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PT MNC Sky Vision Tbk.

Corporate Update
 Disclaimer

This presentation is strictly confidential and may not be copied, published, distributed or transmitted.
This presentation has been prepared for informational purposes only and is not an offer or invitation to buy or sell any securities, nor
shall part, or all, of this presentation form the basis of, or be relied on in connection with, any contract or investment decision in
relation to any securities.
There will be no public offering of securities in the United States, Canada, Japan or other jurisdictions absent registration or an
exemption from registration under the securities laws of the relevant jurisdiction.
The information in this presentation is being provided by the company. The joint lead managers make no representation or warranty,
express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or
shall be relied upon as, a promise or representation by the joint lead managers.
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of
PT MNC Sky Vision Tbk, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or
achievements of PT MNC Sky Vision Tbk or industry results, to differ materially from the results, financial condition, performance or
achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors,
recipients of this document are cautioned not to place undue reliance on these forward-looking statements. PT MNC Sky Vision Tbk
disclaims any obligation to update these forward-looking statements to reflect future events or developments.
Section 1 -TV Industry Update
 Indonesia’s Pay TV Subscriber Trend

 Indonesia’s pay TV market is estimated to reach 8.7 million subscribers by 2020, equaling
to only 21% of TV households
 Almost 3x the size of 2012
In thousand subscribers

10000 21% 23%

SUBS %Pen/TVHH 20%
19% 20%
9000 18%
16% 18%
8000
14% 15%
7000 12%
13%
6000 9% 10%
7%
5000 8%
5%
8,691
4000 8,221 5%
3% 3% 7,687
2% 2% 7,065
1% 1% 1% 6,340
3%
3000
5,471
0%
4,376
2000
3,368 -3%
2,442
1000 1,676 -5%
873 1,132
465 650 749
0 265 317 -8%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

Source: Media Partners Asia 2013

4
 Macro drivers support industry growth

Population (2012) A Young Population : 80% - Below 50yr What are the macro drivers?

Millions 3%

1,354 13%
29%
 A large & young population
1,223
 200mn people below age of 50
 A rising middle class
244 180 128 95 29%  Strong economic growth driven
26%
by domestic consumption
0-14 15-29 30-49 50-69 70+  36mn TV household
Source: MPA 2013 Source: Indonesia Bureau of Statistics 2012
 Only 4% of population has
Completed Education Level Monthly Household Expenditure (Rp1,000)
university degrees
University E <600 A1 3500
NA 4% Academy
22% 3%
5% 6% A2 2501-
3500
 Indonesians prefer to watch TV
D 601-
900 9% than to read, watching 5 hours
13%
Senior High of TV per day.
29% B 1751-
2500
C2 901-
20%
1250
Elementary
21%
23%

C1 1251-
Junior High
1750
19%
26%
Source: Indonesia Bureau of Statistics 2012 Source: Nielsen Media Research 5
 Well Positioned in a Conducive Growth Environment

Asia Pacific’s Pay TV subscribers (2012) Asia Pacific’s Average Pay TV Monthly ARPU (2012)

In thousand subs In USD

120

104

1,194 100
IPTV
Cable
Satellite 80

880 62
60
50
131 5,149
43
5,989
122 5 40
3,330 271
785 1,385
3,265 18
1,523 20 15 14
2,116 33 12
1,571 8 6
1,089 398
610 894 827
477 536
29 44 0

Source: Media Partners Asia 2013

6
 Indonesia’s Pay TV Market Has Huge Potential

Indonesia has the lowest pay TV penetration rate of TV household in the Asia Pacific (2012)

120%
100%
100%
86%
80%
80%
66%
60% 51% 49%

40% 28%
20% 11% 7%
0%
Korea Hongkong India Singapore Malaysia China Thailand Philippines Indonesia

Indonesia has the highest projected pay TV subscriber growth in the Asia Pacific (CAGR 2012-2016E)

30% 28%
25% 24%
20% 20%
20% 18% 18%

15% 13%

10%
6%
5% 3%
1%
0%
Indonesia Thailand China India China PHP Korea Malaysia Singapore HK
Source: Media Partners Asia 7
Section 2 MNC Sky Vision Update
 Strong Market Position with Superior Content
Capabilities

Total subscribers (in thousands) Company Milestones

2500 June 2013

Total subscribers = 2.01 million

July 2012:
2000 2,014 IPO @ Rp 1,520/shr

2011:
MPEG-4 rollout
1500 1,720
2009:
Launch of Indostar II satellite; migrated
1,163 subscribers to Galaxy and Venus packages

1000 2008:
805 Introduced Top TV to target low/middle class
Opened sales and services offices in 43
604 cities
500 479
2006:
306 Name change to MNC Skyvision
192
9 28 30 56 109
0 2001:
Acquired 51% of Indovision and became
major owner. Less than 30k subscribers

9
 Market Positioning and Strategy

Brands Strategy

 Launched in 1994 1. Continue to acquire new subscribers and retain existing

subscribers
 Middle & upper-middle class
 Cities & urban areas
2. Create differentiation through new channels, attractive &
 38% market share (#1 in Indonesia) value-for-money packages and value-added services
 Approx. 117 int’l and local channels
3. Conduct aggressive marketing activities to educate the
 Launched in 2008 market on the pay TV proposition and enhance our brands
 Middle & lower middle class
4. Expand in-house distribution channels and explore new
 Rural areas & FTA blank spots
channels
 24% market share (#2 in Indonesia)
 Approx. 49 int’l and local channels 5. Increase up-selling programs to increase ARPU

 Launched in 2008 6. Actively participate in anti-piracy programs

 Middle & lower middle class,
skewed to movies & entertainment
lovers
 9% market share (#5 in Indonesia)
 Approx. 74 int’l and local channels
 Key Credit Strengths

1 Favorable macroeconomic and industry outlook in Indonesia

2 #1 Pay TV operator, with top-of-mind brand awareness and compelling content portfolio

3 Dominant market share and ability to leverage on economies of scale

4 Reliable nationwide coverage via S-band satellite-based technology

5 Large, diversified and in-house distribution network

6 Strong management with solid execution track record and prudent financial policies
11
 Positive Macroeconomic Fundamentals

Private consumption is a … and continues to increase … while Indonesia’s sovereign risk

key growth driver… at a robust pace … have markedly improved
100%
150 6%
BBB- Baa3

75% BB+ Ba1

100 4% BB Ba2

50% BB- Ba3

B+ B1
50 2%
B B2
25%
B- B3

0% 0 0%
03 04 05 06 07 08 09 10 11
'05

'06

'07

'08

'09
'05

'06

'07

'08

'09

Private Government Pvt Consumption (USD bn)

Investment Net exports Growth Rate

Note: Data represents % contribution to GDP Growth Source: World Bank Source: Bloomberg
Source: ADB, BPS

 One of Asia's largest and most rapidly growing middle class of over 93 million in 2009 1, doubling from 45 million in
1999, with strong growth momentum in private and household consumptions
 Sovereign bond is rated as Investment Grade, highlighting a strong policy framework and positive outlook for the
economy
12
1. Source: ADB
 Top-of-Mind Brand Awareness

Marketing and Brand Awards

Brand Awareness1 Best Innovation in Marketing (2008, 2009,

2011, 2012)

Best Experiential Marketing (2010, 2011,

2012)
97%

Top Brand (2008, 2009, 2010,2011, 2012)

73% Indonesia Best Brand Award (2011, 2012)

Most Admired Companies (2010, 2011, 2012,

2013)
39%
Net Promoter Customer Loyalty Award
(2010, 2012)

Call Center Award 2010, 2012

37%

Digital Marketing Award In Social Media

(2011, 2012)

19% Customer Satisfaction Award (2012)

 Extensive market research and communications are critical components of Original Brand Award (2012, 2013)
MNC Sky Vision’s strategy
 MNCSky Vision is a recognized market leader for innovative marketing and
branding
Best New Emiten Award(2013)
1. Source: Prompt Research 2011 13
 Market-leading Content Portfolio
Total Channels: 118 Exclusive Channels: 29 MNC Exclusive: 18
Movies (12) News (13) GE & Variety (28) Oriental (4)

HD (5)

Kids (6)

Sports (6) Religion (2)

Toddlers (3)
Local FTA (12)
Documentary (9)
Lifestyle (13)

Music (5)

Exclusive channel 14
 Market Leader for Exclusive Live Action
Sports Program

 Football: Spanish League, Japan League, UEFA Women Euro 2013

 Basket: NBA, WNBA
 Tennis: Grand Slam (2 tournaments), ATP Master (10 tournaments), ATP 500 Series (10 tournaments),
ATP 250 Series (10 tournaments)
 Badminton: Super Series (12 tournaments), Thomas & Uber Cup, Sudirman Cup (2 tournaments), World
Badminton (2 tournaments)
 Golf: LPGA (23 tournaments), EPGA (46 tournaments), USPGA (45 tournaments), Asian Tour (24
tournaments)
 Fight: UFC, Fight Code (10 series), Boxing (8 series)

FOOTBALL BADMINTON

BASKET GOLF

FIGHT TENNIS

15
 Top 20 Channels As of June 2013

NO. CHANNEL NO. CHANNEL

1. Cartoon Network 11. AXN
2. Disney Jr. 12. Fox Channel
3. Disney Channel 13. Vision 3 Baby
4. S-ONE 14. MNC Lifestyle
5. MNC Sports 2 15. MNC News
6. CBeebies 16. MNC Drama
7. MNC Infotainment 17. BBC Knowledge
8. MNC Sports 1 18. Celestial Classic Movies
9. MNC Entertainment 19. UNIVERSAL
10. Fox Movies Premium 20. Nat Geo Wild

Source: AGB Nielsen Report

16
 Dominant Market Share and Economies of Scale

Dominant Position in Indonesia’s Pay TV Industry 41.24% CAGR in Subscribers (2007 - Dec 2012)
Others 1.0% MNC Sky Vision IDV Top TV Oke V
2,014
NexMedia 2.0% has a 1,720
Aora 7.0% leading 71%
market share 281
TelkomVision 9.0%
204
1,163 688
First Media
10.0% MNC Sky Vision 71% 583
76
• Indovision 38% 804
• Top TV 24% 335
• Okevision 9% 480 604
173
88 1045
306 26 933
752
631
454 516
Total Number of Indonesia Pay TV Subscribers as per 306
2012: 2.44 MM
2007 2008 2009 2010 2011 2012 Jun-13
Source Media Partners Asia (March 2013)

 Largest subscriber base representing about 71% market share

 Subscriber of 1,411,379 as of 1H 2012 and 2,014,249 as of 1H 2013.
 One of the lowest content costs; highest bargaining power on pricing, minimum guarantees & exclusivity
 Subscriber base provides scale to increase ARPU and profitability going forward
17
 Reliable Nationwide Coverage via S-Band

S-Band DTH Broadcasting Capability DTH Transmission Process

 Holds exclusive license for broadcasting using S-

band spectrum

 Clear reception and resilience to heavy

rainstorms that are common in Indonesia

 C-band or Ku-band used by competitors more

susceptible to service outages

 Complete coverage of Indonesia’s 13,700 islands,

over 9.8 million square kilometers

 Higher EIRP1 enables smaller reception disk

compared to C-band

 Best-in-class technology and exclusivity of S-

band provides competitive advantage

1. Effective Isotropic Radiated Power 18

 DTH Expected to Remain Dominant in Indonesia

Why DTH Works in Indonesia Pay TV Market Share

2011 2013E 2015E
 DTH is the dominant pay TV platform with
3%
81% market share 13% 9%
19%
7%

 The only platform providing complete

coverage across Indonesia

 Cable is hampered by infrastructure and

geographical challenges
81% 84% 84%
DTH Cable TV IPTV
 IPTV to grow, but infrastructure is Source: MPA estimates
inadequate for wide-scale rollout
DTH Competitive Advantages
 DTH market share is expected to grow DTH Cable IPTV
further by 84% until 2015
Country-wide Coverage

Rural Coverage

HD Bandwidth
19
 Large, Diversified, In-House Distribution Network

Network of 85 Branch Offices Across Indonesia

 Majority of new customers are sourced Branch office

through in-house channels, Sulawesi

Kalimantan
 Greater control, lower commissions and
stringent customer verification Papua
Sumatera
Sumatra Maluku
Java

 Competitors rely primarily on external

dealers for subscriber acquisition

About 70% of New Subscribers Are Acquired Through In-House Channels

D2D Call Center Sub-get-Sub Stores Club Dealers Corners

70% 30%

20
 Our Management Team

Board of Directors
PT MNC Sky Vision Tbk

Bambang Rudijanto Handhianto Suryo Gwenarty Setiadi Salvona Tumonggor Wesly Parsaoran Effendi Budiman
Tanoesoedibjo Kentjono Director Situmeang Parapat Non Affiliated
President Director Vice President Director Director Director
Director

21
Section 3 Financial Update MNC Sky Vision
 Company Overview

 Largest pay TV operator in Indonesia in terms of subscriber base, with over 71% market share1
 Established in 1988; provides pay television services through Indovision ,Top TV brands and also Okevision
 Nationwide coverage using Direct-to-Home (“DTH”) S-band satellite-based network
 Largest content line-up in Indonesia with 118 local and international channels and the highest number of exclusive channels

Operational and Financial Snapshot

Subscribers 2,014,249 (as of 1H 2013)

Subscriber Growth 41.24% CAGR Dec 2007 to 31 Dec 2012

ARPU / Churn Rate IDR 123,203 p.m. (in Dec 2012) / 1.2%
IDR 118,002 p.m. (in 1H 2013) / 1.2%

IDR 1,738 Bio (Dec 2011)/IDR 2,394 Bio (Dec 2012)

Revenue IDR 1,111 Bio (Jun 2012)/IDR 1,450 Bio (Jun 2013)

IDR 728 Bio (Dec 2011)/IDR 1,002 Bio (Dec 2012)

EBITDA IDR 461 Bio (Jun 2012)/IDR 600 Bio (Jun 2013)

1. According to Media Partners Asia Limited (“MPA”)

23
 Financial Performance from FY2010 (Audited) until
FY 2012 (Audited)

FY 2010 to FY 2012 Financials

IDR billion
FY 2010 Audited FY 2011 Audited FY 2012 Audited
CAGR +27%
4,939

CAGR +30% CAGR +59%

3,448
CAGR +39% 3,063
2,394 2,261
1,738
1,412
1,002 893 958
522 728

Revenues Adjusted EBITDA Total Assets Equity

FY 2011 to FY 2012 Solvency Metrics

FY 2010 Audited FY 2011 Audited FY 2012 Audited

5.68
4.49
3.55
2.96
2.31
1.55 1.73 1.75
0.69 42% 42%
37%

Debt/EBITDA Debt/Equity EBITDA/Interest EBITDA Margin

Source: Company Financials 24

 Segmental Overview - Revenue

12M 2012 (Audited) 12M 2011 (Audited)

5% 2% 0% 3% 2%
3% 5%
3%

DTH-Digital DTH-Digital
Commercial Sales Commercial Sales
TV Ad Sales TV Ad Sales
Joining Fee Joining Fee
Others* Others*

89% 86%

* Other Revenues are decoder sales, sale of ODUs & ancillary as well as share of revenues.
25
 Summary of Financial Performance – FY 2012 Audited

FY 2011 FY 2012
IDR Billions % Change
Audited Audited
 Revenue rose by 38% from Rp 1.74 trillion by the end 2011
Revenues 1,738 2,394 38% to become Rp 2.39 trillion in 2012, due to additional number
of subscribers

Operating Expenses 1,385 1,898 37%

 EBITDA rose by 38% from Rp 728 billion in FY 2011 to
become Rp 1 trillion in FY 2012.
Adjusted EBITDA 728 1,002 38%  EBITDA margin remains stable at 42%

Net Income 65 82 26%

 Net income increased by 26% from Rp 65 billion in FY 2011
IDR billions to become Rp 82 billion in FY 2012
FY 2011 Audited FY 2012 Audited
+38%
2394

1738
+38%

1002
728 26%

65 82

Pendapatan/Revenues Adjusted EBITDA Laba Bersih/Net Income

26
 Financial Performance from 1H 2011 (Unaudited) until
1H 2013 (Unaudited)

1H 2011 to 1H 2013 Financials

IDR billion 1H 2011 Unaudited 1H 2012 Unaudited 1H 2013 Unaudited

CAGR 26% 5,159

3,857
CAGR 52%
CAGR 33% CAGR 32% 3,227
2,292
1,450
1,111 992 976
814 600
342 461

Revenues Adjusted EBITDA Total Assets Equity

1H 2011 to 1H 2013 Solvency Metrics

1H 2011 Unaudited 1H 2012 Unaudited 1H 2013 Unaudited

5.77

4.23
3.38
2.32 2.08 1.82
1.49 1.49
0.74
42% 42% 41%

Debt/EBITDA Debt/Equity EBITDA/Interest EBITDA Margin

Source: Company Financials 27
 Segmental Overview - Revenue

1H 2013 (Unaudited) 1H 2012 (Unaudited)

5% 0% 0%
2% 3% 1%
5%
3%

DTH-Digital DTH-Digital

Commercial Sales Commercial Sales

TV Ad Sales TV Ad Sales

Joining Fee Joining Fee

Others* Others*

93% 88%

* Other Revenues are decoder sales, sale of ODUs & ancillary as well as share of revenues.
28
 Summary of Financial Performance – 1H 2013
Unaudited

1H 2012 1H 2013
IDR Billions % Change
Unaudited Unaudited
 Revenue rose by 31% from Rp1.1 trillion on the 1H 2012 to
Revenues 1,111 1,450 31% become Rp1.4 billion in 1H 2013, as number of subscribers
increased to 2 million subs in 1H 2013, compared to 1.4
million subs in 1H 2012
Operating Expenses 875 1,204 38%
 EBITDA rose by 30% from Rp461 billion in 1H 2012 to
become Rp600 billion in 1H 2013.
Adjusted EBITDA 461 600 30%  EBITDA margin remains stable at 42%

Net Income 17 31 82%

 Net income hiked by 82% from Rp17 billion in 1H 2012 to
IDR billions 1H 2012 Unaudited 1H 2013 Unaudited become Rp31 billion in 1H 2013
+31%
1,450

1,111

+30%
600
461
+82%

17 31

Pendapatan/Revenues Adjusted EBITDA Laba Bersih/Net Income 29

Thank You