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PRESENTATION INVESTORS SEPTEMBER 2017 disclaimer statements contained in this document, particularly the content of this document must not be those concerning forecasts on future m6 group considered as an offer document or as a

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SLIDE 1

2017

PRESENTATION

INVESTORS

SEPTEMBER

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SLIDE 2

disclaimer

statements contained in this document, particularly those concerning forecasts on future m6 group performance, are forward-looking statements that are potentially subject to various risks and uncertainties. any reference to m6 group past performance should not be interpreted as an indicator
  • f
future performance. the content
  • f
this document must not be considered as an
  • ffer
document
  • r
as a solicitation to buy or sell m6 group shares. the information, tables and financial statements included in this document, especially in the appendices, are currently undergoing audit and are awaiting amf registration (registration document including the annual financial report). 2
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SLIDE 3

presentation

m6 group

profile

1.

activities

2.

Acquisition of rtl radio

3.

key figures

4.

  • utlook

5.

appendices

6.

3
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SLIDE 4

CREATION IN

1987

3

fta channels 5

pay-tv channels

€1,279m

2016 revenue

€245.5m

2016 ebita

24.4%

advertising market share of fta channels in 2016

22.2%

audience share on commercial target of fta channels in 2016

2nd

French sales house Permanent contracts

at 31 december 2016

1,991

4 AROUND THE CHANNEL

workforce:

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SLIDE 5

profile

5
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SLIDE 6 profile

1.relevance of group strategic model

DIVERSIFICATION CONTENT ACQUISITION & PRODUCTION CONTENT BROADCASTING DIGITAL ACTIVITIES 6
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SLIDE 7 profile

2.key dates

7
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SLIDE 8 profile 8

3.breakdown of 2016 revenue and ebita

  • ther revenues
€0,3 m

Production & audiovisual rights

€97,6 m

8% 8% television

€855,8 m

67% 7% revenue

Eliminations and unallocated items
  • €3,5 €

Production & audiovisual rights

€8,4 m

4% 4% television

€159,3 m

78 78% ebita

excluding m6 mobile contractual compensation

diversification

€39,3 m

19% diversification

€325,0 m

25% 25%

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SLIDE 9 NICOLAS DE TAVERNOST THOMAS VALENTIN DAVID LARRAMENDY JEROME LEFEBURE profile

4.corporate governance

GUILLAUME DE POSCH SUPERVISORY BOARD 9
  • f which 4 independent members as defined by afep-medef
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SLIDE 10

activities

10
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SLIDE 11 A STRATEGIC MODEL OF DEVELOPMENT LEANING ON THE COMPLEMENTARITY AND THE TRANSVERSALITY OF ITS ACTIVITIES ON ALL THE VALUE CHAIN activities

strategic model

… 11 CONTENT BROADCASTING CONTENT ACQUISITION AND PRODUCTION DIGITAL ACTIVITIES DIVERSIFICATION
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SLIDE 12 activities

1.television

1 2

maximizing advertising revenues

  • ptimizing

programming cost

OBJECTIVES

family of channels logic

Power effect of the sales house Thanks to the optimal use

  • f stock rights and in-

house production subsidiaries

12

1

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SLIDE 13 13

television – a family of complementary channels targeting women under 50

activities

fta channels pay-tv channels

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SLIDE 14 activities - television - audience ratings

2017 : m6 group gained ground on wrp-50

14 Source : MMW Médiamétrie - Médiamat – Semaines 1 à 35

audience ratings of free-to-air channels

26,9 27,7 28,9 27,9 14,1 14,0 7,7 6,3

+0.8pp

  • 1.0pp
  • 0.1pp
  • 1.4pp
4+ audience share (%) 22,1 22,3 17,7 16,7 7,9 6,7

+0.8pp +0.2pp

  • 1.0pp
31,9 31,1 wrp-50 audience share (%)
  • 1.2pp
2016 ytd 2017 ytd
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SLIDE 15 activities - television - audience ratings

2017 : on the commercial target, m6 has never been so close to tf1

15

change in m6 / tf1 channel audience share ratio among wrp-50

22% 25% 27% 34% 36% 38% 40% 46% 47% 48% 51% 50% 54% 54% 54% 52% 53% 55% 52% 57% 58% 59% 64% 67% 64% 64%

72%

66% Source : MMW Médiamétrie - Médiamat – Semaines 1 à 35 pour l’année 2017 71% ytd
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SLIDE 16 activities - television - audience ratings

2017: m6 leader in access prime time

source : mmw médiamétrie – lundi-vendredi

wrp-50 audience share monday-friday 6pm – 9pm 2017 ytd

17.7%

17.6%

12
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SLIDE 17 activities - television – dtt audience ratings source : mmw médiamétrie 17

2017 - w9 and 6ter among the leading dtt channels on the commercial target

3,5 2,8 2,2 2,5 1,7 1,8 1,7 1,9 1,4 1,7 1,6 0,9 1,2 1,0 0,8 0,2 0,8 1,0 3,4 3,4 3,2 3,2 2,9 2,7 2,1 2,0 2,0 1,9 1,7 1,7 1,6 1,2 1,2 1,1 1,1 0,7 0,7 0,6 4+ audience share (%) Wrp-50 audience share (%) 3,3 3,7 4,0 3,3 2,3 2,7 2,2 1,9 2,0 1,5 1,5 1,4 0,9 1,0 0,9 0,5 0,7 0,1 4,1 4,0 3,9 3,9 3,7 3,7 2,7 2,6 2,2 2,1 2,1 1,7 1,6 1,5 1,2 1,1 0,7 0,5 0,4 0,2 2016 ytd 2017 ytd Source : MMW Médiamétrie - Médiamat – weeks 1 to 35
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SLIDE 18 activities - television – audience ratings 18

focus summertime 2017

Source : MMW Médiamétrie - Médiamat – 3 juillet au 3 septembre

29,4 20,0 23,3 4,7

29,7 17,5 24,6 4,5

été 2016

été 2017

21,3 16,9 10,3 5,1 1,7 1,0 1,2 23,3 9,8 9,5 21,0 17,3 8,5 4,3 1,9 1,0 0,9 24,4 10,5 10,1 fta channels wrp-50 audience share (%) frda-50 audience share (%)

+0.3pp +1.3pp +0.4pp +0.2pp +1.1pp +0.7pp +0.6pp

  • 2.5pps
  • 0.2pp
  • 0.3pp
  • 1.8pp
  • 0.8pp
  • 0.3pp

=

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SLIDE 19 activities - television - audience ratings 19

summertime 2017: on m6 news magazines and news shows performed remarkably

Source : MMW Médiamétrie - Médiamat – 3 juillet au 3 septembre

21% WRP-50 Best summer since 2005 19% WRP-50 Best summer since 2006 21% WRP-50 Best summer since 2009

Audience share 4+ / wrp-50 (%) – consolidated rating

25% WRP-50 Best season 34% WRP-50 stable y.o.y 4.7M° 21% WRP-50 Best summer 4+/WRP-50 14% 4+ / 24% WRP-50 Best summer 4+

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SLIDE 20 free-to-air channels

762.0 792.9

2015 2016
  • ther
activities

52.0 60.4

2015 2016

+4.1% +16.3%

internet television - advertising market

m6 group advertising revenue reached an all-time high

+4.8%

2015 2016

813.9 853.3 m6 group net advertising revenue

(€ millions) 20
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SLIDE 21 television - advertising market

m6 group free-to-air channels saw their advertising market share increase by 0.9 pp in 2016, reaching an all- time high

22.0% +2.3pp 22.3% 22.4% 22.7% 23.7% 23.3% 23.5% 24.4%

2009/2015 2016

change in net tv advertising market share

  • f m6 group's free-to-air channels since 2009 - %
21
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SLIDE 22

1 2

safeguarding content supply for our tv channels diversifying revenues

OBJECTIVES

2.content acquisition and production

activities 22

2

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SLIDE 23

1.8 m

admissions

2.1 m

admissions

2.1 m

admissions

1.9 m

admissions

1.9 m

admissions

1.6 m

admissions

8.6%

margin

15 movies released vs. 13 in 2015

10.5 m

admissions 8 films co- produced

9.7 m

admissions 23 production & audiovisual rights

box office success of movies distributed by snd

2015 2016 revenue (€ m)

+4.2%

97.6 93.6 7.0 8.4

+19.3%

ebita (€ millions)

cinema

growth in both revenue and ebita due to a more favourable cinema release line- up
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SLIDE 24

1 2

reinforcing the tv access and audience/content consumption on the internet identifying future talents

OBJECTIVES

Accompanying new use and innovate for advertisers

3.digital activities

activities 24

3

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SLIDE 25 revenue (€ m) 2015 2016 69.3 62.4 catch up

15m

more than registered users

1.5bil.

videos viewed in 2016 (up 54% year on year)

294m

videos viewed in 2016 (3x vs. 2015) due to the integration
  • f
ebita (€ m) 2015 2016 13.5 10.0 portails the group continues to develop its digital platform digital

m6 web : growth in online video advertising revenues

* M6 Web hors M6 mobile 25 ebita (€ m) 2015 2016
  • 3.9
  • 1.8

394m

videos viewed in 2016 (2x vs. 2015) revenue (€ m) 2015 2016 4.1 4.6 mcn revenue (€ m) 2015 2016 23.5 37.3 m6 mobile ebita* (€ m) 2015 2016 19.7 24.6 gradual transfer of m6 mobile customers to orange services payment guaranteed till june 2019 * 2016 ebita exc. impact of m6 mobile exit (€ 50 m contractual compensation)
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SLIDE 26

1 2

use air-time and available advertising slots to generate new revenue diversifying revenues m6 group, one of the most diversified tv groups in Europe (33% of revenue from non advertising revenues)
  • air-time : home-shopping, call-TV, …
  • advertising time: m6 interaction,
monAlbumPhoto.fr,…

OBJECTIVES

4.diversification

activities … 26

4

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SLIDE 27

new bestsellers extension of the range

Development of new photo product segments and production capacity doubled

range undergoing renewal

Glambrush Starshower Pocket Hose Artishot Tarte express K derm DIVERSIFICATION

Ventadis: business volume maintained in a challenging market

revenue (€ m)

+0.6%

16.9 14.3 2015 2016 158.7 157.7
  • 15.8%
ebita (€ m) 27
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SLIDE 28

sports results once again falling short, marked by failure to qualify for a european competition

2014/2015

6th

failed to qualify 2015/2016

11th

group stage 2016/2017

6th

failed to qualify DIVERSIFICATION

F.C.G.B: reduction in losses

revenue (€ m)
  • 10.6
  • 8.9
2015 2016 57.9 64.4 ebita (€ millions) 28 2017/2018 failed in preliminary round
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SLIDE 29

acquisition

  • f rtl radio
29
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SLIDE 30 acquisition of rtl radio

rtl radio division, a major opportunity

30 Text ACQUISITION OF A LEADER WITHIN A SOLID AND STABLE MARKET CREATION OF A MULTIMEDIA SALES HOUSE POTENTIAL FOR SYNERGIES

Support functions

OPTIMISATION OF M6’S BALANCE SHEET STRUCTURE LEADING TO STRONG VALUE CREATION FOR SHAREHOLDERS A NEW CONTRIBUTION TO EBITA
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SLIDE 31 acquisition of rtl radio

rtl radio, the leading french private Radio Group

31
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SLIDE 32 acquisition of rtl radio

acquisition of a group of companies

32

Music radio Sales house Diversification activities

FRANCE REGIONS

General interest radio

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SLIDE 33 Source : Rapports annuels RTL Group – Périmètre de consolidation actuelle de RTL Group acquisition of rtl radio

key figures from rtl radio division in france

33 2014 reported 2015 corrected CONSOLIDATED EBITA CONSOLIDATED REVENUE OPERATING EXPENSES 145.2 165.9 20.7 144.0 168.5 24.5 166.6 164.0 2015 reported 2016 146.8 19.8 147.5 16.6

(€m)

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SLIDE 34 acquisition of rtl radio

a stable yet fragmented market in which rtl is leader

Cumulative audience and listening time Net advertising market (€ millions) Group audience share Group gross advertising market share Source: Mediamétrie 126 Radio – The Radio Audience in France survey Source Mediamétrie 126 Radio – The Radio Audience in France survey Source: CSA – Key figures from the French audiovisual sector Source : IREP 34 42,2 43,4 02:54 02:55 02:44 02:47 02:49 02:52 02:55 02:58 03:01 41,0 41,5 42,0 42,5 43,0 43,5 44,0 Nov-Dec 2006 Nov-Dec 2007 Nov-Dec 2008 Nov-Dec 2009 Nov-Dec 2010 Nov-Dec 2011 Nov-Dec 2012 Nov-Dec 2013 Nov-Dec 2014 Nov-Dec 2015 Nov-Dec 2016 Audience cumulée Durée d'écoute 805 708 712 300 400 500 600 700 800 900 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20,3% 24,4% 19,6% 19,3% 17,0% 14,5% 14,5% 12,8% 10,1% 10,8% 4,8% 6,3% 3,0% 6,0% 9,0% 12,0% 15,0% 18,0% 21,0% 24,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 29,0% 24,0% 24,0% 25,0% 19,0% 18,0% 11,0% 13,0% 7,0% 13,0% 10,0% 7,0% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Autres
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SLIDE 35 acquisition of rtl radio

competition that is already multimedia based Radio TV Digital Press sales house

Radio / Digital Radio / TV / Digital Radio / TV / Digital / Press Radio / TV / Digital Radio / TV / Digital 35
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SLIDE 36 acquisition of rtl radio

the industrial project: integration of a fourth activity into M6 Group and creation of a multimedia sales house

36 Executive Board TV Production & Audiovisual Rights Sales house SND Catalogue M6 Films M6 Studio Channels Production RTL RTL2 FUN Web Ventadis Interactions Division FCGB RTL net RTL Spe. Mkg TV Radio Digital Diversification Radio
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SLIDE 37 acquisition of rtl radio

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

bringing together the sales teams dedicated to the Television, Radio and Digital markets to strengthen the attractiveness of the marketing and advertising offers by leveraging audience synergies and times of day when each media is consumed innovation in content, including News due to rtl’s leadership, as well as Entertainment and Music with the group’s music stations and its tv channels sharing skills in the support functions, based on the best management tools and techniques, by targeting continuous improvement in processes and structures to benefit
  • perational staff
EBITA strengthening of activities and digital services, since the rapid growth in consumption of both the radio and tv media in on-demand digital format requires a strong capacity for innovation and investment, which will be more effective with the coordinated action of different teams +14,0 €38 m €16.6 m 2016 2020 37
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SLIDE 38

key figures

38
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SLIDE 39 key figures
  • 1. 2016 results
key figures (€ millions) 2015 2016 net profit 16.0% 19.2% margin from recurring
  • perations
consolidated ebita consolidated revenue
  • perating expenses
1,060.9 1,249.8 200.2 114.9 1,110.3 1,278.7 245.5 152.8

+2.3% +4.7% +22.6% +32.9%

ebita exc. impact
  • f m6 mobile exit
200.2 203.5

+1.6%

9.2% 11.9% net margin 39
  • ther operating
revenues 11.3 77.1
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SLIDE 40 key figures
  • 2. h1 2017 results
key figures (€ millions) h1 2016 h1 2017 net profit 21.1% 17.9% margin from recurring
  • perations
consolidated ebita consolidated revenue
  • perating expenses
579.4 645.5 136.0 83.5 548.6 662.4 118.7 69.1

+2.6%

  • 5.3%
  • 12.7%
  • 17.2%
ebita exc. impact
  • f m6 mobile exit
93.4 118.7

+27.1%

12.9% 10.4% net margin 40
  • ther operating
revenues 69.9 4.9
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SLIDE 41 key figures

3.Revenue since 1994 (initial public offering)

41 aagr

+7%

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SLIDE 42 key figures

4.ebita since 1994 (initial public offering)

42 aagr

+6%

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SLIDE 43 43 key figures

5.net cash position (since 2007)

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SLIDE 44 key figures
  • 6. profile of m6 group and price of the transaction
44  tv sector ratio : 0,9 x EBITDA => m6 capacity~300 M€

consolidated cash position debt capacity

 Positive net cash before the transaction  Investment capacity maintained  Dividend payment capacity maintained

borrower profile price of the transaction

€199,8 m (debt free/

cash free)

€176,4 m (at 12/31/2016)

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SLIDE 45
  • utlook
45
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SLIDE 46
  • utlook

challenges

46 CONTENT BROADCASTING

consolidate

audience ratings

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SLIDE 47
  • utlook

challenges

47 CONTENT ACQUISITION & PRODUCTION DIGITAL ACTIVITIES

continue

to invest in content

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SLIDE 48 48
  • utlook

challenges

Invest

in digital

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SLIDE 49 RADIO
  • utlook

challenges

achieve

the integration of rtl radio division

49
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SLIDE 50

appendices

50
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SLIDE 51 financial statements

condensed consolidated statement of comprehensive income

M6 Group 31 December 2015 31 December 2016 2016 / 2015 change (€ millions) Revenue 1,249.8 1,278.7 28.9 Other operating revenues 11.3 77.1 65.8 Total operating revenues 1,261.1 1,355.8 94.7 Materials and other operating expenses (630.2) (647.8) (17.6) Personnel costs (including profit sharing plan contributions) (250.4) (261.7) (11.3) Taxes and duties (57.5) (60.2) (2.7) Net depreciation/amortisation/provision charges (122.7) (140.6) (17.9) Profit from Recurring Operations (EBITA) 200.2 245.5 45.3 Capital gains on disposals of non-current assets
  • Operating income and expenses related to
business combinations (1.1) (1.2) (0.2) Operating Profit [EBIT] 199.1 244.3 45.1 Net financial income 2.0 0.8 (1.3) Share of profit of joint ventures and associates 0.9 1.7 0.8 Profit before tax 202.0 246.7 44.7 Income tax (87.1) (94.0) (6.8) Net profit from continuing operations 114.9 152.8 37.8 Net profit/(loss) from operations held for sale / sold
  • Net profit for the year
114.9 152.8 37.8 Attributable to the Group 115.0 152.7 37.7 Attributable to non-controlling interests (0.1) 0.0 0.1 51
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SLIDE 52

condensed balance sheet

financial statements (*) The difference with the financial statements published for the year ended 31 December 2015 corresponds to the reclassification, from other operating liabilities to net trade receivables, of miscellaneous credit notes pending of €17.2 million. M6 Group 31 December 2015 (*) 31 December 2016 2016 / 2015 change (€ millions) Goodwill 89.7 101.5 11.8 Non-current assets 287.2 304.7 17.4 Current assets 637.3 680.6 43.3 Cash and cash equivalents 175.8 174.4 (1.4)

TOTAL ASSETS 1,190.2 1,261.3 71.0

Group equity 583.9 616.3 32.3 Non-controlling interests (0.3) (0.1) 0.2 Non-current liabilities 39.9 52.4 12.5 Current liabilities 566.6 592.7 26.1

TOTAL EQUITY AND LIABILITIES 1,190.2 1,261.3 71.0

52
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SLIDE 53 financial statements

cash flow statement

M6 Group 31 December 2015 31 December 2016 Change (€ m) Self-financing capacity from operations 318.2 373.2 55.1 Operating WCR movements (65.2) (21.0) 44.2 Advances on leases (20.0)
  • 20.0
Income tax (76.2) (83.7) (7.6) Cash flow from operating activities 156.8 268.5 111.7 Cash flow from investment activities (149.2) (145.8) 3.3 Recurring items (117.8) (130.4) (12.6) Non-recurring items (31.3) (15.4) 15.9 Cash flow from financing activities (92.9) (124.1) (31.2) Recurring items (109.9) (109.2) 0.7 Non-recurring items 17.0 (14.9) (31.9) Translation effect on cash and cash equivalents 0.2 0.1 (0.1) Net change in cash and cash equivalents (85.1) (1.4) Cash and cash equivalents - opening balance 260.9 175.8 (85.1) Cash and cash equivalents - closing balance 175.8 174.4 (1.4) Net cash and cash equivalents - closing balance 176.5 176.4 (0.1) 53