Results 2005 Annual Investors‘ and Analysts‘ Conference fileResults 2005 Annual Investors‘ and Analysts‘ Conference Guillaume de Posch, Chief Executive Officer Lothar Lanz,

Results 2005 Annual Investors‘ and Analysts‘ ConferenceGuillaume de Posch, Chief Executive OfficerLothar Lanz, Chief Financial Officer, Legal Affairs & Human ResourcesPeter Christmann, Marketing & Sales

Munich, February 21, 2006

Page 2

TV advertising market 2005

2005 financial statements (IFRS)

Outlook for 2006

Appendix

Record year 2005

Agenda

Page 3

Record earnings in the history of the Group.ProSiebenSat.1 Group boosts revenue, EBITDA and earnings significantly.

Pre-tax profit

7.

EBITDA

Revenues Consolidatedprofit

EBITDAmargin

Earningsper share*

*per preferred shareFigures 2005 preliminary and unaudited

EUR1,989.6 Mio +8.4%

EUR418.5 Mio +30%

EUR350.7 Mio

+61%

EUR220.9 Mio +65%

21.0 % +20%

1.02 EUR +59%

ProSiebenSat.1 Group: Record Year 2005

Page 4

ProSiebenSat.1 Group: Strengthening of core business Free TV

The Group has reached in 2005 the best audience share in five years.Audience share (14-49) ProSiebenSat.1 Group* in 2002 – 2005 (in percent)

*Sat.1, ProSieben, kabel eins, N24Source: AGF/GfK Fernsehforschung / SevenOne Media

30.3

29.4

28.9

28.1

27

28

29

30

31

2002 2003 2004 2005

+0.8% points

+0.5% points

+0.9% points

Page 5

ProSiebenSat.1 Group: Top programming in 2005

Top five formats of the stations in 2005.Audience share (14 to 49 age group)

1. Verliebt in Berlin (up to 26.4%)2. Die Luftbrücke - Nur der Himmel war frei (up to 31.0%)3. Schillerstraße (up to 24.0%)4. Das Gespenst von Canterville (26.1%)5. Promi ärgere Dich nicht (21.9%)

1. Spiderman (36.8%)2. Men in Black II (32.3%)3. Desperate Housewives (up to 23.1%)4. Das große TV total Turmspringen 2005 (26.5%) 5. Galileo Spezial: Tsunami (27.0%)

1. Ein Frage der Ehre (11.1%)2. Al Bundy night (10.2%)3. Spurlos verschwunden – Without a Trace (up to 10.0%)4. Die besten Filmsongs aller Zeiten (up to 7.3%)5. Leuchtturmbau (up to 9.1%)

1. Livecoverage of the "Discovery" landing (4.6%)2. Livecoverage of the results of the Michael Jackson trial (3.3%)3. Special report on the Rudolph Moshammer murder (3.7%)4. N24 tsunami special "Die Welle des Todes" (2.3%)5. Kronzuckers Kosmos (up to 6.0%)

Source: AGF/GfK-Fernsehforschung, SevenOne Media

Page 6

124.5112.7

25.122.1

0

30

60

90

120

150

180

2004 2005

ProSiebenSat.1 Group: Diversification expanded

Diversification with significant increases due to organic growth and the acquisition of 9Live.External revenues and EBITDA (in EUR m)

Diversification without 9Live Diversification including 9Live

+11%

9Live is consolidated since June 1, 2005. Figures 2005 preliminary and unaudited

178.5

112.7

39.1

22.1

0

30

60

90

120

150

180

2004 2005

+14%+77%

+58%

External revenues EBITDA

Page 7

CallTV/AudiotexAcquisition of 9LiveNew Call TV shows on Sat.1, kabel eins and ProSieben

OnlineICQ messenger deal: ProSieben content on the ICQ portal Acquisition of majority stake in wetter.comLaunch of a VoD portal on T-Online

ProSiebenSat.1 Group: Diversification expanded

New business models and cooperations drive diversification. Further growth by acquisitions.

New diversification initiatives 2005

New BusinessMusic: Joint-Venture with Warner Music GroupCo-branding models with O2Betting (Austria)Home entertainment (DVD)

Pay TVLaunch of ProSiebenSat.1 WeltAcquisition of majority stake in wetter.com’s weather channel

MobileLaunch of UMTS content with Vodafone, T-Mobile and O2

OthersFoundation of SevenOneInternational as international program sales

Page 8

ProSiebenSat.1 Group: Achievements 2005

The ProSiebenSat.1 Group has reached the goals it had set for 2005.

1. Revenues and earnings up. Further improvement of profitability in a stagnant TV advertising market with stable costs

2.

3

2. Further growth of audience and advertising market share of the group

1.

3. Reduction of the dependency on the TV advertising market by expansion of diversification revenues to nine percent of total revenues

2.

3

4. Sat.1, kabel eins and N24 enhance profitability significantly

Page 9



Outlook for 2006

Appendix

Record year 2005

Agenda

Page 10

TV advertising market Germany: Gross revenues 2005

ProSiebenSat.1 Group shows highest growth of advertising revenues.Gross advertising revenues 2005 vs. 2004 (in EUR m)

ProSiebenSat.1 Group: Sat.1, ProSieben, kabel eins, N24. RTL Group: RTL, Vox, Super RTL, n-tvSource: Nielsen Media Research

3,281.13,501.6

2,909.6 3,002.4

500.2 498.0 397.9 351.6

0

500

1000

1500

2000

2500

3000

3500

4000

ProSiebenSat.1 Group

RTL Group RTL II ARD/ZDF

20042005

+6.7%

+3.2%

-0.4% -11.6%

Gross TV advertisingrevenues total:

+4.2 percent

Page 11

TV advertising market Germany: Gross revenues

TV advertising market with increase in the second half of 2005.Gross advertising revenues 2005 vs. 2004, comparison of half years (in EUR m)

ProSiebenSat.1 Group: Sat.1, ProSieben, kabel eins, N24. RTL Group: RTL, Vox, Super RTL, n-tvSource: Nielsen Media Research

1,5841,396

221 206

1,640

181244

1,377

192279

1,514

1,697

254

1,625

1,861

170

0

500

1000

1500

2000

ProSiebenSat.1 Group RTL Group RTL II ARD/ZDF

H1 2004H1 2005H2 2004H2 2005

+3.5%

-1.4%

+9.7%

+10.4%

+7.3%

-9.0% -11.5% -12.1%

Page 12

TV advertising market Germany: Top 10 TV ad sectors

Food industry is the most important industry for TV advertising in 2005. Gross TV advertising spendings by sector in 2005 (in EUR m)

Source: Nielsen Media Research

8,046.7

740.6

940.4

1,483.0

672.6

661.2

635.9

517.5

437.3

378.3

342.0

0 300 600 900 1200 1500 1800

Cleaning

Retail & Mail Order

Finance

IT & Communication

Services

Transport & Cars

Beverages

Media

Personal Care

Food

TV advertising total 8,046.7

Page 13

TV advertising market Germany: Top 10 drivers 2005

Service industry leads TV ad growth with an increase of 20 percent.Top 10 sectors according to growth of TV advertising spendings (in EUR m)

Source: Nielsen Media Research

35.7

54.6

105.9

30.9

29.0

25.4

23.0

21.8

21.1

20.8

0 20 40 60 80 100 120

Food

Building Industry

Home & Garden

Pharmacy

Textile & Clothing

IT & Communication

Cleaning

Audio & Video

Beverages

Services

Revenues Changes2005 2004/2005

635.9 20.0%

672.6 8.8 %

89.7 65.9 %

342.0 9.9 %

517.5 5.9 %

93.2 37.5 %

276.0 9.1 %

100.5 27.8 %

77.0 37.6 %

1,483.0 1.4 %

Page 14

TV market in Germany: Net advertising expenditure

TV net advertising investments 2005 at 1997/1998 level.German TV net advertising investments (in EUR bn)

Source: ZAW, 2005e: ProSiebenSat.1 estimate

3.873.863.80

4.04

4.32

4.71

4.47

3.96

3.81

3,5

3,75

4

4,25

4,5

4,75

5

1997 1998 1999 2000 2001 2002 2003 2004 2005*

+9.1% -5.1% -11.5% -3.7% +1.3%+6.8%+6.3% 0.0 – 0.5*

Page 15



Outlook for 2006

Appendix

Record year 2005

Agenda

Page 16

ProSiebenSat.1 Group: Record year 2005

ProSiebenSat.1 Group with record pre-tax profit in 2005.ProSiebenSat.1 Group revenues and pre-tax profit 2001 to 2005 (in EUR m)

1,989.6

1,834.61,807.1

1,895.1

2,014.8

1500

1600

1700

1800

1900

2000

2100

2001 2002 2003 2004 2005

Revenues Pre-tax profit

Figures 2005 are preliminary and unaudited. 2001/2002 according to German GAAP, from 2003 IFRS

350.7

217.5

61.1

21.4

105.6

0

50

100

150

200

250

300

350

400

2001 2002 2003 2004 2005

Page 17

ProSiebenSat.1 Group: Record year 2005

Revenues increase by organic growth and the acquisition of 9Live.Revenues and costs 2005 vs. 2004 (in EUR m)

1,989.6

1,834.6

1500

1600

1700

1800

1900

2000

2100

2004 2005*

1,620.31,576.9

1500

1600

1700

1800

1900

2000

2100

2004 2005**

Revenues Costs

+8.4%

+2.8%

Figures 2005 preliminary and unaudited. *Thereof 9Live: EUR 54.0 m. **Thereof 9Live: EUR 37.9 m

Page 18

35.1

200.6

957.6

135.0184.0

1,265.5

34.8

212.6

947.2

127.4

210.1

1,275.2

Cost of sales Selling expenses Administrative expenses

Programming assets Personnelexpenses**

Depreciation andamortization**

Moderate cost increase despite acquisition of 9Live in 2005. ProSiebenSat.1 Group total costs by line item in 2005 vs. 2004 (in EUR m)

+0.8% +14.2% +6.0% +6.0%-1.1%

Figures 2005 preliminary and unaudited. *Included in cost of sales. **Included in cost of sales, selling expenses and administrative expenses

-0.9%

consumption*

ProSiebenSat.1 Group: Costs

Total cost increase:EUR 43.4 m

(thereof 9Live: EUR 37.9 m)

2004

2005

Page 19

321.3

418.5

0

100

200

300

400

500

2004 2005*

217.5

350.7

0

100

200

300

400

500

2004 2005**

ProSiebenSat.1 Group: Earnings

ProSiebenSat.1 Group with significant increase in EBITDA and pre-tax profit in 2005.EBITDA and pre-tax profit of ProSiebenSat.1 Group 2005 vs. 2004 (in EUR m)

+30.3%

EBITDA

+61.2%

Pre-tax profit

Figures 2005 preliminary and unaudited. *Thereof 9Live: EUR 18.6 m. **Thereof 9Live: EUR 16.6 m

Page 20

133.6

220.9

0

50

100

150

200

250

300

2004 2005*

0.64

1.02

0,0

0,5

1,0

1,5

2004 2005

ProSiebenSat.1 Group: Consolidated profit/EPS

ProSiebenSat.1 Group increases the consolidated profit up to 65.3 percent in 2005.Consolidated profit (EUR m) and earnings per preferred share (EUR) ProSiebenSat.1 Group 2005 vs. 2004

+65.3%

Consolidated profit

+59.4%

Earnings per share

Figures 2005 preliminary and unaudited. *Thereof 9Live: EUR 16.8 m

Page 21

ProSiebenSat.1 Group: Revenues

Revenue increase in the fourth quarter due to growth of advertising revenues.Revenues ProSiebenSat.1 Group 2005 vs. 2004, comparison of quarters (in EUR m)

436.2496.0

362.1

540.3

636.0

415.9

507.8

429.9

0

100

200

300

400

500

600

700

800

Q1 Q2 Q3 Q4

2004

2005

Figures 2005 preliminary and unaudited

-1.4%

+2.4%

+14.9%

+17.7%

Page 22

112.2

21.7

118.3

69.1

167.8

59.9

126.6

64.2

0

50

100

150

200

Q1 Q2 Q3 Q4

2004

2005

Record EBITDA for ProSiebenSat.1 Group.EBITDA ProSiebenSat.1 Group 2005 vs. 2004, comparison of quarters (in EUR m)

ProSiebenSat.1 Group: 2005 financial statements


-7.1%

+7.0%

+176.0%

+49.6%

Page 23

0.5x

ProSiebenSat.1 Group: Net financial debt

0

100

200

300 RCF

400325

200*

July 2009 2021

45.5Mortgages

NotesNotes

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

Reduction of net debt despite higher dividends and 9Live acquisition.Net debt ProSiebenSat.1 Group 2005 vs. 2004 (in EUR m)

Net debt/LTM-EBITDA0.9x

Current long-term credit ratings:

Moody‘s: Ba1 (Developing)

Fitch: BBB- (Positive outlook)

April 2009 May 2009

150

Debt instrumentsas per December 31, 2005

227.2

278.7

0

100

200

300

400

31.12.2004 31.12.2005

-18.5%


Page 24


Key Figures2005 2004

EUR m EUR m EUR m percent

Revenues 1,989.6 1,834.6 155.0 8.4

EBITDA 418.5 321.3 97.2 30.3

EBIT 382.7 285.2 97.5 34.2

Financial result -33.0 -68.7 35.7 52.0

Pre-tax pofit 350.7 217.5 133.2 61.2

Consolidated profit 220.9 133.6 87.3 65.3Earnings per share of preferred stock acc. to IAS (EUR) 1.02 0.64 0.38 59.4

Programming investments 907.3 923.4 -16.1 -1.7

Free cashflow* 70.1 122.8 -52.7 -42.9

Total assets 2,016.6 2,059.2 -42.6 -2.1

Shareholders' equity 1,187.7 1,004.1 183.6 18.3

Equity ratio 58.9% 48.8% -/- 20.7

EBITDA margin 21.0% 17.5% -/- 20.0

Net financial debt incl. Bond 227.2 278.7 -51.5 -18.5

Net financial debt/LTM-EBITDA 0.5x 0.9x -0.4 -44.4

Employees (averaging full-time equivalent jobs) 2,788 2,699 -/- 3.3

Changes

Figures 2005 are preliminary and unaudited. *Post acquisition of 9Live

Page 25


Subline [Arial 14, bold, schwarz]Weitere Zeile für Erläuterungen [Arial 14, light, schwarz].Results per segment (in EUR m)

2005 2004 % 2005 2004 % 2005 2004 % 2005 2004 %

Free TV 1,860.0 1,757.1 +5.9 1,811.1 1,721.9 +5.2 379.0 299.0 26.8 353.6 267.0 +32.4

Transaction TV 54.9 -/- -/- 54.0 -/- -/- 14.0 -/- -/- 8.0 -/- -/-

Other diversification 135.0 119.2 +13.3 124.5 112.7 +10.5 25.1 22.1 +13.6 21.5 18.8 +14.4

Revenues Operating profitEBITDAExternal revenues


Page 26


Subline [Arial 14, bold, schwarz]Weitere Zeile für Erläuterungen [Arial 14, light, schwarz].Station Results (in EUR m)

2005 2004 % 2005 2004 % 2005 2004 %

Sat.1 830.9 773.9 +7.4 161.3 97.8 +64.9 161.0 89.7 +79.5

ProSieben 751.7 749.9 +0.2 165.6 175.5 -5.6 167.1 175.1 -4.6

kabel eins 223.3 192.9 +15.8 46.6 26.5 +75.8 47.0 27.3 +72.2

N24 83.0 73.2 +13.4 10.0 2.8 +257.1 9.4 1.8 +422.2

Revenues Pre-tax profitEBITDA


Page 27



Outlook for 2006

Appendix

Record year 2005

Agenda

Page 28

Outlook 2006: Core business TV

GDP and consumer demand in real terms. Source: Statistisches Bundesamt, *2006: Wirtschaftsforschungsinstitute

Consumer demandReal GDP

Experts expect a slight improvement of the economy and private consumption 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

1.4 - 1.7

-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

0.2 - 0.5

1999 2001 2003 20052000 2002 2004 2006e*

Page 29Source: ZAW, WARC, Zenith Optimedia

2

-1.7

0.710.8 0.6

1.3

3.1

1.8

2.6

-2

-1

0

1

2

3

4

WARC Zenith ZAW WARC Zenith

2005

2006

Advertising market in total TV advertising market

Forecasts for the advertisng market and the TV advertising market in Germany.Net figures, in percent


Page 30


ProSiebenSat.1 Group expects the German net TV advertising market to grow 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 31

Outlook 2006: Core business television

Programming for 2006: Highlights of the stations

"Verliebt in Berlin" and a subsequent telenovela"Das Wunder von Bern"Comedies like "Schmitz komm raus!"Series and cycles like "Allein unter Bauern"Shows like "Promi ärgere Dich nicht!"

"Arabella Kiesbauer" "Studio 24" – Stories from Germany with Claudia Eberl (Current affairsmagazine with stories from Germany from 27.02.06)"Make Money" (AT) (New stock market show)

Blockbusters like "Fluch der Karibik"International premium series like "Grey's Anatomy"Entertainment events like "Germanys Next Topmodel by Heidi Klum"The accessprime highlight "Lotta in Love"More science e.g. with "Galileo Extra" and new BBC co-productions

"Die besten Filme aller Zeiten", e.g. "Der Mann in der eisernen Maske""Medium" – The US top serie as Free TV premiere in Germany"4 Flügel, Küche, Bad" – kabel eins builds a windmill"Quiz Taxi" – The slightly different quiz show with Thomas Hackenberg"Ultimate Desasters" – Four part international docu-co-production

Source: AGF/GfK-Fernsehforschung, SevenOne Media

Page 32

Outlook 2006: Digital

Signal protection

Expansion of reach

New revenuesources

Digital Rights Management to secure license requirementsEncryption of basic package

Addition distribution, additional reach for ProSiebenSat.1 channels

Share of feesShare of Pay revenues

Offers via DSLStreaming of stations: Sat.1, ProSieben, kabel eins, N24, 9LivePlanned: Pay channels of the Group: Sat.1 Comedy, kabel eins Classics

ProSiebenSat.1 Group has signed a contract with DSL provider Telefonica and is negotiating withother DSL providers.

Page 33

ProSiebenSat.1 Group: Strategic goals for 2006

Increase of revenues and earnings

Audience market share of around 30 percent (14-49)despite sports yearStrengthening of theposition in the TV advertising market

Strengthening of thecore business TV

Expansion of diversification Positioning for the digital world

Organic growthand acquisitionsIncreasing of thediversification up to morethan 12 percent

Launch of two Pay TV channels (Q2 2006)Program sales via DSL(IPTV/Vod)

Leading commercial TV Group in Germany

Page 34



Outlook for 2006

Appendix

Successes in fiscal 2005

Agenda

Page 35

German TV market: Ratings

Development of audience market shares.Audience share (14 to 49 age group) 2003 to 2005 (in percent)

RTL Group: n-tv: 50.0%, RTL II: 35.9%, Super RTL: 50.0%; Vox: 99.7% Source: RTL GroupSource: AGF/GfK Fernsehforschung / pc#tv aktuell / SevenOne Media

30.3%

12.1%

11.6%

5.2% 5.5%

0.5%0.8%

2004 2005

29.4%

16.8% 16.0%

5.5% 6.4%

2.5% 2.7%

0.6%0.5%

2004

7.5% 6.5%

2004 2005

25.3% 25.7%

8.8% 8.1%

8.0%7.3%

2004 2005

16.8%15.4%

11.7%

12.3%

2005

7.5%6.5%12.0%

11.5%

4.9%

0.5%

2003

18.2%

5.0%

2.3%

0.6%

2003

26.1%

7.1%

2003

7.1%

8.7%

7.6%

2003

16.3%

28.9%

Page 36


Key FiguresQ4 2005 Q4 2004

EUR m EUR m EUR m percent

Revenues 636.0 540.3 95.7 17.7

EBITDA 167.8 112.2 55.6 49.6

EBIT 156.8 104.7 52.1 49.8

Financial result -10.0 -9.0 -1.0 -11.1

Pre-tax profit 147.9 95.9 52.0 54.2

Consolidated profit 96.9 58.3 38.6 66.2Earnings per share of preferred stock acc. to IAS (EUR) 0.44 0.26 0.18 69.2

Programming investments 253.9 199.2 54.7 27.5

Free cashflow 162.7 166.7 -4.0 -2.4

Total assets 2,016.6 2,059.2 -42.6 -2.1

Shareholders' equity 1,187.7 1,004.1 183.6 18.3

Equity ratio (percent) 58.9% 48.8% -/- 20.7

EBITDA margin (percent) 26.4% 20.8% -/- 26.9

Net financial debt incl. Bond 227.2 278.7 -51.5 -18.5

Net financial debt/LTM-EBITDA 0.5x 0.9x -0.4 -44.4

Employees (averaging full-time equivalent jobs) 2,855 2,667 -/- 7.0

Changes

Figures 2005 are preliminary and unaudited

Page 37

ProSiebenSat.1 Media AG: Shareholder structure

SabanCapitalCompanies

Alpine Equity Partners

Bain Capital Investors

Hellman&

Friedman

Providence Equity Partners

Putnam Invest-ments

Quadrangle Group

Thomas H. Lee Partners

ProSiebenSat.1 Media AG

P7S1 Holding L.P.Axel Springer AG

100%

Free Float

German Media Partners L.P.

88.0% Voting shares

13.0% Preference shares

50.5% Share capital

12.0% Voting shares


12.0% Share capital

0.0% Voting shares


37.5% Share capital

Page 38

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

Documents

Results 2005 Annual Investors‘ and Analysts‘ Conference fileResults 2005 Annual Investors‘ and Analysts‘ Conference Guillaume de Posch, Chief Executive Officer Lothar Lanz,