PT MEDIA NUSANTARA CITRA TBK (“MNCN”) BUSINESS UPDATE

Jakarta, Indonesia – 26 February 2019

MNCN booked a stable growth, advertising revenue increased by 8% with digital revenue increasing
by threefold.

 PT Media Nusantara Citra Tbk (“MNCN” or “The Company”) has recorded an unaudited revenue
of Rp7,444 billion, up by 6% YoY in FY-2018 from Rp7,053 billion in 2017.

 MNCN posted solid advertising revenue for FY-2018, a healthy increase of 8% amounting to
Rp7,242 billion compared to Rp6,734 billion in FY-2017. Digital ads recorded significant increase
of 192% YoY to Rp261 billion in FY-2018 from Rp89 billion in 2017, representing 3.6% of the total
revenue, or 43.9% of the net revenue increase in FY-2018.

 For Q4-2018, advertising revenue booked a significant increase of 10% YoY to Rp1,882 billion from
Rp1,713 billion in Q4-2017. Revenue attributable from group sales (bundling of two to four FTA’s)
reached more than tenfold growth from Rp15.5 billion to Rp160.6 billion, reflecting a well-planned
strategy and synergies across all business within MNC Group.

 The Company’s content revenue recorded a 4% increase in FY-2018 at Rp1,518 billion to Rp1,466
billion in FY-2017. Q4-2018 content revenue decreased by 4% at Rp423 billion from Rp441 billion
in the prior year due to one-time revenue arising from content sale of Rp290 billion. If we exclude
this Rp290 billion content sale, our FY-2018 content revenue would grow by 180% YoY.

 Non-core revenue decreased by 44% in FY-2018 to Rp200 billion from Rp360 billion in FY-2017.
Non-core business, which consists of radio and print represents a small portion of the Company
activities. As digitalization starts to gain traction, The Company has been able to cope with the
trend and has shifted its strategy in print and radio. Print has expanded to news portal:
“sindonews.com”, “okezone.com”, and “iNews.id”, which are doing very well and radio will be
transformed into streaming aggregator apps called “ROOV”. We plan to launch the apps toward
the ends of Q2-2019.

 Programming cost stood at Rp2,643 billion in FY-2018 versus Rp2,487 billion in FY-2017,
representing an increase of 6% YoY due to:
a) New business line in digital (web series and other short form content).
b) New strategy in GTV replacing kids program with fresh new program such as reality show
and talent search.
c) New content strategy in MNCTV by airing variety, drama legend, and drama series.

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 FY-2018 EBITDA grew by 2% YoY amounting to Rp3,151 billion from Rp3,097 billion last year,
representing 42.3% EBITDA margin for 2018, which is lowered than EBITDA margin of 44% in 2017,
due to higher programming cost as explained above and higher general admin expenses because
of expansion into digital business.

 General Admin grew by 9% in FY-2018 to Rp1,879 billion from Rp1,716 billion in FY-2017 due to
salary increase in developing digital business.

 The Company total assets as at December 31, 2018 reached Rp16.4 trillion, an increase of 6% from
Rp15.1 trillion in FY-2017. Current assets stood at Rp7.4 trillion, an increase of 10% from Rp6.7
trillion over the previous year. Inventory were valued at Rp2.8 trillion, an increase of 17% from
Rp2.4 trillion in 2017. The increase in inventory value was mainly attributable to the addition of
drama content in RCTI and MNCTV.

 The Company dominated prime time audience share with a total of 34.7% throughout 2018,
whereas 1 – 10 February 2019 MNCN continued its strong trend by achieving 39.7% audience
share, driven by our in-house drama series “Cinta Yang Hilang”, “Dunia Terbalik”, and “Tukang
Ojek Pengkolan”. The Company is showing excellent progress by improving TV content quality,
staying ahead of audience preference, and satisfying advertisers demand.

 In content production, The Company dominates in almost all genres, including drama,
infotainment, reality show, talent search, and animation in Indonesia. This achievement
demonstrates The Company’s ability to consistently maintain its lead in winning the heart of TV
audiences.

 On the other hand, the group owns 20 pay channels and together with the four FTA’s on Pay
TV/IPTV platform in Indonesia controls the largest market share of 25% nationwide.

 In addition, MNCN will launch a connected TV (CTV) called FTA+, a live streaming content apps
with various features such as: catch up TV, library, and creative content (web series, bloopers,
behind the scene, audition, quiz, etc.). FTA+ will become a very important source of growth for
the group by capitalizing on the growing share of digital ads.

 Currently digital revenue is derived from various sources including ads share on social media. Our
short form content on YouTube has total subscribers of 26 million, which is the largest in the
country.

Comments from Hary Tanoesoedibjo, Chairman of MNC Group:

“I am delighted for the excellent Company’s performance in the year 2018, in which we have achieved
a healthy growth and gained leading audience share TV ratings. The challenge in a rapid tech-led
market development, has become an opportunity for us to innovate and grow even stronger.

MNCN continued to focus our strategy in strengthening leading position in the broadcasting and
content industry by diversifying revenue on top of conventional TV commercial spots sales. These
include virtual advertising, built-in sponsorships, online digital advertising, and digital content
monetization. All of those initiative can be scaled up to further contribute and maximize overall
revenue growth for The Company.”

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 Table 1. Summary Key Financial Performance
Income Statements (unaudited) Actual Variance Actual Variance
In IDR mio FY-2018 FY-2017 YoY 4Q-2018 4Q-2017 YoY
Revenues 7,443,905 7,052,686 6% 1,913,869 1,670,880 15%
Advertisement 7,242,402 6,734,464 8% 1,881,718 1,712,765 10%
Digital 261,102 89,452 192% 154,277 24,791 522%
Advertising 6,981,300 6,645,012 5% 1,727,441 1,687,974 2%
Content 1,518,392 1,466,277 4% 422,945 441,237 -4%
Others 199,825 359,594 -44% 6,954 27,671 -75%
(elimination) (1,516,714) (1,507,649) 1% (397,748) (510,793) -22%

Direct Cost *) 2,643,184 2,486,511 6% 538,151 486,742 11%

Depr & amort in Direct Cost 181,818 183,962 -1% 38,020 46,387 -18%

Gross profit 4,618,903 4,382,213 5% 1,337,698 1,137,751 18%

Gross profit margin 62% 62% 0% 70% 68% 2%

General & Administrative expense 1,649,516 1,468,819 12% 554,220 383,951 44%
Depreciation and amortization 229,624 247,641 -7% 34,810 49,499 -30%

EBITDA 3,151,205 3,097,356 2% 821,498 800,187 3%

EBITDA Margin 42% 44% -4% 43% 48% -5%

Net Income 1,605,621 1,567,545 2% 514,359 366,674 40%

Net income margin 22% 22% -3% 27% 22% 5%

Non-Cash Expenses (non-recurring) FY-2018 FY-2017 Var. (%) 4Q-2018 4Q-2017 Var. (%)
Net Income
Decrease (increase) in Forex Gain 268,664 (90,255)
Decrease in Other Income 43,811 31,186
Net Income (excl. non-cash exp) 1,918,096 1,567,545 22% 455,290 366,674 24%
Source: Internal

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Table 2. Top 20 Drama Series
TOP 20 SERIES DRAMA
Date: 1 - 24 Feb 2019
Target Audience: All Demography
Market : 11 Cities

Pos. Programme Name Chn TVR Share

1 CINTA YANG HILANG RCTI 4.4 17.1

2 CINTA SUCI SCTV 4.3 16.8
3 DUNIA TERBALIK RCTI 3.8 17.9
4 ANAK LANGIT SCTV 3.2 14.9
5 TOP TUKANG OJEK PENGKOLAN RCTI 3.1 17.5
6 ORANG KETIGA SCTV 2.8 15.4
7 FATIH DI KAMPUNG JAWARA MNCTV 2.4 9.5
8 CALON PRESIDEN SCTV 2.2 12.8
9 KUN ANTA 2 MNCTV 2.1 8.0
10 GANTENG GANTENG SERIGALA(R) SCTV 1.6 12.1
11 SILUMAN ULAR MNCTV 1.4 6.6
12 LENONG MNCTV 1.3 12.8
13 KESEMPATAN KEDUA RCTI 1.3 11.0
14 SI DOEL ANAK SEKOLAHAN(R) RCTI 1.0 10.1
15 PREMAN PENSIUN(R) RCTI 0.9 7.0
16 KUASA ILAHI ANTV 0.6 19.2
17 EMAK IJAH PENGEN KE MEKAH(R) SCTV 0.5 19.6
18 KOMPLEKS PENGABDI ISTRI(R) RCTI 0.3 12.2
19 MAWAR HITAM ANTV 0.3 10.3
20 RAMA SHINTA MNCTV 0.2 5.5
Source: Nielsen

Table 3. Prime Time Audience Share Jan & Feb 2019

UPPER MIDDLE
Channel
Month\ RCTI MNCTV GTV INEWS

January 20.9 10.5 5.8 1.7

February 20.8 10.4 6.3 2.2

Source: Nielsen Periode Jan 2019 and 1 – 10 Feb 2019

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 For more information, please contact:

Investor Relations: PT Media Nusantara Citra Tbk.

Marshall Pheri MNC Tower, 29th floor
marshall.pheri@mncgroup.com Jl. Kebon Sirih Kav 17 - 19
Jakarta 10340
Luthan Fadel Putra Phone: 62-21 3913338
luthan.putra@mncgroup.com Fax : 62-21 3910454

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