FY15 Financial Briefing

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Christina Bates
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1 FY15 Financial Briefing 11 March 2016

Forward-Looking Statements This presentation was made from the analysis of reliable information in order to assist investment community to better understand the company's financial status and

2 Forward-Looking Statements This presentation was made from the analysis of reliable information in order to assist investment community to better understand the company's financial status and operation. The presentation may contain forward-looking statements and comments on future events, including our expectation about GMM Grammy s business. However, the information within this presentation has been derived from the existing factors in the present time. Therefore, the forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are changed. Investors are, however, required to use their own discretion regarding the use of information contained in this presentation for any purpose. For further information, please contact Investor Relations of GMM Grammy Public Company Limited at Tel: (662) , (662) , (662) or ir@gmmgrammy.com GMM GRAMMY PUBLIC COMPANY LIMITED 2

3 2015 Key Achievements Financial Performance Digital TV Update GMM GRAMMY PUBLIC COMPANY LIMITED 3

4 2015 Key Achievements Financial Performance Digital TV Update GMM GRAMMY PUBLIC COMPANY LIMITED 4

Business Overview GMM Grammy is a leading content provider in fully integrated media and entertainment platforms who can produce and deliver high quality contents with the broadest

Management TV Production & Copyrights (GMM TV Dee Talk) Digital Terrestrial TV (Standard Definition) Radio & Showbiz (Atime Media) TV Production & Copyrights (Exact Scenario -

5 Business Overview GMM Grammy is a leading content provider in fully integrated media and entertainment platforms who can produce and deliver high quality contents with the broadest reach Core Business GMM Grammy s Business comprises of: Music GMM Channel ONE Channel Movie & Others Music & Distribution Digital Business Concerts & Showbiz Music Publishing Artist Management TV Production & Copyrights (GMM TV Dee Talk) Digital Terrestrial TV (Standard Definition) Radio & Showbiz (Atime Media) TV Production & Copyrights (Exact Scenario - Meemiti - Teentalk) Digital Terrestrial TV (High Definition) Acts Studio GDH 559 (Formerly GTH) Home Shopping Satellite Broadcasting Call Center Service GMM GRAMMY PUBLIC COMPANY LIMITED 5

6 Key Highlights & Achievements The Leader in Thai Music Industry singles - more than 370 albums - 22 concerts Outstanding Improvement in Digital TV channels Rating growth*: 170% (from Beginning of 2015) Revenue growth: 1,341% Rating growth*: 228% (from Beginning of 2015) Revenue growth: 760% GMM GRAMMY PUBLIC COMPANY LIMITED 6 * Source : AC Nielsen, 2015 Channel Rating for Total Individuals 4+ All time 06:00-23:59

7 Key Highlights & Achievements Honored Nataraj Award for Superb Quality program and production Best Entertainment Radio Station Green Wave FM Best DJ Chill FM 89 Best Series Club Friday the Series 5 Thailand Box Office Movies Freelance THB 88 million May, Who? THB 75 million GMM GRAMMY PUBLIC COMPANY LIMITED 7

Key Highlights & Achievements Top YouTube

8 Key Highlights & Achievements Top YouTube Channels in Thailand (by most viewed) Top 2 GMM Channel in YouTube Global Top 100 GMM Grammy Official Channel Rank #16 Genie Rock Channel Rank #77 Source: socialblade.com as at 3 Mar 16 GMM GRAMMY PUBLIC COMPANY LIMITED 8

9 Searches Songs of 2015 TV Shows Key Highlights & Achievements เช อกว เศษ ร กนะเป ดโง เพ อนเฮ ยนโรงเร ยน หลอน ท งไว กลางทาง ส ดแค นแสนร ก สงครามนางงาม เพลงข ดใจ ข าบด นทร แอบร กออนไลน ต ดพ อ เช อกว เศษ ท งไว กลางทาง เพลงข ดใจ ต ดพ อ กาโว ไสว าส บ ถ มก น See You Again ไม เคย ใจหมา ค ช ว ต ร กนะเป ดโง เพ อนเฮ ยนโรงเร ยน หลอน ส ดแค นแสนร ก สงครามนางงาม ข าบด นทร แอบร กออนไลน ลมซ อนร ก น าตากามเทพ นางชฎา บ ลล งก เมฆ Source: GMM GRAMMY PUBLIC COMPANY LIMITED 9

2 Home Shopping in Thailand Good Corporate Governance Rewarded Excellent or

10 Key Highlights & Achievements Fast growing Home Shopping O Shopping Business - Revenue growth of 53% YoY - No. 2 Home Shopping in Thailand Good Corporate Governance Rewarded Excellent or Five 5-Stars from the Thai Institute of Directors (IOD) for a fifth consecutive year GMM GRAMMY PUBLIC COMPANY LIMITED 10

11 2015 Key Achievements Financial Performance Digital TV Update GMM GRAMMY PUBLIC COMPANY LIMITED 11

Revenue Structure by Type of Business Digital TV, 1% Digital TV, 11% Digital TV, 18% Others, 26% Others, 29% Satellite, 16% Others, 28% Satellite, 6% Satellite, 5% Media, 25% Media, 17% Media, 11%

12 Revenue Structure by Type of Business Digital TV, 1% Digital TV, 11% Digital TV, 18% Others, 26% Others, 29% Satellite, 16% Others, 28% Satellite, 6% Satellite, 5% Media, 25% Media, 17% Media, 11% Music, 32% Music, 37% Music, 38% Strategic Highlights Growing Digital TV Footprint (Projected) Remark: *Others consist of Movie, Home Shopping and Miscellaneous Strengthening Music Leadership Y-o-Y % Growth 5.8% 7,911 7,480 Game-changing the Industry with Total Media Solutions from Group Synergy Operating Revenues excl. ONE GMM GRAMMY PUBLIC COMPANY LIMITED 12

13 Financial Performance Music & Digital FY15 Revenue THB 3,252 Million 14.4% - Underlying the growth of music group in 2015 was fuelled by digital music marketing with higher contribution from SMS service Song2U, while YouTube viewers and revenue sharing for music & non-music contents kept rising with a total of THB 195 million for Showbiz performed extra well with high activities all year round totaling 22 concerts including major events i.e. Jim Lai Music Festival 2, Big Mountain Music Festival 7, and Gannes Film & Music Festival 6. Artist management revenue also grew from more events organized this year - Physical sales dropped with a total number of 299 singles and 370 albums released this year 2015 Turnaround Revenue Growth 2, FY Y-o-Y % Growth 3, % ,244 FY Others Physical Digital YouTube Copyright Showbiz Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 GMM GRAMMY PUBLIC COMPANY LIMITED 13

14 Financial Performance Digital TV GMM ONE FY15 Revenue THB 687 Million 50.1% - Revenue for ONE digital TV continue to grow with top-rated series of Prime time drama on air i.e. Hormone3 The Final with line-ups of exclusive contents for early primetime and mid-day primetime to expand the modern mass target audience in urban and regional area together with seasonal programs and live sport events coming up - Normalized FY15 revenue incl. the deconsolidated One Enterprise resulted in 0.3% revenue improvement - Revenue stream from analog free TV platform decreased in accordance with the transition towards digital free TV platform. In segmental reporting remained only financial figures of EXACT business unit holding the library and copyrights of TV contents prior to the shareholder restructuring, which was impacted from migrating most TV contents to digital platform 2015 Gearing towards Top-notch DTT Channels Y-o-Y % Growth 0.3% 50.1% 1Q142Q143Q144Q14 1Q15 2Q15 2Q15 3Q15 3Q15 4Q15 4Q15 Normalized Normalized Normalized Consol ONE Consol ONE Consol ONE GMM GRAMMY PUBLIC COMPANY LIMITED , , ,381 1, FY14 FY15 FY15 Normalized ONE DTV Others Free TV

15 Financial Performance Digital TV GMM 25 FY15 Revenue THB 1,680 Million 6.4% - Ramp-up revenue for Digital TV GMM25, with rising trend after the launch of new programs in prime-time slots. By seamlessly exposing contents to reach out the targets through an integrated approach, the channel brand was strengthened with a sharp increase in audience base and ratings - GMM25 got a highly positive response from media agency and customers as the most preferred channel to engage new generations effectively and efficiently - Atime showbiz continued to grow strong from distinctive formats and concepts underlying each concert theme with unique selling points - Revenue from radio media dropped 7.2% Y-o-Y in line with declining media industry spending - Satellite-FreeTV revenue declined from previous year, following the industry transition towards digital TV 2015 Gearing towards Top-notch DTT Channels Y-o-Y % Growth 1, Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 GMM GRAMMY PUBLIC COMPANY LIMITED FY14 6.4% 1, FY15 Others Showbiz Radio Free TV GMM 25 DTV

quarter festive season targeting virtually all prospects via TV O-shopping, online shoppers, and mobile applications, all of which positively accepted by the market - In 2016 O-shopping planned to

16 Financial Performance Home Shopping FY15 Revenue THB 1,738 Million 53.1% 2015 High Double Digit Revenue Growth - Strong growth driven by increased lines of products and series of promotion and value-for-money campaigns throughout the year especially during the last quarter festive season targeting virtually all prospects via TV O-shopping, online shoppers, and mobile applications, all of which positively accepted by the market - In 2016 O-shopping planned to emphasize on product TV showcase with frequent and hot promotions, in parallel with expanding the broadcast over multi-platforms to reach out consumers at the right time and place, as well as partnering with digital TV to promote home shopping - Differentiate with variety of products - Expand through internet channel - Daily sales average at 5.3 MB in Regulatory spotlight and supporting policy GMM GRAMMY PUBLIC COMPANY LIMITED 16

17 Financial Performance Satellite TV Platform Movies & Others FY15 Revenue FY15 Revenue THB 391 Million THB 850 Million 5.4% 63.3% - Approximately 0.65 million units were sold in 2015, dropped by half from last year mainly due to the economic slowdown with suspended consumer purchase decision following confusion on digital TV subsidy vouchers, altogether caused the entrepreneurs to miss sales target despite aggressive promotions to clear aging stocks and launch new product series with increased performance i.e. Mini Gold to add value and meet consumer demand - Overall set-top-box business was expected to rebound in 2016 from major sports league including World Cup and Euro football championship - Two movies released in Freelance generated box office revenue by THB 88 million together with substantial copyrights revenue in ASEAN market. During the last quarter, May Who? generated box office revenue by THB75 million revenue dropped 5.3% in line with overall local film industry got impacted from political unrest, economic recession and strong competition from Hollywood blockbusters. In 2016 the Company planned to continue the investment in series production for digital TV and Line TV - The suspension of GTH operation was announced this year but no material impact was resulted. Upon the beginning of 2016, GMM Grammy partnered with Hub Ho Hin group to establish the new film company GDH 559 GMM GRAMMY PUBLIC COMPANY LIMITED 17

Million THB SG & A Expenses % SG&A to total revenue (Normal) 38% 35% 4,000.0 3,500.0 3,000.0 2,500.0 2,000.0 1,500.0 1,000.0 500.0 0.0 815.2 21.6% 638.9 299.5 129.0 3.0% 2,679.6 2,760.

18 Million THB SG & A Expenses % SG&A to total revenue (Normal) 38% 35% 4, , , , , , , % % 2, , Admin.-Normal Business Extraordinary items Selling and servicing expenses 1 Extraordinary Items includes write-off of obsolete assets, allowance for impairment loss on asset GMM GRAMMY PUBLIC COMPANY LIMITED 18

19 Profit & Loss Statement Period as of Financial Data (THB mm) Sales 8,857 8,598 Total Revenue 9,264 9,704 Cost of sales and services 6,223 5,743 Gross Profit 2,634 2,855 SG&A 3,794 3,528 Loss of CTH impairment - 1,030 Net Profit attributed to Equity holders (2,413) (1,146) - Discontinued operation (1,229) - - Continuing Operations (1,184) (1,146) Exclude Extraordinary items (251) (257) Normal Net profit (1,031) (889) Exclude Loss of One Entreprise (443) (613) Net Profit exclude One Enterprise (588) (276) 2014 Extraordinary items + Sales of OFM shares Write-off of obsolete assets (300) and allowance for impairment loss on asset - DTV license adjustment (98) 2015 Extraordinary items + Sales of LT investment 70 + Divestment of Event and 158 Publishing business + Deconsolidated One Loss of CTH impairment (1,030) - Allowance for impairment (129) loss on asset - DTV License adjustment (57) GMM GRAMMY PUBLIC COMPANY LIMITED 19

20 Strong Financial Position Financial Position Interest Bearing Debt (IBD) Ratio and Total Cash on Hand 16,301 15,950 14,461 14,145 13,918 11,711 11,894 12,604 12,180 11,596 10,821 10,977 10,136 9,776 8,627 9,007 7,795 7,391 7,660 7,590 6,942 6,481 6,442 6,364 6,115 5,556 5,093 4,319 3,916 4,5034,699 3,879 3,977 3,936 3,772 3,661 3,678 3,173 3,484 3,016 3,340 2,815 2,157 2,034 2,032 2,228 2,100 1, ,514 1,014 3,348 3,719 2,197 2,884 3,284 1,940 1,847 1,334 1,264 1,235 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Assets Liabilities Equities IBD Cash IBD: Equity Note: Total cash on hand = Cash and cash equivalents + Current investments i.e. Fixed deposit, Trading and Debt securities GMM GRAMMY PUBLIC COMPANY LIMITED 20

21 2015 Key Achievements Financial Performance Digital TV Update GMM GRAMMY PUBLIC COMPANY LIMITED 21

22 Digital TV Business Current Magnet programs CELEBRATE LIFE IN STYLE EVERYDAY Smart and Stylish Yours ONE All Day, Everyday Hits Drama on Air at ONE TVR 2.19 Drama / Series Sitcoms TVR 1.39 TVR 1.88 TVR 2.39 TVR 2.37 TVR 3.18 TVR 1.27 GMM GRAMMY PUBLIC COMPANY LIMITED 22 Source : AC Nielsen

23 Digital TV Business Current Magnet programs CELEBRATE LIFE IN STYLE EVERYDAY Smart and Stylish Yours ONE All Day, Everyday Hits Drama on Air at ONE Game show / Variety Show News TVR 1.94 GMM GRAMMY PUBLIC COMPANY LIMITED 23 Source : AC Nielsen

24 Digital TV Business Current Magnet programs Drama / Series FUN EVERY DAY, TOGETHER ALL THE TIME Sincere and Sassy Entertaining Drama & Great Fun premiered at 8 pm News TVR 0.75 TVR 1.16 GMM GRAMMY PUBLIC COMPANY LIMITED 24 Source : AC Nielsen

25 Digital TV Business Current Magnet programs Game show FUN EVERY DAY, TOGETHER ALL THE TIME Sincere and Sassy Entertaining Drama & Great Fun premiered at 8 pm Reality / Variety GMM GRAMMY PUBLIC COMPANY LIMITED 25

26 Advertising Expenditure , , ,000 80, ,754 42, , ,097 45,840 43, ,364 38, ,319 37,808 60,000 40,000 62,238 68,105 69,249 79,590 84,511 20,000 - Source : Advertising Association of Thailand & AC Nielsen TV Advertising Non TV Advertising GMM GRAMMY PUBLIC COMPANY LIMITED 26

Development on TV Advertisement 120% 100% 80% 9% 7% 11% 25% 60% 40% 20% 100% 100% 100% 80% 68% 0% 2011 2012 2013 2014 2015

27 Development on TV Advertisement 120% 100% 80% 9% 7% 11% 25% 60% 40% 20% 100% 100% 100% 80% 68% 0% Analog TV Digital TV Cable & Satellite Source : Advertising Association of Thailand & AC Nielsen GMM GRAMMY PUBLIC COMPANY LIMITED 27

28 Q Q Q Q Q Q Q Q Q Q Q Q % Audience Share Trend of Digital TV : Analog TV vs Digital TV 120% Analog TV (6 Channel + Cable & Satelltie) Digital TV 100% 100% 91% 88% 87% 80% 80% 76% 71% 69% 60% 40% 20% 9% 12% 13% 20% 24% 29% 31% 0% 0% Source : NBTC & AC Nielsen GMM GRAMMY PUBLIC COMPANY LIMITED 28

29 DTT CHANNEL RANKING : Total Individuals All Day Quarter 1 Quarter 2 Quarter 3 Quarter 4 January February RANK CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR 1 WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV CH CH CH CH CH MONO MONO MONO MONO MONO MONO CH ONE ONE ONE ONE ONE ONE THAIRATH TV SD SD SD SD SD TRUE4U THAIRATH TV THAIRATH TV FAMILY FAMILY THAIRATH TV PPTV FAMILY TRUE4U TRUE4U THAIRATH TV TRUE4U SD TRUE4U FAMILY THAIRATH TV TRUE4U FAMILY NEW TV PPTV GMM PPTV AMARIN TV AMARIN TV NATION TV GMM PPTV GMM PPTV NOW TV TNN AMARIN TV AMARIN TV AMARIN TV GMM GMM AMARIN TV NEW TV NEW TV NEW TV NOW TV PPTV THAI TV THAI TV TNN NOW TV NEW TV NEW TV GMM TNN NATION TV NATION TV NATION TV NATION TV FAMILY NATION TV SPRING NEWS SPRING NEWS TNN SPRING NEWS SPRING NEWS SPRING NEWS THAI TV TNN SPRING NEWS TNN BRIGHT TV MCOT FAMILY MCOT FAMILY MCOT FAMILY MCOT FAMILY MCOT FAMILY MCOT FAMILY BRIGHT TV NOW TV BRIGHT TV BRIGHT TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) BRIGHT TV VOICE TV VOICE TV VOICE TV NOW TV NOW TV VOICE TV THAI TV THAI TV THAI TV MVTV FAMILY (LOCA) VOICE TV MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) Source : AC Nielsen Note: Exclude former analog TV channels i.e. Ch 3, Ch 5, Ch 7 GMM GRAMMY PUBLIC COMPANY LIMITED 29

30 DTT CHANNEL RANKING : Target All Day Quarter 1 Quarter 2 Quarter 3 Quarter 4 January February RANK CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR CHANNEL TVR 1 WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV WORKPOINT TV ONE CH CH ONE MONO MONO CH MONO ONE MONO ONE ONE MONO ONE MONO CH CH CH THAIRATH TV SD TRUE4U SD SD SD GMM THAIRATH TV SD GMM GMM GMM TRUE4U GMM GMM TRUE4U TRUE4U TRUE4U SD TRUE4U THAIRATH TV THAIRATH TV THAIRATH TV THAIRATH TV PPTV FAMILY FAMILY FAMILY FAMILY FAMILY AMARIN TV PPTV PPTV PPTV NOW TV NOW TV FAMILY AMARIN TV AMARIN TV AMARIN TV PPTV PPTV THAI TV MCOT FAMILY MCOT FAMILY NOW TV AMARIN TV AMARIN TV NEW TV NEW TV NEW TV NEW TV NEW TV NEW TV TNN THAI TV TNN TNN MCOT FAMILY MCOT FAMILY BRIGHT TV TNN THAI TV MCOT FAMILY NATION TV NATION TV SPRING NEWS SPRING NEWS NOW TV SPRING NEWS TNN SPRING NEWS NATION TV NOW TV SPRING NEWS BRIGHT TV BRIGHT TV TNN MCOT FAMILY NATION TV NATION TV NATION TV SPRING NEWS BRIGHT TV NOW TV BRIGHT TV BRIGHT TV VOICE TV VOICE TV VOICE TV MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) THAI TV THAI TV THAI TV VOICE TV VOICE TV VOICE TV MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) MVTV FAMILY (LOCA) Source : AC Nielsen Note: Exclude former analog TV channels i.e. Ch 3, Ch 5, Ch 7 GMM GRAMMY PUBLIC COMPANY LIMITED 30

31 DTT CHANNEL RATING (Total Individuals - All 4+) WORKPOINT TV CH 8 MONO 29 ONE 3 SD THAIRATH TV TRUE4U 3 FAMILY GMM 25 PPTV AMARIN TV NEW TV TNN 24 NATION TV SPRING NEWS THAI TV MCOT FAMILY NOW TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) TOTAL INDIVIDUALS MON- SUN PRIMETIME 18:30 22:29 April May June July August September October November December January February March April May June July August September October November December January February GMM GRAMMY PUBLIC COMPANY LIMITED 31 Source : AC Nielsen, Excluding former analog TV channels i.e. Ch 3, Ch 5, Ch TOTAL INDIVIDUALS MON- SUN ALL TIME 06:00 23:59 April May June July August September October November December January February March April May June July August September October November December January February

32 DTT CHANNEL RATING (Total Individuals - All 14-25) WORKPOINT TV CH 8 MONO 29 ONE 3 SD THAIRATH TV TRUE4U 3 FAMILY GMM 25 PPTV AMARIN TV NEW TV TNN 24 NATION TV SPRING NEWS THAI TV MCOT FAMILY NOW TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) ALL MON- SUN PRIMETIME 18:30 22:29 April May June July August September October November December January February March April May June July August September October November December January February April May June July August September October November December January February March April May June July August September October November December January February GMM GRAMMY PUBLIC COMPANY LIMITED 32 Source : AC Nielsen, Excluding former analog TV channels i.e. Ch 3, Ch 5, Ch 7 ALL MON- SUN ALL TIME 06:00 23:

33 DTT CHANNEL RATING (Greater Bangkok) WORKPOINT TV CH 8 MONO 29 ONE 3 SD THAIRATH TV TRUE4U 3 FAMILY GMM 25 PPTV AMARIN TV NEW TV TNN 24 NATION TV SPRING NEWS THAI TV MCOT FAMILY NOW TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) GREATER BANGKOK MON- SUN PRIMETIME 18:30 22:29 April May June July August September October November December January February March April May June July August September October November December January February GMM GRAMMY PUBLIC COMPANY LIMITED 33 Source : AC Nielsen, Excluding former analog TV channels i.e. Ch 3, Ch 5, Ch GREATER BANGKOK MON- SUN ALL TIME 06:00 23:59 April May June July August September October November December January February March April May June July August September October November December January February

34 DTT CHANNEL RATING (Urban) WORKPOINT TV CH 8 MONO 29 ONE 3 SD THAIRATH TV TRUE4U 3 FAMILY GMM 25 PPTV AMARIN TV NEW TV TNN 24 NATION TV SPRING NEWS THAI TV MCOT FAMILY NOW TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) UPC URBAN MON- SUN PRIMETIME 18:30 22:29 April May June July August September October November December January February March April May June July August September October November December January February April May June July August September October November December January February March April May June July August September October November December January February GMM GRAMMY PUBLIC COMPANY LIMITED 34 Source : AC Nielsen, Excluding former analog TV channels i.e. Ch 3, Ch 5, Ch 7 UPC URBAN MON- SUN ALL TIME 06:00 23:

35 DTT CHANNEL RATING (Rural) WORKPOINT TV CH 8 MONO 29 ONE 3 SD THAIRATH TV TRUE4U 3 FAMILY GMM 25 PPTV AMARIN TV NEW TV TNN 24 NATION TV SPRING NEWS THAI TV MCOT FAMILY NOW TV BRIGHT TV VOICE TV MVTV FAMILY (LOCA) April May June July August September October November December January February March April May June July August September October November December January February GMM GRAMMY PUBLIC COMPANY LIMITED 35 Source : AC Nielsen, Excluding former analog TV channels i.e. Ch 3, Ch 5, Ch 7 UPC RURAL MON- SUN PRIMETIME 18:30 22: UPC RURAL MON- SUN ALL TIME 06:00 23:59 April May June July August September October November December January February March April May June July August September October November December January February

36 Estimated DTT Operating Cost for 2016 Unit : Million Baht ONE 31 GMM 25 Production/Contents 1, Others e.g. MUX License SG&A 1, Total 2,570 1,230 GMM GRAMMY PUBLIC COMPANY LIMITED 36

GMM GRAMMY PUBLIC COMPANY LIMITED. 50 GMM Grammy PLACE, Sukhumvit 21 Rd. (Asoke), Khlongtoeinuea, Wattana, Bangkok 10110, Thailand www.

37 GMM GRAMMY PUBLIC COMPANY LIMITED. 50 GMM Grammy PLACE, Sukhumvit 21 Rd. (Asoke), Khlongtoeinuea, Wattana, Bangkok 10110, Thailand Investor Relations ir@gmmgrammy.com Tel : (+66) , (+66) , (+66) GMM GRAMMY PUBLIC COMPANY LIMITED 37

3Q15 Analyst Meeting 20 November 2015

3Q15 Analyst Meeting 20 November 2015 Agenda 3Q15 Financial Performance Digital TV Business Current Magnet Program Channel Rating Regulatory Update GMM GRAMMY PUBLIC COMPANY LIMITED 2 Financial Performance