technicolor.com

30 July 2020

contains certain statements that

constitute "forward-looking

statements", including but not

limited to statements that are

predictions of or indicate future

events, trends, plans or objectives,

based on certain assumptions or

which do not directly relate to

historical or current facts.

are based on

management's current expectations and

beliefs and are subject to a number of

risks and uncertainties that could cause

actual results to differ materially from the

future results expressed, forecasted or

implied by such forward-looking

statements.

and description of such risks and uncertainties, refer to

Technicolor’s filings with the French Autorité des marchés

financiers.

4

A NEW FINANCIAL FRAMEWORK FOR LONG-TERM SUSTAINABILITY

JULY 5:SAFEGUARD PLAN

APPROVED BY THE

MAJORITY OF ALL

VOTING CREDITORS

► € 420m new financing and

deleveraging through €

660m of debt

reimbursement and/or

equitization

► Addressing the liquidity

needs of the group and

providing a new framework

for long-term sustainability

for all Technicolor

stakeholders

JULY 20:ALL RESOLUTIONS APPROVED

AT THE SHAREHOLDER

GENERAL MEETING

► Restructuring plan, including €330m

rights issue and €330m reserved

capital increase, approved by the

EGM

► Existing shareholders will receive

free warrants enhancing their

opportunity to participate in

Technicolor’s recovery and long-

term value creation

► Lenders will receive free warrants in

consideration of the lending of the

€420m new financing

JULY 20:RECEIPT OF THE

FIRST TRANCHE OF

~€240 MILLION OF

THE NEW MONEY

JULY 28:APPROVAL OF THE

ACCELERATED

FINANCIAL SAFEGUARD

BY THE PARIS

COMMERCIAL COURT

TECHNICOLOR’S

LEADERSHIP

POSITIONS are key

and valuable assets

and we have a great

story to build for the

future

TECHNICOLOR IS NOW ON TRACK to

implement its financial restructuring plan,

providing a framework for long-term

sustainability for the company’s businesses,

employees, customers and suppliers

5

H1 2020 KEY FIGURES FROM CONTINUING OPERATIONS

REVENUES of €1,433 million, after a strong first quarter,

activities have demonstrated good resilience to the Covid-

19 crisis in the second quarter

ADJUSTED EBITA of €(67) million was lower by €(23)

million, mitigated by lower D&A and reserves

ADJUSTED EBITDA of €53 million, down 49% at

constant rates, was impacted by lower business

volumes in Film & Episodic Visual Effects and in DVD

Services related to Covid-19 business interruption,

partly compensated by operational and financial

improvements across all divisions, particularly visible in

Connected Home where EBITDA grew 126% compared

to H1 2019

FCF* of €(286) million was lower by €(24) million at

current rate

(*) Free cash flow defined as: Adj. EBITDA – (net capex + restructuring cash expenses + change in pension reserves + change in working capital and other assets & liabilities +

cash impact of other non-current result + net financial interests + foreign exchange result + other financial results and income tax)

Post IFRS 16

81

2

H1 2019 H1 2020

6

428

279

H1 2019 H1 2020

Series 1

Revenues (in € million)@ Current rate

Film & TV

VFXAdvertising

Post

ProductionAnimation & Games

► Approximately 20

theatrical film projects

► 30+ TV and non-

theatrical film projects

► 1,350+ commercials

► MPC won VFX Company of the

Year (Ad Age Creativity Awards

2020)

► Contributed to over 40

commercials for Super Bowl

► 178 TV/OTT

series, mini-

series and/or

pilots (of which

66 are streaming

only)

► 70+ theatrical

projects

► Over 1,800 minutes of

animation delivered for

TV and Film

PRODUCTION SERVICES

REVENUE HIGHLIGHTS:

DOWN 35.3% YOY AT CONSTANT RATE

Driven primarily by the previously anticipated (pre-COVID-19) delays in

awards coming from one key client, and by the subsequent pandemic-

related impacts on production around the world

ADJUSTED EBITDA REDUCTION MAINLY DRIVEN BY FILM &

EPISODIC VFX

ANIMATION & GAMES: double-digit revenue growth compared to prior

year, due to higher volume in feature work-for-hire animation services.

A&G maintains a strong pipeline from key clients

Adjusted EBITDA (in € million)@ Current rate

7

DVD SERVICES

(in million units)H1

2019

H1

2020YoY

Change

DVD 299 220 (26)%

Blu-ray™ 118 88 (25)%

374302

H1 2019 H1 2020

Series 1

Revenues (in € million)@ Current rate REVENUE HIGHLIGHTS:

VOLUME DOWN 27% YOY

Limited amount of new releases due to Covid-19 impacting

volumes; existing catalog showed resilience

H1 REVENUE DECLINE OF 20% AT CONSTANT RATE

ADJ. EBITDA HIGHLIGHTS:

AMOUNTED TO €1 MILLION AT CURRENT RATE

Broadly in line with expectations given the anticipated volume

reduction and normal seasonal weakness in the first half

DIVISION-WIDE INITIATIVES:

As a result of ongoing industry-wide pressures, DVD Services

continued its structural division-wide initiatives to adapt

distribution and replication operations, and related customer

contract agreements in response to continued volume reductions

Multiple successful contract renegotiations were announced in

2019, and similar efforts with other customers are ongoing

9

1

H1 2019 H1 2020

Adjusted EBITDA (in € million) @ Current rate

8

CONNECTED HOME

376 318

577521

H1 2019 H1 2020

Title

24

54

H1 2019 H1 2020

Adjusted EBITDA (in € million) @ Current rate

953

839

Video

Broadband

Revenues (in € million) @ Current rate

REVENUE HIGHLIGHTS:

H1 REVENUE DECLINE OF 12.3% YOY AT

CONSTANT RATE

H1 REVENUES REMAINED STRONG IN NORTH

AMERICA DRIVEN BY THE BROADBAND BUSINESS

ADJ. EBITDA HIGHLIGHTS:

YOY IMPROVEMENTS:

Adjusted EBITDA more than doubled mainly as a

consequence of the significant cost efficiencies achieved

Adjusted EBITA of €20 million improved by €37 million

compared to prior year at current rate

CONNECTED HOME IS MAINTAINING ITS MARKET

LEADERSHIP IN BROADBAND AND ANDROID TV-

BASED SOLUTIONS

PROFITABILITY IMPROVEMENTS:

This good evolution in profitability is the result of the

transformation plan launched 2 years ago, increasing

the division’s performance and drastically improving

productivity

10

KEY TRANSACTION PRINCIPLES

Notes:

(1) Bpifrance Participations will subscribe to the rights issue in cash pro rata its current

shareholding (~7.5%) for an aggregate amount of ~€ 25.5m

(2) Rounded figure based on EUR/USD of 1.13. The amount of nominal debt in the current

situation was estimated as of 22-Jun-20, assuming a 100% drawdown of the Wells Fargo

facility

Gross debt evolution

1 2

Wells Fargo

Term

Loan B

RCF

Bridge

€ 1,440m(2)

€ 1,140m(2)

$125m

€ 982m(2)

€ 250m

$ 110m

Reinstated

TLB/RCF

New

financing

€ 572m(2)

€ 457m

22-Jun-2020 Pro forma situation

$125m

repaid

NEW MONEY CASH INJECTION OF €420M, UNDER A DEBT

FORMAT, TO FUND THE COMPANY’S OPERATIONAL NEEDS

AND REPAY THE $110M BRIDGE LOAN SET UP IN MARCH

2020 BY JULY 31ST, 2020

► €400m fully underwritten by a group of lenders under the

existing Term Loan B and RCF creditors and € 20m provided

by Bpifrance Participations(1)

► Maturity of this new financing will be June 2024

DEBT REDUCTION OF €660M ACROSS THE TERM LOAN B

AND THE RCF ON A PARI PASSU BASIS

► Debt reduction to be implemented through (i) a €330m rights

issue backstopped by TLB/RCF creditors with commitment by

Bpifrance Participations(1) to participate pro rata its current

shareholding and (ii) a €330m reserved capital increase to

TLB/RCF creditors

REINSTATED TLB/RCF DEBT OF € 572M(2) EXTENDED TO

DECEMBER 2024 WITH A BULLET REPAYMENT

REPAYMENT OF THE $110M BRIDGE FACILITY

MATURITY EXTENSION OF THE $125M WELLS FARGO

FACILITY TO DECEMBER 2023

CAPITAL INCREASE – KEY TERMS

► Total capital increase of € 660m in 2 tranches

RIGHTS ISSUE TRANCHE

Amount ► € 330m (i.e. 50% of total capital increase)

Price ► € 2.98 per share

Underwriting ► Term Loan B and RCF lenders by way of set-off of claims

Use of proceeds ► Cash proceeds to be used to repay Term Loan B and RCF at par

RESERVED CAPITAL INCREASE

Amount ► € 330m (i.e. 50% of total capital increase)

Price ► € 3.58 per share

Subscribers ► Term Loan B and RCF lenders pro rata by way of set-off of claims at par

Use of proceeds ► No cash proceeds (by way of set-off of claims only)

Participation

Undertaking

► Commitment by Bpifrance Participations to participate in the rights issue pro rata its current shareholding

► Bpi France participations to maintain 1 board seat

11

RECENT PROGRESS & KEY NEXT STEPS (INDICATIVE TIMETABLE)

22 June 2020 ► Opening of the SFA

5 July 2020 ► Financial Creditors Committee votes on the SFA plan

20 July 2020

► First drawdown of the New Money facility (USD and First EUR tranches) for an amount of ~€ 240m to

repay the $ 110m Bridge Loan and address the short term liquidity needs of the Group

► Extraordinary shareholders’ meeting approved the capital increases, the allocation of free warrants, and

the Fiducie implemented for the Balance FR New Money

28 July 2020 ► The Commercial Court of Paris approved the SFA plan

Late August ► Second drawdown of the New Money facility for the remainder, i.e. ~€ 180m

Mid-August ► Opening of the subscription period of the right issue tranche

12

4 August 2020 ► Expected approval of the Autorité des Marchés Financiers of the supplement to the prospectus

Early September ► Closing of the subscription period of the right issue tranche

Late September ► Settlement and delivery of the capital increases and delivery of the warrants

SHORT AND MEDIUM-TERM OUTLOOK

13

Adj. Continuing EBITDA

Adj. Continuing EBITA

Continuing FCF2

(1) In the June 22nd press release, forecast costs related to Covid-19 were accounted as non-recurring (therefore not part of EBITDA & EBITA). Going forward these costs will be

reintegrated in the EBITDA and EBITA of the Group. Despite this reintegration, Technicolor confirms the outlook for EBITDA & EBITA previously provided

(2) Before financial results and tax. Free cash flow defined as: Adj. EBITDA – (net capex + restructuring cash expenses + change in pension reserves + change in working capital

and other assets & liabilities + cash impact of other non-current result + net financial interests + foreign exchange result + other financial results and income tax)

2020e

In €m, post IFRS 16

Continuing Operations2022e2019a

324 169 425

42 (64) 202

(8) (115)-(150) 259

After a strong first quarter and a second quarter

demonstrating a better than expected resilience,

Technicolor expects:

► Adjusted EBITDA to €169 million and Adjusted

EBITA to €(64) million in 2020

► Adjusted EBITDA to €425 million and Adjusted

EBITA to €202 million in 2022

Technicolor expects 2020e continuing FCF within

a range of €(115)m to €(150)m and €259m in 2022

To be noted that positive impacts of the financial

restructuring being implemented by Technicolor have

not been included in our outlook

Following the entry in SFA procedure, a faster

than expected shortening of payment terms has

been asked by suppliers, potentially leading to

an acceleration of early payments in 2020 and

2021 but mitigating factors will help 2021 to

remain on target

► The group’s liquidity needs overall remain

unchanged

Outlook1

15

KEY FIGURES – GROUP

(*) Risk, litigation and warranty reserves

Forex

impact

(b)

(in € million) Current rate LY rate LY rate

Revenues 1,433 1,423 1,764 (331) (18.8)% (9) (341) (19.3)%

Adjusted EBITDA 53 53 104 (52) (49.6)% +0 (51) (49.2)%

in % of Revenues 3.7% 3.7% 5.9%

D&A & Reserves (*)

w/o PPA

amortization(120) (119) (148) +28 +19.1% +1 +29 +19.8%

Adjusted EBITA (67) (66) (44) (23) (53.5)% +1 (22) (50.4)%

PPA amortization (22) (21) (27) +6 +21.5% +0 +6 +23.0%

Non-recurring EBIT (106) (104) (17) (89) ns +2 (87) ns

EBIT (194) (191) (88) (106) ns +3 (103) ns

Net Result Continuing (264) (260) (143) (121) (84.6)% +4 (117) (81.6)%

Net Result Discontinued (1) (0) 4 (5) na +0 (4) na

Net Result Group (Group share) (265) (261) (139) (126) (90.4)% +4 (121) (87.2)%

FCF Continuing (286) (280) (262) (24) (9.3)% +7 (18) (6.7)%

Net Debt (IFRS) (1,601) (1,595) (1,333) (267) (20.1)%

H1

Current rate LY rate

2020 2019vs. LY

vs. LY

at constant rate

(a) (c=a+b)

16

ADJUSTED EBITDA BRIDGE VS. LY

(49.2)%

17

PRODUCTION SERVICES H1 2020 PROFITABILITY

(*) Risk, litigation and warranty reserves

Production Services

in € million

Revenues 279 277 428 (149) (34.8)% (2) (151) (35.3)%

Ajusted EBITDA 2 2 81 (78) (97.3)% +0 (78) (97.1)%

in % of Revenues 0.8% 0.8% 18.8%

D&A & Reserves (*)

w/o PPA

amortization(54) (54) (62) +8 +13.6% +0 +8 +13.7%

Adjusted EBITA (51) (51) 19 (70) ns +0 (70) ns

PPA amortization (4) (4) (4) (0) (1.1)% +0 +0 +0.0%

Non-recurring EBIT (5) (5) (9) +4 +44.6% +0 +4 +46.4%

EBIT (61) (60) 4 (65) ns +0 (65) ns

H1

Forex

impact

(b)

vs. LY

at constant rate

(c=a+b)

LY rate

2019vs. LY

(a)

LY rate LY rate Current rateCurrent rate

2020

18

DVD SERVICES H1 2020 PROFITABILITY

(*) Risk, litigation and warranty reserves

DVD Services

in € million

Revenues 302 298 374 (72) (19.3)% (4) (76) (20.3)%

Ajusted EBITDA 1 1 9 (8) (84.5)% (0) (8) (85.5)%

in % of Revenues 0.5% 0.5% 2.5%

D&A & Reserves (*)

w/o PPA

amortization(31) (30) (41) +10 +25.1% +0 +11 +26.3%

Adjusted EBITA (29) (29) (31) +2 +7.2% +0 +3 +8.4%

PPA amortization (4) (4) (5) +1 +11.4% +0 +1 +13.2%

Non-recurring EBIT (86) (85) (4) (82) ns +1 (81) ns

EBIT (120) (118) (39) (81) ns +2 (79) ns

H1

Forex

impact

(b)

vs. LY

at constant rate

(c=a+b)

LY rate

2019vs. LY

(a)

LY rate LY rate Current rateCurrent rate

2020

19

CONNECTED HOME H1 2020 PROFITABILITY

(*) Risk, litigation and warranty reserves

Connected Home

in € million

Revenues 839 836 953 (114) (12.0)% (3) (117) (12.3)%

Ajusted EBITDA 54 54 24 +30 ns +0 +30 ns

in % of Revenues 6.4% 6.5% 2.5%

D&A & Reserves (*)

w/o PPA

amortization(34) (33) (40) +7 +17.1% +0 +7 +18.1%

Adjusted EBITA 20 21 (17) +37 ns +1 +38 ns

PPA amortization (13) (13) (18) +5 +29.3% +0 +6 +30.7%

Non-recurring EBIT (10) (10) (2) (8) ns +0 (8) ns

EBIT (2) (1) (37) +35 +93.4% +1 +36 +96.0%

Current rate LY rate

2020

LY rate

H1

Forex

impact

(b)

vs. LY

at constant rate

(c=a+b)

2019vs. LY

(a)

LY rate Current rate

20

FROM ADJUSTED EBITDA TO EBIT IN SUMMARY

(*) Risk, litigation and warranty reserves

in € million Current rate LY rate LY rate Current rate LY rate

Adjusted EBITDA 53 53 104 (52) +0 (51)

D&A & Reserves (*)

w/o PPA amortization (120) (119) (148) +28 +1 +29

Adjusted EBITA (67) (66) (44) (23) +1 (22)

PPA amortization (22) (21) (27) +6 +0 +6

Impairments & write-off (72) (71) (1) (71) +1 (70)

Restructuring (41) (41) (12) (30) +0 (30)

Other Non Current 8 8 (4) +12 +0 +12

EBIT Continuing (194) (191) (88) (106) +3 (103)

H1

2019Forex impact

(b)

vs. LY

at constant rate

(c=a+b)

vs. LY

(a)2020

21

FROM EBIT TO NET RESULT GROUP

in € million Current rate LY rate LY rate Current rate LY rate

EBIT Continuing (194) (191) (88) (106) +3 (103)

Net Interest Expense (40) (39) (32) (7) +1 (7)

Others Financial (28) (28) (16) (12) (0) (12)

Profit before Tax (261) (257) (136) (125) +4 (121)

Tax (3) (3) (7) +3 +0 +3

Net Result Continuing (264) (260) (143) (121) +4 (117)

Net Result Discontinued (1) (0) 4 (5) +0 (4)

Net Result Group (Group share) (265) (261) (139) (126) +4 (121)

H1

2020 2019vs. LY

(a) Forex impact

(b)

vs. LY

at constant rate

(c=a+b)

22

FREE CASH FLOW FROM CONTINUING OPERATIONSH1 20 VS. H1 19

€(18)m

23

NET NOMINAL DEBT/CASH EVOLUTION

1 302 1 670

417 (50)

65

(286)

63

(9)

353

(61)

In m€

1237 1607Net Debt

at Nominal value

Gross

Nominal

Debt

January

1st 2020June 30st

2020Increase Decrease

+368

Cash

position

In m€January

1st 2020June

30st 2020

FCF

ContinuingCF Disco Others

New cash

from Debt

(2)

24

LIQUIDITY

LIQUIDITY AT JUNE 30, 2020AVAILABLE AMOUNT

(IN € MILLION)

Cash on hand at June 30, 2020 63

Committed credit facilities:

Technicolor SA Revolving Credit

Facility (€250m matures Dec 2021)0

Wells Fargo credit line ($125m

matures December 2023)65*

LIQUIDITY €128m

CASH ON HAND

OF €63 MILLION

* The availability of this credit line varies depending on the amount of receivables.

25

DETAILS OF DEBT AT JUNE 30, 2020

Nominal IFRS Int. Rate June 30, 2020 December 31, 2019

Issuer Type Curr. Rate Formula Maturity* Rate** Rate** Hedging? Nominal IFRS Nominal IFRS

Technicolor SA Term Loan USD Libor w/ floor of 0% + 2.75% n.a. 0% 0% Yes 259 258 259 258

Technicolor SA Term Loan EUR Euribor w/ floor of 0% + 3.00% n.a. 0% 0% Yes 275 274 275 274

Technicolor SA Term Loan EUR Euribor w/ floor of 0% + 3.50% n.a. 0% 0% No 450 448 450 448

RCF Credit Line EUR Euribor + 3.00% n.a. 0% 0% No 250 250 - -

Bridge loan Credit Line USD Base rate + 2.00% Jul-20 10.25% 24.59% No 98 96 - -

Wells Fargo Credit Line USD Libor w/ floor of 1% + 2% Sep-21 3.00% 3.00% No 47 47 - -

Lease liabilities*** 7.11% 7.11% No 281 281 312 312

Other debt and accrued interest 0.03% 0.03% No 10 10 6 6

* In Sept. 2020 the Term Loans and RCF will be partially swapped to equity and restated for the remaining amount with maturity Dec. 2024 Total Debt: €1670m €1664m €1302m €1298m

** Under the "sauvegarde" the interest on the Term Loans and the RCF is suspended Cash: 63 63 65 65

*** €256m of operating lease debt and €25m of capital lease debt Net Debt: €1607m €1601m €1237m €1233m

Average interest rate: 1.88% 2.70% 4.34% 4.42%

Average rate (with hedging): 1.91% 2.74% 4.38% 4.46%

27

GROUP PROFILE – REVENUE

28

IFRS 16, LEASES

IFRS 16 MECHANICS:

All leases are booked as finance leases with the

following consequences:

- Lease expenses are replaced by an amortization

expense and an interest expense

- Interest expense higher at the beginning of the

lease and decreases over time (no impact on total

duration of the lease)

- An asset, a Right of Use (leased asset) is

recognized at the present value of the future lease

payments

- Lease payments are now classified in financing

flow

New debt due to operating leases not

included in financial covenant

calculation

H1 20 at CR (€m) EBITDA EBITANet

IncomeNet Debt

Connected Home 4 1 0

Production Services 15 2 -7

Home Entertainment

Services

15 1 -1

Corporate & Other 2 1 0

Total Group 36 5 -8 (256)

Impacts by business division

Transition method in the financial statements:

Simplified (w/o retrospective adjustment). All leases are assumed

to start as of 01/19. Increased interest expense in Year 1 & 2

Low value & short-term lease exemption:

Rentals lasting less than one year and items such as PCs are

scoped out to diminish the burden on finance teams

Former finance leases are fully kept on the BS

€300M OF TOTAL COST SAVINGS TARGETED, MORE THAN €160M EXPECTED TO BE REALIZED IN 2020

€160m €150m

€150m

€300m

2020E 2022E Cost SavingsTarget

Panorama 1

Further additional

initiatives

STRONG FOCUS ON THE DELIVERY OF PREVIOUSLY

ANNOUNCED COST SAVINGS THROUGH THE STRATEGIC

PLAN

► Well on track to achieve total cost savings in excess of

€160m this year and €300m by 2022

Cost Savings Initiatives

TO DATE, €67M COST SAVINGS RELATED TO THE

STRATEGIC PLAN ANNOUNCED IN 2020 HAVE BEEN

ACHIEVED

► Detailed plans are in place to achieve the remainder

RESTRUCTURING COSTS ACCOUNTED FOR €41M

AT CURRENT RATE