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The Bundesliga back home on Premiere
Unterföhring, xx. Monat 2007
All the games!
All the goals!
All live!

Bundesliga in German pay-TV
again exclusive on Premiere
• Premiere acquires sublicense to pay-TV rights for the Bundesliga
and the 2 nd Bundesliga for 2007/2008 und 2008/2009.
• License fee also includes the “host broadcast signal” produced by
DFL (in the original bidding process in November 2005 priced with
additional 6,5 percent on top of the license fee).
• Sportsbar rights again exclusive with Premiere.
• arena’s TV rights for Spanish Primera División and English Premier
League go to Premiere.
• Bundesliga again exclusively produced, broadcasted and marketed
under the Premiere brand.
• On August 1, Premiere will launch a new Bundesliga channel:
All the games, all the goals, all live!
• German Cartel Office tolerates the modified agreement with arena
and Unitymedia. FCO proceedings closed.
• The German football league has given its consent to the
transaction.
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Premiere AG - July 19, 2007

Premiere post arena transaction:
One brand for football in German pay-TV
• Bundesliga football: Premiere with comprehensive pay-TV rights for cable, satellite and
IPTV.
• One production in exceptional Premiere quality, one established brand for all
distribution channels.
• Bundesliga matches also in HD quality via IPTV, cable and satellite.
• Deutsche Telekom as powerful marketing and sales partner for Premiere via
Broadband-IPTV.
• Premiere Bundesliga again exclusive in sportsbars.
• The best offer of international football in German television, now enriched with
Primera División and complete Premier League rights.
• Premiere again the most important media partner of the German football league.
arena‘s marketing agreement with DFL taken over by Premiere.
Premiere: “Official partner of the German football league”.
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Premiere AG - July 19, 2007

A new TV-channel for the Bundesliga
• On August 1, Premiere will launch a new Bundesliga dedicated TVchannel:
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– All 612 live games from the Bundesliga and 2 nd Bundesliga
separately and all live Premiere conference channel.
– „All the games, all the goals!“: the fastest highlights show in
German television.
– Comprehensive repeat concept, documentaries and reports.
– The best football television with renowned experts and awardwinning
commentators.
• Live-Bundesliga from Premiere exclusive in sportsbars again.
All-in-one subscription for the Premiere Sportsbars: Bundesliga,
international top football, Formula One and many more sports events.
• More top European football:
– Top matches from the Spanish Primera División.
– More matches from the English Premiere League than ever before.
– Matches from the Primera División are included in the “Premiere
Bundesliga” and in the “Premiere Fußball Plus” package. The
Premier League is only available as part of the “Premiere Fußball Plus”
package.
Premiere AG - July 19, 2007

The new football packages of Premiere:
fair prices, easy access
• “Premiere Bundesliga”: EUR 19.99 per month on stand-alone basis.
• “Premiere Bundesliga” and “Premiere Fußball Plus” combined:
EUR 29.98 per month (Bundesliga, UEFA Champions League, top
UEFA Cup games, the best of football from the top European leagues
und much more).
• With the “Premiere 5er-Kombi”: Bundesliga for additional EUR 9.99
per month.
• All football offerings and all other Premiere programs can be
accessed with all receiver models labeled “enabled for
Premiere” – via cable and satellite.
• Bundesliga live from Premiere is also available as part of the
Deutsche Telekom broadband-IPTV “T-Home” offering.
• Customers with existing arena contracts and arena receivers will also
be able to receive “Premiere Bundesliga”.
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Clear rules, fair prices and easy access: Good basis for further
growth in the German pay-TV industry as a whole.
Premiere AG - July 19, 2007

Highest subscriber number in the history
of Premiere: 4.2 million as of August 1
• 4.2 million subscribers as of August 1:
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– 3.5 million Premiere subscribers as direct customers in the traditional
business model.
– Additionally, 700,000 indirect customers via the arena satellite
platform and the cable platforms of Unitymedia and Kabel Baden-
Wuerttemberg.
• Premiere provides arena and Unitymedia with a back-license: this
enables arena and Unitymedia to market “Premiere Bundesliga” on a
non-exclusive basis (parallel with Premiere) on their respective
platforms.
• “Premiere Bundesliga” will be broadcasted and access will be granted
within the scope of the existing arena contracts. In return, arena and
Unitymedia will pay Premiere a fixed fee per month per subscriber at
wholesale rates.
• In line with the German Cartel Office requirements, this cooperation for
marketing the Bundesliga will end on June 30, 2009.
Premiere AG - July 19, 2007

Premiere extends carriage agreement
with Unitymedia until end of 2013
• Current bandwidth guaranteed for next six years: five cable
channels of 8 MHz each will remain available for the transmission
of all Premiere programming.
• Additional transmission of Premiere HD.
• All Premiere pay-per-view and video-on-demand services will
continue to be available.
• Premiere retains its direct customer relationship in the cable
network of Unitymedia and services its subscribers directly.
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Premiere continues its current business model with direct
customer relationship – without platform operators as
intermediaries.
Premiere AG - July 19, 2007

Issue of 16.4 million new shares from authorized
capital increase against contribution in kind
• As already agreed in the February transaction, arena receives
16.4 million shares in Premiere AG from an authorized capital
increase against contribution in kind (Bundesliga sublicense rights).
• The shares will continue to be managed by the Swiss financial
institution Pictet & Cie.
• Pictet & Cie. is contractually committed not to exercise the voting
rights on the shares.
• The agreement with Pictet & Cie. rules out the possibility of arena
having any influence on Premiere’s strategy or business.
• The German Cartel Office requires Pictet & Cie. to sell the
Premiere shares by June 30, 2009 at the latest.
• The six months lock-up period for the Premiere shares
contractually agreed upon in the February transaction with
Pictet & Cie. expires on August 8, 2007.
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Premiere AG - July 19, 2007
Shareholder structure
Premiere
Management
12,3%
Unabhängiges
Finanzinstitut
16,7%
In total:
98.4 million shares

Comparison between the transactions: July vs. February
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Rights Exclusive sublicensing rights for Premiere: nationwide,
cable and satellite, no exception
Product Bundesliga-TV: Premiere brand
Bundesliga channel from Premiere
Primera División and Premier League on Premiere
Production by Premiere
Marketing and
Sales
Premiere AG - July 19, 2007
Nationwide via cable and satellite directly to all
customers (full revenue potential), additionally to
700,000 existing arena customers via license grantback
Non-exclusive distribution right for the arena channel:
nationwide, cable and satellite, excluding Unitymedia
cable and arena satellite platform
Bundesliga-TV: arena brand
Bundesliga channel from arena
Primera División and Premier League on arena
Production by arena
Nationwide via cable and satellite, excluding
Unitymedia cable and arena satellite platform:
„Wholesale-retail model“, substantial revenue share
for arena
TV-advertising Revenues from TV-advertising for Premiere Revenues from TV-advertising for arena
Subscribers 4.2 million: 3.5 million direct Premiere subscribers,
additional 700,000 indirect customers through arena
Carriage for
Premiere in
Unitymedia cable
Carriage of all Premiere programs in Unitymedia cable
network secured: direct customer relationship, full
revenue potential for all Premiere products, payment of
fixed carriage fees to Unitymedia
3.5 million Premiere subscribers, 700,000 arena
subscribers serviced by arena / Unitymedia
Carriage of all Premiere programs in Unitymedia cable
network secured: „Wholesale-retail model“, no direct
customer relationship for Premiere, revenue share for
Unitymedia, no carriage fees
Shares 16.4 million shares issued to arena 16.4 million shares issued to arena
License fee /
revenue share
Bank guarantee
to DFL
July-transaction February-transaction
Fixed amount, payable quarterly for the seasons
2007/2008 and 2008/2009, lower than license
payments in 2005/2006
Revenue share per sub, minimum guarantees, lower
than license payments in 2005/2006
Provided by arena for the two upcoming seasons Provided by arena for the two upcoming seasons

Elements for the strategic and economic
evaluation of the transaction (I)
• Premiere markets the Bundesliga and all other program packages nationwide with
direct customer relationships: full revenue potential via all distribution channels.
• Premiere now offers more attractive programming than ever before.
• Good opportunities to increase subscriber numbers and ARPU with new football
packages.
• Potential to regain subscribers who churned due to the loss of the Bundesliga.
• Additional revenues from 700,000 arena customers – no acquisition or customer
management costs.
• Revenues from TV advertising inventory around Bundesliga broadcasting flow
directly to Premiere.
• Improved sales opportunities for key innovations such as Premiere HD, interactive
receivers and Premiere Digital Recorder.
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Premiere AG - July 19, 2007

Elements for the strategic and economic
evaluation of the transaction (II)
• Premiere will benefit from the accelerated digitization in cable and satellite
households – the technical entry-barriers will be eliminated step by step.
• This transaction substantially increases the brand value of Premiere as the leading
pay-TV operator in Europe’s largest media market.
• Premiere with increased credibility for future bidding processes for programming
rights.
• The bank guarantees for the Bundesliga rights until 2009 will be provided by arena.
Premiere’s credit lines will not be affected, financial flexibility is fully retained.
• Premiere gives in return: 16.4 million shares and additionally license payments
payable quarterly for the seasons 2007/2008 and 2008/2009. These payments are
lower than the license fees paid for 2005/2006.
• Final evaluation from executive board and supervisory boards: the transaction is
attractive for Premiere in economic as well as strategic terms.
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Premiere AG - July 19, 2007

Disclaimer
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the
management of Premiere AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking
statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial
condition, performance, or achievements of Premiere AG, or media industry results, to differ materially from the results,
financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these
risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these
forward-looking statements. Premiere AG disclaims any obligation to update these forward-looking statements to reflect
future events or developments.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the
opinions and expectations contained herein are fair and reasonable, no representation or warranty, express or implied, is
made by Premiere AG with respect to the fairness, completeness, correctness, reasonableness or accuracy of any
information and opinions contained herein. It is pointed out that the existing presentation may be incomplete or condensed,
and it may not contain all material information concerning Premiere AG or the Premiere group.
Premiere AG reserves the right to change and complete the information in this presentation without notice.
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Premiere AG - July 19, 2007

The Bundesliga back home on Premiere
Unterföhring, xx. Monat 2007
All the games!
All the goals!
All live!