1. Clear Media Limited Annual Results 2001 Annual Results 2001

2. Agenda Highlights Review of Financials Year 2002 Action Plan

3. Delivering Our Commitments Revenue +37% EBITDA+39% Net Profit+41% EPS+41% Reduced Accounts Receivable Days Sustained High EBITDA & Net Profit Margin YOY2001 Strong Performance

4. Key Accomplishments - Bus Shelters Built 2,240 panels… Acquired 1,262 panels Expanded to 29-city network Drive our leadership … Focus on package sales

5. Key Growth Drivers - Bus Shelters 2001 # of 12-sheet equivalent panels: 11,698+43% Average monthly occupancy rate72%

6. 2001 Key Developments - Point-of-Sale Signed Shanghai’s largest supermarket chain – Luen Hua 聯華 Signed 21 shopping malls in Beijing, Shanghai, Guangzhou & Shenzhen

7. Dynamic Market Forces China’s advertising industry out-performs global market…grew faster than GDP New Target Industries: Entertainment, Leisure, Finance… Clear Media “pro-active” growth initiatives

8. Review of Financials

9. Income Statement Highlights 2001 HK$’000 2000 HK$’000 % Change Revenues355,004260,038+37% EBITDA153,556110,636+39% Operating Profit95,93170,029+37% Net Profit58,90641,690+41% EPS(HKcents) 1 11.788.34+41% 1 EPS is calculated based on the assumption that 500,000,500 shares were deemed to have been in issue and issuable during the year ended 2001 and 2000

10. Revenue By Product and By Location 2001 By ProductBy Location Bus Shelters- 96% Point-of-Sale 1% Billboards 3% Beijing 21% Shenzhen 6% Shanghai 19% Guangzhou 13% Others 41%

11. Revenue By Industry Sector 20012000 Telecom20.015.8 Consumer Products16.021.0 Tobacco12.67.2 Beverages10.13.6 OTC Pharmaceutical9.7- Home Appliances7.38.6 IT5.726.4 Finance4.02.4 Leisure3.11.3 Food3.15.3

12. Consistent Strong Margins 20012000 EBITDA Margin43% Operating Profit Margin27% Net Profit Margin17%16%

13. Cost Breakdown Percentage of Turnover 20012000 Direct operating costs - Rent - Maintenance - Electricity - Sales and culture taxes Total 17 8 5 8 38 17 8 5 8 38 Amortization of concession rights and point-of-sale 18 Selling, general and administrative expenses Depreciation of fixed assets 19 1 20 1 Total Expenses7677

14. Balance Sheet Highlights 2001 HK$’000 2000 HK$’000 Cash and cash equivalents809,41167,402 Total assets1,846,593881,681 Total debt 1 255,947248,963 Total shareholders’ equity1,129,798354,978 1 Net of pledged time deposits

15. Cash Flow Data 2001 HK$’000 2000 HK$’000 Cash from Operating Activities247,894122,274 Cash from Investing Activities(246,095)(117,511) Cash from Financing Activities781,03364,438 Cash from Returns on Investments and Servicing of Finance Tax Paid (39,192) (1,631) (14,834) - Net Cash and Cash Equivalents at Beginning of Year 67,40213,035 Net Cash and Cash Equivalents at Year End 809,41167,402

16. Accounts Receivable Analysis As at December 2001 As at October 2001 As at December 2000 Accounts Receivable from Third Party Customers 147 days177 days140 days Amount due from WHA 138 days170 days270 days

17. Year 2002 Action Plan And Progress

18. Development and Action Plan Conducted detailed survey on media resources available in the country Pave the way for our future build and acquisition plan

19. Development and Action Plan - Bus Shelter Plan to build 2,000 12-sheet equivalent panels in around 20 cities in 2002 Enhance our market share and improve our nation- wide network’s competitive power Already built around 1,000 12-sheet equivalent panels in Q1 2002 Build Plan:

20. Development and Action Plan - Bus Shelter Acquisition: Plan to acquire around 2,000 12 sheet equivalent panels in 2002 Initiate acquisitions in 3 key cities and other locations Strengthen our sales force to better service our clients Acquisitions at 3 – 5 times EBITDA

21. Development and Action Plan - Point-of-Sale Signed contract with about 200 supermarkets in Shanghai and installed 400 lightboxes Plan to expand the number of supermarkets to around 400 to 600 stores in 2002

22. Clear Media Limited Annual Results 2001 Annual Results 2001