Agora SA
Acquisition of Centrum Filmowe Helios S.A.
March 30, 2010

AGREEMENTCompany

Centrum Filmowe Helios S.A. (”Helios”)
 Nova Polonia Private Equity Fund, LLC (American fund) Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (Dutch fund)

Sellers

Krokus PE provides advisory services to the Sellers.

Share84%

Price

EUR 25,000,610 – 26,063,710

Signing date

March 30, 2010

(conditional agreement¹)¹ closing of the transaction after fulfillment of the conditions stated in the initial sales agreement provided they are fulfilled within 7 months from the date of signing of initial agreement

VALUE IMPLIED BY THE INITIAL SALES AGREEMENT Implied value of 100% of the equity of Helios falls within the range from EUR 29.8 to EUR 31 million, which at PLN/EUR 3.9
exchange rate falls within the range from PLN 116 million to 121 million;
 On the assumption that net debt amounts to PLN 100 million, as of the end of February 2010, the firm value of Helios amounts
to ca. PLN 221 million;
 Transaction multiples on the basis of the initial financial statements of the Helios Group for 2009²:– FV/ EBITDA– FV/ EBIT
– P/ E

6.6
11.5
11.3 – 11.7

² the consolidated financial statements of the Helios Group for 2009 have not yet been audited

Transaction fundamentals-2-

Table of content-3-

AGREEMENT
Company

Centrum Filmowe Helios S.A. (”Helios”)
 Nova Polonia Private Equity Fund, LLC (American fund) Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (Dutch fund)

Sellers

Krokus PE provides advisory services to the Sellers.

Share84%

Price

EUR 25,000,610 – 26,063,710

Signing date

March 30, 2010

(conditional agreement¹)¹ closing of the transaction after fulfillment of the conditions stated in the initial sales agreement provided they are fulfilled within 7 months from the date of signing of initial agreement

VALUE IMPLIED BY THE INITIAL SALES AGREEMENT Implied value of 100% of the equity of Helios falls within the range from EUR 29.8 to EUR 31 million, which at PLN/EUR 3.9
exchange rate falls within the range from PLN 116 million to 121 million;

 On the assumption that net debt amounts to PLN 100 million, as of the end of February 2010, the firm value of Helios amounts
to ca. PLN 221 million;
 Transaction multiples on the basis of the initial financial statements of the Helios Group for 2009²:– FV/ EBITDA– FV/ EBIT
– P/ E

6.6
11.5
11.3 – 11.7

Transaction fundamentals² the consolidated financial statements of the Helios Group for 2009 have not yet been audited-2-1993

1998

2000

2007

March 2010

• The beginning ofoperations with
two traditional
cinemas in Lodz

• New shareholder– Regionalne
Fundusze
Inwestycyjne Sp.
z o.o.

• VC/PE Funds,
Nova Polonia
and FMO,
become thecompany’s
shareholders• Acquisition of
100% stake in
Kinoplex Sp. z o.o.
operating fivemultiplexes• Initial agreement
to buy 84% of
the company’s
shares by Agora

Company milestones-5-Number of multiplexes in Helios – Kinoplex network

#city

30

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Biaáystok
Bielsko-BiaáaDąbrowa GórniczaGdaĔskGnieznoGorzów Wlkp.
Katowice
KielceKonin
Legnica
Lubin
Olsztyn
Opole
Piáa
Piotrków Trybunalski
Páock
Radom
Rzeszów
Sosnowiec
SzczecinWarszawa
Wrocáaw

211111111111111111111215
75835972558645554444162 949
1 587
836
1 754
340
1 028
2 158
1 620
588
1 086
1 123
1 897
1 245
583
1 054
1 003
1 362
1 200
1 217
1 222
574
3 565

TOTAL

24136

29 991

cinemas screensseats

MULTIPLEKSY¹2424
24

21
21
16
1618

12

7
76

2
20

TRADITIONAL CINEMAS¹2002

2005

2007

2008

2010¹

¹ as of March 2010

Network development-6-2324Kalisz
àódĨ1122400
784

TOTAL

241 184

Cinema network of Helios¹Gdańsk■1/8■ Olsztyn
1/8■ Szczecin
Piła ■

1/4

Białystok ■

1/4

2/15

■Gniezno ■Gorzów Wlkp.
1/5■■ Płock
1/2

1/4
1/4

Kalisz ■

Łódź■

1/5

1/5

1/2

■ Radom

1/2

Lubin ■
Legnica ■■ Warszawa

1/5

Konin

1/3

Piotrków T. ■1/5

Wrocław■

2/16

1/5
1/6

1/4

■Sosnowiec

Opole■■ Kielce■ Dąbrowa G.

1/7

Katowice■

1/5

1/9
Bielsko-Biała■■ Rzeszów
1/4

■city

x/x

no. of cinemas / no. of screens

1/7Locations-7-¹ as of March 2010

Locations, cont.
-8-

Locations, cont.
-9- Modern audio – video systems;
 20 digital projectors with thepossibility of screening 3D films;
 3D technology Triple Flash in Dolby
3D Digital system.

Digital projector in the cinema operated by Helios in Katowice(in the background traditional projector)

Technology-10-The number of cinema tickets sold in Poland
2006 – 2009

33

34

547

10%

PLN million

461

2030%

25%

16%

yoy % change

tickets sold [in million]

32

681

700

20%

482

350

15%

14%
4%
2%

5%
00%

20062007

Number of tickets sold

2008

2009
yoy % change

Source: Helios on the basis of Boxoffice.pl data

Ticket sales-12-00%

2006

2007

2008

Revenues from tickets sold
Source: Helios on the basis of Boxoffice.pl data2009
yoy % change

yoy % change

3940

Revenues from ticket sales in Poland
2006 – 2009

Structure of ticket sales in Polish multiplexes in 2009
% shareHelios
7.7 million
24%

Multikino
9.6 million
30%

2009
32 million tickets

Cinema City
14.7 million
46%
Source: Helios on the basis of Boxoffice.pl data

Ticket sales, cont.
-13-

Comparison of cinema infrastructure (multiplexes) in Poland
Number of multiplexes

Number of screens

Number of seats

Cinema City

28311

64 397

Multikino

22196

43 78424 + 2 traditional

136 + 4 traditional

29 991 + 1 184 traditional

HeliosShare in the number of multiplexes
Helios32%

Multikino
30%

Share in the number of screens in multiplexes
Multikino
30.5%

Helios21%74643

multiplexes

screens

Cinema City
38%
Source: Helios on the basis of Boxoffice.pl data; as of December 31, 2009

Cinema City
48.5%
Source: Helios on the basis of Boxoffice.pl data; as of December 31, 2009

Cinema infrastructure in Poland-14-Cinema occupancy rates for main competitors in Poland in 2009
Number of viewers
per seat

Number of viewers
per screen(average per month)(average per month)

Cinemaoccupancy rate¹

Cinema City

204 182

13.5%

Multikino

194 185

12.5%

Helios235 017

15.1%

#1

#1

#1

Position of Helios¹ = number of tickets sold / (number of seats * average number of days (in a month) [assumption - 30 days] * maximum number of screenings in one room
[assumption – 5 screenings per room])
Source: Helios on the basis of Boxoffice.pl data, 2009

Efficiency-15-

Affluence
growthAffluence growth encourages consumers to spend moremoney on entertainment

Modernlifestyle

Cinema is not merelly a place to watch new film premiers,
but also a place to socialize and network

Popular Polishfilm productions

Growing number of popular Polish productions contributes
to the revenues growth of the cinema industry

Digitaltechnology

3D digital revolution attracts additional audience tocinemas and contributes to the growth of an average ticket
price

Trends and perspectives-16-

Sales revenues 2005-2009

Structure of revenues in 2009

200150186yoy % change

136

y43%

Other
5%

y32%
y62%

Food &beverages
21%465002005

2006

2007

2008

2009¹

Source: Helios, consolidated financial results according to IFRS
¹ the consolidated financial statements of the Helios Group for 2009 have not yet been audited

Revenues-18-

2009
PLN 186 million

y37%

95

100

72

PLN million% share, yoy % change

y37%

Tickets
74%

The number of cinema tickets sold by the Helios Groupthou. tickets sold

3000

2009
2008

1500

2007

0

1Q
Source: Helios on the basis of Boxoffice.pl data

Ticket sales
-19-

2Q

3Q

4Q

Revenues of the Helios Group from sales of food & beverages
12

PLN million

2009¹82008
2007

401Q

2Q

3Q

Source: Helios, consolidated results according to IFRS
¹ the consolidated financial statements of the Helios Group for 2009 have not yet been audited

Sales of food & beverages
-20-

4Q

Structure of operating costs in 2009
% share

D&A
9%

2009
PLN 167 million

Raw materials, energy
and consumables
51%

Other
27%

Staff costs
13%
Source Helios, consolidated financial results according to IFRS; the consolidated financial statements of the Helios
Group for 2009 have not yet been audited

Operating costs-21-

The financial results of the Helios Group 2007-2009

PLN million

20072008% change
2008 vs 2007

2009¹% change
2009 vs 2008

Revenues

94.7

135.8

43.4%

185.7

36.7%

EBIT

12.9

16.3

26.4%

19.2

17.8%

EBITDA

20.0

27.7

38.5%

33.6

21.3%

Net profit

7.0

7.3

4.3%

10.3

41.1%

Source: Helios, consolidated results according to IFRS
¹ the consolidated financial statements of the Helios Group for 2009 have not yet been audited

Financial results-22-Transaction objectives

• Press• Internet• Outdoor• RadioeMetro.pl

Wyborcza.pl

TOKfm.pl• Press• Radio• Internet(serwisy lokalne)

CONTENT

ADVERTISING

AdvertisingEntertainment• Dailies• Vortals

Enriching media portfolio-25-• Radio• Internet• SpecialProjets

Leveraging Agora’s media power-26-

Structure of clients of Agora Group and Helios Group in 2009100%

Individuals% shareCorporate clients0%

The structure of sum of revenues
Revenues structure of Agoraof the Agora and Helios Groups in 2009
Group in 2009source: Agora’s estimations presented purely for presentation of structural changes

Structure of clients-27-Revenues structure of Agora Group and Helios Group in 2009
100%

Entertainment% share

Information/Advice/Services

0%

The structure of sum of revenues
Revenues structure of Agoraof the Agora and Helios Groups in 2009
Group in 2009source: Agora’s estimations presented purely for presentation of structural changes

Revenues structure-28-

Appendix-29-

Capital Group-30-

Shareholding structure before Closing of thetransaction

Shareholding structure after Closing of thetransaction (if it occurs)

Nova Polonia Private
Equity Fund, LLC
66%

Agora¹
84%

Beforetransaction
closing
Individuals
16%

After Closing(if it occurs)
Individuals16%

Nederlandse FinancieringsMaatschappij voor
Ontwikkelingslanden N.V.
18%
¹ if no individual uses her/his pre-emptive right of purchase or tag-along right

Shareholding structure-31-This presentation has been prepared by Agora SA (the "Company"). The data and information
contained on the individual slides do not show a complete or coherent financial analysis, norpresent the commercial offer of the Company and serve for information purposes only. A
detailed description of the business and financial affairs of Agora SA is presented on
www.agora.pl website. All data therein are based on sources which the Company regards ascredible. The Company reserves the right to amend data and information at any time, without
prior notice. This presentation was not verified by an independent auditor. This presentation
may contain slides containing statements related to the future. Such statements cannot beinterpreted as forecasts or other assurances in respect of future Company's financial results.
The expectations of the Company's management are based on their knowledge, experienceand individual views and are dependent on many factors which may cause that the actual
results may differ from statements contained in this document. The Company recommends
that professional investment advice is sought in case any investment in the Company's
securities is considered.

-32-