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Goldman Sachs and Gao HuaChina Investment Frontier Conference 2011

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ForwardForward--looking statementslooking statements

This presentation and subsequent discussion may This presentation and subsequent discussion may contain certain forwardcontain certain forward--looking statements with respect looking statements with respect to the financial condition, results of operations and to the financial condition, results of operations and business of Clear Media. These forwardbusiness of Clear Media. These forward--looking looking statements represent Clear Mediastatements represent Clear Media’’s expectations or s expectations or beliefs concerning future events and involving known beliefs concerning future events and involving known and unknown risks and uncertainties which could cause and unknown risks and uncertainties which could cause actual results, performance or events to differ materially actual results, performance or events to differ materially from those expressed or implied in such statements.from those expressed or implied in such statements.

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Integrating the World’s Best Practice

CLEARCHANNELCLEARCHANNELWORLDWIDEWORLDWIDE

World's leading outWorld's leading out--ofof--home media/ home media/ entertainment companyentertainment company

CCO: CCO: WorldWorld’’s largest outdoor advertisers largest outdoor advertiserNYSE listedNYSE listed

4

5

170260

355 427 488 538675

776

997

1,2601,118

1,262

691

0

200

400

600

800

1000

1200

1400

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Turnover (HK$’m)

Our 13 Years Track Record

*For six months ended 30 June 2011

*

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Take Control of Outdoor

TVTV Newspaper/Newspaper/MagazineMagazine OutdoorOutdoor InternetInternet RadioRadio

5%5%

12%12%13%13%

27%27%

36%36%Media MixMedia Mix

Data Source: SAIC 2010, Company estimates

7%7%

OthersOthers

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Leader in China’s Outdoor Advertising

Standardized Standardized mmedia edia nnetworketwork

2828--city city nnational ational ccoverageoverage

#1#1 in all in all kkey citiesey cities

Regional Regional Sales CenterSales Center

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Mass Medium of Choice

““StandardizedStandardized”” NetworkNetwork

Low costLow cost--perper--thousandthousand

Highly visible Highly visible –– ““always onalways on””

Only sector opens to foreign investorsOnly sector opens to foreign investors

Growing outdoor audienceGrowing outdoor audience

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Secure Long Term Supply

National MOFCOM & SAIC National MOFCOM & SAIC aapprovals pprovals

LongLong--term term ccontracts w/ local governmentsontracts w/ local governments

Exclusive & Exclusive & llow ow ccost ost gguaranteeuarantee

Retain 100% of ad revenuesRetain 100% of ad revenues

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Showcase Top Consumer Brands in China

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REVIEW OF STRATEGY& EXECUTION

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1H11 Highlights

China economic growth continues despite tighteningChina economic growth continues despite tighteningmeasures to contain inflationmeasures to contain inflation

Domestic demand being one of the engines behind Domestic demand being one of the engines behind economic growtheconomic growth

Urbanization helps fuel growth in major citiesUrbanization helps fuel growth in major cities

Chinese brands & local advertisers increase ad spendChinese brands & local advertisers increase ad spend

More advertisers expand into 2More advertisers expand into 2ndnd & 3& 3rdrd tier citiestier cities

Higher competitive pressure in Shanghai post World ExpoHigher competitive pressure in Shanghai post World Expo

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Total revenue from BJ, SH, GZ up 20% Total revenue from BJ, SH, GZ up 20% YoYYoY to HK$352mto HK$352m

•• BJ:BJ: Revenue +33% with improvement on both ASP &Revenue +33% with improvement on both ASP &occupancy rateoccupancy rate

•• GZ: Revenue +38% with improvement on both ASP &GZ: Revenue +38% with improvement on both ASP &occupancy rateoccupancy rate

•• SH: Revenue +42% with Shanghai World Expo in 1H10SH: Revenue +42% with Shanghai World Expo in 1H10Revenue Revenue --11% in 1H11 without major event11% in 1H11 without major event

MidMid--tier cities: Revenue up 11% tier cities: Revenue up 11% YoYYoY to HK$278mto HK$278m

1H11 Business Performance by Location

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Revenue by Industry1H101H10 1H111H11

BeveragesBeverages 25%25% 25%25%FoodFood 12%12% 13%13%TelecommunicationsTelecommunications 12%12% 11%11%Fashion & ornamentsFashion & ornaments 4%4% 11%11%EntertainmentEntertainment 6%6% 9%9%Information TechnologyInformation Technology 3%3% 6%6%RealtyRealty 6%6% 5%5%Business / Consumer servicesBusiness / Consumer services 6%6% 5%5%Cosmetics & ToiletriesCosmetics & Toiletries 6%6% 4%4%Pharmaceuticals / Health productsPharmaceuticals / Health products 4%4% 4%4%

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Leverage on rising private consumptionLeverage on rising private consumption

Strengthen leading position in nationStrengthen leading position in nation--wide outdoor marketwide outdoor market

ReRe--invest in network expansioninvest in network expansion

Increase bus shelter panel number through:Increase bus shelter panel number through:-- organic buildorganic build--outout-- mergers & acquisitionsmergers & acquisitions

2H11 Outlook

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Further optimize ASP & occupancy rateFurther optimize ASP & occupancy rate

Explore alternative advertising platforms &Explore alternative advertising platforms &emerging technology for display panel profitablyemerging technology for display panel profitably

Revenue from Shanghai post World Expo to recoverRevenue from Shanghai post World Expo to recover

2H11 Outlook (con’td)

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FINANCIAL REVIEWFor the year ended 30 June 2011

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1H11 Consolidated Income Statement

(HK$(HK$’’MM)) 1H1H1010 1H1H1111 YoYYoY %%

TurnoverTurnover 585585 691691 +18%+18%

Cost of sales, excluding amortizationCost of sales, excluding amortization (272)(272) (322)(322) +19%+19%

Operating expenditure, excluding depreciation & Operating expenditure, excluding depreciation & amortizationamortization

(97)*(97)* (126)(126) +30%*+30%*

EBITDAEBITDA 216216 243243 +12%+12%

Depreciation & amortizationDepreciation & amortization (119)(119) (133)(133) +12%+12%

EBITEBIT 9797 110110 +13%+13%

Net profit Net profit 7777 7373 --6%6%

Basic EPS (HK cents)Basic EPS (HK cents) 14.714.7 13.813.8 --6%6%

*Operating expenditure, excluding depreciation & amortization, includes the Share Option Expense Adjustment booked in 1H10

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1H11 Consolidated Income Statement, excluding the Share Option Expense Adjustment Booked in 1H10

(HK$(HK$’’MM)) 1H1H1010 1H1H1111 YoYYoY % %

TurnoverTurnover 585585 691691 +18%+18%

Cost of sales, excluding amortizationCost of sales, excluding amortization (272)(272) (322)(322) +19%+19%

Operating expenditure, excluding depreciation &Operating expenditure, excluding depreciation &amortizationamortization

(117)(117) (126)(126) +8%+8%

EBITDAEBITDA 196196 243243 +24%+24%

Depreciation & amortizationDepreciation & amortization (119)(119) (133)(133) +12%+12%

EBITEBIT 7777 110110 +42%+42%

Net profitNet profit 5757 7373 +27%+27%

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Performance by Activities

Bus Bus ShelterShelter

Shenzhen Shenzhen Bus BodyBus Body

Other Other FormatsFormats HQHQ TotalTotal

RevenueRevenue 630630 6060 11 -- 691691

EBITDAEBITDA 253253 33 -- (13)(13) 243243

EBITEBIT 120120 33 -- (13)(13) 110110

Net ProfitNet Profit/(Loss)/(Loss) 8585 22 -- (14)(14) 7373

(HK$(HK$’’MM))

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Revenue by Location

Beijing23%

Shanghai17%

Guangzhou14%

Others46%

1H101H10 1H1H1111

Beijing27%

Guangzhou16%

Shanghai13%

Others44%

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Costs & Expenses1H10*1H10* 1H111H11

RentalRental 151151 176176

MaintenanceMaintenance 4848 5959

ElectricityElectricity 2626 2929

Sales & Cultural TaxSales & Cultural Tax 4747 5858

Direct operating costsDirect operating costs 272272 322322S, G & AS, G & A & other expenses& other expenses 117117 126126Total costs & expenses, Total costs & expenses, excluding depreciation & amortizationexcluding depreciation & amortization

389389 448448

((HKHK$$’’MM)) YoYYoY

%%

+17%+17%

+22%+22%

+11%+11%

+25%+25%

+19%+19%

+8%+8%

+15%+15%

*Exclude Share Option Expense Adjustment booked in 1H10

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Trade Receivables

(HK$(HK$’’M)M) Jun 30, 2010Jun 30, 2010 Dec 31, 2010Dec 31, 2010 Jun 30, 2011Jun 30, 2011

Current Current –– 90 days90 days 215215 221221 29429491 91 –– 180 days180 days 9898 135135 132132Over 180 daysOver 180 days 151151 128128 144144

464464 484484 570570Less: provision for impairmentLess: provision for impairment (43)(43) (39)(39) (40)(40)

3rd party receivables3rd party receivables 421421 445445 530530Turnover days (time wt. avg.)Turnover days (time wt. avg.) 129 days129 days 119 days119 days 119 days119 days

Due from GWHDue from GWH 162162 142142 158158

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Increase in Cash Flows

(HK$(HK$’’M)M) 1H101H10 1H111H11Net cash flows from operating activitiesNet cash flows from operating activities 105 105 213213

Net cash flows used in investing activitiesNet cash flows used in investing activities (141) (141) (52)(52)

Net cash flows from financing activitiesNet cash flows from financing activities 57 57 2828

Net increase in cash & cash equivalentsNet increase in cash & cash equivalents 21 21 189189

Net cash & cash equivalentsNet cash & cash equivalentsat the beginning of periodat the beginning of period 420 420 672672at the end of periodat the end of period 441 441 861861

*Free cash flow is defined as EBITDA (before losses on disposal and write down of concession rights and other assets and equity-settled share option expenses) less cash outflow on capital expenditure, less income tax and net interest expense.

Free Cash Flow*Free Cash Flow* 4040 169169

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AppendixAppendix

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Power of Our Network (For six months ended 30 June 2011)

A.S.P.A.S.P. OccupancyOccupancyAvgAvg

Panel Panel  No.No.Sales Sales 

11stst

tier citiestier citiesBeijingBeijingShanghaiShanghaiGuangzhouGuangzhou

14%14%‐‐2828%%1313%%11%%

6666%%5050%%5959%%6060%%

‐‐1717%%1717%%99%%

3333%%‐‐1111%%3838%%2020%%

22nd nd tier citiestier cities 44%% 6161%% ‐‐11%% 1111%%

TOTALTOTAL 4%4% 6161%% 33%% 16%16%