2015 Q2 Investor Presentations2.q4cdn.com/.../new/2015-Q2-Investor-Presentation_final.pdfQ2 2015...

Q2 2015Investor Presentation

Cautionary Statement Concerning Forward-Looking Statementsand Non-GAAP Financial Measures

This presentation contains forward-looking statements, including those relating to our capital needs, business strategy, expectations and intentions. Statementsthat use the terms “believe”, “anticipate”, “trend”, “expect”, “plan”, “estimate”, “forecast”, “intend” and similar expressions of a future or forward-looking natureidentify forward-looking statements for purposes of the U.S. federal securities laws or otherwise. For these statements and all other forward-looking statements,we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond ourcontrol and some of which might not even be anticipated. Forward-looking statements reflect our current views with respect to future events and because ourbusiness is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differmaterially from those described in or contemplated by the forward-looking statements contained in this report.

Important factors that contribute to such risks include, but are not limited to, those factors set forth under "Risk Factors” as well as the following: the success ofour efforts to increase our revenues and recapture advertising market share in the Czech Republic; levels of television advertising spending and the rate ofdevelopment of the advertising markets in the countries in which we operate; the effect of global economic uncertainty and Eurozone instability in our marketsand the extent, timing and duration of any recovery; the extent to which our liquidity constraints and debt service obligations restrict our business; our ability torefinance our existing indebtedness; our exposure to additional tax liabilities; our success in continuing our initiatives to diversify and enhance our revenuestreams; our ability to make cost-effective investments in television broadcast operations, including investments in programming; our ability to develop and acquirenecessary programming and attract audiences; changes in the political and regulatory environments where we operate and application of relevant laws andregulations; and the timely renewal of broadcasting licenses and our ability to obtain additional frequencies and licenses.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that areincluded in our filings. For a more detailed description of these uncertainties and other features, please see the “Risk Factors” section in our most recent QuarterlyReport on Form 10-Q filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on when they were madeand we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments orotherwise.

Non-GAAP Financial MeasuresCME reports its results in accordance with generally accepted accounting principles in the United States (“GAAP”). However, management believes that certainnon-GAAP performance measures used in managing the business may provide meaningful information about underlying trends in our business. Non-GAAPfinancial measures should be viewed in addition to, and not as an alternative for, CME’s reported results prepared in accordance with GAAP. Please see theattached Financial Review appendix for a reconciliation to the most directly comparable GAAP financial measures. OIBDA, which includes amortization andimpairment of program rights, is determined as operating income before depreciation, amortization of intangible assets and impairments of assets and certainunusual or infrequent items that are not considered by our chief operating decision makers when evaluating our performance.

2

CME is a Leading Television Broadcaster in CEE

Combined population: approx. 50 mCombined TV ad market size: approx. $908m

CME markets

3

Source: 2014 CME estimates

TV ad market size by geography

Croatia$101m

Czech Republic $308m

Slovenia$67m

Bulgaria$107m

SlovakRepublic$126m

Romania$199m

Source: IMF 2014 (GDP/Capita), CSU (Population Czech Republic), National Institute of Statistics (Population Romania), TNS (Population Slovak Republic), National Statistical Institute (Population Bulgaria), Statistical Bureau of Republic of Slovenia (Population Slovenia), Croatian Bureau of Statistics (Croatia)

4

Management's Operating Priorities

• Maintaining or increasing our audience and advertising marketshares in all of our markets

• Leveraging popular content

• Driving growth in advertising revenues through our pricingstrategies

• Optimizing content costs through the most efficient use of ourprogramming library and reducing the cost of foreignprogramming, while safeguarding our brands and competitivestrengths

• Maintaining a strict cost discipline by controlling other expenses

5

Q2 Audience Performance Overview

Variance in percentage points

2014 2015

Q2 All Day Audience Share ¹

50%40%30%20%10%

0%

Bulgaria Croatia Czech Republic Romania Slovak Republic Slovenia

33.2% 26.7%35.8%

25.5% 32.4% 35.3%40.2%27.5%

36.9%26.3% 29.9% 36.3%

2014 2015

Q2 Prime Time Audience Share ¹

50%40%30%20%10%

0%


37.1% 33.5% 39.9%30.5% 33.9%

43.0%44.8%35.5% 40.9% 32.9% 31.7%

44.0%

1 Source: Local TV data provider, all shares in main channel sales target group.

+7.0

+0.8+1.1

+0.8-2.5 +1.0

+7.7+2.0

+1.0+2.4

-2.2+1.0

6

YTD Audience Performance Overview

Variance in percentage points

YTD 2014 YTD 2015

YTD All Day Audience Share ¹

50%40%30%20%10%

0%


33.8% 27.2% 35.8%25.9% 33.2% 34.6%39.8%

27.2%37.3%

26.0% 31.1% 35.4%

YTD 2014 YTD 2015

YTD Prime Time Audience Share ¹

50%40%30%20%10%

0%


38.5% 33.7% 40.6%31.5% 35.2% 43.6%44.4%

35.5% 41.8%32.9% 33.6%

44.9%

1 Source: Local TV data provider, all shares in main channel sales target group. YTD periods are the six months ended June 30, 2015 and 2014.

+6.0

+0.0+1.5

+0.1-2.1 +0.8

+5.9+1.8

+1.2+1.4

-1.6+1.3

100%

80%

60%

40%

20%

0%

100%

80%

60%

40%

20%

0%

7

Historically High Power Ratios

2012 All Day Audience Share andMarket Share


Audience shareMarket sharePower ratio

The power ratio indicates a company’s ability to convert ratings to revenue

Our strong content and leadership positions enable us to generate more revenues from TV advertising

= /

Bulgaria Croatia Czech Romania Slovak Slovenia Republic Republic


1.6x 1.9x 1.9x 2.5x 2.0x 1.9x 1.7x 2.0x 1.4x 2.4x 1.8x 2.0x



100%

80%

60%

40%

20%

0%

1.6x 2.0x 2.0x2.5x1.6x 2.2x

Sources: TNS and GARB (Bulgaria), ATO Nielsen Admosphere; Mediaresearch (Czech Republic), AGB Nielsen Media Research (Croatia), Kantar Media (Romania), PMT TNS (Slovak Republic) andAGB Nielsen Media Research (Slovenia) for audience share; CME estimates for market share.

Increasing Carriage Fees and Subscription Revenues

Increases in carriage fee revenues reflects the strength of our channels.

▪ During 2014, carriage fees and subscription revenues represented 23% of total country net revenues in Bulgaria and 26% in

Romania.

8

2012 Total: US$ 43.4 2013 Total: US$ 59.0 2014 Total: US$ 80.5

Year ended 2012 - 201450

40

30

20

10

0

(US$

m)


8

1

11

20

13

16

2

11

25

14

20

2

8

46

14

9

Questions and Answers

What are the macro-economic trends?

Czech Republic

Romania SlovakRepublic

Bulgaria Slovenia Croatia CME Total

10

Source: Eurostat, 2014 CME estimates based on market consensus Erste, JPM,Deutsche Bank, The Economist, Citi, OECD, IMF, Unicredit).

Source: CME internal estimates at constant currency exchange rates

Source: Eurostat, 2014 CME estimates based on market consensus Erste, JPM, Deutsche Bank,The Economist, Citi, OECD, IMF, Unicredit).Note: Consensus analyst forecast and estimates are subject to change and comparative data maydiffer from those previously published. * Romania market excludes Moldova.

10

5

0

-5

-10

-15

(5)%(6)%

(1)%

(7)%(7)%

(10)% (10)%

(2)%

(9)%

1%

(7)%

(4)%

6% 5% 4%

(3)%

(6)%

4%

5

4

3

2

1

0

-1

-2

3% 3%

4%

3% 3%

4%

1%

4%

1% 1%

2% 2%

0%

1%

0%

(1)%

0% 0%

2012 2013 2014

2012 2013 2014

4

3

2

1

0

-1

-2

-3

-4

(1)%

1%

2%

1%

(3)%

(2)%

(1)%

3%

1% 1%

(1)%(1)%

2%

3%

2% 2%

3%

0%

8

6

4

2

0

-2

-4

-6

(2)%

1%

(1)%

4%

(3)%(3)%

1% 1%

(1)%(2)%

(4)%

(1)%

2%

5%

2% 2%

0%

(1)%

2012 2013 2014

2012 2013 2014

Real GDPYear-over-Year Change Rate CME 2014F Average: 2.0%

Total TV Ad Market (nominal)Year-over Year Change Rate, % CME 2014 Average: 3.1%

Real Private Consumtion Year-over-Year Change Rate, % CME 2014F Average: 2.1%

Consumer Price IndexAverage Year-over-Year Change Rate,% CME 2014F Average: 0.3%

Source: National Statistical Offices

26% 25%

42%

19%

29%

24%

44%

18%

41%39%

25% 25%

39%

34%

43%41%

39%

31% 31%

37%

42% 41%38% 39%

The Street Rose Garden Police Wife Swap Medical Modrava

Czech Republic

What are the leading programs in CME’s markets?

32%

25%

31%

24%25%

30%

24%26%

Blind Love Chart show Taste of Love Cupboard

Sila Masterchef Capital Got Talent Hillbillies

51%

23%

33%

26%

55%

36%

29%32%

Your Face Best Wishes Confirmed Masterchef Sounds Familiar

29%

38%

33%

25%

34%32% 31%

29%

No Matter Crazy, Masterchef Attested What Confused, Normal

2014 Q2 actual audience share for the same program or time slot. 2015 Q2 actual audience share for the program. Data Source: Local TV data providers; All audience shares in main channels sales target group.

11

Romania Slovakia

CroatiaBulgaria Slovenia

Las Fierbinti The Farm Got Talent La Maruta Show

What is your multichannel philosophy?

39 336

Main generalentertainmentTV channels

6 5 4

Otherthematic TVchannels

7

26

12

CZ RO SK BG SLO CRO

What is the leading advertising medium in your markets?

Split of advertising expenditure among different media in CME markets

Source: Group M, December 2014.

TV continues to have the broadest reach and capture the highest share of advertisingbudgets in our markets.

13

TV Internet Print Other

100%

80%

60%

40%

20%

0%2006 2007 2008 2009 2010 2011 2012 2013 2014

47% 49% 51% 49% 50% 52% 52% 52% 53%5%6%

7% 9% 10%11% 13% 15%

17%

32% 29% 25% 23% 22% 20% 19% 18% 16%

16% 16% 17% 19% 18% 17% 16% 15% 14%

There is significant room for convergence in our markets

What is the convergence potential of CME’s markets?

Source: IMF, Group M December 2014 and CME estimates.Developed markets are a combined group of 11 countries from within the European Union, predominantly in Western Europe, and the United States.

14

Czech Republic Slovenia Croatia Slovak Republic Bulgaria Romania CME average Developed markets average

$72.0 $51.9 $44.9 $41.5$25.1

$15.1$35.7

$342.0

Ad intensity is the ratio of total ad spend to GDP.

0.40% 0.22% 0.35% 0.23% 0.34% 0.15% 0.28%

0.73%

Ad intensity

US$

2014 Total ad spend per capita and ad intensity

500

400

300

200

100

0

How is television distributed in CME’s markets?

Multichannel penetration is increasing as new technologies develop

Households1Penetration 20142

DTT DTH Cable IPTV

Bulgaria 2.9 million 15% 35% 45% 3%

Croatia 1.5 million 56% 7% 13% 25%

CzechRepublic 4.3 million 51% 26% 21% 2%

Romania 7.2 million 4%³ 25% 70% -

SlovakRepublic

1.7 million 9% 48% 29% 14%

Slovenia 0.8 million 16% 4% 41% 39%

15

1 Sources: BeMedia (Bulgaria), Mediaresearch (Czech Republic), Croatian Bureau of Statistics (Croatia), OTVY (Romania), TNS (Slovak Republic) and OTVY (Slovenia).2 CME estimates for the penetration of the primary source of viewing of TV households for 2014 based on country data available. ³ Refers to analogue terrestrial since the transition to DTT is not complete.

16

Segment Review

50

45

40

35

30

39.9 40.9

17

Czech Republic: Q2 2015 performance

Q2 2015 Financials

US$ m Q22014

Q22015 % Act % Lfl¹

TV advertising revenues 54.0 48.1 (10.9)% 10.5 %

Carriage fee &subscription revenues 2.0 2.0 (0.2)% 23.8 %

Other revenues 3.3 2.0 (38.4)% (23.6)%

Net revenues 59.3 52.1 (12.1)% 9.0 %

Total costs 38.6 27.9 (27.7)% (10.4)%

OIBDA 20.7 24.2 17.1 % 45.1 %

¹ Like for-Like currency variance reflects the impact of applying the current period averageexchange rates to the prior period revenues and costs.

Source: ATO - Nielsen Admosphere; Mediaresearch (all audience share and leadership datais for the 15-54 target group). TV ad market share represents CME’s internal estimates.

+1.050

45

40

35

30

35.8 36.9

+1.1

Prima Group: 27%

CME Group: 60%

CT Group: 6%

Others: 7%

Q2 2014 Q2 2015

Prime Time Audience ShareAudience Share

All Day Audience Share

Market Share TV Ad Market Share (CME Group) Q2 2015 TV Ad Market Share

Market Share

Q2

58%60% 61% 60% 60%

2014 2015 Q3 Q4 Q1 Q2

US$ m Q22014

Q22015 % Act % Lfl¹



Other revenues 2.3 1.1 (52.6)% (41.2)%

Net revenues 49.4 44.0 (10.9)% 11.0 %

Total costs 37.6 28.6 (24.0)% (5.4)%

OIBDA 11.8 15.4 31.0 % 63.2 %

40

35

30

25

20

15

30.532.9

18

Romania: Q2 2015 performance

Q2 2015 Financials

+2.440

35

30

25

20

15

25.5 26.3

+0.8

Intact Group: 22%

CME Group: 63%

Prima Group : 2%

Others: 7%

Q2 2014 Q2 2015



TV Ad Market Share (CME Group) Q2 2015 TV Ad Market Share Market Share

Kanal D: 6%


Source: Kantar Media (all audience share and leadership data is for the 18-49 Urbantarget group). TV ad market share represents CME’s internal estimates.

Q2

61%63% 63% 63% 63%

2014 2015 Q3 Q4 Q1 Q2


Source: PMT / TNS SK (all audience share and leadership data is for the 12-54 targetgroup). TV ad market share represents CME’s internal estimates.

45

40

35

30

25

33.931.7

19

Slovak Republic: Q2 2015 performance

Q2 2015 Financials

US$ m Q22014

Q22015 % Act % Lfl¹


Carriage fee &subscription revenues 0.3 0.4 34.3 % 66.7 %

Other revenues 1.6 1.1 (30.2)% (13.3)%

Net revenues 24.2 20.2 (16.4)% 3.8 %

Total costs 21.1 16.6 (21.5)% (2.4)%

OIBDA 3.1 3.6 18.5 % 46.5 %

-2.2

45

40

35

30

25

32.429.9

-2.5

RTVS: 4%

CME Group: 64%

JOJ Group: 30%

Q2 2014 Q2 2015




Q2

67%70%

64%

69%

64%

2014 2015 Q3 Q4 Q1 Q2

Other: 2%


Source: GARB (all audience share and leadership data is for the 18-49 target group).TV ad market share represents CME’s internal estimates.

CME Group: 58%

50

45

40

35

30

25

37.1

44.8

Bulgaria: Q2 2015 performance

Q2 2015 Financials

US$ m Q22014

Q22015 % Act % Lfl¹

TV advertising revenues 17.3 13.9 (20.0)% (0.6)%


Other revenues 1.5 1.1 (29.3)% (12.1)%

Net revenues 23.9 19.4 (18.8)% 0.9 %

Total costs 18.3 15.4 (15.9)% 4.5 %

OIBDA 5.6 4.0 (28.2)% (10.9)%

+7.750

45

40

35

30

25

33.2

40.2

+7.0

Others: 3%

BNT Group: 3%

MTG Group: 36%

Q2 2014 Q2 2015




20Q2

56% 56%

61%

56%58%

2014 2015 Q3 Q4 Q1 Q2


Source: AGB Nielsen Media Research (all audience share and leadership data is for the18-54 target group). TV ad market share represents CME’s internal estimates.

40

35

30

25

20

33.535.5

21

Croatia: Q2 2015 performance

Q2 2015 Financials

US$ m Q22014

Q22015 % Act % Lfl¹



Other revenues 1.0 1.0 (1.0)% 23.5 %

Net revenues 19.5 16.2 (16.6)% 4.1 %

Total costs 14.6 11.2 (22.9)% (3.7)%

OIBDA 4.9 5.0 2.4 % 27.7 %

+2.040

35

30

25

20

26.7 27.5

+0.8

HTV Group: 8%

CME Group: 55%

RTL Group: 37%

Q2 2014 Q2 2015

Audience Share


All Day Audience Share Prime Time Audience Share

Q2

53%

57% 56% 56% 55%

2014 2015 Q3 Q4 Q1 Q2

50

45

40

35

30

43.0 44.0

22

Slovenia: Q2 2015 performance

Q2 2015 Financials

US$ m Q12014

Q12015 % Act % Lfl¹



Other revenues 1.4 0.9 (39.0)% (24.3)%

Net revenues 17.6 15.1 (14.3)% 6.5 %

Total costs 14.9 14.1 (5.3)% 17.5 %

OIBDA 2.7 1.0 (64.2)% (55.2)%

+1.050

45

40

35

30

35.3 36.3

+1.0

CME Group: 78%

Q2 2014 Q2 2015




Pink SI: 1%

State TV Group: 11%

Planet TV Group: 8%


Source: AGB Nielsen Media Research (all audience share and leadership data is for 18-54target group. TV ad market share represents CME’s internal estimates.

Other: 2%

Q2

76%73%

81%

76%78%

2014 2015 Q3 Q4 Q1 Q2

Financial Review

23

Q2 Revenues by Segment

24

¹ Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues.² Number is not meaningful.

The percentage growth figures have been derived from data included in our Form 10-Q for the period ended June 30, 2015.

US$ mNet Revenues

Q2 2014 Q2 2015Variance

Actual % Lfl %1

Bulgaria 23.9 19.4 (18.8)% 0.9%

Croatia 19.5 16.2 (16.6)% 4.1%

Czech Republic 59.3 52.1 (12.1)% 9.0%

Romania 49.4 44.0 (10.9)% 11.0%

Slovak Republic 24.2 20.2 (16.4)% 3.8%

Slovenia 17.6 15.1 (14.3)% 6.5%

Intersegment revenues (1.1) (0.3) NM 2 NM 2

Total net revenues 192.8 166.8 (13.5)% 7.5%

First Half Revenues by Segment

25



US$ mNet Revenues

H1 2014 H1 2015Variance

Actual % Lfl %1

Bulgaria 43.2 36.2 (16.2)% 3.1%

Croatia 33.0 28.2 (14.4)% 5.9%

Czech Republic 98.3 87.1 (11.4)% 9.4%

Romania 86.3 77.6 (10.1)% 10.4%

Slovak Republic 42.4 37.8 (10.8)% 9.8%

Slovenia 31.8 26.5 (16.7)% 2.6%

Intersegment revenues (1.5) (0.4) NM 2 NM 2

Total net revenues 333.5 293.0 (12.2)% 8.2%

Q2 OIBDA by Segment

26



US$ mOIBDA

Q2 2014 Q2 2015Variance

Actual % Lfl %1

Bulgaria 5.6 4.0 (28.2)% (10.9)%

Croatia 4.9 5.0 2.4 % 27.7 %

Czech Republic 20.7 24.2 17.1 % 45.1 %

Romania 11.8 15.4 31.0 % 63.2 %

Slovak Republic 3.1 3.6 18.5 % 46.5 %

Slovenia 2.7 1.0 (64.2)% (55.2)%

Eliminations (0.1) 0.0 NM 2 NM 2

Operations sub-total 48.7 53.3 9.5 % 35.9 %

Central costs (7.8) (6.5) 17.5 % 2.7 %

Total 40.8 46.8 14.7 % 43.7 %

First Half OIBDA by Segment

27



US$ mOIBDA

H1 2014 H1 2015Variance

Actual % Lfl %1

Bulgaria 2.9 6.2 116.2 % 171.3 %

Croatia 5.5 6.8 23.6 % 55.1 %

Czech Republic 23.4 34.3 46.6 % 83.3 %

Romania 16.1 18.8 16.6 % 45.4 %

Slovak Republic (0.1) 3.5 NM 2 NM 2

Slovenia 3.2 1.3 (58.7)% (47.6)%

Eliminations 0.3 0.0 NM 2 NM 2

Operations sub-total 51.4 71.0 38.2 % 73.5 %

Central costs (13.9) (12.7) 8.9 % (8.8)%

Total 37.4 58.3 55.7 % 99.4 %

Summary Consolidated Statements of Operations

28

US$ m (except per share data)Three months ended

June 30,Six months ended

June 30,2014 2015 2014 2015

Net revenues 192.8 166.8 333.5 293.0Content costs 93.2 73.4 180.0 144.7Other operating costs 21.1 17.4 42.6 34.5Depreciation and amortization 11.2 10.4 22.5 20.9Selling, general and administrative costs 41.7 28.7 72.2 72.6Restructuring costs 2.9 0.5 8.2 1.1Operating income 22.7 36.4 8.0 19.2Net interest expense (39.0) (41.6) (66.8) (81.6)Loss on extinguishment of debt (24.2) — (24.2) —Foreign currency (loss) / gain, net (0.3) 2.3 (1.0) (9.2)Change in FV of derivatives 2.4 (2.2) 2.3 (3.2)Other expense, net (0.5) (3.1) (0.5) (3.4)Income tax provision (2.4) (3.5) (0.3) (3.6)Loss from continuing operations (41.4) (11.7) (82.4) (81.9)(Loss) / income from discontinued operations, net of tax (11.2) 2.7 (18.8) (0.6)Net loss (52.5) (9.0) (101.1) (82.5)Net loss attributable to noncontrolling interests 0.1 0.3 0.8 0.6Net loss attributable to CME Ltd. (52.4) (8.7) (100.4) (82.0)

Net loss attributable to CME Ltd. per share (0.39) (0.09) (0.74) (0.62)Please refer to our Form 10-Q for the period ended June 30, 2015 for the full financial statements and related notes and disclosures.

29

Consolidated Revenues by Type

Please refer to our Form 10-Q for the period ended June 30, 2015 for the full financial statements and related notes and disclosures.

US$ m Three months ended June 30, Six months ended June 30,

2014 2015 2014 2015

TV advertising revenues 161.7 141.6 275.2 243.2

Carriage fees & subscription revenues 21.1 18.4 40.9 37.2

Other revenues 10.0 6.9 17.4 12.6

Net revenues 192.8 166.8 333.5 293.0

US$ mAs at

December 31,2014

As atJune 30,

2015Current assets 345.0 339.4Assets held for sale 29.9 9.3Total current assets 374.9 348.7Non-current assets 1,244.5 1,133.5

Total assets 1,619.4 1,482.3Current liabilities 439.9 446.6

Liabilities held for sale 10.6 5.0

Non-current liabilities 667.7 675.4

Total liabilities 1,118.2 1,127.0Series B Convertible Redeemable Preferred Stock 223.9 232.3CME Ltd. shareholders' equity 279.8 125.4Noncontrolling interests (2.6) (2.4)Total liabilities and equity 1,619.4 1,482.3

Cash & cash equivalents 34.3 38.0Gross debt1 (1,066.0) (1,061.9)

Net debt (1,031.7) (1,023.9)

30

¹ Gross debt is the full face value of all outstanding debt. Please refer to our Form 10-Q for the period ended June 30, 2015 for the full financial statements and related notes and disclosures.

Summary Consolidated Balance Sheet

Summary Cash Flow

31

US$ mSix months ended June 30,

2014 2015Net cash (used in) / generated from continuing operating activities (12.6) 41.5

Net cash used in continuing investing activities (14.0) (14.4)

Net cash provided by / (used in) continuing financing activities 16.2 (27.4)

Net cash (used in) / generated from discontinued operations (2.4) 5.3

Impact of exchange rate fluctuations (3.6) (1.3)

Net (decrease) / increase in cash and cash equivalents (16.3) 3.7

Net cash (used in) / generated from continuing operating activities (12.6) 41.5

Capex additions, net of disposals (14.0) (14.4)

Free cash flow (26.5) 27.1

Supplemental disclosure of cash flow information:Accretion on Series B Convertible Redeemable Preferred Stock 7.8 8.4


Debt Maturity Profile and Free Cash Flow

32

Components of free cash flow (US$ m)

Six months ended June 30, Variance2014 2015OIBDA 37 58 21Change in working capital 2 7 5Interest, taxes, and other (55) (19) 36Net investment in programming 3 (5) (8)

Capex (14) (14) —

Total (27) 27 54

1,000

800

600

400

200

02015 2016 2017 2018 2019

2017 Term Loan 2017 PIK NotesReplacement facility for2015 Convertible notes4 2017 Euro

Term Loan

2614 281

4673

362

Pro Forma maturity as at June 30, 2015(US$ m)1

Liquidity available from RCF: US$ 115 million

1 Debt in currencies other than US$ are translated at FX rates as at June 30, 2015. ² Includes PIK interest to June 30, 2015.3 Excludes PIK interest from June 1, 2015.4 Assumes the replacement facility under the Commitment Letter provided by Time Warner is used to refinance the 2015 Convertible Notes at or immediately prior to their maturity in November 2015.

Indebtedness as at June 30, 2015

33

¹ Debt in currencies other than US$ are translated at FX rates as at June 30, 2015.² LC: local currency.3 Total debt includes 2015 Convertible Notes, 2017 PIK Notes, 2017 Term Loan and 2017 Fixed Rate Notes at full face value.4 We have entered into a Commitment Letter with Time Warner whereby Time Warner will provide or assist arranging a loan facility to refinance the 2015 Convertible Notes immediately prior to their maturity inNovember 2015. The replacement facility will bear interest at 8.5% and CME will have the option to pay interest in kind.


As at June 30, 20151 Drawn Total facilityLC Interest

rate MaturityUS$ m US$ m LC2 m

Corporate:

2015 Convertible Notes 261.0 261.0 261.0 USD 5.0% 2015

2017 Euro Term Loan 280.6 280.6 250.8 EUR 8.5% 2017

2017 PIK Notes 467.4 467.4 467.4 USD 15.0% 2017

2017 Term Loan 35.5 35.5 35.5 USD 15.0% 2017

2017 Revolving Credit Facility _ 115.0 115.0 USD 10.0% 2017

Other credit facilities 3.0 3.0 12.2 RON Var. Var.

Total debt3 1,047.7

2017 Guarantee fee 7.5

Lease obligations 3.8

Currency and interest agreements 2.9

Total debt (consolidated)4 1,061.9

Less: Unrestricted cash (38.0)

Net debt 1,023.9

Weighted average interest rate of gross debt 10.72%

34

Equity Structure and Outstanding Equity Instruments

As at July 24, 2015 Shares of Class ACommon Stock

Series A ConvertiblePreferred Share1

Series B ConvertibleRedeemable

Preferred Shares2

Ownership % ofShares of Class A

Common StockVoting interest3

Shares outstanding, excluding Time Warner 74,394,499 - - 54.8% 50.6%

Time Warner 61,407,775 1 200,000 45.2% 49.4%

Total 135,802,274 1 200,000 100% 100%

1 The single share of Series A Convertible Preferred Stock is convertible into 11,211,449 shares of Class A common stock.

2 The shares of Series B Convertible Redeemable Preferred Stock are non-voting perpetual stock, convertible after June 25, 2016 at the option of Time Warner at a conversion price of 2.42, subject to customary anti-dilutionprovisions, and redeemable after June 25, 2016 at the option of CME, subject to the conversion right of Time Warner. The accretion rate is 7.5% per annum for the first 3 years and 3.75% per annum for the 4th and 5th year.Assuming conversion three years from issuance and no further adjustments to the conversion price under the Certificate of Designation for the Series B Preferred Shares, TW Investor would be issued 103.2 million shares of Class Acommon stock upon conversion.

3 Voting interest takes into account both the shares of Class A common stock and the share of Series A Convertible Preferred Stock, which is entitled to one vote for each of the 11,211,449 shares of Class A common stock into whichit is convertible. The Series B Convertible Redeemable Preferred Shares are non-voting, except in certain circumstances.

As at June 30, 2015

Total Class A and equivalentsoutstanding²

Total Class A and equivalents held byTWX

Class A Common Shares 135,801,524 61,407,775Convertible instruments (As Converted Basis):

Series A Convertible Preferred Share 11,211,449 11,211,449

Series B Convertible Redeemable Preferred Shares¹ 95,830,154 95,830,154

Initial Warrant 30,000,000 30,000,000

Unit Warrants 84,000,000 70,926,996

Diluted CME Class A Shares 356,843,127 269,376,374TWX interest in CME 75%

¹ Based on the accreted value of 200,000 shares issued and outstanding at June 30, 2015 without giving effect to additional accretion after such date.² Excludes 2.6 million million unvested RSUs, 1.6 million stock options, 850,000 warrants with a strike price of $21.75, and the 2015 Convertible Notes with a conversion price of $ 50.00 per share.

OIBDA Reconciliation

35

US$ mThree months ended June 30, Six months ended June 30,

2014 2015 2014 2015Reconciliation to Consolidated Statements ofOperations:Operating income 22.7 36.4 8.0 19.2

Depreciation of property, plant and equipment 8.1 6.9 16.1 13.9

Amortization of intangible assets 3.2 3.4 6.4 6.9

Other items 1 6.9 — 6.9 18.2

OIBDA 40.8 46.8 37.4 58.3

1Other items for the six months ended June 30, 2015 consists solely of a charge related to the ongoing tax audit of Pro TV in Romania which was accrued in the first quarter of 2015. Following legislationenacted in July 2015 in Romania, during the third quarter of 2015 we expect to reverse substantially all of the charges taken in the fourth quarter of 2014 and the first quarter of 2015 related to the taxaudits. Other items for the three and six months ended ended June 30, 2014, is comprised of a fine the competition committee in Slovenia was seeking to impose which was subsequently overturned inthe fourth quarter of 2014.


Paul T. Cappuccio

John K. Billock

Independent Director, Non-ExecutiveChairman of the Board and member of the

Compensation Committee

▪ Executive Vice President and GeneralCounsel, Time Warner Inc.

▪ Former partner at Kirkland & Ellis

Director

▪ Member of the Board of Advisors atSimulmedia, Inc.

▪ Former Director of TRA Inc. and TiVoResearch and Analytics, Inc.

▪ Previous roles with Time Warner Cableand Home Box Office

Charles R. Frank

Independent Director and member of theAudit Committee

Director

Independent Director, Chairman of the AuditCommittee and member of the Corporate

Governance/Nominating Committee

Independent Director, Chairman of theCompensation Committee and member of theCorporate Governance/Nominating Committee

Independent Director, Chairman of theCorporate Governance/Nominating Committee

and member of the Audit Committee

Director

Independent Director and member of the AuditCommittee and member of the Compensation

Committee

Director

▪ Financial advisor and non-executive boardmember of Mittal Steel Galati

▪ Former Vice President of the EuropeanBank for Reconstruction and Development

▪ Currently a Principal of the H.A.M Mediagroup, an international investment andadvisory firm specializing in theentertainment and communicationsindustries

▪ Non-executive director of Eircom

▪ Chairman of Merapar

▪ Former Chief Executive Officer ofUnitymedia

▪ EVP & Chief Strategy Officer, TurnerBroadcasting System, Inc.

▪ Former Senior Vice President, Internationaland Corporate Strategy at Time Warner Inc.

▪ Former senior analyst at Banc of AmericaSecurities

▪ EVP, Corporate Development and CFO atSESAC, INC., a music rights licensingcompany

▪ After period as COO, CFO she became aPresident of RSL Capital LLC and Founder andGeneral Partner of RSL Venture Partners L.P.

▪ Previous roles with Martha Stewart LivingOmnimedia, Inc. and Time Warner, Inc.

▪ President of Turner Broadcasting SystemInternational

▪ Former Chief Executive Officer of RTLGroup

▪ Former member of the executive board ofBertelsmann AG

Iris Knobloch

▪ President of Warner Bros. France S.A.

▪ Independent Director of Accor S.A.

▪ Former Senior Vice President ofInternational Relations of Time Warner Inc.

Alfred W. Langer

▪ Former CFO of Solvadis, a subsidiary ofthe German group MG Technologies

▪ Independent consultant in financial andorganizational areas

Bruce Maggin

Parm Sandhu

Doug Shapiro

Kelli Turner

Gerhard Zeiler36

CME Board of Directors

Contact Information

Prague Office

Kříženeckého nám. 1078/5152 00 Prague 5 – BarrandovCzech Republicwww.cme.net

Mark KobalHead of Investor Relations

Email: [email protected] Telephone: +420 242 465 576

37

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