May 24, 2007 Oddo Securities. M6 Group. TMT Forum

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1 Oddo Securities M6 Group TMT Forum

2 Ratings update January-April,

3 Among historical channels, M6 posts the best resistance to «Other TVs» January - April (W1 to 17) Audience share on +4 years old in % = Other TVs 3

4 The audience share of Other TVs remains fragmented Other TVs National cumulated audience share on +4 years old end of March % 8.1% 5.2% 2.1% 20 first digital channels 81 following channels «Other Channels» Sources : Médiamétrie/MediaCabSat 12 (September 2006 February 2007) - Mediaplanning DTT channels (January March 2007) 4

Estimations of national audience share on +4 years old Audience share comparison between historical channels and the top 20 digital channels - National audience share on +4 years old (in %) TF1

5 Estimations of national audience share on +4 years old Audience share comparison between historical channels and the top 20 digital channels - National audience share on +4 years old (in %) TF1 France 2 18,78% 30,97% France 3 14,58% M6 11,87% Canal + 3,83% France 5 Arte 3,53% 1,69% Average audience of digital channels on +4 years old (Average quarter of an hour) TMC 1,10% W9 Gulli RTL 9 NT1 Eurosport TV Breizh Paris Première 0,72% 0,63% 0,61% 0,49% 0,48% 0,39% 0,38% Top 5 digital channels : - : : : : : News TVs : - : : : Canal J 0,34% Canal+ Sport 0,33% TiJi Europe 2 TV 13ème Rue France 4 NRJ 12 I Télé 0,32% 0,29% 0,28% 0,28% 0,28% 0,27% Sources : Médiamétrie / MediaCabSat - Médiamat MédiaCabSat September 2006 February 2007 Audience on Pay TV environnement (cable, satellite >15 channels) TF6 LCI Canal+ Décalé 0,26% 0,26% 0,21% Mediaplanning DTT channels January-March 2007 Audience on Free-to-Air TV and pay TV Comédie Téva 0,17% 0,17% 5

6 M6 : Housewives < 50 years old audience share still at a very high level January- April (W1 to 17) Housewives <50 years old audience share in % Other TVs 6

7 Ever more powerful and federative Prime Times 56 Prime Times over 4.0M viewers in 2007 One PT out of two (47% of Prime Times) Against 40 Prime Times in 2006 Prime time > 4 million viewers January April (W1 to 17) Source: Médiamétrie: Week 1 to evening out of 4 1 evening out of 3 1 evening out of 3 1 evening out of 2 (24%) (31%) (34%) (47%) 7

8 M6 : Only channel to improve its average audience in Prime Time January - April (W1 to W17) Average audience in prime time in million of viewers (8h55pm 10h40pm) = Other TVs 8

9 Success for M6 s entertainment 4+ y.o. Hswes-50 Average audience share in % 18,5 20,7 23,2 15,7 16,0 24,1 17,2 25,4 5.0M 3.9M 3.9M 4.5M Magiciens, leurs plus grands secrets 8.50 pm L inventeur de l année 8.50 pm Pekin Express 8.50 pm D&CO Une semaine pour tout changer 8.50 pm Tuesday Wednesday Tuesday Monday / Tuesday 9

10 Success for M6 s US series 4+ y.o. Hswes-50 35,7 Average audience share in % 38,3 33,2 24,9 25,0 19,7 5.8M 6.2M 4.5M Prison Break NCIS Enquêtes spéciales Bones 8.50 pm 8.50 pm 8.50 pm Wednesday Friday Friday 10

11 Advertising update January-April,

12 M6 manages to outperform the French TV advertising market January - April 2007 vs January - April 2006 TV advertising market is up +2.1% to 1,823 M Jan - Apr 2007 vs Jan - Apr 2006 TV advertising market shares and evolution Jan - Apr 2007 vs Jan - Apr 2006 Gross expenditures Janv - Apr 2007 % change Jan - Apr 2007 vs Jan - Apr 2006 (+1.5 pt) M +1.8% 24.4% M -4.6% 40.8 M +5.6% 2.2% (=) 54.2% (-0.1 pt) M +8.5% 19.2% (-1.4 pt) Source : TNS Media Intelligence 12

13 The FMCG sectors have increased their TV investments Evolution in expenditures and market shares January - April 2007 vs January - April 2006 TTV 1- Food and Beverages M invested on all TV 2- Health & Beauty M invested on all TV 8- Household products 97.4 M invested on all TV Evolution in expenditures Jan - Apr 2007 vs Jan - Apr % +0.3% +3.5% +21.3% +16% +9.7% Evolution in market shares Jan - Apr 2007 vs Jan - Apr pt +2.2 pts Market share Jan - Apr 2007 vs Jan - Apr pt MS 21.9% MS 28.8% MS 20.9% These 3 sectors represent 43.7% of the total TV expenditures (vs 42.2% in Jan Apr 2006) and 43% of M6 s advertising revenues (vs 42.2% in Jan Apr 2006) Source : Micromarché TNS Media Intelligence gross data Jan - Apr 2007 vs Jan - Apr

14 Contrasted changes : strong dynamism for Banks and Insurances stability for Transports significant drop for Telecom Evolution in expenditures and market shares January - April 2007 vs January - April 2006 TTV 3-Transports M invested on all TV 4- Banks- Insurances 144 M invested on all TV 6-Telecom M invested on all TV Evolution in expenditures Jan - Apr 2007 vs Jan - Apr % -2% +4.7% +13.8% Evolution in market shares Jan - Apr 2007 vs Jan - Apr % -20.7% +1.5 pt +5.6 pts Market share Jan - Apr 2007 vs Jan - Apr pt MS 15.3% MS 18.5% MS 37.7%* * M6 mobile by Orange excluded, M6 s Market Shares on Telecom industry is 34.4% vs 30.6% in Jan - Apr 2006 These 3 sectors represent 24.1% of the total TV expenditures (vs 27.8% in Jan Apr 2006) and 22.5% of M6 s advertising revenues (vs 26.7% in Jan Apr 2006) Source : Micromarché TNS Media Intelligence gross data Jan - Apr 2007 vs Jan - Apr

15 The retail industry coming on Free-to-Air TVs is favorable to M6 January - April 2007 vs January - April 2006 Gross expenditures from the retail industry TV advertising market shares 30.2% 111, 493 K 33, 721 K 28, 204 K 1.3% 11.2% 57.3% All TV Mistergooddeal excluded TV advertising market shares, Mistergooddeal excluded Share of the retail industry in M6 s advertising revenues : 7.7% Share of the retail industry in M6 s advertising revenues (MGD excluded) : 6.4% 26.6% 83 out of 94 advertising campaigns of the retail industry have been broadcasted on M6 Attendance rate on M6 : 88.3% 1.3% % Attendance rate on M6 (MGD excluded) : 88.2% Sources: TNS Media Intelligence / Jan - Apr

16 Focus on W9 16

17 W9, a widely received channel End of 2006 Free TV Pay TV In million of viewers 18 channels DTT 30 channels (Free, neuf, DSL) > 18 channels (Canal+ Le Bouquet) 100 channels (Csat, TPS, Noos) Total At March, , more than 11 million of households (nearly 27 million of people, which represents approximately 50% of TV-equipped French population) received W9 End of 2007e Free TV Pay TV 18 channels DTT 30 channels (Free, neuf, DSL) > 18 channels (Canal+ Le Bouquet) 100 channels (Csat, TPS, Noos) Total Change At the end of 2007 e, around 13.5 million of households (nearly 33 million of people, which represents 60% of TV-equipped French population) will receive W9 source : M6 17

18 Over the last 12 months, W9 has improved its attractivity towards equipped DTT viewers Average audience share on +4 y-o equipped DTT (in %) January-March 2006 (official source of Médiamétrie) January-March 2007 (official source of Médiamétrie) NC has become the first DTT channel in national audience share on viewers < 50 years old NC : not communicated data Source : Médiamétrie / Mediamat 18

19 is the reference for <50 years old DTT viewers f Concept The «music, action and entertainement» channel Primarily target : young adults W9 is characterised by its diversity and its coherent strategy : - more modern than TMC or NT1, - more federative than NRJ 12 or Europe 2 TV Ratings and Broadcast Ratings : W9 is leader on many targets : - In the French environment*, W9 is the leader of DTT channels on years old, years old, year-old men and housewives with children. It is the 2nd channel on Housewives <50 years old and uppermiddle classes. - W9 is the most watched channel among new DTT** channels, with 35.3% of equipped viewers watching it every day. Broadcast : The channel is already available on many platforms Programmes W9 diversified programmes are based on 5 main thematics : Series and cinema Entertainement and Sport Music ADSL et mobile The 5 best ratings Movie. X-Men viewers Movie. Top Gun viewers Ranking on the basis of audiences on +4 y-o From September 4, 2006 to April 30, 2007 Movie. 2 heures moins le quart avant J.C viewers The Simpsons Movies Friends Menu W9 Under 21 year old UEFA Euro in June 2006 «W9 live» «Nouvelle Star» special shows Cartoon. The Simpsons viewers Series. Prison Break viewers Sources : *Médiamétrie / Médiamat DTT Nov-Dec 06 MediaCabSat Sept06-Feb07 **Médiamétrie / Médiamat equipped DTT Jan-March

20 Diversification and Audiovisual Rights Q growth drivers 20

21 Diversification and audiovisual rights : A sustained growth Turnover ( M) % Q Q Distance Selling Interactivity Interactions FCGB Audiovisual rights 21

22 Focus on HSS Mistergooddeal : A fast-growing Distance Selling player Turnover ( M) ,4% 69,9 Q Q Revenues up +20% HSS revenues : +5% MGD sustains a high level of growth : +51% vs +40% for the French distance selling market in Q1 (source : ICE/fevad) e-commerce growth driver Multi-channel player with a critical mass MGD, as a retailer is allowed to advertise on Free-to-Air TVs since 1st of January 2007 MGD : ranks as n 12 e-commerce website with an average of 2.7 million visitors in Q1, and n 6 distance selling player in High Technological and cultural goods Key Figure : France has 28.7 million internet users and 17.9 million online buyers in Q

23 Focus on Interactivity activities : Success of M6 Web and M6 mobile Turnover ( M) Turnover up +23% Growth driven by : + 22,5 % the success of the Group s websites and interactivity business Q Q M6 mobile by Orange dynamism : the objective of 1 million subscribers will be reached in 2007, i.e. one year in advance Key figure : M6 websites have attracted 11.6 million visitors in March 2007 (ranks n 16) and 4.9 million unique visitors (ranks n 23) 23

Conclusion : Growth and innovation Free-to to-air Television Pay TV and digital channels Diversification and audiovisual rights 5,1 % in Canal + France M6, a

channels Strong audience performances Significant growth in advertising revenues in Q1 (+64%) Significant increase in revenues in Q1 Interactivity : successful

24 Conclusion : Growth and innovation Free-to to-air Television Pay TV and digital channels Diversification and audiovisual rights 5,1 % in Canal + France M6, a generalist channel with ever more powerful audiences W9, 1 rst DTT channel, will be received by 100% of french population in 2011 Portfolio of complementary channels Strong audience performances Significant growth in advertising revenues in Q1 (+64%) Significant increase in revenues in Q1 Interactivity : successful innovation Contents : Securing and exploiting rights in all media Delivering mass media audiences Delivering targeted audiences Delivering multimedia audiences 24

MORGAN STANLEY Conference Barcelona, November 2011

MORGAN STANLEY Conference Barcelona, November 2011 DISCLAIMER Statements contained in this document, particularly those concerning forecasts on future M6 Group performances, are forward-looking statements