Asian Pay Television Trust : Presentation for the period ended 31 December 2021

ASIAN PAY TELEVISION TRUST

31 DECEMBER 2021

IMPORTANT NOTICES AND DISCLAIMERS

Disclaimers

Asian Pay Television Trust ("APTT") is a business trust registered under the Business Trusts Act 2004 of Singapore 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 fully 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.

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AGENDA

1. 31 DECEMBER 2021 RESULTS
2. OUTLOOK & STRATEGY
3. BUSINESS OVERVIEW
4. BUSINESS DRIVERS

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31 DECEMBER 2021 RESULTS

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HIGHLIGHTS

Broadband recorded continued growth in ARPU, revenue and subscribers in Q4 2021; registered higher EBITDA and lower capital expenditure; extended maturity date and reduced size of Onshore Facilities

Higher Q4 and full year 2021 EBITDA and EBITDA margin

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Revenue for the quarter and year at S$76.2 million and S$299.7 million

EBITDA for the quarter and year up 8.0% and 1.2% to S$46.3 million and S$183.1 million driven by lower operating expenses EBITDA margin improved by 4.7 percentage points to 60.7% for the quarter and 2.2 percentage points to 61.1% for the year

Growing total subscriber base due to momentum from Broadband and Premium digital cable TV

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Premium digital cable TV and Broadband subscribers have been steadily increasing over the past 15 quarters

Added c.7,000 Premium digital cable TV and c.8,000 Broadband subscribers in the quarter, which more than offset Basic cable TV churn; total subscriber base increased to c.1,246,000

Broadband growth strategy is showing results

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Recorded higher ARPU in Q4 2021, alongside continued growth momentum in Broadband subscribers

Broadband revenue, which includes revenue from data backhaul, improved in S$ and NT$ for six consecutive quarters compared to the pcp;

Lower capital expenditure

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Capital expenditure decreased by 46.2% for the quarter and 46.6% for the year

Aim to use excess cash generated from operations to make debt repayments, subject to operating conditions

Debt management

• Successful extension of Onshore and Offshore Facilities, ahead of maturity, reset principal repayment schedule and financial covenants

• Size of Onshore Facilities was reduced by NT$1.5 billion following accelerated debt repayments

• The Trustee-Manager aims to commence discussions in 2022 to further extend maturity date of Offshore Facilities to at least 2025; subject to the successful extension, the Trustee-Manager would not have to revisit borrowing facilities, both onshore and offshore, until 2025

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