Reading International Inc · NASDAQ:RDI

Reading International — Shareholder Meeting (May 2013)

79 slides from Reading International's shareholder meeting presentation, May 17, 2013

  1. Slide 1: Annual Shareholders Meeting

    Annual Shareholders Meeting Presented on May 16, 2013

  2. Slide 2: Slide 2

  3. Slide 3: US Cinemas Non Financial Statistics Summary

    US Cinemas Non Financial Statistics Summary READING TERNATIONAL BFO-Dals ‘AFC - Mosaic AFC Besloman Cal Oaks (Carmel Movatain xis Cemae Garlamp Grossmont 86h Strat East [Total US Owned & Managed Cinemas

  4. Slide 4: US Arts Circuit vs. First Run Split

    READING US Arts Circuit vs. First Run Split nuarionat

  5. Slide 5: AFC Dallas

    AFC Dallas Ja"

  6. Slide 6: Slide 6

  7. Slide 7: AFC New York

    AFC New York

  8. Slide 8: AFC Plano

    AFC Plano TQ se

  9. Slide 9: Slide 9

  10. Slide 10: Slide 10

  11. Slide 11: Manville

    Manville TQ

  12. Slide 12: Mililani

    Mililani

  13. Slide 13: Rohnert Park

    Rohnert Park | a th | ik

  14. Slide 14: Tower

    Tower

  15. Slide 15: Slide 15

  16. Slide 16: Reading International

    INTERNATIONAL

  17. Slide 17: 2012 Financial Results

    2012 Financial Results

  18. Slide 18: Twelve Month 2012 Highlights

    READING Twelve Month 2012 Highlights rarenmarronns * ourrevenue for the 2012 Twelve Months was $254.4 million compared to $245.0 million in the 2011 Twelve Months, an increase of $9.5 million or 3.9%, driven primarily by a $9.5 million increase in the U.S.; * our EBITDA for the 2012 Twelve Months wa

  19. Slide 19: Twelve Month 2012 Highlights

    READING Twelve Month 2012 Highlights Perenmarionas * on January 10,2012, Shadow View Land and Farming, LLC, a limited liability company managed by our Company and owned on a 50/50 basis with Mr. James J. Cotter, acquired for $5.5 million a 202-acre property, zoned for the development of up to 843 si

  20. Slide 20: Twelve Month 2012 Highlights

    READING Twelve Month 2012 Highlights Perenmarionas * on September 30, 2012, we entered into an agreement with an affiliate of Cinedigm Digital Cinema Corp with respect to our conversion of substantially all of our U.S. cinemas which are not already equipped with digital projection to digital project

  21. Slide 21: Summary Financial Data

    READING INTERNATIONAL Summary Financial Data Revenues $ 254,430 $ 244,979 Operating expenses 235,303 226,801 Operatingincome 19,127 18,178 Net income (loss) from continuing operations 2,282 (1,770) Net income (loss) applicable to common shareholders (914) 9,956 Earnings (loss) Per Share from continu

  22. Slide 22: Reconciliation of EBITDA to Net Income

    Reconciliation of EBITDA READING to Net Income Twelve Months Ended December 31, ($ in thousands) 2012 2011 EBITDA $ 36,800 $ 35,624 Interest expense, net (16,426) (21,038) Income tax benefit (expense) (4,904) 12,330 Depreciation & amortization (16,049) (16,595) Adjustment for discontinued operations

  23. Slide 23: Summary Balance Sheet

    | READING Summary Balance Sheet srenesine Cash and Cash Equivalents and Time Deposits $ 46,531 $ 31,597 Receivables 8,514 6,973 Other Current Assets 10,673 26,549 Total Current Assets 65,718 65,119 Operating property, net 202,778 203,780 Investment and Development Property, net 94,922 90,699 Investm

  24. Slide 24: First Quarter 2013 Financial Results

    First Quarter 2013 Financial Results

  25. Slide 25: First Quarter 2013 Highlights

    READING First Quarter 2013 Highlights neaeine On March 20, 2013, pursuant to the loan agreement, we extended the term of our US Cinema 1, 2, 3 Term Loan by one year to June 28, 2014 for a renewal fee of $150,000. As our Liberty Theater Term Loan was due to mature on April 1, 2013, the March 31, 2013

  26. Slide 26: Summary Financial Data

    READING INTERNATIONAL Summary Financial Data ‘ Income Statement Three Months Ended Mar 31 ($ in thousands) 2013 2012 Revenues $ 59,567 $ 62,431 Operating expenses 57,033 57,601 Operating income 2,534 4,830 Net loss applicableto common shareholders (668) (239) Loss Per Share from continuing ops — Bas

  27. Slide 27: Reconciliation of EBITDA to Net Income

    Reconciliation of EBITDA READING to Net Income . Three Months Ended Mar 31, ($ in thousands) 2013 2012 EBITDA $ 6,884 $ 9,342 Interest expense, net (2,673) (3,759) Income tax provision (889) (1,625) Depreciation & amortization (3,990) (4,104) Net loss $ (668) $ (239)

  28. Slide 28: Summary Balance Sheet

    Summary Balance Sheet READING INTERNATIONAL ($ in thousands) 03/31/2013 12/31/2012 Cash and Cash Equivalents and Time Deposits $ 50,778 $ 46,531 Receivables 8,279 8,514 Other Current Assets. 9,474 10,673 Total Current Assets 68,531 65,718 Operating Property, net 201,151 202,778 Investment and Develo

  29. Slide 29: Performance Trends

    Performance Trends

  30. Slide 30: 2013 Q1 vs. 2012 Q1

    READING TERNATIONAL 2013 QI vs. 2012 Q1 nue and Adj ‘$70,000 (000's) “Adj EBITDA [Mas 2012 (01.2013, ua 2012, wai 2013,

  31. Slide 31: Selected Financial Data

    READING NTERNATIONAL 5 Year Selected Financial Data As of or for the Year Ended December 31, 2012 2014 2010 2009 2008 Revenue $ 254430 $ 244979 $ 229322 $ 246,740 $197,055 Operating income (loss) $ 19127 $ 18,178 $ 13,069 $ 13,910 $ (2,134) Income (loss) from discontinued operations $ (405) $$ 1888

  32. Slide 32: 2001 to 2012 Yearly Financial Trend

    ADING | 2001 to 2012 Yearly Financial Trend . In US$ sm0m00 ‘90000 250000 00000 200000 A smo é é a oe Se SR stom Se < 3 fo aS sma |B $ £ 5 109.000 3 é 109900 50000 s & sto) | sio9.000) pet] me | me | mm | wom | moe | xr | me | me | wo | on | wn mses | mses | Simyn | amas | aeae | Seow | ew | Seon |

  33. Slide 33: Thank You

    Thank You

  34. Slide 34: Real Estate Valuation

    Real Estate Valuation READING TERNA NaL (as of 05/14/2013) Ticker Name Senne ee EViRev (ttm) aaa EBITDA (ttm) RDI Reading International $141 14 15 102 $ 368 AKR Acadia Realty Trust $ 1,570 24 14.7 23.0 $ 78.8 AHD Amalgamated Holdings Limited $ 1,360 1.6 17 137° $ 99.4 AEC Associated Estates Realty $

  35. Slide 35: Cinema Exhibition Valuation

    pee ie ‘ Cinema Exhibition Valuation iineansrtenst (05/14/2013) MarketCap Price/Book EV/Rev EV/EBITDA EBITDA Ticker Name # of Screen (mil) (mrq) (ttm) (ttm) (ttm) RGC Regal Entertainment 7,358 $ 2,910 NIA 17 95 $ 497.6 Mcs Marcus Corporation 694 $ 375 12 15 83 $ 78.4 CKEC Carmike Cinemas 2,502 $ 298

  36. Slide 36: Cinema Exhibition Business

    READING INTERNATIONAL Cinema Exhibition Business | /* Wholly Country Con Un Man Total Owned Australia - Cinemas 18 2 sl te) 21 Screens 138 a1 16 0 165 New Zealand - Cinemas 7 fe) 2 (o) 9 Screens 40 ie) 13 0 53 United States - Cinemas 23 1 0 2 26 Screens 238 6 0 ) 253 Total - Cinemas 48 3 3 2 56 RIAL

  37. Slide 37: Digital Integration Universe

    READING Digital Integration Universe rerennarionas * Integrators consist of in IB A IBARGO| ¢ US - Cinedigm, Christie, Sony and GDC « AU & NZ- Cinedigm, Christie and Edge Sse ¢ Equipment Suppliers in | TECHNOLOGY | ¢ US - Barco, NEC, Christie and Sony « AU & NZ - Barco, NEC, Christie and Sony Digita

  38. Slide 38: Digital Integration

    READING Digital Integration RDI World TQ" ADING * Integrators consist of in l ==", v US - Cinedigm loeSen! S| BARCO | v¥ AU & NZ- Christie ¢ Equipment Suppliers in Y US - Barco CHAISTIE v AU & NZ - Christie Carrot Digitalized over Digitalized the Next 12 Total si months — New Zealand Australia Unite

  39. Slide 39: Australia and New Zealand Digital Conversion Schedule

    Australia and New Zealand 1 READING Digital Conversion Schedule Digtal Conversion Program - As at 165.13 Ti cartowsci0 z--- oy ten 5 5 ows. 5 swe se : 2 1 ayo “case tea fuera > 1 aoa oR | we aise eres . 1 7 39/8308 10 ‘a co fo.sso 5 1 ee aes fotane ‘ 1 3 owes lowienown so & 98.378 0 lac ecm ® 1 > wa

  40. Slide 40: New Zealand

    New Zealand PA United States

  41. Slide 41: New Zealand Asset Base

    New Zealand Asset Base Tartan atisua New Zend Freehold New Zealand Leasehold ¥ Courtenay Central ETRC ¥ Palms (Christchurch) v Invercargill v Porirua Y¥ Manukau Y¥ Napier Y Rotorua v Lake Taupo

  42. Slide 42: New Zealand Freehold

    New Zealand Freehold aeaeine US $ values @ 12/31/2012 Real Estate Development Properties Property Square Footage/ Acreage ana Courtenay Central, Welington, New Zealand 1 sore s 6.831,000 2 64.0 acres zoned agricultural ‘Manukau, Auckland, New Zealand 14,021,000 64 actes zoned light industrial Lake T

  43. Slide 43: Courtenay Central ETRC

    Courtenay Central ETRC

  44. Slide 44: Courtenay Central ETRC

    Courtenay Central ETRC Jae

  45. Slide 45: Courtenay Central

    Courtenay Central TQ se Progressive “Countdown”

  46. Slide 46: Slide 46

  47. Slide 47: NZ Cinemas Non Financial Statistics Summary

    NZ Cinemas peta bebe Non Financial Statistics Summary NZ Cinemas - Non Financial Statistics Summary igitalization Theater Name #of Auditorium — Stdium Titanxc | Digital 3D ae the Next Auditorium 12Mth Courtenay 10 10 1 4 6 Invercargill e 1 4 Napier 4 1 3 Palms 8 8 2 6 Porirua 5 5 1 4 Rotorua 5 1 4 Q

  48. Slide 48: Palms (Christchurch)

    Palms (Christchurch) © (ae

  49. Slide 49: Queenstown

    Queenstown

  50. Slide 50: Australia Asset Base

    READING TERNATIONAL Australia Asset Base Australia Freehold Australia Leasehold ¥ Auburn ETRC ¥ — Charlestown ¥ Belmont ETR( ¥ — Chimside Park ¥ Bundaberg ¥ Dandenong ¥ Burwood ¥ Dubbo ¥ Maitland ¥ — Blizabeth ¥ Melbourne Office ¥ — Epping ¥ — Moonee Ponds Y — Harbourtown v Newmarket 4 a ¥ Mandurah

  51. Slide 51: Australia Freehold

    Australia Freehold US $ values @ 12/31/2012 READING RNATIONAL Real Estate Development Properties ‘Square Footage! Acreage Property Ga US. Dollars) Aubum, Sydney, Australia 26 acres 2,107,000 Burwood, Victoria, Australia 50.6 acres 54,156,000 Moonee Ponds. Victoria. Australia 33 acres 12,728,000 Inco

  52. Slide 52: Slide 52

  53. Slide 53: Auburn Potential Development

    READING Auburn Potential Development T& rnrennarionas mt gk |Z

  54. Slide 54: Belmont

    Belmont

  55. Slide 55: Reading International

    READING INTERNATIONAL

  56. Slide 56: Moonee Ponds

    READING Moonee Ponds nennntenss Marketing Brochure Potential development

  57. Slide 57: Newmarket

    Newmarket TQ

  58. Slide 58: Waurn Ponds

    Waurn Ponds

  59. Slide 59: AU Cinemas Non Financial Statistics Summary

    AU Cinemas Non Financial Statistics Summary READING TERNA AU Cinemas - Non Financial Statistics Summary Digitalization Theater Name GOL Sen Titan XC | Digital 3D | overthe Next Auditorium Auditorium 12Mth Auburn 10 10 - 1 8 Belmont 10 10 3 Zi Bundaberg 4 4 - e i Charlestown 8 8 4 4 Chirnside Park 8

  60. Slide 60: Chirnside Park

    Chirnside Sa INC :

  61. Slide 61: Slide 61

  62. Slide 62: Harbourtown

    Harbourtown

  63. Slide 63: Westlakes

    Westlakes Ja

  64. Slide 64: United States Asset Base

    United States Asset Base rreenavenns USA Leashold Mainland USA Freehold w Cinema 123 oA AFC Dallas Y Coachella ¥ AFC Mosaic ¥ — Doheney Condo ” fone v Minetta Lane v aioe ¥ Orpheum v Y — Old Rairoad Properties ie v wv Royal George Theatre v Manville Y — Union Square Y Paris v Rohnert Park ¥ ‘Tower ¥

  65. Slide 65: United States Freehold

    READING RNATIONAL United States Freehold US $ values @ 12/31/2012 Real Estate Development Properties Property Coachella, CA, USA ‘Square Footage/ Acreage 200 acres Income Producing Real Estate Holdings ‘Square FeetofImprovements Gross Book Value Percentage (rentaV/entertainment) Ga US. Dollars) Leas

  66. Slide 66: Coachella

    READING Coachella Erneinn Looting Soumwest iowara Parcel 17 Route 85-5 Westerly Bocce

  67. Slide 67: Cinemas

    READING INTERNATIONAL Cinemas 133

  68. Slide 68: Cinemas Development Example

    ‘Cinemas 123 Development Example

  69. Slide 69: Union Square

    ADING ERNATIONAL Union Square

  70. Slide 70: Union Square Development Example

    Union Square Development Example a oo

  71. Slide 71: Safe Harbor Statement

    Safe Harbor Statement TQ Our comments today may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform

  72. Slide 72: Financial Reconciliations

    READIN Financial Reconciliations Ja" Use of EBITDA; Weuse EBITDA in our evaluation of our performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons: We believe that EBITDA is an industry comparative me

  73. Slide 73: Our Business

    READING Our Business READING We are an intemationally diversified company principally focused on the development, ownership, and operation of entertainment and real property assets in the United States, Australia, and New Zealand. Currently, we operate in two business segments: e Cinema Exhibition,

  74. Slide 74: Cinema Operations

    EADING ERNATIONAL Cinema Operations e first, notwithstanding the enormous advances that have been made in home entertainment technology, humans are essentially social beings, and will continue to want to go beyond the home for their entertainment, provided that they are offered clean, comfortable an

  75. Slide 75: Cinema brands worldwide

    We manage our worldwide cinema exhibition businesses under various different brands: ¢ inthe US, under the Reading, Angelika Film Center, Consolidated Amusements, and City Cinemas brands; ¢ in Australia, under the Reading brand; and * in New Zealand, under the Reading and Rialto brands. 7 g READING

  76. Slide 76: Real Estate Operation

    | : READING Real Estate Operation inrenmarionat e the ownership of fee or long-term leasehold interests in properties used in our cinema exhibition activities or which were acquired for the development of cinemas or cinema based real estate development projects; e the acquisition of fee interests in

  77. Slide 77: Equity Snapshot

    READING Equity Snapshot rmrennarionas * 21.8 mil shares Class A Nonvoting Common, ¢ 1.5 mil shares Class B Voting Common Price (Class A and B) (05/14/2013) vs (08/16/2012): $6.03 $6.50 $5.55 $561 Market Cap (Class A and B) (05/14/2013) vs (08/16/2012): $140.5 mil $127.7 mil Shares Outstanding (03/31

  78. Slide 78: Business and Geographic Mix

    Business and Geographic Mix T& rerenmarionas Revenue by Business Revenue by Region Real Estat 8% [8 ote 2258. Million Total: $254.4 Million

  79. Slide 79: Business and Geographic Mix

    Business and Geographic Mix TQ Assets by Business Assets by Region Real Estate 38% [40%] Total: $428.6 Million Total: $428.6 Million

Reading International — Shareholder Meeting (May 2013) on 6ix