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____________________________________ ______________________________________ John McCann Group Chief Executive Norman McKeown Group Finance Director Scott Taunton Managing Director UTV Radio GB Interim Results 2013

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Page 1: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________

John McCannGroup Chief Executive

Norman McKeownGroup Finance Director

Scott TauntonManaging DirectorUTV Radio GB

Interim Results 2013

Page 2: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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Some statements in this presentation are forward-looking. They represent expectations for UTV’s business and involve risks and uncertainties. UTV has based these forward-looking statements on current expectations and projections about future events. UTV believes that expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond UTV’s control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.

Page 3: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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Page

❏ The UTV Group 1

❏ Interim Highlights 2

❏ Divisional Business Review

- Radio GB 3

- Radio Ireland 5

- Television 7

- New Media 9

❏ Financial Overview 10

❏ Conclusion & Outlook 15

❏ Appendix - talkSPORT International partners 16

❏ Company Information 17

Page 4: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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Operates the no.1 commercial national speech station - talkSPORT, 13 Independent Local Radio (ILR) stations and a number of digital radio multiplexes throughout GB.

Sport magazine is the UK’s biggest sports magazine.

Largest operator of ILR stations in Ireland with stations in Dublin (2), Cork (2), Belfast, Limerick and Dundalk/Drogheda.

Established provider of residential and business internet services throughout Ireland. Leading Internet Service Provider (ISP), hosting/connectivity solutions and full service digital agency.

ITV franchise holder for Northern Ireland with highest penetration of all media, also receivable in 88% of all multi-channel homes in the Republic of Ireland.

THE UTV GROUP

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Page 5: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________INTERIM HIGHLIGHTS

2

❏ talkSPORT:- achieved highest audience in the station’s history- successfully renewed exclusive national audio broadcasting rights for two Premier League packages for the next three football seasons- extended its global audio rights agreements with the Premier League to offer exclusive live audio commentary of Barclays Premier League matches across Europe. The service now broadcasts in nine languages

❏ Absence of a major sporting event and a decline in the UK radio market have impacted Radio GB in H1

❏ Radio Ireland assets continued to outperform the market with strong audience delivery

❏ Television division again outperformed the network in audience delivery achieving the highest peak-time audience in three years

❏ Simply Zesty and Tibus Digital Agency businesses merged to form one of Ireland’s largest full service digital agencies

❏ Net debt £50.2m (30 June 2012: £50.0m)

❏ Interim dividend maintained at 1.75p, to be paid on 15 October 2013

Page 6: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________Listenership / Readership

❏ Portfolio includes talkSPORT (one of three Independent National Radio stations) and 13 ILR stations throughout England and Wales

❏ talkSPORT was listened to by 3.2m adults in Q2 2013 (2012: 2.9m), the highest in the history of the station (RAJAR Q2 2013)

❏ Our local stations were listened to by 1.3m (2012: 1.2m) adults in Q2 2013 (RAJAR Q2 2013)

❏ Sport magazine, which had an ABC audited weekly circulation of 306,000 in H1 2013 and readership of 448,000, is the UK’s biggest sports magazine

40

60

80

100

120

140

160

Q1

06

Q3

06

Q1

07

Q3

07

Q1

08

Q3

08

Q1

09

Q3

09

Q1

10

Q3

10

Q1

11

Q3

11

Q1

12

Q3

12

Q1

13

TalkSPORT All Commercial Total Absolute RadioRadio 5 Live Classic

0%

25%

50%

75%

100%

Men ABC1 Men Men 16-34

talkSPORT Sky Sports EurosportRadio 5 Live

❏ talkSPORT remains the most efficient broadcaster for advertisers with the highest proportion of male audience of any UK broadcast media

❏ Continued investment in on-air talent

❏ Exclusive agreements reached with Premier League for National, European and Global audio rights

❏ Further International partners agreed in countries including China, Malaysia, Vietnam, Singapore and U.S (refer to Appendix for full list of International partners)

❏ Premier League matches being broadcast in nine languages

National Radio Stations Weekly ReachQ1 06 - Q2 2013

Broadcast Media Profiles

RADIO GB

Source: RAJAR Q2 2013 Source: BARB June 2013/ RAJAR Q2 2013

3

Page 7: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________talkSPORT & talkSPORT International❏ National radio market was down by 9% in the first six months of 2013

❏ Our revenue decreased by 20% to £13.8m (2012: £17.2m). 14% of this decline relates to Euro 2012

❏ Operating costs of £13.3m (2012: £13.0m) due largely to talkSPORT International costs

❏ Operating profit decreased by £3.7m to £0.5m (2012: £4.2m) including a £0.5m loss in talkSPORT International

❏ talkSPORT International has now completed its first season of broadcasts

Local Radio ❏ Local market was down by 1% in the first half of 2013

❏ Our local radio airtime revenue increased by 9%

❏ Other local revenue (national sales and multiplex) decreased by 19%

❏ Total revenue decreased by 4% to £10.3m (2012: £10.7m)

❏ Operating costs increased marginally to £8.3m (2012: £8.2m)

❏ Operating profit of £2.0m (2012: £2.5m)

Current Trading and Outlook❏ The national radio advertising market in Q3 is expected to be down by 4%

❏ talkSPORT revenue is expected to be down by 2% in Q3 but up by 5% in August and 10% in September

❏ The local radio advertising market in Q3 is expected to be up by 5%

❏ Our local radio airtime revenue is expected to be up by 8% in Q3

❏ Other local revenue (national sales and multiplex) is expected to be down by 13% in Q3

❏ 2014 FIFA World Cup represents a strong revenue opportunity

Six months to 30 JuneSix months to 30 June

2013 2012 Change£m £m £m

TurnovertalkSPORT 13.8 17.2 (3.4)Local Radio * 10.3 10.7 (0.4)

24.1 27.9 (3.8)Operating coststalkSPORT 13.3 13.0 (0.3)

Local Radio 8.3 8.2 (0.1)

21.6 21.2 (0.4)Operating profittalkSPORT 0.5 4.2 (3.7)Local Radio * 2.0 2.5 (0.5)

2.5 6.7 (4.2)

* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)

RADIO GB | Results & Outlook

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Page 8: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________Listenership

❏ UTV owns market leading stations in major urban areas in Ireland with FM104 and Q102, the top two stations in Dublin, together accounting for a 23% market share in the year to June 2013

❏ UTV also sells airtime in two other major urban areas, being Galway and the South East region

❏ Urban Access national daily reach was 886,000 at June 2013 ahead of the national broadcaster, RTE Radio 1 (864,000)

❏ U105 in Belfast, which broadcasts to a population of 888,000, had a weekly reach of 196,000 adults

0

250,000

500,000

750,000

1,000,000

Urban Access RTE Radio 1 2FM Today FM

Source: JNLR / Ipsos MRBI 2013 - 2

Listenership DataListenership DataListenership DataListenership Data

Weekly Reach

Market Share

96FM/C103 Cork 70% 45%

Live 95FM Limerick 71% 37%

Q102 Dublin 16% 9%

FM104 Dublin 31% 14%

LMFM Drogheda 37% 34%

U105.8FM Belfast 22% 11%

Source: JNLR / Ipsos MRBI 2013 - 2 / RAJAR Q2 -2013Source: JNLR / Ipsos MRBI 2013 - 2 / RAJAR Q2 -2013Source: JNLR / Ipsos MRBI 2013 - 2 / RAJAR Q2 -2013Source: JNLR / Ipsos MRBI 2013 - 2 / RAJAR Q2 -2013

Daily Reach

Group owned stations

Other Urban Access stations

1. Q1022. FM1043. 96FM4. C1035. Live95FM6. LMFM7. U105.8FM *

RADIO IRELAND

8. Galway Bay FM9. Beat FM

* Not included in Urban Access

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Page 9: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________❏ Agency feedback suggests that the Irish Radio market revenue was down by 15% in the first half of 2013

❏ Our Urban Access package supported by our leading market positions in each of the key urban areas has been instrumental in our outperformance of the market

❏ Total turnover of £9.8m (2012: £10.8m) representing a decrease of 12% at constant FX or an overall decrease of 10% including FX

❏ Operating costs were maintained at £7.7m (2012: £7.7m). At constant FX this represents a decrease of 3%

❏ Operating profit in the period decreased to £2.1m (2012: £3.1m) a £1.0m decrease including an FX gain of £0.1m

Current Trading and Outlook

❏ Agency feedback suggests that the radio advertising market in Q3 is expected to be down by at least 6%

❏ In this period our radio advertising revenue is expected to decrease by 3%, an increase of 5% after FX

❏ Market outperformance continues to be a key aspect of our Irish radio assets

Six months to 30 JuneSix months to 30 June

2013 2012 Change

£m £m £m

Turnover

Agency 6.2 7.3 (1.1)

Local 3.4 3.3 0.1

Other 0.2 0.2 -

9.8 10.8 (1.0)

Operating costs 7.7 7.7 -

Operating profit 2.1 3.1 (1.0)

RADIO IRELAND | Results & Outlook

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Page 10: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________Audience Performance

❏ UTV has continued to outperform the ITV Network and in the first six months it had:

- the highest peak-time share in three years

- 22% more viewership than ITV

- 38% more viewership than BBC1 NI

- 4 times the viewership of Channel 4, our nearest commercial competitor

0

10

20

30

40

UTV/ITV BBC1 BBC2 C4 Five Other

37.7

4.56.67.2

22.921.1

39.4

4.66.45.1

18.7

25.8

N. Ireland UK

❏ Multi-channel viewing at 39.4% compares favourably to a single channel UTV share of 25.8% in the first six months

❏ In 2012 UTV had a 5.2% peak-time share of multi-channel homes in Republic of Ireland

❏ Most UTV local programmes outperform the network slot averages

ViewershipJanuary - June 2013

Peak-time (%)

0

10

20

30

40

2009 2010 2011 2012 2013

21.121.722.722.723.325.825.125.727.128.0

UTV ITV 1 Network

Viewership January - June 2013

Peak-time (%)

TELEVISION

Source: BARB/AdvantEdge Source: BARB/AdvantEdge

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❏ UK television advertising market decreased by 1% in the first six months of the year

❏ UTV Net Advertising Revenue (NAR) was down by 8% in the first half of 2013 with London down 9% and our Ireland offices down 7%

❏ Total turnover decreased by 9% to £15.3m (2012: £16.9m) reflecting a challenging market in the UK and Ireland

❏ Ongoing review of costs resulted in savings of £0.7m

❏ Operating profit decreased by £0.9m to £3.3m (2012: £4.2m) excluding central costs now reported separately of £1.0m (2012: £2.2m)

Current Trading and Outlook❏ UK television advertising market is expected to be up by circa 10% in Q3 2013

❏ NAR in our television operations is expected to increase by 11% in Q3 due to improved market conditions in both Ireland and GB

❏ Total UTV television revenue in this period (NAR & Other income) is expected to increase by 8%

❏ Continued outperformance in audience share and peak time viewership

❏ Our London revenues are forecast to outperform the network in Q3

Six months to 30 JuneSix months to 30 June

2013 2012 Change£m £m £m

TurnoverLondon 8.3 9.1 (0.8)Belfast 3.2 3.4 (0.2)

Dublin 2.2 2.5 (0.3)

Sponsorship 0.8 0.8 -

Other 0.8 1.1 (0.3)

15.3 16.9 (1.6)

Operating costs* 12.0 12.7 0.7

Operating profit 3.3 4.2 (0.9)

TELEVISION | Results & Outlook

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* excludes central costs now reported separately

Page 12: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________❏ Turnover of £6.0m (2012: £6.0m) with:

- Revenue of £1.4m (2012: £1.2m) from Simply Zesty which merged with the Tibus digital agency business in January 2013

- Tibus revenue declined marginally to £0.9m (2012: £1.0m)

- Revenue from Connect & Portals reduced to £3.7m (2012: £3.8m) due to challenging conditions in the residential market

❏ Operating profit in the period increased by £0.3m to £0.9m (2012: £0.6m)

Six months to 30 JuneSix months to 30 June2013* 2012* Change

£m £m £mTurnoverSimply Zesty 1.4 1.2 0.2Tibus 0.9 1.0 (0.1)Connect & Portals 3.7 3.8 (0.1)

6.0 6.0 -Operating costsSimply Zesty 0.6 0.9 0.3Tibus 0.8 0.8 -Connect & Portals 3.7 3.7 -

5.1 5.4 0.3Operating profitSimply Zesty 0.8 0.3 0.5Tibus 0.1 0.2 (0.1)Connect & Portals - 0.1 (0.1)

0.9 0.6 0.3

NEW MEDIA | Results & Outlook

❏ Provides residential and business broadband and telephone services throughout Ireland❏ Only indigenous ISP across Ireland

❏ One of Ireland’s leading digital agencies offering creative digital marketing and technology services

Current Trading and Outlook

❏ New Media revenue for Q3 2013 is expected to be up 6%

❏ Ongoing restructuring in Simply Zesty anticipated to reposition the business in 2014

❏ Connect continues to operate in a highly competitive marketplace

❏ Tibus performance improving in Q3

❏ Provides hosting and connectivity including bespoke solutions for global companies, local businesses and government bodies

*Simply Zesty includes Tibus Digital Agency

9

❏ Three portals - property, recruitment and cars

Page 13: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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❏ Turnover from continuing operations of £55.2m (2012: £61.6m)

❏ Operating costs of £47.4m (2012: £49.2m)

❏ Group operating profit of £7.8m in 2013 (2012: £12.4m)

❏ Average €:£ exchange rate for the first six months of 2013 was 1.18 (2012: 1.22)

Six months to 30 JuneSix months to 30 JuneSix months to 30 June

2013 2012 Change

£m £m £mRadio GB* 24.1 27.9 (3.8)Radio Ireland 9.8 10.8 (1.0)Television 15.3 16.9 (1.6)New Media 6.0 6.0 -Turnover 55.2 61.6 (6.2)

Radio GB 21.6 21.2 (0.4)Radio Ireland 7.7 7.7 -Television 12.0 12.7 0.7New Media 5.1 5.4 0.3Central costs 1.0 2.2 1.2

Operating costs 47.4 49.2 1.8

Radio GB 2.5 6.7 (4.2)Radio Ireland 2.1 3.1 (1.0)Television 3.3 4.2 (0.9)New Media 0.9 0.6 0.3Central costs (1.0) (2.2) 1.2

Operating profit

7.8 12.4 (4.6)

* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)* Includes associate income £0.1m (2012: £0.1m)

FINANCIAL OVERVIEW | P&L

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______________________________________Six months to 30 JuneSix months to 30 JuneSix months to 30 June

2013 2012* Change

£m £m £m

Group operating profit

7.8 12.4 (4.6)

Net finance costs (1.6) (1.8) 0.2

FX (0.1) 0.1 (0.2)

Group profit before tax 6.1 10.7 (4.6)

Taxation (1.3) (2.3) 1.0

Profit before exceptional tax items

4.8 8.4 (3.6)

Exceptional tax items

(1.4) (1.7) 0.3

Profit after exceptional tax items

3.4 6.7 (3.3)

Diluted adjusted earnings per share from continuing operations (pence)Diluted adjusted earnings per share from continuing operations (pence)Diluted adjusted earnings per share from continuing operations (pence)Diluted adjusted earnings per share from continuing operations (pence)

5.18 8.78 (3.60)

FINANCIAL OVERVIEW | P&L

❏ Net finance costs were reduced by 10% to £1.6m (2012: £1.8m) due to lower interest rates and debt levels

❏ Group profit before tax of £6.1m (2012: £10.7m)

❏ Effective tax rate of 20% (2012: 21%)

❏ Exceptional charge of £1.4m (2012: £1.7m) due to: - Deferred tax charge of £1.4m relating to change in

capital gains tax in the ROI from 30% to 33% (2012: charge of £2.4m relating to change in capital gains tax in the ROI from 25% to 30% and credit of £0.7m relating to change in future UK corporation tax from 25% to 24%)

❏ Group profit after exceptional tax items of £3.4m (2012: £6.7m)

❏ Diluted adjusted EPS of 5.18p (2012: 8.78p)

❏ Interim dividend of 1.75p declared for 2013 (2012: 1.75p)

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* 2012 numbers have been restated to reflect the impact of adoption of IAS19 on operating profit and net finance costs

Page 15: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________❏ Free cash flow from operations of £5.0m (2012: £8.6m)

❏ Capital expenditure of £1.0m in the first six months largely due to studio refurbishments in Radio GB

❏ Working capital outflow of £1.5m (2012: £3.7m outflow) with the decrease reflecting payments in the prior year relating to the move to the new TV Affiliate Arrangement

❏ Contingent consideration and acquisitions in 2013 largely reflects the buyout of a third party shareholder in Simply Zesty

❏ Finance costs decreased to £1.2m (2012 £1.4m) due to lower debt levels together with lower interest rates

❏ Tax outflow of only £0.7m (2012: £0.2m) reflecting ongoing utilisation of tax losses

❏ Discretionary pension funding of £1.2m per annum agreed until 2015

❏ Closing €:£ exchange rate at 30 June 2013 was 1.17 compared to 1.24 at 30 June 2012, generating a translation outflow of £0.8m (2012: inflow of £0.7m)

Six months to 30 JuneSix months to 30 JuneSix months to 30 June

2013 2012 Change

£m £m £m

EBITDA 8.9 13.2 (4.3)

Capital expenditure (1.0) (0.9) (0.1)

Working capital (1.5) (3.7) 2.2

Contingent consideration (1.4) - (1.4)

Free cash flow from operations 5.0 8.6 (3.6)

Finance cost (1.2) (1.4) 0.2

Tax (0.7) (0.2) (0.5)

Minority dividends - (0.1) 0.1

Acquisitions (0.2) (1.9) 1.7

Discretionary pension (1.2) (1.2) 0.0

Other pension (1.6) - (1.6)

Debt translation (0.8) 0.7 (1.5)

Other (0.1) 0.2 (0.3)

Cash (outflow)/ inflow (0.8) 4.7 (5.5)

Opening net debt 49.4 54.7 5.3

Closing net debt 50.2 50.0 (0.2)

FINANCIAL OVERVIEW | Cash Flow

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Page 16: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________❏ Net debt levels have been maintained over the last 12 months, £50.2m at 30 June 2013 (30 June 2012: £50.0m)

❏ Group debt facilities comprise:

- £65m revolving credit facility- €25m five year term loan - €5m repaid- Overdraft facilities of £4m and €2m

❏ Total borrowings of £59.3m comprise bank loans of £43.0m and €20.0m (£17.1m), Euro rate 1.17 (Jun 2012: 1.24), and are stated net of deferred financing costs of £0.8m (Jun 2012: £1.0m)

❏ Total borrowing facilities at 30 June 2013 of £87.8m with unutilised facilities of £27.7m

❏ Net Debt/EBITDA banking ratio at 30 June 2013 was 2.46x (2012: 1.74x) compared to covenant test of less than 3.50x (2012: less than 3.50x)

❏ EBITDA/Interest cover of 7.40 (2012: 10.07x) compared to covenant ratio of at least 3.25x (2012: 3.25x)

❏ Interest rate swaps not renewed at 30 June 2013

Net Debt

As at: 30 Jun ‘1330 Jun ‘13 31 Dec ‘1231 Dec ‘12 30 Jun ‘12

£m£m £m£m £mBank loansCurrent (4.1)(4.1) (3.9) (4.0)(4.0)Non Current (55.2)(55.2) (56.5) (60.6)(60.6)

(59.3)(59.3) (60.4) (64.6)(64.6)Cash 9.19.1 11.0 14.614.6

Net Debt (50.2)(50.2) (49.4) (50.0)(50.0)

Euro exchange rate 1.171.17 1.231.23 1.24

Facilities as at 30 June 2013Facilities as at 30 June 2013Facilities as at 30 June 2013Facilities as at 30 June 2013Facilities as at 30 June 2013Facility Total UtilisedUtilisedUtilised Unutilised

£m£m£m £mFacility A (RCF) 65.0 43.043.043.0 22.0Facility B (€20m term loan) 17.1 17.117.117.1 -

Overdraft ** 5.7 0.00.00.0 5.7

87.8 60.160.160.1 27.7

** Overdraft unutilised £4.0m and €2m (£1.7m) ** Overdraft unutilised £4.0m and €2m (£1.7m) ** Overdraft unutilised £4.0m and €2m (£1.7m) ** Overdraft unutilised £4.0m and €2m (£1.7m) ** Overdraft unutilised £4.0m and €2m (£1.7m) ** Overdraft unutilised £4.0m and €2m (£1.7m)

Margins*

Net Debt/EBITDA Applicable marginApplicable marginApplicable marginApplicable margin

3.00 - 3.50 3.50%3.50%3.50%3.50%

2.50 - 3.00 3.00%3.00%3.00%3.00%

2.00 - 2.50 2.50%2.50%2.50%2.50%

1.50 - 2.00 2.25%2.25%2.25%2.25%

Less than 1.50 2.00%2.00%2.00%2.00%* Effective from 31 May 2012* Effective from 31 May 2012* Effective from 31 May 2012* Effective from 31 May 2012* Effective from 31 May 2012

FINANCIAL OVERVIEW | Debt Profile & Facilities

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Page 17: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________

❏ Intangibles increased by £3.6m from 31 December 2012 as a result of FX movement on ROI intangibles

❏ Deferred tax assets decreased by £1.7m from December 2012 predominantly due to the decrease in deferred tax on the pension liability

❏ Trade & other receivables reduced to £22.6m reflecting revenue trends in the first half of the year

❏ Bank loans reduced by £1.1m to £59.3m (Dec 2012: £60.4m) due to repayments of £2.1m, adverse FX movements of £0.9m and a movement of £0.1m in deferred financing costs

❏ The reduction in the contingent consideration is largely due to the buyout of a third party shareholder in Simply Zesty

❏ The pension scheme as at 30 June 2013 comprises assets of £83.1m (Dec 2012: £77.9m) and liabilities of £89.1m (Dec 2012: £90.3m)

❏ The pension deficit decreased by £6.4m to £6.0m (Dec 2012: £12.4m) due principally to a strong return on equities

Balance SheetBalance SheetBalance Sheet

As at: 30 Jun ’13 31 Dec ’12 30 Jun ’12

£m £m £m

Fixed assets 12.1 11.9 11.6

Intangible assets 180.2 176.6 176.1

Investments 0.2 0.1 0.2

Deferred tax 2.5 4.2 5.6

Total non-current assets 195.0 192.8 193.5

Stock 0.3 1.6 0.4

Trade & other receivables 22.6 25.2 26.0

Cash & deposits 9.1 11.0 14.6

Total current assets 32.0 37.8 41.0

Total assets 227.0 230.6 234.5

Trade & other payables (26.2) (26.0) (31.8)

Loans (59.3) (60.4) (64.6)

Contingent consideration (1.4) (2.9) (2.9)

Deferred tax liability (38.0) (36.1) (36.9)

Pension liability (6.0) (12.4) (11.2)

Other (3.2) (3.8) (4.6)

Total liabilities (134.1) (141.6) (152.0)

NET ASSETS 92.9 89.0 82.5

EQUITY & RESERVES

92.9 89.0 82.5

FINANCIAL OVERVIEW | Balance Sheet

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______________________________________

❏ Strong cash generation remains a key feature of our business

❏ Robust balance sheet with net debt reduced significantly over the past five years

❏ Clear signs of return to revenue growth in all our business units

❏ talkSPORT boost from 2014 FIFA World Cup

❏ Broadcast assets well placed to benefit from improving macro-economic conditions

❏ New Media restructuring will deliver improved offering and profitability

❏ Strong audience delivery across our portfolio makes UTV a consistent and compelling choice for advertisers

CONCLUSION & OUTLOOK

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Page 19: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________ talkSPORT INTERNATIONAL PARTNERS

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Listening available online in all markets (excluding UK and Ireland) at talkSPORT.com, via mobile apps and on TuneIn Radio in the following languages: English, Spanish, Mandarin

Current analogue syndication partners also broadcast in:

The Americas Barbados Starcom Network EnglishCanada Bell Media EnglishMexico Grupo Radio SpanishUSA Dial Global English and SpanishUSA Sirius XM English and Spanish

AfricaGhana Omnimedia EnglishKenya Radio Africa Group EnglishMauritius Radio One FrenchMozambique Radio Mozambique Portugese and EnglishNigeria Brilla FM EnglishSouth Sudan Eye Radio EnglishTanzania Sahara Media EnglishThe Gambia West Coast Radio EnglishUganda UBC EnglishZambia ZNBC EnglishZimbabwe Star FM English

Middle EastUAE Arabian Radio Network English and Arabic

Asia PacificChina Adrep China MandarinMalaysia Astro Radio English and Bahasa MalayNew Zealand Radio Sport EnglishSingapore Red Cards Sport English, Mandarin and Bahasa MalayThailand 441 Entertainment ThaiVietnam Voice of Vietnam English and Vietnamese

All commentaries in the nine currently supported languages provided from talkSPORT International Broadcast Centre in London

Page 20: UTV Analyst Presentation Interims 2013 FINAL · Independent National Radio stations) and 13 ILR stations throughout England and Wales talkSPORT was listened to by 3.2m adults in Q2

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______________________________________

Listing Particulars

Exchanges: London & Dublin

Tickers: UTV LN / UTV ID

Indices: FTSE Small Cap / ISEQ

Shares in issue: 95.9m

Analyst CoverageAnalyst Coverage

Numis Paul Richards

Goodbody Gavin Kelleher

Shore Capital David O’Brien

Peel Hunt Patrick Yau

Davy Simon McGrotty

UTV Media plcOrmeau RoadBelfast BT7 1EBNorthern Ireland

t: +44 289 032 8122w: www.utvmedia.comtwitter: @UTV

Contacts

John McCann [email protected]

Norman McKeown [email protected]

Scott Taunton [email protected]

Orla McKibbinHead of Communications [email protected]

COMPANY INFORMATION

Contacts

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