Q1 2018 Investor Presentation
Cautionary Language This presentation contains forward-looking statements, including those relating to our capital needs, business strategy, expectations and intentions. Statements that use the terms believe, anticipate, trend, expect, plan, estimate, forecast, intend and similar expressions of a future or forward-looking nature identify forward-looking statements for purposes of the U.S. federal securities laws or otherwise. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements contained in this report. Important factors that contribute to such risks include, but are not limited to, those factors set forth under "Risk Factors in our most recent Quarterly Report on Form 10-Q as well as the following: the effect of changes in global and regional economic conditions and the extent, timing and duration of the recovery in our markets; levels of television advertising spending and the rate of development of the advertising markets in the countries in which we operate; the extent to which our debt service obligations and covenants may restrict our business; our exposure to additional tax liabilities as well as liabilities resulting from regulatory or legal proceedings initiated against us; our ability to refinance our existing indebtedness; our success in continuing our initiatives to diversify and enhance our revenue streams; our ability to make cost-effective investments in our television businesses, including investments in programming; our ability to develop and acquire necessary programming and attract audiences; our ability to consummate the sale of our operations in Croatia and Slovenia; and changes in the political and regulatory environments where we operate and in the application of relevant laws and regulations. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our filings. For a more detailed description of these uncertainties and other features, please see the Risk Factors section in our most recent Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on when they were made and we undertake no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures While CME reports its results in accordance with generally accepted accounting principles in the United States ( GAAP ), this presentation also refers to several non-gaap financial measures, including OIBDA, OIBDA margin, free cash flow and unlevered free cash flow. These non-gaap financial measures are used in managing the business, and as such management believes they may provide meaningful information to investors about underlying trends in our business. While our reporting currency is the dollar, our consolidated revenues and costs are divided across a range of European currencies and CME Ltd. s function currency is the Euro. Given the significant movement of the currencies in the markets in which we operate against the dollar, we believe that it is useful to provide percentage movements based on actual ( % Act ) percentage movements, which includes the effect of foreign exchange, as well as like-for-like percentage movements ( % Lfl ). The like-for-like percentage movement references reflect the impact of applying the current period average exchange rates to the prior period revenues and costs. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, CME s reported results prepared in accordance with GAAP. Please see the attached Financial Review for a description of non-gaap financial measures and reconciliations to the most directly comparable GAAP financial measures. 2
Leading Television Broadcaster in CEE 2017 Market information (Continuing operations) Combined population: more than 40 m Combined TV ad market size: approx. $807m (an increase of 6% at constant rates compared to 2016) TV ad market size by geography Bulgaria $105m Czech Republic $313m 1 1 Slovak Republic $144m Romania $245m 1 On July 9, 2017, we agreed to sell our Croatia and Slovenia operations, subject to obtaining regulatory approvals and other customary closing conditions. Accordingly, these operations are classified as held for sale and they are presented as discontinued operations for all periods in this presentation; and the discussion herein relates to our continuing operations in the four remaining operating segments. Source: International Monetary Fund ("IMF"), CME estimates Source: 2017 CME estimates at average 2017 exchange rates 3
Why invest in CME? Our Strategy: Leveraging popular content to maintain or increase our television audience share leadership and advertising market shares; Driving growth in television advertising revenues through our pricing strategies; Increasing carriage fees and subscription revenues to provide more diversified and predictable income; Expanding our online content offerings to further diversify revenues; and Maintaining a strict cost discipline and identifying cost synergies while safeguarding our brands and competitive strengths. Our Competitive Strengths: Market leading reach in television audience; Popular media brands; Our people; and Strong local content production and program library. 4
Leading Media Brands In 2017, btv was the strongest brand among the television stations in Bulgaria. For the last five years, TV Nova has been the most recognized brand for television audiences in the Czech Republic. The Nova Group won an award for set design and was recognized for its brand design in the Promax BDA Europe Awards. In 2017, PRO TV was reconfirmed for the 15th year, as the primary source of information for Romanians, both on television and online. Ever since its launch, Markíza has been the most recognizable TV brand in Slovakia. Markíza broadcasts one of the most trustworthy news among the Slovak broadcasters. Sources: btv - "My Love Marks" national ranking, Superbrand contest, TV Nova - Kantar TNS; TV Brand tracking, ProTV - Reuters Institute 2017 report, Markiza - Median 5
Net Revenues for Continuing Operations by Quarter Constant Exchange Rates 1 Actual Exchange Rates US$ m 200 180 160 140 120 100 80 60 40 20 0 Q1 +5% +8% +1% +13% 196 188 +5% +3% 171 173 +7% +8% +9% +13% +5% 152 147 +9% +5% 139 136 140 +5% +11% 130 126 +12% +14% 114 119 111 114 119 103 100 105 90 89 Q3 2015 Q3 2014 Q3 2013 Q2 2017 Q2 2016 Q2 2015 Q2 2014 Q2 2013 Q1 2018 Q1 2017 Q1 2016 Q1 2015 Q1 2014 Q1 2013 Q2 Q3 Q4 Q4 2017 Q4 2016 Q4 2015 Q4 2014 Q4 2013 Q3 2017 Q3 2016 US$ m Q1 Q2 Q3 Q4 200 180 160 140 120 100 80 60 40 20 0 101 113 112 103 106 139 134 156 143 147 136 Q3 2017 Q3 2016 Q3 2015 Q3 2014 Q3 2013 Q2 2017 Q2 2016 Q2 2015 Q2 2014 Q2 2013 Q1 2018 Q1 2017 Q1 2016 Q1 2015 Q1 2014 Q1 2013 119 111 108 102 99 175 178 170 159 Q4 2017 Q4 2016 Q4 2015 Q4 2014 Q4 2013 196 ¹ Reflects the impact of applying the most recent quarterly period average exchange rates to the prior period revenues. 6
OIBDA Margin for Continuing Operations by Quarter 40% 35% 35% 35% 30% 33% 30% 31% 30% 29% 26% 25% 20% 22% 19% 21% 22% 15% 16% 18% 10% 9% 11% 5% 0% Q1 Q2 Q3 Q4 FY 2015 2016 2017 2018 For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 42. 7
Last Twelve Months (LTM) OIBDA Trend by Quarter $m @ actual rates 200 150 100 82 96 104 108 109 117 123 131 137 142 146 151 166 175 50 22 0 (14) -50-100 (66) (49) Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 42. 8
Audience Performance Overview Bulgaria Czech Republic 50 45 40 35 46 42 47 44 43 40 45 46 42 42 50 40 30 39 36 40 38 39 40 37 37 38 35 30 20 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Romania Slovakia 50 45 40 30 20 32 29 29 30 30 30 27 27 27 27 35 25 31 27 28 28 29 26 27 28 29 26 10 15 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Prime Time Audience Share All Day Audience Share Sources: GARB (Bulgaria), ATO Nielsen Admosphere; Mediaresearch (Czech Republic), Kantar Media (Romania), PMT/ TNS SK (Slovakia), all shares in main TV sales target group. 9
Pro Forma Reduction of Long-term Debt and Related Obligations Improvement in operating results and expected proceeds from divestitures and warrant exercises should deliver a significant reduction in our leverage and debt service obligations. Gross long-term debt ($ millions) 1 : Debt service obligations ($ millions): 1,200 $1,124 $186 $988 120 $109 800 $70 $70 $290 $290 $705 $94 80 $45 $10 $85 $25 $10 $48 400 40 $578 $578 $578 $54 $50 $42 0 March 31, 2018 Actual Pro forma for proceeds Pro forma for debt repayment from warrant exercises 2 with sale proceeds 3 2018 Euro Term Loan 2019 Euro Term Loan 2021 Euro Term Loan Accrued Guarantee and Commitment Fees 0 4 4 2016 2017 2018e Interest and Guarantee Fees paid in kind Cash paid for Guarantee Fees that may be paid in kind (excluding cash payments for amounts previously paid in kind) Cash paid for interest (including mandatory cash-pay Guarantee Fees) 5 1 Based on March 31, 2018 exchange rates, excludes lease obligations. 2 103.6 million warrants outstanding as of March 31, 2018, including 100.9 million warrants held by Time Warner, Inc. that were exercised on April 25, 2018. We will use the proceeds from warrant exercises and excess cash on hand to repay EUR 110.0 million of debt. 3 On July 9, 2017, we agreed to sell our operations in Croatia and Slovenia, subject to obtaining regulatory approvals and other customary closing conditions. The repayment of debt with sale proceeds is expected to reduce our current borrowing cost to approximately 3.2% under new pricing grids in respect of our senior debt effective April 26, 2018. 4 Debt service obligations in 2016 and 2017 not adjusted for discontinued operations. 5 Pro forma for debt repayment with proceeds from warrant exercises and divestitures and applicable cost of borrowing, and excludes any incremental cash generated by the business used to repay debt. Not adjusted for discontinued operations. Source: Reported figures, CME estimates 10
Declining Net Leverage Ratio and Debt Service Obligations $113 $110 $114 $115 $129 $104 $100 $100 Q1 2018 Pro Forma $92 $77 $83 $68 $69 10.0 8.8 8.7 8.0 8.2 7.5 7.5 6.8 6.9 6.3 6.1 5.8 5.4 $56 4.8 $49 $40 4.3 4.3 $23 3.5 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Annualized run-rate debt service obligations 2 Net leverage ratio 3 Q1 2018 PF Q1 2018 PF Q1 2018 PF Warrants 4 Repricing 5 Divestitures 6 Wtd. average costs of 10.50% 10.58% 10.72% 10.72% 11.74% 9.45% 9.21% 9.21% 8.75% 7.25% 7.25% 6.00% 6.00% 5.00% 5.00% 4.06% 3.21% borrowing 1 Gross debt 1 $1,072 $1,042 $1,067 $1,073 $1,102 $1,104 $1,090 $1,088 $1,051 $1,065 $1,150.0 $1,128 $1,155 $1,123 $988 $988 $704 1 Based on published quarterly data and end of period exchange rates. Gross debt excludes lease obligations. 2 Calculated as gross debt multiplied by weighted average cost of borrowing, not adjusted for discontinued operations. 3 As defined in the reimbursement agreement with Time Warner. 4 On April 25, 2018, Time Warner exercised 100,926,996 warrants and we will apply the proceeds along with excess cash on hand, to repay EUR 110.0 million of the outstanding principal balance of the 2018 Euro Term Loan. 5 On April 25, 2018, we entered into a series of amendments (which are effective April 26, 2018) that modify certain terms of our senior debt, including a reduction in the rates payable under the pricing grids. The new weighted average cost of borrowing is applicable from the beginning of May 2018. 6 On July 9, 2017, we agreed to sell our operations in Croatia and Slovenia for EUR 230.0 million, subject to obtaining regulatory approvals and other customary closing conditions, and proceeds will be used to repay debt. 11
Consistently High Power Ratios 2015 All Day Audience Share and Market Share 2016 All Day Audience Share and Market Share 2017 All Day Audience Share and Market Share 70% 1.4x 1.7x 2.4x 2.0x 70% 1.3x 1.8x 2.4x 2.1x 70% 1.2x 1.6x 2.1x 2.2x 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% Bulgaria Czech Republic Romania Slovak Republic Bulgaria Czech Republic Romania Slovak Republic 0% Bulgaria Czech Republic Romania Slovak Republic Power ratio = Market share / Audience share The power ratio indicates a company s ability to convert ratings to revenue Our strong content and leadership positions enable us to generate more revenues from TV advertising. Sources: GARB (Bulgaria), ATO - Nielsen Admosphere; Mediaresearch (Czech Republic), Kantar Media (Romania) and PMT / TNS SK (Slovak Republic) for audience share; CME estimates for market share. 12
Increasing Carriage Fees and Subscription Revenues Year ended 2013-2017 Constant Exchange Rates (Lfl) 1 Actual Exchange Rates 50 40 44 40 40 38 50 40 46 40 40 44 (US$ m) 30 20 10 17 18 19 19 14 9 7 8 11 12 20 8 (US$ m) 30 20 10 16 20 18 19 19 11 8 7 10 12 25 8 0 1 1 1 2 Bulgaria Czech Rep. Romania Slovak Rep. 0 1 1 1 2 Bulgaria Czech Rep. Romania Slovak Rep. 2013 Total: US$ 44.3 2014 Total: US$ 62.4 2015 Total: US$ 67.1 2016 Total: US$ 72.7 2017 Total: US$ 83.2 2013 Total: US$ 53.2 2014 Total: US$ 74.3 2015 Total: US$ 66.6 2016 Total: US$ 71.3 2017 Total: US$ 83.2 1 Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues. In 2017, carriage fees and subscription revenues represented 25% of total segment net revenues in Bulgaria and 23% in Romania. From January 2017 our channels in Slovakia have been available exclusively on cable, satellite and IPTV platforms. Remaining future growth in consolidated carriage fees and subscription revenues is expected to come from contract renewals and growth in subscribers. Increases in carriage fees and subscription revenues reflects the appeal of our channels. 13
Questions and Answers Questions and Answers 14
What are the macro-economic trends? Real GDP Year-on-Year Change, % CME 2018F Average: 4.1% Total TV Ad Market (nominal) Year-on-Year Change, % CME 2017E Average: 6.2% 10 8 6 4 2 2015 2016 2017 YTD 2018 Source: Eurostat, CME forecast based on market consensus mainly from Erste, JPM, Deutsche Bank, The Economist, Citi, OECD, IMF, Unicredit, European Commission, Raiffeisen Bank. 16 14 12 10 8 6 4 2 2011 2015 2016 2012 2017 YTD 20132018 Source: CME internal estimates at constant currency exchange rates Real Private Consumtion Year-on-Year Change, % CME 2018F Average: 4.6% Consumer Price Index Average Year-on-Year Change, % CME 2018F Average: 2.8% 12 10 8 6 4 2 0 2015 2011 2016 20122017 YTD 20132018 Source: Eurostat, CME forecast based on market consensus mainly from The Economist, OECD, Unicredit, Eurostat. Note: Consensus analyst forecast and estimates are subject to change and comparative data may differ from those previously published. * Romania market excludes Moldova. 6 5 4 3 2 1 0-1 -2 2011 2015 20162012 2017 2013YTD 2018 Source National Statistical Offices. Bulgaria Czech Republic Romania* Slovak Republic CME Total 15
What are CME's leading programs? Bulgaria Czech Republic 45% 43% 37% 38% 36% 36% 31% 21% 20% 23% 24% 25% 10% 14% 16% 11% The Voice Dear Heirs Home Main News Makeover Romania Second The Street Survivor Main News Chances Slovakia 48% 34% 34% 27% 29% 22% 31% 32% 15% 15% 16% 17% 14% 16% 21% 7% Got Talent The Farm Las Fierbinti Main News In the Middle Dear Daddies Neighbours of Nowhere Main News CME 2018 Q1 actual audience share Competition 2018 Q1 actual audience share for the same time slot Data Source: Local TV data providers; All audience shares in channel's main sales target group. 16
What is your multichannel philosophy? BG CZ RO SK Main general entertainment TV channels 5 Other thematic TV channels 21 6 8 8 4 26 17
What is the leading advertising medium in your markets? Split of advertising expenditure among different media in CME markets 100% 16% 16% 17% 19% 18% 17% 17% 16% 15% 15% 13% 13% 80% 60% 29% 26% 24% 21% 19% 18% 17% 16% 7% 7% 9% 12% 12% 14% 17% 6% 14% 13% 18% 19% 12% 11% 19% 20% 40% 20% 49% 51% 52% 51% 51% 53% 52% 51% 53% 53% 56% 56% 39% 38% 38% 39% 40% 40% 40% 40% 40% 39% 39% 39% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TV Internet Print Other % TV as percentage of total advertising in the Developed Markets Source: Group M, December 2017. The Developed Markets are a combined group of 11 countries from within the European Union, predominantly in Western Europe, and the United States. TV continues to have the broadest reach and capture the highest share of advertising budgets in our markets. 18
What is the convergence potential of CME s markets? 2017 Total ad spend per capita and ad intensity US$ 500 0.80% 400 $376.0 300 200 Ad intensity 0.38% 0.37% 0.34% 0.17% 0.30% 100 $77.4 $65.5 $39.9 $26.8 $17.3 0 Czech Republic Slovak Republic Bulgaria Romania CME average Developed markets average Ad intensity is the ratio of total ad spend to GDP. Source: IMF, Group M December 2017 and CME estimates. Mix of advertised products CME markets Developed Markets Premium 40% 64% Basic 58% 32% Other 2% 4% Source: CME estimates, Group M The Developed Markets are a combined group of 11 countries from within the European Union, predominantly in Western Europe, and the United States. A shift toward more advertising of premium products would help drive convergence. 19
What is the convergence potential of CME s markets? (cont'd) Nominal GDP per capita US$ 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 CME markets 13,401 12,645 12,003 11,308 10,821 10,476 10,177 9,706 9,392 9,644 Growth rate 6% 5% 6% 5% 3% 3% 5% 3% (3)% 13% Developed Markets 47,976 46,528 45,525 44,152 42,822 41,987 41,142 40,087 38,987 40,299 Growth rate 3% 2% 3% 3% 2% 2% 3% 3% (3)% 1% Source: IMF, CME estimates Ratio of nominal GDP at PPP per 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 capita CME markets as a % of Developed Markets 54% 53% 51% 50% 49% 49% 48% 48% 48% 48% Source: IMF, CME estimates Total advertising spend per capita 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 CME markets 40 37 33 31 29 31 32 32 34 46 Growth rate 7% 13% 6% 7% (6)% (5)% 0% (5)% (27)% 14% Developed Markets 376 370 360 354 345 343 340 335 330 363 Growth rate 2% 3% 2% 3% 1% 1% 1% 1% (9)% (3)% Source: CME estimates, Group M, IMF Ad intensity 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 CME markets 0.30% 0.29% 0.28% 0.28% 0.27% 0.29% 0.32% 0.33% 0.36% 0.48% Developed Markets 0.78% 0.80% 0.79% 0.80% 0.81% 0.82% 0.83% 0.84% 0.85% 0.90% Source: IMF, CME estimates The Developed Markets are a combined group of 11 countries from within the European Union, predominantly in Western Europe, and the United States. Growth in CME markets is again outpacing the Developed Markets. 20
How was linear television distributed in CME s markets in Q1 2018? Households 1 2 Q1 2018 Penetration DTT DTH Cable IPTV Bulgaria 2.9 million 8% 41% 40% 11% Czech Republic 4.3 million 53% 21% 19% 7% Romania 7.0 million 1% 3 23% 76% 0% Slovak Republic 1.7 million 9% 45% 26% 20% 1 Sources: National Statistical Institute, GARB (Bulgaria), Nielsen Admosphere (Czech Republic), Kantar Media Audiences (Romania) and TNS (Slovak Republic). 2 Sources: CME estimates for the penetration of the primary source of viewing of TV households for 2017 based on country data available. 3 Refers to analogue terrestrial since the transition to DTT is not complete. Consumption of linear television from DTH, Cable and IPTV platforms in Slovakia has increased since early 2017. 21
Segment Review 22
Czech Republic: Segment Results US$ m Q1 2017 Q1 2018 % Act % Lfl¹ TV ad market & Audience Performance 80% TV advertising revenues 35.1 45.4 29.3% 5.5% 60% 59 58 61 62 59 Carriage fees & subscription revenue 2.6 3.9 48.5% 21.2% 40% 39 40 39 40 36 38 37 37 38 35 Other revenues 1.7 2.2 28.5% 4.8% 20% Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Net revenues 39.5 51.5 30.6% 6.5% TV Ad Market Share Prime Time Audience Share Costs charged in arriving at OIBDA 28.7 36.2 25.9% 2.7% OIBDA 10.7 15.4 43.0% 16.6% 8% 6% All Day Audience Share Total TV Ad Market Year-on-Year Change 6% 6% OIBDA Margin 27.2% 29.8% 2.6p.p. 2.6p.p. ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. Sources: Audience share, ATO - Nielsen Admosphere; Mediaresearch (all audience share data is for the 15-54 target group). TV ad market and TV ad market share represents CME s internal estimates at constant currency exchange rates. 4% 2% 0% Q1 2017 Q1 2018 23
Channel Portfolio Czech Republic Category / genre Main channel Secondary channel General cinema Series Male oriented Retro entertainment Sport Content type General entertainment General entertainment Foreign movies / series Foreign series Local library Sport events Core target 15-54 All 15-45 All, slight female skewing 15-54 All 25-44 males 45+ Male 2017 AD 15-54 2017 PT 15-54 23.7% 27.9% 3.0% 2.6% 6.4% 5.7% 2.8% 2.5% 0.9% 0.8% N/A-carriage fee driven Distribution DTT, Cable, IPTV, DTH DTT, Cable, IPTV, DTH DTT, Cable, IPTV, DTH DTT, Cable, IPTV, DTH DTT, Cable, IPTV, DTH Cable, IPTV, DTH Description Full-format general entertainment, flagship station geared towards mainstream audience Full-format, general entertainment, secondary channel geared towards younger, more urban audience Cinema channel with library blockbuster, classics and other library movie and series titles Male-oriented series channel Retro channel for older target groups Pay sports channel, carriage agreements with all of the largest carriers in the Czech Republic and Slovakia Defining brands Source: ATO Nielsen Admosphere; Mediaresearch 24
Romania: Segment Results US$ m Q1 2017 Q1 2018 % Act % Lfl¹ TV ad market & Audience Performance TV advertising revenues 28.1 33.4 18.9 % 6.1 % 70% 50% 61 58 59 57 58 Carriage fees & subscription revenue 10.1 11.8 17.5 % 5.0 % 30% 32 29 29 30 30 30 27 27 27 27 10% Other revenues 0.8 0.7 (7.0)% (17.1)% Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 TV Ad Market Share Net revenues 38.9 46.0 18.0 % 5.4% Prime Time Audience Share Costs charged in arriving at OIBDA 24.5 27.1 10.6 % (1.3)% OIBDA 14.5 18.9 30.7 % 16.7 % 40% 30% 32% All Day Audience Share Total TV Ad Market Year-on-Year Change OIBDA Margin 37.1% 41.1% 4.0 p.p. 4.0 p.p. ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. Sources: Audience share, Kantar Media (all audience share and leadership data is for the 18-49 Urban target group).tv ad market share represents CME s internal estimates at constant currency exchange rates. 20% 10% 0% 11% Q1 2017 Q1 2018 25
Channel Portfolio Romania Category / genre Main channel Romance General cinema Male entertainment Music / lifestyle Romance Content type General entertainment Telenovelas Foreign movies Sport news Foreign series Music / series Classic telenovelas Core target 18-49 Urban 15-49 Urban 18-49 Urban 18-49 Urban 15-49 Urban 18-49 Urban 2017 AD 18-49 Urban* 2017 PT 18-49 Urban* 23.3% 27.0% 1.6% 1.3% 1.5% 1.1% 0.6% 0.6% 0.0% 0.0% 0.4% 0.3% Distribution Cable, DTH, IPTV Cable, DTH, IPTV Cable, DTH, IPTV Cable, DTH, IPTV Cable, DTH, IPTV Cable, DTH, IPTV Description Full-format, general entertainment, flagship station targeting active urban audience Female-oriented channel with Turkish series, Indian series and Latin American novelas. Cinema channel with library classics and other library movie and series Male-oriented sport and entertainment channel Music channel broadcasting music, urban culture, R&E and inter music events Female-oriented channel broadcasting classic telenovelas and local library Defining brands * Source: Kantar Media 26
Slovak Republic: Segment Results US$ m Q1 2017 Q1 2018 % Act % Lfl¹ 75% TV ad market & Audience Performance TV advertising revenues 16.1 19.8 23.6% 7.5 % 55% 62 59 58 59 60 Carriage fees & subscription revenue 1.5 2.2 48.4% 28.8 % 35% 15% 27 28 28 29 31 26 27 26 28 29 Other revenues 0.8 0.9 12.1% (7.1)% Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 TV Ad Market Share Net revenues 18.3 23.0 25.2% 8.6 % Prime Time Audience Share Costs charged in arriving at OIBDA 17.6 21.9 24.2% 7.8 % OIBDA 0.7 1.1 47.5% 27.2 % OIBDA Margin 4.1% 4.8% 0.7 p.p. 0.7 p.p. ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. 2 Number is not meaningful. Sources: Audience share, PMT / TNS SK (all audience share and leadership data is for the 12-54 target group). TV ad market share represents CME s internal estimates at constant currency exchange rates. 16% 12% 8% 4% 0% -4% -8% (4)% All Day Audience Share Total TV Ad Market Year-on-Year Change 12% Q1 2017 Q1 2018 27
Channel Portfolio Slovakia Category / genre Main channel Romance / Relax / Emotions Action / Adrenalin Content type General entertainment Foreign movies / series, archive local fiction series Foreign movies / series Sport events Core target 12-54 All Female 12-54 Male 12-54 2017 AD 12-54* 2017 PT 12-54* 19.5% 20.3% 3.7% 4.1% 3.8% 3.9% Distribution Cable, IPTV, DTH Cable, IPTV, DTH Cable, IPTV, DTH Description Full-format, general entertainment, flagship station geared towards mainstream audience Female-oriented channel built on romance, relationships and relaxation Turkish and Latin-American soap operas and romantic movies Male-oriented channel using library action and sci-fi series and sport content Defining brands * Source: PMT/ TNS SK 28
Bulgaria: Segment Results US$ m Q1 2017 Q1 2018 % Act % Lfl¹ TV ad market & Audience Performance 60% TV advertising revenues 9.8 13.1 34.4% 16.6 % Carriage fees & subscription revenue 4.7 5.3 13.6% (1.4)% 50% 40% 49 46 42 50 52 52 51 45 46 47 43 44 40 42 42 30% Other revenues 0.9 1.0 15.2% 0.0% Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 TV AD Market Share Net revenues 15.3 19.4 27.0% 10.2 % Prime Time Audience Share All Day Audience Share Costs charged in arriving at OIBDA 14.0 16.5 17.1% 1.6 % 15% Total TV Ad Market Year-on-Year Change OIBDA 1.3 3.0 137.0% 105.4 % 10% 10% OIBDA Margin 8.2% 15.3% 7.1 p.p. 7.1 p.p. ¹ Like for-like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues and costs. Sources: Audience share, GARB (all audience share and leadership data is for the 18-49 target group). TV ad market share represents CME s internal estimates at constant currency exchange rates. 5% 0% 6% Q1 2017 Q1 2018 29
Channel Portfolio Bulgaria Category / genre Main channel General cinema Comedy / family Romance Action / adrenalin Sport Content type General Movies Series, animation, movies Soap operas / series Movies / series / sports Sport events Core target 18-49 All 18-49 All 18-34 All 18-49 Female 18-49 Male 18-49 Male 2017 AD 18-49* 2017 PT 18-49* 31.8% 34.8% 3.1% 4.1% 3.1% 2.6% 0.5% 0.5% 3.1% 3.2% 0.3% 0.3% Distribution DTT, Cable, IPTV, DTH Cable, IPTV, DTH Cable, IPTV, DTH Cable, IPTV, DTH Cable, IPTV, DTH Cable, IPTV, DTH Description Full-format, general entertainment, flagship station geared towards mainstream audience Cinema channel with library blockbuster, classics and other library movies Family-oriented comedy channel using library sitcoms, animation and comedy films Female-oriented channel broadcasting soap operas (local and foreign) and romantic series Male-oriented channel using library action and sci-fi series and sport content Male-oriented main sport channel Defining brands * Source: GARB 30
Financial Review 31
Revenues by Segment Net Revenues US$ m Variance Q1 2017 Q1 2018 Actual % Lfl % 1 Bulgaria 15.3 19.4 27.0 % 10.2% Czech Republic 39.5 51.5 30.6 % 6.5% Romania 38.9 46.0 18.0 % 5.4% Slovak Republic 18.3 23.0 25.2 % 8.6% Intersegment revenues (0.3) (0.7) NM 2 NM 2 Total net revenues 111.7 139.2 24.6 % 6.8% ¹ Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues. ² Number is not meaningful. The percentage growth figures have been derived from data included in our Form 10-Q for the period ended March 31, 2018. 32
OIBDA by Segment US$ m OIBDA Variance Q1 2017 Q1 2018 ¹ Like-for-Like currency variance reflects the impact of applying the current period average exchange rates to the prior period revenues. ² Number is not meaningful. The percentage growth figures have been derived from data included in our Form 10-Q for the period ended March 31, 2018. See also Non-GAAP Financial Measures beginning on slide 42. Actual % Lfl % 1 Bulgaria 1.3 3.0 137.0 % 105.4 % Czech Republic 10.7 15.4 43.0 % 16.6 % Romania 14.5 18.9 30.7 % 16.7 % Slovak Republic 0.7 1.1 47.5 % 27.2 % Eliminations 0.0 0.0 NM 2 NM 2 Operations sub-total 27.2 38.4 41.0 % 21.3 % Central costs (6.1) (7.7) (25.8)% (4.4)% Total 21.1 30.7 45.4 % 26.4 % 33
FY Revenues & OIBDA by Segment from Continuing Operations Total net revenues (US$ m) Three months ended, Year ended, March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 December 31, 2017 Bulgaria 15.3 20.8 16.0 25.2 77.3 Czech Republic 39.5 53.4 42.7 73.5 209.0 Romania 38.9 48.6 40.5 63.3 191.2 Slovak Republic 18.3 24.6 20.4 34.4 97.7 Intersegment revenues (0.3) (0.4) (0.1) (0.2) (1.1) Total net revenues 111.7 146.9 119.4 196.2 574.2 OIBDA & Operating income Three months ended, Year ended, (US$ m) March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 December 31, 2017 Bulgaria 1.3 3.0 2.4 9.6 16.2 Czech Republic 10.7 25.4 12.4 34.1 82.7 Romania 14.5 22.1 15.3 21.6 73.4 Slovak Republic 0.7 7.4 2.8 12.9 23.8 Eliminations 0.0 0.0 0.0 0.0 0.0 Total Operating Segments 27.2 57.9 32.9 78.1 196.1 Corporate (6.1) (6.2) (7.8) (10.5) (30.6) Total OIBDA 21.1 51.7 25.1 67.6 165.5 Depreciation of property, plant and equipment (6.0) (6.5) (6.9) (7.6) (27.0) Amortization of broadcast licenses and other intangibles (2.1) (2.1) (2.2) (2.2) (8.6) Operating income 13.0 43.2 16.0 57.8 129.9 Please refer to our Form 10-K for the year ended December 31, 2017 for the financial statements and related notes and disclosures. 34
Consolidated Revenues by Type Consolidated Revenues US$ m Three months ended March 31, Variance 2017 2018 Actual% Lfl% TV advertising revenues 89.1 111.8 25.5% 7.2 % Carriage fees & subscription revenue 18.9 23.3 23.4% 7.8 % Other revenues 3.8 4.1 7.8% (9.1)% Net revenues 111.7 139.2 24.6% 6.8 % Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 35
Summary Consolidated Statements of Operations US$ m (except per share data) Three months ended March 31, 2017 2018 Net revenues 111.7 139.2 Content costs 58.6 69.8 Other operating costs 11.3 12.7 Depreciation and amortization 8.1 9.7 Selling, general and administrative costs 20.7 26.0 Operating income 13.0 20.9 Interest expense (19.0) (15.0) Loss on extinguishment of debt (0.1) Non-operating income, net 2.2 4.2 Provision for income taxes (2.2) (3.9) (Loss) / income from continuing operations (6.0) 6.1 (Loss) / income from discontinued operations, net of tax (5.3) 1.0 Net (loss) / income (11.3) 7.1 Net loss attributable to noncontrolling interests 0.2 0.2 Net (loss) / income attributable to CME Ltd. (11.1) 7.3 Continuing operations basic (0.05) 0.01 Continuing operations diluted (0.05) 0.01 Discontinued operations basic (0.04) 0.01 Discontinued operations diluted (0.04) 0.00 Net (loss) / income attributable to CME Ltd. per share - basic (0.09) 0.02 Net (loss) / income attributable to CME Ltd. per share - diluted (0.09) 0.01 Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 36
Summary Consolidated Balance Sheet US$ m As at December 31, 2017 As at March 31, 2018 Current assets 316.6 325.2 Current assets held for sale 1 148.2 143.5 Non-current assets 1,163.3 1,181.2 Total assets 1,628.1 1,649.9 Current liabilities 156.1 184.0 Current liabilities held for sale 1 32.1 33.4 Non-current liabilities 1,181.0 1,151.9 Total liabilities 1,369.2 1,369.3 Series B Convertible Redeemable Preferred Stock 264.6 267.0 CME Ltd. shareholders' (deficit) / equity (5.8) 14.1 Noncontrolling interests 0.0 (0.4) Total liabilities and equity 1,628.1 1,649.9 Cash & cash equivalents 54.9 74.3 Gross debt 2 (1,164.3) (1,133.2) Net debt (1,109.4) (1,058.9) 1 On July 9, 2017, we agreed to sell our Croatia and Slovenia operations, subject to obtaining regulatory approvals and other customary closing conditions. Accordingly, these operations are classified as held for sale. 2 Gross debt is the full face value of all outstanding debt and related payables. Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 37
Summary Cash Flow US$ m Three months ended March 31, 2018 2017 2018 Net cash generated from continuing operating activities 50.4 66.5 Net cash used in continuing investing activities (5.9) (4.1) Net cash used in continuing financing activities 0.0 (60.4) Net cash provided by discontinued operations 1.1 14.8 Impact of exchange rate fluctuations (0.2) 2.5 Net increase in cash and cash equivalents 45.4 19.4 Supplemental disclosure of cash flow information and non-cost items from continuing operations: Cash paid for interest (including mandatory cash-pay Guarantee Fees) 4.1 4.2 Cash paid for income taxes, net of refunds 2.1 4.0 Accretion on Series B Convertible Redeemable Preferred Stock 2.4 2.4 Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 38
Debt Maturity Profile and Cash Flow Maturity as at March 31, 2018 1 (US$ m) Maturity as at April 26, 2018 1 (US$ m) 800 800 600 600 400 200 186 290 578 400 200 290 578 0 2018 2019 2020 2021 2022 2023 0 50 2 3 3 2018 2019 2020 2021 2022 2023 2018 Euro Term Loan 2019 Euro Term Loan 2021 Euro Term Loan 1 Translated at FX rates as at March 31, 2018. 2 Pro forma for EUR 110.0 million repayment of debt using proceeds from warrant exercises and cash on hand. 3 On April 25, 2018, we entered into a series of amendments (effective April 26, 2018) which modify certain terms of our Euro Term Loans, including an extension to the maturity date of the 2019 Euro Term Loan, the 2021 Euro Term Loan and the 2021 Revolving Credit Facility. Components of free cash flow Three months ended March 31, (US$ m) 2017 2018 Variance OIBDA 21 31 10 Change in working capital 32 38 6 Interest, taxes, and other (7) (7) 0 Net investment in programming 4 4 0 Cashflow from operations 50 67 17 Capex (6) (4) 2 Free cash flow 44 62 18 Cash paid for interest (including mandatory cash-pay guarantee fees) 4 4 0 Unlevered free cash flow 49 67 18 See Non-GAAP Financial Measures beginning on slide 42. Amounts in table derived from data included in our Form 10-Q for the period ended March 31, 2018. 39
Debt Structure As at March 31, 2018 1 Drawn Total facility Current US$ m US$ m LC 2 m all-in rate 4 Maturity 2018 Euro Term Loan 185.8 185.8 EUR 150.8 3.75% 3 May 1, 2019 2019 Euro Term Loan 290.0 290.0 EUR 235.3 3.75% 3 Nov 1, 2021 6 2021 Euro Term Loan 577.6 577.6 EUR 468.8 4.25% 3 April 26, 2023 6 2021 Revolving Credit Facility USD 75.0 L+4.00% 5 April 26, 2023 6 Accrued guarantee and commitment fees 69.6 Gross debt and related payables 1,123.0 Lease Obligations 10.2 Total debt and related payables 1,133.2 Less: Unrestricted cash (74.3) Net debt 1,058.9 Weighted average borrowing cost of gross debt 4 4.06% ¹ Debt in currencies other than US$ are translated at FX rates as at March 31, 2018. Debt terms reflect transaction entered into April 25, 2018. ² LC: local currency. 3 Reflects rates payable under new pricing grids in a transaction effective April 26, 2018, which depend on CME's net leverage ratio as outlined in the tables below. In addition, we can achieve a further reduction of up to 50 basis points in the all-in rate if we reduce our long-term debt to less than EUR 815.0 million, subject to certain adjustments in respect of specified debt repayments, on or prior to September 30, 2018. 2018 and 2019 Euro Term Loan 2021 Euro Term Loan Consolidated Net Leverage Total Rate 7.0x 6.00% < 7.0x - 6.0x 5.00% < 6.0x - 5.0x 4.25% < 5.0x - 4.0x 3.75% < 4.0x 3.25% Consolidated Net Leverage Total Rate 7.0x 6.50% < 7.0x - 6.0x 5.50% < 6.0x - 5.0x 4.75% < 5.0x - 4.0x 4.25% < 4.0x - 3.0x 3.75% < 3.0x 3.50% 4 Rates are effective from May 2018. 5 Effective April 26, 2018, total all-in rate ranges from LIBOR+6.25% (subject to a floor of 2%) to LIBOR+3.25% (subject to a floor of 2%), depending on CME's net leverage ratio. 6 Maturity dates extended in transaction entered into April 25, 2018. Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 40
Equity Structure and Outstanding Equity Instruments Total Class A shares and other instruments outstanding As at March 31, 2018 Total Class A shares and equivalents held by TWX Class A Common Shares 148,235,428 61,407,775 Convertible instruments (as converted basis): Series A Convertible Preferred Share 11,211,449 11,211,449 Series B Convertible Redeemable Preferred Shares¹ 110,175,420 110,175,420 Total Warrants 2 3 103,573,640 100,926,996 Stock-based Compensation 4,862,878 Diluted Class A Common Shares 378,058,815 283,721,640 TWX interest in CME 75% ¹ Based on the accreted value of 200,000 shares issued and outstanding at March 31, 2018 without giving effect to additional accretion after such date. ² Generally exercisable until May 2, 2018 at an exercise price of US$1.00 per share. 3 On April 25, 2018, Time Warner exercised their warrants and the proceeds of US$ 100.9 million, along with cash generated by the business, will be used to repay EUR 110.0 million of debt. Pro forma as at April 25, 2018 Shares of Class A Common Stock Series A Convertible Preferred Share 1 Series B Convertible Redeemable Preferred Shares 2 Ownership % of Shares of Class A Common Stock Shares outstanding, excluding Time Warner 87,313,762 35.0% 3 Time Warner 162,334,771 1 200,000 65.0% Total 249,648,533 1 200,000 100% 1 The single share of Series A Convertible Preferred Stock is convertible into 11,211,449 shares of Class A common stock. 2 The shares of Series B Convertible Redeemable Preferred Stock are non-voting stock, convertible at the option of Time Warner at a conversion price of $2.42, subject to customary anti-dilution provisions, and redeemable at the option of CME, subject to the conversion right of Time Warner. The accretion rate is 3.75% per annum from June 25, 2016 until June 25, 2018. If the shares are converted on June 25, 2018, and there are no further adjustments to the conversion price under the Certificate of Designation for the Series B Preferred Shares, TW Investor would be issued 111.1 million shares of Class A common stock upon conversion. 3 In connection with its exercise of warrants to acquire 100,926,996 shares of Class A common stock (the Warrant Shares ), Time Warner and TW Investor issued standing proxies, pursuant to which they granted the right to vote the Warrant Shares in all matters at general meetings of the Company other than a change of control, to the independent directors of the Company. In accordance with the standing proxies, such Warrant Shares will be voted in proportion to votes cast at a general meeting of the Company, excluding such Warrant Shares. In addition to the Warrant Shares subject to the standing proxies, Time Warner owns 61,407,775 shares of Class A common stock and one share of the Series A Preferred Stock, which is entitled to one vote for each of the 11,211,449 shares of Class A common stock underlying it. The Series B Convertible Redeemable Preferred Shares are non-voting, except in certain circumstances. 41
Non-GAAP Financial Measures In this presentation we refer to several non-gaap financial measures, including OIBDA, OIBDA margin, free cash flow and unlevered free cash flow. We believe that each of these metrics is useful to investors for the reasons outlined below. Non-GAAP financial measures may not be comparable to similar measures reported by other companies. Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, US GAAP financial measures. We evaluate our consolidated results and the performance of our segments based on net revenues and OIBDA. We believe OIBDA is useful to investors because it provides a meaningful representation of our performance, as it excludes certain items that do not impact either our cash flows or the operating results of our operations. OIBDA and unlevered free cash flow are also used as components in determining management bonuses. OIBDA includes amortization and impairment of program rights and is calculated as operating income / loss before depreciation, amortization of intangible assets and impairments of assets and certain unusual or infrequent items that are not considered by our co- CEOs when evaluating our performance. From January 1, 2018, stock-based compensation and certain operating costs incurred on behalf of our segments at the corporate level have been allocated to our segments for purposes of evaluating their performance. Prior period information has been recast to conform to the current period presentation. Our key performance measure of the efficiency of our consolidated operations and our segments is OIBDA margin. We define OIBDA margin as the ratio of OIBDA to net revenues. Following a repricing of our Guarantee Fees in March 2017 and April 2018, the proportion of interest and related Guarantee Fees on our outstanding indebtedness that must be paid in cash has increased. In addition to this obligation to pay more Guarantee Fees in cash, we expect to use cash generated by the business to pay certain Guarantee Fees that were previously paid in kind. These cash payments are all reflected in free cash flow; accordingly we believe unlevered free cash flow, defined as free cash flow before cash payments for interest and Guarantee Fees, best illustrates the cash generated by our operations when comparing periods. We define free cash flow as net cash generated from continuing operating activities less purchases of property, plant and equipment, net of disposals of property, plant and equipment and excluding the cash impact of certain unusual or infrequent items that are not included in costs charged in arriving at OIBDA because they are not considered by our co-ceos when evaluating performance. For additional information regarding our business segments, see Part I, Item 1, Note 19, "Segment Data" in our Form 10-Q. 42
Non-GAAP Financial Measures - Reconciliation Three months ended March 31, US$ m 2017 2018 Operating income 13.0 20.9 Depreciation of property, plant and equipment 6.0 7.4 Amortization of intangible assets 2.1 2.4 OIBDA 21.1 30.7 Three months ended March 31, US$ m 2017 2018 Net cash generated from continuing operating activities 50.4 66.5 Capex additions, net of disposals (5.9) (4.1) Free cash flow 44.5 62.4 Cash paid for interest (including mandatory cash-pay Guarantee Fees) 4.1 4.2 Unlevered free cash flow 48.6 66.7 Please refer to our Form 10-Q for the year ended March 31, 2018 for the full financial statements and related notes and disclosures. Amounts in table derived from data included in our Form 10-Q for the period ended March 31, 2018. 43
Non - GAAP Financial Measures - Reconciliation Last Twelve Months (LTM) US$ m LTM operating (loss) / income Depreciation of property, plant and equipment Amortization of intangible assets Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 (179.0) (161.0) (133.0) (97.0) 32.6 29.0 44.1 79.3 87.8 114.4 121.9 100.2 105.5 109.7 113.1 117.7 129.9 137.9 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 27.3 26.8 26.9 27.2 25.0 24.3 23.6 22.9 21.3 21.6 22.1 22.6 23.1 23.5 24.2 25.3 27.0 28.4 13.8 13.3 13.2 12.8 12.3 12.6 12.9 12.4 12.1 10.6 9.3 8.8 8.3 8.3 8.3 8.4 8.6 8.8 Q1 2018 Other items¹ 6.9 6.9 8.6 26.8 19.9 (10.0) (11.8) (30.0) (30.0) Impairment charge 72.0 72.0 72.0 72.0 3.3 3.3 3.3 3.3 LTM OIBDA (65.9) (48.8) (14.0) 21.9 81.9 96.1 103.8 108.0 109.4 116.6 123.3 131.5 136.9 141.5 145.5 151.3 165.5 175.1 1 Other items reflect accruals that were subsequently reversed related to tax audits in Romania, and a fine that was later overturned in Slovenia. Since the charges recorded were not included in OIBDA, our subsequent reversal of these charges were similarly excluded from OIBDA. Please refer to our Form 10-Q for the period ended March 31, 2018 for the full financial statements and related notes and disclosures. 44
CME Board of Directors Independents John K. Billock Independent Director, Non-Executive Chairman of the Board and member of the Compensation Committee Member of the Board of Advisors of Simulmedia, Inc. Former Director of TRA Inc., TiVo Research and Analytics, Inc., and Juniper Content Corporation. Previous roles with Time Warner Cable and Home Box Office Parm Sandhu Independent Director, Chairman of the Corporate Governance/Nominating Committee and member of the Audit Committee Alfred W. Langer Non-executive director of Eir and Hibu Chairman of Crystal Almond Holdings Former Chief Executive Officer of Unitymedia Independent Director, Chairman of the Audit Committee and member of the Corporate Governance/Nominating Committee Former CFO of Solvadis Independent consultant in financial and organizational areas Kelli Turner Bruce Maggin Independent Director and member of the Audit Committee and member of the Compensation Committee EVP, Operations, Corporate Development and CFO at SESAC, INC. General Partner of RSL Venture Partners L.P. and former CFO of RSL Management Corporation Previous roles with Martha Stewart Living Omnimedia, Inc. and Time Warner, Inc. Independent Director, Chairman of the Compensation Committee and member of the Corporate Governance/Nominating Committee Managing Partner and Principal of the H.A.M Media Group, an international investment and advisory firm specializing in the entertainment and communications industries Non-Independents Paul T. Cappuccio Director Executive Vice President and General Counsel, Time Warner Inc. Former partner at Kirkland & Ellis Independent director of Chipotle Mexican Grill, Inc. Doug Shapiro Director EVP & Chief Strategy Officer, Turner, Inc. Former Senior Vice President, International and Corporate Strategy at Time Warner Inc. Former senior analyst at Banc of America Securities Gerhard Zeiler Director President of Turner International, Inc. Non-Executive Board member of Vonovia Former Chief Executive Officer of RTL Group Former member of the Executive Board of Bertelsmann SE & Co. 45
Contact Information Prague Office Kříženeckého nám. 1078/5 152 00 Prague 5 Barrandov Czech Republic www.cme.net Mark Kobal Head of Investor Relations Email: mark.kobal@cme.net Telephone: +420 242 465 576 46