Corporate Update January 2020

MNC Media

PT Global Mediacom Tbk.

Listed and traded on the Indonesia Stock Exchange STOCK CODE: BMTR

MNCN IPTV

MSKY

Disclaimer

2

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In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected.

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MNC Media Corporate Structure Section 1

MNC Media Corporate Structure

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*excluding exercise of warrant

Global Mediacom Tbk

Media Nusantara Citra Tbk

Content Based Media and Advertising

MNC Vision Networks Tbk Subscription Based Media

DTH Post-paid Pay TV

Online Media

Broadband and IPTV OTT Service Provider –

TV Anywhere DTH Pre-paid Pay TV

Key Investment Highlights

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Favorable Macro

Fundamental

Market Leadership

Unrivaled product offering

• Indonesia is the fourth most populous country in the world, with 267m inhabitants and a rapidly emerging middle class.

• Global Mediacom operates in two of most promising market in Indonesia: - Significant upside potential in the media advertising market given that Indonesia’s advertising spending to

GDP ratio of 0.2% is one of lowest in Asia. - Substantial headroom for continuing rapid growth in the Pay TV and high speed broadband market, given

that Indonesia has the lowest penetration of Pay TV (13.3%) and fixed broadband (9.8%) of all major economies in Asia.

Global Mediacom is the leader in both content & advertising based media and subscription based media business: • Four national FTA with the largest audience share of 40% and adspend share of 45%. • Largest content producer with 23K hours/year in production of short, mid and long content format. • Market leading position in DTH with 96% market share and a subscriber base of c. 2.6m (combined DTH and

IPTV). The only player with nationwide DTH coverage, giving access to a wider potential customer across Indonesia.

• Rapid growth of broadband / IPTV subscriber base as the company is one of the first that launches FTTH infrastructure.

Global Mediacom through its key subsidiaries offer products unmatched by their competitors: • Top content products and portfolio that consistently generate highest audience share. • Access to the largest content library in Indonesia of more than 300,000 hours. • Largest talent management with nearly 400 prominent and well-known talents. • The fastest residential broadband / IPTV network, being the only provider operating 100% on FTTH. • Strongest content proposition, with access to 7 of the top 20 most watched Pay TV channels and non-

exclusive access to the remaining 13 (total of 185 channels of which 35 are exclusive).

Key Investment Highlights (cont’d)

6

Superb key management

team

9M-19 Financial Performance

• Global Mediacom is led by an experienced management team with a strong track record of achieving both operational as well as investment management excellence.

• The company’s key subsidiaries, MNCN and IPTV are led by a seasoned management with proven capabilities that consistently delivers quality execution, particularly within FTA/advertising sector as well as Pay TV/High speed broadband business.

BMTR: • Revenue Rp 9,672 bn, +11% YoY • EBITDA Rp 3,976 bn, +14% YoY • Net Income Rp 913 bn, +142% YoY MNCN: • Revenue Rp 6,271 bn, +13% YoY • EBITDA Rp 2,798 bn, +20% YoY • Net Income Rp 1,776 bn, +63% YoY IPTV: • Revenue Rp 2,527 bn, +5% YoY • EBITDA Rp 1,097 bn, +8% YoY • Net Income Rp 157 bn vs Net loss of Rp 70 bn YoY

MNCN Updates Section 2

5. Four National FTA with the largest audience share of 40% and adspend share of 45%. • 40% audience shares translate to more than 100 million viewers daily, the largest in the

country even if it’s compared to any social media platform. • Launched its streaming (OTT) service called RCTI+.

7. The Largest Library with more than 300K hours, consisting of more than 60% non news.

6. The Largest Content Production of 23K hours yearly in long, mid and short formats: • 40% market share in drama or close to 5,000 hours of drama production yearly. • 80%+ market share in talent search & animation.

8. The Largest Talent Management with close to 400 talents under management with 5 + 5 years option to extend.

9. Started MCN (Multi Channel Network) on YouTube in August 2019 and

generating 1.63billion views and 11million subscribers in just a month. Including MNCN Channels on Youtube, the total number of views reached 20.1billion with 42 million subs by the end of August 2019.

10. Owning the largest sites called Okezone (#1 above Google #2) and Sindonews

(#6) based on Alexa measurement. • Okezone has more than 19 million UV daily • Okezone is ranked #27 globally.

11. Just entered a JV with iQIYI to

operate the largest OTT for Asian/Chinese & Indonesian content (MNCN to own 51% in the JV).

11. Strong growth in digital advertising revenue • Derived from mobile apps, general/news portal, YouTube revenue share • Excluding future digital revenue from RCTI+ and MCN.

12. Strong growth in Non Time Consuming Ads (NTC Ads) in the

form of built in, virtual and squeeze frame as well as equity link.

14. Strong growth in original content production on YouTube for FTA’s clients

(3rd parties).

16. Growing library licensing revenue from OTT’s

13. 9M 2019 financial performance: • YoY revenue to $442mn, up 12% • YoY EBITDA to $197mn, up 19% • YoY profit to $125mn, up 61%

15. Strong growth in original content production for the group, including for RCTI+.

1. GDP hit more than $1trillion for

the first time in 2018 with annual growth rate between 5-6%.

2. Large population of 267 million people, growing by 3-4 million people every

year for the next 15 years.

3. Significant upside potential for adspend growth since adspend to GDP ratio is only 0.2%, one of the lowest in Asia.

4. Adspend on National FTA and digital will grow from 80% to close to 90% of the national adspend in the next 3-4 years.

MNCN Key Investment Highlights

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14. Fast growing digital and content revenue: • In 9M 2019, growing by 49% YOY,

contributing 25% of the total revenue.

• Projected to contribute more than 40% in 2022 and more than 50% in 2024.

At 15x P/E multiple, stock price is equivalent to Rp2,500.

9

Macro Drivers Support Industry Growth

5 4,9

5 5,1

5,3

5,5 5,5 5,5 5,5

2014 2015 2016 2017 2018 2019 2020 2021 2022

• A large & young population, 226mn people below age of 54; growing by 3 to 4 Million people every year for the next 15 years.

• A rising middle class group will grow the advertising expenditure in line with GDP growth

• A stronger growth will be driven by more robust private investment activities and acceleration of infrastructure development

What are the macro drivers?

Source : Indonesian bureau of statistic 2019 report

27%

17%

43%

8% 6%

0 - 14 15 - 24 25 - 54 55 - 64 65+

A Young Population (2018)

265

107 95

69 32 6

1.148.253

323.680 186.326

437.515 383.304 319.915

0

50

100

150

200

250

300

Indonesia Philippines Vietnam Thailand Malaysia Singapore

Population US$ Real GDP

* In Millions

Population & Real GDP (US$) (2018) *

Indonesia Growth of Real GDP (%)

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The Largest Fully Integrated Media Company in Southeast Asia

DIGITAL CONTENT FREE-TO-AIR TV

CONTENT LIBRARY

Content library contains more than 300,000 hours and

increasing by more than 23,000 hours per year

PRODUCTION (Short – Mid – Long Form)

64%

• RCTI +

• Digital content (original content, library)

• MCN

• News portal

• Digital broadcast

• Radio Aggregator Apps

• User Generated Content (UGC)

ENTERTAINMENT

Entertainment FTA focusing on family audience

Largest news TV and provide news programs to the Group’s

3 entertainment FTA

PUBLIC

36%

INFORMATION & SPORTS

TALENT MANAGEMENT

The biggest talent management company in Indonesia with more than 380 talents under exclusive

contract

Indonesia Advertising Market Share

• Given the infrastructure constraint, TV is the only medium to reach a mass audience.

• TV advertising is expected to maintain a dominant market share

• A more stable economic growth will boost ad spend, TV advertising should trend at a 5% CAGR between 2017-22

• 94% smartphone penetration among online users, grew from 40% in 2013.

2018

2022

TV, 64% Internet, 16%

OOH; 2%

Print, 16% Radio, 2%

TV, 62% Internet,

25%

OOH; 2%

Print; 10%

Radio; 1%

-

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

2015 2016 2017 2018 2019 2020 2021 2022

TV Internet Print & Related Other

Indonesia Advertising – By Media (in Rp Mill)

Source : MPA 2018 report, adjusted

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The Largest Audience Share & FTA TV Advertising Market Share

• MNCN continued to produce top drama series and successfully fulfilled demand on high quality Indonesian culture-based entertainment

Source : Nielsen Prime Time FY-2019

37 39 40 43 43 45

26 28 28 24 26 24

18 14 12 12 10 10

14 14 15 17 15 13

4 4 4 4 4 4 0 0 1 1 1 0

2014 2015 2016 2017 2018 9M-2019

MNC Group Emtek Group Trans Corp Viva Group Metro TVRI

• MNC Group dominates Advertising market share amongst all FTA TV Stations in the nation

• Content is the only way to capture audience share and monetize advertising dollars

• MNC sells different forms of advertising from filler TVC, built-in, virtual ads, mobile ads and other creative ads

Indonesia FTA TV Advertising Market Share

35,3 36,7 37,2 39,4

29,1

36,4

44,8

38,4 35,1

39,0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

12

MNCN Audience Share 2008 – 2019*

TV Advertising Revenue

13

Build-In Advertising Conventional TVC

Advertising Revenue Stream

Virtual Advertising on Drama Series (TOP) Squeezed Frame Advertising

• Conventional TVC (15” and 30”) during

commercial break

• Creative ads/ Non Time Consuming ads

(Built-in, Virtual Ads, Squeeze Frame,

etc)

• Equity Link (Air time and Content

Library)

• Localized RTX* & Geo-tagging TVC*

• Digital Ads : Digital Broadcast, Social

Media (including original content),

Online Portal, UGC, MCN, RCTI+

*will be launched soon

Local Animation

Reality Program

Infotainment

Talent Search*

Drama Series* 41%

33%

32%

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• Generating highest revenue per one hour broadcast

CONTENT LIBRARY LICENSING (FTA, DTH Pay TV, IPTV, Mobile/Streaming, OTT)

• Produces around 23,000 hours of content annually. • Owns more than 300,000 hours of content library with

breakdown of 60% non News and 40% News content.

LOCAL CONTENT

IN-HOUSE PRODUCE

80%

95%

CONTENT PRODUCTION (group & non-group)

Short, Mid, and Long Form

• Content produced in-house include Drama, Talent Search, Animation, Sitcom, Movie, Reality, Infotainment, Variety, Talk Show, News.

more than 80%

Content Revenue

more than 80%

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The Largest Content Producer and Library Owner

Content VARIETY TALENT SEARCH DRAMA ANIMATION SITCOM REALITY INFOTAINMENT TALK SHOW NEWS

The Best Talent Search Program

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41%

Sinemart 24%

Mega Kreasi 13%

Verona Pictures 6%

Tobali 5%

Cakrawala 3% Others

MNC Pictures Sinemart Mega Kreasi Verona Pictures Tobali Cakrawala Others

Drama Series Production – Indonesia Market Share

17

Source : Actual On-Air, internal research 8M-2019

Star Media Nusantara: Talent Management

Singing Competition

Nowella 2014

Giselle 2008

Citra Scholastika 2010

Ajeng Astiani 2015

Aldy Saputra 2015

Angela July 2015

Christoper Edgar 2016

Sharla Martiza 2017

Kim Kimberly 2017

Andmesh Kamaleng

2017

Trio Wijaya 2016

Indah Nevertari 2014

Mahesya 2015

Yogie 2015

Dahlia 2015

Chef / Cooking Contest

Deny 2015

Luvita 2015

Brian 2013

Afif Winner 2014

Zidan 2014

Patrick 2014

Navis Aditya 2017

Sharon 2017

Christoper Laurensius

2016

Other Talent Search

Achintya Nilsen 2017

Natasha Mannuela H 2016

Maria Harfanti 2015

Boy WIlliam 2010

Libra Akila 2011

Okky Julian 2013

Oge Arthemus – Season 1, 2009

Master Limbad – Season 2, 2009

Bow Vernon Season 5, 2012

Ayu Ting Ting 2010

Lolita Agustine 2010

Dede 2014

B Force 2017

Soul Sisters 2017

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• The biggest talent management company in Indonesia with more than 380 talents with various background under exclusive contract (5 years + 5 years).

• The Company manages national talent to perform in TV shows (group or non group), radios, off air events and OOH/TV commercial.

• There is a revenue split between talent and the Company for all bookings, including endorsements on their respective social media platforms.

Digital Mobile/ Online Advertising Revenue

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• Digital Broadcast

• Social Media (Library & original content, etc)

• Library/channel licensing to digital platform

• Online portal, UGC, MCN

• RCTI+

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Digital Broadcast

Digital quiz interactive where user can answer al the questions on TV via RCTI Mobile. The

questions will be appeared in a form of template with 110 sec. The questions consist of product

knowledge from brand and program

Second Screen Quiz Interactive Second Screen Activity

Brand activation on RCTI Mobile where users can send their comments and upload their photos

which inline with brand campaign

Second Screen Live Chat

Users can access live streaming on RCTI Mobile as well as having interactive with

another user using chat feature

Banner Random

Native Ads

Pre Roll

A small picture on top of page with landing page

Bigger than banner, native ads are in the middle of the page. Brand can put their landing page on native ads

TVC with 15 sec duration. Pre roll will appear before the video content

Most watched Indonesia YouTube content comes from our short clips drama series

Source of Revenue from Youtube 1

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Number One YouTube TV Views & Subscribers in Indonesia

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Source : MNC Research, as per November 2019

MNC GROUP 61.090.712

TRANS CORP 28.265.219

NET 24.610.580

EMTK GROUP 21.009.380

KOMPAS 12.097.094

VIVA GROUP 12.055.259

METRO 2.009.197

RTV 3.647.877

*Including Twitter, FB, IG, the total subscribers reach over 92 million, the largest in South East Asia

MNC Media vs Competitors VIEWS (IN BILLION)

11.7 10.8 8.9

3.2 3

MNCGROUP

TRANSCORP

NET EMTKGROUP

KOMPAS VIVAGROUP

23

MNC Media vs Competitors Subscribers

MNCN Nationwide Youtube market share:

4.91% 2.26% 2.86%

Note: Data for Youtube Indonesia

Views Subscribers Video Uploads

Maximize Brand’s Presence Through Engaging

WebSeries Ads

23

Source of Revenue from Youtube 2

Star Hits – Leading Digital Network

• Star Hits is a digital network that develops content creators, talent or influencers, to cooperate with the brand and to create the ecosystem that are connected in the content.

• Owns various channels under star hits family brand, which focuses on various different genres. • Currently, Star Hits also coordinates all of MNC Group’s channels in all social media. • Star Hits has received MCN (Multi-Channel Network) license from Youtube in July 2019.

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MCN (August - December): • 21.6mn subscribers • 2.4bn views

MCN + Non – MCN (2019) • 61.1mn subscribers • 24.1bn views

Source of Revenue from Youtube 3

ALEXA RANKS Top Indonesian Sites

MNC Group “News Portal” ranked #1 and #6 in Indonesia

Note : For News portal, Okezone.com is ranked #1 (20mn daily UV) and Sindonews.com #4

1. Okezone.com

2. Google.com

3. Tribunnews.com

4. Youtube.com

5. Detik.com

6. Sindonews.com

7. Kompas.com

8. Liputan6.com

9. Bukalapak.com

10. Grid.id

11. Blogspot.com

12. Google.co.id

13. Idntimes.com

14. Kumparan.com

15. Yahoo.com

16. Suara.com

17. Kaskus.co.id

18. Kapanlagi.com

19. CNNindonesia.com

20. Alodokter.com

*Update 30 August 2019

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Welcome to RCTI+ Mobile Apps

• Single & Multi Camera Views for Streaming • Catch up TV

Excellent Live Streaming

• FTA Programs - Current and Library • Extended Content –Rejuvenated Library Content, Fresh

Extended Content, and FTA Unaired Content (bloopers and behind the scene)

• Creative Contents: Quiz, Reward system, Original short & mid form content, Audition, News clips, Radio, etc

• Content Partners - (SMN & Third Party Partners)

Creative Content

• A spectacular extension of RCTI, MNCTV, GTV, and iNews FTA TV which is available for free via Apps (iOS & Android).

• MNC is digitally all in!

26

27

MNC Integrated Studios Facilities

IPTV Updates Section 3

Macro Drivers Support Industry Growth

Fixed Broadband Penetration - % (2019) Pay TV Penetration - % (2019)

Population (in millions) • A large & young population, 226mn people below age of 54; growing by 3 to 4 Million people every year for the next 15 years.

• Indonesia will be the second largest Pay TV growth in the region after Philippines, with annual growth of 6%.

• Indonesia will be the third largest fixed broadband subscription growth in terms of revenue at 11% (CAGR 2018-2023) in Asia Pacific.

• The world fourth most populous nation. • GDP per capita < $4.000. • Real GDP growth of 5.5% per annum.

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30 *excluding exercise of warrant

The Most Integrated Subscription Platform with Content Superiority

99.99% PT MNC Kabel Mediakom

Broadband and IPTV

• Provides high speed FTTH broadband and interactive IPTV services.

• 3rd largest broadband and IPTV operator in four years since inception.

• Presence in 9 Cities.

• 1.5 mio home pass with close to 300.000 subs.

97.55%

DTH post-paid Pay TV

PT MNC Sky Vision Tbk

• Provides DTH based post-paid Pay TV services in Indonesia, targeting mid – high market segment.

• Over 90% market share with 2.4m subscribers.

• DTH S-band (2.520 – 2.670 Ghz) for extensive nationwide coverage.

• Hidden treasure: 5G and LTE spectrum.

99.90%

OTT service provider – TV Anywhere

PT MNC OTT Network

• TV anywhere for MNC Vision, MNC Play, and K-Vision subs.

• MNC Now has over 25 mio MAU.

• Provides various features, such as linear channel viewing, catch up TV, library, VOD, and many more.

• Focus on original content, both short and mid form.

DTH pre-paid Pay TV

PT Digital Vision Nusantara

• Captures mass market segment with low-priced prepaid Pay TV service.

• K-Vision controls 3.000+ dealership across the nation.

• DTH KU-Band for cost efficient services.

• Acquires 5.000 new subscribers on a daily basis and currently sitting with 1 mio subscribers.

80%

PT MNC Vision Networks Tbk (IPTV)

90%* 10%*

PUBLIC

MNC Vision - Quality Focused And Continuous Cost Efficiency

• MNC Vision provides DTH-based Pay TV services in Indonesia with 2.4 mio subscribers, which represents 90% market share. Capturing massive market opportunity in an archipelago.

• Subscriber’s growth will be focused on reaching broader segments in tier 2 and tier 3 cities (70% of total households in Indonesia) and LCO (local cable operator) acquisitions to expand DTH market share.

• Monetization of LCO through content licensing.

• Hidden Treasure: Monetization of 5G and LTE Spectrum (150 Mhz).

1. New customer acquisition to purchase STB/equipment for a more efficient operational expenditure.

2. Reduce costs of STB/equipment, viewing card/CAS, outdoor unit, and low noise block (LNB) by at least 25%, which enables the Company to sell the equipment for $31/set, from $44/set.

3. This model will decrease overhead cost, such as sales, technical, and other related expenses.

4. Sale of STB leads to higher revenue and healthier cash flow.

5. Starting November, MVN has transitioned into selling its equipment to customers and will be fully implemented within 6 months.

6. Acquisition target: 2000 new subscribers per day – upon the full implementation of the new model.

31

Revamping MNC Vision Business Model - Sale of STB/Equipment

K Vision – Pay TV Platform for the Mass Market

8,7 7,5 7,3 7,3

35,6 45,3

82,2

107,8

135

161 155

213

August: Acquired by MVN

Customer Acquisition 2019 (in thousands)

5.937 6.610 6.469 7.181 8.004

6.746 5.357

10.150 12.600

14.100

10.000 11.400

Top Up Voucher Purchase 2019 (in million)

• Prepaid Pay TV using DTH KU-Band for cost efficient services, which captures mass market in Indonesia.

• Acquires 5.000+ new subscribers on a daily basis.

• Targeting at least 30% of new STB users to consistently subscribe prepaid vouchers.

• Source of revenue:

• Sales of decoder/set-top box

• Top up voucher

• Advertising

• 20+ mio target homes that can potentially be a subscriber.

August: Acquired by MVN

32

MNC Play - Aggressive Coverage Expansion & Extensive Growth

57

115

175

265

0

200

400

600

800

1000

1200

1400

1600

0

50

100

150

200

250

300

350

400

2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8

• MNC Play is the 3rd largest broadband and IPTV operator with close to 1.5 million home pass and 265.000 subscribers since its inception in 2015.

• Secured various partnership with neutral network providers to expand its home pass network that lower capex and opex requirement in the future and allows the Company to focus on the delivery of its services (internet & IPTV)

• Monetizing existing home pass network through sale & lease (business trust structure).

• MNC Play to introduce Android TV OTT service in 2019 – riding other broadband network providers.

Subs & HP Growth 2015 - 2018

Subs HP

MNC Play has secured a partnership with ICON+, which opens up new opportunities to penetrate PLN’s customer base of 67 million

homes.

This will expedite MNC Play’s future growth,

both in terms of number of subscribers and home pass expansion.

in thousands (000)

33

MNC Now – TV Anywhere, Anytime

• TV anywhere as an value-added service for MNC Vision & K-Vision (DTH) and MNC Play (IPTV) subscribers.

• The OTT platform comprise of more than 130 live and 80 catch-up channels, with access to more than 9.000 hours of on-demand content. Moving forward, MNC Now will focus on original content/series, both short and mid form.

• MNC Now today has over 25 mio MAU.

• An AVOD business model to gain maximum traffic before monetizing through revenue share with third party content providers through SVOD model.

20

50

75

DEC-2019 JUN-2020 DEC-2020

Monthly Active Users – MAU (In millions)

34

MNC Channels: Largest in in-house production and number of channels in Indonesia

IN-HOUSE PRODUCTION (hours)

No Channel Total

1 MNC News 29.878,97

2 Music Channel 22.313,00

3 Lifestyle & Fashion 15.854,25

4 Hidayah 6.957,50

5 Infotainment 3.416,50

6 Kids Channel 2.955,17

7 Travel & Homes 5.033,68

8 Soccer Channel 2.417,00

9 MNC Sport 2.055,50

10 Auto Gadget 2.224,50

Total Hours 93.106,07 Data as of August 2019

MVN produces and operates 16 pay channels from various genres for

Pay TV/IPTV/OTT viewers.

FTA (available exclusively on MVN’s

Pay TV Platforms)

35

MNC Channels: Most Watched Pay TV channels in Indonesia

Number #1 Indonesia Pay TV Market position by 25.90% market share (FTA Channels generate highest audiance share)

Rank Channel Share (%)

1 MNC Group 25.90

2 TRANS Group 19.01

3 SCM Group 15.19

4 VIVA Group 13.71

5 FOX & Disney 8.20

6 Warner 5.74

7 METRO 5.07

8 Sony 1.54

9 VIACOM 1.38

10 TVRI 0.92

The Top 10 Pay TV channels in Indonesia.

Source : Nielsen

Rank Channel Share (%)

1 RCTI Pay 11.592 TRANS Pay 10.653 TRANS7 Pay 8.364 SCTV Pay 7.985 IVM Pay 7.216 TVONE Pay 7.077 ANTV Pay 6.648 METRO Pay 5.079 GTV Pay 4.33

10 MNCTV Pay 3.6311 DISNEY JUNIOR 1.4912 CARTOON NETWORK 1.4413 FOX FAMILY MOVIES 1.3414 HBO 1.3315 FOX MOVIES 1.2016 CNN INDONESIA 1.1517 MNC ENTERTAIMENT 1.0118 INEWS Pay 0.9619 TVRI1 Pay 0.9220 NICK JUNIOR 0.8521 CINEMAX 0.8222 MNC NEWS 0.8223 BABY TV 0.8224 DISNEY CHANNEL 0.8025 AXN 0.80

Rank Channel Share (%)

26 FOX ACTION MOVIES 0.7227 NATIONAL GEOGRAPHIC 0.6228 S-ONE 0.5929 NICKELODEON 0.5330 DRAMA CHANNEL 0.4931 CELESTIAL MOVIES 0.4432 MOVIE CHANNEL 0.4233 FOX CHANNEL 0.4134 CCM 0.3835 BEIN SPORTS 1 0.3636 BERITA SATU 0.3137 HEALTH AND BEAUTY 0.3038 INFOTAINMENT 0.2839 Z BIOSKOP 0.2840 TOONAMI 0.2841 HBO HITS 0.2742 FOX SPORTS 2 0.2743 HBO FAMILY 0.2544 MNC LIFESTYLE 0.2545 KIDS CHANEL 0.2446 FOX CRIME 0.2247 MUSIC CHANNEL 0.2248 HIDAYAH 0.2249 MNC SPORTS 0.2150 HBO SIGNATURE 0.2

Rank Channel Share (%)

51 ASIAN FOOD CHANNEL 0.1752 MNC SHOP TRENDY 0.1753 DMAX 0.1754 COMEDY CHANNEL 0.1655 MNC FASHION 0.1556 FOOD AND TRAVEL 0.1557 THRILL 0.1258 FOX LIFE 0.1259 DISCOVERY CHANNEL 0.1260 DIVA 0.1161 EXTREME CHANNEL 0.1162 FOX SPORTS 0.163 SOCCER CHANNEL 0.1064 ANIMAL PLANET 0.1065 GAMES CHANNEL 0.0966 AUTO AND GADGET 0.0967 PREMIERE 0.0868 GEM 0.0869 HOME AND LIVING 0.0870 ANIMAX 0.0771 IDX CHANNEL 0.0672 CHANNEL V 0.0673 FX 0.0274 NGC WILD 0.0175 TRAVEL LIVING CHANNEL0.01 36

Creation of MVN original content portfolio

Creative Content Long Form

NOW Original

Short (5-8 mins) and mid (10-20

mins) Web Series

Drama

Comedy sketch

Lifestyle

RCTI/MNCTV/GTVShort Clips (3-

5 mins) Highlights Segment Bloopers Behind the scenes Interviews

MNC VOD Library (30-60 mins)

Dramas Talent show Reality show Entertainment Lifestyle Kids

MVN Original Productions

(30 min series)

Drama Talent show

37

Target Acquisition

38

Key Commercial Terms

39

Target Company PT Link Net Tbk (LINK)

Expected Closing Date End of March 2020

Seller

I. Asia Link Dewa (CVC)

II. PT First Media Tbk (KBLV) – Lippo Group

*) Total shares: 63.75%

Buyer PT MNC Vision Networks Tbk (IPTV) or its subsidiary

Price Rp 5,400/share implying 2019 EV/EBITDA of 6.7x

Term of Payment I. Tranch 1 : 38.25% - upon closing

II. Tranch 2 : 25.5% - one year after closing

Synergy & Cost Savings from acquisition

40

Revenues Synergy Cost Savings

1. MVN will possess ± 3.7 million home pass (post – acquisition) and plans to monetize the network. 2. For new areas, MVN will lease its network from third parties. 3. This method will significantly reduce MVN Capex and Opex in the future.

1. Additional revenue from content. 2. Additional revenue from advertising sales. 3. Additional revenue from overlapping network. 4. Additional revenue from OTT SVOD/AVOD.

1. Saving of content cost by 1% to 3%. 2. Gradual elimination of marketing expenses. 3. Savings of bandwidth cost. 4. Savings of Opex (G&A and salary). 5. Savings of programming cost. 6. Savings of equipment cost.

Post Acquisition Strategy

Formation of Business Trust

Standard pricing Sale : Rp 3 mio per home pass Lease back : Rp 135 k per subscriber/month

• Transfer of home pass to a business trust (sale and lease back).

• Listing business trust to gain proceeds.

Note: Potential revision to the government regulation (PP no. 52/53) for open network access (Telkom networks) to all service providers

Consolidated Projected P/L with Link Net Acquisition

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In Rp billion

Notes: 1. Link Net is consolidated in April 2020 2. 63% acquisition of Link Net

(in Bio Rp)

MVN

Description 2018A 2019P 2020P 2021P 2022P 2023P 2024P 2025P

Revenue (MVN + Link Net pre-synergy) 3.227 3.910 7.709 9.698 10.642 11.723 12.974 14.479 Revenue Growth 21% 97% 26% 10% 10% 11% 12%

Additional Revenue due to synergy - - 139 490 840 1.226 1.767 2.156

Total Revenue (MVN + Link Net post-synergy) 3.227 3.910 7.847 10.187 11.482 12.949 14.741 16.636

Revenue Growth 21% 101% 30% 13% 13% 14% 13%

EBITDA (MVN + Link Net pre-synergy) 1.356 1.715 4.033 5.236 5.903 6.653 7.485 8.501 EBITDA Margin 42% 44% 52% 54% 55% 57% 58% 59%

EBITDA Growth 135% 30% 13% 13% 13% 14%

Revenue + Cost Saving due to synergy - - 201 567 945 1.372 1.951 2.399

EBITDA (MVN + Link Net post-synergy) 1.356 1.715 4.235 5.804 6.847 8.025 9.436 10.900

EBITDA Margin 42% 44% 54% 57% 60% 62% 64% 66%

EBITDA Growth 147% 37% 18% 17% 18% 16%

Net Income (MVN + Link Net pre-synergy) (47) 321 1.129 1.483 1.789 2.070 3.312 3.936 Net Income Margin -1% 8% 15% 15% 17% 18% 26% 27%

Net Income Growth -784% 251% 31% 21% 16% 60% 19%

Revenue + Nett Cost Saving post-synergy - - 132 342 569 822 1.139 1.392

Net Income (MVN + Link Net post-synergy) (47) 321 1.261 1.825 2.357 2.893 4.451 5.327

Net Income Margin -1% 8% 16% 18% 21% 22% 30% 32%

Net Income Growth 292% 45% 29% 23% 54% 20%

Breakdown of synergy and cost savings

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In Rp billion (in Bio Rp)

Description 2020 2021 2022 2023 2024 2025

Additional revenue:

FTA, MNC channels, library and original production 31 113 224 358 535 710

Advertising sales 39 109 147 192 329 373

Relocation of overlapping network 68 232 423 614 805 901

OTT SVOD/AVOD - 35 46 62 97 174

Total 139 490 840 1.226 1.767 2.156

Cost saving:

MVN:

Content Cost 12 12 19 26 28 41

MKM:

Marketing expense 19 18 15 19 24 31

Bandwith cost 8 10 11 14 16 16

Operating expense (GnA & Salary) 24 38 59 87 116 153

Total 63 78 105 146 184 242

Total Add. Revenue & Cost saving 201 567 945 1.372 1.951 2.399

Financial Update Global Mediacom Section 5

Global Mediacom 9M-2019 Financial Results

Consolidated Income Statement Actual Variance Aktual Variance Actual(In Million Rupiah) 9M-2019 9M-2018 YoY 3Q-2019 3Q-2018 YoY

Revenues 9.671.767 8.685.992 11% 3.310.591 3.006.995 10%

Advertising (Digital + Non Digital) 6.036.006 5.360.684 13% 2.003.261 1.817.074 10%Digital 502.995 106.825 371% 177.780 29.199 509%Non Digital Advertising 5.533.011 5.253.859 5% 1.825.481 1.787.875 2%Content 1.292.132 1.095.447 18% 379.234 334.544 13%

FTA and Content 7.328.138 6.456.131 14% 2.382.495 2.151.618 11%Pay TV and Internet Broadband 2.580.449 2.404.583 7% 1.010.784 868.660 16%Others 1.062.678 1.121.562 -5% 375.404 385.329 -3%(Elimination) (1.299.498) (1.296.284) 0% (458.092) (398.612) 15%

Direct Cost *) 4.169.540 3.730.282 12% 1.417.296 1.207.413 17%Depr. & amort. In Direct Cost 962.775 771.893 25% 318.303 261.319 22%

Gross Profit 4.539.452 4.183.817 9% 1.574.992 1.538.263 2%

Gross Profit Margin 47% 48% 48% 51%

General and Administrative Expenses *) 1.525.933 1.454.206 5% 451.338 459.050 -2%Depr. & amortization 210.972 356.717 -41% 68.999 110.005 -37%

EBITDA 3.976.294 3.501.505 14% 1.441.957 1.340.533 8%

EBITDA margin 41% 40% 44% 45%

Net Income 913.233 387.857 135% 315.885 140.750 124%

Net Income Margin 9% 4% 10% 5%

*) excluding depreciation and amortization

New Media Section 6

ONLINE MEDIA – EXCITING OPPORTUNITIES

46

Letang (www.joymeng.com) a fast growing mobile games company in China.

Okezone.com is an online portal of news and entertainment focusing on Indonesian readers both in the homeland and those living abroad. Currently www.okezone.com receives more than 3 mio unique daily visitors.

MNC Shop, Joint Venture with GS Home Shopping No.1 Home Shopping Channels. The first 24 hours integrated TV and online shopping service in Indonesia.

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Very Excited About Mobile Games and Mobile App in China

Boonie Bear and Armor Heroes achieved more than 320 million download since early 2014

Fu Mu Bang, parenting activities application with high growth momentum have over 2 million subscribers at end of 2017

Bonnie Bears Armor Heroes Fu Mu Bang App

Thank You