Overall Assessment of Future Development - Management View

We are optimistic about the future. We are growing dynamically thanks to the high reach of our TV stations and consistently connecting the TV portfolio to our digital offers. Forecasts for the television business and our digital markets are also positive. This is why we expect consolidated revenues and operating earnings figures EBITDA, adjusted EBITDA and adjusted net income to further increase in 2017. All segments will contribute to this. In the TV segment, we intend to further achieve solid and profitable growth. In the other three segments, we will continue our dynamic development. The digital commerce portfolio will continue to be our largest growth driver in the future. We aspire to generate more than 50 % of our revenues outside the TV advertising business by 2018. Overall, we are seeking to increase consolidated revenues to EUR 4.5 billion by 2018, which is EUR 300 million more than originally expected. Adjusted EBITDA is expected to rise by EUR 400 million to EUR 1.15 billion compared to 2012. Acquisitions will also continue to drive profitable revenue growth. We are sticking to a target range for the leverage ratio of 1.5 to 2.5. Our aim is to continuously increase the Company’s value and establish new revenue drivers that our shareholders can benefit from in the long run. With free advertising time on TV, we have an additional investment currency: This allows us to efficiently invest in growth without large amounts of cash and to distribute an attractive dividend at the same time, which we will maintain.