Reading International Inc · NASDAQ:RDI
Reading International — California Dreamin' Management Access Conference 2013
47 slides from Reading International's conference presentation, Dec 10, 2013
Slide 1: Management Access Conference
h Securities California Dreamin’ Con Management Access Conference Dec 10 2013 Wedbus sumer INTERNATIONAL
Slide 2: Safe Harbor Statement
READING Safe Harbor Statement eee 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 Litigati
Slide 3: Financial Reconciliations
READING Financial Reconciliations ees Use of EBITDA; ‘We use 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 comparativ
Slide 4: Internationally Diversified Company
Internationally Diversified Company Mremetenst New Zealand
Slide 5: Our Business
Our Business nants Develop, own, and operate internationally diversified entertainment and real property assets Q = Cinema Exhibition Q Real Estate > Real estate development
Slide 6: Our Business
READING Our Business nage Cinema Exhibition: >» 56 Cinemas, 467 of screens > 12" largest by market share in U.S., 26 Cinemas / 249 screens > 4" largest by market share in Australia, 21 Cinemas / 165 screens > 3" largest by market share in New Zealand, 9 Cinemas / 53 screens Real Estate: > Undevelope
Slide 7: Business Synergies
READING Business Synergies means Our two business segments complement one another : Q Comparatively consistent Cinema cash flows allow opportumstic acquisition and holding of real estate assets. Comparatively consistent Cinema cash flows help fund front-end real estate development cash demands. Q >
Slide 8: Assets and Revenue by Business
ness Mi oc Assets by Business nue by Business Total: $428.6 Million Total: $254.4 Million
Slide 9: Cinema exhibition brands
We manage our worldwide cinema exhibition businesses under various different brands: Cc ngelika Film Center USA 8) ance {MG CENTER Rialto Cinemas NZ RIALTO CINEMAS
Slide 10: Cinema Exhibition Segment
Cinema Exhibition Segment Wholly Country Con Un Man Total Owned Australia - Cinemas 18 2 Al (0) 21 Screens 138 11 16 0 165 NewZealand - Cinemas 7 0 2; (0) 9 Screens 40 0 13 0 53 United States - Cinemas 23 1 (0) 2 26 Screens 237 3 0 9 249 Total - Cinemas 48 3 3 Z 56 Screens 415 14 29 9 467 READING IN
Slide 11: RDI Digital Integration
READIN RDI Digital Integration meee * US digitalized 25 out of 26 cinemas 9 + Final cinema to be potentially digitalized by the end of 2013 BAR ¢ 50; * AU & NZ fully digitalized CHAISTIE ; . ' Digitalization [neater Name eect Titan XC es a Sei sya ee notte Mths United States 177 1 83 237 12 249 New
Slide 12: Box Office Revenue
Box Office Revenue 12.0 + 10.0 8.0 + US,AU, & NZ Box Office (US $B) 2.0 United States Australia and New Zealand ill Industry - CAGR 3.58% Reading - CAGR 12.13% yo xog aujpeoy z READING INTERNATIONAL
Slide 13: US Cinemas
26 Cinemas EADING S C n m > 1 Frechold Cinemas INTERWATIONAL U Inemas > 25 Leasehold Gnanas United States Box Office Revenue Het ‘gone (S24 Industry - CAGR 3.10% Reading - CAGR 13.54% es yf sR ast 86th Street + Kahala F tats fe Kran 10.0 100.0 + Kapoet Cine 1 + Koko Marina + Kereta 9.0 90.0 Been Kea
Slide 14: Australia Cinemas
20 Cinem: " 3 EADING AU Cinemas > aMreil dee READING > 15 Leasehold Cinemas Australia Box Office Revenue (Gl Industry - CAGR 8.41% Reading - CAGR 9.90% 14 80.0 aa | 70.0 ol oynsville Bl coo Bundaberg 2 ij i | Hi Queensland 2) Western soo & f Redbank 2 Qetale South Harbourtown Australia #2. 10.0 40.0
Slide 15: New Zealand Cinemas
7 Cinemas e EADING NZ Cinemas ke hee wanna > 3 Leasehold Cinemas New Zealand Box Office Revenue (ml Industry - CAGR 8.97% Reading - CAGR 15.40% 0.2 7 18.0 we aT 150 cl 4 ij I L 1a.0 oa | f/—* g. no § 4 Boa + a a .= | 3 2 | too § goa + a a! ul 4 1 Q A ro . 3 pate Soa -F HH... 2 CHRISTCHURCH oo 40 Pal
Slide 16: Cinema Growth Strategy
EADING Cinema Growth Strategy teranarenss Large Circuit Acquisition Largest Grossing Box Office in Hawaii 16 Screens - 100% digitalized ¥ — 7Dolby Digital 3D ¥ TITAN XC Seren ¥ DOLBY ATMOS ¥ Reserved seating Cal Oaks O Single Cinema Acquisition QQ Acquired end of July 2011 Q $4.2 O17 Screens - 100%
Slide 17: Cinema Exhibition Valuation
Cinema Exhibition Valuation READING (as of 11/22/2013) . Cinema Cinema CinemaEBITDA Ticker Name #of Screen Revenue EBITDA est. Screen (ttm) (mil) (ttm) (mil) (ttm) RDI Reading International 438 $ 240.7 $33.4 $ 76,339 Market Pricel EV EBITDA Ticker Name #ofScreen Cap Book EWRev epirpa «EBITDA “Screen
Slide 18: Real Estate Segment
REA Real Estate Segment mae O theownershipoffecar , interestein: ibiti es or Which were dreal estate development projects theleasing to shows of our live theate1 the acquisition offee intere: development; theredevelopment of our 3 to theirhigh Wee Vs 7
Slide 19: Real Estate Opportunities
READING Real Estate Opportunities anapine Potential Opportunities % USA Q Cinema 123 Redevelopment Q_ Union Square Redevelopment % Australia OQ MooneePonds (Melbourme) Sold Q Burwood Square (Melbourne) QO Aubum Red Yard ETRC (Sy dney) Phase II O Newmarket ETRC Brisbane) Phase II % New Zealand QO Cou
Slide 20: Cinemas Currently
READING Cinemas 123 Currently (<a Bought the property in 2005 3 screens, two of which are 3D Q Currently zoned for Restricted Central Commercial and General Residents 21,000 sq. ft.; Book Value $23.6Mil sox fepi st annem DECORATION & PARK LIBRARY TOES9) ew 731 LEXINGTON ey ARCH &/DESRS BLOG Ere 1506
Slide 21: Development Example
Cinemas 123 Development Example
Slide 22: Union Square
Union Square READING Bought the property in 2001 Live theatre with 499 seat, and varies retail tenants 21,000 sq. ft. rental; 17,000 sq. ft. of entertainment; Book Value $8.9Mil ae TISFIFTH wr ewer Gel : a i = = : < wits fon
Slide 23: Union Square Development Example
Union Square READING Development Example Heart of the Union Square neighborhood, with unobstructed view of the Union Square Park. Landmarked on October 29, 2013 are currently study: ity edeveloping our Union square property within the cor
Slide 24: Moonee Ponds
Moonee Ponds price able in full on Apr 3 acre development site 4Mil Book Value
Slide 25: Burwood Square property
QO Boughtthe property in 1996 former quarry and brick manufacturing plant Located within a Maj ivity Centre and identified by Whiteh
Slide 26: Burwood Square
Burwood Square Zones SSetme Q Well regarded eastern suburbs location imately 66% of the Burwood East workforce is identified as being employed in a white collar on whereas Melbourne Metro area has 49.9% employ ed in white collar industries. Q Dueto the location and specifically noting the property's
Slide 27: Auburn ETRC
Auburn ETRC ought the property in 1998 Opened 2000 Book Value $2.1Mil lucing Real Estate Holdings rental and 57,000 entertainment ‘alue $35.9Mil Gold Lounge, Dolby Digital 3D are Fully leased 27
Slide 28: Auburn Potential Development
Auburn READING Potential Development Q New rezoning will allow for big box retail development Q Located within an established residential area which is expected to benefit from future population growth over the short to medium term.
Slide 29: Courtenay Central ETRC
Courtenay Central ETRC anne High Quality Entertainment and Retail Centre Bought the property in 1 Opened 2)
Slide 30: Courtenay Central Car Parks
Courtenay Central Car Parks READING Multi Story/Surface Parking Q Existing car park produces strong cash flow, integration into development Q Planned supermarket would fill current under utilized ground surface parking lot Q Following the recent earthquake in Wellington, New Zealand which resulted i
Slide 31: Courtenay Central Countdown
Courtenay Central READING Progressive - “Countdown” Project will open in June 2015 42,000 sq, ft. Countdown Supermarket Q The countdown brand is operated by Progressive Enterprises, who are owned by Woolworths, one of the largest and most solid companies in Australia. OQ Reconfigures about 10,000 sq
Slide 32: Real Estate Valuation
Real Estate Valuation READING (as of 11/22/2013) Property Property Ticker Name Revenue EBITDAest. (ttm) (ttm) RDI Reading International $ 19.1 $ 44 Ticker Name Market Cap PricelBook EViRev EVIEBITDA EBITDA il) (mr) tm) ttm) ttm) AHD Amalgamated Holdings Limited $ 1,300 14 16 113 $ 1108 AEC Associate
Slide 33: Assets and Revenue by Region
Assets Assets by Region _| Region Revenue Region Australia 42% 9 Australia 145%] 53% [57%] Total: $428.6 Million Total: $254.4 Million
Slide 34: United States Asset Base
United States Asset Base mainte Sse > 26 Cinemas /249 screens Real Estate: > Undeveloped Real Estate Properties > Acreage 202 > Gross Book Value $4.1Mil > DevelopedReal EstateProperties > Rental 58,000 square footage > Entertainment 75,000 square footage > Parking Structure Space 55 > Gross Book Val
Slide 35: Australia Asset Base
EADING Australia Asset Base mets Cinema Assets > 21 Cinemas /16. > Acreage 56.5 > Gross Book Value $69.0Mil > DevelopedReal Estate Properties > Rental 168,000 square footage > Entertainment 131,000 square footage > Parking Structure Space 1,307 > Gross Book Value $100.0Mil > Long-Term Leasehold Real
Slide 36: New Zealand Asset Base
New Zealand Asset Base stares Cinema Asse > 9 Cinemas / 53 screens Real Estat > Undeveloped Real Estate Properties > Acreage 72 > Gross Book Value $21.7Mil > DevelopedReal Estate Properties > Rental 69,000 square footage > Entertainment 131,000 square footage > Parking Structure Space 1,086 > Gross
Slide 37: Reading's Long-Term Opportunities
Reading’s Long-Term READING Opportunities Increased Cinema segment ‘yield’ (via both pricing and attendance) through new premium offering’s (Gold Lounge, TITAN XC, DOLBY ATMOS, Digital 3D, Reserve seating) and unique niche branding (art and independent - AFC Angelika) Q Cinema industry consolidation
Slide 38: Reading's Competitive Advantage
Reading’s Competitive Advantage iranias Cinemas geographically clustered Niche Market (AFC) Scale creates purchasing pricing power Oocogo Owned entertainment real estate allows redevelopment to higher alternative use (e.g. Murray Hill, Sutton Hill, Cinema 123, Union Square) Q Long-held properties gi
Slide 39: 2001 to 2012 Yearly Financial Trend
2001 to 2012 Yearly Financial Trend READING In USS se00,000 ss0n,000 s2s0,000 son,o00 < f2,000 é sooogce |B Fe ah So sisno ee 23 £9 3s | sz00 000 § — sionoon é s,000 sso,o00 * scv00 000) 105 547 | $106,124 | $119,295 | S197 055 | $716,740 | $209,302 | $244,979 | #254 400 | e022 | si7.os8 | stasis |
Slide 40: Selected Financial Data
Selected Financial Data READIN INTERNATIONAL YTD Sept As of or for the Year Ended December 31, [ 2013 2012 2012 2011 2010 2009 Revenue $ 194681 $189,313 $ 254430 $ 244,979 $229,322 216,740 Operating income $ 16.128 $14,647 $ 19,127 $18,178 $13,069 $13,910 Income (loss) from discontinued operations.
Slide 41: Equity Snapshot
READING aL Equity Snapshot ba * 21.9 mil shares Class A Nonvoting Common, * 1.5 mil shares Class B Voting Common NASDAQ Listed: This Year Prior Year RDI RDI Price (Class Aand B) (11/22/2013) vs. (11/30/2012): $7.10 $9.01 $5.69 $7.74 Market Cap (Class A and B) (11/22/2013) vs. (11/80/2012): $168.9 mi
Slide 42: In Conclusion
READING In Conclusion sans QO We are a stable cinema business with stable cash flow QO) That pursues potential acquisitions when opportunities arise. QO) Has the ability to organically grow the segment internally. Q That is willing and able to mvest in building and maintamung its infrastructure to p
Slide 43: Appendix
Appendix
Slide 44: Newmarket
Slide 45: Coachella
Coachella Qs
Slide 46: Manukau
READING Manukau READING
Slide 47: Thank You
THANK YOU INTERNATIONAL
Reading International — California Dreamin' Management Access Conference 2013 on 6ix