2012 Full Year Results Presentation

Mil 26 M h 2013Milan, 26th March 2013

| 1 |

Broadcasting & Advertising

| 2 |

ITALY | TV consumption trend (2003-2012)A D il i tAverage Daily minutes

240 239 239 238246

253 257 Individuals

236 240 239 239229

234 238

222 220 223231 233

15-64 years

218 222 220 218208 212

216223

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Auditel, January-December

| 3 |

A D il i tITALY | TV consumption trend (2008-2012)Average Daily minutes

246 257

+10.0%

+10 4% 2012 vs 2010 2012 vs 2010

153 159 169

234246 +10.4%

+4.4%

INDIVIDUALS 15-34 yrs

+5.6%CONSUMPTION

+3.5%

+0.8%

+3.2%

+2.3%

VIEWING TIME

REACH

2008 2010 2012 2008 2010 2012

INDIVIDUALS 15-34 yrs

| 4 |

P i TiMEDIASET FY 2012 | Commercial target audience share

32 5%Generalist (C5+I1+R4)

Prime TimeFY 2012

34 3%

FY 2011

-1 8

Δ

32.5%

7.3%

Generalist (C5+I1+R4)

Multichannel (FTA + Pay TV)

34.3%

6.0%

-1.8

1.3

39.8%Total 40.3% -0.5

31.1%Generalist (R1+R2+R3) 33.7% -2.6

5.2%

36 3%

Multichannel FTA (11)

Total

4.1%

37 8%

1.1

-1 536.3%Total 37.8% 1.5

Excluding European Cup, 8/6 - 1/7 2012Source: Auditel; Pay TV Channels, Company elaborations on Auditel dataSource: Auditel; Pay TV Channels, Company elaborations on Auditel data

| 5 |

MEDIASET FY 2012 | Multichannel audience share24 H i l t t24 Hours - commercial target

MEDIASET DTT (Free+Pay) 5.9% 7.2%

FY 2012FY 2011

RAI DTT

SKY Channels

5.2%

5 2%

6.3%

6 0%SKY Channels

FOX Channels

5.2%

2.2%

6.0%

2.3%

Discovery 1.7% 3.2%

Source: Company elaborations on Auditel data, January - Decemberp y , y

| 6 |

ITALY | Advertising market downturnE lEuro ml

20122008 ∆

(1 915)

∆%

24%Total Market 6,1328,047 (1,915) -24%

Mediaset 2,4443,036 (592) -19%

Market (without Mediaset) 3,6885,012 (1,323) -26%

Source: Nielsen data

| 7 |

ITALY | Advertising market trend

2012 vs. 20112011 vs. 2010

Total Market

Newspaper *

-15.1%

-19.3%

-3.4%

-6.3%

Magazine *

Radio

-19.1%

-12.5%

-3.7%

-8.7%

Internet * *

TV

+6.1%

-15.9%

+14.4%

-3.1%

Mediaset

Rai

-16.0%

-23.5%

-3.3%

-6.6%

Source: Nielsen, excluding direct mail* Only national commercial* * Excluding Keyword, search

| 8 |

ITALY FY 2012 | Advertising Breakdown by SectorT t l d ti i k t

FY 12 vs. FY 11

Total advertising market

BEVERAGE -22.1%

HOUSEKEEPING -19.5%

CLOTHING 18 2%CLOTHING -18.2%

TELECOM -18.0%

| 9 |

ITALY FY 2012 | Advertising Breakdown by SectorT t l d ti i k t

FY 12 vs. FY 11

Total advertising market

FOOD -15.9%

AUTOMOTIVE -15.8%

FINANCE 15 2%FINANCE -15.2%

TOILETRIES -14.9%

| 10 |

ITALY FY 2012 | Advertising Breakdown by SectorT t l d ti i k t

FY 12 vs. FY 11

Total advertising market

LEISURE & BETTING -4.6%

RETAIL -4.1%

PHARMA 2 6%PHARMA -2.6%

TRAVEL +6.4%

| 11 |

E lMEDIASET FY 2012 | Total advertising revenuesEuro ml

-16.0%

2,771.1 2,327.2

FY 2011FY 2011 FY 2012

Note: all platformsNote: all platforms

| 12 |

MEDIASET FY 2012 | Integrated offer: Free-Pay / Linear-Non linear

SPOT BRANDED CONTENT

PRODUCT PLACEMENT SPONSORSHIP

| 13 |

MEDIASET FY 2012 | Publitalia Integration StrategyA l lif l

WEB

A real life example

WEB

ALL NEWS ALL NEWS

Website Restyling June 2013

WEBSITE

C

TV CHANNEL

CITIZEN JOURNALISMBREAKING NEWS

ON FTA CHANNELS

MOBILE

Increased user interaction

More than 2.3 Mio ofapplication download

| 14 |

MEDIASET FY 2012 | Publitalia Integration Strategy

Integration of different divisions:Salesforce

M k ti D t tMarketing Departements

Sales Proposal

Full range of new integrated advertising products

Innovative integrated advertising projects (product placement, g g p j (p p ,branded content…)

Evidence of the actual effectiveness of our advertising offer

| 15 |

Financials

| 16 |

MEDIASET GROUP FY 2012 | P&L Highlights

Net Consolidated RevenuesItaly

(Euro ml.) FY 2011

4,250.23 241 6

FY 2012

3,720.72 834 9Italy

Spain

EBITDA

3,241.61,009.3

1,826.4

2,834.9886.7

1,269.5ItalySpain

EBIT

1,418.5407.9

538 7

994.4275.4

(235 4)EBITItalySpain

538.7374.2164.5

(235.4)(284.0)

48.8

NET PROFIT

Group Net Financial PositionItaly

225.0

(1,775.5)(1 801 9)

(287.1)

(1,712.8)(1 786 5)Italy

Spain(1,801.9)

26.4(1,786.5)

73.7

| 17 |

MEDIASET GROUP FY 2012 | EBIT excl. restructuring items

72.4

(235.4) 307.8

EBITreported

Restructuringitems

EBITexcl. restructuring items

| 18 |

MEDIASET ITALIAN BUSINESS FY 2012 | P&L results

Net Consolidated Revenues

(Euro ml.) FY 2012

2,834.9

FY 2011

3,241.6Personnel Costs

Other Operating Costs

EBITDA

,(515.1)

(1,325.4)

994.4

,(468.9)

(1,354.1)

1 418 5EBITDARights Amortisation

Other Amortisation & Depreciation

Operating Profit

994.4(1,119.4)

(159.0)

(284 0)

1,418.5(857.6)

(186.8)

374 2Operating ProfitFinancial Income (Losses)

Associates

P T P fit

(284.0)(55.3)

(0.3)

(339 5)

374.2(52.4)

(13.7)

308 1Pre-Tax ProfitTaxes

Minorities

(339.5)40.4

(8.3)

308.1(131.8)

(0.1)NET PROFIT (307.4)176.2

| 19 |

MEDIASET ITALIAN BUSINESS FY 2012 | Integrated Tv activities(Euro ml.)

Total Net Revenues 3,230.8

FY 2011 FY 2012

2,778.8Total Gross advertising revenues

Commissions

Total Net Advertising Revenues

2,771.1

(410.9)

2,360.2

,2,327.2

(341.9)

1,985.3g

Pay Tv Revenues

Other Revenues

Total Costs

,

525.2

345.4

(2 871 8)

,

518.0

275.5

(3 107 3)(*)Total CostsPersonel costs

Other operating costs

(2,871.8)(433.7)

(1,277.3)

(3,107.3)(470.0)

(1,234.9)

( )

Total Operating Costs

Rights Amortisation

Other Amortisation & Depreciation

(1,711.0)

(857.6)

(154.1)

(1,704.9)

(1,119.4)

(108.9)

Intra-company items

Integrated Tv Activities Operating profit

(149.1)

359.0

(174.1)

(328.5)(*) of which 307 8 ml of restructuring items

| 20 |

( ) of which 307.8 ml of restructuring items

MEDIASET ITALIAN BUSINESS FY 2012 | Cash cost target achieved

(115.2) (192.0)

Integrated TV Operating Costs

Italian business Investments

( )

1,711.0

( )

719 2

1 595 8 (*)

719.2

1,595.8 (*)527.2

FY 2011 FY 2012 FY 2011 FY 2012FY 2011 FY 2012

Note: Operating Costs includes Personnel and Other operating costs(*) l di t t i it

| 21 | (*) excluding restructuring items

MEDIASET ITALIAN BUSINESS FY 2012 | Investments

(Euro ml )

FY 2012FY 2011

435.2

(Euro ml.) TV rights and cinema

562.4

836.0Serie A football rights

Technical & immaterial

836.0

92.0156.8

Total Investments1,555.2 527.2

| 22 |

MEDIASET ITALIAN BUSINESS FY 2012 | Cash flow statement

(1,917.1)Initial Net Financial Position (01/01)

(Euro ml.) FY 2011 FY 2012(1,562.2) (*)

245.61,059.1

(527.2)

Cash Flow from Core ActivitiesCash Flow from Operations

Investments

144.81,255.9

(1,555.2)

1.9

(288.2)

(25.7)

Disinvestments

Change in Net Working Capital (CNWC)

Equity (investment)/ disinvestment

1.2

442.9

(0.8)

219.9

(113.7)

24.4

Free Cash Flow

Dividends

Cashed-in dividends

144.0

(397.8)

61.6

-

130.6

(1,786.5)

Change in consolidation area

Total Net Cash Flow

Final Net Financial Position (31/12)

(47.5)

(239.7)

(1,801.9) ( , )( ) ( , )

(*) i l di (115 2) l E f h i lid ti

| 23 | (*) including (115.2) ml Euro of change in consolidation area

Back Up

| 24 |

MEDIASET ITALIAN BUSINESS FY 2012 | EI Towers

(Euro ml.) FY 2011 (*) FY 2012

Total Net Revenues3rd Party Revenues

Intra-company items

233.856.1

177.7

162.310.7

151.6Intra company items

Total CostsPersonnel

(189.3)(45.0)

(147.1)(35.2)

Other operating Costs

Other Amortisation & Depreciation

Intra-company items

(90.6)

(50.0)

(3.7)

(76.8)

(32.7)

(2.5)p y

EI Towers Operating Profit

( )

44.5

( )

15.2

(*) Carve-outPro-forma FY2011data (as reported by EI Towers): revenues 229.0 ml

| 25 |

Pro forma FY2011data (as reported by EI Towers): revenues 229.0 ml

MEDIASET SPANISH BUSINESS | Back up Slides

| 26 |

MEDIASET ESPANA FY 2012 | P&L Results

1,009.3 886.7Net Consolidated Revenues

(Euro ml.) FY 2011 FY 2012

(116.6)

(484.9)

407 9

(109.3)

(502.1)

275 4

Personnel Costs

Other Operating Costs

EBITDA 407.9

(243.4)

164.5

275.4

(226.6)

48.8

EBITDA

Amortisation & Depreciation

EBIT

5.0

(18.4)

(5.5)

9.1

Financial Income (Losses)

Associates

151.1

(38.5)

110 5

52.3

(2.8)

50 1

Pre-Tax Profit

Taxes

NET PROFIT Reported 110.5 50.1NET PROFIT Reported

| 27 |

MEDIASET ESPANA FY 2012 | Investments(Euro ml.)

3.2 8.9

179.8TV RightsCo-production & DistributionTangible & Intangible Fixed Assets

| 28 |

MEDIASET ESPANA FY 2012 | Cash Flow Statement

(28.0)Initial Net Financial Position 26.5

(Euro ml.) FY 2011 FY 2012

117.8

377.6

(241 7)

Free Cash Flow

- Cash Flow from Operations

I t t /Di i t t

40.2

272.7

(192 0)(241.7)

(18.1)

46.8

- Investments/Disinvestment

- Change in Net Working Capital (CNWC)

Change in Equity

(192.0)

(40.6)

1.2

-

1.9

g q y

Equity (Investments)/Disinvest.

Cashed in Dividends

39.0

22.1

(140.2)

-

54 5

Dividends

Change in consolidation area

Total Net Cash Flow

(55.3)

-

47 354.5

26.5

Total Net Cash Flow

Final Net Financial Position (31/12)

47.3

73.7

| 29 |

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: investor.relations@mediaset.itW bSit di t it/i t /

Forward-looking StatementsStatements contained in this document particularly the ones regarding any Mediaset Group

WebSite: www.mediaset.it/investor/

Statements contained in this document, particularly the ones regarding any Mediaset Grouppossible or assumed future performance, are or may be forward looking statements and inthis respect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.

Any reference to past performance of Mediaset Group shall not be taken as an indication offuture performance.

This announcement does not constitute an offer to sell or the solicitation of an offer to buythe securities discussed herein.

The executive responsible for the preparation of the Mediaset S.p.A. accounts, LucaMarconcini, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, thatthe accounting information contained in this document corresponds to that contained in thecompany’s books.