Smallcap Events Paris

1. Smallcap EventsParis 26 & 27 April 2007

2. Our activities • Our business • Two main activities • The same technology • Three markets to adress • Different business models • 2006 results • Strategy & forecasts

3. A unique business Two main activities To operate online multimedia services 2 main activities • Media /Mass market activities [BtoBtoC / BtoC / BtoO] : To create, agregate, deliver and promote proprietary or outsourced contents and services for the mass market. • Activities with large companies and administration [BtoB] : To design, build and operate outsourced IT services (CRM, Facilities Management, Mobile marketing).

4. A unique businessThe same technology Our technology allows to agregate, deliver and operate proprietary or outsourced solutions/services and contents through telecom networks.

5. A unique business Three main markets To operate services for large companies and administration. Jet Multimedia designs and operates outsourced applications in CRM, Facilities Management and Marketing on mobile phones. Large companies (BtoB) Media (BtoBtoC) (BtoO) Outsourced Editing : Jet Multimedia is the partner of telecom operators and media players to deliver interactive contents and services to the mass market. Mass market (BtoC) Direct Editing : Jet Multimedia sales its interactive contents and services directly to the end-user.

6. Business models « Kiosque multimedia » Premium SMS The business model : to get a revenue sharing between telecom operators and Jet Multimedia on every sale made to end-user.

7. Business models BtoC : Direct Editing

8. Business models BtoBtoC, BtoO : Outsourced Editing

9. Business modelsBtoB : Services to corporates • Hosting - Facilities Management : Direct billing of the different services for : - development of applications, - hosting of infrastructures and/or applications (on a 3-year contract basis). • CRM : • Call centers / Customer contact centers • Multi-network message delivery • SVI Billing directly linked to the traffic on the band width, minutes, SMS, MMS, IP Billing on the same revenue sharing model than the « Kiosque multimedia ».

10. Our activities • 2006 results • Revenues • Results by subsidiaries • Profit & loss statement • Balance sheet • Cash Flow Statement • Dividend policy • A strong shareholder • Strategy & Forecast

11. Revenues have been triples in the last 5 years (in M€) 270.0 236.8 • Sales increase by 150% between 2002 and 2006 • Development of activities abroad • Creation of two complementary activities +14% 154.9 +53 % 120.0 108.5 +29 % +11 % 2006 IFRS 2002 2003 2004 IFRS 2005 IFRS

12. 38% Two complementary activities 62% % of revenue • Media / Mass market activities [BtoBtoC / BtoC / BtoO] : a competitive market, especially in mobile phone services • Migration towards 3G technology • BtoO : a strong demand from telco operators and MVNO • Activities with large companies [BtoB] : a booming market, especially on CRM applications • A strong development abroad : - know how transfert - successful formats and offerings have been exported abroad

13. A well balanced business mix

14. Development of the Group activities abroad 2003 2006 59% 88% 30% 3% 5% 11% France Argentina Spain Poland Italy Maghreb - Others

15. France (excluding TJM et Mediaplazza) • Revenues = 150.3 M€ (+ 4%) • Revenues adjusted from revenue sharing = 68.9 M€ (+7%) • Operating Profit = 9.1 M€ (versus 5.8 M€ in 2005) Very strong results in France (56% of total sales) with an operating result of 9.1 M€ upto57%. The level of the operating margin in France shows the strength of the business model and is the benchmark for the activities which are developed abroad.

16. Activities abroad • Activities abroad represented 39% of the total revenue in 2006 (versus 33% in 2005). • They generate a positive operating result : • Spain : Sales are up 28%, but operating result is down to 4.9 M€ versus 6.9 M€ in 2005 due to investment for growth. • Italy : First improvements after the reorganization launched in 2006. Operating result close to break-even in H2 2006. • Poland : Successful integration of the acquisition made in may 2006. Operating result of 1.4 M€ (within 7 months). • Argentina and Maghreb : 1 M€ of revenues in each zone.

17. TJM and Mediaplazza Mediaplazza and TJM : A successful offering for the BtoC market • In 2006, Mediaplazza has been restructured and refocused. Back to break-even in the Q4 2006. • For its year one, TJM has built a solid catalog of products and has taken important market share. • Operating result : - 3.8 M€. This is mainly an investment for the future. 2007 : To become a major player in the BtoC market • Merger Project between TJM and Mediaplazza. • A new manager for these combined activities has been recruted. • The new company will be renamed Mediaplazza and will be held by Jet Multimedia at 80% (and at 20% by TF1). • Break even is targeted in Q1 2007.

18. Operating profit by subsidiary

19. Consolidated P&L

20. Balance sheet ASSETS In euro millions 2006 2005 Goodwill 76.6 64.2 Non current assets11.6 10.1 Deferred taxes 8.9 9.6 Current assets 72.3 74.7 Cash as of equivalent13.9 18.6 LIABILITIES Shareholders’ equity 99.1 93.9 Debt on earnout 7.5 13.1 Non current liabilities 0.6 0.5 Others current liabilities 76.1 69.7 TOTAL 183.3 177.2

21. Cash flow Statement Cash at end 2005 (in euro millions) 18.6 Operating cash flow 12.5 Change in WCR 9.7 Cash generated by activity 22.2 CAPEX - 5.7 Dividend - 1.2 Acquisition of Avantis - 8.7 Earnout on Mediafusion - 11.1 Others - 0.2 Cash at end 2006 13.9

22. Dividend Policy • Board of Directors will propose a dividend of 0.50€ per share to the shareholders, payable in cash or in shares. • Neuf Cegetel has chosen to be paid in shares. • The dividend is maintained to show the confidence of the Board and of the main shareholder in the implementation of the strategy followed by the management.

23. A strong shareholder Free float 38% Neuf Cegetel 62%

24. Our activities • 2006 results • Strategy and forecasts • Focus on profitability • 2007 priorities • 3 year targets • Conclusion

25. The management of the group is focused on profitability • The structure of the Supervisory Board shows that the main shareholder is implicated in the strategy : • Eric Peyre, founder of Jet Multimedia President • Jacques Veyrat, CEO of Neuf Cegetel Vice President • Robert Louis-Dreyfus Vice Président • Franck Esser, CEO of SFR • Vis-a-vis Manuel Cruz, Chief Executive Officer, each Board Director will assume a specific mission : • Azim Mitha : Head of IT implementation abroad • Philippe Pelisson : In charge of the synergies with Neuf Cegetel • Laurent Radix : In charge of Purchasing

26. 2007 priorities • TJM / Mediaplazza : to establish a profitable leader in mobile content edition. • In France, to improve the profitability of the traditional activities. • Abroad, to develop Edition, Mobile Marketing and CRM in each country of Jet Multimedia’s network. • To extend its coverage in emerging countries especially around the Mediterranean area.

27. Objectives over 3 years • To become a global leader in edition of mobile contents. • To benefit from the new opportunities on community services (web 2.0) and of the TV on mobile. • To leverage our leadership in the monetization and the access to contents by using Jet Multimedia’s expertise in interactivity. • To keep pace with changing environment by integrating IP into CRM solutions.

28. Conclusion • Improve operating profitability. • Maintain a balanced mix between BtoC and BtoB activities. • Continue to grow through organic and external growth : • Strengthen the group in the countries where it is already a leader, • Extend its coverage in emerging countries. • Ready to make big acquisitions and to be a consolidator in the mobile services. Target 2009 : Being 1 of the Top 5 players of a worldwide market

29. 17 years of sustained growth To establish key positions for the future To be able to finance its development by itself & to accelerate it