Business Performance Q1 2006

Guillaume de Posch, Chief Executive OfficerLothar Lanz, Chief Financial Officer

Munich, May 11, 2006

page 2

First Quarter 2006

Outlook

Agenda

Financial statements Q1 2006 (IFRS)

page 3

ProSiebenSat.1 Group: Successful Q1 2006

The Group increased both revenues and earnings. Contributions from both the core Free TV business and the Diversification division

Pre-tax profit

EUR465.3 m

EBITDA

Revenues

EUR70.6 m

EUR50.1 m

+8.2%

+10.0%

+6.4%

Consolidatednet profit

EBITDA-Margin

Earningsper share*

15.2 %

EUR30.7 m

0.14 EUR

+7.0%

+7.7%

* per preferred share

+2.0%

page 4

ProSiebenSat.1 Group: Q1 2006 – Growth in both divisions

Free TV Diversification:Transaction TV/Other Diversification

Growth through higher advertising revenues All four stations generate a profit

Profitability up significantly at Sat.1 and kabel einsProSieben revenue situation overshadowed byweak audience share in 2005ProSieben audience share on the up since MarchGroup’s stations strengthen combined market share

Increase in revenues and earnings driven by full consolidation of 9LiveOrganic growth through Internet, mobile and licencing acitivitiesDevelopment of new business modelsLaunch of SevenSenses for Pay TV, IPTV and video-on-demand services

The core business in Free TV benefited from the slight growth of the advertising market, the Diversification division from organic growth and the consolidation of 9Live.

page 5

Despite intense competition from the Winter Olympics on ARD and ZDF, the Group’s stations strengthen their audience share. Audience share, 14-49, in percent

Free TV: Group’s audience share is on the rise

30.330.2

25

26

27

28

29

30

31

Q1 2005 Q1 2006

+0.1%points

* Sat.1, ProSieben, kabel eins, N24, 9Live

page 6

Free TV: Q1 2006 – Programming of the Group´s stations

Top five programs of the ProSiebenSat.1 Group in Q1 2006.Audience share viewers 14 to 49

Source: AGF/GfK-Fernsehforschung, SevenOne Media

„ProSieben Märchenstunde“ (up to 28.7%)„Catch me if you can“ (26.8%)„Terminator 3: Rise of the Machine“ (25.3%)„Tears of the Sun“ (24.5%)„Germany´s next Topmodel – by Heidi Klum“ (up to 24.0%)

„Verliebt in Berlin“ (up to 25.8%)„Navy CIS (up to 22.2%)„Schillerstraße (up to 22.0%)„Daddy Day Care“ (21.1%)„Schmitz komm raus!“ (up to 18.7%)

„Running Man“ (11.0%)„Cold Case – Kein Opfer ist je vergessen“ (up to 10.2%)„The President´s Man“ (10.0%)„Highlander“ (10.0%)„Spurlos verschwunden – Without a Trace“ (up to 9.9%)

Newscast (up to 4.9 %)„Arabella Kiesbauer“ (up to 1.8%)„Studio Friedman“ (up to 1.4%)„Was erlauben Strunz“ (up to 1.1%)

page 7

First Quarter 2006

Outlook

Agenda

Financial statements Q1 2006 (IFRS)

page 8

465.3430.0

0

100

200

300

400

500

Q1 2005 Q1 2006

ProSiebenSat.1 Group: Q1 2006 – Revenues and costs

Rise in revenues due to higher advertising revenues and full consolidation of 9Live.* The contribution to revenues from 9Live came to EUR 25.8 million. (in EUR m)

Revenues

+8.2%

377.0407.0

0

100

200

300

400

500

Q1 2005 Q1 2006

Costs

+ 8.0%

*Consolidation of 9Live since June 1, 2005

page 9

9.5

56.1

241.3

31.253.6

322.2

7.1

50.8

224.8

31.446.4

299.2

Increase in total costs mainly caused by larger consumption of programming assets and fullconsolidation of 9Live. ProSiebenSat.1 Group total costs by line item, Q1 2006 vs. Q1 2005, in EUR m

+7.7% +15.5% -0.6% +10.4%+7.3%

* Included in cost of sales ** Included in cost of sales, selling expenses and administrative expenses

+33.8%

ProSiebenSat.1 Group: Q1 2006 – Total costs

Total cost increase:EUR 30.0 million

Q1 2005

Q1 2006

Cost of sales Selling expenses Administrative expenses

Consumption ofprogramming assets

Personnelexpenses**

Depreciation andamortization**

page 10

70.6

0

20

40

60

80

100

Q1 2005 Q1 2006

64.2

ProSiebenSat.1 Group: Q1 2006 - Results

ProSiebenSat.1 Group boosts EBITDA and pre-tax profit despite rise in costs. (in EUR m)

EBITDA

+10.0%

47.1 50.1

0

20

40

60

80

100

Q1 2005 Q1 2006

Pre-tax profit

+6.4%

page 11

28.730.7

0

10

20

30

40

50

Q1 2005 Q1 2006

0.13 0.14

0,0

0,1

0,2

0,3

0,4

0,5

Q1 2005 Q1 2006

ProSiebenSat.1 Group: Q1 2006 - Consolidated net profit /EPS

Increase in consolidated net profit improves earnings per share.

+7.0%

Consolidated net profit (in EUR m)

+7.7%

Earnings per Share (in EUR)

page 12

ProSiebenSat.1 Group: Net financial debt reduced

Reduction of net debt despite 9Live acquisition in June 2005.Positive trend due to favourable cashflows.

0

100

200

300 RCF

400

July 2009 2021

Mortgages

NotesNotes

* First call exercisable in July 2006 (premium: 5.625%)April 2009 May 2009

Debt instruments as per March 31, 2005

254.6

310.8

0

100

200

300

400

31.03.2005 31.03.2006

Net debt/LTM-EBITDA 1,0x 0,6x

-18.1%

325

200*

42,2

150

Current long-term credit ratings:

Fitch: BBB- (Positive outlook)

Moody‘s: Ba1 (Positive outlook)

page 13

ProSiebenSat.1 Group: Q1 2006 – Key Figures

Major income statement, cash flow and balance sheet itemsQ1 2006 Q1 2005

EUR m EUR m EUR m Percent

Revenues 465.3 430.0 35.3 8.2

EBITDA 70.6 64.2 6.4 10.0

EBIT 61.1 56.8 4.3 7.6

Financial loss -11.0 -10.1 -0.9 -8.9

Pre-tax profit 50.1 47.1 3.0 6.4

Consolidated net profit 30.7 28.7 2.0 7.0

Earnings per preferred share (IFRS) 0.14 0.13 0.01 7.7

Programming investments 249.1 223.0 26.1 11.7

Free Cash-Flow -24.5 -31.4 6.9 22.0

Balance sheet total 2,042.3 1,896.7 145.6 7.7

Shareholder´s equity 1,214.8 1,040.6 174.2 16.7

Equity ratio 59% 55% -/- 7.3

EBITDA margin 15.2% 14.9% -/- 2.0

Net financial debt 254.6 310.8 -56.2 -18.1

Net debt/LTM-EBITDA 0.6 x 1.0 x -0.4 -40.0

Employees (averaging full-time equivalent jobs) 2,885 2,699 -/- 6.9

Change

page 14

49.553.2

0

30

60

90

120

150

Q1 2005 Q1 2006

Free TV: Q1 2006 – Free TV revenue mainstay

425.1412.5

0

100

200

300

400

500

Q1 2005 Q1 2006

Higher advertising revenues provided the main impetus for revenue growth. Higher programmingcosts result in decrease of operating profit. (in EUR m)

-7.0%

Revenues Operating profit

+3.1%

page 15

Free TV: Q1 2006 – Key figures by stations

ProSieben: Lower audience share in 2005 and reduction in internal program sales influence revenues, higher programming investments increase costs. (in EUR m)

Key figures by stations

Q1 2006 Q1 2005 % Q1 2006 Q1 2005 % Q1 2006 Q1 2005 %

194.1 186.9 +3.9 33.6 21.3 +57.7 32.8 19.5 +68.2

156.1 192.4 -18.9 6.9 25.3 -72.7 7.4 25.9 -71.4

55.8 49.1 +13.6 11.4 8.5 +34.1 11.5 8.7 +32.2

20.3 19.9 +2.0 2.0 2.7 -25.9 1.9 2.5 -24.0

Revenues Pre-tax profitEBITDA

page 16

ProSiebenSat.1 Group: Q1 2006 – Key figures by segments

Other Diversification segment: Reallocation of revenues within the Diversification division results in reduction of revenues. (in EUR m)

Key figures by segments

Q1 2006 Q1 2005 % Q1 2006 Q1 2005 % Q1 2006 Q1 2005 % Q1 2006 Q1 2005 %

Free TV 425.1 412.5 +3.1 414.0 403.1 +2,7 56.1 59.4 -5.6 49.5 53.2 -7.0

Transaction TV 26.2 -/- -/- 25.8 -/- -/- 8.8 -/- -/- 6.7 -/- -/-

Other Diversification 30.5 27.4 +11.3 25.5 26.9 -5.2 5.9 4.7 +25.5 5.1 3.8 +34.2

Total revenues Operating profitEBITDAExternal revenues

page 17

First Quarter 2006

Outlook

Agenda

Financial statements Q1 2006 (IFRS)

page 18

ProSiebenSat.1 Group: Strategic goals

Increase of revenues and earnings

1Strengthening of the

core business TV

2Expansion of diversification

3Positioning for the digital world

Leading commercial TV Group in Germany

ProSiebenSat.1 Group has three strategic goals to maintain its position as leading commercialTV Group in Germany.

page 19

Outlook 2006: Economic climate

Source: Statistisches Bundesamt, *2006: Economic instituts/Spring surveyGDP and consumer demand in real terms.

Private consumptionReal GDP

Experts expect positive development of the economy in 2006.Development of GDP and private consumption 1999 to 2006 (in percent)

-0.5

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1999 2001 2003 20052000 2002 2004 2006e*

%

2.0

3.2

1.2

0.1

-0.2

1.6

0.9

1.8

-0.5

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

%

3.0

2.4

1.9

-0.5 0.1

0.6

0.0

0.4

1999 2001 2003 20052000 2002 2004 2006e*

page 20

Outlook 2006: Core business TV

ProSiebenSat.1 Group expects TV advertising investments to rise by 2 percent in 2006. Net TV advertising investments, changes from previous year (in percent)

Source: ZAW, *ProSiebenSat.1 estimates

2.00.0 - 0.51.3

-3.7

-11.5

-5.1

9.16.8

-15

-10

-5

0

5

10

15

1999 2000 2001 2002 2003 2004 2005e* 2006e*

page 21

Outlook 2006: Core business television

Highlights of the stations in Q2 2006.

Source: AGF/GfK-Fernsehforschung, SevenOne Media

N24 gets right to the point:Current news and background on all relevant events, around the clockPolitical and general interest talkshowsLaunch of a further political talkshow and development of new special interestmagazines.

The finest from Hollywood:Blockbusters like „Star Wars“ oder „Mission Impossible“ from April also on WednesdaysPremium production such as „4400“More science shows and documentaries, inclusding „Galileo“ specials“ and co-productions such as „Die Päpstin“

First-class TV for a broad audience:High-quality films and in-house productions in the „DIE SAT.1 FAMILIENPACKUNG“ or theatrical co-productions such as „The Miracle of Bern“Series such as „Verliebt in Berlin“Continuation of successful shows like „Die Comedy-Falle“

Classic TV, new series and highlights:Successful series such as „King of Queens“, „M*A*S*H“Magazines such as „Abenteuer Leben–täglich Wissen“ and events like „Forces of Nature“Shows such as „Top 10 TV-Comedy“ or „Quiz Taxi“„QUEEN-Event“: Show with Ingolf Lück and documentary on Freddy Mercury in May

page 22

Diversification: new business activities for the Group

After the Call-TV market, ProSiebenSat.1 opens up Pay-TV and video-on-demand markets.

Acquisitions Organic growth New business activities

Effects of 9Live consolidation inQ2 (consolidation since June2005)Development of 9Live as aninter-active TV brand

Internet Mobile servicesMobile DMBLicensingMusic (Starwatch)

Pay-TV: launch of kabel einsclassics and Sat.1 ComedyLaunch of Wettstudio.atin Austria on May 2 2006Preparation of the Launchof Video-on-Demand portalmaxdome

page 23

ProSiebenSat.1 Group: Pay TV services start June 1, 2006

Sat.1 Comedy and kabel eins classics will be broadcast via digital feeds of Kabel Deutschland(Kabel Digital Home) and Unity Media (Tividi).

Broad selection of movies with top titles from the1930‘s - 1990‘s

Wide range of genres for a broad target group

Event programming E.g. 80th birthday of Marilyn Monroe on June 1st

Comedy shows from the ProSiebenSat.1 family of channelsShows: TV Total, Genial daneben, Harald Schmidt ClassicsSeries: Sechserpack, Was nicht passt wird passend gemacht, Das Büro

Comedy moviesAmerican Pie, Ace Ventura, Forrest Gump

International sitcomsRoseanne, The Simpsons, Who’s the Boss, Married with Children, Benson, M*A*S*H, Will & Grace

page 24

Diversification: maxdome starts in Q3 2006

Strategic rationale: Enter the growing VoD market

Deal structure:United Internet: Hosting/Streaming, Billing & Clearing/CRM, Customer-Care, Promotion/Selling, Hardware ProSiebenSat.1: Content-Sourcing, Editorial, Content preparation, Promotion/Marketing

Business model: Strategic cooperation (profit share)

Product: VoD platform for PC and TV (STB), four SVoDpackages will be offered (Comedy, Series, Complete and Movies) as well as VoD offering including ProSiebenSat.1 content and Hollywood

Content deals: Paramount, Constantin, Kinowelt, Epsilon, Kirch Media; others under final negotation

Access: www.maxdome.de, 1&1, WEB.de, GMX

ProSiebenSat.1 and United Internet are launching joint VoD platform “maxdome” in Q3 2006.

page 25

Outlook 2006: Moving towards the digital world

Signal protection

Expansion of reach

New revenuesources

Digital Rights Management to secure license requirementsEncryption of basic package

Additional distributionHigher reach for ProSiebenSat.1 channels

Cost per Subscriber

OffersStreaming of stations: Sat.1, ProSieben, kabel eins, N24, 9LivePlanned: Pay channels of the Group: Sat.1 Comedy, kabel eins ClassicsVoD platform “maxdome”with United Internet/cooperation with T-Online

IPTV: ProSiebenSat.1 Group has signed contracts with Telefónica as well as T-Online to transmit its programs via DSL and is negotiating with other providers.

page 26

Outlook 2006: „triple play world“ of ProSiebenSat.1

ADSL/Internet Mobile networks

Transaction TV

Pay TV/non-linear content

Free TV

Cable/satellite/terrestrial

More variety for viewers and consumers: ProSiebenSat.1 uses new channels to enlarge its services.

Video-on-Demand via

page 27

ProSiebenSat.1 Media AGCorporate Office Medienallee 7D-85774 UnterföhringTel. +49/89/95 07-11 80Fax +49/89/95 07-11 84