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Readcrest Capital AG

Investor Presentation • Sep 20, 2007

346_ip_2007-09-20_0c6ecbce-8a2d-4de4-883b-cc0811a1346b.pdf

Investor Presentation

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1

Business Media China AG

Company Presentation Zürich, September 19/20, 2007

Klaus M. Hilligardt, CEO Edwin van der Geest, IR

Disclaimer

This document contains forward-looking statements and forecasts based on assumptions and estimates made by Business Media China AG ("BMC") management. While we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that the expectations will prove to be correct. The assumptions may conceal risks and uncertainties which may lead to actual results significantly divergent from those made in the projective forecasts. The factors that can cause such a divergence include: changes in foreign exchange control or the economic and business environment, currency exchange rate fluctuations, the low market entry barriers for competitors, insufficient acceptance of new products or services and changes in corporate strategy. No update of the projected forecasts contained herein is planned, nor does BMC assume any obligation to do so.

• BMC at a Glance

  • Summary major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences and Publishing
  • Peer Analysis
  • Summary and contact data

BMC on 1 Page

  • Ì BMC provides "Total China Media Competence" by combining Exhibitions, Conferences, Publishing and Out-of-Home (OOH) advertising.
  • Ì BMC's track record in Exhibitions and the high value portfolio of advertisement rights for railways stations and airports ensures a fastgrowing predictable revenue and earnings stream.
  • Ì BMC is expecting consolidated revenue of 26-28 million EUR in 2007 and over 100 million EUR in 2010, targeting an EBITDA margin of over 30% in 2010E.

BMC - an attractive platform

BMC's Footprint today

BMC AG Structure

Management-Team

Klaus M. Hilligardt Chief Executive Officer

  • Ì In the media and exhibition business since 1982.
  • Ì Owner and President MESAGO HOLDING GmbH.
  • Ì Founder of Mesago Messe Frankfurt in Stuttgart and Tokyo.
  • Ì Since 15 years active in China with large personal network -Guanxi.
  • ÌFounder of Business Media China AG.

Arend J.R. van EedenBoard Member

  • Ì In the media and exhibition business since 1992.
  • Ì30 years international experience:
  • Ì Miller Freeman / United Business Media plc and EMAP plc.

Li Yang Board Member General Manager BMC CHINA

  • Ì Graduate of the Elite University UIBE - University of International Business and Economics.
  • Ì 7 years executive positions in media companies in China.
  • Ì Large personal network – Guanxi – in China.

Peter SassmannChief Financial Officer

  • Ì 10 years international experience in the exhibition business.
  • ÌDirector Administrations BMC since 2005.
  • Ì Vice President Subsidiary Management Messe Frankfurt von 1996 – 2004.
  • Ì Director Controlling and Finance at a stock listed environmental service enterprise 1990-1995.

BMC's Ad Space: Railway Stations

BMC's Ad Space: Railway Stations

BMC's Ad Space: Railway Stations

BMC's Ad Space: Airports

Current status: Key figures

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  • BMC at a Glance
  • Summary major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences and Publishing
  • Peer Analysis

  • Outlook

  • Ì Exploring synergies between OOH advertising, exhibitions and conference businesses

  • Ì Identification of opportunities as e.g. in "railway station advertising" for a blue ocean strategy
  • Ì Follow buy & build strategy using national and global reach. BMC identifies market leaders in specific local or regional segment, acquires a controlling stake in it (buy), and then scales (build) it up using its national and global reach.
  • Ì Investments in intangible assets that will be converted to tangible assets and provide returns (reap) for a long-time to come

Strategic Milestones

  • Ì BMC has developed a wide personal network in government, industry, media and academia
  • Ì Formed a 30 year joint venture with China Railway Media for an "All-China Roll-out"
  • Ì Controls increasing number of important airports and is able to scale-up and roll-out successes in one airport to the various airports across China
  • ÌInternational experience of BMC attracts important companies
  • Ì Getting international brands to advertise will increase the value of the airport advertising
  • ÌPlans to form JVs with leading western exhibitions for China
  • Ì Acquired license agreements and JVs with top Chinese, European and American publishing houses

BMC's Current Position

  • ÌRevenues are growing fast
  • ÌInvestments in intangibles have been accomplished to a major extent
  • ÌVariable costs are relatively low
  • Ì EBITDA is expected to turn positive in the next quarters and to grow strongly over the next few years
  • ÌROE is expected to increase continuously and stabilize at a high level

Ready for take off

BMC's Revenue Trend over the Next Years

  • To cover all major railway stations and important airports
  • To acquire top exhibitions in China
  • ÌAcquire license for premium space only
  • ÌOptimum use of advertising space at airports
  • ÌOptimize management structure
  • ÌOrganic and inorganic growth
  • ÌConsolidation in the East Coast of China
  • ÌEnter newer markets

Projections

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CNY/EUR 0.0979577

* These projections are based on existing asset and projects and are excluding the Beijing Olympics effect 2008 and the Shanghai EXPO effect 2010

  • BMC at a Glance
  • Summary, major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences, IT + Sourcing
  • Peer Analysis
  • Outlook

China's Dynamic Economy

  • Ì The Chinese economy is slated to be among the world's top five largest economies
  • ÌEconomy is estimated to grow at over 9% per annum through the next decade
  • Advertising Media ÌHuge manufacturing sector, called 'Factory of the World'
  • ÌRising income levels and increasing purchasing power of middle class
  • ÌBy 2020 the middle class will comprise 40% of the total population
  • ÌChina will consume approximately 29% of the world's total luxury goods in 2015
  • ÌBoom in the retail sector
  • Ì Government modernizing rural & urban infrastructure, highways, railways, airports, roads, subways

Strong Ad Spend Growth

Ad spend growth of China vs. World Ad spend % of GDP of China vs. World

  • Ì China's urban population increased from 29.0% in 1995, to 40.5%, or 523 million people, in 2003
  • ÌPredicted to increase beyond 615 million by 2010

Increasing Market Penetration

(Source: Zenith Optimedia, Clear Media, Goldman Sachs Research estimates)

Outdoor advertising as percentage of total ad spend Ad spend per Capita of China vs. World

  • Ì Massive urbanisation drives China's ad expenditure where current figures show that over 70% of retail sales take place in urban areas with a growth rate of over 14%.
  • Ì Over 50% of China's current advertising spend is targeted at the cities of Beijing, Shanghai, Guangzhou and Shenzen although currently, they only account for around 9% of the total China population.

Exhibition Growth in China

Exhibitions' Growth in China during 2000 – 2006

China Takes theLead

World Exhibition Market

28Source:

  • BMC at a Glance
  • Summary, major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences, IT + Sourcing
  • Peer Analysis
  • Outlook

Advertising Management

MO Li YanPresident

The "Grand Dame" in China's Advertising Business

  • ÌCOO JCDecaux China
  • ÌGeneral Manager JHDecaux China
  • ÌCOO Media Nation Group
  • ÌVice President Top-Result Advertising
  • ÌCEO Top-Result Bus Advertising
  • Ì General Manager Shanghai Metro Advertising from 2000-2006

Ì

WEN Denny Chief Executive Officer

One of the most prominent figures in China's Advertising Busienss

  • ÌGeneral Manager JCDecaux 2005-2006
  • Vice General manager Media Nation Inc. 2003-2005

Ì

Rüdiger Wulf Director Advertising Media

Sorbonne Paris Graduate

STRÖR Group (leading Outdoor Company in Germany) 2000-2006 Director Sales & Marketing BlowUp Media GmbH

Zhang Jihong Chairman All-China Roll-Out

  • ÌGeneral Manager
  • ÌChina Railway Century Media Co., Ltd.

Mr. Zhang is the highest official in Chinese Railway Advertising and responsible for the Railway Advertising Reform.

Railway Station Advertising

Expansion Plan Railway Stations

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Airport Advertising

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u
n		 h
/
t
p
e
r
m
s
q
m		 /
p
e
r
y
r
s
q
m
A
i
9
2
0
0
7
t
r
p
o
r
s		 C
N
Y
5
1
5
1		 C
N
Y
6
1
8
1
3		 C
N
Y
3
3
9		 C
N
Y
4
0
6
9
S
S
(
C
/
)
T
O
T
A
L
A
L
E
V
l
i
h
i
i
D
i
t
t
t
o
u
m
e
w
o
u
o
m
m
s
s
o
n
s
s
c
o
u
n
s
/
h
i
t
t
p
e
r
m
u
n		 /
i
t
p
e
r
y
r
u
n		 /
h
t
p
e
r
m
s
q
m		 /
p
e
r
y
r
s
q
m
A
i
9
2
0
0
7
t
r
p
o
r
s		 C
N
Y
1
7
7
4
3		 C
N
Y
2
1
2
9
1
2		 C
N
Y
1
1
6
8		 C
N
Y
1
4
0
1
4

Targets Airports

T
t
a
r
g
e
s
E
2
0
0
7		 E
*
2
0
0
8		 E
2
0
0
9		 E
2
0
1
0
M
d
i
f
(
i
)
t
t
e
a
o
r
m
a
s
u
n
s		 7
2
8		 2
3
2
8		 3
0
2
8		 3
3
2
8
M
d
i
f
(
)
t
e
a
o
r
m
a
s
s
q
m		 1
1.
0
6
0		 3
5
3
6
8		 4
6
0
0
2		 5
0
5
6
0
P
i
i
(
f
l
r
c
e
n
c
r
e
a
s
e
s
p
a
s
s
e
n
g
e
r
o
w		 1
5
%		 1
5
%		 1
5
%		 1
5
%
i
2
5
%
h
)
n
c
r
e
a
s
e
s
e
a
c
y
e
a
r
O
t
c
c
u
p
a
n
c
y
r
a
e		 4
5
0
%
,		 5
5
0
%
,		 6
5
0
%
,		 7
2
5
%
,
/
A
i
i
d
i
l
l
t
v
e
r
a
g
e
c
o
m
m
s
s
o
n
s
c
o
u
n
e
v
e		 3
2
5
%
,		 3
2
5
%
,		 3
2
5
%
,		 3
2
5
%
,
T
r
n
o
e
r
u
v		 f
A
G
E
N
T
r
o
m		 C
S
A
T
I
V
I
T
I
E
C
2
0
N
Y
m		 C
1
N
Y
7
5
m		 C
1
N
Y
5
m		 C
1
0
N
Y
m
F
f
8
%
l
i
f
5
t
t
e
e
o
o
c
e
n
s
e
o
w
n
e
r
o
r
u
r
n
o
v
e
r		 f
t
t
r
o
m
a
g
e
n
a
c		 i
i
i
(
d
d
i
t
t
v
e
s
e
u
c
o		 f
t
n
r
o
m
u
r
n
o
v
e
r		 t
a
g
e
n
)
C
i
i
i
B
M
i
b
1
%
t
t
t
5
a
c
v
e
s
r
e
c
e
v
e
s
a
o
u
a
g
e		 i
i
t
n
c
o
m
m
s
s
o
n
f
i
G
M
M
E
D
I
A
l
l
t
t
o
n
a
e
r
c
e
n
s
e
c
o
s
s
y		 1
7
%		 4
9
%		 5
6
%		 6
5
%
M
T
l
(
d
i
&
i
i
i
)
G
t
t
t
t
o
a
m
e
a
a
g
e
n
a
c
v
e
s
f
l
i
d
f
f
t
t
a
e
r
c
e
n
s
e
c
o
s
s
a
n
e
e
s
o
r		 1
6
%		 4
6
%		 5
4
%		 6
4
%
l
i
c
e
n
s
e
o
w
n
e
r
*
W
i
h
i
f
i
"O
l
i
G
E
f
f
"
t
t
t
o
u
s
p
e
c
c
y
m
p
c
a
m
e
s
e
c
**
G
P
f
r
o
s
s
r
o		 i
i
h
t
t
t
w
o
u
a
n
y		 h
d
/
D
o
v
e
r
e
a
s		 A

Summary Airport Roadmap

Profitability Targets - Travel Media

(
)
T
l
d
i
f
i
b
i
l
i
i
i
l
i
t
t
t
&
t
t
r
a
e
m
e
a
p
r
o
a
a
r
p
o
r
r
a
a
s
a
o
n
s
v
y
w
y
2
0
0
7
E		 *
2
0
0
8
E		 2
0
0
9
E		 2
0
1
0
E
E
b
i
T
t-
t
a
r
g
e		 4
%		 1
3
%		 2
2
%		 3
0
%
(
)
D
i
i
f
i
t
t
r
n
g
a
c
o
r
s
m
p
r
o
e
m
e
n
-o
v
v
y
-y
E
2
0
0
7		 8
E
2
0
0		 E
2
0
0
9		 E
2
0
1
0
S
l
a
e
s		 %
5		 %
7		 %
5		 %
5
P
i
r
c
e
s		 2
%		 3
%		 3
%		 3
%

*Without specific "Olympic Games Effect"

The rapidly increasing Profitability of the Travel Media Business is a result of increasing sales and prices as well as operational improvement.

Exhibitions, Conferences, Publishing

Exhibitions, Conferences, Publishing

Profit Targets - Exhibitions

Roadmap -Exhibitions

  • BMC at a Glance
  • Summary, major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences and Publishing
  • Peer Group Analysis
  • Summary

Peer Group Positioning

Profitability - Peer Group

P/E of BMC Peers

47Source: Bloomberg, 2006 P/E's

Valuation Analysis - Peer Group

48Bloomberg, August 18, 2006

  • BMC at a Glance
  • Summary, major milestones and strategic outlook
  • China A growing advertising and exhibition market
  • BMC's operations
  • Travel Media
  • Exhibitions, Conferences and Publishing
  • Peer Group Analysis
  • Summary

Roadmap Summary

Summary - Investment Case

Predictable and higher return on investment due to long term licensing agreement in stations & airports

Thank you!

谢谢 !

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