Asian Pay Television Trust : Presentation for the period ended 31 March 2024

ASIAN PAY TELEVISION TRUST

31 March 2024

IMPORTANT NOTICES AND DISCLAIMERS

Disclaimers

Asian Pay Television Trust ("APTT") is a business trust registered under the Business Trusts Act 2004 and listed on the Main Board of the Singapore Exchange Securities Trading Limited. APTT Management Pte. Limited ("AMPL") is the trustee-manager of APTT (the "Trustee-Manager"). The Trustee-Manager is a wholly owned subsidiary of Dynami Vision Pte. Ltd. ("Dynami") which is a Singapore-incorporated company ultimately owned by Mr Lu Fang-Ming, the former Chairman of Asia Pacific Telecom Co., Ltd.

This presentation has been prepared based on available information. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, neither APTT, AMPL, their directors, employees or agents, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of APTT, AMPL or their directors, employees or agents. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Each recipient of the information should make its own independent assessment of the information and take its own independent professional advice in relation to the information and any action taken on the basis of the information.

General Securities Warning

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in APTT, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling securities or other instruments in APTT. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of APTT. Past performance is not a reliable indication of future performance.

Investors should note that there are limitations on the rights of certain investors to own units in APTT under applicable Taiwan laws and regulations. Such investors include individuals or certain corporate entities in the People's Republic of China ("PRC"), the Taiwan Government and political entities and other restricted entities and restricted persons. For further information, investors should refer to the prospectus dated 16 May 2013 issued by APTT and the deed of trust constituting APTT dated 30 April 2013, as amended and restated by a First Amending and Restating Deed dated 28 April 2022.

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AGENDA

1. 31 MARCH 2024 RESULTS
2. OUTLOOK & STRATEGY
3. BUSINESS OVERVIEW
4. BUSINESS DRIVERS

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31 MARCH 2024

RESULTS

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HIGHLIGHTS

Positive Broadband growth momentum led to continued Broadband revenue improvement in both S$ and NT$

Lower revenue and EBITDA impacted by unfavourable foreign exchange rate movements

Continued Broadband growth momentum

• Growth in Broadband subscribers and stable ARPU led to higher revenue in S$ and NT$ for over three years, cushioning the impact of the decline in Basic cable TV business
• Nearly 28% of total revenue is now generated from Broadband, compared to 25% in the pcp; Broadband revenue is now over 40% of Basic cable TV revenue, compared to 34% in the pcp
• The number of Broadband subscribers has now surpassed 50% of our Basic cable TV subscriber base

Growing total subscriber base: added c.7,000 net subscribers in Q1

• Despite the removal of all non-paying subscribers (greater than 90 days) across all three service offerings in Q1, the continued growth in Premium digital cable TV and Broadband subscribers in Q1 increased total subscriber base to c.1,319,000 as at 31 March 2024, from c.1,312,000 as at 31 December 2023

Capital expenditure within industry norms

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HIGHLIGHTS

Disciplined approach to debt repayment; 83% of total debt is protected against the risk of rising interest rates through to mid-2025;re-affirmed distribution guidance of 1.05 cents per unit for 2024

Debt management

• Made net debt repayments of S$21 million in the quarter; S$45 million to be set aside for principal repayments during the remainder of 2024
• Hedged 90% of outstanding Onshore Facilities through to 30 June 2025 at an average fixed rate of 0.94%; as Onshore Facilities constitute approximately 92% of the Group's total outstanding debt, the net exposure to rising interest rates is contained to only 17% of total debt

Distribution guidance

• Re-affirmeddistribution guidance of 1.05 cents per unit for full year 2024; to be paid in half-yearly instalments of 0.525 cents per unit each, subject to no material changes in planning assumptions
• Takes into account various factors, including the elevated interest rates, a weaker NT$ against S$, ARPU pressure and a declining Basic cable TV business
• At this guided distribution level, disciplined debt repayments can still continue, while capital expenditure can be at a level to future-proof TBC's Broadband business

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FINANCIAL RESULTS

Broadband is starting to cushion the impact of the decline in Basic cable TV business; aim is to grow cash flows from Broadband business to a level that consistently more than offsets the decline in Basic cable TV

NET PROFIT

Net profit includes non-cash items such as depreciation and amortisation expense, foreign exchange, mark to market movements and deferred taxes

Notes: (1) Group refers to APTT and its subsidiaries taken as a whole; (2) A positive variance is favourable to the Group and a negative variance is unfavourable to the Group

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