2010Thomas Ebeling, CEO

Axel Salzmann, CFO

November 11, 2010

2

At a glanceThomas Ebeling, CEO

3

We are on a growth course in almost all markets

We continued our earnings growth due to higher revenues and sustained cost management

Highlights Q3 2010

1.2.

ü

ü

4

12.0%

Significant earnings growth in Q3 2010 at almost stable operating costs

Recurring EBITDAEUR 154.9m

Operating costsEUR 475.0m

Group revenuesEUR 626.9m

64.3%

1.2%

+

+

+

5

Revenue growth across all segmentscontinued in Q3 2010

Free TV German-speakingEUR 387.1m 14.8%

DiversificationEUR 83.1m 13.8%

Free TV InternationalEUR 156.7m 5.0%

+

+

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OperationsThomas Ebeling, CEO

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Switzerland 17.3%

Germany: solid performance in challenging months of Olympics and Soccer World Cup

TV audience shares in GermanyQ1-Q3 2010 vs Q1-Q3 2009, in percent

Basis: All German TV households (Germany + EU), 24 hours (Mon-Sun) 14-49 years. Source: AGF/GfK Fernsehforschung / TV Scope / SevenOne Media Audience Research. A+CH: 24 hours. *Switzerland: The audience shares until December 31, 2009 are based on the "substitution method"; starting January 1, 2010 all data refer to the international used "daily emphasis". Because of additional adjustments in the Telecontrol-Panel, the shares are not comparable to former years according to Publica Data AG. ** Excl. N24.

Austria 19.0% 1.8 pt *1.0pt

28.6 28.5

10.8 10.7 11.7 11.6

6.1 6.2

ProSiebenSat.1 Group** SAT.1 ProSieben kabel eins

Effect of World Cup and Olympics on 2010 ratings:

-0.9%pt

29.4

Q1-Q3 2009 Q1-Q3 2010

8

In percent

Q1-Q3 2009

Q1-Q3 2010

Ratings 2010 incl. WM

and Olympics effect

3.12.3 3.2

21.622.7 22.0

7.37.4 7.4

14.012.9 14.7

24.527.6 25.7

14.214.9 15.1

International: ratings performance impacted by Olympics and Soccer World Cup

Q1-Q3 2010 vs. Q1-Q3 2009. Figures refer to extended prime time audience shares. The Netherlands: SBS 6, NET 5, Veronica; target demographic 20-49 years / Belgium: VT4, VIJFtv; target demographic 15-44 years; Belgian figures refer to the region of Flanders / Hungary: TV2, since January 2010 FEM3; target demographic 18-49 years / Romania: Prima TV, Kiss TV; target demographic 15-44 years; Romanian figures are based on the urban population / Sweden: Kanal 5, Kanal 9; target demographic 15-44 years / Denmark: Kanal 4, Kanal 5, 6‘eren, The Voice; target demographic 15-50 years in commercial universe / Norway: TV Norge, FEM, The Voice; target demographic 12-44 years / Finland: The Voice/TV Viisi; target demographic 15-44 years.

16.816.3 17.3

Netherlands Belgium

Norway Sweden

16.915.4 17.2

Denmark Finland

Hungary Romania

9

Source: Nielsen Media Research. SevenOne Media incl. 9Live.

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8000

9000

Total TV ad market ProSiebenSat.1

Germany: sustained leading position in a growing TV market

Gross TV ad investmentsQ1-Q3 2010 vs Q1-Q3 2009, in EURm

+16.9%

+19.6%

Gross TV ad market share ProSiebenSat.1Q1-Q3 2010 vs Q1-Q3 2009, in percent

0

20

40

60

Q1-Q3 2009 Q1-Q3 2010

43.1

+1.0%pt

44.1

TV ad share of total gross ad market increased from 40.3% to 42.4%

6,235

7,288

2,6883,214

10

Source: Nielsen Media Research.

0 500 1.000 1.500 2.000

Gross TV Advertising

Food

Cosmetics and Toiletries

Media and Publishing

Trade and Shipment

Motor Vehicles

Beverages

Business Services

Telecommunication

Finance

Pharmacy

All advertising categories are growing

Top gross TV advertising categories in GermanyQ1-Q3 2010 vs Q1-Q3 2009, in EURm

+16.9%

+8.6%

+14.1%

+18.3%

+30.5%

+5.4%

+12.0%

+51.8%

+12.4%

+13.0%

+6.3%

7,288

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Users aged 14+: 49.68m = 70.5% of all Germans. Source: AGOF internet facts 2010-II, Nielsen Media Research. *Total market.

ProSiebenSat.1 has improved its position as one of the leading online marketers in a growing market

Top online marketers in GermanyUnique Users in million per month, users aged 14+

22.02

31.53

30.03

26.59

25.79

25.09

24.47

23.47

22.80

22.06

InteractiveMedia CCSP

Tomorrow Focus

SevenOne Media

United Internet Media

IP Deutschland

eBay Advertising Group

Yahoo! Deutschland

Axel Springer Media Impact

Ströer Interactive

Microsoft Advertising

Gross online ad investmentsQ1-Q3 2010 vs Q1-Q3 2009, in EURm*

1,575

1,177

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500

1000

1500

2000

Q3 2009 Q3 2010

+33.8%

+1#3

12

Share of advertising refers to net figures, own estimates based on available market data. Revenues: Cash advertising revenues include: spotsales + sponsoring/billboarding + advertising funded programming.

TV ad marketQ1-Q3 2010 vs Q1-Q3 2009, in percent

International: revenue growth in all markets except CEE

Share of advertisingperformance

RevenuePerformance

-11

-3

18

98895

-20

-10

0

10

20

BE NL DK FI NO SE HU RO

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FinancialsAxel Salzmann, CFO

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*Recurring EBITDA: EBITDA before non-recurring (exceptional) items.

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Q3 2009 Q3 2010

Q3 2010: dynamic earnings growth driven by higher revenues

RevenuesIn EURm

Recurring EBITDA*In EURm

0

200

400

600

800

Q3 2009 Q3 2010

559.5

626.9

94.3

154.9

+64.3%

Recurring EBITDA margin increased by 7.8%pts to 24.7%

+12.0%

15

*Recurring cost (operating costs): Total costs excl. D&A and non-recurring expenses.

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600

Q3 2009 Q3 2010

Q3 2010: operating costs almost stable

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Q3 2009 Q3 2010

0

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Q3 2009 Q3 2010

Operating costs*In EURm

Non-recurringexpensesIn EURm

Depreciationand amortizationIn EURm

32.3

10.6

32.832.5

475.0469.3

+1.2%

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Q3 2009 Q3 2010

Q3 2010: profitable growth across all segments

Recurring EBITDA, in EURm Recurring EBITDA, in EURmRecurring EBITDA, in EURm

Free TV International External revenues, in EURm

DiversificationExternal revenues, in EURm

Free TV German-speaking External revenues, in EURm

337.3387.1

51.8

104.0

18.515.5

32.427.0

83.173.0

156.7149.2

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*Total costs excl. D&A and non-recurring expenses. **Recurring EBITDA: EBITDA before non-recurring (exceptional) items.

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RevenuesIn EURm

Recurring costs*In EURm

Recurring EBITDA**In EURm

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2400

Q1-Q3 2009 Q1-Q3 2010

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Q1-Q3 2009 Q1-Q3 2010

1,880.42,045.9 1,501.3 1,505.3

389.3

547.3+8.8% +0.3% +40.6%

Q1-Q3 2010: key financials at a glance

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Q1-Q3 2009 Q1-Q3 2010

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Q1-Q3 2009 Q1-Q3 2010

Q1-Q3 2010: key financials at a glance

Recurring EBITDA, in EURm Recurring EBITDA, in EURmRecurring EBITDA, in EURm

1,150.71,263.5

247.2

371.3

59.546.2

116.795.8

260.1241.6522.3488.1

Free TV International External revenues, in EURm

DiversificationExternal revenues, in EURm

Free TV German-speaking External revenues, in EURm

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Q1-Q3 2010: revenue split by segment and region

External revenues by segment In percent

External revenues by regionIn percent

German-speaking 69.4(Q1-Q3 2009: 68.7)

B/NL13.7(Q1-Q3 2009: 14.4)

Nordic 13.5(Q1-Q3 2009: 12.7)

CEE 3.4(Q1-Q3 2009: 4.2)

Diversification 12.7(Q1-Q3 2009: 12.8)

Free TV German-speaking61.8(Q1-Q3 2009: 61.2)

Free TV International25.5(Q1-Q3 2009: 26.0)

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Free TV revenues by quarter 2009-2010

Free TV German-speakingExternal revenue in-/decreasein percent vs prior year

Free TV International External revenue in-/decreasein percent vs prior year

-2.0

-6.8 -6.1

4.8

7.28.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3

5.0

10.7

4.5

-6.5

-14.4-13.9-12.6

Q1 Q2 Q3 Q4 Q1 Q2 Q3

14.8

2009 2010 2009 2010

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* Net debt/LTM recurring EBITDA. ** Thereof EUR 497.2m RCF. *** Term Loan (TLB/TLC) notional EUR 3.560bn net of EUR 30m finance costs.

Net financial debt and leverage improved

Favorable debt financing with

no imminent refinancing requirement:

• EUR 4.2bn senior secured credit facilities

• EUR 3.6bn term loans with bullet

repayment in July 2014/15

• EUR 600m revolving credit facility (maturity July 2014)

Net debt reduced to EUR 3.284bn

• Net debt down by EUR 10.8m vs. December 31, 2009,

improvement of EUR 250.6m vs. September 30, 2009

EUR 743.4m of cash on balance sheet

• EUR 70.9m of additional undrawn liquidity under the RCF

• December 31, 2009: EUR 737.4m cash on balance sheet

Leverage* improved to 3.8x (Q3 2009: 5.3x)

• LTM recurring EBITDA of EUR 854.5m

Total loans &borrowings

Liquidity Net debt

Total debt and net debtIn EURm, IFRS

4,028

3,284

744RCF/Other**EUR 498m

Term Loans***

EUR 3,530m

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Outlook & strategy updateThomas Ebeling, CEO

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At current prices, change vs. previous year in percent. Source: ZenithOptimedia: Advertising Expenditure October 2010 // WARC: July 2010.

Research institutes expect recovery ofTV advertising markets

6.1 3.9 1.3 3.0

12.0 10.8 11.35.1 8.5

0.4

-10.0-15

-5

5

15

Germany Austria CH NL Belgium Sweden Norway Denmark Finland Hungary Romania

Net TV ad investments 2010ZenithOptimedia

3.5

-2.9

1.0

-9.8

6.1

2.51.4

-16

-12

-8

-4

0

4

8

2007 2008 2009 2010e 2011e

Zenith

WARC

German net TV ad market 2007-2011

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TV emerges stronger from economic downturn in 2009

Viewing time233 min

Sales volume4.65m TV sets

Favorite occupation76.7%

5.9%

18.1%

2.0%

All figures refer to German core market. Source: AGF/GfK-Fernsehforschung; TV Scope, Q1-Q3 2010 vs. Q1-Q3 2009. Note: Adjustments in the method of collecting data for 2010 figures. Sales volume (H1 2009 vs 2010): gfu / BVT / GfK. Favorite occupation: TdW 2010 III - 2009/III, 14+years.

+

+

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Source: Nielsen Media Research.

TV emerges stronger from economic downturn in 2009

Trade and shipmentFood

-11.2-0.2

5.727.0

-24.4

123.9

7.6

-0.3

7.126.9

11.4

101.2

Media split of relevant advertising categories in Germany on a gross basis Change Q1-Q3 2010 vs Q1-Q3 2009 in EURm

TV

Inte

rne

t

Pri

nt

Ra

dio

Cin

em

a

Ou

tdo

or

TV

Inte

rne

t

Pri

nt

Ra

dio

Cin

em

a

Ou

tdo

or

Cosmetics and toiletries

3.4

-0.2

5.5

31.8

5.9

113.3

TV

Inte

rne

t

Pri

nt

Ra

dio

Cin

em

a

Ou

tdo

or

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We have strong brands & a potential to leverage ProSieben’s No.1 brand image beyond TV

Fashion and lifestyle

Education andscience

Entertainment and lifestyle

HD and Basic Pay TV

VoD services

Music

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1.Free TVAdvertising

High-efficiency, best-practice organization

New Media &Pay / Distribution

2. Music,Commerce &Ventures

3. Content production &Global sales

4.

Become more independent of advertising market

Our four pillar growth strategy

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. Strong performance in German core TV marketwith further upside potential1

SAT.1

ProSieben

kabel eins

sixx

Creative process

Complementary stations

Regaining past strength as family channel

#1 choice of modern media generation / exploring line-extensions (for new target groups)

Leveraging successful Group formats / more female programs

Becoming leading female station

Increasing top-rate

Minimizing cannibalization and volatility

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Extended prime time target demographic 12-44 years

. Further upside potential also in our international TV markets1

Norway

Belgium

Finland

Distribution

Turnaround continues / focus on local programs

Sustain #3 market position

Increasing carriage revenues across international markets/ multi-year deals with cable operators secured

FEM achieves a strong audience share of more than 3% two years

after launch (technical reach: ~30%) without cannibalization

MAX went on air on November 1st with market share of 3.4% and technical reach of 63%

30

New Media & Pay / Distribution: our key growth initiatives2

TV.de

MyVideo

maxdome

Online sales

Transaction platforms

Games

HD

Strong own portals / premium content

No.1 ad-financed web TV portal / 400+ channels

No.1 video-on-demand platform with 35,000 titles

No.1 video-advertising marketer

Launch of eCommerce platforms

Capitalizing growth of online gaming

Push HD TV / Launch new channels

.

31

Live events

Main business initiatives expanding music, commerce & ventures

Music

Business Initiative Current examples

•Increase distribution deals (+50% in 2014)

•Increase label deals

(+200% in 2014)

Joe Cocker

Kim Wilde

Artistsmanagement

•Expand artist management (tma)

•Launch digital music streaming platform

Michael Mittermaier

Digital Music

•Expand live entertainment (create own events, cooperate with stand-alone events)

Starlight Express

3.

Sister Act

32

Current examples

International Distribution

Development

Goals

•Create a Red Arrow ownedand controlled content pipeline

Production

•Expand SevenOneInternational´s sales catalog

Red Arrow aims to build up a leading global content house 4

•“Benidorm Bastards”sold to more than 20 countries

•“My Man Can”sold to about60 countries including China

•Omri Marcus(Worldwide Rights)

.

•Sultan Sushi Belgium(März) and Holland (June)

•Kinetic Content in USA (Sep)

•Australian Granada Media (Sep)

•Snowman Productions forNordic region (Okt)

•Create adequate production scale and generate additional revenues through 3rd-party business

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Key Messages 2010 and outlook 2011

1.2.

3. Dynamicgrowth withnew revenueinitiatives

4.

Positive economictrends in main markets

Attractivecontentpipelinedeveloping

Good audienceshareperformance

Continuedefficient costmanagement

5.

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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, express 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.

Disclaimer

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ProSiebenSat.1 Media AGCorporate OfficeMedienallee 7D-85774 UnterföhringTel. +49/89/9507-1151www.ProSiebenSat1.com