INTERIM REPORT 2016 2016 2016 2016

2 4 12 20 22 24 26 27 29

2016 Deroche Alain, Jean-Marie, Jacques (FCPA (Practising), ATIHK, ACIS) 28 12 1 40 1 10 A B C 02

21 7 183 22 72 www.modernmedia.com.cn Floor 4 Willow House Cricket Square P.O. Box 2804 Grand Cayman KY1-1112 Cayman Islands Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 03

2016 27.2% 203,400,000 279,400,000 1) 2) 29,100,000 68,900,000 5,800,000 04

161,186 45,029 206,215 (69,376) (2,334) (71,710) EBITDA (57,133) 991 (56,142) 238,887 45,014 283,901 (920) 4,628 3,708 EBITDA 8,101 10,652 18,753 32.5% 23.2% 5,100,000 2,800,000 05

2016 (A) 29.4% * (CVSC TNS Research) 155,600,000 194,400,000 20.0% 4,700,000 06

(A) iweekly 9,800,0003,600,000 11.4% 9.1%iWeekly iweeklyios iweekly Bloomberg Businessweek 5,200,000 1,900,00033.3% 26.7%Bloomberg Businessweek iphone App Store Bloomberg Businessweek iweekly ilady365 4,800,000 3,800,000 26.3%iLady365 ilady365 ilady365 ilady365 ilady365 8,800,000 28.4% 3,600,000 3,700,000 07

2016 (B) iwant iwant itaste 08

(B) Photo Shanghai MontgomeryPhoto Shanghai 700,0004,800,000 7,100,00013,700,000 65,800,00062,000,000 09

2016 58,900,000 105,000,00046,100,000 17.3% 17.7% 78,478 93,457 2,018 1,952 6,341 6,133 18,119 18,792 26,478 26,877 104,956 120,334 7,600,000 12,200,000 1,800,000 10

28,400,000 14,600,000 10,000,000 892 992 11

2016 XV (a) XV7 8 (b)352(c) 10 279,760,000 63.83% 2,152,000 0.49% 2,304,000 0.53% 110,000 0.03% Alain Deroche 94,000 0.02% 100% 2 12

100% 3 100% 90% 4 10% 100% 5 100% 6 100% 7 100% 8 13

2016 90% 9 10% 100% 10 95% 11 5% 100% 12 14

1. 2. 80% 20% 3. 100%90% 10% 4. 90% 10% 5. 100%90% 10% 6. 90% 10% 7. 100%90% 10% 8. 100%90% 10% 9. 90% 10% 10. 100%95% 5% 11. 95% 5% 5% 12. 95% 5% 15

2016 XV2 3 336 5% 1 279,760,000 63.83% FIL Limited 34,948,000 7.98% Harmony Master Fund 2 23,128,000 5.28% United Achievement Limited 25,020,000 5.71% 3 Warburg Pincus & Co. 3 25,020,000 5.71% Warburg Pincus Partners LLC 25,020,000 5.71% 3 Warburg Pincus Private 25,020,000 5.71% Equity X, L.P. 3 Warburg Pincus X, L.P. 3 25,020,000 5.71% Warburg Pincus X, LLC 3 25,020,000 5.71% 16

* 1. 2. Harmony Master FundHarmony FundHarmony Fund DM Fund Management LimitedDM Capital Limited Harmony Fund Harmony Fund www.hkex.com.hk 22,244,000 3. Warburg Pincus & Co. United Achievement Limited Warburg Pincus Private Equity X, L.P.96.9%Warburg Pincus & Co.Warburg Pincus Partners LLC Warburg Pincus X, LLC Warburg Pincus X, L.P.Warburg Pincus & Co. Warburg Pincus & Co. Warburg Pincus Partners LLC Warburg Pincus X, L.P. Warburg Pincus Private Equity X, L.P. United Achievement Limited 16(c) 17

2016 A.2.1 18

3.10A 3.10A Alain Deroche 3.10A 3.10A 19

2016 22 56 3434 2410 20

34 28 12 P06409 21

2016 2 237,941 5 203,368 279,384 (155,837) (133,194) (136,447) 82,104 70,174 142,937 3,725 6 3,184 4,725 (60) (85,780) (73,316) (68,894) (78,212) (66,848) (74,287) (78,163) (66,806) 4,421 137 7 117 288 (3,336) 7 (2,851) (2,365) (3,199) (2,734) (2,077) (301) (258) 216 (131) (112) (81,794) 7 (69,910) 2,560 1,137 8 972 3,220 (80,657) (68,938) 5,780 4,033 3,447 (782) (76,624) (65,491) 4,998 22

2 (80,573) (68,866) 5,780 (84) (72) (80,657) (68,938) 5,780 (76,540) (65,419) 4,998 (84) (72) (76,624) (65,491) 4,998 (0.1858) 9 (0.1588) 0.0132 (0.1858) 9 (0.1588) 0.0132 29 56 23

2016 2 212,313 10 181,464 186,839 30,136 10 25,757 25,596 35,137 30,032 30,032 16,456 10 14,065 11,971 12,501 11 10,685 4,333 275 235 347 7,821 6,685 6,160 12 6,500 5,530 4,726 2,791 320,169 273,649 274,569 310,603 12 265,473 306,813 117 100 20,000 25,212 21,548 16,907 30,558 13 26,118 61,455 23,400 13 20,000 389,890 333,239 405,175 108,931 14 93,103 76,680 8,968 7,665 7,665 91,819 15 78,478 93,457 209,718 179,246 177,802 180,172 153,993 227,373 500,341 427,642 501,942 24

2 30,979 15 26,478 26,877 4,733 4,045 3,072 35,712 30,523 29,949 464,629 397,119 471,993 4,507 16 3,852 3,852 225,825 16 193,013 189,468 234,770 200,658 279,005 465,102 397,523 472,325 (473) (404) (332) 464,629 397,119 471,993 29 56 25

2016 * * * * * * 3,852 (5,925) 120 145,183 4,259 47,387 (1,556) 279,005 472,325 (332) 471,993 (68,866) (68,866) (72) (68,938) 3,447 3,447 3,447 3,447 (68,866) (65,419) (72) (65,491) 16(c) 98 98 98 98 98 98 16(b) (9,481) (9,481) (9,481) 98 (9,481) (9,383) (9,383) 3,852 (5,827) 120 145,183 4,259 47,387 1,891 200,658 397,523 (404) 397,119 3,851 (2,420) 381 145,045 4,259 42,664 (5,795) 270,613 458,598 458,598 5,780 5,780 5,780 (782) (782) (782) (782) 5,780 4,998 4,998 16(d) 1 (283) 138 (144) (144) 16(c) 1,953 834 2,787 2,787 1,909 834 2,743 2,743 44 44 44 16(b) (8,642) (8,642) (8,642) 1 1,953 (283) 138 (7,808) (5,999) (5,999) 3,852 (467) 98 145,183 4,259 42,664 (6,577) 268,585 457,597 457,597 * 193,013,000 189,468,000 29 56 26

2 (768) (657) 1,287 (6,043) (768) (657) (4,756) (2,028) (1,733) (3,918) (111) (95) (6,765) (5,782) (8,323) 6 5 543 (23,400) (20,000) (2,300) 23,400 20,000 (117) (100) 745 637 288 (8,270) (7,068) (13,710) 11,258 9,622 66,527 (29,250) (25,000) (53,869) (10,978) (9,383) (8,598) (3,336) (2,851) (2,365) (32,306) (27,612) 1,695 27

2016 2 (41,344) (35,337) (16,771) 71,902 61,455 104,363 (4) 30,558 13 26,118 87,588 29 56 28

1. 22 110 A B C21 7 Floor 4, Willow House, Cricket Square, P.O. Box 2804, Grand Cayman KY1-1112, Cayman Islands 29

2016 2. 34 1.17001 (a) (b) 30

2. 1 1638 3. 4. 4.1 31

2016 4. 4.2 4.3 32

5. EBITDA 33

2016 5. (a) (i) 161,186 238,887 45,029 45,014 206,215 283,901 (ii) 2,538 2,488 (5,385) (7,005) 203,368 279,384 (i) 17 29,121,000 18(a)(ii) (ii) 34

5. (b) EBITDA EBITDA (i) (57,133) 8,101 991 10,652 (56,142) 18,753 5(a) 2,538 2,488 (9,195) (8,078) (3,639) (4,890) (2,734) (2,077) (370) 216 (368) (3,852) (69,910) 2,560 35

2016 5. (b) EBITDA (i) EBITDA 14,155,000 8,464 1,045 2,734 731 2,594 9,195 3,639 2,734 5,751 1,193 2,077 2,327 3,697 8,078 4,890 2,077 36

5. (c) 342,851 359,877 127,916 148,656 470,767 508,533 999 2,157 10,685 4,333 235 347 6,785 26,160 500 4,726 2,791 66,573 73,468 46,118 61,455 606,888 679,744 37

2016 5. (d) 6. 3,138 4,618 107 46 3,184 4,725 38

7. (117) (288) 2,526 2,037 325 328 2,851 2,365 2,734 2,077 9,440 8,395 3,645 5,010 1,190 491 13,395 12,913 132 (107) 1 5,148 381 60 39

2016 8. 2,604 (972) (5,824) (972) (3,220) (i) (ii) (iii) 16.5% 25% 40

9. (a) (68,866) 5,780 438,282 438,210 16(c) (4,579) (1,622) 16(d) 6 433,703 436,594 (0.1588) 0.0132 41

2016 9. (b) (68,866) 5,780 433,703 436,594 71 433,703 436,665 (0.1588) 0.0132 42

10. 186,839 25,596 11,971 1,733 95 5,782 (137) 3,688 (3,688) (9,440) (3,645) 2,469 23 181,464 25,757 14,065 212,172 23,449 3,410 3,918 8,323 (436) (i) (42,788) 3,315 (3,315) (8,395) (5,010) (11) (29) 164,460 21,725 8,418 (i) 42,788,000 (ii) 86,716,000 104,217,00042,954,000 68,379,00015 43

2016 11. 4,333 4,024 12(b) 5,480 (258) 309 241 9,796 4,333 889 10,685 4,333 44

12. (a) 180,052 216,201 18,621 (2,667) (1,477) 177,385 233,345 20,032 21,640 22,645 21,274 17,564 14,179 13,993 11,054 6,292 6,392 7,562 5,429 265,473 313,313 (b) (6,500) 265,473 306,813 45

2016 12. (a) 30 40,890 80,829 3190 59,927 71,043 91180 46,418 36,927 180 32,817 46,023 180,052 234,822 30180270 (b) 5,980,000 115,480,000 500,000 520,000 46

13. (a) 46,118 61,455 (b) (20,000) 26,118 61,455 (a) (b) 14. (a) 48,170 27,047 14,508 15,615 4,156 11,161 8,155 3,991 5,648 6,684 1,385 509 11,081 11,673 93,103 76,680 47

2016 14. (a) 30 23,672 22,569 3190 5,604 751 91180 1,608 288 180 17,286 3,439 48,170 27,047 15. (i) 62,002 51,955 (ii) 1,905 26,908 (iii) 14,571 14,594 78,478 93,457 (ii) 26,478 26,877 104,956 120,334 48

15. (i) 19,450,000 14,450,000 15,000,00010,000,000 10,425,00010,749,000 17,127,00016,756,000 (ii) 28,383,000 53,785,000 86,716,000 101,458,000 104,217,000 18,260,000102,598,000 1053,785,000 25,000,000 (iii) 14,571,000 14,594,000 86,716,000101,458,000 85,957,000 102,598,000 15(ii) (iv) 2,263,000 12,550,000 49

2016 16. (a) 0.01 438,282 3,852 438,210 3,851 16(d) 72 1 438,282 3,852 (b) 2.50 2.162.50 1.97 9,481 8,642 50

16. (c) 4,579,000 5,925 2,215,000 2,420 (1,780,000) (1,909) (98) (44) 4,579,000 5,827 435,000 467 (d) 1,076,000 51

2016 16. (d) 72,000 2.32 71,200 71,200 144,000 71,200 286,400 (143,200) (72,000) 71,200 71,200 70,659 52

17. (a) 1,800 (b) 22,397 21,863 23,790 24,953 46,187 46,816 53

2016 17. (c) 16,754 17,169 63,549 69,899 9,722 5,993 90,025 93,061 18. (a) 15 (i) 6,261 6,571 (ii) 29,121 (iii) 2,685 1,570 54

18. (a) (i) (ii) 17 29,121,000 (iii) (b) 18,621 18,621,000 55

2016 18. (c) 10,660 13,457 386 408 11,046 13,865 19. 56