PT MNC Investama Tbk : “BHIT”) Financial Release and Business Updates 1H2020

PT MNC INVESTAMA Tbk

(IDX Ticker Symbol : BHIT)

The Leading Investment Company in Indonesia

PT MNC Investama Tbk ("BHIT") Financial Release and Business Updates

Jakarta, Indonesia - August 4, 2020

PT MNC Investama Tbk ("BHIT" or "The Company") announced its unaudited financial results for the 1H2020, with consolidated net revenue of Rp7,148 billion. The highest contributor of BHIT's revenues came from the media sector, with a contribution of Rp5,862 billion, which represents 82.0% of the Company's total consolidated revenues. The digital sector saw a 25.8% increase to Rp409 billion and pay TV and broadband increased by 10.4% to Rp1,734 billion. Moreover, the net revenue from the financial services sector was recorded at Rp1,193 billion, which equals to 16.7% of total revenue, while the remaining 1.3% of revenue contribution came from other investments. Meanwhile, the Company recorded EBITDA of Rp2,545 billion in 1H2020, which represents a 36% EBITDA margin, with net profit posted at Rp284 billion.

BHIT's financial performance is the reflection of below investments:

MEDIA - PT Media Nusantara Citra Tbk (ticker: MNCN)

• Financials
  PT Media Nusantara Citra Tbk ("MNCN") posted net revenues of Rp3,967 billion in 1H2020, representing a decrease of only 6.7% YoY from Rp4,252 billion in the same corresponding period last year. This decline was attributed to the cancellation of some big events due to the COVID-19 pandemic which includes the Euro Cup which was originally planned to take place in June 2020.
  However, MNCN outperformed with a very significant difference compared to its industry peers. Due to some efficiency in G&A expenses, EBITDA only declined by 6.4% to Rp1,787 billion in 1H2020 from Rp1,909 billion last year, representing an EBITDA margin of 45.0%, the same level as in 1H2019. Net income was down by 17.4% in 1H2020 to Rp1,008 billion from Rp1,220 billion in the same period last year. Excluding non-cash forex adjustment (loss/gain) in the corresponding year, net income was posted at Rp1,043 billion in 1H2020 from Rp1,143 billion in the same prior-year period, representing only an 8.7% decrease with 26.3% net income margin.
• Business Updates
  Early signs in July have demonstrated a strong indication that ad spend will likely recover in the second half of 2020, which is shown by numerous FMCG advertisers that have to recommence their campaign on TV. MNCN is set to capture a significant portion of their respective advertisement budget through the creation of special programs lined up in 2H2020. MNCN has reserved its most important programming line-up consisting of special

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programs sponsorship nature, such as talent search, including but not limited to Indonesian Idol and MasterChef Indonesia; anniversary, such as GTV Anniversary and MNCTV Anniversary; awarding programs such as Indonesian Television Awards, Anugerah Musik Indonesia (AMI) Awards, and Youtube Awards; and many more.

RCTI+ is set to launch its UGC feature dedicated to talent search competition and games aggregator on the apps in August 2020. As of June 2020, RCTI+ has gained over 10 million monthly active users (MAU), with an average watching time for live and VOD content reached 86 minutes.

MNCN's social media presence is the biggest in Indonesia, as it attracts an average of 2 billion views every month and as of June 2020, its subscribers base on YouTube amounted to more than 90 million subscribers. Its MCN operation also grew substantially by generating 3.7 billion views and close to 40 million subscribers since its inception in August 2019.

MNCN's social media presence is the biggest in Indonesia, as it attracts an average of 2 billion views every month and as of June 2020, its subscribers base on YouTube amounted to more than 90 million subscribers. Its MCN operation within YouTube also grew substantially by generating 3.7 billion views and close to 40 million subscribers since its inception in August 2019. Furthermore, last June, MNCN has agreed with Facebook to form similar arrangement as YouTube, by supplying clips from MNCN content library. With a minimum guarantee in place, digital ads contribution from social media monetization through Facebook will be established in 3Q2020. Moreover, MNCN has secured licensing deals to major media players, such as Disney and Netflix for local VOD content.

MEDIA - PT MNC Vision Networks Tbk ("MVN", ticker: IPTV)

• Financials
  Total consolidated revenue of PT MNC Vision Networks Tbk ("MVN") for 1H2020 reached Rp1,734 billion, which was an 11.9% growth from the previous year's corresponding period of Rp1,550 billion. Satellite services revenue grew by 11.7% from Rp1,114 billion in 1H2019 to Rp1,244 billion in 1H2020. Concurrently, Digital, IPTV, and broadband services revenue was up by 17.0%, from Rp368 billion to Rp430 billion in 1H2020.
  MVN's direct cost increased by 8.9% in 1H2020 to Rp893 from Rp820 billion in the same prior-year period. Prudent cost management has effectively caused the mere increase in MVN's direct cost despite its DTH prepaid service, K-Vision, which was non-existent in 1H2019. As a result, EBITDA increased strongly by 16.7% to Rp720 billion in 1H2020 from Rp617 billion in 1H2019, which represents a 41.5% EBITDA margin compared to 39.8% in

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the same period last year. MVN's net income was posted at Rp125.8 billion with a net income margin of 7.3%.

• Business Updates
  MVN's 2 DTH Pay-TV units - MNC Vision (postpaid) and K-Vision (prepaid) have performed exceptionally well to date, in terms of its subscribers' acquisition. K-Vision's acquisition reached over 380,000 new subscribers in the month of July and it is targeting to reach an aggregate of 7 million subscribers by the end of 2020.
  MCN's fixed broadband and IPTV unit through MNC Play has entered a new phase of operational development where it will minimize internal rolling out activities. For this reason, capex allocation related to network expansion will decrease significantly. Moving forward, MVN will pursue to lease excess capacity from ICON+, FiberStar, and other network operators/provider to expand its subscribers' growth, maximize subscribers' penetration of its existing 1.5 million homepass, and push its android TV OTT box (Playbox) sales to all broadband households in the country. MVN is targeting subscribers to reach 400,000 (MNC Play and Playbox) by the end of 2020.
  Vision+ has grown to be one of the fastest-growing OTT services in Indonesia with the biggest paid subscribers of 1.2 million, while monthly active users (MAU) reaching 29 million. Vision+ is considered to be one of the biggest and most sought OTT in the region, offering both linear and VOD content. By the end of 2020, MVN is targeting Vision+ to have 2 million paid subscribers.
  In pursuance to capture all the available Pay-TV market, MVN is aggressively expanding its presence through partnership and acquisition of Local Cable Operators (LCO) in Indonesia. There are over 8 million subscribers based in the country within these LCOs, and MVN is pursuing to acquire at least 2 million subs based within the next 2-3 years through acquisition in various provinces.

FINANCIAL SERVICES - PT MNC Kapital Indonesia Tbk (ticker: BCAP)

• Financials
  PT MNC Kapital Indonesia Tbk ("BCAP") posted its consolidated revenue of Rp1,208 billion.
  BCAP's largest revenue contributor, MNC Bank, generated 49.7% of the total consolidated revenue, followed by MNC Finance with 16.0%, MNC Life with 13.2%, MNC Insurance with 9.2%, MNC Leasing with 6.1%, MNC Sekuritas with 5.7% and MNC Asset Management with 0.1% respectively. BCAP recorded a net profit of Rp9 billion in 1H2020.

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• Business Updates
  In 2020, BCAP will continue to focus on enhancing its digital financial services. MNC Bank is accelerating its new mobile banking development, which will act as the basis of its open banking in the near future. Last year, BCAP successfully launched its mobile insurance app, Hario. The app, which is a collaboration between MNC Life and MNC Insurance, provides health, accident, pension, education, and home insurance, along with additional free of charge COVID-19 coverage, offering flexibility for customers to choose insurance premiums within one platform. Besides these, MNC Sekuritas is also developing an additional service as an online mutual fund agent or online Agen Penjual Efek Reksa Dana(APERD), while MNC Asset Management is revamping its MNC Duit app to serve transactions for retail clients, APERD, financial consultants and institutions.
  BCAP also launched its own e-money,e-wallet and digital remittance platform, SPIN. In March 2020, SPIN received approval from Bank Indonesia as a QRIS (Quick Response Code Indonesian Standard) transaction organizer, enabling SPIN to interconnect with other providers' standardized QR codes. With the national implementation of the QRIS, SPIN benefited from the already-available nationwide QRIS merchants, without putting up a big investment on its own for merchant acquisitions. Moreover, in collaboration with MNCN, SPIN has launched a new advertising initiative in May 2020, which allows advertisers to put their QRIS code on TV during commercial breaks, allowing audiences to purchase directly through the TV screen using e-money app, such as SPIN.
  BCAP also signed a term sheet to acquire the majority stake in a peer-to-peer (P2P) lending platform company. BCAP plans to utilize the platform as a financing channeling agent for SPIN users, MNC Bank, MNC Finance and MNC Leasing.
  Next step, BCAP will synergize all of its digital platforms so that it infrastructurally interconnected to increase engagement and retain customers to stay within MNC Group's ecosystem. BCAP will build digital financial services ecosystem which include a range of financial services that provide opportunities for accessing and moving funds, growing capital, while reducing risk; all with advance AI system learning and open API environment.
  By combining these digitally savvy architectures, BCAP will end up with a lean and agile infrastructure to provide optimal experience for all users.

UPDATES ON THE BOND:

The discussion with BHIT bondholders has made a significant progress. Majority of bondholders, with total sum of around USD150 million, representing about 65% of the USD231 million bond, has given positive indication on The Company's proposal to convert the bonds into BHIT's

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equity, subject to the conversion price. As of June 30, 2020, the Book Value of BHIT is Rp192/share.

The Company also proposes another option to the remaining bondholders who choose to repackage the bond with a different scheme. BHIT anticipates to be able to reach an agreement with most of the remaining bondholders, therefore, The Company has decided to withdraw the moratorium in the Singapore High Court effective on August 7, 2020.

Commenting on the results, Darma Putra, President Director of BHIT said:

I am grateful and impressed with all BHIT subsidiaries' great performance despite ongoing pandemic and economic uncertainty. By enhancing digitalization and applying the most suitable business model on each business unit, I am confident that MNC Group will reach a new height in the upcoming years. The business is fast evolving and we are more than ready to adapt and change to stay at the front.

Given the current COVID-19 pandemic, the media sector will seize the opportunity to leverage large-scale social distancing regulation, a situation where it creates more demand for news and entertainment. BCAP also shifting its business model towards digital development, to be the front runner of digital financial services in Indonesia. BCAP and MNCN have created synergy with on-air QRIS, which is a breakthrough in the television business. With a fluid business model and quick adaptation to the latest development, we believe that the Group will end the year with solid performance.

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For further information, please contact:

Investor Relations

Natassha Yunita

[e-mail]

[e-mail]

PT MNC Investama Tbk

MNC Financial Center, 21/F, MNC Center

Jl. Kebon Sirih Kav 21-27

Jakarta 10340, Indonesia

Phone : [phone]

Fax : [phone]

www.mncgroup.com

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DISCLAIMER

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The information and opinions contained in this Press Release have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this Press Release as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of The Company or its subsidiaries. The information and opinions contained in this Press Release are provided as at the date of this presentation and are subject to change without notice. Neither The Company (including any of its affiliates, advisors and representatives) nor the underwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this Press Release.

In addition, the information contained in this Press Release 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 forecasts and projected.

This Press Release is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto.

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