2016 Q3 Investor Presentation...Q3 2016 Investor Presentation 2 Cautionary Language This...

Q3 2016Investor Presentation

2

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 forpurposes 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-lookingstatements 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 whichmight 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-lookingstatements 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 asthe following: levels of television advertising spending and the rate of development of the advertising markets in the countries in which we operate; the impact of global economicconditions on our markets; the extent to which our liquidity constraints and debt service obligations restrict our business; our success in continuing our initiatives to diversify and enhanceour revenue streams; our ability to make cost-effective investments in our television businesses, including investments in programming; our ability to develop and acquire necessaryprogramming and attract audiences; our ability to refinance our existing indebtedness; changes in the political and regulatory environments where we operate and in the application ofrelevant laws and regulations; our exposure to additional tax liabilities; and the timely renewal of broadcasting licenses and our ability to obtain additional frequencies and licenses.

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. Fora 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. Securitiesand 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 forward-looking statements, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial MeasuresWhile CME reports its results in accordance with generally accepted accounting principles in the United States (“GAAP”), this presentation also refers to several non-GAAP financialmeasures, 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 suchmanagement believes they may provide meaningful information to investors about underlying trends in our business. This presentation also contains references to like-for-like, orconstant currency, percentage movements (“% Lfl”). These reflect the impact of applying the current period average exchange rates to prior period revenues and costs. Given thesignificant movement of the currencies of our markets against the U.S. dollar, we believe that it is useful to provide percentage movements based on like-for-like as well as actual (“%Act”) percentage movements, which includes the effect of foreign exchange. Unless otherwise stated, all percentage increases or decreases in the following presentation refer to year-on-year percentage changes between the three and nine months ended September 30, 2016 and 2015.

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 attachedappendix for a description of non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures.

CME is a Leading Television Broadcaster in CEE

Combined population: approx. 50 mCombined TV ad market size: approx. $827m(an increase of 6% at constant rates compared to 2014)

CME markets in 2015

3

Source: 2015 CME estimates at average 2015 exchange rates

TV ad market size by geography

Czech Republic $273m

Romania$194m

SlovakRepublic$124m

Croatia $89m

Slovenia$60m

Bulgaria$87m

Source: International Monetary Fund ("IMF"), CME estimates

4

Why invest in CME?

Our Strategy:

• Leveraging popular content to maintain orincrease our audience and advertising marketshare leadership

• Driving growth in advertising revenues throughpricing strategies

• Developing additional revenue streams

• Optimizing content costs while safeguarding ourbrands and competitive strengths

• Maintaining a strict cost discipline by controllingother expenses

Our Competitive Strengths:

• Market leading televisionpresence

• Leading media brands

• Our people

• Strong local content productionand program library

Leading Media Brands

In 2016, bTV was the most preferred brand amongtelevision stations in Bulgaria for a sixth year straight.

In 2016, POP TV and its news portal 24ur.comwon the TOP Quality award in Slovenia.

POP TV is the most trusted brand among all TVbroadcasters in Slovenia for the seventhconsecutive year.

Sources: bTV - "My Love Marks" national ranking, Nova TV - IPSOS, TV Nova - TNS AISA TV Brand tracking, ProTV - IMAS, Markiza - Median, PopTV - Readers Digest

5

Ever since its launch, Markíza has been the mostrecognizable TV brand. Markíza broadcasts the mosttrustworthy news among the Slovak broadcasters.

Nova TV was the most preferred TV channel,News program, and Entertainment channel inthe country.Nova TV won a Promax BDA Global ExcellenceAward in Promax’s annual competition forexcellence in promotion, marketing and design.

In 2016, Pro TV was the best in market andpreferred by almost half of the Romanianviewers in its commercial target audience.

For the last four years, TV Nova has been the mostrecognized brand for audiences in the CzechRepublic.

The Nova Group won an award for set design andwas recognized for its brand design in the PromaxBDA Europe Awards.

55

50

45

40

35

30

25

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

41 42 43 43 42

3639 39 39 39

Bulgaria60

50

40

30

20

10

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

33 36 34 34 34

26 29 27 27 27

Croatia

60

50

40

30

20

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

38 39 37 38 36

34 35 34 3532

Czech Republic50

40

30

20

10

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

28 29 28 29 30

23 24 23 25 26

Romania

45

40

35

30

25

20

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

3234 33 32 32

3032 31 30 31

Slovakia55

45

35

25

15

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

42 39 4249 52

35 32 32

41 42

Slovenia

All Day Audience Share Prime Time Audience Share 6

Audience Performance Overview

7

200

150

100

50

0 Q1 2013

Q1 2014

Q1 2015

Q1 2016

Q2 2013

Q2 2014

Q2 2015

Q2 2016

Q3 2013

Q3 2014

Q3 2015

Q3 2016

Q4 2013

Q4 2014

Q4 2015

Net Revenues Trend by Quarter

Actual Exchange RatesConstant Exchange Rates1

¹ Reflects the impact of applying the most recent quarterly period average exchange rates to the prior period revenues.

Q1 Q2 Q3 Q4

102114

124129+12%

+9%

+4%

+11%+8%

+3%

+9%+5%

+3%+9%

142

158170 175

102111 117

174

190 196

US$ m

200

150

100

50

0 Q1 2013

Q1 2014

Q1 2015

Q1 2016

Q2 2013

Q2 2014

Q2 2015

Q2 2016

Q3 2013

Q3 2014

Q3 2015

Q3 2016

Q4 2013

Q4 2014

Q4 2015

US$ m

124

141

126

167

193

167

123131

Q1 Q2 Q3

117

Q4

219 216196

129

175

127

+8%

127

8

OIBDA Margin Trend by Quarter

FY

(8)%

14%

20%

2013 2014 2015 2016

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%Q1 Q2 Q3 Q4

(17)%

4%

(27)%

(1)%

(2)%

21%

2%

25%

9%

28%

7%

29%

13%

31%

14%

For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 38.

130

80

30

-20

-70

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

(31)

3

39

95

110116

122 123129

135145

9

Last Twelve Months (LTM) OIBDA Trend by Quarter

$m @ actual rates

For a reconciliation of OIBDA to Operating Income, see Non-GAAP Financial Measures beginning on slide 38.

100%

80%

60%

40%

20%

0%

10

Historically High Power Ratios

Our strong content and leadership positions enable us to generate more revenues from TV advertising

Sources: TNS and GARB (Bulgaria), AGB Nielsen Media Research (Croatia), ATO - Nielsen Admosphere; Mediaresearch (Czech Republic), Kantar Media (Romania), PMT / TNS SK (Slovak Republic)and AGB Nielsen Media Research (Slovenia) for audience share; CME estimates for market share.

100%

80%

60%

40%

20%

0%

100%

80%

60%

40%

20%

0%

Audience shareMarket sharePower ratio

The power ratio indicates a company’s ability to convert ratings to revenue

= /

Bulgaria Croatia Czech Romania Slovak Slovenia Republic Republic


1.6x 2.0x 2.0x2.4x1.7x 2.2x

2015 All Day Audience Share andMarket Share



1.7x 2.0x 1.4x 2.3x 1.8x 2.0x


1.5x2.0x 1.6x 2.3x 2.0x 2.2x

2013 Total: US$ 48.6 2014 Total: US$ 67.3 2015 Total: US$ 73.1

Constant Exchange Rates

50

40

30

20

10

0

(US

$m

)

Bulgaria Croatia Czech Rep. Romania Slovak Rep. Slovenia

13

1

9

21

13

17

26

38

13

18

2

7

40

14

Increasing Carriage Fees and Subscription Revenues

Increases in carriage fees and subscription revenues reflects the strength of our channels.11

▪ In 2015 carriage fees and subscription revenues represented 24% of total country net revenues in Bulgaria and 26% in Romania.

▪ Growth in carriage fees and subscription revenues during 2016 is expected to come from growth in subscribers, HD packages in

the Czech Republic, and the launch of new international channels.

▪ In 2017 our channels in the Slovak Republic will be available exclusively on cable and satellite platforms.

Years ended 2013 - 2015

1 Reflects the impact of applying the current period average exchange rates to the prior period revenues.

1

2013 Total: US$ 59.0 2014 Total: US$ 80.5 2015 Total: US$ 73.1

Actual Exchange Rates

50

40

30

20

10

0

(US

$m

)

Bulgaria Croatia Czech Rep. Romania Slovak Rep. Slovenia

16

2

11

25

14

20

2

8

46

14

18

2

7

40

14

12

Questions and Answers

Czech Republic

What are the macro-economic trends?

Real GDPYear-on-Year Change, % 2016F Average: 3.0%

Source: Eurostat, 2015 CME estimates based on market consensus mainly from Erste, JPM, DeutscheBank, The Economist, Citi, OECD, IMF, Unicredit, Eurostat, Reiffesen Bank).

2011 2012 2013

Total TV Ad Market (nominal)Year-on-Year Change, % CME 2015 Average: 6%

2011 2012 2013Source: CME internal estimates at constant currency exchange rates

Real Private Consumtion Year-on-Year Change, % 2016F Average: 4.1%

2011 2012 2013Source: Eurostat, 2015 CME estimates based on market consensus (mainly from Erste, JPM,Deutsche Bank, The Economist, Citi, OECD, IMF, Unicredit).Note: Consensus analyst forecast and estimates are subject to change and comparative data maydiffer from those previously published. * Romania market excludes Moldova.

2011 2012 2013 2011 2012 2013

Consumer Price IndexAverage Year-on-Year Change, % 2016F Average: (0.4)%

Source National Statistical Offices.

Romania* SlovakRepublic

Bulgaria Slovenia Croatia

20

15

10

5

0

-5

-10

-15(10)%

4%

(9)%

1%

(7)%(4)%

6%6%4%

(3)%(6)%

4% 4%

8%

16%

(3)%

7%4% 3%

10%13%

(3)%

6%

1%

5

4

3

2

1

0

-1

-2

-3

1%

4%

1% 1%

2% 2%

0%

1%

0%

(1)%

0% 0% 0%

(1)%

0% 0%

(1)%(1)%

0%

(2)%

(1)%

(1)%

0%

(2)%

2011 2012 2013

CME Total

6

5

4

3

2

1

0

-1

-2(1)%

4%

1% 1%

(1)%

(1)%

3% 3% 3%

2%

3%

0%

5%

4% 4%

3%

2% 2%

3%

5%

3% 3%

2% 2%

10

8

6

4

2

0

-2

-4

-6

1%

3%

(1)%(1)%

(4)%

(2)%

2%

4%

2%3%

2%

(1)%

3%

6%

2%1%

0%1%

3%

8%

3%2% 2%

3%

13

2013 2014 2015 YTD 2016

2013 2014 2015 YTD 2016 2013 2014 2015 YTD 2016

2013 2014 2015 YTD 2016

24%

29%

23% 23%

27%

31% 32%

26%35% 37%

26%

38%

32%

38%

47%

36%

35% 35%

30%

42%

35% 34%

28%

39%

Rose Garden The Street Your Face Main News Clinic 2 Sounds Familiar

Czech Republic

What are CME's leading programs?

36%

27%23%

30%

38%

32%27% 26%

In the Middle Your Face Cupboard Main News of Nowhere Sounds Familiar

Medcezir The Farm My Mom Cooks Main News Better Than Yours

26% 26%

55%

37%43%

32%

66%

46%

Der Bergdoktor Survivor Got Talent Main News

29%26%

48%

32%

26% 28%

45%

31%

The Farm Golden Gate Your Face Main News Sounds Familiar

2015 Q3 actual audience share for the same program or time slot. 2016 Q3 actual audience share for the program. Data Source: Local TV data providers; All audience shares in main channels sales target group.

14

Romania Slovakia

CroatiaBulgaria Slovenia

Las Fierbinti The Voice Extreme Main News Makeover

What is your multichannel philosophy?

49 368

Main generalentertainmentTV channels

6 5 4

Otherthematic TVchannels

7

29

15

CZ RO SK BG SLO CRO

TV Internet Print Other

100%

80%

60%

40%

20%

0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

47% 49% 51% 50% 50% 52% 53% 52% 53% 54%

5% 6%7% 8% 10% 11% 13% 15% 17% 17%

32% 29% 25% 23% 22% 20% 19% 18% 16% 15%

16% 16% 17% 19% 18% 17% 15% 15% 14% 14%

What is the leading advertising medium in your markets?

Split of advertising expenditure among different media in CME markets

Source: Group M, December 2015.

TV continues to have the broadest reach and capture the highest share of advertisingbudgets in our markets.

16

2015 Total ad spend per capita and ad intensity

500

400

300

200

100

0

$67.3$46.0 $38.7 $38.7

$21.9 $14.2$32.8

$337.0

There is significant room for convergence in our markets

What is the convergence potential of CME’s markets?

Source: IMF, Group M December 2015 and CME estimates.Developed markets are a combined group of 11 countries from within the European Union, predominantly in Western Europe, and the United States.

17

Czech Republic Slovenia Croatia Slovak Republic Bulgaria Romania CME average Developed markets averageAd intensity is the ratio of total ad spend to GDP.

0.39% 0.22% 0.34% 0.25% 0.33% 0.16% 0.28%

0.74%

Ad intensity

US$

How is television distributed in CME’s markets?

1 Sources: National Statistical Institute, GARB (Bulgaria), Nielsen Admosphere (Czech Republic), AGB Nielsen (Croatia), Kantar Media Audiences (Romania), TNS (Slovak Republic) and CME's internal estimates (Slovenia).2 Sources: CME estimates for the penetration of the primary source of viewing of TV households for 2015 based on country data available. 3 Refers to analogue terrestrial since the transition to DTT is not complete.

Multichannel penetration is increasing as new technologies develop

Households1Penetration 20152

DTT DTH Cable IPTV

Bulgaria 3.0 million 11% 41% 39% 9%

Croatia 1.5 million 58% 5% 13% 24%

CzechRepublic 4.5 million 54% 24% 20% 3%

Romania 6.9 million 2.2%3 23.4% 74.4% -

SlovakRepublic

1.7 million 12% 48% 24% 16%

Slovenia 0.7 million 16% 3% 39% 42%

18

19

Segment Review

¹ Like for-Like currency variance reflects the impact of applying the current period averageexchange rates to the prior period revenues and costs.

Sources: Audience share, ATO - Nielsen Admosphere; Mediaresearch (all audience share datais for the 15-54 target group). TV ad market and TV ad market share represents CME’sinternal estimates at constant currency exchange rates.

US$ m Q32015

Q32016 % Act % Lfl¹

TV advertising revenues 32.0 34.5 7.7 % 7.7 %

Carriage fee &subscription revenues 1.4 2.6 87.4 % 87.4 %

Other revenues 2.1 1.9 (11.3)% (11.4)%

Net revenues 35.6 39.0 9.7 % 9.7 %

Costs charged inarriving at OIBDA 26.1 25.8 (0.9)% (1.0)%

OIBDA 9.5 13.2 39.0 % 39.2 %

OIBDA Margin 26.7% 33.8% 7.1p.p. 7.2p.p.

20

Czech Republic: Q3 2016 performance

Q3 2016 Financials

Prima Group: 26%

CME Group: 60%

CT Group: 5%

Others: 9%

Market Share TV Ad Market Share (CME Group) YTD 2016 TV Ad Market Share

Market Share

Total TV Ad Market

Year-on-Year Change, %

8

6

4

2

0

YTD 2015 YTD 2016

7%

3%

Prime Time Audience Share

All Day Audience Share

60

50

40

30

20

10

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

38 39 37 38 36

34 35 34 3532


70

65

60

55Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

60%

63%

60%

58%

61%



50

40

30

20

10

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

28 29 28 29 30

23 24 23 25 26

US$ m Q32015

Q32016 % Act % Lfl¹



Other revenues 0.9 1.1 27.5 % 28.7 %

Net revenues 32.0 37.0 15.5 % 16.6%


OIBDA 7.0 12.6 81.3 % 83.3 %

OIBDA Margin 21.7% 34.1% 12.4 p.p. 12.4 p.p.

21

Romania: Q3 2016 performance

Intact Group: 24%

CME Group: 60%

Prima Group : 2%

Others: 6%

TV Ad Market Share (CME Group) YTD 2016 TV Ad Market Share Market Share

Kanal D: 8%


Sources: Audience share, Kantar Media (all audience share and leadership data is for the18-49 Urban target group).TV ad market share represents CME’s internal estimates atconstant currency exchange rates.

12

10

8

6

4

2

0

YTD 2015 YTD 2016

9%10%

Total TV Ad Market

Year-on-Year Change, % Audience Performance OverviewQ3 2016 Financials

65

60

55

50Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

57%58%

60% 60% 60%

¹ Like for-Like currency variance reflects the impact of applying the current period averageexchange 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 forthe 12-54 target group). TV ad market share represents CME’s internal estimates atconstant currency exchange rates.. 22

Slovak Republic: Q3 2016 performance

Q3 2016 Financials

US$ m Q32015

Q32016 % Act % Lfl¹



Other revenues 0.9 0.7 (25.0)% (24.9)%

Net revenues 17.2 17.9 3.7 % 3.9 %

Costs charged inarriving at OIBDA 16.8 18.3 8.2 % 8.3 %

OIBDA 0.4 (0.4) NM2 NM2

OIBDA Margin 2.1% (2.1)% NM2 NM2

RTVS: 3%

CME Group: 62%

JOJ Group: 33%


Other: 2%

25

20

15

10

5

0

YTD 2015 YTD 2016

17%

13%

Total TV Ad Market


75

70

65

60

55Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

61%

62%

64%

59%

64%




45

40

35

30

25

20

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

3234 33 32 32

3032 31 30 31


Sources: Audience share, GARB (all audience share and leadership data is for the 18-49 targetgroup). TV ad market share represents CME’s internal estimates at constant currency exchangerates.

CME Group: 56%

Bulgaria: Q3 2016 performance

US$ m Q32015

Q32016 % Act % Lfl¹

TV advertising revenues 9.3 8.2 (12.0)% (11.9)%


Other revenues 0.9 0.8 (17.9)% (17.7)%

Net revenues 14.7 13.8 (6.0)% (6.0)%


OIBDA 2.2 1.9 (12.6)% (12.4)%

OIBDA Margin 15.2% 14.1% (1.1) p.p. (1.0) p.p.

Others: 4%

BNT Group: 4%

MTG Group: 36%


23

YTD 2015 YTD 2016

(2)%

(3)%

Total TV Ad Market


65

60

55

50Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

57%

60%

55%

57%

55%

Audience Performance OverviewQ3 2016 Financials



55

50

45

40

35

30

25

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

41 42 43 43 42

3639 39 39 39

1

(1)

(3)

(5)


Sources: Audience share, AGB Nielsen Media Research (all audience share and leadershipdata is for the 18-54 target group). TV ad market share represents CME’s internal estimatesat constant currency exchange rates. 24

Croatia: Q3 2016 performance

Q3 2016 Financials

US$ m Q32015

Q32016 % Act % Lfl¹

TV advertising revenues 8.4 8.3 (1.7)% (2.8)%


Other revenues 1.0 0.9 (5.0)% (6.1)%

Net revenues 9.9 9.8 (1.2)% (2.2)%


OIBDA (0.9) (0.5) 43.2 % 43.9 %

OIBDA Margin (9.1)% (5.2)% 3.9 p.p. 3.9 p.p.

HTV Group: 8%

CME Group: 54%

RTL Group: 38%


Total TV Ad Market


2.0

1.5

1.0

0.5

0.0

YTD 2015 YTD 2016

1% 1%


63

58

53

48Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

58%

56% 55%

52%

56%



60

50

40

30

20

10

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

3336 34 34 34

2629 27 27 27



55

45

35

25

15

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

4239

42

4952

3532 32

41 42

25

Slovenia: Q3 2016 performance

Q3 2016 Financials

US$ m Q32015

Q32016 % Act % Lfl¹

TV advertising revenues 7.0 7.7 11.2% 11.3%

Carriage fee &subscription revenues 1.0 1.2 13.6% 13.6%

Other revenues 0.6 0.7 5.1% 5.3%

Net revenues 8.6 9.6 11.0% 11.2%

Costs charged inarriving at OIBDA 10.2 10.3 1.4% 1.4%

OIBDA (1.6) (0.7) 52.1% 52.2%

OIBDA Margin (18.1)% (7.8)% 10.3 p.p. 10.4 p.p.

CME Group: 74%


Pink SI: 1%

State TV Group: 13%

Planet TV Group: 8%


Sources: Audience share, AGB Nielsen Media Research (all audience share and leadershipdata is for 18-54 target group. TV ad market share represents CME’s internal estimates atconstant currency exchange rates.

Other: 4%

8

6

4

2

0

YTD 2015 YTD 2016

4%

6%

Total TV Ad Market


85

80

75

70

65

60Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

70%

80%

73%

78%

70%


Financial Review

26

Q3 Revenues by Segment

27

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 September 30, 2016.

US$ mNet Revenues

Q3 2015 Q3 2016Variance

Actual % Lfl %1

Bulgaria 14.7 13.8 (6.0)% (6.0)%

Croatia 9.9 9.8 (1.2)% (2.2)%

Czech Republic 35.6 39.0 9.7 % 9.7 %

Romania 32.0 37.0 15.5 % 16.6%

Slovak Republic 17.2 17.9 3.7 % 3.9 %

Slovenia 8.6 9.6 11.0 % 11.2 %

Intersegment revenues (0.7) (0.3) NM 2 NM 2

Total net revenues 117.3 126.7 8.0 % 8.2 %

YTD Revenues by Segment

28


The percentage growth figures have been derived from data included in our Form 10-Q for the period ended September 30, 2016.

US$ mNet Revenues

Nine months ended September 30, Variance2015 2016 Actual % Lfl %1

Bulgaria 50.9 50.1 (1.5)% (1.4)%

Croatia 38.2 38.0 (0.4)% (1.8)%

Czech Republic 122.7 128.6 4.8 % 3.4 %

Romania 109.6 118.3 7.9 % 9.1%

Slovak Republic 55.0 59.5 8.1 % 8.2 %

Slovenia 35.1 37.3 6.2 % 6.2 %

Intersegment revenues (1.2) (0.8) NM2 NM2

Total net revenues 410.3 430.9 5.0 % 4.8 %

Q3 OIBDA by Segment

29


The percentage growth figures have been derived from data included in our Form 10-Q for the period ended September 30, 2016.See also Non-GAAP Financial Measures beginning on slide 38.

US$ mOIBDA

Q3 2015 Q3 2016

Variance

Actual % Lfl %1

Bulgaria 2.2 1.9 (12.6)% (12.4)%

Croatia (0.9) (0.5) 43.2 % 43.9 %

Czech Republic 9.5 13.2 39.0 % 39.2 %

Romania 7.0 12.6 81.3 % 83.3 %

Slovak Republic 0.4 (0.4) NM2 NM2

Slovenia (1.6) (0.7) 52.1 % 52.2 %

Eliminations (0.2) 0.0 NM2 NM2

Operations sub-total 16.3 26.1 59.8 % 61.7 %

Central costs (8.0) (8.1) (1.3)% (1.4)%

Total 8.4 18.0 115.7 % 120.7 %

YTD OIBDA by Segment

30


The percentage growth figures have been derived from data included in our Form 10-Q for the period ended September 30, 2016.See also Non-GAAP Financial Measures beginning on slide 38.

US$ m

OIBDANine months ended

September 30, Variance

2015 2016 Actual % Lfl %1Bulgaria 8.5 9.0 5.9 % 5.6 %

Croatia 5.9 5.4 (9.1)% (12.4)%

Czech Republic 43.8 46.4 5.8 % 3.6 %

Romania 25.7 45.0 75.0 % 75.1 %

Slovak Republic 3.8 5.2 34.6 % 27.0 %

Slovenia (0.2) 0.2 NM2 NM2

Eliminations (0.3) (0.1) NM2 NM2

Operations sub-total 87.3 111.0 27.2 % 25.3 %

Central costs (20.7) (22.3) (7.7)% (7.5)%

Total 66.6 88.8 33.2 % 30.7 %

Summary Consolidated Statements of Operations

31

US$ m (except per share data)Three months ended

September 30,Nine months ended

September 30,2015 2016 2015 2016

Net revenues 117.3 126.7 410.3 430.9Content costs 59.0 64.5 203.7 213.7Other operating costs 17.2 17.0 51.6 51.4Depreciation and amortization 9.7 9.6 30.5 28.7Selling, general and administrative costs 2.4 27.2 75.0 77.0Restructuring costs 0.2 — 1.3 —Operating income 28.9 8.4 48.1 60.0Interest expense (44.0) (27.6) (125.9) (106.3)Loss on extinguishment of debt — — — (150.2)Non-operating (expense) / income, net (6.5) 0.4 (22.1) 1.6Credit / (Provision) for income taxes 0.1 (1.0) (3.5) (6.9)Loss from continuing operations (21.5) (19.8) (103.4) (201.8)Loss from discontinued operations, net of tax (0.3) — (0.9) —Net loss (21.8) (19.8) (104.3) (201.8)Net loss attributable to noncontrolling interests 0.3 0.2 0.8 0.4Net loss attributable to CME Ltd. (21.5) (19.6) (103.5) (201.4)

Net loss attributable to CME Ltd. per share (0.18) (0.14) (0.79) (1.42)

Please refer to our Form 10-Q for the period ended September 30, 2016 for the full financial statements and related notes and disclosures.

32

Consolidated Revenues by Type


US$ m Consolidated RevenuesThree months ended

September 30,Nine months ended

September 30,2015 2016 2015 2016

TV advertising revenues 93.9 101.3 337.1 354.5

Carriage fees & subscription revenues 17.7 19.7 54.9 58.8

Other revenues 5.7 5.7 18.3 17.6

Net revenues 117.3 126.7 410.3 430.9

US$ m As atDecember 31,

2015

As atSeptember 30,

2016Current assets 358.3 332.7

Non-current assets 1,082.1 1,111.5

Total assets 1,440.4 1,444.2

Current liabilities 146.3 196.6

Non-current liabilities 974.3 1,111.5

Total liabilities 1,120.6 1,308.1

Series B Convertible Redeemable Preferred Stock 241.2 252.5

CME Ltd. shareholders' equity / (deficit) 77.3 (117.2)

Noncontrolling interests 1.4 0.8

Total liabilities and equity 1,440.4 1,444.2

Cash & cash equivalents 61.7 64.2

Gross debt1 (1,107.2) (1,091.2)

Net debt (1,045.5) (1,027.0)

33

¹ 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 September 30, 2016 for the full financial statements and related notes and disclosures.

Summary Consolidated Balance Sheet

Summary Cash Flow

34

US$ mNine months ended September 30,

2015 2016

Net cash generated from continuing operating activities 79.1 42.6

Net cash used in continuing investing activities (26.2) (19.7)

Net cash used in continuing financing activities (27.7) (23.4)

Net cash generated from discontinued operations 4.0 0.7

Impact of exchange rate fluctuations (1.7) 2.4

Net increase in cash and cash equivalents 27.5 2.6

Supplemental disclosure of cash flow information:

Cash paid for interest (including mandatory cash-pay guarantee fees) 10.7 40.9

Cash paid for guarantee fees previously paid in kind — 27.5

Interest and related guarantee fees paid in kind 43.7 22.3

Accretion on Series B Convertible Redeemable Preferred Stock 12.8 11.3


1 Translated at FX rates as at September 30, 2016.

Debt Maturity Profile and Free Cash Flow

35

Components of free cash flow (US$ m)

Nine months ended September 30, Variance2015 2016

OIBDA 67 89 22Change in working capital 50 36 (14)Interest, taxes, and other (23) (67) (44)Net investment in programming (15) (15) 0Cashflow from operations 79 43 (36)Capex (26) (20) 6Free cash flow 53 23 (30)Cash paid for interest (including mandatory cash-pay guarantee fees) 11 41 30Cash paid for guarantee fees previously paid in kind — 28 28Unlevered free cash flow 64 91 27

Maturity as at September 30, 2016(US$ m)1

1,000

800

600

400

200

02016 2017 2018 2019 2020 2021

280

523

2018 Euro Term Loan 2019 Euro Term Loan 2021 Euro Term Loan

263

See Non-GAAP Financial Measures beginning on slide 38.Amounts in table derived from data included in our Form 10-Q for the period ended September 30, 2016..

Indebtedness as at September 30, 2016

36

As at September 30, 20161 Drawn Total facility Cash-payrate

Currentall-in rate Maturity

US$ m US$ m LC2 m2018 Euro Term Loan 279.9 279.9 EUR 250.8 1.71% 8.5% 2018

2019 Euro Term Loan 262.7 262.7 EUR 235.3 1.81% 8.5% 2019

2021 Euro Term Loan 523.2 523.2 EUR 468.8 5.0% 10.0%3 2021

2021 Revolving Credit Facility — 115.04 USD 115.0 6.0% 10.0%5 2021

Lease Obligations 3.5 — — Var. Var. Var.

Total debt 1,069.3

Accrued guarantee and commitment fees 21.9

Total debt and related payables 1,091.2

Less: Unrestricted cash (64.2)

Net debt 1,027.0

Weighted average borrowing cost of gross debt 9.21%

¹ Debt in currencies other than US$ are translated at FX rates as at September 30, 2016.² LC: local currency.3 All-in rate ranges from 10.5% down to 7.0% depending on CME's net leverage ratio.4 Facility decreases to US$ 50 million from January 1, 2018.5 All-in rate ranges from 10.0% down to 7.0%, depending on CME's net leverage ratio.


37

Equity Structure and Outstanding Equity Instruments

As at October 21, 2016 Shares of Class ACommon Stock

Series A ConvertiblePreferred Share1

Series B ConvertibleRedeemable

Preferred Shares2

Ownership % ofShares of Class A

Common StockVoting interest3

Shares outstanding, excluding Time Warner 81,391,994 - - 57.0% 52.8%

Time Warner 61,407,775 1 200,000 43.0% 47.2%

Total 142,799,769 1 200,000 100% 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 theoption 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 tothe 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 Voting interest takes into account both the shares of Class A common stock and the share of Series A Convertible Preferred Stock, which is entitled to one vote for each of the 11,211,449 shares of Class A common stock into whichit is convertible. The Series B Convertible Redeemable Preferred Shares are non-voting, except in certain circumstances.

As at September 30, 2016

Total Class A shares and otherinstruments outstanding

Total Class A shares and otherinstruments held by TWX

Class A Common Shares 142,398,021 61,407,775Convertible instruments (as converted basis):

Series A Convertible Preferred Share 11,211,449 11,211,449

Series B Convertible Redeemable Preferred Shares¹ 104,181,638 104,181,638

Initial Warrant2 30,000,000 30,000,000

Unit Warrants2 78,052,990 70,926,996

Diluted Class A Common Shares3 365,844,098 277,727,858TWX interest in CME 76%

¹ Based on the accreted value of 200,000 shares issued and outstanding at September 30, 2016 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 Excludes 2.6 million unvested RSUs and 2.0 million stock options.

Non-GAAP Financial Measures

In this presentation we refer to several non-GAAP financial measures, including OIBDA, OIBDA margin, free cash flow and unleveredfree cash flow. We believe that each of these metrics is useful to investors for the reasons outlined below. Non-GAAP financial measuresmay not be comparable to similar measures reported by other companies. Non-GAAP financial measures should be evaluated inconjunction 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 isuseful to investors because it provides a meaningful representation of our performance, as it excludes certain items that do not impacteither our cash flows or the operating results of our operations. OIBDA and unlevered free cash flow are also used as components indetermining 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. Stock-based compensation and certain other items are not allocated to our segments forpurposes of evaluating their performance and therefore are not included in their respective OIBDA. Our key performance measure ofthe efficiency of our consolidated operations and our segments is OIBDA margin. We define OIBDA margin as the ratio of OIBDA to netrevenues. Intersegment revenues and profits have been eliminated on consolidation.

We have previously used free cash flow as a measure of the ability of our operations to generate cash. We define free cash flow as cashflows from continuing operating activities less purchases of property, plant and equipment, net of disposals of property, plant and equipmentand excluding the cash impact of certain unusual or infrequent items that are not included in costs charged in arriving at OIBDA becausethey are not considered by our co-CEOs when evaluating performance. Following the refinancing transaction completed in April 2016,the amount of interest and related guarantee fees on our outstanding indebtedness that is paid in cash has increased. Since we expectto use cash generated by the business to pay more interest and related guarantee fees in cash, and these cash payments are reflectedin free cash flow, we think unlevered free cash flow, defined as free cash flow before cash payments for interest and guarantee fees,better illustrates the cash generated by our operations when comparing periods.

For additional information regarding our business segments, see Part 1, Item 1, Note 18, "Segment Data" in our Form 10-Q.

38

Non-GAAP Financial Measures - Reconciliation

39

US$ m Three months endedSeptember 30,

Nine months endedSeptember 30,

2015 2016 2015 2016Operating income 28.9 8.4 48.1 60.0

Depreciation of property, plant and equipment 7.0 7.6 20.9 22.5

Amortization of intangible assets 2.7 2.1 9.6 6.2

Other items 1 (30.2) — (12.0) —

OIBDA 8.4 18.0 66.6 88.8

Please refer to our Form 10-Q for the year ended September 30, 2016 for the full financial statements and related notes and disclosures.

US$ m Nine months ended September 30,2015 2016

Net cash generated from continuing operating activities 79.1 42.6Capex additions, net of disposals (26.2) (19.7)Free cash flow 52.9 22.8Cash paid for interest (including mandatory cash-pay guarantee fees) 10.7 40.9Cash paid for guarantee fees previously paid in kind — 27.5Unlevered free cash flow 63.6 91.2

1 Other items for the three and nine months ended September 30, 2016 reflects the reversal of charges related to tax audits in Romania. Since the charges recorded in the fourth quarter of2014 and the first quarter of 2015 were not included in OIBDA, our subsequent reversal of these charges in the third quarter of 2015 were similarly excluded from OIBDA.

Non-GAAP Financial Measures - Reconciliation

40

1Other items reflects 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.


Last Twelve Months (LTM)

US$ m Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

LTM operating (loss) / income (160.9) (133.5) (97.0) 38.3 35.7 49.5 86.4 94.6 119.6 127.0 106.6

Depreciation of property, plantand equipment

36.0 36.0 36.1 32.8 31.8 30.7 29.7 27.9 28.2 28.9 29.5

Amortization of intangible assets 14.1 13.7 13.1 12.3 12.6 12.9 12.5 12.3 10.8 9.5 8.9

Other items1 — 6.9 6.9 12.0 30.2 23.3 (6.9) (12.0) (30.2) (30.2) —

Impairment charge 79.7 79.7 79.7 — — — — — — — —

LTM OIBDA (31.1) 2.8 38.8 95.4 110.3 116.3 121.7 122.8 128.5 135.3 144.9

CME Board of Directors

Paul T. Cappuccio

John K. Billock

Independent Director, Non-ExecutiveChairman of the Board and member of the

Compensation Committee

▪ Executive Vice President and GeneralCounsel, Time Warner Inc.

▪ Former partner at Kirkland & Ellis

Director

▪ Member of the Board of Advisors ofSimulmedia, Inc.

▪ Former Director of TRA Inc., TiVoResearch and Analytics, Inc., and JuniperContent Corporation.

▪ Previous roles with Time Warner Cableand Home Box Office

Charles R. Frank

Independent Director and member of theAudit Committee

Director

Independent Director, Chairman of the AuditCommittee and member of the Corporate

Governance/Nominating Committee

Independent Director, Chairman of theCompensation Committee and member of theCorporate Governance/Nominating Committee

Independent Director, Chairman of theCorporate Governance/Nominating Committee

and member of the Audit Committee

Director

Director

▪ Managing Partner and Principal of theH.A.M Media Group, an internationalinvestment and advisory firm specializingin the entertainment and communicationsindustries

▪ President of Turner Broadcasting SystemInc.

▪ Non-Executive Board member of Vonovia

▪ Former Chief Executive Officer of RTLGroup

▪ Former member of the executive board ofBertelsmann AG

Iris Knobloch

▪ President of Warner Bros. France S.A.

▪ Independent Director of Accor S.A. andmember of the audit committee

▪ Former Senior Vice President ofInternational Relations of Time Warner Inc.

Alfred W. Langer

▪ Former CFO of Solvadis

▪ Independent consultant in financial andorganizational areas

Bruce Maggin

Parm Sandhu

Doug Shapiro

Kelli Turner

Gerhard Zeiler41

▪ Former Vice President of the EuropeanBank for Reconstruction and Development

▪ Former Managing Director of the StructuredFinance Group at GE Capital and VicePresident of GE Capital Services

▪ EVP & Chief Strategy Officer, Turner, Inc.

▪ Former Senior Vice President, Internationaland Corporate Strategy at Time Warner Inc.

▪ Former senior analyst at Banc of AmericaSecurities

▪ Non-executive director of Eir and Hibu

▪ Acting Chairman of Largo Limited

▪ Former Chief Executive Officer ofUnitymedia

▪ EVP, Operations, Corporate Developmentand CFO at SESAC, INC.

▪ General Partner of RSL Venture Partners L.P.and former CFO of RSL ManagementCorporation

▪ Previous roles with Martha Stewart LivingOmnimedia, Inc. and Time Warner, Inc.

Independent Director and member of the AuditCommittee and member of the Compensation

Committee

Prague Office

Contact Information

42

Kříženeckého nám. 1078/5 152 00 Prague 5 – Barrandov Czech Republicwww.cme.net

Email: [email protected] Telephone: +420 242 465 576

Mark KobalHead of Investor Relations

2016 Q3 Investor Presentation...Q3 2016 Investor Presentation 2 Cautionary Language This...

Documents

Transcript of 2016 Q3 Investor Presentation...Q3 2016 Investor Presentation 2 Cautionary Language This...