2014 1H Results Presentation Milan, 29th July 2014

Broadcasting & Advertising

166 173 178 178

251 265 275 274

INDIVIDUALS

1H 2009 1H 2011 1H 2013

+9.2%

+7.2%

| 3 |

Average daily minutes* ITALY | Tv consumption trend (2009-2014)

* Average daily minutes vs. total Italian population

1H 2014

15-34 yrs

1H 2009 1H 2011 1H 2013 1H 2014

VIDEO ON LINE MARKET | Mediaset leads the ranking Video on line represents additional audience for broadcasters

2014 online video viewed +110% vs. 2013

0 20 40 60 80 100

MEDIASET

OTHERS MEDIASET 91 MILL LA REPUBBLICA 28 MILL CORRIERE 21 MILL RAI 11 MILL GAZZ. SPORT 8 MILL SKY 2 MILL OTHERS

Source: Audiweb Objects , video viewed in May 2014 - figures in millions

91 mio

28 mio

21 mio

11 mio

8 mio

2 mio

3,1mio

| 4 |

| 5 |

Commercial target, 15-64 years

ITALY 1H 2014 | Tv audience market

Source: Company elaborations on Auditel data, January - June * Including 1.2% of Premium Gallery and Tgcom24 (company estimate)

Others 13.0%

Rai 32.0%

La7 3.4%

Sky + Fox 8.8%

Discovery Group 6.6%

Mediaset* 36.2%

MEDIASET 1H 2014 | Multichannel audience share 24 hours - commercial target

MEDIASET DTT (Free+Pay)*

RAI DTT

SKY Channels

FOX Channels

Discovery

7.2%

6.5%

5.6%

2.3%

6.0%

8.1%

6.6%

6.7%

2.1%

6.6%

1H 2014 1H 2013

| 6 |

Source: Company elaborations on Auditel data, January - June * Including 1.2% of Premium Gallery and Tgcom24 (company estimate)

MEDIASET 1H 2014 | Multichannel kids audience share 24 hours - Target: children 4/14

MEDIASET DTT (Boing+Cartoonito)

RAI (Gulp + Yoyo)

Discovery (Frisbee + K2)

Disney Channels

12.0%

11.3%

7.0%

4.0%

1H 2014

Source: Company elaborations on Auditel data, January - June

| 7 |

5M14 vs. 5M13

Total Market

Television

Press

Radio

Internet*

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

-3.3%

-0.7%

-14.0%

-0.9%

-0.7%

ITALY 5M 2014 | Advertising market trend

| 8 |

1H 2013 1H 2014

1,061.1 1,019.2

Euro ml MEDIASET 1H 2014 | Total advertising revenues

-3.9%

Note: all platforms

| 9 |

| 10 |

Food -4.5%

Non Food -7.5%

TLC -22.2%

Auto -13.5%

Media -4.4%

Pharma +1.2%

Finance +14.5%

Retail +29.1%

MEDIASET 1H 2014 | Advertising Breakdown by Sector

Other +11.7%

1H 14 vs 1H 13

22%

12%

12%

16%

4% 18%

4%

8%

4%

MEDIASET | Innovation in advertising

To satisfy client needs…

VISIBILITY

TARGET PROFILING

INNOVATION

CONTENT INTEGRATION

…we create new formats:

BREAK IN NEWS

BREAK IN SHOW

TOP NEWS

TOP SPORT

TOP SOAP

SUPER TOP

| 11 |

Financials

MEDIASET GROUP 1H 2014 | P&L Highlights

Net Consolidated Revenues Italy Spain EBITDA Italy Spain EBIT Italy Spain FCF from core activities Italy Spain Group net financial position Italy Spain

(Euro ml.) 1H 2013 1H 2014

| 13 |

1,737.0 1,310.4

427.0

659.4 525.6 133.8

133.6 86.4 47.2

178.7 177.4

1.3

(1,536.4) (1,612.1)

75.8

1,724.8 1,257.4

468.0

668.3 479.3 189.0

109.5 29.4 80.1

165.2 104.3 60.9

(1,026.4) (1,179.1)

152.7

MEDIASET ITALIAN BUSINESS 1H 2014 | P&L Results

Net Consolidated Revenues Personnel Costs

Other Operating Costs

EBITDA Rights Amortisation

Other Amortisation & Depreciation

Operating Profit Financial Income (Losses)

Associates

Pre-Tax Profit Taxes

Minorities

NET PROFIT

(Euro ml.) 1H 2014 1H 2013

| 14 |

1,310.4 (221.8)

(563.0)

525.6 (357.8)

(81.4)

86.4 (29.7)

(0.8)

55.8 (32.3)

(5.9)

17.6

1,257.4 (223.8)

(554.2)

479.3 (381.5)

(68.4)

29.4 (39.6)

(1.4)

(11.6) (8.4)

(9.3)

(29.3)

(Euro ml.)

Total Net Revenues Total Gross advertising revenues

Commissions

Total Net Advertising Revenues

Pay Tv Revenues

Other Revenues

Total Costs Personel costs

Other operating costs

Total Operating costs

Rights Amortisation

Other Amortisation & Depreciation

Intra-company items

Integrated Tv Activities Operating profit

MEDIASET ITALIAN BUSINESS 1H 2014 | Integrated Tv Activities

| 15 |

1H 2013 1H 2014

1,283.9 1,061.1

(155.6)

905.5

280.2

98.3

(1,227.3) (199.6)

(522.5)

(722.1)

(357.8)

(59.1)

(88.3)

56.6

1,230.8 1,019.2

(148.8)

870.4

274.3

86.0

(1,234.4) (200.8)

(516.4)

(717.2)

(381.5)

(47.3)

(88.4)

(3.7)

251.2

9.9 14.5

(Euro ml.) Tv rights and cinema

Technical & immaterial

Total Investments

MEDIASET ITALIAN BUSINESS 1H 2014 | Investments

| 16 |

254.0 261.0 * (net of serie A rights)

1H 2014 1H 2013

239.5

Serie A rights (2015-18)

1,110.0

* 1,371.0 mio including Serie A rights

MEDIASET ITALIAN BUSINESS 1H 2014 | Cash flow statement

| 17 |

Initial Net Financial Position (01/01)

Cash Flow from Core Activities Cash Flow from Operations

Investments

Disinvestments

Change in Net Working Capital (CNWC)

Equity (investment)/ disinvestment

Free Cash Flow

Dividends

Cashed-in dividends

Change in consolidation area

Total Net Cash Flow

Final Net Financial Position (30/06)

Group Final Net Financial Position (30/06)

(Euro ml.) 1H 2014 1H 2013

(1,786.5)

177.4 461.2

(254.0)

42.4

(72.1)

0.5

177.9

(4.1)

0.6

-

174.4

(1,612.1)

(1,536.4)

(1,552.5)

104.3 433.3

(1,371.0)

-

1,042.0

271.8

376.1

-

0.6

(3.3)

373.4

(1,179.1)

(1,026.4)

Back up

Total Net Revenues 3rd Party Revenues

Intra-company items

Total Costs Personnel

Other operating Costs

Other Amortisation & Depreciation

Intra-company items

EI Towers Operating Profit

(Euro ml.)

MEDIASET ITALIAN BUSINESS 1H 2014 | EI Towers

| 19 |

1H 2013 1H 2014

116.4 26.5

89.9

(86.5) (22.2)

(40.5)

(22.3)

(1.6)

29.8

116.7 26.6

90.1

(83.6) (23.0)

(37.8)

(21.1)

(1.7)

33.1

MEDIASET SPANISH BUSINESS | Back up Slides

MEDIASET ESPANA 1H 2014 | P&L Results

| 21 |

Net Consolidated Revenues

Personnel Costs

Other Operating Costs

EBITDA

Amortisation & Depreciation

EBIT

Financial Income (Losses)

Associates

Pre-Tax Profit

Taxes

NET PROFIT

(Euro ml.) 1H 2013 1H 2014

427.0

(51.6)

(241.7)

133.8

(86.6)

47.2

(1.0)

(7.8)

38.4

(8.5)

30.1

468.0

(52.2)

(226.9)

189.0

(108.9)

80.1

(0.8)

(59.3)

20.0

1.1

21.4

113.4 115.0

5.7

(Euro ml.) Tv rights and cinema

Co-production

Total Investments

MEDIASET ESPANA 1H 2014 | Investments

| 22 |

122.4 123.5

1H 2014 1H 2013

2.7 2.6 Tangible & Intangible fixed assets

6.4

MEDIASET ESPANA 1H 2014 | Cash Flow Statement

| 23 |

Initial Net Financial Position

Free Cash Flow

- Cash Flow from Operations

- Investments

- Change in Net Working Capital (CNWC)

Change in Equity

Equity (Investments)/Disinvest.

Cashed in Dividends

Dividends

Change in consolidation area

Total Net Cash Flow

Final Net Financial Position (30/06)

(Euro ml.) 1H 2013 1H 2014

73.7

0.7

121.4

(122.4)

1.7

0.5

(0.3)

1.1

-

-

2.0

75.8

93.5

58.8

173.1

(123.5)

9.2

2.1

(3.5)

1.9

-

-

59.2

152.7

Note: reported as Mediaset Espana 1H2014 results report

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

Mediaset Group actual results and developments may differ materially from the ones expressed 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 of future performance.

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

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

Investor Relations Department: Tel: +39 02 2514.7008 Fax: +39 02 2514.6719 Email: investor.relations@mediaset.it WebSite: www.mediaset.it/investor/