
Ad Sales
TV channel
websites
Mobile hub/
Smart Channel
Premium
Video
| October 15, 2014
Page 63
Key achievements past 12 months
Leader in premium video and special interest display
Strengthened our position as top digital sales house in Germany
Outperformed digital ad market growth by factor 2
Successfully launched own sales of Studio71 inventory on YouTube
Extended multiscreen play-out and ad tech competencies
| October 15, 2014
Page 64
Leader in premium video
Top user reach
No.1 in premium video
Unique User (Display & Video)
in m
Attractive
Target
Groups
Unique User (Video only)
in m
Interactive Media
35.91
16.59
Axel Springer MI
32.95
Ströer Digital
31.81
IP
11.99
30.03
ToFo
28.85
United Internet
28.00
IP Germany
27.34
Axel Springer MI
Interactive Media
OMS
24.98
eBay
23.79
hi media
Gruner + Jahr
3.89
1.10
20.65
| October 15, 2014
Source: AGOF Internet Facts Jul 2014, age 10+
5.40
Page 65
We have outgrown market by factor 2
Display & video advertising, Germany, net revenues in EURm, CAGR 2012-14
x2
Display & video advertising, Germany, net revenues in EURm, CAGR 2012-14
| October 15, 2014
Sources: ZAW, SOM
Page 66
Launch of SevenOne Media sales on YouTube
Clear product differentiation
Strong sales records
Studio71 net sales on YouTube 2014
+50%
Sales
Premium TV & top
webstars content
Audience reach within
entertainment channel
Q1
Q2
Google / YouTube sales
| October 15, 2014
Sources: SOM
Q3
SOM sales on YT
Page 67
Top multiscreen and ad tech competencies
Multiscreen ad play-out
• One booking – all screens
• Online, Mobile, Smart TV, HbbTV
>70% multiscreen bookings
| October 15, 2014
Sources: SOM
Ad tech/programmatic sales
• Private marketplace
• Premium RTA for display & video
>8% RTA
Page 68
Top market position in video advertising
>
German in-stream video market
300m
multiscreen
premium video
views p.a.
Content quality/price
Premium
Low quality
Low
Ad reach (UU, marketable views)
| October 15, 2014
Sources: SOM estimate, AGOF Internet Facts
1 August 2014
High
Page 69
Market growth from video and mobile
Market growth by product
Digital ad market (Display & Video)
est. net sales, in EURm
Market growth by screen
Digital ad market
est. net sales, in EURm
CAGR 14-18
8%
CAGR 14-18
8%
1,725
1,256
2014E
Video
1,363
+26%
2015E
Video
1,725
2018E
Display
| October 15, 2014
Source: ZAW, PWC, OVK, SOM net market estimates
Smart TV
+70%
Mobile
1,363
+42%
1,256
Display
Online
+5%
+4%
2014E
2015E
Smart TV
2018E
Mobile
Online
Page 70
Key trends Ad Sales
Increasing multiscreen
fragmentation and shift
to mobile devices
Top advertisers
increasingly look for
exclusivity and branded
content
Growing importance of
large social platforms in
ad sales
| October 15, 2014
Growing importance of
ad tech and data in
programmatic sales
Increasing international
demand in digital ad
sales
Page 71
Top actions
1
Grow ad reach on all platforms and screens
2
Keep building strong partnerships with agencies & partners
3
Create exclusive concepts with top advertisers
4
Further extend ad tech competencies
5
Establish international footprint in premium ad sales
| October 15, 2014
Page 72
1
Grow ad reach on all platforms and screens
P7S1 platforms
Mandates
Studio71 on YouTube
NEW
ALL SCREENS
| October 15, 2014
Page 73
2
Keep building strong partnerships
Top agency & advertiser partnerships
• Customized concepts
• Co-branded web events
• Digital TV extensions
| October 15, 2014
Digital sales partnerships
• Sales on YouTube, Facebook, etc.
• Mobile partnerships
Page 74
3
Create exclusive concepts with top advertisers
Exclusive digital ad formats
Unique
special ads
| October 15, 2014
Top format
sponsorings
Unique branded entertainment
E.g., branded
webshows
E.g., video
competitions
Page 75
4
Further extend ad tech competencies
Inventory cluster
Sales model
Direct
business
• Best service to agencies
and top advertisers
Premium
video/
display
Private
marketplace
• The place for premium
Longtail
segment
Performance
/audience
• Top specialist partners for
programmatic sales
SOM premium
private
marketplace
data-driven programmatic sales
Inventory volume
| October 15, 2014
Page 76
5
Establish international footprint in premium digital sales
Create premium international
ad sales network
1
International direct sales force
2
Joint premium private marketplace
3
Optimized cross-border traffic
| October 15, 2014
Build strong portfolio of P7S1 contents
and international mandates
Page 77
Creating new growth
CMD 2014
PayVoD – Lesley MacKenzie
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 78
New maxdome Image Trailer
| October 15, 2014
Page 79
Key achievements since last Capital Markets Day
Subs
Price reduction translated into strong subscriber growth
Content
Content investments to extend Binge Series offering
New maxdome brand proposition & identity
Split of SVoD “Package” and TVoD “Store”
Product
New live business segment
Implemented recommendation engine
Mobile/Tablet app roll-out & Chromecast (~90% OTT coverage)
Distribution
Deal with Entertain (Deutsche Telekom) for SVoD service
Top OTT distribution placements (e.g., XBox One)
| October 15, 2014
Page 80
maxdome offers all PayVoD business models
SVoD
TVoD
EST
LIVE
Live Events
Monthly subscription fee for
unlimited access to selected
content
| October 15, 2014
One-time
transaction for
48h access to
single movies,
series episodes
One-time
transaction that
permanently
enables access to
purchased items
One-time transaction for access
to live events
Page 81
maxdome is No 1 in Germany
SVoD market leader
[Market rank Germany, 2014]
A leading TVoD/EST service
[Market rank Germany, 2014]
#1
44%
#2
15%
maxdome has highest online video site brand awareness in Germany
| October 15, 2014
Source: Market share provided by GfK Jan-Aug 2014, YouGov Research shows maxdome has a market leading awareness score of 68%
Page 82
German SVoD behind US/UK, but with strong growth outlook
2013 SVoD penetration1
Absolute
2
growth
28%
4%
points
Key SVoD drivers
SVoD growth expectation
Germany 2014-2018
3
SVoD penetration in %
Strategic distribution
partnerships provide
SVoD uplift
3%
10%
Subscribers
in million
26%
2%
4.5%
points
New market entrants will
educate, stimulate and
ignite market
<1%
points
Paylite (5-10€) client
movement from
linear pay to SVoD
3.8m
1.2m
2014E
| October 15, 2014
1 SVoD penetration of TV households 2 YoY: US/UK 2008-2013, 3 GER 2014-2018 projections based on end-of-year subscriber numbers.
Source: Enders Analysis (left), Goldmedia Research (left & right)
2018E
Page 83
maxdome will prevail as top 3 SVoD player in larger market
Strategy
Leveraging
power of TV
Market
positioning
Local hero, best
known brand
Market
differentiation
Unique series
previews, exclusive
series and market
leading catalogue
depth
| October 15, 2014
Source: YouGov Research shows maxdome has a market leading awareness score of 68%
Upselling on
Amazon retail
One-stop
shop
Bundled in Prime
price as on-top value
proposition
Service
pureplay
Global brand
Global brand with
focus on original
series
Page 84
maxdome’s marketing power & TV synergies are unique
maxdome has head start on competition with …
… broadest content, series previews, blockbusters, P7S1 content & live
… highest brand awareness and most trusted brand
… unparalleled marketing, cross-promotion and cross-selling power
… deep audience understanding
… local distribution capabilities
… opportunity to bundle with other P7S1 digital assets
| October 15, 2014
Page 85
A
We were well prepared for Netflix market entry
Pricing
Distribution
Content
Marketing
Product
• EUR 7.99 SVoD price for all devices
including HD
• EUR 7.99 – 11.99 based on video quality &
devices
• Distribution deals with leading TV, mobile,
broadband players & >90% OTT coverage
• Basic OTT placements
• Invested in new binge series
• Extended existing studio deals
• Exclusive series previews
• Many binge series included
• Focus on originals
• Deep library content
• Leverages P7S1 marketing power
• Ability to do branded entertainment
• Extensive German market knowledge
• High marketing budget
• Brand building stage
• New brand/platform launched in September
• New recommendation engine implemented
• Includes offline mode
• Scaling of platform investment
• Advanced content recommendation engine
• Online-streaming only
| October 15, 2014
Page 86
Increasing digitization of Home Video will grow TVoD/EST
Key TVoD/EST drivers
2014-2018 structural market shifts
Home Video
Entertainment
Increasing demand for
content availability
anytime, anywhere
1
Changing concept of
content ownership
2
Shifts from
physical to
digital
Sales
DVD/Blu-Ray
| October 15, 2014
Source: Goldmedia, P7S1 Analysis, GfK, BCG Analysis, Ofcom, Forrester Research, P7S1 Analysis
Rentals
1
2
TVoD/EST
2
DVD/Blu-Ray
Page 87
We believe three TVoD/EST players will prevail
Strategy
Complement
SVoD offer
Market
positioning
Local Hero,
best known
brand
Market
differentiation
Strong TV
marketing power &
clear delineation of
TVoD/EST and
SVoD
| October 15, 2014
Source: YouGov Research shows maxdome has a market leading awareness score of 68%
Sales affine
environment
All-in-one
retailer
Leverage payment
credentials and
purchase solutions
Enhance iOS
closed
ecosystem
Global device
brand
Global brand with
focus on enhancing
device ecosystem
Page 88
Key trends
Personalization /
recommendation
Increasing spend
Device proliferation
Video consumption
shift
Distribution
remains key
Binge content
is king
| October 15, 2014
Mobile usage
Page 89
Key pillars of maxdome strategy to sustain leading position
1
Content
Extend availability of leading series brands to enable binge watching
2
Distribution
Maximize distribution reach and secure strategic VOD partnerships
3
Product
Improve user experience and further optimize recommendation engine
4
Marketing
Leverage TV power and further develop B2B marketing & sales cooperations
| October 15, 2014
Page 90
1
Six pillars of content strategy
Previews
Blockbuster movies
+20 exclusive series previews
+4,500 movies
Exclusive content
Binge series
+10 exclusive Series
+30 Binge TV series
Family content
German TV content
+5.000 kids titles
+100 German series/shows
1
| October 15, 2014
Binge series
are key content
Page 91
1
Continuing investment in Top 50 Series …
| October 15, 2014
Page 92
1
… and entering new content segments
Drive further
live events
Explore new
entertainment segments
Explore new
content partnerships
Sports
Music
| October 15, 2014
Page 93
2
Device growth confirming importance of OTT coverage
maxdome usage is
OTT driven
OTT device penetration (%)
100
Smart TV
90
Smartphone
80
OTT Stick
70
60
50
Usage
OTT
Tablet
40
Connected player
30
Set-top-box
20
Connected console
10
0
2014E
2015E
2016E
2017E
| October 15, 2014
Note: Connected DVD/Blu-ray players & connected DVR/PVR, White Label solutions from T-Entertain, HD+, Sky, KDG, Unity, Apple TV etc.
Source: IHS Screen Digest 2013, P7S1 Analysis, GfK, Ad-hoc Inquiry Jan 2014, representative for German population aged 10 years and older = 67,8m, device in households available
2018E
Page 94
2
Smart TV penetration 45% with >60% activation;
maxdome with ~95% smart TV coverage
20.5m CTV devices of which 9.5m HbbTV devices
51% say smart TV function is #1 aspect for new set
45% of TV HH have smart TV
61% smart TV activation +12% via other OTT
| October 15, 2014
Source: SevenOne Media
Page 95
2
maxdome continuously securing new OTT deals
Smart TV
OTT stick
Set-top-box
Connected console
Secured top smart TV
placements with marketing
cooperations
Launch partner of the
Google Chromecast
First SVoD service on the
market leading IPTV
platform Entertain
Launch of maxdome app on
the Xbox one platform
| October 15, 2014
Page 96
3
Successfully introduced new product features
Mobile roll-out with offline functionality
Successful separation of SVoD (“Package”) and TVoD (“Store”)
Improved user experience and implemented recommendation engine
Introduced new sign-up and payment process
Implemented kids area within SVoD
| October 15, 2014
Page 97
4
Further leverage B2B marketing & sales cooperations to
secure prominent OTT placements
| October 15, 2014
Page 98
Outlook: Key actions
Secure strategic distribution partnerships with leading players
Continue to expand content offering
Successful execution of new marketing and brand campaigns
Enhance mobile apps and offline functionality
Continue to improve recommendation engine and user experience
| October 15, 2014
Page 99
Creating new growth
CMD 2014
Online Games – Dr. Pascal Zuta
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 100
After acquisition of Aeria Games, we are a leading publisher
in Europe
• Access to TV
• Access to IP
• Ownership of
additional
digital reach
• World leading
monetization
• Expertise in
culturalizing games
• Port and publish
model
Top 3 player in Europe
=
Best-in-class monetization
Strong marketing power
Unique business model:
Port and publish
Distinctive monetization model
| October 15, 2014
Page 101
Key trends in gaming
Mobile usage growing fast
Eco-Systems gaining importance
Target group is widening
Free-to-play becomes dominant
| October 15, 2014
Page 102
Five key strategies
1
Be the preferred partner for Asian game developers
2
Follow our existing audiences and enter casual
3
Keep PC solid and refresh portfolio
4
Aggressively grow mobile games
5
Monetize non-payers – on top of existing best-in-class monetization
| October 15, 2014
Page 103
1
We adapt proven Asian games to Western audiences
“Port & Publish”
Asia
App icon
Marketing asset
Game art
Game engine
Asia
=
Western markets
| October 15, 2014
Page 104
2
Target audiences & genres
Follow
We follow our target audiences
Hardcore
MMORPG1
Card battle games,
RPGs
Shooter
Not yet established
(still 100% PC)
Strategy games
Strategy, tower defense,
sports management
Farming games
Farming, puzzle,
social gambling
Midcore
Casual
PC
| October 15, 2014
1 Massively Multiplayer Online Role Play Game
Technical platform
Be agnostic
Mobile
Page 105
3
Solid PC pipeline to refresh portfolio
Q2’14
Q3’14
Q4’14
Q1’15
Q2’15
Q3’15+
Title not disclosed
MOBA (EN/DE)
Anime RPG (ES/PT)
Fantasy RPG (EN/DE)
Fantasy RPG (EN/DE)
UNDER NEGOTIATION
Title not disclosed
Anime RPG (DE)
Fantasy RPG (EN)
FPS (EN)
Proven success
in territories
| October 15, 2014
Stable &
committed
developer
Fantasy RPG (EN/DE)
Adequate
art style &
games
genre
Page 106
4
Attractive mobile games pipeline to grow strongly
Q2’14
Lolly
Rush
Q3’14
Q4’14
JetSpri
Poker
Kingsroad
Cross
Summoner
Q1’15
Q2’15
Q3’15+
Title not
disclosed
Title not
disclosed
Title not
disclosed
Casual
Title
Card Game
New
Pokelabo
UNDER NEGOTIATION
DFB Goal
One
BAM!
| October 15, 2014
No icon yet
Title not
disclosed
Title not
disclosed
Royal
Kingdoms
Action
RPG
Sports
Game
Page 107
5
Monetize non-payers – on top of existing best-in-class
monetization
In order to reduce dependency on conversion rate
we are adding additional revenue streams
Existing best-in-class monetization
Proprietary web based item shop
MCN
Channeling
Branded
entertainment
Highly
scalable
brokered
traffic
Revenue
per Install
TransAdVoD
action
Smart
channels
| October 15, 2014
Source: Management team estimates
Gambling-like monetization tools
integrated in every game („loot
wheel“)
AdVoD
Display advertising
Live
events/
eSports
+
Unified virtual currency and global
single sign-on
Support for >25 currencies and
>40 payment providers
Market leading real time game
economy analytics
Page 108
Key actions
Ensure strong sourcing pipeline
Drive mobile through attractive Asian mobile licenses
Keep PC online portfolio fresh through licensing of proven titles
Build new business models to monetize non-paying gamers
Continue to look out for attractive consolidation opportunities
| October 15, 2014
Page 109
Creating new growth
CMD 2014
M4R/E – Sascha van Holt
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 110
Key achievements
6 successful exits2:
No.1 media investor
in Germany1
Category leaders built:
Zalando
Lieferando, Tirendo, Lactostop,
Holiday Insider, Shopkick, Zalando
Services beyond media
(M4R/E+)
Global scouting
network
European media
partnership
| October 15, 2014
1 Based on estimated cross-media volume
2 Exit proceeds
Page 111
We have helped to build category leaders – and had multiple
successful exits
Industry
Value Driver
Example
Result
1 Fashion
Create online market
Development of a billion
dollar company
2 Furniture
Turn-around
Back to profitability with
high revenue increase
3 Health
Accelerate company building
Accelerated company
building and exited
4 Tires
Accelerate company building
5 Food
Exit push
Sold to listed
competitor within 12
months
Sold to
competitor Takeaway
within a few weeks
On track to generate >EUR 10m in exit proceeds p.a.1
| October 15, 2014
Source: deutsche-startups.de
1 Including further exit proceeds from Holiday Insider, Shopkick
Page 112
1
TV drove traffic to Zalando
IPO on
Oct 1, 2014
Launch TV
campaign
Zalando becomes
dominant
synonym for
“shoes online”
No organic search
traffic for „shoes
online“
01/2006
<EUR 10m
Increase of
sales from
| October 15, 2014
Zalando
>EUR 1bn
to
07/2012
shoes online
in 4 years
Page 113
2
TV was essential to rebuild KüchenQuelle brand
Average revenues/day
increased by [in %]
60%
50%
50%
40%
30%
30%
20%
10%
0%
Decrease
In year 1
In year 2
of TV CPC
by 86%1
| October 15, 2014
1 CPC Flight 1 vs. CPC Flight 2 (CPC = Cost per Click), Source: Internal data
Page 114
3
>50% market share in 3 months due to TV campaign
Easy-to-use food supplement against lactose intolerance
LactoStop market share
100%
89%
Launch of product
& TV campaign
53%
53%
50%
38%
0%
0%
Listed at
~80% of
pharmacies
| October 15, 2014
1 Voted by German consumers
Source: Internal data
Nov
Product
of the
Year 20121
Dec
Jan
Feb
Mar
Lactostop
Apr
May
Jun
Key competitor
Jul
Aug
Other
Page 115
4
Steep increase in search volume due to Tirendo TV campaign
Tire store online
Search volume Tirendo
120
100
80
60
40
20
Brand
0
search >4x
category
search
| October 15, 2014
Source: Google Analytics
01/2012
01/2013
tirendo
01/2014
09/2014
reifen online
(German for “tires online“)
Page 116
5
TV campaign increased lieferando search volume
Food order platform
Search volume Lieferando
400
Launch of
TV
campaign
350
300
250
200
150
100
50
Brand
0
06/2013
search >4x
category
search
| October 15, 2014
11/2013
lieferando
03/2014
pizza.de
Page 117
First US lighthouse deals closed
To be disclosed
Innovative shopping app
offering digital freesheets,
shopping navigation and
rewards1
Market leader in
fashion subscriptionretailing
| October 15, 2014
1 Exit proceeds in Q3 2014, but continuing partnership
Market leader in
wearables
Further internationalization
through our global
scouting network and
European media alliance
Page 118
We aim to become the “Importer of choice”
We provide a unique launch pad for companies entering the German/European market
Network &
know how
Online
marketing
Creative
M4R/E+
Testimonials
TV analytics
Operational
services
| October 15, 2014
BI & data
Page 119
Creating new growth
CMD 2014
Travel – Jörg Trouvain
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 120
7Travel Trailer
| October 15, 2014
Page 121
Travel is the first cluster we completed
>100m
>EUR140m
Revenues1
>1.5m
Bookings p.a.
>20%
Reach of German
Internet population
31%
CAGR (2011-2014E)2 vs.
8% total market CAGR
| October 15, 2014
1 2014 estimate
2 Adjusted CAGR, excl. consolidation effects, Discavo currently in integration process and not yet included in CAGR
Page 122
Market for package tours remains predominantly local
UK
Scandi
The Netherlands
Germany
France
Italy
| October 15, 2014
Page 123
Our market leading assets cover the full travel customer cycle
Market
position
1
Market leader for weather and climate data
5
Virtual tour operator ("Reiseveranstalter")
1
Rental car meta search
3
Online travel agency
2
Event & gift voucher specialist
| October 15, 2014
Page 124
B
We enable digital companies to clearly outperform the market
Revenue/market CAGR development in % – examples mydays and weg.de
Market CAGR
mydays/weg.de CAGR
Pre P7S1 entry2
After P7S1 entry3
We add value through
• Media
29
201
8
• Cash
• Shared services
• Knowledge sharing
2
• Data
19
5
4
• Technology
2
| October 15, 2014
1 Overall market growth through mydays success 2 mydays: 2010-2012; weg.de: 2012-2013 (FC) 3 mydays: 2012-2014 (FC); weg.de: 2013-2014 (FC)
Page 125
We leverage synergies
Advertising power
Unique monetization for 7Travel
companies with direct EBITDA impact
Cross-selling/-promotion
Synergistic integration across
7Travel companies
Impact
Example
Investment of TV ad capacity driving
revenue growth and profitability
Sales promotion
up to
+5%
| October 15, 2014
INCREMENTAL REC. EBITDA MARGIN FOR 7TRAVEL
Page 126
Outlook
Outgrow travel market by leveraging synergies
Innovative products including mobile and unique advertising bundles
Larger portfolio via market consolidation, new services and new segments
| October 15, 2014
Page 127
Creating new growth
CMD 2014
Digital Commerce – Daniel Raab
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 128
We are building digital verticals …
Investment logic
Our TV assets can be successfully leveraged,
providing a strong competitive position
Travel
Established
Beauty & Accessories
Revenue potential of >EUR 100m (per vertical)
and double-digit EBITDA margin possible
Home & Living
Growth markets with local edge, that are
difficult to enter for global digital players
Competitive technology available
Availability of complementary partners to
mitigate cash/inventory risk
| October 15, 2014
New/
evolving
Fashion & Lifestyle
TV/Digital enhancement
Page 129
… benefiting from TV becoming a 24/7 shopping mall
Outlook
User clicks
the dress online
1
2
Enabling devices
• 2nd screen
• Smart TV
• HbbTV
• Gesture control
User watches
the content on TV
3
User buys dress on
our platform
| October 15, 2014
Page 130
We completed 1 vertical and are active in further 3
P7S1 equity stake
Beauty &
Accessories
Travel
Home & Living
60%
50.1%
Fashion & Lifestyle
22%
Lead
generation
100%
90%
47%
23%
1
Transaction
and
ad-based
100%
1
75%
100%
1
21%
100%
100%
| October 15, 2014
1 Via EPIC companies.
Page 131
Beauty & Accessories
Flaconi demonstrates industry-leading growth rates
#2 in online beauty & care market
established
Year-over-year sales growth of +73%
Customer acquisition cost decreased by
-56% year-over-year
Conversion rate increased by +37%
year-over-year
Beauty
| October 15, 2014
P7S1 equity share Flaconi as of October 10, 2014: 47%
Page 132
Beauty & Accessories
Amorelie: one of the fastest-growing e-commerce assets in
Germany
#1 in sexual wellness mainstream market
established: on track to be a category killer
Sales multiplication of >7x year-over-year
Conversion rate increased by +75% yearover-year
Average time on site +48% year-over-year
Sexual wellness products
| October 15, 2014
P7S1 equity share Amorelie as of October 10, 2014: 23%
Page 133
Beauty & Accessories
Brille24: the online market leader for correction glasses in
Germany
#1 Online retailer for correction
eyeglasses in Germany
70% market share for correction
eyeglasses sold online
Customer acquisition cost
decreased by -22% year-over-year
On site traffic increased by +70% yearover-year
Average basket size increased by +28%
year-over-year
Correction glasses
| October 15, 2014
P7S1 equity share Brille24 as of October 10, 2014: 21%
Page 134
Fashion & Sport
Valmano on strong growth track
Strategic partnership with international
jewellery manufacturer started
Rebranding scheduled for Q4 to attract
broader market segment
Full assortment of fine jewellery will be
launched in time for holiday season
Jewellery
| October 15, 2014
P7S1 equity share Valmano as of October 10, 2014: 100%
Page 135
Home & Living
moebel.de is central cornerstone for further growth
#1 Meta-Search with >500,000 products
from >150 partner shops
Acquired via Media for Equity Deal and
increased to majority
+75% year-over-year sales growth
High double-digit profitability margin
Leading meta-search for furniture
| October 15, 2014
P7S1 equity share moebel.de as of October 10, 2014: 50.1%
Foundation for further expansion
Page 136
Fashion & Lifestyle
Stylight is the central traffic hub for the Fashion cluster
>100% international sales growth yearover-year
Organic traffic increased by +150% yearover-year
Mobile traffic share grew to 50%
800 Partner store integrations (total,
+100% year-over-year sales growth)
Fashion
| October 15, 2014
P7S1 equity share Stylight as of October 10, 2014: 22%
Page 137
Fashion & Lifestyle
Gymondo with strong double digit growth
#3 in online sports program market in
Germany
85% conversion rate from trial to paying
>14,000 active subscribers
+35% average MoM growth of paying
users
Online sports program
| October 15, 2014
EPIC equity share Gymondo as of October 10, 2014: 100%
Page 138
Three key strategies
1
Grow clusters through bolt-on acquisitions and larger M&A
2
Leverage synergies: TV, intra- and inter-cluster synergies
3
Larger M&A/PE partnerships to increase deal flow and grow beyond Germany
| October 15, 2014
Page 139
Disclaimer
This presentation contains "forward looking statements" regarding ProSiebenSat.1 Media AG ("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, 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.
| October 15, 2014
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