Financial & Business Review - Media Prima Berhad

MEDIA PRIMA BERHADFINANCIAL & BUSINESS REVIEWFOR THE 9-MONTH PERIOD ENDED30 SEPTEMBER 201222 NOVEMBER 20121

Section 1OVERVIEW3

Section 2.1PERFORMANCE REVIEW – MEDIA PRIMA GROUP6

CONSOLIDATED RESULTS YTD Q3 2012RM '000%YTD SEPT 2012 YTD SEPT 2011 CHANGEA B A - BGROSS REVENUE 1,443,524 1,427,198 1NET REVENUE 1,220,118 1,193,329 2ROYALTIES (2,658) (2,717) 2NET REVENUE AFTER ROYALTIES 1,217,460 1,190,612 2DIRECT COSTS (416,269) (399,810) (4)CONTRIBUTION 801,191 790,802 1OTHER INCOME 11,347 17,880 (37)OVERHEADS (535,693) (531,904) (1)EBITDA 276,845 276,778 0FINANCE COSTS (22,035) (25,035) 12DEPRECIATION AND AMORTISATION (73,828) (73,090) (1)PROFIT BEFORE ASSOCIATE 180,982 178,653 1SHARE OF ASSOCIATE'S RESULTS 4,671 2,172 >100PROFIT BEFORE TAX 185,653 180,825 3TAXATION (47,391) (46,358) (2)PROFIT AFTER TAX 138,262 134,467 3MINORITY INTEREST (1,536) (1,764) (13)NET GAINS FROM SUBSIDIARIES FOR SALE - (153) (100)GAIN ON DISPOSAL OF SUBSIDIARY ACQUIRED EXCLUSIVELY FOR SALE - 54 (100)PATAMI 136,726 132,604 3EBITDA margin % 23% 23%PATAMI margin % 11% 11%Effective Tax Rate % 25.5% 25.6%7

RESULTS QUARTER-BY-QUARTERRM'000 %Q2 2012 Q3 2012 Q3 2011 CHANGEA B C (B - A) (B - C)GROSS REVENUE 529,151 515,604 498,271 (3) 3NET REVENUE 447,623 437,211 417,468 (2) 5ROYALTIES (1,009) (993) (939) (2) (6)NET REVENUE AFTER ROYALTIES 446,614 436,218 416,529 (2) 5DIRECT COSTS (156,301) (139,285) (130,287) 11 (7)CONTRIBUTION 290,313 296,933 286,242 2 4OTHER INCOME 5,288 3,565 8,781 (33) (59)OVERHEADS (186,026) (190,993) (188,533) (3) (1)EBITDA 109,575 109,505 106,490 (0) 3FINANCE COSTS (7,509) (7,303) (8,725) 3 16DEPRECIATION & AMORTISATION (24,668) (24,852) (25,732) (1) 3PROFIT BEFORE ASSOCIATES 77,398 77,350 72,033 (0) 7SHARE OF ASSOCIATE'S RESULTS (44) 2,027 683 (>100) (>100)PROFIT BEFORE TAX 77,354 79,377 72,716 3 9TAXATION (19,949) (19,948) (18,672) 0 (7)PROFIT AFTER TAX 57,405 59,429 54,044 4 10MINORITY INTEREST (617) (283) (726) 54 61PATAMI - CONTINUING OPERATIONS 56,788 59,146 53,318 4 11NET (LOSSES)/GAINS FROM SUBSIDIARIES HELD FOR SALE - - -GAIN ON DISPOSAL OF SUBSIDIARY ACQUIREDEXCLUSIVELY FOR SALE - - 54 100PATAMI 56,788 59,146 53,372 4 11EBITDA margin % 24% 25% 26%PATAMI margin % 13% 14% 13%

MEDIA PRIMA GROUP FINANCIAL RESULTS BY MEDIA GROUPOutdoor Print NewConsolTVN Radio Media Media* Media* Others Adjustment TotalRM'000Gross RevenueYTD Q3 2012 618,833 51,873 127,552 628,878 23,673 15,790 (23,075) 1,443,524YTD Q3 2011 627,260 49,737 116,788 617,498 13,254 21,923 (19,262) 1,427,198Growth % (1) 4 9 2 79 (28) (20) 1Net Revenue (after royalties)YTD Q3 2012 494,602 43,186 118,829 534,124 21,640 15,790 (10,711) 1,217,460YTD Q3 2011 500,959 41,206 108,255 518,554 12,706 21,923 (12,991) 1,190,612Growth % (1) 5 10 3 70 (28) (18) 2EBITDA Before EIYTD Q3 2012 151,430 20,766 36,824 93,058 4,002 37,293 (66,528) 276,845YTD Q3 2011 160,908 20,517 35,736 98,890 (3,354) 54,544 (90,463) 276,778Growth % (6) 1 3 (6) >100 32 26 0Depreciation &Interest ExpensesYTD Q3 2012 31,353 1,280 5,903 41,475 1,382 19,637 (5,167) 95,863YTD Q3 2011 31,064 1,373 6,909 38,235 931 23,789 (4,176) 98,125Growth % (1) 7 15 (8) (48) 17 (24) 2PBT / (LBT) Before AssociateBefore EI - ContinuingOperationsYTD Q3 2012 120,077 19,486 30,921 51,583 2,620 17,656 (61,361) 180,982YTD Q3 2011 129,844 19,144 28,827 60,655 (4,285) 30,755 (86,287) 178,653Growth % (8) 2 7 (15) >100 (43) 29 1*NSTP e-Media’s results consolidated under New Media9

REVENUE PERFORMANCEADEX PERFORMANCE YTD SEPT 2012 vs. YTD SEPT 2011Industry Adex1%Media Prima’s Net Revenue Adex By Platform1%0.3%6%10%1%22%43%5%83%Our Print, Radio & New Media were able to outperform the market while Outdoor show decent growthGROSS REVENUE PERFORMANCE QUARTER-BY-QUARTERRM’ Million5295%5035164%4982012(6%)4262011399Q1 Q2 Q310

SUMMARY OF FINANCIAL HIGHLIGHTSRevenue2%• YTD September 2012 net revenue grew by 2% against YTD September 2011mainly contributed by EUFA EURO 2012 and the Olympics 2012.• Uncertainty of the global as well as local market conditions resulted in cautiousspending by advertisers.EBITDA• YTD September 2012 EBITDA is at par with YTD Q3 2011• Weak revenue growth and higher rebates/ incentives are partially offset by costsavings in direct costs and overheads.PATAMI3%• PATAMI is 3% higher than YTD September 2011• Savings achieved via full MTN repayment of RM100million11

Section 2.2PERFORMANCE REVIEW - TV Networks12

TV NETWORKS YTD Q3 2012 RESULTSRM'000%YTD SEPT 2012 YTD SEPT 2011 CHANGEA B A - BGROSS REVENUE 618,833 627,260 (1)NET REVENUE 494,602 500,959 (1)DIRECT COSTS (159,900) (160,904) 1CONTRIBUTION 334,702 340,055 (2)OTHER INCOME 3,810 4,584 (17)OVERHEADS (187,081) (183,732) (2)EBITDA 151,430 160,908 (6)DEPRECIATION (30,670) (30,001) (2)INT & FINANCE CHARGES (683) (1,063) 36PROFIT BEFORE TAX (PBT) 120,077 129,844 (8)TAXATION (24,293) (32,070) 24PROFIT AFTER TAX (PAT) 95,784 97,774 (2)EBITDA margin % 31 32PAT margin % 19 2013

TV AUDIENCE SHARE – SEPTEMBER 2012Dominant Position Across All Stations/Channels5%6%8%26%5%7%

TOP 10 CHANNELS WATCHEDMPB channels remain the LEADER among key marketsTOTAL 4+ CHINESE 4+MALAY 15+STN Jan-Sept 2012 STN Jan-Sept 2011 STN Jan-Sept 2012 STN Jan-Sept 2011 STN Jan-Sept 2012 STN Jan-Sept 20111 TV3 26 TV3 28 8TV 26 8TV 24 TV3 36 TV3 382 TV9 8 TV2 8 ntv7 18 ntv7 20 TV9 10 TV2 103 TV2 7 TV9 8 HUAHEE 8 HUAHEE 9 TV2 8 TV9 104 8TV 6 8TV 6 WLT 7 AEC 5 TV1 7 TV1 85 TV1 5 ntv7 6 AEC 4 WLT 6 RIA 5 PRIMA 56 ntv7 5 TV1 5 TV2 4 TV2 4 PRIMA 4 RIA 57 RIA 4 SUN-TV 4 TV3 3 XHE 3 WARNA 3 CERIA 28 SUN-TV 4 PRIMA 3 XHE 3 TV3 3 CERIA 3 ntv7 29 PRIMA 3 RIA 3 SHX 2 TVBC 2 CITRA 2 OASIS 210 CERIA 2 CERIA 2 TVBC 2 OTHER-ASTRO 2 ntv7 2 8TV 2Source: Nielsen Audience Measurement15

TV ADEX SHARE BY STATION: YTD Q3 2012 vs YTD Q3 2011RM’000TOTALYTD Q3 2012Non DiscountedGross Revenue- % 42 16 14 13 86 4 10 0 100- RM'000 931,571 364,408 312,598 293,646 1,902,223 79,334 229,276 0 2,210,833Growth % (2) (6) (7) 11 (2) 24 7 0 (0)Discount Factor- % 56 78 76 80 67 60 * 60 * 0 66- RM'000 (524,923) (284,021) (238,689) (235,757) (1,283,390) (47,600) (137,565) 0 (1,468,555)Gross Revenue- % 54.78 11 10 8 83 4 12 0 100- RM'000 406,648 80,387 73,909 57,889 618,833 31,734 91,710 0 742,278Growth % 3 (14) (12) 8 (1) 24 7 0 1YTD Q3 2011Non DiscountedGross Revenue- % 43 17 15 12 87 3 10 0 100- RM'000 951,383 386,948 337,534 265,180 1,941,045 64,015 213,369 0 2,218,429Discount Factor- % 58 76 75 80 68 60 * 60 * 0 67- RM'000 (555,126) (293,899) (253,189) (211,571) (1,313,785) (38,410) (128,018) 0 (1,480,213)Gross Revenue- % 54 13 11 7 85 3 12 0 100- RM'000 396,258 93,048 84,344 53,610 627,260 25,605 85,351 0 738,216* Based on estimates16

TOP 20 PROGRAMMES AMONG ALL STATIONS (ALL 4+)NO. PROGRAMME GENRE STATION ‘000 TVR SHARE1 ANUGERAH BINTANG POPULAR BH(L) MUSICAL/ENTERTAINMENT TV3 4,728,408 23.5 67.82 ANUGERAH JUARA LAGU (L) MUSICAL/ENTERTAINMENT TV3 4,410,650 22.0 63.83 MENTOR AKHIR(L) MUSICAL/ENTERTAINMENT TV3 3,384,848 16.9 54.94 MENTOR MUSICAL/ENTERTAINMENT TV3 2,651,649 13.2 41.65 NEW YR.MOV.SPEC. MOVIES TV3 2,619,866 13.0 41.56 MENTOR RAYA MUSICAL/ENTERTAINMENT TV3 2,538,427 12.4 38.97 LESTARY DRAMA/SERIES (0401-) TV3 2,392,424 11.9 35.68 999 (L) DOCUMENTARIES/MAGAZINES TV3 2,332,987 11.6 36.29 BULETIN UTAMA NEWS TV3 2,265,690 11.2 39.210 NUZUL AL-QURAN SP MOVIES TV3 2,062,935 10.1 34.011 SERAM DRAMA/SERIES (0401-) TV3 2,040,074 10.1 32.312 MOVIE SPECIAL MOVIES TV3 2,021,572 9.9 36.213 ZEHRA DRAMA/SERIES (0401-) TV3 1,985,006 9.8 31.414 UCAPAN PM SEMP.HARI BELIA MISCELLANEOUS TV3 1,972,744 9.8 32.515 CNY MOVIE SPEC MOVIES TV3 1,962,194 9.8 30.916 MOVIE RAYA MOVIES TV3 1,961,613 9.6 32.317 AKSI DRAMA/SERIES (0401-) TV3 1,908,675 9.5 28.718 CEREKARAMA MOVIES TV3 1,891,289 9.4 33.219 ANUGERAH SKRIN MOVIES TV3 1,841,165 9.0 30.5Source20Nielsen Audience MeasurementBFF TEMAN TAPI MESRA DRAMA/SERIES (0401-) TV3 1,810,386 9.0 33.0Source Nielsen Audience MeasurementRemain top programmes among all genres except for “Sports” 17

Section 2.3PERFORMANCE REVIEW – Print Media18

GROUP CONSOLIDATED RESULTS YTD Q3 2012RM'000%YTD SEPT 2012 YTD SEPT 2011 CHANGEA B A - BGross Revenue 634,288 622,325 #DIV/0! 2Net Revenue 539,534 523,381 3Direct cost (178,743) (170,379) 5360,791 353,002 2Other operating income 1,850 8,037 (77)Overheads (266,077) (258,819)EBITDA 96,564 102,220 (6)Depreciation (39,545) (37,224) 6Finance cost (2,161) (1,133) 91Profit before Associates 54,858 63,863 (14)Share of results of associates 4,671 2,172 >100Profit before taxation 59,529 66,035 (10)Taxation (13,621) (14,854) (8)Profit after taxation 45,908 51,181 (10)EBITDA Margin (%) 18% 20%PATAMI Margin (%) 9% 10%19

RM MillionRM MillionAD & CIRCULATION REVENUE TRENDAd Revenue Trend Q3 2012340320300280(5%) 18%18% 6%Circulation Revenue Trend Q3 2012230220210(2%) 9% (4%) (1%)2602402202001902003rd Qtr2008 2009 2010 2011 20121803rd Qtr2008 2009 2010 2011 201220

NSTP - AUDITED CIRCULATION COPIESJul'11 to July'10 to July'09 to July'08 toDec'11 Jun'11 June'10 June'09ENGLISHNST 94,661 100,172 109,341 120,770NSUT 110,660 118,669 129,554 141,986BAHASABH 126,777 150,750 160,597 183,187BM 190,568 212,660 231,231 275,143HM 386,742 393,879 378,354 338,552MA 422,614 449,993 431,418 386,795Source: Audit Bureau of Circulation21

RM MillionGROWING CONTRIBUTION FROM THE MALAY MARKETIndustry AdexNSTP Advertising Revenue Trend Q3 20120.3% 1%34032030018% 6%(5%) 18%2802601%22%43%240220Media Prima’s Net Revenue Adex By Platform Revenue Contribution YTD Q3 20121%6%2003rd Qtr2008 2009 2010 2011 20125%10%83%Despite the overall market contraction for print, our print Adexcontinues to grow, driven by the growing Bahasa market & ourGroup’s strength in this sector.In line with growing readership, Malay language continue togrow its Adex market share. Malay newspapers will continue tobe the main driver to revenue growth.22

%READERSHIP TREND - 2012Readership Trend By Language‘000 English Bahasa Chinese80006667 69236000 5469 566240002802 2807 3046 30422000 1406 1368 135916235040302010Print Adex Market Share By Language4442 3840 3836 3630 29 31 30 3226 26220Jul08-Jun09 Jul09-Jun10 Jul10-Jun11 Jul11-Jun1202008 2009 2010 2011 YTD Sept 2012English Chinese/Others MalayReaders ('000) Q2 2009 Q2 2010 Q2 2011 Q2 2012ENGLISHNew Straits Times 269 241 214 277New Sunday Times 218 247 202 270Source: Nielsen Media ResearchReadership: Q2 2009 - Q2 2012Adex: 2008 - YTD Sept 2012BAHASABerita Harian 1,266 1,090 1,093 1,099Berita Minggu 1,375 1,223 1,233 1,103Harian Metro 2,431 2,831 3,654 3,695Metro Ahad 2,451 3,046 3,872 4,06123

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Section 2.4PRIMEWORKS STUDIOS25

PWS FINANCIAL RESULTS YTD Q3 2012RM'000YTD SEPT 2012 YTD SEPT 2011%CHANGEA B A - BNET REVENUE 87,960 93,567 (6)DIRECT COSTS 39,285 41,921 6CONTRIBUTION 48,675 51,646 (6)OTHER INCOME 953 1,051 (9)OVERHEADS 36,310 33,894 (7)SHARED COSTS 4,011 3,308 (21)EBITDA 9,307 15,496 (40)FINANCE COST 7 9 25DEPRECIATION 376 484 22PROFIT BEFORE TAX 8,924 15,003 (41)TAXATION 1,876 10 (100)PROFIT AFTER TAX 7,048 14,992 (53)EBITDA margin % 11% 17%PAT margin % (EXCL. EI) 8% 16%26

Q3 2012 NEW PROGRAMMES27

NON-ADEX REVENUE VIA CONTENTsell toHO CHAKsell toMalay Islamic sitcomsell toFor 2012, one of PWS’s target key performance indicator (KPI) is to producecontent which are to be sold to 3 rd parties28

WHAT IS ?• EMAS is the first retro channel in Malaysia showcasing Media Prima's production of popular TV programmes of theyesteryear via Internet Protocol TV (IPTV) on HyppTV, Unifi TM.• It features content from over 40,000 hours of archived material.• Launched on June 1, 2011.• Its primary target audience is Malay urban with high household income while the secondary target audience ismass market.29

Section 2.5RADIO NETWORKS30

RADIO NETWORKS FINANCIAL RESULTS YTD Q3 2012RM ' 000%YTD SEPT 2012 YTD SEPT 2011 CHANGEA B (A - B)GROSS REVENUE 51,873 49,737 4NET REVENUE 43,186 41,206 5DIRECT COSTS (182) (146) (25)CONTRIBUTION 43,004 41,060 5OTHER INCOME 963 872 10OVERHEADS (23,201) (21,415) (8)EBITDA 20,766 20,517 1DEPRECIATION (1,280) (1,373) 7PROFIT BEFORE TAXATION (PBT) 19,486 19,144 2TAXATION (1,731) (2,723) 36PROFIT AFTER TAXATION (PAT) 17,755 16,421 8EBITDA m argin % 48% 50%PAT m argin % 41% 40%31

Section 2.6OUTDOOR MEDIABIG DRIVE expressways BIG RIDE transit BIG BUYretail BIG FLY airport32

OUTDOOR DIVISION FINANCIAL RESULTS – YTD Q3 2012RM'000%YTD SEPT 2012 YTD SEPT 2011 CHANGEA B A - BGROSS REVENUE 127,552 116,788 9%NET REVENUE 118,829 108,254 10%DIRECT COSTS (70,237) (59,814) (17%)CONTRIBUTION 48,592 48,440 0%OTHER INCOME 810 549 48%OVERHEADS (12,578) (13,253) 5%EBITDA 36,824 35,736 3%DEPRECIATION (5,903) (6,909) 15%PROFIT BEFORE TAX 30,921 28,827 7%TAXATION (7,729) (7,162) (8%)PROFIT AFTER TAX 23,192 21,665 7%EBITDA margin % 31% 33%PAT margin % 20% 20%33

OUR OUTDOOR MARKET SHARE OF 44%Source: Company Search and Due Diligence34

OUR OUTDOOR COVERAGEThe Outdoor Division holds several exclusive outdoor media rights in:i. Expressways;ii. Transit lines;ii. Retail malls;iii. Airports; andiv. Key city and town sites.The largest Outdoor company with presence all over Malaysia with 44% market share.More than 8,000 sites throughout Malaysia.35

Section 2.7NEW MEDIA36

ALT MEDIA FINANCIAL RESULTS – YTD Q3 2012RM'000YTD SEPT 2012 YTD SEPT 2011 CHANGEA B A - BGROSS REVENUE 23,673 13,254 79NET REVENUE 21,641 12,653 71DIRECT COSTS (979) (749) 31CONTRIBUTION 20,661 11,904 74OTHER INCOME 46 12 0OVERHEADS (16,706) (15,269) (9)EBITDA / (LBITDA) 4,002 (3,354) >100DEPRECIATION (1,382) (931) (48)(LOSS) / PROFIT BEFORE TAX 2,620 (4,283) >100TAXATION - - na(LOSS) / PROFIT AFTER TAX 2,620 (4,283) >100EBITDA / (LBITDA) margin % 18% (27%)(LAT) / PAT margin % 12% (34%)%37

ONLINE PORTALS : MPB WEBSITE RANKINGSTop 10 Malaysian SitesSEPTEMBER 2011 SEPTEMBER 2012Site Rank Total Unique Visitors (‘000) Rank Total Unique Visitors (‘000)MUDAH.MY 1 2,611 1 2,864Media Prima Group 2 2,088* 2 2,477Maybank Group 3 1,796 3 1,796Star Publications (M) Bhd 4 1,422 4 1,364Maxis Group 6 1,328 5 1,184Tune Group 5 1,362 6 1,118CIMB Group 10 970 7 1,035LOWYAT.NET 7 1,078 8 1,030CARI.COM.MY 8 983 9 828Telenor 9 974 10 537*MPB only as NSTP portals + MPB portals were still separate. Numbers were combined from August 2011 onwards.SOURCE: comScore Key MeasuresMEDIA PRIMA GROUP IS RANKED #2 IN SEPTEMBER 201238

VIDEO VIEWS & POPULAR PROGRAMS2.38 million registered users39

Q3 2012 HIGHLIGHTS- DIGITAL PAPERDigital version of print.For iPad, Android & Web Browser.Launched on 1 July 2012Total downloads : 40,05140

Section 2.8CORPORATE & OTHERS41

CORPORATE & OTHER BUSINESSES – YTD Q3 2012ConsolMPB GB Others Adjustment TotalRM'000Gross Revenue2012 - 11,667 4,123 (23,075) (7,285)2011 - 18,791 3,132 (19,262) 2,661Growth % N/A (38) 32 20 (>100)Net Revenue (after royalties)2012 - 11,667 4,123 (10,711) 5,0792011 - 18,791 3,132 (12,991) 8,932Growth % N/A (38) 32 18 (43)EBITDA Before EI2012 37,161 324 (192) (66,528) (29,235)2011 51,824 4,843 (2,123) (90,463) (35,919)Growth % 28 93 91 26 19Depreciation &Interest Expenses2012 19,597 - 40 (5,167) 14,4702011 23,746 - 43 (4,176) 19,613Growth % 17 N/A (7) (24) 26PBT / (LBT) Before AssociateBefore EI2012 17,564 324 (232) (61,361) (43,705)2011 28,078 4,843 (2,166) (86,287) (55,532)Growth % 37 93 (89) (29) 2142

Section 3CONCLUSION43

CONCLUSION• The Group recorded EBITDA of RM276.8 million and PATAMI of RM136.7 million.• TV Networks’ YTD September 2012 gross revenue declined by 1% against YTD September 2011, affectedmainly by the advertisers’ lower ad-spending following the current external economic uncertainties,especially from MNCs• The Group continues its cost management efforts as follows:oooTV network - Manage local and foreign syndicated content and through repeats of selected highlyrated and popular contentPrint Media - Manage editorial to advertising ratio thus total pagesImplementation of more creative promotion strategies: cross promotions between media platformsand channels, between slots and cluster promotions to push viewership, readership and listenership.• Major challenges remain the same for the Group. Many advertisers are still very cautious on Adexspending.• The management is cautiously optimistic that with the strategies put in place the Group should be able tosustain its financial performance.• Going forward, while YTD Adex growth remains in uncertain territory, the management believes that adspending will pick up in the coming months.44

AN INTEGRATED MEDIA GROUPTVNEWSPAPERLARGEST reach interms of TVviewershipRADIOLARGEST reach interms of newspapercirculation andreadership inPeninsular Malaysia#2 nd LARGEST reachin terms of combinedradio channellisteners’ numbersNSTP’SOUTDOOROne of the LARGESTshare of advertisingrevenue in theoutdoor mediaindustryNEW MEDIAMedia avenuereaching out toINTERNET basedviewershipCONTENT CREATION45

Note:The presentation may contain forward-looking statements which are based on MPB's current expectations, forecasts andassumptions based on management's good faith expectations and belief concerning future developments. In some cases forwardlookingstatements may be identified by forward-looking words like “would”, “intend”, “hope”, “will”, “may”, “should”, “expect”,“anticipate”, “believe”, “estimate”, “predict”, “continue”, or similar words. Forward-looking statements involve risks anduncertainties which could cause actual outcomes and results to differ materially from MPB's expectations, forecasts andassumptions. We caution that these forward-looking statements are not statements of historical facts and are subject to risks anduncertainties not in the control of MPB, including, without limitation, economic, competitive, governmental, regulatory,technological and other factors that may affect MPB's operations. Unless otherwise required by law, MPB disclaims any intentionor obligation to update or revise any forward-looking statements, whether as a result of new information, future events, orotherwise. Although we believe the expectations reflected in forward-looking statements are reasonable we cannot guaranteefuture results, levels of activity, performance or achievements.46