Investor Presentation – Macquarie Conference

MACQUARIE CONFERENCE
Wednesday 1 May, 2019

WHAT DOES VISTA GROUP DO?
THE GLOBAL LEADER IN SOFTWARE
AND DATA SOLUTIONS FOR THE FILM
INDUSTRY.

•Industry Backdrop
•Vista Group
•2018 Financial Highlights
•Vista Cinema
•Movio
•Questions
3

INDUSTRY BACKDROP
4

COURTESY OF THE MOTION PICTURES
ASSOCIATION OF AMERICA
20132014201520162017
2018
% Change
18 vs. 17
% Change
18 vs. 14
U.S./Canada$10.9$10.4$11.1$11.4$11.1
$11.9
7%15%
International$25.0$26.0$27.3$27.4$29.5
$29.2
-1%12%
Total$35.9$36.4 $38.4 $38.8 $40.6
$41.1
1%13%
10.9
10.4
11.1
11.4
11.1
11.9
25.0 26.0
27.3
27.4
29.5
29.2
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
201320142015201620172018
All Films (US Billions)
International
$35.9
$36.4
$38.4
$38.8
$40.6
$41.1
5
GLOBAL BOX OFFICE

COURTESY OF THE MOTION PICTURES
ASSOCIATION OF AMERICA
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
2012201320142015201620172018
Cinema Screen Growth
6
CINEMA SCREEN GROWTH

VISTA GROUP
7

VISTA GROUP COMPANIES WITHIN THE FILM INDUSTRY VALUE CHAIN
PRODUCTIONDISTRIBUTIONCINEMA EXHIBITIONMOVIEGOER

2018 FINANCIAL HIGHLIGHTS
9

RECURRING REVENUE
$79.9m
(up 24%)
OPERATING PROFIT
$24.7m
(up 21%)
TOTAL REVENUE
$130.7m
(up 23%)
OPERATING CASHFLOW
$27.6m
(up 150%)
FINAL DIVIDEND
2.10
CENTS P/SHARE
(Total FY18 dividend up 27%)
EBITDA
1
$29.2m
(up 17%)
1
EBITDA is a Non-GAAP measure and is defined as earnings before net finance expense, income tax, depreciation, amortisation, acquisition costs and equity-accounted
results from associate companies. Expenses related to the VCL deferred consideration is also excluded. This is consistent with the measure used in the Prospectus
dated 3 July 2014. Depreciation and amortisation in 2018 $4.2m (2017: $3.6m).
2018 FINANCIAL HIGHLIGHTS

11
2018
NZ$M
Vista CinemaMovio
Additional Group
Companies
Early Stage
Investments
CorporateTotal
Revenue
82.422.815.04.55.9130.7
EBITDA
1
25.66.21.40.4(4.5)29.2
EBITDA % of revenue
31%27%9%10%(76%)22%
2017
NZ$M
Vista CinemaMovio
Additional Group
Companies
Early Stage
Investments
CorporateTotal
Revenue
67.615.512.31.210.0106.6
EBITDA
1
19.83.60.6(1.8)2.725.0
EBITDA % of revenue
29%23%5%(150%)27%23%
Note: EBITDA
1
is a Non-GAAP measure and is defined as earnings before net finance expense, income tax, depreciation, amortisation, acquisition costs and equity-accounted results from associate companies.
Expenses related to the VCL deferred consideration is also excluded. This is consistent with the measure used in the Prospectus dated 3 July 2014. Depreciation and amortisationin 2018 $4.2m (2017: $3.6m).
OPERATING SEGMENTS

CUSTOMERACTIVITY IN 2018 / 2019
AMC / OdeonSigned for Vista Cinema and Movio for Odeon
CineworldSigned extension for all sites for 5 years
CinepolisSigned enterprise pricing agreement
CinemexSigned USA circuit (ex-Cobb)
CJ CGVSigned for Vista Cinema in Russia JV
Cineplex Entertainment
CinemarkSigned for Movio across all Latam countries
Dadi MediaRolled out additional 90 sites for Vista Cinema
PatheSigned for Vista Cinema for Pathe France
Vue CinemasCompleted implementation in Italy
KEY FOCUS -SUPER-CIRCUITS
12

VISTA CINEMA
13

22% ASIA
10,358/46,339 screens
97% AUSTRALASIA
1,849/1,910 screens
29% EUROPE
6,014/20,497 screens
96% AFRICA
821/854 screens
38% SOUTH AMERICA
2,433/6,378 screens
98% CENTRAL AMERICA
7,217/7,387 screens
85% CANADA
2,082/2,446 screens
48% USA
16,505/34,230 screens
58% MIDDLE EAST
1,661/2,886 screens
Vista World Share
Vista Cinema percentage of the world market –for cinema exhibition companies with 20+ screens
40% WORLD WIDE
48,940/122,927 screens
48% excluding China
14

VISTA CINEMA
Vista Cinema provides cinema management software to the world’s largest
cinema exhibitors
•1013 new sites in 2018 (including 199 sites in China).
•Total now 7,202. Total in China now 958.
•Vista Cinema now has customers in 97 countries.
•Market share globally of 20+ screen segment at 40%.
•Excluding China - market share of 20+ screen segment is 48.1%.
•First cloud deployed customers live and in production.
•Additional revenue stream from 3
rd
parties approaching $3.5m.
13%
GROWTH IN TOTAL
SITES TO 7,202
31%
EBITDA%
(UP BY 6%)
'-
300
600
900
1,200
201320142015201620172018
NEW SITES ADDED
existing customersnew customersacquisitions
0
2,000
4,000
6,000
8,000
201320142015201620172018
TOTAL SITE COUNT
15

VISTA CINEMA – PRODUCT MODEL
16

VEEZI
14%
INCREASE IN SITE
REVENUE TO
$588 P.MTH
59%
INCREASE
IN ARR TO
$6.35M
40%
GROWTH IN
CONTRACTED
SITES TO 901
56%
REVENUE
GROWTH
Provides cinema management software to the world’s independent cinema
exhibitors
•258 new sites bring total site numbers to 901 – including China.
•China now with 93 sites, an increase of 72 over 2017.
•14% increase in revenue per site compared to 2017.
•USA continues to be strongest market for Veeziwith over 500 sites.
•Veezinow present in 36 countries.
0
250
500
750
1,000
201320142015201620172018
VEEZI – TOTAL SITE COUNT
0
150
300
450
600
750
201320142015201620172018
AVERAGE REVENUE PER MONTH
17

ADDITIONAL GROUP COMPANIES SEGMENT
World leading film marketing products
•Excellent revenue growth (52%) delivered
strong EBITDA
•Created 31% more movie destination sites
(1,750) in 2018
•LA Studio well established –12 people –
PowsterLabs offer to studios generating
good interest
•Promising early signs with products on
Facebook Messenger – very good user
engagement, strong pipeline of prospects.
Provides world leading theatrical distribution
software
•Pleasing improvement 2nd half over
1st half – though full year result still
not acceptable
•Stronger delivery performance enables
focus on new business with 3 new customer
wins in 2nd half
•Joined up customer propositions with
Numerounder development
•6,000+ cinema sites delivering weekly
audited box office results to MACCSBox.
Movie and cinema review and showtime guide
•Unique visitors up 24% to 8.2m across
New Zealand and Australia
•2
nd
half 44% ahead of 1
st
half as impact of
marketing spend and deployment of sales
resource in Sydney felt
•140% increase in advertising revenue in
Australia
•Extending the lead as the largest
independent movie site in Australasia.
$15M
REVENUE
GROWTH +22%
$1.4M
EBITDA
GROWTH +123%
18

EARLY STAGE INVESTMENTSSEGMENT
Social app to share video reaction to movies
and TV shows
•Additional external investment moves
Stardust to Associate company status in
2019
•2
nd
half 2018 focus was to enhance app to
increase user engagement and retention
•1
st
half 2019 will see relaunch and
marketing push
•Positive signs of studio interest in quality
of users on Stardust.
Software to optimisefilm forecasting and
scheduling
•Excellent revenue growth (80%) reduces
EBITDA loss close to break even for full year
•Penetration of Vista customer base at 6% -
big runway ahead
•Key integrations with Vista products in beta –
with Film Manager, and with MovieTeam
•Starting 2019 with pilots in 2 significant Vista
customers in APAC.
A platform to share film digital assets & enable
new cinema ticketing sales channels to access
cinema exhibitors
•MX Film good progress – servicing 8,000+
screens with content – and integrating with
group companies to deliver consistent film
database
•MX Tickets travelling steadily –boosted mid-
year by one-off volume spike –now servicing
10 live ticketing partners worldwide
•MX collecting showtimes from key large and
small customers – millions of showtimes each
month.
$4.5M
REVENUE
GROWTH +285%
$0.4M
EBITDA
+$2.2M
19

ASSOCIATE COMPANIES
Performance
•Revenue of $NZD20.6m, 19% increase over 2017.
•199 new sites added – 41% from existing customers. Total now 958 sites.
•Vista China market share of 20+ screens segment estimated as 17%.
•Top 5 circuit Stellar now rolling out – Vista China will have 3 of the top 5 circuits as customers when rollout is complete.
•Total of 93 Veezisites, 72 added in 2018.
•Impressive local product add-ons built by Vista China team –Wechatmini-programs, 3
rd
party integration products.
China film industry
•China box office revenue in 2018 grew 9% over 2017 – adding RMB5billion of ticket sales. Local productions accounted
for 61% of the box office.
•Government has proposed a funding plan to expand cinema building in tier 3 and 4 cities –in particular in the west of China.
•Continued domination by 3
rd
party ticket sellers –Maoyanand Tao Piaopiaoremain the top 2.
•Cinema building continues apace in China – 18% increase in 2018.
Update on structure
•The transaction to acquire 7.9% of Vista China was completed in August –Vista Group and Weyingnow each hold 47.5%,
and staff the remaining 5%.
•As previously announced additional transactions are contemplated which will lead to Vista Group being able to consolidate.
•We will update on the status of these transactions during the first half of 2019.
20

GROWTH FOCUS
Cloud /
Managed services
New productsNew customers /
new geographies
Integrated Group
Agreements
Scale smaller
companies
Continue focus
on super-circuits
21

Macquarie
Conference
MAY 2019

ARTIFICIAL
INTELLIGENCE

Movie Insights
•Most Likely 5x more likely
•Likely3 – 5x more likely
•Less Likely1 – 3x more likely
•Unlikelyless than 1x likely

Audience Insights

OMNI-CHANNEL

Advanced Personalisation

Omni- Channel Dynamic Content

Global
R ES U LT S

Purpose
To definitively calculate the admissions
and revenue uplift generated by using
Movio Cinema
VISIT & REVENUE UPLIFT: Overview
Process
•Built a model to stratify contactable members by similar
behavior and remove bias – the only difference between them
was whether they had been contacted using Movio Cinema or not
•Calculated uplift in admissions and revenue attributed
solely to Movio Cinema campaigns
•Work endorsed by Prof. Donald B. Rubin,
Emeritus Professor of Statistics, Harvard University

Visit & revenue uplift
Uplift *Global
Visit uplift
per moviegoer
0.89
Admission uplift
per moviegoer
1.96
Box office revenue
uplift per moviegoer
$16.61
* Per year in USD
Uplift *Global
Total box office
revenue per exhibitor
$12.1M
Total box office
globally
$227M
Total box office and
concession uplift
$324.8M

$21.37*
Return for every $1 spent on
Movio
* USD

Serviceable OBTAINABLE
MARKET

Serviceable Obtainable Market (SOM) for
Movio Media Digital
201920212023
Averagemarketing spend per release in North America ¹
$28.5M$29.7M$30.8M
Wide release films estimate – 12 permonth
144144144
Portion of film marketing budgets spenton digital marketing,
increasing 15% annually
2
14.0%18.5%24.5%
Estimate of North Americanfilm industry digital marketing spend
$575M$790M$1.0M
Estimate of Globalfilm industry digital marketing spend
$2.0M$2.7M$3.8M
Movio Media’s serviceable obtainable market ³
$69-86M$133-167M$234-293M
Quoted in USD
1 Neustar December 2018 White Paper: Do Movie Marketing Budgets Need a Digital Reboot? Adjusted for inflation.
2 Management estimate: Rest of World marketing spend scales in line with BO revenue, 251% of NA spend.
3 Management estimate: Movio Media’s current SOM is 12 -15% of TAM.

QUESTIONS?

IMPORTANT NOTICE
This presentation has been prepared by Vista Group International Limited (“Vista Group”).
Information in this presentation:
•is provided for general information purposes only, does not purport to be complete or comprehensive,and is notanofferor invitation for
subscriptionorpurchaseof, orsolicitationofanofferto buy or subscribe for,financial productsin Vista Groupor anyofits related
companies;
•does not constitutea recommendation orinvestmentor any other typeofadvice, and may not be relied upon in connection with any
purchase or saleoffinancial products in Vista Group or anyofits related companies;
•should be read in conjunction with, and is subject to, Vista Group’s financial statements, market releases and informationavailableon
Vista Group’s website (www.vistagroup.co.nz) and on NZX Limited’s website (www.nzx.com) under ticker code VGL;
•may include projections or forward looking statements about Vista Groupand its related companiesand the environmentsin
whichtheyoperate. Such forward-looking statements are based onsignificant assumptions and subjective judgements which are
inherently subject torisks, uncertainties and contingencies outsideofVista Group’s control. Although Vista Group’s managementmay
indicate and believe the assumptions underlying the forward looking statements are reasonable, any assumptions could prove inaccurate
or incorrect and, therefore, there can be no assurance that the results contemplated in the forward looking statements will be
realised.Vista Group’s actual results or performance may differ materially from any suchforward lookingstatements;and
•may include statements relating tothepast performanceofVista Group and/or its related companies, whichare not, andshould not be
regarded as,a reliable indicatoroffuture performance.
While all reasonable care has been taken in compiling this presentation, Vista Groupand its related companies, and their respective directors,
employees, agents and advisersaccept no responsibility for any errors or omissions.NoneofVista Group or its related companies, or
anyoftheir respective directors, employees, agents or advisers makes any representation or warranty, express or implied, as tothe accuracy
or completenessofthe information in this presentation or as to the existence, substance or materialityofany information omitted from this
presentation.
Unless otherwise stated, all information in this presentation isexpressedat the dateofthis presentationand all currency amounts are in NZ
dollars.